Quaderni di Dipartimento [serie ordinaria - Anno 2004]


ELENCO DEI QUADERNI DI DIPARTIMENTO - WORKING PAPERS

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ISSN: 2279-9559 (dal n. 1 al n. 157), 2279-9567 (dal n. 158 al n. 363), 2279-9575 (dal n. 364 in poi)

221  Riccardo MAZZONI
Una contabilità della crescita di stampo keynesiano [ottobre 2004]
Abstract:
  Lo studio delle cause che determinano il tasso di crescita ha privilegiato nettamente l'approccio neoclassico e la sua variante costituita dalla "new" growth theory. Tale punto di vista considera l'espansione dell'economia come un processo alimentato dalla dinamica degli input e della loro produttivita'. Nessun ruolo viene attribuito alla domanda. A quest'ultima viene al più riconosciuta la capacita' d'influire temporaneamente sul grado di utilizzazione delle risorse. Molto diverso e' l'atteggiamento di chi sostiene invece che il tasso di crescita della produzione e' interamente spiegato da quello della domanda. Secondo tale approccio, inoltre, e' la pressione che essa esercita sull'economia a determinare la dinamica degli input. Anche coloro che propendono per una visione "eclettica" della questione tendono a riconoscere alla domanda un ruolo significativo nel processo di crescita, pari almeno a quello attribuito ai fattori d'offerta. Lo scopo di questo lavoro e' di enfatizzare il contributo che negli ultimi tre decenni la domanda ha fornito alla dinamica dell'economia italiana. L'intenzione e' quella di mettere in evidenza aspetti del processo di crescita del nostro paese solitamente trascurati da piu' consolidati indirizzi di studio, portati a sottolineare quasi esclusivamente il ruolo esercitato dai fattori d'offerta.
Citations:   CitEc
 
220  Stefania BUSSOLETTI, Roberto ESPOSTI
Regional Convergence, Structural Funds and the Role of Agricolture in the EU. A Panel-Data Approach. [ottobre 2004]
Keywords:
  GMM estimation, agriculture employment, panel-data, regional convergence, structural funds
JEL Classification:
  O13 Economic Development, Technological Change, and Growth - Economic Development - Agriculture; Natural Resources; Energy; Environment; Other Primary Products
  Q10 Agricultural and Natural Resource Economics; Environmental and Ecological Economics - Agriculture - General
  R11 Urban, Rural, and Regional Economics - General Regional Economics - Regional Economic Activity: Growth, Development, and Changes
  R58 Urban, Rural, and Regional Economics - Regional Government Analysis - Regional Development Planning and Policy
Abstract:
  This article investigates the impact of structural funds expenditure on EU regions by estimating a conditional convergence econometric model. According to this model, regional convergence is affected by both the policy treatment and the regional economic structure proxied by the agriculture employment share, which affects regional steady state level by influencing its aggregate productivity. The convergence model is specified in a dynamic panel-data form on a dataset of 206 NUTS II EU15 regions observed over more than 10 years (from 1989 to 2000). A GMM estimation is applied to obtain consistent estimates of both the ß parameter and the impact of the regional policies and agriculture employment share.
Citations:   CitEc
 
219  Elvio MATTIOLI, Giuseppe RICCIARDO LAMONICA
An Empirical Analysis of Methods to Construct Indices for Consistent Multiple Comparisons [ottobre 2004]
Keywords:
  index numbers, multiple comparisons, ratio-scale matrices
Abstract:
  This paper presents an empirical analysis of the response of several methods proposed in literature to construct indices for consistent multiple comparison. In this article we consider also the close formal connection between the comparison of preference judgements and the comparison of economic aggregates. The work limits the attention exclusively to the consistency of the various technique and skips any aspect of economic nature. To evaluate the various scaling methods, we have used official data furnished by Eurostat and Istat (Italian Statistical Institute), consequently our analysis is based on real-life data and not on simulations as is usually the case in study in this kind. The most important results that we have achieved are the close concordance of the weights obtained with the various methods and the robustness of the evaluations performed.
Citations:   CitEc
 
218  Andrea BONFIGLIO, Francesco CHELLI
An Impact Analysis of SAPARD in Rural Areas by Alternative Methods of Regionalization [ottobre 2004]
Keywords:
  I-O approach, SAPARD, policy impact sensitivity anlysis, regionalization methods
JEL Classification:
  C67 Mathematical and Quantitative Methods - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - Input–Output Models
  O18 Economic Development, Technological Change, and Growth - Economic Development - Regional, Urban, and Rural Analyses; Transportation
  Q18 Agricultural and Natural Resource Economics; Environmental and Ecological Economics - Agriculture - Agricultural Policy; Food Policy
  R15 Urban, Rural, and Regional Economics - General Regional Economics - Econometric and Input–Output Models; Other Models
Abstract:
  The aim of this article is to evaluate sensitivity of policy impact to the use of different methods of regionalization based on I-O approach. Policy impact is that coming from the application of the SAPARD pre-accession instrument for the period 2000-06 in three rural regions. Towards this aim, 8 alternative methods are applied to derive 8 corresponding I-O matrices for every region considered, from which impacts are calculated. The main results from this analysis are the following ones. First, results in terms of impact are influenced by the method employed, although variability among methods is contained. Second, methods would not seem to be affected by territorial dimension, since structure of differences among methods is generally the same in all the regions considered and for any kind of impact es-timated.
Citations:   CitEc
 
217  Andrea PRESBITERO
The Determinants of Economic Development Insitution or Geography ? [settembre 2004]
Keywords:
  economic development, institution gepgraphy, instrumental variables
JEL Classification:
  C31 Mathematical and Quantitative Methods - Multiple or Simultaneous Equation Models; Multiple Variables - Cross-Sectional Models; Spatial Models; Treatment Effect Models; Quantile Regressions; Social Intera
  O11 Economic Development, Technological Change, and Growth - Economic Development - Macroeconomic Analyses of Economic Development
  O18 Economic Development, Technological Change, and Growth - Economic Development - Regional, Urban, and Rural Analyses; Transportation
  P16 Economic Systems - Capitalist Systems - Political Economy
Abstract:
  This work investigates the roots of economic development. The debate about the predominance of institutions over geography has not yet reached a firm conclusion: this analysis wants to highlight the main difficulties that one should address in order to find which are the real determinants of long-run economic growth. I argue that the institutional view is not so strong as it may appear: different specifications and different institutional indicators undermine the exclusive importance of institutions. The results of Acemoglu, Johnson and Robinson in favour of the institutional approach are no more valid if other institutional indicators are used instead of the risk of expropriation.
Geographical factors related to the health environment and the physical integration in the world markets play a role in the process of economic growth, beyond their effect on institutional development. Geography seems to be a factor even using different specification of the model. However, in this case, the Instrumental Variable procedure is far from being perfect: lack of sensible indicators and strong problem of endogeneity are the main difficulties. A closest look at the economic history and ecology should always be part of this sort of analysis.
Citations:   CitEc
 
216  Enzo VALENTINI
  Sussidio di disoccupazione, tassazione ed economia sommersa [settembre 2004]
Keywords:
  economia sommersa, sussidio di disoccupazione, tassazione
JEL Classification:
  H26 Public Economics - Taxation, Subsidies, and Revenue - Tax Evasion
  J65 Labor and Demographic Economics - Mobility, Unemployment, and Vacancies - Unemployment Insurance; Severance Pay; Plant Closings
Abstract:
  Il problema dell'economia sommersa è sempre al centro dei dibattiti pubblici e trova molto spazio nei lavori di ricerca, a causa delle implicazioni negative che l'estensione della attività "in nero" ha sulla qualità dello sviluppo economico e sociale. Nel paper si sviluppa un modello teorico che può risultare utile nel determinare l'incidenza di alcuni fattori istituzionali sull'estensione dell'economia sommersa, attraverso un approccio microeconomico che contempla due mercati del lavoro (regolare e non) e analizza l'interazione tra gli incentivi economici che spingerebbero lavoratori e aziende a far emergere, o a nascondere, le relazioni di lavoro. L'attenzione si concentra su come alcuni strumenti di intervento pubblico (aliquota contibutiva e sussisio di disoccupazione) possono incidere sull'estensione del sommerso. L'analisi teorica è seguita da un'apposita indagine empirica.
Status:
  Forthcoming - Full text will be available on http://www.faronet.it/sipi/saggi.htm
Citations:   CitEc
 
215  Nicola MATTEUCCI
Diritti televisivi, oligopolio ed intervento antitrust nella Pay-TV: il caso Telepiù-Stream [luglio 2004]
Keywords:
  TV digitale, diritti televisivi, pay-TV satellitare, verticale forecslosure
JEL Classification:
  K21 Law and Economics - Regulation and Business Law - Antitrust Law
  L41 Industrial Organization - Antitrust Issues and Policies - Monopolization; Horizontal Anticompetitive Practices
  L42 Industrial Organization - Antitrust Issues and Policies - Vertical Restraints; Resale Price Maintenance; Quantity Discounts
  L82 Industrial Organization - Industry Studies: Services - Entertainment; Media
Abstract:
  Il presente case-study analizza l'evoluzione della pay-TV in Italia. Dopo aver ripercorso le fasi evolutive della sua struttura di mercato, nell'alternanza tra monopolio e duopolio, vengono esaminate le strategie competitive degli operatori, focalizzando l'attenzione sul ruolo giocato dall'accumulo dei diritti televisivi premium e sul loro potenziale di deterrenza e chiusura verticale del mercato. Successivamente vengono esaminati i principali interventi delle autoritÓ antitrust nazionali e comunitarie nella pay-TV (Provv. AGCM n. 8386 del 2000, n. 10716 del 2002, Comm UE n. COMP/M.2876) e ne vengono discusse la logica e l'efficacia in termini di salvaguardia della contendibilitÓ del mercato e del benessere del consumatore, anche alla luce della letteratura teorica di riferimento. Inoltre, attraverso la valutazione del welfare degli assetti di mercato positivi (realizzati) e di quelli normativi (auspicabili), si discutono i punti di maggiore problematicità del monopolio attualmente vigente nella pay-TV italiana. In sintesi, l'intervento antitrust sin dall'inizio ha lucidamente stilizzato le fondamentali dinamiche competitive della pay-TV italiana, evidenziando il ruolo dei diritti televisivi. Tuttavia, l'analisi antitrust sembra deficitaria nella valutazione delle dinamiche economico-finanziarie degli operatori le quali, anzichè essere imputabili all'insostenibilità della configurazione di mercato duopolistica, sono piuttosto la conseguenza dell'inadeguatezza dei modelli strategici degli operatori. Inoltre, le soluzioni adottate (autorizzazione del merger con condizioni di tipo comportamentale) non sembrano efficaci nel contesto italiano. In esso, per la mancanza di piattaforme di trasmissione concorrenti, il neo-monopolista satellitare fronteggia un basso grado di competizione effettiva e potenziale e la soluzione più appropriata sembra essere ancora quella classica e strutturale (proibizione del merger). Più in generale, vi è un'elevata probabilità che le vicende recenti della pay-TV, assieme alle irrisolte carenze normativo-regolamentari dell'intero settore radiotelevisivo, indirizzino lo sviluppo della TV digitale italiana verso traiettorie tecno-economiche subottimali e mortifichino il potenziale di pluralismo della TV digitale.
Citations:   CitEc
 
214  Riccardo LUCCHETTI
Identification of Covariance Structures [luglio 2004]
JEL Classification:
  C13 Mathematical and Quantitative Methods - Econometric and Statistical Methods and Methodology: General - Estimation: General
  C30 Mathematical and Quantitative Methods - Multiple or Simultaneous Equation Models; Multiple Variables - General
Abstract:
  The issue of identification of covariance structures, which arises in a number of different contexts, has been so far linked to conditions on the true parameters to be estimated. In this paper, this limitation is removed. As done by Johansen (1995) in the context of linear models, the present paper provides necessary and sufficient conditions for the identification of a covariance structure that depend only on the constraints, and can therefore be checked independently of estimated parameters. A sufficient condition is developed, which only depends on the structure of the constraints. It is shown that this structure condition, if coupled with the familiar order condition, provides a sufficient condition for identification. In practice, since the structure condition holds if and only if a certain matrix, constructed from the constraint matrices, is invertible, automatic software checking for identification is feasible even for large-scale systems.
Citations:   CitEc
 
213  Domenico SCALERA, Alberto ZAZZARO
Managerial Incentives and Competition with Fully Stratecic Principals: Comments on Raith [luglio 2004]
Keywords:
  Product differentiation, competition, managerial incentives
JEL Classification:
  D43 Microeconomics - Market Structure and Pricing - Oligopoly and Other Forms of Market Imperfection
  L11 Industrial Organization - Market Structure, Firm Strategy, and Market Performance - Production, Pricing, and Market Structure; Size Distribution of Firms
  L13 Industrial Organization - Market Structure, Firm Strategy, and Market Performance - Oligopoly and Other Imperfect Markets
Abstract:
  We present a solution for a three stage spatial competition model that does not require restrictive assumptions on price expectations. This allows us to generalize the Raith (2003) model to the case where principals behave in a fully strategic fashion both in the price and in the compensation stage. Since managerial incentives are strategic complements, optimal managerial compensation is lower than in Raith while prices and expected profits are higher. In addition, fully strategic principals involve three surprising, but ultimately intuitive, implications: managerial incentives are higher under price regulation than competition; prices may increase with the number of firms; and consumer welfare may diminish in response to increasing competition.
Citations:   CitEc
 
212  Davide DOTTORI
Crescita endogena e siondacato. Una rassegna della letteratura [giugno 2004]
Abstract:
  Disoccupazione e crescita economica sono due temi che soltanto di recente sono stati trattati congiuntamente, in seguito ai fenomeni di persistente disoccupazione nelle economie europee. La Nuova Teoria della Crescita offre in tal senso un supporto strutturale particolarmente adatto a studiare gli effetti sul tasso di crescita di un mercato del lavoro non-market clearing. Questa rassegna concerne i modelli in cui il mercato del lavoro è caratterizzato dalla presenza del sindacato. Il sindacato può avere effetti sul tasso di crescita di equilibrio attraverso diversi canali: la disoccupazione, l'allocazione settoriale della forza lavoro, la distribuzione del reddito, la conflittualità sociale, ecc. Tali effetti, a volte contrastanti, vengono analizzati alla luce dei più recenti modelli che la letteratura ha prodotto.
Citations:   CitEc
 
211  Giuseppe RICCIARDO LAMONICA
Analisi della Student Satisfaction nella Facoltà di Economia "G. Fuà" di Ancona [giugno 2004]
Keywords:
  customer satisfaction, indicatori di performance, qualità della didattica, regressione logistica
Abstract:
  Questo lavoro propone un'analisi della qualità della didattica valutata per mezzo dei questionari compilati dagli studenti in occasione della rilevazione svolta nella Facoltà di Economia "G. Fuà" dell'Università Politecnica delle Marche nell'Anno Accademico 2002-2003. Il lavoro si articola in due parti. Nella prima vengono analizzate le relazioni tra le valutazioni espresse dagli studenti e le determinanti che maggiormente influenzano la soddisfazione globale nei confronti dei corsi seguiti. Nella seconda parte invece, mediante un indicatore statistico di performance, viene esaminata la qualitÓ della didattica offerta.
Citations:   CitEc
 
210  Gianluca LAGANA'
Monetary Models of Exchange Rate and the Random Walk: the Italian Case Over the Recent Float [maggio 2004]
Keywords:
  Exchange rates, Forecasting
JEL Classification:
  F31 International Economics - International Finance - Foreign Exchange
  F47 International Economics - Macroeconomic Aspects of International Trade and Finance - Forecasting and Simulation: Models and Applications
Abstract:
  This paper presents new empirical evidence on the Italian Lira - US $ exchange rate over the recent float. A univariate model as simple as the monetary model of exchange rate (MMER) can outperform a benchmark random walk with drift (RW) in out-of-sample forecasting up until the early 90s. This superiority of the MMER with respect to the RW model vanishes toward the end of 1992 (after the departure of the Italian Lira from the European Monetary System - EMS). These findings are most likely dependent on the presence of market imperfections such as capital control and high inflation in the Italian economy. These results are counterintuitive with respect to the theory of MMER which says that these models can be useful in explaining the behaviour of the exchange rate in the presence of perfectly competitive markets. Results are robust to changes in variables and the sample period.
Citations:   CitEc
 
209  Alberto ZAZZARO
Assetti proprietari delle banche e attività economica: possiamo affidarci a Coase? [maggio 2004]
Citations:   CitEc
 
208  Paolo ERCOLANI
Reddito nazionale, vita media e benessere: una nota [maggio 2004]
Abstract:
  Una soddisfacente singola misura del benessere non può essere ottenuta. Soltanto un insieme di variabili comple-mentari può essere in grado di fornire adeguate informazioni sulle variazioni del benessere di una collettività. Ma, poiché non è possibile definire tale insieme in modo oggettivo, ci troveremo di fronte a differenti proposte in competizione tra loro. In questo quadro è utile accertare quali indicatori mettono in luce facce diverse del benessere e quali, pur rilevando aspetti diversi, forniscono analoghe indicazioni. Precedenti lavori hanno esaminato la relazione tra PIL pro capite ed un importante aspetto del benessere, la durata media della vita, ed hanno mostrato che c'è una stretta relazione tra i due indicatori soltanto a bassi livelli di reddito. Questa nota esamina se il risultato cambia, quando invece del puro indicatore quantitativo si utilizza una misura, recentemente elaborata dall'Organizzazione Mondiale della Sanità, che tiene conto anche di aspetti qualitativi del benessere fisiologico: la speranza di vita in buona salute. L'analisi mostra che, anche con il nuovo indicatore, le precedenti conclusioni sono confermate.
Citations:   CitEc
 
207  Adelino ZANINI
Etica ed Economia [maggio 2004]
JEL Classification:
  A12 General Economics and Teaching - General Economics - Relation of Economics to Other Disciplines
  A13 General Economics and Teaching - General Economics - Relation of Economics to Social Values
Abstract:
  Prendendo atto dell'ampia diffusione odierna di riflessioni relative al rapporto tra etica ed economia, l'autore si chiede anzitutto quale sia il grado di autenticità - in senso filosofico - rilevabile negli ormai consueti appelli all'etica. Attraverso un rapido attraversamento delle specifiche riflessioni di Adam Smith e J.M. Keynes - e sulla scorta di quanto inquesti anni ha scritto A. Sen -, si evidenzia la necessità di non attribuire all'etica una mera supplenza epocale e, conseguentemente, di ritornare a considerare quale sia il rapporto originario tra scelta economica, scelta politica, responsabilità morale.
Citations:   CitEc
 
206  Alberto NICCOLI
La riforma delle pensioni: un approccio territoriale [aprile 2004]
Keywords:
  italy, pension system, regional differences
JEL Classification:
  H55 Public Economics - National Government Expenditures and Related Policies - Social Security and Public Pensions
Abstract:
  This paper presents a proposal for a regional differentiation of Italian pensions. It is divided into five sections. The first two are introductory. In the third section, I consider pensions based upon contributions by employers and employees (Disability, Old Age and Survivorship pensions). Both the "pay as you go" and the funded schemes are considered. They are put in relationship with several demographic variables, like the old people dependency ratio, the birth rate and life expectancy. I show that, according to these factors, pensions should be higher in most southern regions, in particular Campania, and lower in many central and northern regions, in particular Liguria, Toscana and Umbria. In the fourth section, pensions paid as welfare measures are considered. I show that, with a redistributive scheme based on PPP per capita income and consumption at the regional level, pensions should be higher in the North and lower in the South. In the fifth section I show that the sum of the asbolute values of the changes estimated in the other two steps amounts to 14 b. euros, i.e. more than 7% of total pensions ex-penditure and 1% of GNP.
Citations:   CitEc
 
205  Domenico SCALERA, Alberto ZAZZARO
From regulation to free market: the experience of the European motor insurance market [marzo 2004]
Keywords:
  motor insurance, regulation, spatial models
JEL Classification:
  G22 Financial Economics - Financial Institutions and Services - Insurance; Insurance Companies
  L11 Industrial Organization - Market Structure, Firm Strategy, and Market Performance - Production, Pricing, and Market Structure; Size Distribution of Firms
  L50 Industrial Organization - Regulation and Industrial Policy - General
Abstract:
  Increasing premiums, increasing claims and decreasing profits are three striking facts associated in some European countries to motor insurance liberalization of 1990's. In this paper, we argue that these phenomena may be considered not a consequence of collusion or other misapplications of deregulation but rather an effect of the impact of liberalization on the companiesÆ optimal choices. In particular, by extending the Salop-Economides model, we show that price deregulation involves decreasing investments in monitoring and increasing compensation costs. Therefore, the transition from regulation to competition can yield prices and profits moving in either direction and possibly opposite directions.
Citations:   CitEc
 
204  Ugo FRATESI
Regional Economies, Innovation and Competitiveness in a System Dynamics Representation [febbraio 2004]
Keywords:
  competitiveness, income disparities, innovation, learning, regional production systems, system dynamics
JEL Classification:
  B52 History of Economic Thought, Methodology, and Heterodox Approaches - Current Heterodox Approaches - Institutional; Evolutionary
  O3 Economic Development, Technological Change, and Growth - Technological Change; Research and Development
  R11 Urban, Rural, and Regional Economics - General Regional Economics - Regional Economic Activity: Growth, Development, and Changes
  R58 Urban, Rural, and Regional Economics - Regional Government Analysis - Regional Development Planning and Policy
Abstract:
  The System Dynamics methodology is used in this article as unifying approach in order to show how a number of theories about the performance of territories developed in the past 20 years can integrate the one with the other; to demonstrate this, a model of local economy coherent with these schools is constructed and simulated. According to these theories, the ability to produce and use knowledge is at the centre of regional competitiveness in the advanced world; the model and the paper illustrate the elements of the local economic system and how they have to work coherently towards the continuous process of innovation, needed to be successful. The model also shows in a new framework how, due to the cumulative nature of this innovation process, it is possible to obtain equilibria with regional income di«erentiation, even in the presence of identical territories. When this is the case, structural policies, aiming to allow lagging regions to better innovate and/or imitate external knowledge, are appropriate.
Citations:   CitEc
 
203  Massimiliano BRATTI, Stefano STAFFOLANI
Effort-Based Career Opportunities and Working Time [febbraio 2004]
Keywords:
  bargaining, career, personnel management, promotion, welfare, working time
JEL Classification:
  J22 Labor and Demographic Economics - Demand and Supply of Labor - Time Allocation and Labor Supply
  J23 Labor and Demographic Economics - Demand and Supply of Labor - Labor Demand
  J50 Labor and Demographic Economics - Labor–Management Relations, Trade Unions, and Collective Bargaining - General
  M12 Business Administration and Business Economics; Marketing; Accounting - Business Administration - Personnel Management; Executive Compensation
Abstract:
  The authors evaluate the economic effects of the hypothesis of effort-based career opportunities, described as a situation in which a firm creates incentives for employees to work longer hours than bargained (or desired), by making career prospects depend on relative working hours. Firms' personnel management policies may tend to increase working time (or workers' effort) in order to maximize profits. Effort-based career opportunities raise working time, production and output per worker, and reduce workers' utility. The authors make a first attempt to empirically estimate the relationship between hours worked and the expected opportunities of promotion using the British Household Panel Survey data set. Their analysis shows that the perceived probability of promotion increases with working time, and that this result is robust to various econometric specifications.
Citations:   CitEc
 
202  Massimiliano BRATTI, Nicola MATTEUCCI
Is There Skill-Biased Technological Change in Italian Manufacturing? Evidence from Firm-Level Data [gennaio 2004]
Keywords:
  ICT, Italy, R&D, firm-level, manufacturing, skill-biased technological change
JEL Classification:
  J21 Labor and Demographic Economics - Demand and Supply of Labor - Labor Force and Employment, Size, and Structure
  L60 Industrial Organization - Industry Studies: Manufacturing - General
  O33 Economic Development, Technological Change, and Growth - Technological Change; Research and Development - Technological Change: Choices and Consequences; Diffusion Processes
Abstract:
  The bulk of literature finding support for the Skill-Biased Technological Change (SBTC) hypothesis has focused on the US and the UK, while evidence on other countries is "mixed". We use firm-level data to test for the presence of SBTC in Italian manufacturing. This is interesting since, as well known, Italy is a "late comer" country and stands as a follower in the realm of new technologies. We estimate employment-share equations and find evidence that the impact of R&D on the skill-ratio (the ratio between white collars and blue collars) varies across Pavitt sectors and according to destination of R&D. However, whenever evidence supporting SBTC (i.e. a positive impact on the skill-ratio) is found, it mainly operates through the reduction of unskilled workers. This can be easily reconciled with the structural features of Italian manufacturing where traditional sectors and small and medium sized firms prevail, innovative activity is scarce and mainly labour-saving and the capacity to absorb skilled labour rather limited.
Citations:   CitEc
 
201  Manuela CROCI
Country pair-correlations as a measure of financial integration: the case of the Euro equity markets [gennaio 2004]
Keywords:
  DCC model, euro equity markets, financial integration, pair-correlations
JEL Classification:
  C32 Mathematical and Quantitative Methods - Multiple or Simultaneous Equation Models; Multiple Variables - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Models
  C52 Mathematical and Quantitative Methods - Econometric Modeling - Model Evaluation, Validation, and Selection
  G1 Financial Economics - General Financial Markets
  G15 Financial Economics - General Financial Markets - International Financial Markets
Abstract:
  In financial economics, co-movements between equity returns are generally interpreted as a measure of equity market integration. In line with this idea, the paper investigates whether the euro equity markets have become less segmented over the last decade referring to three different estimates of pair-correlations, i.e. unconditional correlations, ex-post rolling estimates of correlations and dynamic conditional correlations (DCC). The analysis shows that pair-correlations within the euro area have indeed increased, suggesting higher financial integration of the euro equity markets. Additionally, the paper addresses the related issue of which factors have driven this integration process. The idea is that the extent of market integration may depend upon certain macroeconomic factors, that influence the degree of economic integration across countries, and upon the elimination of exchange rate volatility associated with Stage Three of EMU. The findings show that the increase in integration is explained by the relaxation of restrictions to capital mobility and of institutional barriers and by the economic convergence in Europe, while Stage Three of EMU has not further boosted integration.
Citations:   CitEc
 
200  Marcello MESSORI, Alberto ZAZZARO
Monetary profits within the circuit: Ponzi finance oer "mors tua, vita mea"? [gennaio 2004]
Citations:   CitEc