Fiat Money Oligopolistic Economy With Labor/Leisure Trade-Off and Equilibrium Default
This article reviews the institutional economics researches of slavery and serfdom. The exploration of the comparative institutional advantages and disadvantages of forced labor enriches various historical studies. On the example of the Great Princedom of Moscow, author considers reasons for establishment of the serfdom and how it affected the distribution of welfare.
The article deals with basic specific institutional features of professional training in coordinated and liberal economies. The author thinks that the specifics of labor market institutes have become one of the basic factors that shape models of professional training. One of the principle directions of evaluation of these models is checking whether they are up to challenges of the modern economy. The mechanisms of providing of education services in various countries is primarily determined by the choice of funding sources, the ratio between general and specialized knowledge, and specifics of the knowledge certification systems.
In article the concept of training of specialists in the field of management of human resources of master level is considered. Relevance and demand of such program locates. Features of the present stage of preparation of such experts are analyzed proceeding their requirements of the international labor market.
These proceedings represent the work of contributors to the 13th European Conference on Innovation and Entrepreneurship (ECIE 2018), hosted this year by the University of Aveiro, Portugal on 20-21 September 2018. The Conference Chair is Professor Carlos Costa and the Programme Co-Chairs are Dr. Manuel Au-Yong-Oliveira and Dr. Marlene Paula Castro Amorim. ECIE is now a well-established event on the academic research calendar and now in its 13th year the key aim remains the opportunity for participants to share ideas and meet the people who hold them. The scope of papers will ensure an interesting two days. The subjects covered illustrate the wide range of topics that fall into this important and ever-growing area of research.
Economic crisis started in 2008 forced companies in Russia to move from growth and expansion to reduction and restructuring. The article presents the main changes at top managers’ labor market from the beginning of crisis in Russia. The original data on top managers’ mobility in Russia from late 1999 till 2009 was used. The main result of the research is that there were no big changes in Russian top managers’ labor market during the crisis years (2008–2009). The most significant change was the increase of firm’s demand for specific human capital of top managers and the decrease of demand for general human capital.
The mortgage crisis that started in the U.S. in 2007 and lasted until 2009 was characterized by an unusually large number of defaults on the subprime mortgage market. As a result, it developed into a global economic recession and placed the stability of the world banking system in jeopardy. Therefore, the issues of credit risk modeling showed the shortcomings of the current credit risk practice. Truncation, or partial observability, and simultaneous equations bias causes sample selection bias. As a result, parameter estimates are biased and inconsistent. Firstly, we provide an overview of current approaches in the mortgage literature to control for the sample selection bias correction, such as the Heckman model and bivariate probit model with selection. Secondly, a review of the most significant mortgage studies discussing this problem is introduced. Specifically, different structural models, specific datasets and empirical results are regarded. In addition, we discuss such key credit risk determinants as borrower characteristics, terms of the mortgage contract, mortgage characteristics, and macroeconomic conditions. Finally, we conclude the discussion with possible research questions.