全球性竞争优势的来源

成本优势、接近市场的优势和能力优势很大程度上增加了某些国家的吸引力，这三大因素转移速度的加快，已经成为一种潮流。这种情况正在中国的制造领域和印度的服务领域发生。这三大因素融合在一起成为一些国家全球竞争优势的来源。     

Political regimes and financial crises

This study investigates how democratic or autocratic regimes, their transitions, and durations, affect the probability of experiencing financial crises. The empirical strategy employs novel instruments and Lewbel's method to address potential endogeneity concerns. The results reveal that democratic transition reduces the probability of crises by around seven percent, whereas autocratic switchovers enhance the crises likelihood by twelve percent. The findings remain robust in presence of a number of heterogeneity checks, with alternative measures of crises indicators, and employing different proxy for democratic transition. Thus, institutions in transition countries could play important role in managing such financial upheavals.     

Natural gas,trade and sustainable growth: empirical evidence from the top gas consumers of the developing world

Natural gas is the key non-renewable source of energy for a low-carbon economy. The research applies heterogeneous panel techniques to investigate the impact of natural gas consumption on economic growth across a panel of top 15 natural gas consumers of the developing world. We establish long-run dynamics with cross-sectional dependence and heterogeneity across the sample countries. The long-run output elasticities suggest that the natural gas consumption and trade variables have significant positive effect on the output in a panel of developing economies. Further, we establish feedback relationship among gas consumption, output and trade in the short-run. Given the significance of natural gas as the low-emission source of energy, we suggest governments and policy advisers of these major natural gas consumers to focus on developing pipeline infrastructure for adequate supply, reforming natural gas sector with a competitive price structure to combat excess demand in individual natural gas market. With trade integration, majority of these countries need to incorporate these initiatives to improve the technologies such as combined cycle power plant technology and value-added chemical production technology to achieve sustainable economic growth.     

2009年战况：低迷中的冒险者

我们与全球各行业领先公司的首席执行官和其他高管访谈发现,大家对新一批全球挑战者涌现在世界舞台上并不惊讶。真正感到惊讶且经常会震惊的是它们以如此快的速度占据许多行业的领先地位。从2006年到2008年仅两年的时间里,英国《金融时报》公布的2008年全球市值500强企业排行榜中来自巴西、中国、印度和俄罗斯的公司数量增加了四倍之多,从15家增加到62家。     

“本土杀手”如何抗击全球危机

2009年,“本土杀手”正面临来自多方的压力,如更大的成本波动、政府首要措施的变化以及国际品牌认知与世界级研发能力的挑战,但是这些压力并没有阻止挑战者实现它们的增长雄心。从整体上说,它们通过适应和增强自身业务来应对这些压力。     

Insider Trading, Investment, and Liquidity: A Welfare Analysis

We compare equilibrium trading outcomes with and without participation by an informed insider, assuming inflexible ex ante aggregate investment choices by agents. Noise trading arises from aggregate uncertainty regarding other agents' intertemporal consumption preferences. The welfare levels of outsiders can thus be ascertained. The allocations without insider trading are not ex ante Pareto efficient, because our model differs from standard ones with negative exponential utility functions and normal returns. We characterize the circumstances under which the revelation of payoff-relevant information via prices—arising from insider trading—benefits outsiders with stochastic liquidity needs, by improving risk-sharing among them.     

Non-Keynesian effects of fiscal policy in OECD economies: an empirical study

This article explores the hypothesis that the propensity to consume out of income varies in a nonlinear fashion with fiscal variables, and in particular with government debt per capita. Using panel data from 18 Organization for Economic Cooperation and Development (OECD) countries, we examine whether there is any empirical evidence to support the hypothesis that households move from non-Ricardian to Ricardian behaviour as government debt reaches high levels and as uncertainty about future taxes increases. Our results provide support for this hypothesis, and also suggest that private and government consumption are complements in the household utility function.     

Imported Intermediates,Absorptive Capacity and Productivity: Evidence from Ghanaian Manufacturing Firms

This paper analyses whether the use of imported intermediates improves productivity using firm‐level panel data of manufacturing firms in Ghana covering the period between 1991 and 2002. This includes examining the importance of absorptive capacity (ABC) in enhancing the productivity gains from imported intermediates. We propose lagged relative productivity as a new measure of ABC. For any given period, ABC is defined as the natural logarithm of a firm's total factor productivity (TFP) in the previous period relative to the firm's initial TFP. An alternative measure of ABC considers real value added per worker in lieu of TFP. Overall, we find that firms with high levels of ABC derive productivity gains from the contemporaneous and prior use of imported intermediates, particularly for firms operating in the input‐intensive industries. Our findings are robust to different specifications of the base model and different estimation techniques.