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Analyzing the causality between revenues and expenditures in Spanish municipalities and its policy implications 分析西班牙市政当局收入与支出之间的因果关系及其政策影响
IF 1.8 4区 经济学
Economia Politica Pub Date : 2024-01-20 DOI: 10.1007/s40888-024-00322-5
Mihaela Simionescu, Javier Cifuentes-Faura
{"title":"Analyzing the causality between revenues and expenditures in Spanish municipalities and its policy implications","authors":"Mihaela Simionescu, Javier Cifuentes-Faura","doi":"10.1007/s40888-024-00322-5","DOIUrl":"https://doi.org/10.1007/s40888-024-00322-5","url":null,"abstract":"<p>This paper examines the causality between expenditure and revenues for Spanish municipalities after their division in four groups according to size given by number of inhabitants. The results based on Juodis, Karavias and Sarafidis test in the period 2011–2020 indicated that the bidirectional causality between revenues and expenditure is supported for three groups of municipalities (smaller than 5,001 inhabitants, from 5,001 to 20,000 people, from 20,001 to 50,000 inhabitants). The bidirectional causality in municipalities larger than 50,000 inhabitants is checked only for taxes and expenditure at 5% significance level. Large municipalities with more than half a million inhabitants could employ revenue-enhancing policies to overcome the budget deficit, while smaller municipalities promote fiscal synchronization and realize revenues and expenditures at the same time. The policy implications of results are discussed.</p>","PeriodicalId":44858,"journal":{"name":"Economia Politica","volume":"75 1","pages":""},"PeriodicalIF":1.8,"publicationDate":"2024-01-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139515379","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Market power, social welfare, and efficiency in the Peruvian microfinance 秘鲁小额信贷的市场力量、社会福利和效率
IF 1.8 4区 经济学
Economia Politica Pub Date : 2024-01-18 DOI: 10.1007/s40888-023-00321-y
Giovanna Aguilar, Jhonatan Portilla
{"title":"Market power, social welfare, and efficiency in the Peruvian microfinance","authors":"Giovanna Aguilar, Jhonatan Portilla","doi":"10.1007/s40888-023-00321-y","DOIUrl":"https://doi.org/10.1007/s40888-023-00321-y","url":null,"abstract":"<p>This study quantifies the social welfare loss caused by market power in Peru’s regulated microfinance industry and analyzes its effect on microfinance institutions’ (MFIs) efficiency from 2003 to 2019. We estimate the efficiency-adjusted Lerner index as a measure of market power and obtain efficiency scores via cost and profit stochastic frontiers estimation using data from a wide panel of MFIs. Additionally, to analyze the effect of market power on the MFI’s efficiency, we estimate a fixed effects model with instrumental variables to correct the endogeneity problem. The results show that the welfare loss due to market power in Peru’s regulated microfinance industry has increased from 0.12% of GDP in 2003 to 0.27% in 2019. It is also found that market power positively affects Peruvian MFIs’ efficiency. Therefore, reducing market power leads to a welfare gain by lowering the social welfare loss (Harberger’s triangle) and a welfare loss due to decreased efficiency in MFIs. However, we find that reducing market power leads to a positive net effect on social welfare due to greater welfare gain than loss.</p>","PeriodicalId":44858,"journal":{"name":"Economia Politica","volume":"16 1","pages":""},"PeriodicalIF":1.8,"publicationDate":"2024-01-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139515206","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The gender bias in regional councilors’ reelection in Italy 意大利地区议员连任中的性别偏见
IF 1.8 4区 经济学
Economia Politica Pub Date : 2024-01-13 DOI: 10.1007/s40888-023-00320-z
Roberto Cellini, Tiziana Cuccia
{"title":"The gender bias in regional councilors’ reelection in Italy","authors":"Roberto Cellini, Tiziana Cuccia","doi":"10.1007/s40888-023-00320-z","DOIUrl":"https://doi.org/10.1007/s40888-023-00320-z","url":null,"abstract":"","PeriodicalId":44858,"journal":{"name":"Economia Politica","volume":"28 11","pages":"1-37"},"PeriodicalIF":1.8,"publicationDate":"2024-01-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139437475","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Threats of sovereign debt overhang in the EU, the new fiscal rules and the perils of policy drift 欧盟主权债务过剩的威胁、新的财政规则和政策偏移的危险
IF 1.8 4区 经济学
Economia Politica Pub Date : 2023-12-18 DOI: 10.1007/s40888-023-00319-6
Willi Semmler, Brigitte Young
{"title":"Threats of sovereign debt overhang in the EU, the new fiscal rules and the perils of policy drift","authors":"Willi Semmler, Brigitte Young","doi":"10.1007/s40888-023-00319-6","DOIUrl":"https://doi.org/10.1007/s40888-023-00319-6","url":null,"abstract":"<p>After the Great Recession and the Covid Crisis the sovereign debt sustainability has again become a major public policy issue. Since the Great Recession Olivier Blanchard (2019) has put forward the theory of a “good and bad” debt equilibrium. The good debt equilibrium is usually supported by high economic growth rates, low risk premia, and lower interest rates, being sustainable and self-stabilizing. The bad debt equilibrium is driven by a self-fulfilling prophesy where higher risk premia, higher interest rates, and sovereign debt destabilize each, as also studied empirically by Paul De Grauwe (The Aust Econ Rev 45:255–68, 2012). Reconstructing those two equilibria and the threat of debt overhang for specific EU countries, we then: first explore possible escape routes from sovereign debt threats; second, evaluate the new EU fiscal rules that constrain the deficit spending to the growth rate of potential output; and third, evaluate the possible future EU policy drift endangering the new fiscal rules. Finally we stress the need for social buffers in the EU while intending to stabilize sovereign debt.</p>","PeriodicalId":44858,"journal":{"name":"Economia Politica","volume":"107 1","pages":""},"PeriodicalIF":1.8,"publicationDate":"2023-12-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138715938","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Distribution, capital intensity and public debt-to-GDP ratio: an input output—stock flow consistent model 分配、资本密集度和公共债务与国内生产总值之比：投入产出-股票流一致模型
IF 1.8 4区 经济学
Economia Politica Pub Date : 2023-12-13 DOI: 10.1007/s40888-023-00318-7
Lorenzo Di Domenico, Maria Cristina Barbieri Góes, Ettore Gallo
{"title":"Distribution, capital intensity and public debt-to-GDP ratio: an input output—stock flow consistent model","authors":"Lorenzo Di Domenico, Maria Cristina Barbieri Góes, Ettore Gallo","doi":"10.1007/s40888-023-00318-7","DOIUrl":"https://doi.org/10.1007/s40888-023-00318-7","url":null,"abstract":"<p>The paper analyzes the relationship between the interest rate and the public debt-to-GDP ratio through the lens of the Classical-Keynesian approach. We focus on the value dimension as a transmission channel of monetary policy, modeling how a change in the interest rate set by the central bank affects the economy’s capital intensity and, in turn, debt ratios. We do so by developing a Stock-Flow Consistent Supermultiplier model (SFC-SM) based on a simplified Input–Output structure of production, showing that the effect of an increase in the interest rate on public debt-to-GDP ratio will depend on the impact exerted by the shock on the capital intensity through changes in relative prices. Lastly, we calibrate the model, showing the possible emergence of reverse capital deepening; past a threshold, any base rate hike produces an increase in the public debt-to-GDP ratio by decreasing the capital intensity of the economy.</p>","PeriodicalId":44858,"journal":{"name":"Economia Politica","volume":"15 1","pages":""},"PeriodicalIF":1.8,"publicationDate":"2023-12-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138630686","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Unveiling the Real Madrid effect: the impact of football-related acrimony on elections 揭秘皇马效应:与足球相关的尖刻言辞对选举的影响
4区 经济学
Economia Politica Pub Date : 2023-10-10 DOI: 10.1007/s40888-023-00317-8
Vincenzo Alfano, Salvatore Ercolano
{"title":"Unveiling the Real Madrid effect: the impact of football-related acrimony on elections","authors":"Vincenzo Alfano, Salvatore Ercolano","doi":"10.1007/s40888-023-00317-8","DOIUrl":"https://doi.org/10.1007/s40888-023-00317-8","url":null,"abstract":"Abstract Contributing to the literature on so-called irrelevant events, this article aims to investigate the existence of a relation between football results and voters’ behaviour. There are indeed reasons to believe that football-related acrimony could influence electoral behaviour. More precisely, does the rank of a rival team and the distance between it and local teams influence the behaviour of the electorate? Spain seems to be the perfect case for study of this relationship, since the presence of football teams representing both local ( comunidad ) and central authorities (the Spanish Crown) allows us to study the effect of an important cleavage: the centre-periphery. This means that sport disputes may be reflected in voting preferences for ethno-regionalist parties. Following this reasoning, the better Real Madrid (the team representing the Crown) performs, and the closer the local team is to it (and thus actually competing), the stronger local supporters’ sense of acrimony and desire for payback will be. By means of a quantitative approach, using data on election results and Spanish Liga rankings, our analysis confirms the existence of a negative correlation between Real Madrid’s ranking and distance from local teams, and the share of votes in ethno-regionalist parties.","PeriodicalId":44858,"journal":{"name":"Economia Politica","volume":"204 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136295731","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The market for EuroMillions: jackpot sharing and implicit transfer of funds among countries 欧洲百万彩票市场:头奖分享和国家间的隐性资金转移
IF 1.8 4区 经济学
Economia Politica Pub Date : 2023-09-08 DOI: 10.1007/s40888-023-00316-9
Álvaro Muñiz, Levi Pérez
{"title":"The market for EuroMillions: jackpot sharing and implicit transfer of funds among countries","authors":"Álvaro Muñiz, Levi Pérez","doi":"10.1007/s40888-023-00316-9","DOIUrl":"https://doi.org/10.1007/s40888-023-00316-9","url":null,"abstract":"","PeriodicalId":44858,"journal":{"name":"Economia Politica","volume":"40 1","pages":"817 - 833"},"PeriodicalIF":1.8,"publicationDate":"2023-09-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43832640","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Italian small arms exports: between incentives and international sanctions 意大利小武器出口：介于激励和国际制裁之间
IF 1.8 4区 经济学
Economia Politica Pub Date : 2023-09-08 DOI: 10.1007/s40888-023-00315-w
A. Baronchelli, Raul Caruso
{"title":"Italian small arms exports: between incentives and international sanctions","authors":"A. Baronchelli, Raul Caruso","doi":"10.1007/s40888-023-00315-w","DOIUrl":"https://doi.org/10.1007/s40888-023-00315-w","url":null,"abstract":"","PeriodicalId":44858,"journal":{"name":"Economia Politica","volume":"40 1","pages":"1075-1106"},"PeriodicalIF":1.8,"publicationDate":"2023-09-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46317736","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","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 power outages on households in Zambia 赞比亚停电对家庭的影响
IF 1.8 4区 经济学
Economia Politica Pub Date : 2023-09-02 DOI: 10.1007/s40888-023-00311-0
Imaduddin Ahmed, P. Parikh, Parfait Munezero, Graham Sianjase, D’Maris Coffman
{"title":"The impact of power outages on households in Zambia","authors":"Imaduddin Ahmed, P. Parikh, Parfait Munezero, Graham Sianjase, D’Maris Coffman","doi":"10.1007/s40888-023-00311-0","DOIUrl":"https://doi.org/10.1007/s40888-023-00311-0","url":null,"abstract":"","PeriodicalId":44858,"journal":{"name":"Economia Politica","volume":"40 1","pages":"835 - 867"},"PeriodicalIF":1.8,"publicationDate":"2023-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48140772","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Ecological economics and human development 生态经济学与人类发展
IF 1.8 4区 经济学
Economia Politica Pub Date : 2023-08-29 DOI: 10.1007/s40888-023-00314-x
Alberto Quadrio Curzio
{"title":"Ecological economics and human development","authors":"Alberto Quadrio Curzio","doi":"10.1007/s40888-023-00314-x","DOIUrl":"https://doi.org/10.1007/s40888-023-00314-x","url":null,"abstract":"","PeriodicalId":44858,"journal":{"name":"Economia Politica","volume":"40 1","pages":"761 - 763"},"PeriodicalIF":1.8,"publicationDate":"2023-08-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43153852","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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