EconStor (ZBW Kiel)
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Evidence on the determinants and variation of idiosyncratic risk in housing markets
No full textUsing around 1 million repeat sales, we show idiosyncratic risk in real house price appreciation is time-varying, depends negatively on the initial house price, varies across locations, and decreases with the holding period. These systematic movements in idiosyncratic risk can be explained by time and regional variations in market thinness and differences in information quality across markets. We find borrowing costs and deposit requirements have offsetting effects on risk. Higher interest rates are associated with lower idiosyncratic pricing, while tighter deposit requirements are associated with shorter holding periods, which are subject to a higher risk. Finally, we find the systematic variations in idiosyncratic housing risk tend to be positively associated with excess capital returns. However, the risk-return trade-off emerges only through risk differences across house prices and holding periods, while idiosyncratic risk differences across time and regions are not rewarded in excess capital returns
Research management in higher education institutions from developing countries: An analysis for Bolivia and Paraguay
No full textMale excess mortality during the epidemiological transition: theory and evidence from India
No full textAt any given age, adult men die at a higher rate than women. In many developed countries, increasing excess mortality of men has been demonstrated for cohorts born in the late nineteenth century and thereafter. The decline in infectious diseases is believed to have contributed to the increase in male excess mortality. Here, we focus on India during 1990–2019, a period in which the Indian states experienced, to varying degrees, the epidemiological transition. We show that male excess mortality evolves positively over the observation period, is greater in later-born cohorts, and is strongly associated with the decline in infectious disease mortality. We propose a simple theory that explains these facts by a greater influence of infections on the biological aging of women compared to men. We calibrate the model with Indian data and show that it can replicate the feature of rising male excess mortality over time and birth year of cohorts
10 Jahre Fluchtmigration: 2015 Haben wir es geschafft? Eine Analyse aus Sicht des Arbeitsmarktes
No full textDie Frage, ob "wir es geschafft haben", lässt sich angesichts der vielschichtigen Dimensionen von Integration und unklarer Erfolgskriterien nicht eindeutig beantworten. Dieser IAB-Kurzbericht beleuchtet die Arbeitsmarktintegration der 2015 zugezogenen Geflüchteten - einen zentralen Indikator wirtschaftlicher und sozialer Teilhabe. Daten der IABBAMF-SOEP-Befragung von Geflüchteten verknüpft mit der Beschäftigungsstatistik der Bundesagentur für Arbeit zeigen: Die Beschäftigungsquoten der 2015 zugezogenen Geflüchteten haben sich weitgehend dem Niveau des Bevölkerungsdurchschnitts in Deutschland angenähert. Bei den Verdiensten besteht jedoch weiterhin ein deutlicher Rückstand
How do institutions shape productive entrepreneurship across levels of economic development? A multilevel analysis
No full textWe examine the influence of institutional framework conditions on the productivity potential of new entrepreneurial businesses in advanced and developing economies using primary data from the Global Entrepreneurship Monitor from 2006 to 2022. We combine each economy's institutional conditions for entrepreneurship with individual-level data on entrepreneurial activity, productivity, and aspirations. We use three measures to proxy for productive entrepreneurship: new product innovation, export activity, and high-growth expectations. The three institutional conditions examined are business regulations, rule of law, and financial conditions. Using a two-stage Heckman model to control for selection bias, we find that an economy's institutional framework is instrumental in shaping productive entrepreneurship, and the effects are more pronounced in developing economies, with evidence of decreasing returns for advanced economies. The novelty of our analysis is in the use of an extended panel, the use of a multilevel design to appropriately control for individual-level effects, and the exploration of the moderating effect of economic development
Effects of international shocks on cocoa global production
No full textThe global cocoa trade network is highly concentrated. The top 5 producers account for 75 percent of exports. Although recent research shows that agricultural trade was resilient to the 2020 pandemic, cocoa is one of the most affected goods. This paper estimates the effects of international shocks, in general, and COVID-19 on the global cocoa trade. We find that the effect on the top 5 producers is less than on the small-size producers. Also, the COVID-19 pandemic increased production costs, reduced export probability, and created income volatility in small-size producers
Firm selection and growth in carbon offset markets: Evidence from the Clean Development Mechanism
No full textWe study carbon offsets sold by firms in China under the Clean Development Mechanism (CDM). We find that offset-selling firms, meant to cut carbon emissions, instead increase them by 49% after starting an offset project. In a model of firm investment decisions and offset review, we estimate that CDM firms increase emissions due to both the selection of higher-growth firms into projects (35 pp) and because offset projects themselves boost firm growth and therefore emissions (14 pp). The CDM reduces global surplus by causing damages from increased emissions four times greater than private gains from trade in the offset market
Augmented reality marketing in family ecotourism: Cognitive and behavioral drivers of destination branding
No full textMost ecotourism destinations have not yet fully explored the benefits of augmented reality (AR) marketing in relation to family vacations. Although AR improves travel experiences and destination branding, there is limited research on parents' perceptions of AR when traveling with children. This study combines the unified theory of acceptance and use of technology (UTAUT) with the concept of sustainability education to investigate how parents' perceptions of AR technology shape visit behavior and destination branding, improve family vacations, and strengthen ecotourism sustainability. A mixed methods approach was applied, combining partial least structural equation modeling (PLS-SEM) with fuzzy-set qualitative comparative analysis (fsQCA). An online survey questionnaire (distributed via the Prolific platform) was completed by 181 parents who visited Romanian ecotourism destinations with their children and had previous AR experience. The PLS-SEM results indicate that facilitating conditions, performance expectancy, social influence, and sustainability education have significant effects on parents' intentions to use AR technology. Furthermore, these intentions significantly influence destination visit behavior and AR branding. The fsQCA results show that sustainability education is the sole necessary condition for AR technology to influence families' ecotourism experiences, possibly enhancing destination branding. The findings provide new theoretical and practical implications for ecotourism stakeholders interested in using AR to enhance their branding for families traveling with children
Unveiling citation bias in economics: Taste-based discrimination against Chinese-authored papers
No full textWe present evidence for taste-based discrimination against Chinese first authors in economic citations. We utilize a gravity model of citations and interpret the bias as a negative effect of "cultural distance". After controlling for quality as well as author-, paper-, and journal-specific attributes, publications with a Chinese first author receive 14% less citations. Coauthoring with non-Chinese does not mitigate the discrimination at all. While being affiliated with a US-based institute slightly reduces the bias by dampening the perceived "Chineseness", it is not big enough to offset the discriminatory effect. Moreover, the COVID pandemic exacerbated the discriminatory effect. The forensic analysis narrowed down the source of discrimination to non-Chinese top economists from non-US affiliations
Remittances, financial development and economic growth: A dynamic panel data approach
No full textThis study investigates the relationships between remittances, financial development, and economic growth in Western Balkan countries during 2002-2022. Employing a dynamic panel data approach, the research encompasses a multi-faceted regression strategy, including Ordinary Least Squares (OLS), Fixed Effects, and Two-Stage Least Squares (2SLS) models. This approach is particularly designed to address potential endogeneity issues in remittances and financial development indicators. The analysis reveals that remittances have been a significant growth driver in the Western Balkans, with their impact being more pronounced in countries with less developed financial systems. This finding suggests a substitutive relationship between remittances and financial development. The study also indicates that financial development, measured through Money Supply and Net Interest Margin, has a complex and unclear impact on economic growth. The interaction between remittances and financial development is also a focal point, with significant negative coefficients indicating that in regions with limited financial development, remittances play a crucial role in filling the gaps left by inefficient financial markets. The study contributes to the understanding of how remittances and financial development interact and influence economic growth, providing valuable insights for policy formulation in the Western Balkans