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Does incomplete take-up matter? The case of Unemployment Insurance.
No full textOnly a few of the eligible take up Unemployment Insurance (UI). Yet, the literature evaluating UI in macroeconomic settings typically assumes that take-up is costless and complete. We show that this assumption leads to an overestimation of UI’s net welfare gains in a general equilibrium model with incomplete markets. In fact, when we account for incomplete take-up, we find that the current UI program lowers welfare in the US. Take-up costs are key: they lower individual net gains from UI to the extent that they fail to outweigh the program’s aggregate distortions. Suitably reformed, UI could slightly increase welfare. A uniform transfer of about USD 500 for 14 months to UI recipients would discourage take-up among the better off, reducing distortions and take-up costs, and enhancing redistribution
Personal Bankruptcy Can Be Economically Justified Even in a Non-stochastic Environment
No full textPersonal bankruptcy is usually justified in theory on the grounds that households always face substantial risks, which conversely implies that if there is no risk, personal bankruptcy is only socially harmful. However, even in a non-stochastic environment, households can persistently owe large debts because of heterogeneities in their preferences and abilities. Moreover, the usually implemented means of public assistance cannot necessarily prevent households from persistently owing large debts because of these heterogeneities. In this paper, I show that personal bankruptcy can prevent households from persistently owing large debts resulting from their heterogeneities, and that personal bankruptcy can therefore be justified even in a non-stochastic environment
Global Economic Cycles Unveiled: A Hybrid TCN-HMM Approach for Regime Dynamics Across Eight Nations
No full textThis study developed a hybrid Temporal Convolutional Network and Hidden Markov Model (TCN-HMM) framework to identify economic regimes across eight nations: Brazil, China, Egypt, Indonesia, Mexico, South Africa, United Kingdom, and United States, using GDP, inflation, policy rates, equity indices, exchange rates, and yield curve factors. The method integrated MSSA-smoothed data with a TCN autoencoder to extract multi-scale temporal features, optimized through sensitivity analysis, followed by an HMM to classify three regimes: Natural State, Substantial Growth, and Restrictive Policy. The TCN-HMM outperformed standalone HMMs in capturing non-linear dynamics and temporal dependencies. Key findings highlighted several insights. Twelve extracted features were optimal, outperforming eight features (the number of original variables), implying that the TCN enhanced regime differentiation through a richer feature representation. Furthermore, the framework demonstrated generalizability across the panel, as developing markets like Brazil and Egypt exhibited volatile inflation, while developed economies showed stable policy transmission. Finally, CHI maintained very high growth rates across all regimes, and currencies across the panel showed a high correlation with real interest rates rather than with overall economic conditions, reflecting their sensitivity to capital-flow dynamics
An Empirical and Doctrinal Analysis of Artificial Intelligence Utilization Among Juris Doctor Students in Zamboanga City, Philippines
No full textThis study investigates the utilization of artificial intelligence (AI) among Juris Doctor (JD) students in Zamboanga City, Philippines, combining empirical and doctrinal analysis. The research employs a mixed-methods approach, synthesizing data from surveys (N=150), interviews, and focus group discussions, alongside doctrinal review of Philippine legal education norms and professional responsibility standards. Findings indicate that students frequently adopt AI for research, case summarization, drafting, and exam preparation, yet institutional guidance and ethical clarity remain limited. Only 34% of students consistently disclose AI use, and faculty report inconsistent policies across courses. Doctrinal analysis identifies three guiding principles for AI integration: transparency, competence, and alignment with assessment objectives. Applying these principles, the study proposes that law schools develop localized pedagogical frameworks, including AI literacy instruction, disclosure protocols, and assessment strategies that emphasize reasoning processes. The research underscores a regulatory vacuum in Philippine legal education regarding AI, highlighting the need for institution-specific policies to maintain doctrinal rigor, academic integrity, and professional competence. By situating empirical evidence within doctrinal and pedagogical frameworks, the study provides actionable recommendations for responsible AI adoption, contributing to the scholarship on technology integration in legal education in non-metropolitan, Global South contexts
Tecnología criptomonetaria y sistema monetario internacional
No full textThroughout the millennial history of money, various payment instruments have been developed: some designed to facilitate economic transactions and others to preserve accumulated wealth, adapting in each historical period to the conditions and capabilities of the society of their time. In this context, the maturity achieved by the cryptocurrency industry over the last five years, especially in areas such as blockchain, oracle networks, self-custody, multi-chain environments, and decentralized applications —DApps—combined with today's colossal data processing capacity, opens up the possibility of applying these 21st-century technologies to the construction of a new international monetary system. This article explains how to use these telematic tools to achieve this, as well as their implications in the financial and economic arena, including enhanced financial stability and the recognition of the Fundamental Right of People to Safeguard the Wealth
The Effects of Regional Economic Integration and Foreign Direct Investment on Greenland's Economic Development
No full textCountries need Regional Economic Integration (REI) for their economic development. In particular, the Regional Economic Integration established between Greenland and the Eurozone and European Free Trade Association (EFTA) countries aims to increase the productivity of factors through competition. Greenland, which might seem unsuitable for investment due to its location, offers significant economic diversification. In an REI between the Eurozone and EFTA countries, Greenland will play a critical role in the economic development of both. However, while Greenland's participation in the REI is vital for its economic growth, additional obligations and high costs must also be considered, and its inability to participate could lead to lower economic performance. Therefore, Foreign Direct Investment (FDI) in Greenland will facilitate its participation in the REI and increase its competitiveness. This study will examine the impact of Regional Economic Integration (REI) between Greenland and the Eurozone and EFTA countries on the Greenlandic economy, and how Foreign Direct Investment (FDI) stemming from the REI will contribute to Greenland's economic development
From Security to Sustainability: The BES Determinants of Italian Regional GDP
No full textThis paper explores the link between economic performance and multidimensional well-being in the Italian context using a combination of the ISTAT BES approach (Benessere Equo e Sostenibile) and machine learning and clustering analysis. On the basis of a dataset of 19 Italian regions and the Autonomous Provinces of Trento and Bolzano from 2012 to 2023, it will be examined how the three BES components—Benessere (B), Equità (E), and Sostenibilità (S)—are intertwined with the Gross Domestic Product of the regions. Regarding the Benessere (B) component of well-being, the Gross Domestic Product will be analyzed using a regression approach of the K-Nearest Neighbors type to reveal the complex linkages between health outcomes, education outcomes, working conditions, social participation, and economic performance. The clustering of the B indicators and the Gross Domestic Product will be done using Hierarchical Clustering analysis to identify homogeneous territories characterized by different levels of quality of life and economic prosperity. Regarding the Equità (E) component of well-being, the regression analysis will be done using the Boosting algorithm to model the linkages between the Gross Domestic Product and the indicators of income distribution, poverty, material deprivation, and inclusion in the labor market. Boosting regression analysis will be particularly useful for this purpose since it models the complex interactions and thresholds of social and economic inequalities. Hierarchical Clustering analysis will be applied to identify the territories characterized by different levels of equity and economic growth. Regarding the Sostenibilità (S) component of well-being, the Gross Domestic Product will be modeled using Boosting regression analysis to reveal the very complex linkages between the economic performance of the territories and the indicators of environmental quality, risk of climate change, innovation outcomes, and the quality of public services. For this purpose, the analysis will use the Random Forest algorithm to identify the territories characterized by different levels of sustainability and economic performance. The analysis will show that the BES approach provides a very useful framework to identify the very different levels of linkages between the economic performance of the territories and the outcomes of the BES approach. The analysis will provide evidence that the BES approach is a very useful framework for the analysis of the linkages between the economic performance of the territories and the outcomes of the BES approach
From Credentials to Capabilities: Mapping the Future of Education
No full textThe paper provides a detailed discussion on different aspects of University Education and University Research. The author had various administrative positions at GIK, Superior University and UMT and thereby role of Director Research and Director Office of Research, Innovation and Commercialization (ORIC) in development of research culture at university level is in-detailed covered to provide understanding of performance of private sector universities in Pakistan and their overtime evolution to become higher education institutions of excellence. The paper further provides the discussion on the importance of international education by providing his personal account towards international enrollment at Erasmus university for a PhD program and its academic and policy aspects that contribute towards economic development of nation states
Markowitz’s Portfolio Variance Describes Only a Limited Case of Constant Trade Volumes
No full textWe show that Markowitz’s (1952) portfolio variance describes only a limited case when all volumes of successive trades at exchange with shares of all securities of the portfolio are assumed constant during the averaging interval. We overcome this limitation and derive market-based portfolio variance that depends upon the means, variances, and covariance of random values and volumes of consecutive trades. To derive that, we convert the time series of trades made at the exchange with shares of portfolio securities and obtain the time series that model the trades with the portfolio like trades with one security. That establishes an equal description of market-based variance of any security and portfolio. The time series that model the trades with the portfolio, like trades with one security, reveal that the market-based equation that describes random portfolio return depends on random returns of its securities and on random volumes of market trades. Markowitz hasn't accounted for the impact of random trade volumes on random portfolio returns. If all trade volumes are assumed constant, the market-based equation on random portfolio returns coincides with the corresponding Markowitz equation. We use market-based portfolio variance that accounts for random trade volumes and describe the dependence of the Sharpe Ratio of the portfolio on random trade volumes. We prove that correlations between random prices and trade volumes always equal zero. To study market-based statistical dependence between random trade volumes and prices, one should empirically calculate correlations between prices and squares of trade volumes
Determinantes de la eficiencia técnica relativa en proyectos de inversión financiados por el BCIE: Evidencia basada en DEA y modelo de variables censuradas
No full textThis study assesses the relative technical efficiency of investment projects financed by the Central American Bank for Economic Integration (CABEI) over the period 2010-2024, evaluating their capacity to transform financial resources into development outcomes. A two-stage approach is applied, combining Data Envelopment Analysis (DEA) with bias correction via bootstrap and a censored regression model to examine efficiency determinants. The results indicate an average technical efficiency of 35%, with substantial heterogeneity across projects, countries, and sectors. The benchmarking analysis identifies a limited set of projects defining the efficient frontier. Moreover, efficiency is associated with both microeconomic factors related to project design and implementation and macroeconomic conditions in recipient countries