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2010, Issue 7. AbstractsM. Fujita, Konan University, Kobe, Japan, and the Research Institute of Economy, Trade and Industry, Tokyo, Japan S. Weber, Department of Economics, SMU, USA, and CEPR
Immigration Quotas in the Globalized Economy
We consider a model with two industrialized countries facing a flow of high-skilled immigrants from the "rest of the world". The countries, that choose immigration quotas, differ in degree of labor complementarity between the natives and immigrants, the population size, and level of cultural friction. We show that the total number of immigrants in equilibrium can be excessive, so that coordinated and harmonized immigration policies may improve the welfare of both countries. It is not necessarily true though that both countries would be better off by reducing the number of immigrants. If countries' characteristics are sufficiently diverse, no country could be better off by reducing its immigrant quota, while the other would benefit from a larger number of immigrants.
Key words: intra-country heterogeneity, labor complementarity, immigration quota, policy harmonization JEL classification: C72, F22, O3, R1
Financial Applications of Copula-Models
The paper aims at introducing copula-models' concepts and its application to solving such financials programs as risk measurement, risk hedging, portfolio optimization, derivatives pricing and duration models evaluation. For the purpose the copula definition is firstly introduced. Then different copula families, model estimation and inference techniques are discussed. A detailed review of relevant literature is provided. Finally the unresolved issues are presented that might well become the subjects of further research.
Key words: copula, archimidienne, extreme, risk, hedging, duration JEL classification: C16, C46
Collective Reputation in Higher Education: An Equilibrium Model
Higher education is valued as a source of skills and knowledge, and also as means to signal а talent of degree holders. The second of these benefits, unlike the first one, could survive a decline of academic standards. A model of post-secondary education is considered where there are two categories of universities - mass and elite, and their separation is maintained by collective reputation. The model produces an equilibrium in which the university system can still be used for signaling but makes no contribution to the human capital accumulation. The model describes the outcomes of the recent transformation of the Russian university system which was driven primarily by the profit-seeking motives and witnessed precipitous drop of the quality of post-secondary education in both mass and elite segments. That model can also be used to assess policy reforms intended to make higher education more accessible and strengthen incentives for quality.
Key words: market signaling, collective reputation, single-crossing condition, university rating JEL classification: D82, I21, L15
Economic Development and Environmental Impact Disparities among Russia's Regions
The paper contains analysis of disparities in environmental impact among Russia's regions and its relation to the production growth over the years 2000-2007. Standard measures of inequality (Lorenz Curve, Gini coefficient, Atkinson index, Theil index) are applied to per capita environmental and economic characteristics, such as air pollution, sewage volume, wastes volume, gross regional product. Space autocorrelation of these indicators by region is also evaluated.
Key words: economic growth, inequality, region, Lorenz Curve, Gini coefficient, Atkinson index, Theil index, Moran index, environmental pressure JEL classification: R11, R12, Q5
State Ownership in the Russian Economy. Part 2. Governance Problems and Performance Effects
This article discusses the objectives and challenges for corporate governance of SOEs in Russia, and provides an international perspective of the performance of SOEs as compared to privately owned companies. Recent trends in the policy and management of state property are described. The problems of corporate governance in Russia are described in an agency perspective, and survey evidence on corporate governance and transparency of Russian SOEs is provided. Particular attention is given to the legal construction of the state corporation. The final section on the performance effects of state ownership summarizes the key contributions in the international economic literature in this field.
Key words: state-owned enterprises, state ownership, nationalization, corporate governance, state corporation, Russia JEL classification: D21, G32, G34, G38, P31
The Role of Budget Policy under the Financial and Economic Crisis
This study examines the growing role of fiscal policy at the time of financial crisis. It presents the analysis of fiscal stimulus measures of the Russian Government during the period of 2008-2010 and the comparison with similar measures implemented in other countries. Risks and restrictions arising during the development and implementation of measures are analyzed. Quantitative estimation of macroeconomic effect using SVAR-model is presented. Fiscal multipliers are evaluated and factors influencing the value of multipliers are examined.
Key words: fiscal stimulus measures, fiscal sustainability, SVAR, fiscal multiplier JEL classification: E62, H30, H60 Back | ||
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