An update on EMU sovereign yield spread drivers in times of crisis: A panel data analysis

We empirically investigate the determinants of EMU sovereign bond yield spreads with respect to the German bund. Using panel data techniques, we examine the role of a wide set of potential drivers. To our knowledge, this paper presents one of the most exhaustive compilations of the variables used in the literature to study the behaviour of sovereign yield spreads and, in particular, to gauge the effect on these spreads of changes in market sentiment and risk aversion. We use a sample of both central and peripheral countries from January 1999 to December 2012 and assess whether there were significant changes after the outbreak of the euro area debt crisis. Our results suggest that the rise in sovereign risk in central countries can only be partially explained by the evolution of local macroeconomic variables in those countries.

Sustainability of EU fiscal policies. A panel test

The fiscal policy rule implicit in the Stability and Growth Pact, has been rationalised as a way to ensure that national fiscal policies remain sustainable within the EU, thereby endorsing the independence of the ECB. We empirically examine the sustainability of European fiscal policies over the period 1970-2001. The intertemporal government budget constraint provides a test based on the cointegration relation between government revenues, expenditures and interest payments. Sustainability is analysed at both the national level and for a European panel. Results show that European fiscal policy has been sustainable overall, yet national experiences differ considerably.

Another Look at the Null of Stationary Real Exchange Rates: Panel Data with Structural Breaks and Cross-section Dependence

This paper re-examines the null of stationary of real exchange rate for a panel of seventeen OECD developed countries during the post-Bretton Woods era. Our analysis simultaneously considers both the presence of cross-section dependence and multiple structural breaks that have not received much attention in previous panel methods of long-run PPP. Empirical results indicate that there is little evidence in favor of PPP hypothesis when the analysis does not account for structural breaks. This conclusion is reversed when structural breaks are considered in computation of the panel statistics. We also compute point estimates of half-life separately for idiosyncratic and common factor components and find that it is always below one year.

Motorways, tolls and road safety. Evidence from European Panel Data

The use of tolls is being widespread around the world. Its ability to fund infrastructure projects and to solve budget constraints have been the main rationale behind its renewed interest. However, less attention has been payed to the safety effects derived from this policy in a moment of increasing concern on road fatalities. Pricing best infrastructures shifts some drivers onto worse alternative roads usually not prepared to receive high traffic in comparable safety standards. In this paper we provide evidence of the existence of this perverse consequence by using an international European panel in a two way fixed effects estimation.

Panel Data Stochastic Convergence Analysis of the Mexican Regions

The stochastic convergence amongst Mexican Federal entities is analyzed in panel data framework. The joint consideration of cross-section dependence and multiple structural breaks is required to ensure that the statistical inference is based on statistics with good statistical properties. Once these features are accounted for, evidence in favour of stochastic convergence is found. Since stochastic convergence is a necessary, yet insufficient condition for convergence as predicted by economic growth models, the paper also investigates whether-convergence process has taken place. We found that the Mexican states have followed either heterogeneous convergence patterns or divergence process throughout the analyzed period.

Resultados de la implantación de la norma ISO 9000 y el modelo EFQM: conclusiones de un estudio tipo Delphi

Desde el ámbito académico el auge de la Gestión de la Calidad (GC) ha sido analizadoextensamente a través de numerosos estudios de carácter empírico. Una parte importante de estos estudios han tratado de analizar cuáles han sido los principales efectos de laimplantación de estos modelos sobre los resultados o el desempeño (performance) empresarial. Hay que señalar que la mayor parte de dichos estudios son de tipo cuantitativo, basados en la utilización de encuestas dirigidas a los directivos de las empresas que han participado en el proceso de implantación. Ahora bien, el análisis de los efectos de la GC realizado de esta forma, cuenta, a nuestro entender, con una posible debilidad y distorsión metodológica al tomar sólo como base las opiniones de los directivos de las empresas involucradas en el proceso de implantación sobre los efectos del propio proceso y los resultados pueden tener cierto sesgo, tal y como ha sido subrayado por diversos investigadores (ver, por ejemplo, Wayhan et al, 2002 y Heras et al, 2002). Por estos motivos, en el estudio que aquí presentamos hemos considerado necesario utilizar una metodología que tenga en cuenta la opinión de expertos de diversa índole que tienen distintas funciones en la implantación de modelos de GC, de forma que se pueda obtener una información de interés para contrastarla y triangularizarla con la obtenida en estudios empíricos previos llevados a cabo con la metodología tradicional

A panel data analysis of FDI and informal labor markets

The objective of this paper is to examine whether informal labor markets affect the flows of Foreign Direct Investment (FDI), and also whether this effect is similar in developed and developing countries. With this aim, different public data sources, such as the World Bank (WB), and the United Nations Conference on Trade and Development (UNCTAD) are used, and panel econometric models are estimated for a sample of 65 countries over a 14 year period (1996-2009). In addition, this paper uses a dynamic model as an extension of the analysis to establish whether such an effect exists and what its indicators and significance may be.

The purpose and use of passenger ships in 2058 - Future scenarios generated by the Delphi method

The purpose of the thesis is to generate scenarios of future purposes and of use of ships, suitable for STX Finland Cruise Oy to design and build, over a 50 year time span by applying the Delphi method and an open innovation approach in a future workshop. The scenarios were mapped out with help of two Delphi survey rounds and one future workshop. The number of participants in both surveys and the workshop was some twenty experts in each, representing various fields. On the basis of the first survey round, four different subject areas were selected for analysis: purposes for the use of ships; energy efficiency of cruises and ships; cost efficiency of sea transportation and vacation; and the views and expectations of the customers in the future. As a result of the future workshop, four different themes were established, which were studied further during the second Delphi round. The themes are future service and operation concepts; versatile uses of the space in ships; communication of environmental benefits of ships, future energy solutions and social interaction between passengers onboard. In addition to generating the scenarios, further aim of the thesis is to implement the Delphi method and workshop activity as foresight tools for STX Europe and to produce a chart of a future shipbuilding foresight community to can serve the open innovation processes in the maritime cluster as a whole.

Tulevaisuuden älykotiliiketoiminnan toimitusverkoston kartoitus

Tutkimus kartoitetaan tulevaisuuden älykotiliiketoiminnan palvelutuottaja-verkostoa. Lisäksi delphi-prosessia seuraten, pyritään kyselyn kautta vali-doimaan tulevaisuudesta tehty skenaario. Kysely tehtiin 42 yrityksen stra-tegiasta vastaavalle johtajalle. Selvitettäviä asioita olivat skenaarion liike-toiminnallinen kiinnostavuus, toteutumiskelpoisuus ja yrityksen siinä ha-luama rooli. Lisäksi selvitettiin mm. yritysten yhteistyökyvykkyyttä, innova-tiivisuutta, asiakassuuntautuneisuutta ja teknologinen valmiutta. Pääpaino oli selvittää verkoston muodostaja eli johtaja yritys. Kysely validoi kaikkien vastanneiden osalta tulevan skenaarion. Tulosten perusteella pystyttiin erottamaan 12 potentiaalista johtajaa. Nämä erottui-vat kyselyn kaikilla osa-alueilla parempina kuin muut yritykset. Potentiaali-set johtajat näkivät tulevaisuuden optimistisempana kuin muut ja lisäksi ne harjoittavat jo nyt liiketoimintaa, joka on lähellä kuvattua älykotipalveluver-kostoa. Tuloksia voidaan hyödyntää muodostettaessa palveluverkostoa uusille markkinoille. Kuvatun mallin toteutuminen vaatii kuitenkin julkisen sektorin palvelutoiminnan uudistusta, sillä se sisältää useita rinnakkaisia prosesseja julkisen terveydenhuollon kanssa.

Panel Method Formulation for Oscillating Airfoils in Sonic Flow

The mathematical model for two-dimensional unsteady sonic flow, based on the classical diffusion equation with imaginary coefficient, is presented and discussed. The main purpose is to develop a rigorous formulation in order to bring into light the correspondence between the sonic, supersonic and subsonic panel method theory. Source and doublet integrals are obtained and Laplace transformation demonstrates that, in fact, the source integral is the solution of the doublet integral equation. It is shown that the doublet-only formulation reduces to a Volterra integral equation of the first kind and a numerical method is proposed in order to solve it. To the authors' knowledge this is the first reported solution to the unsteady sonic thin airfoil problem through the use of doublet singularities. Comparisons with the source-only formulation are shown for the problem of a flat plate in combined harmonic heaving and pitching motion.

Panel: Leveraging Agile & Resourcing for Success - Hydramata, Avalon, Fedora 4 and Islandora

Panel at Open Repositories 2014, Helsinki, Finland, June 9-13, 2014

DSpace Metadata Panel

Panel at Open Repositories 2014, Helsinki, Finland, June 9-13, 2014