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A Theory of Justice of John Rawls as Basis for European Fiscal Union 罗尔斯的正义理论:欧洲财政联盟的基础
Review of Economics and Institutions Pub Date : 2021-08-03 DOI: 10.5202/REI.V11I1-2.328
Klaudijo Klaser
{"title":"A Theory of Justice of John Rawls as Basis for European Fiscal Union","authors":"Klaudijo Klaser","doi":"10.5202/REI.V11I1-2.328","DOIUrl":"https://doi.org/10.5202/REI.V11I1-2.328","url":null,"abstract":"Fiscal policies coordination, macro-stability purposes and provision of European public goods are undoubtedly economic goals of paramount importance when considering the implementation of Fiscal Union at European level. However, there is also a complementary component of moral nature embedded in the constitution of any fiscal system, that is reallocation of resources. The core idea of the paper is that A Theory of Justice of John Rawls can provide a new and compelling basis accounting for the institution of European Fiscal Union in the redistributive perspective since the European Union holds a) a scheme of mutually advantageous cooperation and b) a thick network of institutions which constitute a basic structure. The main outcome of this analysis is a European difference principle. This conclusion is then followed by a corollary: if the European institutions are to be shaped to reflect an arrangement of Rawlsian nature, they should also include Fiscal Union at European level.","PeriodicalId":328273,"journal":{"name":"Review of Economics and Institutions","volume":"209 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123388786","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: 2
Measuring Demand Elasticity in the Italian Power Market: a Bayesian Experiment under dual pricing scheme 衡量意大利电力市场的需求弹性:双重定价方案下的贝叶斯实验
Review of Economics and Institutions Pub Date : 2020-12-31 DOI: 10.5202/REI.V11I1-2.326
Maria Chiara D’Errico
{"title":"Measuring Demand Elasticity in the Italian Power Market: a Bayesian Experiment under dual pricing scheme","authors":"Maria Chiara D’Errico","doi":"10.5202/REI.V11I1-2.326","DOIUrl":"https://doi.org/10.5202/REI.V11I1-2.326","url":null,"abstract":"This study run experiment aiming to provide a 􏰅exible and analytically elegant framework to reliably estimate the price elasticity of electricity demand. Inference pertains to the demand at hourly level in the Italian wholesale electricity market and uses individual demand bid data. Individuals' bids represent the ex-ante willingness to pay and thus allows for constructing a market demand grounded in the consumer behavior theory, by exploiting the duality approach. Bayesian econometric estimation is applied, relaxing homoskedasticity assumptions of the traditional linear regression model. It allows to identify robust results, showing that elasticity varies signi􏰄cantly among hours of the day, zone segmentation as well as the level of equilibrium price. Bayesian inference provides also the opportunity to include prior information sourced from previous studies and the institutional struc- ture governing the agents' behavior. This prior information involves some degree of uncertainty, for this reason Bayesian approach assigns it a probability distribution. Using Bayes rule, prior information are then updated according to the observed data. Results validate the market reform designed to foster competition and increase wel- fare even through the time-varying pricing schemes that trigger the consumers' price reaction.","PeriodicalId":328273,"journal":{"name":"Review of Economics and Institutions","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128035861","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 IMPACT OF CASH-FLOW AND THE MAIN COMPONENTS OF THE CAPITAL STRUCTURE ON INNOVATIVE PERFORMANCES OF EUROPEAN FIRMS 现金流及资本结构主要成分对欧洲企业创新绩效的影响
Review of Economics and Institutions Pub Date : 2020-12-31 DOI: 10.5202/rei.v11i1-2.324
Bernardina Algieri, Antonio Aquino, M. Succurro
{"title":"THE IMPACT OF CASH-FLOW AND THE MAIN COMPONENTS OF THE CAPITAL STRUCTURE ON INNOVATIVE PERFORMANCES OF EUROPEAN FIRMS","authors":"Bernardina Algieri, Antonio Aquino, M. Succurro","doi":"10.5202/rei.v11i1-2.324","DOIUrl":"https://doi.org/10.5202/rei.v11i1-2.324","url":null,"abstract":"This study aims at investigating the impact of cash-flow, the main components of the capital structure, and RD the availability of long-term bank loans, a significant export propensity and a greater firm size facilitate and stimulate firms to introduce new products and production processes. Some policy implications conclude the study.","PeriodicalId":328273,"journal":{"name":"Review of Economics and Institutions","volume":"76 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132100879","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
Estimation of Welfare Change due to the Trade Environment Change in China after Joining the World Trade Organization in 2001 2001年加入世界贸易组织后中国贸易环境变化对福利变化的估计
Review of Economics and Institutions Pub Date : 2019-12-23 DOI: 10.5202/rei.v10i2.308
K. Fukuda
{"title":"Estimation of Welfare Change due to the Trade Environment Change in China after Joining the World Trade Organization in 2001","authors":"K. Fukuda","doi":"10.5202/rei.v10i2.308","DOIUrl":"https://doi.org/10.5202/rei.v10i2.308","url":null,"abstract":"The measurement of welfare brought about by trade environment change has long been a heated topic in international trade analysis. By utilizing compensating variation (by Grinols and Wong, and Irwin) and equivalent variation methodology, we separately measured not only the directions but also the magnitudes of the welfare changes that occurred after shocks to China in the following period: welfare change between 2001 and 2004 after China’s entrance into the World Trade Organization (WTO). The result shows that China gained up to 4.8% of GDP in welfare after its entrance into the WTO. The original methodology offered by previous studies as well as the EV measurement is also reviewed in this paper.","PeriodicalId":328273,"journal":{"name":"Review of Economics and Institutions","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129368634","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 Political and Economic Role of Elites in Persecution: Evidence from Witchcraft Trials in Early Modern Scotland 精英在迫害中的政治和经济作用:来自近代早期苏格兰巫术审判的证据
Review of Economics and Institutions Pub Date : 2019-12-23 DOI: 10.5202/rei.v10i2.273
C. Christian
{"title":"The Political and Economic Role of Elites in Persecution: Evidence from Witchcraft Trials in Early Modern Scotland","authors":"C. Christian","doi":"10.5202/rei.v10i2.273","DOIUrl":"https://doi.org/10.5202/rei.v10i2.273","url":null,"abstract":"Persecution, as a political and economic phenomenon, can be abetted by the resources of a nation's elite. To demonstrate this, I focus on a case study: witchcraft trials in Early Modern Scotland (1563-1727), a largely agricultural economy. I find that favourable growing temperatures predict more trials. My main empirical specification survives various robustness checks, including accounting for outliers. During this time, witchcraft was a secular crime, and it was incumbent on local elites to commit resources to trying alleged witches. Turning to mechanisms, I find that positive price shocks to export-heavy, taxable goods predict more witch trials, while price shocks to Scotland's main subsistence commodity, oats, do not. This is consistent with the explanation that as elite income increased, more resources were devoted to witchcraft prosecutions; I cite anecdotal evidence that a different judicial proceeding, sexual trials in Aberdeen, experienced a similar trend.","PeriodicalId":328273,"journal":{"name":"Review of Economics and Institutions","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131280931","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: 4
The euro's effect on trade: an analysis of "old" and "new" EMU members 欧元对贸易的影响:对欧洲货币联盟“新老”成员国的分析
Review of Economics and Institutions Pub Date : 2019-07-29 DOI: 10.5202/REI.V10I1.289
Isaac Mensah
{"title":"The euro's effect on trade: an analysis of \"old\" and \"new\" EMU members","authors":"Isaac Mensah","doi":"10.5202/REI.V10I1.289","DOIUrl":"https://doi.org/10.5202/REI.V10I1.289","url":null,"abstract":"This paper provides new empirical evidence of the ``euro effect\" on bilateral trade by allowing for a heterogeneous impact on ``new\" and ``old\" EMU members. By applying a Poisson estimator and focusing on a sample of 38 countries, our results show a positive but statistically insignificant euro’s effect on bilateral exports. However, disaggregating this effect, we report a relatively large euro’s effect on bilateral trade for the “new” EMU countries. We also find no evidence of trade diversion, thus corroborating existing evidence. These results are robust to a number of sensitivity checks and, especially, to the use of a larger sample of countries. Finally, using country-pair and country-industry-pair data, our results indicate a reduction in export concentration in the bilateral trade of ``old\" EMU countries. Instead, we find an increase in concentration in trade between ``new\" and ``old\" EMU countries.","PeriodicalId":328273,"journal":{"name":"Review of Economics and Institutions","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115778806","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: 2
Bribes in the Business Cycles 商业周期中的贿赂
Review of Economics and Institutions Pub Date : 2019-07-29 DOI: 10.5202/REI.V10I1.283
Loris Rubini
{"title":"Bribes in the Business Cycles","authors":"Loris Rubini","doi":"10.5202/REI.V10I1.283","DOIUrl":"https://doi.org/10.5202/REI.V10I1.283","url":null,"abstract":"Firms in countries with poor enforcement of property rights are often subject to extortions, which impact the business cycle. Unlike taxes, extortions respond endogenously to exogenous shocks, potentially affecting the volatility of investment, consumption, and GDP. In this study I introduce extortions into a real business cycles framework. The model features an intermediary that demands bribes from firms. In steady state, weak property rights induce higher bribes, lower GDP per capita, and lower investment to GDP ratios. Along the business cycle, they reduce the correlation between investment and output, and amplify the volatility of consumption and investment relative to output. I find this to be in line with the data. My framework accounts for the empirical finding that growth policies are usually more successful in countries with strong enforcement of property rights.","PeriodicalId":328273,"journal":{"name":"Review of Economics and Institutions","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130189509","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
The effect of temporary parental benefit on children’s antibiotics use: Evidence from a natural field experiment 临时父母利益对儿童抗生素使用的影响:来自自然现场实验的证据
Review of Economics and Institutions Pub Date : 2019-07-29 DOI: 10.5202/REI.V10I1.286
Linnea Wickström Östervall, Annika Hahlin, Astrid Lundevall
{"title":"The effect of temporary parental benefit on children’s antibiotics use: Evidence from a natural field experiment","authors":"Linnea Wickström Östervall, Annika Hahlin, Astrid Lundevall","doi":"10.5202/REI.V10I1.286","DOIUrl":"https://doi.org/10.5202/REI.V10I1.286","url":null,"abstract":"Prudent use of antibiotics is important to delay the spread of resistance. This paper analyses the effect on children’s antibiotics use of a reform of the temporary parental benefit in Sweden. The reform increased the maximum compensation for this benefit. The level of compensation for social security may affect the propensity of a patient or parent to push for a prescription for antibiotics, as a less generous compensation makes it more expensive to be absent from work and since there is widespread overconfidence in the effectiveness of antibiotics. Using municipality level data, we show that the reform resulted in a reduction in children’s antibiotics use by about five per cent. The result is fairly robust to alternative empirical strategies, suggesting that welfare policies can have important indirect effects that should be taken into account.","PeriodicalId":328273,"journal":{"name":"Review of Economics and Institutions","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126149102","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 Impact of Citation Timing: A Framework and Examples 引文时机的影响:一个框架和例子
Review of Economics and Institutions Pub Date : 2018-12-10 DOI: 10.5202/rei.v%vi%i.259
David L. Anderson, John D. Tressler
{"title":"The Impact of Citation Timing: A Framework and Examples","authors":"David L. Anderson, John D. Tressler","doi":"10.5202/rei.v%vi%i.259","DOIUrl":"https://doi.org/10.5202/rei.v%vi%i.259","url":null,"abstract":"The literature on research evaluation has noted important differences in citation time patterns between disciplines, high and low ranked journals and types of publications. Delays in the receipt of citations suggest that the diffusion of knowledge following discovery is slower, and may thus be associated with a decrease in the impact of research. This paper provides a framework for the comparison of different citation time patterns. Using principles drawn from the literature on stochastic dominance we show that comparisons of time patterns can be based on the general characteristics of cost of delay functions. When a particular function is used to represent the cost of delay, the magnitude of the impact of differences in citation time patterns can be assessed using simple exponential discounting. We demonstrate the application of this framework in assessing different citation time patterns by applying it to comparisons of 10-year citation records for: leading journals in economics, different business subject areas, journals in economics compared with those in neuroscience and the research output of individual economists.","PeriodicalId":328273,"journal":{"name":"Review of Economics and Institutions","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130637957","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
Informal economy and extractive institutions 非正规经济和采掘机构
Review of Economics and Institutions Pub Date : 2018-07-13 DOI: 10.5202/REI.V9I1.240
A. Fracasso, G. V. Marzetti, D. Coletto
{"title":"Informal economy and extractive institutions","authors":"A. Fracasso, G. V. Marzetti, D. Coletto","doi":"10.5202/REI.V9I1.240","DOIUrl":"https://doi.org/10.5202/REI.V9I1.240","url":null,"abstract":"The paper aims at assessing the impact of the extractiveness of institutions on the size of the informal economy. After the identification of the variables suitable to proxy the distinct features of institutions, among which their extractiveness, the paper offers a battery of cross-section regressions over two large samples of developed and developing countries. The results suggest that the extractiveness of institutions is a significant determinant of the size of the informal economy and that greater informality is associated with a higher perceived distrust in formal institutions. The results are robust to the inclusion of standard controls, as well as proxies for culture, generalized trust and generalized morality.","PeriodicalId":328273,"journal":{"name":"Review of Economics and Institutions","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127520621","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: 4
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