Grain transport and rural credit in Mozambique: solving the space–time problem

This paper shows how credit market failures can lead to large welfare losses in grain markets by inducing increased transport for seasonal storage in locations with low credit costs. The burden of these welfare losses falls primarily on rural households. These conclusions are obtained from a spatial/temporal model solved using a mixed complementarity formulation that easily handles interest rate differentials across space. Efforts to address credit market failures and to improve the efficiency of rural storage should be given priority as opposed to the creation of large, formal sector grain collection centers.     

Testing for Multicointegration in Panel Data with Common Factors*

This paper addresses the concept of multicointegration in a panel data framework and builds upon the panel data cointegration procedures developed in Pedroni [Econometric Theory (2004), Vol. 20, pp. 597–625]. When individuals are either cross‐section independent, or cross‐section dependence can be removed by cross‐section demeaning, our approach can be applied to the wider framework of mixed I(2) and I(1) stochastic processes. The paper also deals with the issue of cross‐section dependence using approximate common‐factor models. Finite sample performance is investigated through Monte Carlo simulations. Finally, we illustrate the use of the procedure investigating an inventories, sales and production relationship for a panel of US industries.     

Im Abseits oder aus der Tiefe des Raumes – Wie vielfältig berichtet das Fernsehen über regionales Sportgeschehen?

Sports shows are one of the most popular programs on television. Nevertheless, there are certain voices complaining about a lack of diversity of sports content on television. In this paper, it is argued why diversity of sports programs matters. Sports is not only a highly popular and entertaining media content. More than 23 million people are members of sports clubs and athletic clubs all over Germany. That makes sports an aspect of everyday life on a regional and local level. There it provides a lot of social functions, i.?e., social integration, promoting fairness, furthering health issues, and establishing social capital. These aspects should be considered when analyzing the diversity of sports on television programs.German legal rules for broadcasting services differentiate between commercial broadcasters and public service broadcasters (PSBs). The German Federal Constitutional Court has pointed out that commercial broadcasters cannot fulfill the same tasks as the PSBs in regard to the formation of public opinion. Therefore, the PSBs must provide a wide range of content regarding the diversity of social groups and the plurality of opinions. But there are no explicit regulations on the diversity of sports in television programs of PSBs. That is why this paper proposes a framework for analyzing the diversity of sports on television. This framework is based on the differentiation between sports broadcasting and sports journalism. Whilst monotony of sports broadcasting seems to be proven, little is known about the structures of sports journalism on television. It is argued that PSBs are obligated to public value. Therefore, they are obligated to cover sports and athletics comprehensively and it is up to sports journalism to bring to the fore the diversity of sports on television. There are three dimensions to be considered in analyzing the diversity of television sports journalism: diversification of sports content, social pluralism of sports, and regional diversity of sports news coverage. The aspect of diversification is met if sports journalism covers disciplines that are not regularly broadcasted on television. Social pluralism of sports considers how many people are organized in sports and athletic clubs dedicated to particular disciplines. E.?g., there should be more coverage of volleyball than of judo if there are more members in volleyball clubs than there are in judo clubs. Regional diversity of sports news coverage would be fulfilled by covering stories from a wide range of regions, districts, and cities from all over a designated television market area.These considerations lead to four research questions: (1) What are the subjects of regional sports journalism on television? (2) Do sports newsmagazine shows contribute to diversity and diversification of sports contents? (3) To what extent is sports journalism reflecting the diversity of sports and athletics in society? (4) How diverse is sports journalism content in regional aspects?In order to answer these questions a content analysis of sports newsmagazines from three German regional PBS television programs was conducted (“Sport im Osten”, MDR/“Sportclub”, NDR/“Sport im Westen”, “Sport inside”, WDR/“Sportschau Bundesliga am Sonntag”, all three programs). All issues of these sports newsmagazines aired in 2014 were sampled (sampling units). All news stories within the single issues were analyzed (coding units). The topic of the story was recorded for every coding unit. Additionally, the covered sports discipline, the region of the reported event, and the number of on-screen speaking persons were recorded.The data reveals the structure of sports journalism on German regional television channels. Television sports news shows are offering little diversification of sports content. There is a main focus on soccer on all three programs (nearly 80% of all stories presented on the programs of MDR and NDR). Other disciplines with a notable amount of reports are handball, hockey, and basketball. The sports news shows on the MDR program are covering a broad variety of 76 disciplines. The WDR sports news shows cover 62 different disciplines. The portfolio of the NDR sports news shows consists of 40 disciplines. The degree of diversity of the sports news shows is measured as relative entropy (Shannon’s Η’). Whilst sports newsmagazines of MDR and NDR offer little diversity of content (MDR: Η’?=?0.22, NDR: Η’?=?0.20), WDR’s sports newsmagazines present a much wider range of disciplines (Η’?=?0.43).Social pluralism of sports is not met in any of these programs. This is especially true for the representation of women in sports. Only 4.3% of over 111?h of sports news cover women competing in sports. 40% of sports and athletic club members in Germany are women but sports journalism is not reflecting this at all. Social pluralism is also lacking regarding members of different disciplines organized in sports and athletic clubs. E.?g., when ranking sports and athletic clubs by the number of their members, tennis clubs are ranked 3rd place amongst all sports and athletic clubs in North Rhine-Westphalia and Northern Germany. Yet, tennis is not one of the top 5 covered disciplines in the programs of neither the WDR nor the NDR.However, the programs offer a regional complementary sports news coverage. In all three television channels, the sports newsmagazines are reporting mostly from within their designated television market area.In summary, the current study reveals that sports newsmagazines are covering a relatively broad range of sports disciplines, but their focus is on the top-class sport. The public value of sports and athletics is not emphasized in sports journalism of regional television channels.     

Microfinance and income inequality: New macrolevel evidence

This paper addresses the empirical question of whether microfinance has any impact on income inequality at the macrolevel. Very little research has been conducted on the relationship between the macrolevel scale of microfinance and income inequality over time in a country and across countries. Based on panel‐data techniques, with annual data from 85 countries from 2001 to 2012 and a broad theoretical framework on microfinance and inequality, we provide empirical evidence that suggests that increases in the macrolevel scale of microcredit in a country contribute to reducing income inequality within that country over time. Finally, since microfinance may be endogenous, we used instruments from the existing literature to control for this problem.     

Performance Schweizerischer Anlagestiftungen

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