Pub Date : 2010-03-04DOI: 10.1163/156914911x582459
M. Dao
This paper examines the effect of institutions on economic performance in developing countries. Based on data from the World Bank and the Global Competitiveness Report 2008-2009, we use a sample of ninety-seven developing economies and find that institutions do affect economic development in these countries, unlike the results of previous studies by Mc Arthur and Sachs (2001) and Sachs (2003). We observe that the coefficient estimate of half of the independent variables used as proxies for the role of institutions does not have the anticipated sign due to the severe degree of multicollinearity among statistically significant explanatory variables. Regression results are more robust when interaction terms are included in the statistical model. Statistical results of such empirical examination will assist governments in those countries identify institutional areas that need to be improved upon in order to stimulate economic development
{"title":"Institutions and development in developing countries: an empirical assessment","authors":"M. Dao","doi":"10.1163/156914911x582459","DOIUrl":"https://doi.org/10.1163/156914911x582459","url":null,"abstract":"This paper examines the effect of institutions on economic performance in developing countries. Based on data from the World Bank and the Global Competitiveness Report 2008-2009, we use a sample of ninety-seven developing economies and find that institutions do affect economic development in these countries, unlike the results of previous studies by Mc Arthur and Sachs (2001) and Sachs (2003). We observe that the coefficient estimate of half of the independent variables used as proxies for the role of institutions does not have the anticipated sign due to the severe degree of multicollinearity among statistically significant explanatory variables. Regression results are more robust when interaction terms are included in the statistical model. Statistical results of such empirical examination will assist governments in those countries identify institutional areas that need to be improved upon in order to stimulate economic development","PeriodicalId":47355,"journal":{"name":"Economics Bulletin","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2010-03-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74506758","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}
Niederle and Vesterlund (2007) document a large disparity between male and female choices in payment scheme in a simple addition task. This note describes a pure replication conducted at Purdue University in 2008 that fails to replicate these results. Analysis suggests that, although other studies have replicated the previous result, a difference in confidence which is correlated with student status (i.e. undergraduate, graduate or other) is the main contributor to the non-replication. These results are in line with recent research which suggests that much of the gender difference for competition is attributed to differences in confidence and risk preferences and proposes a valuable policy avenue which may help to attenuate the gender competition divide.
{"title":"Do women shy away from competition? Do men compete too much? : A (failed) replication","authors":"Curtis R. Price","doi":"10.2139/ssrn.1444100","DOIUrl":"https://doi.org/10.2139/ssrn.1444100","url":null,"abstract":"Niederle and Vesterlund (2007) document a large disparity between male and female choices in payment scheme in a simple addition task. This note describes a pure replication conducted at Purdue University in 2008 that fails to replicate these results. Analysis suggests that, although other studies have replicated the previous result, a difference in confidence which is correlated with student status (i.e. undergraduate, graduate or other) is the main contributor to the non-replication. These results are in line with recent research which suggests that much of the gender difference for competition is attributed to differences in confidence and risk preferences and proposes a valuable policy avenue which may help to attenuate the gender competition divide.","PeriodicalId":47355,"journal":{"name":"Economics Bulletin","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2010-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89652418","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}
Institutional and Social Dynamics of Growth and Distribution presents a set of original contributions to the much-debated issues of long-run economic growth in relation to institutional and social progress.
{"title":"Institutional and Social Dynamics of Growth and Distribution","authors":"N. Salvadori","doi":"10.4337/9781781000595","DOIUrl":"https://doi.org/10.4337/9781781000595","url":null,"abstract":"Institutional and Social Dynamics of Growth and Distribution presents a set of original contributions to the much-debated issues of long-run economic growth in relation to institutional and social progress.","PeriodicalId":47355,"journal":{"name":"Economics Bulletin","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2010-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84472416","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 current paper considers a linear regression framework with two endogenous regressors, but only one instrument that is correlated with both. I demonstrate that under reasonable conditions, some of which are testable from the data, these different sources of endogeneity act in opposing directions and hence IV regression can generate economically meaningful bounds.
{"title":"Consistently bounding parameter values with one instrument and two endogenous explanatory variables","authors":"R. Dunn","doi":"10.2139/SSRN.1497142","DOIUrl":"https://doi.org/10.2139/SSRN.1497142","url":null,"abstract":"The current paper considers a linear regression framework with two endogenous regressors, but only one instrument that is correlated with both. I demonstrate that under reasonable conditions, some of which are testable from the data, these different sources of endogeneity act in opposing directions and hence IV regression can generate economically meaningful bounds.","PeriodicalId":47355,"journal":{"name":"Economics Bulletin","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2009-10-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89101575","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}
Pub Date : 2009-09-16DOI: 10.32920/ryerson.14640189
B. Thompson
Nonparametric estimation and specification testing of a two-factor interest rate model
一个双因素利率模型的非参数估计与规范检验
{"title":"Nonparametric estimation and specification testing of a two-factor interest rate model","authors":"B. Thompson","doi":"10.32920/ryerson.14640189","DOIUrl":"https://doi.org/10.32920/ryerson.14640189","url":null,"abstract":"Nonparametric estimation and specification testing of a two-factor interest rate model","PeriodicalId":47355,"journal":{"name":"Economics Bulletin","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2009-09-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76699196","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}
Torgler and Schmidt (2007) have recently found a positive impact of pay on player performance in German soccer, measured by the number of goals and assists scored within a season. This note shows that their result is spurious as both a player's wage and goal/assist scoring are driven by individual playing abilities. Holding the (unobserved) time-invariant and the varying talent of a player constant, the positive pay-performance link is no longer statistically significant. In professional soccer, wages seem to buy talent rather than motivation.
{"title":"A note on the endogeneity of the pay-performance relationship in professional soccer","authors":"Stephan Nüesch","doi":"10.5167/UZH-21187","DOIUrl":"https://doi.org/10.5167/UZH-21187","url":null,"abstract":"Torgler and Schmidt (2007) have recently found a positive impact of pay on player performance in German soccer, measured by the number of goals and assists scored within a season. This note shows that their result is spurious as both a player's wage and goal/assist scoring are driven by individual playing abilities. Holding the (unobserved) time-invariant and the varying talent of a player constant, the positive pay-performance link is no longer statistically significant. In professional soccer, wages seem to buy talent rather than motivation.","PeriodicalId":47355,"journal":{"name":"Economics Bulletin","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2009-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76491258","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}
Pub Date : 2009-05-05DOI: 10.3929/ETHZ-A-005799493
Şule Akkoyunlu, F. Lichtenberg, Boriss Siliverstovs, P. Zweifel
In this paper, we address the issue of spurious correlation in the production of health in a systematic way. Spurious correlation entails the risk of linking health status to medical (and nonmedical) inputs when no links exist. This note first presents the bounds testing procedure as a method to detect and avoid spurious correlation. It then applies it to a recent contribution by Lichtenberg (2004), which relates longevity in the United States to pharmaceutical innovation and public health care expenditure. The results of the bounds testing procedure show longevity to be linearly related to these two factors. Therefore, the estimates reported by Lichtenberg (2004) cannot be said to be result of spurious correlation, to the contrary, they very likely reflect an effective relationship, at least for the United States.
{"title":"Spurious correlation in estimation of the health production function: A note","authors":"Şule Akkoyunlu, F. Lichtenberg, Boriss Siliverstovs, P. Zweifel","doi":"10.3929/ETHZ-A-005799493","DOIUrl":"https://doi.org/10.3929/ETHZ-A-005799493","url":null,"abstract":"In this paper, we address the issue of spurious correlation in the production of health in a systematic way. Spurious correlation entails the risk of linking health status to medical (and nonmedical) inputs when no links exist. This note first presents the bounds testing procedure as a method to detect and avoid spurious correlation. It then applies it to a recent contribution by Lichtenberg (2004), which relates longevity in the United States to pharmaceutical innovation and public health care expenditure. The results of the bounds testing procedure show longevity to be linearly related to these two factors. Therefore, the estimates reported by Lichtenberg (2004) cannot be said to be result of spurious correlation, to the contrary, they very likely reflect an effective relationship, at least for the United States.","PeriodicalId":47355,"journal":{"name":"Economics Bulletin","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2009-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78346767","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}
Pub Date : 2008-09-01DOI: 10.1142/9789814571913_0002
Takeshi Inoue, S. Hamori
This paper empirically analyzes India’s money demand function during the period of 1980 to 2007 using monthly data and the period of 1976 to 2007 using annual data. Cointegration test results indicated that when money supply is represented by M1 and M2, a cointegrating vector is detected among real money balances, interest rates, and output. In contrast, it was found thatwhen money supply is represented by M3, there is no long-run equilibrium relationship in the money demand function. Moreover, when the money demand function was estimated using dynamic OLS, the sign onditions of the coefficients of output and interest rates were found to be consistent with theoretical rationale, and statistical significance was confirmed when moneysupply was represented by either M1 or M2. Consequently, though India’s central bank presently uses M3 as an indicator of future price movements, it is thought appropriate to focus on M1 or M2, rather than M3, in managing monetary policy.
{"title":"An empirical analysis of the money demand function in India","authors":"Takeshi Inoue, S. Hamori","doi":"10.1142/9789814571913_0002","DOIUrl":"https://doi.org/10.1142/9789814571913_0002","url":null,"abstract":"This paper empirically analyzes India’s money demand function during the period of 1980 to 2007 using monthly data and the period of 1976 to 2007 using annual data. Cointegration test results indicated that when money supply is represented by M1 and M2, a cointegrating vector is detected among real money balances, interest rates, and output. In contrast, it was found thatwhen money supply is represented by M3, there is no long-run equilibrium relationship in the money demand function. Moreover, when the money demand function was estimated using dynamic OLS, the sign onditions of the coefficients of output and interest rates were found to be consistent with theoretical rationale, and statistical significance was confirmed when moneysupply was represented by either M1 or M2. Consequently, though India’s central bank presently uses M3 as an indicator of future price movements, it is thought appropriate to focus on M1 or M2, rather than M3, in managing monetary policy.","PeriodicalId":47355,"journal":{"name":"Economics Bulletin","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2008-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75669880","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}
Pub Date : 2007-10-30DOI: 10.6092/UNIBO/AMSACTA/4686
L. Lambertini
The spatial voting approach is extended to account for the existence of a loyalty effect driving the choice of parties' platforms during elections. There emerges a non-linear relationship between these variable, whereby a party sticking to its historical heritage may lose to a rival more keen to approach the position of the median voter, whose pivotal role is also investigated.
{"title":"Platform stickiness in a spatial voting model","authors":"L. Lambertini","doi":"10.6092/UNIBO/AMSACTA/4686","DOIUrl":"https://doi.org/10.6092/UNIBO/AMSACTA/4686","url":null,"abstract":"The spatial voting approach is extended to account for the existence of a loyalty effect driving the choice of parties' platforms during elections. There emerges a non-linear relationship between these variable, whereby a party sticking to its historical heritage may lose to a rival more keen to approach the position of the median voter, whose pivotal role is also investigated.","PeriodicalId":47355,"journal":{"name":"Economics Bulletin","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2007-10-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80964084","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}
Pub Date : 2007-08-13DOI: 10.1108/10867370710817419
P. Narayan, Arti Prasad
There is a large and growing literature that investigates evidence for mean reversion in stock prices. Empirically, there is no consensus as to whether stock prices are mean reverting or random walk processes at best, the results are mixed. In this paper, we provide further evidence on the mean reversion hypothesis for seventeen European countries using the Levin and Lin (1992), seemingly unrelated regression and the multivariate augmented Dickey-Fuller panel unit root tests. Our main finding is that stock prices of all seventeen European countries are characterised by a unit root, consistent with the efficient market hypothesis.
{"title":"Mean Reversion in Stock Prices: New Evidence from Panel Unit Root Tests for Seventeen European Countries","authors":"P. Narayan, Arti Prasad","doi":"10.1108/10867370710817419","DOIUrl":"https://doi.org/10.1108/10867370710817419","url":null,"abstract":"There is a large and growing literature that investigates evidence for mean reversion in stock prices. Empirically, there is no consensus as to whether stock prices are mean reverting or random walk processes at best, the results are mixed. In this paper, we provide further evidence on the mean reversion hypothesis for seventeen European countries using the Levin and Lin (1992), seemingly unrelated regression and the multivariate augmented Dickey-Fuller panel unit root tests. Our main finding is that stock prices of all seventeen European countries are characterised by a unit root, consistent with the efficient market hypothesis.","PeriodicalId":47355,"journal":{"name":"Economics Bulletin","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2007-08-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89173173","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}
京公网安备 11010802042870号
京ICP备2023020795号-1
扫码关注我们
求助内容：
应助结果提醒方式：