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We investigate the impact of governmental restrictions on the short-term risk perception, as proxied by the going-in cap rate, of investors in regional and neighborhood shopping centers. We use the COVID-19 pandemic as a natural experiment and proxy for the length and severity of COVID-19 restrictions with the political affiliation of state governors. Using a sample of 40 metropolitan statistical areas (MSAs) across 27 states over the period of 2018 to 2021, we find that for states with Republican governors, which proxy for shorter and fewer COVID-19 restrictions, investors in regional malls required a lower going-in cap rate in the pandemic period than for states with Democratic governors. This effect does not exist for neighborhood shopping centers, whose tenants were not as affec... |
The financial sector plays an important role in financing the green transformation. Various regulatory initiatives in the EU aim to improve transparency in relation to the sustainability of financial products and the sustainability of economic activities of non-financial and financial undertakings. For credit institutions, the Green Asset Ratio (GAR) has been established by the European regulatory authorities as a key performance indicator (KPI) for measuring the proportion of Taxonomy-aligned on-balance-sheet exposure in relation to the total assets. The breakdown of the total GAR by type of counterparty, environmental objective and type of asset provides in-depth information about the sustainability profile of a credit institution. |
In this paper, we model an evolutionary noncooperative game between politicians and citizens that, given the level of infection, describes the observed variety of mitigation policies and citizens’ compliance during the COVID-19 pandemic period. Our results show that different stable equilibria exist and that different ways/paths exist to reach these equilibria may be present, depending on the choice of parameters. When the parameters are chosen opportunistically, in the short run, our model generates transitions between hard and soft policy measures to deal with the pandemic. In the long-run, convergence is achieved toward one of the possible stable steady states (obey or not obey lockdown rules) as functions of politicians’ and citizens’ incentives. |
This study investigates the design of the royalty rate in a first-price auction across three types of investments: incremental and lumpy with or without an exogenously given intensity. A bidder’s investment cost comprises private information. This, together with the stochastic evolution of the price of the output generated from the auctioned project, precludes the seller from setting the exact dates of investment with the winner. However, the seller can set the royalty rate to equate the winner’s royalty payment with the winner’s information rent so that the winner acts as if to maximize the seller’s revenue. |
This book is open access under a CC BY-NC-ND license. This volume analyzes the economic, social, and political challenges that emerging states confront today. Notwithstanding the growing importance of the ‘emerging states’ in global affairs and governance, many problems requiring immediate solutions have emerged at home largely as a consequence of the rapid economic development and associated sociopolitical changes. The middle-income trap is a major economic challenge faced by emerging states. This volume regards interest coordination for technological upgrading as crucial to avoid the trap and examines how various emerging states are grappling with this challenge by fostering public-private cooperation, voluntary associations of market players, and/or social networks. Social dispar... |
The value-added tax (VAT) is meant to be an efficient and self-enforcing tax on consumption. Yet, being a rather sophisticated tax, the VAT can also be complex and costly to administer. By examining the case of Rwanda, this paper assesses the extent to which the VAT’s potential materialises in the context of a lower-income countries. Using a mixed-methods approach, which combines qualitative information from focus group discussions with the analysis of administrative and survey data, this paper makes two contributions. First, it documents reporting inconsistencies in VAT data, providing new evidence on how weak capacity prevents tax administrations in lower-income countries from reaping the full benefits of the VAT. |
The Global South and Global North terminologies, in addition to several other designations, have been used to classify the socio-economic nature of countries for centuries; however, these historical naming conventions carry subtle confusions and tend to tint political discourse. This research explores the classificatory differences in international trade, politics, economic theory, and the media and discusses how such differences inform the narratives surrounding world production and consumption systems, as well as trade. The current evidence suggests that several descriptions of the world economies create misunderstandings and often mischaracterize less developed countries while positively projecting certain countries as more advanced. |
This paper proposes a synthetic indicator of the quality of support for companies and identifies the factors that can contribute towards improving the quality of such support in three countries (i.e., Burkina-Faso, Cameroon, and Ghana). The study uses static mechanics and applies techniques of factor analysis. A principal component analysis is performed on the data collected from 80 business support structures in the sampled countries. After constructing the indicators, correlates are provided on how the constructed indicators are linked to the objectives of sustainable development. Our results are robust after controlling for variables relating to the general characteristics of the support structure. The findings are consistent with the position that taking sustainable development ... |
I numerically compute Borda-optimal, i.e., optimal based on the Borda count as the normative criterion, labour-income tax schedules for the United States. I do so in the context of a Mirrlees-style model with quasilinear preferences and a constant elasticity of labour supply. Because the Borda count is defined for finitely many alternatives, the computations restrict attention to a finite subset of the set of continuous, piecewise linear tax schedules with (in the baseline analysis) four or fewer pieces. |
Contagion arising from clustering of multiple time series like those in the stock market indicators can further complicate the nature of volatility, rendering a parametric test (relying on asymptotic distribution) to suffer from issues on size and power. We propose a test on volatility based on the bootstrap method for multiple time series, intended to account for possible presence of contagion effect. While the test is fairly robust to distributional assumptions, it depends on the nature of volatility. The test is correctly sized even in cases where the time series are almost nonstationary |
