Aid,growth and institutions in Sub‐Saharan Africa: New insights using a multiple growth regime approach

Numerous sub‐Saharan African countries depend heavily on foreign aid. This paper explores the impact of foreign aid on economic growth in the continent using a finite mixture model. Contrary to previous studies, we hypothesise that the effect of aid on growth differs across groups of countries with similar but unobserved characteristics. The paper incorporates the potential presence of hidden heterogeneity and tries to explain group membership of countries by using various metrics of institutional variables. Focusing on a sample of 25 countries, we find that the impact of foreign aid on growth differs across three different groups of countries. Moreover, we find that aid works best in countries with effective government, good regulatory quality and low corruption. The results are robust to a battery of robustness checks. The paper underlines the importance of incorporating the heterogeneity in growth process in studies on aid effectiveness and provides evidence that sub‐Saharan African countries should undertake deep governance reforms to benefit from foreign aid.     

Strategic Interactions and Contagion Effects under Monetary Unions

This paper applies game theory and a cost‐benefit analysis to study voluntary exits and contagion effects in countries joined to a monetary union. The paper looks at two non‐core or periphery countries of a large union and examines the role of structural asymmetries and strategic interactions as determinants of equilibrium outcomes, following both country‐specific and common shocks. The paper finds that under almost symmetry between countries, country‐specific shocks are never associated with multiple equilibria and, if large enough, can spread to other countries leading to contagion. By contrast, common shocks are seen to sustain multiple equilibria if almost‐symmetric countries are considered and to have implications similar to those found in the country‐specific case if large structural asymmetries are admitted.     

The impact of foreign interest rates on the economy: The role of the exchange rate regime

It is often argued that many economies are affected by conditions in foreign countries. This paper explores the connection between interest rates in major industrial countries and annual real output growth in other countries. The results show that high foreign interest rates have a contractionary effect on annual real GDP growth in the domestic economy, but that this effect is centered on countries with fixed exchange rates. The paper then examines the potential channels through which major-country interest rates affect other economies. The effect of foreign interest rates on domestic interest rates is the most likely channel when compared with other possibilities, such as a trade effect.     

经济国际化与政府服务创新和服务支出的相关性实证分析

本文通过对发达国家和发展中国家的经济国际化与政府服务创新和服务支出进行国际比较分析。结果表明,政府服务支出与经济国际化具有显著的相关性,其中发达国家和发展中国家的政府服务支出与对外贸易依存度具有显著正相关,发展中国家的政府服务支出与外商投资依存度成正相关,发达国家政府服务支出与对外直接投资发展具有显著正相关关系。为更好地促进我国对外直接投资发展,本文建议我国政府应加快完善我国对外直接投资的服务体系,增加我国对外直接投资的政府服务性支出。     

我国对外直接投资的区位选择——基于投资动机的视角

从对外直接投资动机的视角,采用54国2003-2006年的面板数据,在对样本国聚类的基础上考察了我国对外直接投资区位选择的影响因素。发现在控制了东道国治理基础和双边贸易量后,对我国直接投资而言,发达国家的区位优势在于较高的科技水平,而发展中国家则在于丰富的矿产能源禀赋或潜在的国内市场。同时,发达国家的市场对我国直接投资并不具有吸引力,而在对一些资源丰富的发展中国家进行投资时市场因素的作用也不明显。     

Evaluating International Ethical Climates: A Goal Programming Model

A critical concern for firms pursuing international expansion strategies involves identifying countries that offer a good fit with the firm's overall ethical orientation. Unfortunately, little has been written to aid firms in identifying countries that offer this type of fit. This paper presents a model that combines the concepts of strategic management, cross-cultural management, business ethics, and the management science technique of goal programming. The purpose of the model is to aid managers in identifying countries for international expansion that offer the best fit with the firm's ethical orientation. The paper also extends the existing literature on cross-cultural management and business ethics by applying a computer optimization model to evaluate potential countries for international expansion in a way that has not been done before.     

转轨国家经济绩效的动态比较分析

作为经济转轨的两种方式,渐进式改革和激进式改革孰优孰劣,一直是转轨经济学理论争论的焦点之一,围绕此形成了两种截然不同的学术观点。那么,到底哪种观点更能得到实践的支持,针对该研究问题,以24个转轨国家作为研究样本,运用整体比较和分阶段比较的研究方法,从整体上和分阶段两个方面对渐进式改革的国家和激进式改革的国家的经济绩效进行评价和比较,研究结论基本支持渐进式改革方式从整体上更有利于经济发展的观点。但是作为对现有研究的补充和发展,发现个别激进式改革的苏东国家在转轨后的第四个阶段其经济绩效水平要高于渐进式改革的国家。     

Commodity windfalls,polarization, and net foreign assets: Panel data evidence on the voracity effect

This paper examines the effects that windfalls from international commodity price booms have on net foreign assets in a panel of 145 countries during the period 1970–2007. The main finding is that windfalls from international commodity price booms lead to a significant increase in net foreign assets, but only in countries that are ethnically homogeneous. In highly ethnically polarized countries, net foreign assets significantly decreased. To explain this asymmetry, the paper shows that in ethnically polarized countries commodity windfalls lead to large increases in government consumption expenditures and political corruption. The paper's findings are consistent with theoretical models of the current account that have a built-in voracity effect.     

Can emerging market central banks bail out banks? A cautionary tale from Latin America

This paper investigates whether emerging market countries can implement monetary policies to cope with financial crises as advanced countries did during the recent global crisis—injecting significant amounts of money into the financial system without facing major short-run adverse macroeconomic repercussions. Using panel data techniques, the paper analyzes episodes of financial turmoil in 16 Latin American countries during 1995–2007. The results show that developing and emerging market countries should be cautious because injecting money on a large scale into the financial system may fuel further macroeconomic instability, increasing the chances of simultaneous currency crises.     

国际贸易争端解决机制的选择及有效性:理论与中国抉择

国际贸易争端解决机制主要有双边谈判、诸边一体化以及多边WTO化解机制,相关国内外文献较少涉及这三种机制之间的选择和优劣比较。本文用一个博弈的理论框架,从国家及贸易产品市场类型差异的角度分析了不同解决机制下单国的福利以及世界的总福利状况。结果发现,对于具有市场势力的大国来说,参与国越少的机制对其越有利,而对于没有市场势力的小国则是参与国越多的机制对其越有利,同时多国参与的机制也更有利于世界的总福利。因此,中国在选择贸易争端解决机制时,必须根据争端商品的市场竞争情况及价格影响和控制能力进行合理抉择;而从我国大多数出口商品的市场特点看,越多国家参与的机制可能更加有利。     

Typology of diaspora entrepreneurship: Case studies in Uzbekistan

The characteristics and importance of transnational diasporans as entrepreneurs for the economy and international business of emerging countries have remained underexplored. This paper addresses types of diaspora entrepreneurship (DE) theoretically and empirically in the context of Uzbekistan. Diaspora entrepreneurship is often seen as necessity-driven and less opportunity-driven. So far, emerging Central-Asian countries are considered countries of origin (COOs) of diasporans, but not yet as countries wherein diasporans want to invest and work, that is, countries of residence (CORs). Uzbekistan is also a post-Soviet economy with limited tradition on private entrepreneurship. Thus, the paper asks what makes people become entrepreneurs in emerging countries such as Uzbekistan when they have alternative opportunities in developed countries. It explores key drivers and socio-cultural reasons for the entry and establishment decision and introduces a typology of DE. This multiple case study presents implications and findings on culturally different entrepreneurs who have decided to enter Uzbek business elucidating their motivations and role in transition economies.     

Effects of aid for trade on extensive and intensive margins of greenfield FDI

Using a panel dataset of 105 developing countries for the period 2003–15, this paper assesses the effects of Aid for Trade (AfT) on greenfield FDI flows to the aid‐recipient countries. Particularly, this paper classifies the total dollar value of greenfield FDI flows to each recipient country in terms of four different layers: the extensive and intensive margins of projects as well as the extensive and intensive margins of source countries. Applying the system GMM estimator, this paper finds that AfT not only increases the dollar value of FDI flows to the recipient countries but also helps diversify the greenfield projects and source countries. In addition, this paper finds that AfT has a greater effect for greenfield FDI from donor (developed) countries than from non‐donor (developing) countries. Among the three components of AfT, aid for trade‐related infrastructure and aid for trade policy regulations are found to have positive links with greenfield FDI, irrespective of source‐country groups, yet their effects are larger for developed source countries. In contrast, aid for building productive capacity hinders greenfield FDI flows from non‐donor countries, while it promotes greenfield FDI from donor countries. We offer some explanations for this finding.     

International comparison of household asset allocation: Micro-evidence from cross-country comparisons

Asset allocation, an important part of household finance, attracts constant attention across countries. Due to the differences between countries, asset allocation presents different characteristics in various countries. This paper compares and analyzes the differences in household asset allocation around the world based on the data of 23 developing and developed countries, such as China, the United States, 20 EU countries, and Australia, at the micro-level. This paper finds that in all of these countries, except for the United States, housing assets often occupy a large proportion of household total assets, which we give the name ‘Valuing Housing’, mainly attributed to the high housing value-to-income ratios (especially in developing countries). Further analysis shows that, with the increase in household income, the proportion of housing assets in most countries presents an inverted ‘U' shape, which first increases and then decreases, and where the inflection point appears in the top 20% of households. Also, with increases in income, China, the United States, and some other countries see an increasing proportion of financial assets. The top 20% of households tend to invest in financial assets. In addition, as the ages of household heads increase, the proportion of housing assets tends to first rise and then level off, and that of financial assets tends to first decrease and then level off. The conclusions of this paper help to better understand the differences in the allocation of household assets across countries and explain the underlying causes.     

Assessing the Performance of ‘Inflation Targeting Lite’ Countries

This paper deals with what is referred to in the literature as the ‘Inflation Targeting Lite’ (ITL) countries. These are a category of emerging countries, whose main characteristics are that they are least developed and small economies that pursue IT. They use inflation targeting to define their monetary policy framework, but for a number of reasons they are not in a position to put top priority to IT in relation to other objectives. This paper deals with a set of ITL countries for which consistent data could be gathered, and for which a date for setting inflation targeting could be discerned. The object of the paper is to study the impact of IT on actual inflation and inflation expectations. We utilise intervention analysis to time series on inflation for a number of ITL countries, which have actually implemented IT. In doing so our main concern is to assess whether, due to the IT intervention, there has been a significant change in the trend corresponding to these series and the extent to which inflation rates have actually been ‘locked‐in’ at low levels after the implementation of IT. Two major results emerge. The first is that ITL countries have been successful in ‘locking‐in’ inflation rates. The second is that non‐IT countries have also been successful in terms of the ‘lock‐in’ effect. Our overall conclusion, then, is that other factors in addition to IT underpin the apparent success of the control of inflation.     

Export diversification,specialisation and inequality: Evidence from Asian and Western countries

This paper examines the dynamic effect of globalization at the disaggregated level of sectoral export diversification and manufacturing specialization on income inequality using a panel data set of 52 Asian and Western countries from 1988 to 2014. The paper uses dynamic panel data models applying the System Generalized Method of Moments (GMM) estimations that provide more accurate and better results than those obtained with static panel data models. The results suggest that there is no statistically significant relationship between manufacturing specialization and inequality while sectoral export diversification has been the driving force of inequality. For sub-groups of countries, higher sectoral export diversification increases inequality and higher manufacturing specialization decreases inequality in high-income Asian countries and European Union (EU) member states. Moreover, the study finds insignificant effects in low-income Asian countries and Anglo-Saxon countries.     

Credit accessibility and corporate social responsibility in financial institutions: the case of microfinance

What are financial institutions' social responsibilities in developing countries? On the one hand, these institutions share the generic responsibilities of all human organizations and business enterprises. However, their specific social responsibility is the performance of the social function of financial intermediaries, which, in the case of emerging countries, consists mainly of contributing to economic growth and solving the problem of poverty. This paper describes a number of technical‐economic and moral problems that take us to a consideration of the performance of banking operations in microfinancing, with special reference to Latin America. The paper also provides a series of recommendations that, in addition to contributing to solving the development and poverty problems in emerging countries, help define financial institutions' social responsibility in such countries.     

试析我国新疆与中亚国家的经贸合作

新疆与中亚国家加强经贸合作,是双赢发展的需要。新疆应抓住机遇,提高经济发展的国际竞争力,积极与中亚国家加强经贸合作。本文分析了新疆与中亚国家经贸合作的现状,指出了新疆与中亚国家经贸合作中存在的问题,最后展望分析了新疆与中亚国家经贸合作前景。     

WTO成立后国际反倾销案件的国别与行业分析

WTO成立以后,传统贸易壁垒保护国内产业的作用进一步减弱,反倾销以其有效性和合法性成为各国频繁使用的贸易保护手段。通过考察1995—2006年国际反倾销数据,针对国别差异和所涉及行业,分析了国际反倾销的新趋势与特点,比较了发达国家和发展中国家反倾销特点的差异;此外,对东亚和我国所遭受的异乎寻常的反倾销给予重点关注,指出应对针对我国的国际反倾销将是我国对外贸易发展中的一个长期任务。     

Technology transfer and institutional development in Central and Eastern Europe

The transfer of technology from developed countries to emerging markets has been of central interest to MNCs. This paper examines the problems associated with technology transfer in the context of Central and Eastern European countries. Contrary to a common perception of the region, we argue that different country institutional characteristics are determinants of technology transfer. By outlining the recent socioeconomic changes in the region, we consider the adoption of essential market institutions and the specific norms of regional integration with the European Union as these most important determinants. The paper concludes with the overview of potentially successful technology transfer strategies for MNCs interested in investing in the countries of Central and Eastern Europe.     

The impact of international trade on emigration in developing countries

This paper studies how international trade affects emigration in developing countries. This is a new aspect as previous studies investigated the impact of immigration on trade from host countries perspective. However, there are also reasons to believe that trade may affect the propensity to emigrate in the home countries, leading to potential brain drain in developing countries, especially given the theoretical hypothesis in Stolper–Samuelson (S–S) theorem within Heckscher–Ohlin (H–O) factor-proportion model that more educated workers are more likely to emigrate due to an increase in international trade. When low-skill abundant developing countries liberalize trade, the reward of the scarce factor (skilled labor) is reduced in these countries, but it increases in the high-skill abundant developed countries. Therefore, skilled workers in the developing countries see a strong incentive to migrate to developed countries. To test this hypothesis, this paper utilizes a panel of 133 developing countries for the period of 1980–2010 and finds that high-skilled workers are more likely to emigrate with trade while there appears to be no effect of trade on low-skilled workers.