首页 > 最新文献

Economic Annals最新文献

英文 中文
Inequality and welfare state clientelism in Bosnia and Herzegovina 波斯尼亚和黑塞哥维那的不平等和福利国家的庇护主义
Q3 Economics, Econometrics and Finance Pub Date : 2019-01-01 DOI: 10.2298/eka1923083o
Nikolina Obradović, Goran Filic Patrick
Inequality in Bosnia and Herzegovina (BiH) is rampant, manifested not only through one of the highest Gini coefficients in Europe but also in unequal access to social benefits and services. We find this to be an outcome of BiH?s entitygovernment social policy, which has been created to serve ethnic clientelistic politics. As the country?s former social protection system adjusted in the immediate post-civil war period to a new asymmetric government structure made of two entities, Federation of Bosnia and Herzegovina and Republika Srpska, it helped the main ethnic political parties preserve their power and ethnic divisions. This was achieved through a comprehensive system of status-based social benefits, most notably war-related social benefits granted on the basis of ethnic and military service affiliation. As such, in both BiH?s entities the system of social protection is an instrument of political control that generates inequality by treating certain social groups differently in terms of access to and level of benefits, while excluding much of the population. The process is found to be endogenous; in other words, maintaining inequality in access to social benefits is essential for preserving clientelistic policy, and vice versa.
波斯尼亚-黑塞哥维那(波黑)的不平等现象十分猖獗,不仅表现在它是欧洲基尼系数最高的国家之一,而且还表现在获得社会福利和服务的机会不平等。我们认为这是波黑的结果。美国政府的社会政策是为民族庇护政治服务的。作为国家?在波斯尼亚-黑塞哥维那联邦和斯普斯卡共和国这两个实体组成的新的不对称政府结构中,前社会保护制度在内战结束后立即进行了调整,它帮助主要的民族政党保持其权力和种族分裂。这是通过基于身份的综合社会福利制度来实现的,最显著的是基于民族和兵役的战争社会福利。因此,在波黑?就实体而言,社会保护制度是一种政治控制工具,通过在获得福利的机会和水平方面区别对待某些社会群体,同时将大部分人口排除在外,从而产生不平等。这个过程被发现是内生的;换句话说,维持获得社会福利的不平等对于维持庇护主义政策至关重要,反之亦然。
{"title":"Inequality and welfare state clientelism in Bosnia and Herzegovina","authors":"Nikolina Obradović, Goran Filic Patrick","doi":"10.2298/eka1923083o","DOIUrl":"https://doi.org/10.2298/eka1923083o","url":null,"abstract":"Inequality in Bosnia and Herzegovina (BiH) is rampant, manifested not only through one of the highest Gini coefficients in Europe but also in unequal access to social benefits and services. We find this to be an outcome of BiH?s entitygovernment social policy, which has been created to serve ethnic clientelistic politics. As the country?s former social protection system adjusted in the immediate post-civil war period to a new asymmetric government structure made of two entities, Federation of Bosnia and Herzegovina and Republika Srpska, it helped the main ethnic political parties preserve their power and ethnic divisions. This was achieved through a comprehensive system of status-based social benefits, most notably war-related social benefits granted on the basis of ethnic and military service affiliation. As such, in both BiH?s entities the system of social protection is an instrument of political control that generates inequality by treating certain social groups differently in terms of access to and level of benefits, while excluding much of the population. The process is found to be endogenous; in other words, maintaining inequality in access to social benefits is essential for preserving clientelistic policy, and vice versa.","PeriodicalId":35023,"journal":{"name":"Economic Annals","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68476247","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
What lies behind the gender wage gap in Serbia? 塞尔维亚性别工资差距背后的原因是什么?
Q3 Economics, Econometrics and Finance Pub Date : 2019-01-01 DOI: 10.2298/eka1923137a
Aleksandra Anić, G. Krstić
Large gender inequalities have persisted in the Serbian labour market. One of the key indicators of labour market inequality is the gender pay gap. This paper examines the gender pay gap in Serbia based on data from the Survey of Income and Living Conditions. Our findings show that on average women earn far less than men, a gap that has increased slightly over time. The paper offers an in-depth analysis of this gender pay gap in Serbia by decomposing the gender pay gap into an explained part related to difference in characteristics and an unexplained part related to differences in returns attributable to these characteristics. In addition, it provides an estimate of selection effects on the gender pay gap using an innovative methodology that corrects for sample selection bias.
塞尔维亚劳动力市场上仍然存在很大的性别不平等。劳动力市场不平等的关键指标之一是性别薪酬差距。本文根据收入和生活条件调查的数据研究了塞尔维亚的性别工资差距。我们的研究结果显示,平均而言,女性的收入远低于男性,这一差距随着时间的推移略有扩大。本文通过将性别薪酬差距分解为与特征差异相关的可解释部分和与这些特征导致的回报差异相关的不可解释部分,对塞尔维亚的性别薪酬差距进行了深入分析。此外,它还使用一种创新的方法来估计选择对性别工资差距的影响,这种方法可以纠正样本选择偏差。
{"title":"What lies behind the gender wage gap in Serbia?","authors":"Aleksandra Anić, G. Krstić","doi":"10.2298/eka1923137a","DOIUrl":"https://doi.org/10.2298/eka1923137a","url":null,"abstract":"Large gender inequalities have persisted in the Serbian labour market. One of the key indicators of labour market inequality is the gender pay gap. This paper examines the gender pay gap in Serbia based on data from the Survey of Income and Living Conditions. Our findings show that on average women earn far less than men, a gap that has increased slightly over time. The paper offers an in-depth analysis of this gender pay gap in Serbia by decomposing the gender pay gap into an explained part related to difference in characteristics and an unexplained part related to differences in returns attributable to these characteristics. In addition, it provides an estimate of selection effects on the gender pay gap using an innovative methodology that corrects for sample selection bias.","PeriodicalId":35023,"journal":{"name":"Economic Annals","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68476291","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 strategic choices of Serbian entrepreneurs: Are they entrepreneurially oriented and do they differ by gender? 塞尔维亚企业家的战略选择:他们是否以创业为导向?他们是否因性别而有所不同?
Q3 Economics, Econometrics and Finance Pub Date : 2019-01-01 DOI: 10.2298/eka1922147s
Danijela Stošić-Panić
This paper focuses on the strategic practice of Serbian entrepreneurs by addressing the issue of their entrepreneurial orientation. Based on a sample of 101 respondents (randomly drawn from the Serbian Business Registers Agency?s database), the research tries to answer the question of whether Serbian entrepreneurs? strategic choices in the fields of growth, innovation, and marketing are entrepreneurially oriented. The paper also reports research on gender differences regarding these issues. The results suggest that Serbian entrepreneurs are entrepreneurially oriented when making decisions about growth, innovation, and marketing. Also, Serbian women entrepreneurs are less entrepreneurially oriented than men when choosing growth strategies, but more entrepreneurially oriented in certain aspects of market orientation. No statistically important gender differences were found regarding innovation strategies.
本文以塞尔维亚企业家的战略实践为研究重点,探讨了塞尔维亚企业家的创业取向问题。基于101名受访者的样本(随机抽取自塞尔维亚商业登记局?(数据库),该研究试图回答塞尔维亚企业家是否?在成长、创新和营销领域的战略选择都是以企业家为导向的。本文还报道了关于这些问题的性别差异的研究。结果表明,塞尔维亚企业家在做出增长、创新和营销决策时具有企业家导向。此外,塞尔维亚女企业家在选择增长战略时不象男子那样注重企业精神,但在面向市场的某些方面则更注重企业精神。在创新策略方面,没有发现统计学上重要的性别差异。
{"title":"The strategic choices of Serbian entrepreneurs: Are they entrepreneurially oriented and do they differ by gender?","authors":"Danijela Stošić-Panić","doi":"10.2298/eka1922147s","DOIUrl":"https://doi.org/10.2298/eka1922147s","url":null,"abstract":"This paper focuses on the strategic practice of Serbian entrepreneurs by addressing the issue of their entrepreneurial orientation. Based on a sample of 101 respondents (randomly drawn from the Serbian Business Registers Agency?s database), the research tries to answer the question of whether Serbian entrepreneurs? strategic choices in the fields of growth, innovation, and marketing are entrepreneurially oriented. The paper also reports research on gender differences regarding these issues. The results suggest that Serbian entrepreneurs are entrepreneurially oriented when making decisions about growth, innovation, and marketing. Also, Serbian women entrepreneurs are less entrepreneurially oriented than men when choosing growth strategies, but more entrepreneurially oriented in certain aspects of market orientation. No statistically important gender differences were found regarding innovation strategies.","PeriodicalId":35023,"journal":{"name":"Economic Annals","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68475728","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
Countries of former yugoslavia: Periphery vs. super-periphery in the great recession and beyond 前南斯拉夫国家:大衰退时期的边缘国家与超级边缘国家
Q3 Economics, Econometrics and Finance Pub Date : 2019-01-01 DOI: 10.2298/eka1923011b
Velimir Bole, Miha Dominko, Ada Guštin-Habuš, J. Prašnikar
The paper deals with the performance of former Yugoslav countries during the Great Recession. It compares the performance of peripheral countries (Slovenia and Croatia) with those of superperipheral countries (Bosnia, the Republic of North Macedonia, Montenegro, and Serbia). The focus of the analysis is the four channels of crisis transmission and amplification: the capital surge as the external channel on the one hand, and the financial accelerator, the banking credit extension, and liquidity as internal channels on the other. While the external channel drove the dynamics of the crisis, the internal channels amplified, broadened, and prolonged its drastic economic consequences. The paper depicts the trajectory of the consequences of the Great Recession for both peripheral and super-peripheral countries. It shows that, regarding financial stability, peripheral countries outperformed superperipheral countries in the boom phase, but not in the bust and recovery phases. The crucial factor influencing such a deterioration of peripheral countries? financial stability was the policy measures enforced by the European Commission and ECB, calibrated to the needs of the largest and strongest economies of the euro area, while neglecting the asymmetric dynamics of European economies in the bust and recovery phases. The paper concludes with a warning that something similar could happen in the present crisis triggered by the Covid-19 virus.
本文研究了前南斯拉夫国家在经济大衰退期间的表现。它比较了外围国家(斯洛文尼亚和克罗地亚)与超级外围国家(波斯尼亚、北马其顿共和国、黑山和塞尔维亚)的表现。重点分析了危机传导和放大的四种渠道,即以资本激增为外部渠道,以金融加速器、银行信贷扩张和流动性为内部渠道。虽然外部渠道推动了危机的动态,但内部渠道放大、扩大并延长了其严重的经济后果。本文描述了大衰退对外围国家和超外围国家的影响轨迹。它表明,在金融稳定方面,外围国家在繁荣阶段优于超级外围国家,但在萧条和复苏阶段则不然。影响欧元区外围国家如此恶化的关键因素是什么?金融稳定是由欧盟委员会和欧洲央行执行的政策措施,根据欧元区最大和最强经济体的需求进行校准,同时忽略了欧洲经济在萧条和复苏阶段的不对称动态。该报告最后警告说,在目前由Covid-19病毒引发的危机中,可能会发生类似的事情。
{"title":"Countries of former yugoslavia: Periphery vs. super-periphery in the great recession and beyond","authors":"Velimir Bole, Miha Dominko, Ada Guštin-Habuš, J. Prašnikar","doi":"10.2298/eka1923011b","DOIUrl":"https://doi.org/10.2298/eka1923011b","url":null,"abstract":"The paper deals with the performance of former Yugoslav countries during the Great Recession. It compares the performance of peripheral countries (Slovenia and Croatia) with those of superperipheral countries (Bosnia, the Republic of North Macedonia, Montenegro, and Serbia). The focus of the analysis is the four channels of crisis transmission and amplification: the capital surge as the external channel on the one hand, and the financial accelerator, the banking credit extension, and liquidity as internal channels on the other. While the external channel drove the dynamics of the crisis, the internal channels amplified, broadened, and prolonged its drastic economic consequences. The paper depicts the trajectory of the consequences of the Great Recession for both peripheral and super-peripheral countries. It shows that, regarding financial stability, peripheral countries outperformed superperipheral countries in the boom phase, but not in the bust and recovery phases. The crucial factor influencing such a deterioration of peripheral countries? financial stability was the policy measures enforced by the European Commission and ECB, calibrated to the needs of the largest and strongest economies of the euro area, while neglecting the asymmetric dynamics of European economies in the bust and recovery phases. The paper concludes with a warning that something similar could happen in the present crisis triggered by the Covid-19 virus.","PeriodicalId":35023,"journal":{"name":"Economic Annals","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68475744","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
The minimum wage as a wage equality policy: Evidence from North Macedonia 作为工资平等政策的最低工资:来自北马其顿的证据
Q3 Economics, Econometrics and Finance Pub Date : 2019-01-01 DOI: 10.2298/eka1923061p
Marjan Petreski, Nikica Mojsoska-Blazevski, Mariko Ouchi
The paper aims to investigate if the minimum wage increase of September 2017 resulted in better wage equality in North Macedonia. The increase of 19% was sizable and included levelling up in the three sectors with a lower minimum wage: textiles, apparel, and leather. We extend the ?cell? approach of Card (1992a) and rely on data from the Labour Force Survey 2017 and 2018. The results suggest that the 2017 increase in the minimum wage had a positive, significant, and robust effect on wages. However, the wage increases were almost entirely positioned on the left side of the wage distribution and implied wage compression up to or around the minimum wage. The bunching around the new minimum wage level ?equalised? workers: those who previously earned the new minimum wage level equalised with the less productive workers who approximated their wage only by the power of the law. Hence, wage equality improved. The results confirm that the minimum wage can be an important wage equality policy, with considerably limited upward spillover effects in the current policy and institutional setup.
本文旨在调查2017年9月的最低工资增长是否导致北马其顿的工资平等状况有所改善。19%的增幅相当可观,其中包括最低工资较低的三个行业:纺织、服装和皮革。我们扩展?单元格?Card (1992a)的方法,并依赖于2017年和2018年劳动力调查的数据。结果表明,2017年最低工资的提高对工资产生了积极、显著和强劲的影响。然而,工资增长几乎完全位于工资分布的左侧,这意味着工资压缩到最低工资或最低工资附近。围绕新的最低工资水平的争论是否平等?工人:那些以前获得新的最低工资水平的人与那些只有通过法律力量才能接近他们工资的生产率较低的工人平等。因此,工资平等得到了改善。研究结果表明,最低工资可以作为一项重要的工资平等政策,但在当前的政策和制度设置中,其上行溢出效应相当有限。
{"title":"The minimum wage as a wage equality policy: Evidence from North Macedonia","authors":"Marjan Petreski, Nikica Mojsoska-Blazevski, Mariko Ouchi","doi":"10.2298/eka1923061p","DOIUrl":"https://doi.org/10.2298/eka1923061p","url":null,"abstract":"The paper aims to investigate if the minimum wage increase of September 2017 resulted in better wage equality in North Macedonia. The increase of 19% was sizable and included levelling up in the three sectors with a lower minimum wage: textiles, apparel, and leather. We extend the ?cell? approach of Card (1992a) and rely on data from the Labour Force Survey 2017 and 2018. The results suggest that the 2017 increase in the minimum wage had a positive, significant, and robust effect on wages. However, the wage increases were almost entirely positioned on the left side of the wage distribution and implied wage compression up to or around the minimum wage. The bunching around the new minimum wage level ?equalised? workers: those who previously earned the new minimum wage level equalised with the less productive workers who approximated their wage only by the power of the law. Hence, wage equality improved. The results confirm that the minimum wage can be an important wage equality policy, with considerably limited upward spillover effects in the current policy and institutional setup.","PeriodicalId":35023,"journal":{"name":"Economic Annals","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68475812","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 dynamics of house prices and fiscal policy shocks in Turkey 土耳其房价动态和财政政策冲击
Q3 Economics, Econometrics and Finance Pub Date : 2019-01-01 DOI: 10.2298/EKA1920039O
Mustafa Yıldırım Ozan, Ö. Filiz
This study examines the interaction between house prices and gov-ernment spending, mortgage interest rates, and gross domestic product in Turkey. The ARDL bounds test approach is applied to quarterly data covering the 2010:1–2017:4 period. Findings indicate that there is a statistically significant long-run and short-run cointegration between the two house price indexes and government spending, mortgage rates, and GDP. An increase in government spending has a statistically sig-nificant positive effect on house prices. The study also indicates that mortgage interest rate and GDP have a statistically signifi-cant effect on house prices.
本研究考察了土耳其房价与政府支出、抵押贷款利率和国内生产总值之间的相互作用。ARDL界限测试方法适用于2010:1-2017:4期间的季度数据。研究结果表明,两个房价指数与政府支出、抵押贷款利率和GDP之间存在统计上显著的长期和短期协整关系。政府支出的增加在统计上对房价有显著的积极影响。研究还表明,抵押贷款利率和GDP对房价的影响具有统计学意义。
{"title":"The dynamics of house prices and fiscal policy shocks in Turkey","authors":"Mustafa Yıldırım Ozan, Ö. Filiz","doi":"10.2298/EKA1920039O","DOIUrl":"https://doi.org/10.2298/EKA1920039O","url":null,"abstract":"This study examines the interaction between house prices and gov-ernment spending, mortgage interest rates, and gross domestic product in Turkey. The ARDL bounds test approach is applied to quarterly data covering the 2010:1–2017:4 period. Findings indicate that there is a statistically significant long-run and short-run cointegration between the two house price indexes and government spending, mortgage rates, and GDP. An increase in government spending has a statistically sig-nificant positive effect on house prices. The study also indicates that mortgage interest rate and GDP have a statistically signifi-cant effect on house prices.","PeriodicalId":35023,"journal":{"name":"Economic Annals","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68475817","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: 7
Do momentum strategies perform better for Islamic stocks than for conventional stocks across market states? 在各个市场国家,动量策略在伊斯兰股票上的表现是否优于传统股票?
Q3 Economics, Econometrics and Finance Pub Date : 2019-01-01 DOI: 10.2298/eka1921107t
Lain-Tze Tee, Simone Kew, S. Low
This study compares the momentum profitability of Islamic and conventional stocks in Malaysia and examines whether the presence of momentum profits is market-state dependent. Winner portfolios are shown to outperform loser portfolios, suggesting that a momentum effect exists in the equity market. Islamic stocks exhibit stronger momentum than conventional stocks. Interestingly, although pursuing profit is not the primary goal of Islamic stock investors, the findings indicate that momentum profits for all Islamic stock trading strategies are higher than those for conventional stocks. The profits from momentum strategies for both stocks are market-state dependent. In all trading strategies, while there are significant positive momentum profits following market upturns, there is no evidence of profits subsequent to market downturns. Overall, Islamic stocks yield higher momentum profits than conventional stocks across market states. These findings are robust to using various measures of the state of the market. While the presence of momentum profits is also robust to the inclusion of Fama-French?s (1993) risk factors, the risk factors are unable to explain momentum profits, suggesting that the risk-adjusted momentum profits are not due to risk compensation. Rather, the profitability is evidence of stock mispricing.
本研究比较了马来西亚伊斯兰和传统股票的动量盈利能力,并检验了动量利润的存在是否依赖于市场状态。赢家投资组合的表现优于输家投资组合,这表明股票市场存在动量效应。伊斯兰股票比传统股票表现出更强的势头。有趣的是,虽然追求利润不是伊斯兰股票投资者的主要目标,但研究结果表明,所有伊斯兰股票交易策略的动量利润都高于传统股票。这两只股票的动量策略的利润都取决于市场状态。在所有的交易策略中,虽然在市场上涨之后会有显著的正动量利润,但没有证据表明在市场下跌之后会有利润。总体而言,在各个市场国家,伊斯兰股票的动能利润都高于传统股票。这些发现对于使用各种衡量市场状况的方法都是可靠的。虽然利润势头强劲,但Fama-French?S(1993)风险因素中,风险因素无法解释动量利润,这表明风险调整后的动量利润不是由于风险补偿。相反,盈利能力是股票定价错误的证据。
{"title":"Do momentum strategies perform better for Islamic stocks than for conventional stocks across market states?","authors":"Lain-Tze Tee, Simone Kew, S. Low","doi":"10.2298/eka1921107t","DOIUrl":"https://doi.org/10.2298/eka1921107t","url":null,"abstract":"This study compares the momentum profitability of Islamic and conventional stocks in Malaysia and examines whether the presence of momentum profits is market-state dependent. Winner portfolios are shown to outperform loser portfolios, suggesting that a momentum effect exists in the equity market. Islamic stocks exhibit stronger momentum than conventional stocks. Interestingly, although pursuing profit is not the primary goal of Islamic stock investors, the findings indicate that momentum profits for all Islamic stock trading strategies are higher than those for conventional stocks. The profits from momentum strategies for both stocks are market-state dependent. In all trading strategies, while there are significant positive momentum profits following market upturns, there is no evidence of profits subsequent to market downturns. Overall, Islamic stocks yield higher momentum profits than conventional stocks across market states. These findings are robust to using various measures of the state of the market. While the presence of momentum profits is also robust to the inclusion of Fama-French?s (1993) risk factors, the risk factors are unable to explain momentum profits, suggesting that the risk-adjusted momentum profits are not due to risk compensation. Rather, the profitability is evidence of stock mispricing.","PeriodicalId":35023,"journal":{"name":"Economic Annals","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68475950","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
Determinants of female entrepreneurship in Iran: An institutional approach 伊朗女性创业的决定因素:一种制度方法
Q3 Economics, Econometrics and Finance Pub Date : 2018-01-01 DOI: 10.2298/eka1816111k
Mohsen Mohammadi
* University of Gonbad-e Kavous, Email: m.mohamadi@ut.ac.ir JEL CLASSIFICATION: L26, J24, O17, O43 ABSTRACT: The purpose of this paper is to analyse the factors that influence female entrepreneurship (opportunity and necessity entrepreneurship) in Iran, using institutional economics as the theoretical framework. The empirical research uses the Logit Model and the Multinomial Logit Model to analyse a dataset for Iran based on the Global Entrepreneurship Monitor (GEM) and covering the period 2011–2015. The study concludes that informal factors (fear of failing, entrepreneurial skills, and female networks) are more relevant to female entrepreneurship than formal factors (education and start-up capital). The research recommends that policymakers consider the institutional factors that affect female entrepreneurship in Iran and design support policies to foster female entrepreneurial activity.
摘要:本文旨在以制度经济学为理论框架,分析影响伊朗女性创业(机会型创业和必要性型创业)的因素。实证研究使用Logit模型和多项Logit模型分析了2011-2015年期间基于全球创业监测(GEM)的伊朗数据集。该研究的结论是,与正式因素(教育和启动资金)相比,非正式因素(对失败的恐惧、创业技能和女性网络)与女性创业更相关。该研究建议政策制定者考虑影响伊朗女性创业的制度因素,并设计支持政策以促进女性创业活动。
{"title":"Determinants of female entrepreneurship in Iran: An institutional approach","authors":"Mohsen Mohammadi","doi":"10.2298/eka1816111k","DOIUrl":"https://doi.org/10.2298/eka1816111k","url":null,"abstract":"* University of Gonbad-e Kavous, Email: m.mohamadi@ut.ac.ir JEL CLASSIFICATION: L26, J24, O17, O43 ABSTRACT: The purpose of this paper is to analyse the factors that influence female entrepreneurship (opportunity and necessity entrepreneurship) in Iran, using institutional economics as the theoretical framework. The empirical research uses the Logit Model and the Multinomial Logit Model to analyse a dataset for Iran based on the Global Entrepreneurship Monitor (GEM) and covering the period 2011–2015. The study concludes that informal factors (fear of failing, entrepreneurial skills, and female networks) are more relevant to female entrepreneurship than formal factors (education and start-up capital). The research recommends that policymakers consider the institutional factors that affect female entrepreneurship in Iran and design support policies to foster female entrepreneurial activity.","PeriodicalId":35023,"journal":{"name":"Economic Annals","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68475246","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: 5
Determinants Of Financial Euroisation In A Small Open Economy: The Case Of Serbia 小型开放经济体中金融欧元化的决定因素:以塞尔维亚为例
Q3 Economics, Econometrics and Finance Pub Date : 2018-01-01 DOI: 10.2298/EKA1818009B
Mile Bošnjak, Gordana Kordić, Vlatka Bilas
This paper examines the phenomenon of financial euroisation in Serbia, focusing on the liability side of the banking system. A time series model is estimated and evaluated using a monthly data sample from January 2007 to January 2016 for Serbia. The results of this paper show that the mean pattern of financial euroisation in Serbia is determined by the exchange rate, inflation, and the interest rate differential. Financial euroisation in Serbia is found to be volatile and to exhibit a clustering pattern. Of the estimated and tested models the ARCH (1) model is found to be best suited to explain the volatile behaviour pattern of financial euroisation in Serbia.
本文考察了塞尔维亚的金融欧元化现象,重点关注银行体系的负债方面。使用塞尔维亚2007年1月至2016年1月的月度数据样本估计和评估时间序列模型。本文的结果表明,塞尔维亚金融欧元化的平均模式是由汇率、通货膨胀和利率差异决定的。发现塞尔维亚的金融欧元化是不稳定的,并表现出集群模式。在估计和测试的模型中,ARCH(1)模型被发现最适合解释塞尔维亚金融欧元化的波动行为模式。
{"title":"Determinants Of Financial Euroisation In A Small Open Economy: The Case Of Serbia","authors":"Mile Bošnjak, Gordana Kordić, Vlatka Bilas","doi":"10.2298/EKA1818009B","DOIUrl":"https://doi.org/10.2298/EKA1818009B","url":null,"abstract":"This paper examines the phenomenon of financial euroisation in Serbia, focusing on the liability side of the banking system. A time series model is estimated and evaluated using a monthly data sample from January 2007 to January 2016 for Serbia. The results of this paper show that the mean pattern of financial euroisation in Serbia is determined by the exchange rate, inflation, and the interest rate differential. Financial euroisation in Serbia is found to be volatile and to exhibit a clustering pattern. Of the estimated and tested models the ARCH (1) model is found to be best suited to explain the volatile behaviour pattern of financial euroisation in Serbia.","PeriodicalId":35023,"journal":{"name":"Economic Annals","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68475501","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
Pro-Competitive Regulatory Policies For Post-Paid And Pre-Paid Mobile Phone Markets 后付费和预付费手机市场的竞争监管政策
Q3 Economics, Econometrics and Finance Pub Date : 2018-01-01 DOI: 10.2298/eka1818085t
D. Trifunović, Djordje Mitrović
There are two types of switching costs when users change their mobile operator. The first stems from price discrimination when the network charges a lower price for on-net than for off-net calls. If the majority of the switching user’s contacts are in their current network, this imposes an obstacle to changing the network, since in the new network they would have to pay a higher price for off-net calls. The other switching cost results from the switching user having to inform all their contacts about their new number in the other network. Mobile phone number portability (NP) reduces this switching cost. This paper’s aim is to determine pro-competitive regulatory policies for the post-paid and pre-paid market segments. This distinction is important since the post-paid market dominates in developed countries, while in less developed countries the prepaid market dominates. There are two operators in our model, the incumbent and a new entrant. In the postpaid market, NP reduces the level of market concentration. In the pre-paid market, NP has no impact on the convergence of market shares, and the reduction of access charges (the fee for terminating calls in the rival network) turns out to be a pro-competitive regulatory policy. There is no need for asymmetric access regulation where the incumbent pays higher access charges than the new entrant.
当用户更换移动运营商时,有两种类型的转换成本。第一个问题源于价格歧视,即网络对在线通话的收费低于离线通话的收费。如果切换用户的大多数联系人都在他们当前的网络中,这就给改变网络设置了障碍,因为在新的网络中,他们将不得不为非网络呼叫支付更高的价格。另一个交换成本来自于交换用户必须将其在另一个网络中的新号码通知其所有联系人。移动电话号码可移植性(NP)降低了这种交换成本。本文的目的是确定后付费和预付费细分市场的有利于竞争的监管政策。这种区别很重要,因为后付费市场在发达国家占主导地位,而在欠发达国家,预付费市场占主导地位。在我们的模型中有两个运营商,一个是现有的,另一个是新进入者。在后付费市场中,NP降低了市场集中度。在预付费市场中,NP对市场份额的趋同没有影响,降低接入费(在竞争对手网络中终止通话的费用)被证明是一种有利于竞争的监管政策。不需要不对称的准入监管,即现有者比新进入者支付更高的准入费用。
{"title":"Pro-Competitive Regulatory Policies For Post-Paid And Pre-Paid Mobile Phone Markets","authors":"D. Trifunović, Djordje Mitrović","doi":"10.2298/eka1818085t","DOIUrl":"https://doi.org/10.2298/eka1818085t","url":null,"abstract":"There are two types of switching costs when users change their mobile operator. The first stems from price discrimination when the network charges a lower price for on-net than for off-net calls. If the majority of the switching user’s contacts are in their current network, this imposes an obstacle to changing the network, since in the new network they would have to pay a higher price for off-net calls. The other switching cost results from the switching user having to inform all their contacts about their new number in the other network. Mobile phone number portability (NP) reduces this switching cost. This paper’s aim is to determine pro-competitive regulatory policies for the post-paid and pre-paid market segments. This distinction is important since the post-paid market dominates in developed countries, while in less developed countries the prepaid market dominates. There are two operators in our model, the incumbent and a new entrant. In the postpaid market, NP reduces the level of market concentration. In the pre-paid market, NP has no impact on the convergence of market shares, and the reduction of access charges (the fee for terminating calls in the rival network) turns out to be a pro-competitive regulatory policy. There is no need for asymmetric access regulation where the incumbent pays higher access charges than the new entrant.","PeriodicalId":35023,"journal":{"name":"Economic Annals","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68475625","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
期刊
Economic Annals
全部 Acc. Chem. Res. ACS Applied Bio Materials ACS Appl. Electron. Mater. ACS Appl. Energy Mater. ACS Appl. Mater. Interfaces ACS Appl. Nano Mater. ACS Appl. Polym. Mater. ACS BIOMATER-SCI ENG ACS Catal. ACS Cent. Sci. ACS Chem. Biol. ACS Chemical Health & Safety ACS Chem. Neurosci. ACS Comb. Sci. ACS Earth Space Chem. ACS Energy Lett. ACS Infect. Dis. ACS Macro Lett. ACS Mater. Lett. ACS Med. Chem. Lett. ACS Nano ACS Omega ACS Photonics ACS Sens. ACS Sustainable Chem. Eng. ACS Synth. Biol. Anal. Chem. BIOCHEMISTRY-US Bioconjugate Chem. BIOMACROMOLECULES Chem. Res. Toxicol. Chem. Rev. Chem. Mater. CRYST GROWTH DES ENERG FUEL Environ. Sci. Technol. Environ. Sci. Technol. Lett. Eur. J. Inorg. Chem. IND ENG CHEM RES Inorg. Chem. J. Agric. Food. Chem. J. Chem. Eng. Data J. Chem. Educ. J. Chem. Inf. Model. J. Chem. Theory Comput. J. Med. Chem. J. Nat. Prod. J PROTEOME RES J. Am. Chem. Soc. LANGMUIR MACROMOLECULES Mol. Pharmaceutics Nano Lett. Org. Lett. ORG PROCESS RES DEV ORGANOMETALLICS J. Org. Chem. J. Phys. Chem. J. Phys. Chem. A J. Phys. Chem. B J. Phys. Chem. C J. Phys. Chem. Lett. Analyst Anal. Methods Biomater. Sci. Catal. Sci. Technol. Chem. Commun. Chem. Soc. Rev. CHEM EDUC RES PRACT CRYSTENGCOMM Dalton Trans. Energy Environ. Sci. ENVIRON SCI-NANO ENVIRON SCI-PROC IMP ENVIRON SCI-WAT RES Faraday Discuss. Food Funct. Green Chem. Inorg. Chem. Front. Integr. Biol. J. Anal. At. Spectrom. J. Mater. Chem. A J. Mater. Chem. B J. Mater. Chem. C Lab Chip Mater. Chem. Front. Mater. Horiz. MEDCHEMCOMM Metallomics Mol. Biosyst. Mol. Syst. Des. Eng. Nanoscale Nanoscale Horiz. Nat. Prod. Rep. New J. Chem. Org. Biomol. Chem. Org. Chem. Front. PHOTOCH PHOTOBIO SCI PCCP Polym. Chem.
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
0
微信
客服QQ
Book学术公众号 扫码关注我们
反馈
×
意见反馈
请填写您的意见或建议
请填写您的手机或邮箱
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
Book学术官方微信
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术
文献互助 智能选刊 最新文献 互助须知 联系我们:info@booksci.cn
Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。
Copyright © 2023 Book学术 All rights reserved.
ghs 京公网安备 11010802042870号 京ICP备2023020795号-1