We propose a simple indicator for the climate-related transition risks of bank lending based on transaction-level loan data. The underlying idea is that the higher the greenhouse gas intensity of an economic activity, and thus that of the debtor involved, the higher its transition risk. The relationship is mapped through two min-max-normalised functions, each of which represents a scenario for the future characteristics of the green transition. The concept is versatile and applicable to different dimensions at different levels of aggregation (banking system or individual banks, whole economy or specific sectors). As a practical example, we discuss the proposed indicator using Hungarian data for the period 2012–2020.

This paper introduces a new set of comprehensive and cross-country-comparable indexes of migration policy selectivity. Crucially, these reflect the multidimensional nature of the differential treatment of migrants. We use these indexes to study the evolution of migration policy selectivity and estimate how they affect migration flows. Combining all publicly available and relevant data since WWII, we build three composite indexes that identify selectivity in terms of skills, economic resources and nationality. First, we use these to characterize migration policies in 42 countries between 1990 and 2014. Second, we examine the relationship between the selectivity of migration policy and migration flows. Each of the three dimensions of migration policy is found to correlate strongly and significantly with both the size and structure of migration flows.

Welfare is traditionally understood as social security decommodifying labour markets or as social investment policies. In the domain of housing, however, welfare for homeowners is largely hidden in the tax codes’ fiscal exemptions. Based on a content analysis of legislation, this article introduces a novel yearly database of 37 countries between 1901 and 2020 to uncover the “hidden welfare state” of taxes on imputed rent, deductibility of mortgage payments, housing capital gains tax, and value-added tax on newly built dwellings. Summary indices of homeownership attractiveness and neutrality of the tax code show that fiscal homeownership policies have been in decline until the 1980s and risen ever since. They are in place where finance is liberally and labour restrictively regulated. Contrary to the classical welfare state, they are not associated with an economic logic of industrialism or left-wing governments. They rather are an alternative to rent regulation used by Common-law jurisdictions or smaller countries. As welfare for property owners, the logic of fiscal homeownership welfare diverges from the classical welfare for the labouring classes.

Policy-critical, micro-level statistical data are often unavailable at the desired level of disaggregation. We present a Bayesian methodology for “downscaling” aggregated count data to the micro level, using an outside statistical sample. Our procedure combines numerical simulation with exact calculation of combinatorial probabilities. We motivate our approach with an application estimating the number of farms in a region, using count totals at higher levels of aggregation. In a simulation analysis over varying population sizes, we demonstrate both robustness to sampling variability and outperformance relative to maximum likelihood. Spatial considerations, implementation of “informative” priors, non-spatial classification problems, and best practices are discussed.

Hedonic modeling of Oklahoma cow auction data is used to determine the market value of bred cow characteristics. We use Agricultural Marketing Service data that let us consider more years and more lots of cattle than is typical for a cattle hedonic study. The greatest price premiums were for black, late-gestating cows, categorized as high quality by market reporters and weighing between 1,600 and 1,700 lb. Previous research on optimal cow size finds much smaller-size cows are optimal, and our research finds that larger cows receive a lower price per pound but still receive a substantially higher price per head.

This paper presents a multidimensional indicator of institutional quality in Argentina for the period 1862-2008. Initially, it describes a set of variables that aim to measure issues related to the legal framework prevailing in Argentina and its implementation, such as changes in the Constitution and the provincial Constitutions, declarations of state of siege and federal interventions, freedom of press, central bank independence. The indicator is then constructed through the principal component analysis.

The results suggest that periods of high institutional quality in Argentina coincided with the most expansion and relative progress. In other words, poor institutional quality would not only be reflected in lower growth rates but also compromises the ability to follow those countries with the best performace.

This paper compares various methods used for measuring price trends in sequential auctions and draws on index number theory. Data from wine auctions are used to show that different methods applied to the same data may lead to significantly different conclusions. Moreover the same method can even lead to opposite results depending on the way pairs are selected within the set of similar objects sold sequentially. Finally, the number of identical objects being sold also influences the price trend.