Patterns of vertical specialisation in trade: long-run evidence for 91 countries

Review of World Economics - The authors estimate the domestic value-added content in exports of manufacturing goods (VAX-D ratio) for 91 countries over the period from 1970 to 2013. They find a...     

Barreras comerciales y empleo en las cadenas mundiales de suministro

A partir de estimaciones de la OIT del empleo en las cadenas mundiales de suministro, se estudia el impacto de las barreras al comercio de bienes y servicios sobre los empleos nacionales. El análisis empírico confirma las predicciones de un modelo teórico calibrado con datos de la WIOD para 2000 y 2011. Las barreras al comercio de bienes y servicios tienen un impacto transfronterizo sobre los empleos del sector directamente afectado y efectos indirectos sobre otros sectores que aumentan con el tiempo. La creciente interconexión entre países y sectores en las cadenas mundiales de suministro implica que las políticas comerciales pueden tener importantes efectos sobre los mercados de trabajo de otros países.     

Utility maximization under a shortfall risk constraint

The article analyzes optimal portfolio choice of utility maximizing agents in a general continuous-time financial market model under a joint budget and downside risk constraint. The risk constraint is given in terms of a class of convex risk measures. We do not impose any specific assumptions on the price processes of the underlying assets. We analyze under which circumstances the risk constraint is binding. We provide a closed-form solution to the optimization problem in a general semimartingale framework. For a complete market, the wealth maximization problem is equivalent to a dynamic portfolio optimization problem.     

Increasing the price variation in a repeated cross section

Insufficient price variation seriously hampers many applications of consumer demand models. This paper examines the empirical performance of a potential remedy for this problem that was suggested by [Lewbel, A., 1989. Identification and estimation of equivalence scales under weak separability. Review of Economic Studies 56, 311–316], the construction of individual specific price indices for bundles of goods. These individual specific price indices allow for a population with heterogeneity in preferences for goods within a given bundle of goods. We confine ourselves to heterogeneous Cobb Douglas within bundle preferences, while between bundles, we allow for several parametric and even general nonparametric specifications. In a variety of settings, we show that such prices produce superior empirical results than the ones obtained through the traditional practice of using aggregate price indices. Our empirical analysis is based on the British Family Expenditure Survey data, and uses several categories of food. Both in parametric as well as nonparametric models, we obtain higher precision of estimates for parameters or functions, as well as economically more plausible results.     

Der Lehrstuhl für Allgemeine Betriebswirtschaftslehre — insbesondere Rechnungswesen und Controlling — der Helmut-Schmidt-Universität,Universität der Bundeswehr Hamburg

Ohne Zusammenfassung     

Sustainable humanitarian supply chain management – exploring new theory

Disaster response operations aim at helping as many victims as possible in the shortest time, with limited consideration of the socio-economic context. During the disaster rehabilitation phase, the perspective needs to broaden and comprehensively take into account the local environment. We propose a framework of sustainable humanitarian supply chain management (SCM) that facilitates such comprehensive performance. We conceptualise the framework by combining literature from the fields of sustainable and humanitarian SCM. We test the framework through an analytic induction process by means of multiple case studies of four relief organisations. Our framework suggests that supply chain design needs to be aligned not only to relief organisations’ enablers, but also to the population's long-term requirements as well as any socio-economic and governmental contingency factors. A good fit between these dimensions leads to sustainable performance. The framework provides an instrument for relief organisations to achieve sustainable performance in the disaster rehabilitation phase.     

On measuring synchronization of bulls and bears: The case of East Asia

This paper implements estimation and testing procedures for comovements of stock market “cycles” or “phases” in Asia. We extend the Harding and Pagan [Harding, D., Pagan, A.P., 2006. Synchronization of cycles. Journal of Econometrics 132 (1), 59–79] test for strong multivariate nonsynchronization (SMNS) between business cycles to a test that allows for an imperfect degree of multivariate synchronization between stock market cycles. Moreover, we propose a test for endogenously determining structural change in the bivariate and multivariate synchronization indices. Upon applying the technique to five Asian stock markets we find a significant increase in the cross country comovements of Asian bullish and bearish periods in 1997. A power study of the stability test suggests that the detected increase in comovement is more of a sudden nature (i.e. contagion or “Asian Flu”) instead of gradual (i.e. financial integration). It is furthermore argued that stock market cycles and their propensity toward (increased) synchronization contain useful information for both investors, policy makers and financial regulators.     

Existence of Lévy term structure models

Lévy driven term structure models have become an important subject in the mathematical finance literature. This paper provides a comprehensive analysis of the Lévy driven Heath–Jarrow–Morton type term structure equation. This includes a full proof of existence and uniqueness in particular, which seems to have been lacking in the finance literature so far.      

Telemonitoring bei Patienten mit arterieller Hypertonie – medizinischer Nutzen und Wirtschaftlichkeit

Background

Arterial hypertension is a widely spread disease which can lead to serious adverse events. On the one hand, an optimal therapy should be provided, and on the other hand it is of major importance to search actively for opportunities to further improve usual care.

Objectives

The objective is to conduct a literature review about “Improvement of health care by telemonitoring in patients with arterial hypertension”. Moreover, potential target groups for telemonitoring and the cost-effectiveness of telemonitoring are discussed.

Methods

Firstly, it was searched for relevant reviews with help of predefined search terms and in- and exclusion criteria (2005–2015). Subsequently, the second step consisted of a literature search for RCTs (2013–2015). The final studies (12 reviews/6 RCTs) were systematically analyzed and summarized in a qualitative way.

Results

It is clear that blood pressure telemonitoring is able to lower blood pressure additionally to usual care. With regards to emerging costs, telemonitoring is initially associated with higher costs. When long-term effects are taken into account, telemonitoring can be classified as cost-effective (1 study). Furthermore, specific patient subgroups (such as patients with uncontrolled hypertension) can particularly benefit from telemonitoring.

Conclusions

It is clear that telemonitoring results in an additional reduction of blood pressure compared to usual care. High risk groups can particularly benefit from telemonitoring. Future telemedical studies should focus more on health economic aspects as the current evidence is limited.