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Publications (10)
Inequality in income distribution has increased in recent decades while households have seen their relationship with the financial sector deepen, raising the question of whether there is a causal relationship between the two phenomena. This paper studies how changes in house prices, private credit, and stock market capitalization affect income ineq...
This paper examines the response of household debt to households’ perception of house prices using data from the first wave of the Household Finance and Consumption Survey. Whereas the literature has hitherto emphasized the effects of housing wealth on consumption, this study concentrates on the effects on debt accumulation—distinguishing mortgage...
This study explores the link between wealth perception from an appreciation of the residential property price and homeowners’ preference toward asset categories pooled by risk. Household survey data for Portugal were used to build shares of low, medium, and high risk assets representing fractions of household’s total wealth. Data showed incomplete...
A theoretical model is developed in order to examine and explain the growth and welfare effects of fiscal policies in the pharmaceutical industry. When the fiscal instrument is a tax over pharmaceutical firms' profits, R&D by firms in the pharmaceutical sector results in growth if there is a generic market. Otherwise, a subsidy over pharmaceutical...
Purpose – The purpose of this paper is to explain how eventual pressures from national lobbies may lead governments to shift from an optimal into a non-optimal innovation policy. Design/methodology/approach – A theoretical model is developed in order to examine and explain the growth and welfare effects of optimal and non-optimal innovation policie...
This paper examines the impact of uncertainty on offshoring low-skilled tasks. The model shows that greater demand uncertainty adversely affects the expected profit and timing of offshoring. It is also shown that a home-country tax rate deduction increases the volatility of the expected profits, making offshoring appear to be more risky. One policy...
This paper examines and compares the impact on growth of government’s funding national R&D or providing a tax rate reduction for foreign investment in R&D. In an innovationbased model we show the relation between the costs of these two policies. One meaningful policy implication of our results is that, to accelerate innovation, governments should a...
The prediction of loan defaults has been the basis of a growing interest in the development of systems of credit scoring. Typically, discriminant analysis, probit, logit, or some other type of classificatory procedure has then been applied to develop a model for distinguishing between "good" and "bad" payers. However, some published studies have co...
Typically discriminant analysis, multiple linear regression, probit, logit or some other type of classificatory procedure has been applied to develop models for distinguishing between "good" and "bad" payers. Transformations of the independent variables have been used to overcome problems of non-normality in the distributions of the original variab...