Import Competition, Productivity, and Restructuring in UK Manufacturing

We discuss the literature on the importance of entry and exitfor raising productivity growth. Using micro data for the UKfor a period from 1980 to 2000, we find that the share of productivitygrowth accounted for by entry and exit has increased considerably:from around 25 per cent in the 1980s to around 50 per cent inthe 1990s. We then ask to what extent increased globalization—measuredas sectoral import penetration—might have explained thisand find effects from both globalization and information andcommunication technology.     

Portfolio efficiency of a dynamic capital asset pricing model

In the present study we show that, based on equally weighted portfolios of continuously listed Finnish and Swedish stocks, aDynamic Model of Capital Asset Pricing (DCAPM) outperforms the static Capital Asset Pricing Model (CAPM) in the Super Criterion Test. It is demonstrated that the portfolio efficiency of the dynamic model is improved, when using a properly defined transition matrix in the Kalman Filtering Algorithm.The advice and encouragement of Professor Leif Nordberg (Department of Statistics, Åbo Akademi University) is gratefully acknowledged. I thank Jaana Aaltonen for her assistance in monitoring the computer programs. I also thank an anonymous referee for his valuable comments and suggestions for improving the quality of the paper.     

Practical Problems with Reduced‐rank ML Estimators for Cointegration Parameters and a Simple Alternative*

Johansen's reduced‐rank maximum likelihood (ML) estimator for cointegration parameters in vector error correction models is known to produce occasional extreme outliers. Using a small monetary system and German data we illustrate the practical importance of this problem. We also consider an alternative generalized least squares (GLS) system estimator which has better properties in this respect. The two estimators are compared in a small simulation study. It is found that the GLS estimator can indeed be an attractive alternative to ML estimation of cointegration parameters.     

重新发现IT外包

IT业务外包已成为越来越普遍的现象,然而,企业从外包中获得好处的愿望能否成真?企业的商务环境是否发生了彻底变化?BCG专家经过研究认为,如果你对上述任一问题的答案是肯定的,那现在就到了你对上一次IT外包举措进行批判性审视的时候了。     

Distortions in world trade: Recent developments

The functioning of the world trading system is seriously distorted by a multitude of protectionist measures that impede a possible expansion in world trade and national product. Hans Joachim Hochstrate and Ralf Zeppernick analyse the latest developments against the background of the current Uruguay Round of GATT negotiations.     

Market-testing Healthcare: Managed Care, Market Evolution and the Search for Regulatory Principles

The growing costs of healthcare as a percentage of GDP in the industrial countries are causing considerable problems for these economies, but any attempt to change the existing healthcare system in any given country is usually accompanied by hefty political debate. A system needs to be found that rations healthcare efficiently and effectively, and which is also politically acceptable. The following article examines recent changes in the healthcare systems in the UK and USA and discusses the extent to which they meet these criteria.     

Rentenversicherung, Bev?lkerungsentwicklung und Kapitalmarktrendite – Eine Simulationsrechnung

How can the pension schemes be sustainably financed? This is an important issue particularly with regard to the demographic changes in many industrialized countries but also in other emerging economies such as China and India. In this paper, we use a macroeconomic model of overlapping generations to analyze the impacts of the demographic changes as well as the interactions between pension system, bond and stock markets. Furthermore, we examine how the pension system influences the distribution of wealth, consumption and saving within generations. We found out that an aging population will cause a drastic decline. Moreover, we examined which impacts on individuals?? welfare demographic changes can have for an existing pay-as-you-go pension scheme. An increase of pension age combined with a decrease of the contributions seems to be the best policy. On the other hand, increases in contributions as a result of demographic changes show the highest welfare losses.