Pub Date : 2021-11-22DOI: 10.1080/17487870.2021.1997747
Lisa Bagnoli, Salvador Bertoméu-Sánchez, Antonio Estache, Maria Vagliasindi
ABSTRACT This paper surveys the evidence on the relevance of the ownership choice for electricity and water and sanitation utilities with respect to access and affordability in developing countries. It shows that most of the widely quoted evidence is outdated and fails to reflect the long-term effects of choices made in the 1990s. The most recent data suggests that ownership affects social outcomes less than regulatory governance and market structure. The evidence is however not precise enough yet. More research is needed to determine how context and institutional constraints, including regulatory capacity, should influence ownership choices.
{"title":"Does the ownership of utilities matter for social outcomes? A survey of the evidence for developing countries","authors":"Lisa Bagnoli, Salvador Bertoméu-Sánchez, Antonio Estache, Maria Vagliasindi","doi":"10.1080/17487870.2021.1997747","DOIUrl":"https://doi.org/10.1080/17487870.2021.1997747","url":null,"abstract":"ABSTRACT This paper surveys the evidence on the relevance of the ownership choice for electricity and water and sanitation utilities with respect to access and affordability in developing countries. It shows that most of the widely quoted evidence is outdated and fails to reflect the long-term effects of choices made in the 1990s. The most recent data suggests that ownership affects social outcomes less than regulatory governance and market structure. The evidence is however not precise enough yet. More research is needed to determine how context and institutional constraints, including regulatory capacity, should influence ownership choices.","PeriodicalId":51737,"journal":{"name":"Journal of Economic Policy Reform","volume":"26 1","pages":"24 - 43"},"PeriodicalIF":2.1,"publicationDate":"2021-11-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43076648","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-11-01DOI: 10.1080/17487870.2021.1983432
M. Hierro, A. Maza, J. Villaverde
ABSTRACT The refugee crisis evidenced a myriad of flaws in the EU common asylum policy, especially the lack of fairness in asylum burden-sharing. This paper reveals that, despite some progress in terms of inequality, a bi-polarised distribution gained ground. Moreover, two novel convergence approaches in this field reveal that the message of previous articles on disparity reduction is incomplete; there was no pure convergence, as it was achieved due to frontrunners, with no role for laggards. Consequently, urgent political action and greater leadership by European institutions are required to pave the way for distributive justice between states in asylum burdens.
{"title":"Asylum burden-sharing within the EU revisited: are we moving on the right track?","authors":"M. Hierro, A. Maza, J. Villaverde","doi":"10.1080/17487870.2021.1983432","DOIUrl":"https://doi.org/10.1080/17487870.2021.1983432","url":null,"abstract":"ABSTRACT The refugee crisis evidenced a myriad of flaws in the EU common asylum policy, especially the lack of fairness in asylum burden-sharing. This paper reveals that, despite some progress in terms of inequality, a bi-polarised distribution gained ground. Moreover, two novel convergence approaches in this field reveal that the message of previous articles on disparity reduction is incomplete; there was no pure convergence, as it was achieved due to frontrunners, with no role for laggards. Consequently, urgent political action and greater leadership by European institutions are required to pave the way for distributive justice between states in asylum burdens.","PeriodicalId":51737,"journal":{"name":"Journal of Economic Policy Reform","volume":"26 1","pages":"126 - 144"},"PeriodicalIF":2.1,"publicationDate":"2021-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47791922","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-10-11DOI: 10.1080/17487870.2021.1973899
Beatriz Cuadrado-Ballesteros, Noemí Peña-Miguel
ABSTRACT This study analyses the relationship between public-private partnerships (PPPs) and corruption. Several econometric analyses were developed using a sample of 92 low- and middle-income countries over the period 1995–2018. There is research in the literature that discusses the theoretical vulnerability of PPPs to corruption, but this study adds empirical evidence, considering that developing countries have more problems with corruption than do other countries. The results suggest that corruption has a positive impact on the number of PPP arrangements and on the amount of investment commitments. This provides evidence of a positive link between corruption and PPP projects.
{"title":"Analysing the link between corruption and PPPs in infrastructure projects: an empirical assessment in developing countries","authors":"Beatriz Cuadrado-Ballesteros, Noemí Peña-Miguel","doi":"10.1080/17487870.2021.1973899","DOIUrl":"https://doi.org/10.1080/17487870.2021.1973899","url":null,"abstract":"ABSTRACT This study analyses the relationship between public-private partnerships (PPPs) and corruption. Several econometric analyses were developed using a sample of 92 low- and middle-income countries over the period 1995–2018. There is research in the literature that discusses the theoretical vulnerability of PPPs to corruption, but this study adds empirical evidence, considering that developing countries have more problems with corruption than do other countries. The results suggest that corruption has a positive impact on the number of PPP arrangements and on the amount of investment commitments. This provides evidence of a positive link between corruption and PPP projects.","PeriodicalId":51737,"journal":{"name":"Journal of Economic Policy Reform","volume":"25 1","pages":"136 - 155"},"PeriodicalIF":2.1,"publicationDate":"2021-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46346469","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-09-11DOI: 10.1080/17487870.2021.1968860
Farhad Taghizadeh‐Hesary, N. Yoshino, E. Rasoulinezhad
ABSTRACT The main objective of the Bank of Japan’s monetary policy is inflation targeting; however, it may be associated with the recently increased income disparity in Japan. Using the autoregressive distributed lag (ARDL) estimation model, this study conducted in the context of an aging society revealed that the bank’s monetary policy increased income inequality through increased financial asset prices, resulting in a widening of the income gap. We also find that in the long run, the aging population will increase income disparity in Japan; however, tax policy will partially mitigate the adverse effect on income inequality. Unconventional monetary policy will not bring a desirable result for the Japanese economy and the nation as a whole. In addition, the government needs to revise the incremental tax system so that wealthier groups pay more tax than before. In addition, expanding the tax system by adopting the carbon taxation scheme would be beneficial. The government with this kind of tax can pursue two major goals: reducing poverty and environmental pollution, which are ongoing challenges in Japan.
{"title":"Unconventional monetary policy and income disparity in an aging society","authors":"Farhad Taghizadeh‐Hesary, N. Yoshino, E. Rasoulinezhad","doi":"10.1080/17487870.2021.1968860","DOIUrl":"https://doi.org/10.1080/17487870.2021.1968860","url":null,"abstract":"ABSTRACT The main objective of the Bank of Japan’s monetary policy is inflation targeting; however, it may be associated with the recently increased income disparity in Japan. Using the autoregressive distributed lag (ARDL) estimation model, this study conducted in the context of an aging society revealed that the bank’s monetary policy increased income inequality through increased financial asset prices, resulting in a widening of the income gap. We also find that in the long run, the aging population will increase income disparity in Japan; however, tax policy will partially mitigate the adverse effect on income inequality. Unconventional monetary policy will not bring a desirable result for the Japanese economy and the nation as a whole. In addition, the government needs to revise the incremental tax system so that wealthier groups pay more tax than before. In addition, expanding the tax system by adopting the carbon taxation scheme would be beneficial. The government with this kind of tax can pursue two major goals: reducing poverty and environmental pollution, which are ongoing challenges in Japan.","PeriodicalId":51737,"journal":{"name":"Journal of Economic Policy Reform","volume":"25 1","pages":"451 - 470"},"PeriodicalIF":2.1,"publicationDate":"2021-09-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45330812","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-08-23DOI: 10.1080/17487870.2021.1962716
Arlette Beltrán, Alberto Chong, M. Montoya
ABSTRACT We study whether urban segregation is linked to social capital and, in particular, whether socio-economic level, measured by neighborhood of provenance, is detrimental to the formation of reciprocity. We employ representative data for six Latin American cities, an underrepresented region in terms of experimental research. Our main findings provide robust evidence that individuals with higher socio-economic level increasingly reward larger levels of trust in comparison to lower socio-economic level participants.
{"title":"Socio-economic level, neighborhood segregation and determinants of reciprocity: evidence using representative artefactual data from Latin American cities","authors":"Arlette Beltrán, Alberto Chong, M. Montoya","doi":"10.1080/17487870.2021.1962716","DOIUrl":"https://doi.org/10.1080/17487870.2021.1962716","url":null,"abstract":"ABSTRACT We study whether urban segregation is linked to social capital and, in particular, whether socio-economic level, measured by neighborhood of provenance, is detrimental to the formation of reciprocity. We employ representative data for six Latin American cities, an underrepresented region in terms of experimental research. Our main findings provide robust evidence that individuals with higher socio-economic level increasingly reward larger levels of trust in comparison to lower socio-economic level participants.","PeriodicalId":51737,"journal":{"name":"Journal of Economic Policy Reform","volume":"26 1","pages":"145 - 159"},"PeriodicalIF":2.1,"publicationDate":"2021-08-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43282117","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-08-02DOI: 10.1080/17487870.2021.1952412
Alessandro Muscio, A. Ciffolilli, A. Lopolito
ABSTRACT Technology diversity is defined as the ability to perform research and development in different technological domains. We investigate the degree of technological diversity in the European regions, focusing on two main drivers: the regional capacity to obtain funding from the 7th Framework Programme, and the degree of regional network centrality in collaborative research. Our results support the hypothesis that regional capacity to access European funding and obtain a central position in collaborative networks fosters technological diversity in European regions. We also find that the high network centrality in a research collaboration network is correlated to a reduced FP7 effect on technological diversity.
{"title":"Technological diversity in collaborative projects: insights into European research policy","authors":"Alessandro Muscio, A. Ciffolilli, A. Lopolito","doi":"10.1080/17487870.2021.1952412","DOIUrl":"https://doi.org/10.1080/17487870.2021.1952412","url":null,"abstract":"ABSTRACT Technology diversity is defined as the ability to perform research and development in different technological domains. We investigate the degree of technological diversity in the European regions, focusing on two main drivers: the regional capacity to obtain funding from the 7th Framework Programme, and the degree of regional network centrality in collaborative research. Our results support the hypothesis that regional capacity to access European funding and obtain a central position in collaborative networks fosters technological diversity in European regions. We also find that the high network centrality in a research collaboration network is correlated to a reduced FP7 effect on technological diversity.","PeriodicalId":51737,"journal":{"name":"Journal of Economic Policy Reform","volume":"25 1","pages":"322 - 343"},"PeriodicalIF":2.1,"publicationDate":"2021-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/17487870.2021.1952412","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46346811","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-07-22DOI: 10.1080/17487870.2021.1949316
Fernando Ballabriga, Karen Davtyan
ABSTRACT We evaluate the income distributional effect of monetary policy in the UK for the period 1993–2019 using a mixed frequency approach and a high-frequency identification. Our results indicate that expansionary monetary policy increased income inequality during the unconventional policy subperiod 2009–2019. Looking at the income brackets, we find that this increase in inequality is primarily due to the positive impact of expansionary policy on the upper share of income distribution. Our counterfactual analysis reveals that unconventional monetary policy contributed to the increase in inequality and that the response to COVID-19 is likely to do the same.
{"title":"Distributional impact of monetary policy in the UK: from conventional to unconventional policy","authors":"Fernando Ballabriga, Karen Davtyan","doi":"10.1080/17487870.2021.1949316","DOIUrl":"https://doi.org/10.1080/17487870.2021.1949316","url":null,"abstract":"ABSTRACT We evaluate the income distributional effect of monetary policy in the UK for the period 1993–2019 using a mixed frequency approach and a high-frequency identification. Our results indicate that expansionary monetary policy increased income inequality during the unconventional policy subperiod 2009–2019. Looking at the income brackets, we find that this increase in inequality is primarily due to the positive impact of expansionary policy on the upper share of income distribution. Our counterfactual analysis reveals that unconventional monetary policy contributed to the increase in inequality and that the response to COVID-19 is likely to do the same.","PeriodicalId":51737,"journal":{"name":"Journal of Economic Policy Reform","volume":"11 11","pages":"435 - 450"},"PeriodicalIF":2.1,"publicationDate":"2021-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/17487870.2021.1949316","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41300026","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-07-08DOI: 10.1080/17487870.2021.1941958
Francisco Candel-Sánchez
ABSTRACT In this paper, we propose a game theoretic approach to deal with the problem of implementing the efficient allocation of aid and reform through policy conditionality. We show that optimality can only be attained by a conditional scheme that takes into account the characteristics of both donor and recipient. Moreover, the levels of aid and reform induced by such a mechanism are, under certain conditions, compatible with the goals of the recipient government. This result reconciles ownership with a specific form of conditionality.
{"title":"On foreign aid effectiveness: when conditionality met ownership","authors":"Francisco Candel-Sánchez","doi":"10.1080/17487870.2021.1941958","DOIUrl":"https://doi.org/10.1080/17487870.2021.1941958","url":null,"abstract":"ABSTRACT In this paper, we propose a game theoretic approach to deal with the problem of implementing the efficient allocation of aid and reform through policy conditionality. We show that optimality can only be attained by a conditional scheme that takes into account the characteristics of both donor and recipient. Moreover, the levels of aid and reform induced by such a mechanism are, under certain conditions, compatible with the goals of the recipient government. This result reconciles ownership with a specific form of conditionality.","PeriodicalId":51737,"journal":{"name":"Journal of Economic Policy Reform","volume":"25 1","pages":"287 - 304"},"PeriodicalIF":2.1,"publicationDate":"2021-07-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/17487870.2021.1941958","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46393540","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-07-08DOI: 10.1080/17487870.2021.1942874
L. Quaglia, Aneta Spendzharova
ABSTRACT After the 2008 financial crisis, international policy reforms were adopted on various aspects of derivatives markets, highlighting the need for precise and consistent rules. We examine the making of international rules concerning the resilience, recovery and resolution of central counterparties (CCPs), which form acritical global financial infrastructure. We argue that regulators played an important role in setting relatively precise and consistent international standards on CCPs over time. Facing common challenges, such as market fragmentation and interlinkages between issues, fostered a problem-solving approach in transgovernmental networks. We also identify the policy coordination tools used by regulators.
{"title":"Disentangling derivatives: international policy reforms concerning central counterparties","authors":"L. Quaglia, Aneta Spendzharova","doi":"10.1080/17487870.2021.1942874","DOIUrl":"https://doi.org/10.1080/17487870.2021.1942874","url":null,"abstract":"ABSTRACT After the 2008 financial crisis, international policy reforms were adopted on various aspects of derivatives markets, highlighting the need for precise and consistent rules. We examine the making of international rules concerning the resilience, recovery and resolution of central counterparties (CCPs), which form acritical global financial infrastructure. We argue that regulators played an important role in setting relatively precise and consistent international standards on CCPs over time. Facing common challenges, such as market fragmentation and interlinkages between issues, fostered a problem-solving approach in transgovernmental networks. We also identify the policy coordination tools used by regulators.","PeriodicalId":51737,"journal":{"name":"Journal of Economic Policy Reform","volume":"25 1","pages":"305 - 321"},"PeriodicalIF":2.1,"publicationDate":"2021-07-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/17487870.2021.1942874","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48493312","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-04-09DOI: 10.1080/17487870.2021.1895778
Juan-Francisco Albert, Nerea Gómez-Fernández
ABSTRACT This paper aims to study the distributive effects of monetary policy on wealth inequality in the US. Combining macro and micro data, we find that wealth inequality increases after an expansionary monetary policy shock, especially in the long run. Specifically, we find that an expansionary monetary policy shock substantially increases the net worth of the richest and the poorest households, while the middle class tends to benefit the least. A remarkable policy implication of our work is that, considering the post-pandemic situation, forthcoming monetary policy should be designed to avoid these unwanted effects on wealth inequality.
{"title":"Monetary policy and the redistribution of net worth in the U.S","authors":"Juan-Francisco Albert, Nerea Gómez-Fernández","doi":"10.1080/17487870.2021.1895778","DOIUrl":"https://doi.org/10.1080/17487870.2021.1895778","url":null,"abstract":"ABSTRACT This paper aims to study the distributive effects of monetary policy on wealth inequality in the US. Combining macro and micro data, we find that wealth inequality increases after an expansionary monetary policy shock, especially in the long run. Specifically, we find that an expansionary monetary policy shock substantially increases the net worth of the richest and the poorest households, while the middle class tends to benefit the least. A remarkable policy implication of our work is that, considering the post-pandemic situation, forthcoming monetary policy should be designed to avoid these unwanted effects on wealth inequality.","PeriodicalId":51737,"journal":{"name":"Journal of Economic Policy Reform","volume":"25 1","pages":"420 - 434"},"PeriodicalIF":2.1,"publicationDate":"2021-04-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/17487870.2021.1895778","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47264394","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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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