Real exchange rate and export performance in Argentina, 2002–2008

Between 2002 and 2008, Argentina experienced a phase of very high and sustained economic growth. During this period, macroeconomic policy aimed to preserve a stable and competitive real exchange rate (SCRER). There is controversy on whether the SCRER policy was a key factor fostering growth and, even more, on whether it helped promote the expansion of tradable activities and exports. We use a methodology to detect episodes of export surges among Argentina’s export industries and find that labor-intensive industries—especially low- and medium-technology manufactures—experienced the highest proportion of export surges within this period. We also find that between 1980 and 2015, the highest proportion of surges in total exports occurred during the 2003–8 period. The performance of export of services was also particularly dynamic during this period. This evidence suggests that the SCRER policy was instrumental for export surges in Argentina during 2002–8.     

Regression analysis on serial dilution data from virus validation robustness studies

To ensure the safety of plasma-derived medicinal products, the Dutch Blood Supply Foundation (Sanquin) performs virus validation experiments. Data from these experiments are based on serial dilution assays. Regression analysis on assay data faces several problems: only a small number of data points are available, data contain censoring and are subject to sampling error. Furthermore, the process variability inherent to the experiments is not evident. In this paper we address these problems by introducing a regression model for serial dilution data and by analyzing how validation experiments and simulation techniques can help elucidate various sources of variability the experiments are subject to. These are then incorporated into the regression model.     

The Relationship Between Firm Size and Innovation Activity: A Double Decision Approach†

The main purpose of this paper is to analyse the relationship between firm size and innovation activity using Spanish data at firm level corresponding to the manufacturing sector for the period 1990-93. This exercise is different to previous applications because we allow for different size effects in the decision to innovate and the innovation count equation, in the context of a double-hurdle approach. Several tests confirm the hurdle negbin model. We find that firm size is a relevant factor, although size effects are different in both decisions. A robust result from the different specifications estimated is the rejection of the Gilbert and Newbery hypotheses. We find out that the behaviour of firm size is neither linear in the decision nor in thc count equation. We also provide additional, and sometimes different, evidence to previous Spanish studies on R&D.     

Firm Performance and Women on the Board: Evidence from Spanish Small and Medium-Sized Enterprises

ABSTRACT

This study examines gender diversity on boards of directors in a sample of nonfinancial Spanish small and medium-sized enterprises (SMEs) for 2003–8, finding that the probability of women on the board increases with firm performance, defined as return on assets, and family ownership, but diminishes with corporate ownership and firm risk. It also finds, when examining the full sample, a positive effect of the presence of women board members on firm performance. The study also obtains a similar positive effect in most subsamples, including in firms with corporate ownership, where family connections play less role in the election of board members, and in firms in the secondary and tertiary sectors, which are characterized by having greater proximity to final consumers than those in the primary sector.     

The determinants of trade performance: influence of R&D on export flows

A theoretical model is presented, in which supply side differences between countries determine international trade flows. This model is empirically tested at a sectoral level for a group of EU countries, within a framework that focuses on changes through time and differences between countries. The results show that the validity of the theoretical model is limited at sectoral level. However, as expected, we find that the variable representing technological differences is significant and correctly signed for high-technology sectors. The evidence points to the existence of different production functions across countries and to the importance of supply side factors in determining the direction and the terms of trade.     

Atributos de calidad del servicio de la telefonía móvil para clientes mexicanos y su impacto en la satisfacción y en la lealtad hacia la marca

The objective of this study is to identify relevant attributes of service quality in mobile phones for Mexican customers and to establish their impact on customer satisfaction and brand loyalty. It is being assumed that the attributes of service quality are an antecedent of satisfaction and loyalty. The study is divided in two phases. In a first qualitative phase, thirteen attributes were detected using in-depth interviews. In a second quantitative phase, these attributes were empirically contrasted with variables of satisfaction and loyalty. It was found that only six attributes are statistically related to the variables of these constructs, with two of them being the most relevant: price per minute and empathy perceived by customers from company’s employees.     

From real estate to consumption: the role of credit markets in the USA

The aim of this article is to test whether the credit market conditions affect the strength of transmission of real estate wealth effects on household consumption in the US economy. Although many different works have dealt with the analysis of the existence of a real estate wealth effect, most of them as a reaction to the dramatic increase of housing prices in several OECD countries, there are only few papers analysing whether the consumption response depends on the positive or negative sign of the wealth shock and, as far as we know, none of them takes the effects of credit market conditions on that asymmetric response into account. This article tries to fill the existing gap in the literature on this matter. From an econometric perspective, we estimate the asymmetries in the consumption response within the momentum threshold autoregressive model (M-TAR) proposed by Enders and Siklos (2001), but following Stevans (2004), it is applied to a multivariate framework. The main results show that the credit market conditions play a significant role in the transmission of changes in real estate wealth to consumption. In addition, we find that there exists an asymmetric behaviour in the US aggregate consumption spending responses to real estate wealth and credit market shocks, which is only significant when a negative shock takes place.     

Economic growth as a function of human capital,internet and work

The World Bank has suggested the need to enhance Information and Communication Technology skills in all sectors because a 10% increase in internet connectivity was found to boost GDP growth by 1.38%. Simultaneously, the OECD argued that high internet access rates generate a 2% increase in GDP. Because the internet positively affects economic growth, we investigated the relationship between an economically active population, human capital and technology to evaluate these effects in Mexico. A data series from 1991 to 2010 was analysed in three stages according to the least-squares method. A Cobb–Douglas function under the Solow model was considered. Technology and internet access were found to positively affect top-level students and graduate students and thus contribute to the global innovation index.     

The development of a stakeholder-based scale for measuring corporate social responsibility in the banking industry

Research on corporate social responsibility (CSR) has notably increased in recent years and many scales for measuring CSR image have been developed in academic literature. Due to the contextual character recognized in the implementation of CSR strategies, in this paper a new scale based on stakeholder theory is developed to evaluate customers’ perception regarding the CSR performance of their banking service providers. The proposal of reliable measurement tools for evaluating customers’ perception is especially relevant for companies because of their significant role in influencing the design and implementation of corporate strategies. Results demonstrate the reliability and validity of this new scale in two different samples. In the banking industry, CSR includes corporate responsibilities toward customers, shareholders, employees, society, and all legal and ethical requirements of banking institutions. Nevertheless, different kinds of banking institutions have specific CSR images, which reveal different strategic approaches to CSR.     

Agglomeration and labour productivity in Spain over the long term

This paper analyses the relationship between spatial density of economic activity and interregional differences in the productivity of industrial labour in Spain during the period 1860–1999. In the spirit of Ciccone and Hall (Am Econ Rev 86:54–70, 1996) and Ciccone (Eur Econ Rev 46:213–227, 2002), we analyse the evolution of this relationship over the long term in Spain. Using data on the period 1860–1999 we show the existence of an agglomeration effect linking the density of economic activity with labour productivity in the industry. This effect was present since the beginning of the industrialisation process in the middle of the nineteenth century but has been decreasing over time. Our results show that doubling employment density raises average labour productivity in the industrial sector by between 3 and 5% in all periods analysed, with the exception of the last segment from the twentieth century. Hence, we find significant evidence of agglomeration effects. However, these effects seem to have been falling sharply from the mid-nineteenth century until late in the twentieth century, and there appears to be no positive evidence of agglomeration effects in industry in the period 1985–1999. This result could be explained by an important increase in the congestion effects in large industrial metropolitan areas that would have compensated the centripetal or agglomeration forces at work. Furthermore, this result is also consistent with the evidence of a dispersion of industrial activity in Spain during the last decades.

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