首页 | 本学科首页   官方微博 | 高级检索  
相似文献
 共查询到20条相似文献,搜索用时 9 毫秒
1.
This paper examines international competition in the commercial aircraft industry. We estimate a discrete choice, differentiated products demand system for wide-body aircraft and examine the Airbus-Boeing rivalry under various assumptions on firm conduct. We then use this structure to evaluate two trade disputes between the United States and European Union. Our results suggest that aircraft prices increased by about 3.7% after the 1992 US-EU agreement on trade in civil aircraft that limits subsidies. This price hike is consistent with a 5% increase in firms' marginal costs after the subsidy cuts. We also simulate the impact of the future entry of the Airbus A-380 super-jumbo aircraft on the demand for other wide-bodied aircraft, notably the Boeing 747. We find that the A-380 could reduce the market share of the 747 by up to 14.8 percentage points in the long-range wide-body market segment (depending upon the discounts offered on the A-380), but would reduce the market for Airbus's existing wide-bodies by an even greater margin.  相似文献   

2.
The exchange‐rate regime issue has taken centre‐stage in discussions of international economic policy. Much of the profession appears to have been converted to ‘the hypothesis of the vanishing middle regime’; for countries well‐integrated into world capital markets, there is little, if any, middle ground between floating exchange rates and monetary unification. This paper considers the exchange‐rate‐regime issue in the context of recent books on the subject by W. Max Corden and Morris Goldstein. Both authors prescribe managed floating exchange rates, supplemented with inflation targeting, for emerging‐market economies. Under managed floating, and with a credible monetary policy, the public finances in order, and strengthened debt management and prudential regulation, the exchange rate is free to act as a market gauge for assessing policies and as a mode of conflict resolution. Both authors also argue, however, that no exchange‐rate regime is a Holy Grail. Ultimately, a credible exchange‐rate regime depends upon the trust evoked by governments. There is no exchange‐rate regime, whether of the managed‐floating or hard‐fix variety, that can eradicate a history of failed stabilisation attempts.  相似文献   

3.
4.
We investigate international monetary‐policy transmission under different exchange‐rate and capital‐account regimes in eleven small, open economies during the 1980s and 1990s. We find no systematic link between ex‐post monetary‐policy autonomy and exchange‐rate regimes. Capital controls appear to have provided a degree of temporal insulation from foreign monetary policy shocks, though not strict autonomy. The results are consistent both with short‐term autonomy for small countries even under fixed exchange rates and an open capital account, and with long‐term dependence under flexible exchange rates and an independent stability target. Results also indicate that euro‐area market interest rates are significantly more responsive to the development of the corresponding US rate than were the previous national rates.  相似文献   

5.
6.
Airbus has been multisourcing production since the first rollouts in the late 1970s, spawning clusters of suppliers around its locations in Bristol, Hamburg, Madrid and Toulouse. Moreover, both the A380 project and globalisation of the aircraft market pointed up the need and value of outsourcing. This paper analyses the outlook for supplier clusters in Toulouse and elsewhere based on Airbus thinking and practices before identifying the ingredients of successful outsourcing.  相似文献   

7.
While China's outward direct investments continue to soar, many Chinese firms reportedly face social resistance in host countries during the internationalization process. We explore this phenomenon from a country‐of‐origin (COO) perspective using Fiske and colleagues’ (Fiske, Cuddy, Glick, & Xu, 2002; Fiske, Xu, Cuddy, & Glick, 1999) stereotype content model. Our findings from a recent case in New Zealand show that China's COO emerges as a key variable influencing how local actors view Chinese investors. Specifically, despite China's significant economic and social developments over the past decades, it suffers from a somewhat negative country image in two stereotype dimensions: competence and warmth. This leads to a perception by local actors that Chinese firms are of low quality, which explains the source of resistance in society. To address such a liability of origin, Chinese firms must learn to deal with this form of stereotypical judgment encountered in a host environment. Further contributions and limitations of the study are discussed in the article. © 2016 Wiley Periodicals, Inc.  相似文献   

8.
It is well documented that financial literacy is at best moderate around the world and that the cost of ignorance in this field may be high on both microeconomic and macroeconomic levels. We surveyed a representative sample of Poles to measure their debt literacy—a little‐studied aspect of financial literacy—and therefore obtain insight into the factors predicting it. Our study evidenced low levels of debt literacy and its overestimation by respondents in their self‐reports. We also confirmed some of the patterns found in former studies, including the gender gap and a positive relationship between the level of educational attainment and debt literacy. Finally, our examination provides compelling outcomes with regard to the segmentation of the sample on the basis of objective and subjective debt literacy scores. They show large heterogeneity of debt literacy and thus confirm the need for far‐reaching customization of debt‐oriented education.  相似文献   

9.
The purpose of this study was to explore the impact of information and cognitive‐based capabilities on the international performance as the main rationale behind successful internationalization. The study was conducted on a sample of 125 Croatian exporting small and medium‐sized enterprises (SMEs), and results indicate that there is a significant influence of the cognitive and information‐based capabilities on the SME export performance. The results implicate the role of cognitive complexity as a platform for successful processing of foreign market intelligence which has value‐added impact on the SME's export performance.  相似文献   

10.
With a sample of Australian at‐risk gamblers, this research examines the impact of gender and individual difference in experiential avoidance (EA; cognitive and emotional suppression) on the processing of fear appeals. Study 1, through thematic analysis, explores fear appeal perceptions among at‐risk gamblers. The results identify that relevant threats, such as social and psychological, should be integrated into fear‐inducing advertising stimuli. Study 2 uses multigroup comparisons in structural equation modeling (SEM) to test the robustness of the revised protection motivation model (RPMM) in predicting the effectiveness of fear appeals to induce help‐seeking intentions in at‐risk gamblers. This research examines the boundary conditions of the RPMM through the moderating roles of gender and EA. The results provide evidence that fear partially mediates the impact of perceived susceptibility (PS) on help‐seeking intentions in low experiential avoiders, whereas high experimental avoiders resist fear elicitation. Furthermore, evoked fear does not lead to help‐seeking intentions in male at‐risk gamblers. In female at‐risk gamblers, while fear prompts help‐seeking intentions, PS (i.e., probability of harm) does not translate to behavioral intentions via fear. For both genders and low and high experiential avoiders, cognitive appraisals of PS significantly and positively impact help‐seeking intentions. This research demonstrates the unique roles of gender and EA on fear appeal effectiveness in at‐risk gamblers.  相似文献   

11.
This paper analyses the impact of rules of origin on patterns of trade in the context of the pan‐European system of diagonal cumulation. The paper first highlights the importance of rules of origin in all preferential trading arrangements while arguing that those rules can easily lead to trade suppression and/or trade diversion. We then focus on the introduction of the pan‐European system in 1997 and show evidence to suggest that the introduction of the system materially impacted on trade between the EU, and its CEFTA, EFTA and Baltic states partner countries. The main body of the paper then empirically explores the impact of the lack of cumulation in the textile industry on the countries of the Southern Mediterranean. The results suggest that rules of origin may indeed substantially constrain trade between non‐cumulating countries, possibly by as much as 70–80 per cent in aggregate. While preferential trading agreements thus serve to increase intra‐PTA trade through the liberalisation of trade barriers, they may also be doing so by effectively raising external barriers to trade through the use of constraining rules of origin. To the extent that they do so increases the likelihood of trade diversion and trade suppresion.  相似文献   

12.
13.
This paper analyses the main policy issues raised by regulatory reform in air transport in sub‐Saharan Africa. Its basic premise is that improving ait infrastructure is of paramount importance for the region as it tries to integrate more thoroughly into the world economy. On the basis of the experience of OECD countries with privatisation, liberalisation, and regulatory design, the author analyses progress being made in sub‐Saharan Africa and identifies three important case studies: the restructuring of the regional airline of Francophone Western Africa, the sell‐off of the state‐owned airline of Kenya, and the overall reform process in South Africa, by far the largest market in the sub‐continent. The analysis highlights the importance of regional dynamics in the upgrading of the air transport industry in developing and emerging areas. Sub‐Saharan Africa has made smaller progress in this respect than, for instance, Central America. As the start of the Millennium Round and the first WTO air transport review approach, these issues will gain policy priority for all countries, and may become powerful bargaining tools for non‐OECD countries to press for more open access into OECD markets for the South's traditional exports.  相似文献   

14.
The person–environment fit theory posits that the term “environment” can be defined at different levels. This study delineates two environmental dimensions (strategic and organizational) and empirically examines the potential moderating effects of two strategic factors (intra‐ and inter‐regional diversification) on the relationship between two organizational factors (subsidiary ownership and host‐country experience) and MNE subsidiary staffing composition. The results indicate that strategic and organizational dimensions have impacts on subsidiary staffing composition. This study also finds that the interaction effects between strategic and organizational factors are significant only when there is congruence between demands from different environmental dimensions.  相似文献   

15.
The global financial crisis which began in east Asia in 1997 is not over, neither is the inquest into its implications for adjustment policy. In the wake of this crisis, we focus here on the role of capital controls, which formed a much publicised part of the crisis‐coping strategy in one country (Malaysia) and, less openly, were also deployed by other crisis‐afflicted countries. Evaluation so far has examined different target variables with different estimation methods, generally concentrating on efficiency and stability indicators and ignoring equity measures; it has also typically treated ‘control’ as a one‐zero dummy variable, ignoring the ‘quality’ of intervention and in particular the extent to which efficiency gains are obtained in exchange for controls. Partly because of these limitations, the literature has reached no consensus on the impact of controls; however, it is moving over towards acknowledging that the quality and type of controls is important, as well as their intensity. We propose an approach in which the government plays off short‐term political security against long‐term economic gain; the more insecure its political footing, the greater the weight it gives to political survival, which is likely to increase the probability of controls being imposed. The modelling of this approach generates a governmental ‘policy reaction function’ and an impact function for controls, which are estimated by simultaneous panel‐data methods across a sample of thirty developing and transitional countries between 1980–2003, using, for the period since 1996, the ‘new’ IMF dataset which differentiates between controls by type. We find that controls appear to cause increases in income equality, and are significantly associated with political insecurity and relatively low levels of openness to trade. They do not, in our analysis, materially influence the level of whole‐economy productivity or GDP across the sample of countries examined, although they do influence productivity in particular sectors. But the dispersion around this central finding is wide: the tendency for controls to depress productivity by encouraging rent‐seeking sometimes is, and sometimes is not, counteracted by purposive government policy actions to maintain competitiveness. Whether or not this happens is vital, on both efficiency and equity grounds. We make the case for ‘smart’ capital controls – controls which are time‐limited and contain an inbuilt incentive to increased productivity.  相似文献   

16.
This research uses the absorptive capacity concept as a theoretical lens to study the effect of e‐business upon the internationalization performance of small and medium‐sized enterprises (SMEs), addressing the following research issue: To what extent are manufacturing SMEs successful in developing their potential and realized absorptive capacity in response to the environmental uncertainty brought about by their internationalization? Results of a survey study of 588 manufacturing SMEs indicate that e‐business capabilities have a significant impact on internationalization performance to the extent that these capabilities are developed as a response to increased environmental uncertainty. Moreover, these capabilities are realized through the development of networking, advanced manufacturing, and marketing capabilities that also respond to environmental uncertainty.  相似文献   

17.
This article looks into the management of exchange rate risk at a U.K.‐listed company. The focus is particularly on the firm's operating exchange risk, for which it uses a synthesis of three different risk management approaches. These include the use of long‐term financial hedging instruments, operational adjustments based on real options theory, and the currency denomination of debt. Practice at the case company is unique, in that the former approach has been considered inappropriate by the theoretical literature and the latter is seldom used to manage firms' real cash flow exposures. In general, it has important implications for multinationals, especially with reference to the use of operational adjustments and the currency denomination of debt. © 2004 Wiley Periodicals, Inc.  相似文献   

18.
We examine the status of Trinidad and Tobago's trade policy regime based mainly on the WTO's Trade Policy Review 2005 and to a lesser extent the Review of 1998. The paper highlights the areas identified by the WTO that the country needs to address to ensure compliance with the rules, disciplines and commitments made under the Multilateral Trade Agreements and the existence of a trade regime characterised by little or no distortions. It undertakes this discussion against the background of Trinidad and Tobago's role as a founding member of CARICOM and the increasing influence of this body in determining its trade policies in particular and economic policies in general. The study highlights the progress made by Trinidad and Tobago in establishing an outward‐oriented trade regime since embracing reforms in the mid‐1980s. However, the need for much deeper reforms is stressed if the country is to realise its ambitious objective of becoming the manufacturing base and the commercial, trans‐shipment and financial hub of the western hemisphere. Further, it points to the inextricable link between the country's economic fortunes and international petroleum prices, and increasing over‐reliance on the hydrocarbons sector. Consequently, it stresses the need for getting its diversification strategy ‘right’ if it is to minimise the fallout effects associated with the bust that inevitably follows a petroleum boom.  相似文献   

19.
This study examines the behavior of an exporting firm that exports to two foreign countries, each of which has its own currency. Hedging is imperfect in that the firm can only trade one of the two foreign currencies forward. Compared to the case wherein hedging is perfect in that both foreign currencies can be traded forward, the firm is shown to produce less in the home country. Furthermore, the firm is shown to export more (less) to the foreign country whose currency can (cannot) be traded forward. The firm's optimal forward position is an over‐hedge or an under‐hedge, depending on whether the spot exchange rates are positively or negatively correlated in the sense of expectation dependence, respectively. © 2012 Wiley Periodicals, Inc. Jrl Fut Mark 33:1191–1196, 2013  相似文献   

20.
Acquisition is an important entry strategy for multinational enterprises (MNEs) seeking to gain faster entry into new and emerging markets and remain competitive in the global marketplace. MNEs utilize partial‐, staged‐, and full‐acquisition strategies when entering into foreign markets. This research analyzes how and why firms opt for these acquisition strategies in the context of Africa. The study applies institutional theory and explores constructs derived from the Uppsala internationalization process model. Using a case study of five Finnish acquisitions in Africa (Egypt, Morocco, Kenya, and South Africa), it was found that Finnish MNEs opt for partial acquisition rather than staged and full acquisition in the context of acquisitions made prior to late 1990s without earnout arrangements. Finnish MNEs opt for the choice of staged acquisition rather than partial and full acquisition in the contexts of mild regulatory framework in host countries and when the acquired firm business requires extensive improvements and the target host market structure is fragmented. Finnish MNEs opt for the choice of full acquisition rather than partial and staged acquisition in three contexts specifically: (1) when the acquiring Finnish MNE possesses host‐country capability, target‐specific experience, and ensures the retention of top management personnel of the acquired target; (2) when the size of the acquired target is relatively very small compared to the acquiring MNE; and (3) when the nature of the acquired firm business is well developed and the target host‐market structure is consolidating. © 2016 Wiley Periodicals, Inc.  相似文献   

设为首页 | 免责声明 | 关于勤云 | 加入收藏

Copyright©北京勤云科技发展有限公司  京ICP备09084417号