To what extent financial development is important in promoting economic growth in OECD countries

This paper revisits the relationship between economic growth and the main determinants of financial development in The Organisation for Economic Co-operation and Development (OECD) countries during the period 1990-2016. Using a random effects model, we provide empirical evidence of different aspects of financial development in order to show which of these characteristics of financial development help to explain economic growth in OEDC countries in terms of finances through a panel data model for the period examined. We pay special attention to the main determinants of the financial system and verify their influence on economic growth even when we control for other key country-level factors relating to economic growth. Results show that an increase in domestic credit provided by financial-sector, in market capitalization and in the turnover ratio of domestic shares entails a significant positive effect on the Gross Domestic Product (GDP) per capita. Among other socioeconomic determinants related to economic growth, expenditure in education, the inflation and unemployment rates appear highly significant in the economic growth of the analysed countries.Universidad de Málaga. Campus de Excelencia Internacional Andalucía Tech

Financial development and economic growth: a study for OECD countries in the context of crisis

The aim of this paper is to study the relationship between economic growth and the main determinants of financial development in developed countries during the period 1990-2016. Using a random effects model, we provide empirical evidence of different aspects of financial development in order to show which of these characteristics of financial development help to explain economic growth in developed countries, particularly in OEDC countries in terms of finances through a panel data model and a dynamic model for the period examined. Paying special attention to the main determinants of the financial system and verify their influence on economic growth even when we control for other key country-level factors relating to economic growth. We conclude that an increase in domestic credit provided by financial-sector, in market capitalization and in the turnover ratio of domestic shares entails a significant positive effect on the GDP per capita. Among other socioeconomic determinants related to economic growth, expenditure in education, the inflation and unemployment rates seem highly significant in the economic growth of the analysed countries.Universidad de Málaga. Campus de Excelencia Internacional Andalucía Tech

- MINIMAL RIGHTS IN CLAIMS PROBLEMS

This paper focuses on some appealing properties for claims problems. Our main result is that the Constrained Equal-Losses Rule is the only rule satisfying equal treatment of equals, composition from minimal rights, and path independence.

INDIVIDUAL EVIDENCE OF INDEPENDENCE IN HEALTH PROFILES EVALUATION

We analyze empirically the fulfillment of the property of Mutual Independence, traditionally assumed in the literature on health profiles evaluation. Mutual Independence turns out to be equivalent to the simultaneous fulfillment of two weaker properties: Independence of the Past with regard to the Future and Independence of the Future with regard to the Past. The purpose of this paper is to test if the latter property is better fulfilled than its alternative of Independence of the Past with regard to the Future, and than the stronger one of Mutual Independence. To do so, we propose three different sets of questionnaires, addressed to three groups of people, differing in age. Our main findings are the following: (1) at an aggregate level, Mutual Independence is accurately satisfied, even though there is a higher level of satisfaction of Independence of the future with regard to the past, particularly significant withing the Elderly group; (2) at an individual level, Independence of the future with regard to the past is significantly better fulfilled than the alternative assumption, for every group.Health profile; Preference Independence; QALY.

Places to Develop Democracy: Relevance of Relph's Concept of Place for the History of Education

Presentación conferenciaThis paper, based on the research developed in the Erasmus+ project Reimagining Creative Democracy (2018-1-SE01-KA203-039115), provides a synthesis of Relph’s concept of place giving examples of its use in the study of past and present educational spaces. The reappraisal of Relph’s concept might help address new perspectives from which spaces and places of education may be seen differently. Spaces are relevant to the History of Education and Relph’s essay is important for us because it represents the phenomenological approach to the study of place and space from at least two perspectives: 1. The distinction between place and space; 2. The delimitation, when writing about educational spaces, of the emotional attachment to or detachment from a specific learning place (inside or outside the school buildings).Universidad de Málaga. Campus de Excelencia Internacional Andalucía Tech

ALLOCATION PROBLEMS WITH INDIVISIBILITIES WHEN PREFERENCES ARE SINGLE-PEAKED

We consider allocation problems with indivisible goods when agents’ preferences are single-peaked. Two natural procedures (up methods and temporary satisfaction methods) are proposed to solve these problems. They are constructed by using priority methods on the cartesian product of agents and integer numbers, interpreted either as peaks or opposite peaks. Thus, two families of solutions arise this way. Our two families of solutions satisfy properties very much related to some well-known properties studied in the case of perfectly divisible goods, and they have a strong relationship with the continuous uniform and equal-distance rules, respectively.Allocation problem, indivisibilities, single-peaked preferences, temporary satisfaction method, up method.

OPTIMAL SHARING OF SURGICAL COSTS IN THE PRESENCE OF QUEUES

We deal with a cost allocation problem arising from sharing a medical service in the presence of queues. We use a standard queuing theory model in a context with several medical procedures, a certain demand of treatment and a maximum average waiting time guarantee set by the government. We show that sharing the use of an operating theatre to treat the patients of the different procedures, leads to a cost reduction. Then, we compute an optimal fee per procedure for the use of the operating theatre, based on the Shapley value. Afterwards, considering the post-operative time, we characterize the conditions under which this cooperation among treatments has a positive impact on the average post-operative costs. Finally, we provide a numerical example constructed on the basis of real data, to highlight the main features of our model.Surgical Waiting Lists; Queueing Theory; Cost-Sharing Game.

EGALITARIAN RULES IN CLAIMS PROBLEMS WITH INDIVISIBLE GOODS

In this work we deal with rationing problems. In particular with claims problems with indivisible goods, that is, problems in which a certain amount of indivisible units (of an homogeneous good), has to be distributed among a group of agents, when this amount is not enough to satisfy agents' demands. We define discrete rules to solve those problems that involve notions of fairness similar to those supporting the constrained-equal awards and the constrained-equal losses rules in the continuous case. Axiomatic characterizations of those solutions are provided.indivisible goods, claims problems, equal awards solution, equal losses solution.

THE THREE MUSKETEERS: FOUR CLASSICAL SOLUTIONS TO BANKRUPTCY PROBLEMS

This paper provides a comparative analysis of some classical solutions to bankruptcy problems from an axiomatic viewpoint. These rules are the constrained equal-awards rule, the constrained equal-losses rule, the proportional rule and the Talmud rule. The purpose of this study is to facilitate the understanding of their differences and to clarify the type of situations in which each of these rules is better.Bankruptcy problems, proportional solution, equal-awards solution