Intra-industry trade in the European computers industry

Intra-Industry Trade in the European Computers Industry. —This paper analyzes the pattern of intra-industry trade in the European computers industry. Hypotheses regarding both country-specific and industry-specific factors are tested. Those include proxies for level of economic development, market size, market proximity, scale economies and market concentration. The problem of categorical aggregation is explicitly addressed and a method to overcome is suggested. The results of the econometric analysis corroborate the predictions of the theoretical models and their ability to identify at least some of the crucial factors driving to international specialization.     

International R&D Rivalry with Spillovers and Tariff Policies

This paper investigates the effects of R&D spillovers on the R&D choices of foreign exporters when the importing country adopts either uniform or discriminatory alternative tariff regimes. We show that the importing country should optimally choose a uniform tariff regime. A uniform tariff regime is also advantageous for foreign exporters if the R&D spillovers are sufficiently large. A comparison of free trade with the two tariff regimes reveals that there are some situations in which both the importing country and foreign exporters are better off under free trade, which supports trade liberalization.

MICRO AND SMALL ENTERPRISE GROWTH IN TURKEY: UNDER THE SHADOW OF FINANCIAL CRISIS

The present study analyzes the impacts of selected factors on the growth of micro and small enterprises (MSE) in Turkey. Using unique national field survey data on urban MSE that engage 1–49 persons, we present the determinants of MSE growth for the period between the start‐up of enterprises and the year 2000. We evaluate the impact of the financial crisis experienced in Turkey in 2001 on MSE. Detrimental effects of the crisis on MSE are clearly detected in our estimations. Some of the factors contributing to the growth of MSE lose their influence almost immediately during the crisis; indeed, the impact of some factors is reversed. Overall results reveal that there is much scope to design supportive policies for MSE to enable them to withstand the negative impacts of future crises, especially in emerging economies.     

Bailout uncertainty in a microfounded general equilibrium model of the financial system

This paper develops a micro-founded general equilibrium model of the financial system composed of ultimate borrowers, ultimate lenders and financial intermediaries. The model is used to investigate the impact of uncertainty about the likelihood of governmental bailouts on leverage, interest rates, the volume of defaults and the real economy. The distinction between risk and uncertainty is implemented by applying the multiple priors framework to beliefs about the probability of bailout.Results of the analysis include: (i) An unanticipated increase in bailout uncertainty raises interest rates, the volume of defaults in both the real and financial sectors and may lead to a total drying up of credit markets. (ii) Lower exante bailout uncertainty is conducive to higher leverage, which in turn raises moral hazard and makes the economy more vulnerable to expost increases in bailout uncertainty. (iii) Bailout uncertainty affects the likelihood of bubbles, the amplitude of booms and busts as well as the banking and the credit spreads. (iv) Higher bailout uncertainty is associated with higher returns’ variability in diversified portfolios and higher systemic risks, (v) Pre-crisis expansionary monetary policy reinforces those effects by inducing higher aggregate leverage levels. (vi) The larger the change in bailout uncertainty and the change in aversion to this uncertainty, the stronger the pre-crisis buildup and the deeper the ensuing crisis.A central policy implication of the analysis is that the vaguest is bailout policy prior to a crisis, the lower is the magnitude of investments destroyed or missed due to errors in evaluating bailout and other intervention policies. On the other hand, the clearer is bailout policy upon the eruption of a crisis, the smaller the contraction of credit and the destruction of investment activity.     

Teaching teenagers in finance: Does it work?

Many initiatives worldwide aim at improving financial literacy through targeted education programs, yet there is little evidence regarding their effectiveness. We examine the impact of a short financial education program on teenagers in German high schools. Our findings reveal that the training program significantly increases teenagers’ interest in financial matters and their financial knowledge, especially their ability to properly assess the riskiness of assets. Behaviorally, we observe a decrease in the prevalence of self-reported impulse purchases, but at the same time find no evidence of a significant increase in savings.     

The antecedents of digital collaboration through an enhanced digital platform for destination management: A micro-DMO perspective

While the tourism sector shifts towards digital transformation, Destination Management Organisations (DMOs) often struggle to adapt to their changing technological environment. This study explores the antecedents of digital collaboration and develops a framework for micro-DMOs to enhance effective destination management through digital technologies. An integrated sequential qualitative approach was adopted by conducting multi-phase interviews, in addition to designing and trialling a real-world trial digital platform. The research provides empirical evidence that digital collaboration is essential for micro-DMOs, necessitating them to transform their current “websites” into digital platforms which act as a hub for business stakeholders to actively be involved in. Antecedents of successful digital collaboration include mutuality, trust, control, and leadership which may be manifested differently from non-digital collaboration. Additionally, the study identifies three aspects for digital collaboration; marketing, networking and knowledge sharing that demands specific attention. Our results have theoretical, methodological, and practical implications for academia, industry and policymakers.     

浅析我国P2P网络借贷平台的问题与监管对策

P2P网络借贷是近年来在互联网金融创新大潮下新兴的行业,它在推进金融创新,促进普惠金融发展,拓宽居民投资渠道,增加居民收入,解决目前困扰我国中小企业融资难等问题方面具有巨大的促进作用,对推动我国的金融体制改革也起着一定的倒逼作用。然而,任何一个新事物出现的同时也会伴随产生相关的问题,P2P网络借贷也不例外。特别是近期以来,大量P2P网贷平台公司出现大量的负面事件,成为困扰该行业健康发展的重要问题。本文通过分析当前P2P网贷平台发展中存在的问题,提出旨在促进P2P网络借贷有序健康发展的四项举措。     

More on Middlemen: Equilibrium Entry and Efficiency in Intermediated Markets

This paper generalizes Rubinstein and Wolinsky's (1987) model of middlemen (intermediation) by incorporating production and search costs, plus more general matching and bargaining. This allows us to study many new issues, including entry, efficiency, and dynamics. In the benchmark model, equilibrium exists uniquely and involves production and intermediation for some parameters but not others. Sometimes intermediation is essential: the market operates if and only if middlemen are active. If bargaining powers are set correctly equilibrium is efficient; if not there can be too much or too little economic activity. This is novel, compared to the original Rubinstein–Wolinsky model, where equilibrium is always efficient.     

“2＋1”工学结合工作站管理顶岗实习“1”的模式初探——以常州机电职业技术学院“2＋1”工学结合为例

推行工学结合，加大高职大学生实习的力度，是贯彻国家教育方针、路线、政策的重要举措之一。常州机电职业技术学院实施“2＋1”工学结合工作站管理学生的顶岗实习，即承担三年制高职最后“1”的教学、教育、管理，作为一种模式，是一种探索，也是一种创新。     

R&D Spillovers for Public R&D Productivity

ABSTRACT

This paper empirically investigates whether the productivity of a public (government-funded) R&D project improves when the aggregate R&D investment in the same technology field increases. Based on the unique project level data that cover almost entire public R&D projects in Korea, this paper shows that aggregate investment in other public R&D projects in the same technology field increases a public R&D project’s outputs both independent of its project expenditure (additive spillover effects) and interactive with its project expenditure (multiplicative spillover effects). The spillover effects from the aggregate private R&D investment in the same technology field also exist, but to a much lesser extent.