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31.
This article empirically models investment in emerging economies. Using dynamic panel estimation methods and quarterly data for 31 emerging economies for the period 1990:1?C2008:3, we show that (i) the GDP and the cost of capital are the key fundamental determinants of investment; (ii) financial factors (such as equity prices, credit and lending rate) play a relevant role on the dynamics of investment, in particular, for Asian and Latin American countries; (iii) investment growth exhibits substantial persistence and (iv) crises episodes magnify the negative response of investment. 相似文献
32.
This paper examines the possibilities and limitations in pursuing value for money (VfM) in public procurement. There is ambiguity about the VfM concept and the methods that public procurers should be using. It is difficult for decision-makers to thoroughly understand the economic facts and valuations underlying VfM. The authors explain the conceptual VfM challenges and present a path to overcoming these with a lifecycle costing (LCC) approach in an indepth case study in the Finnish waste management context. 相似文献
33.
We assess the determinants of equilibrium real exchange rates in a sample of oil-dependent countries. Our data cover OPEC
countries from 1975 to 2005. Utilising pooled mean group and mean group estimators, we find that the price of oil has a clear,
statistically significant effect on real exchange rates in our group of oil-producing countries. Higher oil price lead to
appreciation of the real exchange rate. Elasticity of the real exchange rate with respect to the oil price is typically between
0.4 and 0.5, but may be even larger depending on the specification. Real per capita GDP, on the other hand, does not appear
to have a clear effect on real exchange rate. This latter result contrasts starkly with many earlier papers on real exchange
rate determination, emphasising the unique position of oil-dependent countries.
相似文献
Iikka KorhonenEmail: |
34.
The European Council adopted the Preventive Restructuring Directive (2019/1023/EU) on June 20, 2019, which must be transposed by July 17, 2021, subject to a possible extension of a maximum of 1 year for countries encountering particular difficulties in the implementation. The Directive signals a paradigm shift in EU policy on insolvency from the traditional focus on cross‐border issues. The new Directive puts insolvency squarely at the heart of internal market regulation, following the EU's policy since the Great Recession of 2008 of promoting and strengthening the economy. Since 2016, the European Commission has issued several documents to facilitate insolvency procedures, leading to the recently adopted Preventive Restructuring Directive. Besides restructuring, the Directive promotes the discharge of pre‐insolvency debt for entrepreneurs. The Directive does not require that discharge be extended to other natural persons but recommends it. This article discusses the relationship between entrepreneurs and non‐entrepreneurs in an insolvency situation and concludes that a fair interpretation of the new Directive requires that the situation of the ordinary person with liability for business debt be closely scrutinised. 相似文献
35.
36.
Radial projection is a standard technique applied in data envelopment analysis (DEA) to calculate efficiency scores for input and/or output variables. In this paper, we have studied the appropriateness of radial projection for target setting. We have created a situation where the decision making units (DMUs) are free to choose their own target values on the efficient frontier and then compared the results to those of radial projection. In practice, target values are primarily used for future goal attainment; hence, not only preferences but also, and on the whole, change in time frame, affect the choice of target values. Based on that, we conducted an empirical experiment with an aim to study how the DMUs choose their most preferred target values on the efficient frontier. The subjects, who all were students of the Helsinki School of Economics, were given the freedom to explore their personalized efficient frontiers by using a multiple objective linear programming (MOLP) approach. To study various and relevant scenarios, the personalized efficient frontiers for all students were constructed in such a way that the current position of each student in relation to the frontier made him/her inefficient, efficient, or super-efficient. The results show that the use of radial projection for target setting is too restrictive. 相似文献
37.
School tracking and intergenerational income mobility: Evidence from the Finnish comprehensive school reform 总被引:1,自引:0,他引:1
This paper estimates the effect of a major education reform on intergenerational income mobility. The Finnish comprehensive school reform of 1972–1977 replaced the old two-track school system with a uniform nine-year comprehensive school and shifted the selection of students to vocational and academic tracks from age 11 to age 16. We estimate the effect of this reform on the intergenerational income elasticity using a representative sample of males born between 1960 and 1966. The identification strategy relies on a differences-in-differences approach and exploits the fact that the reform was implemented gradually across the country during a six-year period. The results indicate that the reform reduced the intergenerational income elasticity by 23% from the pre-reform elasticity of 0.30 to post-reform elasticity of 0.23. 相似文献
38.
We use top income data and the newly developed regime-switching Gaussian mixture vector autoregressive model to explain the dynamics of income inequality in developed economies within the past 100 years. Our results indicate that the process of income inequality consists of two equilibria identifiable by high inequality and high income fluctuations, and low inequality and low income fluctuations. Our results also imply that income inequality in the United States is the driver of income inequality in other developed economies. High wages and capital gains are found to be the likely channels for the U.S. influence. 相似文献
39.
A sweeping and protracted reform of corporate law took place in Finland in the 1970s. We document how the reform brought significant improvements to investor protection and tightened disclosure rules at the cost of increasing the workload in corporate reporting. To study the economic consequences of the reform we develop a simple coordination game where the effects of investor protection on corporate valuation vary with equilibria. Then, using firm‐level daily stock return data, we find that the Finnish stock market generally reacts negatively to news of increased investor protection and workload, whereas news of delays in implementation of reform generate largely positive market responses. These results raise the question of whether stronger investor protection and greater transparency unambiguously promote development of stock markets. 相似文献
40.
Innovation and imitation under imperfect patent protection 总被引:2,自引:0,他引:2
Tuomas Takalo 《Journal of Economics》1998,67(3):229-241
The paper develops a model in which the spillover of R&D is a consequence of a rational investment in imitation. The model incorporates the innovator's choice between patenting and secrecy as a protection device. The analysis demonstrates that an increase in patent breadth always discourages resorting to secrecy, whereas the influence of increased patent life is the opposite with large spillovers. An increase in patent life can also reduce innovative activity with large spillovers. Under endogenous imitation, short patents are socially optimal. 相似文献