Assessing the performance of social spending in Europe

Based on the construction of a new composite index to assess the relative performance of welfare policies, we show that the variability of performances cannot be explained only by the amount of resources devoted to social policies, but also by its composition: countries with higher shares of social public expenditure, specifically aimed at reducing income concentration, obtain better results. This associates the traditional classification of the welfare systems to the performance obtained in the social sector

Retirement Flexibility and Portfolio Choice

This paper explores the interaction between retirement flexibility and portfolio choice in an overlapping-generations model. We analyse this interaction both in a partial-equilibrium and general-equilibrium setting. Retirement flexibility is often seen as a hedge against capital-market risks which justifies more risky asset portfolios. We show, however, that this positive relationship between risk taking and retirement fl exibility is weakened - and under some conditions even turned around - if not only capital-market risks but also productivity risks are considered. Productivity risk in combination with a high elasticity of substitution between consumption and leisure creates a positive correlation between asset returns and labour income, reducing the willingness of consumers to bear risk. Moreover, it turns out that general-equilibrium effects can either increase or decrease the equity exposure, depending on the degree of substitutability between consumption and leisure.retirement (in)fl exibility;portfolio allocation;risk;intratemporal substitution elasticity

Monetary stability and financial development in Sub-Saharan countries

Abstract We analyze the interrelation between monetary stability and financial structure in 20 Sub-Saharan economies. Using a panel data set we estimate the impact of monetary stability and financial development on income per capita. Special interest is given to the conditions of the so-called CFA-countries, that have a fixed exchange rate vis-à-vis the French Franc. Is the impact of the financial system development in these countries bigger than in non-CFA countries? We measure monetary uncertainty using an auxiliary (G)ARCH model of monthly inflation. For financial development we take both the role of M2 as credit to the private sector into account. Our sample covers the years 1970-1997. We estimate growth regressions in three different forms: cross-section, interval, and a pooled model. We do find that inflationary uncertainty is relevant for growth of GDP per capita. Financial development is relevant in the low data-frequency models. The differences between CFA and non-CFA countries become apparent in the interval and pooled models. CFA-countries seem to rely more on credit in the interval model. Moreover, in the years 1985-1993 non-CFA countries seemed to suffer more from inflationary uncertainty.

Performative Publications

This article is a print rendition of a web-based experimental publication which reflects upon and at the same time is itself an example of performative publishing. A performative publication wants to explore how we can bring together and align more closely the material form of a publication with its content. Making use of hypothes.is software, the web-version of this article has been written ‘in the margins’ of the performative publication it reflects upon, entangling itself with this project at various points. The reflections written in hypothes.is extend the performative publication both theoretically and practically by examining the correlation between performative publishing and technotexts (Hayles), performative materiality (Drucker), liberature (Fajfer), and feminist design (McPherson), and the ethical and political challenges towards academic publishing these kinds of concepts and practices pose. The web-version of this article stresses the collaborative and processual nature of scholarship, where through hypothes.is both annotators and reviewers have become active participants on this evolving publication, which is both open-ended in time and collaborative in authorship

Methods and models for the construction of weakly parallel tests

Several methods are proposed for the construction of weakly parallel tests [i.e., tests with the same test information function (TIF)]. A mathematical programming model that constructs tests containing a prespecified TIF and a heuristic that assigns items to tests with information functions that are equal are important components of these methods. Numerical examples demonstrate that tests can be constructed quickly and that the heuristic produces good results. However, the heuristic is not applicable for every set of practical constraints (e.g., constraints with respect to test administration time, test composition, or dependencies between items). Index terms: item banking, heuristics, mathematical programming, test construction, weakly parallel tests

Pensions, Debt and Inflation Risk in a Monetary Union

This paper investigates the international spillovers of government debt and the associated risk of inflation within a monetary union when countries have different pension systems. I use a stochastic two-country two-period overlapping-generations model, where one country has PAYG pensions and the other country has funded pensions. The paper shows that the PAYG country can shift part of its long-term debt burden to the funded country. Moreover, the PAYG country gains from unexpected inflation at the cost of the funded country. In response to these conflicting interests about inflation, inflation risk may rise with the level of debt in the PAYG country. Higher inflation risk harms both countries. Actually, in contrast to the debt burden, the PAYG country cannot share the negative effects of a rise in inflation risk with the funded country. The scenarios analysed might be especially relevant for the years to come

The Surge in New University Presses and Academic-Led Publishing: An Overview of a Changing Publishing Ecology in the UK

This article outlines the rise and development of New University Presses and Academic-Led Presses in the UK or publishing for the UK market. Based on the Jisc research project, Changing publishing ecologies: a landscape study of new university presses and academic-led publishing, commonalities between these two types of presses are identified to better assess their future needs and requirements. Based on this analysis, the article argues for the development of a publishing toolkit, for further research into the creation of a typology of presses and publishing initiatives, and for support with community building to help these initiatives grow and develop further, whilst promoting a more diverse publishing ecology

Publication practices in motion: The benefits of open access publishing for the humanities

The changes we have seen in recent years in the scholarly publishing world - including the growth of digital publishing and changes to the role and strategies of publishers and libraries alike - represent the most dramatic paradigm shift in scholarly communications in centuries. This volume brings together leading scholars from across the humanities to explore that transformation and consider the challenges and opportunities it brings