The Malayan economic review : the journal of the Economic Society of Singapore, the Department of Economics and Statistics and the Economic Research Centre of the University of Singapore最新文献
This paper provides an analysis on the diffusion of the last generation digital technologies (Industry 4.0) in the Veneto region, one of the main manufacturing territory in Italy. Our attention focuses on factors that enable firms to adopt these technologies, with attention to three main aspects: the human capital endowment, the international openness, and the financial structure. Empirical analysis is based on a sample of firms that operate in manufacturing, construction and business services. Our analysis shows a heterogeneous diffusion of Industry 4.0 technologies across different industries, allowing the identification of distinct technologies frontiers among sectors. The logit regression shows a positive relation between the adoption of digital technologies and the openness to international markets, as well as with a highly skilled and highly educated human capital. The digital users show better productivity indexes than other firms, but at the same time financial performances are less clear. Hence, the firms that adopt new digital technologies have a more balanced financial structure, but they do not show higher profitability ratios than non-users. This result depends on a longer run return on investment and in a different distributive policy inside the firm.
{"title":"Enabling Factors in Firms Adoption of New Digital Technologies. An Empirical Inquiry on a Manufacturing Region","authors":"Giancarlo Corò, Dejan Pejcic, Mario Volpe","doi":"10.2139/ssrn.3038307","DOIUrl":"https://doi.org/10.2139/ssrn.3038307","url":null,"abstract":"This paper provides an analysis on the diffusion of the last generation digital technologies (Industry 4.0) in the Veneto region, one of the main manufacturing territory in Italy. Our attention focuses on factors that enable firms to adopt these technologies, with attention to three main aspects: the human capital endowment, the international openness, and the financial structure. Empirical analysis is based on a sample of firms that operate in manufacturing, construction and business services. Our analysis shows a heterogeneous diffusion of Industry 4.0 technologies across different industries, allowing the identification of distinct technologies frontiers among sectors. The logit regression shows a positive relation between the adoption of digital technologies and the openness to international markets, as well as with a highly skilled and highly educated human capital. The digital users show better productivity indexes than other firms, but at the same time financial performances are less clear. Hence, the firms that adopt new digital technologies have a more balanced financial structure, but they do not show higher profitability ratios than non-users. This result depends on a longer run return on investment and in a different distributive policy inside the firm.","PeriodicalId":85755,"journal":{"name":"The Malayan economic review : the journal of the Economic Society of Singapore, the Department of Economics and Statistics and the Economic Research Centre of the University of Singapore","volume":"2017 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2017-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86779096","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 evaluate the income elasticity of the aggregate budget share spent on a sub-group of commodities, in a competitive framework, by a continuum of agents having the same income, but heterogeneous behavior described by an "homothetic preferences scaling factor" having a bounded Pareto distribution in the population. If individual budget share increases globally significantly in the limit from low to large incomes, aggregate budget share is locally increasing with medium range incomes when the logarithm of the heterogeneity factor has an increasing (exponential) density with a large support. Aggregate income elasticity converges to that exponential density parameter when its support becomes infinitely large. Symmetric results hold in the decreasing case. Applications are made to market expenditures, wealth effects on portfolio choice with many risky assets, concave expenditures, that are compatible with standard (expected) utility maximization or other "behavioral" decision making processes.
{"title":"Behavioral Heterogeneity: Pareto Distributions of Homothetic Preference Scales and Aggregate Expenditures Income Elasticities","authors":"Jean-Michel Grandmont","doi":"10.2139/ssrn.3051856","DOIUrl":"https://doi.org/10.2139/ssrn.3051856","url":null,"abstract":"We evaluate the income elasticity of the aggregate budget share spent on a sub-group of commodities, in a competitive framework, by a continuum of agents having the same income, but heterogeneous behavior described by an \"homothetic preferences scaling factor\" having a bounded Pareto distribution in the population. If individual budget share increases globally significantly in the limit from low to large incomes, aggregate budget share is locally increasing with medium range incomes when the logarithm of the heterogeneity factor has an increasing (exponential) density with a large support. Aggregate income elasticity converges to that exponential density parameter when its support becomes infinitely large. Symmetric results hold in the decreasing case. Applications are made to market expenditures, wealth effects on portfolio choice with many risky assets, concave expenditures, that are compatible with standard (expected) utility maximization or other \"behavioral\" decision making processes.","PeriodicalId":85755,"journal":{"name":"The Malayan economic review : the journal of the Economic Society of Singapore, the Department of Economics and Statistics and the Economic Research Centre of the University of Singapore","volume":"4 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2017-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90755479","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 provides some empirical evidence and quantification of differences in labor productivity among industries and countries. Using a recently available data base of value added per worker, country and time fixed effects are estimated first for various industries. Results are subsequently elaborated, to identify some time trends and sectoral profiles by country, which are in turn employed in a cluster analysis, summarizing some salient characteristics of industrial labor productivity in different economies.
{"title":"Understanding the Global Dynamics of Sectoral Labor Productivity","authors":"R. Roson","doi":"10.2139/ssrn.3029126","DOIUrl":"https://doi.org/10.2139/ssrn.3029126","url":null,"abstract":"This study provides some empirical evidence and quantification of differences in labor productivity among industries and countries. Using a recently available data base of value added per worker, country and time fixed effects are estimated first for various industries. Results are subsequently elaborated, to identify some time trends and sectoral profiles by country, which are in turn employed in a cluster analysis, summarizing some salient characteristics of industrial labor productivity in different economies.","PeriodicalId":85755,"journal":{"name":"The Malayan economic review : the journal of the Economic Society of Singapore, the Department of Economics and Statistics and the Economic Research Centre of the University of Singapore","volume":"45 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2017-08-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76601204","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}
I extend the neoclassical 2x2x2 trade model to general preferences over a variety of goods supplied under monopolistic competition in a sector while the other sector is perfectly competitive. Non-homothetic preferences deliver pricing to market, incomplete pass-through and market size effects. Under realistic conditions, the differentiated goods are sold at a higher price in the capital-abundant country.
{"title":"The Heckscher-Ohlin Model with Monopolistic Competition and General Preferences","authors":"Federico Etro","doi":"10.2139/ssrn.2998169","DOIUrl":"https://doi.org/10.2139/ssrn.2998169","url":null,"abstract":"I extend the neoclassical 2x2x2 trade model to general preferences over a variety of goods supplied under monopolistic competition in a sector while the other sector is perfectly competitive. Non-homothetic preferences deliver pricing to market, incomplete pass-through and market size effects. Under realistic conditions, the differentiated goods are sold at a higher price in the capital-abundant country.","PeriodicalId":85755,"journal":{"name":"The Malayan economic review : the journal of the Economic Society of Singapore, the Department of Economics and Statistics and the Economic Research Centre of the University of Singapore","volume":"70 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2017-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86068417","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 study imperfect and monopolistic competition with asymmetric preferences over a variety of goods provided by heterogeneous firms. We show how to compute equilibria through the Morishima elasticities of substitution. Simple pricing rules and closed-form solutions emerge under monopolistic competition when demands depend on common aggregators. This is the case for Generalized Additively Separable preferences (encompassing additive preferences and their Gorman-Pollak extensions), implicitly additive preferences and others. For applications to trade, with markups variable across goods of different quality, and to macroeconomics, with markups depending on aggregate variables, we propose specifications of indirectly additive, self-dual addilog and implicit CES preferences.
{"title":"Monopolistic Competition, As You Like It","authors":"P. Bertoletti, Federico Etro","doi":"10.2139/ssrn.2998152","DOIUrl":"https://doi.org/10.2139/ssrn.2998152","url":null,"abstract":"We study imperfect and monopolistic competition with asymmetric preferences over a variety of goods provided by heterogeneous firms. We show how to compute equilibria through the Morishima elasticities of substitution. Simple pricing rules and closed-form solutions emerge under monopolistic competition when demands depend on common aggregators. This is the case for Generalized Additively Separable preferences (encompassing additive preferences and their Gorman-Pollak extensions), implicitly additive preferences and others. For applications to trade, with markups variable across goods of different quality, and to macroeconomics, with markups depending on aggregate variables, we propose specifications of indirectly additive, self-dual addilog and implicit CES preferences.","PeriodicalId":85755,"journal":{"name":"The Malayan economic review : the journal of the Economic Society of Singapore, the Department of Economics and Statistics and the Economic Research Centre of the University of Singapore","volume":"44 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2017-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89362453","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 paper investigates the timing of wealth transfers between generations. We develop an overlapping generations model in which each generation can borrow against its future income but not against expected bequest. As a result, generations relatively poorer than their parents may end up not smoothing consumption. We prove that if wealth transfers can take place earlier in life, then each generation smooths consumption despite the constraint on borrowing and the first best solution is restored. The model implies that parents transfer resources when the children are credit constrained. This implication is tested using Dutch survey data on households' intentions to make intervivos transfers matched with administrative data that allow to construct a measure of the probability of being in need of a transfer. All in all, the paper highlights the importance of intervivos transfers as a device that households can resort to in order to mitigate inter-generational wealth inequalities.
{"title":"When You Need It or When I Die? Timing of Monetary Transfers from Parents to Children","authors":"G. Pasini, R. Alessie, A. Kalwij","doi":"10.2139/ssrn.2876460","DOIUrl":"https://doi.org/10.2139/ssrn.2876460","url":null,"abstract":"This paper investigates the timing of wealth transfers between generations. We develop an overlapping generations model in which each generation can borrow against its future income but not against expected bequest. As a result, generations relatively poorer than their parents may end up not smoothing consumption. We prove that if wealth transfers can take place earlier in life, then each generation smooths consumption despite the constraint on borrowing and the first best solution is restored. The model implies that parents transfer resources when the children are credit constrained. This implication is tested using Dutch survey data on households' intentions to make intervivos transfers matched with administrative data that allow to construct a measure of the probability of being in need of a transfer. All in all, the paper highlights the importance of intervivos transfers as a device that households can resort to in order to mitigate inter-generational wealth inequalities.","PeriodicalId":85755,"journal":{"name":"The Malayan economic review : the journal of the Economic Society of Singapore, the Department of Economics and Statistics and the Economic Research Centre of the University of Singapore","volume":"30 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2016-11-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83541341","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 paper develops several risk measures that captures the tail risk of single hedge fund strategies and the tail risk contribution of these hedge fund strategies to the overall portfolio tail risk, conditional on the level of market distress. We show that, during the recent global financial crisis, all the different hedge fund strategies are contributing to the tail risk of the portfolio of hedge funds, mostly because of the hedge fund strategies' exposure to liquidity and credit risk.
{"title":"Hedge Fund Tail Risk: An Investigation in Stressed Markets, Extended Version with Appendix","authors":"Monica Billio, L. Frattarolo, L. Pelizzon","doi":"10.2139/ssrn.2719550","DOIUrl":"https://doi.org/10.2139/ssrn.2719550","url":null,"abstract":"This paper develops several risk measures that captures the tail risk of single hedge fund strategies and the tail risk contribution of these hedge fund strategies to the overall portfolio tail risk, conditional on the level of market distress. We show that, during the recent global financial crisis, all the different hedge fund strategies are contributing to the tail risk of the portfolio of hedge funds, mostly because of the hedge fund strategies' exposure to liquidity and credit risk.","PeriodicalId":85755,"journal":{"name":"The Malayan economic review : the journal of the Economic Society of Singapore, the Department of Economics and Statistics and the Economic Research Centre of the University of Singapore","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2016-11-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83400109","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}
According to the definition of Financial Stability Board (FSB), Systemically Important Banks (SIBs) are the banks “whose disorderly failure, because of their size, complexity and systemic interconnectedness, would cause significant disruption to the wider financial system and economic activity”. The current methodology for their determination is based on balance-sheet variables and expert judgment. We use permutation tests to investigate the relevance of equity-based systemic risk measures in the SIBs choice. Restriction of the analysis to European Banks, for which full information is available, allows understanding the importance of equity-based systemic risk measures also for size, interconnectedness, substitutability/financial Institution Infrastructure, complexity and cross-jurisdictional Activity categories.
{"title":"Systemically Important Banks: A Permutation Test Approach","authors":"L. Frattarolo, Francesca Parpinel, C. Pizzi","doi":"10.2139/ssrn.2862546","DOIUrl":"https://doi.org/10.2139/ssrn.2862546","url":null,"abstract":"According to the definition of Financial Stability Board (FSB), Systemically Important Banks (SIBs) are the banks “whose disorderly failure, because of their size, complexity and systemic interconnectedness, would cause significant disruption to the wider financial system and economic activity”. The current methodology for their determination is based on balance-sheet variables and expert judgment. We use permutation tests to investigate the relevance of equity-based systemic risk measures in the SIBs choice. Restriction of the analysis to European Banks, for which full information is available, allows understanding the importance of equity-based systemic risk measures also for size, interconnectedness, substitutability/financial Institution Infrastructure, complexity and cross-jurisdictional Activity categories.","PeriodicalId":85755,"journal":{"name":"The Malayan economic review : the journal of the Economic Society of Singapore, the Department of Economics and Statistics and the Economic Research Centre of the University of Singapore","volume":"3 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2016-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78781562","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 paper analyses the determinants of spatial wage disparities in the US context for the period 1980-2000. Agglomeration benefits are estimated based on city productivity premia which are computed after controlling for the skills distribution among metropolitan areas as well as industry fixed effects. The drivers of productivity differentials that are taken into consideration are the size of the local economy, the spatial interactions among local autonomous economic systems and the structure of urban governance as well as the policy responses to the fragmentation issue. A metropolitan area with ten percentage more administrative units than another of the same size, experiences wages that are between 2.0% and 3.0% lower. The presence of a voluntary governance body is found to mitigate the problem of fragmentation only marginally, while the existence of special purpose districts have a negative impact on regional productivity. The implementation of a metropolitan government with a regional tax system is expected to increase productivity by around 6%.
{"title":"Urban Governance Structure and Wage Disparities across US Metropolitan Areas","authors":"L. Ferranna, Margherita Gerolimetto, S. Magrini","doi":"10.2139/ssrn.2862534","DOIUrl":"https://doi.org/10.2139/ssrn.2862534","url":null,"abstract":"This paper analyses the determinants of spatial wage disparities in the US context for the period 1980-2000. Agglomeration benefits are estimated based on city productivity premia which are computed after controlling for the skills distribution among metropolitan areas as well as industry fixed effects. The drivers of productivity differentials that are taken into consideration are the size of the local economy, the spatial interactions among local autonomous economic systems and the structure of urban governance as well as the policy responses to the fragmentation issue. A metropolitan area with ten percentage more administrative units than another of the same size, experiences wages that are between 2.0% and 3.0% lower. The presence of a voluntary governance body is found to mitigate the problem of fragmentation only marginally, while the existence of special purpose districts have a negative impact on regional productivity. The implementation of a metropolitan government with a regional tax system is expected to increase productivity by around 6%.","PeriodicalId":85755,"journal":{"name":"The Malayan economic review : the journal of the Economic Society of Singapore, the Department of Economics and Statistics and the Economic Research Centre of the University of Singapore","volume":"53 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2016-10-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86719303","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 paper investigates the effects of a global uncertainty shock in open economies and the role of country relative risk exposure in the transmission of the shock. We employ an Interacted VAR model to take the time- varying dimension of country relative risk exposure into account. Evidence of nonlinearities in the real effects of a global uncertainty shock is found. The reduction in real activity is larger when the country is more exposed to aggregate risk. These findings support recent theoretical contributions on the role of risk exposure in the transmission of uncertainty shocks.
{"title":"Estimating the Effects of Global Uncertainty in Open Economies","authors":"S. Delrio","doi":"10.2139/ssrn.2832727","DOIUrl":"https://doi.org/10.2139/ssrn.2832727","url":null,"abstract":"This paper investigates the effects of a global uncertainty shock in open economies and the role of country relative risk exposure in the transmission of the shock. We employ an Interacted VAR model to take the time- varying dimension of country relative risk exposure into account. Evidence of nonlinearities in the real effects of a global uncertainty shock is found. The reduction in real activity is larger when the country is more exposed to aggregate risk. These findings support recent theoretical contributions on the role of risk exposure in the transmission of uncertainty shocks.","PeriodicalId":85755,"journal":{"name":"The Malayan economic review : the journal of the Economic Society of Singapore, the Department of Economics and Statistics and the Economic Research Centre of the University of Singapore","volume":"135 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2016-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90386145","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}
The Malayan economic review : the journal of the Economic Society of Singapore, the Department of Economics and Statistics and the Economic Research Centre of the University of Singapore
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