42 research outputs found

    Las pensiones de jubilación en España: el debate que no llega

    Get PDF
    Las perspectivas financieras de las pensiones españolas no son halagüeñas. La recesión ha provocado una fuerte caída del número de cotizantes. Viviremos, además, un intenso envejecimiento de la población, que elevará las tasas de dependencia en los próximos cuarenta o cincuenta años. Ambos son retos de envergadura para la sostenibilidad financiera del actual modelo de pensiones. En este artículo se abordan las distintas opciones con que hacer frente a dichos desafíos y se defiende la urgente necesidad de un debate público sobre la cuestión. Un debate riguroso que, con el pretexto de evitar la politización de un asunto tan sensible, ha sido sistemáticamente negado a la sociedad española por la opacidad política del Pacto de Toledo, provocando entre los españoles confusión y complacencia acerca de la viabilidad del sistema de pensiones.-----The financial perspectives for the future of the pensions’ system in Spain are not very hopeful. Economic recession has caused a substantial decrease in Social Security affiliation. We also expect the intensification of the Spanish aging population and, consequently, higher dependence rates. All these problems pose great challenges for the financial sustainability of the pensions' system. In this paper we address the different possible options to face those challenges and point to the urgent debate this question asks for. Unfortunately, this debate has been systematically neglected. Precisely trying to avoid partisan discussions, the debate has been left to the Pacto de Toledo, which has political opacity as one of its main characteristics. This situation leads to social ignorance and indulgence with respect to the sustainability of the pensions system

    Quality differences, third-degree price discrimination, and welfare

    Get PDF
    We propose a theoretical model to analyze the welfare implications of price discrimination in the presence of differences in quality. The model considers two markets where in each market competition takes place between a local firm that operates in that market only and a global firm that operates in both markets. All firms are assumed to be producing with zero marginal costs. Local firms produce a good that is perceived by consumers to have superior quality than that produced by the global firm. We find that there are parameter values such that welfare increases while total output decreases if the global firm engages in price discrimination. This is due to a positive allocation effect brought about precisely by the global firm engaging in price discrimination

    Free Entry and Welfare with Different Firms

    Get PDF
    It has been proved that in an homogeneous product industry, price over marginal costs, business stealing, set up costs and free entry imply excess entry from the welfare point of view. The proof assumes identical firms. We show by example that with non-identical firms, those conditions are compatible with insufficient entry. Besides, we provide a criterium to evaluate excess entry in industries with non-identical firms and externalities

    Technology Choice and Unit vs Ad Valorem Tax

    Get PDF
    This paper compares the effects of unitary and ad valorem taxes in a homogeneous good market where two technologies are freely available. We find that, both in monopolies and Cournot oligopolies, unit taxes may be welfare superior to ad valorem taxes

    Exploring the oil prices and exchange rates nexus in some African economies

    Get PDF
    This paper investigates the relationship between oil prices and exchange rates in three African countries using a Vector AutoRegressive (VAR) model. We use daily dataset on nominal exchange rates, oil prices and short term interbank interest rates from 01/12/2003 to 02/07/2014. The results suggest that the exchange rate of three selected countries displayed differing in the event of an oil price shock, not only before and after the oil peak of July of 2008, but also between each other, implying that no general rule can be made for net oil importing sub-Saharan countries, such as Botswana, Kenya and Tanzania. From our analysis we conclude that after an oil price peak, the Botswanan pula clearly appreciates against the US dollar, the Kenyan and Tanzanian shilling

    Technology Choice and Third Degree Price Discrimination in a Monopoly

    Get PDF
    This paper studies technology choice as a relevant aspect to be considered when analyzing price discrimination and welfare. Our results reinforce the traditional wisdom that an increase in output is a necessary condition for price discrimination to improve social welfare. But we also find that the positive output effect does not need to be as large as previously supposed since, under some conditions, the monopoly will move to a socially preferred technology only if third-degree price discrimination is allowed

    Oil price volatility and stock returns in the G7 economies

    Get PDF
    This study examines the relationship between oil price volatility and stock returns in the G7 economies (Canada, France, Germany, Italy, Japan, the UK and the US) using monthly data for the period 1970 to 2014. In order to measure oil volatility we consider alternative specifications for oil prices (world, nominal and real prices). We estimate a vector autoregressive model with the following variables: interest rates, economic activity, stock returns and oil price volatility taking into account the structural break in the year 1986. We find a negative response of G7 stock markets to an increase in oil price volatility. Results also indicate that world oil price volatility is generally more significant for stock markets than the national oil price volatility

    Efficacy and safety of a hexanic extract of Serenoa repens (Permixon (R)) for the treatment of lower urinary tract symptoms associated with benign prostatic hyperplasia (LUTS/BPH): systematic review and meta-analysis of randomised controlled trials and observational studies

    Get PDF
    Objectives To comprehensively evaluate the efficacy and safety of the hexanic extract of Serenoa repens (HESr, Permixon (R); Pierre Fabre Medicament, Castres, France), at a dose of 320 mg daily, as monotherapy for the treatment of lower urinary tract symptoms associated with benign prostatic hyperplasia (LUTS/BPH). Materials and methods We conducted a systematic review and meta-analysis of randomised controlled trials (RCTs) and prospective observational studies in patients with LUTS/BPH identified through searches in Medline, Web of Knowledge (Institute for Scientific Information), Scopus, the Cochrane Library, and bibliographic references up to March 2017. Articles studying S. repens extracts other than Permixon were excluded. Data were collected on International Prostate Symptom Score (IPSS), maximum urinary flow rate (Qmax), nocturia, quality of life, prostate volume, sexual function, and adverse drug reactions (ADRs). Data obtained from RCTs and observational studies were analysed jointly and separately using a random effects model. A sub-group analysis was performed of studies that included patients on longer-term treatment (= 1 year). Results Data from 27 studies (15 RCTs and 12 observational studies) were included for meta-analysis (total N = 5 800). Compared with placebo, the HESr was associated with 0.64 (95% confidence interval [CI] -0.98 to -0.31) fewer voids/ night (P < 0.001) and an additional mean increase in Q(max) of 2.75 mL/s (95% CI 0.57 to 4.93; P = 0.01). When compared with a-blockers, the HESr showed similar improvements on IPSS (weighted mean difference [WMD] 0.57, 95% CI -0.27 to 1.42; P = 0.18) and a comparable increase in Q(max) to tamsulosin (WMD -0.02, 95% CI -0.71 to 0.66; P = 0.95). Efficacy assessed using the IPSS was similar after 6 months of treatment between the HESr and 5a-reductase inhibitors (5ARIs). Analysis of all available published data for the HESr showed a mean improvement in IPSS from baseline of -5.73 points (95% CI -6.91 to -4.54; P < 0.001). HESr did not negatively affect sexual function and no clinically relevant effect was observed on prostate-specific antigen. Prostate volume decreased slightly. Similar efficacy results were seen in patients treated for = 1 year (n = 447). The HESr had a favourable safety profile, with gastrointestinal disorders being the most frequent ADR (mean incidence of 3.8%). Conclusion The present meta-analysis, which includes all available RCTs and observational studies, shows that the HESr (Permixon) reduced nocturia and improved Q(max) compared with placebo and had a similar efficacy to tamsulosin and short-term 5ARI in relieving LUTS. HESr (Permixon) appears to be an efficacious and well-tolerated therapeutic option for the longterm medical treatment of LUTS/BPH
    corecore