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Journal Cover   Economies
  This is an Open Access Journal Open Access journal
   ISSN (Online) 2227-7099
   Published by MDPI Homepage  [140 journals]
  • Economies, Vol. 3, Pages 55-71: Estimating Interest Rate Setting Behavior
           in Brazil: A LSTR Model Approach

    • Authors: Yosra Baaziz
      Pages: 55 - 71
      Abstract: Given limited research on monetary policy rules in emerging markets, this paper challenges the applicability of a nonlinear Taylor rule in characterizing the monetary policy behavior of the Brazilian Central Bank. It also investigates whether and how the process of setting interest rates has been developed in response to contingencies and special events. We extend the linear Taylor rule to a regime-switching framework, where the transition from one regime to another occurs in a smooth way, using a Logistic Smooth Transition Regression (LSTR) approach. In this sense, we empirically analyze the movement of the nominal short term interest rate of the Brazilian Central Bank using quarterly data, covering the period 1994.Q4–2012.Q2. We find that the nonlinear Taylor rule provides a better description of the Brazilian interest rate setting and is consistent with historical macroeconomic events. In particular, our results show that adopting a nonlinear specification, instead of the linear, leads to a costs reduction in terms of fit: 190 basis points in 1995 and 140 basis points in the mid-2002 presidential election campaign in Brazil. Moreover, the Brazilian monetary policy exhibits nonlinear patterns that better captures special events and may contain relevant information rendering it applicable to unusual conditions, i.e., a financial crisis, which require disconnection from the automatic pilot rule and use of judgement to make decision.
      PubDate: 2015-04-17
      DOI: 10.3390/economies3020055
      Issue No: Vol. 3, No. 2 (2015)
  • Economies, Vol. 3, Pages 72-99: How Offshoring Can Affect the
           Industries’ Skill Composition

    • Authors: Daniel Horgos, Lucia Tajoli
      Pages: 72 - 99
      Abstract: While most of the offshoring literature focuses on the effects on relative wages, other implications do not receive the necessary attention. This paper investigates the effects on the industries’ skill ratio. It summarizes the empirical literature, discusses theoretical findings, and provides empirical evidence for Germany. As results show, effects are mainly driven by the industry where offshoring takes place. If offshoring takes place in high-skill intensive industries, the high-skill labor ratio increases (vice versa if offshoring takes place in low-skill intensive industries). Results are in line with other empirical findings, however, they seem to contradict theoretical causalities. Thus, we additionally discuss possible explanations.
      PubDate: 2015-05-15
      DOI: 10.3390/economies3020072
      Issue No: Vol. 3, No. 2 (2015)
  • Economies, Vol. 3, Pages 100-127: Understanding Cultural Geography as a
           Pseudo-Diffusion Process: The Case of the Veneto Region

    • Authors: Guido Ferilli, Pier Sacco, Massimo Buscema, Giorgio Blessi
      Pages: 100 - 127
      Abstract: In this paper, we study the cultural geography of the Veneto Region on the basis of a pseudo-diffusion approach to the analysis of the inherent semantic spatial data. We find somewhat surprising results, and, in particular, that Venice, indisputably the Region’s cultural hub in terms of concentration of activities and facilities, global visibility and attraction of resources, plays a marginal role in determining the momentum of cultural initiative at the regional level as of 2007 data. The areas with the greater momentum are relatively marginal ones but characterized by a strong presence of design-oriented companies that are actively engaging in culture-driven innovation in a context of gradually horizontally-integrated clusters. Our findings call for a revision of the traditional policy approaches that identify centralities in terms of concentration of activities and facilities based on past dynamics, and to design policies accordingly. We argue in favour of a more forward-looking, evidence-based approach.
      PubDate: 2015-06-04
      DOI: 10.3390/economies3020100
      Issue No: Vol. 3, No. 2 (2015)
  • Economies, Vol. 3, Pages 1: Acknowledgement to Reviewers of Economies in

    • Authors: Economies Office
      Pages: 1 - 1
      Abstract: The editors of Economies would like to express their sincere gratitude to the following reviewers for assessing manuscripts in 2014:[...]
      PubDate: 2015-01-09
      DOI: 10.3390/economies3010001
      Issue No: Vol. 3, No. 1 (2015)
  • Economies, Vol. 3, Pages 2-36: Does a Least-Preferred Candidate Win a
           Seat? A Comparison of Three Electoral Systems

    • Authors: Yoichi Hizen
      Pages: 2 - 36
      Abstract: In this paper, the differences between two variations of proportional representation (PR), open-list PR and closed-list PR, are analyzed in terms of their ability to accurately reflect voter preference. The single nontransferable vote (SNTV) is also included in the comparison as a benchmark. We construct a model of voting equilibria with a candidate who is least preferred by voters in the sense that replacing the least-preferred candidate in the set of winners with any loser is Pareto improving, and our focus is on whether the least-preferred candidate wins under each electoral system. We demonstrate that the least-preferred candidate never wins under the SNTV, but can win under open-list PR, although this is less likely than winning under closed-list PR.
      PubDate: 2015-01-28
      DOI: 10.3390/economies3010002
      Issue No: Vol. 3, No. 1 (2015)
  • Economies, Vol. 3, Pages 37-54: Competitiveness, Migration, and Mobility
           in the Global City: Insights from Sydney, Australia

    • Authors: Richard Hu
      Pages: 37 - 54
      Abstract: The global city thesis and the migration thesis concern two important dimensions of the impacts of contemporary globalization on cities. The two theses are intrinsically linked. The central question is how we should approach migration in the new context of the global city, and how we should articulate their interrelationships. To address this question, we construct an integrative analytical framework linking global city and migration, and empirically apply it to Sydney. We build a set of indexes to measure global competitiveness, global migration, and global mobility of communities across global Sydney. The findings reveal that global competitiveness—the defining capacity of Sydney as a global city—has very weak association with global migration that measures the stock of foreign born population, but has very strong association with global mobility that measures the people movement in recent years. These findings call for a redefinition of migration to incorporate people movement to better capture the interplay between global city and migration.
      PubDate: 2015-02-16
      DOI: 10.3390/economies3010037
      Issue No: Vol. 3, No. 1 (2015)
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