Centre For North South Economic Research

Displaying 1-40 of 40 results

  • White Papers // Jan 2011

    A Neoclassical Growth Model With Public Spending

    This paper analyses the effect of public expenditures in the context of a modified Solow model of capital accumulation with optimizing agents. The model identifies optimal government size and optimal composition of public expenditures which maximize the rate of growth in the dynamics to the steady state and maximize the...

    Provided By Centre For North South Economic Research

  • White Papers // Dec 2010

    TFP Convergence Across European Regions: A Comparative Spatial Dynamics Analysis

    This paper proposes a fixed-effect panel methodology that enables one to simultaneously take into account both TFP and traditional neoclassical convergence. The authors analyze a sample of 199 regions in EU15 (plus Norway and Switzerland) between 1985 and 2006 and find the absence of an overall process of TFP convergence...

    Provided By Centre For North South Economic Research

  • White Papers // Dec 2010

    Heterogeneity In R&D Cooperation: An Empirical Investigation

    This work explores the roles of potential simultaneity and heterogeneity in determining firms' decision to engage in R&D using a sample of Italian manufacturing firms. Partnerships with other firms, research institutions, universities and other small centers are considered jointly by applying a multivariate probit specification. This allows for systematic correlations...

    Provided By Centre For North South Economic Research

  • White Papers // Dec 2010

    Investigating The Behavior Of Embarking Cruisers In A Caribbean Homeport: A Factor And A Censured-Tobit Analysis

    This paper analyses embarking cruisers' experience in a homeport. Survey data were collected from passengers that embarked in Cartagena de Indias (Colombia) during the 2009-2010season. A factor-cluster analysis is developed to segment cruisers identifying the factors that influence their perception and expenditure pattern. Despite the expected total impact for an...

    Provided By Centre For North South Economic Research

  • White Papers // Dec 2010

    Visitors' Experience In A Modern Art Museum: A Structural Equation Model

    This paper aims to provide a better understanding on the museum experience by studying visitors' motivation, satisfaction and likelihood to return to the Museum for Modern and Contemporary Art (MART) of Rovereto (Italy). The empirical data were obtained from a survey undertaken from September to November 2009. A theoretical model...

    Provided By Centre For North South Economic Research

  • White Papers // Dec 2010

    Education Or Just Creativity: What Matters Most For Economic Performance?

    There is a large consensus among researchers on the positive role played by human capital on economic performances although the debate on its measurement (education or creativity) is still open. This paper aims to disentangle this issue by proposing a disaggregation of human capital into three non-overlapping categories. Using a...

    Provided By Centre For North South Economic Research

  • White Papers // Dec 2010

    To Give Or Not To Give? Equity, Efficiency And Altruistic Behavior In A Survey-based Experiment

    This paper presents the results of a survey-based experiment on the role of equity and efficiency for altruistic behavior. Using simple binary decisions for a representative pool of subjects, the authors find that both equity and efficiency are relevant for the decision to give. However, contrary to the findings in...

    Provided By Centre For North South Economic Research

  • White Papers // Nov 2010

    Cycles In Crime And Economy: Leading, Lagging And Coincident Behaviors

    In the last decades, the interest in the relationship between crime and business cycle has widely increased. It is a diffused opinion that a causal relationship goes from economic variables to criminal activities. This paper aims to verify this proposition by using the dynamic factor model to analyze the common...

    Provided By Centre For North South Economic Research

  • White Papers // Nov 2010

    Z-estimators And Auxiliary Information Under Weak Dependence

    In this paper the authors introduce a weighted Z-estimator for moment condition models in the presence of auxiliary information on the unknown distribution of the data under the assumption of weak dependence. The resulting weighted estimator is shown to be consistent and asymptotically normal. Its small sample properties are checked...

    Provided By Centre For North South Economic Research

  • White Papers // Oct 2010

    Agglomeration And Growth With Endogenous Expediture Shares

    The authors develop a New Economic Geography and Growth model which, by using a CES utility function in the second-stage optimization problem, allows for expenditure shares in industrial goods to be endogenously determined. The implications of the generalization are quite relevant. In particular, they obtain the following novel results: two...

    Provided By Centre For North South Economic Research

  • White Papers // Oct 2010

    A Literature Review On The Tourism-led-growth Hypothesis

    The aim of this paper is to provide a comprehensive literature review on the temporal relationship between tourism and economic growth. Specifically, the role of such an economic activity, as a promoter of short and long run economic growth, is investigated by assessing the so-called Tourism Led Growth Hypothesis (TLGH)....

    Provided By Centre For North South Economic Research

  • White Papers // Oct 2010

    Cruise Visitors' Intention To Return As Land Tourists And Recommend A Visited Destination: A Structural Equation Model

    This paper analyses cruise visitors' travel experience, their intention to return to a destination as land tourists and the probability to recommend. Consumer's satisfaction is evaluated by taking into account the economic production factors that is human and physical capital. "Satisfaction with prices" is also included to evaluate the monetary...

    Provided By Centre For North South Economic Research

  • White Papers // Oct 2010

    Corporate Control And Executive Selection

    The authors present a model in which the owner of the firm enjoys a private benefit from developing a personal relationship with the executives. This may lead the owner to retain a senior executive in office even though a more productive replacement is available. The model shows that the private...

    Provided By Centre For North South Economic Research

  • White Papers // Oct 2010

    Risk-taking And Asset-side Contagion In An Originate-to-distribute Banking Model

    During the Subprime crisis the entire banking industry risked collapsing under an unprecedented lack of liquidity. This work tries and find what channel allowed a relatively small systemic shock, the increased mortgage delinquency in the US housing market, to spread worldwide with such a terrific impact. The author develops a...

    Provided By Centre For North South Economic Research

  • White Papers // Oct 2010

    Optimal Leniency Programs In Antitrust

    This paper analyses the incentive structure underlying the adoption of leniency programs in antitrust enforcement. The enforcement of competition law is treated as the delegation of the economic activity from the government to private firms. The model contributes to the debate over desirability of granting leniency to more than one...

    Provided By Centre For North South Economic Research

  • White Papers // Aug 2010

    Counting The Cost Of Crime In Italy

    The aim of this paper is to gauge the cost of crime in Italy by concentrating on a subset of offences covering about 64% of total recorded crime in year 2006. Following the breakdown of costs put forward by Brand and Price, the authors focus on the costs in anticipation,...

    Provided By Centre For North South Economic Research

  • White Papers // Jun 2010

    High Skills, High Growth: Is Tourism An Exception?

    Despite the emphasis placed by growth models on technological progress, recent empirical evidence shows that tourism, a low-skill/low-tech sector and one of the fastest growing industries in the world, may offer a beneficial specialization strategy for growth. This paper focuses on a balanced panel of 72 countries (1980-2005) and confirms...

    Provided By Centre For North South Economic Research

  • White Papers // Apr 2010

    Reconsidering The Well-being: The Happy Planet Index And The Issue Of Missing Data

    The main aim of this paper is to build up and to analyze a composite indicator, the Happy Planet Index (HPI), as an alternative measure to the Gross Domestic Product (GDP) in evaluating nations' well-being. HPI was firstly developed by the New Economic Foundation in July 2006 and it is...

    Provided By Centre For North South Economic Research

  • White Papers // Apr 2010

    Measures Of Wealth And Well-being. A Comparison Between GDP And ISEW

    It is well known that, as a measure of well-being, the Gross Domestic Product does not reflect the real wealth of a country but just its monetary counterpart. Thus, it is not fit to differentiate between the costs that enhance welfare and those which, instead, undermine it. For this reason...

    Provided By Centre For North South Economic Research

  • White Papers // Dec 2009

    Precautionary Savings Under Liquidity Constraints: Evidence From Italy

    In this paper, the author empirically investigates precautionary savings under liquidity constraints in Italy using household panel data. Following Jappelli and Pistaferri (2000) the author analyzes a 3- year (1989-1993) rotating panel of the Bank of Italy Survey of Household Income and Wealth (SHIW). The author exploits a unique indicator...

    Provided By Centre For North South Economic Research

  • White Papers // Nov 2009

    Improving The Forecasting Of Dynamic Conditional Correlation: A Volatility Dependent Approach

    Forecasting volatility in a multivariate framework has received many contributions in the recent literature, but problems in estimation are still frequently encountered when dealing with a large set of time series. The Dynamic Conditional Correlation (DCC) modeling is probably the most used approach; it has the advantage of separating the...

    Provided By Centre For North South Economic Research

  • White Papers // Nov 2009

    Regional Inflation Dynamics Using Space-Time Models

    This paper provides empirical evidence of the role of spatial factors on the determination of inflation dynamics for a representative set of tradable commodities in Chile. The authors present a simple model that explains inflation divergence across regions in a monetary union with similar preferences as a consequence of the...

    Provided By Centre For North South Economic Research

  • White Papers // Nov 2009

    Impact Of Importing Foreign Talent On Performance Levels Of Local Co-Workers

    When skilled labor is imported, skill levels of local workers may be raised by contact with new techniques and practices. European basketball offers an opportunity to test this general claim. For a panel of 47 countries observed over more than twenty years, the authors model probability of qualification for, and...

    Provided By Centre For North South Economic Research

  • White Papers // Nov 2009

    GMM, Generalized Empirical Likelihood, And Time Series

    In this paper the authors extend the results of Kitamura (1997) for BEL to the more general class of GEL estimators. The resulting BGEL estimator is proved to be consistent and asymptotically normal and attains the semiparametric lower bound. In addition, they define the BGEL version of the classical trinity...

    Provided By Centre For North South Economic Research

  • White Papers // Oct 2009

    Can National Survey Data Be Used To Select A Core Set Of Indicators For Monitoring The Sustainability Of Urban Mobility Policies?

    The gradual expansion of urban transport systems brings a series of undesirable socio-economic and environmental impacts that affect the quality of life in cities. Assessing the performance of transport policies is therefore crucial for attaining a sustainable urban development. Adopting an integrated expert-led and participatory based "Bottom-up" approach this paper...

    Provided By Centre For North South Economic Research

  • White Papers // Oct 2009

    They Arrive With New Information: Tourism Flows And Production Efficiency In The European Regions

    It is well known that firms productivity is influenced by information spillovers generated either by other firms located nearby or by direct contacts with final demand or by foreign demand in the case of traded products. In this paper the authors investigate a new channel of efficiency - enhancing information...

    Provided By Centre For North South Economic Research

  • White Papers // Oct 2009

    An Empirical Investigation Of The Determinants Of R&D Cooperation

    This paper is a contribution to the empirical literature on R&D cooperation. It explores the variables that determine a firm's R&D collaborative expenditure by means of a sample of Italian firms. A tobit model, adjusted for heteroscedasticity and non-normality (Inverse Hyperbolic Sin transformation to the dependent variable), is used to...

    Provided By Centre For North South Economic Research

  • White Papers // Sep 2009

    Entry Barriers In Retail Trade

    The 1998 reform of the Italian retail trade sector delegated the regulation of entry of large stores to the regional governments. The authors use the local variation in regulation to determine the effects of entry barriers on sectoral performance. They address the endogeneity of entry barriers through local fixed effects...

    Provided By Centre For North South Economic Research

  • White Papers // Jul 2009

    The Design Of Voluntary Agreements In Oligopolistic Markets

    This paper analyses the conditions under which a group of firms is incentivised to sign a Voluntary Agreement (VA) to control polluting emissions even in the presence of free-riding by other firms in the industry. The authors consider a policy framework in which firms in a given industry decide whether...

    Provided By Centre For North South Economic Research

  • White Papers // Jul 2009

    A Partecipative Procedure To Select Indicators Of Sustainable Urban Mobility Policies

    Starting from an original framework based on four dimensions and thirteen objectives of sustainable urban mobility policies, this paper advocates the selection of a core set of performance indicators founded on a participative procedure. Citizen participation and stakeholder involvement is made possible by a national sample survey and a deliberative...

    Provided By Centre For North South Economic Research

  • White Papers // Jan 2009

    Screening And Short-Term Contracts

    In this paper, the authors study the behavior of a firm searching to fill a vacancy. The principal assumption is that they offer two kinds of contracts to the workers: a Short-Term Contract (STC) or a Long-Term one (LTC). Moreover they assume that the worker's bargaining power over the wage...

    Provided By Centre For North South Economic Research

  • White Papers // Dec 2008

    Measuring Productivity

    Quantifying productivity is a conditio sine qua non for empirical analysis in a number of research fields. The identification of the measure that best fits with the specific goals of the analysis, as well as being data-driven, is currently complicated by the fact that an array of methodologies is available....

    Provided By Centre For North South Economic Research

  • White Papers // Oct 2008

    The Effect Of R&D Subsidies On Private R&D: Evidence From Italian Manufacturing Data

    This paper uses a comprehensive firm level data set for the manufacturing sector in Italy to investigate the effect of government support on privately financed R&D expenditure. Estimates from a two-step equation model suggest that public assistance has a positive effect on private R&D investment. A non parametric matching procedure...

    Provided By Centre For North South Economic Research

  • White Papers // Jul 2008

    Clustering Mutual Funds By Return And Risk Levels

    Mutual funds classifications, often made by rating agencies, are very common and sometimes criticized. In this paper, a three-step statistical procedure for mutual funds classification is proposed. In the first step time series funds are characterized in terms of returns. In the second step, a clustering analysis is performed in...

    Provided By Centre For North South Economic Research

  • White Papers // Jul 2008

    International TFP Dynamics And Human Capital Stocks: A Panel Data Analysis, 1960-2003

    This paper adopts a fixed-effect panel methodology that enables the authors to take into account both TFP and neoclassical convergence. The authors use a sample of 76 countries, 1960-2003 and estimate TFP values obtained by using different estimators such as LSDV, Kiviet-corrected LSDV, and GMM ? la Arellano and Bond....

    Provided By Centre For North South Economic Research

  • White Papers // Jul 2008

    Impact Analysis Of Regional Knowledge Subsidy: A CGE Approach

    In this paper the authors present a computable general equilibrium model for the region of Sardinia for the purpose of evaluating the capacity of R&D policies to affect the long run rate of growth. The model incorporates induced technical change and allows for external knowledge spillovers. They find that the...

    Provided By Centre For North South Economic Research

  • White Papers // Jul 2008

    Asset Allocation Using Flexible Dynamic Correlation Models With Regime Switching

    The asset allocation decision is often considered as a trade-off between maximizing the expected return of a portfolio and minimizing the portfolio risk. The riskiness is evaluated in terms of variance of the portfolio return, so that it is fundamental to consider correctly the variance of its components and their...

    Provided By Centre For North South Economic Research

  • White Papers // Jun 2008

    Human Capital Policies In A Static, Two-Sector Economy With Imperfect Markets

    The paper studies a two-sector economy with investments in human and physical capital and imperfect labor markets. Workers and firms endogenously select (paying a fixed cost) the sector they are active in, and choose the amount of their investments. The economy is characterized by pecuniary externalities. Given the partition of...

    Provided By Centre For North South Economic Research

  • White Papers // Jun 2008

    Investments In Education In A Two-Sector, Random Matching Economy

    The authors consider a random matching model where heterogeneous agents endogenously choose to invest time and real resources in education. Generically in the space of the economies, there is an open interval of possible lengths of schooling such that, at least one of the associated steady states equilibria, some agents,...

    Provided By Centre For North South Economic Research

  • White Papers // Apr 2008

    Gas Industry Reforms And Consumers' Prices In The European Union

    This paper offers an empirical analysis of the impact of reforms in the natural gas industry on consumer prices across the EU-15 area. After briefly reviewing the most recent reforms, the authors study the relationship between regulatory indicators and price dynamics by means of panel data econometrics. The advent of...

    Provided By Centre For North South Economic Research

  • White Papers // Oct 2010

    A Literature Review On The Tourism-led-growth Hypothesis

    The aim of this paper is to provide a comprehensive literature review on the temporal relationship between tourism and economic growth. Specifically, the role of such an economic activity, as a promoter of short and long run economic growth, is investigated by assessing the so-called Tourism Led Growth Hypothesis (TLGH)....

    Provided By Centre For North South Economic Research

  • White Papers // Oct 2010

    Cruise Visitors' Intention To Return As Land Tourists And Recommend A Visited Destination: A Structural Equation Model

    This paper analyses cruise visitors' travel experience, their intention to return to a destination as land tourists and the probability to recommend. Consumer's satisfaction is evaluated by taking into account the economic production factors that is human and physical capital. "Satisfaction with prices" is also included to evaluate the monetary...

    Provided By Centre For North South Economic Research

  • White Papers // Aug 2010

    Counting The Cost Of Crime In Italy

    The aim of this paper is to gauge the cost of crime in Italy by concentrating on a subset of offences covering about 64% of total recorded crime in year 2006. Following the breakdown of costs put forward by Brand and Price, the authors focus on the costs in anticipation,...

    Provided By Centre For North South Economic Research

  • White Papers // Jun 2010

    High Skills, High Growth: Is Tourism An Exception?

    Despite the emphasis placed by growth models on technological progress, recent empirical evidence shows that tourism, a low-skill/low-tech sector and one of the fastest growing industries in the world, may offer a beneficial specialization strategy for growth. This paper focuses on a balanced panel of 72 countries (1980-2005) and confirms...

    Provided By Centre For North South Economic Research

  • White Papers // Apr 2010

    Reconsidering The Well-being: The Happy Planet Index And The Issue Of Missing Data

    The main aim of this paper is to build up and to analyze a composite indicator, the Happy Planet Index (HPI), as an alternative measure to the Gross Domestic Product (GDP) in evaluating nations' well-being. HPI was firstly developed by the New Economic Foundation in July 2006 and it is...

    Provided By Centre For North South Economic Research

  • White Papers // Apr 2010

    Measures Of Wealth And Well-being. A Comparison Between GDP And ISEW

    It is well known that, as a measure of well-being, the Gross Domestic Product does not reflect the real wealth of a country but just its monetary counterpart. Thus, it is not fit to differentiate between the costs that enhance welfare and those which, instead, undermine it. For this reason...

    Provided By Centre For North South Economic Research

  • White Papers // Dec 2009

    Precautionary Savings Under Liquidity Constraints: Evidence From Italy

    In this paper, the author empirically investigates precautionary savings under liquidity constraints in Italy using household panel data. Following Jappelli and Pistaferri (2000) the author analyzes a 3- year (1989-1993) rotating panel of the Bank of Italy Survey of Household Income and Wealth (SHIW). The author exploits a unique indicator...

    Provided By Centre For North South Economic Research

  • White Papers // Nov 2009

    Improving The Forecasting Of Dynamic Conditional Correlation: A Volatility Dependent Approach

    Forecasting volatility in a multivariate framework has received many contributions in the recent literature, but problems in estimation are still frequently encountered when dealing with a large set of time series. The Dynamic Conditional Correlation (DCC) modeling is probably the most used approach; it has the advantage of separating the...

    Provided By Centre For North South Economic Research

  • White Papers // Nov 2009

    Regional Inflation Dynamics Using Space-Time Models

    This paper provides empirical evidence of the role of spatial factors on the determination of inflation dynamics for a representative set of tradable commodities in Chile. The authors present a simple model that explains inflation divergence across regions in a monetary union with similar preferences as a consequence of the...

    Provided By Centre For North South Economic Research

  • White Papers // Nov 2009

    Impact Of Importing Foreign Talent On Performance Levels Of Local Co-Workers

    When skilled labor is imported, skill levels of local workers may be raised by contact with new techniques and practices. European basketball offers an opportunity to test this general claim. For a panel of 47 countries observed over more than twenty years, the authors model probability of qualification for, and...

    Provided By Centre For North South Economic Research

  • White Papers // Nov 2009

    GMM, Generalized Empirical Likelihood, And Time Series

    In this paper the authors extend the results of Kitamura (1997) for BEL to the more general class of GEL estimators. The resulting BGEL estimator is proved to be consistent and asymptotically normal and attains the semiparametric lower bound. In addition, they define the BGEL version of the classical trinity...

    Provided By Centre For North South Economic Research

  • White Papers // Oct 2009

    Can National Survey Data Be Used To Select A Core Set Of Indicators For Monitoring The Sustainability Of Urban Mobility Policies?

    The gradual expansion of urban transport systems brings a series of undesirable socio-economic and environmental impacts that affect the quality of life in cities. Assessing the performance of transport policies is therefore crucial for attaining a sustainable urban development. Adopting an integrated expert-led and participatory based "Bottom-up" approach this paper...

    Provided By Centre For North South Economic Research

  • White Papers // Oct 2009

    They Arrive With New Information: Tourism Flows And Production Efficiency In The European Regions

    It is well known that firms productivity is influenced by information spillovers generated either by other firms located nearby or by direct contacts with final demand or by foreign demand in the case of traded products. In this paper the authors investigate a new channel of efficiency - enhancing information...

    Provided By Centre For North South Economic Research

  • White Papers // Oct 2009

    An Empirical Investigation Of The Determinants Of R&D Cooperation

    This paper is a contribution to the empirical literature on R&D cooperation. It explores the variables that determine a firm's R&D collaborative expenditure by means of a sample of Italian firms. A tobit model, adjusted for heteroscedasticity and non-normality (Inverse Hyperbolic Sin transformation to the dependent variable), is used to...

    Provided By Centre For North South Economic Research

  • White Papers // Sep 2009

    Entry Barriers In Retail Trade

    The 1998 reform of the Italian retail trade sector delegated the regulation of entry of large stores to the regional governments. The authors use the local variation in regulation to determine the effects of entry barriers on sectoral performance. They address the endogeneity of entry barriers through local fixed effects...

    Provided By Centre For North South Economic Research

  • White Papers // Jul 2009

    The Design Of Voluntary Agreements In Oligopolistic Markets

    This paper analyses the conditions under which a group of firms is incentivised to sign a Voluntary Agreement (VA) to control polluting emissions even in the presence of free-riding by other firms in the industry. The authors consider a policy framework in which firms in a given industry decide whether...

    Provided By Centre For North South Economic Research

  • White Papers // Jul 2009

    A Partecipative Procedure To Select Indicators Of Sustainable Urban Mobility Policies

    Starting from an original framework based on four dimensions and thirteen objectives of sustainable urban mobility policies, this paper advocates the selection of a core set of performance indicators founded on a participative procedure. Citizen participation and stakeholder involvement is made possible by a national sample survey and a deliberative...

    Provided By Centre For North South Economic Research

  • White Papers // Oct 2010

    Agglomeration And Growth With Endogenous Expediture Shares

    The authors develop a New Economic Geography and Growth model which, by using a CES utility function in the second-stage optimization problem, allows for expenditure shares in industrial goods to be endogenously determined. The implications of the generalization are quite relevant. In particular, they obtain the following novel results: two...

    Provided By Centre For North South Economic Research

  • White Papers // Jan 2009

    Screening And Short-Term Contracts

    In this paper, the authors study the behavior of a firm searching to fill a vacancy. The principal assumption is that they offer two kinds of contracts to the workers: a Short-Term Contract (STC) or a Long-Term one (LTC). Moreover they assume that the worker's bargaining power over the wage...

    Provided By Centre For North South Economic Research

  • White Papers // Dec 2008

    Measuring Productivity

    Quantifying productivity is a conditio sine qua non for empirical analysis in a number of research fields. The identification of the measure that best fits with the specific goals of the analysis, as well as being data-driven, is currently complicated by the fact that an array of methodologies is available....

    Provided By Centre For North South Economic Research

  • White Papers // Dec 2010

    Education Or Just Creativity: What Matters Most For Economic Performance?

    There is a large consensus among researchers on the positive role played by human capital on economic performances although the debate on its measurement (education or creativity) is still open. This paper aims to disentangle this issue by proposing a disaggregation of human capital into three non-overlapping categories. Using a...

    Provided By Centre For North South Economic Research

  • White Papers // Dec 2010

    TFP Convergence Across European Regions: A Comparative Spatial Dynamics Analysis

    This paper proposes a fixed-effect panel methodology that enables one to simultaneously take into account both TFP and traditional neoclassical convergence. The authors analyze a sample of 199 regions in EU15 (plus Norway and Switzerland) between 1985 and 2006 and find the absence of an overall process of TFP convergence...

    Provided By Centre For North South Economic Research

  • White Papers // Dec 2010

    Heterogeneity In R&D Cooperation: An Empirical Investigation

    This work explores the roles of potential simultaneity and heterogeneity in determining firms' decision to engage in R&D using a sample of Italian manufacturing firms. Partnerships with other firms, research institutions, universities and other small centers are considered jointly by applying a multivariate probit specification. This allows for systematic correlations...

    Provided By Centre For North South Economic Research

  • White Papers // Dec 2010

    Investigating The Behavior Of Embarking Cruisers In A Caribbean Homeport: A Factor And A Censured-Tobit Analysis

    This paper analyses embarking cruisers' experience in a homeport. Survey data were collected from passengers that embarked in Cartagena de Indias (Colombia) during the 2009-2010season. A factor-cluster analysis is developed to segment cruisers identifying the factors that influence their perception and expenditure pattern. Despite the expected total impact for an...

    Provided By Centre For North South Economic Research

  • White Papers // Dec 2010

    Visitors' Experience In A Modern Art Museum: A Structural Equation Model

    This paper aims to provide a better understanding on the museum experience by studying visitors' motivation, satisfaction and likelihood to return to the Museum for Modern and Contemporary Art (MART) of Rovereto (Italy). The empirical data were obtained from a survey undertaken from September to November 2009. A theoretical model...

    Provided By Centre For North South Economic Research

  • White Papers // Nov 2010

    Cycles In Crime And Economy: Leading, Lagging And Coincident Behaviors

    In the last decades, the interest in the relationship between crime and business cycle has widely increased. It is a diffused opinion that a causal relationship goes from economic variables to criminal activities. This paper aims to verify this proposition by using the dynamic factor model to analyze the common...

    Provided By Centre For North South Economic Research

  • White Papers // Nov 2010

    Z-estimators And Auxiliary Information Under Weak Dependence

    In this paper the authors introduce a weighted Z-estimator for moment condition models in the presence of auxiliary information on the unknown distribution of the data under the assumption of weak dependence. The resulting weighted estimator is shown to be consistent and asymptotically normal. Its small sample properties are checked...

    Provided By Centre For North South Economic Research

  • White Papers // Oct 2010

    Corporate Control And Executive Selection

    The authors present a model in which the owner of the firm enjoys a private benefit from developing a personal relationship with the executives. This may lead the owner to retain a senior executive in office even though a more productive replacement is available. The model shows that the private...

    Provided By Centre For North South Economic Research

  • White Papers // Oct 2010

    Risk-taking And Asset-side Contagion In An Originate-to-distribute Banking Model

    During the Subprime crisis the entire banking industry risked collapsing under an unprecedented lack of liquidity. This work tries and find what channel allowed a relatively small systemic shock, the increased mortgage delinquency in the US housing market, to spread worldwide with such a terrific impact. The author develops a...

    Provided By Centre For North South Economic Research

  • White Papers // Oct 2010

    Optimal Leniency Programs In Antitrust

    This paper analyses the incentive structure underlying the adoption of leniency programs in antitrust enforcement. The enforcement of competition law is treated as the delegation of the economic activity from the government to private firms. The model contributes to the debate over desirability of granting leniency to more than one...

    Provided By Centre For North South Economic Research

  • White Papers // Jan 2011

    A Neoclassical Growth Model With Public Spending

    This paper analyses the effect of public expenditures in the context of a modified Solow model of capital accumulation with optimizing agents. The model identifies optimal government size and optimal composition of public expenditures which maximize the rate of growth in the dynamics to the steady state and maximize the...

    Provided By Centre For North South Economic Research

  • White Papers // Dec 2010

    To Give Or Not To Give? Equity, Efficiency And Altruistic Behavior In A Survey-based Experiment

    This paper presents the results of a survey-based experiment on the role of equity and efficiency for altruistic behavior. Using simple binary decisions for a representative pool of subjects, the authors find that both equity and efficiency are relevant for the decision to give. However, contrary to the findings in...

    Provided By Centre For North South Economic Research

  • White Papers // Apr 2008

    Gas Industry Reforms And Consumers' Prices In The European Union

    This paper offers an empirical analysis of the impact of reforms in the natural gas industry on consumer prices across the EU-15 area. After briefly reviewing the most recent reforms, the authors study the relationship between regulatory indicators and price dynamics by means of panel data econometrics. The advent of...

    Provided By Centre For North South Economic Research

  • White Papers // Oct 2008

    The Effect Of R&D Subsidies On Private R&D: Evidence From Italian Manufacturing Data

    This paper uses a comprehensive firm level data set for the manufacturing sector in Italy to investigate the effect of government support on privately financed R&D expenditure. Estimates from a two-step equation model suggest that public assistance has a positive effect on private R&D investment. A non parametric matching procedure...

    Provided By Centre For North South Economic Research

  • White Papers // Jul 2008

    Clustering Mutual Funds By Return And Risk Levels

    Mutual funds classifications, often made by rating agencies, are very common and sometimes criticized. In this paper, a three-step statistical procedure for mutual funds classification is proposed. In the first step time series funds are characterized in terms of returns. In the second step, a clustering analysis is performed in...

    Provided By Centre For North South Economic Research

  • White Papers // Jul 2008

    International TFP Dynamics And Human Capital Stocks: A Panel Data Analysis, 1960-2003

    This paper adopts a fixed-effect panel methodology that enables the authors to take into account both TFP and neoclassical convergence. The authors use a sample of 76 countries, 1960-2003 and estimate TFP values obtained by using different estimators such as LSDV, Kiviet-corrected LSDV, and GMM ? la Arellano and Bond....

    Provided By Centre For North South Economic Research

  • White Papers // Jul 2008

    Impact Analysis Of Regional Knowledge Subsidy: A CGE Approach

    In this paper the authors present a computable general equilibrium model for the region of Sardinia for the purpose of evaluating the capacity of R&D policies to affect the long run rate of growth. The model incorporates induced technical change and allows for external knowledge spillovers. They find that the...

    Provided By Centre For North South Economic Research

  • White Papers // Jul 2008

    Asset Allocation Using Flexible Dynamic Correlation Models With Regime Switching

    The asset allocation decision is often considered as a trade-off between maximizing the expected return of a portfolio and minimizing the portfolio risk. The riskiness is evaluated in terms of variance of the portfolio return, so that it is fundamental to consider correctly the variance of its components and their...

    Provided By Centre For North South Economic Research

  • White Papers // Jun 2008

    Investments In Education In A Two-Sector, Random Matching Economy

    The authors consider a random matching model where heterogeneous agents endogenously choose to invest time and real resources in education. Generically in the space of the economies, there is an open interval of possible lengths of schooling such that, at least one of the associated steady states equilibria, some agents,...

    Provided By Centre For North South Economic Research

  • White Papers // Jun 2008

    Human Capital Policies In A Static, Two-Sector Economy With Imperfect Markets

    The paper studies a two-sector economy with investments in human and physical capital and imperfect labor markets. Workers and firms endogenously select (paying a fixed cost) the sector they are active in, and choose the amount of their investments. The economy is characterized by pecuniary externalities. Given the partition of...

    Provided By Centre For North South Economic Research