Superneutrality, indeterminacy and endogenous growth

In this paper, we explore the possibility of having money as a source of indeterminacy in endogenous growth models. We adopt the simple Ak model of endogenous growth to be the main analytical vehicle whose balanced growth paths do not display local indeterminacy. Money is introduced via either a general cash-in-advance (CIA) constraint or a pecuniary transactions costs (PTC) technology. It is shown that local indeterminacy of the dynamics is due to the presence of an intertemporal substitution effect on capital accumulation that works against and dominates the conventional inflation effect of Tobin [1965, Money and economical growth. Econometrica 33(4), Part 2, 671]. If money is growth-rate superneutral, then the intertemporal substitution effect is absent so that local indeterminacy cannot occur. Finally, the strength of the intertemporal substitution effect depends positively on the intertemporal elasticity of substitution in consumption.     

Industry drivers of global strategy and organization

This article reports on a research study of how 18 worldwide businesses belonging to some of the largest American multinational companies responded in their strategies to industry globalization forces. The findings reveal some effective approaches, but at the same time show that most of these businesses lagged in their response. In particular, organizational, managerial and cultural barriers to implementation hampered efforts to change. This article develops a series of lessons on how multinational companies can improve their formulation and implementation of global strategy. © 1995 John Wiley & Sons, Inc.     

Market entry barriers in China

Although industrial economists and strategy theorists provide a considerable amount of research regarding market entry barriers in the context of industrialized countries such as those in North America and Western Europe, few studies focus on entry barriers in the business context of China. Consequently, an understanding of the barriers to entry to Chinese markets as perceived by Chinese business executives is limited in the marketing literature. This research, based on the development and administration of a self-completed survey of one hundred and ninety three Chinese executives, attempts to ascertain the dimensions and order of importance of market entry barriers in this context. The findings of the research indicate seven dimensions of marketing entry barriers and show that business executives in China perceive advertising effects as the most important entry barrier and capital requirements as the least important.     

Macao Creates the Best Development Situation in History

Macao was handed back to China 20 years ago.Today,Macao is the most developed it has been throughout its history,a live testimony to the success of the“one country,two system”development model.Macao has created a sound legal system that is based on the constitution and Basic Law of Macao.With the opportunities of joining the Belt and Road Initiative and the Guangdong-Hong Kong-Macao Great Bay Area,Macao’s economy has achieved leapfrog development,local people’s lives have improved,various cultures intermingled and great achievements have been made.     

The Second CIIE:Increase Confidence for China-World Co-Development

The second CIIE(China International Import Expo)finished in Shanghai on November 10,2019.The second CIIE reached a total of tentative deals worth USD 71.13 billion,up by 23%from previous year.China’s opening-up measures and improving business environment have provided fresh opportunities for countries of the world and enhanced the world confidence to develop with China.     

Illegal immigration in a heterogeneous labor market

This paper examines the effects of illegal immigration in a neoclassical growth model with two groups of workers, skilled and unskilled. We show that although illegal immigration is a boon to a country as a whole, there are distributional effects, whose sign is in general ambiguous. This is because all sources of income of both groups are affected and some of these changes tend to move income in opposite directions. Nevertheless, calibration exercises show that the wealth distribution is likely to become more unequal as the number of illegal immigrants increases. We confirm most of our calibration results analytically in a small open economy version of the basic model. Finally, our results remain robust when we extend the model to allow for endogenous skill acquisition.     

The impact of R&D on value added for domestic and foreign firms in a newly industrialized economy

This study compares the impact of R&D on value added between domestic and foreign firms in Singapore. The analysis is based on a comprehensive panel database from 1993 to 1999 provided by the Singapore Government. Our results found that R&D investments of foreign firms generated higher value added than those of domestic firms, and that the difference in value added contributed by R&D was moderated by the type of R&D and the technological level of industry. The study supports the argument that the ownership advantages possessed by foreign firms, relative to domestic firms, have positive effects on R&D performance.     

The 70th Anniversary of the Founding of the PRC: A Grand Ceremony Showing Great Pageantry

The year 2019 marks the 70th anniversary of the founding of the People’s Republic of China,and grand national celebrations attracted the world’s attention.Chinese President Xi Jinping said that the celebration of the 70th anniversary is a grandiose show of Chinese strength and shows China thriving throughout the worlds’changes from the past 100 years.This big celebration shows to the world China’s great progress towards new achievements,and the united power of the 1.4 billion Chinese people.