Pub Date : 2009-02-11DOI: 10.2174/1874919400902010020
Peter Kotzian
Health system efficiency is a major target of health policy but its conceptualization and measurement are still a problem in health economics. Because health status is influenced by many factors outside the health system, I argue that measurements of health system efficiency should focus on the process of turning financial input into additional health output rather than the levels of health status reached. When analyzing levels of health status using regression methods, the appropriate efficiency indicator is hence not a country-specific intercept based on the achieved health status, but a coun- try-specific slope for input factors in the production function of health outcomes. The slopes represent health system effi- ciency, while the intercepts represent health relevant heterogeneity among countries. Using data on OECD members these slopes are estimated. Countries differ far more in their residual heterogeneity than in the rate by which their health system turns money into life years.
{"title":"Productive Efficiency and Heterogeneity of Health Care Systems: Results of a Measurement for OECD Countries","authors":"Peter Kotzian","doi":"10.2174/1874919400902010020","DOIUrl":"https://doi.org/10.2174/1874919400902010020","url":null,"abstract":"Health system efficiency is a major target of health policy but its conceptualization and measurement are still a problem in health economics. Because health status is influenced by many factors outside the health system, I argue that measurements of health system efficiency should focus on the process of turning financial input into additional health output rather than the levels of health status reached. When analyzing levels of health status using regression methods, the appropriate efficiency indicator is hence not a country-specific intercept based on the achieved health status, but a coun- try-specific slope for input factors in the production function of health outcomes. The slopes represent health system effi- ciency, while the intercepts represent health relevant heterogeneity among countries. Using data on OECD members these slopes are estimated. Countries differ far more in their residual heterogeneity than in the rate by which their health system turns money into life years.","PeriodicalId":53338,"journal":{"name":"Economics-The Open Access Open-Assessment E-Journal","volume":"12 1","pages":"20-30"},"PeriodicalIF":0.0,"publicationDate":"2009-02-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87477531","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2009-01-22DOI: 10.2174/1874919400902010010
S. Azar
The purpose of this paper is to revisit the evidence on the excess smoothness of consumption within the perma- nent income model, by using recently available monthly data. Two formulations of the univariate process of personal dis- posable income are adopted: in the levels and in the log-levels. More than one sample is studied. Three different impacts are defined and measured. In theory, the three of them should be equal. The conclusion that is strongly supported is that these three impacts are significantly different from each other, implying that excess smoothness is still a feature of the data. However a weak version of the permanent income hypothesis is endorsed which is that consumption changes by the annuity value of revised expectations of future income. In other terms, permanent income innovations have a significant, although relatively small, effect on consumption.
{"title":"New Evidence on the Excess Smoothness of Consumption","authors":"S. Azar","doi":"10.2174/1874919400902010010","DOIUrl":"https://doi.org/10.2174/1874919400902010010","url":null,"abstract":"The purpose of this paper is to revisit the evidence on the excess smoothness of consumption within the perma- nent income model, by using recently available monthly data. Two formulations of the univariate process of personal dis- posable income are adopted: in the levels and in the log-levels. More than one sample is studied. Three different impacts are defined and measured. In theory, the three of them should be equal. The conclusion that is strongly supported is that these three impacts are significantly different from each other, implying that excess smoothness is still a feature of the data. However a weak version of the permanent income hypothesis is endorsed which is that consumption changes by the annuity value of revised expectations of future income. In other terms, permanent income innovations have a significant, although relatively small, effect on consumption.","PeriodicalId":53338,"journal":{"name":"Economics-The Open Access Open-Assessment E-Journal","volume":"36 1","pages":"10-19"},"PeriodicalIF":0.0,"publicationDate":"2009-01-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83148187","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2009-01-01DOI: 10.5018/ECONOMICS-EJOURNAL.JA.2009-18
C. D. Guilmi, M. Gallegati, S. Landini
{"title":"Paper not published","authors":"C. D. Guilmi, M. Gallegati, S. Landini","doi":"10.5018/ECONOMICS-EJOURNAL.JA.2009-18","DOIUrl":"https://doi.org/10.5018/ECONOMICS-EJOURNAL.JA.2009-18","url":null,"abstract":"","PeriodicalId":53338,"journal":{"name":"Economics-The Open Access Open-Assessment E-Journal","volume":"33 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2009-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70659481","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2008-12-24DOI: 10.2174/1874919400801010058
Chikashi Tsuji
This paper examines the pricing of month-by-month time-varying risks on the Japanese stock market over the pe- riod from 1981 to 2004. Using the multivariate GARCH model, we tested the conditional version of the Sharpe-Lintner- Mossin CAPM. In contrast to previous studies, we derive and focus strictly on the monthly time-varying risk prices while employing the Fama and French approach by constructing 25 size-ranked and 25 BE/ME-ranked portfolio returns. The em- pirical results show that the price of risk in the conditional version of the Sharpe-Lintner-Mossin CAPM is generally positive and significant when the time-varying covariances from the multivariate GARCH model are used. This provides evidence contrary to the findings of many international studies in which the validity of the traditional CAPM is very often denied.
{"title":"How Do the Time-Varying Risk Prices Behave in Japan? An Investigation with a Multivariate GARCH-CAPM Approach","authors":"Chikashi Tsuji","doi":"10.2174/1874919400801010058","DOIUrl":"https://doi.org/10.2174/1874919400801010058","url":null,"abstract":"This paper examines the pricing of month-by-month time-varying risks on the Japanese stock market over the pe- riod from 1981 to 2004. Using the multivariate GARCH model, we tested the conditional version of the Sharpe-Lintner- Mossin CAPM. In contrast to previous studies, we derive and focus strictly on the monthly time-varying risk prices while employing the Fama and French approach by constructing 25 size-ranked and 25 BE/ME-ranked portfolio returns. The em- pirical results show that the price of risk in the conditional version of the Sharpe-Lintner-Mossin CAPM is generally positive and significant when the time-varying covariances from the multivariate GARCH model are used. This provides evidence contrary to the findings of many international studies in which the validity of the traditional CAPM is very often denied.","PeriodicalId":53338,"journal":{"name":"Economics-The Open Access Open-Assessment E-Journal","volume":"16 1","pages":"58-63"},"PeriodicalIF":0.0,"publicationDate":"2008-12-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84309172","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2008-10-09DOI: 10.2174/1874919400801010055
P. Sephton
Empirical support for purchasing power parity is mixed with results dependent on the time frame and countries under examination, the methodology employed, attempts to control for aggregation bias in the data, and whether adjust- ments are made to account for productivity differences across nations. As a central component of macroeconomic think- ing, purchasing power parity is battered and battle-worn. Using methods that allow for breaking means and trends, this re- search note provides irrefutable evidence in favor of purchasing power parity for a wide range of countries since the late 1800s. The results suggest managers can consider purchasing power parity a long-term anchor around which they can build their strategic plans.
{"title":"Some Evidence of Purchasing Power Parity","authors":"P. Sephton","doi":"10.2174/1874919400801010055","DOIUrl":"https://doi.org/10.2174/1874919400801010055","url":null,"abstract":"Empirical support for purchasing power parity is mixed with results dependent on the time frame and countries under examination, the methodology employed, attempts to control for aggregation bias in the data, and whether adjust- ments are made to account for productivity differences across nations. As a central component of macroeconomic think- ing, purchasing power parity is battered and battle-worn. Using methods that allow for breaking means and trends, this re- search note provides irrefutable evidence in favor of purchasing power parity for a wide range of countries since the late 1800s. The results suggest managers can consider purchasing power parity a long-term anchor around which they can build their strategic plans.","PeriodicalId":53338,"journal":{"name":"Economics-The Open Access Open-Assessment E-Journal","volume":"137 1","pages":"55-57"},"PeriodicalIF":0.0,"publicationDate":"2008-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86484848","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2008-08-13DOI: 10.2174/1874919400801010047
J. Davis, H. Keiding
A contract where the agent is compensated ex post only upon satisfactory performance, often called a no-cure- no-pay contract, can arise as under several circumstances. In this paper, we model the problem of contractual choice as a principal-agent contract which is modified due to hidden information about the competence of the agent to fulfill the obli- gations of the contract. The agent offers a choice of contracts to the principal, thereby signalling agent competence to the principal, and there is no alternative reputation mechanism to the contract for the principal's bargaining strategy. It turns out that in this situation, the optimal contract will have a form which may be recognized as a no-cure-no-pay contract.
{"title":"Incentive Contracts with Unobservable Competence Levels","authors":"J. Davis, H. Keiding","doi":"10.2174/1874919400801010047","DOIUrl":"https://doi.org/10.2174/1874919400801010047","url":null,"abstract":"A contract where the agent is compensated ex post only upon satisfactory performance, often called a no-cure- no-pay contract, can arise as under several circumstances. In this paper, we model the problem of contractual choice as a principal-agent contract which is modified due to hidden information about the competence of the agent to fulfill the obli- gations of the contract. The agent offers a choice of contracts to the principal, thereby signalling agent competence to the principal, and there is no alternative reputation mechanism to the contract for the principal's bargaining strategy. It turns out that in this situation, the optimal contract will have a form which may be recognized as a no-cure-no-pay contract.","PeriodicalId":53338,"journal":{"name":"Economics-The Open Access Open-Assessment E-Journal","volume":"27 1","pages":"47-54"},"PeriodicalIF":0.0,"publicationDate":"2008-08-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90432726","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2008-07-16DOI: 10.2174/1874919400801010037
R. Cebula, J. V. Koch
According to the U.S. Federal Trade Commission, identity theft constituted the number one consumer com- plaint in the United States in 2006. Using state-level data for the 50 states for 2005, we find, among other things, that the rate of reported identity theft per 100,000 population is directly related to the unemployment rate, the percent of the popu- lation residing in urban areas, and the extent of undocumented immigration. Of these variables, the undocumented immi- gration variable is by far the most important in terms of both weight and statistical significance. "But he that filches from me my good name/Robs me of that which not enriches him/And makes me poor indeed" (Iago in Shakespeare's Othello, Act 3, Scene 3).
{"title":"The impact of undocumented immigration on ID theft in the United States: An empirical study","authors":"R. Cebula, J. V. Koch","doi":"10.2174/1874919400801010037","DOIUrl":"https://doi.org/10.2174/1874919400801010037","url":null,"abstract":"According to the U.S. Federal Trade Commission, identity theft constituted the number one consumer com- plaint in the United States in 2006. Using state-level data for the 50 states for 2005, we find, among other things, that the rate of reported identity theft per 100,000 population is directly related to the unemployment rate, the percent of the popu- lation residing in urban areas, and the extent of undocumented immigration. Of these variables, the undocumented immi- gration variable is by far the most important in terms of both weight and statistical significance. \"But he that filches from me my good name/Robs me of that which not enriches him/And makes me poor indeed\" (Iago in Shakespeare's Othello, Act 3, Scene 3).","PeriodicalId":53338,"journal":{"name":"Economics-The Open Access Open-Assessment E-Journal","volume":"29 1","pages":"37-46"},"PeriodicalIF":0.0,"publicationDate":"2008-07-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83051379","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2008-07-16DOI: 10.2174/1874919400801010025
M. Thompson
The theoretical richness and variety of the new growth literature can make it difficult to capture the essence of growth models. With this paper, we wish to provide one possible integrating view of the nature of the growth generating processes. Revisiting the models that constitute the core of growth theory, we expose analytically the main mechanisms through which long-run growth can be delivered. Models that contemplate physical capital accumulation generate long-run growth through the attainment of a non- declining marginal productivity of capital. One mechanism for achieving this entails the introduction of technological progress; another mechanism involves the inclusion of human capital accumulation; and a third method relies on the elimination from the production function of the diminishing returns to capital feature. The foundational models that clas- sically represent each of these mechanisms are reviewed in an analytical and integrating perspective. Some growth models do not contemplate physical capital and hence obtain long-run growth without generating a non- declining marginal productivity of capital. We look into two reference models of this nature.
{"title":"Generating Economic Growth: An Analytical Survey","authors":"M. Thompson","doi":"10.2174/1874919400801010025","DOIUrl":"https://doi.org/10.2174/1874919400801010025","url":null,"abstract":"The theoretical richness and variety of the new growth literature can make it difficult to capture the essence of growth models. With this paper, we wish to provide one possible integrating view of the nature of the growth generating processes. Revisiting the models that constitute the core of growth theory, we expose analytically the main mechanisms through which long-run growth can be delivered. Models that contemplate physical capital accumulation generate long-run growth through the attainment of a non- declining marginal productivity of capital. One mechanism for achieving this entails the introduction of technological progress; another mechanism involves the inclusion of human capital accumulation; and a third method relies on the elimination from the production function of the diminishing returns to capital feature. The foundational models that clas- sically represent each of these mechanisms are reviewed in an analytical and integrating perspective. Some growth models do not contemplate physical capital and hence obtain long-run growth without generating a non- declining marginal productivity of capital. We look into two reference models of this nature.","PeriodicalId":53338,"journal":{"name":"Economics-The Open Access Open-Assessment E-Journal","volume":"12 1","pages":"25-36"},"PeriodicalIF":0.0,"publicationDate":"2008-07-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80091589","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2008-05-23DOI: 10.2174/1874919400801010014
R. Burdekin, R. Tao
More than half of the assets in China's banking system are accounted for by four huge state-owned commercial banks. This paper examines the changing factors influencing these banks' lending behavior over the post-1994 period on a province-by-province basis. Determinants include the concentration of state-owned enterprises, the level of provincial prosperity, deposit levels, and macroeconomic control variables. We confirm a downward trend in the banks' loan-to- deposit ratio combined with some (mixed) evidence of more lending to richer provinces over time. SOE lending remained important for at least one of the four banks.
{"title":"China's State-Owned Banks' Lending Practices, 1994-2005: Empirical Tests and Policy Implications","authors":"R. Burdekin, R. Tao","doi":"10.2174/1874919400801010014","DOIUrl":"https://doi.org/10.2174/1874919400801010014","url":null,"abstract":"More than half of the assets in China's banking system are accounted for by four huge state-owned commercial banks. This paper examines the changing factors influencing these banks' lending behavior over the post-1994 period on a province-by-province basis. Determinants include the concentration of state-owned enterprises, the level of provincial prosperity, deposit levels, and macroeconomic control variables. We confirm a downward trend in the banks' loan-to- deposit ratio combined with some (mixed) evidence of more lending to richer provinces over time. SOE lending remained important for at least one of the four banks.","PeriodicalId":53338,"journal":{"name":"Economics-The Open Access Open-Assessment E-Journal","volume":"76 1","pages":"14-24"},"PeriodicalIF":0.0,"publicationDate":"2008-05-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86732469","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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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