Francisco J. Callado-Muñoz

• PhD in Economics
• Professor (Associate) at University of Alicante

Purpose-This paper aims to analyse gender wage gaps by university majors along the entire wage distribution in Spain before and after the 2008 financial crisis. Design/methodology/approach-The authors perform unconditional quantile regressions to estimate the gender wage gap and use the Oaxaca-Blinder approach to decompose the gender gap. Findings-...

The aim of this paper is to evaluate the effects of civilian, military and dual (both military and civilian) R&D investments on the profitability of firms. In particular, this paper analyses the role of different types of R&D investment in a sample of firms that collaborate with the Spanish Ministry of Defence. This database contains detailed infor...

La relación entre las actividades de offshoring y el resultado innovador en las empresas de servicios intensivas en conocimiento (KIBs) en comparación con el resto de empresas que no son KIBs sigue siendo un área de estudio poco analizada. Se ofrecen dos resultados importantes. En primer lugar, la actividad de offshoring es una importante fuente de...

In this paper we analyse the effect of multilateral defence alliances and arms trade on economic growth of allies. Previous literature shows that military alliances may improve institutional development and efficiency in defence budget allocation, with consequent enhancement of economic performance. We postulate that importing advanced weapons from...

In this paper, we study closely the relationship between arms exports, labor productivity and economic growth. Using a connectedness-measurement technology fundamentally grounded in modern network theory, we determine the size and direction of the spillover effects between these three variables. Our findings indicate that shocks from arms exports h...

Collaboration with technological partners as an innovation strategy has become widespread in recent years, and all sectors are immersed in this process. In particular, the defence industry is characterised by the technological complexity of the products and services offered, together with a constant innovation process. However, data that allow us t...

This paper studies the effects of legal reforms associated with defence and public procurement on firm performance. With this aim, a theoretical framework for the reaction of defence firms to regulatory changes is developed. Its predictions have been empirically assessed using the last reforms implemented in Spain. Our results suggest that these ne...

In this paper we analyse the effect of multilateral defence alliances in arms trade among allies. We postulate that the access to the frontier technology weaponry enabled only to military allies will intensify arms trade. The benefits of such trade are claimed to be in security and technology diffusion. We execute an empirical analysis for the Nort...

Military training has always been considered as an education system with its own characteristics that distinguished it from the rest of higher education. However, different initiatives have been developed in order to integrate military education in the European Higher Education Area (EHEA). This paper analyses the European system of military instit...

The paper adds to the debate on the relationship between military spending and economic growth by analysing the contribution of a military university centre to regional economic development. It goes beyond traditional economic impact studies by including research related effects and integrating “third stream” activities. Conceptualization and categ...

The Spanish army has recently implemented a new integrated educational curriculum to train officers by bringing together excellent and up-to-date technical knowledge, with a special emphasis on leadership, careful physical preparation and a solid moral foundation. The new curriculum is part of a carefully renovated human resources policy to develop...

We propose an Income Contingent Loan that defers the payment of university fees and charges a fixed proportion of gross income for 30 years or until the debt is written off. Under these conditions, some participants in the scheme will have insufficient income to fully repay their loan balances. The deficit will be covered by the taxpayer, who ultim...

The purpose of this paper is to analyze the combination of institutional factors and tech­nology advances as determinants for the choice of payment instruments. The theoretical set up suggests that countries that enter into a new institutional environment adopt the attitudes of the accepting group towards the payment choices as a consequence of ins...

This paper analyses the impact of participating in a military alliance on the nexus between defence spending and economic growth. In particular, we study how the process of gradual association to a military organization influences the defence spending of newcomers, and consequently their economic growth. Conclusions from the theoretical model are t...

We study the program Préstamos Renta Universidad that provided loans to Master's students in Spain between 2007 and 2010. We estimate predicted income functions and calculate individual repayment burdens and government cost using unconditional quantile regression analysis. We exploit the changing conditions of the successive calls to illustrate thr...

We analyse the determinants of the household financial portfolio allocation using an estimator and a variance decomposition that take into account the constrained nature of household portfolio allocations. We apply these methods to a large data set of financial assets. Results show that the main factors underlying household financial portfolio choi...

This work adds to the debate on corporate governance regulations and its effects on performance and firm value. The paper empirically tests whether there is a significant price reaction to corporate governance announcements following the publication of the Aldama Code of Best practice (2003) in Spain. In particular, news announcements are classifie...

The proliferation of golf courses in tourist areas in the Mediterranean has increased water needs substantially. The objective of this paper is to model the political process associated with water distribution decision-making in water-scarce areas. This has been done by developing a pressure group model. Results allow the relative importance of pre...

In this paper we develop a model where agents can acquire goods using cash and two non-cash alternatives. We use it to study the effects of the pricing policy of payment methods implemented in Norway, carried out by individual banks and promoted by the authorities. We show that this policy induces a relative increase in the prices of checks with re...

The aim of this paper is to compare modern gross payment systems and emphasize their implications on the availability of intraday liquidity and credit from the central bank. We introduce the risk of default involved in extending intraday credit to determine the implications on consumer and bank behaviour. The results show that the non-marketable co...

In this paper we present a general equilibrium model on payment choice at retail level. We analyze how the accession to an economic and monetary union, and the influence of new institutions may shape the evolution of consumers’ payments in newly acceded countries. The model suggests that accessing countries approach accepting group attitudes toward...

Este trabajo se centra en el aprendizaje cooperativo. Se analizan algunas características que pueden tener influencia en el éxito y buen funcionamiento de esta herramienta como instrumento didáctico dentro del nuevo contexto universitario. Se realizan experiencias de trabajo cooperativo en dos grupos de alumnos con resultados muy distintos. Se anal...

We study the relationship between openness and payment system development. In particular, we analyze how the existence of technology diffusion from a more developed country fosters a transformation of payment choice in a less developed country. We apply our analysis to Mexico. Economic growth in Mexico was not high enough to cause a transformation...

This paper deals with risk taking attitude and behaviour of households in Spain. It analyses whether business owning households are more risk tolerant than non owners, and which household features are conditioning risk taking perceptions and their relation to risk behaviour. For that, it uses data from the 2005 Spanish Survey of Household Finance (...

This paper extends the research on the relation between financial performance and corporate social responsibility in two respects. First, it develops a model of strategic competition that includes consumer perceptions with respect to firm social performance. It is shown that in the presence of a positive valuation of social responsibility practices...

We present a portfolio decision model for banks that permits us to estimate the costs associated with the need to collateralise loans from the central bank. This allows us to calibrate the difference between a restrictive collateral eligibility framework for open market operations, such as that applied by the FED, with a more flexible approach such...

In this paper we provide a general equilibrium model that helps explaining payment choice at the retail level: cash, electronic and paper-based instruments. In particular, it provides theoretical foundations to reconcile previous empirical evidence on the matter. Payment pattern of a given country can be shaped by the payment infrastructure, the co...

In this paper we provide a general equilibrium model that helps explaining payment choice at the retail level: cash, electronic and paper-based instruments. In particular, it provides theoretical foundations to reconcile previous empirical evidence on this issue. The payment pattern of a given country can be shaped by the payment infrastructure, th...

The purpose of this paper is to make a comparative analysis of modern gross and net payment systems, emphasizing on the implications of the availability of intraday liquidity in the former and of credit limits in the latter. This allows for the comparison of both the effects on social welfare of each of the two systems and the different risk contro...

This paper analyses investment behaviour of family business owners in order to disentangle risk taking patterns in the Spanish context. In particular, this study tries to show whether family business owners are more risk tolerant than no owners, and which features are conditioning risk taking perceptions and behaviour. For that, we use data from th...

This work adds to the recent debate in corporate social responsibility (CSR) and its effects on performance and firm value. By analysing Spanish companies participating in the IBEX-35 stock- exchange index, this paper empirically tests whether there is a significant price reaction to environmental friendly announcements. Using event studies methodo...

The purpose of this paper is to make a comparative analysis of modern gross and net payment systems, emphasizing the implications of the availability of intraday liquidity in the former, and of collateral requirements in the latter. In contrast to previous models, an economy with two assets is described: eligible as collateral and not eligible, wit...

The deregulation of financial services in the European Union and the development of information technology have fostered recent changes in the European banking industry. This process, that has affected market competition, has been accelerated by the establishment of the Economic and Monetary Union (EMU). This paper makes a comparative analysis of t...

L’objectiu d’aquest capítol és presentar una anàlisi detallada de les principals qüestions relatives al mercat de treball de Catalunya. En particular, analitzem l’activitat, l’ocupació i l’atur en diferents dimensions. Les variables analitzades són: sexe, nivell d’educació, distribució sectorial, tipus de contracte i temps necessari per trobar la p...

This paper makes a study of payment systems in the countries of the enlargement of the European Union for the period 1996-2003 and its comparison with the members of the European and Monetary Union. The general tendency is of a movement from cash to alternative instruments of payment. However, electronic means are not used very much and the importa...

This paper presents a theoretical and empirical analysis of strategic competition in retail banking when some of the financial firms are non-profit organisations that invest in social activities. Banking literature about competition is fairly large, but the strategic interaction between profit maximizing and non profit maximizers has not been exten...

We make a comparative study of payment systems for E.U. fifteen countries for the 1996-2002 period. Special attention is paid to the introduction of the new European single currency. The overall trend in payments is for a move from cash to non-cash payment instruments, although electronic instruments are not widely used yet. We find a significant i...

As part of their duties, financial authorities do have to assure the smooth and correct functioning of payment systems: Both gross and net. In gross systems safety is achieved at the price of a greater reserve holding. Whereas, in net systems, the key point is to increase safety with maintaining their intrinsic lower liquidity costs. However this i...

In this paper we provide a general equilibrium model that helps explaining payment choice at the retail level: cash, electronic and paper-based instruments. In particular, it provides theoretical foundations to reconcile previous empirical evidence on this issue. The payment pattern of a given country can be shaped by the payment infrastructure, th...