Microfinance and gender inequality: cross-country evidence

Microfinance enables poor women to engage in income-generating activities, which helps them become financially independent, strengthening their decision-making power within the household and society. Consequently, microfinance has the potential to reduce gender inequality (GI). Case-study evidence from across the developing world both supports and contradicts this hypothesis. We therefore revisit this issue using macroeconomic cross-country panel data for 64 developing economies over the period 2003–2014. We find that women’s participation in microfinance is associated with a reduction in GI. However, regional interactions reveal that cultural factors are likely to influence the GI–microfinance nexus.     

Market Power and Patent Strategies: Evidence from Renaissance Venice

This paper exploits the introduction of the first regularized patent system, which appeared in the Venetian Republic in 1474, to examine the factors shaping inventors’ propensity to use a new form of intellectual property. We combine detailed information on craft guilds and patents in Renaissance Venice and show a negative association between patenting activity and guild statutory norms that strongly restricted entry and price competition. Our analysis shows that the heterogeneity in patenting activity documented by the industrial organization literature is not a special feature of modern technologies, but is rather a persistent phenomenon affected by market power.     

Identifying micro-destinations and providing statistical information: a pilot study in the Canary Islands

Municipalities and regions are often used as an object of tourism analysis at the subnational level. This occurs because administrative borders are used to implement tourism policies and collect statistical information. However, administrative boundaries may not always be suitable for studying tourism destinations at a local level. Sometimes, particularly in high-density tourism destinations, several differentiated tourism areas occupy a single municipality; tourism areas may, and often do, extend beyond municipal boundaries and tourism destinations may not occupy the whole of the municipal area. As such, a new level of analysis is often required: the micro-destination. There are few tourism concepts as imprecise as that of the destination. Therefore, the process of identifying and establishing the boundaries of a micro-destination is by no means a straightforward one. This paper presents six criteria for establishing the boundaries of this type of tourism area. Of these six, the two primary criteria used are: the concentration of tourism establishments; and tourism typologies and supply characteristics. These criteria have been applied as part of a pilot study in the Canary Islands. Statistical information for nine micro-destinations is generated using the geolocation of tourism establishments together with information obtained from both supply-side and demand-side surveys.     

Prepayment and future cross-buying: an exploratory analysis

Recent research has provided important insights on consumers’ preferences for prepayment mechanisms and on its impact on consumption of a given product or service. However, little is known about how prepayment influences future purchases of goods and services. We consider this question in a contractual setting within the services industry, involving different purchasing decisions over time. Based on a large-scale empirical test, we find that prepay customers make fewer changes to their cross-buying levels (i.e., the number of different services they buy from the company) from one contractual period to another, and that this effect is more salient for the firm's new customers. We propose possible explanatory mechanisms for this effect. For instance, based on mental budgeting theory, we suggest that prepayment customers may set mental budgets and track expenditures against this budget leading them to resist further investments. Alternatively, prepayment customers may be more certain about their consumption behavior leading to fewer changes over time.

     

Spot water markets and risk in water supply

Water availability patterns in semiarid regions are typically extremely variable. Even in basins with a highly developed infrastructure, users are subject to unreliable water supplies, incurring substantial economic losses during periods of scarcity. More flexible instruments, such as voluntary exchanges of water among users, can help users to reduce risk exposure. This article looks at the effects of spot water markets on the economic risk caused by water availability variations. Our theoretical and empirical risk analyses are based on the random profits of water users. Profit probability density functions are formally and graphically characterized for both water sellers and buyers under several possible market outcomes. We conclude from this analysis that, where water supply is stochastic, water markets unambiguously reduce both parties' risk exposure. The empirical study is conducted on an irrigation district in the Guadalquivir Valley (Southern Spain), where there is a high probability of periods of extreme water scarcity. Water demand functions for the district representative irrigators and a spatial equilibrium model are used to simulate market exchanges and equilibrium. This programming model is combined with statistical simulation techniques. We show that the profit probability distribution of a representative irrigator is modified if water exchanges are authorized, leading to risk reductions. Results also indicate that if the market were extended to several districts and users that are subject to varying hydrological risk exposure, extremely low‐profit events would be less likely to occur. In sum, we show that exchanging water in annual spot markets can reduce farmers' economic vulnerability caused by water supply variability across irrigation seasons. These results support the water policy reform carried out in Spain in 1999 to allow for voluntary water exchanges among right holders.     

Feeding management of dairy cattle affect grassland dynamics in an alpine pasture

The effect of different supplementary feeding rates for grazing cattle on high-altitude pastures dynamics was evaluated. A field experiment was carried out during three years in a subalpine pasture area of the Eastern Alps. The investigated pasture area was 40?ha, located between 1820 and 2230?m?a.s.l. Two paddocks were chosen in the experiment and two herds of 12 cattle each were kept in the two enclosures for 5 weeks. For the first herd (HS), the supplementary feeding rate was 4.8?kg?OM?head^?1 per day, while for the second herd (LS), the rate was 1.6?kg?OM?head^?1 per day. The amount of herbage consumed by each cattle was determined using the n-alkane technique. To monitor the pasture vegetation dynamics, eight metal exclusion cages were placed in each paddock to determine herbage growth, utilization rates, vegetation composition and animal grazing selectivity. Grazing behaviour of dairy cattle, in terms of herbage intake and species selection was affected by the different feeding rates. Cattle grazing Paddock HS consumed 1.9?kg?OM?day^?1 of herbage less than Paddock LS. In the LS paddock, cattle grazed higher phytomass rates. When the animals were fed by higher concentrate rates, a more selective grazing seemed to significantly increase the pasture necromass component. The lower grazing selectivity favoured the development of species as Nardus stricta and Deschampsia caespitosa, which are well known for their low palatability. Distinct vegetation dynamic patterns were observed, with a reduction of hair grass and an increase of legumes in the Paddock LS.     

Exports,imports and growth: New evidence on Italy: 1863–2004

The nexus between trade and economic growth in Italy has been widely debated by historiography. However, there are no long run analyses on this topic that cover the whole span from Unification to present days. This paper contributes to fill this gap by investigating the relationship between real exports, imports and GDP in Italy from 1863 to 2004 by using cointegration analysis and causality tests. The outcome suggests that these variables comove in the long run but the direction of causality varies across time. In the period prior to the First World War import growth led GDP growth that in turn led export growth. Conversely, in the post-Second World War period we have a strong bidirectionality between imports and exports consequent on the increase in intra-industry trade. We also find a weak support for export-led growth and growth-led imports. This suggests that exports were not the only or the main driver of economic growth. There was probably a multiplicity of factors at work, among which high rates of capital formation and the expansion of internal demand probably stood out.     

Assessment of meaningful change in routine outcome measurement (ROM) with a combination of a longitudinal and a ‘classify and count’ approach

To assess significant changes of health status in people receiving health care, distribution-based and anchor-based methods have been proposed. However, there is no real consensus on what method is the best for evaluating clinically meaningful change. To maximize the internal and external validity of outcome assessment, we propose combining two approaches as recommended by recent practical guidelines on this field. Specifically, we suggest applying longitudinal hierarchical linear models on subgroups of patients showing reliable change and reliable and clinically significant change. This combined approach improved the model’s ability (1) to quantify the magnitude of changes to be reliable and clinically meaningful and (2) to select significant predictors of changes. An empirical application on a prevalence sample of Italian outpatients attending four community mental health services was done. A cross-sectional model and three longitudinal models were applied on the entire study sample and reliable and clinically meaningful change subsamples to investigate the magnitude of change and the predictive effect on outcomes of clinical, socio-demographic and process variables on different patients’ subgroups. Differences were found suggesting that both the statistical method and the sample used to calculate individual changes affect the estimates. The main conclusion is that ignoring the longitudinal data structure or including patients with unreliable change at the follow-up might result in misleading inferences that can alter the real magnitude of changes and the contributions of predictors. The approach proposed provides robust feedback to clinicians on clinically significant change and can be recommended in outcome studies and research.     

ECONOMIC DEVELOPMENT,STRUCTURAL CHANGE AND NATURAL RESOURCE BOOMS: A STRUCTURALIST PERSPECTIVE

In this paper we present a structuralist two‐sector model on economic development, structural change and natural resource booms. We describe a multiple equilibria scenario, in which manufacturing development is the main source of economic progress. Natural resource booms, by modifying the productive structure of the economy, may set destabilizing forces. De‐industrialization processes may take place, confining developing countries in poverty traps. Public intervention in the economic sphere, both through short‐run macro policies and through long‐run development strategies, may help to free the economy from poverty traps and to foster the development process.