We take advantage of recent advances in genomics to revisit a classic question in economics: how do parents respond to children's endowments and to sibling differences in endowments? We use an index based on DNA, which is fixed at conception and assigned randomly across siblings, as a proxy for educational endowments. We find that parents of nontwins display inequality aversion: given the absolute endowment level of one child, they invest less in him/her if his/her sibling has a lower genetic predisposition to education. In contrast, we find no evidence that parents of dizygotic twins react to endowment differences between children.
{"title":"Sibling Differences in Genetic Propensity for Education: How Do Parents React?","authors":"Anna Sanz-de-Galdeano, Anastasia Terskaya","doi":"10.1162/rest_a_01326","DOIUrl":"https://doi.org/10.1162/rest_a_01326","url":null,"abstract":"\u0000 We take advantage of recent advances in genomics to revisit a classic question in economics: how do parents respond to children's endowments and to sibling differences in endowments? We use an index based on DNA, which is fixed at conception and assigned randomly across siblings, as a proxy for educational endowments. We find that parents of nontwins display inequality aversion: given the absolute endowment level of one child, they invest less in him/her if his/her sibling has a lower genetic predisposition to education. In contrast, we find no evidence that parents of dizygotic twins react to endowment differences between children.","PeriodicalId":48456,"journal":{"name":"Review of Economics and Statistics","volume":" ","pages":""},"PeriodicalIF":8.0,"publicationDate":"2023-04-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43761653","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
I compare the impact of local tax revenue and royalties from the extraction of natural resources on governance in Colombian municipalities, leveraging plausibly exogenous variation from cadastral updates and fluctuations in the world price of oil. Higher tax revenue has a larger effect on local public goods in the areas of education, health, and water than a same-sized increase in oil royalties, despite earmarking of royalties for spending in these areas. Higher tax revenue also reduces the probability of a disciplinary prosecution against the municipal mayor, while the opposite is true for royalties, particularly for misbehavior related to public spending.
{"title":"Natural Resource Rents, Local Taxes, and Government Performance: Evidence from Colombia","authors":"L. Mart́ınez","doi":"10.1162/rest_a_01324","DOIUrl":"https://doi.org/10.1162/rest_a_01324","url":null,"abstract":"\u0000 I compare the impact of local tax revenue and royalties from the extraction of natural resources on governance in Colombian municipalities, leveraging plausibly exogenous variation from cadastral updates and fluctuations in the world price of oil. Higher tax revenue has a larger effect on local public goods in the areas of education, health, and water than a same-sized increase in oil royalties, despite earmarking of royalties for spending in these areas. Higher tax revenue also reduces the probability of a disciplinary prosecution against the municipal mayor, while the opposite is true for royalties, particularly for misbehavior related to public spending.","PeriodicalId":48456,"journal":{"name":"Review of Economics and Statistics","volume":" ","pages":""},"PeriodicalIF":8.0,"publicationDate":"2023-04-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41402713","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Lena Liebich, Lukas Nöh, Felix Rutkowski, Milena Schwarz
Abstract We study the potential role of the ECB in supporting the transition to a low-carbon economy by decarbonizing the corporate sector purchase programme (CSPP). We demonstrate that the carbon intensity of CSPP purchases is determined by three main factors: First, by the CSPP-eligibility criteria, as these tend to exclude bonds from low-emission sectors. Second, by the underlying structure of the bond market, as this tends to be skewed towards carbon-intensive sectors. Third, among the eligible bonds, the ECB tends to select those from relatively emission-intensive sectors. To decarbonize the CSPP, the ECB can theoretically act along these three lines: (i) adjust the CSPP-eligibility criteria to expand the range of eligible low-carbon assets, (ii), revise the principle of market neutrality to tilt the CSPP portfolio towards low-carbon companies, or, (iii), purchase so far neglected low-carbon bonds within the current eligibility and market neutrality framework. As all approaches have either very limited effects or are associated with significant theoretical and practical concerns, we conclude that their contribution to the success of active green monetary policy is not guaranteed, while at the same time risks arise for a monetary policy that targets price stability.
{"title":"Unconventionally Green: Monetary Policy between Engagement and Conflicting Goals","authors":"Lena Liebich, Lukas Nöh, Felix Rutkowski, Milena Schwarz","doi":"10.1515/roe-2023-0024","DOIUrl":"https://doi.org/10.1515/roe-2023-0024","url":null,"abstract":"Abstract We study the potential role of the ECB in supporting the transition to a low-carbon economy by decarbonizing the corporate sector purchase programme (CSPP). We demonstrate that the carbon intensity of CSPP purchases is determined by three main factors: First, by the CSPP-eligibility criteria, as these tend to exclude bonds from low-emission sectors. Second, by the underlying structure of the bond market, as this tends to be skewed towards carbon-intensive sectors. Third, among the eligible bonds, the ECB tends to select those from relatively emission-intensive sectors. To decarbonize the CSPP, the ECB can theoretically act along these three lines: (i) adjust the CSPP-eligibility criteria to expand the range of eligible low-carbon assets, (ii), revise the principle of market neutrality to tilt the CSPP portfolio towards low-carbon companies, or, (iii), purchase so far neglected low-carbon bonds within the current eligibility and market neutrality framework. As all approaches have either very limited effects or are associated with significant theoretical and practical concerns, we conclude that their contribution to the success of active green monetary policy is not guaranteed, while at the same time risks arise for a monetary policy that targets price stability.","PeriodicalId":48456,"journal":{"name":"Review of Economics and Statistics","volume":"49 6","pages":"53 - 77"},"PeriodicalIF":8.0,"publicationDate":"2023-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72488974","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract We raise some critical points against a naïve interpretation of “green finance” products and strategies. These critical insights are the background against which we take a closer look at instruments and policies that might allow green finance to become more impactful. In particular, we focus on the role of a taxonomy and investor activism. We also describe the interaction of government policies with green finance practice – an aspect, which has been mostly neglected in policy debates but needs to be taken into account. Finally, the special case of green government bonds is discussed.
{"title":"A Primer on Green Finance: From Wishful Thinking to Marginal Impact","authors":"J. Krahnen, Jörg Rocholl, M. Thum","doi":"10.1515/roe-2023-0019","DOIUrl":"https://doi.org/10.1515/roe-2023-0019","url":null,"abstract":"Abstract We raise some critical points against a naïve interpretation of “green finance” products and strategies. These critical insights are the background against which we take a closer look at instruments and policies that might allow green finance to become more impactful. In particular, we focus on the role of a taxonomy and investor activism. We also describe the interaction of government policies with green finance practice – an aspect, which has been mostly neglected in policy debates but needs to be taken into account. Finally, the special case of green government bonds is discussed.","PeriodicalId":48456,"journal":{"name":"Review of Economics and Statistics","volume":"60 1","pages":"1 - 19"},"PeriodicalIF":8.0,"publicationDate":"2023-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79480145","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract The transition to a sustainable economy currently involves a fundamental transformation of markets and market actors. This paper makes the case for investor empowerment as the main tool towards achieving greater sustainability in capital markets. This trust in institutional investors is grounded in various recent developments both on the supply side and the demand side of financial markets, and also in the increasing tendency of institutional investors to engage in common ownership. The need to build coalitions among different types of asset managers or institutional investors, and to convince fellow investors of any given initiative, can then act as an in-built filter helping to overcome the pursuit of idiosyncratic motives and supporting only those campaigns that are seconded by a majority of investors. In particular, institutionalized investor platforms have emerged over recent years as a force for investor empowerment, serving to coordinate investor campaigns and to share the costs of engagement. ESG engagement has the potential to become a very powerful driver towards a more sustainability-oriented future. Any regulatory activity should then be limited to a facilitative and supportive role.
{"title":"Investor Empowerment for Sustainability","authors":"W. Ringe","doi":"10.1515/roe-2023-0016","DOIUrl":"https://doi.org/10.1515/roe-2023-0016","url":null,"abstract":"Abstract The transition to a sustainable economy currently involves a fundamental transformation of markets and market actors. This paper makes the case for investor empowerment as the main tool towards achieving greater sustainability in capital markets. This trust in institutional investors is grounded in various recent developments both on the supply side and the demand side of financial markets, and also in the increasing tendency of institutional investors to engage in common ownership. The need to build coalitions among different types of asset managers or institutional investors, and to convince fellow investors of any given initiative, can then act as an in-built filter helping to overcome the pursuit of idiosyncratic motives and supporting only those campaigns that are seconded by a majority of investors. In particular, institutionalized investor platforms have emerged over recent years as a force for investor empowerment, serving to coordinate investor campaigns and to share the costs of engagement. ESG engagement has the potential to become a very powerful driver towards a more sustainability-oriented future. Any regulatory activity should then be limited to a facilitative and supportive role.","PeriodicalId":48456,"journal":{"name":"Review of Economics and Statistics","volume":"18 1","pages":"21 - 52"},"PeriodicalIF":8.0,"publicationDate":"2023-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75953407","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-03-26DOI: 10.21686/10.21686/2500-3925-2023-2-41-50
A. Aletdinova, A. Koritskiy, A. N. Shadrintseva
<jats:p><jats:italic>The relevance of the study is explained by the link between economic</jats:italic><jats:italic> </jats:italic><jats:italic>growth and investment in human capital.</jats:italic></jats:p><jats:p><jats:bold><jats:italic>The purpose of the study </jats:italic></jats:bold><jats:italic>is a comparative analysis of the dynamics</jats:italic><jats:italic> </jats:italic><jats:italic>of the return of physical and human capital in the European and</jats:italic><jats:italic> </jats:italic><jats:italic>Asian regions of Russia.</jats:italic></jats:p><jats:p><jats:bold><jats:italic>Materials and methods. </jats:italic></jats:bold><jats:italic>In the article, the authors use the extended</jats:italic><jats:italic> </jats:italic><jats:italic>Cobb-Douglas production function and conduct a regression spatial</jats:italic><jats:italic> </jats:italic><jats:italic>analysis based on data of the official Russian statistics.</jats:italic></jats:p><jats:p><jats:bold><jats:italic>Results.</jats:italic></jats:bold><jats:bold><jats:italic> </jats:italic></jats:bold><jats:italic>There</jats:italic><jats:italic> </jats:italic><jats:italic>are</jats:italic><jats:italic> </jats:italic><jats:italic>estimates</jats:italic><jats:italic> </jats:italic><jats:italic>of</jats:italic><jats:italic> </jats:italic><jats:italic>the</jats:italic><jats:italic> </jats:italic><jats:italic>relationship</jats:italic><jats:italic> </jats:italic><jats:italic>between</jats:italic><jats:italic> </jats:italic><jats:italic>the</jats:italic><jats:italic> </jats:italic><jats:italic>income</jats:italic><jats:italic> </jats:italic><jats:italic>of</jats:italic><jats:italic> </jats:italic><jats:italic>the</jats:italic><jats:italic> </jats:italic><jats:italic>population</jats:italic><jats:italic> </jats:italic><jats:italic>of</jats:italic><jats:italic> </jats:italic><jats:italic>regions</jats:italic><jats:italic> </jats:italic><jats:italic>with</jats:italic><jats:italic> </jats:italic><jats:italic>the</jats:italic><jats:italic> </jats:italic><jats:italic>number</jats:italic><jats:italic> </jats:italic><jats:italic>of</jats:italic><jats:italic> </jats:italic><jats:italic>employed,</jats:italic><jats:italic> </jats:italic><jats:italic>with</jats:italic><jats:italic> </jats:italic><jats:italic>the</jats:italic><jats:italic> </jats:italic><jats:italic>volume</jats:italic><jats:italic> </jats:italic><jats:italic>of</jats:italic><jats:italic> </jats:italic><jats:italic>fixed</jats:italic><jats:italic> </jats:italic><jats:italic>assets</jats:italic><jats:italic> </jats:italic><jats:italic>of</jats:italic><jats:italic> </jats:italic><jats:italic>regions</jats:italic><jats:italic> </jats:italic><jats:italic>and</jats:italic><jats:italic> </jats:italic><jats:italic>human</jats:italic><jats:italic> </jats:italic><jats:italic>capital;</jats:italic><jats:italic> </jats:italic><jats:italic>the</jats:italic><jats:italic> </jats:italic><jats:italic>wage</jats:italic><jats:italic> </jats:italic><jats:ital
{"title":"Comparative Assessment of the Human Capital Impact on the Population Income in the European and Asian Regions of Russia","authors":"A. Aletdinova, A. Koritskiy, A. N. Shadrintseva","doi":"10.21686/10.21686/2500-3925-2023-2-41-50","DOIUrl":"https://doi.org/10.21686/10.21686/2500-3925-2023-2-41-50","url":null,"abstract":"<jats:p><jats:italic>The relevance of the study is explained by the link between economic</jats:italic><jats:italic> </jats:italic><jats:italic>growth and investment in human capital.</jats:italic></jats:p><jats:p><jats:bold><jats:italic>The purpose of the study </jats:italic></jats:bold><jats:italic>is a comparative analysis of the dynamics</jats:italic><jats:italic> </jats:italic><jats:italic>of the return of physical and human capital in the European and</jats:italic><jats:italic> </jats:italic><jats:italic>Asian regions of Russia.</jats:italic></jats:p><jats:p><jats:bold><jats:italic>Materials and methods. </jats:italic></jats:bold><jats:italic>In the article, the authors use the extended</jats:italic><jats:italic> </jats:italic><jats:italic>Cobb-Douglas production function and conduct a regression spatial</jats:italic><jats:italic> </jats:italic><jats:italic>analysis based on data of the official Russian statistics.</jats:italic></jats:p><jats:p><jats:bold><jats:italic>Results.</jats:italic></jats:bold><jats:bold><jats:italic> </jats:italic></jats:bold><jats:italic>There</jats:italic><jats:italic> </jats:italic><jats:italic>are</jats:italic><jats:italic> </jats:italic><jats:italic>estimates</jats:italic><jats:italic> </jats:italic><jats:italic>of</jats:italic><jats:italic> </jats:italic><jats:italic>the</jats:italic><jats:italic> </jats:italic><jats:italic>relationship</jats:italic><jats:italic> </jats:italic><jats:italic>between</jats:italic><jats:italic> </jats:italic><jats:italic>the</jats:italic><jats:italic> </jats:italic><jats:italic>income</jats:italic><jats:italic> </jats:italic><jats:italic>of</jats:italic><jats:italic> </jats:italic><jats:italic>the</jats:italic><jats:italic> </jats:italic><jats:italic>population</jats:italic><jats:italic> </jats:italic><jats:italic>of</jats:italic><jats:italic> </jats:italic><jats:italic>regions</jats:italic><jats:italic> </jats:italic><jats:italic>with</jats:italic><jats:italic> </jats:italic><jats:italic>the</jats:italic><jats:italic> </jats:italic><jats:italic>number</jats:italic><jats:italic> </jats:italic><jats:italic>of</jats:italic><jats:italic> </jats:italic><jats:italic>employed,</jats:italic><jats:italic> </jats:italic><jats:italic>with</jats:italic><jats:italic> </jats:italic><jats:italic>the</jats:italic><jats:italic> </jats:italic><jats:italic>volume</jats:italic><jats:italic> </jats:italic><jats:italic>of</jats:italic><jats:italic> </jats:italic><jats:italic>fixed</jats:italic><jats:italic> </jats:italic><jats:italic>assets</jats:italic><jats:italic> </jats:italic><jats:italic>of</jats:italic><jats:italic> </jats:italic><jats:italic>regions</jats:italic><jats:italic> </jats:italic><jats:italic>and</jats:italic><jats:italic> </jats:italic><jats:italic>human</jats:italic><jats:italic> </jats:italic><jats:italic>capital;</jats:italic><jats:italic> </jats:italic><jats:italic>the</jats:italic><jats:italic> </jats:italic><jats:italic>wage</jats:italic><jats:italic> </jats:italic><jats:ital","PeriodicalId":48456,"journal":{"name":"Review of Economics and Statistics","volume":"1 1","pages":""},"PeriodicalIF":8.0,"publicationDate":"2023-03-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74784668","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-03-22DOI: 10.21686/2500-3925-2023-2-13-20
O. S. Koshevoy
.Assessing the situation in the labor market of the region, and ultimately forecasting the level of employment and unemployment, is a complex multidimensional mathematical problem that does not have a reliable and proven solution to date. Research in the direction of creating evaluation methods and forecasting the situation on the labor market is an actual task. The subject of the work is an assessment of the situation on the labor market of the Volga Federal District, through the analysis and modeling of the coefficient of tension in the labor market. The purpose of the study was to develop a methodology that allows making a preliminary forecast of the situation on the labor market of the subject of the Volga Federal District. The information base of the study was the results of a sample survey of the labor force conducted by state statistics bodies in accordance with the classifier of objects of administrative-territorial division (OKATO – Russian Classification on Objects of Administrative Division). To date, the length of the time series is four time periods (2018–2021) of the year. As methods of analysis and modeling, methods of descriptive statistics were used, as well as mathematical modeling of the relationship between the coefficient of tension in the labor market and the rating index of the socio-economic situation of the Volga Federal District. It is shown that the statistical grouping of the coefficient of tension in the labor market as a whole for all subjects of the Russian Federation is extremely heterogeneous, which makes it difficult to model processes in the labor market. At the same time, the statistical grouping of the coefficient of tension in the labor market of the regions of the Volga Federal District is quite homogeneous, which makes it possible to carry out simulations using such an integral index as the rating of the socio-economic situation of the subject of the Volga Federal District. In the process of modeling in the environment of the SPSS computer program, a nonlinear regression model of the relationship between the coefficient of tension in the labor market (dependent variable) and the place in the rating of the socio-economic situation of the subject of the Volga Federal District (explanatory variable) was formed. The model allows you to make a preliminary forecast of the situation on the labor market of the subject of the Volga Federal District.
{"title":"Assessment of the Coefficient of Tension in the Labor Market. Regional Aspect","authors":"O. S. Koshevoy","doi":"10.21686/2500-3925-2023-2-13-20","DOIUrl":"https://doi.org/10.21686/2500-3925-2023-2-13-20","url":null,"abstract":".Assessing the situation in the labor market of the region, and ultimately forecasting the level of employment and unemployment, is a complex multidimensional mathematical problem that does not have a reliable and proven solution to date. Research in the direction of creating evaluation methods and forecasting the situation on the labor market is an actual task. The subject of the work is an assessment of the situation on the labor market of the Volga Federal District, through the analysis and modeling of the coefficient of tension in the labor market. The purpose of the study was to develop a methodology that allows making a preliminary forecast of the situation on the labor market of the subject of the Volga Federal District. The information base of the study was the results of a sample survey of the labor force conducted by state statistics bodies in accordance with the classifier of objects of administrative-territorial division (OKATO – Russian Classification on Objects of Administrative Division). To date, the length of the time series is four time periods (2018–2021) of the year. As methods of analysis and modeling, methods of descriptive statistics were used, as well as mathematical modeling of the relationship between the coefficient of tension in the labor market and the rating index of the socio-economic situation of the Volga Federal District. It is shown that the statistical grouping of the coefficient of tension in the labor market as a whole for all subjects of the Russian Federation is extremely heterogeneous, which makes it difficult to model processes in the labor market. At the same time, the statistical grouping of the coefficient of tension in the labor market of the regions of the Volga Federal District is quite homogeneous, which makes it possible to carry out simulations using such an integral index as the rating of the socio-economic situation of the subject of the Volga Federal District. In the process of modeling in the environment of the SPSS computer program, a nonlinear regression model of the relationship between the coefficient of tension in the labor market (dependent variable) and the place in the rating of the socio-economic situation of the subject of the Volga Federal District (explanatory variable) was formed. The model allows you to make a preliminary forecast of the situation on the labor market of the subject of the Volga Federal District.","PeriodicalId":48456,"journal":{"name":"Review of Economics and Statistics","volume":"77 1","pages":""},"PeriodicalIF":8.0,"publicationDate":"2023-03-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90383887","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-03-07DOI: 10.21686/2500-3925-2023-1-37-52
S. Vinokurov, A. Medved
The background information that forms the expectations of economic entities is a significant factor that determines their behavior.The purpose of this study is to identify and evaluate the relationship of inflation, perception and expectation of inflation by households with the parameters of the information (news’) background on the example of the Russian Federation.The materials for processing as a Russian information background were news’ reports issued by leading Russian TV channels and duplicated on the relevant sites, as well as Internet search (the number of news and search queries, the length of the headlines of the text versions of news, the frequency of mentioning certain topics in them, the tonality of texts), GoogleTrends data on internetrequests. The tonality of the texts was evaluated using automatic analyzers EurikaEngine and Repustate. Data from the reports of the Public Opinion Fund for the Central Bank of the Russian Federation posted on its website are also used; these reports contain monthly data on actual inflation (consumer price index) for 12 months and the results of respondents’ surveys on the perception of inflation, inflation expectations, consumer sentiment, assessments of economic and personal prospects, changes in behavior (starting a job search, making large purchases, etc.) and a wide range of other characteristics of public sentiment related to inflation. To process the collected data, correlation and regression analysis was used, as well as specific methods: Granger causality, principal component methods and lasso regression. As a result of the analysis, statistically significant correlations are found, which may be associated with individual reactions to the topics covered, expressed in changes in mood and behavior.Thus, inflation is negatively correlated with the number of political news on the “Russia” channel and with the length of headlines of text versions of political news of the “Pervy” channel, and positively correlated with web-search queries on the topic “Inflation”. Including these variables in a regression that estimates inflation based on lagged values significantly improves the quality of the regression, although their impact is small in terms of absolute values. We analyze how these relations change after the shift in the exchange rate regime and the introduction of inflation targeting. We find that in the period preceding to the shift, web-search demonstrated statistical significance in the equations we evaluate, and political news did not, while in the subsequent period, the opposite was true. We observe a connection between the parameters under consideration with certain aspects of individual behavior, such as the search for a better-paid job, or doing business. Finally, we find imperfections in the information activity of the Central Bank: an increase in the frequency of its mention in the news reduces people’s confidence that the inflation target can be achieved.In conclusion, the authors come
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Pub Date : 2023-03-07DOI: 10.21686/2500-3925-2023-1-26-36
V. Korzhak
Competitive functioning at the micro and macro levels of businesses in different industries creates the need to make changes in the assessment of the impact on the performance of companies of tangible and intangible assets, leading to an increase in the value of both products and companies. In this context, it is appropriate to measure and evaluate intellectual capital, which includes not only goodwill, shares and intellectual property, but also organizational aspects (strategy, database, network data), and relationships with customers, partners, etc. Scientists and economists have studied the issues of defining and measuring intellectual capital for more than 30 years, however, there is no unified approach yet.This study presents the results of the analysis of approaches to the definition of the concept of “intellectual capital”, its components and methods of calculating the indexes of intellectual capital of organizations.The purpose of the study is to determine the direction of development of research concerning the calculation of indexes of intellectual capital on the value of organizations and indexes reflecting the state of individual elements and subelements of intellectual capital.Empirical base and research methods. The issues of measuring intellectual capital are reflected in the works of Edvinsson (1997), Sweibi (2010), assessing its impact on the value of companies and the effectiveness of their activities operating in the developed countries - Zegala (2010), Clark (2011), Liu (2017) - and developing countries - Garanina (2010), Bayburina, Bykova (2012), Andreeva (2016) [1, 5] and other scientists. The works of these researchers formed the basis of the research conducted in this article. This study used general scientific methods such as comparison, deduction, induction and analysis.Results. The paper presents the results of the analysis and systematization of approaches to the definition of “intellectual capital” and its components, methods for calculating its indexes and assessing their impact on the financial results of companies. Currently, there is also a need for research to assess the mutual influence of individual elements of intellectual capital. In order to identify the industry specifics of the impact of intellectual capital components on the value of organizations, the methods given in the article should be tested separately using data from companies from different industries. When conducting an analysis, it is important to take into account factors related to the external environment of the company, such as the level of economic development of the country in which the company operates, as well as fluctuations in economic activity.Conclusion. The practical value of the paper lies in the possibility of applying its results in the process of making managerial decisions of organizations in various fields. The proposed options for identifying and calculating indexes can significantly affect the financial growth of organization
{"title":"Methods of Calculating the Indexes of Intellectual Capital of Organizations","authors":"V. Korzhak","doi":"10.21686/2500-3925-2023-1-26-36","DOIUrl":"https://doi.org/10.21686/2500-3925-2023-1-26-36","url":null,"abstract":"Competitive functioning at the micro and macro levels of businesses in different industries creates the need to make changes in the assessment of the impact on the performance of companies of tangible and intangible assets, leading to an increase in the value of both products and companies. In this context, it is appropriate to measure and evaluate intellectual capital, which includes not only goodwill, shares and intellectual property, but also organizational aspects (strategy, database, network data), and relationships with customers, partners, etc. Scientists and economists have studied the issues of defining and measuring intellectual capital for more than 30 years, however, there is no unified approach yet.This study presents the results of the analysis of approaches to the definition of the concept of “intellectual capital”, its components and methods of calculating the indexes of intellectual capital of organizations.The purpose of the study is to determine the direction of development of research concerning the calculation of indexes of intellectual capital on the value of organizations and indexes reflecting the state of individual elements and subelements of intellectual capital.Empirical base and research methods. The issues of measuring intellectual capital are reflected in the works of Edvinsson (1997), Sweibi (2010), assessing its impact on the value of companies and the effectiveness of their activities operating in the developed countries - Zegala (2010), Clark (2011), Liu (2017) - and developing countries - Garanina (2010), Bayburina, Bykova (2012), Andreeva (2016) [1, 5] and other scientists. The works of these researchers formed the basis of the research conducted in this article. This study used general scientific methods such as comparison, deduction, induction and analysis.Results. The paper presents the results of the analysis and systematization of approaches to the definition of “intellectual capital” and its components, methods for calculating its indexes and assessing their impact on the financial results of companies. Currently, there is also a need for research to assess the mutual influence of individual elements of intellectual capital. In order to identify the industry specifics of the impact of intellectual capital components on the value of organizations, the methods given in the article should be tested separately using data from companies from different industries. When conducting an analysis, it is important to take into account factors related to the external environment of the company, such as the level of economic development of the country in which the company operates, as well as fluctuations in economic activity.Conclusion. The practical value of the paper lies in the possibility of applying its results in the process of making managerial decisions of organizations in various fields. The proposed options for identifying and calculating indexes can significantly affect the financial growth of organization","PeriodicalId":48456,"journal":{"name":"Review of Economics and Statistics","volume":"1 1","pages":""},"PeriodicalIF":8.0,"publicationDate":"2023-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73993913","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-03-07DOI: 10.21686/2500-3925-2023-1-64-72
K. Kuznetsov
The available methods for calculating the age level of consumption focus on determining the level of consumption by children. At the same time, previous studies show a decrease in the level of consumption after retirement. From a research point of view, it is of practical interest to estimate the distortion of one-year age profile of consumption depending on the age difference between the adult members of the household. Among common episodic households, the paper compares the age profiles of consumption for households with two adults aged 18 to 80 years. The paper compares indexes of average per capita consumption, and estimates the level of age difference in households for the age level of consumption. The author introduces such a concept as “net consumption”, under the influence of which sensitivity to age is absorbed. To create “net consumption” in the general chronology, only households with a minimum age difference are examined.The purpose of the study. Estimation of the age level of consumption depending on the demographic characteristics of the household is little studied in modern literature. As a rule, the papers provide methods for assessing the level of children consumption. However, when creating age profiles of consumption, the age characteristics of households are not taken into account. The aim of the study is to assess the impact of the difference in the age of people living together in a household on the age profiles of consumption. Both in Russia and in the EU countries, the average difference in age between the first marriage is on average 2.5 years, and the largest difference can reach more than 30 years. From a statistical point of view, it is of practical interest to study the average per capita age level of consumption depending on the difference in the age of a married couple.Materials and methods. The source of data for the study is the Household Budget Survey (HBS) conducted by Rosstat for 2020. The paper compares age profiles of consumption created by the minimum age of the household, by the maximum, by the average, and by the classical method. In addition, the paper compares the age profiles created by the classical method, taking into account the limitation of the age difference between household members.Results. The results obtained from the 2020 HBS survey allow conclusions to be drawn about different age profiles depending on the proposed calculation methods. The results of the study showed that among households consisting of two people, almost a third of households (34.1%) have an age difference of more than 5 years. In the context of calculating one-year age profiles of consumption, a significant age difference in age will lead to a distortion of age profiles of consumption. Among households consisting of two people, the largest difference in the level of average per capita consumption between all households of two people and households of two people with an age difference of no more than 1 year is observed in ea
{"title":"Estimation of the Impact of the Age Difference in Households of the Same Generation on the Age Level of Consumption","authors":"K. Kuznetsov","doi":"10.21686/2500-3925-2023-1-64-72","DOIUrl":"https://doi.org/10.21686/2500-3925-2023-1-64-72","url":null,"abstract":"The available methods for calculating the age level of consumption focus on determining the level of consumption by children. At the same time, previous studies show a decrease in the level of consumption after retirement. From a research point of view, it is of practical interest to estimate the distortion of one-year age profile of consumption depending on the age difference between the adult members of the household. Among common episodic households, the paper compares the age profiles of consumption for households with two adults aged 18 to 80 years. The paper compares indexes of average per capita consumption, and estimates the level of age difference in households for the age level of consumption. The author introduces such a concept as “net consumption”, under the influence of which sensitivity to age is absorbed. To create “net consumption” in the general chronology, only households with a minimum age difference are examined.The purpose of the study. Estimation of the age level of consumption depending on the demographic characteristics of the household is little studied in modern literature. As a rule, the papers provide methods for assessing the level of children consumption. However, when creating age profiles of consumption, the age characteristics of households are not taken into account. The aim of the study is to assess the impact of the difference in the age of people living together in a household on the age profiles of consumption. Both in Russia and in the EU countries, the average difference in age between the first marriage is on average 2.5 years, and the largest difference can reach more than 30 years. From a statistical point of view, it is of practical interest to study the average per capita age level of consumption depending on the difference in the age of a married couple.Materials and methods. The source of data for the study is the Household Budget Survey (HBS) conducted by Rosstat for 2020. The paper compares age profiles of consumption created by the minimum age of the household, by the maximum, by the average, and by the classical method. In addition, the paper compares the age profiles created by the classical method, taking into account the limitation of the age difference between household members.Results. The results obtained from the 2020 HBS survey allow conclusions to be drawn about different age profiles depending on the proposed calculation methods. The results of the study showed that among households consisting of two people, almost a third of households (34.1%) have an age difference of more than 5 years. In the context of calculating one-year age profiles of consumption, a significant age difference in age will lead to a distortion of age profiles of consumption. Among households consisting of two people, the largest difference in the level of average per capita consumption between all households of two people and households of two people with an age difference of no more than 1 year is observed in ea","PeriodicalId":48456,"journal":{"name":"Review of Economics and Statistics","volume":"46 9-10","pages":""},"PeriodicalIF":8.0,"publicationDate":"2023-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72452457","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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