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  • Publication
    Convergence of per capita energy consumption around the world: New evidence from nonlinear panel unit root tests
    (Elsevier, 2022) Romero de Ávila Torrijos, Diego; Omay, Tolga
    This paper investigates the existence of stochastic and deterministic convergence in per capita energy consumption among the countries forming four income-level groups and a full sample of 110 countries over the 1971–2019 period. For that purpose, we employ six state-of-the-art nonlinear panel unit root tests with nonlinear dynamics that range from state-dependent nonlinearities such as ESTAR, AESTAR and TAR dynamics to time-dependent nonlinearities of structural break form. We find consistent evidence supporting stochastic convergence among high-income and upper-middle-income countries according to two of the six panel tests. Concerning the stronger notion of deterministic convergence, three tests point to deterministic convergence among high-income countries, and only one supports this hypothesis among upper-middle-income countries. Lack of convergence across all country groups carries important policy implications concerning the achievement of SDG7 of the global 2030 Agenda for Sustainable Development that affects every single country in the planet.
  • Publication
    Diseases Associated with Long Term Care: A Preliminary Study to Help of Improving the Quality of Life of Dependents.
    (Springer, 2014) Segovia González, María Manuela; Martín Caraballo, Ana M.; Herranz Peinado, Carmen Patricia; Guerrero Casas, Flor María
    The average life expectancy of the population in developed countries has continued to rise since the middle of the last century. This phenomenon implies many changes in society, mainly social and economic. Although this constitutes both medical and technological step forward, many elderly people have limiting disabilities that may even render it impossible to perform activities of daily living. Consequently, a decline in quality of life is provoked and these people become dependent on long-term care. It remains crucial to determine those diseases that would involve major deterioration in the quality of life and a high cost of care. Hence the aim of this paper is to study which diseases are more closely associated to dependence in order to provide parameters and indicators to enable the implementation of policies of prevention, investment into research, and the development of viable strategies to cover the cost of medical care in the future.
  • Publication
    Research trends in the bias-based aggression among youth
    (Elsevier, 2024-01-09) Sánchez Sánchez, Ana María; Ruiz-Muñoz, David; Sánchez Sánchez, Francisca J.
    The increasing recognition of diversity has brought about a rise in bias-based aggression, with researchers focusing on its prevalence among youth. This has generated the need for a systematic analysis of the factors associated with this type of behavior. To contextualize bias-based aggression and develop future intervention strategies for young people, it is crucial to appraise published studies. This meta-analytic review aims to identify the most commonly used theories to explain bias-based aggression, significant authors, countries, and institutions in this thematic field, as well as how they interrelate. Furthermore, it explores the most analyzed lines of research by researchers and discusses implications for preventive interventions to address bias-based aggression. This review focuses on English-language literature and utilizes a systematic search strategy in Scopus, yielding 51 publications. Descriptive statistical and bibliometric analyses were conducted using VOSviewer software. The results indicate a leadership role held by US researchers and institutions. Theories of mind and Social Ecological theories are found to be the most frequently employed theoretical frameworks by authors. Schools are identified as ideal environments for addressing bias-based aggression, whether dealing with aggressors, victims, or bystanders.
  • Publication
    Directional Dependence Orders of Random Vectors
    (MDPI, 2024-01-27) de Amo , Enrique; Rodríguez-Griñolo, Rosario; Úbeda-Flores, Manuel
    In this paper, we define a multivariate order based on the concept of orthant directional dependence and study some of its properties. The relationships with other dependence orders given in the literature are also studied. We analyze the order between two random vectors in terms of their associated copulas and illustrate our results with several examples.
  • Publication
    On reaching social consent
    (Elsevier, 2024) Cho, Wonki Jo; moreno; Moreno-Ternero, Juan D.
    Journal of Mathematical Economics 110 (2024) 102934
  • Publication
    The Allocation of Additional Slots for the FIFA World Cup
    (Sage, 2023) Alex Krumer; Moreno-Ternero, Juan D.
    How to select participants for a sports tournament when they are divided into different sets, and one should find a fair number of slots for each set? We propose to address this question by resorting to standard tools from the fair allocation literature. To frame our discussion, we focus on the increase in the number of participating teams in the FIFA World Cup. We explore the allocation of additional slots among continental confederations. We consider 10 different allocations. Based on our analysis, we can argue that the European soccer confederation (UEFA) has a solid basis to claim for additional slots.
  • Publication
    An Application of Stochastic Dominances in Sports Analytics
    (Asociación Española de Economía Aplicada, ASEPELT, 2022-01) Fernandez-Ponce, J.M; Rodríguez-Griñolo, Rosario; Troncoso-Molina, M.A.
    Stochastic orders or stochastic dominance as they are known in economics, have been widely studied and applied in a variety of scientific fields, from biology to Systems Engineering. However, to the best of our knowledge, there is an application gap in the field of Sports Analytics or Sports Sciences. In this paper, we attempt a first approach to a possible application of stochastic orders to a dataset of LaLiga (Spain) football matches. Our aim is simply to show how a comparison can be extended beyond a simple metric comparison. In particular, we will focus on the first and second dominance stochastic orders as they are the most intuitive and simple to interpret and are also the most widely used in economics.
  • Publication
    Comparison of frailty determinants in Latin America: a national representative study in Brazil and Chile
    (Elsevier, 2024-01-21) Matus-López, Mauricio; Chaverri-Carvajal, Alexander
    Objective: This study aimed to compare the prevalence and socio-economic determinants of frailty in older adults in Brazil and Chile using nationally representative survey data. Study design: Analytical research using data from the Brazilian Longitudinal Study of Aging (ELSI) and the Chilean National Health Survey (ENS) conducted in Brazil and Chile between 2015 and 2017. Methods: The study included 5484 older adults aged 60 years or older in Brazil and 2031 in Chile. Frailty was measured using the FRAIL index, and logistic regression models were used to identify the de terminants of frailty. Results: The prevalence of frailty is 15.6% and 12.6% in Brazil and Chile, respectively. Frailty is associated with several factors, including age, sex, living alone, residing in urban areas, and decreased life satis faction. However, the analysis revealed notable differences between countries. A greater number of significant variables were associated with frailty in Brazil, whereas Chile displayed fewer categories with significant odds. Health insurance had no significant effect in either of the two countries. Conclusions: The limitations in data sources and methodologies make it challenging to compare frailty determinants in Latin America. This study overcomes these barriers and shows that, even within the same region, significant differences exist. Levels and characteristics that are important in one country may not be so in another. The results emphasize the need to consider contextual factors in the implementation of emerging social and healthcare policies, such as home-based long-term care.
  • Publication
    Transformations in Latin American Healthcare: A Retrospective Analysis of Hospital Beds, Medical Doctors, and Nurses from 1960 to 2022
    (Universitat de Barcelona, 2023-07-01) Matus-López, Mauricio; Fernandez-Pérez, P
    Latin America's healthcare systems evolved nonlinearly, influenced by diverse models, historical events, and political regimes. Limited knowledge exists despite national-level efforts, indicating a need for long-term statistics to assess the effects of reforms and understand healthcare changes in the region. The article contributes to the Actor Network Theory (ANT) claim for better understanding of complex networks through a description of its main long term comparable components with a long term quantitative series for 20 Latin American countries, spanning from 1960 to 2020, on the number of hospital beds, physicians, and nurses (per capita) and healthcare expenditure (in US dollars per capita). The primary goal of this study is to showcase and describe the historical trends and patterns of these variables in the region. The results remain in purpose in this article in a descriptive level, due to the lack of reliable long term series that require in our view to disseminate the data so a broader scientific community may use them to obtain more contextualized interpretations in the different countries involved. The article, nevertheless, shows that there is a very convincing demonstration of the existence of an overall improvement in all the indicators considered and for most Latin American countries. They are leaders in most of the analyses and most of the time, Cuba, Argentina, and Uruguay. They are accompanied, depending on the indicator and the period, by Costa Rica and Panama. On the contrary, there are setbacks in Venezuela and minor progress or stagnation in most Central American countries.
  • Publication
    Accounting information as a facilitator of inter-generational transfer in family businesses: The case of an Andalusian business family
    (Investigaciones de Historia Económica, 2018) Fernández Roca, Francisco Javier; López-Manjón, Jesús D.; Gutiérrez Hidalgo, Fernando
    This article aims at contributing to the study of the factors conducive to a successful intergenerational transfer within a family business, understood as that which favors the longevity of the family firms. The literature has pointed out how such transmissions tend to generate tensions that can threaten the survival of the family firms and business family cohesion. An analysis is made of how a long-lived family business made use of accounting information during a process of inter-generational transfer. The case studied presents evidence on how the trust in accounting information was used to facilitate this process. It is concluded that trust in accounting information contributed to the longevity of familyfirmand family cohesion. In other words, it guaranteed the preservation of its socio-emotional wealth.
  • Publication
    A born-again global firm: inés rosales sociedad anónima unipersonal (sau) in the traditional sector of pastry production
    (Revista de Historia Económica, Journal of Iberian and Latin American Economic History, 2017) Fernández Roca, Francisco Javier; Baños Sánchez-Matamoros, Juan
    The literature on internationalisation processes in family businesses has boomed with the emergence of new approaches and different perspectives. One of these schemes analyses the so-called born-again global firms, mostly technology companies, which experienced an internationalisation process after one or more serious incidents affecting it. The case of Ines Rosales extends the frontier of the meaning of a global born-again firm to firms in industries and traditional products. One of its most striking aspects is that the flagship product is centennial and based on basic ingredients. In addition, the production process of the firm mix production by hand and mechanised developments. Inés Rosales shows the ability of a family Small and Medium Enterprise (SME) in a process of internationalisation even in culturally distant markets through the traditional cake of olive oil.
  • Publication
    What is a Family Business?
    (Journal of Evolutionary Studies in Business, 2017) Fernández Roca, Francisco Javier; Gutiérrez Hidalgo, Fernando
    Defining the concept of family business is an ongoing challenge. The debate around it is here discussed from the point of view of business history and family business theories as developed in the last fifteen years. Historians are interested in reflecting changes in family businesses at different periods and within different societies, and focus their research work on ownership and control within family firms. For their part, family business theorists still understand the concept as a compound or a circular scheme consisting of elements such as business, family and owners or power (governance and management participation), experience (generation in charge) and culture (family and business values).
  • Publication
    Family cohesion as a longevity factor in family businesses: the case of Persán
    (Universidad de Barcelona, 2017) Fernández Roca, Francisco Javier; Baños Sánchez-Matamoros, Juan
    The longevity of family businesses is one of the most significant questions in this research from the point of view of knowing the risks and factors that contribute to their long-term survival. We highlight the role of family cohesion as a facilitator of such longevity. Cohesion enables succession, because when problems arise those family businesses and business families that are cohesive are more likely to survive in the long term. The research focuses on SMEs, where the relationship between family and business is more relevant than in large family corporations. In this paper, we illustrate the role of cohesion or its absence in the evolution of a family business - Persan - and how periods of family unity are typically accompanied by phases of business growth and success, as well as how conflict among owning families can slow businesses to a crawl and even lead them to bankruptcy.
  • Publication
    Political Cycles in Latin America: More Evidence on the Brazilian Economy
    (CIDE, 2021-04-01) Costa Junior, Celso José; García-Cintado, Alejandro; Hidalgo-Pérez, Manuel
    This paper aims to shed additional light on the existence of opportunistic and partisan political-business cycles in the Brazilian economy over the 1996-2016 period. To that end, it relies on two different approaches: (I) an Oaxaca model in the spirit of Blinder and Watson (2016); and (II) a DSGE model where fiscal and monetary policies are treated as political- regime dependent (Milani, 2010). By and large, our results from both exercises show that there existed an opportunistic behavior by all the governments studied as regards fiscal policy, and that political ideology played a role in shaping macroeconomic policies in some of the administrations that ran the country within the time span considered. Specifically, as our DSGE exercise illustrates, President Dilma Rouseff’s fiscal management differed significantly from previous governments’. In addition, we do not find any evidence of political business cycle of any type when it comes to monetary policy, in line with what the consensus in this literature states for the case of Brazil.
  • Publication
    A Modern Approach to Monetary and Fiscal Policy
    (ELSEVIER, 2022-03-01) Costa Junior, Celso José; García-Cintado, Alejandro; Marques Junior, Karlo
    This paper puts forth a systematic approach to teaching fiscal-monetary interactions that follows the view of one of the fathers of the Fiscal Theory of the Price Level (FTPL), Eric Leeper. The main advantage of this setup is its simplicity, which makes it particularly suited for undergraduates and non-specialists. It relies on a two-graph device to show that fiscal and monetary policies always get determined simultaneously and that their effects on the economy always depend on one another’s behavior. It is straightforward to see that in a conventional monetarist world (Regime M), the central bank succeeds in controling inflation so long as the fiscal authority does its job of ensuring that public debt does not grow too much. By contrast, in an alternative fiscal-dominant regime (Regime F), fiscal policy determines the price level (and inflation) in the short run, and the optimal monetary stance is holding the policy rate constant, since if the central bank otherwise tries to fight back fiscally determined inflation, it will worsen fiscal sustainability and increase future inflation.
  • Publication
    Teaching DSGE models to undergraduates
    (ELSEVIER, 2018-12-05) García-Cintado, Alejandro; Costa Junior, Celso José
    This paper puts forward a systematic approach to teaching simple dynamic stochastic general equilibrium (DSGE) models toundergraduates. It proceeds in the following way: first, the structural model of the economy, which includes the households’ andfirms’ problems, is presented and progressively solved. We then find the steady state and log-linearized equations of the model.Next, a productivity shock is simulated on the computer so as to tell a “story” about how the economy behaves. Finally, the modelis extended by including the government and the foreign sector. We reckon instructors of macroeconomics will find this path usefulin teaching their undergraduate students the basics of DSGE models.
  • Publication
    Macroeconomic policies and the pandemic-driven recession
    (ELSEVIER, 2021-04-01) Costa Junior, Celso José; García-Cintado, Alejandro; Marques Junior, Karlo
    We build a three-country DSGE model to address the economic fallout from the COVID-19 shock. First, three different scenarios –optimistic, baseline and pessimistic– are drawn where economic authorities are assumed to not react to the disturbance. We find that the pandemic brings about a prolonged economic depression in the latter scenario –the most realistic one–, as GDP and hours worked fall by 20% (from trend) and they never recover their pre-crisis levels over the span of time studied. We then move on to analyze the effectiveness of conventional fiscal and monetary policy tools in curbing the recessionary consequences of the pandemic. The most powerful instruments are government purchases and expansionary monetary policy, although these two measures come with some trade-offs. In addition, we explore how a binding zero lower bound (ZLB) that renders conventional monetary policy ineffective can affect our findings. We show that the lower constraint deepens the recession caused by the pandemic, primarily because the central bank cannot lower the policy rate further, and because fiscal policy tightens in order to ensure government debt sustainability. Naturally, we next ask ourselves what would happen in this context did the monetary authority rely on unconventional monetary policy to try to dampen the recessionary consequences of the pandemic. Our results reveal that quantitative easing (QE) prevents private consumption, inflation, and to a much lesser extent, output from falling as much due to the shock.
  • Publication
    Rent-seeking in an emerging market: A DSGE approach
    (ELSEVIER, 2021-04-01) Costa Junior, Celso José; García-Cintado, Alejandro
    Due to the fact that rent-seeking is by definition an unobservable variable, measuring its size and evolution over the business cycle can be a daunting challenge. In this article, by embedding rentseeking behavior in an otherwise standard open-economy DSGE model, we are able to derive a quarterly time series of this variable (expressed as a percentage deviation from the trend) for an emerging economy such as Brazil. The estimated series, spanning the period 2002Q1􀀀 2017Q4, shows a strong positive correlation with the “Commodity Super Cycle” of the 2000 decade and falls as a result of some political scandals and their ensuing investigations, among other driving forces. We also rely on the same model to assess how several shocks hitting the economy affect both rent-seeking and the relevant macroeconomic variables in our model. Barring monetary expansions, increased exports and higher income transfers to households, expansionary shocks are associated with lower rent-seeking activity. Factoring in these two sets of results, the upshot is that rent-seeking behavior shows a pattern of procyclicality in the Brazilian economy.
  • Publication
    On Directors’ Compensation: A Multilevel Analysis of Spanish Listed Companies
    (Springer, 2022) Núñez, Fernando; Arcos-Vargas, Ángel; Usabiaga Ibáñez, Carlos; Álvarez-de-Toledo, Pablo
    This study analyzes the determinants of the annual compensation of directors belonging to the boards of the Spanish companies that constitute the IBEX 35 stock index. We investigate the importance of observed and unobserved heterogeneity in explaining director compensation. Based on a three-level mixed effect model, our analysis includes time-invariant random effects at company and manager level as determinants of director pay. We find that company effects explain 30% of the variation in director pay, while company and director effects taken together explain 77% of that variation. Our findings suggest that the characteristics of the company, in terms of activity sector, size and financial performance, and the professional attributes of the director (especially the role within the board), influence the compensation received. In addition, some directors and companies show random effects (either positive or negative) that significantly separate them from the expected compensation estimated from the fixed part of the model.
  • Publication
    Fiscal Adjustments and the Shadow Economy in an Emerging Market
    (Cambridge University Press, 2021) Costa Junior, Celso J.; García-Cintado, Alejandro; Usabiaga Ibáñez, Carlos
    We build an open-economy dynamic stochastic general equilibrium (DSGE) model that allows us to: (i) derive a time series for labor informality in Brazil spanning the period 2004–2018, whose evolution is consistent with the behavior of the main series provided by Pesquisa Nacional por Amostra de Domicílios (PNAD); (ii) run dynamic simulations showing that, in the presence of a large informal labor market (around 50% of the total labor force), expenditure-cutting measures lead, at worst, to mild short-run recessions in the formal sector and are likely to foster public debt sustainability. Likewise, adjustments through some kinds of distortionary taxation, mainly the corporate tax, and to a lesser extent, the consumption tax, also seem to improve both public debt dynamics and fiscal collection without a significant cost in terms of output. Thus, in countries with large informal economies experiencing fiscal woes, expenditure-based consolidations, as well as some sorts of tax-based adjustments, should be relied upon.