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1.
Joachim Wagner 《Review of World Economics》2011,147(2):217-247
This paper uses unique new data for German manufacturing enterprises from matched regular surveys and a special purpose survey
to investigate the causal effect of relocation of activities to a foreign country on firm performance. Compared to non-offshoring
firms, firms that relocated activities were larger and more productive, and had a higher share of exports in total sales.
These differences existed the year before some firms started to relocate, and this points to self-selection of “better” firms
into offshoring. To investigate the causal effects of offshoring, six different variants of a matching approach are used.
Contrary to what is often argued we find no evidence for a large negative causal effect of offshoring on employment in Germany. 相似文献
2.
Foreign firms face punitive duties if they do not cooperate with the US Department of Commerce (DOC) in antidumping procedures.
For example, 37% of all foreign firms involved in antidumping investigations in the US faced “facts available” margins for
the 1995–2002 period, with average antidumping duties of 31% for cooperating foreign firms, compared to 87% for those who
did not cooperate. The existing literature has focused on how DOC discretion has led to foreign firm non-cooperation. This
paper instead examines individual foreign firm’s decisions about whether to cooperate during this same period. We find evidence
that non-cooperation is consistent with a model of foreign firms rationally choosing not to cooperate, rather than solely
as a result of investigating authority bias against imports. 相似文献
3.
Foreign direct investment and productivity spillovers: Evidence from the Spanish experience 总被引:2,自引:0,他引:2
Foreign Direct Investment and Productivity Spillovers: Evidence from the Spanish Experience. — The aim of this paper is to
analyse the impact of foreign direct investment (FDI) on firms’ productivity using a panel of Spanish manufacturing firms
for the period 1990–1998. Firstly, we show that for countries, like Spain, that are undergoing significant structural changes
over the period in question it is important to control for both time-invariant as well as time-variant sectoral characteristics.
Secondly, we confirm previous findings that one needs to take into account the “absorptive capacity” of firms when considering
whether they are able to avail of externalities associated with FDI presence. For the Spanish case we find that only firms
with sufficient levels of such capacity experience positive spillovers. 相似文献
4.
David D. Vanhoose 《Atlantic Economic Journal》1990,18(1):33-40
Conclusion Garcia and Plautz have provided a real service to the profession by illuminating the important issues concerning the Federal
Reserve System as lender of last resort. At one point in the book [p. 97] the authors refer to the preference by most economists
to discuss the LLR concept via “...a practical, intuitive, rather than a theoretical, approach” that is in contrast to use
of a “...formal theory of liquidity assistance...based on a mathematical framework, which is often the preferred approach
among academic economists.” They imply here that the former is to be preferred to the latter, given the complexity of the
LLR concept and the related public policy issues.
After reading the book, this reviewer reaches the opposite conclusion. There are so many interrelated issues associated with
the conduct of LLR policy that what is needed are more concrete analyses of the problem by academic and non-academic economists.
Formal theories, such as those provided by Kanatas [1986] and by Waller [1990], are sorely needed as policymakers continue
to search for the appropriate LLR Policy structure. Garcia and Plautz have taken the practical, intuitive approach just about
as far as it can go. Hopefully, their work will stimulate new attempts to provide theoretical guidance toward a welfare-maximizing
LLR policy.
This review has benefited from very helpful comments by an anonymous referee. 相似文献
5.
Using firm-level Japanese FDI data on investment into 18 European countries between 1970–2000 in all industries (banking,
manufacturing, wholesale/retail distribution, and business services), this study examines if the “follow the customer” (FTC)
hypothesis holds for firm-level data. The results suggest that banks do follow their customers into a foreign market, as part
of a larger strategy that goes beyond the FTC theory. The firm level data show that the majority of FDI into a host country
occurs after the foreign bank has established operations. Policy implications of this finding include the suggestion that
host economies liberalize their financial sector early in an effort to attract banking FDI which then will attract non-banking
FDI rather than the reverse. 相似文献
6.
Gregory N. Price 《The Review of Black Political Economy》1995,23(4):69-76
Consumer discrimination, to the extent that it lowers expected profit for black owned firms, discourages the entry of new
black firms. From a social welfare perspective, consumer discrimination may be welfare reducing, since market output is lower
than otherwise. If so, a policy intervention that subsidizes new black firms may improve social welfare. This article presents
a simple model of duopoly where consumer discrimination exists with uncertainty, and the only cost of production is a “loss
of sales” cost. Given the Nash equilibrium, in which a black and white firm must select a price to charge, conditions are
derived for which a profit subsidy to a new black firm increases, decreases, or has no effect on social welfare. 相似文献
7.
Summary and Conclusion In this paper, we have endeavored to analyze black-non-black differences in expenditure patterns as revealed by the 1972–73
BLS Consumer Expenditure Interview Survey Summary. Specific data shortcomings have been noted above. In addition, however,
possible black-non-black differences in the propensity to misreport or withhold information may have affected the reliability
of our findings. With these limitations in mind, the evidence of the survey data points to a main conclusion, namely, that
although the “average” black consumer unit tended to spend a larger proportion of its after-tax income than the “average”
non-black unit-just as the well-known stereotype implies-the statistical model underlying our analysis suggests that black
consumer units with the same “characteristics” (after-tax income, family size, regional location, as well as the same age,
education, and retired-nonretired status of family head) as the average non-black units tended to spend a smaller-not larger-proportion
of their income than did the “comparable” non-black units. In addition, the model suggests that if Blacks maintained their
own average characteristics but had the same “consumer behavior” as non-blacks, their APSp would rise substantially. 相似文献
8.
Robert S. Browne 《The Review of Black Political Economy》1993,21(3):9-23
The Review of Black Political Economy (RBPE) and the Black Economic Research Center (BERC) arose from the atmosphere of the
late sixties, when black nationalism was at its apex and vigorous efforts were under way to give meaning to the concepts of
“black economic development” and “black capitalism.” They were created as vehicles to assist black economists and economic
activists to analyze and disseminate relevant data on black economic affairs and to explore and facilitate new approaches
to black economic problems.RBPE offered black economists a place where they could publish their work and share it with their colleagues. The flavor ofRBPE has changed somewhat over its twenty-three year life, becoming less polemical and more scholarly. 相似文献
9.
Following along the lines of a growing literature on the causal link between exporting and productivity, this paper analyzes
the existence of “learning-by-exporting” using firm-level data for Slovenian manufacturing enterprises between 1994 and 2002.
We fail to find conclusive evidence of learning-by-exporting. By matching new exporting firms to “sufficiently” similar non-exporters
and using the difference-in-differences method on the matched pairs it is revealed that productivity improvements, although
present, are far from permanent and tend to dissipate shortly after initial entry. Confronting the data on factor accumulation
with TFP measures indicates that the perceived learning effects may in fact only be a consequence of increased capacity utilization
brought about by the opening of an additional market.
JEL no. D24, F12, F14 相似文献
10.
Conclusion This article provides a new synthesis between the strategic management literature and Austrian capital theory. The resource
allocation process plays out in the context of differing subunit preferences, potentially resulting in tension and periodic
conflict that may lead to dysfunctional relationships over time. Absent clearly understood and effective operational rules,
the potential for heightened dysfunctional internal relationships will lead a conglomerate organization to have a diminished
resource base for achieving its future strategic goals. This article presents a set of resource-allocation rules based on
the Hayekian theory of production. By developing an effective resource-allocation paradigm based on economic theory, the organization
can gain market share resulting in increased profitability and continued success in the marketplace. The Hayekian triangle
offers firms an objective measure reflecting environmental shifts by tracking interest-rate changes that affect consumer and
production demand. Organizations can gain “first-mover advantages” essential to provide the competitive advantage vis-à-vis their rivals while maintaining harmonious relationships among subunits. Entrepreneurial innovation can also be exercised
by “second movers” who imitate the “first movers,” perhaps taking advantage of lessons learned. This kind of innovative imitation
may well provide the greatest scope for entrepreneurial activity.
The authors remain responsible for any errors or omissions. 相似文献
11.
Darren Grant 《The Review of Black Political Economy》2000,28(1):37-47
At a time when the Clinton Administration has set a goal of eliminating racial disparities in health by the year 2010, medical
experts are struggling to understand one of the most glaring, and least talked about, disparities of all: death in childbirth.
In a study made public this spring, the Centers for Disease Control and Prevention in Atlanta reported that black women in
the U.S. were nearly four times as likely to die during delivery, or shortly thereafter, as white women. The disparity, which
has remained about the same for the last four decades, holds true even for women who … are middle class and have health insurance.
The findings … have renewed interest among scientists and legislators in a problem that many peoole think no longer exists
… Dr. David Satcher, the United States Surgeon General, (says) “the disparity is important. In this country, we have a certain
standard of expectation about the risk of women dying in pregnancy, and black women are off the scale right now.” (Sheryl
Gay Stolberg, “Black Mothers' Mortality Rate Under Scrutiny,” Front Page, 8 Aug. 1999 New York Times) 相似文献
12.
Transatlantic banking crisis: analysis,rating, policy issues 总被引:1,自引:1,他引:0
The key dynamics of the transatlantic banking crisis are analyzed and the five key requirements for restoring stability and
efficiency in the EU/OECD banking sector are highlighted. Most important is the introduction of a new tax regime designed
to encourage bankers to take a more long-term time horizon in decision-making and to reduce excessive risk-taking. Banks and
funds should be taxed not only on the basis of profits but also on the basis of the variability—read variance—of the rate
of return on equity: the higher the variability over time, the higher the tax to be paid. The quality and comprehensiveness
of banks’ balance sheets must be radically improved and hedge funds should be regulated. The tax formula proposed here is
an important institutional innovation designed to encourage “sustainable banking”. Moreover, new approaches to macroeconomic
modeling are emphasized—including integration of rating into a macro model. Finally, the hybrid macro model presented sheds
new light on the effects of the banking crisis, as it allows for a better understanding of the interaction of fiscal policy,
monetary policy and innovation variables. 相似文献
13.
Robert B. Hill 《The Review of Black Political Economy》1989,17(3):5-23
The social and economic gains achieved by black families during the 1960s were severely eroded during the seventies and eighties.
Unemployment, poverty, single-parent families, out-of-wedlock births, and adolescent pregnancies soared to alarming levels.
According to the thesis of the declining significance of race, this crisis is mainly concentrated among the black “underclass”
and it is broad societal trends, not racism, that is mainly responsible for their increased deprivation. We contend that this
thesis fails to assess the role of institutionalized racism as it is manifested in “unintended” or “structural” discrimination,
i.e., the disproportionate adverse effects of economic trends and policies on the functioning of low-income and middle-income
black families. Moreover, we argue that social forces or policies that have racially disparate adverse effects are “discriminatory”
by result, whether intended or not. The major economic trends that affected black families adversely during the seventies
and eighties were: back-to-back recessions, double-digit inflation, and industrial and population shifts. The key economic
policies that undermined black family stability have been: anti-inflation fiscal and monetary policies, trade policies, plant
closings, social welfare, block grants, and federal per capita formulas for allocating funds to states and local areas that
have not been corrected for the census undercount. 相似文献
14.
Timothy Bates 《The Review of Black Political Economy》1986,15(2):31-49
Self-employed minorities have, as a group, clearly become better educated and registered substantial income gains in recent
years. They have shifted away from traditional fields, favoring such emerging industries as skill-intensive services. Many
entrants to self-employment, however, are poorly educated minorities concentrating heavily in such traditional areas as retailing.
This study investigates the apparent paradox of poorly educated entrants coexisting with general upgrading in the minority
entrepreneur universe. An elusive group—defined as “part-timers”—is found to be vitally important to the growth dynamic of
minority enterprise. 相似文献
15.
Steve Jobs of Apple, Inc., is one of the best known CEOs in the world, and some stock analysts have termed him “irreplaceable.”
Using conventional event study methods, we test the magnitude of these announcements on Apple’s share price and its market
capitalization. We focus upon nine “events” between 2004 and 2009 in which new information about Mr. Jobs’ health was flushed
into the marketplace, on occasion by Apple itself, but more often by the commentary and speculations of media observers, stock
analysts and bloggers. We find that the impact of these announcements upon Apple share prices is mixed, usually modest, and
disappears over time. We conclude that Jobs’ health has an impact on Apple’s share price and market capitalization, but that
impact is not always negative and not nearly as large as many observers apparently believe. 相似文献
16.
Zhihao Yu 《Review of World Economics》2002,138(2):277-290
Entrepreneurship and Intra-Industry Trade. — The paper introduces entrepreneurs into the theories of intra-industry trade
and investigates the role of a country ’s “entrepreneurship” in international trade. It is shown that therelative entrepreneurship between countries determines the terms of trade but the welfare effects are not obvious. Among other things,
it is found that (1) an increase in exports improves the terms of trade and (2) an increase in country size is not always
beneficial. 相似文献
17.
René Belderbos Elissavet Lykogianni Reinhilde Veugelers 《Review of World Economics》2008,144(2):183-206
We empirically test a model of foreign research and development (R&D) investments that takes into account strategic interaction
in R&D location decisions by multinational firms in the context of R&D cross-investments, R&D spillovers and foreign technology
sourcing strategies. We find support for most of the predictions of the model in an empirical analysis of the location of
patented innovations by the largest European manufacturing firms in 22 ISIC industries during 1996–1997. For technology leaders
in Europe, foreign R&D ratios respond positively to host country product market competition, while technology laggards avoid
these locations. Foreign R&D by technology laggards increases more strongly with the efficiency of (reverse) international
technology transfer while leaders are attracted more strongly to countries with better intellectual property rights (IPRs)
protection. Foreign R&D of both technology leaders and technology laggards increases with the size of the local knowledge
pool and the size of manufacturing operations in the host country.
JEL no. D21, F23, L16 相似文献
18.
Results of empirical research have revealed a characteristic hump-shaped effect of a monetary policy shock on output: The
effect of the shock builds to a peak after several months and then gradually dies out. We analyze, in the context of a ‘new
open economy macroeconomics’ model, factors that imply a hump-shaped response of output to a monetary policy shock. We find
that a hump-shaped effect of a monetary policy shock on output is likely to result if the model features a “catching-up with
the Joneses” effect, pricing-to-market behavior of firms, and imperfect international financial market integration.
We thank two anonymous referees for very helpful comments. The usual disclaimer applies. 相似文献
19.
Entrepreneurship and corporate governance 总被引:5,自引:0,他引:5
Peter G. Klein 《Quarterly Journal of Austrian Economics》1999,2(2):19-42
Conclusions The main message of this article is that Austrians can continue to work within the contractual, or Coasian, approach to the
firm in elaborating the insights discussed above. In particular, the problem of corporate governance, and the corollary view
that firms are investments, belongs at the forefront of Austrian research on the theory of the firm. Emphasis should thus
be placed on the plans and actions of the capitalist-entrepreneur.
A particularly undeveloped area concerns the provision of capital to small, “entrepreneurial” ventures. Most of the literature
on governance focuses on the large corporation, and the use of stock and bond markets to govern these organizations. Equally
important, however, are smaller, privately held firms, financed with venture capital or other forms of investment. So far,
the firm-as-investment literature has said little about these organizations, despite their growing importance, particularly
in high-growth, technologically-advanced industries like software and biotechnology. Further research in this area is sorely
needed.
Earlier versions of this article were presented at George Mason University’s “Seminars in Austrian Economics IV: Inside the
Black Box,” October 1997; the Austrian Scholars Conference 4, Auburn University, April 1998; and Copenhagen Business School’s
RESPECT workshop, November 1998. 相似文献
20.
Juha Tervala 《Open Economies Review》2010,21(5):629-654
This paper analyses the international transmission of monetary policy in the case where all export prices are set in US dollars.
“Dollar pricing” implies that the international effects of US monetary shocks are different from those of European shocks
because of an asymmetric exchange rate pass-through to import prices. A dollar pricing model can explain the observed asymmetry
in the transmission of monetary policy: US monetary policy affects US output more than European monetary policy affects European
output. I also show that the current account is an important channel through which monetary policy affects welfare. The paper
concludes that under dollar pricing a monetary expansion is a beggar-thy-neighbour policy. 相似文献