EFFICIENCY WAGES, INFLATION AND GROWTH

The efficiency wage hypothesis is introduced and a work effort function is specified in which labor productivity depends on the distribution of income between wages and profits and the general level of output. The function is then incorporated in a structuralist-Keynesian growth model in which investment decisions depend on income distribution, inflation and the level of output. A ¡®conflict theory of inflation¡¯ is then developed in which wage and price change depend on real income aspirations and the rate of employment. It is, then, shown that changes in income distribution exert a direct effect, via aggregate demand, and an indirect effect, via work effort, on output and inflation. The two separate effects may be complementary or contradictory. The direction and magnitude of the overall impact on inflation and growth depends on institutional factors, such as the specification of the effort function, the different savings propensities, the determinants of capital accumulation and the state of income distribution.Efficiency Wages, Conflict Inflation, Growth

Geopolitical risk and global green bond market growth

Using individual transaction data, we investigate how geopolitical risk influences green bond issuance across 73 countries during 2008–2021. We consider deal characteristics, as well as economic and institutional factors. We find a positive association between geopolitical risk and green bond issuance. The effect shows nonlinearity and time delays. Our findings remain robust after conducting sensitivity and endogeneity analysis. After decomposing the geopolitical risk index, we discover that all its components have positive correlations with green bond issuance. Lastly, our study highlights the crucial role of the underwriters' network and specific geopolitical jurisdictions as drivers for global green bond market expansion

Foreign ownership and the financing constraints of firms operating in a multinational environment

We examine the effects of foreign ownership as well as other firm-specific variables on enterprises\u27 access to credit in 135 underdeveloped nations using micro survey data from the World Bank\u27s Enterprise Surveys. The analysis takes into consideration the role of the multinational environment in the structure and operation of firms. The findings demonstrate that foreign ownership is a strong predictor of a company\u27s ability to acquire financing, but with restrictions. Government ownership and local private owners tend to be significant in line with the control criteria in the research, but foreign ownership and often dominating investors are highly predictive of financing limitations. Whether the firm is a foreign subsidiary and operates separately from its mother company significantly mitigates the foreign ownership effect. Firm-specific traits including size, industry of operation, export status, and accounting auditing represent significant indicators as well. In addition, the caliber of institutions of governance, cultural and social circumstances, and overall measures of financial, political, and human development all seem to be important determinants of access to financing and greatly lessen the impact of ownership structure in various nations

The Pine Woods along the sea shoreline: a natural defence of the north italian Adriatic coastal zone.

Considering the importance of the pine woods in the Adriatic costal zone, like a natural defence against the attack of the storm waves tending to produce the regression of the shoreline, this study is a preliminary attempt for a more detailed investigation that will try to correlate geological, lithological, climatological and paleobotanical parameters to obtain a better knowledge of the evolutional trend of the different environments in different times of the North Italian Adriatic coastal zone

Employee empowerment and tourism sector employment around the world

Purpose: This paper hopes to examine the effect of staff empowerment on jobs that fall inside the travel and tourism industry across eighty-four nations from the years 2000 to 2021 using yearly cross-country information gathered by the World Tourism Organization (WTO). Methods:The purpose of this study is to provide an approximation of the level of employee empowerment according to the limit to which companies that are active in the economic reality provide employees with training opportunities. The analysis accounts for the effect of economic situations, the development of infrastructure, and policy frameworks by controlling for the impact of several social, economic, and institutional variables. This allows the analysis to take into account the influence held by economic circumstances, growth in infrastructure, and policies and frameworks. Results:Our research shows that there is a substantial beneficial correlation involving employee training and employment in tourism-related industries across the board in every country. The robustness of these results is demonstrated by the fact that they are not affected by a variety of tests for sensitivity and endogeneity analyses. According to the findings of our research, modifications to employee training could not have a quick or solely linear effect on employment rates in the tourism sector. It has been observed that nonlinear effects can occur, in addition to the possibility of delays in the impact that training programs have on employment. In addition, a wide variety of social, economic, environmental, and geopolitical factors all have the potential to have an impact on the link between employee training and job placement in this sector. Implications: Employee training programs in the economy appear to be important tools in enhancing employee skills and therefore empower them to seek employment in the tourism sector

Integrity of financial information and firms\u27 access to energy in developing countries

© 2020 There are strong international pressures on developing countries to achieve the universal energy access 2030 goal and to establish stricter monitoring mechanisms of firms\u27 financial information to attract energy investment. We argue that energy access is both a technical and an economic issue, and hence the integrity of firms\u27 financial information is a key monitoring mechanism. We analyze the impact of financial information integrity on firms\u27 access to energy in 138 developing countries. Our results show that the integrity of financial information is a robust predictor of firm\u27s access to energy. The decision of a firm to have its financial accounts externally audited is associated with a higher probability of better access to energy. The effect depends on country size, but not country development. Other important aspects of business operation, such as financing and corruption, also affect energy access. The financial information integrity effect on energy access depends on the firm\u27s size, industry and geographical location. Country-level macroeconomic, auditing and energy infrastructure conditions play a role too. Economic and financial development, economic openness, the accounting and auditing environment and the technical conditions of energy generation in a country are important controlling factors of the financial information integrity effect. Policy considerations in the developing world aiming at improving firms\u27 access to energy must pay attention to the role of external monitoring mechanisms and the conditions that induce firms to embrace higher level and quality of external auditing

Deep Tree Models for 'Big' Biological Data

The identification of useful temporal dependence structure in discrete time series data is an important component of algorithms applied to many tasks in statistical inference and machine learning, and used in a wide variety of problems across the spectrum of biological studies. Most of the early statistical approaches were ineffective in practice, because the amount of data required for reliable modelling grew exponentially with memory length. On the other hand, many of the more modern methodological approaches that make use of more flexible and parsimonious models result in algorithms that do not scale well and are computationally ineffective for larger data sets. In this paper we describe a class of novel methodological tools for effective Bayesian inference for general discrete time series, motivated primarily by questions regarding data originating from studies in genetics and neuroscience. Our starting point is the development of a rich class of Bayesian hierarchical models for variable-memory Markov chains. The particular prior structure we adopt makes it possible to design effective, linear-time algorithms that can compute most of the important features of the relevant posterior and predictive distributions without resorting to Markov chain Monte Carlo simulation. The origin of some of these algorithms can be traced to the family of Context Tree Weighting (CTW) algorithms developed for data compression since the mid-1990s. We have used the resulting methodological tools in numerous application-specific tasks (including prediction, segmentation, classification, anomaly detection, entropy estimation, and causality testing) on data from different areas of application. The results obtained compare quite favourably with those obtained using earlier approaches, such as Probabilistic Suffix Trees (PST), Variable-Length Markov Chains (VLMC), and the class of Markov Transition Distributions (MTD)

The "new diverted bed" of the Sperchios river and the new National Road Athina-Lamia in the area of the "Alamana Bridge" and the impact to the environment to the coastal area of the Maliakos Gulf and the Delta (Fthiotida-Greece)

The purpose of this work is to depict and evaluate the alterations in the geomorphological characteristics and the hydro-geomorphological processes as well as the effects to the environment of the coastal area of the Maliakos gulf and the delta of the Sperchios river, as a result of the construction of the "new bed" of the new diverted bed of Sperchios river, the "New Alamana Bridge" and the construction of the long embankments which are constructed in order to facilitate the road works for the New National Road Athina-Lamia in the section Thermopylae - Lamia (Fthiotida-Greece)