Gross capital flows: Dynamics and crises

This paper analyzes the behavior of international capital flows by foreign and domestic agents,dubbed gross capital flows, over the business cycle and during financial crises. We show thatgross capital flows are very large and volatile, especially relative to net capital flows. Whenforeigners invest in a country, domestic agents invest abroad, and vice versa. Gross capital flowsare also pro-cyclical. During expansions, foreigners invest more domestically and domesticagents invest more abroad. During crises, total gross flows collapse and there is a retrenchmentin both inflows by foreigners and outflows by domestic agents. These patterns hold for differenttypes of capital flows and crises. This evidence sheds light on the sources of fluctuations drivingcapital flows and helps discriminate among existing theories. Our findings seem consistent withcrises affecting domestic and foreign agents asymmetrically, as would be the case under thepresence of sovereign risk or asymmetric information.

Growth Models with Exogenous Saving Rates, Unemployment and Wage Inertia

[cat] El propòsit d'aquest article és introduir una mercat de treball no competitiu i atur en el model de creixement amb taxes d'estalvi exògenes que es pot trobar en els llibres de text de creixement (Sala‐i‐Martín, 2000; Barro and Sala‐i‐Martín, 2003; Romer, 2006). Primer, derivem un marc general amb una funció de producció neoclàssica per analitzar la relació entre creixement i ocupació. Utilitzem aquest marc per estudiar les dinàmiques conjuntes del creixement i l'ocupació sota diferents regles de fixació salarial.

Growth Models with Exogenous Saving Rates, Unemployment and Wage Inertia

[cat] El propòsit d'aquest article és introduir una mercat de treball no competitiu i atur en el model de creixement amb taxes d'estalvi exògenes que es pot trobar en els llibres de text de creixement (Sala‐i‐Martín, 2000; Barro and Sala‐i‐Martín, 2003; Romer, 2006). Primer, derivem un marc general amb una funció de producció neoclàssica per analitzar la relació entre creixement i ocupació. Utilitzem aquest marc per estudiar les dinàmiques conjuntes del creixement i l'ocupació sota diferents regles de fixació salarial.

How Important to a City Are Tourists and Daytrippers? The Economic Impact of Tourism on The City of Barcelona

In this paper, we devise a methodology that is able to objectively quantify the impact of tourism on the urban economy. This methodology takes various dimensions into account. First, to analyse the impact at sectoral level, it should bear in mind that tourism is a cross-sectional activity which affects many sectors, both directly and indirectly. Therefore, it is important to consider the impact of urban tourism on sectors traditionally defined as tourism-related, -that is, hotels, restaurants, shops, etc.- but also its impact on other sectors -for instance, textiles, food, construction, to name only a few- due to the intersectoral relationships that emerge. Second, we need to calculate the percentage of the turnover of each sector that is due to the tourism industry. Third, it is important to establish the geographic distribution of this impact: how is the effect shared between the city and its neighbouring areas QUESTION Finally, the effect of urban tourism should be quantified not only in terms of turnover, but also in terms of its contribution to GDP and employment.

Geography of talent and regional differences in Spain

Tentative empirical evidence suggests that the agglomeration of talent contributes to regional development. However, given that talented people are not evenly distributed across regions, this paper seeks to determine how the concentration of talent affects patterns of regional development. Here, we empirically evaluate the effects of the distribution of talent on regional differences by means of a detailed analysis of the 17 Autonomous Communities of Spain between 1996 and 2004. We hypothesise that regions specialising in strategic sectors that are creative and which can be assumed to enjoy rapid growth in productivity will experience faster rates of development and, in turn, that this concentration of talent will have a positive impact on the region’s economic performance. Thus, we believe that this mechanism can explain the marked regional imbalances in Spain. Our findings confirm that regional differences, measured in terms of GDP per capita and by, - industrial and service- oriented production, are influenced by the Communities’ talent bases as determined by, educational attainment and employment in assumed to be strategic for regional development, inasmuch as these sectors provide economic specialization.

Wages and productivity: the role of labour market institutions in OECD countries

In the context of a monetary union, to keep a territorial equilibrium in terms of economic activity and employment, the relationship between real wages and productivity is crucial. In this paper, empirical evidence about the response of wages to productivity is obtained for 20 OECD countries and the role of labour market institutions to explain differences in this response is analysed.

Mood and anxiety disorders across the adult lifespan: a European perspective

BACKGROUND: The World Mental Health Survey Initiative (WMHSI) has advanced our understanding of mental disorders by providing data suitable for analysis across many countries. However, these data have not yet been fully explored from a cross-national lifespan perspective. In particular, there is a shortage of research on the relationship between mood and anxiety disorders and age across countries. In this study we used multigroup methods to model the distribution of 12-month DSM-IV/CIDI mood and anxiety disorders across the adult lifespan in relation to determinants of mental health in 10 European Union (EU) countries. METHOD: Logistic regression was used to model the odds of any mood or any anxiety disorder as a function of age, gender, marital status, urbanicity and employment using a multigroup approach (n = 35500). This allowed for the testing of specific lifespan hypotheses across participating countries. RESULTS: No simple geographical pattern exists with which to describe the relationship between 12-month prevalence of mood and anxiety disorders and age. Of the adults sampled, very few aged ≥ 80 years met DSM-IV diagnostic criteria for these disorders. The associations between these disorders and key sociodemographic variables were relatively homogeneous across countries after adjusting for age. CONCLUSIONS: Further research is required to confirm that there are indeed stages in the lifespan where the reported prevalence of mental disorders is low, such as among younger adults in the East and older adults in the West. This project illustrates the difficulties in conducting research among different age groups simultaneously.

The effect of structural fund spending on the spanish regions: an assessment of the 1994-99 objective 1 CSF

This paper analyzes the growth and employment effects of the 1994-99 Community Support Framework (CSF) for the Objective 1 Spanish regions using a simple supply-side model estimated with a panel of regional data. The results suggest that the impact of the Structural Funds in Spain has been quite sizable, adding around a percentage point to annual output growth in the average Objective 1 region and 0.4 points to employment growth. Over the period 1994-2000, the Framework has resulted in the creation of over 300,000 new jobs and has eliminated 20% of the initial gap in income per capita between the assisted regions and the rest of the country.

Implementing a double dividend: recycling ecotaxes towards lower labour taxes

In this paper we follow the tradition of applied general equilibrium modelling of the Walrasian static variety to study the empirical viability of a double dividend (green, welfare, and employment) in the Spanish economy. We consider a counterfactual scenario in which an ecotax is levied on the intermediate and final use of energy goods. Under a revenue neutral assumption, we evaluate the real income and employment impact of lowering payroll taxes. To appraise to what extent the model structure and behavioural assumptions may influence the results, we perform simulations under a range of alternative model and policy scenarios. We conclude that a double dividend –better environmental quality, as measured by reduced CO2 emissions, and improved levels of employment– may be an achievable goal of economic policy.

On the regional impact of public capital formation in Spain

The objective of this paper is to investigate, in a methodologically consistent manner, the regional effects of public capital formation and the possible existence of regional spillover effects in Spain. The empirical results are based on VAR estimates at both the aggregate and regional levels using output, employment, and private capital, as well as different measures of public capital. Empirical results suggest that public capital affects output positively at the aggregate level as well as in all but one region. For most regions, the effects of public capital installed in the region itself are important but the spillover effects induced from public capital installed elsewhere are also very important. In fact, the spillover effects account for over half of the total effects of public capital formation in Spain. Furthermore, these spillover effects have a clear geographical pattern in that they tend to be more important in the peripheral regions of the country. We also find that relative to their share of the Spanish output, the biggest beneficiaries of public capital formation are the largest regions in the country. This suggests that public capital formation has contributed to concentration of output in these regions. Finally, in terms of the effects of public capital formation on the private inputs we find that both private capital and employment are affected positively at the aggregate level as well as for most of the regions. Nevertheless, the effects on private capital seem to be larger. Also, the spillover effects are very important for private capital but not for employment. This reflects a great degree of dynamism and mobility in the capital markets as opposed to the labor markets.

Evaluating active labor markets in Romania

We evaluate the presence of effects from joining one of four active labour market programs in Romania in the late 1990s compared to the no-program state. Using rich follow-up survey data and propensity score matching, we find that three programs (training and retraining, self-employment assistance, and employment and relocation services) had success in improving participants' economic outcomes and were cost-beneficial from society's perspective. In contrast, public employment was found detrimental for the employment prospects of its participants.

Inversión en infraestructuras, crecimiento y convergencia regional

This paper presents estimates of the contribution of infrastructure investment to the growth of output and employment in Spain and its regions and investigates the impact of this factor on the process of regional convergence in income per capita during the period 1965-2004.

Análisis de la relación entre la formación y el empleo en el caso de las trabajadoras en el cuidado en domicilio de personas en situación de dependencia

El proyecto de investigación desarrollado durante el período de la beca se inserta en el marco del proyecto de investigación titulado "Especialidad de formación, especialidad de empleo y resultados de inserción laboral" (ESFOREM). La primera línea de investigación desarrollada se centró en el análisis macroestadístico de la relación entre la formación y el empleo en el caso de los jóvenes españoles a partir del análisis estadísitico de los datos proporcionados por la Encuesta ETEFIL (INE, 2005). El propósito de la investigación era cotejar en qué medida los jóvenes con nivel educativo no universitario estaban trabajando de aquello para lo cual se habían formado específicamente según el Catálogo Nacional de Cualificaciones (adecuación normativa) y hasta qué punto la no correspondencia entre el empleo (según su nivel y especialidad) y la formación (según su nivel y especialidad) suponía una fracaso respecto a su inserción laboral. Enfoques dominantes sobre la relación entre formación y empleo parten del supuesto normativo de que la correspondencia entre especialidad de formación y especialidad de empleo es la situación óptima y se postula que la dinámica del mercado de trabajo tiende a propiciarla. El proyecto ESFOREM tenía una segunda línea de investigación que planteaba un análisis cualitativo de dos subsectores específicos. Esta tesis doctoral se inserta en la segunda línea de investigación desarrollada y tiene como propósito analizar y explicar, mediante una estrategia de investigación cualitativa un caso específico de modalidad de relación en la que no existe correspondencia entre formación y empleo, de forma tal de poder analizar y explicar el papel activo que los agentes e instituciones tienen en la configuración de la relación. El caso seleccionado ha sido del "empleo de cuidado en domicilio depersonas en situación de dependencia", con el objetivo de contribuir a profundizar en el estudio de un sector de empleo que es cada vez más emergente y que está fuertemente feminizado. Dicho estudio se realiza a nivel comparado y municipal entre Montevideo y Barcelona.

Després de l’ESO què : eleccions i restriccions dels i les joves d’origen immigrant

En el projecte s’analitzarà, des d’una perspectiva biogràfica, la construcció d’aquests itineraris, amb les seves potencialitats i limitacions, oportunitats i problemàtiques; el moment especialment rellevant d’estudi serà en la transició després de l’ensenyament obligatori, bé sigui a les diferents vies formatives postobligatòries o bé al mercat de treball. El final de l’ESO és un moment de bifurcació i d’elecció, d’oportunitats més tancades o més obertes. En el nostre treball empíric, analitzarem els itineraris escolars d’un territori concret, en el qual hi trobem una alta concentració de persones immigrants. A partir d’aquest entorn determinat i específic, s’intentarà analitzar elements tant “sistèmics” com “comunitaris”. Els elements sistèmics seran: institució escolar, mercat laboral i polítiques públiques. Específicament, també es tindrà en compte: l’estructura d’oportunitats (segmentació laboral i geogràfica), la configuració de l’oferta formativa i les polítiques locals d’acollida. Els elements comunitaris seran: ètnia, classe, i gènere; família i grup d’iguals i pràctiques de lleure i de consum. Específicament, també es tindrà en compte: la genealogia de la “història de contacte”, la percepció de l’estructura d’oportunitats, la distància cultural, així com problemàtiques educatives específiques (llengua i escolarització en origen), A partir de l’anàlisi d’aquests elements estructurals, el treball pretén fer una aproximació multiestratègica (quantitativa i qualitativa) als itineraris formatius i laborals dels i les joves d’origen immigrant; i fer-ho des de la pròpia perspectiva i veu dels joves, per captar les seves experiències i analitzar les lògiques de pressa de decisions que configuren els seus itineraris.

Labour Market Formation Patterns in Nineteenth Century Catalonia

In this paper we portray the features of the Catalan textiles labour market in a period of technological change. Supply and demand for labour as well as a gendered view of living standards are presented. A first set of results is that labour supply adjusts to changes in labour demand trough the spread of new demographic attitudes. In this respect we imply that labour economic agents (or labour population) were able to modify the economic condition of their children. A second set of results refers to living standards and income distribution inequality. In this respect we see that unemployment and protectionism were the main sources breeding income inequality. A third set of results deals with the extreme labour market segmentation according to gender. Since women s real wages did not obey to an economic rationale we conclude that women were outside the labour market.