Economic efficiency of public secondary education expenditure: how different are developed and developing countries?

Este estudio mide la eficiencia del gasto público en educación secundaria en 35 países desarrollados y en desarrollo mediante el uso de una metodología semiparamétrica DEA (análisis envolvente de datos) en dos pasos. En primer lugar, implementamos dos modelos de frontera transfronteriza para el período 2009-2012: uno que utiliza un aporte físico (es decir, relación maestro-alumno) y otro que utiliza un aporte monetario (es decir, gasto gubernamental por estudiante secundario). Estos resultados se corrigen por los efectos del PIB per cápita y el logro educativo de los adultos como insumos no discrecionales. Obtenemos cuatro resultados importantes: (i) los países desarrollados y en desarrollo tienen los mismos procesos de producción educativa cuando se comparan utilizando insumos físicos, pero no cuando se los compara con insumos monetarios; (ii) los países en desarrollo podrían aumentar sus tasas de matrícula y puntajes PISA en aproximadamente un 9% y un 5%, respectivamente, al mantener las mismas proporciones maestro-alumno y los niveles de gasto público que los países desarrollados; (iii) Irlanda, Japón y Corea son países eficientes en los dos modelos de frontera (Colombia también se incluye en esta categoría cuando se utiliza la relación maestro-alumno como insumo); y (iv) la sólida evidencia empírica indica que tanto el ingreso como el logro educativo de los padres afectan positivamente la eficiencia de la educación pública en ambos modelos.This study measures the efficiency of public secondary education expenditure in 35 developing and developed countries using a two-step semi-parametric DEA (data envelopment analysis) methodology. First, we implement two cross-country frontier models for the 2009-2012 period: one using a physical input (i.e., teacher-pupil ratio) and one using a monetary input (i.e., government expenditure per secondary student). These results are corrected by the effects of GDP per capita and adult educational attainment as non-discretionary inputs. We obtain four important results: (i) developed and developing countries have the same education production processes when they are compared using physical inputs but not when compared using monetary inputs; (ii) developing countries could increase their enrollment rates and PISA scores by approximately 9% and 5%, respectively, by maintaining the same teacher-pupil ratios and public spending levels as developed countries; (iii) Ireland, Japan and Korea are efficient countries in the two frontier models (Colombia is also included in this category when the teacher-pupil ratio is used as input); and (iv) robust empirical evidence indicates that both income and parental educational attainment positively affect the efficiency of public education in both models

Determinants of the income velocity of money in Portugal: 1891–1998

This paper performs a long-run time series analysis of the behaviour of the income velocity of money in Portugal between 1891 and 1998 by assessing the importance of both macroeconomic and institutional factors and looking for particularities in the Portuguese case. We estimate two cointegration vectors for the income velocity of money, macroeconomic variables and institutional variables. It is apparent that one of these vectors reflects the relationship between income velocity and macroeconomic variables, while the other reflects the relationship between income velocity and institutional variables. Moreover, a regression analysis reveals that the usual U-shaped pattern is displayed with a relatively late inflection point located around 1970, which is consistent with the Spanish case. It is further noted that this is a feature of countries with a late economic and institutional development process.info:eu-repo/semantics/publishedVersio

EU aggregate demand as a way out of crisis? Engaging the post-Keynesian critique

The file attached to this record is the author's final peer reviewed version. The Publisher's final version can be found by following the DOI link.Post-Keynesians have delivered an important advance in providing explanations of the Eurozone Crisis, not the least in demonstrating how the formation of the European integration project lacked the means to manage effectively the macroeconomic imbalances between ‘core’ and ‘peripheral’ spaces across the region. Through a critical engagement with such descriptions, this article argues that to account more adequately for the formation of the asymmetrical and crisis-ridden forms of development across the Eurozone, it is necessary to focus on the uneven and combined development of Europe’s ‘peripheral’ spaces and their integration into an expanded free trade regime since the 1980s. It is through a focus on the structuring condition of uneven and combined development shaped by capitalist social relations of production and attendant class struggles that we can better locate the origins of the present crisis

The representation of rules in connectionist models

Three models of connectionist rule processing are presented and discussed: Shastri and Ajjanagadde's SHRUTI system, which uses connectionist mechanisms to overcome the inefficiency of classical rule-based models; Sun's CONSYDERR model, which combines rule-processing and similarity-matching in a two-level architecture; and Sumida and Dyer's Parallel Distributed Semantic (PDS) Network, which adds generalisation and inferencing capabilities to a semantic network. The Sun and Sumida and Dyer models are illustrated with implementations and example runs. Aspects of rule-based reasoning not addressed by these models (rule learning, the encoding of rules wuthout hard-wired structure, and holistic rule application) are discussed in the context of a proposed new model