TAX‐LIMITED REACTION FUNCTIONS

This paper models for the first time a spatial process in local tax policies in the presence of centrally imposed fiscal limitations. Focusing on the frequently encountered case of a tax rate cap, we evaluate three empirical approaches to the analysis of spatially dependent limited tax policies: (i) a Bayesian spatial approach for censored dependent variables; (ii) a Tobit corner solution model augmented with a spatial lag; (iii) a spatial discrete hazard model. The evidence arising from an investigation of severely state‐constrained local vehicle taxes in Italy suggests that ignoring tax limitations can lead to substantial underestimation of inter‐jurisdictional fiscal interaction. Copyright © 2011 John Wiley & Sons, Ltd.     

The fourfold relation between the essence of money,inflation, bubbles and debt—A theoretical macrofounded analysis

The paper makes an unprecedented claim by identifying a significant relationship between money's (immaterial and intrinsic-worth-detached) essence and the measurement of inflation rates, on the one hand, and bubbles and private/public indebtedness, on the other hand. The inflationary potential of cryptocurrencies—among others: xenocurrencies and special drawing rights—is also analysed. Another added value is the consistently macroeconomic approach, which starts from the structural and interconnected mechanisms and then explains economic-financial crises and their increasingly common features.     

How diverse are national banking systems? An analysis on banking business models,profitability, and riskiness

In this paper, we apply an algorithm developed by Martin Weitzman to quantify the extent of diversity among the business models of financial intermediaries at an international level. In particular, we investigate the relationship between the diversity of the business models of EU national banking systems and their profitability and riskiness. We show how Weitzman's approach can be generally applied to the issue at hand; as a by-product, the analysis allows us to assess whether the diversity among banking systems was affected by the imported systemic financial crises of 2007/8 as well as its domestic sequel centered on the sovereign debt crisis that occurred in 2010–12. The motivation for this paper is twofold. First, we provide an operational measure of the diversity of business models among banking sectors. Second, we enrich the economic literature relating to banking business models by providing a macro-founded analysis. To this end, we highlight the range of diversity of national banking business models correlated with high performances in terms of profitability and riskiness.     

Complex agent-based macroeconomics: a manifesto for a new paradigm

This article discusses some issues and challenges facing modern macroeconomics. We argue for the necessity to replace the reductionist approach at the heart of mainstream DSGE models with an approach rooted on the science of complexity and agent-based modelling. To strengthen and exemplify our position, we show a simple example and introduce several items for a research agenda along these lines.     

Effects of intra-brand competition between private labels and manufacturer brands: Empirical results from the Italian market

A proliferation of private labels in European food retailing has been evident for several years now. The purpose of this study is to analyze the impact of competition between manufacturer brands and private labels on assortment and pricing practices by Italian grocery retailers. Previous studies emphasized both pro-competitive and anti-competitive effects of private label development. In this study, within an empirical analysis based on scanner data from Symphony IRI Group, all fast moving consumer goods product categories are investigated over a period of two years (from September 2008 to September 2010). The empirical results indicate that in Italy there is no clear and strong evidence of decreases in manufacturer brands' assortments, prices, and turnover caused by a proliferation of private labels. In particular, analyzing at the same time all categories and all retailers' data in the Italian Market there is not much evidence for the existence of a strategic trade-off between manufacturer's and retailer's brands.     

Is psychology of money a gendered affair? A scoping review and research agenda

The study of gender differences in the financial domain is gaining increasing attention as evidenced by the UN 2030 Agenda for Sustainable Development. Previous research has highlighted the existence of a gender divide in many economic issues; however, there is still a lack of comprehensive understanding of the psychological aspects of money management. This systematic scoping review aims to fill this gap by outlining gender differences in money attitudes and money management practices, adopting the Scientific Procedures and Rationales for Systematic Literature Reviews protocol as methodological guideline. An extensive analytical strategy was employed on Scopus, Web of Science, PsycINFO, and EconLit to identify 100 empirical papers on the topic, published between 1972 and 2021. The analysis revealed clear differences in how men and women approach to money from a symbolic and attitudinal perspective, whereas evidence of money management practices is more complex and sometimes conflicting. Men and women hold different conceptions of money, with men often looking at it as a symbol of success and power and women holding more ambivalent attitudes toward money as both a source of anxiety and a means to ensure security and prove their love. As far as for financial behaviors studies indicate that both genders have similar approaches to savings and expenses monitoring, while financial investments are primarily pursued by men. Future directions and suggestions for private and public institutions are discussed, highlighting research advancements and implications for gender empowerment programs and customized communications.     

Financial constraints and the growth and survival of innovative start-ups: An analysis of Italian firms

We study the impact of measures devoted to relieving financial constraints for the growth and survival of Italian innovative start-ups. Using balance sheet data on innovative start-ups and information on the use of the Italian Central Guarantee Fund for small and medium-sized enterprises, we evaluate whether access to the fund, relieving financial constraints, helps innovative start-ups survive and grow. We find innovative start-ups benefit significantly more than similar control firms. We shed light on the relevance of policies aimed at reducing financial constraints for the growth and survival of innovative start-ups, an issue receiving increasing attention at the European level.     

Innovation-Oriented Culture in the Public Sector: Do managerial autonomy and result control lead to innovation?

This article examines the effect of specific new public management (NPM)-related characteristics to explain innovation-oriented culture within public sector organizations. According to NPM doctrines, an enhanced managerial autonomy combined with result control will stimulate a more innovation-oriented culture in such organizations. Using multi-country survey data of over 200 public sector agencies, we test for the influence of organizational autonomy, result control and their interactions, on innovation-oriented culture. High levels of managerial autonomy and result control have independent and positive effects. However, the interaction between high personnel management autonomy and high result control has a negative effect.     

A functional perspective on financial networks

The financial sector is a critical component of any economic system, as it delivers key qualitative asset transformation services in terms of liquidity, maturity and volume. Although these functions could in principle be carried out separately by specialized actors, in the end it is their systemic co-evolution that determines how the aggregate economy performs and withstands disruptions. In this paper we argue that a functional perspective on financial intermediation can be usefully employed to investigate the functioning of financial networks. We do this in two steps. First, we use previously unreleased data to show that focusing on the economic functions performed over time by the different institutions exchanging funds in an interbank market can be informative, even if the underlying topological structure of their relations remains constant. Second, a set of alternative artificial histories are generated and stress-tested by using real data as a calibration base, with the aim of performing counterfactual welfare comparisons among different topological structures.     

Assessing social impact in the field of sustainable tourism development: Evidence from Cabo Delgado (MZ)

ABSTRACT

Assessing the social impact of tourism-related activities is of paramount importance to promoting sustainable development. The present study aimed to assess the social impact of a project in Cabo Delgado (MZ), designed to increase local community residents’ employability in the emerging tourism sector through the delivery of vocational training programmes, utilising a multi-phase and mixed-method design. The study comprised three different phases (before, during, and after the intervention) and took into account the perspective of a variety of stakeholders. Programmes were perceived to be effective by local operators in the tourism sector and trainees, as they enhanced their living conditions and increased their employability. International operators and tourists, however, had not yet perceived their effectiveness. This study offers a methodological framework for social impact assessment by performing a programme evaluation as an integral part of the intervention itself. This methodology can be extended to other non-tourism related contexts.