Stationarity Conditions for the Spatial First-order and Serial Se-cond-order Model
Fertility is an important determinant of long-run population growth and labor market conditions. The present study focuses on the effects of time and space dynamics on the description of fertility in Sweden. These effects were expected to be generated by labor mobility across municipalities. The influence of time dynamics in postponing or accelerating childbearing was assessed by considering two different effects of earnings. First, the effect within one generation was considered by comparing a family’s current earnings with the earnings in the recent past and expected earnings in the future. The second effect, referred to previously as the Easterlin hypothesis, was examined through the generations by comparing a household’s earnings for a younger generation with earnings of the parental generation. The hypotheses were tested for the period 1981–2008. The study involved estimating space and time dynamics by using the SAR (2,1) model and the general method of moments for aggregate panel data. By comparing different specifications, positive spatial autocorrelation of fertility was identified. Current earnings appeared to have a negative effect on fertility rates within municipalities, and in the long-run, across them. The inverted Easterlin hypothesis was weakly supported within municipalities. The study makes an important theoretical contribution through the application of a stationarity condition and evaluation of the long-run effect in the direct, indirect, and total forms of the SAR (2,1) model with second-order autoregressive and first-order spatial disturbances.
We study the relationship between income and environmental quality based on modern Russian city-level data. The paper aims at testing whether the environmental Kuznets curve relationship between air pollution and average monthly wages holds in Russian cities and towns. Our preliminary results support the presence of an inverted U-shaped function of wages and reveal significant spatial autocorrelation of air pollution indicators of Russian cities and towns.
We estimate Okun's model on panel data of Russian regions and reveal the role of regional interactions at its formation. We consider the 78 regions of Russia for the period 1998–2013 and estimate a wide range of spatial econometrics model specifications. The results show that Okun’s coefficient is underestimated if we don’t take into account the spatial interactions in the model. There is no reveal asymmetric adjustment change in the unemployment rate to rise or fall of GRP in the models with spatial interactions. We propose a new way of interpreting the results of spatial econometrics models: the concepts of autonomy and influence factors that allow to rank the regions according to their degree of independence in conducting their own policies and impact on the situation in other regions.
The problem of stationarity of sign coincidence of returns is considered. Statinarity of sign coincidence of a pair of stocks is tested by two sample Kolmogorov-Smirnov and Chi-Square tests. Multiple comparison pocedures, such as Bonferroni and Holm procedures, are employed to test stationarity of sign coincidence in market network and to control the family-wise error rate (FWER). The method is validated for testing stationarity of stock's prices and returns. It is shown that the hypotheesis of stationarity is rejected for prices and it is not rejected for returns and their sign coincidence on some significance level.
The aim of this paper is to identify the determinants of migration within Russia by distinguishing between eastern (Asian) and western (European) regions. Using Russian official data for the observation period 2001–2010, we estimate non-spatial panel and spatial panel lag of X model regressions for migration rates of 78 Russian regions with fixed effects. We apply in-migration, out-migration, and net-migration measures as dependent variables and distinguish between internal and external migration. The results indicate that migrants react to changes in labor demand in eastern regions, while wealth makes western regions attractive. Furthermore, universities hinder out-migration of eastern regions, but the share of tertiary educated persons has no measurable effect.
The collection of articles by 31 authors, “Geographical Labor Market Imbalances” (edited by Chiara Mussida and Francesco Pastore) belongs to the AIEL Series in Labor Economics published by Springer Verlag and impresses the readers with the broad spectrum of problems examined therein. The book consists of introduction and four parts. The structure of the book is well thought of, the material of each part is smoothly connected to the previous parts. The chapters’ distribution inside each part is well balanced. Attractive features of the book are extended number of applied econometric methods and a variety of empirical data used for the analysis. I studied “Geographical Labor Market Imbalances” with great pleasure and great benefits for myself and would like to recommend it to wider audience, including researchers, students and professors in the areas of labor market, regional economics and comparative economics.
Smoking is a problem, bringing signifi cant social and economic costs to Russiansociety. However, ratifi cation of the World health organization Framework conventionon tobacco control makes it possible to improve Russian legislation accordingto the international standards. So, I describe some measures that should be taken bythe Russian authorities in the nearest future, and I examine their effi ciency. By studyingthe international evidence I analyze the impact of the smoke-free areas, advertisementand sponsorship bans, tax increases, etc. on the prevalence of smoking, cigaretteconsumption and some other indicators. I also investigate the obstacles confrontingthe Russian authorities when they introduce new policy measures and the public attitudetowards these measures. I conclude that there is a number of easy-to-implementanti-smoking activities that need no fi nancial resources but only a political will.
One of the most important indicators of company's success is the increase of its value. The article investigates traditional methods of company's value assessment and the evidence that the application of these methods is incorrect in the new stage of economy. So it is necessary to create a new method of valuation based on the new main sources of company's success that is its intellectual capital.