1,721,080 research outputs found
Wealth and consumption : from a household point of view
No full textThis paper provides empirical analysis of the role of weath of a household in consumption decisions. A short introduction to the theories of consumption was presented and some methods for wealth measurement are also discussed. A demographic structure of a household is considered to have a great influence on consumption decisions, beside
The role of divorce in the consumtion function:further evidence.
No full textRenewed attention was recently devoted to the theory and empirical evidence aboutr the consumption function, to derive a more comprehensive model suitable for estimation purposes. This note provides new empirical evidence on the divorce variable in Italy for the period 1971-2000.By considering the time series properties of the variables involved in the consumption function and the cointegration approach using annual data, consumption and divorce are demostrated to have an order-one integration and a cointegration, showing a long and a short-run co-movement
Unemployment in Italy : some basic considerations
No full textThe object of the study is to analyze the behaviour of unemployment in Italy checking for asymmetry. Two non-parametric tests are employed : the transition probabilities test and the duration dependence test
Co-integrating relationship between terms of trade, money and current account : the Italian evidence
No full textThe paper analyses long-run relationship between terms of trade, money and current account for Italy in the perido from the first quarter of 1975 to the first quarter of 2001
A note on the relation between government expenditure and receipts in Italy : a quarterly analisys
No full textA precise knowledge of the relation between government expenditure and revenues may be useful to control budget deficits because, if there is interdependence raising taxes to reduce deficits may lead directly to more spending. An effective manipulation of central government spending and tax revenues requires information on the direction of causality between these economic variables.
The purpose of this paper is to investigate the relationship between government expenditure and receipts based on quarterly data, using the structural cointegration approach of Pesaran and Pesaran 1997. This approach tries to link the new literature of cointegration and the traditional literature of dynamic structural econometric modelling and not only identifies cointegration vectors, but also suggests the use of model selection criteria, together with diagnostic tests, to specify short-run dynamics and deterministic components.
In the results presented below, the structural cointegration approach provides evidence of a long and short-run equilibrium between government spending and receipts, supporting the assumption that the Italian Government’s expenditure is a sort of automatic stabiliser as opposed to Wagner’s Law.
Tests were performed for the presence of short and long-run causality: all the estimates point out to bi-directional causality, with Granger expenditure causing revenues and Granger revenues causing expenditure for almost all lag structures
Real Wages and Imports
No full textA number of models are based on the idea that wages are shaped by domestic and international forces, but literature on international trade and the labour market performance highlight opposing views and evidence.
The main issue in this paper is to investigate, from an empirical point of view, a possible long-run relationship between imports and wages at the macro level in Italy in the period 1976.1-2001.1, partly along the lines of Zhu (1996). We employ cointegration tests and, specifically, we suggest to consider a relevant break, the exit of Italy from the EMS.
The model is estimated and tested with respect to its long-run and dynamic properties. We conclude in favour of a systematic long-run cointegrating relationship, between “real hourly wage rate in manufacturing” and “imports of manufactured goods”, with causal effects running bidirectionally
The role of controls in the international financial crisis
No full textFinancial institution, Banks, Globalization, G20, G21, F3,
The role of controls in the international financial crisis
No full textThe impact of the great financial crisis that started in the United States with the implosion of “subprime” loans, has drawn the public’s attention on one of the most innovative branches of financial market, the famous derivatives. The financial crisis and the involvement of major banking institutions thus call for some thinking about the concept of control in Italy and in a globalized world. In Italy, even though the scale of the risks connected with transactions in derivatives is limited. some banks may have damaged their reputations by pushing complex derivative products onto unwitting clients. Apart from reassurance and all kinds of justifications, and without arguing whether this was deliberate or not, the monetary authorities, Consob, and ABI have clearly reported the risk of a world financial crisis too late
Institutions, governance, business environment : to what extent do they affect growth?
No full textQuesto lavoro cerca di dare una risposta a questa domanda analizzando dati “panel” offerti dalla World Bank nel rapporto Doing Business che contengono informazioni e indici utili ad evidenziare i fattori che maggiormente incidono sullo sviluppo economico. Negli ultimi dieci anni diversi contributi hanno sottolineato il ruolo chiave delle istituzioni e delle caratteristiche qualitative di queste ultime nella determinazione dei livelli di sviluppo nei vari sistemi economici. I risultati delle elaborazioni, statisticamente significativi, riportati in questo paper appaiono decisamente confermare il peso di una serie di variabili qualitative a volte poco considerate dalla letteratura economica, ma di fatto determinanti anche per l’individuazione degli scenari economici futuri. Interessante, per i 183 paesi analizzati, la relazione, stabile e significativa, tra il livello del reddito di un paese e il grado di fiducia espresso attraverso l’analisi di una serie di variabili tra le quali spicca in modo particolare il peso della corruzione, in ambiente sia pubblico che privato, con i suoi risvolti sia interni che internazionali.Lots of studies were produced in the past decade on the importance of the quality of the institutions for economic development.
Several authors focused on the indicators provided by Doing Business (World Bank) to highlight the main factors favouring or rather limiting the economic development.
But to what extent do governance, the institutions, both public and private, and the business environment actually affect economic performances?
This paper is an attempt to answer this question through the analysis of panel data that contains this kind of information.
The results of the analysis are statistically significant and confirm the importance of these variables as determinants of the income in the countries under study. In particular, a positive relation is observed between the income and a high degree of domestic and international confidence, ensured by qualitatively high levels of the governance, the institutions, as well as of the so-called business environment
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