Pub Date : 2022-01-09DOI: 10.1080/17487870.2021.1997748
P. Arestis, S. Pérez-Moreno
policy” analyses the income distributional effect of monetary policy in the UK during the period 1993–2019, comparing the distributional impact of the conventional and unconventional monetary policy applied during the 1993–2008 and 2009–2019 periods, respectively. They explore the role of income composition and earnings heterogeneity as empirically relevant transmission channels of the distributional impact of monetary policy. While during the conventional monetary policy period (1993–2008) the effect of expansionary monetary policy on income inequality is non-conclusive, they conclude that the unconventional monetary policy shocks increased income inequality during the 2009–2019 period. This is primarily related to stock market gains of the upper part of income distribution because of the Quantitative Easing programs implemented during the decade of 2010s. These implications on income inequality, which differ from the results obtained in some other previous studies, lead the authors to warn of similar results expected as a consequence of the Bank of England’s measures in response to the Covid-19 disruption.
{"title":"Editorial: Distributional Effects of Monetary Policy","authors":"P. Arestis, S. Pérez-Moreno","doi":"10.1080/17487870.2021.1997748","DOIUrl":"https://doi.org/10.1080/17487870.2021.1997748","url":null,"abstract":"policy” analyses the income distributional effect of monetary policy in the UK during the period 1993–2019, comparing the distributional impact of the conventional and unconventional monetary policy applied during the 1993–2008 and 2009–2019 periods, respectively. They explore the role of income composition and earnings heterogeneity as empirically relevant transmission channels of the distributional impact of monetary policy. While during the conventional monetary policy period (1993–2008) the effect of expansionary monetary policy on income inequality is non-conclusive, they conclude that the unconventional monetary policy shocks increased income inequality during the 2009–2019 period. This is primarily related to stock market gains of the upper part of income distribution because of the Quantitative Easing programs implemented during the decade of 2010s. These implications on income inequality, which differ from the results obtained in some other previous studies, lead the authors to warn of similar results expected as a consequence of the Bank of England’s measures in response to the Covid-19 disruption.","PeriodicalId":51737,"journal":{"name":"Journal of Economic Policy Reform","volume":null,"pages":null},"PeriodicalIF":2.1,"publicationDate":"2022-01-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48749105","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 : 2021-11-28DOI: 10.1080/17487870.2021.1976178
Eric Akobeng
ABSTRACT This paper investigates the direct effect of institutions on poverty and explores whether the remittances and poverty link can be strengthened by institutions in Sub-Saharan Africa. The results suggest that a country characterized by sound financial development and good and stable government with systems to control corruption and attract investment will provide the enabling environment to reduce the rate, depth and severity of poverty. Such quality institutional attributes reinforce the effectiveness of international remittances in reducing poverty.
{"title":"Harnessing remittances for the poor: the role of institutions","authors":"Eric Akobeng","doi":"10.1080/17487870.2021.1976178","DOIUrl":"https://doi.org/10.1080/17487870.2021.1976178","url":null,"abstract":"ABSTRACT This paper investigates the direct effect of institutions on poverty and explores whether the remittances and poverty link can be strengthened by institutions in Sub-Saharan Africa. The results suggest that a country characterized by sound financial development and good and stable government with systems to control corruption and attract investment will provide the enabling environment to reduce the rate, depth and severity of poverty. Such quality institutional attributes reinforce the effectiveness of international remittances in reducing poverty.","PeriodicalId":51737,"journal":{"name":"Journal of Economic Policy Reform","volume":null,"pages":null},"PeriodicalIF":2.1,"publicationDate":"2021-11-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43763186","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 : 2021-11-22DOI: 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":null,"pages":null},"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":null,"pages":null},"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":null,"pages":null},"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":null,"pages":null},"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":null,"pages":null},"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":null,"pages":null},"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":null,"pages":null},"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":null,"pages":null},"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}
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