Investigacion Economica最新文献

The tariff imposed over the use of electricity transmission networks is one critical factor to achieve efficiency in electricity markets. In Mexico, the current transmission network tariffs are based on long run marginal costs. We propose an incentive pricecap mechanism and apply it to the meshed network system in the isolated electricity system of Southern Baja California, Mexico. We further compare the current transmission tariffs set by the Mexican regulator (cre) with the tariffs resulting from our regulatory scheme. We show that our mechanism prices the network at tariffs rendering superior welfare compared to the tariffs determined by Mexican authorities.

We explore the link between personal and functional income distribution at the micro level. We focus on the European experience over the crisis, comparing European households’ incomes in 2007, 2012 and 2014. Throughout the period, most households earned income from more than one source, and a positive relation exists between both the capital and labour shares of incomes and total household incomes. We find that functional distribution, i.e. what kind of income a household earns, significantly affects both its position in the income distribution and its chances of mobility within it, and such impact is magnified by the crisis. However, the geography of European households’ incomes is much more complex than frequently suggested. In general, the more households depend on labour incomes the more likely they were to move downwards in the income distribution. However, this does not imply that capital incomes made households more likely to move upwards.

This paper focuses on future job creation in Spain through exports. Our analysis covers direct, induced, or indirect job creation, based on exports output and inputs demanded by exports. We carried out estimations of symmetrical Input-Output Tables (iot) from 2010 to 2020, as an instrument to analyze the impacts of exports on Spanish economy and employment.

The main conclusions deal with Spanish exports within sectorial production chains, the spillover effect of those exports on the domestic economy, and, by extension, their effect on job creation and the balance of payments. Thus, one of the main contributions of this paper, not much explored in current economic literature, is the continuity of the entrepreneurial structure of Spain's export sector. This entails a dual structure: A very few high-volume exporting companies that create few jobs, and a large amount of small exporting companies that create more jobs. We surmise that this structure will continue to exist over the following years. A conclusion of our investigation is that as Spain's export sector increases its participation in global production chains, there will be few net jobs created by exported output.

This paper reflects on the history and enduring relevance of Keynes’ economics. Keynes unleashed a devastating critique of classical macroeconomics and introduced a new replacement schema that defines macroeconomics. The success of the Keynesian revolution triggered a counter-revolution that restored the classical tradition and now enforces a renewed classical monopoly. That monopoly has provided the intellectual foundations for neoliberalism which has produced economic and political conditions echoing the 1930s. Openness to Keynesian ideas seems to fluctuate with conditions, and current conditions are conducive to revival of the Keynesian revolution. However, a revival will have to overcome the renewed classical monopoly.

This paper aims to analyze some stylized and explanatory facts about income differentials by monthly and hourly income in Mexico for the period 1987-2015. The explanatory power of human capital theory, synthesized in years of schooling, training and experience, is evaluated using the Blinder-Oaxaca methodology, which weighs the explanatory factors of endowments, full wage discrimination and factors not considered represented by the constants. The results show, in general, that the endowments of human capital have a temporary and partial effect, so that the trends of the hourly and monthly long-term earnings differentials are mainly explained by the behavior of wage discrimination and endowments of years of experience. Schooling as a factor of discrimination was relevant only for the period prior to the 1995 economic crisis and nafta, while the training factor has small and intermittent effects throughout the period of analysis.

A “race towards the bottom” in very poor countries is a policy that deliberately depresses wages to attain higher competitiveness in the global market. This policy distorts the comparative advantages that would emerge in the absence of such an economic policy and also induces lower purchasing power, leading to suboptimal consumption. There are barely any theoretical models (to our knowledge) showing the impact of a global minimum for minimum wages. We found that, under such circumstances, a global lower bound for minimum wages that re-establishes the competitive wage rate in very poor countries represents a Pareto improvement: It enhances the markets due to the expansion in sales caused by the increase in real wages of the vast majority (workers). One of the innovations of this primer is to apply a simple dsge model to the macroeconomic consequences of a global minimum for minimum wages.

The structure of the labor demand in the industrialized countries has changed and has caused an increase in the wage inequality among the different groups of workers (skilled and unskilled), while, in the developing countries this inequality has decreased. The actual paper analyses the factors that determine the wage inequality that exists between countries with bordering borders, like Mexico and the United States of America. The statistical analysis was developed for the 2005-2012 period, with data from the Encuesta Nacional de Ocupación y Empleo (enoe) and the Current Population Survey (cps). It was disaggregated the Gini Index with an approach of cooperative games. The results revealed that in Mexico, during the analyzed period, the wage inequality was reduced, while in the United States, it increased.

The aim of this paper is to show the advantages of the use of neural networks differentials (rnd) as an efficient alternative method in calculating the forecasts of future prices of financial assets, for which a comparison is made with models of the garch family, to carry out the forecast of future closing price of crude oil barrels, types West Texas International and Brent. The results shows that the use of rnd has essentially the same accuracy as the values obtained with the tgarch (1,1) model and are superior to those obtained by the garch (1,1) model to calculate price forecasts barrels of crudes Brent and wti respectively during the period of description, from January 2, 2013 to February 24, 2015 and the forecast period from February 25 to March 10, 2015. However, the effort made to obtain such results with the family of garch models is significantly higher than when using the rnd, this supports the proposal to use the rnd as a reliable alternative method in the analysis of time series.

The paper is aimed at empirically assessing both the Marshall-Lerner condition and Thirlwall's hypothesis of external constraint on economic growth for the case of Latin American. Our goal is twofold: on the one hand, the role of the exchange rate in the trade balance equilibrium is dealt with and, on the other hand, we look at the effect of the current account balance on economic dynamics. A dynamic panel (Pooled Mean Group) is applied for hypothesis testing on a sample of data of countries such as Argentina, Brazil, Chile, Colombia and Mexico for the period 1994-2015. Our main results suggest that: 1) an improvement in the real exchange rate in the long run tend to improve the trade balance, and 2) the long-term growth path of an economy is demand-determined, with the export sector as the dynamic drive.

Employing stochastic frontier analysis, this paper explores whether there is trade-off between the number of borrowers per loan officer and microfinance institution (mfi) asset quality, represented by the portfolio value at risk. It uses a dataset with information from 1,575 mfis from 109 countries for the period 2006-2013. We find corroborative evidence that there is no trade-off between the number of borrowers per loan officer and mfi asset quality, which contravenes the conventional wisdom. We show that mfis have reaped the benefit of economies of scale without compromising asset quality. These findings remain significant across ownership types and regardless of deposit-taking status.