The Role of Credibility and Fundamentals in a Funded Pension System: A Markov Switching Analysis for Australia and Iceland

Since the turn of the millennium the problem of credibility of the social security system has spread to the private pension funds sector. This is evident for those countries, like Australia and Iceland, that have very large funded pensions assets as a result of strong pension reforms. The problem of trust could prevent pension fund investment from continuing to grow, weakening the privatization of the social security system. The objective of this study is to obtain new insights into the determinants of pension funds. We focus our analysis on the Australian and Icelandic experiences to study the credibility of pension fund performance and, as a consequence, of pension reform. Our credibility indicator is derived from a CAPM time-varying model. It can be used to investigate, using a Markov switching model, the linkages between economic fundamentals and the credibility of pension fund investment and the asymmetric effects of the fundamentals in the two regimes of low and hight credibillity. Our findings make a contribution to modelling policy credibility as a non-linear process with two distinct regimes. We also found large differences in the value of the coefficients for all macroeconomic variables between the low and high credibility regimes. This evidence strongly supports the hypothesis that the effects of macroeconomic fundamental variables on the level of credibility are asymmetric in all countries.Credibility, pension funds, Kalman filter, Markov switching model

Determinants of different internal migration trends: the Italian experience

This paper investigates the determinants of interregional migration in Italy for the period 1985-2006, during which different migration trends took place. In so doing, in addition to the traditional variables of Harris and Todaro model, the impact of housing prices and externalities variables were studied. Our results, using a dynamic panel GMM, show that the H-T model, due to the complexity of the internal migration process, omits some important economic and non-economic variables and may not be representative of migration flow in Italy. Furthermore, our analysis confirms our intuition that for different periods we have to take into account different determinants.Interregional Migration, House prices, Income, Unemployment, Italy, Panel Data

Response of the common mode of interferometric detectors to a stochastic background of massive scalar radiation

We compute the angular pattern and the overlap reduction functions for the geodesic and non-geodesic response of the common mode of two interferometers interacting with a stochastic, massive scalar background. We also discuss the possible overlap between common and differential modes. We find that the cross-correlated response of two common modes to a non-relativistic background may be higher than the response of two differential modes to the same background.Comment: 8 pages, 4 figures, revte

LA PREVIDENZA SOCIALE ITALIANA TRA RIFORME FATTE E DA FARE

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Happy PIIGS

This paper investigates the causality dynamics between happiness and per capita GDP growth and the impact of the recent financial crisis using a VAR-GARCH model for 10 European EMU countries divided in peripheral and non-peripheral members. The rationale of the analysis is to look at the two different dimensions (mean and variance) of economic growth and happiness within a time-series framework.The results show that GDP growth has significant positive effects on happiness in all countries considered, particularly in the PIIGS countries; happiness volatility responds positively to economic uncertainty. The size of this effect is bigger following the most recent crisis period, especially for the PIIGS countries. Our findings confirm the important role played by economic growth in determining population happiness and, most importantly, provides new evidence on the existence of causality linkages between economic uncertainty and happiness volatility

Editorial: flood susceptibility and risk maps as a crucial tool to face the hydrological extremes in developing countries: technical and governance aspects linked by a participatory approach

[Abstract:] In summary, this Research Topic wants to draw attention to two points of reflection: 1) The need to involve stakeholders at all levels in the planning of actions aimed at reducing the risks associated with floods is preponderant, given the considerable increase in urban settlements in high-risk areas of developing countries. 2) Likewise, we hope that new lines of research will open up to explore innovative solutions that help in risk management without having to resort to costly methods, which involve manpower or require continuous maintenance

Édouard Glissant e Salman Rushdie. Pensare il mondo, scrivere il mondo

Il presente articolo intende indagare e comparare le modalità attraverso le quali Édouard Glissant e Salman Rushdie pensano e rappresentano la mondialità nelle proprie opere. In un primo momento verranno analizzati i percorsi intellettuali dei due autori, caratterizzati dalla ricerca di un “terzo-spazio” (oltre la dicotomia centro-periferia) all’interno del campo transnazionale della letteratura. In seguito, si inseriranno le loro riflessioni teoriche nel più ampio dibattito su World Literature e Littérature-monde. Infine, compareremo le loro concezioni del realismo, caratterizzate da uno stretto legame tra il locale transculturale (India e Antille) e il tout-monde creolizzato

Influence of biochar, mycorrhizal inoculation and fertilizer rate on growth and flowering of pelargonium (Pelargonium zonale L.) plants

Peat is the most common substrate used in nurseries despite being a very expensive and a non-renewable material. Peat replacement with biochar could be a sound environmental practice, as it is produced from waste biomass, but evaluation of biochar as a potting substrate is needed. Ratios of peat:biochar of 100:0, 70:30, 30:70 (BC0, BC30, and BC70, respectively), two fertilizer rates (FERT1, FERT2), and arbuscular mycorrhizal fungi (AMF) inoculation were tested on potted Pelargonium plants. Plant growth, flowering, bio-physiological and nutritional responses, and root mycorrhization were evaluated. The BC30 mixture did not affect plant growth compared with pure peat. However, BC30 in combination with FERT2 treatment was more effective in enhancing nitrogen (N) and chlorophyll (CHL) leaf concentrations, and leaf and flower numbers. The BC70 mixture depressed plant growth, flowering traits, and root mycorrhization. Leaf N concentration was below the sufficiency range reported for Pelargonium growth. Leaf concentration of phosphorous (P) was adequate in pure peat and in BC30 but it dropped close to sub-optimal values in BC70. The pH value of the mixtures lowered P availability, though in BC30 the mycorrhizal activity could have allowed adequate P plant uptake. In BC70 plants, the deficiency of both N and P might be a reason for the observed growth reduction. The inoculation of the substrate with selected AMF improved plant growth (higher dry biomass, greater floral clusters, larger and more abundant leaves) and quality resulting in unstressed (lower electrolyte leakage and higher relative water content values) and greener leaves (low L∗ and C∗, high CHL content) and in more intensely colored flowers. We conclude that biochar can be applied in nursery/potted plant production provided that the proportion in the peat mixture does not exceed 30%. Furthermore, AMF inoculation contributed to achieving the best plant performance in 30% biochar amended medium

Daniele Comberiati - Chiara Mengozzi (eds.), <em>Storie condivise nell’Italia contemporanea. Narrazioni e performance transculturali</em>

Recensione del libro Storie condivise nell'Italia contemporanea. Narrazioni e performance transculturali a cura di Daniele Comberiati e Chiara Mengozzi