FDI引入对中国就业效应分析

伴随着我国开放政策的深化和加入WTO,FDI的就业效应日趋成为学者们的重要研究课题。本文通过对FDI较为系统地分析,认识到FDI的就业效应更应该是一种间接和长远的效应,且其具有空间性和时间性特征。因此本文从FDI的关联性和长远的动态特征等方面对其就业效应进行分析。     

Cross-border spillover effects of unconventional monetary policies on Swiss asset prices

Unconventional monetary policies (UMPs) announced by the Federal Reserve, the European Central Bank, the Bank of England and the Bank of Japan exert important spillover effects on asset prices in Switzerland. Using a broad UMP event set and a long-term bond-futures based measure of market anticipation, we show that surprisingly expansionary UMPs lower Swiss government and corporate bond yields, induce the Swiss franc to appreciate, and dampen Swiss equity prices. Four extensions provide further insights. First, the estimated effects are strongest for announcements by the ECB. Second, the impact on government bonds is largest for bonds with residual maturities of 7–10 years. Third, the impact of foreign UMP shocks on exchange rates and Swiss bond yields is less pronounced after the introduction of the minimum rate of 1.20 Swiss franc per Euro by the Swiss National Bank on September 6, 2011, indicating that domestic monetary policy action partially affects the impact of external monetary shocks on domestic financial markets. Fourth, the sign of spillover effects differs for positive and negative UMP surprises, but their strength does not.     

Firm heterogeneity and immigrant wage assimilation

This article investigates the role of job mobility in immigrant wage assimilation. I use longitudinal linked employer–employee data for Portugal to estimate the immigrant wage catch-up in log wage regressions with both individual and firm fixed effects. I show that moving to firms with higher wage premiums accounts for approximately 30% of the immigrant wage catch-up in the first years.     

Country Differences in Material Deprivation in Europe

This paper assesses to what extent differences in the characteristics of individuals (micro‐level perspective) and country‐specific factors (macro‐level perspective) can explain country differences with respect to material deprivation levels. Thus, our work aims to simultaneously consider the macro dimension and the predominantly individually‐oriented study field of material deprivation using multilevel techniques. We make use of the European Union Statistics on Income and Living Conditions. Our results show that country‐specific factors seem to be much more relevant than individual effects in explaining country differences in material deprivation. We estimate that the introduction of country‐specific factors reduces the proportion of total variance due to between‐country differences in deprivation by 72.7 percent, while individual‐level variables reduce this proportion by only 9.4 percent. We also show, through interaction variables, that the effect of sociodemographic characteristics can be shaped by institutional and structural factors, especially by the level of GDP.     

Re-examining the economic determinants of alcohol consumption in Canada: controlling for the presence of common correlated effects

Alcoholic beverages represent both an important source of revenue and a driver of expenditure for provincial governments in Canada. As a result, the pricing of alcoholic beverages has substantial public policy implications. In this context, we re-examine existing work estimating the demand for three classes of alcoholic beverage (beer, wine, and spirits) by controlling for common correlated effects. The results reveal that any conclusions regarding the government’s ability to influence alcohol consumption is sensitive to the assumption that the relationship between the demand for alcoholic beverages and economic variables is identical across provinces.     

Platform selection by software developers: Theory and evidence

This paper analyzes platform selection (affiliation) by game developers in the Japanese home video game industry. We develop an elementary model of affiliation by software developers and propose the hypothesis that wider availability of game titles for a platform positively inclines game developers to affiliate with that platform when releasing new game titles. Then, using data for Japan, we estimate a multinomial logit model that includes both the attributes of game developers and the characteristics of platforms, and find evidence supporting this hypothesis. Overall, the findings suggest that game developers expect the indirect network effect to apply, and the prospect of future growth matters to them when deciding with which platform to affiliate.     

Wealth effects and agency costs

We analyze how the agent's initial wealth affects the principal's expected profits in the standard principal–agent model with moral hazard.We show that if the principal prefers a poorer agent for all specifications of action sets, probability distributions, and disutility of effort, then the agent's utility of income must exhibit a coefficient of absolute prudence less than three times the coefficient of absolute risk aversion for all levels of income, thus strengthening the sufficiency result of Thiele and Wambach (1999). Also, we prove that there is no condition on the agent's utility of income alone that will make the principal prefer richer agents. Moreover, we show that, for an interesting class of problems, the principal prefers a relatively poorer agent if agent's wealth is sufficiently large. Finally, we discuss how alternative ways of modeling the agent's outside option affects the principal's preferences for agent's wealth.     

Assessing impact of regulatory risk on shareholders’ wealth

Research indicates that regulatory risk increases required return on investment by investors and causes underinvestment in industries with high sunk costs. The effects of regulatory changes may be measured by estimating the abnormal returns associated with the event. The results may suggest to regulators what should be encouraged or avoided. This article utilizes a fixed effects regression to examine abnormal returns from changes in Philippine nationalization regulations. The results are consistent with extant literature. Supreme Court decisions, which increased uncertainty and regulatory risk, produced negative abnormal returns. The initial release of draft implementing rules did not produce statistically significant effects, but a succeeding draft favouring liberalization, produced positive abnormal returns.