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The agricultural sector is the primary economic sector. Therefore, the production factors released form the agricultural production process can be employed in the remaining economic sectors, thus generating additional gross value added. In addition, substantial public support is allocated for the agricultural sector. As in the European Union, these processes are regulated by the Common Agricultural Policy. Consequently, researches in the agricultural efficiency are of great importance from the economic standpoint. Indeed, the conventional methods of the efficiency analysis suffer from certain caveats. Accordingly it is important to employ the robust mathematical - statistical methods. This paper aims to establish a methodology for analysis of the productive agricultural efficiency, based on the robust frontier and econometric methods. The paper discusses the following methodological issues: the measures of efficiency and models for efficiency analysis, methodology of the agricultural efficiency analysis. Some state-of-the art frontier methods are presented, namely partial frontiers, double bootstrap, conditional measures of efficiency, multi-directional efficiency analysis. As a result, the proposed methodology for the analysis of Lithuanian family farm efficiency enables to estimate both aggregate efficiency along with its determinants and the input-specific efficiencies. The aggregate efficiency was estimated by the means of the double bootstrap, whereas the multi-directional efficiency analysis was employed to estimate the input-specific efficiencies. The proposed methodology was employed to a sample of Lithuanian family farms.

The agricultural sector is the primary economic sector. Therefore, the production factors released form the agricultural production process can be employed in the remaining economic sectors, thus generating additional gross value added. In addition, substantial public support is allocated for the agricultural sector. As in the European Union, these processes are regulated by the Common Agricultural Policy. Consequently, researches in the agricultural efficiency are of great importance from the economic standpoint. Indeed, the conventional methods of the efficiency analysis suffer from certain caveats. Accordingly it is important to employ the robust mathematical - statistical methods. This paper aims to establish a methodology for analysis of the productive agricultural efficiency, based on the robust frontier and econometric methods. The paper discusses the following methodological issues: the measures of efficiency and models for efficiency analysis, methodology of the agricultural efficiency analysis. Some state-of-the art frontier methods are presented, namely partial frontiers, double bootstrap, conditional measures of efficiency, multi-directional efficiency analysis. As a result, the proposed methodology for the analysis of Lithuanian family farm efficiency enables to estimate both aggregate efficiency along with its determinants and the input-specific efficiencies. The aggregate efficiency was estimated by the means of the double bootstrap, whereas the multi-directional efficiency analysis was employed to estimate the input-specific efficiencies. The proposed methodology was employed to a sample of Lithuanian family farms.

The agricultural sector is the primary economic sector. Therefore, the production factors released form the agricultural production process can be employed in the remaining economic sectors, thus generating additional gross value added. In addition, substantial public support is allocated for the agricultural sector. As in the European Union, these processes are regulated by the Common Agricultural Policy. Consequently, researches in the agricultural efficiency are of great importance from the economic standpoint. Indeed, the conventional methods of the efficiency analysis suffer from certain caveats. Accordingly it is important to employ the robust mathematical - statistical methods. This paper aims to establish a methodology for analysis of the productive agricultural efficiency, based on the robust frontier and econometric methods. The paper discusses the following methodological issues: the measures of efficiency and models for efficiency analysis, methodology of the agricultural efficiency analysis. Some state-of-the art frontier methods are presented, namely partial frontiers, double bootstrap, conditional measures of efficiency, multi-directional efficiency analysis. As a result, the proposed methodology for the analysis of Lithuanian family farm efficiency enables to estimate both aggregate efficiency along with its determinants and the input-specific efficiencies. The aggregate efficiency was estimated by the means of the double bootstrap, whereas the multi-directional efficiency analysis was employed to estimate the input-specific efficiencies. The proposed methodology was employed to a sample of Lithuanian family farms.

The Institute for Supply Management recently declared that the cost savings and efficiencies to be gained through e‐Sourcing can provide benefits not only to individual entities that use them for the acquisition of goods and services, but in the aggregate, to the economy as a whole (Davies, 2002). This study examines the potential impact of strategic implementation of e‐Sourcing in public procurement in Southeast Asia. The results of the study demonstrate that the use of competitive bidding events, popularly known as reverse auctions, when used as part of an overall e‐Sourcing program, can have demonstrable economic and budgetary benefits. Using governmental data supplied by the Asian Development Bank and the World Bank and employing proven econometric methodologies, the study shows that their would be vast differences in Asian economies as a result of the effective use of competitive bidding events as part of an overall e‐Sourcing strategy. We conclude by presenting an action plan for implementing an e‐Sourcing strategy for acquisition practices.

Real exchange rates exhibit important low-frequency fluctuations. This makes the analysis of real exchange rates at all frequencies a more sound exercise than the typical business cycle one, which compares actual and simulated data after the Hodrick-Prescott filter is applied to both. A simple two-country, two-good model, as described in Heathcote and Perri (2002), can explain the volatility of the real exchange rate when all frequencies are studied. The puzzle is that the model generates too much persistence of the real exchange rate instead of too little, as the business cycle analysis asser

Instituto de Investigaciones Económicas y Empresariales. Ciencias en Negocios Internacionales ; The main objective of this research is to identify the influencing factors of the bilateral commercial flows between Mexico and the European Union, during de period of 1994-2015. It gets an econometric analysis with panel data using a gravity model. The gravity model assumes that the trade between two countries has a direct proportion to their economic mass, in this case measuring the GDP, and inverse proportion of the distance between this two. Through an econometric estimation with the method of Least Squares, is obtained as a result that the GDP, the distance, the FTA EU-MX and the real exchange rate, are important influencing factors on the commercial flow. ; Con el objetivo de identificar qué factores influyeron en los flujos de comercio bilateral entre México y la Unión Europea, durante el periodo 1994-2015, se llevó a cabo un análisis econométrico empleando un modelo gravitacional con base de datos panel. El modelo gravitacional supone que el intercambio comercial entre dos economías será directamente proporcional a su masa económica, en este caso medida por el PIB, e inversamente proporcional a la distancia que hay de por medio. Al realizar la estimación econométrica por el método de mínimos cuadrados ordinarios se obtuvo como resultado que el PIB, la distancia, el TLCUEM y el tipo de cambio real influyeron de manera significativa en el flujo comercial estudiado.

The current debate over cost-benefit concerns in agencies' evaluations of government regulations is not so much whether to consider costs and benefits at all but rather what belongs in the estimated costs and benefits. Overlaid is the long-standing belief that the distribution of costs and benefits needs some consideration in policy evaluations. In a recent article in the University of Chicago Law Review, Robert Frank and Cass Sunstein proposed a relatively simple method for adding distributional concerns to policy evaluation that enlarges the typically constructed estimates of the individual's willingness to pay for safer jobs or safer products. One might pay more for safety if it were the result of a government regulation that mandated greater safety across-the-board. Frank and Sunstein argue that the reason for enlarging current estimates is that someone who takes a safer job or buys a safer product gives up wages or pays a higher price, which then moves him or her down in the ladder of income left over to buy other things. Alternatively, a worker who is given a safer job via a government regulation will have no relative income consequences if all workers have lower pay. We show that when considering the core of the Frank and Sunstein proposal carefully one concludes that current regulatory evaluations should be left alone because there is no reason to believe that relative positional effects can be well identified quantitatively, are important to personal decisions in general, or are important to well-constructed cost-benefit calculations of government regulations. One of the practical problems with trying to consider relative position of income and consumption when estimating willingness to pay is that there is no unique way to ascertain, from a statistical model, the person's actual social reference group. A researcher must specify ex ante a reference group and then net out the behavioral effects of a possibly incorrectly attributed reference group's behavior on the individual. There is no well-established result from survey data for a typical person's economic reference group. Moreover, the econometric literature generally finds that reference group or social interaction effects are unlikely to be identified uniquely or are small and easily ignored, perhaps because the relative positional effects of workplace or product safety offset possible reference group effects on income. To some extent, Frank and Sunstein's recommended increase in the value of willingness to pay for safety used in current regulatory evaluations is already considered. Regulatory evaluations often include a pessimistic and an optimistic value of likely benefits, and Frank and Sunstein's suggested revised value of willingness to pay is still below the optimistic case that carefully formulated cost-benefit studies use. It is easy to show that almost doubling the estimated value of a statistical life would have an inconsequential effect on the economic desirability of a broad set of regulatory policies. Finally, we argue that the most important refinements in the area of regulatory evaluation would be for agencies involved to adhere more to the framework of what is generally considered a carefully done cost-benefit study and for agencies to make greater actual use of appropriately done cost-benefit studies when recommending regulations.

The article is devoted to the analysis of taxation of special economic zones, since special economic zones have become a center of attention in Russia over the latest decades. As objects for the study, the authors selected special economic zones in Russia and the countries participating in the Forum of the Asia-Pacific Economic Cooperation (APEC Forum). In the article the authors consider history, modern conditions and prospects for the development of special economic zones. The peculiarities of taxations on profits, organizations' property, transport, land, insurance contributions into the non-budget funds, as well as value-added taxation for the residents of the RF special economic zones are analyzed with regard to their types. The authors assess tax privileges and preferences for some taxes in the special economic zones in Russia and APEC member-countries are evaluated. The main problems of the taxation of the RF special economic zones are articulated together with the possible ways to solve them regarding the experience of APEC economies. As a result of the study, the authors concluded that to increase the effectiveness of special economic zones in Russia, it is necessary to expand the list of tax benefits to introduce a progressive scale of tax incentives, following the example of APEC countries and to improve legislation in the regulation of special economic zones. ; peer-reviewed

Official dollarization is rare; yet, many countries' banking systems are characterized by high levels of unofficial dollarization. This dissertation provides a political-economic argument for why governments allow these deposits to exist at all. I explain the timing and level of regulations over resident foreign currency (FC) deposit accounts as well as why some countries that chose partial liberalization tend to remain there and test that explanation on a new dataset I created coding IMF reports on exchange-rate controls. Similar to other forms of monetary delegation, unrestricted accounts can serve as a commitment device for credible macroeconomic policy, contingent on two factors. Politicians must be responsive to a broad audience; and, they must be credible in their protection of property rights. Thus, unrestricted accounts are most likely when: politicians are responsive to a broad population, have experienced macroeconomic instability, and are respectful of their citizens' property rights. Responsiveness is important because restricted deposits are unlikely to be useful as a commitment device. When responsiveness is broad group, politicians are more likely to provide public goods rather than targeted, private goods. Allowing FC deposits with restrictions resembles a private good, in that politicians choose which groups are allowed access to the accounts, while unrestricted deposits resemble non-excludeable public goods. Unrestricted deposits should be more likely in those countries where politicians are responsive to a broad population and face incentives to provide public goods. Second, unofficial dollarization is a strategic situation. If property rights are weak, citizens should anticipate that their deposits would be at risk, making individuals less likely to use FC accounts. Governments should anticipate this as well; if not credible on property rights, they should be more likely to adopt restricted deposits. I test this argument on a new dataset of regulations of resident FC accounts in a sample of developed and developing countries I coded from the IMF's Annual Report on Exchange Arrangements and Exchange Restrictions. I use both binary cross-sectional time- series analysis and a competing risks model. I find support for my central argument, although its effectiveness is limited to periods of moderately levels of macroeconomic instability

ABSTRACT: Globally the tourism sector is one of the main economic sectors in attracting and generating foreign revenue. The sector accounts for seven percent of global foreign revenue as an export industry. In South Africa the low growth environment over the last decade has resulted in the need to find alternative economic sectors in support to traditional sectors such as mining and manufacturing, to drive higher levels of economic growth in the country. The aim of this study was to analyse the relationship between tourism as the dependent variable, and economic growth, exchange rate changes and political stability, as independent variables. The study region selected is South Africa, which is classified as a developing country and is in many cases seen as the proxy for emerging economies. This study followed a quantitative research approach with time series data from 1996 to 2017. The relationships between the variables were analysed by means of the Johansen cointegration, Vector Error Correction and Granger causality econometric models. The results indicated that there are both long and short-run relationships between the variables. A number of policy recommendations that could potentially contribute to the extension of the role of tourism in development include improved political and currency stability in the country as well as the relaxation of visa requirements. KEYWORDS: Economic growth, political instability, South Africa, tourism

Labor market search with two-sided heterogeneity : hierarchical versus circular models / Aico van Vuuren -- The weak Pareto law in Burdett-Mortensen equilibrium search models / Gerard J. van den Berg -- Competitive auctions : theory and application / John Kennes -- Bargaining, on-the-job search and labor market equilibrium / Roberto Bonilla -- Block assignments / Michael Sattinger -- Social security and intergenerational redistribution / Robert R. Reed -- The job ladder / George R. Neuman -- Heterogeneity in firms wages and mobility policies / S. Roux -- The empirical content of the job search model : labor mobility and wage distributions in Europe and the U.S.$ / Jean-Marc Robin -- Summary of the conference papers / Dale T. Mortensen -- Job changes and wage growth over the careers of private sector workers in Denmark / Niels Westergaard-Nielsen -- Identification and inference in dynamic programming models / Nicholas M. Kiefer -- On estimation of a two-sided matching model / Linda Y. Wong -- On-the-job search and strategic bargaining / Robert Shimer -- A structural nonstationary model of job search : stigmatization of the unemployed by job offers or wage offers? / Laurence Rioux -- Can rent sharing explain the Belgian gender wage gap? / Ilan Tojerow -- Modeling individual earnings trajectories using copulas : France, 1990-2002 / Jean-Marc Robin -- Amplification of productivity shocks : why don't vacancies like to hire the unemployed? / Eva Nagypal -- Evaluating the performance of the search and matching model / Eran Yashiv -- Productivity growth and worker reallocation : theory and evidence / Dale T. Mortensen -- Alternative theories of wage dispersion / Randall Wright -- Wage differentials, discrimination and efficiency / Shouyong Shi

We empirically analyse the response of labour market related variables in the US manufacturing sector to various shocks, notably to trade openness and technology, as well as examining spillovers from industry-specific labour market shocks. The econometric approach involves an application of the recently developed global VAR (GVAR) methodology of Dées, Di Mauro, Pesaran, and Smith (2007) to 12 manufacturing industries over the period 1977-2003. The framework allows us to analyse the response of a standard set of labour-market related variables (employment, real compensation, productivity and capital stock) to exogenous factors (a sector-specific measure of trade openness, a common technology and oil price shock), along with industry spillovers using specific measures of manufacturing-wide variables for each sector. Generalised impulse responses indicate that increased trade openness negatively affects real compensation, has negligible employment effects and leads to higher labour productivity. These impacts, however, are relatively weaker than those induced by technology shocks, with the latter positively and significantly affecting both real compensation and employment. There is also evidence of positive spillovers across industries from sector-specific employment and productivity shocks. Impact elasticities suggest strong intra-sectoral linkages for employment and capital stock formation, contrasting with weak linkages for what concerns real compensation and productivity.

In this article, we intend to analyse how the European stock markets perceive the dynamics of macroeconomic indicators in terms of the sentiment index and the purchasing managers' index. For this research, we focused on the countries of the European Union and applied an econometric event study, which consisted in the analysis of the evolution of the logarithmic returns of the stock indices for 27 countries of the European Union and for the euro area for the period January 2007 - November 2017. The results showed immediate reactions with a higher intensity in March 2015 for the SentiMent index and for March 2016 for the PMI. The frequency and amplitude of reactions are different from country to country; often, a high frequency of reactions in one country is not reflected in a very high amplitude response.

In this paper, we employ the discrete-time duration model to examine whether expansion and contraction phases of government revenue exhibit duration dependence. We hence use an unbalanced panel data of public revenue on 68 developing countries over the period 1980-2009. The analysis also covers the sub-samples of sub-Saharan African and Non sub-Saharan African countries. Our findings suggest that once controlling for frailty and economic variables, the likelihood of public revenue expansion and contraction ending appears to be positively affected by their actual age: government revenue expansion and contraction exhibit in developing countries positive duration dependence.

In this paper, we employ the discrete-time duration model to examine whether expansion and contraction phases of government revenue exhibit duration dependence. We hence use an unbalanced panel data of public revenue on 68 developing countries over the period 1980-2009. The analysis also covers the sub-samples of sub-Saharan African and Non sub-Saharan African countries. Our findings suggest that once controlling for frailty and economic variables, the likelihood of public revenue expansion and contraction ending appears to be positively affected by their actual age: government revenue expansion and contraction exhibit in developing countries positive duration dependence.