1,720,963 research outputs found
A new view into political business cycles: Household expenditures in Albania
Get PDFOver the last decades, there has been plenty of research and articles on Political Business Cycles (PBC), aiming at analyzing and explaining the use of fiscal and monetary instruments to stimulate economic growth before elections, to impress the voters. Following other researches for PBC in Albania, in which there was found clear evidence of fiscal expansion before elections, but no significant changes in inflation and GDP, as theory predicts, we analyze the peoples' expectations related to elections outcomes, and the way these expectations influence their decisions to spend, and consequently the macroeconomic variables. --Political Business Cycle,Household Behaviour,Albanian
Anti-crisis measures in the republic of Macedonia and their effects: Are they sufficient?
Get PDFMacedonia's economy was not left behind by the global economic crisis as the country's macroeconomic policymakers had hoped! Certainly, an economy open at all and with a high degree of direct dependence on European and global economies in general should not be saved by the crisis in financial top and then the global economic. Transmission of negative effects but came a little late economic shocks in the periphery are often stronger than the epicenter. In these circumstances macroeconomic policymakers should be more proactive, coherent and dynamic design of the following measures and economic policies increasingly based on relevant research and analysis (decision making based on research and analysis). Therefore, this analysis aims to develop and study in detail the measures in terms of economy, Science and Technology of Macedonia in order to suggest a more effective policy in accordance with business cycles, always comparing the economic measures in other states with which the country has advanced reports on economic but referring to specific local economic conditions. Accordingly the specific activities recommended for further action. --Financial Crisis,Anti-crisis Measures,Cyclic Regulated Fiscal Policy,Budget Deficit and Public Debt
The mission and culture of the corporation
Get PDFThe economic crisis has brought a new situation also for the Hungarian economic policy, as neoliberalism as the main trend in economic thought is no longer valid. This phenomenon cannot be reduced to be a mere macroeconomic course shift, as an entire economic philosophy and approach has lost its relevance. One consequence of this is the need for a thorough revision of the theory and practice of business management, along with the re-evaluation of the notion and position of the corporation. Our study aims to contribute to this theoretical reformation, presenting that social values derived from psychological and sociological findings such as human motivational theories or trust are fundamental elements of the 21st century corporate model. To point to this, we use the ideological correspondences, while proving that our national research on corporate theory and even rather its application are far behind the 21st century requirements and lack even the Western view of the 20th century
Political cycles in income from privatization: The case of Albania
Get PDFThe phenomenon of manipulation of the economy by the incumbent for electoral purpose is called Political Business Cycles (PBC). Using policy control economic instruments, such as fiscal and monetary instruments, governments may manipulate the economy to gain electoral advantage by producing growth and decreasing unemployment before elections. Earlier research on PBC in Albania found clear evidence of fiscal expansion before elections. In addition to increased income from taxes and borrowing, another source of financing the increased fiscal expansion in transition countries may be income from privatization, which is also the object of the analysis of this paper. In our analysis we apply standard econometric approach, used widely for research related to PBC. We test if income from privatization increases before elections. We find statistically significant increase of income from privatization before general (parliamentary) elections, which may lead us to conclude that one of the reasons may be to finance increased expenditures before elections. Another motivation, behind this behavior of the incumbent, may be rent - seeking. These results are of particular interest, as it is for the first time that income from privatization is analyzed in conjunction with PBC. --Albania,Political Business Cycle,Privatization
The mission and culture of the corporation
Get PDFThe economic crisis has brought a new situation also for the Hungarian economic policy, as neoliberalism as the main trend in economic thought is no longer valid. This phenomenon cannot be reduced to be a mere macroeconomic course shift, as an entire economic philosophy and approach has lost its relevance. One consequence of this is the need for a thorough revision of the theory and practice of business management, along with the re-evaluation of the notion and position of the corporation. Our study aims to contribute to this theoretical reformation, presenting that social values derived from psychological and sociological findings such as human motivational theories or trust are fundamental elements of the 21st century corporate model. To point to this, we use the ideological correspondences, while proving that our national research on corporate theory and even rather its application are far behind the 21st century requirements and lack even the Western view of the 20th century. --Economic theory,organization,mission,trust,corporate culture,transactional cost,motivational cost
Structural stochastic volatility in asset pricing dynamics: Estimation and model contest
Get PDFIn the framework of small-scale agent-based financial market models, the paper starts out from the concept of structural stochastic volatility, which derives from different noise levels in the demand of fundamentalists and chartists and the time-varying market shares of the two groups. It advances several different specifications of the endogenous switching between the trading strategies and then estimates these models by the method of simulated moments (MSM), where the choice of the moments reflects the basic stylized facts of the daily returns of a stock market index. In addition to the standard version of MSM with a quadratic loss function, we also take into account how often a great number of Monte Carlo simulation runs happen to yield moments that are all contained within their empirical confidence intervals. The model contest along these lines reveals a strong role for a (tamed) herding component. The quantitative performance of the winner model is so good that it may provide a standard for future research. --Method of simulated moments,moment coverage ratio,herding,discrete choice approach,transition probability approach
Going Beyond Counting First Authors in Author Co-citation Analysis
Get PDFThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Why a simple herding model may generate the stylized facts of daily returns: Explanation and estimation
Get PDFThe paper proposes an elementary agent-based asset pricing model that, invoking the two trader types of fundamentalists and chartists, comprises four features: (i) price determination by excess demand; (ii) a herding mechanism that gives rise to a macroscopic adjustment equation for the market fractions of the two groups; (iii) a rush towards fundamentalism when the price misalignment becomes too large; and (iv) a stronger noise component in the demand per chartist trader than in the demand per fundamentalist trader, which implies a structural stochastic volatility in the returns. Combining analytical and numerical methods, the interaction between these elements is studied in the phase plane of the price and a majority index. In addition, the model is estimated by the method of simulated moments, where the choice of the moments reflects the basic stylized facts of the daily returns of a stock market index. A (parametric) bootstrap procedure serves to set up an econometric test to evaluate the model's goodness-of-fit, which proves to be highly satisfactory. The bootstrap also makes sure that the estimated structural parameters are well identified. --structural stochastic volatility,method of simulated moments,autocorrelation pattern,fat tails,bootstrapped p-values
Variations on the Author
Get PDF“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
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