The refugee entrepreneurship process from/in emerging economies

International Entrepreneurship and Management Journal - The paper examines several refugee experiences in Mexico and presents their reasons for leaving their home countries. A gap in research is...     

Lending constraints,real estate prices and business cycles in emerging economies

We investigate a small open economy with constraints in both the domestic and the international credit market. The informational opaqueness of the domestic market hinders foreign lenders' activity, so that entrepreneurs face looser borrowing constraints vis-à-vis domestic financiers. However, limited capitalization constrains domestic lenders. Calibrating the model to data from Argentina, we find that the interaction between lending and borrowing constraints is a channel through which real interest rate shocks generate fluctuations in output, real estate prices and consumption. External financial liberalization increases volatility and affects welfare more than domestic liberalization but also mitigates the destabilizing impact of domestic deregulation.     

Recent trends in measures to manage capital flows in emerging economies

This paper reviews recent trends in the imposition of capital flow management measures in emerging market economies (EMEs). We find that since the crisis, there has been a shift in the balance of new measures towards net capital inflow reducing measures. However, this is not driven primarily by an increase in inflow tightening measures (e.g. taxes on inflows) relative to pre-crisis periods of inflow surges, but rather by significantly slower inflow liberalization trends (i.e. existing capital controls remaining in place). In addition, there has been a compositional shift in net capital inflow reducing measures: outflow liberalizations were the predominant tools for reducing net capital inflows pre-crisis, but such measures have become less important post-crisis. Overall, the pre-crisis trend towards capital account openness has stalled. The use of capital flow management measures is motivated by macroeconomic as well as financial stability concerns. The IMF recently endorsed use of capital controls as “last resort” measures in macroeconomic management. We also find that by IMF criteria, capital flow measures have not been introduced as a last resort since 2004 – alternative macroeconomic policies to deal with the surge in net capital inflows were available to the majority of countries. Moreover, most capital flow measures introduced by EMEs since 2004 are pure capital controls rather than currency based and/or prudential type measures, suggesting that they were not directly targeted to promote financial stability. However, since the crisis, there has been a small shift towards prudential-type measures.     

新兴经济体发展对国际社会的影响力研究

当今世界经济呈现多极化趋势,新兴经济体成为世界经济增长的主要动力,对世界政治经济格局产生深刻影响。本文阐述新兴经济体在政治、经济、社会等各方面发展状况,分析新兴经济体的发展对国际社会的影响力。新兴经济体的发展促进了世界经济、国际贸易的稳步发展和产业结构调整,为消除世界范围的贫困和维护世界和平做出了积极的贡献,为发展中国家加快发展和加强“区域化”多边合作提供了可借鉴模式,同时对全球治理结构转型和国际秩序重塑产生一定影响。     

Human resource management in developing economies: a comparison of India and Thailand

This paper reports the results of surveys of firms that were conducted both in India and Thailand. The surveys centred on a wide range of human resource management practices (staffing, training, compensation and evaluation). The sample consisted of both the subsidiaries of multinational corporations and locally owned companies. Statistical analysis suggests pronounced differences in employment practices between India and Thailand in some areas, while considerable similarities in other areas. The study controls for a variety of organizational factors (e.g., firm size, ownership (foreign versus domestic), union status).     

Money market pressure in emerging economies: International contagion versus domestic determinants

Recent market turmoil has again raised the threat of banking crises worldwide. Might these crises be contagious internationally, or are fundamentals more likely to be responsible? This study creates monthly indices of “money market pressure” (MMP) for 20 emerging markets from 2002 to 2010, before using Vector Autoregressive (VAR) methods to test for various spillovers among money and foreign exchange markets. We find that MMP Granger-causes exchange market pressure (EMP) in most countries, but that causality does not run the other direction. Secondly, MMP seems to be more contagious in Southeast Asia than in Latin America or among large emerging markets globally, and the most financially open economies are most susceptible to “direct” spillovers that do not operate through exchange markets. Finally, when examining domestic influences in large emerging markets, output drops are most likely to increase MMP.     

Industrial networks in Japan: technology transfer to SMEs

This paper presents the results of research on the role of interorganizational network relations concerning the transfer of technology and information to small and medium enterprises in Japan. It is die result of empirical research conducted in Japan between April 1988 and April 1989. The electronics industry has hereby served as a case-study.

It will be argued that the quasi-vertically integrated subcontracting system with its hierarchical relationships is expanding into an industrial production system which shows characteristics of more quasi-horizontal integration with loosely-knit relationships. A distinction between these industrial networks is based on the different way they support the technologicaJ development of small and medium sized business.     

Gradual financial integration and macroeconomic fluctuations in emerging market economies: evidence from China

Journal of Economic Interaction and Coordination - This paper extends the conventional DSGE literature by developing a New Keynesian DSGE model featuring imperfect financial markets with various...     

Multi-step forecasting in emerging economies: An investigation of the South African GDP

To forecast at several, say h, periods into the future, a modeller faces a choice between iterating one-step-ahead forecasts (the IMS technique), or directly modeling the relationship between observations separated by an h-period interval and using it for forecasting (DMS forecasting). It is known that structural breaks, unit-root non-stationarity and residual autocorrelation may improve DMS accuracy in finite samples, all of which occur when modelling the South African GDP over the period 1965–2000. This paper analyzes the forecasting properties of 779 multivariate and univariate models that combine different techniques of robust forecasting. We find strong evidence supporting the use of DMS and intercept correction, and attribute their superior forecasting performance to their robustness in the presence of breaks.     

Knowledge, trust and recourse: imperfect substitutes as sources of assurance in emerging economies

Uncertainty prevents voluntary interactions, but institutions of trust and/or recourse can substitute for knowledge by making promises relatively credible. Trust and various sources of recourse are imperfect substitutes, however, as demonstrated by consideration of the trade-offs between trust based on repeated dealings, recourse to informal private sanctions such as reputation threats, ostracism sanctions and third-party dispute resolution through formal commercial organizations operating under customary law, and the state's coercive legal system. The problems of knowledge and interest imply that, though not perfect, private sources of trust and recourse are superior in emerging markets to state-provided recourse.     

Pre-crisis reforms,austerity measures and the public-private wage gap in two emerging economies

This paper analyzes crisis adjustments of the public and private sectors in two emerging market economies, Croatia and Serbia, during the 2008–2011 period. It focuses on public-private wage gaps at the onset of and during the crisis, decomposed into structural and composition effects using an extension to the Oaxaca-Blinder method based on Recentered Influence Function (RIF) regressions and reweighting. The main results indicate that at the beginning of the crisis public sector workers in both countries enjoyed a significant wage premium, with the premium in Serbia being about three times higher than in Croatia. During the crisis, both countries experienced a similar increase of the premium, with Croatia reaching the size of gap usually estimated for EU countries, while Serbia stayed largely ahead. The results also show that the wage distribution in the public sector is more compressed than in the private sector in both countries, which is further exacerbated by the crisis. Despite the introduced austerity measures, public sector workers continue to enjoy well-protected and privileged jobs in terms of wages relative to their private sector counterparts. Structural reforms undertaken prior to the crisis played a decisive role in determining the countries’ responses to the crisis.     

Identifying the factors determining the entrepreneurial ecosystem of internet cultural industries in emerging economies

The integration of the Internet and the real economy has propelled the formation of a new economy. Internet cultural industries—defined as a collection of industries that engage in creative cultural content, production, circulation, and services based on Internet technology and core digitization—are a critical part of this new economy. This study argues that the development of Internet cultural industries has created a new entrepreneurial ecosystem, which is a dynamic and open ecosystem impacted by numerous factors. Using a structural equation model (SEM) method, we empirically examine the factors impacting the entrepreneurial ecosystem of Internet cultural industries. We find that both external ecosystem factors, including politics, the economy, sociocultural activities, and technological environments, and internal ecosystem factors, including netizens, governments, enterprises, and media and industry associations, are verified to significantly affect the entrepreneurial ecosystem performance of Internet culture industries. Most interestingly, we find that the political environment is the most crucial factor impacting the entrepreneurial ecosystem performance of Internet cultural industries. Thus, Internet cultural industries should prioritize the improvement of good government governance. Overall, our study deepens the research on the Internet entrepreneurial ecosystem by identifying its internal and external determining factors in the context of emerging economies.

     

Swedish BioTech SMEs: The veiled values in online networks

For many years, sociologists have conceptualized and debated the value of ‘social capital’, the resources embedded in an actor's social network. The notions of network organizations and strategic alliances have become important forms of entrepreneurial venture, yet often the value in these networks is veiled by network complexity. These associations of individuals and organizations are typically undocumented, difficult to identify by third parties, and even pass unrecognized by their constituent members. They consist of informal Internet networks that are extremely valuable because of the strategic social capital embedded in them.Drawing on social network theory, this paper outlines a methodology for viewing and valuing informal Internet networks, using small-to-medium sized enterprises in the Swedish biotechnology arena as a backdrop. It demonstrates that networks can be constructed from the links between the web sites of actor firms, and that it is possible to use social network theory to identify the most prominent actors. Then, using structural hole analysis, the entrepreneurial opportunities surrounding these actors can be unveiled.     

Resources, conflict and development choices: public good provision in resource rich economies

Natural resource wealth can be a curse or a blessing for a country. This paper hypothesises that the provision of productive public goods (or lack of it) is a pathway that helps understand these different outcomes when policy choices are made under the threat of conflict inherent in resource-rich countries. Facing potential conflict over resources, a self-interested ruler may choose to invest in either military repression or in productive public goods—physical and social infrastructure. While both measures aim at preventing conflict, we show theoretically that the optimal policy choice depends on the relative effectiveness of the ruler and the population in contesting the resources. Increased resource wealth provides a disincentive to invest in development if the ruler is more effective than the population in appropriating the resources. Conversely, if the ruler is relatively ineffective, more resource wealth induces higher levels of public goods. We present empirical evidence consistent with the predictions of the model for a sample of 57 countries over three decades. Thus, we provide and test empirically a conditional resource curse theory, postulating that the relative effectiveness of the contenders plays a crucial role in determining whether resources are a curse or a blessing.     

Adoption of inflation targeting and tax revenue performance in emerging market economies: An empirical investigation

This paper investigates whether the adoption of inflation targeting (IT), by strengthening central bank independence and maintaining inflation at low levels, has encouraged the governments of emerging economies to improve the collection of domestic tax revenue in order to recoup the loss of seigniorage revenue. Using the propensity score matching methodology, a micro-econometric methodology recently used in macroeconomics, we evaluate the ‘treatment effect’ of IT on fiscal mobilization in emerging countries that have adopted this monetary policy framework. Our empirical analysis, conducted on a sample of 59 countries (19 IT and 40 non-IT countries) for the period from 1980 to 2009, shows that on average IT adoption has had a large and significant positive effect on public revenue collection. Our results are confirmed by extensive robustness tests.     

Noise trading and autocorrelation interactions in the foreign exchange market: Evidence from developed and emerging economies

This paper seeks to empirically determine whether feedback trading strategies result in stabilization or destabilization in the foreign exchange market and if such strategies are a distinctive characteristic of an emerging economy or they are a common element to both developed and emerging economies. These hypotheses are tested via the use of a feedback model augmented with a generalized autoregressive conditional heteroskedasticity (GARCH) process for modeling the errors. The results suggest presence of both positive and negative feedback trading and asymmetric behavior in both types of economies. Irrespective of the nature of feedback trading, presence of asymmetric behavior implies that market traders rely on central banks to intervene so they can realize short-term profits. Finally, in cases of a positive first-order autoregressive parameter presence of the bandwagon effect is implied, whereby past currency movements are followed by expectations of currency movements in the same direction.

Human resource management and organizational performance of small and medium enterprises (SMEs) in Nigeria

The link between human resource management (HRM) and firm performance of organizations has received significant research attention, generally focused on large firms from developed countries to the omission of studies focused on small and medium enterprises (SMEs) and those from developing countries. This study partially addresses this gap in the literature. We investigated the relationship between HRM practices and the financial (FIN) and non-financial performance (NONFIN) of SMEs in Nigeria. A survey design with 236 respondents was used to test the hypotheses. Multiple regression results showed that human capital development and occupational health and safety had a direct relationship with NONFIN, and employee performance management and NONFIN on FIN performance. HRM practices as a group accounted for 16% of the variance in NONFIN and 12% of the variance in FIN. Regression analyses controlled for size and age of the firm. This study partially supports a model of positive relationships between certain HRM practices and firm performance.