Los salarios de los inmigrantes en el mercado de trabajo español. ¿Importa el origen del capital humano?

El objetivo del trabajo es analizar el papel de los diferentes componentes del capital humano como determinantes de los ingresos de los inmigrantes recientes en el mercado de trabajo español. A partir de los microdatos de la Encuesta Nacional de Inmigrantes 2007, se examina la rentabilidad del capital humano de este colectivo, distinguiendo el adquirido en origen del acumulado en destino, así como el impacto salarial de la situación documental. La evidencia obtenida muestra que el capital humano adquirido en España tiene una mayor rentabilidad marginal que el acumulado en origen, lo que refleja la limitada transferibilidad de este último. La única excepción se da en el caso de los inmigrantes procedentes de países desarrollados o que han estudiado en España, independientemente de su procedencia, los cuales obtienen una rentabilidad de sus estudios –incluso de aquéllos cursados en origen– comparativamente elevada. Una situación legal en España está asociada, por su parte, con una sustancial prima salarial positiva (15%). Por último, el conjunto de la evidencia confirma la presencia de una fuerte heterogeneidad, tanto en la rentabilidad de las diferentes formas de capital humano como en la magnitud de la prima por trabajar legalmente, en función de la zona de origen de los inmigrantes.

La Calidad de la correspondencia entre la especialidad de formación y especialidad de ocupación y el impacto en el mercado de trabajo en México

El punto de partida del análisis de la calidad de la correspondencia entre especialidad de formación y especialidad de ocupación es reconocer que existe una diferencia entre los jóvenes que están en la ocupación para la que fueron formados, y los que no son parte de esta situación, por tanto, el desempeño de los graduados es observado con el argumento de que una alta correspondencia entre la educación formal y la ocupación les genera mayor productividad y encuentran empleos mejor remunerados. La metodología utilizada ha sido aplicada por Béduwé et al. (2005) para el caso del mercado de trabajo francés, quienes analizaron la calidad de la correspondencia entre formación y ocupación de los jóvenes, a través de la observación empírica ex post, en un momento dado. La calidad de la correspondencia es medida a través de índices de Gini (IG), los cuales son incluidos como variables explicativas a la ecuación de salarios para observar el desempeño de los jóvenes en el mercado de trabajo. Los resultados mostraron que debido a la composición de la estructura del mercado laboral mexicano, los IG solamente explican el 17% de dicho mercado y la brecha de salarios entre los jóvenes que tienen correspondencia entre su formación y su empleo y los que no son parte de este caso es del 11,73% para el Índice de Gini de formación y del 13,73% para el Índice de Gini de ocupación

Natural Capital's perception by Kodagu communities: a comparative study (Karnataka, India)

When we ask ourselves about a concrete definition of “Natural Capital” we can find a large and wide range of conceptions, which are attached to it. These can turn out to be confusing and contradictory in some cases. In theory, through books and different studies we know natural resources are composed by all the natural actives originated by the nature itself. Besides, these conform a patrimony for society as them are translated into a path towards economy: The Natural Capital. May not the Natural Capital be an easy conception to put in terms of economy it turns out to be an important capacitor for economy growth in most countries. In any case, we can clearly distinguish two ways as Natural Capital can be seen. One may elaborate a definition about it by reading what others have previously written, those who usually are quite far from the direct use of natural resources. On the other hand it would also be interesting to conform a definition of it by asking people who are constantly in contact with natural resources and consequently contribute to form the Natural Capital.

Human capital spillovers, productivity and regional convergence in Spain

This paper analyses the differential impact of human capital, in terms of different levels of schooling, on regional productivity and convergence. The potential existence of geographical spillovers of human capital is also considered by applying spatial panel data techniques. The empirical analysis of Spanish provinces between 1980 and 2007 confirms the positive impact of human capital on regional productivity and convergence, but reveals no evidence of any positive geographical spillovers of human capital. In fact, in some specifications the spatial lag presented by tertiary studies has a negative effect on the variables under consideration.

El impacto diferencial del capital social sobre la salud de la población autóctona y los inmigrantes residentes en Cataluña

El fenómeno de la inmigración está transformando las sociedades receptoras. Un creciente número de estudios revela que la reciente inmigración en España es principalmente motivada por razones económicas y por tanto se trata de una población compuesta por gente joven, cualificada y sana. Por otro lado, hay cada vez más evidencia sobre la relevancia del capital social sobre la salud. Nuestro trabajo pretende crear un puente entre la literatura sobre la inmigración y la que relaciona el capital social y la salud. El presente trabajo tiene un doble objetivo. Por un lado, queremos dilucidar la verdadera relación entre el capital social y la salud utilizando por primera vez datos de Cataluña. Por otro lado, pretendemos determinar un posible efecto diferencial del capital social sobre la salud en tres grupos de población, más concretamente, los nacidos en Cataluña, los españoles nacidos fuera de Cataluña y los inmigrantes extranjeros. Utilizamos datos de la Encuesta de Salud de Cataluña 2006, que contiene una muestra representativa del colectivo inmigrante. Los indicadores contextuales provienen de fuentes alternativas. Para determinar la relación entre el capital social y la salud (salud auto-percibida y salud mental, GHQ-12), controlando por otros factores determinantes, estimados modelos multinivel separadamente para las tres muestras poblacionales. Distinguimos entre capital social individual y capital social comunitario. Nuestros resultados revelan que el capital social individual tiene mayor impacto sobre la salud que el capital social comunitario. Sin embargo, independientemente de los indicadores de capital social empleados en el análisis, observamos que el capital social ejerce un efecto beneficioso tanto para la salud física como la salud mental en Cataluña. Además, encontramos que las redes sociales son más importantes para la salud de la población autóctona, que para la salud de los inmigrantes. Creemos que potenciar la acumulación de capital social puede ser un instrumento potencialmente eficaz (y que requiere, en comparación con otras medidas políticas, menos recursos económicos) para la consecución de los objetivos relacionados con la mejora de la salud y la reducción de las desigualdades en salud entre los colectivos de nativos e inmigrantes. Palabras clave: estado de salud, capital social, inmigración

Relationship between technological progress, capital elasticity and emissions of industrial pollutants for the production sectors in Catalonia

As is known, the Kyoto Protocol proposes to reinforce national policies for emission reduction and, furthermore, to cooperate with other contracting parties. In this context, it would be necessary to assess these emissions, both in general and specifically, by pollutants and/or among productive sectors. The object of this paper is precisely to estimate the polluting emissions of industrial origin in Catalonia in the year 2001, in a multivariate context which explicitly allows a distinction to be made between the polluter and/or the productive sector causing this emission. Six pollutants considered, four directly related to greenhouse effect. A multi-level model, with two levels, pollutants and productive sectors, was specified. Both technological progress and elasticity of capital were introduced as random effects. Hence, it has been permitted that these coefficients vary according to one or other level. The most important finding in this paper is that elasticity of capital has been estimated as very non-elastic, with a range which varies between 0.162 (the paper industry) and 0.556 (commerce). In fact, and generally speaking, the greater capital the sector has, the less elasticity of capital has been estimated. Key words: Kyoto protocol, multilevel model, technological progress

La Demanda de gasolinas en México: efectos y alternativas ante el cambio climático

El autotransporte es de los sectores más contaminantes en México, generando el 17% del total de emisiones de CO2. El consumo de gasolina y diesel son la principal fuente de estas emisiones. Este artículo analiza empíricamente la demanda de gasolinas del sector automotor en México durante el período 1960-2007. Las estimaciones de las elasticidades de corto y largo plazos del precio e ingreso fueron: -0.07, -0.17, 0.46 y 1.06. Lo que implica que la demanda de gasolinas es sensible a la trayectoria del ingreso e inelástica a los precios. Por tanto, un crecimiento económico continúo sin una adecuada política de precios generará un aumento en el consumo de gasolinas. Esta situación puede ser más grave al considerar los efectos del cambio climático atendiendo a una demanda relativamente onstante. Bajo estas circunstancias es necesario implementar diversas políticas públicas imultáneamente para frenar las consecuencias del consumo de gasolinas sobre el cambio climático.

Is the Spanish Inheritance and Gift Tax incompatible with the free movement of workers and capital?: The reasoned opinion of the EU Commission IP/10/513

The aim of my speech is answering to the question if the Spanish Inheritance and Gift Tax is incompatible with the free movement of workers and capital. We are going to pay special attention to the European Commission’s request to Spain to change its Inheritance and Gift Tax provisions for Non-Residents or Assets held abroad. In order to answer to the question mentioned above five points will be explained. At first place I am going to describe the infrengement procedure established in the Article 258 that the EU Commission can follow when a Member State doesn’t comply with Community Law. At second place, we are going to explain what is the content of the EU Commission delivered on 5th of may 2010 regarding the spanish Inheritance and Gift Tax. Then, we will analise what establishes the Community Law regarding the freedom of workers and capital and how they are understood by the EU Court of Justice in similar cases. Finally, we are going to provide possible amendments that Spain could undertake.

The Complementarity between segment disclosure and earnings quality, and its effect on cost of capital

We investigate the role of earnings quality in determining the levels of segment disclosure, and whether and how better quality earnings and segment disclosure influences cost of capital. Using a large US sample for the period 2001-2006, we find a positive relation between earnings quality and levels of segment disclosures. We also find that firms providing better quality segment information, contingent upon good earnings quality, enjoy lower cost of capital. We base our empirical tests on a self created index of segment disclosure. Our results contribute to a better understanding of (1) the incentives for providing segment disclosures, and (2) how accounting quality (quality of segment information and earnings quality) is related to the cost of capital.

Human capital and productivity

This paper surveys the empirical literature on human capital and productivity and summarizes the results of my own work on the subject. On balance, the available evidence suggests that investment in education has a positive, significant and sizable effect on productivity growth. According to my estimates, moreover, the social returns to investment in human capital are higher than those on physical capital in most EU countries and in many regions of Spain.

Misallocation of capital in a model of endogenous financial intermediation and insurance

In this paper we analyze productivity and welfare losses from capital misallocation in a general equilibrium model of occupational choice and endogenous financial intermediation. We study the effects of borrowing and lending, insurance, and risk sharing on the optimal allocation of resources. We find that financial markets together with general equilibrium effects have large impact on entrepreneurs' entry and firm-size decisions. Efficiency gains are increasing in the quality of financial markets, particularly in their ability to alleviate a financing constraint by providing insurance against idiosyncratic risk.

Location Determinants of New Firms: Does Skill Level of Human Capital Really Matter?

This paper is about the role played by stock of human capital on location decisions of new manufacturing plants. We analyse the effect of several skill levels (from basic school to PhD) on decisions about the location of plants in various industries and, therefore, of different technological levels. We also test whether spatial aggregation level biases the results and determine the most appropriate areas to be considered in analyses of these phenomena. Our main statistical source is the Register of Manufacturing Establishments of Catalonia (REIC), which has plant-level microdata on the locations of new manufacturing plants. Keywords: agglomeration economies, industrial location, human capital, count-data models, spatial econometrics.

A correlation sensitivity analysis of non-life underwriting risk in solvency capital requirement estimation

This paper analyses the impact of using different correlation assumptions between lines of business when estimating the risk-based capital reserve, the Solvency Capital Requirement (SCR), under Solvency II regulations. A case study is presented and the SCR is calculated according to the Standard Model approach. Alternatively, the requirement is then calculated using an Internal Model based on a Monte Carlo simulation of the net underwriting result at a one-year horizon, with copulas being used to model the dependence between lines of business. To address the impact of these model assumptions on the SCR we conduct a sensitivity analysis. We examine changes in the correlation matrix between lines of business and address the choice of copulas. Drawing on aggregate historical data from the Spanish non-life insurance market between 2000 and 2009, we conclude that modifications of the correlation and dependence assumptions have a significant impact on SCR estimation.

Vintage capital growth theory: three breakthroughs

Vintage capital growth models have been at the heart of growth theory in the 60s. This research line collapsed in the late 60s with the so-called embodiment controversy and the technical sophisitication of the vintage models. This paper analyzes the astonishing revival of this literature in the 90s. In particular, it outlines three methodological breakthroughs explaining this resurgence: a growth accounting revolution, taking advantage of the availability of new time series, an optimal control revolution allowing to safely study vintage capital optimal growth models, and a vintage human capital revolution, along with the rise of economic demography, accounting for the vintage structure of human capital similarly to physical capital age structuring. The related literature is surveyed.