Did the EMS encourage inflation convergence?

This paper studies the convergence of inflation rates over the period of 1983–93 for some countries within the European Monetary System. Three different price indices are considered for consumer goods, services, and industrial products. This study focuses on the difference between core and peripheral countries for measuring convergence speed. By using - and -convergence tools, as previously identified in studies on output growth convergence, it was found that the convergence process did not evolve equally whether considered through price indices, time, or countries.     

Simultaneous Models for Contingency Tables: A Reanalysis of Heatherton et al. (1997) Data on Eating Behavior

In panel studies, where a categorical response is measured attwo points in time, we can examine two kind of hypotheses regardingthe nature of change. The first is related with change at theindividual level (gross change) through the modelling of joint distributionof responses. The second is related with aggregate change (netchange) through the modelling of marginal distributions of responses.This paper describes a general approach to the analysis of two-wavepanel data based on Lang and Agresti's work (1994) that simultaneouslypermits the modelling of marginal and joint distributions of responses.This approach is illustrated with data from Heatherton et al.(1997) about change in dieting behaviour. These data were originallyanalyzed using the ² statistic to test independenceof responses. This paper shows how it is possible toobtain a better understanding of these data using the proposedmethodological approach.     

Gender analysis of entrepreneurial intentions as a function of economic development across three groups of countries

The aim of this paper is to analyze the gender differences in entrepreneurial intentions by studying a range of socioeconomic and psychosocial factors. Furthermore, we aim at analyzing these differences in three groups of countries depending on the stage of economic development of each country according to the Global Competitiveness Report. Using a logistic regression analysis and data from the 2008 APS (Adult Population Survey) database which is part of the Project GEM (Global Entrepreneurship Monitor), results show the existence of gender differences in entrepreneurial intentions. The model proposed in the study has decreasing explanatory power as the degree of economic development increases, and is also more conclusive for men than women. An important methodological innovation we implemented in the current study is the use of the variable gender as a dependent variable rather than a variable of a socio demographic nature.     

Feeling the risks: effects of the development of emotional competences with outdoor training on the entrepreneurial intent of university students

Nowadays, one of the roles of universities is the promotion of entrepreneurship, particularly, among students. Research on entrepreneurship at an individual level of analysis focuses on the personal characteristics and the entrepreneurial attitude that stimulate its development, studying the factors affecting that some individuals discover and exploit opportunities by creating a company, while others do not. Yet, it has been proved that psychological characteristics of individuals affect their entrepreneurial intention. Additionally, experiential learning techniques, such as outdoor training have been showed as useful to change emotional competences. However, there is not any research on how changes in emotional competencies influence individual entrepreneurial intent in university students, particularly after participating in an outdoor training experience. This paper analyses quantitative and qualitative data of last-year university students who participated in an outdoor training experience, measuring its emotional competences and entrepreneurial orientation, before and after that experience. It contributes to the understanding on how changes in emotional competences affect the entrepreneurial intent of university students. Results indicate that changes in emotional competences, such as self-management, social awareness, and relationship management affect entrepreneurial orientation, particularly innovation and risk, affecting, thus, entrepreneurial intention.     

Identifying the Effect of Securitization on Foreclosure and Modification Rates Using Early Payment Defaults

This paper develops and estimates an instrumental variables strategy for identifying the causal effect of securitization on the incidence of mortgage modification and foreclosure based on the early payment default analysis performed by Piskorsi et al. (J Financ Econ 97:360–397, 2010). Estimation results show that securitized mortgages are more likely to be modified and less likely to be foreclosed on by servicers. These results are consistent with the interpretation in Adelino et al. (2009) that low modification rates are not the result of contract frictions inherent in the mortgage securitization process.     

Changing Policies,Shifting Livelihoods: The Fate of Agriculture in Guinea‐Bissau

How do African agricultural livelihoods change under stressful conditions? How do market and agricultural policies and development interventions impact on both agricultural and social change, and consequently on food self‐sufficiency? Which long‐term factors can contribute to ‘depeasantization’? Is the ‘New Green Revolution’ the best and only solution for African food insecurity? These are the main questions this paper sets out to address, using southern Guinea‐Bissau as a case study. On the basis of long‐term ethnographic fieldwork, we look at farmers' responses to external and internal pressures, and analyse how ‘depeasantization’ progresses and livelihoods have been losing their resilience. Chances to reverse this trend, although difficult to implement, may still be feasible.     

The PPP hypothesis and structural breaks: the case of Mexico

We test the purchasing power parity hypothesis for the Mexican peso/US dollar real exchange rate using monthly data for 1969–2010. Results suggest that the real exchange rate reverts to a changing mean. These mean shifts can be explained by liberalization policies implemented during the 1980s and 1990s that reduced trade barriers in the Mexican economy. Such policies modified the tradable/non-tradable goods composition of the price index producing mean shifts in the real exchange rate associated with PPP.     

Export-led growth: are the results robust across methodologies and/or data sets? A case study of Latin America

We examine the export-led growth (ELG) hypothesis from a different perspective asking if the choice of data and/or methodology drives the results. We apply the Granger causality test modified by the corresponding error correction model using real export data from two common sources: the International Monetary Fund and the United Nations Commodity Trade Statistics. Additionally, to determine if the level of deflation could be a factor, we deflate the data at a disaggregated level and by a single export unit price index. Outcomes are compared to those obtained through the Granger causality procedure developed by Toda and Yamamoto (1995 Toda, H and Yamamoto, T. 1995. Statistical inference in vector autoregressions with possibly integrated process. Journal of Econometrics, 66: 225–50. [Crossref], [Web of Science ®] , [Google Scholar]) and Dolado and Lütkepohl (1996 Dolado, JJ and Lütkepohl, H. 1996. Making wald tests work for cointegrated VAR systems. Econometric Reviews, 15: 369–86. [Taylor &; Francis Online] , [Google Scholar]). We use sixteen Latin American countries to test our hypotheses. The analysis reveals inconsistencies in the results both by selection of data and methodology suggesting much of the debate regarding ELG, at least for Latin America, is fuelled by data and/or methodology choice, putting into question previous studies.     

Tourists’ travel time values using discrete choice models: the recreational value of the Teide National Park

Abstract

The value of travel time is one of the most important factors in recreation demand models. Traditionally, the most common approach for its calculation has been the use of different proportions of the wage rate; however, criticisms of this method abound because in a recreational trip the relevant measure is the opportunity cost of leisure time rather than work time. In this paper, we adopt a novel approach in the literature using discrete choice models based on short-term decisions and independent of the labor market. We obtain the value of travel time through the trade-off between time and money considered by the tourist visitors when choosing the transport mode and we present the first calculation of the recreational value of the Teide National Park. Specifically, using a Revealed Preference survey of 801 park visitors, we estimate Mixed Logit models accounting for random preference heterogeneity, derive travel time values and incorporate them into a Zonal Travel Cost Method. This approach allows us to estimate different time values depending on transport mode and stage of the trip and shows that the use of discrete choice models instead of the wage rate approach has a strong impact on the recreational value calculated.