New evidence of the real interest rate parity for OECD countries using panel unit root tests with breaks

This paper tests for real interest parity (RIRP) among the nineteen major OECD countries over the period 1978:Q2-1998:Q4. The econometric methods applied consist of combining the use of several unit root or stationarity tests designed for panels valid under cross-section dependence and presence of multiple structural breaks. Our results strongly support the fulfillment of the weak version of the RIRP for the studied period once dependence and structural breaks are accounted for.

Political institutions and the development of telecomunications

It has traditionally been argued that the development of telecommunications infrastructure is dependent on the quality of countries’ political institutions. We estimate the effect of political institutions on the diffusion of three telecommunications services and find it to be much smaller in cellular telephony than in the others. By evaluating the importance of institutions for technologies rather than for industries, we reveal important growth opportunities for developing countries and offer policy implications for alleviating differences between countries in international telecommunications development.

Economic development and changes in car ownership patterns

The contributions of this paper are twofold: On the one hand, the paper analyses the factors determining the growth in car ownership in Spain over the last two decades, and, on the other, the paper provides empirical evidence for a controversial methodological issue. From a methodological point of view, the paper compares the two alternative decision mechanisms used for modelling car ownership: ordered-response versus unordered-response mechanisms. A discrete choice model is estimated at three points in time: 1980, 1990 and 2000. The study concludes that on the basis of forecasting performance, the multinomial logit model and the ordered probit model are almost undistinguishable. As for the empirical results, it can be emphasised that income elasticity is not constant and declines as car ownership increases. Besides, households living in rural areas are less sensitive than those living in urban areas. Car ownership is also sensitive to the quality of public transport for those living in the largest cities. The results also confirmed the existence of a generation effect, which will vanish around the year 2020, a weak life-cycle effect, and a positive effect of employment on the number of cars per household. Finally, the change in the estimated coefficients over time reflects an increase in mobility needs and, consequently, an increase in car ownership.

The economy of the Beijing Olympic Games: An analysis of first impacts and prospects

This paper was presented at the International Sport Business Symposium, held by the Capital University of Economics and Business in Beijing, in 2008. The speakers, Ferran Brunet, as a professor at the Autonomous University of Barcelona and Zuo Xinwen, as a member of Beijing Development and Reform Commission, both set out to analyze changes in the economic and social development of the city which were undertaken with the aim to celebrate the 2008 Olympic Games. They discuss aspects as a transformation in the mode of economic growth, resources of the Organizing Committee, investments related to the Games, transport and communications, industries, the balance of urban and rural development, urban construction and management service and operations into a well-off society.

Derecho de propiedad, medio ambiente y desarrollo sostenible: una perspectiva constitucional y comparada

Proyecto de investigación realizado a partir de una estancia en la University of Illinois entre febrero y junio del 2007. La investigación se ha centrado en el desarrollo teniendo como eje principal el derecho a la propiedad. El desarrollo como base i en relación al cual he examinado diferentes elementos que lo componen como el mencionado derecho a la propiedad (uno de los derechos más cuestionados y problemáticos analizado desde pensamientos muy diversos y antagónicos ) o el derecho al medioambiente y la relación entre y otros derechos (desarrollo económico, interés general, principis constitucionals, etc. ) (...)

El Impacto de la inmigración extranjera y la ruralidad en el emprendimiento: el caso de España

Este estudio examina cómo influye en un individuo la condición de inmigrante y el hecho de vivir en una zona rural para llegar a ser un emprendedor. Para llevar adelante este estudio, se ha usado un modelo logit ajustado para eventos extraños, utilizando la encuesta del GEM - España para el año 2007. Los resultados indican que un individuo que es inmigrante tiene más probabilidad de convertirse en emprendedor y que una persona que vive en una zona rural también tiene una mayor probabilidad. Sin embargo, dentro del grupo de inmigrantes, la ruralidad no tiene relevancia para explicar su emprendimiento.

Environmental Kuznets Curves for Carbon Emissions: A Critical Survey

The empirical finding of an inverse U-shaped relationship between per capita income and pollution, the so-called Environmental Kuznets Curve (EKC), suggests that as countries experience economic growth, environmental deterioration decelerates and thus becomes less of an issue. Focusing on the prime example of carbon emissions, the present article provides a critical review of the new econometric techniques that have questioned the baseline polynomial specification in the EKC literature. We discuss issues related to the functional form, heterogeneity, “spurious” regressions and spatial dependence to address whether and to what extent the EKC can be observed. Despite these new approaches, there is still no clear-cut evidence supporting the existence of the EKC for carbon emissions. JEL classifications: C20; Q32; Q50; O13 Keywords: Environmental Kuznets Curve; Carbon emissions; Functional form; Heterogeneity; “Spurious” regressions; Spatial dependence.Residential satisfaction is often used as a barometer to assess the performance of public policy and programmes designed to raise individuals' well-being. However, the fact that responses elicited from residents might be biased by subjective, non-observable factors casts doubt on whether these responses can be taken as trustable indicators of the individuals' housing situation. Emotional factors such as aspirations or expectations might affect individuals' cognitions of their true residential situation. To disentangle this puzzle, we investigated whether identical residential attributes can be perceived differently depending on tenure status. Our results indicate that tenure status is crucial not only in determining the level of housing satisfaction, but also regarding how dwellers perceive their housing characteristics. Keywords: Housing satisfaction, subjective well-being, homeownership. JEL classification: D1, R2.

Diagnóstico de la cuenca de río Frío, Arenal - Huetar Norte, Costa Rica

El diagnóstico de la cuenca de río Frío forma parte del proyecto Araucaria XXI "Unidos por el agua", el objetivo principal de este estudio es conseguir una visión general en 4 ámbitos: biofísico, social, económico y administrativo para conocer el estado actual de la zona y poder conocer las principales problemáticas para posteriormente realizar el Plan de Manejo. La cuenca del río Frío se localiza en el Área de Conservación Huetar- Norte y esta constituida principalmente por los cantones de Guatuso y Los Chiles. Se trata de una zona con una importante variedad de ecosistemas y con una importante diversidad biológica, principalmente la avifauna. Esta zona ha sufrido a lo largo de los años una importante transformación paisajística, las grandes masas boscosas han sido modificadas muy rápidamente en pastos y cultivos, que son las principales actividades económicas. Se trata de una zona aislada de Costa Rica y fronteriza con Nicaragua, la situación de la zona tanto económica como social es mala, presenta índices de analfabetismo elevados, falta de fuentes de empleo, falta de recursos económicos y de presencia institucional. Las infraestructuras viales presentan un estado muy deteriorado que dificulta el desarrollo de actividades turísticas. A todo este conjunto de problemática observadas gracias al diagnóstico se les han planteado toda una serie de estrategias orientativas para mejorar la gestión de la cuenca del río Frío que buscan un desarrollo más sostenible de la zona.

Diagnóstico del Refugio Nacional de Vida Silvestre Caño Negro, Arenal - Huetar Norte, Costa Rica

Se ha elaborado un diagnóstico a partir de un exhaustivo análisis del Refugio Nacional de Vida Silvestre Caño Negro. Esta zona pertenece al Área de Conservación Arenal Huetar Norte, situado al norte de Costa Rica. El refugio forma parte de la cuenca de río Frío y consiste en un sistema de humedales continentales. El diagnóstico contiene la descripción de los aspectos biofísicos, socioeconómicos y administrativo-institucionales del área. La metodología utilizada se basa en un estudio de la bibliografía sobre la zona y posteriormente un análisis detallado de este para observar las problemáticas y oportunidades. Se ha observado que el humedal consta de una gran riqueza ecológica tanto de flora como de fauna; presenta una situación socioeconómica con cifras preocupantes de empleo, salud y educación, por tratarse de una zona aislada. Administrativamente hablando tiene fuertes déficits tanto de presupuesto como de personal. También se trata de un ecosistema con grandes oportunidades como la gran biodiversidad que presenta (por lo que incluso recibió un reconocimiento RAMSAR), su gran potencial eco-turístico, su gran importancia migratoria para la avifauna e incluso su riqueza paisajística. A partir de esta realidad se han planteado unas estrategias de mejora como son la incorporación de nuevas actividades, una mejor gestión de los recursos o incluso un mayor control del Refugio para así mejorar la situación actual.

Small firms, growth and financial constraints

This paper analyses the impact of different sources of finance on the growth of firms. Using panel data from Spanish manufacturing firms for the period 2000-2006, we investigate the effects of internal and external finances on firm growth. In particular, we examine three dimensions of these financial sources: a) the performance of the firms’ capital structure in accordance with firm size; b) the effects of internal and external financial sources on growth performance; c) the combined effect of equity, external debt and cash flow on firm growth. We find that low-growth firms are sensitive to cash flow and short-term bank debt, while high-growth firms are more sensitive to long-term debt. Furthermore, equity capital seems to reduce barriers to external finance. Our main conclusion is that during the start-up phase, firms are unable to increase their financial leverage and so their capital structure fails to promote correct investment strategies. However, as their equity capital increases, alternative financial mechanisms, in particular long-term debt, become available, which have a positive impact on firm growth.

System GMM estimation with a small sample

Properties of GMM estimators for panel data, which have become very popular in the empirical economic growth literature, are not well known when the number of individuals is small. This paper analyses through Monte Carlo simulations the properties of various GMM and other estimators when the number of individuals is the one typically available in country growth studies. It is found that, provided that some persistency is present in the series, the system GMM estimator has a lower bias and higher efficiency than all the other estimators analysed, including the standard first-differences GMM estimator.

Firm dynamics support the importance of the embodied question

This paper contributes to the literature on both embodied technical progress and firm dynamics, by formulating an endogenous growth model where selection and imitation play a fundamental role in helping capital good producers to learn about the productivity of technologies embodied in new plants. By calibrating the model to some key aggregates particularly relevant for the embodied capital literature, among them the growth rate of the relative investment price, the model quantitatively replicates the main facts associated to firm dynamics, such as the entry rate and the tail index of the establishment size distribution. In line with the previous literature, it also predicts a contribution to productivity growth of embodied technical progress and selection of around 60%

Start-up conditions and the performance of women – and men- controlled businesses in manufacturating industries

Recent research on the economic performance of women-controlled firms suggests that their underperformance may not result from differences in the managerial ability of women as compared to men, but it can be the result of different levels of start-up resources. Using accounting data, this paper examines the effects that selected start-up conditions have on the economic performance observed in a sample of 4450 Spanish manufacturing firms. The results indicate significant differences regarding the initial conditions, showing lower levels of assets and number of employees what have implications on the economic performance of women-controlled firms.

Trade liberalization, competition and growth

Increasing evidence support the claim that international trade enhances innovation and productivity growth through an increase in competition. This paper develops a two-country endogenous growth model, with firm specific R&D and a continuum of oligopolistic sectors under Cournot competition to provide a theoretical support to this claim. Since countries are assumed to produce the same set of varieties, trade openness makes markets more competitive, reducing prices and increasing quantities. Under Cournot competition, trade is pro-competitive. Since firms undertake cost reducing innovations, the increase in production induced by a more competitive market push firms to innovate more. Consequently, a reduction on trade barriers enhances growth by reducing domestic firm's market power.

Inmigración: Ley de Acogida. Estudio sobre la integración de la Ley de acogida por los ayuntamientos de menos habitantes de Barcelona

Actualment, són cada vegada més freqüents els desplaçaments de certes poblacions pertanyents a països subdesenvolupats cap a països desenvolupats per motius laborals, cosa que crea força debat social. La qüestió es centra en si és possible un equilibri entre aquelles persones immigrants que busquin treball i l'acceptació per part de les poblacions que acullen a esmentats col•lectius. Això sembla ser viable sempre que s'aconsegueixi el benefici mutu; uns aconsegueixen treball i uns altres un millor desenvolupament econòmic. No obstant, a pesar d'aquesta millora econòmica, aquestes poblacions estaran obertes a acceptar immigrants i acollir-los? Realment, s'estan implementant mesures perquè això es faci realitat? És un fet la implementació de la Llei d'acollida en certes poblacions de Barcelona?