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Swiss Journal of Economics and Statistics最新文献

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Factor substitution in Swiss manufacturing: empirical evidence using micro panel data. 瑞士制造业的要素替代:使用微观面板数据的经验证据。
Swiss Journal of Economics and Statistics Pub Date : 2018-01-01 Epub Date: 2018-02-20 DOI: 10.1186/s41937-017-0016-5
Sebastian M Deininger, Lukas Mohler, Daniel Mueller
{"title":"Factor substitution in Swiss manufacturing: empirical evidence using micro panel data.","authors":"Sebastian M Deininger,&nbsp;Lukas Mohler,&nbsp;Daniel Mueller","doi":"10.1186/s41937-017-0016-5","DOIUrl":"https://doi.org/10.1186/s41937-017-0016-5","url":null,"abstract":"<p><p>This paper analyzes the relationship between factor substitutability and the energy intensity of manufacturing firms. Specifically, we compare the degree of substitutability between the input factors capital, labor, energy, and material for firms with low, medium, and high energy cost shares using a panel of Swiss manufacturing companies covering the period from 1997 to 2008. Our findings indicate substitutability between almost all production factors with one notable exception. Energy and capital are complements in the energy-intensive firm sample: A 1% increase in energy prices decreases capital use by 0.09%. We show that this complementarity is gradually increasing in the energy intensity of firms and draft important policy implications.</p>","PeriodicalId":36872,"journal":{"name":"Swiss Journal of Economics and Statistics","volume":"154 1","pages":"6"},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1186/s41937-017-0016-5","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"36674836","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 7
The economics of secession: a review of legal, theoretical, and empirical aspects. 分离经济学:法律、理论和实证方面的回顾。
Swiss Journal of Economics and Statistics Pub Date : 2018-01-01 Epub Date: 2018-04-03 DOI: 10.1186/s41937-017-0015-6
Thierry Madiès, Grégoire Rota-Grasiozi, Jean-Pierre Tranchant, Cyril Trépier
{"title":"The economics of secession: a review of legal, theoretical, and empirical aspects.","authors":"Thierry Madiès,&nbsp;Grégoire Rota-Grasiozi,&nbsp;Jean-Pierre Tranchant,&nbsp;Cyril Trépier","doi":"10.1186/s41937-017-0015-6","DOIUrl":"https://doi.org/10.1186/s41937-017-0015-6","url":null,"abstract":"<p><p>The aim of this paper is to present a review of the legal, theoretical, and empirical aspects of secessions from an economic perspective. This survey provides interesting insights into recent events such as the Brexit and the threat of secession made for instance by Scotland and Catalonia. International law does not grant a general right to secede, nor does it forbid secession. Furthermore, there are several modalities of secessions, which turn out to be important for new states that want to get an international recognition. For its part, the economic theory shows that the decision for a region to remain in a country (or a union) or to secede eventually results from a trade-off between the benefits of being part of a large country, on the one hand, and the costs often associated to more heterogeneity, on the other hand. The latter are generally more important for those regions which are \"far away\" from the central (federal) government. Empirical literature confirms the importance of these trade-offs and shows that decentralization may be effective to accommodate secessionist conflicts only if certain conditions are fulfilled.</p>","PeriodicalId":36872,"journal":{"name":"Swiss Journal of Economics and Statistics","volume":"154 1","pages":"19"},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1186/s41937-017-0015-6","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"36737459","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 8
International trade and unemployment: towards an investigation of the Swiss case. 国际贸易与失业:对瑞士案例的调查。
Swiss Journal of Economics and Statistics Pub Date : 2018-01-01 Epub Date: 2018-06-05 DOI: 10.1186/s41937-017-0006-7
Lukas Mohler, Rolf Weder, Simone Wyss
{"title":"International trade and unemployment: towards an investigation of the Swiss case.","authors":"Lukas Mohler,&nbsp;Rolf Weder,&nbsp;Simone Wyss","doi":"10.1186/s41937-017-0006-7","DOIUrl":"https://doi.org/10.1186/s41937-017-0006-7","url":null,"abstract":"<p><p>The topic of this paper has been motivated by the rising unemployment rate of low-skilled relative to high-skilled labour in Switzerland. Between 1991 and 2014, Switzerland experienced the highest relative increase in the low-skilled unemployment rate among all OECD countries. A natural culprit for this development is \"globalization\" as indicated by some mass layoffs in Switzerland and as commonly voiced in public debates all over the world. Our analysis, which is based on panel data covering the years 1991 to 2008 and approximately 33,000 individuals employed in the Swiss manufacturing sector, does not, however, confirm this presumption. We do not find strong evidence for a positive relationship between import competition and (low-skilled) individuals' likelihood of becoming unemployed.</p>","PeriodicalId":36872,"journal":{"name":"Swiss Journal of Economics and Statistics","volume":"154 1","pages":"10"},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1186/s41937-017-0006-7","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"36674774","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 12
On the rewards to international investing: a safe haven currency perspective. 论国际投资的回报:从避险货币的角度看。
Swiss Journal of Economics and Statistics Pub Date : 2018-01-01 Epub Date: 2018-06-19 DOI: 10.1186/s41937-017-0005-8
Jean-Pierre Danthine, Samuel Danthine
{"title":"On the rewards to international investing: a safe haven currency perspective.","authors":"Jean-Pierre Danthine,&nbsp;Samuel Danthine","doi":"10.1186/s41937-017-0005-8","DOIUrl":"https://doi.org/10.1186/s41937-017-0005-8","url":null,"abstract":"<p><p>The safe haven property of the Swiss franc presents a specific challenge for internationally minded Swiss-based investors. The central issue is whether the traditional under-performance of Swiss assets is made up by the secular appreciation of the Swiss franc combined with the propensity of the safe haven to strengthen in times of market stress. In this paper, we review the evidence on the terms of this challenge. We conclude that a Swiss bias in asset allocation can lead to considerable return shortfalls over the long run and that systematic currency hedging would not have been historically justified and is unlikely to be in the future. Assuming a fair amount of currency risk thus appears inevitable for long-run Swiss-based investors.</p>","PeriodicalId":36872,"journal":{"name":"Swiss Journal of Economics and Statistics","volume":"154 1","pages":"14"},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1186/s41937-017-0005-8","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"36674778","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
How does depreciations management affect subsequent fiscal performance? The case of the Swiss cantons. 折旧管理如何影响随后的财政业绩?瑞士各州的例子。
Swiss Journal of Economics and Statistics Pub Date : 2018-01-01 Epub Date: 2018-02-06 DOI: 10.1186/s41937-017-0017-4
Maxime Clémenceau, Nils Soguel
{"title":"How does depreciations management affect subsequent fiscal performance? The case of the Swiss cantons.","authors":"Maxime Clémenceau,&nbsp;Nils Soguel","doi":"10.1186/s41937-017-0017-4","DOIUrl":"https://doi.org/10.1186/s41937-017-0017-4","url":null,"abstract":"<p><p>Creative accounting allows governments and, more particularly, finance ministers to somehow manage financial reports to achieve specific and possibly self-interested goals. It is usually used to hide deficits. It sometimes also helps to present financial performance as being more worrisome than it actually is. In that case, ministers press more than needed for lower expenses and a higher tax burden. This pressure is expected to tame deficits or increase surpluses over time. Using panel data relative to the 26 Swiss cantons over the period 1980-2013, we estimate econometrically how a political finessing technique like 'depreciations management' affects subsequent government expenses and revenues and thus subsequent financial performance.</p>","PeriodicalId":36872,"journal":{"name":"Swiss Journal of Economics and Statistics","volume":"154 1","pages":"7"},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1186/s41937-017-0017-4","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"36674837","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
The U.S. Tax Program for Swiss banks: what determined the penalties? 美国对瑞士银行的税收计划:是什么决定了罚款?
Swiss Journal of Economics and Statistics Pub Date : 2018-01-01 Epub Date: 2018-12-17 DOI: 10.1186/s41937-018-0024-0
Yvan Lengwiler, Albana Saljihaj
{"title":"The U.S. Tax Program for Swiss banks: what determined the penalties?","authors":"Yvan Lengwiler,&nbsp;Albana Saljihaj","doi":"10.1186/s41937-018-0024-0","DOIUrl":"https://doi.org/10.1186/s41937-018-0024-0","url":null,"abstract":"<p><p>The U.S. Tax Program for Swiss banks is a very significant part of the recent history of the Swiss financial industry. It has accelerated the transformation of the Swiss banking industry from a system that relied on bank secrecy to a much more compliant one. It was also rather costly for the banks involved. This short paper tries to identify the determinants of the individual penalties that were levied by the DoJ. We find that U.S. assets under management is the most important determinant. However, the average size of the accounts, the behavior of the bank vis-à-vis its American clients, the solvency of the bank, and the point in time when the bank settled with the DoJ also matter.</p>","PeriodicalId":36872,"journal":{"name":"Swiss Journal of Economics and Statistics","volume":"154 1","pages":"23"},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1186/s41937-018-0024-0","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"36824229","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Childcare and maternal part-time employment: a natural experiment using Swiss cantons. 儿童保育和母亲兼职:瑞士各州的自然实验。
Swiss Journal of Economics and Statistics Pub Date : 2018-01-01 Epub Date: 2018-07-03 DOI: 10.1186/s41937-017-0003-x
Laura Ravazzini
{"title":"Childcare and maternal part-time employment: a natural experiment using Swiss cantons.","authors":"Laura Ravazzini","doi":"10.1186/s41937-017-0003-x","DOIUrl":"https://doi.org/10.1186/s41937-017-0003-x","url":null,"abstract":"<p><p>Fuelled by federal stimuli of 440 million Swiss francs, the staggered expansion of childcare in many cantons allows the evaluation of this family policy on female labour supply. With new cantonal data, this study analyses both the decision to participate in the labour market and the intensity of participation. Empirical results of difference-in-differences regressions show that mothers work at higher percentage rates if they live in cantons that have expanded their childcare services more than the national average. The reform stimulated part-time employment of between 20 and 36 h per week by 2 percentage points. The expansion of childcare particularly affected women with two children and upper-secondary education, who are married or cohabit with their partner.</p>","PeriodicalId":36872,"journal":{"name":"Swiss Journal of Economics and Statistics","volume":"154 1","pages":"15"},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1186/s41937-017-0003-x","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"36674779","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 10
Money demand under free banking: Switzerland 1851-1906. 自由银行制度下的货币需求:瑞士1851-1906。
Swiss Journal of Economics and Statistics Pub Date : 2018-01-01 Epub Date: 2018-03-20 DOI: 10.1186/s41937-017-0013-8
Stefan Gerlach, Peter Kugler
{"title":"Money demand under free banking: Switzerland 1851-1906.","authors":"Stefan Gerlach,&nbsp;Peter Kugler","doi":"10.1186/s41937-017-0013-8","DOIUrl":"https://doi.org/10.1186/s41937-017-0013-8","url":null,"abstract":"<p><p>This paper studies money demand in Switzerland under free banking before the establishment of the Swiss National Bank. We find that, in addition to income, the banks' balance-sheet-to-GDP ratio and the number of banks were important determinants of long-run money demand. The former variable also played an important role in the monetary adjustment process. We also detect a strong positive long-run impact of real income on the bank's balance-sheet-total-to-GDP ratio and a strong long-run influence of real income and the interest rate spread on the number of banks.</p>","PeriodicalId":36872,"journal":{"name":"Swiss Journal of Economics and Statistics","volume":"154 1","pages":"18"},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1186/s41937-017-0013-8","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"36674781","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 5
Swiss Journal of Economics and Statistics. 瑞士经济与统计杂志。
Swiss Journal of Economics and Statistics Pub Date : 2018-01-01 Epub Date: 2018-01-25 DOI: 10.1186/s41937-018-0020-4
Martin Brown, Volker Grossmann, Rafael Lalive, Cédric Tille
{"title":"Swiss Journal of Economics and Statistics.","authors":"Martin Brown,&nbsp;Volker Grossmann,&nbsp;Rafael Lalive,&nbsp;Cédric Tille","doi":"10.1186/s41937-018-0020-4","DOIUrl":"https://doi.org/10.1186/s41937-018-0020-4","url":null,"abstract":"","PeriodicalId":36872,"journal":{"name":"Swiss Journal of Economics and Statistics","volume":"154 1","pages":"1"},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1186/s41937-018-0020-4","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"36674830","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
The sovereign money initiative in Switzerland: an economic assessment. 瑞士主权基金倡议:经济评估。
Swiss Journal of Economics and Statistics Pub Date : 2018-01-01 Epub Date: 2018-01-25 DOI: 10.1186/s41937-017-0010-y
Philippe Bacchetta
{"title":"The sovereign money initiative in Switzerland: an economic assessment.","authors":"Philippe Bacchetta","doi":"10.1186/s41937-017-0010-y","DOIUrl":"https://doi.org/10.1186/s41937-017-0010-y","url":null,"abstract":"<p><p>The sovereign money initiative will be submitted to the Swiss people in 2018. This paper reviews the arguments behind the initiative and discusses its potential impact. I argue that several arguments are inconsistent with empirical evidence or with economic logic. In particular, controlling sight deposits neither stabilizes credit nor avoids financial crises. Also, assuming that deposits at the central bank are not a liability has implications for fiscal and monetary policy, and Benes and Kumhof (The Chicago Plan Revisited, 2012) do not provide support for the reform as they do not analyze the proposed Swiss monetary reform and their closed-economy model does not fit the Swiss economy. Then, using a simple model with monopolistically competitive banks, the paper assesses quantitatively the impact of removing sight deposits from commercial banks' balance sheets. Even though there is a gain for the state, the overall impact is negative, especially because depositors would face a negative return. Moreover, the initiative goes much beyond what would be the equivalent of full reserve requirement and would impose severe constraints on monetary policy; it would weaken financial stability rather than reinforce it; and it would threaten the trust in the Swiss monetary system. Finally, there is high uncertainty both on the details of the reform and on its impact.</p>","PeriodicalId":36872,"journal":{"name":"Swiss Journal of Economics and Statistics","volume":"154 1","pages":"3"},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1186/s41937-017-0010-y","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"36674833","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 13
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