The idea to propose the Post-COVID-19 Recovery Bonds (P-C19-R-Bonds) is to find new financial sources to support the post-COVID-19 socio-economic reconstruction with local funds from any government. This type of bond avoids more external debts and generates macroeconomic financial stability and sustainability in the short and long run. The main objective is to collect financial resources from local citizens such as domestic savings, employer’s providence funds, and domestic firm investments. The Post-COVID-19 Recovery bonds are searching to keep safe the domestic savings and micro-macro financial stability to reduce the damage of COVID-19 and prevent a possible deep economic recession in the short run and an economic depression in the long run.
{"title":"The Post-COVID-19 Recovery Bonds","authors":"Mario Arturo Ruiz Estrada","doi":"10.2139/ssrn.3806396","DOIUrl":"https://doi.org/10.2139/ssrn.3806396","url":null,"abstract":"The idea to propose the Post-COVID-19 Recovery Bonds (P-C19-R-Bonds) is to find new financial sources to support the post-COVID-19 socio-economic reconstruction with local funds from any government. This type of bond avoids more external debts and generates macroeconomic financial stability and sustainability in the short and long run. The main objective is to collect financial resources from local citizens such as domestic savings, employer’s providence funds, and domestic firm investments. The Post-COVID-19 Recovery bonds are searching to keep safe the domestic savings and micro-macro financial stability to reduce the damage of COVID-19 and prevent a possible deep economic recession in the short run and an economic depression in the long run.","PeriodicalId":133518,"journal":{"name":"Norwegian School of Economics","volume":"98 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126095827","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}
Charlotte B. Evensen, Øystein Foros, Atle Haugen, Hans Jarle Kind
Individual retailers may choose to invest in a substitute to a dominant supplier’s products (inside option) as a way of improving its position towards the supplier. Given that a large retailer has stronger investment incentives than a smaller rival, the large retailer may obtain a selective rebate (size-based price discrimination). Yet, we often observe that suppliers do not price discriminate between retailers that differ in size. Why is this so? We argue that the explanation may be related to the competitive pressure among the retailers. The more fiercely the retailers compete, the more each retailer cares about its relative input prices. Other things equal, this implies that the retailers will invest more in the substitute the greater the competitive pressure. We show that if the competitive pressure is sufficiently strong, the supplier can profitably incentivize the retailer to reduce its investments in substitutes by committing to charge a uniform input price. Furthermore, we show that under uniform input pricing, the large retailer may induce smaller rivals to exit the market by strategically underinvesting in inside options.
{"title":"Size-based Input Price Discrimination Under Endogenous Inside Options","authors":"Charlotte B. Evensen, Øystein Foros, Atle Haugen, Hans Jarle Kind","doi":"10.2139/ssrn.3797651","DOIUrl":"https://doi.org/10.2139/ssrn.3797651","url":null,"abstract":"Individual retailers may choose to invest in a substitute to a dominant supplier’s products (inside option) as a way of improving its position towards the supplier. Given that a large retailer has stronger investment incentives than a smaller rival, the large retailer may obtain a selective rebate (size-based price discrimination). Yet, we often observe that suppliers do not price discriminate between retailers that differ in size. Why is this so? We argue that the explanation may be related to the competitive pressure among the retailers. The more fiercely the retailers compete, the more each retailer cares about its relative input prices. Other things equal, this implies that the retailers will invest more in the substitute the greater the competitive pressure. We show that if the competitive pressure is sufficiently strong, the supplier can profitably incentivize the retailer to reduce its investments in substitutes by committing to charge a uniform input price. Furthermore, we show that under uniform input pricing, the large retailer may induce smaller rivals to exit the market by strategically underinvesting in inside options.","PeriodicalId":133518,"journal":{"name":"Norwegian School of Economics","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122682538","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}
This paper discusses some of the main transformations occurring in the labour market in recent years and will try to trace how globalization has influenced these changes. It argues that in the context of work, globalization can be understood as a cause and consequence process. As a consequence, the transformations of capital/labour relations have produced an economic and social paradigm, which has helped to feed and expand the tenets of the principles of globalization. As a cause, the globalization project reproduces market-oriented policies that undermine labour relations (labour standards), making them more volatile and less secure for workers around the world. In this dualistic dynamic, labour patterns are essential for understanding the motivations and future changes in the globalization process, but also for establishing more coordinated policies to enhance the quality and implementation of labour standards.
{"title":"Globalisation and Labour Structures: A Dubious Deal","authors":"Juan Fernando Bucheli","doi":"10.2139/ssrn.3871433","DOIUrl":"https://doi.org/10.2139/ssrn.3871433","url":null,"abstract":"This paper discusses some of the main transformations occurring in the labour market in recent years and will try to trace how globalization has influenced these changes. It argues that in the context of work, globalization can be understood as a cause and consequence process. As a consequence, the transformations of capital/labour relations have produced an economic and social paradigm, which has helped to feed and expand the tenets of the principles of globalization. As a cause, the globalization project reproduces market-oriented policies that undermine labour relations (labour standards), making them more volatile and less secure for workers around the world. In this dualistic dynamic, labour patterns are essential for understanding the motivations and future changes in the globalization process, but also for establishing more coordinated policies to enhance the quality and implementation of labour standards.","PeriodicalId":133518,"journal":{"name":"Norwegian School of Economics","volume":"48 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":"127363210","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}
Mohammad Mushfiqul Haque Mukit, A. Abdel-Razzaq, M. Islam
This paper examines relationship of unemployment rates with other macroeconomic aggregates in Bangladesh over 1991-2019 using robust econometric analyses. It sheds a light on the fact that GDP growth rate, inflation, and foreign direct investment flows have statistically significant impacts on unemployment rate both in short-run and long-run. More specifically, the paper documents that unemployment rate, GDP growth rate, inflation rate and foreign direct investment flows are co-integrated in long-run at 5% significance level. Using Vector Error Correction analysis, the paper finds that co-integrated series converge it their long-run equilbruim at a speed of 17.24% per annum at 1% significance level. In case short-run, the study finds that a unit increase in GDP growth rate decreases unemployment by approximately 0.0159 units in short-run at 1% statistically significance level. Likewise, a unit increase in inflation rate will lead approximately 0.004 units drop in unemployment rate at 10% significance level. Plus, it also observes that a unit in Foreign Direct Investment flows causes 0.005 units decrease in unemployment rate in short-run at 5% significance level.
{"title":"Relationship Between Unemployment and Macroeconomics Aggregates: Evidence from Bangladesh","authors":"Mohammad Mushfiqul Haque Mukit, A. Abdel-Razzaq, M. Islam","doi":"10.2139/ssrn.3775350","DOIUrl":"https://doi.org/10.2139/ssrn.3775350","url":null,"abstract":"This paper examines relationship of unemployment rates with other macroeconomic aggregates in Bangladesh over 1991-2019 using robust econometric analyses. It sheds a light on the fact that GDP growth rate, inflation, and foreign direct investment flows have statistically significant impacts on unemployment rate both in short-run and long-run. More specifically, the paper documents that unemployment rate, GDP growth rate, inflation rate and foreign direct investment flows are co-integrated in long-run at 5% significance level. \u0000Using Vector Error Correction analysis, the paper finds that co-integrated series converge it their long-run equilbruim at a speed of 17.24% per annum at 1% significance level. In case short-run, the study finds that a unit increase in GDP growth rate decreases unemployment by approximately 0.0159 units in short-run at 1% statistically significance level. Likewise, a unit increase in inflation rate will lead approximately 0.004 units drop in unemployment rate at 10% significance level. Plus, it also observes that a unit in Foreign Direct Investment flows causes 0.005 units decrease in unemployment rate in short-run at 5% significance level.","PeriodicalId":133518,"journal":{"name":"Norwegian School of Economics","volume":"39 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-01-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132736158","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}
Ingvild Almås, Lars Ivar Oppedal Berge, K. Bjorvatn, Vincent Somville, Bertil Tungodden
An influential literature has shown that women are less willing to compete than men, and the gender gap in competition may contribute to explaining gender differences in educational choices and labor market outcomes. This study reports from a large-scale randomized controlled trial of a women empowerment program in Tanzania targeting young women at the end of secondary school. Combining the randomized controlled trial, a lab-in-the-field experiment and survey data, we provide evidence suggesting that the program caused adverse selection into competition: low performing women competed more, while there was no effect on the high performers. We provide a theoretical framework to illustrate an adverse selection mechanism that may contribute to explain why the program only affected the willingness to compete among low performers. Our results emphasize the importance of understanding sorting mechanisms and heterogeneous treatment effects in the design of policies and programs.
{"title":"Adverse Selection into Competition: Evidence from a Large-scale Field Experiment in Tanzania","authors":"Ingvild Almås, Lars Ivar Oppedal Berge, K. Bjorvatn, Vincent Somville, Bertil Tungodden","doi":"10.2139/ssrn.3696242","DOIUrl":"https://doi.org/10.2139/ssrn.3696242","url":null,"abstract":"An influential literature has shown that women are less willing to compete than men, and the gender gap in competition may contribute to explaining gender differences in educational choices and labor market outcomes. This study reports from a large-scale randomized controlled trial of a women empowerment program in Tanzania targeting young women at the end of secondary school. Combining the randomized controlled trial, a lab-in-the-field experiment and survey data, we provide evidence suggesting that the program caused adverse selection into competition: low performing women competed more, while there was no effect on the high performers. We provide a theoretical framework to illustrate an adverse selection mechanism that may contribute to explain why the program only affected the willingness to compete among low performers. Our results emphasize the importance of understanding sorting mechanisms and heterogeneous treatment effects in the design of policies and programs.","PeriodicalId":133518,"journal":{"name":"Norwegian School of Economics","volume":"190 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125847217","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}
Vincent Somville, A. Andersen, S. Franklin, T. Getahun, Andreas Kotsadam, Espen Villanger
We provide causal evidence of how an increase in wealth affects support for redistribution and beliefs about the causes of poverty. Exploiting the variation in wealth created by an Ethiopian housing lottery, we show that general attitudes toward redistribution and inequality acceptance are relatively insensitive to economic circumstances although winners are less favorable of taxing homeowners. Further, we find evidence of endogenous beliefs: relative to losers, the wealthier winners are more likely to attribute poverty to character traits and less likely to emphasize the role of luck. We interpret this as evidence of a self-serving bias.
{"title":"Does Wealth Reduce Support for Redistribution? Evidence from an Ethiopian Housing Lottery","authors":"Vincent Somville, A. Andersen, S. Franklin, T. Getahun, Andreas Kotsadam, Espen Villanger","doi":"10.2139/ssrn.3694901","DOIUrl":"https://doi.org/10.2139/ssrn.3694901","url":null,"abstract":"We provide causal evidence of how an increase in wealth affects support for redistribution and beliefs about the causes of poverty. Exploiting the variation in wealth created by an Ethiopian housing lottery, we show that general attitudes toward redistribution and inequality acceptance are relatively insensitive to economic circumstances although winners are less favorable of taxing homeowners. Further, we find evidence of endogenous beliefs: relative to losers, the wealthier winners are more likely to attribute poverty to character traits and less likely to emphasize the role of luck. We interpret this as evidence of a self-serving bias.","PeriodicalId":133518,"journal":{"name":"Norwegian School of Economics","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-09-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115743098","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}
Thomas A. Gresik, Dirk Schindler, Guttorm Schjelderup
We study the link between a country’s institutional quality in tax collection and its optimal corporate tax policies in a model of heterogeneous multinationals that can shift income using both debt and transfer prices. Countries with weak institutional quality can be made worse off adopting policies that attract FDI as the benefits from higher wages and production are more than offset by tax base erosion. Countries with moderate institutional quality can gain from under-utilizing their ability to collect taxes, since the benefit of attracting more FDI outstrips the benefit of increased tax revenue. Countries with very strong institutions benefit from FDI and should utilize their full ability to collect taxes.
{"title":"Playing Easy or Playing Hard to Get: When and How to Attract FDI","authors":"Thomas A. Gresik, Dirk Schindler, Guttorm Schjelderup","doi":"10.2139/ssrn.3641378","DOIUrl":"https://doi.org/10.2139/ssrn.3641378","url":null,"abstract":"We study the link between a country’s institutional quality in tax collection and its optimal corporate tax policies in a model of heterogeneous multinationals that can shift income using both debt and transfer prices. Countries with weak institutional quality can be made worse off adopting policies that attract FDI as the benefits from higher wages and production are more than offset by tax base erosion. Countries with moderate institutional quality can gain from under-utilizing their ability to collect taxes, since the benefit of attracting more FDI outstrips the benefit of increased tax revenue. Countries with very strong institutions benefit from FDI and should utilize their full ability to collect taxes.","PeriodicalId":133518,"journal":{"name":"Norwegian School of Economics","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128959455","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}
Assessing dependence within extreme co-movements of financial instruments has been of much interest in risk management. Typically, indices of tail dependence are used to quantify the strength of such dependence, although many of the indices that we find in the literature underreport the strength due to equal treatment of the instruments in the tail of their loss distributions. When this becomes an issue, we advocate the use of a procedure designed to estimate the maximal strength of dependence that can possibly occur among the co-movements. We illustrate the performance of the procedure and its implementation using simulated and real data-sets. Detailed analyses of foreign currency exchange rates, stock market indices, and treasury notes are given.
{"title":"Assessing Maximal Dependence Within Extreme Co-Movements of Financial Instruments","authors":"Ning Sun, Chen Yang, R. Zitikis","doi":"10.2139/ssrn.3631426","DOIUrl":"https://doi.org/10.2139/ssrn.3631426","url":null,"abstract":"Assessing dependence within extreme co-movements of financial instruments has been of much interest in risk management. Typically, indices of tail dependence are used to quantify the strength of such dependence, although many of the indices that we find in the literature underreport the strength due to equal treatment of the instruments in the tail of their loss distributions. When this becomes an issue, we advocate the use of a procedure designed to estimate the maximal strength of dependence that can possibly occur among the co-movements. We illustrate the performance of the procedure and its implementation using simulated and real data-sets. Detailed analyses of foreign currency exchange rates, stock market indices, and treasury notes are given.","PeriodicalId":133518,"journal":{"name":"Norwegian School of Economics","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133424493","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}
This paper explores the final impact of COVID-19 on the worldwide inflation and unemployment through the construction of the Multidimensional Phillips Surface (MP-Surface). The creation of MP-Surface applies the uses of Multi-Level Disks Random Coordinate Space. The main objective of this paper is to probe if COVID-19 can generate inflation and unemployment simultaneously, then we can experience a prolonged economic depression (seven years approximately). In essence, this paper evaluates the Pre-COVID-19, COVID-19, and Post-COVID-19 impact on the worldwide inflation and unemployment between the 2019/2021.
{"title":"Can COVID-19 Generates Inflation and Unemployment Simultaneously?","authors":"Mario Arturo Ruiz Estrada","doi":"10.2139/ssrn.3623081","DOIUrl":"https://doi.org/10.2139/ssrn.3623081","url":null,"abstract":"This paper explores the final impact of COVID-19 on the worldwide inflation and unemployment through the construction of the Multidimensional Phillips Surface (MP-Surface). The creation of MP-Surface applies the uses of Multi-Level Disks Random Coordinate Space. The main objective of this paper is to probe if COVID-19 can generate inflation and unemployment simultaneously, then we can experience a prolonged economic depression (seven years approximately). In essence, this paper evaluates the Pre-COVID-19, COVID-19, and Post-COVID-19 impact on the worldwide inflation and unemployment between the 2019/2021.","PeriodicalId":133518,"journal":{"name":"Norwegian School of Economics","volume":"85 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125759577","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}
The preparedness for outbreaks of pandemics such as the COVID-19 is a major concern for health authorities and leaders as extensive studies in the past have been reported and well documented. However, engaging with the response to an outbreak demands many decisions with enormous implications on a population and its regions. A review of past response mechanisms sheds light on different scenarios to provide an understanding of the challenges that will emerge, depicting trends, changes to GDP and the impact on the economy and employment. With this article, we aim to identify and bring to light the challenges faced by Malta during the pandemic we are currently facing – COVID. This will help risk managers and leaders understand the devastating social and economic impact of such disruptions and act proactively to avoid repetition and embarrassments of being unprepared. Moreover, we aim to provide an understanding of the expected cascading economic domino effects, which may result from the workforce unavailability, during a pandemic and the mistakes in the estimation, if any, that could have been avoided. A desk research study technique was adopted whereby data was collected from existing sources, including government websites, online statistics, published reports, trends and internal data to the local Maltese markets. The COVID-19 phenomena led to new measures being taken worldwide as professionals, leaders, academics and businesses took unprecedented steps to change their business as usual strategies. This in turn brought about various questions and discussions on how islands like Malta controlled their situation.
{"title":"The Impact of COVID-19 on Malta and its Economy and Sustainable Strategies","authors":"S. Grima, Rebecca Dalli Gonzi, E. Thalassinos","doi":"10.2139/ssrn.3644833","DOIUrl":"https://doi.org/10.2139/ssrn.3644833","url":null,"abstract":"The preparedness for outbreaks of pandemics such as the COVID-19 is a major concern for health authorities and leaders as extensive studies in the past have been reported and well documented. However, engaging with the response to an outbreak demands many decisions with enormous implications on a population and its regions. A review of past response mechanisms sheds light on different scenarios to provide an understanding of the challenges that will emerge, depicting trends, changes to GDP and the impact on the economy and employment. With this article, we aim to identify and bring to light the challenges faced by Malta during the pandemic we are currently facing – COVID. This will help risk managers and leaders understand the devastating social and economic impact of such disruptions and act proactively to avoid repetition and embarrassments of being unprepared. Moreover, we aim to provide an understanding of the expected cascading economic domino effects, which may result from the workforce unavailability, during a pandemic and the mistakes in the estimation, if any, that could have been avoided. A desk research study technique was adopted whereby data was collected from existing sources, including government websites, online statistics, published reports, trends and internal data to the local Maltese markets. The COVID-19 phenomena led to new measures being taken worldwide as professionals, leaders, academics and businesses took unprecedented steps to change their business as usual strategies. This in turn brought about various questions and discussions on how islands like Malta controlled their situation.","PeriodicalId":133518,"journal":{"name":"Norwegian School of Economics","volume":"285 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133084578","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}
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