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| 1 |
ID:
090110
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| Publication |
2009.
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| Summary/Abstract |
This paper investigates the impacts of financial intermediary (or banking) development on village-level per capita income using a Chinese dataset for selected years between 1993 and 2006. The empirical results from a random effect regression model indicate that mean per capita income in rural villages follows an inverted U-shaped path as financial intermediation develops. However, using a pooled quantile regression approach, we find that median per capita income in rural villages follows a positive linear path, rather than an inverted U-shaped path, as financial intermediation develops. The positive linear effect of financial intermediary development is observed at the lower and higher ends of the conditional per capita income distribution. This suggests that development of financial intermediation in China might not have statistically significant differential effects in low-income or high-income rural villages.
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| 2 |
ID:
148506
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| Summary/Abstract |
Food security is a basic requirement of livelihood. A major source of calories is carbohydrates which are mainly derived from foodgrains. This article addresses the foodgrain deficiency in India, across its states, regions and at the household level. The study further analyses the causal effect of subsidies from India’s public distribution system, the share of home-produced foodgrain in total consumption of foodgrains, food diversification, monthly per capita consumption expenditure and socio-religious factors on foodgrain deficiency. The analysis is based on the National Sample Survey’s unit-level data at three points of time: 1999–2000, 2004–05 and 2009–10. Foodgrain deficiency has been captured at the national level and across states by suitably adapting Foster, Greer and Thorbecke’s (1984) measure of poverty. Panel regression has been done at the state-region level to analyse the impact of the above-mentioned determinants on foodgrain deficiency. For the household-level regression, the dependent variable is deviation from the desired norm of 8.6 kg of foodgrain per consumer unit per month. Quantile regression analysis is done at the household level to capture the impact of the determinants at different segments of foodgrain deviations. We find that foodgrain deficiency levels have increased for ‘all-classes’ and the ‘below-poverty-level class’ but the deficiency levels are not very high and can be managed with suitable measures. It is further found that the determinants have a significant influence on foodgrain deficiency and foodgrain deviation at the state-region and household levels, respectively. Suitable policy measures have also been identified.
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| 3 |
ID:
150801
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| Summary/Abstract |
An increasing block tariff (IBT) has been implemented nationwide in the residential sector in China since 2012. However, knowledge about IBT design is still limited, particularly how to determine the electricity volume for the first block of an IBT scheme. Assuming the first block should be set based on some measure of electricity poverty; we attempt to model household electricity demand such that the range of basic needs can be established. We show that in Chinese households there exists a threshold for electricity consumption with respect to income, which could be considered a measure of electricity poverty, and the threshold differs between rural and urban areas. For rural (urban) families, electricity consumption at the level of 7th (5th) income decile households can be considered the threshold for basic needs or a measure of electricity poverty since household electricity demand in rural (urban) areas does not respond to income changes until after 7th (5th) income decile. Accordingly, the first IBT block for some provinces (e.g., Beijing) appears to have been set at a level that is too high. Over time however, given continued rapid growth, the IBT will begin to better reflect actual basic needs.
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| 4 |
ID:
132771
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| Publication |
2014.
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| Summary/Abstract |
We use a quantile regression framework to investigate the impact of changes in crude oil prices, natural gas prices, coal prices, and electricity prices on the distribution of the CO2 emission allowance prices in the United States. We find that: (i) an increase in the crude oil price generates a substantial drop in the carbon prices when the latter is very high; (ii) changes in the natural gas prices have a negative effect on the carbon prices when they are very low but have a positive effect when they are quite high; (iii) the impact of the changes in the electricity prices on the carbon prices can be positive in the right tail of the distribution; and (iv) the coal prices exert a negative effect on the carbon prices.
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| 5 |
ID:
171468
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| Summary/Abstract |
In this article, we investigate the heterogeneity in the responsiveness of Swiss household electricity demand to changes in prices and income. We focus on segments of consumers with different intensities of electricity consumption by using a panel quantile regression approach. This estimation strategy is applied to a rich micro-level longitudinal data set of 3880 observations from more than 1400 households, matched with a unique price data set extracted from the Swiss electricity regulator's online sources. While the findings show an inelastic electricity demand across all groups, an interesting pattern of variation emerges between lower and upper quantiles of electricity demand, respectively frugal and intensive users. Results show that households in the first conditional quartile and at the median react significantly to changes in prices, while those at the lowest quantile and upper quantiles exhibit insignificant price elasticities. The main policy implications of this work concern the design of price-based measures for reducing electricity consumption in the residential sector and the possibility of accounting for individual responses in tailoring policies for specific consumer segments.
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| 6 |
ID:
163569
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| Summary/Abstract |
This paper provides estimates of quantile regression models of the relationship between Italian day-ahead electricity prices, the supply of renewables and the inception of a new cable (SAPEI, linking Sardinia with the Italian peninsula), in the 2006–2015 time window. The results confirm the merit order effects detected in the existing literature, both for photovoltaics and wind power, more strongly in market conditions characterised by moderately low price levels and with some implied increase in volatility. The new cable has apparently challenged the ability of power generating companies to extract value through price spikes, has mitigated volatility, and its effects have been complementary with those of renewables. Effects from photovoltaics are more sensitive to robustness checks. Differences across zonal markets are nonetheless detected.
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| 7 |
ID:
182791
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| Summary/Abstract |
A quality promotion of neighborhood primary schools no doubt elevates nearby housing price. But which houses benefit from the public policy is important to improve educational equity. Accurate identification of such capitalization effects will help policymakers optimize the allocation of scarce public goods. Previous studies on this issue have been biased due to endogeneity and overlooking the impacts of facility quality change. Based on the Hangzhou's school district adjustment in 2012, the current work contributes to housing price effects of policies and education quality changes, rather than a static educational facility. The difference-in-differences model with quantile regression is constructed to obtain a more precise and detailed estimation among the different sub-markets. Results show that the average price effect estimated by the difference-in-differences is up to nearly 800 yuan/m2, higher than cross-sectional estimation. Only housing with better schools after reassignment witness a price premium. Low-priced and small houses earn more than 1000 yuan/m2, whereas high-priced and large houses are not significantly affected. The results demonstrate that future policies should ensure the rights of low-income groups to attend high quality primary school and guard against the gentrification of low-priced houses.
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| 8 |
ID:
177440
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| Summary/Abstract |
As global investment in renewable energy technologies continue to trend upward, the effects of variable (intermittent) renewable energy technologies on power markets have created serious challenges for regulators and policymakers. The literature on the effects of these technologies on day-ahead markets has been well established; however, further research is required on intra-day and real-time (balancing) markets to understand how these technologies are changing electricity market dynamics. In this respect, this study aims to assess the effects of the variable renewable energy technologies (wind and run-of-river hydro) on Turkish balancing market prices using quantile regression. In addition, ordered logistic regression is used to evaluate how system imbalances are changing as a result of these technologies. Model results show that system marginal price declines as variable renewable energy generation increases. Moreover, there is a higher probability of positive imbalance as the positive difference between real-time and projected variable renewable energy generation increases. Overall, an increase in variable renewable energy generation implies lower prices, but higher positive imbalances for the system. Hence, we recommend that Turkey should revise its current market design to incorporate the geographical and temporal generation characteristics of these technologies.
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| 9 |
ID:
165370
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This article undertakes an examination of Bangladesh’s latest available Quarterly Labour Force Survey 2015–2016 data to draw in-depth insights on gender wage gap and wage discrimination in Bangladesh labour market. The mean wage decomposition shows that on average a woman in Bangladesh earns 12.2 per cent lower wage than a man, and about half of the wage gap can be explained by labour market discrimination against women. Quantile counterfactual decomposition shows that women are subject to higher wage penalty at the lower deciles of the wage distribution with the wage gap varying between 8.3 per cent and 19.4 per cent at different deciles. We have found that at lower deciles, a significant part of the gender wage gap is on account of the relatively larger presence of informal employment. Conditional quantile estimates further reveal that formally employed female workers earn higher wage than their male counterparts at the first decile but suffer from wage penalty at the top deciles.
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| 10 |
ID:
146884
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| Summary/Abstract |
The average American military enlistee is likely to differ from the average civilian in employment ambitions and prospects. Current research on veteran wages, however, only examines the effect of military service on average earnings. We employ quantile regression techniques to estimate the effect of military service for the above- and below-average earnings that veterans may experience. We draw data from two longitudinal surveys, one including veterans who served during 1980–1994 and the other including veterans of the early 21st-century wars in Afghanistan and Iraq. For the 21st-century cohort, we find that military service appears to increase wages at and below the median wage but decrease earnings at the high end of the distribution, although these benefits may take several years after service and entry into the civilian labor market to appear.
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| 11 |
ID:
157669
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| Summary/Abstract |
This article looks at the association between firm market value and patenting activity in the Indian manufacturing sector, using a matched panel dataset of 380 firms spanning 22 industry groups over the period 2001–2010. To see whether the very act of patenting matters or not we introduce variation through an indicator variable indicating a firm’s patenting status, whereas to see whether having a larger number of patents matters for firm value we employ a patent stock variable. Differences in the response of firm market value to variations in these two different ways of capturing patents provide evidence for the signalling role of patents in the context of Indian manufacturing. The empirical investigations indicate that while firms that use patents to protect their innovations have a significantly higher market value than firms that do not, an increase in the number of patents granted to a firm is associated with higher market value only for firms at the lowest end of the market value distribution. The results are consistent with the explanation that patents serve as signals of firm quality.
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| 12 |
ID:
156424
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| Summary/Abstract |
Whether political ties enhance or weaken firm performance has been widely investigated in a number of studies, including some on China. Based on a database of non-financial A-share listed firms from 2004 to 2012, we study the effects of political ties on firm performance within a quantile regression framework. We find that there is a positive relationship between political ties and economic performance, but that it is diminishing with respect to firm performance. Political ties appear particularly important for weaker firms.
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| 13 |
ID:
164425
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| Summary/Abstract |
This article examines if there is a wage gap between public and private mining (and quarrying) workers in India, using the NSS data (2004–2005, 2009–2010 and 2011–2012). We employ linear and quantile regressions to estimate the wage gap. The ordinary least squares (OLS) results suggest that workers in the public sector mines (and quarries) earn 59 per cent more than their private sector counterparts. However, the wage gap is not uniform across the conditional wage distribution. The quantile regression estimates show that the magnitude of the wage gap is larger at the bottom quantile than at the top; the gap reduces as we move up the wage distribution. Observations drawn from our sub-sample analysis concur with these findings.
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| 14 |
ID:
113448
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| Publication |
2012.
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| Summary/Abstract |
This paper applies quantile regression method to measure the rebound effect and differentiate it with respect to demand for mobility using the 2009 National Household Transportation Survey (NHTS). The quantile regression results indicate that the rebound effect varies with the distribution of vehicle miles traveled (VMT), ranging between 0.11 and 0.19. Road network density and population density also play an important role in determining travel demand. Regression results indicate that travelers living in areas with higher road network density travel more miles although this positive impact consistently declines along the VMT distribution. Travelers living in areas with population density of at most 3000 persons per square miles travel more miles than those living in higher density areas. The quantile regression results also indicate that the impact of income is positive but declines consistently along the VMT distribution.
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| 15 |
ID:
169756
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| Summary/Abstract |
This study extends the literature on the asymmetric effect of oil price fluctuations on emerging and frontier stock markets via a quantile-on-quantile approach that allows to capture normal and extreme states in each respective market. We find that oil risk exposures are heterogeneous across the emerging and frontier stock markets and indeed display quantile-specific characteristics. Observing uniform patterns of oil risk exposures within groups of countries that include both importers and exporters, we argue that oil price risk serves as a systematic risk proxy, capturing the market's concerns regarding global growth expectations, rather than a simple import/export commodity. Our findings suggest that signals from the oil market, either via measures of trading activity in oil futures or changes in basis values, could be utilized by policy makers to improve models of stock market volatility.
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| 16 |
ID:
180178
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| Summary/Abstract |
This paper intends to explore the roles of a variety of income-related attributes of the problem of energy poverty which should be considered in the policy-making for alleviating various constraints for essential access of the people to useable energy. This inquiry scrutinizes the drivers of energy poverty in the settings of development stages by using the data of 190 countries grouped under low-income, middle-income, and high-income brackets from 1991 to 2019. For being a multifaceted issue, this study adopts the definition of access to modern energy facilities in the form of electricity consumption as a popular proxy for energy poverty. The empirical model conducts advanced panel cointegration methods i.e., panel ARDL based on pooled mean group and panel quantile regression. The findings of the study illustrate that the influence of different factors on access to electricity is heterogeneous along with the three panels of countries. The derived heterogeneity of employment, inflation, GDP, education, stock market returns and liquid liabilities over energy poverty is due to the diversified demographics of the low-income, middle-income, and high-income countries. The study found that the stage of economic development is a key factor in the determination of energy poverty, and this has important policy implications at the global level while accounting for the income attributes of the relevant countries.
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| 17 |
ID:
092538
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| Publication |
2009.
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| Summary/Abstract |
This study assesses the impact of government shareholding on corporate performance using a sample of 643 non-financial companies listed on the Chinese stock exchanges. In view of the controversial empirical findings in the literature and the limitations of the least squares regressions, we adopt the method of quantile regression and report a robust and significant negative relation between government shareholding and corporate performance among, and only among, the more profitable firms. This new finding, which the conditional mean-focused regressions do not capture, suggests that while Chinese government still exerts influences on the performance of these partially privatized firms, the relationship parameter changes across quantiles of the distribution of performance variables.
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| 18 |
ID:
099241
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| Publication |
2010.
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| Summary/Abstract |
Residential energy consumption accounts for 22% of the total energy consumption in the US. However, the impacts of local planning policies, such as increasing density and changing the housing type mix, on residential energy consumption are not well understood. Using Residential Energy Consumption Survey Data from the Energy Information Administration, quantile regression analysis was used to tease out the effects of various factors on entire distribution on the energy consumption spectrum instead of focusing on the conditional average. Results show that while housing size matters for space conditioning, housing type has a more nuanced impact. Self-reported neighborhood density does not seem to have any impact on energy use. Furthermore, the effects of these factors at the tails of the energy use distribution are substantially different than the average, in some cases differing by a factor of six. Some, not all, types of multifamily housing offer almost as much savings as reduction in housing area by 100 m2, compared to single family houses.
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| 19 |
ID:
161827
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| Summary/Abstract |
Using the data from an original survey on rural migrant workers from Suzhou industrial sector in 2013, we estimate the wage effect of both union membership and union coverage across the wage distributions using decomposition approach based on unconditional quantile regression. The results show that union membership has a significant effect on the wage level of rural migrant workers across the wage distribution. The effect of coefficient differences which results from the different rewarding systems explains the majority wage differentials between union members and non-members in non-unionized firms. There is also significant union coverage effect at the lower part of the distribution when comparing the union-covered non-member to the nonunion-covered non-member, which is also mainly caused by the coefficient effect. By contrast, wage differentials between union members and non-members in unionized firms are attributed to significant composition effect, which reveals that union members are positively selected within unionized firms. As a result, the positive wage effect of union is limited to the more advantaged group among migrant workers.
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| 20 |
ID:
176851
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| Summary/Abstract |
The share of variable renewable energy sources in power supply has increased significantly in many countries; however, this increase has also created problems in electricity markets. While the average day-ahead market price has declined in several markets (the merit-order effect), the remuneration mechanisms in some countries have to be revised due to the surge in financial costs. Yet, further research is needed to understand the implications of the merit-order effect for remuneration mechanisms thoroughly. Accordingly, this study aims to contribute to the literature through employing a quantile regression model to analyze the merit-order effect and discuss its implications for the remuneration mechanism in Turkish electricity market. Model results show significant negative merit-order effect for both wind and run-of-river hydro technologies; however, this effect varies with respect to demand, price level and technology. Moreover, the contribution of these technologies to the total welfare in the Turkish electricity market does not favor fixed-price payments. In conclusion, it is recommended that the remuneration mechanism is revised to include the temporal value of variable renewable energy sources and electricity market design should reflect the locational value of variable renewable energy sources in Turkey.
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