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A Panel Data Approach for Identification of Determinants of Income Inequality: The Role of Macroeconomic, Human Capital and Environmental Variables 确定收入不平等决定因素的面板数据方法:宏观经济、人力资本和环境变量的作用
Econometric Modeling: Macroeconomics eJournal Pub Date : 2021-07-28 DOI: 10.2139/ssrn.3894822
Amogh Sangewar
{"title":"A Panel Data Approach for Identification of Determinants of Income Inequality: The Role of Macroeconomic, Human Capital and Environmental Variables","authors":"Amogh Sangewar","doi":"10.2139/ssrn.3894822","DOIUrl":"https://doi.org/10.2139/ssrn.3894822","url":null,"abstract":"Previous studies under the theme of income inequality have majorly focused upon the macroeconomic and human capital-based determinants. This paper attempts to identify and elaborate upon the effects of environmental variables, including pollution and climate change, in addition to the macroeconomic and human capital variables. The study analyses panel data from 49 countries for the period from 2010 to 2016. Amongst the methods of static analysis, a Fixed Effects Model is found to be most suitable. After controlling for heteroscedasticity and serial correlation using robust covariance matrix estimation, it is found that macroeconomic variables including foreign direct investment inflows, the proportion of elderly, inflation, and Gross Domestic Product per capita are significant. Air pollution is found to be a significant determinant of income inequality as well. A major objective of this study is to add to the limited literature on the impacts of environmental variables on income inequality.","PeriodicalId":155479,"journal":{"name":"Econometric Modeling: Macroeconomics eJournal","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124843647","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Patience Decreases With Age for the Poor but Not for the Rich: An International Comparison 一项国际比较:穷人的耐心随着年龄的增长而下降，而富人却没有
Econometric Modeling: Macroeconomics eJournal Pub Date : 2021-07-16 DOI: 10.2139/ssrn.3649102
Giovanni Burro, R. McDonald, D. Read, Umar Taj
{"title":"Patience Decreases With Age for the Poor but Not for the Rich: An International Comparison","authors":"Giovanni Burro, R. McDonald, D. Read, Umar Taj","doi":"10.2139/ssrn.3649102","DOIUrl":"https://doi.org/10.2139/ssrn.3649102","url":null,"abstract":"We introduce the Preference for Earlier versus Later Income (PELI) scale, measuring patience for over 50,000 individuals from 65 countries. We focus on the relationship between age and income on patience, two variables that have been widely studied in isolation. We find that, within countries, individuals in the richest income quintile are equally patient at any age while individuals in the poorest quintile are less patient the older they are. The relationships in the other quintiles are distributed in an orderly manner between these extremes. We derive a national patience index that correlates with characteristics linked to economic development, with cultural differences associated with patience, and with alternative more complex measures of patience. We recommend adopting PELI in international surveys.","PeriodicalId":155479,"journal":{"name":"Econometric Modeling: Macroeconomics eJournal","volume":"900 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123262694","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 5
Demographics, Property Prices, and Credit Conditions: Analysis Based on Panel Data from 17 Countries Over a Half-Century 人口统计、房地产价格和信贷条件:基于半个世纪以来17个国家面板数据的分析
Econometric Modeling: Macroeconomics eJournal Pub Date : 2021-06-29 DOI: 10.2139/ssrn.3875963
C. Shimizu
{"title":"Demographics, Property Prices, and Credit Conditions: Analysis Based on Panel Data from 17 Countries Over a Half-Century","authors":"C. Shimizu","doi":"10.2139/ssrn.3875963","DOIUrl":"https://doi.org/10.2139/ssrn.3875963","url":null,"abstract":"Using panel data from 17 countries with varying economic circumstances from 1974 to 2019, we estimate regression models that explain residential property price dynamics by incorporating demographic factors and considering the interaction of those demographics with credit conditions. Our results show the importance of the demographic factors in modeling the long-run equilibrium of residential property prices. We find that the effect of nominal interest rates determined by monetary policy on asset prices varies depending on the country and the degree of population aging at the time. We also find that the persistently optimistic population projections lead to the oversupply of the residential stock in rapidly aging countries, resulting in stagnant residential property markets.","PeriodicalId":155479,"journal":{"name":"Econometric Modeling: Macroeconomics eJournal","volume":"55 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116262231","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Visas And Immigration In 2021 Under The Biden Administration 2021年拜登政府下的签证和移民
Econometric Modeling: Macroeconomics eJournal Pub Date : 2021-06-24 DOI: 10.2139/ssrn.3872468
Suryasree Bhattacharyya
{"title":"Visas And Immigration In 2021 Under The Biden Administration","authors":"Suryasree Bhattacharyya","doi":"10.2139/ssrn.3872468","DOIUrl":"https://doi.org/10.2139/ssrn.3872468","url":null,"abstract":"A province's immigration laws are a set of federal rules, guidelines, and applicable laws adopted by the federal government to control the operation of foreign national entrance and departure. Over the last few years, there has been an upsurge in uncertainty in the United States concerning the country's shifting immigration policies. In 2020, the National Foundation for American Policy expected that President Donald Trump would cut legalized immigration in the nation by approximately 49%. In this paper, the main aim is to analyze the new immigration rules in 2021 that were taken under President Biden's Administration. This paper mainly focuses on the legal perspective of the new rules and changes brought by the President in 2021.","PeriodicalId":155479,"journal":{"name":"Econometric Modeling: Macroeconomics eJournal","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126446040","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The Factor Structure of Disagreement 分歧的因素结构
Econometric Modeling: Macroeconomics eJournal Pub Date : 2021-06-23 DOI: 10.2139/ssrn.3872757
Edward P. Herbst, Fabian Winkler
{"title":"The Factor Structure of Disagreement","authors":"Edward P. Herbst, Fabian Winkler","doi":"10.2139/ssrn.3872757","DOIUrl":"https://doi.org/10.2139/ssrn.3872757","url":null,"abstract":"We estimate a Bayesian three-dimensional dynamic factor model on the individual forecasts in the Survey of Professional Forecasters. The factors extract the most important dimensions along which disagreement comoves across variables. We interpret our results through a general semi-structural dispersed information model. The two most important factors in the data describe disagreement about aggregate supply and demand, respectively. Up until the Great Moderation, supply disagreement was dominant, while in recent decades and particularly during the Great Recession, demand disagreement was most important. By contrast, disagreement about monetary policy shocks seems to play a minor role in the data. Our findings can serve to discipline structural models of heterogeneous expectations. Keywords: Disagreement, Forecast Dispersion, Heterogeneous Expectations, Noisy Information, Dynamic Factor Model.","PeriodicalId":155479,"journal":{"name":"Econometric Modeling: Macroeconomics eJournal","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130450288","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Financial Inclusion in East Africa: Does Economic Growth Matter? 东非的普惠金融:经济增长重要吗?
Econometric Modeling: Macroeconomics eJournal Pub Date : 2021-05-14 DOI: 10.9734/JEMT/2021/V27I230325
J. Thomi, naftaly mose
{"title":"Financial Inclusion in East Africa: Does Economic Growth Matter?","authors":"J. Thomi, naftaly mose","doi":"10.9734/JEMT/2021/V27I230325","DOIUrl":"https://doi.org/10.9734/JEMT/2021/V27I230325","url":null,"abstract":"Inclusive financial systems in any economy cannot be ignored. In fact, it has become a policy strategy in many governments around the world, including East Africa region economies – Kenya, Uganda and Tanzania. Using panel data, this study presents a cross country analysis of the variables that determine financial inclusion levels with a key focus on economic growth through demand leading hypothesis. The study sought to test if economic expansion matters in financial inclusion in East Africa for the period 2006-2019. Panel ordinary least squares regression technique and fixed effect estimation method were adopted during the analysis. Following the findings of the study, economic growths depict a considerable influence on the financial access rate in East Africa. The corroboration presented by this study may help the respective countries to adopt policies that focus on improving financial inclusion levels through sustained economic growth.","PeriodicalId":155479,"journal":{"name":"Econometric Modeling: Macroeconomics eJournal","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124160557","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Financial Transaction Costs Reduce Benefit Take-Up: Evidence from Zero-Premium Health Plans in Colorado 金融交易成本降低福利吸收:来自科罗拉多州零保费健康计划的证据
Econometric Modeling: Macroeconomics eJournal Pub Date : 2021-03-26 DOI: 10.2139/SSRN.3743009
Coleman Drake, Sih-Ting Cai, David F. Anderson, Daniel W. Sacks
{"title":"Financial Transaction Costs Reduce Benefit Take-Up: Evidence from Zero-Premium Health Plans in Colorado","authors":"Coleman Drake, Sih-Ting Cai, David F. Anderson, Daniel W. Sacks","doi":"10.2139/SSRN.3743009","DOIUrl":"https://doi.org/10.2139/SSRN.3743009","url":null,"abstract":"The Affordable Care Act’s premium tax credit subsidies provide roughly seven million Americans with the choice to purchase a health insurance plan with a zero-dollar premium. Millions more are eligible for generously subsidized health plans with small, positive premiums. What difference does a premium of zero make, relative to a slightly positive premium? Using a regression discontinuity design and administrative data from Colorado’s Health Insurance Marketplace, we find that zero-premium plans increase coverage substantially. This increase is driven by lower drop-out and earlier coverage start dates, especially among lower-income households. Zero-premium plans affect coverage primarily by eliminating the transaction costs of having to make on-time payments to begin coverage. These transaction costs are equivalent in their coverage impact to a premium increase of $150 to $300, a relatively large amount for low-income families facing near-zero premiums. Transaction costs may be a meaningful barrier to take-up of subsidized insurance coverage, particularly for low-income families.","PeriodicalId":155479,"journal":{"name":"Econometric Modeling: Macroeconomics eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130545930","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Fiscal Prudence: It’s All in the Timing – Estimating Time-Varying Fiscal Policy Reaction Functions for Core EU Countries 财政审慎:时机决定一切——估计欧盟核心国家随时间变化的财政政策反应函数
Econometric Modeling: Macroeconomics eJournal Pub Date : 2021-03-23 DOI: 10.2139/ssrn.3810841
Tino Berger, Tore Dubbert, R. Schoonackers
{"title":"Fiscal Prudence: It’s All in the Timing – Estimating Time-Varying Fiscal Policy Reaction Functions for Core EU Countries","authors":"Tino Berger, Tore Dubbert, R. Schoonackers","doi":"10.2139/ssrn.3810841","DOIUrl":"https://doi.org/10.2139/ssrn.3810841","url":null,"abstract":"When estimating fiscal policy reaction functions (FRF), the literature has well recognized the importance of non-linearities. However, there is yet very little attempt to formally test for the presence and potential sources of a non-linear fiscal responsiveness. In this paper we address this gap by formally adressing model specification of the FRF in a panel of five EU countries. Employing a Bayesian stochastic model specification search algorithm, we provide formal evidence for time-varying fiscal prudence over the last 50 years. The primary balance responsiveness exhibits smooth but significant variation over time and thus confirms the necessity of a non-linear model. Moreover, the extended results show that dynamics can be partially linked to the interest rate growth differential and the level of public debt itself. However, no clear evidence is found in favor of the fiscal fatigue proposition.","PeriodicalId":155479,"journal":{"name":"Econometric Modeling: Macroeconomics eJournal","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133985622","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Poverty in China as its Economy Nears High Income: Lessons from Japan, South Korea and the United States During Their Upper-Middle Income Transitions 中国经济接近高收入时的贫困问题:日本、韩国和美国中高收入转型过程中的经验教训
Econometric Modeling: Macroeconomics eJournal Pub Date : 2021-02-18 DOI: 10.2139/ssrn.3796432
I. Gill, Eric Dixon
{"title":"Poverty in China as its Economy Nears High Income: Lessons from Japan, South Korea and the United States During Their Upper-Middle Income Transitions","authors":"I. Gill, Eric Dixon","doi":"10.2139/ssrn.3796432","DOIUrl":"https://doi.org/10.2139/ssrn.3796432","url":null,"abstract":"This paper summarizes what developing countries that are on the cusp of high income can learn from the approaches to poverty reduction adopted by the United States, Japan and the Republic of Korea. China is almost as well-off today as the United States was in 1960, Japan in 1980, and South Korea in 2000, when they reached high-income. China’s poverty reduction strategy is quite different from the approaches adopted by these countries. Relatedly, China’s performance in reducing poverty rates—using developmentally appropriate standards such as the official definition of poverty adopted by the US in the 1960s—is considerably less impressive than widely believed.","PeriodicalId":155479,"journal":{"name":"Econometric Modeling: Macroeconomics eJournal","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-02-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115406369","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The Role of Finance in Inclusive Human Development in Africa Revisited 重新审视金融在非洲包容性人类发展中的作用
Econometric Modeling: Macroeconomics eJournal Pub Date : 2021-02-11 DOI: 10.2139/ssrn.3766273
S. Asongu, R. Nting
{"title":"The Role of Finance in Inclusive Human Development in Africa Revisited","authors":"S. Asongu, R. Nting","doi":"10.2139/ssrn.3766273","DOIUrl":"https://doi.org/10.2139/ssrn.3766273","url":null,"abstract":"PurposeThis study aims to investigate the direct and indirect linkages between financial development and inclusive human development in African countries.Design/methodology/approachThe study employs a battery of estimation techniques, notably: two-stage least squares, fixed effects, generalized method of moments and Tobit regressions. The dependent variable is the inequality adjusted human development index. All dimensions of the Financial Development and Structure Database of the World Bank are considered.FindingsThe main finding is that financial dynamics of depth, activity and size improve inclusive human development, whereas the inability of banks to transform mobilized deposits into credit for financial access negatively affects inclusive human development.Practical implicationsPolicies should be tailored to improve mechanisms by which credit facilities can be provided to both households and business operators. Surplus liquidity issues resulting from the inability of banks to transform mobilized deposits into credit can be resolved by enhancing the introduction of information sharing offices (like public credit registries and private credit bureaus) that would reduce information asymmetry between lenders and borrowers.Originality/valueThis study complements the extant literature by assessing the nexus between financial development and inclusive human development in Africa.","PeriodicalId":155479,"journal":{"name":"Econometric Modeling: Macroeconomics eJournal","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-02-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133635105","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 16
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