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Market Participation (market + participation)
Kinds of Market Participation Selected AbstractsAccess to a Telephone and Factor Market Participation of Rural Households in BangladeshJOURNAL OF AGRICULTURAL ECONOMICS, Issue 3 2006Shyamal K. Chowdhury C35; D13; D23; D83 Abstract This paper assesses the impact of access to a telephone on rural households' factor market opportunities. It answers two questions. First, does the use of a telephone have any impact on rural households' factor market participation? Second, correcting for market participation, does the use of a telephone have any impact on the type of factor market participation? For the first question, the paper uses a bivariate probit to correct for omitted variable bias and for the second question, the paper uses a two-stage probit. The empirical findings suggest that access to a telephone has a significant positive impact on factor market participation. The difference in market participation between telephone users and non-users is around 14%. However, once a household participates in the market, the use of a telephone does not have any impact on specific factor market participation. [source] Neighbors Matter: Causal Community Effects and Stock Market ParticipationTHE JOURNAL OF FINANCE, Issue 3 2008JEFFREY R. BROWN ABSTRACT This paper establishes a causal relation between an individual's decision whether to own stocks and average stock market participation of the individual's community. We instrument for the average ownership of an individual's community with lagged average ownership of the states in which one's nonnative neighbors were born. Combining this instrumental variables approach with controls for individual and community fixed effects, a broad set of time-varying individual and community controls, and state-year effects rules out alternative explanations. To further establish that word-of-mouth communication drives this causal effect, we show that the results are stronger in more sociable communities. [source] Impact of cooperatives on smallholders' commercialization behavior: evidence from EthiopiaAGRICULTURAL ECONOMICS, Issue 2 2008Tanguy Bernard Propensity score matching; Program evaluation; Market participation; Cooperatives Abstract This article examines the impact of marketing cooperatives on smallholder commercialization of cereals using detailed household data in rural Ethiopia. We use the strong government role in promoting the establishment of cooperatives to justify the use of propensity score matching to compare households that are cooperative members to similar households in comparable areas without cooperatives. The analysis reveals that although cooperatives obtain higher prices for their members, they are not associated with a significant increase in the overall share of cereal production sold commercially by their members. However, these average results hide considerable heterogeneity across households. In particular, we find that smaller farmers tend to reduce their marketed output as a result of higher prices, whereas the opposite is true for larger farmers. [source] Market participation in delegated and intrinsic common-agency gamesTHE RAND JOURNAL OF ECONOMICS, Issue 1 2009David Martimort We study how competition in nonlinear pricing between two principals (sellers) affects market participation by a privately informed agent (consumer). When participation is restricted to all or nothing ("intrinsic" agency), the agent must choose between both principals' contracts and selecting her outside option. When the agent is afforded the additional possibilities of choosing only one contract ("delegated" agency), competition is more intense. The two games have distinct predictions for participation. Intrinsic agency always induces more distortion in participation relative to the monopoly outcome, and equilibrium allocations are discontinuous for the marginal consumer. Under delegated agency, relative to monopoly, market participation increases (respectively, decreases) when contracting variables are substitutes (respectively, complements) on the intensive margin. Equilibrium allocations are continuous for the marginal consumer and the range of product offerings is identical to both the first-best and the monopoly outcome. [source] A Parsimonious Macroeconomic Model for Asset PricingECONOMETRICA, Issue 6 2009Fatih Guvenen I study asset prices in a two-agent macroeconomic model with two key features: limited stock market participation and heterogeneity in the elasticity of intertemporal substitution in consumption (EIS). The model is consistent with some prominent features of asset prices, such as a high equity premium, relatively smooth interest rates, procyclical stock prices, and countercyclical variation in the equity premium, its volatility, and in the Sharpe ratio. In this model, the risk-free asset market plays a central role by allowing non-stockholders (with low EIS) to smooth the fluctuations in their labor income. This process concentrates non-stockholders' labor income risk among a small group of stockholders, who then demand a high premium for bearing the aggregate equity risk. Furthermore, this mechanism is consistent with the very small share of aggregate wealth held by non-stockholders in the U.S. data, which has proved problematic for previous models with limited participation. I show that this large wealth inequality is also important for the model's ability to generate a countercyclical equity premium. When it comes to business cycle performance, the model's progress has been more limited: consumption is still too volatile compared to the data, whereas investment is still too smooth. These are important areas for potential improvement in this framework. [source] Public employment and labour market performanceECONOMIC POLICY, Issue 34 2002Yann Algan Summary We explore the consequences of public employment for labour market performance. Theory suggests that public employment may not only crowd out private employment, but also increase overall unemployment if, by offering attractive working conditions, it draws additional individuals into the labour force. Empirical evidence from a sample of OECD countries in the 1960,2000 period suggests that, on average, creation of 100 public jobs may have eliminated about 150 private sector jobs, slightly decreased labour market participation, and increased by about 33 the number of unemployed workers. Theoretical considerations and empirical evidence, however, suggest that the crowding out effect of public jobs on private jobs is only significant in countries where public production is highly substitutable to private activities and the public sector offers more attractive wages and/or other benefits than the private labour market. [source] Effectiveness of monetary policy and limited asset market participation: Neoclassical versus Keynesian effectsINTERNATIONAL JOURNAL OF ECONOMIC THEORY, Issue 3 2007Giovanni Di Bartolomeo E61; E63 This paper investigates the effects of limited asset market participation on the effectiveness of monetary policy in a New Keynesian Dynamic Stochastic General Equilibrium model. Although an increase in consumers who cannot access financial markets reduces the effects of interest rate policies through consumption inter-temporal allocation (neoclassical or permanent income effect), we find an opposite result: monetary policy becomes more effective as the degree of financial market participation falls. The reason has a very Keynesian flavor. [source] The likelihood of a basic income in GermanyINTERNATIONAL SOCIAL SECURITY REVIEW, Issue 3 2008Michael Opielka Abstract The article discusses whether the likelihood of Germany introducing a basic income policy , that is independent of labour market participation , has increased in recent years. A brief description of the main elements of the German welfare state is followed by a critical analysis of more recent developments in guaranteeing a basic income, not least with the 2003 merger of unemployment benefits and social assistance. Since then the resulting fears of downward mobility felt even by the middle classes have reignited the 1980's debate about a basic income. Two models (the "basic income guarantee" and the "solidarity citizen's income") are used to discuss practical system design problems and the chances of realizing a basic income policy. [source] Access to a Telephone and Factor Market Participation of Rural Households in BangladeshJOURNAL OF AGRICULTURAL ECONOMICS, Issue 3 2006Shyamal K. Chowdhury C35; D13; D23; D83 Abstract This paper assesses the impact of access to a telephone on rural households' factor market opportunities. It answers two questions. First, does the use of a telephone have any impact on rural households' factor market participation? Second, correcting for market participation, does the use of a telephone have any impact on the type of factor market participation? For the first question, the paper uses a bivariate probit to correct for omitted variable bias and for the second question, the paper uses a two-stage probit. The empirical findings suggest that access to a telephone has a significant positive impact on factor market participation. The difference in market participation between telephone users and non-users is around 14%. However, once a household participates in the market, the use of a telephone does not have any impact on specific factor market participation. [source] Export market participation, spillovers, and foreign direct investment in Australian food manufacturingAGRIBUSINESS : AN INTERNATIONAL JOURNAL, Issue 3 2010Shauna Phillips Generating a more outward looking sector has been one of the principal aims of agrifood policy in Australia for the past two decades. Australia's proximity to fast-growing economies of East Asia has been seen as a major source for export growth. Over the same time span, there has been an increase in foreign ownership in the food sector. Using a firm-level data set for 2005, we characterize the probability that a firm participates in exporting by a set of firm characteristics, including foreign ownership and spillovers from foreign-owned firms, and find that foreign ownership neither increases nor decreases the probability that a firm will be involved in exporting. [EconLit citations: Q170, Q130]. © 2010 Wiley Periodicals, Inc. [source] Smallholders, institutional services, and commercial transformation in EthiopiaAGRICULTURAL ECONOMICS, Issue 2009Berhanu Gebremedhin Smallholders; Institutions; Commercial transformation Abstract This article examines the role of institutional services of credit, input supply, and extension in the overall commercial transformation process of smallholder agriculture in Ethiopia. Survey data collected in 2006 from 309 sample households in three districts of Ethiopia are used for the analyses. Tobit regression models are used to measure the effect of access to services on the intensity of inputs use for fertilizer and agrochemicals. A probit model is used to measure these effects on the adoption of improved seeds. Intensity of use of seeds is analyzed using an ordinary least squares model. Logarithmic Cobb,Douglass functions are estimated to analyze the effect of access to services on crop productivity. Heckman's two-stage estimation is used to examine determinants of household market participation and the extents of participation. Results show that access to institutional support services plays a significant role in enhancing smallholder productivity and market orientation. Our results imply that expanding and strengthening the institutional services is critical for the intensification and market orientation of smallholder agriculture in Ethiopia. In particular, appropriate incentives and regulatory systems are urgently needed to encourage the involvement of the private sector in the provision of agricultural services. [source] Maquila Age Maya: Changing Households and Communities of the Central Highlands of GuatemalaJOURNAL OF LATIN AMERICAN & CARIBBEAN ANTHROPOLOGY, Issue 1 2001Liliana R. Goldín As rural peoples of Central America and beyond struggle to create and access new forms of market participation and means of survival under the conditions generated by structural adjustment policies, significant social and cultural shifts are taking place at the local level. This paper analyzes on three levels the impact of maquiladora industries: the region and communities, sending households, and individuals. In particular, I address the implications of migration and urbanization for the new communities, the complex nature of diversified households, and attitudes toward industrial and agricultural work. I conclude with a discussion about the implications of these findings for transitions to proletarianization. [source] HISTORICAL TRADITIONS OF CIVICNESS AND LOCAL ECONOMIC DEVELOPMENT,JOURNAL OF REGIONAL SCIENCE, Issue 4 2010Guido De Blasio ABSTRACT The paper investigates the importance of history for local economic performance in Italy by studying the role of social capital, which refers to trust, reciprocity and habits of co-operation that are shared among members of a local community. The paper presents a test based on worker productivity, entrepreneurship, and female labor market participation. Using as instruments regional differences in civic involvement in the late 19th century and local systems of government in the middle ages, it shows that social capital does have economic effects. [source] Reservation wages, labour market participation and healthJOURNAL OF THE ROYAL STATISTICAL SOCIETY: SERIES A (STATISTICS IN SOCIETY), Issue 3 2010Sarah Brown Summary., The concept of the reservation wage has played an important role in labour market theory, particularly in models of job search, labour supply and labour market participation. We focus on the determinants of reservation wages, with a particular focus on health, which has attracted very little attention despite its importance from a policy perspective. Using UK data we estimate an endogenous switching model which predicts reservation wages for the unemployed and market wages for the employed. Our results have important policy implications since they suggest that poor health is a major cause of economic inactivity. [source] Employment Decisions of Married Women: Evidence and ExplanationsLABOUR, Issue 1 2000Daniela Del Boca Aggregate evidence has revealed a significant increase in women's labour market participation (especially among married women) and a decline in male participation, both in Italy and in all the other OECD countries. This paper empirically tests the relationship between the education and employment status of husbands and wives using the Bank of Italy Survey (1995). The results of our analysis show that employed women are likely to be married to employed men with a higher level of education and higher income. The estimates of the labour supply decisions of wives show that the effect of the unemployment status of husbands is mediated by other factors associated with the family's view of wives working outside home. The response to a husband's unemployment depends significantly on the employment decisions of parents (mothers and mothers-in-law), a proxy for the couple's attitude towards women's work. [source] Fertility and Economic Growth: Do Immigrant Maids Play a Role?PACIFIC ECONOMIC REVIEW, Issue 2 2002Sucharita Ghosh A significant source of child-care services in East and South-East Asia are provided by immigrant maids. Using a modified version of the model used in Galor and Weil (1996), the present paper analyses the impact of this source of child-care services on women's labor market participation, fertility behavior and the household purchase of child-care services. The results show that a lower price for the maid service leads to a lower savings rate, a higher demand for children and less time being spent with children. We also find that hiring immigrant maids leads to lower economic growth in the long run. [source] Institutional competitiveness, social investment, and welfare regimesREGULATION & GOVERNANCE, Issue 3 2007Paul Bernard Abstract Are the rather generous welfare regimes found in most European countries sustainable; that is, are they competitive in a globalizing economy? Or will they, on the contrary, be crowded out by the more austere and less expensive regimes generally found in liberal Anglo-Saxon countries? We first discuss this issue conceptually, focusing on the notions of institutional competitiveness, social investment, and short-term and long-term productivity. We then briefly present the results of an empirical study of 50 social indicators of policies and outcomes in 20 Organization for Economic Co-operation and Development (OECD) countries during the early 2000s. We conclude that welfare regimes have not been forced to converge through a "race to the bottom." There remain three distinct ways to face the "trilemma" of job growth, income inequality, and fiscal restraint: Nordic countries achieve high labor market participation through high social investment; Anglo-Saxon countries attain the same objective through minimal public intervention; while Continental European countries experience fiscal pressures because their social protection schemes are not promoting participation to the same extent. [source] Trusting the Stock MarketTHE JOURNAL OF FINANCE, Issue 6 2008LUIGI GUISO ABSTRACT We study the effect that a general lack of trust can have on stock market participation. In deciding whether to buy stocks, investors factor in the risk of being cheated. The perception of this risk is a function of the objective characteristics of the stocks and the subjective characteristics of the investor. Less trusting individuals are less likely to buy stock and, conditional on buying stock, they will buy less. In Dutch and Italian micro data, as well as in cross-country data, we find evidence consistent with lack of trust being an important factor in explaining the limited participation puzzle. [source] Neighbors Matter: Causal Community Effects and Stock Market ParticipationTHE JOURNAL OF FINANCE, Issue 3 2008JEFFREY R. BROWN ABSTRACT This paper establishes a causal relation between an individual's decision whether to own stocks and average stock market participation of the individual's community. We instrument for the average ownership of an individual's community with lagged average ownership of the states in which one's nonnative neighbors were born. Combining this instrumental variables approach with controls for individual and community fixed effects, a broad set of time-varying individual and community controls, and state-year effects rules out alternative explanations. To further establish that word-of-mouth communication drives this causal effect, we show that the results are stronger in more sociable communities. [source] The Emergence of a Working Poor: Labour Markets, Neoliberalisation and Diverse Economies in Post-Socialist CitiesANTIPODE, Issue 2 2008Adrian Smith Abstract:, This paper examines the transformations of urban labour markets in two central European cities: Bratislava, Slovakia and Kraków, Poland. It highlights the emergence of in-work poverty and labour market segmentation, which together are leading to a reconfiguration of the livelihoods and economic practices of urban households. The focus of the paper is on the growing phenomenon of insecure, poor-quality, contingent labour. It examines the ways in which those who find themselves in, or on the margins of, contingent and insecure labour markets sustain their livelihoods. We ask how such workers and their households negotiate the segmentation of the labour market, the erosion of employment security and the emergence of in-work poverty and explore the diverse economic practices of those who cannot rely solely on formal employment to ensure social reproduction. Further, we assess the articulations between labour market participation and exclusion, and other spheres of economic life, including informal and illegal labour, household social networks, state benefits and the use of material assets. We argue that post-socialist cities are seeing a reconfiguration of class processes, as the materialities and subjectivities of class are remade and as the meaning of work and the livelihoods different forms of labour can sustain are changing. [source] | |||||||||||||||||||||||||