Portuguese Economic Journal, 2023, Volume 22, nº 3
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- Evolution of price‑cost margins during the troika intervention Portugal : market competition and workers’ bargaining power in 2010-2016Publication . Figueira, Carlos; Pinheiro‑Alves, RicardoMarket competition is a key driver for an efficient allocation of resources and thus to sustained economic growth and higher aggregate welfare. Portugal implemented significant policy reforms during the difficult period 2010-2016 to improve the level of competition and flexibility in the product and labour markets. This paper measures price-cost margins in 190 markets during these years and the results present a stability pattern while providing evidence of imperfectly competitive markets. This seems to indicate that both the market power of firms and competition did not improve significantly during the period, although there was a reduction in the markups of some non-manufacturing sectors, such as construction and other services. In addition, there was a sizeable decrease of the estimated parameter for labour market frictions in some services sectors, which may be interpreted as the policy reforms leading to a reduction in their workers’ bargaining power.
- Welfare and sectoral productivity shifts in a small open economy with imported agricultural inputs : the case of Sub‑Saharan AfricaPublication . García‑Cebro, Juan Antonio; Quintela‑Del‑Río, Alejandro; Varela‑Santamaría, RamónThis paper studies the impact of sectoral productivity growth on welfare in Sub- Saharan Africa. Using the analytical framework of a DSGE model, the main finding is that, for the estimated values of structural parameters, the allocation of scarce resources to the tradable agricultural sector for boosting productivity leads to a greater increase in overall welfare than would be the case if they were allocated to the non-traded goods sector.
- Human capital and the intertemporal substitution for leisure : empirical evidence for SpainPublication . Cutanda, Antonio; Sanchis‑Llopis, Juan A.In this paper we provide the first estimate of the intertemporal substitution for leisure in Spain, accounting for the impact of human capital accumulation. This would allow uncovering whether the intertemporal labour supply of Spanish workers is affected by human capital. Our empirical strategy consists of estimating the equation for the intertemporal substitution of leisure with and without accounting for human capital, what allows to detect hypothetical estimation biases associated to omitting the impact of human capital. To that end, we build a pseudo-panel data set combining the Spanish Family Expenditure Survey and the Labour Survey over the period 1987–1997. While the model that ignores human capital accumulation provides an estimate of the intertemporal elasticity of substitution for leisure about 0.25, comparable to previously available estimates for Spain and other economies, the model with human capital provides an estimate about 0.5, what confirms the existence of a bias in the former estimates. Finally, this bias is larger for the younger cohorts than for the older ones.
- Long‑run relationship between the unemployment rate and the current account balance in the United States : an empirical analysisPublication . Ahmed, Haydory Akbar; Nasser, TarequeIn recent years, political rhetoric implying international trade hinder employment has gained momentum. We argue that the dynamics between the unemployment rate and the current account balance have both economic and political relevance. The presence of cointegration between the unemployment rate and the current account balance to GDP ratio and the nature of their short-run fluctuations will help us analyze the dynamics between the two objectively to evaluate the political rhetoric. We use quarterly data from 1948: Q1 to 2020: Q1 on the unemployment rate and current account balance to GDP ratio in the United States. Traditional cointegration tests fail to detect any cointegration. However, threshold cointegration tests confirm statistical evidence of threshold cointegration between the two. The estimated threshold vector error-correction model shows statistically significant evidence of falling unemployment rate coupled with deteriorating current account balance. This finding indicates that as unemployment rates go down, the current account balance deteriorates to maintain the long-run co-movement. Arguably, as the unemployment rate decline, concurrently imports rise faster than exports causing the current account balance to deteriorate. This finding thereby refutes the political rhetoric.
- Impacts of switching from business households to enterprises on the financial performancePublication . Hieu, Le Quang; Van, Vu Hong; Doanh, Nguyen KhanhThis study aims to elucidate whether switching from business households to enterprises brings higher financial performance than not switching. The study was carried out in Thanh Hoa province, Vietnam. Our sample includes 366 establishments that were originally business households. Of which, 184 business households switched to enterprises (switchers), and 182 remained as business households (non-switchers). Using propensity score matching, we discovered several exciting findings. First, switching to enterprises has a positive impact on the financial performance of the switchers. Second, applying different matching algorithms, we found that business households that switched to enterprises have higher financial performance than those which did not, with an average increase in ROA from 0.134 to 0.164. Finally, our research findings suggest that provincial leaders and the Vietnamese government should encourage business households to switch to enterprises. In particular, leaders should focus on training programs, loan support, and strengthening support services from the government.
- Integrating the two-stage of non-radial DEA model and BCG methods to evaluate the performance with strategic trajectory : a case study of securities industryPublication . Lin, Chun-YuehThe 2008 sub-prime mortgage crisis in the United States brought many financial institutions to the brink of bankruptcy. Securities firms were not immune to such issues, given their prominence in the financial market. Consequently, evaluating the performance of securities companies’ post-recession is important when determining how to confront market-shaking macroeconomic problems. Consequently, this paper employs a non-radial model of data envelopment analysis (DEA) to measure the performance of revival on Taiwan’s securities industry. The research findings suggest that Tachan Securities (TCS) outperformed its peers in the operational period immediately after the global financial crisis, while Capital Securities (CAPITAL) is the best performer in the profit-making period. This paper applies the Boston Consulting Group (BCG) Matrix to analyze strategic positioning and trajectory on the basis of the efficiency value of the two-stage of non-radial DEA model. In order to validate any variances between the efficiencies of different stages after the global financial crisis, this paper conducts non-parametric statistical analysis to examine the variances in the efficiency values of the single-stage and the two-stage model. Finally, the purpose is to understand the impact of the post-crisis environmental variables on the efficiency of the securities industry. The empirical findings can serve as a reference for industry management on the assessment of operating performances and profitability by the characteristic of radial efficiency. Decisionmakers in the industry may also refer to the findings as a benchmarking tool for the evaluation of business performance after the global financial crisis.
- Correction to : integrating the two‑stage of non‑radial DEA model and BCG methods to evaluate the performance with strategic trajectory : a case study of securities industryPublication . Lin, Chun‑YuehThe article, "Integrating the two-stage of non-radial DEA model and BCG methods to evaluate the performance with strategic trajectory: a case study of securities industry," by -Chun-Yueh Lin has errors. Tables 1, 2, 3, and 4 and Figs. 1, 2, and 3 in the supplementary materials should be in the body of the text. The correct supplementary materials has been uploaded. The original article is corrected.