Size and liquidity effects in Japanese regional stock markets

This paper assesses the effectiveness of traded turnover, Amihud (2002) and Liu (2006) metrics in measuring illiquidity, as used in a multifactor CAPM. The performance of this model is contrasted using a unique sample from Japan’s regional stock exchanges, namely Sapporo, Nagoya, Fukuoka, Osaka and Tokyo. The evidence suggests that size effects are important in Tokyo, liquidity plays a more important role in the conditional modelling of returns particularly in the smaller markets of Sapporo, Fukuoka and Nagoya where costs of equity are highest.     

The dynamics of regional labor markets and active labor market policy: Swedish evidence

This paper analyses the repercussions of region-specific shocksto labor demand. Active labor market programs have been targetedat high unemployment regions in Sweden, a fact that should influencethe regional adjustment process. Fears have been expressed thatsome of the programs may have adverse effects on adjustmentby, for instance, locking-in displaced workers in depressedregions. The empirical results indicate that Swedish regionaladjustment has been comparatively rapid; labor mobility in responseto shocks, for instance, appears to be high by European standards.On the whole, labor market programs do not seem to have impededregional adjustment substantially.     

Central bank communication and correlation between financial markets: Canada and the United States

We study the correlation between pairs of bond and stock markets in Canada and the United States between January 1998 and December 2009 in the framework of diagonal-BEKK models. Our research question is whether monetary policy actions and communications by the Bank of Canada and the Federal Reserve significantly affect the conditional co-movement of financial markets (i) within Canada and (ii) between Canada and the United States. We find that central bank communication significantly increases the correlation of financial markets within and across the two countries and is particularly important for the correlation of Canadian and US long-term interest rates.     

Macroeconomic assessment of the regional labor markets in the European part of the Russian Arctic

The article analyzes the modern condition of the sector of employment and the labor market in the regions of the European part of the Russian Arctic. Major changes in the structure of the manpower resources formation and its distribution based on sectors of activity are studied. An inertial assessment of the medium-term dynamics of basic parameters of the regional labor markets is given.     

Do private capital markets insure regional risk? Evidence from the United States and Europe

A striking feature of international economic relations is the limited extent of intertemporal trade and risk-sharing among nations. This paper uses data on consumption, income, and production from regions of the United States to address the question of whether the limited participation of national economies in international capital markets is a fundamental aspect of economic relations among large geographic regions, or whether it is specifically an artifact of international economic relations. We conclude that capital flows among the regions of the United States are significantly larger than those across countries. However, such private markets still provide a relatively limited degree of insurance against regional fluctuations.     

Information and communication technologies as an incentive for improving relationships in Business to Business markets

The managerial theory as well as the practice of the industries consider the relationships of collaboration between enterprises, the most important resources for business strategy, contributing in the creation of value and economic capital, sustainability of the competitive advantage and also in the definition of innovative ways of enterprise development.
The management of these capacities could improve from the sustaining information and communication technologies （ICT）. The impact that ICT may have in the relations between clients and suppliers, is not entirely elaborated. The use of ICT, based also in the intense connectivity through Internet remains limited when speaking of some activities that generate value. The effects of interconnecting Internet technologies are even now partially unexplored.
This paper will analyze how ICT affect the collaboration relationships between clients and suppliers and related processes of creating value, focusing on the value drivers in Business to Business （B2B） markets, value process in the supply chain and client-supplier relationships and B2B E-marketplaces in the processes of creating and delivering value in the supply chain. Examples of European companies as well as the stage of Albanian companies in relation with these concepts illustrate the ideas throughout the paper.     

Forecasting of regional economic development and budget based on the example of Irkutsk oblast

This article discusses the process of forecasting the socioeconomic development at the regional level during budget estimates. The main causes of the deviation of forecast targets from the actual data have been revealed. The influence of inaccuracies during forecasting on the quality of the use of regional budgets has been estimated.     

The cellular communication market in Russia: From extensive to intensive development

The Russian cellular communication market is analyzed, as are its structure and the operating and financial indicators of companies’ performance. Predictive estimates of this market up to 2011 are presented proceeding from a detailed analysis of the principal cost items of cellular operators and under assumption of future changes in their dynamics. In order to substantiate a cost-structure-based market forecast demand restraints on the part of cellular service consumers are considered and to this end the concept of cellular communication consumption function is introduced.     

Macroeconomic assessment of the state of regional labor markets in the Asian part of the Russian Arctic

The article analyzes the current conditions of the sector of employment and labor market in the regions of the Asian part of the Russian Arctic (about employment in the European part of the Russian Arctic see No. 1, 2016). Major changes in the structure of the sources of the formation of the manpower resources and its distribution by sectors of activity have been studied. An inertial assessment of the medium-term dynamics of the basic parameters of the regional labor markets has been given.     

Forecasting the development of a regional electric power industry and economy: The case of the Republic of Komi

Methodological and modeling tools for the analysis and coordinated forecast of the development of a regional power industry and economy (the Republic of Komi) are considered. The information and model basis of forecast calculations is the regional product production accounts itemized by the cost elements of industrial outputs and the interrelations between the production and consumption of fuel and energy resources. The model is used for multivariate calculations of forecast dynamics and for obtaining a generalizing characteristic of the scenarios under analysis in aggregated indicators of economic growth and the energy efficiency of production.     

The value of institutions for financial markets: evidence from emerging markets

This paper investigates the value of political institutions for financial markets, using panel data from emerging market countries. We test the hypothesis that changes in political institutions, such as improvements in democratic rights and increased government accountability, have a direct effect on sovereign interest rate spreads. We find that financial markets value institutions over and above the economic and fiscal outcomes these institutions shape. Democracy and accountability generally lower sovereign spreads, political risk tends to increase them, and financial markets view election years negatively.     

Labor markets and innovation

We examine the effects on the comparative R&D performance of firms of the different labor market conditions they face. The conditions we consider are the bargaining strength of the unions firms face and the contents of the bargain they negotiate. In particular we consider whether unions can bargain over when new technology is introduced. In the theoretical part of the paper we show that increased union strength can sometimes increase the possibility that a firm will successfully innovate, but that allowing a union to delay the introduction of new technology generally reduces a firm's R&D success. Empirical evidence from the United Kingdom shows that both union strength and the type of bargain that unions undertake have significant impacts on R&D spending.     

Price makers and nonclearing markets

In a recent survey article, Benassy argues that fixprice theory holds the key to incorporating monopoly and monopolistic competition into general equilibrium theory. This paper argues that the opposite is true. Fixprice theory is an impediment to incorporating monopoly into general equilibrium theory. The reason for this is that fixprice theory virtually jettisons Walras's law. It is demonstrated that Walras's law makes the general equilibrium analysis of monopoly very tractable, although it was long thought that monopoly and general equilibrium were incompatible.