Spatial Disparity and Dynamic Trajectory of Convergence in China: Construction and Application of a Composite Index of Regional Development

China is a large country characterized by remarkable growth and distinct regional diversity. Spatial disparity has always been a hot issue since China has been struggling to follow a balanced growth path but still confronting with unprecedented pressures and challenges. To better understand the inequality level benchmarking spatial distributions of Chinese provinces and municipalities and estimate dynamic trajectory of sustainable development in China, I constructed the Composite Index of Regional Development (CIRD) with five sub pillars/dimensions involving Macroeconomic Index (MEI), Science and Innovation Index (SCI), Environmental Sustainability Index (ESI), Human Capital Index (HCI) and Public Facilities Index (PFI), endeavoring to cover various fields of regional socioeconomic development. Ranking reports on the five sub dimensions and aggregated CIRD were provided in order to better measure the developmental degrees of 31 or 30 Chinese provinces and municipalities over 13 years from 1998 to 2010 as the time interval of three “Five-year Plans”. Further empirical applications of this CIRD focused on clustering and convergence estimation, attempting to fill up the gap in quantifying the developmental levels of regional comprehensive socioeconomics and estimating the dynamic convergence trajectory of regional sustainable development in a long run. Four clusters were benchmarked geographically-oriented in the map on the basis of cluster analysis, and club-convergence was observed in the Chinese provinces and municipalities based on stochastic kernel density estimation.

Determining the effect of regulation on Microfinance Institutions Financial Self-Sustainability. A Cross-Country Comparison

Microfinance is an initiative which seeks to address financial inclusion, micro-entrepreneurship, and poverty reduction without over burdening governments. However, the current sector of microfinance is still heavily dependent on the good will of donors. The over-reliance on donations is a feature which threatens the long term sustainability of microfinance. Much has been written about this reliance, but research to date hasn’t empirically examined the effect of regulation as a mediator. This is a critical area of study because regulation directly affects Microfinance Institutions’ (MFI) innovation, and innovation is what shapes the future of microfinance. This thesis considers the role that regulation plays in affecting MFI’s and their ability to innovate in products, services and long-term sustainability via access to capital. Interviews were undertaken with stakeholders in MFI’s, NGO’s, Self-Regulating Bodies, and Regulators in India, Pakistan, and Bangladesh. This thesis discusses findings from interviews in relation to regulatory measures regarding financial self-sustainability of MFI’s. The conclusions of this thesis have implications for policy and inform the microfinance literature.

Italia e Francia nell'Ungheria di Trianon (1919-1939): due modelli di penetrazione politico-culturale

Italy and France in Trianon’s Hungary: two political and cultural penetration models During the first post-war, the Danubian Europe was the theatre of an Italian-French diplomatic challenge to gain hegemony in that part of the continent. Because of his geographical position, Hungary had a decisive strategic importance for the ambitions of French and Italian foreign politics. Since in the 1920s culture and propaganda became the fourth dimension of international relations, Rome and Paris developed their diplomatic action in Hungary to affirm not only political and economic influence, but also cultural supremacy. In the 1930, after Hitler’s rise to power, the unstoppable comeback of German political influence in central-eastern Europe determined the progressive decline of Italian and French political and economic positions in Hungary: only the cultural field allowed a survey of Italian-Hungarian and French-Hungarian relations in the contest of a Europe dominated by Nazi Germany during the Second World War. Nevertheless, the radical geopolitical changes in second post-war Europe did not compromise Italian and French cultural presence in the new communist Hungary. Although cultural diplomacy is originally motivated by contingent political targets, it doesn’t respect the short time of politics, but it’s the only foreign politics tool that guarantees preservations of bilateral relations in the long run.

Ownership, Multiple Blockholders and Performance: A study of the Indonesian Banking Industry

The objective of this study is to provide empirical evidence on how ownership structure and owner’s identity affect performance, in the banking industry by using a panel of Indonesia banks over the period 2000–2009. Firstly, we analysed the impact of the presence of multiple blockholders on bank ownership structure and performance. Building on multiple agency and principal-principal theories, we investigated whether the presence and shares dispersion across blockholders with different identities (i.e. central and regional government; families; foreign banks and financial institutions) affected bank performance, in terms of profitability and efficiency. We found that the number of blockholders has a negative effect on banks’ performance, while blockholders’ concentration has a positive effect. Moreover, we observed that the dispersion of ownership across different types of blockholders has a negative effect on banks’ performance. We interpret such results as evidence that, when heterogeneous blockholders are present, the disadvantage from conflicts of interests between blockholders seems to outweigh the advantage of the increase in additional monitoring by additional blockholder. Secondly, we conducted a joint analysis of the static, selection, and dynamic effects of different types of ownership on banks’ performance. We found that regional banks and foreign banks have a higher profitability and efficiency as compared to domestic private banks. In the short-run, foreign acquisitions and domestic M&As reduce the level of overhead costs, while in the long-run they increase the Net Interest Margin (NIM). Further, we analysed NIM determinants, to asses the impact of ownership on bank business orientation. Our findings lend support to our prediction that the NIM determinants differs accordingly to the type of bank ownership. We also observed that banks that experienced changes in ownership, such as foreign-acquired banks, manifest different interest margin determinants with respect to domestic or foreign banks that did not experience ownership rearrangements.

Politiche Antitrust e crescita economica

Negli ultimi anni le istituzioni e la regolamentazione hanno svolto un ruolo sempre più importante nell’analisi della crescita economica. Tuttavia, non è facile interpretare le istituzioni e gli effetti dei regolamenti sulla crescita attraverso indicatori che tendono a “misurare” le istituzioni. Lo scopo di questa ricerca è analizzare la relazione di lungo periodo tra la crescita economica e la regolamentazione e il ruolo della regolamentazione antitrust sulla crescita economica. La stima econometrica dei modelli di crescita con la concorrenza e gli indicatori di potere di mercato si base su un dataset appositamente costruito che copre 211 Paesi, su un arco temporale massimo di 50 anni (da 1960 a 2009). In particolare, cerchiamo di identificare un quadro analitico volto a integrare l’analisi istituzionale ed economica al fine di valutare il ruolo della regolamentazione e, più in generale, il ruolo delle istituzioni nella crescita economica. Dopo una revisione della letteratura teorica ed empirica sulla crescita e le istituzioni, vi presentiamo l’analisi dell'impatto normativo (RIA) in materia di concorrenza, e analizziamo le principali misure di regolamentazione, la governance e le misure antitrust. Per rispondere alla nostra domanda di ricerca si stimano modelli di crescita prendendo in considerazione tre diverse misure di regolamentazione: la Regulation Impact (RI), la Governance (GOV), e la libertà economica (LIB). Nel modello a effetti fissi, RI, gli effetti della legislazione antitrust sulla crescita economica sono significativi e positivi, e gli effetti di durata antitrust sono significativi, ma negativi. Nel pannel dinamico, GOV, gli effetti dell’indicatore di governance sulla crescita sono notevoli, ma negativo. Nel pannel dinamico, LIB, gli effetti della LIB sono significativi e negativi.

A new global wheat marketmodel (GLOWMM) for the analysis of wheat export prices

Food commodity prices fluctuations have important impacts on poverty and food insecurity across the world. Conventional models have not provided a complete picture of recent price spikes in agricultural commodity markets, while there is an urgent need for appropriate policy responses. Perhaps new approaches are needed in order to better understand international spill-overs, the feedback between the real and the financial sectors and also the link between food and energy prices. In this paper, we present results from a new worldwide dynamic model that provides short and long-run impulse responses of wheat international prices to various real shocks.

Sviluppo economico e qualità istituzionale: il ruolo di disuguaglianza e corruzione

Nell'ambito delle teorie dello sviluppo, un filone di studi, originato dai lavori di North (1973) e consolidatosi negli ultimi anni, individua nelle istituzioni, definite come le regole del gioco o i vincoli disegnati dagli uomini per disciplinare i loro rapporti, i fattori fondamentali dello sviluppo economico. Le istituzioni, nel modello elaborato da Acemoglu, Johnson e Robinson (2004), sono il frutto di interazioni dinamiche tra potere politico de jure, determinato dalle istituzioni politiche, e potere politico de facto, determinato dalla distribuzione delle risorse economiche. Sulla base di questa prospettiva teorica, questa tesi propone uno studio di carattere quantitativo sulla qualità istituzionale, la traduzione operativa del concetto di istituzioni, composta dalle tre fondamentali dimensioni di democrazia, efficienza ed efficacia del governo e assenza di corruzione. La prima parte, che analizza sistematicamente pro e contro di ciascuna tipologia di indicatori, è dedicata alla revisione delle misure quantitative di qualità istituzionale, e individua nei Worldwide Governance Indicators la misura più solida e consistente. Questi indici sono quindi utilizzati nella seconda parte, dove si propone un'analisi empirica sulle determinanti della qualità istituzionale. Le stime del modello di regressione cross-country evidenziano che la qualità istituzionale è influenzata da alcuni fattori prevalentemente esogeni come la geografia, la disponibilità di risorse naturali e altre caratteristiche storiche e culturali, insieme ad altri fattori di carattere più endogeno. In quest'ultima categoria, i risultati evidenziano un effetto positivo del livello di sviluppo economico, mentre la disuguaglianza economica mostra un impatto negativo su ciascuna delle tre dimensioni di qualità istituzionale, in particolare sulla corruzione. Questi risultati supportano la prospettiva teorica e suggeriscono che azioni di policy orientate alla riduzione delle disparità sono capaci di generare sviluppo rafforzando la democrazia, migliorando l'efficienza complessiva del sistema economico e riducendo i livelli di corruzione.

Financial Development and Economic Growth: Time Series Evidence from Albania

The main objective of this thesis is to explore the short and long run causality patterns in the finance – growth nexus and finance-growth-trade nexus before and after the global financial crisis, in the case of Albania. To this end we use quarterly data on real GDP, 13 proxy measures for financial development and the trade openness indicator for the period 1998Q1 – 2013Q2 and 1998Q1-2008Q3. Causality patterns will be explored in a VAR-VECM framework. For this purpose we will proceed as follows: (i) testing for the integration order of the variables; (ii) cointegration analysis and (iii) performing Granger causality tests in a VAR-VECM framework. In the finance-growth nexus, empirical evidence suggests for a positive long run relationship between finance and economic growth, with causality running from financial development to economic growth. The global financial crisis seems to have not affected the causality direction in the finance and growth nexus, thus supporting the finance led growth hypothesis in the long run in the case of Albania. In the finance-growth-trade openness nexus, we found evidence for a positive long run relationship the variables, with causality direction depending on the proxy used for financial development. When the pre-crisis sample is considered, we find evidence for causality running from financial development and trade openness to economic growth. The global financial crisis seems to have affected somewhat the causality direction in the finance-growth-trade nexus, which has become sensible to the proxy used for financial development. On the short run, empirical evidence suggests for a clear unidirectional relationship between finance and growth, with causality mostly running from economic growth to financial development. When we consider the per-crisis sub sample results are mixed, depending on the proxy used for financial development. The same results are confirmed when trade openness is taken into account.

La città ready-made. Partecipazione, relazione e azione nel ‘900

La città ready-made. Partecipazione, relazione e azione nel ‘900 è un percorso storico-critico che si snoda lungo tutto il ‘900 alla ricerca degli episodi in cui è possibile riscontrare la partecipazione nelle pratiche estetiche di diverse generazioni di artisti; per imbastire un racconto puntuale e sistematico, inoltre, si è ricorsi ad una metafora genetica che ha riscontrato una fase — corrispondente alla prima metà del secolo — in cui il cromosoma responsabile di tale afflato partecipativo è risultato recessivo e un’altra — corrispondente stavolta alla seconda metà, più o meno dagli anni ’60 ai ’90 — in cui si è potuto registrare, altresì, una dominanza. Ad influire su questi fenomeni e sul loro svolgimento nei decenni, i protagonisti assoluti di questa trattazione: la Città e il Pubblico che, di volta in volta, facendo sentire la loro presenza o facendola venir meno, hanno dettato l’agenda della socio-relazionalità nel ‘900. Si è, inoltre, provveduto a rileggere alcuni episodi estetici al fine di evidenziarne un andamento ciclico e di ripetizione: mentre nella prima metà della ricerca si è scovato il seme della socio-relazionalità nelle visite e nelle derive di dadaisti e situazionisti, nella seconda ci si è concentrati sull’ampia produzione dei collettivi artistici di New York negli anni ’70. A dimostrazione di come la relazionalità non sia un fenomeno esclusivamente legato alla pratica dell’arte degli anni ’90, ma che, con le opportune distinzioni generazionali, è possibile riscontrarne le tracce in tutta la contemporaneità.

Essays in Macroecometrics: methodological aspects and empirical applications

In the first chapter, I develop a panel no-cointegration test which extends Pesaran, Shin and Smith (2001)'s bounds test to the panel framework by considering the individual regressions in a Seemingly Unrelated Regression (SUR) system. This allows to take into account unobserved common factors that contemporaneously affect all the units of the panel and provides, at the same time, unit-specific test statistics. Moreover, the approach is particularly suited when the number of individuals of the panel is small relatively to the number of time series observations. I develop the algorithm to implement the test and I use Monte Carlo simulation to analyze the properties of the test. The small sample properties of the test are remarkable, compared to its single equation counterpart. I illustrate the use of the test through a test of Purchasing Power Parity in a panel of EU15 countries. In the second chapter of my PhD thesis, I verify the Expectation Hypothesis of the Term Structure in the repurchasing agreements (repo) market with a new testing approach. I consider an "inexact" formulation of the EHTS, which models a time-varying component in the risk premia and I treat the interest rates as a non-stationary cointegrated system. The effect of the heteroskedasticity is controlled by means of testing procedures (bootstrap and heteroskedasticity correction) which are robust to variance and covariance shifts over time. I fi#nd that the long-run implications of EHTS are verified. A rolling window analysis clarifies that the EHTS is only rejected in periods of turbulence of #financial markets. The third chapter introduces the Stata command "bootrank" which implements the bootstrap likelihood ratio rank test algorithm developed by Cavaliere et al. (2012). The command is illustrated through an empirical application on the term structure of interest rates in the US.