Does it pay to be socially responsible? Evidence from Spanish retail banking sector

This paper presents a theoretical and empirical analysis of strategic competition in retail banking when some of the financial firms are non-profit organisations that invest in social activities. Banking literature about competition is fairly large, but the strategic interaction between profit maximizing and non profit maximizers has not been extensively analysed except for Purroy and Salas (1999). In this paper, a completely different approach is taken. An adaptation of Hotelling’s two stage model of spatial competition is developed to take into account consumer perceptions respect to the two different types of financial institutions. The empirical analysis confirms that consumers take into account other features different from the price, such as social contribution or closer service to make a deposit or mortgage decision. These conclusions are of interest in the debate about a firm’s social or ethical activities. It is shown that if consumers value social activities, firms can improve their results by behaving socially responsible.Strategic competition; Hotelling´s model; Spanish banking; Corporate social responsibility

Can buying weapons from your friends make you better off? Evidence from NATO

[EN] In this paper we analyse the effect of multilateral defence alliances and arms trade on economic growth of allies. Previous literature shows that military alliances may improve institutional development and efficiency in defence budget allocation, with consequent enhancement of economic performance. We postulate that importing advanced weapons from allies can bring about technology diffusion. This conjecture is developed theoretically assessing the effect of arms imports on domestic military technology and output. The model is tested for the countries that have a partnership relationship with the North Atlantic Treaty Organization for years 1990 to 2019. We confirm empirically the theoretical suggestion of military technology spillovers, namely, that imports of frontier technology arms from allies, have positive effects on output and productivity through a diffusion of foreign knowledge. Our findings imply that policy makers should have in mind that foreign policy issues, security matters in this case, can interact with economic goals.We are grateful to the editor, the associate editor and two anonymous referees for helpful comments and suggestions. We also thank the participants at the 2021 Conference on Economics and Security for their suggestions and comments. Financial support from the Spanish Ministry of Education and Science through grants PID2019-106642GB-I00 and PID2020-115018RB-C32.Callado-Muñoz, FJ.; Hromcová, J.; Utrero-González, N. (2023). Can buying weapons from your friends make you better off? Evidence from NATO. Economic Modelling. 118. https://doi.org/10.1016/j.econmod.2022.10608411

Defence Spending, Institutional Environment and Economic Growth: Case of NATO

[EN] This paper analyses the impact of participating in a military alliance on the nexus between defence spending and economic growth. In particular, we study how the process of gradual association to a military organization influences the defence spending of newcomers, and consequently their economic growth. Conclusions from the theoretical model are tested empirically for countries in the North Atlantic Treaty Organization. Results show that the prospect of intensified military alliance partnership and membership has a positive effect on economic growth. In addition, increased security and stability gained by closer military cooperation reinforces the positive link with economic growth. Empirical evidence supports theoretical priors.Financial support from the Ministry of Education and Science through [grant number ECO2013-45395-R], [grant number ECO2013-48496-C4-4-R], [grant number ECO2015-67999-R] (MINECO/FEDER), [grant number ECO2016-76255-P]; the Regional Government of Aragón and the European Social Fund (S125 project: Compete), and the Centro Universitario de la Defensa Zaragoza through the 2016-06 project is gratefully acknowledged.Utrero-González, NM.; Hromcová, J.; Callado-Muñoz, FJ. (2019). Defence Spending, Institutional Environment and Economic Growth: Case of NATO. Defence and Peace Economics. 30(5):525-548. https://doi.org/10.1080/10242694.2017.140029252554830

Microscopic Overtaking Model to Simulate Two-lane Highway Traffic Operation and Safety Performance

Rural two-lane highways make up a large portion of road networks around the world. The special geometric and traffic attributes of these highways pose special challenges to safety and traffic operation. In recent years, microscopic simulation models have gained increased acceptance as a reliable tool for investigating traffic operations and evaluating safety performance. Despite this trend, the development and application of these models to two-lane highway operations has not kept pace with those of freeways and urban networks, and this is due, in large part, to difficulties in modeling the overtaking process. This process has been rendered complex by the large number of inter-related decision factors that need to be considered by the overtaking driver in a bi-directional driving regime. In this research, a new overtaking gap-acceptance model is developed to simulate traffic operation and safety performance on two-lane highways. This model considers a wide spectrum of physical and behavioral variables that could affect overtaking. It does so by introducing a new safety-based gap-acceptance decision variable based on the overtaking driver’s perception of time-to-collision (TTC) with an opposing vehicle. The decision to overtake was expressed as a function of the perceived TTC in comparison to an established driver risk threshold (critical TTC). The distribution of critical TTC among drivers are determined through a model calibration and validation procedure based on overtaking observational data obtained from a video-recording of a one-kilometer segment of a two-lane highway. Unlike previous models, the proposed gap-acceptance model makes use of only a few calibration parameters. The proposed overtaking models along with other components of a micro-simulation traffic model are implemented in a software framework that can simulate traffic and safety operation for two-lane highways. The overall simulation results demonstrate that the proposed simulation model can provide reliable measures of traffic and safety for two-lane highway operation. The overtaking model was found to yield both consistent and transferable results. The model is then applied successfully to provide more accurate estimates of traffic measures used in level-of-service analysis for two-lane highways and to compare these results to values reported in the two versions of the Highway Capacity Manual (HCM). In another application, this model is used to investigate the impact of truck mandated speed limiters on safety and traffic operation of two-lane highways and specifically their impact on overtaking. Finally, the potential implications of adaptive cruise control for overtaking and its resultant traffic and safety impacts are studied using the developed simulation model.4 month

Effects of institutional environment and technology development on payment choice

The purpose of this paper is to analyze the combination of institutional factors and technology advances as determinants for the choice of payment instruments. The theoretical set up suggests that countries that enter into a new institutional environment adopt the attitudes of the accepting group towards the payment choices as a consequence of institutional pressure and technology development. We apply the results of the model to the European Union enlargement process of 2004. Our findings confirm the relevance of both institutional environment and technology development in retail payment choice decisions particular to Central and Eastern European Countries

Firm performance in regulated markets: the case of spanish defence industry

This paper studies the effects of legal reforms associated with defence and public procurement on firm performance. With this aim, a theoretical framework for the reaction of defence firms to regulatory changes is developed. Its predictions have been empirically assessed using the last reforms implemented in Spain. Our results suggest that these new regulations have allowed the main defence contractors to outperform the other defence contractors in terms of productivity, having no effect on profitability. These findings are in line with theoretical priors. Therefore, it can be claimed that governmental interventions have had an effect on firm performance. We also provide evidence that, while the procurement procedures and the contract law put into place in 2011 have principally affected the productivity of large firms, the centralization process established in 2014 has exerted a higher influence on SMEs

Effects of institutional environment and technology development on payment choice

The purpose of this paper is to analyze the combination of institutional factors and technology advances as determinants of payment systems choice. The theoretical set up suggests that countries entering into a new institutional environment approach accepting group attitudes towards payment choices as a consequence of institutional pressure and technology development. We apply the results of the model to 2004 European Union enlargement process. Results confirm the relevance of both institutional environment and technology development in retail payment system decisions of newly acceded countries

Pasados y presente. Estudios para el profesor Ricardo García Cárcel

Ricardo García Cárcel (Requena, 1948) estudió Historia en Valencia bajo el magisterio de Joan Reglà, con quien formó parte del primer profesorado de historia moderna en la Universidad Autónoma de Barcelona. En esta universidad, desde hace prácticamente cincuenta años, ha desarrollado una extraordinaria labor docente y de investigación marcada por un sagaz instinto histórico, que le ha convertido en pionero de casi todo lo que ha estudiado: las Germanías, la historia de la Cataluña moderna, la Inquisición, las culturas del Siglo de Oro, la Leyenda Negra, Felipe II, Felipe V, Austrias y Borbones, la guerra de la Independencia, la historia cultural, los mitos de la historia de España... Muy pocos tienen su capacidad para reflexionar, ordenar, analizar, conceptualizar y proponer una visión amplia y llena de matices sobre el pasado y las interpretaciones historiográficas. A su laboriosidad inimitable se añade una dedicación sin límites en el asesoramiento de alumnos e investigadores e impulsando revistas, dosieres, seminarios o publicaciones colectivas. Una mínima correspondencia a su generosidad lo constituye este volumen a manera de ineludible agradecimiento

Towards economic and monetary union: changing trends in payment systems for new european members

The objective of this paper is preciselyto study the evolution of payment systems within the accession countries between 1996 and 2003 and compare them with those of the E.U. and the Eurozone countrie