In this paper we’ll attempt to explain the connection between interventionism in financial markets, financial crises and economic downturns, as the main cause of the financial crisis mainstream models; As well as the connection between the theories of Austrian and Minsky’s economic cycle as branches of heterodox economic theory. In order to achieve this target, we’ll begin with a brief introduction of mainstream financial crises models in the orthodox economic literature, then we’ll examine the statements of the Austrian Business Cycle Theory and the Financial Instability Hypothesis, and evaluate whether a connection between the two. We conclude that Financial Instability Hypothesis can be studied as a particular case of the Austrian Business Cycle Theory.
This paper analyses the returns to education in Ecuador based on cross-sectional data collected by a National Survey at the individual- and canton-levels in 2005 and 2015. The multilevel analysis provides the methodological framework that allows capturing the regional peculiarities of data as well as addressing the high regional economic heterogeneity. The two level- random intercept and random slope models are used to examine the impact of individual-level and canton-level characteristics on the labour income. In subsidiary, the paper explains the proportion of variance in individual- level income that is explained by canton- level characteristics.
Big Data systems manage and process huge volumes of data constantly generated by various technologies in a myriad of formats. Big Data advocates (and preachers) have claimed that, relative to classical, relational/SQL Data Base Management Systems, Big Data technologies such as NoSQL, Hadoop and in-memory data stores perform better. This paper compares data processing performance of two systems belonging to SQL (PostgreSQL/Postgres XL) and Big Data (Hadoop/Hive) camps on a distributed five-node cluster deployed in cloud. Unlike benchmarks in use (YCSB, TPC), a series of R modules were devised for generating random non-aggregate queries on different subschema (with increasing data size) of TPC-H database. Overall performance of the two systems was compared. Subsequently a number of models were developed for relating performance on the system and also on various query parameters such as the number of attributes in SELECT and WHERE clause, number of joins, number of processing rows etc.
An instrument that political parties use to inform the electorate with regard to their policy preference (including preference towards the environment) is the electoral manifest. This paper analyses some important drivers that push political parties towards adopting pro-environmental attitudes by analysing the content included in their electoral manifestos (using the Comparative Manifesto Dataset). As explanatory factors we consider various socio-economic, ideological and international related variables, but our main focus is on environmental related determinants. We proceed as such because the paper aims to test the validity of ‘the ecological approach’ given that the current literature overlooks this issue or doesn’t succeed in providing strong evidence of its existence. Our dataset covers 49 countries worldwide and a total of 190 national electoral years, occurring between 2000 and 2015. The resulting evidence, which might confirm the validity of ‘the ecological approach’, is rather weak, but there is nonetheless strong evidence to prove the existence of an opportunistic behaviour of the political parties (confirming the validity of the ‘opportunistic political cycle’).
Our analysis aims to identify the typology of consumers’ behavior on insurance market. The initial sample consisted of 1579 individuals who were randomly selected by Metro Media Transilvania (MMT) with the Computer-Assisted Telephonic Interview (CATI) method. Using the Multiple Correspondence Analysis (MCA) and logistic regression, we are showing that higher levels of trust, pleasant experiences, income and education have a positive impact on insurance development.
This theoretical approach is relatively new as there are no specialized studies to investigate the intangible asset in insurance companies in Romania’s case. This article should help the insurers to understand the role of trust and the importance of pleasant experiences in selling financial services such as life insurance and voluntary private pension.
The purpose of our paper is to analyze the main factors which influence fiscal balance’s evolution and thereby identify solutions for configuring a sustainable fiscal policy. We have selected as independent variables some of the main macroeconomic measures, respectively public debt, unemployment rate, economy openness degree, population, consumer goods’ price index, current account balance, direct foreign investments and economic growth rate. Our research method uses two econometric models applied on a sample of 22 countries, respectively 14 developed and 8 emergent. The first model is a multiple regression and studies the connection between the fiscal balance and selected independent variables, whereas the second one uses first order differences and introduces economic freedom as a dummy variable to catch the dynamic influences of selected measures upon fiscal result. The time interval considered was 1999-2013. The results generated using the two models revealed that public debt, current account balance and economic growth significantly influence the fiscal balance. As a consequence, the governments need to plan and implement a fiscal policy which resonates with economy priorities and the phase of the economic cycle, as well as ensure a proper management of the public debt, stimulate sustainable economic growth and employment.
The present paper aligns to the economic policy body of research granting intensive efforts to the sphere of analysing the unemployment rate’s evolution as well as its primary drivers and effects in the context of the Europe 2020 strategy. Considering one of the agenda’s main targets – increasing employability among the European Union’s states, this paper analyses the areas funded by the European Social Fund as well as the country policy specifics in deriving the behaviour of the Beveridge curve associated with the EU-13 countries given the shift of European Union’s funds from old member states to newer ones. As such, the study employs the tools of Simultaneous Equations Systems and examines the impact of four categories of components on the Beveridge curve’s behaviour - structure of the unemployed, labour market and business environment factors as well as business cycles.
This study investigates relationships between reported assets growth, human capital effectiveness, ability to do business with state and firms' growth. Longitudinal data were extracted from annual financial reports. Sample includes 80 companies in construction industry of Bosnia and Herzegovina from 2008-2013. Generalized estimating equations (GEE) approach is used for investigation of previously mentioned associations. We found that working with the state in Bosnian construction sector is dominant factor for outstanding increase in net reported income, while the human capital efficiency is negatively associated to its change. These findings support the theory of markets with asymmetric information, suggesting that the relational and social capital of the firm in the imperfect markets, where the state is dominant customer, drives the growth and that precedes firm’s investments into development of intellectual capital.
Taking into account that one of the major handicaps when undertaken in the cultural sector is the problem of cost and demand volatility, this paper aims to implement a viability plan for the entrepreneurship of a lyric theatre low-cost company, dedicated to Zarzuela performance, a type of Spanish music like Opera. Firstly, the cultural sector data are analysed in terms of supply and demand and secondly a viability plan is carried out for three years. According to the results it is concluded that this type of venture is very risky if you do not have grant or other financial resources, due to the variability of demand and the increase in unit costs as the artistic performance has a fixed production technology that cannot absorb the technical progress of the rest of the economy.
In prevailing competition-based market economy, organizations have to search factors influencing advertising effectiveness. This research aims at developing the model of the influence of advertising appeal on advertising effectiveness. While achieving the aim of the article, the analysis and synthesis of scientific literature is provided. Furthermore, traditional marketing research methods as well as neuromarketing research methods are applied in order to determine the influences of different advertising appeals on advertising effectiveness. As a research result, the model of the influence of advertising appeal on advertising effectiveness is elaborated. Accordingly, this research fills the gap in scientific literature by determining the influences of emotional and rational appeals on print / outdoor advertising effectiveness in the context of convenience product category. Moreover, by answering the research question, the contribution to the field emerges in integrating both marketing theory and neuroscience in order to analyze and evaluate consumer behavior.