The political economy of international factor mobility

We model the endogenous determination of policy towards international factor mobility. In a common agency setting, domestic interest groups bid for protection from the government and the incumbent politicians maximize a welfare function that depends both on domestic voters' welfare and contributions collected. We characterize equilibrium policies in the price space and show how the degree of complementarity among inputs determines the outcome. We establish a similar result for quotas, allowing for partial rent capturing. For the strategic environment under consideration, we also establish a general equivalence result between tariffs and quotas if capturing is complete.     

Factor rewards and the international migration of unskilled labor: a model with capital mobility

"Conventional economic wisdom holds that the migration of unskilled labor from less developed countries to neighboring developed countries should be expected to narrow the wage gap between those countries, and thereby reduce the incentive for further migration. [The authors suggest that] if capital is mobile internationally this reasoning may be inappropriate. Instead, emigration of unskilled labor out of the less developed country provides an incentive for capital to leave the country, too. As a consequence, wage rates move in the same direction in each country, and the gap between wage rates across countries even may increase."     

Tariffs,capital mobility,and foreign ownership

This paper is concerned with the welfare effects of a small capital movement from one country to another followed by the repatriation of that capital's marginal product. Although this issue has been addressed previously, especially from the point of view of the host country, there seems to exist no formal analysis which treats simultaneously the interdependent welfare effects on the investing and host countries and thus on world real income. The purpose of this paper is to develop such an analysis in order to determine the conditions under which a capital flow will help or harm a country.     

International investment rules and capital mobility

In the wake of the Asian financial crisis a number of questions related to free movement of capital are being reconsidered. Is it desirable to have full capital mobility for emerging market economies? Will capital account liberalisation lead to a growing number of financial crises which will threaten the stability of the international financial system?     

洞察国际经济风云

中国经济年会（2010～2011）于2011年1月15日在北京举行。代表们认为,世界经济在经历了金融危机迅速探底和艰难复苏后,2011年将在曲折中缓慢增长。美国的持续量化宽松货币政策,欧洲主权债务危机,日本经济持续低迷,     

National distances,international experience,and venture capital investment performance

This study examines how the performance of cross-border venture capital investments is affected by national institutional and cultural distances between the environments of venture capitalists (VCs) and investee ventures. We propose that institutional and cultural distances will decrease VCs' effectiveness in conducting venture capital activities and negatively affect investment performance in terms of exit success, and obtain supportive evidence while controlling for geographic distance. We further analyze how VCs can use their international experience to mitigate the negative consequences of national distances. We find that while broad international experience in diverse countries attenuates the deleterious effects of institutional distance in a significant way, it does not have a similar impact in attenuating the negative effects of cultural distance.     

The German economy in international competition with other locations

The deterioration in the supply conditions and competitiveness of the German economy is being increasingly bemoaned at present. Are the fears about Germany as a business location justified?     

Tariffs,foreign capital and immiserizing growth

For a small tariff-imposing country, within the standard two-commodity two-factor model of international trade, this paper reconsiders the implications of an inflow of capital from abroad. When the host country continues to import the capital-intensive good while remaining incompletely specialized, the analysis shows that the capital inflow must reduce host-country welfare, assuming that the foreign capital receives the full (untaxed) value of its marginal product. Under other circumstances considered, however, the inflow may have different consequences for welfare.     

International capital mobility and comparative advantage: The two-country,two-factor case

This paper develop a coherent view of the nature and determinants of comparative advantage in the presence of international capital mobility. The principal conclusions reached for this case are (i) that comparative advantage is essentially Ricardian in nature and may be analyzed either in terms of relative product costs or in terms of relative labour costs, and (ii) that a number of specific propositions may be advanced to explain comparative advantage and that prominent among these are several results involving the relative productivity and efficiency of labour. The related work of Chipman, Jones, Uekawa and faussing is extended, integrated and clarified.     

Strategic aspects of public finance in a world with high capital mobility

In a world with high capital mobility an increase in equity taxes is likely to induce a capital out-flow. It is commonly believed that, in consequence, there may be an under-provision of public goods when governments have only equity taxes at their disposal. This paper compares the provision of public goods under cooperative and non-cooperative tax policies. Suprisingly, the non-cooperative regime may result in either an over- or an under-provision of public goods. It is also shown that the gains from coordination increase as countries become atomistic.     

The evolving international entrepreneurship orientations and international entrepreneurship capital in the rapidly changing and digitizing international environments

Journal of International Entrepreneurship - The relationship between entrepreneurial orientations and internationalization has been examined extensively, but the recent developments in the rapidly...     

浅谈新时期企业资本运营的作用及完善策略

本文从实际出发,依次对资本运营的概念特征、对于企业经营发展的作用以及当前的相关完善策略进行了深入的探讨,以期可对企业今后正确、合理的开展资本运营工作提供有效的理论借鉴.     

Learning by doing, trade in capital goods and growth

This paper aims at reconciling theoretical models of endogenous growth with the empirical evidence on trade and growth. In particular, we show that the conventional wisdom according to which trade is growth-impairing for a country with comparative advantage in goods with limited opportunities for learning fails to hold when the imported good is a capital good. The intuition is that the country gains access to cheaper capital goods, which raises investment, output per worker and learning by doing.     

Trade policy,export expansion,human capital and growth

This paper empirically investigates the impact of trade policy on export expansion and on GDP growth in developing countries while controlling for the human capital stock and the initial level of development. By using a simultaneous system estimation we unite the approach found in the export expansion and growth literature with the approach found in papers that estimate the effect of trade policy on growth, while also making several improvements in the estimation of the underlying relationships. The results obtained from our estimation are more credible because of these improvements and therefore have stronger policy implications. We find that outward-oriented trade policies substantially and significantly impact growth in developing countries not only by directly enhancing exports but also through a feedback (or multiplier) effect.     

Non-profit organizations,entrepreneurship, social capital and economic growth

Traditional economic growth literature focuses mainly on the neoclassical approach. According to this view, firms try to maximize their benefits so that there is no place for non-profit organizations (NPOs). However, the activity of NPOs has a higher relevance in society, and it is necessary to analyze its effects on economic growth. These effects are not direct, but occur through other variables that directly promote economic growth, such as entrepreneurship activity and human capital, and through the improvement of education. We engage in an empirical analysis of these issues using data from 11 countries.     

Population growth,human capital expenditures and economic growth: a macroeconometric analysis

"The paper presents an econometrically estimated model where economic and demographic variables are determined simultaneously. It is used to quantify the importance of human capital expenditures in socioeconomic and demographic development as well as analyze the effects of rapid population growth on human capital expenditures. The simulation results indicate that human capital expenditures are important determinants of economic development, have appreciable negative effects on both fertility and infant mortality, hence, have negligible net effects on population in human capital expenditures per capita which implies a deteriorating quality of human capital."     

Reducing working hours in the context of growing real capital mobility

Can the reduction of working hours be a suitable policy instrument to reduce unemployment? The following article presents a model of the effects of such a reduction—without offsetting adjustments to wage rates—on unemployment in the context of growing real capital mobility between countries and discusses the consequences for economic policy.