Environment-Related Litigation in Rio de Janeiro: Shaping Frames for a New Social Problem

This article aims to contribute to an understanding of how the environment is constituted as a social problem in Rio de Janeiro. In order to account for the local contours of this global phenomenon, it considers contextual aspects that frame environmental conflicts in Rio de Janeiro and examines certain relevant cultural resources. An analysis of the accounts of two actors involved in environmental litigation serves as the point of departure for an inventory of the versions of environment available for public debate. Le but de cet article est d’aider à mieux comprendre comment l’environnement en vient àêtre construit comme un problème social à Rio de Janeiro. Afin d’expliquer les profils locaux de ce phénomène global, cet article considère les aspects contextuels qui structurent les conflits de l’environnement à Rio de Janeiro et examine certaines ressources culturelles pertinentes. L’analyse des compte-rendus de deux participants impliqués dans les litiges de l’environnement sert de point de départ à un inventaire des différentes versions de l’environnement utilisées pour les débats publics.     

R&D-Related Capabilities as Determinants of Export Performance

Empirical evidence from a sample of independent and privately held specialized suppliers all of which are engaged in formal R&D activities shows that specific R&D-related capabilities are determinants of different types of export performance. The major contribution of this paper is to take into account traditional measures of R&D activities as well as a broad range of R&D-related capabilities to further our understanding of the export behavior of SMEs in terms of volume and final destination of sales. Results suggest that the set of determinants varies with firms' internationalization process. In particular, determinants associated with the more global firms are significantly at odds with our traditional conception of a small firm and appear to be more aligned with the behavior generally found in proactive large exporters.     

RANDOM WALK TESTS FOR LATIN AMERICAN EQUITY INDEXES AND INDIVIDUAL FIRMS

In this study we re-examine the presence of random walk in stock prices in Brazil and Mexico. We employ variance ratio tests on weekly stock returns for indexes as well as individual firms. The results reveal mean aversion in Mexico at both the index level and the firm level. In contrast, the Brazil indexes show a greater tendency toward random walk; however, the results for the individual firms suggest mean reversion. The results cannot be attributed to a firm size effect. Evidence is presented in favor of a greater degree of nonsynchronous trading for Brazilian securities than for Mexican securities.     

Trade regimes and spillover effects of FDI: Evidence from Uruguay

Trade Regimes and Spillover Effects of FDI: Evidence from Uruguay. — This paper examines differences in the character and impact of FDI entering Uruguay during import substitution, pursued until 1973, and the subsequent more outwardoriented trade regime. Regression analysis shows that the labor productivity of local firms is positively related to the presence of older import-substituting MNCs in their industry. The presence of foreign affiliates established after 1973 has no apparent impact on local productivity, but seems to raise the likelihood that local firms engage in exporting. This may be a sign of export spillovers, indicating that local firms may pick up some exportrelated skills from the operations of outward-oriented foreign MNCs.     

Does German Development Aid Promote German Exports?

Abstract. This paper uses a static and dynamic gravity model of trade to investigate the link between German development aid and exports from Germany to the recipient countries. The findings indicate that, in the long run, German aid is associated with an increase in exports of goods that is larger than the aid flow, with a point estimate of 140% of the aid given. In addition, the evolution of the estimated coefficients over time shows an effect that is consistently positive but that oscillates over time. Interestingly, after a decrease in the 1990s, the estimated coefficients of the effect of aid on trade show a steady increase in the period between 2001 and 2005. The paper distinguishes among recipient countries and finds that the return on aid measured by German exports is higher for aid to countries considered 'strategic aid recipients' by the German government. We also find some evidence that aid given by other EU members reduces German exports.     

FÜR SIE GELESEN

JOURNAL CLUB

FüR SIE GELESEN     

Cognitive abilities and portfolio choice

We study the relation between cognitive abilities and stockholding using the recent Survey of Health, Ageing and Retirement in Europe (SHARE), which has detailed data on wealth and portfolio composition of individuals aged 50+ in 11 European countries and three indicators of cognitive abilities: mathematical, verbal fluency, and recall skills. We find that the propensity to invest in stocks is strongly associated with cognitive abilities, for both direct stock market participation and indirect participation through mutual funds and retirement accounts. Since the decision to invest in less information-intensive assets (such as bonds) is less strongly related to cognitive abilities, we conclude that the association between cognitive abilities and stockholding is driven by information constraints, rather than by features of preferences or psychological traits.     

Wealth and Income Inequality in Europe

While it has long been apparent that global levels of wealth and income inequality have been steadily increasing since the 1970s, the issue received scant attention in Europe until the recent fi nancial crisis and the resulting Great Recession illuminated for the general public just how great the chasm between the very rich and everybody else had grown. This realisation was coupled with an increased focus on inequality among economists and other academics, leading to a fresh drive for policy ideas to remedy the alarming trend. This Forum comprises a diverse range of viewpoints on the recent history and dynamics of inequality within Europe, each striving to defi ne the root causes in the various countries being examined. The defi nition of these causes, of course, can inform the direction of policies aimed at alleviating the growing inequality in many European countries and thereby curtail one of the major political and social issues of our time.