Financial instruments used by Polish municipalities in response to the first wave of COVID-19

Studies on the influence of COVID-19 on municipalities are scarce, although it was precisely municipalities that stood in the first line of combat. It is important to estimate the negative budgetary consequences of the crisis for municipalities and to detect potential patterns in the application of their anti-crisis financial instruments. Our study reveals that the initial response of Polish municipalities to the pandemic crisis in this area varied depending on their administrative type, the amount of current income per capita and the population size. However, the correlations between the applied income instruments and expenditures and the above factors were rather weak.

Determinants of the Elderly Employment in Latvia

In Latvia, from 2011 to 2020 the number of people 65+ increased by 2.7 %, but the number of the employed people 65+ increased by 94.4 %. The aim of this research is to identify the determinants of the elderly employment in the context of active ageing. The author analysed secondary data collected by the international and Latvia’s institutions as well as by Latvia’s researchers who have studied the elderly. The results of these studies and the data of Latvia’s statistics show that the rapid growth of the elderly employment in Latvia is more likely not an indicator of active ageing, but the elderly’s attempt to overcome poverty. 60.3 % of the elderly in Latvia continue to work in order to increase their current income, and only 10.2 % – for non-financial reasons, which is one of the lowest values in the EU. The gap between the average income of Latvia’s population and the income of people 65+ is increasing over the past 10 years. The elderly in Latvia work mainly in education and health care. These sectors have relatively lower average wages and are therefore less attractive to young people, so the elderly employment in them shows not only the importance of knowledge and experience, but also the difficulties in attracting new employees. The author concludes that Latvia is still far from real active ageing, which is typical for the most competitive EU countries. In order to move in this direction, it would be useful to use the experience of the EU’s active ageing initiatives.

Equilibrium Tax Rates under Ex-ante Heterogeneity and Income-dependent Voting

The standard models with incomplete markets (e.g. Aiyagari) have difficulty justifying the current income tax rates as an optimal or political equilibrium outcome. Given the highly skewed income distribution, the majority of the population would be in favor of raising taxes to a much higher level. We show that incorporating (i) the ex-ante heterogeneity of earnings and (ii) income-dependent voting behavior helps us to reconcile the large gap between the model and data.

Essays on inequality and mobility of Korean households' income and consumption

This dissertation analyzes income and consumption inequality empirically and theoretically using Korean Labor and Income Panel Study (KLIPS). This dissertation consists of three chapters. First two chapters are about detrended income and consumption excluding the effects of household's characteristics. Third chapter is about observed income and consumption. In the chapters 1 and 2, we track income and consumption of same cohort of Korean households over the lifecycle and find empirical evidences are not explained by existing income and consumption models with iid assumption of income shocks. For example, future cumulative gains in consumption (income) are negatively correlated with initial consumption (income). Second, consumption inequality does not grow over the lifecycle. At the chapter 1, we develop new income process model. Our suggesting generalized restricted income profiles (G-RIP) and stochastic heterogeneous income profile (SHIP) consider iid income shocks as well as household-specific factors of macroeconomy. We find that the estimated model fits the dynamics of inequalities and mobility of income better than the conventional RIP or HIP models. At the chapter 2, we develop new consumption process model. New consumption model has consumption shocks as well as household-specific uncertainty. Therefore, consumption risk is correlated with past consumption, which can explain the observed consumption moments. Our suggesting heterogeneous conditional mean (HCM) model fits the dynamics of inequalities and mobility of income and consumption better than the conventional model that assume iid income shocks. At the chapter 3, we deal with non-classical measurement errors in consumption using a double-differencing correction method. Aguiar and Bils (2015) develop a double differencing correction method to estimate the relative consumption inequality adjusted for measurement errors. In the first step they estimate Engel curve which measurement errors are correlated with error terms of and use current income as an instrument for total expenditure. This chapter provides an alternative instrument based on the permanent income hypothesis (PIH) for total expenditure. A long panel data is required to capture a household's permanent income and using a Korean household panel allows to test a hypothesis that permanent income could be more appropriate instrument than current income. We find the expected lifecycle income is better instrument than current income for current consumption.

Konflik Keagenan dalam Perspektif Keuangan Keperilakuan

Penelitian ini bertujuan untuk memberikan tinjauan teoritis mengenai keterkaitan mental accounting, overconfidence dan konflik keagenan. Konflik keagenan dapat dipicu karena pihak manajemen sebagai agent tidak bertindak sesuai dengan kepentingan pemilik perusahaan. Konflik keagenan dapat dijelaskan melalui perspektif keuangan keperilakuan yakni mental accounting dan overconfidence. Ditinjau dari aspek mental accounting, investor dimungkinkan menunjukkan perilaku yang berbeda pada setiap post atau account. Dalam konteks pendapatan berupa dividen, pemegang saham mengelompokkan dividen sebagai bagian dari akun current income, maka pemegang saham menghendaki dividen dalam besaran atau jumlah yang signifikan serta dibayarkan secara rutin. Sementara, pihak manajemen sebagai agent yang mengasumsikan memiliki informasi lebih akan mengutamakan current income digunakan sebagai sumber pembiayaan internal sesuai dengan perpektif pecking order theory. Dalam perspektif overconfidence, konflik agensi dipicu karena kecenderungan manajemen perusahaan memberikan nilai yang berlebihan atas kemampuannya dalam mencapai tujuan sehingga mengesampingkan probabilitas terjadinya resiko.

Common pool resource dependency and its impact on current income and its equity among fisher households in selected districts of Tripura State, North-east India

The study has assessed the common pool resource dependency and income distribution pattern across households involved in fisheries in the North-east Indian state of Tripura. The study was carried out based on the responses of 230 sample households involved in common pool resource collection. The findings of the study revealed income quartile-wise households dependency on different common pool resources to total current income. The dependence on common pool resources does not decline with total current income, instead there was evidence of a decline first and then increase in dependence on common pool resources. The contribution of income from capture fisheries was 18.84, 14.32, 6.70 and 3.6% to the total income of lowest quartile, 25-50%income quartile, 50-75 income quartile and top 25% income quartile respectively. Considering the importance of income generated from capture fisheries resources, the study attempted to find out Gini concentration and Lorenze curve for 90 households involved in capture fisheries. The Gini concentration ratio of 0.207 revealed almost equitable distribution of income across the households involved in capture fisheries. Considering these facts, the study suggested policy measures for sustainable management of open water bodies in the state which will lead to bring in more income to the fishers which would also help to bring equity among households income.

Migration of Medical Professionals: The Case of Psychiatric Trainees in Spain

The social and economic situation in Europe seems to play a role in the migratory flow of doctors and other health professionals within the continent. However, little is known about the particular reality of workforce migration in Spain. The objective of this study was to explore the factors that motivate migration among junior doctors training in psychiatry in Spain. A semistructured questionnaire of 61 items was circulated to psychiatric trainees in Spain to explore the extent and the factors that influence the decisions regarding workforce migration. A total of 95 psychiatric trainees participated in the survey. More than two-thirds (n = 71, 74.7%) had “ever” considered migrating to another country, and more than one-fourth (n = 21, 29.5%) had already taken “practical steps” to go abroad. The main reasons to consider leaving the country were financial (n = 82, 86%) and the opportunity to progress professionally (n = 82, 84%). However, nearly half of the trainees (n = 47, 49%) were satisfied with their current income. While the majority of the psychiatric trainees in this survey had considered migrating abroad, these potential future migrations could lead to a loss of human capital with an important sociosanitary impact.

The Influence of Expenditure Behaviour Towards Homeownership

Homeownership becomes the dream of all households. It requires proper planning on the buyer's income and expenses. The different level of household expenditure often influences the allocation of money for house purchasing. Hence, various types of household expenditures have been studied to see how far they may affect the current income and homeownership. A mixed-method was adapted to completing the study. A study sample was obtained through the questionnaire survey among respondents residing within Klang Valley region. The analysis was conducted using the correlation technique. The results show that all categories of expenditure are significant and have a high impact on the status of homeownership.

Der Mitunternehmeranteil an der Personengesellschaft im Ertragsteuerrecht

Under current income tax law, a partner’s share in a business partnership is not an individual economic asset, but the entitlement to the assets of the company in question. In this respect, the ‘unity of the partnership’ is displaced by the ‘plurality of the partners’. This approach is no longer consistent with recent developments in company law: the company itself is now the owner of its assets. This dissertation first shows the shortcomings in this regard from the perspective of the current tax law. Subsequently, it presents alternatives which are oriented towards the unity of the partnership.