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Cuadernos de Economía. Número 110. 2016.

Permanent URI for this collectionhttps://hdl.handle.net/10486/685346

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    Item type: Publication ,
    Modeling the tourism demand of emerging economies: The case of Russian tourist arrivals to Spain
    (Elsevier España S.L.U., 2015-11-29) Álvarez-Díaz, Marcos; González-Gómez, Manuel; Otero-Giráldez, María Soledad
    International tourism is one of the most important economic sectors for the Spanish economy. However, in spite of this importance, there are not many studies that have identified the main determinants of demand for international tourism to Spain. The few existing studies are focused on the analysis of British and German visitors, without paying attention to other important and emerging nationalities, like Russians. Russia is one of the main outbound tourism markets worldwide. The dynamism showed by this market reveals a high potential, and involves a great opportunity for the Spanish tourism sector to increase its participation in the international tourism market. It is for this reason that the main objective of our research is to build a robust econometric model that allows us (i) to determine the most important variables that explain the Russian demand for tourism to Spain, and (ii) to quantify the impacts of these variables on this tourism demand. Our results show the importance of economic factors, such as the income of Russians, the relative cost of living in Spain with respect to Russia, and the relative cost of living in Spain with respect to other competing countries to attract Russian visitors. Our results also show the importance of certain specific events such as the terrorist attacks of ETA and the 11-M, the riots in some Arab countries of the Mediterranean basin, and the change in the visa policy between the European Union and Russia.
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    Effects of foreign direct investments. Evidence from Southeast Europe
    (Elsevier España S.L.U., 2015-12-02) Apostolov, Mico
    The purpose and research objective of this study is probing effects of foreign direct investments in Southeast Europe economies. For this purpose six countries have been chosen and a sample has been drawn for: Albania, Bosnia and Herzegovina, Croatia, Macedonia, Serbia and Slovenia. In order to conduct this analysis we use Enterprise Surveys available by the World Bank which are done using firm-level data of a representative sample of economy's private sectors. The conception of this analysis is examining the effects of how foreign direct investments contribute to the development of domestic firms and the overall economy. In general, foreign direct investment is defined as dominant or controlling ownership of a company in one country, by an entity based in another country. As of the beginning of the transition process, foreign direct investments remain priority, as essential pillar, that moves forward the society toward developed market economy. The data used in this article are analyzed with an econometric model, which as employed in this study examines the interrelationships between output and set of variables that influence FDI patterns. Further, we are interested in the way foreign direct investments shape the economy
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    Economic determinism of behaviours: An approach to its complexity
    (Elsevier España S.L.U., 2016-06-22) Ros i Hombravella, Jacint
    This study is about introducing a greater complexity into the case of economic maximisation and usefulness on the basis of our current economic analysis as a way of explaining human behaviours, concerning the recent Great Depression. Considered relevant in this context are: The forgotten introduction of psychological factors, provided by Akerlof-Shiller. The call for a greater realism in our models and for multidisciplinarity (Lawson, individual decisions in society). Becker, widening the field of economic decisions (number of children, delinquency). And references to Marxist categories and to psychoanalytical examinations (non-disclosure of interests). It closes with some cases. The study, due to its declared limits, has wider intentions: On the whole it may provide something.
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    Corporate taxes with unobservable profits
    (Elsevier España S.L.U., 2016-06-22) Antelo, Manel
    Using a two-period tax-signalling model, a study is performed on the behaviour of a revenue-raising government in setting profit-based corporate taxes for a company with private information on its potential profitability. In a separating equilibrium in which both the high- and low-profit company produce a positive amount in period 1 (separating equilibrium S2), the tax set for that period is lower than that of the symmetric information, resulting in informational rent to the high-profit company in that period, but not in period 2. As result, taxes increase with time. In a separating equilibrium in which only the high-profit company produces (separating equilibrium S1 or shut-down equilibrium), no informational rent goes to the high-profit company in either period, but at the cost that the low-profit firm exits the market. Finally, in a pooling equilibrium, taxes are time-invariant and charged in such a way that period-1 informational rent to the high-profit company is lower than in S2, but persists in period 2. Consequently, the government can maximize tax revenue by not forcing information disclosure. The impact of government behaviour on welfare is also examined
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    Item type: Publication ,
    Quantum macroeconomics: A tribute to Bernard Schmitt
    (Elsevier España S.L.U., 2016-05-30) Cencini, Alvaro; Gnos, Claude; Rossi, Sergio
    Bernard Schmitt, the founder of quantum macroeconomics, died on 26 March 2014. His legacy concerns the discovery of the logical laws of monetary macroeconomics and extends to the explanation of the origin and nature of economic and financial crises. Starting from a novel conception of bank money, he was able to show that economics is founded on true macroeconomic laws, which take the form of logical identities. This paper is a brief and necessarily incomplete introduction to the main themes of Schmitt's macroeconomic analysis. It ranges from the distinction between money and income that lies at the hearth of his theory of the circuit, to the investigation of inflation and unemployment as pathological manifestations of a macroeconomic disorder, to the groundbreaking discovery of the mechanism of duplication leading to the formation of sovereign debt.