Intra-urban journeys and activity linkages

Data from a travel diary study of Watford residents are used to examine the linkages between successive stages of multi-stage journeys. The linkage patterns in the journeys made each day by housewives and by other adults are described. A simple model of the number of stages to which journeys are extended is presented. The numbers of journeys made each week by various population sub-groups are also described. Some implications for planning and transport prediction are discussed.     

Trade liberalisation and agglomeration with firm heterogeneity: Forward and backward linkages

This paper studies the impact of trade cost reductions on the geographical concentration of manufacturing in the presence of intermediate input linkages, firm heterogeneity and fixed export costs. The presence of non-exporting firms in this Melitz-like model hampers full agglomeration by weakening the forward and backward linkages and fortifying market-crowding effect. Gradual trade liberalisation causes gradual agglomeration rather than the catastrophic agglomeration that economic geography models have long suggested. Also, trade liberalisation produces divergent welfare effects with the periphery losing and the core gaining; even costless trade fails to equalise welfare in the core and periphery due to non-exported intermediate inputs.     

Unravelling financial market linkages during crises

An empirical model of multiple asset classes across countries is formulated in a latent factor framework. A special feature of the model is that financial market linkages during periods of financial crises, including spillover and contagion effects, are formally specified. The model also captures a range of common factors including global shocks, country and market shocks, and idiosyncratic shocks. The framework is applied to modelling linkages between currency and equity markets during the East Asian financial crisis of 1997–98. The results provide strong evidence that cross‐market links are important. Spillovers have a relatively larger effect on volatility than contagion, but both are statistically significant. Copyright © 2007 John Wiley & Sons, Ltd.     

Cultural distance and cross-border bank linkages

This study investigates the effect of cultural distance on global bank linkages using country-pair data for the period 1990–2013. We followed Schwartz (2006) to measure cultural distance, and employed the number of bank pairs involved in cross-border syndicated lending from the source to target countries as a measure of bank linkages. We found that cultural distance has a negative association with bank linkages. This effect is stronger in countries featuring higher informational asymmetries, as represented by weaker institutions, higher uncertainty, or revolution shocks. Our results hold even when employing alternative measures of bank linkages and cultural distance, and when considering the potential endogeneity of cultural distance.     

Cross-border linkages among Asian closed-end funds

This study investigates the behavior of nine Asian closed-end country funds traded on the NYSE over the period 1990–2001. The results indicate that fund discounts follow a mean-reverting process and, furthermore, display various cross-border patterns of influence that are contingent on the period examined. Notably, for the overall period, the Korean Fund exhibits the strongest market leadership. However, in the period following the Asian financial crisis, movements in the Thai Fund's discount have the strongest influence on, and responsiveness from, the other country funds.     

Market servicing by multinational manufacturing firms: Exporting versus foreign production

The foreign market servicing behaviour of multinational manufacturing firms evolves over time as a result of the firms' reaction to internal and external pressures. The interplay of immobile ‘location factors’ with internal ‘ownership factors’ under the control of individual enterprises exercises a powerful influence on the choice between exporting and foreign investment. Plant economies of scale encourage exporting, whilst firm level economies of scale, such as the internalization of the fruits of research, may predispose the firm towards foreign investment. Socio-political and cultural elements arising particularly from the nationality of ownership of the firm also influence market servicing strategy.     

International linkages between short-term real interest rates

Whereas previous studies have focused on the causal relation between nominal interest rates, this paper examines causal relationships between real rates for the United States and six other countries. Based on evidence from our full sample we find that U.S. and foreign interest rates are not highly informative for one another. This would suggest that even if the United States is regarded as a large player in international financial markets this does not necessarily translate into the transmission of U.S. real interest rates to other countries. However, an examination of various sub-periods of our sample reveals that this conclusion may be sensitive to the U.S. monetary policy regime. We also report results for linkages between European countries which indicate that Germany provides some information on real interest rates in France and the United Kingdom, but not in Italy. An analysis of various sub-periods for the European countries show that the result for France is not robust, with German rates having an impact only in the first period through March 1983. This latter evidence does not provide strong support for the hypothesis that Germany's monetary policy plays a dominant role in the European Monetary System. In general, we would argue that domestic factors play a prominent role in determining real interest rates, quite independently from the influence of interest rates from abroad.     

FDI and trade—Two-way linkages?

We investigate the intertemporal linkages between foreign direct investment and disaggregated measures of international trade. We outline a model exemplifying these linkages, describe methods for investigating two-way feedbacks between various categories of trade, and apply them to recent data. We find that the strongest feedback between the sub-accounts is between FDI and manufacturing trade. For the first time, we decompose causality using Geweke's [Geweke, J. (1982). Measurement of linear dependence and feedback between multiple time series. Journal of the American Statistical Association 77(378), 304–313] decomposition method. We find that most of the linear feedback between trade and FDI can be accounted for by Granger-causality from FDI gross flows to trade openness (50%) and from trade to FDI (31%).     

Durable goods, inter-sectoral linkages and monetary policy

Durable goods pose a challenge for standard sticky-price models because the near constancy of their shadow value and their apparent price flexibility lead to perverse and counterfactual economic implications, such as the tendency of the durables and nondurables sectors to move in opposite directions following a monetary policy shock. This paper introduces input-output interactions and limited input mobility into an otherwise standard sticky-price model with durable and nondurable goods. The extended model generates substantial aggregate effects and positive sectoral comovement following a monetary policy shock, even when durable goods have flexible prices. The latter result is consistent with empirical evidence on the sectoral effects of monetary policy.     

与中国市场共同发展——访大福(上海)有限公司总经理藤木胜敏

日本大福公司（Daifuku Co，Ltd）专注于物流系统设备的研发和生产，在美国《现代物料搬运》杂志（Modern Material Handling Magazine）公布的《2005全球物流系统供应商20强》排名中以18亿美元的销售额位居第二。目前，大福公司三大自动化AFA、工厂与配送中心自动化FA＆DA、半导体与液晶生产自动化eFA都已进入中国，年销售额12～13亿元人民币。     

Market economies with many commodities

In this survey problems from the consideration of infinite dimensional commodity spaces in the Arrow-Debreu-McKenzie model are discussed. It has become clear in the last couple of decades that in order to address real policy questions, economic models that are both stochastic and dynamic have to be employed. These models lead naturally to infinite dimensional commodity spaces.

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Riassunto In questo lavoro si discutono i problemi che si presentano quando, in connessione all'esistenza e all'efficienza di equilibri Walrasiani nel modello di Arrow-Debreu-McKenzie, si ammette che lo spazio dei beni sia di dimensione non finita. è diventato chiaro nei due ultimi decenni che per affrontare questioni reali è necessario usare modelli sia dinamici che stocastici e ciò conduce in modo naturale alla considerazione di spazi infinito-dimensionali. Si rimane principalmente confinati alle economie di puro scambio al solo scopo di semplificare la trattazione.

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This paper has been presented atWorkshop in Economic Theory, Venice-June 2–7, 1997 organized by Istituto Veneto di Scienze, Lettere ed Arti and atXXI Convegno AMASES, Rome-September 10–13, 1997. It is an expanded version of our paper [5] that appeared inJournal of Economic Theory, vol. 74, n. 1, 1997, pp. 62–105. We are grateful to Karl Shell and Academic Press for permission to include that portion of the material here. The research of C. D. Aliprantis was supported in part by the NATO Collaborative Research Grant #941059.     

Mergers with Product Market Risk

This paper studies the causes and the consequences of horizontal mergers among risk-averse firms. The amount of diversification depends on the allocation of shares among the merging firms, with a direct risk-sharing effect and an indirect strategic effect. If firms compete in quantities, consolidation makes firms more aggressive. Mergers involving few firms are then profitable with a relatively low level of risk aversion. With strong enough risk aversion, mergers reduce prices and improve social welfare. If firms instead compete in prices, consumers do not benefit from mergers in markets with demand uncertainty, but can easily benefit with cost uncertainty.     

Intra-market sovereign linkages of key Latin American markets

This paper tests the intra-market dynamics in a regional setting using country-specific international bonds differentiated only by maturity within individual markets in the Latin American region. We use the 2001 Argentine default as a natural experiment in this study to examine how intra-market dynamics evolved in the presence of a credit event in the region. This paper argues that emerging market instruments have a stronger tendency to tie up with instruments within markets rather than across markets as found in the literature. The long-run equilibrium relationships tend to be stronger across instruments within each market and generate economically insignificant portfolio adjustment weights. Strong interaction across instruments within markets in terms of first order dependencies has important implications for market participants, practitioners and policymakers.     

Non-linear causal linkages of EPU and gold with major cryptocurrencies during bull and bear markets

This paper sets out to explore whether the innovative Economic Policy Uncertainty (EPU) index and the safe haven asset of gold influence returns of high-capitalization cryptocurrencies in a non-linear manner. Estimations take place both concerning flourishing and stressed periods in the digital currency markets. Econometric outcomes reveal that the returns of almost half of the cryptocurrencies investigated are tightly connected to the EPU index in bull markets while even more currencies are linked with the index during bear markets. Similar findings are revealed as concerns gold as it proves to be more influential during bear markets due to its hedging capacities. There is also evidence that causality in variance is significant in all but the higher quantile concerning both EPU and gold estimations in both bull and bear markets.     

A further look at linkages between NAFTA equity markets

Recent research finds evidence for convergence among the North American equity markets and argues that this is generated by the North Atlantic Free Trade Accord (NAFTA). In this paper, we re-examine these conclusions and show that the documented cointegration property among the NAFTA equity markets was in fact confined to a sub-period in the late 1990s. We argue that the comovement was caused by the global boom in information technology shares and the resulting change in the sector mix of the value-weighted benchmark indexes used in prior work. We present evidence supporting this alternative hypothesis using an updated data set that includes global industry indexes. Our results have implications for transmission of information across global equity markets and international portfolio diversification.     

Jump Interdependencies: Stochastic linkages among international stock markets

This study investigates the volatily jump contagion among the Asian, European (Germany, UK, & France) and US markets. In particular, it examines the stochastic linkages among the international stock markets and analyzes the self and cross-excitation of jumps. The discontinuities in the stochastic volatility of each market are identified and their structural inter-dependencies are analyzed. Our empirical results imply that negative jumps from the USA and Europe are transmitted to the domestic Asian markets, while positive jumps are majorly from the regional markets. Results also imply that the cross-market linkages vary with respect to markets and regimes. Our results have implications for risk management, investment and hedging decisions.     

Firms’ linkages with public research organisations in Argentina: Drivers, perceptions and behaviours

This paper analyses firms’ drivers for linking to public research organisations (PRO) (first goal) and compares perceptions and behaviours of linked vs. unlinked firms (second goal). We used an original firm database constructed from a representative survey with information for linked and unlinked firms for year 2005 in Argentina. Drivers were estimated using a Probit model, while differences in perceptions and behaviours between linked and unlinked firms were assessed with propensity score matching techniques. For our first goal we found that (i) firms’ knowledge bases were not drivers for linking to PRO and (ii) networking capabilities matter but there is a substitution effect between interacting with PRO and interacting with other economic agents in the market when firms aim at exchanging information rather than doing joint research. These findings may imply that current linkages are not exploiting properly their knowledge potential; it may be worth designing a division of labour among PRO in their functions in PRO-industry interactions. For our second goal: we found that (i) linked firms invest more in innovative activities; (ii) they are more prone to patenting; (iii) both groups of firms value similarly PRO research outputs available at arm length (i.e. without direct linking). Given the asymmetric development on appropriability tools between PRO and firms and the fact that all firms benefit from PRO research outputs, the higher predisposition of linked firms towards patenting, suggests that special attention should be placed at analysing the risks of a private appropriation of publicly created knowledge.     

以领先技术满足市场需求--访得逻辑公司副总裁Caines和得逻辑(上海)公司总经理朱蕴

近年来,中国自动识别行业市场规模年增幅位于全球之冠,国际巨头纷纷加快在中国的发展步伐,激烈的竞争不仅表现在对项目、对客户的直接争夺上,同时引发了新一轮人才之争。令得逻辑(上海)无线技术有限公司总经理朱蕴感到开心的是,公司不但没有一个人跳槽,而且专业团队还在稳定中逐步壮大。这一方面得益于公司良好的人文环境,另一方面与业务大幅增长密不可分。来自加拿大的得逻辑公司     

打造具有核心竞争力的市场主体

在2020国企管理年会上,国务院国资委中央企业智库联盟创盟副理事长兼秘书长彭建国作主题报告时表示,国企改革就是要把国有企业打造成真正的完全独立的市场主体,而且是具有核心竞争力的市场主体。