Oxford Research Encyclopedia of Economics and Finance最新文献

{"title":"The Contribution of Vocational Education and Training to Innovation and Growth","authors":"U. Backes-Gellner, Patrick Lehnert","doi":"10.1093/acrefore/9780190625979.013.653","DOIUrl":"https://doi.org/10.1093/acrefore/9780190625979.013.653","url":null,"abstract":"Despite the common view that innovation requires academically educated workers, some countries that strongly emphasize vocational education and training (VET) in their education systems—such as Switzerland and Germany—are highly competitive internationally in terms of innovation. These countries have dual VET programs, that is, upper-secondary-level apprenticeship programs, that combine about three quarters of workplace training with about one quarter of vocational schooling, and design them in such a way that their graduates (i.e., dual apprenticeship-graduates) play crucial roles in innovation processes. Regular updates of VET curricula incorporate the latest technological developments into these curricula, thereby ensuring that dual apprenticeship-graduates possess up-to-date, high-level skills in their chosen occupation. This process allows these graduates to contribute to innovation in firms. Moreover, these graduates acquire broad sets of technical and soft skills that enhance their job mobility and flexibility. Therefore, conventional wisdom notwithstanding, dual apprenticeship-graduates in such countries not only have broad skill sets that accelerate innovation in firms, but also willingly participate in innovation because of their high flexibility and employability.\u0000 Moreover, Switzerland and Germany have tertiary-level VET institutions that foster innovation. These are universities of applied sciences (UASs), which teach and conduct applied research, thereby helping build a bridge between different types of knowledge (vocational and academic). UAS students have prior vocational knowledge through their dual apprenticeship and acquire applied research skills from UAS professors who usually have both work experience and a doctoral degree from an academic university. Thus UAS graduates combine sound occupational knowledge with applied research knowledge inspired by input from the academic research frontier and from practical research and development (R & D) in firms. Firms employ UAS graduates with their knowledge combination as an important input for R & D. Consequently, regions with a UAS have higher levels of innovation than regions without one. This effect is particularly strong for regions outside major innovation centers and for regions with larger percentages of smaller firms.","PeriodicalId":211658,"journal":{"name":"Oxford Research Encyclopedia of Economics and Finance","volume":"124 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131681521","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}

{"title":"International Capital Flows","authors":"Yanshuo Chen, G. Hale","doi":"10.1093/ACREFORE/9780190625979.013.638","DOIUrl":"https://doi.org/10.1093/ACREFORE/9780190625979.013.638","url":null,"abstract":"International capital flows have challenged economists’ models for decades. They exhibit a number of patterns that standard economic theories have struggled to explain. Over time, global capital flows go through boom and bust cycles, sudden stops, and unprecedented bonanzas. Determinants of capital flows include “pull factors,” recipient countries’ economic and structural characteristics, and “push factors” or “global factors,” which mostly depend on the global financial cycle and U.S. monetary policy. The relative importance of global factors has increased since the early 2000s.\u0000 The rise in international capital flows that has accompanied the wave of globalization in the early 21st century has helped to deliver crucial capital resources that facilitated development of many economies and helped transmit technologies across borders. On the flip side, international capital flows also increased transmission of financial shocks and policy changes across countries, most prominently experienced during the global financial crisis of 2008–2009. On balance, is it beneficial for small open economies to allow for free capital flows? Mainstream economists’ and policymakers’ answer to this question has evolved from an unequivocal “yes” to a much more nuanced view.","PeriodicalId":211658,"journal":{"name":"Oxford Research Encyclopedia of Economics and Finance","volume":"86 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-04-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123040324","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}

{"title":"Charter Schools’ Effectiveness, Mechanisms, and Competitive Influence","authors":"Sarah R. Cohodes, Katharine S. Parham","doi":"10.3386/W28477","DOIUrl":"https://doi.org/10.3386/W28477","url":null,"abstract":"Across the United States, charter schools—publicly funded and regulated, but privately run schools—appear to perform, on average, at about the same level as their district counterparts. The broadest studies of charter school effectiveness use observational methods, which may not fully account for selection of students into charter schools. However, this finding is confirmed by lottery-based evidence from a few broad samples that again presents a varied picture of charter impact and little average difference across sectors. Underlying the similarity in performance across sectors is one of the most consistent findings from both observational and lottery-based evidence of charter schools’ impact on student achievement: Charters located in urban areas boost student test scores, particularly for Black, Latinx, and students from lower-income households. The test score gains appear to be largest in urban charters that employ “No Excuses” practices. Attending some urban charter schools also increases college enrollment and voting and reduces risky behavior. However, evidence on such long-term outcomes is limited to a few samples, and evidence on college graduation and adult earnings is even rarer, making it difficult to draw conclusions beyond test scores about the overall effectiveness of the charter sector.\u0000 Research on the mechanisms underlying charter successes, when they occur, is growing. No Excuses charter schools—which employ high expectations, strict disciplinary codes, and intense academic focus—generate consistent test score gains, but their controversial disciplinary practices are not necessarily a condition for academic success. Charter school teachers tend to be less qualified and more likely to leave the profession than traditional public school teachers, though the impact of these challenges for the labor market is understudied. Similarly, the influence of charter authorizers and related accountability structures is limited and would benefit from examination using more rigorous methodologies. The competitive impact of charter schools on traditional public schools typically suggests a small, beneficial influence on neighboring schools’ student achievement, though there is variation across contexts. Additionally, while some local analyses suggest charters reduce funding in nearby districts, at least in the short term, a larger scale study finds charter entry generates more revenue per pupil for district schools. There is competing evidence on charters’ contribution to school racial segregation, and little evidence on the impact of newer, intentionally diverse school models. In all, more research, in more contexts, is needed to further understand where, for whom, and why charters are most effective.","PeriodicalId":211658,"journal":{"name":"Oxford Research Encyclopedia of Economics and Finance","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132314812","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}

{"title":"China’s Housing Policy and Housing Boom and Their Macroeconomic Impacts","authors":"Kaiji Chen","doi":"10.1093/acrefore/9780190625979.013.591","DOIUrl":"https://doi.org/10.1093/acrefore/9780190625979.013.591","url":null,"abstract":"The house price boom that has been present in most Chinese cities since the early 2000s has triggered substantial interest in the role that China’s housing policy plays in its housing market and macroeconomy, with an extensive literature employing both empirical and theoretical perspectives developed over the past decade. This research finds that the privatization of China’s housing market, which encouraged households living in state-owned housing to purchase their homes at prices far below their market value, contributed to a rapid increase in homeownership beginning in the mid-1990s. Housing market privatization also has led to a significant increase in both housing and nonhousing consumption, but these benefits are unevenly distributed across households. With the policy goal of making homeownership affordable for the average household, the Housing Provident Fund contributes positively to homeownership rates. By contrast, the effectiveness of housing policies to make housing affordable for low-income households has been weaker in recent years. Moreover, a large body of empirical research shows that the unintended consequences of housing market privatization have been a persistent increase in housing prices since the early 2000s, which has been accompanied by soaring land prices, high vacancy rates, and high price-to-income and price-to-rent ratios. The literature has differing views regarding the sustainability of China’s housing boom. On a theoretical front, economists find that rising housing demand, due to both consumption and investment purposes, is important to understanding China’s prolonged housing boom, and that land-use policy, which influences the supply side of the housing market, lies at the center of China’s housing boom. However, regulatory policies, such as housing purchase restrictions and property taxes, have had mixed effects on the housing market in different cities. In addition to China’s housing policy and its direct effects on the nation’s housing market, research finds that China’s housing policy impacts its macroeconomy via the transmission of house price dynamics into the household and corporate sectors. High housing prices have a heterogenous impact on the consumption and savings of different types of households but tend to discourage household labor supply. Meanwhile, rising house prices encourage housing investment by non–real-estate firms, which crowds out nonhousing investment, lowers the availability of noncollateralized business loans, and reduces productive efficiency via the misallocation of capital and managerial talent.","PeriodicalId":211658,"journal":{"name":"Oxford Research Encyclopedia of Economics and Finance","volume":"317 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124485217","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}

{"title":"Bid-Ask Spread: Theory and Empirical Evidence","authors":"M. Nimalendran, Giovanni Petrella","doi":"10.1093/acrefore/9780190625979.013.603","DOIUrl":"https://doi.org/10.1093/acrefore/9780190625979.013.603","url":null,"abstract":"The most important friction studied in the microstructure literature is the adverse selection borne by liquidity providers when facing traders who are better informed, and the bid-ask spread quoted by market makers is one of these frictions in securities markets that has been extensively studied. In the early 1980s, the transparency of U.S. stock markets was limited to post-trade end-of-day transactions prices, and there were no easily available market quotes for researchers and market participants to study the effects of bid-ask spread on the liquidity and quality of markets. This led to models that used the auto-covariance of daily transactions prices to estimate the bid-ask spread. In the early 1990s, the U.S. stock markets (NYSE/AMEX/NASDAQ) provided pre-trade quotes and transaction sizes for researchers and market participants. The increased transparency and access to quotes and trades led to the development of theoretical models and empirical methods to decompose the bid-ask spread into its components: adverse selection, inventory, and order processing. These models and methods can be broadly classified into those that use the serial covariance properties of quotes and transaction prices, and others that use a trade direction indicator and a regression approach to decompose the bid-ask spread. Covariance and trade indicator models are equivalent in structural form, but they differ in parameters’ estimation (reduced form). The basic microstructure model is composed of two equations; the first defines the law of motion of the “true” price, while the second defines the process generating transaction price. From these two equations, an appropriate relation for transaction price changes is derived in terms of observed variables. A crucial point that differentiates the two approaches is the assumption made for estimation purposes relative to the behavior of order arrival, which is the probability of order reversal or continuation. Thus, the specification of the most general models allows for including an additional parameter that accounts for order behavior. The article provides a unified framework to compare the different models with respect to the restrictions that are imposed, and how this affects the relative proportions of the different components of the spread.","PeriodicalId":211658,"journal":{"name":"Oxford Research Encyclopedia of Economics and Finance","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128992924","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}

{"title":"New Economic Geography","authors":"Ching-mu Chen, S. Peng","doi":"10.1093/acrefore/9780190625979.013.338","DOIUrl":"https://doi.org/10.1093/acrefore/9780190625979.013.338","url":null,"abstract":"For research attempting to investigate why economic activities are distributed unevenly across geographic space, new economic geography (NEG) provides a general equilibrium-based and microfounded approach to modeling a spatial economy characterized by a large variety of economic agglomerations. NEG emphasizes how agglomeration (centripetal) and dispersion (centrifugal) forces interact to generate observed spatial configurations and uneven distributions of economic activity. However, numerous economic geographers prefer to refer to the term new economic geographies as vigorous and diversified academic outputs that are inspired by the institutional-cultural turn of economic geography. Accordingly, the term geographical economics has been suggested as an alternative to NEG.\u0000 Approaches for modeling a spatial economy through the use of a general equilibrium framework have not only rendered existing concepts amenable to empirical scrutiny and policy analysis but also drawn economic geography and location theories from the periphery to the center of mainstream economic theory. Reduced-form empirical studies have attempted to test certain implications of NEG. However, due to NEG’s simplified geographic settings, the developed NEG models cannot be easily applied to observed data. The recent development of quantitative spatial models based on the mechanisms formalized by previous NEG theories has been a breakthrough in building an empirically relevant framework for implementing counterfactual policy exercises. If quantitative spatial models can connect with observed data in an empirically meaningful manner, they can enable the decomposition of key theoretical mechanisms and afford specificity in the evaluation of the general equilibrium effects of policy interventions in particular settings.\u0000 Several decades since its proposal, NEG has been criticized for its parsimonious assumptions about the economy across space and time. Therefore, existing challenges still require theoretical and quantitative models on new microfoundations pertaining to the interactions between economic agents across geographical space and the relationship between geography and economic development.","PeriodicalId":211658,"journal":{"name":"Oxford Research Encyclopedia of Economics and Finance","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133707507","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}

{"title":"The Economics of Dementia","authors":"S. Connolly","doi":"10.1093/ACREFORE/9780190625979.013.107","DOIUrl":"https://doi.org/10.1093/ACREFORE/9780190625979.013.107","url":null,"abstract":"In the coming years, it is predicted that there will be a significant increase in the number of people living with dementia and consequently, the demand for health and social care services. Given the budget constraints facing health systems, it is anticipated that economic analysis will play an increasingly important role in informing decisions regarding the provision of services for people with dementia. However, compared with other conditions and diseases, research in dementia has been relatively limited. While in the past this may have been related to an assumption that dementia was a natural part of aging, there are features of dementia that make applying research methods particularly challenging. A number of economic methods have been applied to dementia, including cost-of-illness analysis and economic evaluation; however, methodological issues in this area persist. These include reaching a consensus on how best to measure and value informal care, how to capture the many impacts and costs of the condition as the disease progresses, and how to measure health outcomes. Addressing these existing methodological issues will help realize the potential of economic analysis in answering difficult questions around care for people with dementia.","PeriodicalId":211658,"journal":{"name":"Oxford Research Encyclopedia of Economics and Finance","volume":"277 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-08-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132950230","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}

{"title":"The Economics of International Wage Differentials and Migration","authors":"L. Pritchett, Farah Hani","doi":"10.1093/acrefore/9780190625979.013.353","DOIUrl":"https://doi.org/10.1093/acrefore/9780190625979.013.353","url":null,"abstract":"The key question for the economics of international migration is whether observed real wage differentials across countries for workers with identical intrinsic productivity represent an economic inefficiency sustained by legal barriers to labor mobility between geographies. A simple comparison of the real wages of workers with the same level of formal schooling or performing similar occupations across countries shows massive gaps between rich and poorer countries. These gaps persist after adjusting for observed and unobserved human capital characteristics, suggesting a “place premium”—or space-specific wage differentials that are not due to intrinsic worker productivity but rather are due to a misallocation of labor. If wage gaps are not due to intrinsic worker productivity, then the incentive for workers to move to richer countries is high. The idea of a place premium is corroborated by macroeconomic evidence. National accounts data show large cross-country output per worker differences, driven by the divergence of total factor productivity. The lack of convergence in total factor productivity and corresponding spatial productivity differentials create differences in the marginal product of factors, and hence persistent gaps in the wages of equal productivity workers. These differentials can equalize with factor flows; however their persistence and large magnitude in the case of labor, suggest legal barriers to migration restricting labor flows are in fact constraining significant return on human capital, and leaving billions in unrealized gains to the world’s workers and global economy. A relaxation of these barriers would generate worker welfare gains that dwarf gold-standard poverty reduction programs.","PeriodicalId":211658,"journal":{"name":"Oxford Research Encyclopedia of Economics and Finance","volume":"316 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132546164","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}

{"title":"Bootstrapping in Macroeconometrics","authors":"H. Herwartz, Alexander Lange","doi":"10.1093/acrefore/9780190625979.013.165","DOIUrl":"https://doi.org/10.1093/acrefore/9780190625979.013.165","url":null,"abstract":"Unlike traditional first order asymptotic approximations, the bootstrap is a simulation method to solve inferential issues in statistics and econometrics conditional on the available sample information (e.g. constructing confidence intervals, generating critical values for test statistics). Even though econometric theory yet provides sophisticated central limit theory covering various data characteristics, bootstrap approaches are of particular appeal if establishing asymptotic pivotalness of (econometric) diagnostics is infeasible or requires rather complex assessments of estimation uncertainty. Moreover, empirical macroeconomic analysis is typically constrained by short- to medium-sized time windows of sample information, and convergence of macroeconometric model estimates toward their asymptotic limits is often slow. Consistent bootstrap schemes have the potential to improve empirical significance levels in macroeconometric analysis and, moreover, could avoid explicit assessments of estimation uncertainty. In addition, as time-varying (co)variance structures and unmodeled serial correlation patterns are frequently diagnosed in macroeconometric analysis, more advanced bootstrap techniques (e.g., wild bootstrap, moving-block bootstrap) have been developed to account for nonpivotalness as a results of such data characteristics.","PeriodicalId":211658,"journal":{"name":"Oxford Research Encyclopedia of Economics and Finance","volume":"107 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133501366","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}

{"title":"China’s Economic Development","authors":"L. Lau","doi":"10.1093/acrefore/9780190625979.013.482","DOIUrl":"https://doi.org/10.1093/acrefore/9780190625979.013.482","url":null,"abstract":"Chinese real gross domestic product (GDP) grew from US$369 billion in 1978 to US$12.7 trillion in 2017 (in 2017 prices and exchange rate), at almost 10% per annum, making the country the second largest economy in the world, just behind the United States. During the same period, Chinese real GDP per capita grew from US$383 to US$9,137 (2017 prices), at 8.1% per annum.\u0000 Chinese economic reform, which began in 1978, consists of two elements—introduction of free markets for goods and services, coupled with conditional producer autonomy, and opening to international trade and direct investment with the rest of the world. In its transition from a centrally planned to a market economy, China employed a “dual-track” approach—with the pre-existing mandatory central plan continuing in force and the establishment of free markets in parallel. In its opening to the world, China set a competitive exchange rate for its currency, made it current account convertible in 1994, and acceded to the World Trade Organisation (WTO) in 2001. In 2005, China became the second largest trading nation in the world, after the United States. Other Chinese policies complementary to its economic reform include the pre-existing low non-agricultural wage and the limit of one-child per couple, introduced in 1979 and phased out in 2016.\u0000 The high rate of growth of Chinese real output since 1978 can be largely explained by the high rates of growth of inputs, but there were also other factors at work. Chinese economic growth since 1978 may be attributed as follows: (a) the elimination of the initial economic inefficiency (12.7%), (b) the growth of tangible capital (55.7%) and labor (9.7%) inputs, (c) technical progress (or growth of total factor productivity (TFP)) (8%), and (d) economies of scale (14%).\u0000 The Chinese economy also shares many commonalities with other East Asian economies in terms of their development experiences: the lack of natural endowments, the initial conditions (the low real GDP per capita and the existence of surplus agricultural labor), the cultural characteristics (thrift, industry, and high value for education), the economic policies (competitive exchange rate, export promotion, investment in basic infrastructure, and maintenance of macroeconomic stability), and the consistency, predictability, and stability resulting from continuous one-party rule.","PeriodicalId":211658,"journal":{"name":"Oxford Research Encyclopedia of Economics and Finance","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121550848","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}