Donatella Baiardi

Food Competition in World Markets: Some Evidence from a Panel Data Analysis of Top Exporting Countries

This paper investigates the relationships between export price and income elasticities, average unit values (AUVs) and market shares for the top world food exporters in the time period 1992-2011 using a panel data framework. Emerging countries and Spain show a high price elasticity unlike other advanced countries. Moreover, an inverse relationship between price elasticities and AUVs is found to exist. The overall analysis enables the conclusion that advanced countries can maintain a specialization in low-tech sectors only if high prices, as indicators of high quality, are accompanied by a rigid foreign demand and a satisfactory income elasticity of exports.

Technological Progress and the Environmental Kuznets Curve in the Twenty Regions of Italy

Abstract The paper explores the relationship between per capita income and three air pollutants, CO, NMVOCs, and SOx, using a novel dataset based on the 20 regions of Italy. Given the central role of technological progress in long-term environmental problems, we empirically investigate the influence of innovation on the environmental Kuznets curve (EKC). The estimation results validate the existence of an EKC for the three air pollutants considered. Furthermore, the influence of innovation on the inverse-U-shaped curve identified by the theoretical literature is in general empirically confirmed. Finally, the same conclusions also hold when using another dataset related to the aggregate national economy rather than separate regions.

Financial Deepening and Income Distribution Inequality in the Euro Area

The paper introduces a new specification of the Kuznets curve, where turning point per capita income is conditioned to the level of financial development. Within the proposed framework, it then provides new evidence on real income convergence for the euro area (EA) since the mid-1980s, with a special focus on the subprime and sovereign debt financial crises. We find strong empirical evidence in favor of an EA-wide steady-state financial Kuznets curve and of ongoing convergence across EA members toward a common per capita income turning point level. By means of a counterfactual analysis, we then detect a worsening in income inequality for all the EA countries during the financial crises, and not only for the peripheral countries, which were most strongly hit. From a policy perspective, our findings highlight the role of financial stability in fostering not only economic growth, but also to achieve a more even distribution of income.

The effects of environmental risk on consumption dynamics: an empirical analysis on the Mediterranean countries

This paper estimates a theory-based regression model which studies the macro-economic impact of environmental and consumption risks on consumption growth in the Mediterranean region. The analysis is carried out using time series aggregate data for 13 Mediterranean countries over the period 1965–2008. The results indicate that both risks and their interaction significantly influence consumption dynamics. The estimates of the indices of relative risk aversion and relative prudence, as well as the relative preference for the quality of environment, suggest marked cross-country heterogeneity.

The Effects of Environmental Risk on Consumption: An Empirical Analysis on the Mediterranean Countries

This paper empirically estimates a micro-founded model which studies the macroeconomic impact of environmental and financial risks on consumption choices in the Mediterranean Region. The analysis is carried out using time series aggregate data for fourteen Mediterranean countries over the period 1965-2008. Our results indicate that both risks and their interaction significantly influence consumption dynamics. Our estimates of the indexes of relative risk aversion and relative prudence, as well as the relative preference for the quality of environment suggest marked cross-country heterogeneity.

Come misurare l'evoluzione congiunturale a livello locale? Una proposta metodologica

Questo lavoro propone un indicatore coincidente di attivita economica ad alta frequenza, mediante l’utilizzo di un dynamic factor model costruito secondo l’approccio di Stock e Watson (1998a,b). Tale metodologia prevede l’applicazione dell’analisi delle componenti principali per sintetizzare le informazioni contenute in un ampio dataset di base in un numero limitato di fattori capaci di descrivere le alterne fasi cicliche. Attraverso l’algoritmo EM (Expectation Maximization) si e in grado di ricavare dai fattori costruiti una stima della variazione tendenziale del PIL regionale o del valore aggiunto provinciale. Lo studio e applicato alla regione Lombardia e alle province di Milano e Pavia.