It is shown that the stochastic investment rule for the price-setting monopolist facing random demand differs from the deterministic rule, due to the presence of the covariance of the marginal utility of profits and the MRTS between capital and labor. For the risk-neutral quantity-setting monopolist, the optimal current investment under random demand is shown to be greater than that under deterministic conditions, given that production technology is of the Cobb-Douglas type with constant returns to scale. When random wages and prices follow first-order autoregressive schemes, the risk-neutral competitive firm's current investment level is shown to be at least equal to that under certainty. 相似文献
This paper reports a qualitative study conducted at four Japanese subsidiaries in China and Vietnam about their process of international knowledge transfer. Building on the literatures concerning the diverse types and characteristics of knowledge in multinational corporations (MNCs), we explore the broad mechanisms adopted and locally generated by the host country subsidiaries for transferring the foreign knowledge and putting the locally embedded knowledge into practical use at the local settings. The findings indicated (1) the limitations of applying a standardized and universal set of knowledge transfer mechanisms without considering local idiosyncrasies and (2) the contributions of local agents and institutions throughout the process of local knowledge adaptation and development. 相似文献
The present paper examines the directional causality between export diversification and real exchange rate in the middle-income countries of Asia and Latin America over the period from 1995 to 2013. Additionally, we investigate asymmetries in the causality issue by examining the direction across trading partners.
Our empirical results show that there is a two-way causality between the two variables when we look at the sample as a whole. A causal link running from the real exchange rate to export diversification is consistent with the standard literature but it is not systematic at all. The reverse causation is very appealing and challenges the standard argument on exchange rate determination. When the causality issue is investigated by treating export markets differently, our findings at the aggregate level are confirmed in exports destined for the advanced countries. The analysis for ‘South-South’ trade only shows a unidirectional link from the real exchange rate to changes in export diversification. The same tests performed at the individual countries level reveal a heterogeneous causality across trading partners. 相似文献
AbstractThe Mekong Delta has been identified by the International Panel on Climate Change as one of the three most vulnerable areas in the world as sea levels rise due to climate change. The Vietnam Government has implemented a range of policies to assist migration in order to address these environmental problems. While much research has focused on the environmental causes of, and responses to, climate change there has been less research on the impact of environmentally motivated responses to climate change on labour force and human capital factors. This paper examines the experience of the Vietnam Government in encouraging internal migration from vulnerable agricultural areas to urban industrial cities, to explore the human capital effects of these environmentally motivated response to climate change. The paper first presents the environmental argument for migration in response to climate change, together with examples of what the Vietnam Government has done to encourage migration from the rural (originating) areas to other rural resettlement and city (receiving) areas. It then uses data collected as part of recent study into the impact of government encouragement for internal migration to explore the labour force and human capital impacts in both the originating region and receiving areas. The findings suggest that while there are social and economic advantages there are challenges, including ensuring that job opportunities are available, migrants and appropriate skills, and that labour contracts provide for job security and healthy and safe working result in improved living conditions. To address these challenges, this paper proposes a more integrated approach that acknowledges and addresses associated human capital (skills upgrading) and business development needs and integrates these with environmentally-motivated policies. 相似文献