Regional structure of wages and external economies in Spain

Regional data on wages for the Spanish economy show that workers who live in developed regions earn more than workers in other regions.Literature on external economies provides a possible explanation of why firms do not move from these regions to others where wages are lower. Previous studies for the Spanish case use aggregated sectoral data to explain in terms of external economies why average wages are different across regions. The originalcontribution of this paper consists of using individual data to detect the existenceand nature of external economies as an explanatory cause of territorial wagedifferences. With this aim, we have used individual data from the EPF 1990-91(INE). This information permits us to control the influence of individual and jobcharacteristics on wages to, first, detect the existence of external economies and,second, to test alternative explanations of their presence. The empirical evidenceobtained confirms the relevance of territorial external economies and their influence on wages, as a result of improvements in the productive efficiency of the firm. In concrete terms, the more relevant external economies are associatedwith the regional human capital stock and geographical productive specialisation

The effects of tax deductibility on the mix of property taxes and use charges: an empirical analysis of the spanish case

This paper tests some hypothesis about the determinants of the local tax structure. In particular, we focus on the effects that the property tax deductibility in the national income tax has on the relative use of the property tax and user charges. We deal with the incentive effects that local governments face regarding the different sources of revenue by means of a model in which the local tax structure and the level of public expenditure arise as a result of the maximizing behaviour of local politicians subject to the economic effects of the tax system. We attempt to test the hypothesis developed with data corresponding to a set of Spanish municipalities during the period 1987-9l. We find that tax deductibility provides incentives to raise revenues from the property tax but does not introduce a biass against user charges or in favor of overall spending growth

Valoración de credit default swaps: una aplicación del modelo de Hull-White al mercado español

En este trabajo se presenta una aplicación empírica del modelo de Hull-White (2000) al mercado de renta fija español. Este modelo proporciona la expresión por el cálculo de los pagos hechos por el comprador de un credit default swap (CDS), bajo la hipótesis de que no existe riesgo de contrapartida. Se supone, además, que la curva cupón cero, la tasa de recuperación constante y el momento del suceso de crédito son independientes. Se utilizan bonos del Banco Santander Central Hispano para mesurar la probabilidad neutra al riesgo de quiebra y, bajo hipótesis de no arbitraje, se calculan las primas de un CDS, por un bono subyacente con la misma calificación crediticia que la entidad de referencia. Se observa que las primas se ajustan bien a los spreads crediticios del mercado, que se acostumbran a utilizar como alternativa a las mismas.

Prices of medicines: a case-study on the impact of the rate-of-return regulation in the United Kingdom

This work carries out an empirical evaluation of the impact of the main mechanism for regulating the prices of medicines in the UK on a variety ofpharmaceutical price indices. The empirical evidence shows that the overall impact of the rate of return cap appears to have been slight or even null, and in any case that the impact would differ across therapeutic areas. These empiricalfindings suggest that the price regulation has managed to encourage UK-based firms¿ diversification in many therapeutic areas

Monetary integration and the cost of borrowing

With the beginning of the European Monetary Union (EMU), euro-area sovereign securities¿ adjusted spreads over Germany (corrected from the foreign exchange risk) experienced an increase that caused a lower than expected decline in borrowing costs. The objective of this paper is to study what explains that rising. In particular, if it took place a change in the price assigned by markets to domestic (credit risk and/or market liquidity) or to international risk factors. The empirical evidence supports the idea that a change in the market value of liquidity occurred with the EMU. International and default risk play a smaller role

Willigness to pay for long-term care coverage: the role of private information and self-insurance

Both public and private insurance for long-term care is undeveloped in some European countries such as in Spain and empirical evidence is still limited. This paper aims at exmining the determinants of the demand for Long Term Care (LTC) coverage in Spain using contingent valuation techniques. Our findings indicate that only one-fifth of the population is willing to pay to assure coverage decisions are significantly affected by private information asymmetry and housing tenure in giving rise to self-insurance reduces the probability of insurance being hypothetically purchased.

Escolaridade e inserção no mercado de trabalho

Este artigo pretende situar a relação entre escolaridade e inserção no mercado de trabalho num período marcado pelo impacto das transformações produtivas (1988 e 1995), a partir da análise de dados do mercado de trabalho e escolaridade da População Economicamente Ativa - PEA - referentes à Grande Santiago (Chile) e Grande São Paulo (Brasil). Considera-se que, nesse período, foi elaborado um discurso que ressaltava o valor econômico da educação, sem suficiente sustentação empírica que ajudasse a verificar como a população é afetada pela dinâmica do mercado de trabalho e pelo aumento da oferta do sistema educacional. A competitividade internacional como meta é tida como tendência que dificulta a identificação das condições estruturais em que está inserida a relação entre educação e trabalho não permitindo, assim, conhecer a dinâmica dos atores sociais que se confrontam numa sociedade que constrói consensos excludentes em relação a numerosos setores. Para estes um maior nível educacional não assegurará melhores condições de vida enquanto não se modificarem as desigualdades originadas na estrutura do mercado de trabalho, pois justamente nesse período de transformações estão sendo geradas novas segmentações que tendem a aprofundar a desigualdade.

En torno a los efectos de la edad en el aprendizaje escolar de una lengua extrangera

The purpose of this article is to treat a currently much debated issue, the effects of age on second language learning. To do so, we contrast data collected by our research team from over one thousand seven hundred young and adult learners with four popular beliefs or generalizations, which, while deeply rooted in this society, are not always corroborated by our data.Two of these generalizations about Second Language Acquisition (languages spoken in the social context) seem to be widely accepted: a) older children, adolescents and adults are quicker and more efficient at the first stages of learning than are younger learners; b) in a natural context children with an early start are more liable to attain higher levels of proficiency. However, in the context of Foreign Language Acquisition, the context in which we collect the data, this second generalization is difficult to verify due to the low number of instructional hours (a maximum of some 800 hours) and the lower levels of language exposure time provided. The design of our research project has allowed us to study differences observed with respect to the age of onset (ranging from 2 to 18+), but in this article we focus on students who began English instruction at the age of 8 (LOGSE Educational System) and those who began at the age of 11 (EGB). We have collected data from both groups after a period of 200 (Time 1) and 416 instructional hours (Time 2), and we are currently collecting data after a period of 726 instructional hours (Time 3). We have designed and administered a variety of tests: tests on English production and reception, both oral and written, and within both academic and communicative oriented approaches, on the learners' L1 (Spanish and Catalan), as well as a questionnaire eliciting personal and sociolinguistic information. The questions we address and the relevant empirical evidence are as follows: 1. "For young children, learning languages is a game. They enjoy it more than adults."Our data demonstrate that the situation is not quite so. Firstly, both at the levels of Primary and Secondary education (ranging from 70.5% in 11-year-olds to 89% in 14-year-olds) students have a positive attitude towards learning English. Secondly, there is a difference between the two groups with respect to the factors they cite as responsible for their motivation to learn English: the younger students cite intrinsic factors, such as the games they play, the methodology used and the teacher, whereas the older students cite extrinsic factors, such as the role of their knowledge of English in the achievement of their future professional goals. 2 ."Young children have more resources to learn languages." Here our data suggest just the opposite. The ability to employ learning strategies (actions or steps used) increases with age. Older learners' strategies are more varied and cognitively more complex. In contrast, younger learners depend more on their interlocutor and external resources and therefore have a lower level of autonomy in their learning. 3. "Young children don't talk much but understand a lot"This third generalization does seem to be confirmed, at least to a certain extent, by our data in relation to the analysis of differences due to the age factor and productive use of the target language. As seen above, the comparably slower progress of the younger learners is confirmed. Our analysis of interpersonal receptive abilities demonstrates as well the advantage of the older learners. Nevertheless, with respect to passive receptive activities (for example, simple recognition of words or sentences) no great differences are observed. Statistical analyses suggest that in this test, in contrast to the others analyzed, the dominance of the subjects' L1s (reflecting a cognitive capacity that grows with age) has no significant influence on the learning process. 4. "The sooner they begin, the better their results will be in written language"This is not either completely confirmed in our research. First of all, we perceive that certain compensatory strategies disappear only with age, but not with the number of instructional hours. Secondly, given an identical number of instructional hours, the older subjects obtain better results. With respect to our analysis of data from subjects of the same age (12 years old) but with a different number of instructional hours (200 and 416 respectively, as they began at the ages of 11 and 8), we observe that those who began earlier excel only in the area of lexical fluency. In conclusion, the superior rate of older learners appears to be due to their higher level of cognitive development, a factor which allows them to benefit more from formal or explicit instruction in the school context. Younger learners, however, do not benefit from the quantity and quality of linguistic exposure typical of a natural acquisition context in which they would be allowed to make use of implicit learning abilities. It seems clear, then, that the initiative in this country to begin foreign language instruction earlier will have positive effects only if it occurs in combination with either higher levels of exposure time to the foreign language, or, alternatively, with its use as the language of instruction in other areas of the curriculum.

Biaixos informatius als mercats de valors

[cat] L'article presenta els resultats d'unes proves empíriques que mostren com en la informació econòmica a la premsa escrita poden haver-hi biaixos sistemàtics. Les empreses de sectors regulats son més actives informativament la qual cosa es tradueix en un major protagonisme en la premsa econòmica especialitzada. La primera prova empírica consisteix en una comprovació del protagonisme de les empreses de l'Ibex 35 i del Dow Jones a la premsa general i la econòmica d'Espanya i els Estats Units respectivament En la segona es fa una anàlisi de la informació del periòdic econòmic Expansión. L'existència de biaixos informatius sistemàtics indueix a qüestionar-se la hipòtesi de racionalitat en els mercats financers.

A identidade das pesquisas qualitativas: construção de um quadro analítico

O principal argumento deste artigo consiste em sugerir que seria ainda cedo para propor um novo paradigma para o campo das ciências sociais e humanas. A emergência de abordagens metodológicas qualitativas veio permitir um novo olhar sobre os fenômenos sociais, que rejeita os princípios fundamentadores da pesquisa empírico-analítica e, por conseguinte, questiona seus critérios hegemônicos de qualidade. As tentativas da última década de proclamar um novo paradigma não só denotam o embate pelo poder no meio científico mas também silenciam precocemente um debate profícuo sobre pressupostos e princípios estruturantes de um campo em plena maturação e em busca de seus próprios parâmetros de qualidade. Neste artigo, em que as experiências anglo-americana e francesa se entrelaçam, propomos um quadro/esquema de caráter essencialmente descritivo, que pretende contribuir para a melhor compreensão e análise de diversas práticas de pesquisa qualitativa. O quadro também consiste em mais uma arena de discussão sobre "qualidade" nas abordagens qualitativas de pesquisa.

Integración económica y localización industrial. Cataluña, la fábrica de España: ¿cuándo y por qué?

En este artículo se analizan los determinantes de la localización de la actividad industrial en España durante la segunda mitad del siglo XIX. El objetivo es estudiar la existencia de cambios en los factores explicativos de la localización, con el fin de identificar los efectos de la integración económica sobre la geografía industrial española. Para hacerlo, en primer lugar se analiza la literatura histórica existente. En segundo lugar, se describen las teorías que explican la localización de l'actividad. En tercer lugar, se realiza un análisis empírico de la localización y la concentración de la industria española al siglo XIX. A continuación, se propone un estudio econométrico de los determinantes de la localización industrial en dos cortes temporales, 1856 y 1893. Los resultados son consistentes con las teorías del comercio. Durante el decurso de la segunda mitad del siglo XIX, España paso a ser una economía integrada, la movilidad del trabajo y del capital se vio favorecida y como resultado, las diferencias relativas en las dotaciones de factores perdieron importancia en la explicación de las pautas de especialización industrial. Por el contrario, la integración económica favoreció la significación relativa de las economías de escala o de la proximidad a los mercados como elementos explicativos de la localización de la industria, favoreciendo, de esta manera, la aglomeración de la actividad industrial

Extending the Kuznets Curve

[cat] Les darreres dècades s’han caracteritzat per un intens augment de les desigualtats salarials a nivell mundial. Aquest article allarga la hipòtesi clàssica de la Corba de Kuznets per cobrir les economies post-industrials i tractar d’explicar aquest fenomen. Segons la hipòtesi de la Corba de Kuznets Allargada, les desigualtats salarials podrien evolucionar segons una corba en forma d’N. La U-inverida d’aquesta corba seria deguda al procés de canvi estructural que acompanya a un procés de industrialització. I l’extrem dret de la mateixa, associada al creixement explosiu de la formació de capital humà en les economies modernes i post-industrials. En aquest sentit, els principals candidats per explicar el recent augment de les desigualtats: el canvi tècnic esbiaixat a favor del treball qualificat, la globalització (comerç i migracions) i els factors institucionals, estarien ja incorporats en l’evolució de la composició de la força de treball en termes de qualificacions. La limitada evidència empírica sobre aquest tema, tendeix a donar suport a la Corba de Kuznets Allargada.

Podem as pedagogias críticas sustar as políticas de direita?

Grande parte da literatura sobre "pedagogias críticas" tem sido política e teoricamente importante e nos ajudou a avançar em várias frentes. Com muita freqüência, no entanto, ela não tem sido relacionada o bastante com os modos pelos quais o atual movimento em direção ao que pode ser mais bem chamado de "modernização conservadora" alterou o senso comum e transformou as condições materiais e ideológicas que cercam o ensino. Desse modo, ela às vezes torna-se uma forma do que pode ser mais bem chamado de retórica do "romantismo das possibilidades", na qual a linguagem da possibilidade substitui uma análise habilidosa e consistente do que realmente é o equilíbrio de forças e o que é necessário para mudar as políticas neoliberais e neoconservadoras na alfabetização e em toda a esfera da educação. Examino os modos pelos quais o terreno social e cultural da política e do discurso educacionais tem sido alterado "in loco", por assim dizer. Afirmo que precisamos estabelecer conexões mais próximas entre nossos discursos teóricos e críticos, de um lado, e as transformações reais que estão atualmente deslocando políticas e práticas educacionais para direções fundamentalmente de direita, de outro. Desse modo, parte da minha discussão é conceitual e política; mas parte dela precisará ser de natureza empírica para que eu possa ordenar o que se conhece sobre os efeitos reais e materiais do deslocamento para a direita na educação.

Valoración de credit default swaps: una aplicación del modelo de Hull-White al mercado español

En este trabajo se presenta una aplicación empírica del modelo de Hull-White (2000) al mercado de renta fija español. Este modelo proporciona la expresión por el cálculo de los pagos hechos por el comprador de un credit default swap (CDS), bajo la hipótesis de que no existe riesgo de contrapartida. Se supone, además, que la curva cupón cero, la tasa de recuperación constante y el momento del suceso de crédito son independientes. Se utilizan bonos del Banco Santander Central Hispano para mesurar la probabilidad neutra al riesgo de quiebra y, bajo hipótesis de no arbitraje, se calculan las primas de un CDS, por un bono subyacente con la misma calificación crediticia que la entidad de referencia. Se observa que las primas se ajustan bien a los spreads crediticios del mercado, que se acostumbran a utilizar como alternativa a las mismas.

A comparative long-memory Analysis between Spanish, Mexican and U.S. interest rates

Evidence exists that many natural facts are described better as a fractal. Although fractals are very useful for describing nature, it is also appropiate to review the concept of random fractal in finance. Due to the extraordinary importance of Brownian motion in physics, chemistry or biology, we will consider the generalization that supposes fractional Brownian motion introduced by Mandelbrot.The main goal of this work is to analyse the existence of long range dependence in instantaneous forward rates of different financial markets. Concretelly, we perform an empirical analysis on the Spanish, Mexican and U.S. interbanking interest rate. We work with three time series of daily data corresponding to 1 day operations from 28th March 1996 to 21st May 2002. From among all the existing tests on this matter we apply the methodology proposed in Taqqu, Teverovsky and Willinger (1995).