142 research outputs found
A NOTE ON R&D SPILLOVERS IN AN ENDOGENOUS GROWTH MODEL WITH PHYSICAL CAPITAL, HUMAN CAPITAL, AND VARIETIES
No full textThis note shows that Lemma 3 in the paper by Tiago N. Sequeira [R&D spillovers in an endogenous growth model with physical capital, human capital and varieties, Macroeconomic Dynamics (2011)] is insufficient to guarantee stability and provides an alternative sufficient condition for stability.</jats:p
Turismo internacional e risco político: uma análise do efeito das componentes do risco político baseada em modelos dinâmicos de Painel
No full textNum artigo anteriormente publicado [Sequeira e Nunes (2008), Economic Record, vol. 84(265)], o turismo internacional aparece a ser influenciado pelo risco-país e mais em
particular pelo risco político. Nesta dissertação mostra-se quais as componentes do risco político que mais afectam este sector. Os conflitos internos é o tipo de risco que mais “prejudica” o turismo e é o único risco que sozinho afecta simultaneamente as receitas e
os fluxos de turistas. Além dos conflitos internos também se encontraram efeitos
negativos da corrupção, das tensões religiosas, da ordem e justiça, dos conflitos
externos e da participação dos militares na política, efeitos que essencialmente se fazem
sentir na chegada de turistas aos países (em percentagem da sua população). No entanto,
conclui-se que o risco total é mais importante que cada risco específico.In a previous article [Sequeira and Nunes (2008), Economic Record, vol. 84(265)],
international tourism is found to be crucially affected by country-risk and in particular,
political-risk. In this article we show which risks mostly affects this sector. We show
that Internal Conflict is the most harmful risk to tourism and the only isolated risk that
simultaneously affects flows and returns. Besides internal conflicts, we also reach
negative effects of corruption, religious tensions, law and order, external conflicts and
military in power. Furthermore, we also reach the conclusion that overall risk is more
important than each particular category of risk
Evidence from European Countries
No full textThere is little evidence of the influence of large governments in happiness and when it exists, it is positive. We show that structural government expenditures and other measures of government imbalances significantly decrease happiness and life satisfaction in European countries. This evidence should lead European politicians to decrease government expenditures and deficits in order to improve satisfaction of their electors and eventually to win elections. This result is consistent with people valuing (negatively) expectations for future tax increases, macroeconomic instability and austerity.There is little evidence of the influence of large governments in happiness and when it exists,
it is positive. We show that structural government expenditures and other measures of
government imbalances significantly decrease happiness and life satisfaction in European
countries. This evidence should lead European politicians to decrease government
expenditures and deficits in order to improve satisfaction of their electors and eventually to
win elections. This result is consistent with people valuing (negatively) expectations for
future tax increases, macroeconomic instability and austerity
On the Relationship between Religiosity, Human Capital and Income
No full textA recent empirical literature has addressed the relationship between income and religion. The
argument that links religion to income is mainly based on the positive effect religious beliefs
has on labor productivity (Weberian argument) or on the negative effect that attending religious
services has on decreasing labour supply. Thus human capital is the production factor which is
potentially most affected by religion. Despite of that, the relationship between human capital and
religion at the aggregate level has been overlooked. I present a new nonlinear influence of religious
attendance by children in the formation of human capital. This relationship is robust to country
heterogeneity and variable stationarity and to the existence of nonobservable beliefs. Once reverse
causality is taken into account, a robust positive effect of religion on human capital subsists, in
opposition to the most recent results, which seem to point to a negative effect. Most studies are
based on microdata, and macroeconomic analysis of the issue that has largely ignored the potential
heterogeneity between countries. Using retrospective data on church attendance rates for a panel
of countries between 1925 and 1990, I apply heterogeneous panel data estimators and reveal that
the effect of participation in religious activities on income per capita is mostly non-significant.
This is consistent with some of the recent research that casts doubt onto the influence of religion
on income, once causality is taken into account.A literatura empírica recente tem abordado a relação entre o rendimento e a religião. Maioritariamente,
esta ligação baseia-se no efeito positivo que as crenças religiosas têm no trabalho produtivo
(argumento Weberiano) ou no efeito negativo que a adesão a serviços de carácter religioso tem na
diminuição das horas de trabalho. Assim, o capital humano é o fator de produção que é potencialmente
mais afetado pela religião. Apesar disso, a relação entre o capital humano e a religião a
nível agregado não tem tido a enfase adequada. Assim, apresento uma nova influência não-linear
da participação religiosa das crianças na formação do capital humano. Esta relação é robusta no
que toca à heterogeneidade e estacionaridade das variáveis entre países, bem como na existência
de crenças não-observáveis. Quando a causalidade é tida em conta, o efeito positivo e robusto
da religião no capital humano mantém-se, em oposição aos resultados mais recentes, que tendem
para um efeito negativo. A maioria dos estudos é baseada em micro-dados, e macro-dados que
ignoram largamente a potencial heterogeneidade entre países. Usando dados retrospetivos de taxas
de participação religiosa para um painel de países entre 1925 e 1990, aplico estimadores de heterogeneidade
em painel e revelo que o efeito da participação em atividades religiosas no rendimento
per capita é maioritariamente não significante. Isto é consistente com algumas pesquisas recentes
que suscitam dúvidas sobre a influência da religião no rendimento, quando a causalidade é tida em
conta
Transitional Dynamics of an Endogenous Growth Model with an Erosion Effect
No full textThe convergence features of an Endogenous Growth model with Physical capital, Human Capital and R&D have been studied. We add an erosion effect (supported by empirical evidence) to this model, and fully characterize its convergence properties. The dynamics is described by a fourth-order system of differential equations. We show that the model converges along a one-dimensional stable manifold and that its equilibrium is saddle-path stable. We also argue that one of the implications of considering this “erosion effect” is the increase in the adherence of the model to data.
International Tourism and Economic Growth: a Panel Data Approach
No full textOn average, tourism-specialized countries grow more than others. This fact is inconsistent with economic theory as, in particular, endogenous growth theory suggests that economic growth is linked with: (1) sectors with high intensity in R&D and thus high productivity; (2) large scale. In this paper, we use panel data methods to go further in treating the endogeneity problem. In general and contrary to previous works, we conclude that tourism, on its own, cannot explain the higher growth rates of these countries.Tourism, Economic growth, Panel data
CFD analysis for the evaluation of patient-specific hemodynamic parameters in cerebral aneurysms
No full textBlood flow simulations are now considered a valuable tool for a deeper understanding of the physiopathology of intracranial aneurysms. Many authors built robust computational settings based on accurate computer-assisted registration, segmentation, and 3D geometry reconstruction from medical images of patient specific cerebral aneurysms, and special techniques to derive appropriate boundary conditions. However, an accurate description of flow mechanics in the near wall region and its connection with the evolution of the wall disease evolution remains linked to several questions not yet fully understood. Recently, several authors have suggested a lower order approximation of the Lagrangian dynamics in the near wall region, which allows for a meaningful characterization of both normal and parallel direction to the wall. We verify this computational approach with a cohort of brain aneurysms and try to provide a step further in the understanding of the hemodynamicenvironment and its possible connection with the risk of rupture.[1] V. Ardakani, I. Velho, X. Tu, A.M. Gambaruto, J. Tiago, R. Pereira, A. Sequeira, “Near-wall flow in cerebral aneurysms” Fluids, in press.[2] A. Arzani, A.M. Gambaruto, G., Chen, S.C. Shadden, “Lagrangian wall shear stress structures and near-wall transport in high-Schmidt-number aneurysmal flows”. Journal of Fluid Mechanics, vol 790., pp. 158-172, 2016.[3] A.M. Gambaruto, D.J. Doorly, and T. Yamaguchi, “Wall shear stress and near-wall convective transport: Comparisons with vascular remodeling in a peripheral graft anastomosis,” Journal of Computational Physics, vol. 229, no. 14, pp. 5339–5356, 2010
Is Education prejudiced by Country-Risk? A Panel-Data Study using Attainment Data and Country-Risk as a Rational Expectation
No full textWe consider country-risk as a determinant of education growth in a large cross-section of countries observed through time. Applying cross-country dynamic panel data estimations, we show that country-risk influences the education output growth negatively. This contributes to the literature on the educational production function, as it adds a robust determinant of that function. Among country-risks, economic risk is the most influential and among economic risks, economic growth, socioeconomic conditions and, mostly surprising, budget balance have the highest effects. This is a very robust empirical result and indicates that politicians should endeavor to decrease country-risk in order to enhance education.Education, Country-Risk, Economic Growth
Does a Federal Country Need Federal Transfers When It Has Labour Mobility?
No full textSequeira T. N. and Lopes A. F. Does a federal country need federal transfers when it has labour mobility?, Regional Studies. This work empirically tests optimum currency area theory for members of a given monetary union (the United States). The United States is recognized as a country where labour mobility between states is high. This paper jointly assesses the consequences of having federal transfers and labour mobility in terms of the states' cyclical output. It is concluded that federal transfers undoubtedly contribute to increase cyclical output. However, out-migration may increase or decrease cyclical output, depending on certain conditions. As federal transfers proved to be much more important than migration, the answer to the question in the paper's title is 'yes'. [image omitted] Sequeira T. N. et Lopes A. F. Un pays federal, a-t-il besoin des transferts federaux quand il est deja dote de la mobilite du travail?, Regional Studies. Cet article cherche a tester empiriquement la theorie des zones monetaires optimales pour ce qui est des pays-membres d'une union monetaire donnee (a savoir, les Etats-Unis). On considere les Etats-Unis comme un pays ou la mobilite interregionale du travail est importante. Cet article cherche donc a evaluer les consequences des transferts federaux et de la mobilite du travail du point de vue de la production cyclique des etats. Cela amene a la conclusion suivante: les transferts federaux contribuent indubitablement a une hausse de la production cyclique. Toujours est-il que le solde migratoire negatif pourrait accroitre ou decroitre la production cyclique, suivant la conjoncture. Donne que les transferts federaux s'averent plus importants que ne l'est la migration, la reponse a la question posee est 'oui'. Migration interne Transferts federaux Convergence cyclique Enquete a echantillon permanent Generalized method of moments (GMM) Sequeira T. N. und Lopes A. F. Benotigt ein foderaler Staat einen Finanzausgleich zwischen den Bundesstaaten, wenn seine Arbeitskrafte mobil sind?, Regional Studies. In diesem Beitrag uberprufen wir auf empirische Weise die Theorie der optimalen Wahrungsraume fur die Mitglieder einer bestehenden Wahrungsunion (der Vereinigten Staaten). Die USA gelten als Land mit hoher Mobilitat von Arbeitskraften innerhalb der Bundesstaaten. In diesem Beitrag untersuchen wir gemeinsam die Folgen eines Finanzausgleichs zwischen den Bundesstaaten und einer Mobilitat von Arbeitskraften fur die zyklische Produktionsleistung der Staaten. Wir ziehen den Schluss, dass der Finanzausgleich zwischen den Bundesstaaten zweifellos zu einer Erhohung der zyklischen Produktionsleistung beitragt. Allerdings kann die zyklische Produktionsleistung in Abhangigkeit von bestimmten Bedingungen aufgrund von Abwanderung zu- oder abnehmen. Da sich der Finanzausgleich zwischen Bundesstaaten als deutlich wichtiger erweist als die Migration, lasst sich die Frage in der Uberschrift bejahen. Interne Migration Finanzausgleich zwischen Bundesstaaten Zyklische Konvergenz Paneldaten Generalized method of moments (GMM) Sequeira T. N. y Lopes A. F. �Necesita un pais federal transferencias entre las diferentes regiones si la fuerza de trabajo es movil?, Regional Studies. En este trabajo comprobamos desde un punto de vista empirico la teoria de las areas monetarias optimas para los miembros de una determinada union monetaria (los Estados Unidos). Estados Unidos es reconocido como un pais cuya movilidad laboral entre los estados es alta. En este articulo valoramos conjuntamente las consecuencias de disponer de transferencias entre las diferentes regiones y la movilidad laboral en terminos del rendimiento ciclico de los estados. Concluimos que las transferencias entre las regiones contribuyen sin duda a aumentar el rendimiento ciclico. Sin embargo, la emigracion puede causar un aumento o una disminucion del rendimiento ciclico en funcion de ciertas condiciones. Puesto que se ha demostrado que las transferencias entre regiones son mucho mas importantes que las migraciones, la respuesta a la pregunta del titulo es afirmativa. Migracion interna Transferencias entre regiones Convergencia ciclica Datos del panel Metodo generalizado de momentos (Generalized method of moments (GMM))Internal migration, Federal transfers, Cyclical convergence, Panel data, Generalized method of moments (GMM),
The Iberian Tigers versus The Celtic Tiger: Economic Growth Paths in an Economic History Perspective
No full textThe years following the Second World War were those of the greatest economic growth that Europe had ever seen. If the countries of the Iberian Peninsula, neutral in the conflict and ruled by dictatorial regimes, enjoyed that growth and had participated in the convergence phenomenon, Ireland, also neutral but democratic, was not able to converge to the developed world. Since 1973, with petroleum crashes, the process of growth has slowed down in Europe, but it was only after 1985 that Ireland began to grow at impressive rates. We review, in an economic history perspective, the implications of the institutional environment and the economic policy decisions. We also address the consequences and plausible explanations for the different growth paths of those countries and revisit the puzzle of slow Irish growth until middle eighties.Second World War, Economic Growth, Convergence, Europe, Ireland, Portugal, Spain
- …
