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Finding low-dimensional chaos is a relevant issue as it could allow short-term reliable forecasting. However, the existence of chaos in shipping freight rates remains an open and outstanding matter as previous research used methodology that can produce misleading results. Using daily data, this paper aims to unveil the nonlinear dynamics of the Baltic Dry Index that has been proposed as a measure of the shipping rates for certain raw materials. We tested for the existence of nonlinearity and low-dimensional chaos. We have also examined the chaotic dynamics throughout three sub-sampling periods, which have been determined by the volatility pattern of the series. For this purpose, from a comprehensive view we apply several metric and topological techniques, including the most suitable methods for noisy time series analysis. The proposed methodology considers the characteristics of chaotic time series, such as nonlinearity, determinism, sensitivity to initial conditions, fractal dimension and recurrence. Although there is strong evidence of a nonlinear structure, a chaotic and, therefore, deterministic behavior cannot be assumed during the whole or the three periods considered. Our findings indicate that the generalized autoregressive conditional heteroscedastic (GARCH) model and exponential GARCH (EGARCH) model explain a significant part of the nonlinear structure that is found in the dry bulk shipping freight market.
Lucía Inglada-Pérez; Pablo Coto-Millán. A Chaos Analysis of the Dry Bulk Shipping Market. Mathematics 2021, 9, 2065 .
AMA StyleLucía Inglada-Pérez, Pablo Coto-Millán. A Chaos Analysis of the Dry Bulk Shipping Market. Mathematics. 2021; 9 (17):2065.
Chicago/Turabian StyleLucía Inglada-Pérez; Pablo Coto-Millán. 2021. "A Chaos Analysis of the Dry Bulk Shipping Market." Mathematics 9, no. 17: 2065.
This paper studies the relationship between logistics, intermodality and airport efficiency. To this end, using Data Envelopment Analysis (DEA), the efficiency of the 21 largest European airports has been estimated over the 2009-2014 period. In a second stage, this research analyses the effect of Logistics and Modal Integration on airport efficiency. The airport's ability to compete globally depends, greatly, on the passengers and cargo' access to efficient networks. The results show evidence of the positive impact of the quality of the national logistics system on Airport efficiency. The effect of Logistics on overall airport efficiency is estimated at 0.15% for every 1% increase in the Logistic Performance (LPI), ceteris paribus. Furthermore, airports that have a direct link to a High-Speed Rail (HSR) network are expected to perform, on average, 27 per cent above the rest of the airports. Finally, airports that offer more facilities to optimise the interface between airport and aircraft are expected to achieve higher efficiency levels.
Xose Luis Fernández; Javier Gundelfinger; Pablo Coto-Millán. The impact of logistics and intermodality on airport efficiency. Transport Policy 2021, 1 .
AMA StyleXose Luis Fernández, Javier Gundelfinger, Pablo Coto-Millán. The impact of logistics and intermodality on airport efficiency. Transport Policy. 2021; ():1.
Chicago/Turabian StyleXose Luis Fernández; Javier Gundelfinger; Pablo Coto-Millán. 2021. "The impact of logistics and intermodality on airport efficiency." Transport Policy , no. : 1.
In this study we address the main aspects shaping the profile of creative women in Spain. The creativity concept is based on Richard Florida's approach that takes into account the type of occupation in which women develop their work activities. From this occupational-based approach we define a list of creative jobs and characterize the types of these jobs in which creative women mainly carry out their activities. We have been able to observe over time that economic crisis has not significantly affected the group of creative women. Moreover, from a geographical dimension, empirical results show strong evidence for Florida's hypotheses on the relationships between presence of female creative class and variables such as tolerance, urbanity, amenities or innovation in Spanish regions. Our findings also suggest that most creative cities have greater income inequality. We finally estimate a logistic model by using microdata from the Labour Force Survey, which allows us to characterize the profile of creative women according to a series of socio-demographic and labour variables. We concluded that highly educated and Spanish women who are self-employer or working in services, as well as overtime, are more likely to have a creative occupation than the rest of female workforce.
Lucía Inglada-Pérez; Pablo Coto-Millán; Pedro Casares; Vicente Inglada. Profile of creative women: a comprehensive quantitative approach for Spain. European Planning Studies 2021, 1 -21.
AMA StyleLucía Inglada-Pérez, Pablo Coto-Millán, Pedro Casares, Vicente Inglada. Profile of creative women: a comprehensive quantitative approach for Spain. European Planning Studies. 2021; ():1-21.
Chicago/Turabian StyleLucía Inglada-Pérez; Pablo Coto-Millán; Pedro Casares; Vicente Inglada. 2021. "Profile of creative women: a comprehensive quantitative approach for Spain." European Planning Studies , no. : 1-21.
This study analyses the possible existence of spatial interdependence in port authorities’ capacity expansions in the port industry. We propose a dynamic model that allows quantifying the degree of port authorities’ interdependence in capacity decisions and simulating a hypothetical scenario of cooperation agreements among different port authorities. The econometric specification is based on a structural model of demand, cost and market equilibrium. The empirical results suggest that strategic interdependence exists in port infrastructure services. Furthermore, using a simulation analysis, we show that incentives to invest in port capacity increase under a cooperative setting.
Soraya Hidalgo-Gallego; Ramón Núñez-Sánchez; Pablo Coto-Millán. Strategic interdependence in capacity expansion: A spatial analysis for port infrastructure services. Transportation Research Part A: Policy and Practice 2020, 143, 14 -29.
AMA StyleSoraya Hidalgo-Gallego, Ramón Núñez-Sánchez, Pablo Coto-Millán. Strategic interdependence in capacity expansion: A spatial analysis for port infrastructure services. Transportation Research Part A: Policy and Practice. 2020; 143 ():14-29.
Chicago/Turabian StyleSoraya Hidalgo-Gallego; Ramón Núñez-Sánchez; Pablo Coto-Millán. 2020. "Strategic interdependence in capacity expansion: A spatial analysis for port infrastructure services." Transportation Research Part A: Policy and Practice 143, no. : 14-29.
Modelling and forecasting port traffic are of major importance for the shipping industry. Existence of chaos implies that while long term forecasting is vain, reliable short-term forecasting would be possible. The objective of this research is to uncover the nonlinear dynamics and chaotic behavior of the liquid bulk cargo shipping, using monthly data from January 1992 to March 2013 for the Spanish seaports. For this purpose, in first instance we remove any linear dependence by means of the Box-Jenkins approach. Afterwards we analyzed the existence of nonlinearity and chaotic behavior by applying the BDS and the Lyapunov test respectively. Our findings suggest that although there has been found a dominant nonlinear structure underlying the dynamics of the liquid bulk traffic, determinism cannot be assumed and hence chaos cannot be inferred. These results are especially relevant for modeling and forecasting of maritime traffic, specifically for liquid bulk cargo, and for the design and evaluation of public policies related to the investment planning and management of port system.
Pablo Coto-Millan; Lucía Inglada-Pérez. Testing for nonlinearity and chaos in liquid bulk shipping. Transportation Research Procedia 2020, 48, 1605 -1614.
AMA StylePablo Coto-Millan, Lucía Inglada-Pérez. Testing for nonlinearity and chaos in liquid bulk shipping. Transportation Research Procedia. 2020; 48 ():1605-1614.
Chicago/Turabian StylePablo Coto-Millan; Lucía Inglada-Pérez. 2020. "Testing for nonlinearity and chaos in liquid bulk shipping." Transportation Research Procedia 48, no. : 1605-1614.
The withdrawal of the United Kingdom (UK) from the European Union (EU) opens an unprecedented scenario for the UK and EU economy. One of the sensitive points concerns the banking sector. This paper considers the impact of the Brexit referendum on the bank efficiency. Using stochastic frontier analysis (SFA) methods, an input-oriented distance function was estimated for 56 British and Ireland leading banks over the 2007 to 2016 period. Results suggest that the uncertainty created by the 2016 referendum has negatively influenced the banking sector. The loss of efficiency is estimated in 5.6% for UK banks and 3.7% for Ireland banks.
Xosé Luís Fernández; David Paz-Saavedra; Pablo Coto-Millán. The impact of Brexit on bank efficiency: Evidence from UK and Ireland. Finance Research Letters 2019, 36, 101338 .
AMA StyleXosé Luís Fernández, David Paz-Saavedra, Pablo Coto-Millán. The impact of Brexit on bank efficiency: Evidence from UK and Ireland. Finance Research Letters. 2019; 36 ():101338.
Chicago/Turabian StyleXosé Luís Fernández; David Paz-Saavedra; Pablo Coto-Millán. 2019. "The impact of Brexit on bank efficiency: Evidence from UK and Ireland." Finance Research Letters 36, no. : 101338.
This paper considers the impact of tourism on airports efficiency. Using stochastic frontier analysis (SFA) methods, an input-oriented distance function was estimated for a sample of 35 Spanish airports over the 2009 to 2016 period. Air transport and tourism are highly connected. Results suggest that tourist-oriented airports may achieve higher efficiency levels than non-touristic ones. We also demonstrate a relationship between airline business models for tourist arrivals and airport efficiency. Airports with higher shares of "low-cost carrier" passenger traffic appear to perform more efficiently. By comparison, airports with higher shares of “charter passenger” traffic appear to perform less efficiently.
Xosé Luis Fernández; Pablo Coto-Millán; Benito Díaz-Medina. The impact of tourism on airport efficiency: The Spanish case. Utilities Policy 2018, 55, 52 -58.
AMA StyleXosé Luis Fernández, Pablo Coto-Millán, Benito Díaz-Medina. The impact of tourism on airport efficiency: The Spanish case. Utilities Policy. 2018; 55 ():52-58.
Chicago/Turabian StyleXosé Luis Fernández; Pablo Coto-Millán; Benito Díaz-Medina. 2018. "The impact of tourism on airport efficiency: The Spanish case." Utilities Policy 55, no. : 52-58.
This research uses a production function of the type proposed by Mankiw et al. (1992) to study the effect of logistics and information and communication technologies (ITC) on domestic technical efficiency using stochastic frontier analysis for thirty-four countries over the period 2007–2012. We find that logistics and ICT are important channels for improving efficiency. This paper contributes to the literature by estimating the contribution of logistics and ICT to domestic technical efficiency. The economic impact of logistics measured using the LPI (Logistics Performance Index) on technical efficiency is estimated at 0.59 % for every 1 % increase in LPI, ceteris paribus.
Pablo Coto-Millán; Xose Luís Fernández; Miguel Angel Pesquera; Manuel Agüeros. Impact of Logistics on Technical Efficiency of World Production (2007–2012). Networks and Spatial Economics 2015, 16, 981 -995.
AMA StylePablo Coto-Millán, Xose Luís Fernández, Miguel Angel Pesquera, Manuel Agüeros. Impact of Logistics on Technical Efficiency of World Production (2007–2012). Networks and Spatial Economics. 2015; 16 (4):981-995.
Chicago/Turabian StylePablo Coto-Millán; Xose Luís Fernández; Miguel Angel Pesquera; Manuel Agüeros. 2015. "Impact of Logistics on Technical Efficiency of World Production (2007–2012)." Networks and Spatial Economics 16, no. 4: 981-995.
This paper analyses the evolution of total factor productivity and its decomposition between 1986 and 2005 in the Spanish port authorities using a parametric distance function approach. During this period, the Spanish port authorities experienced three important regulatory changes. The results show that technical progress and scale efficiency gains improved the total factor productivity, whereas technical efficiency losses reduced the total factor productivity. The change in the model of port management from a tool port model to a landlord port model, the Spanish economic policy in the early nineties, the adoption of particular technologies and the ports’ overcapacity could explain these results.
Ramón Núñez-Sánchez; Pablo Coto-Millán. The impact of public reforms on the productivity of Spanish ports: A parametric distance function approach. Transport Policy 2012, 24, 99 -108.
AMA StyleRamón Núñez-Sánchez, Pablo Coto-Millán. The impact of public reforms on the productivity of Spanish ports: A parametric distance function approach. Transport Policy. 2012; 24 ():99-108.
Chicago/Turabian StyleRamón Núñez-Sánchez; Pablo Coto-Millán. 2012. "The impact of public reforms on the productivity of Spanish ports: A parametric distance function approach." Transport Policy 24, no. : 99-108.
This study highlights the impact that investment in a project to expand the Port of Santander would have, and the effects of this investment on economic growth and employment in Cantabria. To this end a methodology based on estimating an aggregate production function has been used which, by applying econometric techniques of cointegration, detects a stable relationship between the regional output, employment, human capital, the supply of private capital and the port infrastructure. This approach measures the magnitude of the effects of an increase in the capital endowment of the port on private production, being complementary to results obtained using other economic research tools, such as input–output studies or social assessment projects through cost-benefit analysis.
Pablo Coto-Millán; José Baños Pino; Ingrid Mateo-Mantecón. The Effect of Port Infrastructures on Regional Production. Contributions to Economics 2010, 201 -234.
AMA StylePablo Coto-Millán, José Baños Pino, Ingrid Mateo-Mantecón. The Effect of Port Infrastructures on Regional Production. Contributions to Economics. 2010; ():201-234.
Chicago/Turabian StylePablo Coto-Millán; José Baños Pino; Ingrid Mateo-Mantecón. 2010. "The Effect of Port Infrastructures on Regional Production." Contributions to Economics , no. : 201-234.
This chapter presents an analysis of the main results of the calculation of the ecological footprint and carbon footprint (or CO2 emissions into the atmosphere) produced by the economic activity of a Port Authority of the North Coast of Spain, using a compound financial accounts method (MC3). Furthermore, the results will be compared with those obtained for Gijón Port Authority in 2006. For the Spanish port authorities, environmental protection and sustainable development are a commitment and part of their strategic actions. Some eco-efficiency indicators for the companies under analysis are also calculated, compared and analysed.
Pablo Coto-Millán; Ingrid Mateo-Mantecón; Juan Luis Doménech Quesada; Adolfo Carballo Panela; Miguel Ángel Pesquera. Evaluation of Port Externalities: The Ecological Footprint of Port Authorities. Contributions to Economics 2010, 323 -340.
AMA StylePablo Coto-Millán, Ingrid Mateo-Mantecón, Juan Luis Doménech Quesada, Adolfo Carballo Panela, Miguel Ángel Pesquera. Evaluation of Port Externalities: The Ecological Footprint of Port Authorities. Contributions to Economics. 2010; ():323-340.
Chicago/Turabian StylePablo Coto-Millán; Ingrid Mateo-Mantecón; Juan Luis Doménech Quesada; Adolfo Carballo Panela; Miguel Ángel Pesquera. 2010. "Evaluation of Port Externalities: The Ecological Footprint of Port Authorities." Contributions to Economics , no. : 323-340.
In this paper, we propose a methodology to estimate the economic impact of the ports of a country. Inspired by traditional literature about the research on port impact, we obtain the estimation of the impact of ports on the Spanish economy in 1993. Input–output techniques are used to obtain direct, indirect and induced economic impacts for the different types of economic agents: port users, port industry and port authority.
Pablo Coto-Millán; Miguel Ángel Pesquera; Juan Castanedo Galán. An Approach to the Contribution of the Port System. Contributions to Economics 2010, 161 -165.
AMA StylePablo Coto-Millán, Miguel Ángel Pesquera, Juan Castanedo Galán. An Approach to the Contribution of the Port System. Contributions to Economics. 2010; ():161-165.
Chicago/Turabian StylePablo Coto-Millán; Miguel Ángel Pesquera; Juan Castanedo Galán. 2010. "An Approach to the Contribution of the Port System." Contributions to Economics , no. : 161-165.
The first high-speed rail was inaugurated in Spain in April 1992 on the Madrid–Seville route with great success in passenger occupancy and notable impact on the regional development. The Madrid–Barcelona–French Border high speed rail has not been inaugurated yet, as it has been subject to delay in the engineering work. These facts have led public opinion to be very favorable toward the Madrid–Seville high speed rail but unfavorable toward the Madrid–Barcelona–French Border route. In this paper, we will compare the “ex post” cost–benefit analysis by De Rus and Inglada (Ann Reg Sci 31:175–188, 1997) for the Madrid–Seville route with the “ex ante” cost–benefit analysis made by Inglada and Coto-Millán (Essays on Microeconomics and Industrial Organization. Springer Physica, Heidelberg, 2004) for the Madrid–Barcelona–French Border route. The basic assumptions of time values, accident values and social discount rate of 6% in real terms are the same in both studies.
Pablo Coto-Millán; Vicente Inglada; Belén Rey. Effects of network economies in high-speed rail: the Spanish case. The Annals of Regional Science 2007, 41, 911 -925.
AMA StylePablo Coto-Millán, Vicente Inglada, Belén Rey. Effects of network economies in high-speed rail: the Spanish case. The Annals of Regional Science. 2007; 41 (4):911-925.
Chicago/Turabian StylePablo Coto-Millán; Vicente Inglada; Belén Rey. 2007. "Effects of network economies in high-speed rail: the Spanish case." The Annals of Regional Science 41, no. 4: 911-925.
Economic deregulation of industry and transport is one of the economic policies exerted in recent years in Spain, with the aim of increasing efficiency in the economic system. This paper focus on the economic effects of transport deregulation. To this end, we have applied the theoretical apparatus pertaining to the estimation of the consumer’s surplus, using a series of previous empirical studies on the different modes of transport in Spain, their regulations and the effects of such deregulation as they have undergone. Empirical evidence provide predictions which indicate that deregulation of transport services may produce substantial benefits to Spanish consumers.
Pablo Coto-Millán; Gema Carrera-Gómez; Vicente Inglada; Miguel Ángel Pesquera. Promoting competition in regulated markets: Application to a study of transport services in Spain. The Annals of Regional Science 2005, 39, 73 -84.
AMA StylePablo Coto-Millán, Gema Carrera-Gómez, Vicente Inglada, Miguel Ángel Pesquera. Promoting competition in regulated markets: Application to a study of transport services in Spain. The Annals of Regional Science. 2005; 39 (1):73-84.
Chicago/Turabian StylePablo Coto-Millán; Gema Carrera-Gómez; Vicente Inglada; Miguel Ángel Pesquera. 2005. "Promoting competition in regulated markets: Application to a study of transport services in Spain." The Annals of Regional Science 39, no. 1: 73-84.