首页 | 本学科首页   官方微博 | 高级检索  
相似文献
 共查询到20条相似文献,搜索用时 46 毫秒
1.
Self-selection and learning by exporting are the main explanations for the higher productivity of exporting firms. But, whereas evidence on self-selection is largely undisputed, results on learning by exporting are mixed and far from conclusive. However, recent research by De Loecker (J Int Econ 73(1):69–98, 2007) has shown that the conclusions from previous learning by exporting studies may have been driven by strong assumptions about the evolution of productivity and the role of export status. Relaxing these assumptions turns out to be critical to find evidence of learning by exporting in a representative sample of Spanish manufacturing firms. Our results indicate that the yearly average gains in productivity are around 3 % for at least 4 years.  相似文献   

2.
This paper quantitatively assesses the impact of falling foreign direct investment (FDI) barriers on individual firms and its implications for intra-industry reallocation and aggregate productivity. We calibrate the firm-heterogeneity model of Eaton et al. (Econometrica 79(5):1453–1498, 2011) to match micro-level data on Japanese multinational firms facing fixed and variable costs of foreign production. We demonstrate that the calibrated model can be used to replicate the entry and sales patterns of Japanese multinationals. Counterfactual simulations show that declining FDI barriers lead to a disproportionate expansion of foreign production by more efficient firms relative to less efficient firms. A hypothetical 20 % reduction in FDI barriers is found to generate up to a 26.8 % improvement in industry-level productivity through global market-share reallocations within the industry. Compared with fixed entry barriers, reallocation effects and productivity gains are larger for a reduction of variable costs of foreign production.  相似文献   

3.
The dramatic decline in inflation across the world over the last 20 years has been largely credited to improved monetary policy. The universal nature of the phenomenon, however, indicates that globalization, which occurred simultaneously, also played a role. We build a model based on Melitz (2003) in which falling transport cost lead to greater openness, higher productivity and lower inflation. Following a decline in transport cost openness increases and firm selection eliminates the least productive domestic firms. The consequent increase in average productivity leads to falling relative prices for goods. A cash-in-advance constraint allows analyzing how falling relative prices can lead to lower inflation. Using a data set of macroeconomic variables for 123 countries from all world regions, we disentangle the influences of monetary policy and globalization by showing that openness-induced productivity growth leads to a significant decline in inflation world-wide. The results can be further confirmed in a calibration exercise.  相似文献   

4.
Rigorous courses are an important resource, distributed within schools, that merit attention as a central determinant of student achievement and future outcomes (Cook and Evans, J Labor Econ. 18(4):729–754, 2000; Rose and Betts, Rev Econ Stat. 86(2):497–513, 2004). Yet, black students are less likely to be enrolled in advanced courses in general (ex. Darity et al. 2001; Klopfenstein, Contemp Econ Pol. 23(3):416–28, 2005) and specifically Algebra 1 in middle school (Riley 1997). Debate exists around the potential benefits or drawbacks for black students attending highly integrated schools relative to highly segregated schools. This study examines which school characteristics are associated with large disparities in black student enrollment in Algebra 1 relative to white student enrollment in Algebra 1 in the same middle schools in North Carolina. Of particular interest is the relationship between access and the percentage of white students in a school. The study finds that: (1) black students are underrepresented in Algebra 1 in essentially all schools in North Carolina; (2) the largest disparities occur in schools that are highly integrated while the disparities are reduced in schools that are either large majority white or large majority non-white; (3) schools with a larger share of white teachers are related to larger disparities between black and white students; (4) the marginal effects of racial composition on the relative disparity in enrollment are significantly larger for black females than black males.  相似文献   

5.
Im et al. (Unpublished working paper, 2008) develop cointegration tests using stationary instrumental variables. Their tests avoid the need to simulate critical values for the cointegration estimations, especially problematic in the presence of a nuisance parameter. Likewise, bootstrapping errors is unnecessary. Using an updated version of the Taylor (Rev Econ Stat 84(1):139–150, 2002) data set, the Im et al. (Unpublished working paper, 2008) approach is applied to two well-known, single equation cointegration methods to test for purchasing power parity. The estimations with instruments provide evidence of purchasing power parity (PPP) for more than half of the countries studied; but the empirical results, hence conclusions regarding PPP sometimes differ with the choice of instrument.  相似文献   

6.
We study the issue of optimality of policies devoted to environmental goals, building upon the recent and interesting work by Alesina and Passarelli (2010) and extending their analysis to the more general framework set up by Weitzman (The Review of Economic Studies 41: 477-491, 1974). We illustrate instruments that governments have at their disposal to reduce polluting emissions, and we point out the economic implications that may arise from the overlapping regulation through both instruments in the European context. We review the literature on political determination of environmental regulation. On the basis of existing literature, we show that political factors are more important than economic ones in explaining why particular instruments are implemented for certain problems (Hepburn et al. Climate Policy 6: 137–160, 2006). We recognize Alesina’s contribution which states that environmental policy, and the decision to adopt one tool instead of another, is subject to a complex political process. Governments are subject to pressure from politicians, households, and firms because their decisions imply winners and losers. Then, we focus in detail on the work by Alesina and Passarelli (2010) who consider which policy tool and at what level would be chosen by majority voting to reduce polluting emissions; they find out that even if a tax is in general superior to quantity based mechanisms (quotas and tradable permits), the majority may strategically choose a quantity mode in order to charge the minority a larger share of the cost for polluting emissions reduction. We extend Alesina’s analysis, focusing on the optimality of price-based mechanisms, since it is not always the case that price instruments are more efficient than quantity instruments. To this aim, we explicitly make use of Weitzman results (The Review of Economic Studies 41: 477–491, 1974), which suggest that if costs are highly nonlinear compared to benefits, then price-type regulation is more efficient, while if costs are close to linear, then quantity-type regulation is more efficient. We cast Alesina’s analysis in the European context, analyzing potential voting outcomes, assuming that EU countries can be arranged according to different criteria. We find that depending on the empirical distribution of voting countries, Alesina’s voting procedure leads to interesting different outcomes.  相似文献   

7.
The paper investigates the export behavior of German small and medium-sized enterprises (SMEs) in response to the introduction of Euro and the subsequent fall in trade costs. Based on a testable prediction derived from Helpman et al. (American Economic Review 94:300–316, 2004) and Helpman (Journal of Economic Literature 44:589–630, 2006), the paper argues that the likelihood of SMEs to become an exporter increases after the monetary union. By using an empirical probit estimation technique, it is found that SMEs, and especially medium-sized enterprises, indeed benefit from cost reductions in entering into export markets. What is more, firms operating in furniture, electrical equipment, plastics, medical instruments, machinery and textiles are more likely to benefit from monetary union. These results are robust to using exchange rate volatility as a proxy for the cost reductions due to monetary union.  相似文献   

8.
Given the lack of attention to Black girls’ participation in STEM related courses, it remains unclear why this group participates at lower rates in STEM courses later in their academic careers (Hyde et al. 2008; Tocci and Engelhard 1991; Catsambis 1994). The purpose of this paper is to examine the extent to which teachers influence Black girls’ opportunities along the math pipeline. The aim is to determine the role of Black girls’ cognitive and non-cognitive behaviors on teachers’ decisions to place them in advanced courses. Using nationally representative survey data, the findings indicate that Black girls’ confidence in their ability to master skills taught math reduced the odds teacher recommendations to advanced courses. Additionally, teachers’ expectations of the educational attainment of Black girls were related to the recommendation process. Overall, the findings suggest that subjective beliefs held by students and teachers critically influence Black girls’ persistence along the math pipeline.  相似文献   

9.
In this paper we estimate equilibrium exchange rates for 23 OECD countries and four less mature economies in a panel data setting. Our empirical analysis demonstrates significant links between the trade balance and net foreign assets, and between real exchange rates and the trade balance, rather than between real exchange rates and net foreign asset, as predicted by the model of Lane and Milessi-Ferretti (2002). Our study indicates that, in terms of the association between real exchange rates and trade balance, there is heterogeneity between the emerging market economies and the OECD countries. Finally, we construct various measures of exchange rate misalignment for all the exchange rates included in our panels.  相似文献   

10.
Despite attempts to induce strong competitiveness in African manufacturing firms, poor productivity performances continue to hinder their ability to operate successfully in international markets. This paper argues that, while many plausible explanations can be put forward for this failing, analysis of the firms' social and institutional contexts can provide useful insights into why they have continued to perform badly. Adopting the technological catch-up framework proposed by Abramovitz (1986) Abramovitz, M. 1986. Catching up, forging ahead and falling behind. Journal of Economic History, 46(2): 385406. [Crossref], [Web of Science ®] [Google Scholar], the paper uses the case of Lesotho garment producers to illustrate how an environment characterised by significant social capability deficits has a negative impact on local firms' competitiveness. Strategic interventions to improve the quality of infrastructural services deliveries are suggested as urgently needed remedial measures.  相似文献   

11.
Nontraded goods account for a major share of GDP in most economies, but have not been incorporated in the welfare analysis of monopolistic-competition models with heterogeneous productivity. This paper extends Helpman, Melitz and Yeaple (American Economic Review 94(1):300–316, 2004) to explore welfare effects in the presence of a nontraded good. We derive new analytical results about how the gains from trade and FDI are determined and affected by key parameters in the case of symmetric countries. The model is calibrated to a country group that includes all major developed countries. The gains from openness (trade and FDI) are found to be substantial (between 3.24 and 6.27 per cent of income) even if nontraded goods represent a major part of the economy. Most of these gains are attributed to trade rather than FDI.  相似文献   

12.
This paper documents that a large fraction of trade flows at the firm level consists of simultaneous imports and exports in identical products, narrowly defined at the 8-digit product classification, which we call pass-on trade (POT). We use data on imports and exports at the firm and product level for Slovenian manufacturing firms in the period 1994–2008, to show that, on average, 70 % of all exporting firms engage in POT. This corresponds to more than 50 % of all exported products. Thus, imported products that are exported again by the same firm is a statistical regularity of trade of Slovenian manufacturing firms. We document that the use of POT is increasing in firm size, product diversification, multinational status as well as firm productivity and profitability. We offer and explore empirically a number of explanations for POT. Among possible explanations, we find evidence on the importance of firms’ multinational networks and demand complementarities between firms’ own and POT products. The latter confirms the theoretical explanations for carry-along trade (CAT) as developed by the recent work of Bernard et al. (2012).  相似文献   

13.
In this comment, we note that the analysis in Lopez and Molina (2010) is subject to a number of mistakes and various unjustifiable assumptions.  相似文献   

14.
Ludwig von Mises, Friedrich Hayek, and Murray Rothbard were the main architects of the distinctly Austrian theory of production as it exists today. All three conceived the entrepreneurial function in the actual market economy as presupposing the ownership of property, specifically capital. Yet, many, if not most, contemporary Austrian economists conceive the entrepreneur as a pure decision-maker possessing superior “alertness” but owning no resources. This pure entrepreneur earns profits by “discovering” and seizing objectively existing but previously unperceived opportunities to arbitrage price discrepancies between a bundle of complementary inputs and the output it yields. That this is the essence of “the” Austrian theory of the entrepreneur and profit is accepted as a matter of course by those among the broader economics profession who are sympathetic to the Austrian approach. It is the goal of this paper to demonstrate that there is in the Austrian tradition traceable back to Carl Menger, a very definite and prominent strand of thought that conceives property ownership as central to the tasks that the entrepreneur characteristically performs in the real-world market economy. The managerial function . . . can never evolve into a substitute for entrepreneurship. The fallacy to the contrary is due to the error confusing the category of entrepreneurship as it is defined in the imaginary construction of functional distribution with conditions in a living and operating market economy. The function of the entrepreneur cannot be separated from the direction of the employment of factors of production for the accomplishment of definite tasks. The entrepreneur controls the factors of production; it is this control that brings him either entrepreneurial profit or loss. (Mises 1998, p. 302) Mr. Keynes obviously arrives at this view by an artificial separation of the function of the entrepreneurs as owners of capital and their function as entrepreneurs in the narrow sense. But these two functions cannot be absolutely separated even in theory, because the essential function of the entrepreneurs, that of assuming risks, necessarily implies the ownership of capital. Moreover, any new chance to make entrepreneursprofits is identical with a change in the opportunities to invest capital, and will always be reflected in the earnings (and value) of capital invested. (Hayek 1931, p. 277; emphasis in original) It is clear, therefore, that the process of equalization of rate of return throughout the economy, one that results in a uniform rate of interest, is the very same process that brings about the abolition of profits and losses in the ERE. . . . [I]f the . . . entrepreneur owns no assets, then how in the world does he earn profits? Profits, after all, are simply the other side of the coin of an increase in the value of one’s capital; losses are the reflection of a loss in capital assets. (Rothbard 2004, pp. 513–14; 1997, 2:247; emphasis in original)   相似文献   

15.
The empirical evidence about the temporal precedence between foreign direct investment (FDI) and economic growth in open developing economies is mixed. In this research effort, we explored the FDI-growth nexus for 16 developing countries of Latin American and the Caribbean countries during the last three decades, a period in which many of these countries introduced various economic and financial reforms. As a departure from many previous studies, the current analysis uses the Granger noncausality test procedure recently developed by Toda and Yamamoto (J Econ 66:225–250, 1995), and Dolado and Lutkepohl (Econ Rev 15:369–386, 1996)–TYDL. Our results suggest that the null hypothesis that ‘FDI does not Granger cause economic growth’ is rejected for all countries except Dominican Republic, Trinidad and Tobago, and Jamaica. There is also evidence of unidirectional causality from growth to FDI for all countries except Bolivia, Colombia, Costa Rica, Dominican Republic, Ecuador, El Salvador, Guatemala, and Jamaica. We found bidirectional causality for Argentina, Brazil, Mexico, Peru and Venezuela.  相似文献   

16.
Between August 25, 1939 and June 7, 1940, there was a free market for British pounds in New York. German success at the outset of World War II caused the value of free sterling to fall relative to the official exchange rate. This imposed an externality that made it more difficult for Britain to finance the war. Eventually, the externality became large enough that Britain chose to take extreme measures to abolish it, even at the expense of tarnishing the reputation of London’s financial markets. We collected daily data to investigate how the market reacted to war news and to policy changes. Using methods developed by Bai and Perron (Econometrica 66:47–78, 1998; Journal of Applied Econometrics 18:1–22, 2003), we find 17 breaks in the exchange rate. Fourteen are associated with military events and three are associated with policy changes. The episode illustrates how markets can fail to serve the public interest during times of war.  相似文献   

17.
Over the last decade, European Union members have experienced a steady increase in imports. This increase was accompanied by a strong growth in the number of imported goods and trading partners, suggesting positive welfare gains for consumers via an extended set of consumption possibilities, as pointed out in the ??New Trade Theory??. In this paper, we apply the methodology developed by Feenstra (Am Econ Rev 84(1):157?C177, 1994) and Broda and Weinstein (Q J Econ 121(2):541?C585, 2006) to structurally estimate the gains from imported variety for the 27 countries of the European Union using highly disaggregated trade data at the CN-8 level from Eurostat for the period from 1999 to 2008. Our results show that, within the European Union, especially ??newer?? and smaller member states exhibit high gains from newly imported varieties. Furthermore, we find that the majority of the gains from variety for consumers stems from intra-European Union trade.  相似文献   

18.
Understanding the dynamics of import prices is an important but challenging issue that affects our assessment of welfare. We propose an exact import price index by extending the analysis of Broda and Weinstein (Q J Econ 121(2):541–585, 2006), who include growth in product variety in their calculations of import prices. While still relying on Armington’s (Int Monet Fund Staff Pap 16(1):159–178, 1969) definition of variety, we relax two assumptions, allowing the set of products and unobserved taste and quality parameter to vary. Our modified import price index shows that gains from variety in European G7 countries, although positive, are small compared with gains from taste and quality. Using food and tobacco products as a benchmark with unchanged taste and quality, we find significant gains from shifts in consumer preferences and improving quality for Germany, France, Italy and the UK between 1995 and 2012. By comparing results based on different benchmark groups we further flag the importance of consumer taste in international trade.  相似文献   

19.
The business literature has long recognized the importance of multinationals’ distribution networks. The empirical analysis of distribution-oriented FDI has, however, received little attention which is at least partly due to the lack of appropriate data. We present a slightly modified version of Helpman et al. (Am Econ Rev 94(1):300–316, 2004) that explicitly models the possibility for a multinational firm to export through its wholesale trade affiliate. We analyze the multinational firms’ choice between foreign production and foreign distribution. Our empirical analysis uses different discrete choice models and alternative specifications for several sub-samples of multinational firms. Our results show that the choice between distribution and production-oriented FDI is based on the trade-off between fixed and variable costs.  相似文献   

20.
Many countries have carried out over the past decade a series of reforms and measures to encourage longer working lives and to respond to the looming challenges of rapid population ageing. But have these steps gone far enough and have the necessary measures been taken? Much of the focus of this policy action has been on old-age pension reform but, as stressed in the report Live Longer, Work Longer (OECD 2006), a more comprehensive set of reform may be necessary to encourage work at an older age. This includes policy action in three broad areas to: (1) reward work, (2) change employer practices, and (3) improve the employability of workers. The aim of this paper is to provide an overview of recent policy initiatives to give older people better work incentives and choices implemented in France, The Netherlands, Norway and Switzerland since 2006 as well as to identify areas where more could be done, covering both supply-side and demand-side aspects.  相似文献   

设为首页 | 免责声明 | 关于勤云 | 加入收藏

Copyright©北京勤云科技发展有限公司  京ICP备09084417号