JournalTOCs

International Advances in Economic Research
Journal Prestige (SJR): 0.204

Number of Followers: 6

Hybrid journal (It can contain Open Access articles)
ISSN (Print) 1573-966X - ISSN (Online) 1083-0898
Published by Springer-Verlag

[2469 journals]

Retirement Pension Financing to Guarantee Older Workers’ Rights
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  PubDate: 2022-05-20
European Climate Policy Effectiveness: Convergence Analysis for per Capita
CO2 Emissions
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  PubDate: 2022-04-28
Does Inflation Influence Fiscal Policies' Effects of Inflation
Targeting on Public Expenditure in the Euro Area
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  PubDate: 2022-04-19
Determinants of Household Savings: A Cross-Country Analysis
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  Abstract: Abstract This paper analyses determinants of household savings in a model based on an extension of the disequilibrium savings theory. These extensions follow from the life-cycle and permanent-income theories. Based on panel data for 14 countries spanning the period 2000–2018, fixed-effect least squares and two-stage least squares estimation procedures were used. In line with previous studies, there is strong and robust evidence for the hypotheses of disequilibrium savings theory, specifically, positive effects of unanticipated income changes, unanticipated inflation and the lagged savings rate. There is also robust evidence for the income uncertainty hypothesis that uncertainty has a positive effect on savings. The analysis presents some evidence that social security suppresses savings, but finds no significant effects on the interest rate or old-age dependency ratio. Unexpectedly, the participation rate of the elderly has a significant positive effect in some specifications. These findings contribute to the debate on whether and how governments can influence saving behavior.
  PubDate: 2022-03-28
Role of Migration in Pension Integration within the European Union
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  Abstract: Abstract Although the European Union has made notable steps towards completion of the economic and monetary union, fiscal convergence, banking union and capital markets union, potential integration of pensions and social security has not advanced as much. As the European Union countries have experienced increased migration/refugee flows over the last decade, the question is whether migrants/refugees can influence the adequacy of member-state pension schemes and potentially allow for a Pan-European Pension Plan. Consequently, the purpose of this paper is to investigate, as a prelude to pension integration, whether immigration and emigration affect pension assets, liabilities, and the asset-liability gap and to identify the determinants of this gap. Using generalized method of moments estimation, evidence is found that increases in immigration and decreases in emigration (as a percent of the population) lead to an increase in the assets of autonomous pension funds. Analogously, increases in valid permits (as a percent of the population) and decreases in unemployment (as a percent of the labor force) result in a decrease in liabilities (benefits) of autonomous pension funds. The novelties of this study are the identification of factors that affect pension assets, liabilities and the asset-liability gap at a country level and the contribution of immigration from non-EU countries to closing the asset-liability gap. The findings can be used to draft pension and migration policies at a pan-European level.
  PubDate: 2022-03-18
Higher Taxes for Fiscal Consolidation' Expected and Unexpected Effects
of Municipal Tax Policy
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  Abstract: Abstract During episodes of fiscal consolidation in public budgets, there are different instruments to choose from. The literature shows broad consensus that expenditure cuts are preferred, whereas tax increases tend not to support the fiscal aim. The paper examines instruments for fiscal consolidation at the municipal level in Germany presenting theoretical and empirical findings in favor of revenue-based instruments, focusing on the case of municipalities in the Free State of Saxony. German municipalities can autonomously control several positions on both the expenditure side and the revenue side. Options for expenditure cuts are given both for voluntary and compulsory tasks. On the revenue side, municipalities have the opportunity to set assessment rates on both local trade taxes and property taxes. For this part of the consolidation process, the prevailing opinion is that higher taxes are offset by lower grants, which is not the case in reality. Nevertheless, there are cannibalization effects to consider that may induce primary effects in the short and medium term. Hence, the paper shows an updated view of the drawbacks and opportunities of revenue-based fiscal consolidation. The paper provides evidence for an economic and political discussion that predominantly focuses strongly on the harmful effects of tax increases on the economy.
  PubDate: 2022-03-10
  DOI: 10.1007/s11294-022-09841-y
Inefficient or Not, Hospitals Are Overcharging
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  Abstract: Abstract A sizable literature related to the efficiency of the U.S. hospital sector has been produced over the past 30 years. Much of this research is based on stochastic frontier analysis. This approach is problematic for a number of reasons. For one, a functional form for a hospital’s cost function must be assumed, and a limited number of forms are tractable. Second, inefficiency is measured as the expectation of a random variable with a pre-determined distribution, with no theoretical justification for the underlying assumption, that observed cost equals minimum cost plus some non-negative, random amount. Thus, the conclusion reached by most of these studies, that U.S. hospitals are inefficient, may not be foregone. Using an entirely different methodology that obviates these shortcomings, the current study suggests that whether or not hospitals are efficient, their revenues have not been increasing in proportion to the minimum cost of providing their services. This study’s estimates of the impact of input prices and technology on production costs indicate that between 2000 and 2017, hospital revenues increased at a substantially higher rate than hospital costs. This study suggests that hospitals are pricing their services well above average cost. As a result, in 2017 over $200 billion could have been transferred from patients to the hospital sector, whether due to the proclivity of hospital administrators to purchase more inputs than are necessary for production, or to subsidize activities other than patient care.
  PubDate: 2022-03-07
  DOI: 10.1007/s11294-022-09840-z
Working Capital Management and Firm Performance: Some Evidence from Europe
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  PubDate: 2022-02-21
  DOI: 10.1007/s11294-022-09839-6
Financial Performance of the Automotive Industry in Selected EU Countries
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  PubDate: 2022-02-04
  DOI: 10.1007/s11294-022-09837-8
Panel Granger Causality Between Financial Development and Economic Growth
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  PubDate: 2022-02-04
  DOI: 10.1007/s11294-022-09838-7
Impact of Non-financial Performance Indicators on Planning Process
Efficiency
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  PubDate: 2022-02-03
  DOI: 10.1007/s11294-022-09836-9
The Impact of Postponing the Olympics on Stock Markets
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  Abstract: Abstract This study investigates how stock markets reacted to the postponement of the Tokyo Olympic Games, which were scheduled to be held in 2020. After the outbreak of the COVID-19 pandemic, the decision to postpone the Games was made on March 24, 2020. However, even before this decision was made, various news outlets had already reported the possibility of cancellation. Although Olympic Games had previously been cancelled five times, they had never been postponed. This event study based on the Fama French factor models provides no evidence that sponsor stock prices reacted differently from their matched firms to news related to the cancellation of the Tokyo Olympic Games. However, they reacted more positively to news of postponement, although the increase in stock returns did not compensate for the drop following the earlier news suggesting the possible cancellation of the Tokyo Olympic Games. Additionally, a cross-sectional regression shows that positive market responses to news of postponement were intensified for Worldwide Olympic Partners and sponsors with a high ratio of individual and foreign shareholders. Because investors did not believe that postponement of the Olympics would have paid off all of the sponsors’ costs, future sponsors will need to place more emphasis on potential deferral risk when making investment decisions.
  PubDate: 2021-12-22
  DOI: 10.1007/s11294-021-09833-4
Is Religion a Determinant of Financial Development'
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  Abstract: Abstract Studies on the determinants of financial development have been silent on the role of religion. Growing evidence in the literature about how financial development positively affects economic growth and development highlights a greater interest in understanding the determinants of financial development. Despite the growing interest in this direction, less focus has been given to the role of religion in financial development. Using data from the World Values Survey, this study explores the relationship between finance and religion. In this study, finance is modelled through different measures of financial development and religion is represented by the intensity of religiosity. Results showed that on average there is a significant negative relationship. Subsequent analysis showed that as countries become financially developed, this negative relationship becomes insignificant. The quantile regression technique was employed to capture the nature of the relationship at different levels. The analysis showed that as countries become financially developed, the negative relationship becomes insignificant to financial development. These results account for some of the differences in the level of financial development between developed and developing countries where the latter tend to be more religious than the former.
  PubDate: 2021-12-16
  DOI: 10.1007/s11294-021-09835-2
Deconstruction of Inherent Goodwill Generated in Owner-Managed Companies
in the Czech Republic
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  PubDate: 2021-12-03
  DOI: 10.1007/s11294-021-09834-3
Entrepreneurship, Income Inequality and Public Spending: A Spatial
Analysis into Regional Determinants of Growing Firms in Greece
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  Abstract: Abstract One of the key determinants of economic growth, regional prosperity and sustainable development is entrepreneurship. This paper aims to identify proxies for entrepreneurship that can drive prosperity at the regional level, investigating the relationship between entrepreneurship and economic growth and development from a spatial econometric perspective in Greece. A spatial Durbin model was used across the 13 Greek regions for the period 2011–2016. Entrepreneurial activity, as measured by enterprise turnover, heavily affects economic development, employability and income inequality as depicted by gross domestic product per capita, unemployment and household income, respectively. The number of enterprises and research and development expenditure were not important factors. The latter supports a U-shaped relationship between public spending and economic growth. The contribution of this paper to the existing literature is the employment of spatial data models to identify determinants that may affect entrepreneurial development at a regional level, which in turn facilitates economic growth at a country (Greece) level. The advantage of spatial data analysis over conventional econometric models is that it takes into account regional proximity. The empirical findings may be used to potentially introduce appropriate policy measures to foster growth at the regional level, by capitalizing on the competitive advantages of each region.
  PubDate: 2021-10-27
  DOI: 10.1007/s11294-021-09832-5
Reverse Mortgage Lending Disparities and the Economically Vulnerable
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  Abstract: Abstract A fair lending analysis seeks to determine whether a lender’s underwriting, pricing, and marketing decisions are free from a prohibited basis effect. That is, free from a significant effect based on the protected categories identified in the federal Equal Credit Opportunity Act (ECOA) and the Fair Housing Act (FH Act). This study examined the underwriting decisions of reverse mortgages to determine whether race/ethnicity, gender, or age were significant factors in those decisions. The analysis used loan-level data from the expanded 2019 Home Mortgage Disclosure Act (HMDA). A logistic regression model was used to estimate the denial/approval decisions. The results showed statistically significant lending disparities by race/ethnicity, gender, and age. Black and Hispanic denial odds for reverse mortgages were 107% and 48% higher, respectively, than for non-Hispanic white applicants. Denial odds for women were 12% lower than for men. Denial odds for applicants aged 74 years and older were 16% lower than for those aged 62 to 73 years old. Other statistically significant model predictors included loan purpose, non-amortizing features, closed-end loans, fixed-rate interest, indirect application channel (wholesale), income, loan amount, home equity, and interaction terms. The analysis identified serious deficiencies in the HMDA data that impact the ability to investigate fair lending disparities in reverse mortgages. This concern evolves from recent legislative exemptions for certain lenders reporting on critical data fields. The study illuminated reverse mortgage lending disparities by race/ethnicity, suggesting economic harm to black and Hispanic applicants. To more effectively monitor these disparities, the HMDA law should be amended to remove all data exemptions.
  PubDate: 2021-10-25
  DOI: 10.1007/s11294-021-09831-6
Association Between Discretionary Accruals and Audit Fees and the Role of
the Size of the Audit Firm: European Evidence
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  Abstract: Abstract This study seeks to contribute to the analysis of discretionary accruals and audit fees in two pairs of European countries, Germany and France, and Italy and Spain, during the 2008–2009 financial crisis period, using a time-series and cross-sectional ordinary least squares method with interaction effects. For companies audited by Big 4 audit firms between 2005 and 2018, the study examined the relationship between the use of discretionary accruals and audit fees. This analysis included periods pre-, post-, and during the financial crisis, which started in 2008/2009 and lasted for the next five years, at least in most eurozone countries. The results confirm that Big 4 audit firms earn higher audit fees than non-Big 4 audit firms. Overall, they receive higher audit fees and encourage company management to engage in techniques designed to decrease or increase earnings. The type of earnings manipulation depends on the European country under consideration and whether the financial crisis affected the company. The implications for auditors and accountants are that they must advise the companies in these two pairs of countries differently as the financial crisis affected the second group of countries, Italy and Spain, to a greater extent than the first group, Germany and France.
  PubDate: 2021-10-18
  DOI: 10.1007/s11294-021-09830-7
Fiscal and External Deficits Nexus in GIIPS Countries: Evidence from
Parametric and Nonparametric Causality Tests
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  Abstract: Abstract This paper investigates the relationship between fiscal and external deficits in five European Union countries (Greece, Ireland, Italy, Portugal, and Spain) using quarterly data for the period 1980:1–2020:1. Literature on the relationship between these series used linear techniques, but generally reported inconclusive results. Nonlinearity has been overlooked even though fiscal policy is likely to exhibit nonlinearity due to its sensitivity to political decisions. To capture this nonlinearity behaviour, nonlinear causality techniques are applied here in addition to the usual linear techniques used in the extant literature. The results show that there is evidence of unidirectional nonlinear causality from trade balances to government deficits in Greece and Italy, and a nonlinear unidirectional causality from government deficits to trade balance in Portugal. The results also indicate evidence of a nonlinear bi-directional causality between the trade and government balances in Ireland and Spain. The policy implication of these results is that governments of these countries need to address fiscal deficits to manage their trade balances. Policies that will improve the countries’ revenue base, such as tax and labour market reforms as well as capital market reforms to engender productivity and increase competitiveness, would be beneficial.
  PubDate: 2021-09-28
  DOI: 10.1007/s11294-021-09829-0
Environmental Policy and GHG Emissions: The Case of Southern Europe
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  PubDate: 2021-08-11
  DOI: 10.1007/s11294-021-09828-1
Human Capital Expansion and Aggregate Productivity Dynamic: Evidence from
China
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  PubDate: 2021-05-01
  DOI: 10.1007/s11294-021-09827-2