Previous research on market concentration in banking is heavily tilted towards using deposits as the underlying variable for measuring market concentration. This paper proposes a change in methodology by replacing deposits with the Variable profit function based on Barnett and Hahm’s Economic model for Financial Institutions, used in their 1994 paper. This model has also been successfully used in Dr. William A. Barnett’s successive research. Hancock 1997 also proposes using a similar methodology for modelling banks as Economic firms. Results change dramatically once deposits are substituted by variable profits, and a confounding puzzle is solved, involving one of South Asia’s thriving banking markets.
{"title":"New insight into market concentration and competition: Use of Barnett’s variable profit function to measure market structure in banking","authors":"F. Hasan","doi":"10.3233/JEM-210475","DOIUrl":"https://doi.org/10.3233/JEM-210475","url":null,"abstract":"Previous research on market concentration in banking is heavily tilted towards using deposits as the underlying variable for measuring market concentration. This paper proposes a change in methodology by replacing deposits with the Variable profit function based on Barnett and Hahm’s Economic model for Financial Institutions, used in their 1994 paper. This model has also been successfully used in Dr. William A. Barnett’s successive research. Hancock 1997 also proposes using a similar methodology for modelling banks as Economic firms. Results change dramatically once deposits are substituted by variable profits, and a confounding puzzle is solved, involving one of South Asia’s thriving banking markets.","PeriodicalId":53705,"journal":{"name":"Journal of Economic and Social Measurement","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-02-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.3233/JEM-210475","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42741606","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We propose a procedure that allows recovering an estimate of vacancies from firms’ information on hires and separations. Using estimated vacancies, we analyze the aggregated behavior of vacancies for the Colombian labor market. In addition, we estimate matching functions to conclude that the matching formation process for the Colombian labor market is random; this finding support the idea that frictions are mainly due to informational restrictions, and not explained by a structural mismatch. Our method might be useful in developing economies, where there are no good official sources of information on the matter.
{"title":"Estimating vacancies from firms’ hiring behavior: The case of a developing economy","authors":"L. Morales, José Lobo","doi":"10.3233/JEM-210473","DOIUrl":"https://doi.org/10.3233/JEM-210473","url":null,"abstract":"We propose a procedure that allows recovering an estimate of vacancies from firms’ information on hires and separations. Using estimated vacancies, we analyze the aggregated behavior of vacancies for the Colombian labor market. In addition, we estimate matching functions to conclude that the matching formation process for the Colombian labor market is random; this finding support the idea that frictions are mainly due to informational restrictions, and not explained by a structural mismatch. Our method might be useful in developing economies, where there are no good official sources of information on the matter.","PeriodicalId":53705,"journal":{"name":"Journal of Economic and Social Measurement","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-02-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.3233/JEM-210473","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46946142","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Paula Menezes, Fausto Pastoris, Carmen Picon-Aguilar, Martin Schmitz, Nuno Silva, B. Tissot
Globalisation is posing important challenges to external statistics, which have been reinforced in recent decades by rapid digital innovation, the complexity and limited transparency of multinational corporate structures, and the increased importance of global financial centres. Examples of such challenges include the fragmentation of global production chains and the changing nature of foreign direct investment. One fundamental question is whether the multipurpose analytical tool provided by external statistics should be simply adapted or radically transformed to address these issues. The experience of central banks shows that a number of alternative ways can be effectively developed in the medium term to adapt the current external statistics framework, especially by: collecting supplementary data; enhancing the infrastructure supporting compilation; focusing the analysis on large and global corporate groups; presenting more granular data for the aggregates currently compiled; and revisiting the concept of foreign direct investment.
{"title":"Central banks and external statistics: Evolution or revolution?1","authors":"Paula Menezes, Fausto Pastoris, Carmen Picon-Aguilar, Martin Schmitz, Nuno Silva, B. Tissot","doi":"10.3233/jem-200472","DOIUrl":"https://doi.org/10.3233/jem-200472","url":null,"abstract":"Globalisation is posing important challenges to external statistics, which have been reinforced in recent decades by rapid digital innovation, the complexity and limited transparency of multinational corporate structures, and the increased importance of global financial centres. Examples of such challenges include the fragmentation of global production chains and the changing nature of foreign direct investment. One fundamental question is whether the multipurpose analytical tool provided by external statistics should be simply adapted or radically transformed to address these issues. The experience of central banks shows that a number of alternative ways can be effectively developed in the medium term to adapt the current external statistics framework, especially by: collecting supplementary data; enhancing the infrastructure supporting compilation; focusing the analysis on large and global corporate groups; presenting more granular data for the aggregates currently compiled; and revisiting the concept of foreign direct investment.","PeriodicalId":53705,"journal":{"name":"Journal of Economic and Social Measurement","volume":"45 1","pages":"83-102"},"PeriodicalIF":0.0,"publicationDate":"2021-01-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.3233/jem-200472","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43707409","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Å. Fagereng, Martin B. Holm, Kjersti Næss Torstensen
We provide a new estimate of household-level housing wealth in Norway between 1993 and 2015 using an ensemble machine learning method on housing transaction data. The new housing wealth measure is an improvement over existing data sources for two reasons. First, the model outperforms previously applied regression models in out-of-sample prediction precision. Second, we extend the sample of estimated housing wealth by including cooperative units, non-id apartments, and cabins.
{"title":"Housing wealth in Norway, 1993–20151","authors":"Å. Fagereng, Martin B. Holm, Kjersti Næss Torstensen","doi":"10.3233/jem-200471","DOIUrl":"https://doi.org/10.3233/jem-200471","url":null,"abstract":"We provide a new estimate of household-level housing wealth in Norway between 1993 and 2015 using an ensemble machine learning method on housing transaction data. The new housing wealth measure is an improvement over existing data sources for two reasons. First, the model outperforms previously applied regression models in out-of-sample prediction precision. Second, we extend the sample of estimated housing wealth by including cooperative units, non-id apartments, and cabins.","PeriodicalId":53705,"journal":{"name":"Journal of Economic and Social Measurement","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.3233/jem-200471","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45666269","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study was motivated by reports of a mismatch between inequality experienced on the streets across the Arab region, and that estimated in household expenditure surveys. The study uses eleven surveys from Egypt, Jordan, Palestine, Sudan and Tunisia to investigate whether the dispersion of top expenditures and measurement errors in them bias the measurement of inequality. The expenditure distributions are corrected by replacing potentially mismeasured values with those drawn from parametric distributions. Across all surveys, expenditure inequality is found to be at or below that found in emerging countries worldwide. The Gini is consistently 0.30–0.32 in Egypt, 0.35–0.37 in Jordan, and 0.38–0.43 in Palestine, Sudan and Tunisia. Several surveys include outliers raising inequality estimates. The Egyptian, Palestinian, and Tunisian surveys exhibit smoother top tails of expenditures, approximable by parametric distributions. Across years leading up to the Arab Spring, the estimates in these countries show falling inequality, suggesting that data problems are not behind the Arab inequality puzzle.
{"title":"Top expenditure distribution in Arab countries and the inequality puzzle1","authors":"V. Hlasny","doi":"10.3233/jem-200469","DOIUrl":"https://doi.org/10.3233/jem-200469","url":null,"abstract":"This study was motivated by reports of a mismatch between inequality experienced on the streets across the Arab region, and that estimated in household expenditure surveys. The study uses eleven surveys from Egypt, Jordan, Palestine, Sudan and Tunisia to investigate whether the dispersion of top expenditures and measurement errors in them bias the measurement of inequality. The expenditure distributions are corrected by replacing potentially mismeasured values with those drawn from parametric distributions. Across all surveys, expenditure inequality is found to be at or below that found in emerging countries worldwide. The Gini is consistently 0.30–0.32 in Egypt, 0.35–0.37 in Jordan, and 0.38–0.43 in Palestine, Sudan and Tunisia. Several surveys include outliers raising inequality estimates. The Egyptian, Palestinian, and Tunisian surveys exhibit smoother top tails of expenditures, approximable by parametric distributions. Across years leading up to the Arab Spring, the estimates in these countries show falling inequality, suggesting that data problems are not behind the Arab inequality puzzle.","PeriodicalId":53705,"journal":{"name":"Journal of Economic and Social Measurement","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-05-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.3233/jem-200469","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41924339","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Juan I. Uriarte, Gonzalo R. Ramírez Muñoz de Toro, J. Larrosa
{"title":"Web scraping based online consumer price index: The “IPC Online” case","authors":"Juan I. Uriarte, Gonzalo R. Ramírez Muñoz de Toro, J. Larrosa","doi":"10.3233/jem-190464","DOIUrl":"https://doi.org/10.3233/jem-190464","url":null,"abstract":"","PeriodicalId":53705,"journal":{"name":"Journal of Economic and Social Measurement","volume":"44 1","pages":"141-159"},"PeriodicalIF":0.0,"publicationDate":"2020-01-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.3233/jem-190464","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41965082","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"A novel three-market view of price competitiveness","authors":"Alberto Felettigh, Claire Giordano","doi":"10.3233/jem-190466","DOIUrl":"https://doi.org/10.3233/jem-190466","url":null,"abstract":"","PeriodicalId":53705,"journal":{"name":"Journal of Economic and Social Measurement","volume":"44 1","pages":"89-116"},"PeriodicalIF":0.0,"publicationDate":"2020-01-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.3233/jem-190466","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43875238","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Ohio medicaid expansion enrollees: Impact of loss of coverage on access to care, 2018","authors":"M. Nau, S. Cohen","doi":"10.3233/jem-190467","DOIUrl":"https://doi.org/10.3233/jem-190467","url":null,"abstract":"","PeriodicalId":53705,"journal":{"name":"Journal of Economic and Social Measurement","volume":"1 1","pages":"221-228"},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.3233/jem-190467","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70046255","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This article aims at investigating the significant higher education expansion in the Islamic Republic of Iran during 2005–2015 period through employing the production function of higher education. Avoiding simultaneity and selection problems in the presence of shocks, we have used a novel method from industrial organization discipline introduced by Rovigatti and Mollisi [1] – which is officially offered embeded in a Stata® module – by providing different production function estimators (Olley-Pakes, Levinsohn-Petrin, and Wooldridge) using provincial data on Iran. Our empirical results reveal that physical capital is the most critical determinant of higher education graduates. The results also uncover some important facts about the contribution of academic staff to the process of graduation. Compared to other conventional estimation methods, we also provide evidence on the superiority of this innovative method, which is far beyond its original context.
{"title":"Higher education in Iran: An investigation of its expansion during 2005–2015 period using a control function approach","authors":"Hamed Mirzaei Abbasabadi, M. G. Asl","doi":"10.3233/jem-200470","DOIUrl":"https://doi.org/10.3233/jem-200470","url":null,"abstract":"This article aims at investigating the significant higher education expansion in the Islamic Republic of Iran during 2005–2015 period through employing the production function of higher education. Avoiding simultaneity and selection problems in the presence of shocks, we have used a novel method from industrial organization discipline introduced by Rovigatti and Mollisi [1] – which is officially offered embeded in a Stata® module – by providing different production function estimators (Olley-Pakes, Levinsohn-Petrin, and Wooldridge) using provincial data on Iran. Our empirical results reveal that physical capital is the most critical determinant of higher education graduates. The results also uncover some important facts about the contribution of academic staff to the process of graduation. Compared to other conventional estimation methods, we also provide evidence on the superiority of this innovative method, which is far beyond its original context.","PeriodicalId":53705,"journal":{"name":"Journal of Economic and Social Measurement","volume":"33 1","pages":"1-64"},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70060747","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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