European Journal of Government and Economics (EJGE, University of A Coruña)
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The Occupy and Indignados movement and the importance of political context: differences between occasionals and regulars in Spain and the UK
Get PDFIn this work we look into the individuals’ reasons that led Occupy protesters to participate in this movement. We interviewed Occupy participants in the UK and Spain. We wanted to find out if the reasons that lead them to participate are the same in both countries. The context of the country where the demonstration was held was taken into account, as well as the differences there may be in the reasons for participation if we consider whether they are occasional or regular participants in collective protest actions. Using a two-by-two design defined by country of demonstration and the history of mobilisation (occasional vs. regular), our results show important differences in both factors. The study contributes to the literature, highlighting the importance of analysing the context where the demonstration takes place and which motives must be underlined in order to attract participants to protests
The role of market power in economic growth: an analysis of the differences between EU and US competition policy theory, practice and outcomes
Get PDFThe European Union has experienced weak economic performance over the past 15 years, compared to the United States. In order to restore investment, innovation, and therefore growth, the European Commission seeks to raise the level of static competition in all markets. The Commission’s economic policy is largely determined by its competition policy. This policy is derived from its doctrine on competition law, which regards the exercise of market power as a source of inefficiency and advocates that its effects should be banned. By contrast, the United States competition authorities, under the influence of the Chicago School, consider that market power is a necessary incentive to invest and a fair return on investment. Recent findings in economic growth theory, which state that increased competition intensity may harm endogenous innovation, provide a theoretical basis to support the United States approach and call for a review of European doctrine
Does debt predict growth? An empirical analysis of the relationship between total debt and economic output
Get PDFAlthough the recent global financial crisis has stimulated a vast amount of research on the impact of public debt on economic growth and also increasingly on the role of private credit, the total levels of indebtedness of an economy have largely been ignored. This paper studies the impact of the total level of and increases in debt-to-GDP on economic growth for 26 developed countries in the short, medium and longer term. We analyse whether we can predict the future level of growth, simply by looking at the total level of debt, or increases in that debt level. We find that there is a negative correlation between high levels of debt and short term economic growth, but that this effect tapers in the medium and long term. Similarly, we find that rapid debt accumulation is negatively related to economic growth over the short term, the impact is less pronounced over the medium term and is non-existent over the long term
The role of political competition in the link between electoral systems and corruption: an extension
Get PDFThis work provides an extension to an international context of the analysis made by Alfano, Baraldi and Cantabene (2013) on the role of political competition as a channel through which electoral systems affect corruption. Our result conflicts with that found by empirical literature on that topic that makes plurality rules the most virtuous in terms of corruption. Political scientists must be cautious in designing the degree of proportionality of electoral rules without take into account the variation in political competition that follows
A quick indicator of effectiveness of "capacity building" initiatives of NGOs and international organizations
Get PDFThe article offers an easy-to-use indicator for scholars and practitioners to measure whether NGOs, international organizations, and government policies and projects meet the criteria for design and implementation of "capacity building" projects that have been established by various international organizations and that are recognized by experts in the field. The indicator can be used directly to address failures that are routinely reported in this key and growing development intervention. Use of this indicator on more than a dozen standard interventions funded today by international development banks, UN organizations, country donors, and non-governmental organizations (NGOs) reveals that while many smaller organizations are working to change institutions and society in ways that effectively build long-term capacity, most of the major actors in the field of development have failed to follow their own guidelines. Many appear to be using “capacity building†as a cover for lobbying foreign governments to promote international agendas (“purchasing foreign officialsâ€) and/or to increase the power of particular officials at the expense of democracy, with the public lacking simple accountability tools. The indicator points to specific areas for holding development actors accountable in order to promote development goals of sustainability and good governance. The breadth of the field of “capacity building†also allows this indicator to be used, with some modifications, for a large variety of development interventions. This article also offers several examples of where current capacity building projects fail, along with a sample test of the indicator using UNCDF as a case study
A first formal approach to animal spirits beyond uncertainty
Get PDFStandard Macroeconomics treats animal spirits as a source of uncertainty disturbing otherwise rational expectations. But, Keynesian animal spirits ensue from suboptimal emotional responses to socioeconomic status change beyond matters of uncertainty. This paper identifies such spirits with the disturbance from the optimal decision-making implied by an emotional well-being utility function. The introduction of a policy-maker, holding its own view of private welfare in a society of emotional individuals, generates by itself, i.e. in the absence of animal spirits, uniform business fluctuations. This is the result of the income redistribution needed to reconcile the policy-maker’s with the emotional individual’s view of private welfare. Consequently, if animal-spirits induced fluctuations are already present when a policy-maker is introduced in the economy, the aim of policy intervention should be the design of that income redistribution that would not aggravate the business cycle but that would end up in uniform only cycles, with the aid perhaps of discretionary interest rate policy. Nevertheless, if animal spirits do not exist when the policy-maker enters the system, the income-redistribution induced cycles may incite such spirits by themselves in which case the cycles will not be of the uniform type. All comes down to “income and emotionâ€, to an ageless and ecumenical fact of life, complicated purposefully or not by authority
Bed capacity and surgical waiting lists: a simulation analysis
Get PDFWaiting time for elective surgery is a key problem in the current medical world. This paper aims to reproduce, by a Monte Carlo simulation model, the relationship between hospital capacity, inpatient activity, and surgery waiting list size in teaching hospitals. Inpatient activity is simulated by fitting a Normal distribution to real inpatient activity data, and the effect of the number of beds on inpatient activity is modelled with a linear regression model. Analysis is performed with data of the University Multi-Hospital Complex of Santiago de Compostela (Santiago de Compostela, Spain), by considering two scenarios regarding the elastiticity of demand with bed increase. If demand does not grow with an increase on bed capacity, small changes lead to drastic reductions in the waiting lists. However, if demand grows as bed capacity does, adding additional capacity merely makes waiting lists worse
A Sharpe-ratio-based measure for currencies
Get PDFThe Sharpe Ratio offers an excellent summary of the excess return required per unit of risk invested. This work presents an adaptation of the ex-ante Sharpe Ratio for currencies where we consider a random walk approach for the currency behavior and implied volatility as a proxy for market expectations of future realized volatility. The outcome of the proposed measure seems to gauge some information on the expected required return attached to the “peso problemâ€
The scope of public organisations with productive functions: insights from the inefficiency of Italian local public transport
Get PDFIt is a well-known fact that reforms necessary to enhance competition and make the economy more attractive play a major role in the Government activity in Europe. Considering the Italian state of affairs, this paper focuses on the inefficiency of public producers in the light of certain market and legal impediments. This paper describes key barriers that undermine the healthy functioning of an important industrial and service sector of the Italian economy: specifically local public transport. This paper also sheds some light on this problem analysing the impact that a controversial regulation framework may have on an industry and suggests that the degree of liberalisation affects the return on investments
Inhibited privatization: a hurdle race over vested interests
Get PDFThis paper recognizes vested interests as one of the primary premises that reduce the effectiveness of privatization policy, stall its momentum and produce structural problems in the long-run. Both exogenous and endogenous drawbacks are cited, but the main focus is put on the dynamism of vested interests’ character, interconnectedness and evolution. Policy makers have been long aware of the existence of activities rooted in vested interests including empire building behaviors, creation of sinecures or extravagant management style. Hence, the fundamental effort here is put on the identification of emerging vested interests that were typically not considered by scholars. The channels through which conventional vested interests have snowballed over time are emphasized. This includes casting a closer glance at family employment, as well as at sports sponsorship arrangements, which emerge as the favorite domain of marketing activity for Polish state-owned enterprises. The research of available literature is performed, along with its application to the Polish case, and insightful observations concerning the anatomy of privatization-related reluctance. Rough policy recommendations conclude the paper