Poverty and the shadow economy: The role of governmental institutions

This paper examines the impact of poverty on the size of the shadow economy using cross-country panel data for over 100 countries for the period 1991–2015. The results show that poverty has a positive and significant effect on the size of the shadow economy. Furthermore, we argue that the quality and size of governmental institutions matter in moderating the impact of poverty on the shadow economy. Considering the interactions between poverty and government quality and size, we find that poverty has the largest effect on the size of the shadow economy when government quality is the lowest and the size of the government is the largest. These results withstand a battery of robustness checks.     

Setting priorities in farm animal conservation choices--expert opinion and revealed policy preferences

We consider the choice of farm animal breeds for conservationprogrammes. An expert survey among breed societies and scientistsand the analysis of past decisions in EU member countries toenter breeds into conservation programmes show differences inthe valuation of breed characteristics. Whereas both sets ofactors value diversity aspects as well as cultural and economicaspects of breed conservation, policy makers, in comparisonwith experts, seem to be less concerned about true extinctionrisk. The results suggest broadening the discussion about theconservation of animal genetic resources to aspects preservingsocietal and cultural resources.     

Persistency of window dressing practices in the U.S. repo markets after the GFC: The unexplored role of the deposit insurance premium

We investigate whether the regulatory improvements made in the aftermath of the global financial crisis have been effective in limiting bank downward window dressing by means of repos in the United States. We find that a strict application of the Basel III regulation wipes out incentives to engage in window dressing to bolster the level of leverage Tier 1 ratio at quarter-end. We also show that the persistency of window dressing is related to the computation of the Federal Deposit Insurance Corporation assessment base, which motivates banks to engage in window dressing to reduce the deposit insurance premium.     

The political economy of exchange rate regimes in developed and developing countries

This paper examines the influence of government ideology, political institutions and globalization on the choice of exchange rate regime via panel multinomial logit approach using annual data over the period of 1974-2004 in a panel of 180 countries: 26 developed and 154 developing.We provide evidence that government ideology, political institutions and globalization are important determinants of the choice of exchange rate regime. In particular, we find that left-wing governments, democratic institutions, central bank independence and financial development increase the likelihood of choosing a flexible regime, whereas more globalized countries have a higher probability of implementing a fixed regime. More importantly, we find that political economy factors have different effects on the choice of exchange rate regime in developed and developing countries. All our results are robust to panel ordered probit model.     

Determination of the efficiency of the world railway companies by method of DEA and comparison of their efficiency by Tobit analysis

This paper attempts to measure the performance of railway companies that produce passenger and freight services around the world. The data covering 10 years from 2000 to 2009 is analyzed first via the data envelopment analysis method in order to obtain technical efficiency and allocative efficiency scores of 31 railway companies for the purpose of the study. In the analysis conducted by use of the CCR model, while total 17 firms were efficient in the first year, this figure reaches to 18 companies for the last year with one more addition. While only two companies seem efficient in the first year, this figure goes down to one for the last year. With input oriented and variable return analysis conducted by use of the BCC model, the firms having technical efficiency at the beginning of the period were 20 in number. At the end of the period, the figure reaches to 24. Next, the outputs of DEA are correlated by Tobit regression and tried to determine decisiveness of the outputs on the efficiency. It has been seen that the same output composition used with Tobit analysis gives more compliant results with the allocative efficiency scores rather than with the technical efficiency scores.     

Volatility linkages in the spot and futures market in Australia: a copula approach

To better characterize the dependence structure of the joint returns distribution, we propose to blend copula functions with Asymmetric GARCH (AGARCH) models, which are allowed for generalized error distribution. We model the copula’s marginals by the AGARCH processes that can differentiate between the impacts of positive and negative shocks on the returns volatility while taking the large kurtosis of the returns into account. An application of the procedure is elaborated on the All Ordinaries Index and its corresponding Share Price Index on future contracts in Australia. The findings reveal that the two spot and future markets show a strong right tail dependence but no left tail dependence. This provides a very useful knowledge for the risk management and hedging in futures markets.     

重庆统筹城乡教育发展的有效途径

重庆市在统筹城乡教育发展过程中，面临着经济发展总体落后、区域经济发展不平衡、区县间师资水平、教育设施水平差距大、课程设置单一以及流动人口子女入学难等问题。文章在深入剖析其内在原因的基础上，分别从财政投入体制、教育管理体制、户籍管理体制以及教学内容等方面提出了解决的方案，同时，还论证了积极争取国家财政支持的重要性。     

Agricultural Water Use and Trade in Uzbekistan: Situation and Potential Impacts of Market Liberalization

The focus in Uzbekistan on cotton and its irrigation led to large increases in water use with significant downstream impacts, particularly on the Aral Sea. While agriculture is still heavily influenced by the state, Uzbekistan has become more integrated in the global economy since its independence. The major goal of this paper is to examine the interrelationship between agricultural policies and water use during the last 15 years and how moves towards freer markets, such as those which might occur under the World Trade Organization, may impact Uzbekistan's water resources in the future. The results show that partial or full market liberalization may result in an increase in water use. However, the greater message is that non-water policies can have a major impact on water outcomes and therefore should be considered in any discussions of water sector reform.