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From Pandemics to Portfolios: Long-Term Impacts of the 2009 H1N1 Outbreak on Household Investment Choices
Get PDFThis study examines how experiencing a pandemic affects household investment behaviors. By leveraging cross-state variations in the H1N1 mortality rate in 2009, our difference-in-differences analysis reveals interesting findings. Although the pandemic does not significantly affect stock market participation, it depresses the proportion of liquid assets invested in risky assets among households who participate in the stock market. This effect persists for up to eight years after the pandemic and is particularly pronounced among households characterized by higher risk
aversion and greater income volatility. Analysis conducted using different datasets consistently suggests that the pandemic primarily influences portfolio choices through a shift in risk attitudes
Développement financier et réduction des inégalités de revenus en Côte d’Ivoire : une approche par la régression quantile
Get PDFThis study assesses the effect of financial development on income inequality in Côte d'Ivoire, using a multidimensional indicator of financial development that incorporates financial inclusion. We use ARDL and quantile regression methods to regress income inequality (measured by the Gini index) on the indicator of financial development and various control variables over the period 1986-2018. The results show that the financial development indicator only reduces income inequality in the short term. In the long term, it increases them at all quantiles, with a more accentuated effect in the upper quantiles than in the lower quantiles. This counter-intuitive result is explained by the lesser orientation of financial inclusion towards income-generating activities. The study recommends the following measures: link financial inclusion and income-generating activities and strengthen platforms aimed at reducing information asymmetry between borrowers and lenders
Knowledge creation through multimodal communication
Get PDFKnowledge creation either in isolation or joint with another person, using either face to face or internet contact and incorporating internet search ability is analyzed. Both a conceptual phase and a technical phase of research are analyzed, allowing workers to choose endogenously their mode of communication. In addition to formal knowledge, tacit knowledge plays an essential role in the knowledge production process. Lead time for face to face communication plays a key role in the optimal choice of communication mode. The sink point is inefficient. Our framework is applied to pandemic restrictions on face to face communication
Dynamics and measurement error in household income data collected with single questions
Get PDFI provide insights into the dynamics of income collected in surveys using single questions, by extending to longitudinal settings a measurement error model previously developed in the literature. In this framework, single-question income data are validated against a benchmark provided by detailed source-by-source questions, which are considered the best practice for measuring income in surveys. I outline the assumptions required to infer benchmark income changes between two time periods (e.g., two subsequent survey waves), both at the macro- and micro-levels, when income is collected using single questions. Potential heterogeneity in respondents’ misreporting behaviour in single questions and its implications in longitudinal settings are also discussed. I apply the methodology to estimate income changes in Italy between 2022 and 2023, using data from a new web-survey conducted by the Bank of Italy. Dynamics and measurement error in household income data collected with single questions
Kosten von Zahlungsmitteln für Konsumenten: Literaturauswertung und Sensitivitätsanalysen
Get PDFPayment costs for consumers are difficult to determine, are not recorded in an internationally harmonised manner and vary significantly from country to country. They are incurred in many forms, for example as fees for account management, for cash withdrawals at ATMs or for payment cards; but also as financial damage in the event of loss or fraud. On the other hand, this also includes time costs, e.g. for cash withdrawals or the payment process, and costs of data disclosure. To determine the total costs and for international comparisons, different key figures are calculated, such as the cost per transaction, as a percentage of the transaction value or relative to GDP. After clarifying the concept of costs, the focus of our paper is on a critical review of the literature on cost studies at the consumer level. In particular, the results of existing work are compared, the most important cost categories are identified and sensitivity analyses are carried out. We find some key cost drivers and show how the results are driven by key assumptions
Gasoline price pass-through into CPI inflation: Evidence from Structure VAR
Get PDFWe apply a Bayesian structural vector autoregression (VAR) model to estimate the impact of oil and exchange rate shocks on Japan’s gasoline prices and, furthermore, Japan’s gasoline price pass-through into CPI inflation. In addition to the traditional zero and sign restrictions, we adopt a Bayesian framework, which provides a broader set of credible regions. After evaluating the influence of oil supply shocks, economic activity shocks, oil-specific demand shocks, and exchange rate shocks, we found evidence that an increase in gasoline prices is associated with a positive economic activity shock and oil-specific demand shock. On the other hand, the impact of any of the above shocks was not observed on the Japanese consumer price index from the estimated results
Rural electrification and secondary school enrolments in Ireland
Get PDFElectrification 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
Get PDFSocial 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
Induced-agglomeration policy, firm productivity and survival: evidence from China-1-
Get PDFResearch conducted worldwide has established that industrial agglomeration can improve firm productivity, regardless of policy and institutional factors. In this study, we utilize firm-level data from the Chinese Industrial Enterprises Database (CIED) for the period of 1998-2014 to analyze the relationship between induced-agglomeration policy and the productivity of firms operating within industrial parks while considering productivity and regional heterogeneities. To ensure the reliability of our results, we adopt various identification strategies that produce consistent outcomes. Additionally, we examine the impact of induced-agglomeration policy on firm survival in industrial parks by utilizing a Cloglog survival model. Our findings indicate that induced-agglomeration policy has a negative effect on the productivity of firms operating within industrial parks, with the negative effects diminishing as TFP increases and being stronger in less developed areas. We also find that induced-agglomeration policy can effectively enhance the lifespan of firms, particularly in less developed regions. We then point out policy optimization and other future research topics
Can Conflict Break Bonds within Society? Exploring the Impact of the Ongoing War on Social Trust in Ukraine
Get PDFThis study examines the effects of the ongoing war on social trust within Ukrainian society. The key finding suggests that the conflict contributes to a decline in trust, primarily due to its various adverse impacts on individuals. Additionally, the war appears to undermine contextual resources essential for trust-building, thereby indirectly contributing to the erosion of social trust