Outsourcing of Services and the Productivity Recovery in U.S. Manufacturing in the 1980s and 1990s

Manufacturing productivity growth recovered during the 1980s and 1990s, while other sectors, particularly services, did not. In the same period U.S. manufacturing has engaged in the “outsourcing” or “contracting-out” of service functions. Has the recovery of manufacturing been accomplished by industrial reorganization--sloughing off sluggish services--rather than technical progress? We analyze this question by reducing service inputs to their consituent elements of material inputs. Service productivity growth is thus imputed to the goods sectors, reducing the recovery of manufacturing productivity growth in the 1980s by one fifth. The recovery lasted through the 1990s, when high productivity performers in manufacturing have been relatively successful at outsourcing sluggishservices.

     

U.S. Presidential election impact on Canadian and Mexican stock markets

Recent empirical evidence indicates that the delay in the 2000 presidential election results impacted the stock market performance in the United States. In the present study we examine the impact of the same delay on the performance of the Canadian and Mexican stock markets. We find evidence indicating that both the Canadian and the Mexican stock markets were affected negatively during the period. This study not only shows that the Mexican and Canadian stock markets are closely integrated with their American counterparts but also indicates that the markets of these countries follow the U.S. presidential elections as closely as U.S. markets do. The authors thank the Department of Economics and Finance, Texas A&M University-Commerce, for financial support to purchase some of the data used in the study.     

Income Inequality in Large U.S. Cities in the 1980s

Per capita personal income among states and regions has been shown to diverge during the 1980s following a long trend of income convergence. This paper investigates the divergence of income using median family income in the 1980s for the largest 51 U.S. cities. Producer services earnings and manufacturing earnings as a percent of total earnings are also investigated to shed light on income divergence. It is found that income and producer services earnings diverged in the 1980s unlike manufacturing earnings which converged. Convergence among regions for household income is also investigated. The results substantiate the common view of trends toward convergence prior to the 1980s and divergence thereafter.     

货币反替代及其对中国股市的冲击

货币反替代是指在一国的经济发展过程中,居民在本币坚挺且存在升值趋势下,普遍看好本币的币值或在本币货币资产收益率明显高于外国货币资产收益率时,改变原来对外币的偏好,从而抛售外币资产,持有本币资产,使外币过分集中于中央银行的行为和现象。本文在封“热钱”的内涵进行辨析的基础土,分析货币反替代的目的和渠道,并封1990—2007年货币反替代率进行测度,进而实证检睑货币反替代封中国股市的冲击,研究发现：货币反替代规模较大、流动速度加快、反转性强;货币反替代与国内股票价格正相关,即货币反替代会推动国内股价上涨;当货币反替代出现反转时,则会引起国内股价下跌.     

美日英三国房地产证券化的主要模式

本文介绍了美国、日本、英国房地产证券化的主要运作模式 ,并从培育投资主体及中介机构、建立健全法律法规、营造外部环境、培养专业人才等四个方面 ,对推动我国房地产证券化的启动提出了建议。     

The impact of ADR activity on stock market liquidity: Evidence from Latin America

This paper examines the impact of ADR activity on liquidity of four major Latin American stock markets. We construct a measure of ADR activity in U.S. markets for a sample of ADRs trading during January 2003–December 2010, which is subsequent to the financial liberalization episodes and currency crises that shocked emerging markets in the 1990s. The sample lists 164 depositary receipt programs (Levels I, II, and III): 16 from Argentina, 81 from Brazil, 19 from Chile, and 48 from Mexico. Using System GMM methods to handle the potential effects from stock market development on economic growth and ADR issuance, we find that higher ADR turnover in U.S. markets has positive effects on domestic market turnover, particularly for issuance of exchange-listed (Levels II and III) ADRs. This positive relationship is not a statistical artifact created by the global financial crisis of 2008.     

The impact of monetary policy on stock market bubbles and trading behavior: Evidence from the lab

We investigate the effect of monetary policy on stock market bubbles and trading behavior in experimental asset markets. We introduce the possibility of investing in interest bearing bonds to the widely used laboratory asset market design of Smith et al. (1988). Treatment groups face a variable interest rate policy which depends on asset prices, while control groups are subjected to a constant interest rate. We observe a strong impact of our interest rate policy on liquidity in the stock market but only a small impact on bubbles. However, we find that announcing the possibility of reserve requirements significantly reduces bubbles.     

Biting the hand that fed it: Did the stock market boom of the late 1990s impede investment in manufacturing?

The stock market increase in the 1990s may have diverted funds from fixed investments in manufacturing to other investiments, such as share repurchases, and to firms with faster stock price gains. We find that overall investment remained lower than it could have been without the stock price appreciation. We also find that manufacturing investment was impeded by the developments in the stock market. Based on our results, the policy focus should be on offering incentives for corporate decision makers to prioritize productive investments over other uses of funds instead of means to entice lenders to increase lending to manufacturing firms.     

Distribution of personal income: Development of a new model and its application to U.S. income data

This paper proposes a four-parameter statistical model of the personalized distribution of income using the ‘income share elasticity’ approach suggested by Esteban (1986). Our proposed model includes the Singh–Maddala (1976) and Dagum (1977) distributions as special cases. The generalized beta II distribution of McDonald (1984) is also a variant of this model. It appears to give an excellent fit to US income data and its empirical performance turns out to be superior to those of the Singh–Maddala (1976), Dagum (1977), the five-parameter Champernowne (1953) distributions and the generalized beta II distribution of McDonald (1984) on some data.     

The 2000 Presidential Election and the stock market

The impact of the delay in the declaration of a winner in the U.S. Presidential Election of 2000 on the performance of stock markets is examined in this study. We present evidence indicating that the stock market performance was different from a pre-event comparison period. Conventional t-tests and a dummy variable regression that controls for interest rate movements are used to present evidence indicating that there was a significant initial negative reaction to the delay in the election results. The authors thank Roy F. Cabaniss and Luellen A. Jones for editorial suggestions.     

通货膨胀对我国股市影响的实证分析

本文采用协整分析方法来分析通货膨胀对我国股市的影响,并建立模型进一步分析通货膨胀对我国股市的交易活动和流动性的长期和短期影响。     

20世纪90年代美国城市人口发展的新特点——2000年美国人口普查数据初析

美国在 2 0世纪 90年代经历了一段历史上少有的经济持续繁荣期。随着新经济的勃兴 ,劳动生产率大幅度提高 ,全国人均收入在 1 0年中增长了 1 /5以上 ,人们平均的富裕程度显著超过以往任何时期。90年代美国的人口总量也得到较快的发展 ,1 0年间的年平均递增率高达 1 2 4% ,比前一个 1 0年提高了将近 3 3 %。这一方面是由于美国保持了在发达国家中很少见的高自然增长率 ,另一方面近 80 0万外国移民的迁入也起了很大的作用。外国移民不仅加快了人口增长 ,改变了人口分布 ,还使得美国人的种族、民族和文化结构越来越趋于多元化。在以上背景下 ,…     

论另类股票市场的功能

融资渠道是中小高科技创新型企业发展所面临的主要问题,而创业投资又面对出口问题。文章认为另类股票市场能较有效地解决这两个问题。     

The impact of Medigap insurance on out-of-pocket health expenditures by older Americans over the 1980s

This study presents a comparative analysis of out-of-pocket health expenditures over the 1980s by older Americans with and without Medigap (supplemental) insurance. The objective is to analyze changes during the 1980s in the pattern of health expenditures and in the financing of those health expenditures by households age 65 and over. Two-stage regression analysis shows that health goods and services are normal goods. Out-of-pocket health expenditures, excluding insurance premiums, are higher for those with Medigap insurance, which may be explained by the market failures of moral hazard and adverse selection.     

The day of the week effect on stock market volatility

This study tests the presence of the day of the week effect on stock market volatility by using the S&P 500 market index during the period of January 1973 and October 1997. The findings shown that the day of the week effect is present in both volatility and return equations. While the highest and lowest returns are observed on Wednesday and Monday, the highest and the lowest volatility are observed on Friday and Wednesday, respectively. Further investigation of sub-periods reinforces our findings that the volatility pattern across the days of the week is statistically different.(JEL G10, G12, C22)     

Japanese and U.S. interventions in the yen/U.S. dollar market: estimating the monetary authorities’ reaction functions

This paper uses recently released official data on the foreign exchange market interventions of the Japanese monetary authorities in the yen/U.S. dollar market during the period 1991–2001 to examine the motivation for the intervention policy. We also compare the Japanese intervention policy with the U.S. intervention policy. Our results suggest that the Japanese authorities regularly responded to deviations of the yen/U.S. dollar exchange rate from a short-term and a long-term exchange rate target. By contrast, the U.S. authorities intervened only occasionally and seemed to have merely reinforced Japanese interventions.     

Interest rate and bank stock returns asymmetry: Evidence from U.S. banks

We use the multivariate extension of Exponential Generalized Autoregressive Conditionally Heteroscedastic (EGARCH) of Nelson, Econometrica, 59: 347–370, 1991 to test for spillover effects and examine the extent of asymmetries between short- and long-term interest rates and portfolios of money center, large, and medium-size banks in the U.S. Our results indicate the existence of price and volatility spillovers from short- and long-term interest rates to the three bank portfolios. We also provide evidence of response asymmetries for the portfolios of money center and large banks, suggesting that money center and large banks are more sensitive to negative than positive short- and long-term interest rate changes.