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Banks' Strategies and Cost of Money: Effects of the Financial Crisis on the European Electronic Overnight Interbank Market 银行策略与货币成本:金融危机对欧洲电子隔夜银行间市场的影响
LSE Research Online Documents on Economics Pub Date : 2015-07-01 DOI: 10.12831/82212
G. Iori, M. Politi, G. Germano, G. Gabbi
{"title":"Banks' Strategies and Cost of Money: Effects of the Financial Crisis on the European Electronic Overnight Interbank Market","authors":"G. Iori, M. Politi, G. Germano, G. Gabbi","doi":"10.12831/82212","DOIUrl":"https://doi.org/10.12831/82212","url":null,"abstract":"We present an empirical analysis of the European electronic interbank market of overnight lending e-MID during the years 1999-2009. After introducing the market mechanism, we consider the activity, defined as the number of trades per day; the spreads, defined as the difference between the rate of a transaction and the key rates of the European Central Bank; the lending conditions, defined as the difference between the costs of a lent and a borrowed Euro; the bank strategies, defined through different variants of the cumulative volume functions; etc. Among other facts, it emerges that the lending conditions differ from bank to bank, and that the bank strategies are not strongly associated either to the present, past or future spreads. Moreover, we show the presence of a bid-ask spread-like effect and its behavior during the crisis.","PeriodicalId":359449,"journal":{"name":"LSE Research Online Documents on Economics","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129295574","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
Motivation and sorting of human capital in open innovation 开放式创新中人力资本的激励与分类
LSE Research Online Documents on Economics Pub Date : 2015-06-01 DOI: 10.1002/SMJ.2284
Sharon Belenzon, Mark A. Schankerman
{"title":"Motivation and sorting of human capital in open innovation","authors":"Sharon Belenzon, Mark A. Schankerman","doi":"10.1002/SMJ.2284","DOIUrl":"https://doi.org/10.1002/SMJ.2284","url":null,"abstract":"This paper studies how business models can be designed to tap effectively into open innovation labor markets with heterogeneously motivated workers. Using data on open source software, we show that motivations are diverse, and demonstrate how managers can strategically influence the flow of code contributions and their impact on project performance. Unlike previous literature using survey data, we exploit the observed pattern of project membership and code contributions-the \"revealed preference\" of developers-to infer the motivations driving their decision to contribute. Developers strongly sort along key dimensions of the business model chosen by project managers, especially the degree of openness of the project license. The results indicate an important role for intrinsic motivation, reputation, and labor market signaling, and a more limited role for reciprocity.","PeriodicalId":359449,"journal":{"name":"LSE Research Online Documents on Economics","volume":"168 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121319134","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: 74
Large capital inflows, sectoral allocation andeconomic performance 大量资本流入、行业配置和经济表现
LSE Research Online Documents on Economics Pub Date : 2015-03-01 DOI: 10.17016/IFDP.2015.1132
Gianluca Benigno, Nathan Converse, Luca Fornaro
{"title":"Large capital inflows, sectoral allocation andeconomic performance","authors":"Gianluca Benigno, Nathan Converse, Luca Fornaro","doi":"10.17016/IFDP.2015.1132","DOIUrl":"https://doi.org/10.17016/IFDP.2015.1132","url":null,"abstract":"This paper describes the stylized facts characterizing periods of exceptionally large capital inflows in a sample of 70 middle- and high-income countries over the last 35 years. We identify 155 episodes of large capital inflows and find that these events are typically accompanied by an economic boom and followed by a slump. Moreover, during episodes of large capital inflows capital and labor shift out of the manufacturing sector, especially if the inflows begin during a period of low international interest rates. However, accumulating reserves during the period in which capital inflows are unusually large appears to limit the extent of labor reallocation. Larger credit booms and capital inflows during the episodes we identify increase the probability of a sudden stop occurring during or immediately after the episode. In addition, the severity of the post-inflows recession is significantly related to the extent of labor reallocation during the boom, with a stronger shift of labor out of manufacturing during the inflows episode associated with a sharper contraction in the aftermath of the episode.","PeriodicalId":359449,"journal":{"name":"LSE Research Online Documents on Economics","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128130484","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: 3
The Conceptualization and Measurement of Ethnic and Religious Divisions : Categorical, Temporal, and Spatial Dimensions with Evidence from Mindanao, the Philippines 民族和宗教划分的概念化和测量:类别、时间和空间维度——来自菲律宾棉兰老岛的证据
LSE Research Online Documents on Economics Pub Date : 2015-02-01 DOI: 10.35188/UNU-WIDER/2015/907-7
Rachel M. Gisselquist, O. McDoom
{"title":"The Conceptualization and Measurement of Ethnic and Religious Divisions : Categorical, Temporal, and Spatial Dimensions with Evidence from Mindanao, the Philippines","authors":"Rachel M. Gisselquist, O. McDoom","doi":"10.35188/UNU-WIDER/2015/907-7","DOIUrl":"https://doi.org/10.35188/UNU-WIDER/2015/907-7","url":null,"abstract":"A large body of recent quantitative work on the ‘diversity detriment’ hypothesis finds that ethno-religious diversity is linked with a host of societal ills, implying in turn a strong challenge to multiculturalist theory and policies. Given the stakes, the appropriate conceptualization and measurement of ethno-religious divisions is a matter of considerable importance. This paper provides a synthetic critique of how major measures each capture the notion of ‘divisions’ and relate to each other conceptually and empirically within a divided society. Furthermore, instead of presenting temporal snapshots of divisions at the national level, as in most previous work on the topic, we explore how measures perform at more localized levels of analysis and over time, drawing on individual level census data from Mindanao, the Philippines. We highlight four conceptually ‘big’ issues we believe deserve emphasis and further investigation: the sensitivity of measures to the choice of construct, categorization methodology, passage of time, and spatial variation. We provide guidance and discuss the key implications of these points both for quantitative scholars working with these measures and for qualitatively inclined empiricists and normative theorists wishing to interpret, evaluate or otherwise engage with the quantitative research on the merits of diversity.","PeriodicalId":359449,"journal":{"name":"LSE Research Online Documents on Economics","volume":"42 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126130257","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
Work-life conflict in Britain: job demands and resources 英国的工作与生活冲突:工作需求与资源
LSE Research Online Documents on Economics Pub Date : 2015-02-01 DOI: 10.1093/ESR/JCU076
U. Henz, C. Mills
{"title":"Work-life conflict in Britain: job demands and resources","authors":"U. Henz, C. Mills","doi":"10.1093/ESR/JCU076","DOIUrl":"https://doi.org/10.1093/ESR/JCU076","url":null,"abstract":"This article examines the influence of job demands and job-related resources on the experience of two dimensions of work-life conflict (WLC) in Britain. Theory suggests that higher levels of resources should reduce WLC but empirical analyses often fail to find this effect. We address the issue by examining the impact of a wide range of resources as well as their interactions with job demands. Analyses of the Working in Britain 2000 survey suggest that job resources and demands affect WLC through different processes, which differ for the two types of WLC. They fail to find evidence that job resources dampen the effects of job demands on WLC. They also document that many effects of job characteristics depend on context or vary by gender, for example, the effects of job pressure and job autonomy.","PeriodicalId":359449,"journal":{"name":"LSE Research Online Documents on Economics","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125013546","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: 19
Innovation drivers, value chains and the geography of multinational corporations in Europe 创新驱动、价值链和跨国公司在欧洲的地理分布
LSE Research Online Documents on Economics Pub Date : 2014-11-01 DOI: 10.1093/JEG/LBT018
R. Crescenzi, C. Pietrobelli, Roberta Rabellotti
{"title":"Innovation drivers, value chains and the geography of multinational corporations in Europe","authors":"R. Crescenzi, C. Pietrobelli, Roberta Rabellotti","doi":"10.1093/JEG/LBT018","DOIUrl":"https://doi.org/10.1093/JEG/LBT018","url":null,"abstract":"This paper investigates the geography of multinational corporations’ investments in the EU regions. The ‘traditional’ sources of location advantages (i.e. agglomeration economies, market access and labour market conditions) are considered together with innovation and socio-institutional drivers of investments, captured by means of regional ‘social filter’ conditions. This makes it possible to empirically assess the different role played by such advantages in the location decision of investments at different stages of the value chain and disentangle the differential role of national vs. regional factors. The empirical analysis covers the EU-25 regions and suggests that regional socio-economic conditions are crucially important for the location decisions of investments in the most sophisticated knowledge-intensive stages of the value chain.","PeriodicalId":359449,"journal":{"name":"LSE Research Online Documents on Economics","volume":"205 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114213057","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: 151
Structural transformation, the mismeasurement of productivity growth and the cost disease of services 结构转型、对生产率增长的错误衡量以及服务业的成本病
LSE Research Online Documents on Economics Pub Date : 2014-10-27 DOI: 10.1257/AER.104.11.3635
Alwyn Young
{"title":"Structural transformation, the mismeasurement of productivity growth and the cost disease of services","authors":"Alwyn Young","doi":"10.1257/AER.104.11.3635","DOIUrl":"https://doi.org/10.1257/AER.104.11.3635","url":null,"abstract":"If workers self-select into sectors based upon their relative productivity in different tasks, and comparative advantage is aligned with absolute advantage, then as a sector's employment share increases (decreases) the average efficacy of its workforce will fall (rise). This provides a potential explanation for the differential in the measured productivity growth of contracting goods and expanding services. Using changes in defense expenditures as an exogenous shifter of employment shares, I estimate that the elasticity of worker efficacy with respect to employment shares is substantially negative. While conventional estimates indicate that productivity growth in goods is .8% and 1.4% faster than in services in the US and the OECD, respectively, regression point estimates suggest that the true difference might lie between a .5 percent advantage for goods and a .4 percent advantage for services. Taking the middle of this range, the view that goods and services have similar productivity growth rates provides a plausible alternative characterization of growth in developed economies.","PeriodicalId":359449,"journal":{"name":"LSE Research Online Documents on Economics","volume":"42 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-10-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130085369","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: 77
Extending procedural justice theory: a Fiducia report on the design of new survey indicators 扩展程序正义理论:Fiducia关于新调查指标设计的报告
LSE Research Online Documents on Economics Pub Date : 2014-10-14 DOI: 10.2139/SSRN.2613429
J. Jackson, B. Bradford, M. Hough, S. Carrillo
{"title":"Extending procedural justice theory: a Fiducia report on the design of new survey indicators","authors":"J. Jackson, B. Bradford, M. Hough, S. Carrillo","doi":"10.2139/SSRN.2613429","DOIUrl":"https://doi.org/10.2139/SSRN.2613429","url":null,"abstract":"A key goal of the Fiducia project is to extend procedural justice theory in three new directions. The first relates to public perceptions of new forms of criminal behaviour. The second concerns the applicability of procedural justice theory to these new forms of behaviour. The third considers the notion that legitimacy crosses national borders. In this Fiducia report we motivate and outline core theory, concepts and measures. We also present the questionnaire to be fielded in seven European countries.","PeriodicalId":359449,"journal":{"name":"LSE Research Online Documents on Economics","volume":"98 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-10-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116182671","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 Latin American Efficiency Gap 拉丁美洲效率差距
LSE Research Online Documents on Economics Pub Date : 2014-08-01 DOI: 10.1596/978-1-4648-0450-2_ch2
F. Caselli
{"title":"The Latin American Efficiency Gap","authors":"F. Caselli","doi":"10.1596/978-1-4648-0450-2_ch2","DOIUrl":"https://doi.org/10.1596/978-1-4648-0450-2_ch2","url":null,"abstract":"The average Latin American country produces about 1 fifth of the output per worker of the US. What are the sources of these enormous income gaps? I report development-accounting results for Latin America. On average Latin America’s overall physical and human capital endowment relative to the USA is essentially identical to Latin America’s efficiency relative to the USA . In my main sample average relative capital and average relative efficiency are both roughly double actual average relative incomes. Hence, both capital gaps and efficiency gaps are very large: the average Latin American country has less than half the capital (human and physical) per worker of the US, and uses it less than half as efficiently. In assessing this evidence, it is essential to bear in mind that efficiency gaps contribute to income disparity both directly -- as they mean that Latin America gets less out of its capital -- and indirectly -- since much of the capital gap itself is likely due to diminished incentives to invest in equipment, structure, schooling, and health caused by low efficiency. The consequences of closing the efficiency gap would correspondingly be far reaching. Explaining the Latin American efficiency gap is therefore a high priority both for scholars and for policy makers.","PeriodicalId":359449,"journal":{"name":"LSE Research Online Documents on Economics","volume":"39 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126671748","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: 20
Geography or politics? Regional inequality in colonial India 地理还是政治?殖民地印度的地区不平等
LSE Research Online Documents on Economics Pub Date : 2014-08-01 DOI: 10.1093/EREH/HEU009
Tirthankar Roy
{"title":"Geography or politics? Regional inequality in colonial India","authors":"Tirthankar Roy","doi":"10.1093/EREH/HEU009","DOIUrl":"https://doi.org/10.1093/EREH/HEU009","url":null,"abstract":"Explaining regional inequality in the nineteenth-century world forms a major preoccupation of global history. A big country like India, being composed of regions that differed in geographical and political characteristics, raises a parallel set of issues to those debated in global economic history. With a new dataset, the paper attempts to tackle these issues, and finds evidence to suggest that regional differences, and divergence, were significantly influenced by geographical conditions.","PeriodicalId":359449,"journal":{"name":"LSE Research Online Documents on Economics","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125495654","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: 15
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