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Research Forum: cross border comparisons Introduction

This paper investigates the effect of non-audit services on audit quality. Following the announcement of the requirement to disclose non-audit fees, approximately one-third of UK quoted companies disclosed before the requirement became effective. Whilst distressed companies were more likely to disclose early, auditor size, directors' shareholdings and non-audit fees were not significantly correlated with early disclosure. These results cast doubt on the view that voluntary disclosure of non-audit fees was used to signal audit quality. The evidence also indicates a positive weakly significant relationship between disclosed non-audit fees and audit qualifications. This suggests that when non-audit fees are disclosed, the provision of non-audit services does not reduce audit quality.     

Foreign Direct Investment and Economic Growth: Theory and Application to China

The paper investigates the relationship between foreign direct investment and economic growth. A model of endogenous growth first highlights the transfer of foreign technology as a key determinant of economic growth, and suggests that economic growth may conversely influence the inflows of foreign capital. Simultaneous-equation model estimation based on a sample of 24 Chinese provinces, from 1985 to 1996, confirms the fundamental role played by foreign investment in provincial economic growth in China, and stresses the importance of potential growth in foreign investment decisions.     

Metropolitan innovation,firm size,and business survival in a high-tech industry

This paper contributes to the growing body of business survival literature that focuses on regional determinants of the hazard faced by firms. Using parametric survival analysis, we test the effects of regional innovation on exit likelihood in the US computer and electronic product manufacturing during the 1992–2008 period. The novelty of our approach is in conditioning the effects of metropolitan innovation on firm size. Estimation results suggest a negative relationship between metropolitan patenting activity and survival of firms that started with 1–3 employees. This effect decreases if companies grow. Establishments with more than 4 employees at start-up are insensitive to metropolitan innovation, although size of firms that started with 4–9 employees improves their survival chances. These findings indicate that local knowledge spillovers do not translate into lower hazard. The negative relationship indicates either a creative destruction regime or decisions of entrepreneurs to shut down existing ventures in order to pursue other opportunities.     

Health,Education and Emergence from the Development Trap

Abstract: This paper studies the emergence of developing countries from a development trap. It shows that countries whose dynamics exhibits several growth peaks can be considered as cases of equilibrium jump. Applying this criterion to a sample of 65 countries that were initially very poor in 1950, it identifies 13 such countries, called ‘emerging economies’. Comparing emerging and non‐emerging economies in the 1950s and early 1960s, it shows that economic take‐offs starting in the 1960s can be related to health and education in the early 1950s, while other possible factors, such as savings, openness and democracy are not significant.     

Key Issues for Monetary Policy: An ECB View

The European single currency, the euro, has become a visible and successful token of Europeans drive towards unification. It was born in an era in which high-speed structural change tests the validity of economic models and defies searches for standard policy recipes. Like all central banks, the European Central Bank (ECB) must deal with uncertainty that derives not only from the timely identification of important disturbances but also imperfect knowledge of how such disturbances affect the economy. These problems are compounded by the likelihood that important and poorly understood structural changes accompany cyclical forces. Unification of Europe has brought about significant structural change, which has been amplified by the recent enlargement of the European Union. Under these conditions, independence of the ECB, a mandate of price stability, and clear rules of fiscal governance have been essential for the credibility of the euro. Thus, the ECB has quantified its target of price stability in a mediumterm framework. Like the US Federal Reserve, the ECBs policy framework is comprehensive, and its decisions are transparent. Unlike the Fed, however, the ECB has an explicit, quantitative definition of price stability and performs a detailed and explicit crosscheck between its economic analysis and detailed monetary analysis. These differences notwithstanding, the similarities between the ECB and the Fed are more important.JEL Classification E58     

The Euro after 20 Years is a historic success

Review of World Economics - Contrary to many negative predictions, the euro, as a currency, is a remarkable success in terms of credibility and stability. The euro, as a currency, and the euro...