Pub Date : 2020-06-16DOI: 10.1080/17487870.2020.1762599
Valerie J. D’Erman, P. Schure, A. Verdun
ABSTRACT This paper offers the Introduction to the Special Issue “Economic and Financial Governance in the European Union after a decade of Economic and Political Crises.” We introduce the five papers. We distill three important lessons they offer for EU integration.
{"title":"Introduction to “Economic and Financial Governance in the European Union after a decade of Economic and Political Crises.”","authors":"Valerie J. D’Erman, P. Schure, A. Verdun","doi":"10.1080/17487870.2020.1762599","DOIUrl":"https://doi.org/10.1080/17487870.2020.1762599","url":null,"abstract":"ABSTRACT This paper offers the Introduction to the Special Issue “Economic and Financial Governance in the European Union after a decade of Economic and Political Crises.” We introduce the five papers. We distill three important lessons they offer for EU integration.","PeriodicalId":51737,"journal":{"name":"Journal of Economic Policy Reform","volume":"23 1","pages":"267 - 272"},"PeriodicalIF":2.1,"publicationDate":"2020-06-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/17487870.2020.1762599","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48374019","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 : 2020-06-16DOI: 10.1080/17487870.2020.1760100
Juan-Francisco Albert, Nerea Gómez-Fernández
ABSTRACT The purpose of this research is to quantify the impact of economic uncertainty shocks in Spain by using a structural vector autoregression (SVAR) approach with data from the first quarter of 2001 until the first quarter of 2018. Specifically, we analyze temporary and persistent economic and policy uncertainty shocks. Our results suggest that positive economic and political uncertainty shocks lead to an increase in unemployment and declines in consumption, investment, IBEX 35 index, and GDP. Based on our results, we can conclude that economic and policy uncertainty shocks have a significant negative impact on the Spanish economy.
{"title":"The impact of economic and policy uncertainty shocks in Spain","authors":"Juan-Francisco Albert, Nerea Gómez-Fernández","doi":"10.1080/17487870.2020.1760100","DOIUrl":"https://doi.org/10.1080/17487870.2020.1760100","url":null,"abstract":"ABSTRACT The purpose of this research is to quantify the impact of economic uncertainty shocks in Spain by using a structural vector autoregression (SVAR) approach with data from the first quarter of 2001 until the first quarter of 2018. Specifically, we analyze temporary and persistent economic and policy uncertainty shocks. Our results suggest that positive economic and political uncertainty shocks lead to an increase in unemployment and declines in consumption, investment, IBEX 35 index, and GDP. Based on our results, we can conclude that economic and policy uncertainty shocks have a significant negative impact on the Spanish economy.","PeriodicalId":51737,"journal":{"name":"Journal of Economic Policy Reform","volume":"24 1","pages":"270 - 291"},"PeriodicalIF":2.1,"publicationDate":"2020-06-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/17487870.2020.1760100","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46288986","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 : 2020-06-13DOI: 10.1080/17487870.2020.1768856
R. Geddes, Josh Goldman
ABSTRACT The growing use of public-private partnerships (PPPs) in infrastructure delivery has rekindled the public versus private cost-of-capital debate. Early debate concluded that the social cost of public-sector capital is below that of private capital because risk can be spread across numerous taxpayers. Intervening research focused on the agency costs that arise due to increased separation between equity holders and managers and the various mechanisms to control those agency costs. We analyze differences in public versus private residual claims and their associated agency costs. We conclude that earlier discussions that omitted agency-cost analysis should be revisited.
{"title":"Institutional Economics and the Cost of Capital for Infrastructure Projects","authors":"R. Geddes, Josh Goldman","doi":"10.1080/17487870.2020.1768856","DOIUrl":"https://doi.org/10.1080/17487870.2020.1768856","url":null,"abstract":"ABSTRACT The growing use of public-private partnerships (PPPs) in infrastructure delivery has rekindled the public versus private cost-of-capital debate. Early debate concluded that the social cost of public-sector capital is below that of private capital because risk can be spread across numerous taxpayers. Intervening research focused on the agency costs that arise due to increased separation between equity holders and managers and the various mechanisms to control those agency costs. We analyze differences in public versus private residual claims and their associated agency costs. We conclude that earlier discussions that omitted agency-cost analysis should be revisited.","PeriodicalId":51737,"journal":{"name":"Journal of Economic Policy Reform","volume":"25 1","pages":"85 - 102"},"PeriodicalIF":2.1,"publicationDate":"2020-06-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/17487870.2020.1768856","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48272699","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 : 2020-05-13DOI: 10.1080/17487870.2020.1760101
Niccolò Cusumano, Matti Siemiatycki, V. Vecchi
ABSTRACT Drawing on the collapse of Morandi bridge (Genoa, Italy) exemplar and unique case and by applying a content analysis to the declarations made by politicians in the subsequent months after the tragedy, the paper highlights how longstanding debates about the relative merits of concessions vis a vis direct public operations can become the terrain of intense political contestation in the wake of a public tragedy. In particular, it shows how PPPs predicated on transferring risks to the partner best able to manage them create opportunities for blame shifting by politicians, bureaucracies and firms when failures occur.
{"title":"The politicization of public–private partnerships following a mega-project disaster: the case of the Morandi Bridge Collapse","authors":"Niccolò Cusumano, Matti Siemiatycki, V. Vecchi","doi":"10.1080/17487870.2020.1760101","DOIUrl":"https://doi.org/10.1080/17487870.2020.1760101","url":null,"abstract":"ABSTRACT Drawing on the collapse of Morandi bridge (Genoa, Italy) exemplar and unique case and by applying a content analysis to the declarations made by politicians in the subsequent months after the tragedy, the paper highlights how longstanding debates about the relative merits of concessions vis a vis direct public operations can become the terrain of intense political contestation in the wake of a public tragedy. In particular, it shows how PPPs predicated on transferring risks to the partner best able to manage them create opportunities for blame shifting by politicians, bureaucracies and firms when failures occur.","PeriodicalId":51737,"journal":{"name":"Journal of Economic Policy Reform","volume":"25 1","pages":"173 - 189"},"PeriodicalIF":2.1,"publicationDate":"2020-05-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/17487870.2020.1760101","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48549361","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 : 2020-05-07DOI: 10.1080/17487870.2020.1727322
Annalisa Primi, Manuel Toselli
ABSTRACT This paper contributes to the debate on digitalisation and development focusing on industrial organisation and production processes. It analyses the evolution of the global development landscape since the 1990s and provides a taxonomy of channels through which Industry 4.0 is redefining the patterns of value creation and appropriation. It clarifies the impacts of these changes on developing economies and presents policy options to avoid that Industry 4.0 becomes another and even greater source of development gaps within and between countries.
{"title":"A global perspective on industry 4.0 and development: new gaps or opportunities to leapfrog?","authors":"Annalisa Primi, Manuel Toselli","doi":"10.1080/17487870.2020.1727322","DOIUrl":"https://doi.org/10.1080/17487870.2020.1727322","url":null,"abstract":"ABSTRACT This paper contributes to the debate on digitalisation and development focusing on industrial organisation and production processes. It analyses the evolution of the global development landscape since the 1990s and provides a taxonomy of channels through which Industry 4.0 is redefining the patterns of value creation and appropriation. It clarifies the impacts of these changes on developing economies and presents policy options to avoid that Industry 4.0 becomes another and even greater source of development gaps within and between countries.","PeriodicalId":51737,"journal":{"name":"Journal of Economic Policy Reform","volume":"23 1","pages":"371 - 389"},"PeriodicalIF":2.1,"publicationDate":"2020-05-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/17487870.2020.1727322","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47558450","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 : 2020-05-07DOI: 10.1080/17487870.2019.1683010
C. Mesa-Lago, Mario A. González‐Corzo
ABSTRACT This article analyzes the evolution, progress, and hurdles of usufruct farming in Cuba since its inception in 2008, as well as its impact on agricultural output, exports, and imports. It contributes to the existing literature based on the results of a field survey that provides the principal socioeconomic characteristics of usufruct farmers. The study concludes that despite some progress, Cuba’s usufruct contends with substantial challenges that limit its growth and potential economic contributions. Addressing these challenges is of the utmost economic and strategic importance for usufruct farming to achieve tangible improvements and raise the living standards of the Cuban people.
{"title":"Agrarian reform and usufruct farming in socialist Cuba","authors":"C. Mesa-Lago, Mario A. González‐Corzo","doi":"10.1080/17487870.2019.1683010","DOIUrl":"https://doi.org/10.1080/17487870.2019.1683010","url":null,"abstract":"ABSTRACT This article analyzes the evolution, progress, and hurdles of usufruct farming in Cuba since its inception in 2008, as well as its impact on agricultural output, exports, and imports. It contributes to the existing literature based on the results of a field survey that provides the principal socioeconomic characteristics of usufruct farmers. The study concludes that despite some progress, Cuba’s usufruct contends with substantial challenges that limit its growth and potential economic contributions. Addressing these challenges is of the utmost economic and strategic importance for usufruct farming to achieve tangible improvements and raise the living standards of the Cuban people.","PeriodicalId":51737,"journal":{"name":"Journal of Economic Policy Reform","volume":"24 1","pages":"119 - 133"},"PeriodicalIF":2.1,"publicationDate":"2020-05-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/17487870.2019.1683010","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43507319","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 : 2020-05-07DOI: 10.1080/17487870.2020.1735386
Keun Lee, F. Malerba, Annalisa Primi
ABSTRACT The 4IR can open windows of opportunity for emerging economies but also raises red flags in terms of the main challenges that these changes pose to firms, industrial systems and policy approaches. Benefiting from it will not be automatic, as these economies suffer from several gaps that hamper their possibility to operate in a digital industrial landscape. However, with a capable entrepreneurial state, developing economies could use the ongoing uncertain and fast-changing scenario to fast track their development. As partnerships become more relevant for innovations due to technological convergence, competition policies and standards to avoid monopolistic positions and excessive concentration are needed to maintain the space for bottom-up innovation.
{"title":"The fourth industrial revolution, changing global value chains and industrial upgrading in emerging economies","authors":"Keun Lee, F. Malerba, Annalisa Primi","doi":"10.1080/17487870.2020.1735386","DOIUrl":"https://doi.org/10.1080/17487870.2020.1735386","url":null,"abstract":"ABSTRACT The 4IR can open windows of opportunity for emerging economies but also raises red flags in terms of the main challenges that these changes pose to firms, industrial systems and policy approaches. Benefiting from it will not be automatic, as these economies suffer from several gaps that hamper their possibility to operate in a digital industrial landscape. However, with a capable entrepreneurial state, developing economies could use the ongoing uncertain and fast-changing scenario to fast track their development. As partnerships become more relevant for innovations due to technological convergence, competition policies and standards to avoid monopolistic positions and excessive concentration are needed to maintain the space for bottom-up innovation.","PeriodicalId":51737,"journal":{"name":"Journal of Economic Policy Reform","volume":"23 1","pages":"359 - 370"},"PeriodicalIF":2.1,"publicationDate":"2020-05-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/17487870.2020.1735386","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47058562","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 : 2020-05-01DOI: 10.1080/17487870.2019.1689360
G. Bird, Faryal Qayum, D. Rowlands
ABSTRACT This paper examines the effect of IMF programs on poverty, income inequality and government expenditure on education and health. It distinguishes between non-concessional and concessional programs and examines the effect of contingent factors; program completion, IMF resources, the size of the initial economic problems and aid dependency. Our findings suggest that, in general, IMF programs have not significantly increased poverty and income inequality; in some instances they are associated with reduced poverty and income inequality. Moreover, we find little evidence that IMF programs lead to severe cuts in social expenditure.
{"title":"The effects of IMF programs on poverty, income inequality and social expenditure in low income countries: an empirical analysis","authors":"G. Bird, Faryal Qayum, D. Rowlands","doi":"10.1080/17487870.2019.1689360","DOIUrl":"https://doi.org/10.1080/17487870.2019.1689360","url":null,"abstract":"ABSTRACT This paper examines the effect of IMF programs on poverty, income inequality and government expenditure on education and health. It distinguishes between non-concessional and concessional programs and examines the effect of contingent factors; program completion, IMF resources, the size of the initial economic problems and aid dependency. Our findings suggest that, in general, IMF programs have not significantly increased poverty and income inequality; in some instances they are associated with reduced poverty and income inequality. Moreover, we find little evidence that IMF programs lead to severe cuts in social expenditure.","PeriodicalId":51737,"journal":{"name":"Journal of Economic Policy Reform","volume":"24 1","pages":"170 - 188"},"PeriodicalIF":2.1,"publicationDate":"2020-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/17487870.2019.1689360","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48134099","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 : 2020-05-01DOI: 10.1080/17487870.2020.1719103
S. Van de Walle, K. Migchelbrink
ABSTRACT We empirically study whether citizens´ trust in public administration is influenced by the outcomes delivered by public services or by due process (administrative impartiality or absence of corruption) from a regional perspective. The paper fits a multilevel model on a unique dataset (N= 129,773) with observations nested in 173 European regions, using data from a series of pooled Eurobarometer surveys and from the European Quality of Government Index. We find that both public service outcomes and processes have a significant impact on citizens´ trust in public administration, but that process, and in particular absence of corruption is the strongest institutional determinant.
{"title":"Institutional quality, corruption, and impartiality: the role of process and outcome for citizen trust in public administration in 173 European regions","authors":"S. Van de Walle, K. Migchelbrink","doi":"10.1080/17487870.2020.1719103","DOIUrl":"https://doi.org/10.1080/17487870.2020.1719103","url":null,"abstract":"ABSTRACT We empirically study whether citizens´ trust in public administration is influenced by the outcomes delivered by public services or by due process (administrative impartiality or absence of corruption) from a regional perspective. The paper fits a multilevel model on a unique dataset (N= 129,773) with observations nested in 173 European regions, using data from a series of pooled Eurobarometer surveys and from the European Quality of Government Index. We find that both public service outcomes and processes have a significant impact on citizens´ trust in public administration, but that process, and in particular absence of corruption is the strongest institutional determinant.","PeriodicalId":51737,"journal":{"name":"Journal of Economic Policy Reform","volume":"25 1","pages":"9 - 27"},"PeriodicalIF":2.1,"publicationDate":"2020-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/17487870.2020.1719103","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43127150","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 : 2020-04-02DOI: 10.1080/17487870.2019.1566065
Ernesto Crivelli, Klaas Staal
ABSTRACT We develop a theoretical model in which there are public and private firms and a government. When firms become insolvent, the government can intervene with bailouts or nationalizations. The government only intervenes when the bankruptcy of a firm entails social costs. In this setting, we analyze how government interventions affect allocative and productive efficiency. Nationalizations of private firms after unprofitable investments lead to increased allocative efficiency despite private ownership. The effort level chosen by the managers and employees working for a firm is also affected by the possibility of government interventions, reducing the productive efficiency advantage of private firms.
{"title":"Nationalizations, bailouts and efficiency","authors":"Ernesto Crivelli, Klaas Staal","doi":"10.1080/17487870.2019.1566065","DOIUrl":"https://doi.org/10.1080/17487870.2019.1566065","url":null,"abstract":"ABSTRACT We develop a theoretical model in which there are public and private firms and a government. When firms become insolvent, the government can intervene with bailouts or nationalizations. The government only intervenes when the bankruptcy of a firm entails social costs. In this setting, we analyze how government interventions affect allocative and productive efficiency. Nationalizations of private firms after unprofitable investments lead to increased allocative efficiency despite private ownership. The effort level chosen by the managers and employees working for a firm is also affected by the possibility of government interventions, reducing the productive efficiency advantage of private firms.","PeriodicalId":51737,"journal":{"name":"Journal of Economic Policy Reform","volume":"23 1","pages":"209 - 228"},"PeriodicalIF":2.1,"publicationDate":"2020-04-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/17487870.2019.1566065","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42180571","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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