Pub Date : 2010-02-01DOI: 10.5089/9781451962574.001
R. Bhattacharya, H. Wolde
In this paper we contribute to the empirical literature on growth in the MENA region by attempting to quantify the impact of the various constraints faced by local businesses highlighted by the World Bank’s Business Enterprise surveys. To the best of our knowledge this dataset has not been used in any empirical analysis looking at the main constraints on growth in the MENA region. Our empirical results suggest that the key direct constraints to growth in the MENA region are difficulties in access to finance, labor skill mismatches and shortages, and electricity constraints.
{"title":"Constraints on Growth in the MENA Region","authors":"R. Bhattacharya, H. Wolde","doi":"10.5089/9781451962574.001","DOIUrl":"https://doi.org/10.5089/9781451962574.001","url":null,"abstract":"In this paper we contribute to the empirical literature on growth in the MENA region by attempting to quantify the impact of the various constraints faced by local businesses highlighted by the World Bank’s Business Enterprise surveys. To the best of our knowledge this dataset has not been used in any empirical analysis looking at the main constraints on growth in the MENA region. Our empirical results suggest that the key direct constraints to growth in the MENA region are difficulties in access to finance, labor skill mismatches and shortages, and electricity constraints.","PeriodicalId":107878,"journal":{"name":"SRPN: Globalization (Sustainability) (Topic)","volume":"69 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123847265","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2010-01-18DOI: 10.1111/j.1467-9396.2009.00859.x
Jean‐Marie Cardebat, Patrice Cassagnard
This text presents a duopolistic North/South model where the Southern firm can choose to produce ethically or not and to lie or not about the real social quality of its production. The goods from the South are assumed to be ethically unsound (i.e. dubious social content) while those from the North ethically sound. We then study the consequences of monitoring ethics in the North on the nature (fair or unfair) and the volume of North–South trade. On the one hand, an increase in the probability of inspection of goods from the South leads to an increase in imports to the North from the South. This result goes against the idea that this kind of social monitoring is akin to a protectionist measure. On the other hand, if monitoring is large enough that leads the Southern firm to produce ethically and the trade to be fair.
{"title":"North South Trade and Supervision of the Social Quality of Goods from the South","authors":"Jean‐Marie Cardebat, Patrice Cassagnard","doi":"10.1111/j.1467-9396.2009.00859.x","DOIUrl":"https://doi.org/10.1111/j.1467-9396.2009.00859.x","url":null,"abstract":"This text presents a duopolistic North/South model where the Southern firm can choose to produce ethically or not and to lie or not about the real social quality of its production. The goods from the South are assumed to be ethically unsound (i.e. dubious social content) while those from the North ethically sound. We then study the consequences of monitoring ethics in the North on the nature (fair or unfair) and the volume of North–South trade. On the one hand, an increase in the probability of inspection of goods from the South leads to an increase in imports to the North from the South. This result goes against the idea that this kind of social monitoring is akin to a protectionist measure. On the other hand, if monitoring is large enough that leads the Southern firm to produce ethically and the trade to be fair.","PeriodicalId":107878,"journal":{"name":"SRPN: Globalization (Sustainability) (Topic)","volume":"128 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-01-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128201253","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Spanish Abstract: Las pequenas economias, como la peruana y chilena, se encuentran inmersas en la arena global de las economias emergentes, por lo que evaluarlas desde un punto de vista puramente local (homed based; Porter1990) seria un enfoque bastante limitado y poco util. Este hecho hace que el diamante nacional de Porter (1990) resulte, a todas luces, insuficiente para dicho proposito (Moon et al. 1998: 135). Este articulo analiza las economias mencionadas desde un enfoque mas global, que incluye tanto el mercado local como el extranjero; es decir, evaluarlo desde la perspectiva del doble diamante de la competitividad internacional propuesta por Moon et al. (1998), y Moon y Lee (2004: 138).English Abstract: Little economies, as the Peruvian and Chilean, are found immersed in the global sand of the emerging economies, so that to evaluate them from a home based point of view (Porter 1990) would be a very limited and not useful approach. This fact makes Porter’s national diamond (1990) to end up, not being enough for that objective (Moon et al. 1998: 135). This paper analyzes the mentioned economies from a global approach, which includes the local market and the foreign market, in other words, to evaluate them from the double diamond perspective of the international competitiveness proposed by Moon et al. (1998), and Moon and Lee (2004: 138).
摘要:像秘鲁和智利这样的小型经济体沉浸在新兴经济体的全球舞台中，因此从纯粹的本地角度来评估它们(以本土为基础;(Porter1990)将是一种相当有限和无用的方法。这使得波特的国家钻石(1990)显然不足以达到这一目的(Moon et al. 1998: 135)。本文从更全球化的角度分析了上述经济体，包括本地和国外市场;也就是说，从Moon等人(1998)和Moon和Lee(2004: 138)提出的国际竞争力双钻石的角度来评估它。英文摘要:像秘鲁和智利这样的小经济体被发现沉浸在新兴经济体的全球沙土中，因此从国内的角度对它们进行评估(Porter 1990年)将是一种非常有限且毫无用处的方法。这一事实使波特的《国家钻石》(1990)结束，不足以达到这一目标(Moon等人，1998:135)。本文从全球方法分析了上述经济体，其中包括本地市场和外国市场，换句话说，从Moon等人(1998)和Moon和Lee(2004: 138)提出的国际竞争力的双钻石视角对它们进行评估。
{"title":"Un Análisis Del Escenario Económico Del Perú Y Chile, Desde La Perspectiva Del Doble Diamante De La Competitividad Global (An Analysis of the Economic Scenario of Peru and Chile, from the Perspective of Global Competitiveness Double Diamond)","authors":"Jesús Peña-Vinces","doi":"10.2139/ssrn.2727794","DOIUrl":"https://doi.org/10.2139/ssrn.2727794","url":null,"abstract":"Spanish Abstract: Las pequenas economias, como la peruana y chilena, se encuentran inmersas en la arena global de las economias emergentes, por lo que evaluarlas desde un punto de vista puramente local (homed based; Porter1990) seria un enfoque bastante limitado y poco util. Este hecho hace que el diamante nacional de Porter (1990) resulte, a todas luces, insuficiente para dicho proposito (Moon et al. 1998: 135). Este articulo analiza las economias mencionadas desde un enfoque mas global, que incluye tanto el mercado local como el extranjero; es decir, evaluarlo desde la perspectiva del doble diamante de la competitividad internacional propuesta por Moon et al. (1998), y Moon y Lee (2004: 138).English Abstract: Little economies, as the Peruvian and Chilean, are found immersed in the global sand of the emerging economies, so that to evaluate them from a home based point of view (Porter 1990) would be a very limited and not useful approach. This fact makes Porter’s national diamond (1990) to end up, not being enough for that objective (Moon et al. 1998: 135). This paper analyzes the mentioned economies from a global approach, which includes the local market and the foreign market, in other words, to evaluate them from the double diamond perspective of the international competitiveness proposed by Moon et al. (1998), and Moon and Lee (2004: 138).","PeriodicalId":107878,"journal":{"name":"SRPN: Globalization (Sustainability) (Topic)","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115579370","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In this Research Bulletin, we take a look at the performance of the BRIC countries - Brazil, Russia, India, and China - in 2009. These equity markets have experienced significant gains since the start of the year. We decompose the performance of the MSCI indices for these markets using the Barra Global Equity Model (GEM2). While many investors often think of investing in BRICs as pure country plays, there may be significant industry biases that drive performance at certain times. Attribution using a factor model can help disentangle pure country, and industry and style effects so that investors can understand where performance is truly coming from. For BRICs, the country effect continues to dominate these markets, but other effects should not be ignored.
在这篇研究公报中，我们来看看金砖四国——巴西、俄罗斯、印度和中国——在2009年的表现。自今年年初以来，这些股市经历了大幅上涨。我们使用巴拉全球股票模型(Barra Global Equity Model, GEM2)对这些市场的MSCI指数进行了分解。虽然许多投资者通常认为投资金砖四国是纯粹的国家投资，但在某些时候，可能存在明显的行业偏见，从而推动业绩。使用因素模型的归因可以帮助理清纯粹的国家、行业和风格影响，这样投资者就可以了解业绩的真正来源。对于金砖四国来说，国家效应继续主导着这些市场，但其他影响也不应被忽视。
{"title":"The Bric Rebound in 2009: Sources of Return, October 2009","authors":"Msci Inc.","doi":"10.2139/ssrn.1509624","DOIUrl":"https://doi.org/10.2139/ssrn.1509624","url":null,"abstract":"In this Research Bulletin, we take a look at the performance of the BRIC countries - Brazil, Russia, India, and China - in 2009. These equity markets have experienced significant gains since the start of the year. We decompose the performance of the MSCI indices for these markets using the Barra Global Equity Model (GEM2). While many investors often think of investing in BRICs as pure country plays, there may be significant industry biases that drive performance at certain times. Attribution using a factor model can help disentangle pure country, and industry and style effects so that investors can understand where performance is truly coming from. For BRICs, the country effect continues to dominate these markets, but other effects should not be ignored.","PeriodicalId":107878,"journal":{"name":"SRPN: Globalization (Sustainability) (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127094326","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2009-05-29DOI: 10.1111/j.1467-9396.2011.00947.x
Jiandong Ju
Demographic differences, like young and elderly, and healthy and disabled, are summarized as consumers' heterogeneity in expenditure shares, and introduced into an otherwise standard HO model, together with income distribution in this paper. We prove that free trade may hurt consumers who spend more on the exporting good if the volume of trade is small, while redistributing more income to consumers who spend more on the exporting good may make everyone in the country better off. By contrast, redistributing more income to consumers who spend more on the importing good may make everyone in the country worse off.
{"title":"Consumer Heterogeneity, Free Trade, and the Welfare Impact of Income Redistribution","authors":"Jiandong Ju","doi":"10.1111/j.1467-9396.2011.00947.x","DOIUrl":"https://doi.org/10.1111/j.1467-9396.2011.00947.x","url":null,"abstract":"Demographic differences, like young and elderly, and healthy and disabled, are summarized as consumers' heterogeneity in expenditure shares, and introduced into an otherwise standard HO model, together with income distribution in this paper. We prove that free trade may hurt consumers who spend more on the exporting good if the volume of trade is small, while redistributing more income to consumers who spend more on the exporting good may make everyone in the country better off. By contrast, redistributing more income to consumers who spend more on the importing good may make everyone in the country worse off.","PeriodicalId":107878,"journal":{"name":"SRPN: Globalization (Sustainability) (Topic)","volume":"70 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-05-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128880677","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2009-04-27DOI: 10.1111/j.1467-9361.2009.00509.x
Wolf-Heimo Grieben
The interaction between increased Southern trade integration (globalization) and labor market frictions is analyzed in a dynamic general-equilibrium North–South nonscale growth model with endogenous Northern innovation and endogenous Southern imitation. The qualitative employment, growth, and relative-wage effects of globalization are shown to depend crucially on the degree of Northern labor market frictions. I demonstrate that only Northern countries with particularly large labor market adjustment costs for both firms and workers benefit from globalization in terms of permanently lower unemployment, temporarily faster growth, and permanently higher wages. This is because of the resulting general-equilibrium feedback effects of Northern labor market frictions that deter Southern imitation incentives. The result does not imply the recommendation to increase Northern labor market rigidities, but it challenges the common belief that labor market flexibility helps Northern countries to better adjust to the “globalization threat” coming from the South.
{"title":"Can Countries with Severe Labor Market Frictions Gain from Globalization?","authors":"Wolf-Heimo Grieben","doi":"10.1111/j.1467-9361.2009.00509.x","DOIUrl":"https://doi.org/10.1111/j.1467-9361.2009.00509.x","url":null,"abstract":"The interaction between increased Southern trade integration (globalization) and labor market frictions is analyzed in a dynamic general-equilibrium North–South nonscale growth model with endogenous Northern innovation and endogenous Southern imitation. The qualitative employment, growth, and relative-wage effects of globalization are shown to depend crucially on the degree of Northern labor market frictions. I demonstrate that only Northern countries with particularly large labor market adjustment costs for both firms and workers benefit from globalization in terms of permanently lower unemployment, temporarily faster growth, and permanently higher wages. This is because of the resulting general-equilibrium feedback effects of Northern labor market frictions that deter Southern imitation incentives. The result does not imply the recommendation to increase Northern labor market rigidities, but it challenges the common belief that labor market flexibility helps Northern countries to better adjust to the “globalization threat” coming from the South.","PeriodicalId":107878,"journal":{"name":"SRPN: Globalization (Sustainability) (Topic)","volume":"111 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-04-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126870425","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2009-02-01DOI: 10.1111/j.1468-0106.2009.00453.x
M. Dooley, D. Folkerts-Landau, Peter M. Garber
In this paper we argue that net capital inflows to the United States did not cause the financial crisis that now engulfs the world economy. A crisis caused by such flows has been widely predicted but that crisis has not occurred. Indeed, the international monetary system still operates in the way described by the Bretton Woods II framework and is likely to continue to do so. Failure to properly identify the causes of the current crisis risks a rise in protectionism that could intensify and prolong the decline in economic activity around the world.
{"title":"Bretton Woods II Still Defines the International Monetary System","authors":"M. Dooley, D. Folkerts-Landau, Peter M. Garber","doi":"10.1111/j.1468-0106.2009.00453.x","DOIUrl":"https://doi.org/10.1111/j.1468-0106.2009.00453.x","url":null,"abstract":"In this paper we argue that net capital inflows to the United States did not cause the financial crisis that now engulfs the world economy. A crisis caused by such flows has been widely predicted but that crisis has not occurred. Indeed, the international monetary system still operates in the way described by the Bretton Woods II framework and is likely to continue to do so. Failure to properly identify the causes of the current crisis risks a rise in protectionism that could intensify and prolong the decline in economic activity around the world.","PeriodicalId":107878,"journal":{"name":"SRPN: Globalization (Sustainability) (Topic)","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127426332","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Globalization has created opportunities for major businesses to roam the world and shop for regulation conductive to their interests. Major auditing firms are no exception and have used offshore financial centres to dilute their liability. This chapter provides a case study to show that major firms used their political and financial resources to craft Limited Liability Partnership law in Jersey. This was done at a time when the UK government was reluctant to grant further liability concessions to auditors. The firms subsequently used the Jersey scenario to exert pressure upon the UK government and secure liability concessions.
{"title":"All Offshore - The Sprat, the Mackeral, Accounting Firms and the State in Globalization","authors":"P. Sikka, H. Willmott","doi":"10.2139/SSRN.1304599","DOIUrl":"https://doi.org/10.2139/SSRN.1304599","url":null,"abstract":"Globalization has created opportunities for major businesses to roam the world and shop for regulation conductive to their interests. Major auditing firms are no exception and have used offshore financial centres to dilute their liability. This chapter provides a case study to show that major firms used their political and financial resources to craft Limited Liability Partnership law in Jersey. This was done at a time when the UK government was reluctant to grant further liability concessions to auditors. The firms subsequently used the Jersey scenario to exert pressure upon the UK government and secure liability concessions.","PeriodicalId":107878,"journal":{"name":"SRPN: Globalization (Sustainability) (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-11-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130774381","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper analyzes the Emergency Economic Stability Act of 2008 (the "TARP Act") and related government actions in support of the U.S. financial system during the financial crisis of 2008. It includes a chronology of events leading to enactment of the Act and examines early actions by the Treasury to implement the Act's provisions.This paper also examines actions taken by the Federal Reserve, Treasury, and FDIC using their existing powers to resolve failing institutions, establish liquidity facilities, adopt enhanced deposit insurance and bank debt guarantees, and implement a guarantee program for money market funds, among other actions. This paper concludes that the TARP Act was not necessary in light of actions taken by the Federal Reserve, Treasury, and FDIC under their existing powers and that confusion and ambivalence in the Congressional process of enacting the TARP Act may have added to the severity of the financial crisis.
{"title":"The Emergency Economic Stabilization Act of 2008 and Related Government Actions in Support of the U.S. Financial System","authors":"Melanie L. Fein","doi":"10.2139/ssrn.1662545","DOIUrl":"https://doi.org/10.2139/ssrn.1662545","url":null,"abstract":"This paper analyzes the Emergency Economic Stability Act of 2008 (the \"TARP Act\") and related government actions in support of the U.S. financial system during the financial crisis of 2008. It includes a chronology of events leading to enactment of the Act and examines early actions by the Treasury to implement the Act's provisions.This paper also examines actions taken by the Federal Reserve, Treasury, and FDIC using their existing powers to resolve failing institutions, establish liquidity facilities, adopt enhanced deposit insurance and bank debt guarantees, and implement a guarantee program for money market funds, among other actions. This paper concludes that the TARP Act was not necessary in light of actions taken by the Federal Reserve, Treasury, and FDIC under their existing powers and that confusion and ambivalence in the Congressional process of enacting the TARP Act may have added to the severity of the financial crisis.","PeriodicalId":107878,"journal":{"name":"SRPN: Globalization (Sustainability) (Topic)","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-11-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121373772","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper provides an in-depth analysis of the Emergency Economic Stabilization Act of 2008 and related government actions to stabilize the financial system during the financial crisis of 2008.
{"title":"The Emergency Economic Stabilization Act of 2008: Was It Necessary?","authors":"Melanie L. Fein","doi":"10.2139/SSRN.1647094","DOIUrl":"https://doi.org/10.2139/SSRN.1647094","url":null,"abstract":"This paper provides an in-depth analysis of the Emergency Economic Stabilization Act of 2008 and related government actions to stabilize the financial system during the financial crisis of 2008.","PeriodicalId":107878,"journal":{"name":"SRPN: Globalization (Sustainability) (Topic)","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122166304","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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