López Gómez, Laura

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López Gómez, Laura

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López Gómez, Laura

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Economía Aplicada

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Four essays on institutions and economics
(Universidad de Murcia, 2019-11-04) López Gómez, Laura; Beyaert, Arielle; García Solanes, José; Escuela Internacional de Doctorado
El objetivo de esta tesis es analizar cómo afecta la calidad institucional al desempeño económico a diferentes niveles. A nivel europeo, estudiamos el proceso de convergencia institucional en los países de la zona euro, y cómo la moneda única ha afectado a la corrupción de los países miembros de esa zona. En el plano internacional, utilizamos una muestra muy amplia de países para investigar el impacto de la calidad institucional sobre la demanda turística, y los efectos de la misma sobre el crecimiento de los países a largo plazo. Aplicamos técnicas econométricas recientes, idóneas para la naturaleza de los casos analizados. En cuanto al desempeño institucional dentro de la eurozona, los análisis descriptivos y la observación de los escándalos de corrupción, especialmente en los países periféricos, ha fomentado la idea de que no existe un proceso de convergencia institucional entre sus miembros. El punto de arranque de esta tesis es examinar, con técnicas econométricas, hasta qué punto esta idea está fundamentada. Esta es una cuestión importante porque, si se confirma, esta brecha en la calidad institucional de la Unión Monetaria, tiene efectos nocivos para la aplicación y efectividad de la política económica y monetaria de la Unión Europea. La estructura de esta tesis es como sigue: en un primer capítulo analizamos las instituciones de la zona euro y su evolución a lo largo del tiempo. Nos centramos en la convergencia institucional entre los países que conforman la Unión Monetaria. Este tema es de vital importancia, dado que la efectividad de las políticas europeas depende en gran medida de la homogeneidad en la calidad institucional de los países miembros. En el segundo capítulo investigamos el impacto de la implantación del euro sobre el nivel de corrupción de los países miembros. Encontramos que el efecto no ha sido tan negativo como a primera vista sugieren los datos, pues obtenemos que los efectos han sido negativos y significativos solo para el caso de Grecia y los Países Bajos. Por otra parte, encontramos que la adopción de la moneda única ha sido positiva a la hora de reducir la corrupción en países muy concretos como Portugal, Eslovaquia y Alemania. El tercer capítulo analiza los efectos de la calidad institucional y de la corrupción, en particular, sobre el crecimiento económico. Para ello, usamos un algoritmo de Machine Learning llamado GUIDE de regresión en árbol, que permite identificar subgrupos de países de acuerdo con los diferentes niveles de estado de derecho y de corrupción, y ajustar un modelo tradicional de crecimiento, aumentado con la variable corrupción, en cada uno de estos subgrupos. Esto nos permite conocer el efecto directo e indirecto de la corrupción sobre el crecimiento. En cuanto a los resultados, detectamos que la corrupción es precisamente la variable que divide la muestra, indicando que no existe homogeneidad de coeficientes en los determinantes del crecimiento; estos coeficientes varían dependiendo del nivel de corrupción del país. Por otro lado, obtenemos que la corrupción como determinante directo del crecimiento solo sería estadísticamente significativa a lo sumo en el caso de países con mucha corrupción, afectando negativamente a su crecimiento. El cuarto y último capítulo estudia la relación entre corrupción y calidad normativa y jurídica, por un lado, y la llegada de turistas a un país, por otro. Utilizando un modelo estándar de demanda de turismo, ampliado con efectos espaciales y con variables institucionales, obtenemos que la calidad del Estado de derecho es un determinante fundamental a la hora de elegir el destino de un viaje. Además, encontramos que la demanda turística se ve afectada por los shocks relacionados con la demanda de turismo de los países limítrofes. SUMMARY The objective of this thesis is to analyze how institutional quality affects economic performance at different levels. We use various econometric techniques to study institutional convergence in the eurozone countries; we next carry out counterfactual analysis to determine to what extent the implementation of the single currency affected the level of corruption in the eurozone countries. The next step is to analyze the impact of institutions at an international level in two different aspects: we first evaluate the relationship between institutions and tourism demand at country level; we finally analyze the effect of institutional quality on long-term growth. As for institutional performance within the eurozone, descriptive analyses and observation of corruption scandals, especially in peripheral countries, have fostered the idea that there is no process of institutional convergence among its members. The starting point of this thesis is to analyze with econometric tools whether this perception is correct or not. This is an important question because, if confirmed, this gap in the institutional quality of the Monetary Union has harmful effects on the economic and monetary policy of the European Union. Thus, corrupt behavior and lack of control of corruption in some peripheral countries could be affecting the effectiveness and efficiency of EU cohesion policies, as much of the associated funds seem to end up in the hands of a few rather than benefiting the general welfare of the less favored eurozone countries. The thesis is structured as follows. The first chapter analyzes the eurozone institutions and how they have evolved. More concretely, we study the institutional convergence of the countries comprising the Monetary Union, which is a highly important issue when bearing in mind that the effectiveness of European policies depends to a great extent on the homogeneity of the institutional quality of its member countries. The second chapter analyses the impact that the euro has had on the corruption of the member countries and we find that the effect has not been as negative as the data seem to describe, since we only obtain a negative and significant impact for the case of Greece and the Netherlands. On the other hand, we found that the adoption of the single currency has been positive in reducing corruption in some countries (Germany, Portugal and Slovakia. The third chapter analyzes how institutional quality and corruption affect economic growth. For that purpose, we use an algorithm called GUIDE to carry out tree regressions that allows us to identify subgroups of countries according to different levels of corruption and rule of law, and adjust an augmented growth model that includes measures of corruption as an additional explanatory variable in each of these subgroups. This allows us to ascertain the direct and indirect effects of corruption on growth. On the one hand, we detect that, among other possibilities, it is precisely corruption that divides the sample, indicating that there is no homogeneity of coefficients in the determinants of growth and that, moreover, that these vary depending on the level of corruption in the country. In addition, the direct effect of corruption on growth would at the most be significant (and if so, with a negative impact) only in countries with high corruption. The fourth chapter looks at the relationship between corruption and regulatory and legal quality and the arrival of tourists in a country. Using a standard model of tourism demand, extended with spatial effects and institutional variables, we find that the quality of the rule of law is fundamental when choosing the destination for a trip. Additionally, we find that tourism demand is affected by shocks related to tourism demand in neighboring countries.
Open Access
Income convergence clubs in the Eurozone: a tale beyond the core/periphery divide
(Emerald, 2025) García Solanes, José; Arielle Beyaert; López Gómez, Laura; Métodos Cuantitativos para la Economía y la Empresa; Fundamentos del Análisis Económico; Facultades de la UMU
Purpose This paper aims to examine income convergence among the Euro members from 1995 to 2021. Design/methodology/approach This study uses Phillips and Sul’s test (2007, 2009) extended by Lyncker and Thoennessen’s (2017) algorithm jointly with and convergence analysis and a traditional growth equation. Findings This analysis identifies three clubs of countries in terms of gross domestic product (GDP) per capita with notable disparities between and within them, which implies that the theory of optimal currency areas has not been fulfilled. Originality/value These results rule out the core/periphery divide as presented in the literature to date. Finally, by estimating an endogenous economic growth model, this study finds the primary factors underpinning the differences between the three stationary states: labor productivity, physical and human capital, investment and international trade.
Open Access
The role of political institutions in the Eurozone's economic convergence process
(Cambridge University Press, 2024) López Gómez, Laura; Economía Aplicada
This paper investigates the nexus between per capita income convergence and political institutions within the Eurozone. Employing data spanning the years 2002–2019, the research initially identifies multiple convergence clusters and subsequently examines the relationship between the creation of these clusters and different aspects of political institutions. The findings reveal that there are multiple steady states in the Eurozone, and their formation is notably influenced by political institutions alongside other conventional economic determinants derived from the Solow model. Furthermore, the study underscores that improvements in regulatory quality, as well as in aspects such as democracy, government effectiveness, and corruption control, positively impact income convergence across all member countries. These findings carry significant policy implications.
Open Access
Gender Differential and Financial Inclusion: Women Shareholders of Banco Hispano Americano in Spain (1922–35)
(Taylor and Francis, 2023-07-10) Martínez Rodríguez, Susana; López Gómez, Laura; Economía Aplicada
This study reveals that women had a signiﬁcant presence as shareholders inSpanish ﬁnancial corporations in the early-twentieth century. In the 1920sand 1930s, on average, 40 percent of the shareholders of Banco HispanoAmericano, a leading commercial bank, were women, and they owned morethan one-third of the share capital. The legal framework did not discriminateagainst women’s ownership, and bank regulations did not discourage womenfrom investing in shares. The main cause of the large share of womenshareholders is kinship with other shareholders. The ﬁndings also highlightthe importance of inheritance regimes that treat all siblings equally, regardlessof sex, to access parents’ wealth to reduce the wealth gap. Finally, the studyhighlights how historical cases may contribute to current debates on howwomen gain and retain wealth through access to ﬁnancial assets
Open Access
Did the Euro Really Increase Corruption in the Eurozone? A Counterfactual Analysis.
(Instituto de Estudios fiscales, 2023) Arielle Beyaert; García Solanes, José; López Gómez, Laura; Fundamentos del Análisis Económico; Economía Aplicada; Métodos Cuantitativos para la Economía y la Empresa
In this paper we apply the Synthetic Control Method developed by Abadie, Diamond and Hainmüeller (2010) to assess the extent to which the adoption of the euro has affected corruption in three groups of Eurozone countries: the core, southern and eastern countries. To do so, we construct counterfactuals for each group and for individual countries and compare them with the actual evolution of the corruption-control indicator. Except in the case of the Netherlands, where significant negative effects are detected, we find evidence that the adoption of the euro has either contributed to reducing corruption or has not affected it significantly.
Open Access
Comunicaciones Orales.-Crecimiento económico, calidad de las instituciones y corrupción
(2020-05-07) Beyaert, Arielle; García Solanes, José; López Gómez, Laura; Facultades, Departamentos, Servicios y Escuelas::Departamentos de la UMU::Métodos Cuantitativos para la Economía y la Empresa; Facultades, Departamentos, Servicios y Escuelas::Departamentos de la UMU::Fundamentos del Análisis Económico
Open Access
How did historical trends impact women’s involvement in financial markets? Evidence from women shareholders in Spain (1918-1948)
(Springer Nature, 2025-05-30) Martínez Rodríguez, Susana; López Gómez, Laura; Economía Aplicada
Women’s financial independence is essential for fostering equality. Despite recent progress in narrowing the gender gap in access to finance, a notable imbalance persists, even in advanced economies. Exploring the roots and persistence of the wealth gap demands a long-term perspective. However, limited access to historical data hampers such investigations. We have assembled a unique dataset encompassing over 34,000 shareholders from Spanish commercial banks (1918-1948) to scrutinize how women capitalized on investment opportunities. Our findings reinforce the theory that women’s involvement in financial markets reflects a deeper, long-term phenomenon linked with institutional evolution and modernization. The data provide evidence that women viewed investment in stocks as a means to attain wellbeing and that they embraced financial risk, guided by profitability. Family networks significantly enhanced women’s portfolios, empowering their financial agency. The paper underscores the significance of accounting for historical and cultural elements in understanding women’s investment practices.
Open Access
Assessing Italy’s Severino Law: impacts on corruption control and inequality
(Springer Nature, 2025-09-22) Laura Policardo; Edgar Sanchez-Carrera; López Gómez, Laura; Economía Aplicada
The evaluation of public policies is an increasingly important issue that demands greater attention. This study examines the impact of the Severino Law (2012) on corruption control and inequality in Italy. Using a robust quantitative approach for the period 2002–2022, we apply diference-in-diferences (DiD), the synthetic control method (SCM), and a multivariate adaptive regression splines (MARS) model. Our fndings indicate that while the law signifcantly improved corruption control—albeit with a delayed efect—it did not reduce inequality as anticipated, which instead continued to rise. This outcome stands in contrast to the predictions of much of the empirical literature. The results suggest that the direct efects of corruption control on inequality can be highly idiosyncratic and do not operate in a linear or isolated manner. Rather, they depend on the extent to which corrupt behaviors are reduced and on the presence of complementary policies beyond anti-corruption reforms to efectively address structural inequality.
Open Access
Corruption, quality of institutions and growth
(Emerald, 2023) Arielle Beyaert; García Solanes, José; López Gómez, Laura; Métodos Cuantitativos para la Economía y la Empresa; Fundamentos del Análisis Económico
Purpose This paper aims to apply regression-tree analysis to capture the nonlinear effects of corruption on economic growth. Using data of 103 countries for the period 1996–2017, the authors endogenously detect two distinct areas in corruption quality in which the members share the same model of economic growth. Design/methodology/approach The authors apply regression tree analysis to capture the nonlinearity of the influences. This methodology allows us to split endogenously the whole sample of countries and characterize the different ways through which corruption impacts economic growth in each group of countries. Findings The traditional determinants of economic growth have different impacts on countries depending on their level of corruption, which, in turn, confirms the parameter heterogeneity of the Solow model found in other strands of the literature. Originality/value The authors apply a new approach to a worldwide sample obtaining novel results.