Women and Pensions in Italy: Gender Imbalances and the Equalization of Retirement Age

This paper examines the age at retirement for men and women in Italy. Despite the expansion of women’s educational attainments, they still display lower employment rates, are frequently engaged in involuntary part-time jobs and have more fragmented careers. As a consequence, the mean age at which women receive a pension is higher than that of men. Using Labour Force Survey (2006 and 2012), the authors test the hypothesis that women’s higher age at retirement is determined by a selection bias towards more educated and work oriented women. A Heckman selection model has been developed. Results show that the main disadvantage is suffered by women with medium and low levels of education who show the highest estimated age at retirement, whereas higher educated women retire on average before men with the same level of education. The authors argue that pension policies, without interventions in the field of work-life balance policies, end up penalizing women with lower levels of education.

The role of social capital in private placement: evidence from Rule 144A debt issuances

PurposeThe purpose of this paper is to investigate the role of social capital in the issuances of Rule 144A debt. Using a sample of 1,378 debt offerings from 1997 to 2015 in the US, this paper provides empirical evidence on whether and to what extent social capital affects the cost of Rule 144A debt.Design/methodology/approachThis paper employs a county-level measure of social capital and links social capital to the yield spreads of Rule 144A debt. A Heckman selection model is sued to address the sample selection bias, and an instrumental variable approach and propensity score matching methodology are implemented to deal with the potential endogeneity issue. The authors check for robustness using an alternative measure of social capital.FindingsThe results of the analysis provide evidence that issuers headquartered in the counties with higher levels of social capital experience lower yield spreads in their Rule 144A debt offerings. The findings are robust to a Heckman selection model, an instrumental variable approach and propensity score matching. Furthermore, the analysis reveals the marginal effect of social capital that the effect of social capital is more pronounced for the issuing firms with higher agency cost of debt and lower institutional ownership. The effect of social capital is more prominent after financial crisis.Originality/valueThis paper provides novel evidence of the effect of social capital on the cost of privately placed debt. The issuances of Rule 144A debt are subject to significant information asymmetry and are targeted at sophisticated institutional investors. This paper sheds further light on how institutional investors incorporate the regional social capital in their pricing scheme of private placement of Rule 144A debt.

Main drivers of tobacco consumption among adolescents: the case of Kyrgyzstan

Tobacco smoking among youth is a global concern. Tobacco's dangers and the probability of addiction are often underestimated by young people. Preventing tobacco consumption among youth is critical since tobacco-related illnesses will take away the lives of 250 million young people who continue to smoke into adulthood. Youth are more vulnerable to nicotine and may become addicted to it quicker than adults. Even though they decide to stop in a few years, three out of four teen smokers continue to smoke into adulthood due to nicotine addiction. The main purpose of this study is to investigate tobacco consumption of adolescents in Kyrgyzstan. For this aim, a school-based survey of students aged 13-15 years was utilized. Global Youth Tobacco Survey was conducted in 2019. The questionnaire consists of 56 questions. This survey was conducted in order to get knowledge about adolescents’ attitudes about smoking. In the empirical analysis was employed Heckman selection model. In the light of obtained results it can be concluded that the main drivers of tobacco consumption among adolescents are age, gender, amount of spending money, parental smoking status, among others. The results indicate that tobacco consumption is higher among males. Parents smoking habit leads to a higher probability of an adolescents to become a smoker. The outcomes from this study may provide some insights into the policies implemented to lessen smoking among adolescents.

Current-account breaks and stability spells in a global perspective

Purpose This study aims to identify structural breaks in the current account and the periods between these breaks, which the authors name stability spells, and study their characteristics and determinants. Design/methodology/approach Using data from the IMF and the World Bank, this study applies the Lee and Strazicich test to endogenously identify breaks and the Heckman selection model to simultaneously study the determinants of structural breaks and current-account changes after breaks. Findings This study identifies 212 significant structural breaks and 341 stability spells. These spells become shorter and more volatile the further they are from equilibrium, and half of them last 10 years or less. The results show that economic growth and foreign-exchange piling are particularly useful to prevent breaks, while lower per capita income increases exposure to break risks. Originality/value This study introduces the concept of current-account stability spells to refer to the periods between structural breaks. These spells are then studied to determine their main characteristics. The authors also apply a global perspective in their analysis, using a wide sample of 181 economies between 1980 and 2018 and considering positive and negative breaks in both level and trend.

Beyond adoption: the interaction between organic and inorganic fertilizer application, and vegetable productivity in Ghana

This study explores the causal association between organic and inorganic fertilizer application and vegetable productivity in Ghana. Primary data were obtained from 300 pepper, cabbage and lettuce producers. To correct for self-selection bias and endogeneity, Heckman selection and three-stage least-squares models were estimated. More producers used inorganic fertilizers for pepper, cabbage and lettuce production than those who used organic fertilizers. Vegetable producers applied higher quantities of organic fertilizers (2830 kg) per acre than inorganic fertilizers (880 kg). Organic cabbage and lettuce producers recorded higher productivity than inorganic producers, but inorganic pepper producers had higher productivity than organic producers. However, vegetable producers who applied either organic or inorganic fertilizers, or both, recorded higher productivity than those who did not apply fertilizer. Factors that enhance the application of organic and inorganic fertilizers and vegetable productivity are education, farm size and production for export, land ownership, farmer association membership and perception about fertilizer price. Organic and inorganic fertilizer application improves vegetable productivity, and productivity promotes fertilizer application. Private agencies and government should subsidize fertilizers, improve producers' access to agricultural information, and train producers on productivity-enhancing agronomic practices.

Culture and mental health resilience in times of COVID-19

This paper aims to clarify the role of culture as a public good that serves to preserve mental health. It tests the evolutionary hypothesis that cultural consumption triggers a microeconomic mechanism for the self-defense of mental health from uncertainty. The COVID-19 pandemic offers a natural experiment of cultural consumption under increased uncertainty. Using primary data from a pilot survey conducted online during the pandemic and applying Probit and Heckman selection models, the study analyzes levels of happiness and propensity to help others. The results suggest that past consumption of culture is associated with higher happiness levels during crises. Moreover, spontaneous cultural practices (such as group singing) during times of uncertainty are associated with an increase in the pro-social propensity to help others. These findings highlight culture as a tool for promoting mental health at the micro level and social capital resilience at the aggregate level.

Exploring variability across cooperatives: economic performance of agricultural cooperatives in northern Ethiopia

The number of agricultural cooperatives increased quickly in Ethiopia since the 1990s. While many papers studied the impact of membership of Ethiopian cooperatives, not much is known on their performance. This study takes a cooperative-level perspective which is unique in an African context. It compares the economic performance proxied by sales revenue and profit of a wide range of agricultural cooperatives in northern Ethiopia. Data were collected from 511 agricultural cooperatives in 12 districts of Tigray. The contributing factors of the performance are analyzed with Ordinary Least Squares regression (OLS) and Heckman selection models. Our results underscore the importance of membership size, total assets, presence of conflict among members, and union membership. Chairperson characteristics and the internal organization of a cooperative seem to be less correlated to performance.

How Do Middle-Aged Chinese Men and Women Balance Caregiving and Employment Income?

Unpaid family caregivers might suffer losses in income as a result of care provision. Here we used data from the baseline survey of the China Health and Retirement Longitudinal Study to assess the relationship between hours of weekly caregiving provided to grandchildren/parents/parents-in-law and individual’s monthly employment income. Our study sample comprised 3718 middle-aged Chinese adults who were of working age (45–60 years). For women and men separately, we used a likelihood-based method to determine a caregiving threshold in a two-stage Heckman selection procedure. Instrumental variables were used to rule out the endogeneity of caregiving hours. Our analysis revealed a negative association between caregiving and income for women that depended on a caregiving threshold of 63 h per week. There was an absence of caregiving-income relationship among men. These results offer new insights into the opportunity costs of unpaid caregiving and support tailored policies to protect the financial well-being of female caregivers.