The inequality trap. A comparative analysis of social spending between 1880 and 1933

[spa] Utilizando dos indicadores alternativos de redistribución –las transferencias sociales y el gasto social- durante el periodo de tiempo comprendido entre 1880 y 1933, y utilizando dos indicadores alternativos de desigualdad –el porcentaje de explotaciones agrarias no familiares y los top income shares-, este papel muestra que, al contrario de lo que muchos estudios sobre los origines del Estado del Bienestar suelen sugerir, la desigualdad no favoreció el desarrollo de la política social ni siquiera en sus etapas iniciales. Ello significa que la política social se desarrolló más rápidamente en los países que previamente ya eran más igualitarios, lo que sugiere que los países con más desigualdad se encontraban en una especie de trampa de la desigualdad, donde la desigualdad en si misma fue uno de los obstáculos a la redistribución.

The inequality trap. A comparative analysis of social spending between 1880 and 1933

[spa] Utilizando dos indicadores alternativos de redistribución –las transferencias sociales y el gasto social- durante el periodo de tiempo comprendido entre 1880 y 1933, y utilizando dos indicadores alternativos de desigualdad –el porcentaje de explotaciones agrarias no familiares y los top income shares-, este papel muestra que, al contrario de lo que muchos estudios sobre los origines del Estado del Bienestar suelen sugerir, la desigualdad no favoreció el desarrollo de la política social ni siquiera en sus etapas iniciales. Ello significa que la política social se desarrolló más rápidamente en los países que previamente ya eran más igualitarios, lo que sugiere que los países con más desigualdad se encontraban en una especie de trampa de la desigualdad, donde la desigualdad en si misma fue uno de los obstáculos a la redistribución.

Societal metabolism of societies: the bifurcation between Spain and Ecuador

This paper presents an application of the Multiple-Scale Integrated Assessment of Societal Metabolism to the recent economic history of Ecuador and Spain. Understanding the relationship between the Gross Domestic Product (GDP) and the throughput of matter and energy over time in modern societies is crucial for understanding the sustainability predicament as it is linked to economic growth. When considering the dynamics of economic development, Spain was able to take a different path than Ecuador thanks to the different characteristics of its energy budget and other key variables. This and other changes are described using economic and biophysical variables (both extensive and intensive referring to different hierarchical levels). The representation of these parallel changes (on different levels and describable only using different variables) can be kept in coherence by adopting the frame provided by MSIASM.

Modern energy consumption and economic modernisation in Latin America and the Caribbean between 1890 and 1925

In the absence of comparable macroeconomic indicators for most of the Latin Americaneconomies before the 1930s, the apparent consumption of energy is used in this paper as a proxyof the degree of modernisation of Latin America and the Caribbean. This paper presents anestimate of the apparent consumption per head of modern energies (coal, petroleum andhydroelectricity) for 30 countries of Latin American and the Caribbean for 1890 to 1925,multiplying the number of countries for which energy consumption estimates were previouslyavailable. As a result, the paper provides the basis for a quantitative comparative analysis ofmodernisation performance beyond the few countries for which historical national accounts areavailable in Latin America.

Why do university graduates regret their study program? A comparison between Spain and the Netherlands

[cat] En aquest article investiguem els factors que porten a universitaris espanyols i holandesos a lamentar els estudis cursats. Espanya i Holanda tenen un sistema educatiu molt diferent en termes de la rigidesa de l’educació secundària i el vincle entre l’educació i el mercat laboral. Comparant Espanya i Holanda ens permet aprendre sobre les conseqüències de dos sistemes educatius molt diferenciats a la probabilitat de lamentar els estudis cursats. Basant-nos en la literatura psicològica sobre l’arrepentiment/lamentació, derivem unes hipòtesis de partida que contrastem empíricament. Els resultats mostren que tant la rigidesa de l’educació secundària com el desajustament entre educació i ocupació són factors importants per explicar la lamentació dels estudis universitaris cursats. L’article conclou amb recomenacions sobre el sistema educatiu universitari.

Why do university graduates regret their study program? A comparison between Spain and the Netherlands

[cat] En aquest article investiguem els factors que porten a universitaris espanyols i holandesos a lamentar els estudis cursats. Espanya i Holanda tenen un sistema educatiu molt diferent en termes de la rigidesa de l’educació secundària i el vincle entre l’educació i el mercat laboral. Comparant Espanya i Holanda ens permet aprendre sobre les conseqüències de dos sistemes educatius molt diferenciats a la probabilitat de lamentar els estudis cursats. Basant-nos en la literatura psicològica sobre l’arrepentiment/lamentació, derivem unes hipòtesis de partida que contrastem empíricament. Els resultats mostren que tant la rigidesa de l’educació secundària com el desajustament entre educació i ocupació són factors importants per explicar la lamentació dels estudis universitaris cursats. L’article conclou amb recomenacions sobre el sistema educatiu universitari.

Collaboration strategies and technological innovation: a contractual perspective of the relationship between firms and techonological centers

In this paper, a theoretical framework for analyzing the selection of governance structures for implementing collaboration agreements between firms and Technological Centers is presented and empirically discussed. This framework includes Transaction Costs and Property Rights’ theoretical assumptions, though complemented with several proposals coming from the Transactional Value Theory. This last theory is used for adding some dynamism in the governance structure selection. As empirical evidence of this theoretical explanation, we analyse four real experiences of collaboration between firms and one Technological Center. These experiences are aimed to represent the typology of relationships which Technological Centers usually face. Among others, a key interesting result is obtained: R&D collaboration activities do not need to always be organized through hierarchical solutions. In those cases where future expected benefits and/or reputation issues could play an important role, the traditional more static theories could not fully explain the selected governance structure for managing the R&D relationship. As a consequence, these results justify further research about the adequacy of the theoretical framework presented in this paper in other contexts, for example, R&D collaborations between firms and/or between Universities or Public Research Centers and firms.

Stakeholder activism, managerial entrenchment, and the congruence of interests between shareholders and stakeholders

We argue that when stakeholder protection is left to the voluntary initiative of managers, concessions to social activists and pressure groups can turn into a self-entrenchment strategy for incumbent CEOs. Stakeholders other than shareholders thus benefit from corporate governance rules putting managers under a tough replacement threat. We show that a minimal amount of formal stakeholder protection, or the introduction of explicit covenants protecting stakeholder rights in the firm charter, may deprive CEOs of the alliance with powerful social activists, thus increasing managerial turnover and shareholder value. These results rationalize a recent trend whereby well-known social activists like Friends of the Earth and active shareholders like CalPERS are showing a growing support for each other's agendas.

Interactions between product and labour market reforms

Labour market reforms face very often opposition from the employed workers, because it normally reduces their wages. Also product market regulations are regularly biased towards too much benefitting the firms. As a result there remain many frictions in both the labour and product markets that hinder an optimal functioning of the economy. These issues have recently received a lot of attention in the economics literature and scholars have been looking for politically viable reforms in both markets. However, despite its potential importance, there has been done virtually no research on the interaction between reforms in product and labour markets. We find that when combining reforms, the opposition for reforms decreases considerably. This is because there exist complementarities and the gains in total welfare can be more evenly distributed over the interest groups. Moreover, the interaction of reforms offers a way out for the so-called 'sclerosis' effect.

Between specialization and globalization. The marketing of agrarian products and its environmental impacts seen from a historical perspective: the province of Barcelona in the mid-nineteenth century

Ecological economics has five good reasons to consider that economic globalisation, spurred by commercial and financial fluxes, to be one of the main driving forces responsible for causing environmental degradation to our planet. The first, is the energy consumption and the socio-environmental impacts which long-distance haulage entails. The second, is the ever-increasing flow of goods to far-away destinations which renders their recycling practically impossible. This is particularly significant, because it prevents the metabolic lock of the nutrients present in food and other agrarian products from taking place. The third, is that the high degree of specialization attained in agriculture, forestry, cattle, mining and industry in each region, generates deleterious effects not only on the eco-landscape structure of the uses of the soil, but on the capability to provide habitat and environmental functions to maintain biodiversity as well

Co-movements between US and UK stock prices: the roles of macroeconomic information and time-series varying conditional correlations

This paper provides evidence on the sources of co-movement in monthly US and UK stock price movements by investigating the role of macroeconomic and financial variables in a bivariate system with time-varying conditional correlations. Crosscountry communality in response is uncovered, with changes in the US Federal Funds rate, UK bond yields and oil prices having similar negative effects in both markets. Other variables also play a role, especially for the UK market. These effects do not, however, explain the marked increase in cross-market correlations observed from around 2000, which we attribute to time variation in the correlations of shocks to these markets. A regime-switching smooth transition model captures this time variation well and shows the correlations increase dramatically around 1999-2000. JEL classifications: C32, C51, G15 Keywords: international stock returns, DCC-GARCH model, smooth transition conditional correlation GARCH model, model evaluation.

Link between microstructure and properties in new metallurgical concepts for very low loss non-oriented electrical steel

The influence of chemistry and soaking temperature (maximal temperature of the continuous annealing) on the final properties of non-oriented electrical steels has been studied. With this objective two different studies have been performed. First the Mn, Ni and Cr content of a low loss electrical steel composition has been modified. An intermediate content and a high content of each element has been added in order to study the influence of this components on the magnetic looses, grain size and texture. Secondly the influence of the soaking temperature on magnetic properties, grain size and oxidation in four grades of non-oriented electrical steels (Steel A, B, C and D) was studied.

Work, risk and health: differences between immigrants and natives in Spain

We analyze the impact of working and contractual conditions, particularly exposure to job risks, on the probability of acquiring a disability. We postulate a model in which this impact is mediated by the choice of occupation, with a level of risk associated to it. We assume this choice is endogenous, and that it depends on preferences and opportunities in the labour market, both of which may differ between immigrants and natives. To test this hypothesis we use data from the Continuous Sample of Working Lives of the Spanish SS system. It contains individual, job and firm information of over a million workers, including a representative sample of immigrants. We find that risk exposure increases the probability of permanent disability by 5.3%; temporary employment also influences health. Migrant status -with differences among regions of origin- significantly affects both disability and the probability of being employed in a risky occupation. Most groups of immigrants work in riskier jobs, but have lower probability of becoming disabled. Nevertheless, our theoretical hypothesis that disability and risk are jointly determined is not valid for immigrants: i.e. for them working conditions is not a matter of choice in terms of health.