Quality-Differentiated Inputs and Trade In Vertically Related Markets*

This paper presents an international trade model of vertically related markets with quality differentiation at the stage of the intermediate good. Domestic input producers are at a disadvantage relative to higher quality foreign suppliers in providing inputs to a domestic final-good producer. the input producer may be driven out of the market unless policies enacted by the domestic government can encourage domestic final-good firms to use the domestic input. Results show that multiple tariffs and direct production subsidies are the most beneficial policy options.     

纵向关联市场间的价格传递

本文运用均衡移动模型研究农业生产者与食品零售商之间的纵向价格传递关系。模型建立在如下假设之上：即农产品（食品）营销企业在零售环节拥有寡占卖方力量、在农产品收购环节拥有寡占买方力量、营销企业所需要的农产品投入与其他营销投入之间存在一定替代关系并拥有规模报酬可变的技术。结果表明，市场力量和规模报酬对价格传递的影响十分复杂，一方面取决于农产品供给函数和食品需求函数的具体形式，另一方面还取决于外生冲击作用下农产品收购环节与食品零售环节市场力量变化的相对幅度。     

Exchange Rate Pass-Through in Vertically Related Markets

The paper provides a theoretical framework which addresses exchange rate pass-through within the setting of vertically related markets. In particular, foreign firms' price adjustment in response to an exchange rate shock is evaluated. This permits study of the importance of cost effects of the exchange rate shock. Recent empirical evidence indicated the relevance of these cost effects. It is shown that one can decompose the effects of an exchange rate shock on the final goods market into direct and indirect components. The indirect effect works through the input market. The degree of pass-through then depends on the relative importance of direct and indirect effects, which in turn depends on the nature of vertical structures and strategic firm behavior. It is shown that the institutional aspects of vertically related markets play a role in explaining incomplete price adjustments in both intermediate and final goods markets and the failure of PPP in the short run.     

Institutionalized Communication in Markets and Firms

How markets and firms function is critically related to what knowledge and information is exchanged between whom, how quickly. Exchange of (symbolic) information needs to be properly institutionalized in order to be understood by others, on the one hand, but, on the other hand, cannot avoid being ambiguous to some degree as well (Dolfsma et al. 2011 Dolfsma, Wilfred, John Finch, and Robert McMaster. 2011. “Identifying Institutional Vulnerability: The Importance of Language, and System Boundaries.” Journal of Economic Issues 45 (4): 805–818.[Taylor &; Francis Online], [Web of Science ®] , [Google Scholar]). Ambiguity allows for the dissent that allows for innovation in the broadest sense of the term. Institutionalization of communication is community-specific. The tension between institutionalization of and ambiguity in communication explains why innovations cannot depart too much from what is known and accepted in a community to be (ultimately) accepted as a legitimate novelty. The view of markets and firms as settings for institutionalized communication and knowledge exchange offers a perspective that institutional economists are well positioned for to offer insights on.     

Strategic Reaction of Vertically Integrated Firms to Downstream Entry: Deterrence or Accommodation

The purpose of this paper is to analyze strategic behavior of vertically integrated firms when there is downstream entry, taking into account the balance between competition in the market and competition for the market. This analysis can serve to explain diverse distributional structures, including the coexistence of vertically integrated firms and independent retailers. And it shows that the relative efficiency of downstream entrants and the level of competition among incumbents are two major factors in determining equilibrium configuration.     

异质性企业、结构转型与稳定出口

通过构建异质性企业、结构转型和出口增长的二元边际理论模型,本文认为转型国家出口增长主要沿集约边际实现的原因与其农业剩余劳动力有关,农业剩余劳动力越多,出口增长的集约边际越大、扩展边际越小。利用Tobit模型对1995-2009年中国出口到123个国家的HS-6位码贸易数据进行实证分析,在控制其他影响因素的前提下,我国农业剩余劳动力非农转移显著正向影响出口增长集约边际、负向影响扩展边际的效应确实存在。经济规模、贸易成本、人民币升值、区域经济一体化、外部冲击、语言的相通性、政治体制等变量对中国出口增长二元边际的影响机制不完全相同,表明要提高出口增长中的扩展边际比重,出口企业应实施市场多元化战略,将目标市场从传统高收入国家转移到发展中国家来,实现出口的稳定增长。     

Policy, Markets and Knowledge: Strategic Synergies in Indian Pharmaceutical Firms

This paper addresses the question of how Indian pharmaceutical firms have transformed themselves from reverse-engineering firms focused on the domestic market to research-driven firms with global presence. It analyses the crucial and changing role of national, then international, innovation and regulatory policies and their impact on growth, performance and technology evolution of Indian pharmaceutical firms. The paper argues that although public policy increased market turbulence, it also provided new opportunities for firms to expand and build new technology, knowledge and market capabilities. From the 1950s Indian firms have pursued a variety of research, marketing and internationalization strategies to tackle changes prompted by policy, markets and knowledge complexities. The paper traces firm strategies that vary both in time and by firm, and argues that the successful firms have evolved substantively towards knowledge-based strategies. The paper then attempts to identify future directions for strategy, knowledge and markets.     

出口强度、资本密集度对中国出口企业自选择效应和学习效应的影响

现有研究关于出口企业自选择效应和学习效应的检验常常忽视企业的微观特征。本文通过对中国大样本微观面板数据进行统计分析和计量检验表明：国内出口企业存在生产率的静态优势,不存在“生产率悖论”。总体层面上,出口企业存在自选择效应,并且这种自选择效应对各种所有制企业和不同资本密集度企业均存在。在考虑国内外市场进入成本的情况下,高生产率的企业选择同时进入国内外两个市场,表现出自选择效应;而低生产率、高出口强度的企业选择进入国外市场,不存在自选择现象。,此外,短期内持续出口企业的学习效应为负,并且各种所有制企业的学习效应稳健为负,怛高资本密集度企业的出口学习负效应能快速扭转为正,出口强度低于50％的企业学习效应显著为正。     

Export Controls and International Business: A Study with Special Emphasis on Dual-Use Export Controls and Their Impact on Firms in the US

The production of hazardous materials that can be used for civilian and military purposes (dual-use items) has led the U.S. government to impose export controls in order to prevent the proliferation of risky materials falling into the wrong hands — a concern in this age of international terrorism. Export controls are prudent government responses to the emergence of a new and widely perceived threat to national security. However, existing controls have failed to keep up with rapid global economic and technological changes, and are likely to have adverse effects on firms’ economic performance. This article suggests regulatory and policy reforms, as well as corporate strategies for dealing with U.S. export controls in order to make such controls effective and relevant to changing technological developments. Among the problems the article identifies are the negative effects of these export controls on firm innovation, market competitiveness, investment, and trade flows. These issues point to a pressing agenda for regulatory reform. Reforms can focus on limiting control lists, enhancing the bilateral or multilateral cooperation in export controls, improving the efficiency and transparency of the licensing system, improving resources and the outreach to small and medium-size exporters, and compensation for the loss of market share.     

Markets and Regulation: On the Contrast Between Free-Market Liberalism and Constitutional Liberalism

A liberalism that does not close its eyes to the constitutional level of choice must seek to extend the same fundamental logic that it applies in its theory of the market to the questions of what the sovereignty of the individual can mean, and how it can be secured, in constitutional matters. The problems that arise with such an extension to the constitutional level may well be more difficult than those that the liberal theory of the market has to deal with, and the conclusions that a constitutional liberalism arrives at may be less determinate that what the free-market approach pronounces. Yet, if these difficulties are inherent in the subject matter, and if the indeterminacy follows from arguments that we are required to accept, then denying them does not seem to be a promising strategy for strengthening the liberal paradigm.     

Conjectural Variations, Market Power, and Optimal Trade Policy in a Vertically Related Industry

The paper introduces the conjectural variations and bargaining approaches into a vertical model wherein a foreign upstream firm supplies one input to two downstream firms that produce differentiated products for the export market. Various downstream firms’ competition modes and upstream's pricing schemes emerge as special cases of this formulation. The authors show that the optimal export policy of a downstream country depends crucially on the downstream firms’ conjectures of rivals’ responses, the upstream firm's pricing schemes, their relative bargaining powers, and the degree of product differentiation. If the upstream's pricing or bargaining power is strong (weak) and if the downstream's degree of competition is high (low), a tax (subsidy) is optimal owing to a strong (weak) vertical profit‐shifting effect and a weak (strong) horizontal effect.     

Protectionist Reputations and the Threat of Voluntary Export Restraint*

Voluntary export restraints are often administered in such a way that each firm's post-VER output allocation is positively related to its output under free trade. When this is true, a credible threat of a future VER will induce foreign firms to dump in the current period, decreasing the domestic price (the Yano effect), and possibly increasing welfare. We show that if an importing government's preferences are private information and if the government makes a series of VER decisions, there may exist an incentive for a welfare-maximizing government that normally prefers free trade to maintain a protectionist reputation by imposing a VER.     

我国进口与出口间的关系检验

本文根据我国 1980 - 2 0 0 1年的有关数据 ,在建立VAR模型的基础上 ,检验了我国进口与出口之间的协整关系 ;在建立格兰杰因果关系检验模型的基础上检验了二者间的因果关系。检验结果表明 ,二者之间不仅存在着协整关系 ,而且在滞后期数为 1～ 2时进口是出口的Granger原因 ,反之 ,却不成立。基于检验结果 ,本文在最后部分提出了相关的政策建议。     

贸易自由化、纵向关联市场与战略性环境政策——环境税对发展绿色贸易的意义

本文在一个两国出口至第三国的连续双寡模型中,研究贸易自由化对均衡环境政策及社会福利的影响。分析发现:(1)战略性环境政策的租金攫取效应可通过中间产品出口实现,但不一定会通过最终产品出口实现。(2)当污染的环境损害程度不大时,贸易自由化将降低各国环境税,从而使各国的环境保护出现"向底线赛跑";当环境损害系数较大时,贸易自由化将提高各国环境税。(3)社会福利水平为双边关税壁垒的凹函数(呈"倒U型"),贸易自由化对社会福利的影响不确定。此外,本文还分析了合理征收环境税对发展我国绿色贸易的意义。     

风险投资参与对中资企业首次公开发行折价的影响——不同证券市场的比较

本文考察中资企业在不同市场上市时风险投资的参与是否影响首次公开发行折价。研究发现,在大陆中小板和香港主板市场上市的中资企业中,有风险投资参与的企业IPO折价显著高于无风险投资参与的企业,支持声誉效应假说,即风险投资机构以IPO折价来提早退出投资项目,以此来建立自己的声誉,吸引更多的资金流入。在美国市场风险投资的参与对IPO折价则没有显著影响。本文进一步研究发现从业时间短的风险投资机构,其参与投资的公司上市时的历史也较短;风险投资进入企业的时间越长,IPO折价水平也越高。这两个检验都验证了风险投资机构通过IPO折价提早退出投资项目,进一步支持了声誉效应假说。     

LDC participation in international financial markets: Debt and reserves

This paper analyzes LDC borrowing and reserve-holding behavior as part of a general equilibrium portfolio problem. Estimates of LDC debt and reserve demand and credit supply suggest that debt, along with reserves, serves a transactions role. Another finding is that most LDC borrowers are credit constrained. An analysis of LDC export behavior suggests that defaults are likely to be independent, uncorrelated phenomena.     

Between Markets and Hierarchies: Towards a Better Taxonomy of Hybrid Organizational Forms?

In this paper, the authors attempt to better classify and characterize hybrid organizational forms. They proceed by briefly discussing some general principles of taxonomy and then they critically evaluate extant taxonomic schemas of hybrid forms that typically use as their reference point the dichotomous ideal types of market and hierarchy. The problem of classifying hybrids in relation to these ideal types is demonstrated, and it is pointed out that these ideals have contested meanings and governance modes are treated as 'natural givens'. The paper concludes with the observation that if we sharpen our definition of what constitutes firms and markets, the task in accounting for what lies in between is made much easier. Specifically, and following Hodgson, it is concluded that by returning to a conceptualization of firms as legal entities, much analytical confusion can be averted. In addition, it is suggested that theorizing needs to be accompanied by empirical work that focuses on the actual practices that are used to control and coordinate exchange relationships.