Regulation, worker protection and active labour-market policies in Latin America

Includes bibliography

Active labor market programs for the integration of youths and immigrants into the labor market: the Nordic experience

Incluye Bibliografía

Gold and the Stock Market: 3 Essays on Gold Investments

This thesis gives an overview of the history of gold per se, of gold as an investment good and offers some institutional details about gold and other precious metal markets. The goal of this study is to investigate the role of gold as a store of value and hedge against negative market movements in turbulent times. I investigate gold’s ability to act as a safe haven during periods of financial stress by employing instrumental variable techniques that allow for time varying conditional covariance. I find broad evidence supporting the view that gold acts as an anchor of stability during market downturns. During periods of high uncertainty and low stock market returns, gold tends to have higher than average excess returns. The effectiveness of gold as a safe haven is enhanced during periods of extreme crises: the largest peaks are observed during the global financial crises of 2007-2009 and, in particular, during the Lehman default (October 2008). A further goal of this thesis is to investigate whether gold provides protection from tail risk. I address the issue of asymmetric precious metal behavior conditioned to stock market performance and provide empirical evidence about the contribution of gold to a portfolio’s systematic skewness and kurtosis. I find that gold has positive coskewness with the market portfolio when the market is skewed to the left. Moreover, gold shows low cokurtosis with the market returns during volatile periods. I therefore show that gold is a desirable investment good to risk averse investors, since it tends to decrease the probability of experiencing extreme bad outcomes, and the magnitude of losses in case such events occur. Gold thus bears very important and under-researched characteristics as an asset class per se, which this thesis contributed to address and unveil.

The interrelationship between monetary policy and the interbank money market during the financial crisis

Die vorliegende Dissertation besteht aus sechs Kapiteln und trägt zur Forschung in den Bereichen der Finanzmarktpolitik und der Geldpolitik bei. Das zweite Kapitel zeigt die Wechselbeziehung zwischen Geldmarktanspannungen und der Stabilität des Finanzsystems auf. Mittels der theoretischen Literatur werden verschiedene Einflussfaktoren einer aggregierten Liquiditätsnachfragefunktion präsentiert. Das dritte Kapitel untersucht den Informationsgehalt der Ergebnisse der Hauptrefinanzierungsgeschäfte für den europäischen Geldmarkt. Unsere Ergebnisse zeigen, dass sich seit der Finanzkrise der Informationsgehalt der Hauptrefinanzierungsgeschäfte in zweierlei Hinsicht verändert hat. Im vierten Kapitel untersuchen wir die Wirksamkeit der Geldpolitik während der Finanzkrise europäische Geldmarktzinssätze zu steuern. Die Ergebnisse deuten auf eine erhebliche Divergenz zwischen den Zinssätzen und den Erwartungen über die zukünftige Geldpolitik hin. Weiterhin finden wir heraus, dass die unkonventionellen Maßnahmen der EZB für einen Rückgang der Euriborsätze von bis zu 60 Basispunkten verantwortlich sind. Das fünfte Kapitel beschäftigt sich mit der Funktionsweise des besonderen geldpolitischen Instrumentariums der Schweizerischen Nationalbank.

Carbon sequestration in community forests: trade-offs, multiple outcomes and institutional diversity in the Bolivian Amazon

Carbon sequestration in community forests presents a major challenge for the Reducing Emissions from Deforestation and Forest Degradation (REDD+) programme. This article uses a comparative analysis of the agricultural and forestry practices of indigenous peoples and settlers in the Bolivian Amazon to show how community-level institutions regulate the trade-offs between community livelihoods, forest species diversity, and carbon sequestration. The authors argue that REDD+ implementation in such areas runs the risk of: 1) reinforcing economic inequalities based on previous and potential land use impacts on ecosystems (baseline), depending on the socio-cultural groups targeted; 2) increasing pressure on land used for food production, possibly reducing food security and redirecting labour towards scarce off-farm income opportunities; 3) increasing dependence on external funding and carbon market fluctuations instead of local production strategies; and 4) further incentivising the privatization and commodification of land to avoid transaction costs associated with collective property rights. The article also advises against taking a strictly economic, market-based approach to carbon sequestration, arguing that such an approach could endanger fragile socio-ecological systems. REDD+ schemes should directly support existing efforts towards forest sustainability rather than simply compensating local land users for avoiding deforestation and forest degradation

Regional Wage and Employment Responses to Market Potential in the EU. Bruges European Economic Research (BEER) Papers 3/November 2005

Recent theoretical work on economic geography emphasizes the interplay of transport costs and plant-level increasing returns. In these models, the spatial distribution of demand is a key determinant of economic outcomes. In one strand, it is argued that higher demand gives rise to a more than proportionate increase in production, a result known as the home market effect. Another strand emphasizes the effects of market sizes on factor prices. We highlight the theoretical connection between these two strands. Using data on 57 European regions, we show how wages and employment respond to differentials in what we call real market potential, a discounted sum of demands derived from the theory.

The Portuguese Economic Crisis: Policies and Outcomes. Bertelsmann Policy Brief, 19.02.2015

The financial and economic crisis in the aftermath of 2008 is unique for several reasons: its depth, its speed and its global entanglement. Simultaneous economic decline in many economies around the globe sent out political shockwaves. In Europe, the crisis served as a wake-up call. Policymakers responded to the social and political insecurity triggered by economically unsound practices with solidarity and with EU-scepticism. The recession confronted Euro zone countries with a number of similar problems, although each was embedded in its own set of country-specific challenges. The tools with which each began to counteract the financial and sovereign debt crisis differed. This policy brief examines the Portuguese path to recovery. It outlines some of the great recession’s main impacts on the country’s labour market, as well as analyses the path it has taken to restore sustainable jobs.

A simulation analysis of the market effect of the Australian Broadcasting Corporation

In this paper we utilise a stochastic address model of broadcast oligopoly markets to analyse the Australian broadcast television market. In particular, we examine the effect of the presence of a single government market participant in this market. An examination of the dynamics of the simulations demonstrates that the presence of a government market participant can simultaneously generate positive outcomes for viewers as well as for other market suppliers. Further examination of simulation dynamics indicates that privatisation of the government market participant results in reduced viewer choice and diversity. We also demonstrate that additional private market participants would not result in significant benefits to viewers.

Rule extraction from technology IPOs in the US stock market

Machine learning techniques for prediction and rule extraction from artificial neural network methods are used. The hypothesis that market sentiment and IPO specific attributes are equally responsible for first-day IPO returns in the US stock market is tested. Machine learning methods used are Bayesian classifications, support vector machines, decision tree techniques, rule learners and artificial neural networks. The outcomes of the research are predictions and rules associated With first-day returns of technology IPOs. The hypothesis that first-day returns of technology IPOs are equally determined by IPO specific and market sentiment is rejected. Instead lower yielding IPOs are determined by IPO specific and market sentiment attributes, while higher yielding IPOs are largely dependent on IPO specific attributes.

The impact of learning outcomes in business education: assessing value, relevance and graduate ability in a multi-country study of employers and business graduates

This paper discusses critical findings from a two-year EU-funded research project involving four European countries: Austria, England, Slovenia and Romania. The project had two primary aims. The first of these was to develop a systematic procedure for assessing the balance between learning outcomes acquired in education and the specific needs of the labour market. The second aim was to develop and test a set of meta-level quality indicators aimed at evaluating the linkages between education and employment. The project was distinctive in that it combined different partners from Higher Education, Vocational Training, Industry and Quality Assurance. One of the key emergent themes identified in exploratory interviews was that employers and recent business graduates in all four countries want a well-rounded education which delivers a broad foundation of key business knowledge across the various disciplines. Both groups also identified the need for personal development in critical skills and competencies. Following the exploratory study, a questionnaire was designed to address five functional business areas, as well as a cluster of 8 business competencies. Within the survey, questions relating to the meta-level quality indicators assessed the impact of these learning outcomes on the workplace, in terms of the following: 1) value, 2) relevance and 3) graduate ability. This paper provides an overview of the study findings from a sample of 900 business graduates and employers. Two theoretical models are proposed as tools for predicting satisfaction with work performance and satisfaction with business education. The implications of the study findings for education, employment and European public policy are discussed.

A study of outcomes measures in forensic mental health

Outcomes measures, which is the measurement of effectiveness of interventions and services has been propelled onto the health service agenda since the introduction of the internal market in the 1990s. It arose as a result of the escalating cost of inpatient care, the need to identify what interventions work and in what situations, and the desire for effective information by service users enabled by the consumerist agenda introduced by Working for Patients white paper. The research reported in this thesis is an assessment of the readiness of the forensic mental health service to measure outcomes of interventions. The research examines the type, prevalence and scope of use of outcomes measures, and further seeks a consensus of views of key stakeholders on the priority areas for future development. It discusses the theoretical basis for defining health and advocates the argument that the present focus on measuring effectiveness of care is misdirected without the input of users, particularly patients in their care, drawing together the views of the many stakeholders who have an interest in the provision of care in the service. The research further draws on the theory of structuration to demonstrate the degree to which a duality of action, which is necessary for the development, and use of outcomes measures is in place within the service. Consequently, it highlights some of the hurdles that need to be surmounted before effective measurement of health gain can be developed in the field of study. It concludes by advancing the view that outcomes research can enable practitioners to better understand the relationship between the illness of the patient and the efficacy of treatment. This understanding it is argued would contribute to improving dialogue between the health care practitioner and the patient, and further providing the information necessary for moving away from untested assumptions, which are numerous in the field about the superiority of one treatment approach over another.

Mixing the grant cocktail:towards an understanding of the outcomes of financial support to small firms

One of the key policy objectives of government at national and regional level, is to overcome the constraints preventing local industry achieving greater competitiveness in the international market-place. This paper examines the impact of grant assistance to Northern Ireland small firms delivered over the period 1994 ^ 97 by the former Local Enterprise Development Unit through its Growth Business Support Programme (GBSP). Previous work by the authors showed that there was some tentative evidence to suggest a link between employment growth and grant aid provided to very small firms (fewer than 10 employees) assisted under the GBSP. The central objective of the empirical work reported in this paper is to extend the previous analysis by understanding the extent to which the value of financial assistance influences growth (employment, turnover, and productivity measures) and if differential impacts arise depending on the nature and timing (lag structures) of the grant assistance.

The impact of regulation and ownership structure on market orientation in the tourism industry in China

The nature of market orientation and its impact on business performance and other related outcomes have been extensively researched in a range of service contexts including tourism. In contrast, our understanding of the factors that influence market orientation is still limited. This paper reports on a study that contributes to our understanding of the determinants of market orientation within the tourism sector by focusing specifically on the role played by two strategically important variables, namely government regulation and ownership structure. The study analyses two national samples of hotels and travel services in the rapidly growing tourism industry in China. The hotel sector has been open to foreign investment for two decades and has a diversified ownership structure, whereas the travel services sector has been dominated by government owned firms and relatively closed to foreign investment. The results of the survey suggest that of the two new antecedents, only government regulation has a significant role to play in driving market orientation. Internally, access to appropriate managerial and marketing capabilities was identified as a significant predictor of the development of market orientation.