Determinants of foreign direct investment in Cambodia

This paper analyses the determinants of the factors that might influence inward FDI in Cambodia by referring to its economic, geographic, and political characteristics. Using exclusive unbalanced panel data sets during 1995–2005, for both approved and realized FDI for, respectively, seventeen and fifteen home countries, the estimation results show that the determinants of approved FDI and realized FDI are somewhat similar. The FDI home country's GDP, its bilateral trade with the host country and the exchange rate have a positive impact on inward FDI flows into Cambodia. As expected, geographic distance negatively affects the level of FDI inflows in Cambodia.     

国资股东肩负推进公司治理重任

近一年多来，国资正以前所未有的急进速度挺进私营经济领域，继美英之后，越来越多的国家都在涉水。资本持有者开始担忧，国有化狂潮会吞噬自由的市场经济。前有美国萨利美贷款（Sallie Mae）、全国铁路客运公司（Amtrak），后有英国利兰汽车（BritishLeyland）、比利时航空（Sabena）、     

The Use of Maximum Entropy to Estimate Input-Output Coefficients From Regional Farm Accounting Data

This paper proposes the use of the Generalised Maximum Entropy (GME) method to estimate input-output coefficients, which reflect the unobserved allocation of farm input accounting costs to the various outputs produced. The GME method uses Shannon's information criterion as a basis for estimation. The performance of the GME method is compared with three other estimation techniques: Ordinary Least Squares (OLS), Bayesian estimation, and Linear Programming (LP). The various methods are applied to accounting data from a sample of beef-dairy farms in Brittany, France. The analysis shows that the GME method offers an interesting alternative to “traditional” estimation methods. In contrast with the latter, though, the GME method is suitable to handle easily the problems of singularity, constrained estimation, and zero-observations. Moreover, due to its flexibility, transparency and relative ease of implementation, the GME method is of great value to practitioners. However, the sensitivity of the GME estimates with respect to the design of the prior information set needs to be investigated further.     

Estimating feed utilisation matrices using a cost function approach

In this paper a multiple-output cost function framework is proposed to construct national feed balances or feed utilisation matrices (FUMs). The framework is applied to the Belgian compound feed industry. For estimation purposes a Symmetrie Generalised McFadden (SGM) cost function is selected. The cost function is estimated using readily available time-series data for the period 1962–88. Unlike previous studies based on duality theory, this study exploits the properties of nonjointness in animal feed production to establish a complete FUM. The allocation of feed ingredients among different livestock categories as well as the composition of various compound feeds are identified. Also own- and cross-price elasticities of demand for feed ingredients by type of livestock are reported.     

Home Employment Effects of EU Firms’ Activities in Central and Eastern European Countries

We examine whether or not affiliate production in Central and Eastern Europe (CEEC) affects factor demand in the EU, at the investing firm and sector levels. Using firm level data, we estimate parent labor demand elasticities for a number of manufacturing sectors, following a flexible cost function approach. We find evidence of inter-sector heterogeneity, but not of a substantially greater impact in low-skilled intensive sectors. Labor demand in the EU is affected by FDI in the CEEC, both at the investing firm and sector levels. It has a significant sector and non-sector component.     

The structure of personal influence of the Belgian holding companies: A quantitative analysis

In this paper, a model of the input-output type is developed which enables the quantitative analysis of personal influence between firms, induced by simultaneous presence in the boards of directors. The empirical part is confined to the system of the most important Belgian holding companies. The structure of personal influence in this system is tackled by means of the calculation of matrices of so-called direct and total communication coefficients. Subsequently, these matrices are dichotomised using appropriate thresholds, and quasi-block-diagonalised. The resulting groups of holding companies are checked with a priori information and with the results of clique detection.     

Precautionary money demand in a business-cycle model

Precautionary demand for money is significant in the data, and may have important implications for business-cycle dynamics of velocity and other nominal aggregates. Accounting for such dynamics is a standing challenge in monetary macroeconomics: standard business-cycle models that have incorporated money have failed to generate realistic predictions in this regard. In those models, the only uncertainty affecting money demand is aggregate. We investigate a model with uninsurable idiosyncratic uncertainty about liquidity need. The resulting precautionary motive for holding money produces substantial improvements in accounting for business-cycle behavior of nominal variables, at no cost to real variables.