Market Policy Changes Research Articles

A Revised Comparison between Fama and French Five-Factor Model and Three-Factor Model——Based on China's A-Share Market

In allusion to some contradicting results in existing research, this paper selects China's latest stock data from 2005 to 2020 for empirical analysis. In this paper, the redundant factors (HML, CMA) are orthogonalized, and the regression analysis of the 5*5 portfolio of Size-B/M and Size-Inv is carried out with these two orthogonalized factors. It found that the HML and the CMA are still significant in many portfolios, indicating that they have a strong explanatory ability, which is also consistent with the results of GRS test. All these show that the five-factor model has a better ability to explain the excess return rate. Then, we analyze the possible reasons for the strong explanatory ability of the HML, CMA, and RMW from the aspects of price-to-book ratio, turnover rate, and correlation coefficient. We also explain the results and analyze China's stock market policy changes and investors' investment style in recent years.

Citizen Scientist: Farm 2 Facts Supporting Farmers Markets

As multifunctional loci of local food economies and public activity, farmers markets impart diverse impacts on their surrounding communities. In response to the emerging scholarship on farmers markets, as well as the desires of market managers to buttress their decision-making with cogent data analysis, the Farm 2 Facts data collection toolkit was created by the University of Wisconsin-Madison to measure the economic, social, and ecological impacts of farmers markets. We document here the history of Farm 2 Facts. Through case studies of F2F members, we describe the ways in which individual markets, market organizations, and local governments use farmers markets as a means of achieving differing goals, as well as how Farm 2 Facts necessarily adapted to measure and support these goals. We argue that Farm 2 Facts is in a tight reciprocal relationship with market managers who become citizen scientists in order to support their managerial role and communicate the benefits of their markets. Given that market policy change is often the impetus for collecting data, empathy for the goals of market managers is inseparable from Farm 2 Facts. We find that a sensitivity to the dynamic needs of markets, an adaptive toolkit, and incorporating ongoing research into the toolkit are essential to supporting farmers market managers in their many duties.

EU housing markets before financial crisis of 2008: The role of institutional factors and structural breaks

We study if and how the structure of EU housing markets, particularly the role of structural breaks and the institutional characteristics of national residential mortgage markets across the EU countries affects the EU housing prices before the financial crisis of 2008. We document three main features: first, the institutional characteristics of residential mortgage markets differ markedly across EU countries; second, and according to a wide range of indicators, the increase of housing prices is significantly stronger in those countries where the credit policy characteristics are less conservative; third, for the majority of EU countries, we find evidence of structural breaks in EU housing markets that often coincide with a housing market policy change.

Gross Labor Market Flows, Self-Employment, and Unemployment Insurance

In the data, entrepreneurship contributes to the micro and macro-level patterns of gross labor market flows and the selection into that occupation is highly responsive to labor market policy changes. Using an occupational choice model of employment, unemployment, and entrepreneurship, we show that search frictions over all three occupations and a technology letting entrepreneurs produce with their own labor, business capital, or both, are pivotal in rationalizing observed aggregate gross flows and behaviors along the wealth and ability dimensions. The responsiveness of our model flows to variations in unemployment insurance generosity is consistent with US empirical estimates. Changes in the relative riskiness of occupations drive this responsiveness. In turn, beyond the direct effects on unemployment, large reallocations between entrepreneurship and employment appear, shaping aggregate occupational shares. Using our framework, we show that the successive unemployment insurance extensions during the Great Recession have decreased the entrepreneurship rate by 0.4pp.

Do labour market policies reduce the informal economy more effectively than enforcement and deterrence?

In 2006, Turkish policymakers introduced new measures to reduce informality and encourage formality, in which the primary means of combatting informality were stricter enforcement of existing labor market laws and deterrence through fines, without any appropriate adjustments in formal labour costs. In this paper we show that even without any change in enforcement and deterrence, in an economy growing with capital accumulation like in Turkey, informality gradually and naturally declines. Furthermore, we propose alternative labour market policy changes like reductions in minimum wage and payroll taxes to reduce informal employment share, and assess the relative effectiveness of these policy changes.

Relying on weak governments: Austrian trade unions and the politics of smoothed dualization

Austrian political actors have improved the protection of outsiders by expanding the coverage of labour rights, social security, and active labour market policy spending in the past two decades. The article attributes these ‘solidaristic’ traits of Austrian labour market policy change to the persistent reliance of weak governments on trade union support in the mobilisation of a durable consensus. When governments are internally divided and prone to reform deadlocks, they face a powerful incentive to share policy-making authority with the social partners. Despite a significant decline in power resources, the Austrian trade union confederation has therefore remained influential enough to compensate outsiders for growing economic uncertainty on a volatile labour market. To substantiate this claim empirically, the article draws on primary and secondary sources as well as interview evidence with policy-making elites.

Economists, capitalists, and the making of globalization: North American free trade in comparative-historical perspective.

Why did globalization happen? Current explanations point to a variety of conditions under which states have made the free market policy changes driving international economic integration since the 1980s. Such accounts disagree, however, about the key actors involved. This article provides a reconciliation, showing how two different combinations of actors, and two different political economic pathways, have led to globalization in recent decades. In developed countries, mobilization by business has been central; elsewhere, technocrats both constrained and empowered by international finance have pursued globalization more independently of business. In both contexts, economists' technical authority has helped legitimate liberalization, despite the limited diffusion of their ideas. The article validates and elaborates this model using a comparative-historical study of how the United States, Canada, and Mexico proposed, negotiated, and ratified agreements for free trade in North America.

Economic Benefits of Market Liberalization. Evidence from Air Transport in Poland

This paper focuses on economic effects that are a consequence of air transport liberalization in Poland after accession to European Union. Scenario analysis was built to estimate the impact of changes on the international aviation market, including passenger traffic, airport revenues and employment. The analysis is estimated on and applied to Polish market in the time period before and after market deregulation in 2004. Enabling airlines to open new routes and to offer services at lower prices results in vigorous development of number of flights. The passenger traffic at Polish airports in 2009 was of 18,9 million which means more than a double increase when compared to 2003 (7,1 million). Increased number of flights affects local economy. Removing restriction on access to air transport market has created additional PLN 0,96 billion (or EUR 0,24 billion) of main airports sales revenue in Poland over 2004-2008 time period. The passenger traffic has created more than 19 thousand jobs located on-site and off-site at main Poland’s airports in 2008. One can assume that if not for the market policy change and the air traffic vigorous development, the total direct employment number in 2008 would be twice as small. Submitted: May, 2010 1st revision: May, 2010 Accepted: July, 2010

Sustaining Labor-Environmental Coalitions: Banana Allies in Costa Rica

Abstract What is required for sustaining an alliance between union and environmental activists? Applying grounded theory to a case study in the Costa Rican banana sector, this article reveals five historical phases. First, unions and environmentalists identify common opportunity structures for joint action. Second, a preexisting network becomes a resource for mobilization. Third, the new coalition engages in communicative action that leads to shared identity and cultural framing and a foundation for handling exogenous global forces. Market policy changes in the fourth phase stimulate a transnational activist network and framing linkages. Dramatic supply disruptions in the fifth precipitate autonomous organizational approaches that require reframing, identity extension, and flexibility. This study argues that the Costa Rican case can be generalized to other labor-environmental coalitions if such alliances create simple, open structures that agilely adapt to external opportunity structures and expand frames that encourage collaborative autonomy and dualistic collective definitions.

Seawater desalination share among water and market policy changes in Algeria

Seawater desalination share among water and market policy changes in Algeria

Seawater desalination share among water and market policy changes in Algeria

Algeria suffers significant lack of fresh water since most of its territory is classified as arid and semiarid zones. 90% of the population is concentrated on the northern coastal region which represents 10% of the countries area and situated in a more temperate Mediterranean climate. Many factors intervene in the fresh water crisis availability (growing demand, drought, pollution, etc), the water strategy was depending mainly on rainfall, the use of seawater desalination was confined to industrial needs only (mostly hydrocarbon oils). The state water policy managed by governmental institutions and agencies was based on the construction of dams for rainwater collect. The use of seawater desalination for domestic use started sprouting in early 80's with the increasing drought phenomenon. But actually, the resort to desalination for domestic use has become inevitable. Consequently, the government has put into action an emergency program for the installation of several small seawater desalination units along the coast, in addition to others much important projects. This crisis has come at the time of very important economical changes; these are taking place in the frame of the passage from an entire state managed economy to a market based economy. So new strategies dealing with major issues are being implemented, the governmental institutions are restructured to be managed in market based way. The water market is now open to both national and international private sector.

Rigidity and Flexibility: Patterns of Labour Market Policy Change in Portugal and Spain, 1981–96

Liberalization of labour market policy is a notoriously difficult political enterprise. This article presents a modified scheme that codes and aggregates labour market policy change. The model is applied to the cases of Spain and Portugal, where, for different reasons, liberalization of labour market policy has been high on the policy agenda since the early 1980s. Despite the presence of majority governments for much of this period, the results indicate that liberalization of labour market policy frequently fails and is often delayed. Furthermore, successful liberalization often occurs in policy packages where liberalization in one area of labour market policy is traded for greater rigidity in another

Les Pays-Bas : une société à flexibilité limitée

The Netherlands flexibility under control. Catherine Bruno, Valérie Chauvin. Many of the other European countries envy the Dutch economic performance, especially in the field of employment : employment grew by about 20% from 1982 to 1996 and the unemployment rate has been cut by half from 1982 to 1996. Twenty years ago, economists were discussing about the Dutch disease. Now, they talk about the Dutch miracle. Over the last fifteen years, deep changes happened on the Dutch labor market : part-time jobs developed, wage increases were moderate and the labor time was reduced. The reduction of labor costs seems to be the most important change. Indeed, it improved the Dutch competitiveness, so that foreign trade could boost growth. Moreover, the same rate of growth would have led to more employment than the past thanks to labor time reduction and hourly productivity slowdown. The unemployment rate has been reduced despite the growth of labor force which stems from demographic factors but also from labor market policy changes. Nevertheless, labor market policy is still generous unemployment allowances are high and disabled persons, whose allowances are even higher, represent 10% of total labor force in 1996. So, the Dutch labor market is more flexible since 1982 but the government controls this flexibility in maintaining workers' advantages and social unity bet ween employers and employees.