Entry,trade costs,and international business cycles

Are firm entry and fixed exporting costs relevant for understanding the international transmission of business cycles? We revisit this question using a model that includes entry, selection to exporting activity, physical capital accumulation and endogenous labor supply. We determine that once the stochastic process for exogenous productivity is calibrated to consider the endogenous dynamics in TFP created by the number of firms and the time series volatility of entry is calibrated to the data, our model yields minimal departures from the Backus et al. (1992) benchmark. The richer model shares all of the successes of the previous model in terms of the volatilities of aggregate quantities, as well as its failures, in terms of replicating patterns of international co-movement and the volatility of international relative prices.     

Travel and tourism competitiveness index: The impact of air transportation,railways transportation,travel and transport services on international inbound and outbound tourism

The objective of the study is to examine the impact of air transportation, railways transportation, travel and transport services on international inbound and outbound tourism in a panel of 19 tourists - oriented countries, over a period of 1990–2014. By applying principal component analysis, the study constructs travel and tourism competitiveness index for inbound and outbound tourism. The main constructs of inbound tourism index include international tourists' arrival, tourism receipts, receipts of passengers' transports items and travel items while the constructs of the outbound index include international tourists' departure, tourism expenditures, and expenditures for passengers transport and travel items. The result of panel Fully Modified OLS (FMOLS) regression shows that the presence of air transportation, railways transportation, and trade openness positively affect inbound tourism index, while travel and transport services negatively affect tourism competitiveness index. The causality results confirm the bidirectional relationship between inbound tourism, air transportation, railways passengers carried, trade openness and travel and transport services, while there is a unidirectional causality running from inbound index to railway goods transported, from air transport freight to trade factor, and from travel services to air transport freight. Outbound tourism index confirmed the bidirectional causality relationship with air transportation, railways transportation, and travel and transport services, while the causality running from outbound index to trade factor, from air transport passenger carried to travel services, and from railway goods transported to trade and transport services, which support the unidirectional causality relationship between them. The variance decomposition results show that air transportation freight is the contributor that largely influences inbound-outbound tourism, while railways passengers carried and trade openness has the least share to influence inbound and outbound tourism index for the next 10-year period. The impulse response function indicates that air transportation, railways transportation, trade openness and travel services will positively impact on inbound truism while travel and transport services will positively affect outbound tourism for the next 10-year period. The study concludes with the importance of transportation sector that deem desirable to promote tourism worldwide. The concentration of different modes of transportation including air transportation, railways transportation, and travel and transport system would helpful to advance international tourism.     

Optimal investment strategies in an international economy with stochastic interest rates

We investigate how investors should optimally choose to invest in a dynamically complete international market. We find closed-form solutions for the optimal investment strategy and for the wealth loss an investor suffers from not investing internationally. Theoretically, we show that the gain from international investment is due to the speculative investment only, and why it is important for an investor from a large economy to invest in a small economy. In a numerical example we compare the wealth losses investors from Denmark and the U.S. suffer due to home bias.     

Export Expansion Process for Electronics:

This paper explores the changes in Hong Kong electronics manufacturing firms regarding the development of vertical channel integration as export marketing strategy. Analysis of data suggests that Hong Kong electronics manufacturers are increasingly utilizing foreign based channel intermediaries, and establishing internalized export departments and overseas sales offices to handle their export functions. in addition, a few cases of horizontal integration exist in the form of takeovers of Hong Kong manufacturing firms by multinationals from the United States, Japan, and the United Kingdom.     

试论金融市场不同的有效程度与多元化企业经营的战略关系

文章运用有效市场假说理论,分析了金融市场4种不同的历史形态下金融市场的有效程度与多元化企业经营的内在关系。     

New product development in foreign customer relationships: a study of international SMEs

Abstract

This study identifies a gap in research concerning how small and medium-sized enterprises (SMEs) can benefit from pursuing locally (rather than globally) oriented internationalization strategies. Becoming overly dependent on one single foreign market could potentially reduce the inflow and diversity of new knowledge that can serve as input for new product development. This study discusses how this risk can be minimized. In this endeavour we create a theoretical model that investigates how the local sales concentration and relationship-specific commitment of SMEs relates to new product development. To do this we draw on the behavioural internationalization process framework. The theoretical model is tested on an effective sample of 188 Swedish SMEs. The results show that relationship-specific commitment mediates the effect of local sales concentration on new product development. The implication is that investments which enable collaboration in important business relationships are crucial requisites for keeping firms innovative and in pace with market fluctuations. The findings thus contribute to international business literature by showing that a local market scope of operations combined with a relationship orientation are beneficial for new product development in international SMEs.     

Unilever's Latin American Strategy in Yellow Fats,Ice Cream and Teas

Abstract

The article investigates the interplay between the changes in the large corporate strategy of a multinational and changes in the business environment in Latin America. In its international expansion, Unilever has traditionally used a decentralized national responsive strategy where local subsidiaries develop their markets with a great degree of autonomy. In response to globalization, Unilever moved towards greater business coordination and a more focused approach in the nineties. The article examines the impact of this reorganization on the firm's regional strategy in Latin America. We examine the firm's strategy in three food categories: fat oils, ice cream and tea-based products. We conclude that Unilever continues to use a strategy of national responsiveness with no attempt to coordinate its experiences across the region.     

浅析宏观经济政策对金融市场的影响

近几年来,国内经济的发展可谓势头猛增,国家出台了一系列的宏观经济政策,这些宏观经济政策对我国金融市场的发展具有一定的影响。本文就国家的宏观经济政策对我国的金融市场产生的影响进行浅析评论。     

“合规性”贸易壁垒影响产业国际竞争力的效应分析

“合规性”贸易壁垒的应用已成为当今贸易保护的最明显特征。本文首先简要讨论了产业国际竞争力的内涵及其评价方法,进而说明产业国际竞争力受“合规性”贸易壁垒影响的作用机理,并分别就“合规性”贸易壁垒对实施国及对象国的产业国际竞争力的影响效应进行了具体分析。     

我国胶合板国际竞争力的比较分析

本文首先回顾了我国胶合板的生产与贸易现状;然后依据三种不同的国际竞争力测算方法,在选取不同类型国家的基础上,进行了胶合板国际竞争力的国际比较分析;紧接着,从理论与实证角度,对不同指数测算结果进行了系统的比较;最后,通过整合与归纳不同的分析结果,提出了对于提升我国胶合板国际竞争力的几点启示。