Bond market integration of emerging economies and bilateral linkages

Although there are numerous studies that have looked at the spillover effects in equity markets, little attention has been paid to explore the integration of bond markets of developed and emerging economies. Our paper is an attempt to fill this void by quantifying the spillovers from developed countries on the bond markets of 25 emerging economies. We apply volatility and return spillover models to quantify the extent of the spillovers from developed markets (i.e. the United States, UK and Japan) into emerging bond markets. We find that the extent of the return spillovers and volatility spillovers has not been symmetric across emerging markets. We explain these differences using bilateral factors such as trade volume, portfolio investment, cultural and geographical factors. The bilateral trade volume turns out to be the leading explanation for the extent of spillovers between our set of countries.     

Economic Reform and Corruption: Evidence from Panel Data

The notion that economic reform can reduce corruption remains prevalent in the policy agenda of international financial institutions, especially of the World Bank. Economic reforms have, therefore, been carried out throughout various parts of the world to improve the performance of the economies. Using data from 94 low‐ and middle‐income nations for the period 1996–2015, this study employs static and dynamic panel analysis to examine whether economic reform undertaken in accordance with the World Bank's reform programs negatively affects corruption. Our findings suggest that enhancing government effectiveness (i.e. independence of civil service from political pressure, provision of quality public services, effective policy formulation and the government's commitment to such policies) and improving public rights and civil liberties could be some of the most promising policies in terms of fighting corruption. The role of economic development and growth in real per capita income is also found to be significant in some of the specifications. However, the assertion that economic reform can reduce corruption is rejected in all the specifications. We rather find evidence that economic reforms negatively affect the ability of democracy to fight corruption, although on a slim margin. The central theme of the implications of our findings is that in combating corruption, social, institutional and legal means are far more important than economic means. The finding thus is compatible with the World Bank's effort in the later years to introduce governance and democracy as effective tool against corruption.     

An empirical analysis of organized crime,corruption and economic growth

In a companion study, Blackburn et al. (Econ Theory Bull, 2017), we have developed a theoretical framework for studying interactions between organized crime and corruption, with the view of examining the combined effects of these phenomena on economic growth. The analysis therein illustrates that organized crime has a negative effect on growth, but that the magnitude of the effect may be either enhanced or mitigated in the presence of corruption. In this paper we tackle the ambiguity produced by the coexistence of the two illicit activities with an empirical investigation using a panel of Italian regions for the period 1983–2009. We find that organized crime distorts growth less when it coexists with corruption and show our results to be robust to different specifications, measures of organized crime, and estimation techniques.     

地区竞争格局演变下的中国转轨:财政激励和发展模式反思

在考察1990年代中期之前和之后中国地区竞争模式演变的基础上,本文提出了一个分析框架,通过考察中央-地方和地方政府-企业两个维度关系及其在中国转轨30年中两个不同阶段的变化,研究了不同时期地方政府在财政激励下所面临的约束条件的变化和对应的地区竞争行动。本文指出,无论是"中国特色的保护市场型财政联邦主义"理论,还是"官员晋升锦标赛"理论,都难以解释中国转轨高增长的政治经济学逻辑。本文考察了地方政府在工业和商住用地出让上的不同策略,并指出中国当前发展阶段中以地方政府提供低价土地、补贴性基础设施乃至放松劳工、环境保护标准吸引制造业的地区"竞次性"发展模式,不具备经济、社会发展乃至环境保护上的可持续性。     

The changing role of procurement: Developing professional effectiveness

The major objectives of this paper are to explore, from the perspective of 18 senior procurement professionals interviewed, the current status of their role and identify the skills they need to develop, in order to effectively manage the changes they are experiencing. The interviews revealed a schism in perception of the procurement role between professionals (strategic) and their organisations (transactional). Although skills have a direct impact on the ability of procurement professionals to fulfil their role proficiently, the degree of organisational support and internal acknowledgement of the role's importance, were found to be a major barrier to the development and progress of procurement professionals. A Procurement Skills Effectiveness Framework is presented to enable managers to assess the likely sophistication level of procurement and its impact, given a set of procurement skills and the degree and type of internal support for the role.     

A societal cost-of-illness study of hemodialysis in Lebanon

Aim: Renal failure is a growing public health problem, and is mainly treated by hemodialysis. This study aims to estimate the societal costs of hemodialysis in Lebanon.

Methods: This was a quantitative, cross-sectional cost-of-illness study conducted alongside the Nutrition Education for Management of Osteodystrophy trial. Costs were assessed with a prevalence-based, bottom-up approach, for the period of June–December 2011. The data of 114 patients recruited from six hospital-based units were collected through a questionnaire measuring healthcare costs, costs to patients and family, and costs in other sectors. Recall data were used for the base-case analysis. Sensitivity analyses employing various sources of resources use and costs were performed. Costs were uprated to 2015US$. Multiple linear regression was conducted to explore the predictors of societal costs.

Results: The mean 6-month societal costs were estimated at $9,258.39. The larger part was attributable to healthcare costs (91.7%), while costs to patient and family and costs in other sectors poorly contributed to the total costs (4.2% and 4.1%, respectively). In general, results were robust to sensitivity analyses. Using the maximum value for hospitalization resulted in the biggest difference (+15.5% of the base-case result). Female gender, being widowed/divorced, having hypertension comorbidity, and higher weekly time on dialysis were significantly associated with greater societal costs.

Limitations: Information regarding resource consumption and cost were not readily available. Rather, they were obtained from a variety of sources, with each having its own strengths and limitations.

Conclusion: Hemodialysis represents a high societal burden in Lebanon. Using extrapolation, its total annual cost for the Lebanese society is estimated at $61,105,374 and the mean total annual cost ($18,516.7) is 43.70% higher than the gross domestic product per capita forecast for 2015. Measures to reduce the economic burden of hemodialysis should be taken, by promoting chronic kidney disease’s prevention and encouraging transplantation.     

The Inefficiencies of Regionalised Milk Quota Trade

This paper estimates the inefficiencies associated with the regionalisation of the milk quota trade. An optimisation model is developed to estimate the economic value of quota. Quota values are aggregated to derive quota sale and purchase curves under two scenarios: first, where quotas can be traded nationally and second, where the trade of quota is regionally restricted. Quota trade is simulated and the consequent effects on supplier structure estimated. Through the derivation of sectoral cumulative cost curves it is possible to estimate the impact of regionalising quota trade on sector efficiency. The model is solved using National Farm Survey data from Ireland and the inefficiencies of regionalised quota trade in Ireland are estimated at €27 million. The paper concludes by discussing the implications of restricted quota trade, especially in the context of eventual quota removal.     

Buyer–supplier relationships from the perspective of working environment and organisational performance: review and research agenda

Management Review Quarterly - The internationalisation phenomenon driving MNEs to go for globalisation of production has made the working environment (WE) and its relation to organisational...     

Do Asian Countries Upgrade in Global Value Chains? A Novel Approach and Empirical Evidence

This paper examines the move into upstream and downstream global value chain (GVC) activities by 11 Asian countries. We use international input–output tables in combination with employment data and measure the number of workers in each country involved in manufactures GVC. Jobs are classified by business function based on occupational information, such as R&D, fabrication, logistics, sales and marketing. In most Asian countries, we find a faster employment increase in R&D and other support services relative to fabrication activities between 2000 and 2011. However, the participation in GVC and the pace of upgrading appears to differ substantially across Asian countries. We use a structural decomposition method to explore the role of trade, consumption and technological change in accounting for changes in countries' involvement in GVC.     

Electoral system,corporate political donation,and carbon emission intensity: Cross-country evidence

We examine the association between a country's electoral system and greenhouse gas (GHG) emission intensity of firms and explore whether this association is influenced by corporate political donation. The study draws on the neo-pluralist theory of power in society to examine how possible corporate influence in the electoral systems relates to corporate environmental performance. Using a cross-country panel dataset, we find that companies operating in countries using majoritarian electoral systems (MAJ), where corporations have a relatively low influence on election outcomes, are associated with lower GHG emission intensity than those in proportional electoral systems, after controlling for macro-economic factors and variations in firm characteristics. Further, our findings show that corporate political donation positively moderates the association between MAJ and GHG emission intensity. Our results suggest that corporations are likely to utilise political donations as a component of business strategy to ease the regulatory actions of the state on companies. The results are robust to alternative variable measurements and tests of sensitivity.