Investigacion Economica最新文献

The aim of this article is to provide reasonable arguments favoring the use of experiments in Economics. Rather than convincing the reader that experiments are plausible, this less common approach is intended to be presented as another way of doing science that is just as valid as the axiomatic deductive approach that still prevails. Finally, we bring up the issues of why the experimental side of Economics has been neglected (specifically behavioral economics) and why not enough people have been interested in this area.

The aim of this paper is to analyse the actual effect of the foreign sector in the Spanish economy, identifying the obstacles and the feedback effects of international trade and the contribution of exports to income generation within the economy relationships. This is intended to be incorporated in the process of creating income, existing links between the domestic economy and external agents. Although similar analysis has the added difficulty of combining the external sector endogenization with the small country hypothesis (no influence of the internal decisions abroad), it is important that the methodology used in this work corrects this problem, isolating the influence and impact of the external sector of the overvaluation resulting from other methodologies.

Motivated by the recent experience of Greece and other relatively small European Monetary Union members, this paper examines the appeal of taking part in a large monetary union from the perspective of small open economies. We show that in the absence of fiscal policy considerations, taking part in a large monetary union is counterproductive for a small economy. Nevertheless, once the role of fiscal policy is properly incorporated, taking part in the monetary union becomes desirable from a social perspective. Following these results, we explore the prospects of engaging both economies in fiscal coordination and on how different schemes of policy synchronization can provide the grounds to make cooperation beneficial for the members of a monetary union. We find that when monetary and fiscal authorities cooperate and attempt to exploit externalities for their own benefit, a Pareto efficient outcome can be achieved if fiscal policy in the monetary union is coordinated by a central authority and such authority acts as a the Stackelberg leader vis-à-vis the central bank. Our analysis suggests that this regime is superior to (i) a monetary union in which fiscal authorities conduct their policy in an independent or (ii) coordinated fashion, (iii) a regime where both authorities internalize the effects of their own externalities by allowing the central bank to act as Stackelberg leader and (iv) a regime in which the small open economy decides to stay out of the monetary union.

We investigate the relationship between the capital structure and the economic conditions in Korean market. To find the adjustment behavior on capital structure depending on macroeconomic conditions, we use dynamic partial adjustment model to estimate adjustment speeds toward targets. As the data analyzed in the study, we use non-financial firms listed in the Korean stock exchange. Through the empirical test, we find evidence that is consistent with Hackbarth, Miao and Morellec (2006) and Cook and Tang (2010)’s arguments that firms tend to adjust faster their leverage toward target level in economic expansion. Thus, our findings support to the pecking order and market timing theories in terms of corporate finance theories on capital structure. In addition, our test results are re-confirmed with robust consistency even though we include year dummy variable in the empirical test model for controlling global financial crisis in contrast with Kim (2013).

The document estimates simultaneously a model of stochastic production frontier and a model of technical inefficiency for 25 Mexican manufacturing industries from 1985 to 2009. It was determined the relevance of inputs in the aggregated value, the variables of inefficiency, the levels of efficiency en each industry, groups of efficient industries, and the profiles of the industries. The results show that human capital, unqualified personnel and capital boost efficiency, while labor productivity and market power tend to reduce technical inefficiency. Among policy measure aimed to achieve the “best practice” are adequate input provision, access to domestic and international markets, credit facilities and employees training programs.

A recent evaluation of the Mexican interinstitutional coordination program Estrategia 100×100, published by Coneval in 2013, did not find many satisfactory results with respect to its target population. However, in Coneval's evaluation all statistical quantities of interest were computed at the group level only, thereby overlooking individual within-group heterogeneity. In this paper we estimate the heterogeneity of these treatment effects as a function of the level of investment per capita received through the program's actions. We provide evidence that the program was in fact effective whenever it was accompanied by the required investment.

The paper draws from Prebisch's hyphotesis of dynamic insufficiency, Harrod's dynamic theory, Kaldor-Verdoorn law and Thirlwall's endogenous growth theory and looks at the determinants of Mexico's economic growth and unemployment rates during the period 1974-2012. Our empirical estimation shows that a low rate of capital accumulation generates insufficient absorption of labour force, low labour productivity and a slow long-run growth rate of output.