Heterogeneous effect of the global financial crisis and the Great East Japan Earthquake on costs of Japanese banks
The effect of financial and economic ctarises depends on bank technology, which includes risk attitude and business model. The paper focuses on Japanese banking and examines how technology distinctions determined impact of the 2007–2009 global financial crisis and the economic recession that followed the Great East Japan Earthquake of 2011. Assuming that different types of technology correspond to different cost quantiles, we use panel data quantile regressions to establish a link between efficiency, economies of scale/scope and the effects of the two crises. The analysis reveals technological heterogeneity and shows that the impact of profitability, non-traditional activities and non-performing loans in the two crises differs between high-cost and low-cost banks. Finally, we contrast the business models and risk-taking behavior of Japanese and European banks.
The paper documents the changes in the size of the wage distribution in Russia over the period 1994–2003. Developments in wage inequality varied a lot by sub-periods: overall wage inequality stayed stable in 1994–1996, then it jumped following the 1998 crisis and remained at higher levels for three years. In 2002 the trend reversed again and in the course of a single year wage inequality fell back to the level of the mid-1990s. We find that evolution wage inequality was largely driven by changes in the upper end of the wage distribution. Decomposition of wage inequality by population sub-groups shows that inequality has been higher for men, younger and low-educated workers, and rural inhabitants. The structure of inequality did not change much over the period from 1994 to 2003. Demographic variables (mainly gender and region) explain the largest proportion of wage dispersion (over 40% of the explained variation and 15% of total variation). Nearly equivalent is the contribution of firm characteristics with industry affiliation of employer playing the leading role. Our results show that returns to education continued to rise at all percentiles of the wage distribution converging at the level of about 8–9% of wage increase for an additional year of schooling.
This volume explores a wide range of case studies, analyses, histories, and polemics on the fate of post-socialist Europe and why that matters to readers today. Nearly 30 years after the fall of the Berlin Wall, the post-socialist economies of the former East remain adrift, buffeted by the international financial crisis, the Ukraine crisis, and the ongoing instability in the European Union. This new book brings together a diverse range of scholars in offering a comprehensive look at the struggles faced by policymakers, economists and business people across the former East, and the ways that they responded to crisis. This volume also will be of great value to policymakers, academics, historians, and economists seeking to understand possible influence of China's One Belt One Road policy on Eastern Europe and Russia.
Gender differences in mathematical performance have received considerable scrutiny in the fields of sociology, economics and psychology. We analyse a large data-set of high school graduates who took a standardised mathematical test in Russia in 2011 (n=738,456) and find no substantial difference in mean test scores across boys and girls. However, boys have a greater variance of scores and more numerous at top of the distribution. We apply quantile regression tj model the association between school characteristics and gender differences in test scores throughout the distribution of test scores. Male advantage in test scores, particularly at the top of the distribution, is concentrated in cities and in schools with an advanced curriculum. In other high schools, especially in the countryside, gender differences in all parts of the distribution are small. We suggest several mechanisms based on selection and school effects that account for our findings.
This article addresses the issue of unobserved heterogeneity in film characteristics influence on box-office. We argue that the analysis of pooled samples, most common among researchers, does not shed light on underlying segmentations and leads to significantly different estimates obtained by researchers running similar regressions for movie success modeling. For instance, it may be expected that a restrictive MPAA rating is a box office poison for a family comedy, whereas it insignificantly influences an action movie’s revenues. Using a finite mixture model we extract two latent groups, the differences between that can be explained in part by the movie genre, the source, the creative type and the production method. On the basis of this result, the authors recommend developing separate movie success models for different segments, rather than adopting an approach, that was commonly used in previous research, when one explanatory or predictive model is developed for the whole sample of movies.
Students’ perception of the labor market makes a great deal in students’ decisions concerning effort to study, work during university studies, etc. The aim of the research is to define whether students identify significant returns on effort with respect to wage after graduation. Moreover, it seems reasonable to single out other factors that students expect to influence their wage significantly. With the use of the data of Russian students’ questionnaire conducted in 2012 within the framework of the Monitor of Economics of Education project the regressions with the use of instrumental variables and stochastic frontier approach are estimated. The results suggest effort is considered as an influential factor in determining wage by Russian students if students’ incomplete awareness about labor market is taken into account. Besides, university quality, abilities, wage received by working students, region, specialty, family’s income and gender make the difference in the amount of wage expected by students. For additional analysis the 20% and 80% quantile regressions are built. According to the results, persons having the highest wage forecasts base them on the amount of wage offered to working students on the labor market and do not correct them subject to their effort, university quality and abilities. At the same time another group of students, keeping similar basis for expectation formation as a previously analyzed group, expect significant contribution of effort and abilities.
Using changes in consumption as a proxy for ‘vulnerability’ we identify the characteristics associated with vulnerability around the time of the 1998 Russian financial crisis. In addition, we examine the role of formal and informal safety nets in preserving individual well being. We apply quantile regression techniques in order to identify the characteristics associated with vulnerability across the two periods. Amongst those most vulnerable during the crisis were, less educated individuals living in urban areas, in households containing greater numbers of pensioners. Furthermore, we found that increases in home production and help from relatives acted to decrease vulnerability, especially amongst those suffering the largest changes in consumption. Following the crisis, amongst the least vulnerable were, better educated individuals, resident in urban areas, able to increase home production, and in receipt of improved pension payments and child benefits.
This thought-provoking monograph analyzes long- medium- and short-term global cycles of prosperity, recession, and depression, plotting them against centuries of important world events. Major research on economic and political cycles is integrated to clarify evolving relationships between the global center and its periphery as well as current worldwide economic upheavals and potential future developments. Central to this survey are successive waves of industrial and, later, technological and cybernetic progress, leading to the current era of globalization and the changes of the roles of both Western powers and former minors players, however that will lead to the formation of the world order without a hegemon. Additionally, the authors predict what they term the Great Convergence, the lessening of inequities between the global core and the rest of the world, including the wealth gap between First and Third World nations.
Among the topics in this ambitious volume:
· Why politics is often omitted from economic analysis.
· Why economic cycles are crucial to understanding the modern geopolitical landscape.
· How the aging of the developed world will affect world technological and economic future.<
· The evolving technological forecast for Global North and South.
· Where the U.S. is likely to stand on the future world stage.
Economic Cycles, Crises, and the Global Periphery will inspire discussion and debate among sociologists, global economists, demographers, global historians, and futurologists. This expert knowledge is necessary for further research, proactive response, and preparedness for a new age of sociopolitical change.