International diversification of the emerging-market enterprises: A multi-level examination

This study develops a cross-level research model based on insights from the capabilities view and institutional theory. We examine the drivers of international diversification for firms from emerging economies, specifically how top managers’ prior experiences and a favorable institutional environment for human capital affects the international diversification of emerging-market enterprises (EMEs). This research demonstrates that firm- and country-level factors collectively influence the international diversification of EMEs. We find that an EME whose top managers have global managerial and technological experiences is more likely to venture into international markets when a favorable institutional environment provides globally competitive, highly skilled human capital. This study demonstrates that for a multidimensional phenomenon such as EMEs’ international diversification, a more complete picture emerges given a theoretical framework that builds on diverse perspectives which are empirically tested across levels.     

What drives portfolio capital inflows into emerging market economies? The role of the Fed's and ECB's balance sheet policies

We provide an empirical investigation of the spillovers from the balance sheet policies conducted by the US Federal Reserve (the Fed) and the European Central Bank (the ECB) to gross portfolio capital flows to emerging market economies (EMEs). The analysis is based upon a panel dataset covering 28 EMEs throughout the period of 2009–2019. Our results show that balance sheet expansion by the Fed translates into higher portfolio capital inflows into EMEs. By contrast, portfolio capital flows to EMEs, including to European ones, do not seem to react to changes in the balance sheet conducted by the ECB.     

Surges

This paper examines when and why capital sometimes surges to emerging market economies (EMEs). Using data on net capital flows for 56 EMEs over 1980−2011, we find that global factors, including US interest rates and investor risk aversion act as “gatekeepers” that determine when surges of capital to EMEs will occur. Whether a particular EME receives a surge, and the magnitude of that surge, however, depends largely on domestic factors such as its external financing need, capital account openness, and exchange rate regime. Differentiating between surges driven by exceptional behavior of asset flows (repatriation of foreign assets by domestic residents) from those driven by exceptional behavior of liability flows (nonresident investments into the country), shows the latter to be relatively more sensitive to global factors and contagion.     

人力资本与经济增长——兼论经济增长贫困陷阱

人力资本是经济增长的源泉,人力资本不足会损害经济的长期稳定增长。文章通过构建人力资本经济增长模型,说明人力资本在经济增长中的重要作用,并提出人力资本不足引起的经济增长"贫困陷阱"假说。文章还研究了中国1978－2007年的人力资本与物质资本的积累状况,发现相对于物质资本积累的迅速增长,中国人力资本积累严重不足,人力资本存量与物资资本存量的比率连年下降,这必然会影响经济的长期稳定增长,必须增加人力资本投资来提高人力资本积累。     

社会资本异质性与农村减贫成效差异——基于收入增长和差距缩小的双重视角分析

中国农村是一个典型的“关系社会”,社会资本对于信息分享和资源配置具有较强的干预。本文基于中国家庭追踪调查2016年的农村样本数据,采用分位数回归方法,从收入增长与收入差距缩小的双重视角考察社会资本对中国农村贫困户减贫的影响。研究结果显示:2010-2016年间,中国农村的贫困发生率呈逐年下降趋势,这一趋势主要源于收入增长,而不是收入差距缩小。社会网络、社会参与和社会信任所体现的社会资本可以显著提高农户的收入水平,有效发挥减贫作用。就缩小收入差距的视角看,社会网络对农村的减贫作用比社会参与和社会信任更为显著。注重农村贫困人口社会资本的构建,尤其是提高贫困农户的社会网络质量,对于农村减贫具有重要的政策意义。     

Internationalization and innovation performance of emerging market enterprises: The role of host-country institutional development

We examine how host-country institutional development influences innovation performance of internationalized emerging market enterprises (EMEs). Our panel-data analysis of Chinese EMEs shows that although host-country institutional development on average enhances innovation performance of the parent, such effects are more pronounced for EMEs with strong absorptive capacity and for those diversifying into a larger number of countries. Interestingly, EMEs with a higher level of state ownership gain more when entering countries with a lower level of institutional development. Our findings offer insights regarding how latecomer EMEs should configure their portfolio of subsidiaries in order to enhance innovation performance of their parent.     

What drives the growth of shadow banks? Evidence from emerging markets

The present study analyses the factors affecting the growth of Non-Banking Financial Institutions (NBFI) and finance companies in 11 emerging market economies (EMEs) that the FSB monitors. Using data for the period 2002 to 2019 and employing the panel corrected standard errors (PCSE) method, the results indicate that the growth of banks, search for yield, demand from institutional investors, and bank regulations are the key factors affecting the growth of NBFI.Further, the study highlights the impact of different types of bank regulations on the NBFI growth in EMEs. While the capital regulations tend to restrict their growth, activity restrictions and restrictions for financial conglomerates boost NBFI growth. Thus, stringent bank regulations create arbitrage opportunities for non-banks.     

India and the Global Economy

India’s booming knowledge-based sectors demonstrate the power of globalization to transform developing economies. For India, however, these industries are just part of its contribution to the global economy. For a more nuanced picture of India’s international economic position, this paper places India in international and historical context, examines its links to the world through trade, labor, and capital, and outlines some critical challenges facing the country. What emerges is a more complex picture of India -- a nation with far more to offer than skilled programmers but which must address problems of poverty, infrastructure, and governance to achieve its potential. JEL Classification O530     

Before Microfinance: The Social Value of Microsavings in Vincentian Poverty Reduction

The purpose of this article is to present and discuss the values and limits of microfinance within the context of poverty reduction, international development, and community empowerment. The main thesis is that microfinance requires a more complex strategy than simply the provision of credits. The development of financial capital depends on the increase in human capacity and social capital. Microfinance is revisited under the ethical lenses of global responsibility for alleviating poverty and developing community sustainability. Through a critical review of the literature and case studies from the Philippines, the author suggests a value-based Vincentian approach to integrate microfinance into community empowerment. In connection with the main thesis the author argues that the achievement of economic self-reliance through microfinance is contingent upon the development of capacity building, social capital, and empowerment at the individual, collective, and systemic levels.     

Does outward FDI generate higher productivity for emerging economy MNEs? – Micro-level evidence from Chinese manufacturing firms

This paper investigates whether emerging economy multinational enterprises (EMEs) that undertake outward foreign direct investment (OFDI) become more productive, controlling for the self-selection into the global investment market. Particularly, we focus on the moderating effects of firm heterogeneity on the OFDI-productivity nexus. A theoretical framework incorporating the resource-based views and institutional theory is established and the propensity-score matching and difference-in-difference (DID) approaches are combined to test the framework, utilizing unique data on Chinese manufacturing firms over the sample period 2002–2008. We find that EMEs turn to be generally more productive after they conduct OFDI, but this productivity effect varies depending on the parent firm and investment strategy heterogeneity. Our results suggest that EMEs without state ownership but with stronger absorptive capability gain higher and more sustainable productivity effects and such gains are higher for EMEs investing in OECD than in non-OECD countries. Policy and managerial implications are discussed.     

论农民思想道德素质对农户家庭贫富的影响及对农村反贫困的意义——农民民生问题的一种研究视角

认定人的思想道德素质是人力资本的内容,是将人的思想道德素质作为影响经济增长和经济发展的内生变量引入经济分析的基本理论前提。基于理论分析的视角,探讨人的思想道德素质影响经济增长和经济发展的总路径,诠释五种类型的农民典型落后思想素质导致农户家庭贫困的具体路径。这一具体路径遵循了发展经济学家关于人的思想影响经济增长和经济发展的总路径。     

社会资本视域下的贫困农户减贫分析

对于贫困农户来说,社会资本可以通过为其提供机会、增强能力来减缓贫困。由于贫困农户的社会资本匮乏,维护社会资本能力较弱,且发展社会资本途径较少,通过推进农业产业化经营、提高贫困人口能力、培养农村民间组织、推动参与式扶贫,以及发挥NGO作用,可以有效提高贫困农户的社会资本,进而减轻其贫困。     

Risk of poverty in Southern Europe

We analyze whether the risk of poverty deteriorates with the crisis in France, Greece, Italy and Spain, for different categories of households, individual features and policy instruments, such as the regional European Structural Funds. We find that the impact of the economic recession was heterogeneous, deteriorating the status of temporary workers, self-employed, single and female-headed households, while the risk of poverty decreased relatively for larger households with dependent children and elderly members. We also find that targeted funds toward human capital investment are associated to decreasing the risk of poverty, but the crisis slowed down their effects.     

人力资本结构对区域经济增长影响的实证分析——基于新疆面板数据

研究经济增长中人力资本作用机制,不仅要考虑数量因素,还应该考虑结构因素。可引入企业家人力资本与技能型人力资本概念,构建人力资本结构模型。利用2000年～2009年新疆15个地州市面板数据,对新疆人力资本结构对区域经济增长的影响进行实证分析。结果表明,从人力资本结构角度分析,人力资本对新疆区域经济增长的影响比较大,仅从人力资本总量角度分析,将低估了人力资本对新疆区域经济增长的影响;在人力资本结构中,企业家人力资本对新疆区域经济增长的影响和对地区人力资本总体水平的提升作用都大于技能型人力资本。     

人力资本对农村家庭贫困的影响研究

人力资本是研究中国当前农村贫困问题的一个有效切入点。农村劳动者的知识、技能、健康、思想观念和迁移能力等人力资本存量对其家庭贫困有着重要的影响,增加人力资本投资是解决农村贫困问题的根本途径。     

连片特困地区农村妇女生计发展的要素测度及政策支持研究

农村妇女生计发展所面临的阻力对于精准扶贫政策的深入推进提出了更高层次的要求。基于全国12个连片特困地区2282名农村妇女的实地调查数据,描述了农村妇女生计发展的政策需求意愿,并运用二元Logistic模型分析了有关影响因素。研究发现,当前农村妇女所需要的政策支持按所占比例大小依次为:小额贷款项目、提供创业与就业信息、提供实用技术培训,而影响政策需求的因素主要有自然资本、人力资本、物质资本、金融资本和社会资本。对此,相关政策优化需要将性别意识纳入扶贫决策主流,并加强对农村妇女生计发展的技术培训和资金扶持,同时要给予农村女性老人的特殊帮扶。     

知识资本会计簿记理论选择

会计发展的历史无一不是因为不同经济时代主导生产要素的变化引起的。在知识经济催生以知识资本为主导生产要素的会计簿记理论的今天,复式簿记理论和方法面临能否反映知识资本及其带来的经济效益的挑战,运用三式簿记理论和方法来反映知识资本及其带来的经济收益是否更为恰当和科学,值得会计理论界去研究和探讨。     

Institutionalizing Ethics in Institutional Voids: Building Positive Ethical Strength to Serve Women Microfinance Borrowers in Negative Contexts

This study examines whether microfinance institutions (MFIs) that serve women borrowers at the base of the economic pyramid are likely to adopt a written code of positive organizational ethics (POE). Using econometric analysis of operational and economic data of a sample of MFIs from across the world, we find that two contextual factors—poverty level and lack of women’s empowerment—moderate the influence of an MFI’s percentage of women borrowers on the probability of the MFI having a POE code. MFIs that serve more women borrowers are more likely to adopt a POE code, especially in negative contexts (where women borrowers face poverty and disempowerment and are therefore susceptible to abuse). This study provides evidence that MFIs can build positive ethical strength in negative contexts.     

The rise of dollar credit in emerging market economies and US monetary policy

This paper examines the hypothesis that the boom in dollar credit in emerging market economies (EMEs) is associated with an excessively low interest rate in the US. For this purpose, we use a multivariate correlated unobserved component model that allows for correlation between shocks to dollar credit, cross‐border interest rate gaps—measured as the difference between emerging market interest rate and the US interest rate, and dollar index both in the short run and in the long run. In addition, it also provides us a quantitative estimate of the permanent and transitory movements in dollar credit in EMEs, interest rate gaps and dollar index. The results from this model do suggest that a temporary increase in interest rate gaps and decline in the dollar index are associated with a temporary increase in the dollar credit in EMEs with a very high degree of correlation. The estimate of the cyclical component of the dollar credit in EMEs from our model captures the recent boom and bust in this market and compares favourably to alternative trend–cycle decomposition methods.     

Regional inequality and poverty in pre‐ and postreform China: Can entrepreneurship make a difference?

China's reforms have been associated with significant increases in the country's income and output. Yet, income inequality and poverty are still posing significant challenges to the country's economic landscape. One possible way of meeting these challenges is through the promotion of an entrepreneurial culture. The analysis is conducted using selected periods of regional economic development as its background. As a reasonable approximation, these periods are: the pre‐1978 period, the 1980s, the 1990s, and the 2000s. Income inequalities and poverty trends are then examined for China's regions. In addition, the extent of the regional gap is measured and regional poverty levels and inequalities across counties are examined. The role of entrepreneurship in alleviating poverty in China is explored. © 2012 Wiley Periodicals, Inc.