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Does intense tax competition boost public acceptance for inter-municipal cooperation? Evidence from a survey among German citizens and local politicians Journal of Economic Policy Reform (IF 2.059) Pub Date : 2024-03-28 Ivo Bischoff, Christian Bergholz, Peter Haug, Simon Melch
Intense tax competition among local governments limits their potential for tax revenues. Inter-municipal cooperation (IMC) in general and joint business parks in particular constitute a platform to...
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On support from National Development Banks for the internationalisation of public Brazilian companies: it’s hard to say goodbye (to good companies) Journal of Economic Policy Reform (IF 2.059) Pub Date : 2024-01-17 Fernando Alonso-Guinea, Ángel Alañón-Pardo
This article examines the relevance of National Development Banks (NDBs), taking as a reference the activity of Brazil’s BNDES (Banco Nacional de Desenvolvimento Econômico e Social) and its role in...
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Does shared service delivery affect cost? A study of the cost-capacity relation in Norwegian local child protection services Journal of Economic Policy Reform (IF 2.059) Pub Date : 2023-12-04 Sara Blåka, Dag Ingvar Jacobsen
Intermunicipal cooperation is often seen as a means to increase capacity and reap economic benefits of scale. Prior research, however, shows that the effects of shared service delivery diverge, lea...
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Governing the economics of the common good: from correcting market failures to shaping collective goals Journal of Economic Policy Reform (IF 2.059) Pub Date : 2023-12-04 Mariana Mazzucato
To meet today’s grand challenges, economics requires an understanding of how common objectives may be collaboratively set and met. Tied to the assumption that the state can, at best, fix market fai...
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Friend or foe? The impact of macroprudential policy on economic growth Journal of Economic Policy Reform (IF 2.059) Pub Date : 2023-11-29 Hiep Ngoc Luu, Thao Thi Phuong Nguyen, Tram Thi Mai Pham, Tram Ngoc Nguyen
In this paper, we examine the impact of macroprudential policy on economic growth. The results show that the implementation of macroprudential policies contributes to fostering economic growth, esp...
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Determinants of central bank digital currency adoption – a study of 85 countries Journal of Economic Policy Reform (IF 2.059) Pub Date : 2023-11-16 Zhao Dong, Muhammad Umar, Umair Bin Yousaf, Sagheer Muhammad
This study attempts to explore the macroeconomic development factors that determine countries’ decisions to implement CBDCs. The study uses data regarding CBDC adoption and macroeconomic variables ...
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Government expenditure, budget deficit and shadow economy Journal of Economic Policy Reform (IF 2.059) Pub Date : 2023-11-06 Duc Hong Vo, Ngoc Phu Tran, Toan Pham-Khanh Tran, Quan Thai-Thuong Le, Phuc Van Nguyen
The shadow economy has emerged as a challenging issue for countries globally, particularly emerging markets. An increased budget deficit prevents the governments from using public expenditure to co...
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The European Investment Bank to the rescue? COVID-related lending as incremental change Journal of Economic Policy Reform (IF 2.059) Pub Date : 2023-10-20 David Howarth, Helen Kavvadia
The European Investment Bank (EIB) was officially part of a coordinated European Union (EU) strategy to address the impact of the COVID-19 pandemic. However, we argue that despite the worst socio-e...
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The European Investment Bank to the rescue? COVID-related lending as incremental change Journal of Economic Policy Reform (IF 2.059) Pub Date : 2023-10-20 David Howarth, Helen Kavvadia
The European Investment Bank (EIB) was officially part of a coordinated European Union (EU) strategy to address the impact of the COVID-19 pandemic. However, we argue that despite the worst socio-e...
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Intermunicipal cooperation and agreement formalization Journal of Economic Policy Reform (IF 2.059) Pub Date : 2023-09-11 Austin M. Aldag, Mildred E. Warner
ABSTRACT We explore the effects of agreement formalization and partners on cooperation costs in twelve local government services in New York State. Our survey differentiates agreement formalization (informal, memorandum of understanding, joint production, contracting and special districts) and controls for cooperation duration and non-profit partners. Cost data (1996–2016) enable panel models which
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Not a black or white issue: choosing alternative organizational models for delivering early childhood services Journal of Economic Policy Reform (IF 2.059) Pub Date : 2023-09-05 Mattia Casula, Stefania Profeti
ABSTRACT This article investigates how municipalities choose their organizational arrangements for delivering early childhood services and the interplay among the regional framework, local legacies, and agency factors influencing these choices. We answered these questions through a mix-method approach and a comparative analysis of four European regions in the same country (Italy). Our data shows that
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Where state capitalism meets the transnational capitalist state: The ties between Gazprom and Amsterdam’s offshore financial center Journal of Economic Policy Reform (IF 2.059) Pub Date : 2023-09-01 Rodrigo Fernandez, Reijer Hendrikse, Tobias J. Klinge
ABSTRACT Bringing the literature on state-owned enterprises (SOEs) and state capitalism in conversation with studies on offshore financial centers (OFCs), this paper dissects the post-2000 internationalization of Russian SOE Gazprom via the OFC of Amsterdam, the Netherlands. Not adhering to the conventional financial logics of private firms, nor exclusively following political orders of the Kremlin
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Do revenue-neutral tax swaps boost growth? Journal of Economic Policy Reform (IF 2.059) Pub Date : 2023-07-27 Hüseyin Şen, Ayşe Kaya
Do revenue-neutral tax swaps boost growth? To answer this question, we use a panel data set of nine OECD countries for the period 1981-2017 and arrive at the following main results under revenue-ne...
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Addressing Policy Challenges of Disruptive Technologies Journal of Economic Policy Reform (IF 2.059) Pub Date : 2023-07-27 Araz Taeihagh
ABSTRACT This special issue examines the policy challenges and government responses to disruptive technologies. It explores the risks, benefits, and trade-offs of deploying disruptive technologies, and examines the efficacy of traditional governance approaches and the need for new regulatory and governance frameworks. Key themes include the need for government stewardship, taking adaptive and proactive
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The effects of uncertainty shocks on income and wealth inequality Journal of Economic Policy Reform (IF 2.059) Pub Date : 2023-07-23 Juan-Francisco Albert, Nerea Gómez-Fernández
This paper assesses the impact of uncertainty on income and wealth inequality in Germany, France, Italy and Spain. For that purpose, mixed-frequency SVAR models are used. The results show that unce...
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Fiscal austerity vs. expansionary fiscal policy: on the results of these opposed economic policies applied to fight recessions Journal of Economic Policy Reform (IF 2.059) Pub Date : 2023-07-21 Joaquim Vergés-Jaime
This paper presents an inquiry into the observed results when governments have implemented one or other type of (opposed) economic policy prescribed in economics to reverse the consequences of a gl...
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The effects of international financial inflows on economic complexity in Africa: does institutional quality play a moderation role? Journal of Economic Policy Reform (IF 2.059) Pub Date : 2023-06-07 Jonathan E. Ogbuabor, Ekene ThankGod Emeka, Anthony Orji, Fidelia N. Onuigbo
We investigated the effects of international financial inflows (remittances, foreign direct investment and foreign aid) on economic complexity in Africa and the moderation role of institutional qua...
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Navigating the governance challenges of disruptive technologies: insights from regulation of autonomous systems in Singapore Journal of Economic Policy Reform (IF 2.059) Pub Date : 2023-04-12 Devyani Pande, Araz Taeihagh
ABSTRACT The proliferation of autonomous systems like unmanned aerial vehicles, autonomous vehicles and AI-powered industrial and social robots can benefit society significantly, but these systems also present significant governance challenges in operational, legal, economic, social, and ethical dimensions. Singapore’s role as a front-runner in the trial of autonomous systems presents an insightful
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The moderating role of institutional and credit constraints on the nexus between bribery and policy consistency Journal of Economic Policy Reform (IF 2.059) Pub Date : 2023-03-15 Hong Chuong Pham, Le Thanh Ha, Doan Ngoc Thang, Trung Thanh To
This article is the first to examine whether bribery hurts or promotes policy consistency for firms confronting institutional and credit constraints by using World Bank Enterprise Surveys covering ...
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Trust and the behavioral economics of automatic enrollment in pensions: a comparison of the UK and Poland Journal of Economic Policy Reform (IF 2.059) Pub Date : 2023-02-27 Kamila Bielawska, John A. Turner
ABSTRACT Experience in the UK with auto enrolling workers in pensions indicates that once enrolled, most workers stay enrolled, suggesting that auto enrollment may be a desirable policy for other countries. However, the experience with auto enrollment is much different in Poland. This paper examines the argument that inertia is not a strong force when workers distrust in the security of future pension
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An integrated complex adaptive governmental policy response to cyberthreats Journal of Economic Policy Reform (IF 2.059) Pub Date : 2022-09-21 Tony Porter, Netina Tan
ABSTRACT This article analyzes the policy options available to governments for addressing the very costly economic impacts of cybersecurity threats. It contributes to complexity thinking in public policy. Complexity involves self-organization, emergence, feedback loops, and adaptation. We show that these are present with cyberthreats. In contrast to plans that involve a series of linear steps to a
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Competing perspectives on the Big Data revolution: a typology of applications in public policy Journal of Economic Policy Reform (IF 2.059) Pub Date : 2022-08-07 Wilson Wong, Charles C. Hinnant
ABSTRACT While the Big Data revolution is transforming public policy, some debates and competing perspectives on the impact of the disruptive technology of Big Data analytics remain. Although trade-offs among objectives are inevitable in Big Data applications, its ultimate impact would depend on the moderating factors, which vary across contexts such as policy areas and national systems. Integrating
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Introduction: Revisiting the Role of State-Owned Enterprises in Strategic Sectors Journal of Economic Policy Reform (IF 2.059) Pub Date : 2022-07-12 Maria Vagliasindi, Tito Cordella, Judith Clifton
ABSTRACT A few years after the fall of the Berlin wall, the World Bank published Bureaucrats in Business, an influential report on State-Owned Enterprises (SOEs) that provided a road-map on how to reform - or privatize - those “loss making state-owned-enterprises that are a significant burden on government budgets and […] hinder growth, impede market liberalization and thus both directly and indirectly
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How do State Owned Enterprise Multinationals behave abroad? A Multi-dimensional framework for analysis Journal of Economic Policy Reform (IF 2.059) Pub Date : 2022-06-29 Judith Clifton, Daniel Díaz Fuentes
ABSTRACT Though State-Owned Multinational Enterprises (SOMNEs) make up around 15% of the world´s largest non-financial Multinational Enterprises (MNEs), little is known about why State-Owned Enterprises (SOEs) internationalize and how they behave once abroad. Whilst some scholars have claimed SOMNEs tend to behave as their private MNE counterparts, other scholars state SOMNEs transfer their “public
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Editorial: The Unresolved Nature of Public-Private Partnerships Journal of Economic Policy Reform (IF 2.059) Pub Date : 2022-06-23 Matti Siemiatycki, Eoin Reeves, Dónal Palcic
Published in Journal of Economic Policy Reform (Vol. 25, No. 2, 2022)
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State-owned commercial banks Journal of Economic Policy Reform (IF 2.059) Pub Date : 2022-06-13 Ugo Panizza
ABSTRACT This paper builds a new dataset on bank ownership and finds no evidence of a negative correlation between state-ownership of banks and economic growth. Banking crises predict increases in state-ownership but that there is no evidence that high state-ownership predicts banking crises. Contrary to past literature, the paper also shows that recent data show no difference between the profitability
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Does Innovation by Firms Still Create Jobs even after the Business Stealing Effect at the Sector Level? Journal of Economic Policy Reform (IF 2.059) Pub Date : 2022-05-31 Jisun Lim, Keun Lee
ABSTRACT The literature on innovation and employment has not provided theory-consistent results about the question of whether innovation by firms would still create jobs after the canceling out by a negative or business stealing effect and a positive spillover effect at the sector level. This study addresses this issue using Korean firm and sector data over a long-term period. Beyond the consensus
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State-owned enterprises: in search for a new consensus Journal of Economic Policy Reform (IF 2.059) Pub Date : 2022-05-31 Eduardo Levy Yeyati, Juan Negri
ABSTRACT The objective of this study is to identify whether there is a contemporary consensus on the role of SOEs in different countries on selected issues, through the view of experts around the globe. We conducted a survey to formulate prospective forecasts of the evolution of the role of SOE and to summarize the state of knowledge. Here we present a selection of the results obtained, with an emphasis
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Public-Private Co-Regulation in the making of the capital markets union Journal of Economic Policy Reform (IF 2.059) Pub Date : 2022-05-30 Giuseppe Montalbano
ABSTRACT This contribution investigates the conditions and dynamics of a public-private regulatory partnership in the making of the Capital Markets Union. According to our argument, structural interdependence and the strategic use of market narratives in a low salient policy domain allowed the EU financial industry to frame their interests as a solution to Europe’s missing recovery. Under the pressures
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What drives implementation of the European Union’s policy recommendations to its member countries? Journal of Economic Policy Reform (IF 2.059) Pub Date : 2022-04-13 Konstantinos Efstathiou, Guntram Wolff
ABSTRACT With a specially prepared dataset, we investigate whether and why EU countries implement EU policy recommendations. We focus on recommendations outside the fiscal rules and find that implementation rates are modest and worsened at a time (pre-pandemic) when the economic environment had improved and market pressure on sovereigns had subsided. We empirically test three hypotheses determining
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Putting value creation back into “public value”: from market-fixing to market-shaping Journal of Economic Policy Reform (IF 2.059) Pub Date : 2022-04-05 Mariana Mazzucato, Josh Ryan-Collins
ABSTRACT In conventional economics, value creation occurs in the private sector with the state limited to correcting for “market failures”. Public management scholars have developed the term “public value” to describe how public sector managers can engage citizens in shaping effective policy. A more ambitious concept of public value rejects the “market failure” framework and puts public value at the
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Editorial: Distributional Effects of Monetary Policy Journal of Economic Policy Reform (IF 2.059) Pub Date : 2022-01-09 Philip Arestis, Salvador Pérez-Moreno
Published in Journal of Economic Policy Reform (Vol. 25, No. 4, 2022)
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Harnessing remittances for the poor: the role of institutions Journal of Economic Policy Reform (IF 2.059) Pub Date : 2021-11-28 Eric Akobeng
ABSTRACT This paper investigates the direct effect of institutions on poverty and explores whether the remittances and poverty link can be strengthened by institutions in Sub-Saharan Africa. The results suggest that a country characterized by sound financial development and good and stable government with systems to control corruption and attract investment will provide the enabling environment to
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Asylum burden-sharing within the EU revisited: are we moving on the right track? Journal of Economic Policy Reform (IF 2.059) Pub Date : 2021-11-01 María Hierro, Adolfo Maza, José Villaverde
ABSTRACT The refugee crisis evidenced a myriad of flaws in the EU common asylum policy, especially the lack of fairness in asylum burden-sharing. This paper reveals that, despite some progress in terms of inequality, a bi-polarised distribution gained ground. Moreover, two novel convergence approaches in this field reveal that the message of previous articles on disparity reduction is incomplete; there
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Unconventional monetary policy and income disparity in an aging society Journal of Economic Policy Reform (IF 2.059) Pub Date : 2021-09-11 Farhad Taghizadeh-Hesary, Naoyuki Yoshino, Ehsan Rasoulinezhad
ABSTRACT The main objective of the Bank of Japan’s monetary policy is inflation targeting; however, it may be associated with the recently increased income disparity in Japan. Using the autoregressive distributed lag (ARDL) estimation model, this study conducted in the context of an aging society revealed that the bank’s monetary policy increased income inequality through increased financial asset
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Socio-economic level, neighborhood segregation and determinants of reciprocity: evidence using representative artefactual data from Latin American cities Journal of Economic Policy Reform (IF 2.059) Pub Date : 2021-08-23 Arlette Beltran, Alberto Chong, Mariano Montoya
ABSTRACT We study whether urban segregation is linked to social capital and, in particular, whether socio-economic level, measured by neighborhood of provenance, is detrimental to the formation of reciprocity. We employ representative data for six Latin American cities, an underrepresented region in terms of experimental research. Our main findings provide robust evidence that individuals with higher
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Technological diversity in collaborative projects: insights into European research policy Journal of Economic Policy Reform (IF 2.059) Pub Date : 2021-08-02 Alessandro Muscio, Andrea Ciffolilli, Antonio Lopolito
ABSTRACT Technology diversity is defined as the ability to perform research and development in different technological domains. We investigate the degree of technological diversity in the European regions, focusing on two main drivers: the regional capacity to obtain funding from the 7th Framework Programme, and the degree of regional network centrality in collaborative research. Our results support
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Distributional impact of monetary policy in the UK: from conventional to unconventional policy Journal of Economic Policy Reform (IF 2.059) Pub Date : 2021-07-22 Fernando Ballabriga, Karen Davtyan
ABSTRACT We evaluate the income distributional effect of monetary policy in the UK for the period 1993–2019 using a mixed frequency approach and a high-frequency identification. Our results indicate that expansionary monetary policy increased income inequality during the unconventional policy subperiod 2009–2019. Looking at the income brackets, we find that this increase in inequality is primarily
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Disentangling derivatives: international policy reforms concerning central counterparties Journal of Economic Policy Reform (IF 2.059) Pub Date : 2021-07-08 Lucia Quaglia, Aneta Spendzharova
ABSTRACT After the 2008 financial crisis, international policy reforms were adopted on various aspects of derivatives markets, highlighting the need for precise and consistent rules. We examine the making of international rules concerning the resilience, recovery and resolution of central counterparties (CCPs), which form acritical global financial infrastructure. We argue that regulators played an
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On foreign aid effectiveness: when conditionality met ownership Journal of Economic Policy Reform (IF 2.059) Pub Date : 2021-07-08 Francisco Candel-Sánchez
ABSTRACT In this paper, we propose a game theoretic approach to deal with the problem of implementing the efficient allocation of aid and reform through policy conditionality. We show that optimality can only be attained by a conditional scheme that takes into account the characteristics of both donor and recipient. Moreover, the levels of aid and reform induced by such a mechanism are, under certain
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Monetary policy and the redistribution of net worth in the U.S Journal of Economic Policy Reform (IF 2.059) Pub Date : 2021-04-09 Juan-Francisco Albert, Nerea Gómez-Fernández
ABSTRACT This paper aims to study the distributive effects of monetary policy on wealth inequality in the US. Combining macro and micro data, we find that wealth inequality increases after an expansionary monetary policy shock, especially in the long run. Specifically, we find that an expansionary monetary policy shock substantially increases the net worth of the richest and the poorest households
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Cyberspace and the protection of critical national infrastructure Journal of Economic Policy Reform (IF 2.059) Pub Date : 2021-04-05 Moritz Weiss, Felix Biermann
ABSTRACT Protecting critical infrastructure against cyber-attacks is a policy challenge arising from the disruptive potential of emerging digital technologies. Governments face difficult choices since cybersecurity is a public responsibility, but often a private task: Should they design their capacities hierarchically or rely on collaboration with private firms? We argue that choices depend on the
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Public-private partnerships in the healthcare sector: limited policy guidelines, but active project development in Denmark Journal of Economic Policy Reform (IF 2.059) Pub Date : 2021-01-28 Carsten Greve, Lene Tolstrup Christensen, Christina Tvarnø, Sandie Nøhr Nielsen, Sarah Maria Denta
ABSTRACT How and why has the formal policy development on PPPs in Denmark evolved? How and why do PPP projects develop in Danish healthcare sector? Despite limited policy guidelines and no PPP Act, a regional approach to PPPs has occurred in the healthcare sector. There are active projects in five hospital cases that use the PPP model. PPP projects in the Danish healthcare sector develop from a mixture
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Public-private partnerships in the healthcare sector: limited policy guidelines, but active project development in Denmark Journal of Economic Policy Reform (IF 2.059) Pub Date : 2021-01-28 Carsten Greve, Lene Tolstrup Christensen, Christina Tvarnø, Sandie Nøhr Nielsen, Sarah Maria Denta
ABSTRACT How and why has the formal policy development on PPPs in Denmark evolved? How and why do PPP projects develop in Danish healthcare sector? Despite limited policy guidelines and no PPP Act, a regional approach to PPPs has occurred in the healthcare sector. There are active projects in five hospital cases that use the PPP model. PPP projects in the Danish healthcare sector develop from a mixture
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Does the ECB policy of quantitative easing impact environmental policy objectives? Journal of Economic Policy Reform (IF 2.059) Pub Date : 2021-01-26 Nathalie Hilmi, Salpie Djoundourian, Wassim Shahin, Alain Safa
ABSTRACT The relationship between the environment and climate change on one hand and the financial system, financial regulation and monetary policy on the other is growing in importance. This paper examines the possible impact of the European Central Bank’s monetary policy of quantitative easing on the environmental policy of the European Union. Using data from Climate Bonds Initiative, the paper analyses
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Employment protection, employment and unemployment rates in European Union countries during the Great Recession Journal of Economic Policy Reform (IF 2.059) Pub Date : 2021-01-21 Jesus Ferreiro, Carmen Gomez
ABSTRACT This paper analyses the impact of employment protection legislation on the evolution of employment and unemployment in European Union economies during the Great Recession. The results show that employment protection did not have a significant impact on employment growth. Regarding unemployment rates, we obtain contrasting results: high employment protection for temporary workers was associated
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The ECB’s half-baked supervision mandate Or, how to get serious about shadow banking again Journal of Economic Policy Reform (IF 2.059) Pub Date : 2020-12-27 Jakob Vestergaard, Stine Quorning
ABSTRACT In debates on the need to “complete” the banking union, there has been little attention to the omission of shadow banks from the supervision mandate given to the European Central Bank with the establishment of the Single Supervisory Mechanism (SSM). We argue that there can be no completion of the banking union without dedicated pan-European supervision of all non-banking financial institutions
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Assessing public services from the citizen perspective: what can we learn from surveys? Journal of Economic Policy Reform (IF 2.059) Pub Date : 2020-08-27 Judith Clifton, Marcos Fernández-Gutiérrez, Michael Howlett
ABSTRACT Surveys have become an established means by which scholars can evaluate and assess the quality of public services provided by governments. Though surveys must be interpreted with caution, as explained here, they also have the advantage of providing useful insights about public services that cannot easily be gauged from other assessment techniques. After briefly expounding on the use of surveys
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“Fair to me, fair to us, or fair to you?” Unresolved conflict between government and graduates over Australia’s tertiary education loans Journal of Economic Policy Reform (IF 2.059) Pub Date : 2020-07-13 Valerie Braithwaite, Eliza Ahmed, Deborah Cleland
ABSTRACT Australia adopted income-contingent government loans for tertiary students 30 years ago, aiming to promote greater access and equity in higher education, as repayments were required only when income exceeded a threshold. Why then does the scheme still cause dissension and with what consequences for government? We analyse qualitative and quantitative survey data to answer this question. Contrary
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U.S. policy in the euro crisis and the institutional deepening of the monetary union Journal of Economic Policy Reform (IF 2.059) Pub Date : 2020-07-13 C. Randall Henning
ABSTRACT Theoretical approaches to European integration often downplay and sometimes ignore the role of external actors. But the regime complex through which the euro crisis of 2010-2015 was prosecuted involved the United states directly and indirectly through the IMF. Tracing such external involvement shows that, although they preferred greater deepening of euro area institutions than was achieved
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Crisis, what crisis? Industrial strategies and path dependencies in four European countries after the crash Journal of Economic Policy Reform (IF 2.059) Pub Date : 2020-07-04 Angela Garcia Calvo, Steven Coulter
ABSTRACT This paper examines industrial policy responses to the 2008 crisis in four European countries and gauges their long-term significance by asking: to what extent were these politicised, short term remedies; or enduring policy changes? We find that policy responses varied significantly in their coherence and long-term impact and argue that the key influential factors were: the presence of large
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The end of a trend: retraction of choice in Swedish elderly care Journal of Economic Policy Reform (IF 2.059) Pub Date : 2020-07-01 Henrik Jordahl, Lovisa Persson
ABSTRACT In 2009, Sweden launched a freedom-of-choice reform that gave municipalities the option to introduce standardized quasi-markets in social services. The reform was initially popular to adopt in home care until the share of adopting municipalities leveled out just above 50 percent. In recent years, the trend has reversed, and several municipalities have abolished their choice system. Compared
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On the social opportunity cost of unemployment Journal of Economic Policy Reform (IF 2.059) Pub Date : 2020-06-26 Per-Olov Johansson, Bengt Kriström
ABSTRACT The handling of unemployment is a central issue in cost–benefit analysis. Typically, the shadow price of employing an unemployed is derived by considering a marginal change in the employment constraint faced by an unemployed or rather an underemployed. In contrast, in this paper, we consider the discrete shift from unemployment to (full) employment. The result provides guidance how to estimate
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The 2008 Chilean pension reform: household financial decisions and gender differences Journal of Economic Policy Reform (IF 2.059) Pub Date : 2020-06-24 Alessandro Bucciol, Martina Manfrè, Gregorio Gimenez
ABSTRACT We evaluate the effect of the 2008 pension reform in Chile, applying a difference-in-difference estimation method to longitudinal survey data representative of the Chilean population. Our evidence suggests that those who started to receive a basic pension increased their debt more than their assets. We interpret this as an indicator of debt sustainability. The debt ratio increased significantly
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Introduction to “Economic and Financial Governance in the European Union after a decade of Economic and Political Crises.” Journal of Economic Policy Reform (IF 2.059) Pub Date : 2020-06-16 Valerie D’Erman, Paul Schure, Amy Verdun
ABSTRACT This paper offers the Introduction to the Special Issue “Economic and Financial Governance in the European Union after a decade of Economic and Political Crises.” We introduce the five papers. We distill three important lessons they offer for EU integration.
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The impact of economic and policy uncertainty shocks in Spain Journal of Economic Policy Reform (IF 2.059) Pub Date : 2020-06-16 Juan-Francisco Albert, Nerea Gómez-Fernández
ABSTRACT The purpose of this research is to quantify the impact of economic uncertainty shocks in Spain by using a structural vector autoregression (SVAR) approach with data from the first quarter of 2001 until the first quarter of 2018. Specifically, we analyze temporary and persistent economic and policy uncertainty shocks. Our results suggest that positive economic and political uncertainty shocks
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Institutional Economics and the Cost of Capital for Infrastructure Projects Journal of Economic Policy Reform (IF 2.059) Pub Date : 2020-06-13 R. Richard Geddes, Joshua Goldman
ABSTRACT The growing use of public-private partnerships (PPPs) in infrastructure delivery has rekindled the public versus private cost-of-capital debate. Early debate concluded that the social cost of public-sector capital is below that of private capital because risk can be spread across numerous taxpayers. Intervening research focused on the agency costs that arise due to increased separation between
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The politicization of public–private partnerships following a mega-project disaster: the case of the Morandi Bridge Collapse Journal of Economic Policy Reform (IF 2.059) Pub Date : 2020-05-13 Niccolò Cusumano, Matti Siemiatycki, Veronica Vecchi
ABSTRACT Drawing on the collapse of Morandi bridge (Genoa, Italy) exemplar and unique case and by applying a content analysis to the declarations made by politicians in the subsequent months after the tragedy, the paper highlights how longstanding debates about the relative merits of concessions vis a vis direct public operations can become the terrain of intense political contestation in the wake
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The fourth industrial revolution, changing global value chains and industrial upgrading in emerging economies Journal of Economic Policy Reform (IF 2.059) Pub Date : 2020-05-07 Keun Lee, Franco Malerba, Annalisa Primi
ABSTRACT The 4IR can open windows of opportunity for emerging economies but also raises red flags in terms of the main challenges that these changes pose to firms, industrial systems and policy approaches. Benefiting from it will not be automatic, as these economies suffer from several gaps that hamper their possibility to operate in a digital industrial landscape. However, with a capable entrepreneurial
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Determinants of institutional quality: an empirical exploration Journal of Economic Policy Reform (IF 2.059) Pub Date : 2020-05-07 José Antonio Alonso, Carlos Garcimartin, Virmantas Kvedaras
ABSTRACT Recent literature has underlined the role that institutions play in the process of development, making it essential to understand why differences exist in the quality of institutions across countries. The goal of this study is to investigate the determinants of institutional quality. Our results confirm that institutional quality is conditioned by variables that can be modulated by public