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This article considers the determinants of Portuguese tourism demand for the period 2004-2013. The econometric methodology uses a panel unit root test and the dynamic panel data (GMM-system estimator). The different techniques of panel unit root (Levin, Lin and Chu; Im, Pesaran and Shin W-stat and augmented Dickey-Fuller - Fisher Chi-square) show that the variables used in this panel are stationary. The dynamic model proves that tourism demand is a dynamic process. The variables relative prices, income per capita, human capital and government spending encourage international tourism demand for Portugal. ; info:eu-repo/semantics/publishedVersion

Multipath transport protocols utilize multiple network paths (e.g., WiFi and cellular) to achieve improved performance and reliability, compared with their single-path counterparts. The scheduler of a multipath transport protocol determines how to distribute the data packets onto different paths. However, state-of-the-art multipath schedulers face the challenge when dealing with heterogeneous paths with dynamic path characteristics (i.e., packet loss, fluctuation of delay). In this paper, we propose Peekaboo, a novel learning-based multipath scheduler that is aware of the dynamic characteristics of the heterogeneous paths. Peekaboo is able to learn scheduling decisions to adopt over time based on the current path characteristics and dynamicity levels - from both deterministic and stochastic perspectives. We implement Peekaboo in Multipath QUIC (MPQUIC) and compare it with state-of-the-art multipath schedulers for a wide range of dynamic heterogeneous environments, upon both emulated and real networks. Our results show that Peekaboo outperforms the other schedulers by up to 31.2% in emulated networks and up to 36.3% in real network scenarios. ; This work is partially funded by European Union's Horizon 2020 research and innovation programme under grant agreement No. 815178 (5GENESIS). ; acceptedVersion

We aim to improve upon the existing empirical literature on international risk sharing under three dimensions. First, we generalize dynamic multi-equation approaches to the estimation of risk sharing channels, by adopting a Heterogeneous Panel VAR model. Within this framework, the coefficients representing the extent of risk sharing achieved through the different mechanisms are allowed to vary across countries. Second, we introduce two new risk sharing channels – namely, government consumption and the real exchange rate (that we further decompose into relative prices and the nominal exchange rate) – which allow us to investigate the role of fiscal policy and international price adjustments in the absorption of macroeconomic shocks. Third, we establish a better link between the "channels" empirical model and a theoretical formulation of the risk sharing condition which allows for PPP violations. Our empirical analysis, for a set of 21 OECD countries over 1960-2016, contributes to identifying the geographical structure and dynamics of risk sharing channels and to describing their evolution in the latest half-century. For the OECD sample as a whole, we confirm through 2016 the strong smoothing role played by credit markets and the small degree of risk sharing achieved through factor incomes. Interestingly, government consumption tends to have a dis-smoothing effect, due to its counter-cyclical movements. Another noteworthy result is the negative risk sharing effect of the real exchange rate, driven by the dis-smoothing role played by the movements of the nominal exchange rate, only partially offset by relative price adjustments. The evolution of these risk sharing mechanisms is diverse, but the most important channels – namely credit markets and real exchange rate adjustments – exhibit slightly positive trends for the first half of the period, negative trends afterwards, and a recovery in more recent years. Our results demonstrate that the extent of risk sharing is strikingly different across countries, especially if we take into account valuation effects through the real exchange rate. Even considering only traditional risk sharing channels, the country-specific magnitude of risk sharing on impact ranges from around 15% to over 80%. In addition, dynamics are also quite diverse across countries; for example, risk sharing through credit markets, while quite effective on impact, provokes dis-smoothing for about two thirds of the countries from the second year onwards. Our approach is of particular interest for policy makers, as it allows identifying the strengths and the weaknesses of the institutional and behavioral risk sharing mechanisms at work in different countries.

This paper studies the transmission of crime shocks to the economy in a sample of 32 Mexican states over the period from 1993 to 2012. The paper uses a panel structural VAR approach which accounts for the heterogeneity of the dynamic state level responses in GDP, FDI and international migration flows, and measures the transmission via the impulse response of homicide rates. The approach also allows the study of the pattern of economic responses among states. In particular, the percentage of GDP devoted to new construction and the perception of public security are characteristics that are shown

Recently energy production in China fell behind energy consumption. This poses important challenges for the rapidly growing Chinese economy. As a consequence the causal relationship between energy consumption and GDP is an important empirical issue. This paper examines Granger causality between energy consumption and GDP in China using province-level data. The current paper extends the Granger causality analysis employed in previous studies by taking into account panel heterogeneity. Specifically four different causal relationships are examined: homogeneous non-causality (HNC) homogeneous causality (HC) heterogeneous non-causality (HENC) and heterogeneous causality (HEC). HC and HNC hypotheses are rejected for causality in either direction from GDP to energy or from energy to GDP which implies that the panel made up of Chinese provinces is not homogeneous. Then heterogeneous causality tests (HEC ad HENC) are conducted for each province. For the causality running from GDP to energy 19 provinces exhibit HEC and 11 provinces exhibit HENC. For the causality running from energy to GDP 14 provinces exhibit HEC and 16 provinces exhibit HENC. The results suggest that the Chinese government should incorporate a regional perspective while formulating and implementing energy policies. (C) 2012 Elsevier Ltd. All rights reserved.