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To run a job guarantee public policy scheme, it is important to know the aspiration level or the reference point of labor, and accordingly, the labor hour and the wage sequence are to be prepared. The existing job guarantee schemes consider the same wage rates for all types of jobs. As a result, it is to identify the reference point. The present work aims to propose a job guarantee scheme where different types of jobs have different wage rates. The paper explains the choice problem between labor and leisure at different wage rates and proposes complete computational tools to be incorporated into the job guarantee schemes. The paper also gives a mechanism to prepare the list of jobs and corresponding wage rates by maintaining a balance between labor and leisure, where productive activities measure labor hours and labor welfare measures leisure hours. Lastly, the paper provides the analytical tools to interpret the ex-post data of the job guarantee public policy schemes.

The paper has been written based on the Coordination Game and its Welfare Implications in the job guarantee public policy schemes.

The present paper gives an initial work to measure the choice between labor and leisure for the different wage rates practically. This will help in getting the equilibrium strategies, namely, the combination of the labor hour and the wage rate between the policymaker and the labor. This method will help to implement the job guarantee schemes. For example, to run successfully the Basic Income policy, the basic income calculation should give due care; otherwise, there will be a downward trend in the basic income and the welfare of labor will be reduced, because the labor would have to supply excess labor to meet the target income.

This paper derives theories and explains how the equilibrium in this coordination game can be achieved. The paper explains how the policy of the job guarantee schemes can be practiced practically. In the MGNREGA scheme, the public institution declares different categories of jobs with different wage rates. The categories have been classified with respect to the hours required to complete the job. Therefore, the public institution declares different lists or a sequence of pairs of labor hours and wage rates. Moreover, the list is stochastic, because the list can be changed by the inclusion of an offer from the market as well. The labor has to select from the list. The challenge on the part of the public institution is to prepare the list in such a way so that the inclusion of the market offers will not distort the equilibrium of the coordination game. An important method has been proposed here to analyze the ex-post data of job offers so that the preparation of the future sequence of the job offers can be prepared with due care. One objective of the policymaker here is to make a list of job offers in such a way so that the labor supply will be converging to a point and that will not deviate if the wage rate increases further. This objective will make a balance of the distribution of funds between the existing registered labor and the new entrants into the job guarantee schemes.

Fiscal and monetary policies are essential to the development of a capital market. In this chapter, authors present how fiscal and monetary policy in Poland evolved and adjusted to economic challenges in 1998–2022. It is worth noticing that the Polish economy and financial market have been built from scratch after 45 years of socialism. Hence, it is scientifically interesting to study the relationship between fiscal and monetary policy, and capital market in a developing country, and in a relatively young economy.

Both – the macroeconomic policy mix and development of the capital market – are the subject of analysis how fiscal and monetary policy impacted the capital market. As so the main aim of the chapter is the assessment of the nexus and dependencies between fiscal and monetary policy and the capital market.

In the chapter, multiple linear regression was used for each dependent variable to discover which monetary and fiscal policy parameters significantly predicted selected variables describing the development of the capital market in Poland. Fiscal and monetary policy variables served as descriptors explaining capital market parameters in seven separate models.

Multiple regression models explain 77.3%–95.4% of the volatility of the capital market characteristics. The level of the central bank's reference rate is a variable that influences the capital market the most. In six out of seven models, the interest rate was a significant parameter. The development of the capital market was accompanied by a higher tax-to-GDP ratio. At the same time, a strong negative impact of the tax-to-GDP increase was noticed in domestic institutional investors' stock trading.

The framework of this paper is financial mathematics and, more specifically, the control of data fraud and manipulation with their subsequent economic effects, namely, in financial markets. The purpose of this paper is to calculate the global loss or gain, which supposes, for the borrower, a change of the interest rate while the contracted loan is in force or, in another case, the loan has finished.

The methodology used in this work has been, in the first place, a review of the existing literature on the topic of manipulability and abusiveness of the loan interest rates applied by banks; in the second place, the introduction of a mathematical-financial analysis to calculate the interests paid in excess; and, finally, the compilation of several sentences issued on the application of the so-called mortgage loan reference index (MLRI) to mortgage loans in Spain.

There are three main contributions in this paper. First, the calculation of the interests paid in excess in the amortization of mortgage loans referenced to an overvalued interest rate. Second, an empirical application shows the amount to be refunded to a Spanish consumer when amortizing his/her mortgage loan referenced to the MLRI instead of the Euro InterBank Offered Rate (EURIBOR). Third, consideration has been made to the effects and the possible solutions to the legal problems arising from this type of contract.

This research is a useful tool capable of implementing the financial calculation needed to find out overpaid interests in mortgage loans and to execute the sentences dealing with this topic. However, a limitation of this study is the lack of enough sentences on mortgage loans referenced to the MLRI to get some additional information about the number of borrowers affected by these legal sentences and the amount refunded by the financial institutions.

To the best of the authors’ knowledge, this is the first time that deviations in the payment of interests have been calculated when amortizing a mortgage.

Brazil uses the dollar as a vehicle currency to invoice its exports. This fact produces a tendency toward equalizing the prices of products in dollars in the international market and reducing the ability of firms to practice pricing-to-market (PTM). This study aims to evaluate the hypothesis by estimating error correction models in panel data, obtaining estimates of PTM for 25 manufacturing products exported by Brazil between 2010 and 2020.

This study uses the correlated common effect estimator proposed by Pesaran (2006) and Chudik and Pesaran (2015b) to estimate the PTM coefficients.

Results of this study indicate that exporters practice local-currency pricing stability for dollar prices. This study obtains that Brazilian exporters tend to stabilize their dollar price for exports, reducing heterogeneity between destination markets. The results are in agreement with the hypothesis of the prevalence of the coalescing effect of Goldberg and Tille (2008) and lower sensitivity of the markup adjustment to the specific market, as pointed out by Corsetti et al. (2018). The pricing of Brazilian exports in dollars reflects a profit maximization strategy that considers an international price system based on global demand for products.

In addition to analyzing the dollar role in the pricing of Brazilian exports through the triangular decomposition, this study also shows the importance of examining the cross-section dependence of errors, considering the heterogeneous cointegration in export pricing models and producing PTM estimates for short-term and long-term.

This paper examines whether target returns act as specific goals that impact risk-taking when individuals make investment decisions.

Using an experimental setting, the authors assign either a low or a high target return to participants and ask them to make independent investment decisions as the risk-free rate fluctuates around their target return and, for some of them, becomes negative.

Building on cumulative prospect theory, the authors find that the prevailing reference point of participants is the target return, regardless of the level of the risk-free rate. This result still holds even when the risk-free rate is negative, suggesting that (1) the target return drives risk-taking more than does a zero-threshold and (2) negative rates are limited as a tool to stimulate appetites for risk. In a follow-up study, the authors show that these conclusions remain valid when the target return is endogenously determined.

The authors' original approach, which pioneers the use of target returns in both the positive and negative interest rate contexts, provides insightful results about the “reach for yield” among regular people.

Many studies have shown that from a theoretical and empirical point of view, downside risk-based measures of risk are better than the traditional ones. Despite academic appeal and practical implications, downside risk has not been thoroughly examined in markets outside developed country markets. Using downside beta as a measure of downside risk, this study examines the relationship between downside beta and stock returns in Indian equity market, an emerging market with unique investor, asset and market characteristics.

This is an empirical study done by using ranked portfolio return analysis and regression analysis methodologies.

The study results show that downside risk, as measured by downside beta, is distinctly priced in the Indian equity market. There is a direct positive relationship between downside beta and contemporaneous realized returns, indicating a premium for downside risk. Downside risk carries a higher weightage than upside potential in the aggregate return of the stock portfolios. Downside beta is a better measure of systematic risk than conventional market beta and downside coskewness.

The empirical results support the adoption of downside beta in practice and provide a case for replacing traditional beta with downside beta in asset pricing applications, trading and investment strategies, and capital allocation decision-making.

This is one of the first in-depth studies examining downside beta in Indian equity markets using a broad sample of individual stock returns covering a wide time range of 22 years. To the best of our knowledge, this study is the first one to compare downside beta and downside coskewness using individual stock data from the Indian equity market.

The research investigates valuers' understanding of the value of sustainability in property and its' consideration in valuation practice in Australia. This paper explores valuers' perceptions of the relationships between sustainability and market values, sustainability and valuation variables, and the value influence of industry sustainability certification schemes. Further, this paper tracks prevalence of certified buildings in Australian commercial markets and the evolution of valuers' knowledge of sustainability certifications used in Australia.

This paper reports on the next rendition of a longitudinal study examining valuers’ practice in Australia. This research explores the evolution of Australian valuers' perception and knowledge of sustainability in valuation practice. The survey data has been periodically collected from practising valuers from 2007 to 2021. The survey questions investigate valuers' knowledge development, understanding, reporting and consideration of the relationship between sustainability and market value.

The results have identified the evolution of the influence of normative research on valuers' perceptions of the relationship between sustainability and value; with a clearer understanding emerging over time of where the value relationships are identified in valuation variables. Greater alignment between empirical Australian studies and valuers' perceptions of the influence of sustainability ratings on value, demonstrate the value connection for higher rated buildings under NABERS (energy rating) and Green Star. Whilst only 41% of the study's participants are including sustainability in their valuation reports, they include a higher level of commentary on building descriptions and initiatives, building ratings, and reporting of owner and tenant objectives, than in previous studies. Knowledge development relating to sustainability certification tool, NABERS was identified. This is likely linked to the introduction of mandatory disclosure legislation. This has also led to increased awareness and valuers' knowledge of the differences between the two key rating tools used in Australia.

The research has several limitations: firstly, recruitment of valuers and the number of valuers' responses has varied over time; secondly, due to collection methods respondents have a greater likelihood of having an interest in and knowledge of sustainability creating potential for positive bias; thirdly, respondents may have responded to the survey in different years, but due to anonymity there has been no ability to track this. The results provide insights into the Australian valuation profession but may not be fully representative of the profession overall in Australia.

The broader agenda of net zero, climate change, mitigation and carbon requirements, whether driven by market forces or government legislation, are generating changes in property markets as investors' reconsider their positions and model the implications of carbon emissions on their bottom lines. Introductions of policy and legislation over time in the Australian context have led to changes in valuation practice and increasing consideration of energy efficiency and ratings in the valuation of assets. However, further guidance and research still is required in Australia to assist in the knowledge development of valuers, and their ability to consider the emerging effects of sustainability, net zero and other market driven objectives including legislation, and how these may affect or influence their evaluation of market evidence and thus property values.

The research has tracked valuers' understanding, knowledge, and consideration of sustainability and energy efficiency in valuation practice since 2007. In that time the research has found that, as the market has evolved and more rated buildings are built (or retrofitted), so too has valuers' knowledge and consideration in valuation practices evolved. Valuers are more engaged with industry rating tools such as NABERS. This suggests that the Australian mandatory disclosure policies have contributed to changes in the market, which are then interpreted by valuers and reflected in their perceptions and consideration of energy ratings in valuation practice.

This study aims to investigate whether the increasing robot adoption will affect employment rate and wages to contribute to the economic cycle and sustainable development in the world.

The authors introduce a two-way fixed effect model and ordinary least-squares (OLS) model to evaluate the influence based on relevant data of the eighteen countries with the largest robot stocks and robot densities in the world from 2006 to 2019 to test the influences and do the robustness test and endogeneity test by using empirical models.

The authors’ research findings suggest that increasing robot adoption can cause strong negative impacts on employment for both males and females in these economies. Second, the effect of robots on reducing job opportunities has penetrated different industries. It means that this negative impact of robots is comprehensive for the industry. Third, robot adoption can have a strong positive influence on wages and increase workers' incomes.

The limitations of the study are that the influence of industrial intelligence technologies on the circular economy is diversities in different countries. Thus, this study should consider the development levels of different economies to do additional confirmatory studies.

This study makes out the correlations between industrial robots and the employment market from the circular economy perspective. The result proves the existence of this influence relationship, and the authors propose some suggestions to promote sustainable economic development.

This paper addresses the activity of industrial intelligence technologies in the labor market. The employment market is an important part of the circular economy, and it will benefit social development if the government provides appropriate guidance for social investment and industrial layout.

This study is one of the few studies which considered the impact of industrial robots on employment and wages from the perspective of different industries, and this is very important for the circular economy in the world. The results of this paper provide an instructive reference for government policymakers and other countries to stabilize the labor market and optimize human resources for sustainable economic development.