Has Austria’s Accession to the EU Triggered an Increase in Competition? A Sectoral Markup Study

We estimate the pro-competitive effects of Austrias participation in the Single Market after its European Union (EU) accession in 1995 in terms of firms market power as measured by the Lerner index, using a sample of 46 industries and 7 industry groups, covering the period 1978–2001. In the framework of the markup estimation method suggested by Roeger (1995), we test for both an instantaneous structural break between 1993 and 1998 and also estimate logistic smooth transition models to take up the proposition that the regime shift is likely to have occurred gradually rather than as a big bang. In sum, the results provide no reason for being euphoric: Pronounced markup reductions were only found in three industry groups (mining and quarrying, wholesale and retail trade; financial services and real estate). At the more disaggregate level, the picture is mixed: Both increases and reductions in market power have been found.     

Environmental Policy and GHG Emissions: The Case of Southern Europe

International Advances in Economic Research -     

Loan price modelling for local governments using risk premium analysis

Previous studies have highlighted the question of government loan interest as one of great current importance. Government borrowing levels are high, and reducing interest payments would generate savings to meet other spending needs and/or to lower taxation, thus supporting the sustainability of public finances. However, no previous study has presented a method for a local government to calculate its own credit risk and thus be in a position to negotiate lower interest rates on its borrowing. This article defines a financial model that enables local governments to estimate the interest rate payable on a bank loan, based on their credit risk premium, in accordance with the Basel II rules and the findings of our empirical study of large local governments.     

外商在华直接投资行业分布的非均衡增长研究——基于行业数据的面板分析

本文搜集与整理了改革开放以来中国农林牧渔业、工业、建筑业、交通运输仓储和邮电业、批发零售贸易和餐饮业中的相关数据,进行面板数据分析,来考察究竟是哪些因素吸引了外资的大量流入。实证结果表明,从整体上来看,外商对华直接投资选择行业时最先考虑的因素是行业生产规模,其次是规划规模,然后是生产成本,而研发费用支出对促进FDI流入的作用并不明显。进一步对工业数据进行协整及误差修正分析却发现,从长期来看研发费用的支出对FDI的吸引作用很大。这两个不同的实证结果充分说明,与工业相比,中国的其它行业还需大力开展研究与开发,以吸引外商在华直接投资。     

三季度经济预测分析报告

上半年我国经济呈现企稳回升态势。展望三季度,宏观经济政策保持稳定,国民经济将继续稳步回升,消费持续旺盛,投资高位略降,外部需求降幅趋缓,工业生产形势继续好转,预计GDP将增长8．5％左右。由于当前经济发展正处于企稳回升的关键时期,社会上对于货币政策调整的时机、通货膨胀是否出现、下一轮投资接力棒如何传递等焦点问题的看法出现分歧。因此,必须进一步统一认识,力争科学、准确地把握形势,使宏观调控向着更加有利于保持平稳增长、实现结构改善的目标发展。     

Twin-killing in some traditional societies: an economic perspective

Historically, some societies around the world killed newborn twins, though the practice was forsaken in the early twentieth century. Anthropologists have proposed different theses: (1) the delivery of twins occurred when the mother cheated on her husband, or committed a great sin, and killing the twins was the penalty, (2) twin-killing was done to assert that human beings were different from animals among which multiple births in the same delivery were seen, (3) twins brought a dilemma to the kinship structure of societies and to cope with it different rules were adopted, twin-killing being the extreme one, (4) twin-killing was a means to face resource stress. We argue that although those interpretations are useful, we can improve the understanding of that phenomenon by adding an identity economics model, where twins are a taboo. Identity economics helps us explain the persistence of the practice and its eventual decline. We make our case with examples from the Igbo of Nigeria.