a column by Adam Brzezinski, Yao Chen, Nuno Palma and Felix Ward for VOX: CEPR’s Policy Portal
During the early 16th to 19th centuries, Spain received large amounts of monetary silver from its colonies in America. Vagaries of the sea thus affected Spain’s money supply.
This column investigates the effects of money supply shocks on the economy using the case of maritime disasters in the Spanish Empire. It finds that a one-percentage-point reduction in the money growth rate caused a 1.3% drop in real output that persisted for several years. Analysing monetary transmission channels, it shows that price rigidities and credit frictions account for most of this non-neutrality result.
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Showing posts with label Spain. Show all posts
Showing posts with label Spain. Show all posts
Wednesday, 20 November 2019
Friday, 15 November 2019
The economics of neutrality in World War II
a column by Eric Golson for VOX: CEPR’s Policy Portal
Neutrality has long been viewed as impartiality in war.
This column, part of the Vox debate on World War II, asserts that neutral states in the war were realist in approaching their defence to ensure their survival. Neutrals such as Portugal, Spain, Sweden, and Switzerland maintained independence by offering economic concessions to the belligerents to make up for their relative military weakness.
Economic concessions took the form of merchandise trade, services, labour, and capital flows. Depending on their position and the changing fortunes of war, neutral countries could also extract concessions from the belligerents, if their situation permitted.
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Neutrality has long been viewed as impartiality in war.
This column, part of the Vox debate on World War II, asserts that neutral states in the war were realist in approaching their defence to ensure their survival. Neutrals such as Portugal, Spain, Sweden, and Switzerland maintained independence by offering economic concessions to the belligerents to make up for their relative military weakness.
Economic concessions took the form of merchandise trade, services, labour, and capital flows. Depending on their position and the changing fortunes of war, neutral countries could also extract concessions from the belligerents, if their situation permitted.
Continue reading
Monday, 17 December 2018
Labour market flexibility during financial crises: Firm-level evidence from Spain
a column by Luc Laeven, Peter McAdam and Alexander Popov for VOX: CEPR’s Policy Portal
There are good arguments both in favour and against the idea that more labour market flexibility will deliver benefits to an economy during a downturn.
This column presents novel evidence on this question, using data from Spain during the 2008–09 credit crunch.
The results show that credit-constrained firms grow faster if they are subject to less strict firing and hiring restrictions, as long as they are technologically able to substitute labour for capital. The findings provide an argument in favour of more flexible labour laws.
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There are good arguments both in favour and against the idea that more labour market flexibility will deliver benefits to an economy during a downturn.
This column presents novel evidence on this question, using data from Spain during the 2008–09 credit crunch.
The results show that credit-constrained firms grow faster if they are subject to less strict firing and hiring restrictions, as long as they are technologically able to substitute labour for capital. The findings provide an argument in favour of more flexible labour laws.
Continue reading
Friday, 19 October 2018
Subsidising long-term care: Lessons from subsidy expansions and cuts
a column by Joan Costa-i-Fon for VOX: CEPR’s Policy Portal
Many European countries are revisiting how best to finance long-term care, balancing financial sustainability and the economic welfare of households.
Using examples of Spain and Scotland, this paper demonstrates that an expansion of public funding for long-term care has an effect on caregiving choices, household finances, and hospital care. Unconditional or cash subsidies may entail a ‘caregiving moral hazard’, but both cash and care subsidies can bring savings to the health system by reducing the frequency and intensity of hospitalisation.
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Many European countries are revisiting how best to finance long-term care, balancing financial sustainability and the economic welfare of households.
Using examples of Spain and Scotland, this paper demonstrates that an expansion of public funding for long-term care has an effect on caregiving choices, household finances, and hospital care. Unconditional or cash subsidies may entail a ‘caregiving moral hazard’, but both cash and care subsidies can bring savings to the health system by reducing the frequency and intensity of hospitalisation.
Continue reading
Saturday, 19 May 2018
Understanding the effects of legalising undocumented immigrants
a column by Joan Monras, Javier Vázquez-Grenno and Ferran Elias for VOX: CEPR’s Policy Portal
Studies have shown that granting work permits helps immigrants settle and integrate into host economies, but we know relatively little about how host economies are affected by the mass legalisation of immigrant workers. This column uses one of the largest and most unexpected legalisations in the world – by the Zapatero government in Spain – to show how legalisation can increase public revenues, but can also have distributive consequences for other workers in the economy.
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This makes a lot of sense and is well worth reading in its entirety (as are most VOX columns but this one really hit a nerve with me.)
Studies have shown that granting work permits helps immigrants settle and integrate into host economies, but we know relatively little about how host economies are affected by the mass legalisation of immigrant workers. This column uses one of the largest and most unexpected legalisations in the world – by the Zapatero government in Spain – to show how legalisation can increase public revenues, but can also have distributive consequences for other workers in the economy.
Continue reading
This makes a lot of sense and is well worth reading in its entirety (as are most VOX columns but this one really hit a nerve with me.)
Wednesday, 4 October 2017
Working whilst studying in higher education: The impact of the economic crisis on academic and labour market success
Albert Sanchez-Gelabert (Autonomous University of Barcelona (UAB), Spain and University of Barcelona (UB), Spain),
Mijail Figueroa (Autonomous University of Barcelona (UAB), Spain) and Marina Elias (University of Barcelona (UB), Spain)
published in European Journal of Education
Volume 52 Issue 2 (June 2017)
Abstract
An analysis of the phenomenon of combining work and study amongst university students is made using data obtained from surveys of graduates carried out four years after finishing their degrees.
First, the article reviews the evolution of the phenomenon over the last ten years, taking into account the Catalan University Quality Assurance Agency (AQU) labour market insertion surveys for 2005, 2008, 2011 and 2014. Second, the 2008 and 2014 waves are compared to analyse the impact of the economic crisis.
In this case, how combining work and study affects academic results and labour market insertion is studied, in addition to whether or not differences occur according to the family's educational background. A random stratified two-stage sampling is used to obtain the results; descriptive and ANOVA analyses with different factors are performed.
The evolution shows how the numbers of students who combine work and study has increased, especially among those whose parents have little education.
Furthermore, this means that lower marks are obtained and that there is a greater degree of inequality in labour market insertion, depending on the educational background of the family of origin.
In general, the relationship between the different variables shows how combining work and study has negative effects on marks but positive effects on labour market insertion, especially if the work experience whilst at university is related to the studies.
Full text (HTML)
Abstract
An analysis of the phenomenon of combining work and study amongst university students is made using data obtained from surveys of graduates carried out four years after finishing their degrees.
First, the article reviews the evolution of the phenomenon over the last ten years, taking into account the Catalan University Quality Assurance Agency (AQU) labour market insertion surveys for 2005, 2008, 2011 and 2014. Second, the 2008 and 2014 waves are compared to analyse the impact of the economic crisis.
In this case, how combining work and study affects academic results and labour market insertion is studied, in addition to whether or not differences occur according to the family's educational background. A random stratified two-stage sampling is used to obtain the results; descriptive and ANOVA analyses with different factors are performed.
The evolution shows how the numbers of students who combine work and study has increased, especially among those whose parents have little education.
Furthermore, this means that lower marks are obtained and that there is a greater degree of inequality in labour market insertion, depending on the educational background of the family of origin.
In general, the relationship between the different variables shows how combining work and study has negative effects on marks but positive effects on labour market insertion, especially if the work experience whilst at university is related to the studies.
Full text (HTML)
Monday, 25 February 2013
Retirement incentives, individual heterogeneity and labor transitions of employed and unemployed workers
an article by J. Ignacio García-Pérez and Alfonso R. Sánchez-Martín (Universidad Pablo de Olavide, Spain) and Sergi Jiménez-Martín (Universitat Pompeu Fabra, Barcelona GSE, Spain and FEDEA, Spain) published in Labour Economics
Volume 20 (January 2013)
Abstract
In this paper, we analyse the sensitivity of the labour market decisions of workers close to retirement with respect to the incentives created by public regulations. We improve upon the extensive prior literature on the effect of pension incentives on retirement by jointly modelling the transitions between employment, unemployment and retirement, paying special attention to the transition from unemployment to retirement (which is particularly important in Spain and other European countries, and whose relevance is increasing as a result of the recent economic crisis).
Using administrative data, we find that, when properly defined, economic incentives have a strong impact on labour market decisions.
Unemployment regulations are shown to be particularly influential for retirement behaviour, along with the more traditional determinants linked to the pension system. Pension variables also have a major bearing on workers’ re-employment decisions. The quantitative impact of the incentives, however, is greatly affected by the existence of unobserved heterogeneity among workers. Its omission leads to sizeable biases in the assessment of the sensitivity to economic incentives.
We confirm the importance of this potential problem in the case of the change in early retirement provisions legislated in Spain in 2002 (which we analyse with a difference-in-difference approach).
JEL classification H55, J14, J26, J64
Full text (PDF 15pp)
Abstract
In this paper, we analyse the sensitivity of the labour market decisions of workers close to retirement with respect to the incentives created by public regulations. We improve upon the extensive prior literature on the effect of pension incentives on retirement by jointly modelling the transitions between employment, unemployment and retirement, paying special attention to the transition from unemployment to retirement (which is particularly important in Spain and other European countries, and whose relevance is increasing as a result of the recent economic crisis).
Using administrative data, we find that, when properly defined, economic incentives have a strong impact on labour market decisions.
Unemployment regulations are shown to be particularly influential for retirement behaviour, along with the more traditional determinants linked to the pension system. Pension variables also have a major bearing on workers’ re-employment decisions. The quantitative impact of the incentives, however, is greatly affected by the existence of unobserved heterogeneity among workers. Its omission leads to sizeable biases in the assessment of the sensitivity to economic incentives.
We confirm the importance of this potential problem in the case of the change in early retirement provisions legislated in Spain in 2002 (which we analyse with a difference-in-difference approach).
JEL classification H55, J14, J26, J64
Full text (PDF 15pp)
Saturday, 24 November 2012
European research, social innovation and successful cooperativist actions
an article by Ramón Flecha (University of Barcelona, Spain) published in International Journal of Quality and Service Sciences volume 4 Issue 4 (2012)
Abstract
Purpose
The aim of this paper is to focus on one innovative way through which the European research is contributing to provide scientific evidence about actions that have been demonstrated to successfully reverse the closed cycle of inequality in which many citizens get caught.
Design/methodology/approach
The Communicative Methodology (CM) was applied, combining quantitative and qualitative methods and including the voices of all social agents involved.
Findings
Through the successful actions approach, the INCLUD-ED project has identified five Successful Cooperativist Actions (SCAs) which have been proven to work in the current economy. Aiming at studying the transferability of the SCAs, the project has analysed how these actions are developed in the case of the Mondragon Corporation and La Estrella and La Milagrosa neighbourhoods of Albacete, the poorest neighbourhoods in Spain.
Practical implications
The CM promotes the inclusion of the social groups that are researched achieving results of high value for society. This article contributes with SCAs to economy and society, providing venues to overcoming social and economic exclusion.
Originality/value
Focusing on the role of the economic sector in tackling the different levels of inequalities from a multidisciplinary perspective, this paper addresses the diverse needs of the general public, scientists, as well as politicians. The implementation of SCAs has been demonstrated to improve different contexts contributing to the inclusive and sustainable growth.
Abstract
Purpose
The aim of this paper is to focus on one innovative way through which the European research is contributing to provide scientific evidence about actions that have been demonstrated to successfully reverse the closed cycle of inequality in which many citizens get caught.
Design/methodology/approach
The Communicative Methodology (CM) was applied, combining quantitative and qualitative methods and including the voices of all social agents involved.
Findings
Through the successful actions approach, the INCLUD-ED project has identified five Successful Cooperativist Actions (SCAs) which have been proven to work in the current economy. Aiming at studying the transferability of the SCAs, the project has analysed how these actions are developed in the case of the Mondragon Corporation and La Estrella and La Milagrosa neighbourhoods of Albacete, the poorest neighbourhoods in Spain.
Practical implications
The CM promotes the inclusion of the social groups that are researched achieving results of high value for society. This article contributes with SCAs to economy and society, providing venues to overcoming social and economic exclusion.
Originality/value
Focusing on the role of the economic sector in tackling the different levels of inequalities from a multidisciplinary perspective, this paper addresses the diverse needs of the general public, scientists, as well as politicians. The implementation of SCAs has been demonstrated to improve different contexts contributing to the inclusive and sustainable growth.
Tuesday, 24 July 2012
Are (male) leaders “feminine” enough?: Gendered traits of identity as mediators of sex differences in leadership styles
an article by Leire Gartzia (University of Deusto, Gipuzkoa, Spain) and Marloes van Engen (Tilburg School of Social and Behavioral Sciences, The Netherlands) published in Gender in Management: An International Journal Volume 27 Issue 5 (2012)
Abstract
Purpose
The purpose of this paper is to further understanding concerning sex differences in leadership styles and to examine the mediating role of gender identity traits in these differences.
Design/methodology/approach
The paper draws on previous research that has established that many aspects of leadership style positively related to leaders’ effectiveness are associated with the female gender role. Consistent with this assumption, the authors examined a sample of 157 Spanish managers whether significant sex differences favouring women emerge in relevant leadership dimensions (i.e. individualized consideration, contingent reward and emotional intelligence) and whether gender identity traits may help to explain such differences.
Findings
Results show that male leaders’ lower scores in individualized consideration, positive contingent reward and emotional intelligence are partly explained by their lower identification with expressive traits. Furthermore, results indicate that integration of counter-stereotypical traits into the self positively relates to effectiveness in the sense of use of a wider range of leadership styles for both women and men.
Research limitations/implications
Future research could explore in more detail how sex differences in leadership styles are associated with gendered traits of identity in different countries, as well as whether a blend of masculine and feminine traits is predictive for a more multifaceted leadership style.
Originality/value
The findings are discussed in terms of how a gender perspective may help to better understand leadership effectiveness in contemporary organizations, especially in the case of male leaders.
Abstract
Purpose
The purpose of this paper is to further understanding concerning sex differences in leadership styles and to examine the mediating role of gender identity traits in these differences.
Design/methodology/approach
The paper draws on previous research that has established that many aspects of leadership style positively related to leaders’ effectiveness are associated with the female gender role. Consistent with this assumption, the authors examined a sample of 157 Spanish managers whether significant sex differences favouring women emerge in relevant leadership dimensions (i.e. individualized consideration, contingent reward and emotional intelligence) and whether gender identity traits may help to explain such differences.
Findings
Results show that male leaders’ lower scores in individualized consideration, positive contingent reward and emotional intelligence are partly explained by their lower identification with expressive traits. Furthermore, results indicate that integration of counter-stereotypical traits into the self positively relates to effectiveness in the sense of use of a wider range of leadership styles for both women and men.
Research limitations/implications
Future research could explore in more detail how sex differences in leadership styles are associated with gendered traits of identity in different countries, as well as whether a blend of masculine and feminine traits is predictive for a more multifaceted leadership style.
Originality/value
The findings are discussed in terms of how a gender perspective may help to better understand leadership effectiveness in contemporary organizations, especially in the case of male leaders.
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