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Stabilization programs in chronic-inflation countries: Evidence from Latin America
No full textChronic inflation has affected Latin America for decades, leading to many stabilization attempts. We develop a novel database with 46 stabilization/disinflation programs across 13 Latin American countries between 1970-2020. We classify them as failures, temporary stabilizations, and lasting stabilizations to study their differences. Our main findings are: 1) programs have failed to stabilize very often; 2) the nominal exchange rate acts as a de facto anchor, decelerating faster than inflation; meaning that the real exchange rate appreciates during stabilization; 3) lasting stabilizations begin with stronger fiscal and balance of payments (BoP) positions; 4) lasting stabilizations are preceded by BoP and fiscal adjustments associated with high GDP contractions; 5) lasting stabilizations keep fiscal accounts balanced for several years after programs are launched; 6) stabilizations typically boost economic growth in the short run; 7) the current account of the BoP worsens during the stabilization process; 8) temporary stabilizations are interrupted by domestic currency depreciations; and 9) many stabilization experiences end up in currency crises despite their success in ending chronic inflation
The linkage of economic growth, income inequality, and military expenditure
No full textThis paper explores the macroeconomic linkages between economic growth, income inequality, and military expenditure, assessing their collective impact on economic development. Drawing from a broad array of theoretical and empirical studies, the analysis synthesizes perspectives from classical economic growth models, institutional economics, and modern empirical research. The findings suggest that while economic growth has historically been associated with reductions in poverty, persistent inequalities and disproportionate military spending can hinder long-term development. The paper also highlights the role of political stability, investment, and human capital accumulation in shaping economic outcomes
Semantic Synergy: Unlocking Policy Insights and Learning Pathways Through Advanced Skill Mapping
No full textThis research introduces a comprehensive system based on state-of-the-art natural
language processing, semantic embedding, and efficient search techniques
for retrieving similarities and thus generating actionable insights out of raw textual
information. The system works on automatically extracting and aggregating
normalized competencies out of multiple documents like policy files and curricula
vitae and making strong relationships between recognized competencies,
occupation profiles, and related learning courses. To validate its performance,
we conducted a multi-tier evaluation that included both explicit and implicit
skill references in synthetic and real-world documents. The results showed
near-human-level accuracy, with F1 scores exceeding 0.95 for explicit skill detection
and above 0.93 for implicit mentions. The system thereby establishes a
sound foundation for supporting in-depth collaboration across the AE4RIA network.
The methodology involves a multiple-stage pipeline based on extensive
preprocessing and data cleaning, semantic embedding and segmentation via SentenceTransformer,
and skill extraction using a FAISS-based search method. The
extracted skills are associated with occupation frameworks as formulated in
1
the ESCO ontology and learning paths as training programs in the Sustainable
Development Goals Academy. Moreover, interactive visualization software,
implemented based on Dash and Plotly, presents interactive graphs and tables
for real-time exploration and informed decision-making for involved parties in
policymaking, training and learning supply, career transitions, and recruitment
opportunities. Overall, the system outlined in this paper—supported by rigorous
validation—presents promising prospects for better policy-making, human
resource improvement, and lifelong learning based on providing structured and
actionable insights out of raw, complex textual information
Latent grouped structures in panel data: a review
No full textLatent group structures in panel data models are a new and powerful approach to deal with unobserved heterogeneity in a parsimonious way. This review, with a special focus on grouped structure in unobservable traits, first analyzes the limits and opportunities of Bonhomme and Manresa (2015a)’s Grouped Fixed Effects (GFE) estimator, also discussing the literature it contributed to create. A rich selection of models enhancing clustered heterogeneity at a slope level, starting from Su et al. (2016a), is then presented. A short section investigates how the applied
literature has employed in practice the GFE. Finally, the GFE of Bonhomme et al. (2022) is presented in detail together with its limits and advantages
Investment response to business environment and governance: evidence from select quoted companies in Nigeria
No full textThis study examined the response of investment to business environment and governance of select quoted companies in Nigeria from the year 2020 to the year 2024. Using the Random effect panel data regression model, the study utilized various proxies of governance and business environment. The study employed control of corruption, voice and. accountability, political stability, crime rate, interest rate, exchange rate, total kilometer of rail and roads, financial development, exchange rate and interest rate as measures for governance and business environment, while share capital was used as proxy for investment. The study discovered that interest rate, total kilometer of rail lines, political stability, exchange rate and government effectiveness were found to have negative impact on investment. Moreover, total electricity generation, rule of law, total kilometer of roads, voice and accountability, Regulatory quality and financial development were found to have positive impact on investment. Crime rate had a negative and insignificant relationship with investment
Does a sense of intergenerational commitments modify farmers’ preferences for conservation tillage? Evidence from the choice experiment in Moldova
No full textThe expansion of conservation tillage helps to improve soil health in countries affected by the soil erosion, such as the Republic of Moldova. The main objective of this paper was to investigate Moldovan farmers’ preferences for the hypothetical policy scheme designed to promote conservation tillage in the framework of a discrete choice experiment. The heterogeneity of farmers' preferences was explained using the latent concept of a sense of intergenerational commitments (IC) via a hybrid choice model. We found that farmers are reluctant to adopt more advanced forms of conservation tillage (such as zero tillage) and prefer to choose minimum tillage. They positively value financial support (both direct payments and investment subsidies), while the availability of advisory support is not the key factor. We also found that farmers with greater sense of IC have less negative attitudes toward zero tillage and put less positive value on monetary aspects. It seems that these farmers are more driven by moral obligations to society and are less dependent on external support. Policy makers should continue to develop financial incentives to promote conservation agriculture practices but they should also be aware of the important role of farmers and agricultural policy from a social justice perspective
Disinformation, Benefit of Group Membership, and Conscience: An Economic Model
No full textMutual trust and confidence are important to succeed not only in business but also in many other activities, which means that people do not necessarily behave totally selfishly, even in profit-maximizing activities. Non-selfish behaviors, in other words, behaviors induced by conscience and guilt, are particularly important to actualize the benefit of a group, team, organization, nation, or society as a whole. In this paper, I examine the role of conscience for the benefit of group membership and construct an economic model of conscience. Combining this model with a model of disinformation and mutual trust, I show that the level of conscience in an economy (society) is positively correlated with its efficiency and productivity. Furthermore, on the basis of this model, I discuss the political impact of conscience on, and argue that it will not be easy to establish, a democracy in a nation of low average conscience
Comment l'expansion d'Elon Musk façonne l'avenir de l'Afrique subsaharienne
No full textSouth African-born tycoon Elon Musk, the world's richest person, is also a senior advisor to US President Donald Trump and head of the Department of Government Efficiency (DOGE) since 2025. His influence is growing globally, including in sub-Saharan Africa (SSA). Both Trump and Musk have their own agendas. Musk supports white Africans' claims against Pretoria for alleged land dispossession. Musk’s key projects seek to establish political and cultural hegemony in global markets. For example, ‘Starlink’, which already provides global internet access in 114 countries, including SSA, and Tesla's energy Megapack solutions. It includes solar power and energy storage projects, to support the integration of renewable energy by providing grid-scale energy storage. Musk's goals show that he is not only an economic actor but also a leader who wants to shape the future of humanity. His projects are not limited to technology and commerce, but aim to change the power dynamics in international relations. However, the services provides often seem out of reach for many Africans due to the high cost. Musk's role as 'techno-feudal lord' is unprecedented. He even acts as arbiter in wars between nations, such as the Russian invasion of Ukraine. His random swings from altruistic to narcissistic, from strategic to impulsive, have been the subject of countless publications. He apparently wants the world to be saved, but only if he can be the one to save it. His political shift to right-wing populism began with his purchase of ‘Twitter’, when he deliberately spread misinformation on the platform. Within days of his purchase, for example, thousands of anonymous accounts began bombarding feeds with racist content. Musk's involvement in AI, including 'ChatGPT', seemed to be mainly about control, credit and rivalry. It is difficult to say whether his interest is driven by scientific curiosity and altruism, or by a desire to dominate a new and potentially powerful industry. Musk's support for autocratic leaders in Turkey, India and SSA, for example, is a reminder that big tech companies, not just states, are active players in transnational repression around the world. Authoritarian regimes and tech companies share a striking similarity: an appetite for information about their populations. While Big Tech uses this data for advertising profits, authoritarian states use it to tighten their grip on their populations. Multinational corporations are not simply subservient to the state. They can become more powerful, and sometimes more dangerous, than nations or even empires
Rural electrification and secondary school enrolments in Ireland
No full textElectrification influences economic choices, not least by allowing households to replace labour with capital and to enhance domestic labour productivity. We test whether newly electrified households invested more in children’s human capital formation, proxied by secondary school enrolments, under Ireland’s Rural Electrification Scheme (1947-1966). IV panel regressions examine whether electrification led to higher per capita participation in secondary education. Using a terrain ruggedness instrument, we find large and statistically significant positive effects of electrification on secondary school participation for boys. Results for girls or those using a distance to transmission instrument are not robust to corrections for spatial confounding
Closing the Psychological Distance: Effect of Social Interactions on Team Performance
No full textSocial interaction in workplaces fosters mutual understanding and narrows psychological distances between team members. We model this interdependence in team production with complementary efforts, examining how social interaction improves team performance. Our theoretical framework predicts that social interaction enhances performance by reducing the prosociality gap---the differences in how much teammates care about each other---among team members, with stronger effects in teams with higher effort complementarity and risk aversion. We tested these predictions in a pre-registered experiment with 74 two-person teams performing a collaborative typing task. Treatment teams engaged in a structured pre-task social interaction, while control teams worked individually. Results confirm that social interaction significantly reduced the prosociality gap and improved team performance. We find that the reduction in the prosociality gap mediates the effect of social interaction on performance improvement. Furthermore, emotional perceptiveness---the ability to accurately infer a teammate's feelings---emerged as a particularly strong and positive mediator of the effect of social interaction, facilitating convergence in prosociality between teammates. Moderation analyses demonstrated that these positive effects were stronger in same-gender teams and teams with higher risk aversion. Our findings contribute to the team effectiveness literature by identifying specific psychological mechanisms through which social interaction enhances performance, offering implications for team composition and management practices