60 research outputs found
Globalization and International Risk-sharing: The Role of Social and Political Integration
No full textThis study explores the relationships among various dimensions of globalization (i.e., economic, social, and political) and international risk-sharing, by exploiting the KOF globalization indices over a long time horizon (1970–2014) and for several groups of countries (i.e., World; Organisation for Economic Cooperation and Development (OECD); European Union (EU); European Monetary Union (EMU); high-income economies (HI); and low and middle-income economies (LMI)). To this end, we follow a standard regression-based approach augmented by interaction terms. To date, the empirical literature has only investigated the economic and financial facets of globalization; we, on the other hand, find a significant relationship between risk-sharing and noneconomic aspects of globalization. For several groups of industrialized countries, social and political integration positively correlate with risk-sharing. The economic factor does not explain all the improvements that relate to globalization, and political integration plays a remarkable role in shaping risk-sharing opportunities, both among EMU/EU countries and on a global scale. For advanced economies, in an increasingly globalized world, political integration should be of great concern
International Investment Positions and Risk-Sharing: An Empirical Analysis on the Coordinated Portfolio Investment Survey
No full textChannels of risk sharing at micro level: Savings, investments and risk aversion heterogeneity
No full textApplying the standard income variance decomposition methodology, the paper explores for the first time the role and the extent of smoothing channels at a micro level using a sample of UK households. Our empirical analysis of British Household Panel Survey data concludes that the bulk of risk sharing in the UK is driven by the savings channel. By allowing for risk aversion heterogeneity, we detect an inverted U-shaped relationship between risk aversion and the extent of smoothing achieved through financial markets. We also analyse the issue of risk sharing by income, education levels and region. We find that risk sharing is more effective (higher) for individuals whose savings are more flexible, while it is less effective (lower) for individuals characterized by more stable savings rate (like the Scottish population), regardless of their economic conditions
University-Industry Collaboration in the Biopharmaceuticals: the Italian Case,
No full textWe investigate the determinants of University–Industry (U–I) interactions in the biopharmaceuticals in Italy over the period 2004–2010, choosing co-publishing as a proxy of U–I partnerships. We construct a novel dataset of co-published articles, that contains measures of proximities, agglomeration, firms’ and universities’ characteristics. Following a consolidated methodology, we integrate our dataset of effective interactions with the set of all potential interactions, to estimate probabilistic models for the occurrence and the intensity of U–I interactions. Our main findings confirm and extend the predictions of the previous literature: (1) geographical proximity and prior partnership increase the probability and the intensity of co-publication; (2) the proximity of a firm to other bio- pharmaceutical firms and universities attenuates the relevance of geographical proximity; (3) there exists complementarity between prior partnerships and geographical proximity. A novel result is that firms’ and Universities’ size, firms’ R&D and patents expenditure and the composition of the academic staff as well as quality of academic research exert a significant impact on the intensity of co-publishing
EU Cohesion Policy and Inter-regional Risk-sharing: First Evidence and Lessons Learned
No full textWe provide the first evidence of the role played by the Cohesion Policy in terms of insurance against income shocks affecting the EU regions. By following state-of-the-art modeling, we measured income risk-sharing among 270 NUTS-2 regions over two concluded programming periods (2000–2006 and 2007–2013), distinguishing across several sub-groups of regions characterized by different macroeconomic conditions, integration of markets, and regional levels of economic disadvantage. We found that, by and large, the income risk-sharing role of the EU Funds inflow is non-negligible and it becomes particularly relevant in the second programming period. Further, the Cohesion Policy exerted a significant and positive role in income stabilization after the Global Financial Crisis, the Sovereign Debt Crisis, and during negative phases of the business cycle, particularly for those regions lagging or belonging to less stable countries from the macroeconomic point of view (Less-Developed regions and Mediterranean EU). This novel evidence of the short-run stabilizing effect of the Cohesion Policy aims to contribute to the debate on the role of EU institutions in improving the capacity of regions to tackle economic shocks, which is particularly relevant at the launch of the Next Generation EU
The impact of social capital on consumption insurance and income volatility in the UK: evidence from the British Household Panel Survey
No full textOn British Household Panel Survey data we measure various indices of social capital at the individual and household level, and use them as explanatory variables in standard consumption insurance tests. We find that two out of three aspects of social capital positively impact on consumption smoothing, by reducing the sensitivity of idiosyncratic consumption to idiosyncratic income, both in the long and in the short run. Such effects, however, turn out to be more pronounced in the long run. Further confirmation of the positive impact of social capital on insurance opportunities are derived from an income smoothing exercise, as well as from a Poisson and a Logit analysis on the occurrence of unemployment spells. © 2013 Springer Science+Business Media New York
Foreign Portfolio Diversification and Risk-Sharing
No full textWe investigate income smoothing associated with international portfolio diversification by decomposing the net factor income (NFI) channel into interests, dividends and retained earnings, for OECD and EU countries. We find that interest receipts and equity dividend payments contribute significantly to absorb domestic income shocks. Geographically concentrated portfolios and, in particular, biases toward EU markets have a strong negative effect on the degree of risk-sharing
Revisitando a pequena sociologia eleitoral de Antônio Flávio Pierucci (1985-1992)
No full textThe article revisits the production of Antônio Flávio Pierucci on the electoral behavior of voters in São Paulo for Jânio Quadros and Paulo Maluf in the period between 1985 and 1992. Besides revealing a little-remembered facet of the author, the text aims to highlight the object of study, the methodology used by the author and his political conclusions. It will also touch on how Pierucci used the sociology of Pierre Bourdieu to unveil the way of life of a conservative stratum of the São Paulo population. Taking into account that reality is ever-changing, the text aims to underline the importance of this body of research, as a reference for future endeavors.O artigo revisita a produção de Antônio Flávio Pierucci sobre o comportamento eleitoral dos eleitores paulistanos de Jânio Quadros e Paulo Maluf no período compreendido entre 1985 e 1992. Além de revelar uma faceta pouco lembrada do autor, o texto visa destacar o objeto de estudo, a metodologia empregada pelo autor e as suas conclusões políticas. Também será objeto de atenção do artigo a maneira pela qual Pierucci utilizou a sociologia de Pierre Bourdieu para desvendar o modo de ser conservador de um estrato da população paulistana. Tendo em vista que a realidade é sempre mutante, o texto visa sublinhar a importância deste conjunto de estudos, de modo que os toma como referência para pesquisas futuras
Secularização em Antônio Flávio Pierucci: da contemporânea serventia de continuarmos acessando aquele velho sentido.
No full textIn this article we aim to affirm the importance of the reflections of Antônio Flávio Pierucci (1945-2012) both for sociology in general, when it is performed in an objectively and theoretically oriented manner, as well as for the sociology of religion in particular, especially when it comes to the controversial topic of secularization. To fulfill that intention, we have selected texts, articles, and book chapters published by the author in which we found the concept of secularization directly or indirectly mobilized. In addition, the academic and biographical trajectory of Flávio Pierucci was also utilized at some moments for a better explanation of the adjustments and shifts that the reflection on secularization passes through during his work. The article is divided into four main themes in which Flávio Pierucci mobilizes the topic of secularization: decline of Catholicism, detraditionalization, disenchantment of the world, and political sphere.Neste artigo pretendemos afirmar a importância das reflexões de Antônio Flávio Pierucci (1945-2012) tanto para a sociologia de um modo geral, quando quer ser feita de forma objetiva e teoricamente orientada, quanto para a sociologia da religião em específico, analisando as nuances de suas interpretações acerca do conceito de secularização. Com esse intuito, foi feita uma seleção de textos, artigos e capítulos de livro publicados pelo autor nos quais o conceito de secularização é acessado direta ou indiretamente. Além disso, a trajetória acadêmica e biográfica de Flávio Pierucci também foi recuperada em alguns momentos para uma melhor explicitação dos ajustes e deslocamentos pelos quais a reflexão sobre secularização passa em sua obra. O artigo é dividido em quatro eixos temáticos principais em meio aos quais o tema da secularização é mobilizado por Flávio Pierucci: declínio do catolicismo, destradicionalização, desencantamento do mundo e esfera política.
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