Artículos recomendados para el fin de semana

Artículos:

1. Caso de Estudio de Economía Circular en Austria: La revolución industrial que viene (El País).
2. Las Administradoras de Fondos para el Retiro (AFORES), son instituciones financieras privadas creadas en 1997 en México. El objetivo de las AFORES era reestructurar el Sistema de Pensiones en México, sin embargo, un mal cálculo de la esperanza de vida (la cual ha ido en aumento en poco años) y bajas tasas de rentabilidad en los mercados financieros (y en algunos casos hasta pérdidas) han puesto en peligro este sistema de pensiones: OCDE ve colapso en las pensiones (El Financiero).
3. Disrupción tecnológica: Cómo el consumo masivo del smartphone ha afectado negativamente las ventas de otros dispositivos. Una década después de su aparición estas son las víctimas del iPhone (Gurus Blog).
4. FinTech. La promesa y los peligros de los contratos inteligentes: Los contratos inteligentes en la plataforma de blockchain están generando mucho interés debido a su naturaleza innovadora y a la posibilidad de aumentar de forma sustancial la eficiencia en muchas áreas del derecho y los negocios. Pero estos contratos, acuerdos digitales que se cumplen automáticamente, también tienen limitaciones importantes (Knowledge@Wharton).
5. Sobre la moda de ponerle "Neuro" a todo porque se ve más bonito: What Insights Lie at the Intersection of Neuroscience and Marketing? (Knowledge@Wharton).
6. Una política económica obligatoria en todos los países. Inclusión financiera digital: qué medidas dan resultado y cuáles son los próximos pasos (Blog del Banco Mundial).
7. Algo que yo señalaba desde finales de la década pasada sobre el futuro de la banca española post crisis. El Oligopolio bancario. Sólo quedarán cuatro (Gurus Blog). Léase también: Acquiring bank networks. While the causes and consequences of mergers have received a lot of scholarly attention, geographic factors have thus far been neglected. Using US data, this column argues that greater geographic overlap of the subsidiaries and branches of two bank holding companies increases the likelihood of the two merging, and also boosts the cumulative abnormal returns of the acquirer, target, and merged companies. It also discusses how network overlap can affect synergies and value creation (VOX).

Papers:

1. Sobre Reformas Estructurales: When do countries implement structural reforms? The objective of this paper is to investigate which factors ‐ macroeconomic, policy‐related or institutional  ‐ foster the implementation of structural reforms. To this objective, we look at episodes of structural reforms over three decades across 40 OECD and EU countries and link them to such factors. Our results suggest that structural reforms implementation is more likely during deep recessions and when unemployment rates are high. Moreover, the further distant from best practices, the more likely a country implements reforms. External pressures, such as being subject to a financial assistance programme, or being part of the EU Single Market facilitated pro‐competitive reforms. If at all, low interest rates tend to promote rather than discourage structural reforms, while there seems no clear link between fiscal policy and reforms. Moreover, reforms in product markets tend to increase the likelihood of labour market reforms following suit. Many robustness checks have been carried out which confirm our main results (ECB).
2. Sobre los la economía del populismo: Economics of the populist backlash. Populism has been on the rise for quite some time, and it is doubtful that it will be going away. This column argues that the populist backlash to globalisation should not have come as a surprise, in light of economic history and economic theory. While the backlash may have been predictable, however, the specific forms it took were less so, and are related to the forms in which globalisation shocks make themselves felt in society (VOX).
3. Terrorismo y contra-terrorismo y sus efectos sobre el comercio: Terms-of-Trade and Counterterrorism Externalities. This paper investigates the interplay of trade and terrorism externalities under free trade between a developed nation that exports a manufactured good to and imports a primary product from a developing nation. A terrorist organization targets both nations and reduces its attacks in response to a nation’s defensive counterterrorism efforts, while transferring some of its attacks abroad. Terms-of-trade considerations lead the developed nation to raise its counterterrorism level beyond the “small-country” level, thus compounding its overprovision of these measures. By contrast, the developing nation limits its defensive countermeasures below that of the small-country level. The analysis is extended to include proactive countermeasures to weaken the terrorist group. Again, the developed country raises its efforts owing to the terms-of-trade externality, which now opposes the underprovision associated with proactive efforts. A second extension allows for several developing country exporters of the primary product (Federal Reserve Bank of St. Louis).