Lorenzo Serrano

Lorenzo Serrano
The Valencian Institute of Economic Research | IVIE · Department of Economic Anlysis

PhD Economics

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73
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Publications

Publications (73)
Book
Este libro analiza el avance de la sociedad del conocimiento en la Comunitat Valenciana desde la perspectiva de su evolución temporal y comparada con el conjunto de España y otras regiones. El trabajo finaliza valorando las repercusiones económicas que el avance de la sociedad del conocimiento supone para la economía. Índice: 1. Introducción; 2. La...
Book
Este libro estima las contribuciones economicas y sociales, de corto y largo plazo de las cinco universidades públicas de la región española Comunidad Valenciana.
Article
This paper presents an estimation of the contribution of Higher Education Institutions (HEIs) to economic growth and the Gross Domestic Product per capita of the European (EU) countries over the period 2000–2015. For this purpose, we analyse the universities’ effects on the supply side of their national economies, especially the contribution of the...
Book
Full-text available
La sociedad española no puede aspirar simplemente a regresar a la situación previa a la reciente crisis, en que el crecimiento se asentaba sobre un modelo de baja productividad, condicionado por un peso insuficiente del capital vinculado a las tecnologías de la información y las comunicaciones (TIC), y un esfuerzo limitado en I+D. Ha surgido así un...
Article
Rich regions, poor regions and bank branch deregulation in Spain. Regional Studies. The links between financial deregulation and economic performance are evaluated in a European context. Specifically, the study analyses the relaxation of bank branching restrictions in Spain, which triggered a remarkable interregional expansion of savings banks that...
Article
The analysis of productivity in Higher Education Institutions (HEIs) at a European level reveals enormous differences in output per researcher across countries. This study develops a 5-step methodology that explicitly considers the quality of scientific output in EU universities and its specialisations to explain and decompose the differences in ou...
Article
Full-text available
The regularly-updated database “Human capital in Spain and its distribution by provinces” provides information about the accumulation of human capital in Spain over the last five decades. The human capital estimates included in this database contain a wide range of information on how education levels in Spain have evolved, classified according to t...
Article
The measurement of the research output of the Higher Education Institutions (HEIs) is problematic, due to the multi-product nature of their teaching and research activities. This study analyses the difficulties related to the measurement of the research output of the HEI and proposes a simple overall indicator which incorporates quantitative and qu...
Technical Report
Full-text available
The institutional and economic strategies implemented by private and public agents should aim at smart development. How can this be achieved? Combining three elements: (i) a growth based on productive factors of quality —especially human and technological capital— and the continuous improvement of organizations’ productivity; (ii) policies aimed at...
Technical Report
Full-text available
The 2013 Fundación BBVA-Ivie report Crecimiento y competitividad examines the tests in the way of Spain’s recovery. It confirms that the Spanish economy has emerged from recession but not from the crisis. For this to happen, it must confront a long list of challenges in the medium and long term which will call for far-reaching changes in education...
Article
As a consequence of increased internationalization over the past 20 years labour has become increasingly mobile, and yet the implications for firm and industry performance have been largely ignored. This paper explores the direct economic consequences of immigration on host nations’ productivity performance at a sectoral level. We consider its impa...
Article
There has recently been a great deal of interest in the impacts of the deregulating and restructuring measures in the European railway sector. A vast amount of literature is devoted to analyzing the effects of these deregulation and restructuring measures on efficiency and productivity and the results are not totally unambiguous. However, while mos...
Article
We analyze the effects of the expansions of the European Union on inequality using an approach based on individuals' lifecycle incomes. This allows us to consider the effect of different rates of growth and survival rates. This differs form the usual analyses of inequality that focus on the evolution of current per capita income for the period. Our...
Article
Full-text available
The paper presents a first set of results for Spain and Italy using the EUKLEMS database. It emphasizes the different paths followed by the two countries over the last thirty five years, even though they still have many features in common. The motivation behind this paper is the poor productivity performance that the two countries have shown recent...
Article
This paper uses data from the 2004 to 2009 Living Conditions Survey (LCS) to analyze the wage gap between the adjusted and the overqualified employees in the Spanish regions using standard Mincer equations, quantile regression and the Oaxaca-Blinder decomposition. The results indicate that in Spain there is a 28% difference between the gross hourly...
Article
Full-text available
Este trabajo analiza los diversos factores que pueden condicionar la posición en los llamados Rankings de las universidades en términos de los indicadores de productividad. En concreto se contrasta la existencia de la influencia de la especialización, por un lado, y del entorno, por otro, en el que operan las universidades. Para ello se utilizan la...
Technical Report
Full-text available
El tejido productivo de la economía española está realizando cambios positivos en varias direcciones, pero sus progresos se ven obstaculizados por la desfavorable coyuntura macroeconómica, el fuerte ritmo de ajustes fiscales impuesto por la Unión Europea (UE) y la prolongación de las dificultades financieras. Este es uno de los mensajes del segund...
Article
Full-text available
Increased internationalization over the past twenty years has meant that labor has become increasingly mobile, and while employment and earnings effects have been extensively analyzed in host and source nations, the implications for firm and industry performance have been largely ignored. This working paper explores the direct economic consequences...
Article
This paper provides evidence on the links between financial deregulation and economic performance in a European context. Specifically, we study the relaxation of bank branching restrictions in Spain which triggered off a remarkable inter-regional expansion of savings banks which was coincidental with an unprecedented period of sustained growth. Alt...
Article
The processes of vertical and horizontal separation within the railway sector are relatively recent in many European countries, and as a result, little analytical research has been carried out on their impact. The purpose of this paper is to analyse the effects of these organisational reforms on efficiency, productivity, and technical change in six...
Article
Full-text available
The recent financial turbulences, which started in the US in August 2007, have affected the credit market in many countries around the world.We have chosen some countries with and without a previous housing price bubble so as to check if the presence of a former real asset price hike matters in the magnitude of the subsequent credit crunch that fol...
Article
The literature on inequality among economies has focused mainly on analysing the dispersion of indicators such as current income per capita. In this paper we adopt a different approach from the usual one. In order to analyse inequality and convergence among Spanish regions, we propose to use a measure of permanent income that takes into account the...
Chapter
Full-text available
For almost two years international financial markets have been under great pressure, originating with the sub-prime mortgage episode. This, in turn, was triggered by the downturn of the US housing cycle and spread quickly into third countries in the form of severe losses and an increasing lack of confidence. Market liquidity dried up almost instant...
Chapter
Besides enrichment at personal level entailed by the increase in the cognitive and intellectual levels of the person associated with education, a large number of studies have verified the greater the human capital of a person, the greater is his employability, his participation in the labour market, his functional and geographical mobility and, the...
Article
This paper proposes a decomposition of labour productivity growth in the EU15 and the the US since the mid 1990s. The results suggest that the EU's relative slowdown is due to modest “pure” gains of productivity within sectors.
Article
The literature on inequality has generally focused on the analysis of annual per capita income. This paper adopts a different approach by considering the life-cycle dimension of inequality and convergence between economies from 1960 to 2000. We analyze the present value of the set of incomes individuals obtain throughout their whole life (permanent...
Article
The processes of vertical and horizontal separation within the railway sector are relatively recent in many European countries, and, as a result, little analytical research has been carried out on their impact. The purpose of this working paper is to analyze the effects of these organizational reforms on efficiency, productivity and technical chang...
Article
Full-text available
Este documento presenta una nueva base de datos elaborada por la Fundación BBVA y el Ivie, de acuerdo con la metodología desarrollada en Pérez (dir.) et al. (2005) correspondiente a un conjunto de países de todo el mundo, así como la actualización de la base de datos ya presentada previamente en la citada monografía, referida a los países de la OCD...
Article
Full-text available
Los procesos de separación vertical y horizontal en el sector del transporte ferroviario son todavía relativamente recientes en muchos países europeos y, en consecuencia, los estudios sobre sus efectos son escasos. Este documento de trabajo pretende analizar los efectos de estas reformas organizativas en la eficiencia, la productividad y el cambio...
Article
Full-text available
Este documento de trabajo presenta la actualización de la base de datos relativa a España, sus comunidades autónomas y provincias elaborada por la Fundación BBVA y el Instituto Valenciano de Investigaciones Económicas (Ivie), de acuerdo con la metodología desarrollada en Pérez García et al. (2005). Dicha base de datos se ha actualizado de forma que...
Article
This study analyses the effects of specialisation on the cost efficiency of a set of banking systems of the European Union over the period 1992-1998. Unlike in the established literature in which specialisation differences are not considered, in this paper cost inefficiencies are decomposed into two different components: the first is related to the...
Article
Full-text available
Este trabajo desarrolla una medida del capital social basada en las relaciones económicas y analiza sus efectos sobre el crecimiento económico. La inversión en capital social se modeliza utilizando el marco conceptual aplicado en la medición del capital físico. El indicador del capital social obtenido depende de las expectativas de ingresos, del co...
Article
El análisis de la desigualdad entre economías se ha centrado en el estudio de la dispersión de la renta per cápita anual y su evolución. Este trabajo contempla la dimensión de renta permanente del problema comparando vidas completas, teniendo presente la esperanza de vida y, también, la existencia o no de convergencia futura en la renta per cápita...
Article
Full-text available
Migration flows are shaped by a complex combination of self-selection and out-selection mechanisms. In this paper, the authors analyze how existing diasporas (the stock of people born in a country and living in another one) affect the size and human-capital structure of current migration flows. The analysis exploits a bilateral data set on internat...
Article
The implantation of the Euro in 11 of the EU states has driven the big banks to expand their presence in other European countries, which may have negative consequences on their credit risk in view of the disadvantages involved in entering new markets. The aim of this study is to analyse the efficiency and the credit risk of the banks of the most im...
Article
I. Introducción -- II. La economía y el capital social -- III. La medición del capital social: el modelo teórico -- IV. La estimación del capitlal social -- V. Capital social y crecimiento económico -- VI. Conclusiones
Article
Resumen El carácter abierto de las regiones hace que su crecimiento presente algunos rasgos diferenciales respecto al caso general de los países. En este trabajo se han abordado, en un marco neoclásico, algunos de los derivados de la pertenencia de las regiones a marcos de ámbito nacional superior, respecto a los que no existen barreras a la movili...
Article
The aim of this paper is to analyse the role of human capital in the productivity gains of the OECD countries in the period 1965-90, breaking down the productivity gains into technical change and gains in efficiency. For this purpose we use both a stochastic frontier approach and a non-parametric approach (DEA) and calculate Malmquist indices of pr...
Article
The effect of human capital is difficult to estimate in cross-country analysis due to measurement errors in schooling data. Using data for OECD countries over the period 1960-1990, the reliability of the widely used Barro and Lee's data set and also the new De la Fuente and Domenech's data set is analysed. Results show that both suffer from measure...
Article
Human capital externalities have been rejected recently in a number of papers, focused mainly on the US experience. However, these papers only contemplate the possibility of aggregate externalities within politically defined boundaries, states or cities. Given the nature of human capital externalities, their size and very existence should depend on...
Article
Full-text available
This study analyses cost and revenue inefficiencies for a sample of European railway companies. On the basis of a DEA model we calculate cost and revenue inefficiencies, decomposing them into inefficiencies of a technical or allocative type. It is observed that inefficiencies in revenues are greater than those in costs, indicating that the study of...
Article
In a recent contribution, Acemoglu [Quarterly Journal of Economics 113 (1998) 1055] modelled the effects of an increase in the supply of skills on the skill premium. We estimate a model to disentangle the short-run substitution effects and the effects of skill-biased technical change using industry data for South Korea for the period 1974–1998.
Article
En este artículo se analiza el impacto de la futura evolución demográfica en la demanda de educación en España y sus comunidades. Para ello se distinguen tres niveles educativos: educación obligatoria, post-obligatoria y educacion para adultos. En el caso nacional se contempla el periodo 2001-2050 y en el de las comunidades autónomas el periodo 200...
Article
The implantation of the Euro in the eleven of the EU has driven the big banks to expand their presence in other European countries, which may have negative consequences on their credit risk in view of the disadvantages involved in entering new markets. The aim of this paper is to analyse the efficiency and the credit risk of the banks of the most i...
Article
This paper shows the importance of the composition of production (productive specialization) and sector inefficiencies when evaluating efficiency in aggregate production. For this purpose, a new approach is proposed for obtaining efficiency scores which enables two components to be differentiated: one associated with the degree of efficiency within...
Article
Full-text available
Resumen En este trabajo se analiza el patrón temporal, sectorial y espacial del proceso de acumulación de capital humano en España durante el periodo 1964-98. Los resultados muestran como rasgo esencial el carácter generalizado de las mejoras. El aumento producido dentro de cada sector resulta mucho más relevante que el cambio en la estructura sect...
Article
[eng] Transportation costs and monopoly location in presence of regional disparities. . This article aims at analysing the impact of the level of transportation costs on the location choice of a monopolist. We consider two asymmetric regions. The heterogeneity of space lies in both regional incomes and population sizes: the first region is endowed...
Article
This paper analyses the Total Factor Productivity (TFP) evolution in OECD countries by breaking down productivity gains into technical change and efficiency change. To avoid biases, Malmquist indices of productivity, including human capital, are estimated. The results indicate that, in fact, the inclusion of human capital has a significant effect o...
Article
This paper analyses a simple and direct way to break down the convergence for labour productivity into contributions from different sources by running separate convergence regressions of the contribution to growth of each factor on the initial labour productivity level. This is because the total convergence parameter is simply the sum of parameters...
Article
The aim of this paper is to analyse the effect of the process of progressive economic integration among the countries of Europe on their economic evolution, paying special attention to gains in efficiency and productivity. We use a nonparametric frontier technique together with the construction of Malmquist indices to permit analysis of the contrib...
Article
This paper analyzes Spanish economic growth and the effect of interaction between human capital accumulation and sectoral structure. Data show significant differences in sectoral human capital stocks per worker for the period 1965-95. When tested, the effect of human capital, both as an input and as a determinant of total factor productivity (TFP)...
Article
The purpose of this paper is to analyse the evolution of productivity in the European railways in the period 1970–95. We use a non-parametric approach that enables changes in productivity to be broken down into variations in efficiency and technical change. The results indicate that the productivity growth is concentrated in the last period (1985–9...
Article
This paper analyses the regional wages in Spain and tests their relationship with the different regional human capital endowments, using an approach that takes into account the possible measurement error in human capital indicators. The results indicate that, when allowing for the possibility of regional differences in the utility provided by an eq...
Article
The aim of this study is to analyze labor productivity convergence in the countries of the OECD over the period 1965-90. A non-parametric frontier approach is used to calculate the Malmquist productivity index. By breaking it down, the contribution to the growth of labor productivity of technical progress, of changes in efficiency, and of the accum...
Article
This paper shows the importance of the composition of production -productive specialization- and sector inefficiencies when evaluating efficiency in aggregate production. For this purpose, a new approach is proposed for obtaining efficiency scores which enables two components to be differentiated: one associated with the degree of efficiency within...
Article
This paper analyzes the relationship between human capital and convergence with a model that takes into account the different effects of human capital accumulation on regional convergence. As an input, human capital produces convergence due to both decreasing returns and public intervention on education. As a determining factor of Total Factor Prod...
Article
The aim of this paper is to analyze the convergence of labor productivity in the Spanish regions over the period 1964-9 1. A nonparametric approach is used to compute Malmquist productivity indexes. Through their decomposition, we calculate the contribution of technical progress, changes in efficiency and inputs accumulation per worker to the conve...
Article
En un marco neoclásico, la convergencia a sus respectivos estados estacionarios deviene uno de los principales factores de convergencia de las economías. En este trabajo, tras confirmar la existencia de diferencias significativas entre los estados estacionarios relativos de las regiones españolas y de una intensa convergencia hacia ellos, se analiz...
Article
Este trabajo analiza la situación española en la que se combina un notable nivel de desigualdad regional con flujos migratorios netos de escasa entidad. Para ello se considera que lo relevante en la decisión de emigrar son las diferencias espaciales en la retribución del capital humano en vez de renta per cápita o salario por trabajador, tal y como...
Article
It is widely recognised that one of the greatest economic problems facing developed countries is unemployment. An example of this recognition is the recent reports by the OECD ("The OECD Jobs Study", 1994) on unemployment, its causes and possible policies. One issue that is closely associated with unemployment in many people's minds is competitiven...
Article
According to neoclassical models, economies converge to their steady-states. In this paper we confirm that both significant differences among Spanish regions� steady-states and fastconvergence to them exist. We analyse their time stability over the period 1964-93 and their possible determinants. Our results show the variability of the relative regi...
Article
This paper analizes the effect of education on job productivity, via improvements in workers humaii capital. Together with conventional measures of human capital such as the average years of school attainment, some alternative measures which take into account the distribution by levels of studies of the employed population are also considered. All...
Article
Depósito Legal: V-4087-1998 IVIE working-papers offer in advance the results of economic research under way in order to encourage a discussion process before sending them to scientific journals for their final publication.
Article
The aim of this paper is to analyse the role of human capital in the productivity gains of the OECD countries in the period 1965-90, breaking down the productivity gains into technical change and gains in efficiency. For this purpose we use both a stochastic frontier approach and a non-parametric approach (DEA) and calculate Malmquist indices of pr...
Article
This study analyses the time, sectorial and spatial pattern of the process of accumulation of human capital in Spain during the period 1964-98. The results show the generalized nature of the improvements as the basic feature. The increase that has taken place in each sector proves much more relevant than the change in the sectorial structure of the...
Article
El objetivo de este trabajo es analizar el papel del capital humano en las ganancias de productividad de los países de la OCDE en el periodo 1965-90, descomponiendo las ganancias de productividad en cambio técnico y ganancias de eficiencia. Para ello se estima tanto una función de producción frontera de carácter estocástica como una aproximación no...

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