FOREIGN EXCHANGE RATES AND FOREIGN DIRECT INVESTMENT IN THE UNITED STATES

The hypothesis that foreign direct investment into the United States responds to variations in exchange-rate levels and to exchange-rate uncertainty is tested for the period 1976-1998. We account for nonstationarity and cointegration in the data series and use conditional measures of exchange-rate uncertainty. While a long-run relationship exists among foreign direct investment in-flows as a share of GNP, the real exchange rate, and the GARCH measure of exchange-rate volatility, we find no discernible link between the real exchange rate and inward foreign direct investment in the short run. We also conclude that foreign direct investment decreases in response to increases in exchange-rate uncertainty in the short run when we use a conditional measure of exchange-rate uncertainty.     

对外直接投资与国际贸易的关系

从理论上讲,对外直接投资与国际贸易的关系既存在创造效应,也具有替代效应,这要根据母国(或跨国公司)投资的动机类型和发展阶段而定。本文回顾了对外直接投资与贸易关系的理论,分别对发达国家和发展中国家对外直接投资与贸易关系进行了实证研究,并结合我国海外投资与贸易的实际,按行业类别分析并论证海外投资与贸易的互补与替代关系,但这种互补及替代性却因母国(或跨国公司)投资的动机、类型、行业和发展阶段不同而有异。当前,政府应该给予具有贸易创造的海外投资在政策上的大力支持。     

FOREIGN DIRECT INVESTMENT,CREDIBLE POLICY: The Role of Risk Sharing

This article constructs a model of international joint ventures with risk sharing as the main motivation. A foreign firm decides whether to undertake full ownership foreign direct investment, or to form a public-private joint venture with the host country government in an economy in transition. In our framework uncertain taxation is the source of risk. It is demonstrated that start-up investment cost sharing by the host country government encourages foreign investment. Joint financing of investment can act as insurance for the multinational firm because cost sharing serves as a means to sustain the credibility of government policy.     

MARKET REFORM AND FOREIGN DIRECT INVESTMENT IN LATIN AMERICA: Evidence from an Error Correction Model

This study models dollar values of foreign direct investment (FDI) inflows to conditions in seven Latin American countries (Argentina, Brazil, Chile, Colombia, Mexico, Peru, and Venezuela) during the 1988-1992 period. Although much research on FDI has used time series data to explain inward or outward flows, two things set this study apart. First, this study includes market reforms as independent variables. Second, this study uses newer time series econometric tools (unit root test and cointegration analysis) to correct for a spurious regression. Our model is robust, explaining 79.4 percent of variation. We found three independent variables (size of current account deficit, size of GDP, and value of privatization less FDI in privatized companies) to be significant. Although we found directional support for three other independent variables (degree of capital market liberalization, low inflation rate, and depreciation of the real exchange rate), none of these proved significant.     

全球对外直接投资走势及我国的对策

近年来,受全球金融危机和经济衰退的影响,全球对外直接投资进入低谷,其规模、结构和流向等均发生了重大变化.预计2009年全球对外直接投资仍将延续2008年的跌势,处于大动荡、大调整之中.在此形势下,我国吸收外资将面临严峻挑战和考验,对外投资机会虽会增多,但风险加大.因此,如何化危为机,危中择机,促进"引进来"和"走出去"平稳协调发展,是我国当前面临的重要课题.     

中国企业走出去宜选"绿地投资"模式

中国企业实施"走出去"战略已经有十几年历史了.总的来说,既有成功经验,也有失败教训.在全球经济一体化时代,"先出去"做海外投资,已经是国内大中型企业的必修课了. 海外投资,从形式上说,主要有两大类:一类是对国外已经存续的企业收购兼并,另一类是投资方到东道国去新建一个企业.习惯上,我们把新建企业叫做"绿地投资",意思是...     

我国对外贸易和投资中的投机资金流入——方式、影响和对策探讨

人民币汇率机制改革后,人民币汇率从汇改初期的1美元∶8.11元人民币,一路升值到2007年3月底的1∶7.72.     

Britain and EMU: Assessing the Costs in Macroeconomic Variability

Stochastic simulations are used on the Liverpool Model of the UK to assess the effect of UK euro entry on macroeconomic stability. Instability increases substantially, particularly for inflation and real interest rates. A key factor is the extent of the euro's instability against the dollar; by adopting a regional currency the UK imports this source of shocks, as well as losing its control of interest rates. The results are not highly sensitive to changes in assumptions about the degree of labour market flexibility, the use of fiscal policy, and increased convergence of monetary transmission.     

Consumer emotions: Determinants and outcomes in a shopping mall

The present study aims to provide a deeper understanding of consumers’ emotions in a shopping mall by taking into account its two dimensions i.e. pleasure and arousal. The conceptual model is developed by considering a few unexamined determinants (namely perceived human and spatial mall crowding, promotional events, and co-visitors) and outcomes (namely repatronage and positive word-of-mouth) of arousal and pleasure. The responses (n=346) are collected by using a mall-intercept technique. Results of structural equation modeling reveal positive linkages between determinants and outcomes of pleasure and arousal. Overall, the work extends and complements the extant literature by delineating the role of various social cues and promotional cues on consumers’ pleasure and arousal in a shopping mall setting. Theoretical and managerial implications are further discussed.     

亚洲低收入国家与正崛起国家增长的决定性因素之对比分析

艾瑞艾森所发表在<亚太发展杂志>的关于亚洲低收入国家与正崛起国家增长的决定性因素之对比分析一文,通过采用146个国家1970年至2000年期间的数据和增长回归标准,对亚洲低收入国家经济增长的决定性因素进行研究,发现占国内生产总值比率较高的投资、开放性、小学招生率及法规对增长均产生良性影响;占国内生产总值比率较高的政府开支却与低增长相关.而且,亚洲正崛起国家与低收入国家之间的对比分析表明在前者国家的投资对增长的刺激更明显、更有效.得出的结论是:低收入国家与正在崛起国家应该制定相关政策,并通过提高资本的边际生产力刺激投资.各项政策应该结合起来,其重点是:教育和培训劳动力,提升人力资本素质;促进外国技术转让;改善经商环境;深化财政部门的改革;促进贸易开放,改善体制以及强化法院和警察职能的司法体制.     

Determinants in the modern choice of food

This paper is the first attempt to integrate contemporary discussions on the choice, role and significance of food in people's everyday lives. It goes beyond the purely economic-quantitative dimensions of food and relates them to the income factor. It is a revised version of a paper which first appeared in Finnish in Discussion Papers No. 33 published by the Labour Institute for Economic Research, Helsinki.     

Self-Employed Nicaraguan Women Under Neoliberalism: Characteristics and Determinants

ABSTRACT

This paper explores the characteristics and determinants of self-employed women in Nicaragua during the neoliberal period of the 1990s. The labor market outcomes of women (self-employed, waged and salaried) are analyzed utilizing micro data from the 1998 and 1993 Nicaraguan Living Standards Measurement Surveys. The empirical results derived from the usage of a switching regression choice model suggest that work experience is the major determinant of self-employment. Experience, marriage and residence in the southern region are critical and significant elements of the self-employment decision. Mixed findings are reported for sectoral selection, suggesting that the self-employed may alternate back and forth between sectors with the highest returns.

RESUMEN. Este estudio explora las características y determinantes de las mujeres autónomas en Nicaragua durante el período neoliberal de los años 1990. El resultado del mercado laboral femenino (autónomas, empleadas temporales y asalariadas) es objeto de un enfoque analítico basado en datos micro de los años 1998 y 1993 que constan en la Medición de las Encuestas sobre los Estándares de Vida Nicaragüenses. Los resultados empíricos obtenidos usando un modelo selectivo de intercambio regresivo, sugieren que la experiencia laboral es el mayor determinante del empleo autónomo. La experiencia, casamiento y domicilio en la región sureña son elementos críticos e importantes en la toma de decisión de ser autónoma. La mezcla dehallazgos encontrados se expone para facilitar la selección sectorial, sugiriendo que el empleo autónomo puede alternar como péndulo entre los sectores que ofrecen retornos más altos.

RESUMO. Este artigo explora as características e determinantes das mulheres autônomas na Nicarágua durante o período neoliberal dos anos noventa. As informaç[otilde]es existentes sobre o mercado de trabalho das mulheres (autônomas e assalariadas) são analisadas, a partir dos dados detalhados retirados dos Estudos de Mensuração dos Padr[otilde]es de Vida Nicaragüenses de 1998 e 1993. Os resultados empíricos derivados do uso de um modelo de escolha baseado no método de switching regression sugerem que a experiência de trabalho é um fator determinante do trabalho autônomo ou auto-emprego. Experiência, casamento e residência na região sul são elementos críticos e significantes da decisão de se auto-empregar ou tornar-se um profissional autônomo. Resultados mistos são reportados para a seleção por setor de atividade, sugerindo que o profissional autônomo ou auto-empregado pode alternar entre setores, indo e vindo em busca daqueles que oferecem retornos mais elevados.     

跨国公司内部竞合的决定因素剖析

随着子公司对资源以及知识共享程度、价值链合理化程度、共同功能整合程度等的提高,无论是以双边还是多边的方式,外国子公司之间的合作性越来越强,目的是为了追逐协同效应;与此同时,它们还为了争夺母公司的资源、公司支持、系统定位以及市场扩张而进行竞争.这种跨国公司内部的"竞合"现象的出现也进一步表明了国际市场竞争的加剧,而影响跨国公司内部竞合关系的因素很多.随着跨国公司的进一步发展,对跨国公司内部子公司间的竞合会表现出越来越复杂的形式.     

Determinants of Bribery in International Business: The Cultural and Economic Factors

Corruption Perceptions Index (CPI) scores for 47 countries reported by Transparency International were used to ascertain determinants of bribe taking in international business. Two sets of independent variables – economic and cultural – were used in a multiple regression analysis. Results indicate that bribe taking was more likely to be prevalent in countries with low per capita income and lower disparities in income distribution. Cultural factors such as high power distance and high masculinity in a country were also likely to be associated with high level of bribe taking. Both economic and cultural factors were important explanatory factors of bribery. Implications of the findings for combating bribery are discussed. Rajib Sanyal is an American Council of Education Fellow at George Mason University for 2004–2005, on leave from The College of New Jersey, where he is a professor of management. Dr. Sanyal has published widely, and is the author of a textbook on International Management.     

Determinants of Trade: the Role of Innovation in Presence of Quality Standards

This paper analyses the role that quality standards and innovation play on trade volume, by using a gravity model. The role of innovative activity and quality standards in enhancing trade performance is widely accepted in the literature. However, in this paper, we argue that the net effect of quality standards on trade is affected by the exporter’s ability to innovate and comply with these requirements. In particular, by using a sample of 60 exporting countries and 57 importing countries, for a wide range of 26 manufacturing industries over the period 1995–2000, we show that the most innovative industries are more likely to enhance the overall quality of exports, and then gain a competitive advantage. We also find that this effect depends on the level of technology intensity at industry-level and on the level of economic development of exporting country.     

Customer Experience Creation: Determinants, Dynamics and Management Strategies

Retailers, such as Starbucks and Victoria's Secret, aim to provide customers a great experience across channels. In this paper we provide an overview of the existing literature on customer experience and expand on it to examine the creation of a customer experience from a holistic perspective. We propose a conceptual model, in which we discuss the determinants of customer experience. We explicitly take a dynamic view, in which we argue that prior customer experiences will influence future customer experiences. We discuss the importance of the social environment, self-service technologies and the store brand. Customer experience management is also approached from a strategic perspective by focusing on issues such as how and to what extent an experience-based business can create growth. In each of these areas, we identify and discuss important issues worthy of further research.     

Procedural and Distributive Fairness: Determinants of Overall Price Fairness

The present research isolates the fairness assessment of the process used by the retailer to set a price, as well as the distributive fairness of the price compared to the price that others are offered, and examines the combined effect of procedural fairness and distributive fairness on overall price fairness. Two experimental studies examine procedural and distributive fairness effects on overall price fairness. In study 1, procedural fairness and distributive fairness are manipulated and found to interact to bring about overall price fairness. In study 2, suspicion toward the seller is found to mediate the relationship between procedural fairness and overall price fairness when the price is disadvantageous.