Entrepreneurship in post‐conflict transition1

We examine new self‐employment entry and its viability in Bosnia and Herzegovina, using a rich household survey for the years 2001–2004. We find that wealthier households are more likely to engage in viable self‐employment and create employment suggesting an important role for financing constraints. Specifically, although having an existing bank relationship is not significantly related to the entry decision, it is positively related to the survival for new entrepreneurs and their employment creation. We also find a non‐linear relationship between remittances and entry in that individuals not receiving remittances are more likely to enter self‐employment; but, if they do receive them, the likelihood of starting a business increases in the fraction of wealth received from domestic remittances. Finally, people working in the informal sector are more likely to become viable entrepreneurs, particularly those provided with loans from micro‐credit organizations. These findings support the perception of the informal sector as an incubator for formal self‐employment in the early years of transition.     

Why are the effects of money-supply shocks asymmetric? Convex aggregate supply or “pushing on a string”?

This paper examines whether the asymmetric effect of money on output is an international phenomenon and investigates the reasons for this asymmetry. Annual data from the 1950–1990 period for a panel of 38 countries strongly support asymmetry internationally: negative money-supply shocks are shown to have a stronger effect on output than positive shocks (whose effect is often statistically insignificant). Next, the paper distinguishes between two types of theories that are consistent with the observed output effects: the convex aggregate supply and the “pushing on a string” views, that predict that money shocks have different asymmetric effects on prices. Somewhat surprisingly, however, the effects of money on prices are shown to be symmetric. This finding is consistent with both theories being operative.     

Growth,Real Exchange Rates and Trade Protectionism since the Financial Crisis

Existing evidence suggests that protectionist activity since the financial crisis has been muted, raising the question whether the historically well‐documented relationship between growth, real exchange rates and trade protectionism has broken down. We use a novel and comprehensive dataset that stretches beyond the traditionally considered tariff and trade defense measures to study the responsiveness of trade policies to business cycles and price competitiveness in the time period since the financial crisis. We find that the specter of protectionism has not been banished. Countries continue to pursue more trade‐restrictive policies when they experience recessions and/or when their competitiveness deteriorates. Our results suggest that the global economy continues to be exposed to the risk of a creeping return of trade protectionism.     

Optimal foreign borrowing: The impact of the planning horizon on the half and full debt cycle

We appreciate comments from G. Franke and M. Rauscher.     

Government ideology and international migration*

We provide the first empirical evidence that government ideology affects the choice of migration destinations. As ruling political parties differ in their discourse, policies, and positions on migration, the ideology differential between the host and home country governments can shape the relative generosity of the welfare system, the degree of tolerance towards out-groups, and the restrictiveness of migration policies, all acting as important drivers of international migration. Using data on bilateral migration and government ideology for OECD countries between 1990 and 2016, we show that migration flows increase when the government at the destination becomes more left-wing relative to the government at the origin, particularly when both countries are members of the European Economic Area.     

大规模模拟电路故障定位快速算法及实现

要使现有的模拟电路故障诊断算法适用于大规模电网络,必须将大规模网络分解成互不耦合的小规模网络。文献[1]给出了一种快速定位算法(算法Ⅰ),但未考虑容差。本文从解决模拟电路故障诊断中最棘手的问题——容差、在线计算量和离线计算量的目的出发,将故障预测技术、替代理论和迭加定理运用到支路撕裂法中,从而得到一个新的大规模模拟电路的快速故障定位算法(算法Ⅱ),同时对算法Ⅰ、Ⅱ进行了FORTRAN编程实现。研究结果证明,算法Ⅰ、Ⅱ适用于小、大规模网络的单、多故障诊断。当网络被连续监测时,算法Ⅱ的稳健性、计算量和存贮器要求均较算法Ⅰ有较大改进。文中举了一个有源电路的实例,验证了上述论断的有效性。     

Report on a new technological community: The making of a technopolis in an international context

In 1980 the Japanese government conceptualized technopolises. Nine technopolises are already in operation in 1984, and several more will follow. A technopolis is a healthy living environment with cultural amenities combined with high technology industries, away from the existing overcrowded industrial centers and adapted to local characteristics. This article focuses on the most advanced technopolis on the “Silicon Island” Kyushu, describes its process of development, and its future advantages and disadvantages compared to other technopolises.     

Strategic managerial incentives and cross ownership structure: A note

In this note, we study the behavior of firms competing in a Cournot duopoly framework where owners and managers are separate identities and where cross-participation at the ownership level exists. We find that depending on the degree of cross ownership, managerial incentives may be more or less towards profit maximizing behavior. Moreover we show that limited cross-participation may be a way for owners to obtain collusive behavior without apparently offending Anti-Trust laws.We would like to thank M. P. Espinosa, C. Matutes, J. D. Pérez Castrillo, J. Ricart, V. Salas, X. Vives, and an anonymous referee for their comments and suggestions. I. Macho-Stadler's research was partially supported by the project PGV 9022.1. The usual disclaimers apply.     

Foreign vs domestic ownership on debt reduction: An investigation of acquisition targets in Italy and Spain

This paper examines the role of foreign versus domestic ownership in reducing the debt levels of acquired firms in Italy and Spain over the period 2002–2010. Acknowledging that lower debt levels can mitigate the risk of failure and thus enhance the chances for a positive post-acquisition performance and survival, we particularly examine the causal effect of foreign and domestic acquisitions on two firm-level debt measures: gearing and short-term leverage. To estimate causal relationships, we control for selection bias by applying propensity score matching techniques. Our results indicate that foreign acquisition leads to a significant and steady reduction in the debt ratios of the target companies. In contrast, the relationship between domestic acquisition and debt reduction appears to be smaller and statistically less robust.     

The Red de Semillas Libres: Contesting Biohegemony in Colombia

The Red de Semillas Libres (Network of Free Seeds) in Colombia contests the expansion of, and dominant narratives on, agricultural biotechnology and intellectual property rights (IPRs) protections on seed – or what has been called ‘biohegemony’. We argue that despite its challenges, the Network contests ‘biohegemony’ through lawsuits, supporting ‘seed sovereignty’, and reframing the often taken‐for‐granted discourse on local seed varieties as raw material and a resource to be ‘discovered’, ‘invented’ and commodified by industry and Western‐based technoscience. Based on ethnographic research, we extend the concept of biohegemony to include struggle and contestation by examining how the Network pursues seed sovereignty.