Template-Type: ReDIF-Article 1.0
Author-Name: J. S. L. McCombie 
Author-X-Name-First: J. S. L. 
Author-X-Name-Last: McCombie 
Author-Name: A. P. Thirlwall 
Author-X-Name-First: A. P. 
Author-X-Name-Last: Thirlwall 
Title: The Dynamic Harrod Foreign Trade Multiplier and the Demand-orientated Approach to Economic Growth: an Evaluation 
Abstract:
  This paper puts forward a demand-orientated model of economic growth, as
 an alternative to the supply-orientated approach of neoclassical theory,
 and evaluates the extensive research testing the dynamic Harrod trade
 multiplier model developed by Thirlwall and extended by McCombie. It is
 critical of the continued dismissal of demand constraints as an
 explanation of inter-country growth rate differences in the models of
 McGregor & Swales, Crafts, Krugman, etc., and in the 'new' growth theory
 literature, although it is sympathetic to the rehabilitation of the role
 increasing returns for an understanding of cumulative processes which make
 for divisions in the world economy. 
Journal: International Review of Applied Economics 
Pages: 5-26 
Issue: 1 
Volume: 11 
Year: 1997 
X-DOI: 10.1080/02692179700000001 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692179700000001
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:11:y:1997:i:1:p:5-26




Template-Type: ReDIF-Article 1.0
Author-Name: Don Goldstein 
Author-X-Name-First: Don 
Author-X-Name-Last: Goldstein 
Title: Financial Structure and Corporate Behavior in Japan and the US: insulation versus integration with speculative pressures 
Abstract:
  This paper examines the impact of speculative financial markets on
 corporate behavior under the Japanese and US financial systems. While both
 countries experienced speculative financial booms during the 1980s, real
 sector corporate decision making was relatively insulated from such
 activity in Japan by its bifurcated capital markets: high-turnover trading
 of much equity coexists with another segment in which large blocks of
 firms equity and debt are held long term, by capital suppliers who are
 strategic business allies. In the American system, in contrast, fluid and
 impersonal stock trading leaves firms vulnerable to the impact of short
 term price movements. This avenue for speculative financial market
 pressures has militated toward reduced time horizons and financial
 ratio-based decision criteria in the US corporate sector. The main
 implication is that mechanisms must be found for insulating American
 corporate decision making from speculative pressures. Rather than
 attempting to mimic the undemocratic role played by banks and other
 buysiness insiders in Japan, US policy makers should achieve a similar
 insulating effect by vesting more power in corporate constituences other
 than shareholders&#x2014;especially employees. An approach built around
 'democratic stakeholder governance' is proposed. 
Journal: International Review of Applied Economics 
Pages: 27-48 
Issue: 1 
Volume: 11 
Year: 1997 
X-DOI: 10.1080/02692179700000002 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692179700000002
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:11:y:1997:i:1:p:27-48




Template-Type: ReDIF-Article 1.0
Author-Name: Behzad Yaghmaian 
Author-X-Name-First: Behzad 
Author-X-Name-Last: Yaghmaian 
Title: Industrialization and Developing Countries' Indebtedness: A Theoretical and Empirical analysis 
Abstract:
  The following paper is a theoretical and empirical study of the
 determinants of international indebtedness of developing countries. I will
 argue that indebtedness is a divelopment determined phenomenon and an
 intrinsic tendency of capitalist development during the stage of the
 internationalization of productive capital. Different levels of
 indebtedness by developing countries can be explained by their stage of
 development and their position in the international division of labor.
 Developing country indebtedness universally increases during the phase of
 import substutution industrialization (corresponding to the early phase in
 the internationalization of production). Indebtedness continues to grow in
 countries exteriencing export-led industrialization, while the rate of
 grewth declines in countries at a higher stage of this phase. 
Journal: International Review of Applied Economics 
Pages: 49-64 
Issue: 1 
Volume: 11 
Year: 1997 
X-DOI: 10.1080/02692179700000003 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692179700000003
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:11:y:1997:i:1:p:49-64




Template-Type: ReDIF-Article 1.0
Author-Name: Pilar Fajarnes 
Author-X-Name-First: Pilar 
Author-X-Name-Last: Fajarnes 
Author-Name: M. Thea Sinclair 
Author-X-Name-First: M. Thea 
Author-X-Name-Last: Sinclair 
Title: Trade Effects of European Union Enlargement: an ex post model of trade between Spain and Latin America 
Abstract:
  Past research on European Union (EU) Enlargement has tended to neglect
 the effects on trade with non-preferred trading partners. This paper
 examines the consequences of EU enlargement on trade between Spain and the
 Latin American countries with which it has traditional economic and
 cultural ties. An import demand functions model was estimated for the
 period 1964-93. The country-level results showed that Spanish accession to
 the EU only had large adverse effects on its imports from Argentina. The
 results for non-agricultural products indicated a general absence of
 negative effects on Spanish imports. The aggregate results from the ex
 post model provide support for some, but not all, of the ex ante
 predictions of previous studies. 
Journal: International Review of Applied Economics 
Pages: 65-89 
Issue: 1 
Volume: 11 
Year: 1997 
X-DOI: 10.1080/02692179700000004 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692179700000004
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:11:y:1997:i:1:p:65-89




Template-Type: ReDIF-Article 1.0
Author-Name: Subrata Ghatak 
Author-X-Name-First: Subrata 
Author-X-Name-Last: Ghatak 
Author-Name: Barbara Roberts 
Author-X-Name-First: Barbara 
Author-X-Name-Last: Roberts 
Title: Linkages and Industrial Policy for Eastern Europe 
Abstract:
  It is argued that insustrial policy for Eastern Europe is needed in order
 to reduce the social cost of transition. The industrial policy suggestes
 is based on unbalanced growth focused on key sectors that, according to
 linkage analysis, influence the economy more than other sector. An attempt
 should be made to increase efficency in key sectors, either by new
 investment or by closing down inefficient enterprises. This strategy could
 be adopted temporarily, gradually to move away from the existing structure
 of the economy rather than to reinforce it. In order to illustrate the
 potential of such an industrial policy, a sector-specific approach has
 been simulated for Poland using a compuable general equilibuium (CGE)
 model. The simulation results have shown that macroenonomic performance,
 measured by output, employment and funds available for invesment, is much
 better when industrial policy has been concentrated on a key sector. 
Journal: International Review of Applied Economics 
Pages: 91-104 
Issue: 1 
Volume: 11 
Year: 1997 
X-DOI: 10.1080/02692179700000005 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692179700000005
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:11:y:1997:i:1:p:91-104




Template-Type: ReDIF-Article 1.0
Author-Name: Ronald Schettkat 
Author-X-Name-First: Ronald 
Author-X-Name-Last: Schettkat 
Title: Employment Protection and Labour Mobility in Europe: an empirical analysis using the EU's labour force survey 
Abstract:
  Does dismissal protection stabilise employment contracts? This study
 analyses whether the different dismissal laws in the EU countries have an
 impact on employment stablitiy or, to put it the other way around, whether
 worker mobility is higher in less regulated labour markets. The paper
 first discusses the national dismissal laws and some methodological issues
 and then presents an econometric anaylsis of data from the EU's labour
 force survey. The study concludes that national regulations have an impact
 on employment stability but that industry-specific variables and the
 macroeconomic situaion are also important. 
Journal: International Review of Applied Economics 
Pages: 105-118 
Issue: 1 
Volume: 11 
Year: 1997 
X-DOI: 10.1080/02692179700000006 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692179700000006
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:11:y:1997:i:1:p:105-118




Template-Type: ReDIF-Article 1.0
Author-Name: A. P. Dickerson 
Author-X-Name-First: A. P. 
Author-X-Name-Last: Dickerson 
Author-Name: P. A. Geroski 
Author-X-Name-First: P. A. 
Author-X-Name-Last: Geroski 
Author-Name: K. G. Knight 
Author-X-Name-First: K. G. 
Author-X-Name-Last: Knight 
Title: Productivity, Efficiency and Strike Activity 
Abstract:
  The economic impact of unions has received increasing attention in the
 literature. However, the channels through which unions impinge on
 performance are seldom identified. This paper examines the impact of
 industrial conflict on output and factor productivity in a panel of
 British manufacturing industries for the 1970s. Production frontiers
 augmented by various dimensions of strike activity are estimated and
 strikes are found to have a negligible net impact on output. Furthermore,
 while there is some weak evidence to suggest that union presence adversely
 affects (relative) efficiency, this effect is not derived from higher
 levels of strike activity. 
Journal: International Review of Applied Economics 
Pages: 119-134 
Issue: 1 
Volume: 11 
Year: 1997 
X-DOI: 10.1080/02692179700000007 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692179700000007
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:11:y:1997:i:1:p:119-134




Template-Type: ReDIF-Article 1.0
Author-Name: Stefan Szymanski 
Author-X-Name-First: Stefan 
Author-X-Name-Last: Szymanski 
Author-Name: Ron Smith 
Author-X-Name-First: Ron 
Author-X-Name-Last: Smith 
Title: The English Football Industry: profit, performance and industrial structure 
Abstract:
  The English (Association) Football League is a long established
 industrial cartel selling a highly popular product with only imperfect
 substitutes. Despite that, the majority of its member clubs lose money and
 the industry has faced successive financial crises over the last decade.
 This paper develops an empirical model of the financial performance of
 English League clubs using a high quality dataset of 48 clubs over the
 period 1974-89. The underlying model explains how rents are competed away
 through the maximising behaviour of club owners subject to production
 constraints. This model is parameterised by a system of equations which
 describe the behaviour of a maximising owner subject to demand and
 production constraints. The model is then used to examine the coordination
 failure which lies at the heart of the English Football League's decline
 and to assess the prospects for the Premier League. 
Journal: International Review of Applied Economics 
Pages: 135-153 
Issue: 1 
Volume: 11 
Year: 1997 
X-DOI: 10.1080/02692179700000008 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692179700000008
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:11:y:1997:i:1:p:135-153




Template-Type: ReDIF-Article 1.0
Author-Name: Maura Sheehan 
Author-X-Name-First: Maura 
Author-X-Name-Last: Sheehan 
Title: Costly Inequalities 
Abstract:
Journal: International Review of Applied Economics 
Pages: 155-158 
Issue: 1 
Volume: 11 
Year: 1997 
X-DOI: 10.1080/02692179700000009 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692179700000009
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:11:y:1997:i:1:p:155-158




Template-Type: ReDIF-Article 1.0
Author-Name: Evan Gilbert 
Author-X-Name-First: Evan 
Author-X-Name-Last: Gilbert 
Title: Uncertainty and Economics 
Abstract:
Journal: International Review of Applied Economics 
Pages: 159-163 
Issue: 1 
Volume: 11 
Year: 1997 
X-DOI: 10.1080/02692179700000010 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692179700000010
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:11:y:1997:i:1:p:159-163




Template-Type: ReDIF-Article 1.0
Author-Name: John Grieve Smith 
Author-X-Name-First: John Grieve 
Author-X-Name-Last: Smith 
Title: Full Employment Abandoned 
Abstract:
Journal: International Review of Applied Economics 
Pages: 165-168 
Issue: 1 
Volume: 11 
Year: 1997 
X-DOI: 10.1080/02692179700000011 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692179700000011
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:11:y:1997:i:1:p:165-168




Template-Type: ReDIF-Article 1.0
Author-Name: Bart Verspagen 
Author-X-Name-First: Bart 
Author-X-Name-Last: Verspagen 
Author-Name: Katharine Wakelin 
Author-X-Name-First: Katharine 
Author-X-Name-Last: Wakelin 
Title: Trade and Technology from a Schumpeterian Perspective 
Abstract:
  This paper attempts to implement empirically a Schumpeterian model of
 international trade. After briefly discussing the literature on trade and
 technology, we formulate a model in which 'real' factors such as R&D
 expenditures, investment and wage costs have an impact on bilateral trade
 flows between advanced economies. We also take into account the effect of
 exchange rate differences. The model is empirically estimated on sectoral
 data for nine OECD countries. We find that what determines competitiveness
 differs by sector. In many sectors, either R&D expenditures or wage costs
 are important. The results for investment indicate a weaker role.
 Consistent with the Marshall-Lerner logic, we find that the sign of
 exchange rate changes varies by sector. We conclude the paper by a
 discussion of the relevance of the results for 'technology-based' theories
 of international trade. 
Journal: International Review of Applied Economics 
Pages: 181-194 
Issue: 2 
Volume: 11 
Year: 1997 
X-DOI: 10.1080/02692179700000012 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692179700000012
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:11:y:1997:i:2:p:181-194




Template-Type: ReDIF-Article 1.0
Author-Name: Janis Kapler 
Author-X-Name-First: Janis 
Author-X-Name-Last: Kapler 
Title: The Theory of Transnational Firms: an empirical reassessment 
Abstract:
  Theories of the transnational firm that stress the profit advantages of
 international operations in high-technology industries with high entry
 barriers are not supported for a sample of US-based transnational and
 domestic firms from Standard & Poor's Compustat database. Replacing the
 accounting-based profit rate with a measure of economic rate of return,
 designed to better assess enterprise performance, yields no significant
 difference in returns to transnational and domestic firms in
 high-technology manufacturing. Transnational firms do experience profit
 advantages over domestic firms in the less innovative industries, but this
 pattern does not fit the theories stressing advantages accuring from
 intangible assets, entry barriers, and technological accumulation. 
Journal: International Review of Applied Economics 
Pages: 195-211 
Issue: 2 
Volume: 11 
Year: 1997 
X-DOI: 10.1080/02692179700000013 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692179700000013
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:11:y:1997:i:2:p:195-211




Template-Type: ReDIF-Article 1.0
Author-Name: David Cobham 
Author-X-Name-First: David 
Author-X-Name-Last: Cobham 
Title: Inevitable Disappointment? The ERM as the framework for UK monetary policy 1990-92 
Abstract:
  The UK entered the ERM in October 1990 in search of an alternative policy
 framework and nominal discipline to monetary targets, but entry was
 dominated by short term considerations and the constraints implied by
 membership were not properly understood. The UK left the ERM in September
 1992 after the failure of a high-risk strategy resulting from the
 authorities' refusal to accept the constraints imposed by the ERM in that
 period. Thus, the crisis of Black Wednesday should be seen as the almost
 inevitable result of the failure of the UK monetary authorities to
 understand either the full benefits and costs involved in membership of
 the ERM, or how their own behaviour needed to be modified for membership
 to be sustained. 
Journal: International Review of Applied Economics 
Pages: 213-228 
Issue: 2 
Volume: 11 
Year: 1997 
X-DOI: 10.1080/02692179700000014 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692179700000014
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:11:y:1997:i:2:p:213-228




Template-Type: ReDIF-Article 1.0
Author-Name: Douglas Orr 
Author-X-Name-First: Douglas 
Author-X-Name-Last: Orr 
Title: An Index of Segmentation in Local Labour Markets 
Abstract:
  This study tests for the existence of labour market segmentation by
 exploiting the variation in industrial structure across 59 labour market
 areas, as defined by MSAs. By creating an index of the relative
 explanatory power of standard and segmented earnings function models for
 each area, empirical evidence supports the hypothesis that segmentation
 exists and that the index reflects the degree of segmentation in local
 labour market areas. 
Journal: International Review of Applied Economics 
Pages: 229-247 
Issue: 2 
Volume: 11 
Year: 1997 
X-DOI: 10.1080/02692179700000015 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692179700000015
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:11:y:1997:i:2:p:229-247




Template-Type: ReDIF-Article 1.0
Author-Name: Trish Kelly 
Author-X-Name-First: Trish 
Author-X-Name-Last: Kelly 
Title: Public Investment and Growth: testing the non-linearity hypothesis 
Abstract:
  This article explores the relationship between public investment and
 growth among 56 low and middle income nations during the 1980s. The
 theoretical grwoth iterature emphasizes that initial increments of public
 capital raise growth but, at some point, additional increments of public
 capital inevitably reduce growth by creating distortions in the private
 sector. Despite the provalence of the non-linearity hypothesis, the
 article undertakes the first econometric test of the hypothesized
 non-linear relationship between public investment and growth. The
 article's econometric analysis does not support the public investment
 non-linearity hypothesis. The article concludes that crowding out concerns
 may have been overstated in the literature. 
Journal: International Review of Applied Economics 
Pages: 249-262 
Issue: 2 
Volume: 11 
Year: 1997 
X-DOI: 10.1080/02692179700000016 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692179700000016
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:11:y:1997:i:2:p:249-262




Template-Type: ReDIF-Article 1.0
Author-Name: Norma Heaton 
Author-X-Name-First: Norma 
Author-X-Name-Last: Heaton 
Author-Name: Paul Teague 
Author-X-Name-First: Paul 
Author-X-Name-Last: Teague 
Title: Towards Fair Employment in Northern Ireland? 
Abstract:
  Claims of labour market discrimination against Catholics run to the heart
 of the Northern Ireland conflict. This paper assesses British Government
 led moves to promote fair employment in the region. It argues that initial
 policies to promote labour market balance were weak and ineffectual but
 that since 1989 a meaningful antidiscrimination institutional regime has
 been put in place. However, underlying economic and social conditions are
 not favourable to a big institutional push toward fair employment. Thus
 the quest to end Catholic disadvantage in the labour market is caught
 between a positive institutional regime and negative ground level
 circumstances. The paper concludes that the unpredictable outcome of this
 tension will be better managed in conditions of peace. 
Journal: International Review of Applied Economics 
Pages: 263-285 
Issue: 2 
Volume: 11 
Year: 1997 
X-DOI: 10.1080/02692179700000017 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692179700000017
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:11:y:1997:i:2:p:263-285




Template-Type: ReDIF-Article 1.0
Author-Name: ErtuGrul Tokdemir 
Author-X-Name-First: ErtuGrul 
Author-X-Name-Last: Tokdemir 
Author-Name: Gulay Gunluk-Senesen 
Author-X-Name-First: Gulay 
Author-X-Name-Last: Gunluk-Senesen 
Title: Does Liberalization Reduce Foreign Trade Data Discrepancies? Counterevidence from Turkey, 1970-91 
Abstract:
  This paper questions the impact of protectionist and liberal trade
 policies on foreign trade data discrepancies. Official records of Turkish
 exports and imports data are compared with data of the major partner
 countries (OECD, Germany, USA, Italy, Switzerland, France, UK, Benelux)
 for the period 1970-91. An analysis of detailed data reveals that the
 patterns of discrepancies are not common to all countries in the pre- and
 post-liberal years (i.e. before and after 1980). Hence, the Turkish case
 does not provide full support for the expectation that faked invoicing
 disappears with the liberalization of the trade regime. In addition,
 Switzerland emerges as a very exceptional trade partner, as compared with
 other partners, for both imports and exports. Turkey's exports to
 Switzerland are overinvoiced up to 700% until 1985, the rate of
 overinvoicing decreases to 200% after then. On the other hand, imports
 from Switzerland are overinvoiced up to 250% until again 1985.
 Overinvoicing of imports disappears in the wake of 1983 December measures.
 A comparison of imports and exports data of Switzerland with data of the
 above stated countries reveals that Turkey is also an exceptional partner
 for Switzerland. The patterns of discrepancies in foreign trade data might
 be closely related to capital transactions, noting that Switzerland offers
 the world favourable conditions for financial transactions. We also note
 that general patterns can be related to those of some specific commodities
 which might act as a means of transferring capital because the details of
 the trade regime regulations concerning them can be easily identified.
 Yet, generally speaking, the consequences of policy implementations do not
 straightforwardly match with expectations. 
Journal: International Review of Applied Economics 
Pages: 287-302 
Issue: 2 
Volume: 11 
Year: 1997 
X-DOI: 10.1080/02692179700000018 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692179700000018
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:11:y:1997:i:2:p:287-302




Template-Type: ReDIF-Article 1.0
Author-Name: Daniele Archibugi 
Author-X-Name-First: Daniele 
Author-X-Name-Last: Archibugi 
Title: The Economics of Innovation and Technological Change: two handbooks and two masters 
Abstract:
Journal: International Review of Applied Economics 
Pages: 303-309 
Issue: 2 
Volume: 11 
Year: 1997 
X-DOI: 10.1080/02692179700000019 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692179700000019
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:11:y:1997:i:2:p:303-309




Template-Type: ReDIF-Article 1.0
Author-Name: Steven Pressman 
Author-X-Name-First: Steven 
Author-X-Name-Last: Pressman 
Title: Seeking the Causes of Slow Productivity Growth and Rising Inequality in the US 
Abstract:
Journal: International Review of Applied Economics 
Pages: 311-314 
Issue: 2 
Volume: 11 
Year: 1997 
X-DOI: 10.1080/02692179700000020 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692179700000020
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:11:y:1997:i:2:p:311-314




Template-Type: ReDIF-Article 1.0
Author-Name: John Grieve Smith 
Author-X-Name-First: John Grieve 
Author-X-Name-Last: Smith 
Title: Global Free Trade: is there an alternative? 
Abstract:
Journal: International Review of Applied Economics 
Pages: 315-319 
Issue: 2 
Volume: 11 
Year: 1997 
X-DOI: 10.1080/02692179700000021 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692179700000021
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:11:y:1997:i:2:p:315-319




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Dalziel 
Author-X-Name-First: Paul 
Author-X-Name-Last: Dalziel 
Title: The Other Side of New Zealand's Economic Reforms 
Abstract:
Journal: International Review of Applied Economics 
Pages: 321-325 
Issue: 2 
Volume: 11 
Year: 1997 
X-DOI: 10.1080/02692179700000022 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692179700000022
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:11:y:1997:i:2:p:321-325




Template-Type: ReDIF-Article 1.0
Author-Name: Rossana Galli 
Author-X-Name-First: Rossana 
Author-X-Name-Last: Galli 
Title: Is There Long Run Industrial Convergence in Europe? 
Abstract:
  This paper examines whether convergence is occurring at the industry
 level in 11 EU countries from 1960 to 1993. Both time series and
 non-parametric (&#x3c3;-convergence) methods are applied. Using time
 series analysis we test whether there is within sector convergence towards
 a common steady state. Although we adopt a very flexible definition of
 steady state, allowing for two stochastic trends, given by the
 sector-specific technology and by the country-specific characteristics, as
 well as a time trend, we find very little evidence for convergence.
 Results indicate that the deviation of the national trends from the
 European average trend are persistent, and that EU countries do not
 respond to the same long run driving processes, but only to the same short
 run shocks. From &#x3c3;-convergence analysis we find that convergence in
 aggregate productivity does not hold uniformly at the industry level: some
 sectors, such as communications, distribution and non-market services,
 present strong evidence of convergence, and some others, mainly
 manufactures, show substantial divergence. However, interestingly, we find
 that productivity was strongly converging within all sectors in 1960-73,
 whereas it shows a general tendency to diverge after 1985. We interpret
 the switch from convergence to divergence as the effect of a process of
 radical change, driven by information technologies, affecting all
 industries in the last two decades. We arrive at the general conclusion
 that convergence is not an inevitable process, but rather a cyclical
 phenomenon alternating with divergence. 
Journal: International Review of Applied Economics 
Pages: 333-368 
Issue: 3 
Volume: 11 
Year: 1997 
X-DOI: 10.1080/02692179700000023 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692179700000023
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:11:y:1997:i:3:p:333-368




Template-Type: ReDIF-Article 1.0
Author-Name: Lars Lundberg 
Author-X-Name-First: Lars 
Author-X-Name-Last: Lundberg 
Author-Name: Par Wiker 
Author-X-Name-First: Par 
Author-X-Name-Last: Wiker 
Title: Skilled Labour and International Specialisation in OECD Countries 
Abstract:
  Human capital and skilled labour are likely to become increasingly
 important determinants of industrial localisation. This paper calculates
 the factor content&#x2014;the services of skilled labour, classified by
 level of education, embodied in trade in manufactures&#x2014;for a sample
 of OECD countries in 1970-85. USA and Japan show a strong 'revealed
 comparative advantage' in human capital intensive production. In general,
 OECD countries where highly educated labour is abundant tend to specialise
 in and export skill intensive goods. Changes in the ranking with respect
 to specialisation in skill intensive goods, in particular the strong
 improvement of Japans' position, seem to be linked to different rates of
 accumulation of human capital. 
Journal: International Review of Applied Economics 
Pages: 369-385 
Issue: 3 
Volume: 11 
Year: 1997 
X-DOI: 10.1080/02692179700000024 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692179700000024
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:11:y:1997:i:3:p:369-385




Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Palley 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Palley 
Title: Does Inflation Grease the Wheels of Adjustment? New evidence from the US economy 
Abstract:
  This paper presents a new interpretation of the Phillips curve that rests
 on the process of nominal wage adjustment in a multi-sector economy.
 Nominal demand growth causes inflation in sectors with full employment,
 but it speeds up the process of employment creation in sectors with
 unemployment. As a result, demand-pull inflation is associated with both a
 reduction in the duration of unemployment and the economy wide average
 rate of unemployment. The paper provides empirical evidence from the US
 economy consistent with this claim. 
Journal: International Review of Applied Economics 
Pages: 387-398 
Issue: 3 
Volume: 11 
Year: 1997 
X-DOI: 10.1080/02692179700000025 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692179700000025
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:11:y:1997:i:3:p:387-398




Template-Type: ReDIF-Article 1.0
Author-Name: Robert Scott 
Author-X-Name-First: Robert 
Author-X-Name-Last: Scott 
Author-Name: Robert Blecker 
Author-X-Name-First: Robert 
Author-X-Name-Last: Blecker 
Title: Labour Rents, Adjustment Costs and the Cost of US Steel Trade Restraints in the 1980s 
Abstract:
  Recent studies have compared labour gains from protection in
 import-competing industries with the costs of protection and found that
 those gains are not large enough to justify trade restraints. This study
 utilizes a new empirical technique for estimating the costs and benefits
 of protection in a partial equilibrium framework, and provides a complete
 and consistent accounting of labour benefits including both labour rents
 and adjustment costs saved. We find that a small steel tariff could have
 generated net welfare gains for the US in the 1980s, even though actual
 protection through Voluntary Restraint Agreements generated net welfare
 losses. 
Journal: International Review of Applied Economics 
Pages: 399-419 
Issue: 3 
Volume: 11 
Year: 1997 
X-DOI: 10.1080/02692179700000026 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692179700000026
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:11:y:1997:i:3:p:399-419




Template-Type: ReDIF-Article 1.0
Author-Name: Valerie Jarvis 
Author-X-Name-First: Valerie 
Author-X-Name-Last: Jarvis 
Author-Name: S. J. Prais 
Author-X-Name-First: S. J. 
Author-X-Name-Last: Prais 
Title: The Quality of Manufactured Products in Britain and Germany 
Abstract:
  This paper is concerned with the relation between workforce skills and
 high-quality production. Detailed investigations of specific products
 sampled from three industries indicate that the average British-made
 product embodied fewer quality-features than its German-made counterpart,
 and that Britain produces little of top-quality grades&#x2014;in contrast
 to a strong German presence at that end of the market. These findings were
 based on factory visits and discussions with trade experts in both
 countries. Two broad aspects of workforce skills which contribute to
 higher-quality production were identified: (1) the skills relevant at the
 design-interface between consumer demand and production realities, and (2)
 the skills relevant to small and medium-sized batch-production of
 specialised varieties. Existing comparisons based on official statistics
 of production and prices do not take adequate account of differences in
 product-quality. Based on a close matching of quality-grades of ten
 sampled products, proper adjustment for quality differences across
 countries would substantially increase estimates of the German real
 productivity advantage in manufacturing (to around 50% over Britain), and
 raise estimates of real income per head for Germany to some 40% over
 Britain. 
Journal: International Review of Applied Economics 
Pages: 421-438 
Issue: 3 
Volume: 11 
Year: 1997 
X-DOI: 10.1080/02692179700000027 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692179700000027
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:11:y:1997:i:3:p:421-438




Template-Type: ReDIF-Article 1.0
Author-Name: Theodore Lianos 
Author-X-Name-First: Theodore 
Author-X-Name-Last: Lianos 
Author-Name: Stilianos Fountas 
Author-X-Name-First: Stilianos 
Author-X-Name-Last: Fountas 
Title: Cointegration Tests of the Profit-maximising Equilibrium in Greek Manufacturing: 1958-91 
Abstract:
  This paper applies the recently developed cointegration techniques to
 test for a long-run equilibrium among real wages and the average
 productivity of labour as implied by profit maximisation in the Greek
 manufacturing sector. We find evidence for a profit-maximising equilibrium
 and for adjustment towards this long-run equilibrium through nominal wages
 and labour productivity. We have also provided an estimate of the
 elasticity of substitution of 0.23 which is consistent with that of other
 studies using alternative approaches. 
Journal: International Review of Applied Economics 
Pages: 439-449 
Issue: 3 
Volume: 11 
Year: 1997 
X-DOI: 10.1080/02692179700000028 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692179700000028
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:11:y:1997:i:3:p:439-449




Template-Type: ReDIF-Article 1.0
Author-Name: Joseph De Juan 
Author-X-Name-First: Joseph 
Author-X-Name-Last: De Juan 
Author-Name: John Seater 
Author-X-Name-First: John 
Author-X-Name-Last: Seater 
Title: A Cross-country Test of the Permanent Income Hypothesis 
Abstract:
  The Permanent Income Hypothesis (PIH) predicts an income innovation has
 the same size effect on consumption as on permanent income, an implication
 we examine with a cross-country test proposed by Kormendi & LaHaye (1984).
 The data from industrial countries support PIH but data from developing
 countries do not. Also, however, data from countries with high quality
 national income accounts support PIH whereas data from countries with low
 quality accounts do not. The stage of economic development and data
 quality are highly correlated. The evidence suggests that the results may
 be driven primarily by data quality differences rather than systematically
 different behaviour between industrial and developing countries. 
Journal: International Review of Applied Economics 
Pages: 451-468 
Issue: 3 
Volume: 11 
Year: 1997 
X-DOI: 10.1080/02692179700000029 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692179700000029
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:11:y:1997:i:3:p:451-468




Template-Type: ReDIF-Article 1.0
Author-Name: Duncan Campbell 
Author-X-Name-First: Duncan 
Author-X-Name-Last: Campbell 
Title: Employment Law and Equality 
Abstract:
Journal: International Review of Applied Economics 
Pages: 469-473 
Issue: 3 
Volume: 11 
Year: 1997 
X-DOI: 10.1080/02692179700000030 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692179700000030
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:11:y:1997:i:3:p:469-473




Template-Type: ReDIF-Article 1.0
Author-Name: Jeremy Howells 
Author-X-Name-First: Jeremy 
Author-X-Name-Last: Howells 
Title: Europe, Forthcoming &#x2026; 
Abstract:
Journal: International Review of Applied Economics 
Pages: 475-477 
Issue: 3 
Volume: 11 
Year: 1997 
X-DOI: 10.1080/02692179700000031 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692179700000031
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:11:y:1997:i:3:p:475-477




Template-Type: ReDIF-Article 1.0
Author-Name: Vishnu Padayachee 
Author-X-Name-First: Vishnu 
Author-X-Name-Last: Padayachee 
Title: The State and Economic Transformation 
Abstract:
Journal: International Review of Applied Economics 
Pages: 479-484 
Issue: 3 
Volume: 11 
Year: 1997 
X-DOI: 10.1080/02692179700000032 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692179700000032
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:11:y:1997:i:3:p:479-484




Template-Type: ReDIF-Article 1.0
Author-Name: Christos Pitelis 
Author-X-Name-First: Christos 
Author-X-Name-Last: Pitelis 
Title: Making Markets Work 
Abstract:
Journal: International Review of Applied Economics 
Pages: 485-490 
Issue: 3 
Volume: 11 
Year: 1997 
X-DOI: 10.1080/02692179700000033 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692179700000033
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:11:y:1997:i:3:p:485-490




Template-Type: ReDIF-Article 1.0
Author-Name: Geoff Hodgson 
Author-X-Name-First: Geoff 
Author-X-Name-Last: Hodgson 
Title: What Lies beyond Capitalism? 
Abstract:
Journal: International Review of Applied Economics 
Pages: 491-495 
Issue: 3 
Volume: 11 
Year: 1997 
X-DOI: 10.1080/02692179700000034 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692179700000034
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:11:y:1997:i:3:p:491-495




Template-Type: ReDIF-Article 1.0
Author-Name: Haiyan Song 
Author-X-Name-First: Haiyan 
Author-X-Name-Last: Song 
Author-Name: Juzhong Zhuang 
Author-X-Name-First: Juzhong 
Author-X-Name-Last: Zhuang 
Title: Empirical Studies of the Chinese Economy in Transition 
Abstract:
Journal: International Review of Applied Economics 
Pages: 5-7 
Issue: 1 
Volume: 12 
Year: 1998 
X-DOI: 10.1080/026921719800000021 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/026921719800000021
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:12:y:1998:i:1:p:5-7




Template-Type: ReDIF-Article 1.0
Author-Name: Zinan Liu 
Author-X-Name-First: Zinan 
Author-X-Name-Last: Liu 
Author-Name: Juzhong Zhuang 
Author-X-Name-First: Juzhong 
Author-X-Name-Last: Zhuang 
Title: Evaluating Partial Reforms in the Chinese State Industrial Sector: a stochastic frontier cost function approach 
Abstract:
  China's phenomenal economic growth since 1979 is seen by many as a
 challenge to the belief that the clarification of property rights is a
 necessary step of successful transition from a planned economy to a market
 economy. Instead of mass and rapid privatization, reforms in the Chinese
 state industrial sector in the 1980s were attempted to reconstruct the
 incentive structure of enterprises by linking rewards to performance,
 expanding managerial freedom and exposing enterprises to market
 influences. This paper investigates the extent to which the partial
 reforms have transformed the behaviour and performance of state-owned
 enterprises (SOEs). Using a panel of observations on 769 SOEs from ten
 manufacturing industries during 1980 and 1989, a stochastic cost frontier
 function is estimated to measure the effect of various reform measures on
 both technical and allocative efficiency. We found that the average cost
 efficiency level increased by 1.18% per annum during the decade. The
 efficiency effects of the industrial reform programme are mixed. While
 performance-related bonuses and market competition appear to have had the
 intended impact, there is evidence that devolution of decision-making
 power to the firm level has led to deterioration in efficiency. Therefore,
 although the partial reforms have met with some success, the issue of an
 adequate structure of incentives for SOEs remains unresolved. 
Journal: International Review of Applied Economics 
Pages: 9-24 
Issue: 1 
Volume: 12 
Year: 1998 
X-DOI: 10.1080/026921719800000022 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/026921719800000022
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:12:y:1998:i:1:p:9-24




Template-Type: ReDIF-Article 1.0
Author-Name: Donald Hay 
Author-X-Name-First: Donald 
Author-X-Name-Last: Hay 
Author-Name: Guy Liu 
Author-X-Name-First: Guy 
Author-X-Name-Last: Liu 
Title: Cost Behaviour of Chinese State-owned Manufacturing Enterprises in the 1980s 
Abstract:
  This paper aims to model the cost behaviour of Chinese state-owned
 enterprises in the 1980s. Given production autonomy and profit-related
 bonus incentives, state firms are expected to increase profits and
 therefore bonuses by changing their cost behaviours more rationally.
 However, since institutional constraints remain and distort the rational
 demand of the firm for input factors, the changes cannot go as far as
 expected by the standard neoclassical cost minimisation theory. Based on
 this, we derived a total cost function for Chinese state firms restricted
 by the government control over their total wage bills. We then test it
 using a panel data of 386 state manufacturing enterprises in the period
 1983-87. It is found that the model predicted well. Despite the
 constraints, the reform did lead the firms to respond to both changes in
 factor prices in the directions expected by cost minimising behaviour and
 to bonus incentives to produce more efficiently. 
Journal: International Review of Applied Economics 
Pages: 25-37 
Issue: 1 
Volume: 12 
Year: 1998 
X-DOI: 10.1080/026921719800000023 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/026921719800000023
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:12:y:1998:i:1:p:25-37




Template-Type: ReDIF-Article 1.0
Author-Name: Guo Biao Yang 
Author-X-Name-First: Guo Biao 
Author-X-Name-Last: Yang 
Title: Barriers to Entry and Industrial Performance in China 
Abstract:
  This paper estimates an index of barriers to entry for each of the 40
 Chinese industries by modelling entry as a function of various incentives
 to enter, relative to the level of barriers to entry. The estimated index
 was employed to analyse the relationship between barriers to entry and
 profitability and total factor productivity. The major finding is that an
 appropriate degree of barriers to entry,1but not free entry or high
 barriers to entry, is beneficial to Chinese industrial performance. This
 is in contrast to the conventional argument in mainstream industrial
 economics and the findings of most empirical research. 
Journal: International Review of Applied Economics 
Pages: 39-51 
Issue: 1 
Volume: 12 
Year: 1998 
X-DOI: 10.1080/026921719800000024 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/026921719800000024
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:12:y:1998:i:1:p:39-51




Template-Type: ReDIF-Article 1.0
Author-Name: Liming Wang 
Author-X-Name-First: Liming 
Author-X-Name-Last: Wang 
Author-Name: John Davis 
Author-X-Name-First: John 
Author-X-Name-Last: Davis 
Title: Can China Feed its People into the Next Millennium? Projections for China's grain supply and demand to 2010 
Abstract:
  Econometric models of grain supply and demand which incorporate the
 effects of policy interventions and institutional changes are used as the
 basis for projecting grain balances in China to 2010. The paper outlines
 key assumptions about future changes in grain policies and other important
 explanatory variables in the models. On the supply side, projections are
 made for grain sown area, grain yield and total grain output. Future grain
 demand is disaggregated into four categories, human food, animal feed,
 industrial uses and seed grain, each incorporating high, medium and low
 demand growth scenarios. A grain balance sheet is constructed for 2010
 which shows a 'most probable' import requirement of about 32 million
 tones&#x2014;a 10 million tones increase over the actual 1995 level. Thus,
 net grain imports will increase substantially but China is unlikely to
 become an importer on a massive scale. 
Journal: International Review of Applied Economics 
Pages: 53-67 
Issue: 1 
Volume: 12 
Year: 1998 
X-DOI: 10.1080/026921719800000025 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/026921719800000025
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:12:y:1998:i:1:p:53-67




Template-Type: ReDIF-Article 1.0
Author-Name: Minquan Liu 
Author-X-Name-First: Minquan 
Author-X-Name-Last: Liu 
Title: Reforming the Collective Farm: a model 
Abstract:
  Collective members on China's communes actively participated in
 collective production, working even more so than a self-cultivating farmer
 would, but while engaged in collective work they shirked. The cause of
 shirking was the work accounting system which credited workpoints
 according to individual tasks a member performed. A reformed collective
 farm system (RS) is analysed, which relates workpoints directly to the
 output a farmer produces. It is shown that the RS can both eliminate the
 shirking problem as was extensive on communes, and maintain the potential
 for infrastructural investment through labour accumulation, a practice
 also widespread on communes. 
Journal: International Review of Applied Economics 
Pages: 69-88 
Issue: 1 
Volume: 12 
Year: 1998 
X-DOI: 10.1080/026921719800000026 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/026921719800000026
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:12:y:1998:i:1:p:69-88




Template-Type: ReDIF-Article 1.0
Author-Name: Shu-Ki Tsang 
Author-X-Name-First: Shu-Ki 
Author-X-Name-Last: Tsang 
Author-Name: Shu-Hung Tang 
Author-X-Name-First: Shu-Hung 
Author-X-Name-Last: Tang 
Title: The Impact of the China Factor on the pre-1997 Hong Kong Economy: a macroeconometric analysis 
Abstract:
  After the reunification of Hong Kong and China in 1997, Hong Kong is
 assured of a high degree of autonomy by the Basic Law. However, there
 remains some worry about the territory's economic viability and financial
 stability. Whether Chinese policies and China's remarkable growth momentum
 could continue to boost Hong Kong's prosperity has become an issue of
 concern. As the Chinese economic reform proceeds, the 'China factor' has
 been generating an increasing influence on the performance of the Hong
 Kong economy. Unfortunately, there have been very few rigorous
 quantitative analyses of this rapidly evolving development. To fill the
 gap, we have constructed a macroeconometric model of Hong Kong which takes
 into detailed account the linkages of the two economies including trade
 and capital flows. Estimation of the model incorporates error correction
 techniques to establish short-run dynamics and long-run equilibria. Our
 findings have identified crucial channels through which the 'China factor'
 has exerted impact on the Hong Kong economy. It is shown that the factor
 was not overwhelming up to the recent past, in terms of its stabilizing
 effects in the financial market and its stimulation on growth, although
 its influence may rise in the post-1997 era. 
Journal: International Review of Applied Economics 
Pages: 89-106 
Issue: 1 
Volume: 12 
Year: 1998 
X-DOI: 10.1080/026921719800000027 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/026921719800000027
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:12:y:1998:i:1:p:89-106




Template-Type: ReDIF-Article 1.0
Author-Name: Chao-Dong Huang 
Author-X-Name-First: Chao-Dong 
Author-X-Name-Last: Huang 
Author-Name: Simon Broadbent 
Author-X-Name-First: Simon 
Author-X-Name-Last: Broadbent 
Title: Trade with China: do the figures add up? 
Abstract:
  There are wide discrepancies in bilateral trade data compiled by China
 and by its trading partners, particularly the United States. This paper
 investigates the main reasons, notably the role of Hong Kong as an
 entrepot, and develops a methodology to provide more accurate estimates
 for these trade flows. It extends the Sung&#x2014;Lardy method in recent
 literature and achieves a reconciliation of the two data sets by China and
 by its major partners. The method recognizes that both the Chinese and the
 partners' data are likely to be distorted and demonstrates that a complete
 picture can he constructed by using data recorded from Hong Kong. A new
 estimate of the re-export margins in Hong Kong on Chinese exports is
 presented and used in the data reconciliation exercises, and problems of
 valuation and transit lag when comparing an export series with its
 counterpart import series are taken into account by the new method. The
 effects of using proved data are demonstrated in an application to examine
 fair market access in China&#x2014;US bilateral trade undertaken by Tower
 (1993). 
Journal: International Review of Applied Economics 
Pages: 107-127 
Issue: 1 
Volume: 12 
Year: 1998 
X-DOI: 10.1080/026921719800000028 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/026921719800000028
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:12:y:1998:i:1:p:107-127




Template-Type: ReDIF-Article 1.0
Author-Name: Haiyan Song 
Author-X-Name-First: Haiyan 
Author-X-Name-Last: Song 
Author-Name: Xiaming Liu 
Author-X-Name-First: Xiaming 
Author-X-Name-Last: Liu 
Author-Name: Peter Romilly 
Author-X-Name-First: Peter 
Author-X-Name-Last: Romilly 
Title: Stock Returns and Volatility: an empirical study of Chinese stock markets 
Abstract:
  This paper uses GARCH models to analyse the relationship between returns
 and volatility on the Shanghai and Shenzhen Stock Exchanges in China.
 Empirical estimates using the sample data from 21 May 1992 to 2 February
 1996 suggest that the variances of the returns in the two markets are best
 modeled by the GARCH-M (1,1) specification. Volatility transmission
 between the two markets (the volatility spill-over effect) is also found
 to exist. The results of one month ahead ex ante forecasts show that the
 conditional variances of the returns of the two stock markets exhibit a
 similar pattern. 
Journal: International Review of Applied Economics 
Pages: 129-139 
Issue: 1 
Volume: 12 
Year: 1998 
X-DOI: 10.1080/026921719800000029 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/026921719800000029
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:12:y:1998:i:1:p:129-139




Template-Type: ReDIF-Article 1.0
Author-Name: Eric Girardin 
Author-X-Name-First: Eric 
Author-X-Name-Last: Girardin 
Author-Name: Stephen Bazen 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Bazen 
Title: An Empirical Study of Urban Credit Cooperatives in China 
Abstract:
  The overall objective of this study is to try and uncover to what extent
 the borrowing and lending pattern of Chinese urban credit cooperatives
 (UCCs) leads them to conform to the theoretical view of credit
 cooperatives and to what degree they are mainly characterized by elements
 which result from their regulatory environment and the status of China as
 an economy in transition. We provide evidence from a
 specially-commissioned survey on the characteristics and functioning of
 UCCs. Our statistical and econometric analysis points to the tentative
 conclusion that there are major regional differences in the performance of
 UCCs both in terms of the quality of loans granted and overall
 profitability. The latter is also influenced by the quality of the loans
 made, and this in turn is affected by the number of directors in the UCC
 and the extent to which the UCC grants loans to state-owned enterprises. 
Journal: International Review of Applied Economics 
Pages: 141-155 
Issue: 1 
Volume: 12 
Year: 1998 
X-DOI: 10.1080/026921719800000030 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/026921719800000030
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:12:y:1998:i:1:p:141-155




Template-Type: ReDIF-Article 1.0
Author-Name: Jakob Madsen 
Author-X-Name-First: Jakob 
Author-X-Name-Last: Madsen 
Title: The NAIRU and Classical Unemployment in the OECD Countries 
Abstract:
  Using panel data for the OECD countries over the period 1960-93 this
 paper estimates the NAIRU, tests the restrictions implied by the NAIRU and
 estimates the extent to which the NAIRU is able to explain the low
 frequency movements in unemployment. The results indicate that the
 long-run restrictions imposed on the NAIRU are not satisfied for many
 countries and that the NAIRU is unable to account for the low frequency
 movements in unemployment. 
Journal: International Review of Applied Economics 
Pages: 165-185 
Issue: 2 
Volume: 12 
Year: 1998 
X-DOI: 10.1080/02692179800000001 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692179800000001
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:12:y:1998:i:2:p:165-185




Template-Type: ReDIF-Article 1.0
Author-Name: Persefoni Tsaliki 
Author-X-Name-First: Persefoni 
Author-X-Name-Last: Tsaliki 
Author-Name: Lefteris Tsoulfidis 
Author-X-Name-First: Lefteris 
Author-X-Name-Last: Tsoulfidis 
Title: Alternative Theories of Competition: evidence from Greek manufacturing 
Abstract:
  The objective of this paper is to evaluate empirically the relevance of
 the neoclassical, post-Keynesian, and classical theories of competition in
 the light of the available empirical evidence from Greek large-scale
 manufacturing industries. The econometric analysis shows that the
 classical and post-Keynesian models provide a fairly good account of
 profit differentials, whereas the neoclassical performed the worst of the
 three. Between the classical and post-Keynesian models, we find that the
 classical is more consistent with the phenomena that it is designed to
 explain. Finally, a hybrid model combining variables from the three
 alternative theories displays the highest explanatory power. 
Journal: International Review of Applied Economics 
Pages: 187-204 
Issue: 2 
Volume: 12 
Year: 1998 
X-DOI: 10.1080/02692179800000002 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692179800000002
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:12:y:1998:i:2:p:187-204




Template-Type: ReDIF-Article 1.0
Author-Name: Stanley Sedo 
Author-X-Name-First: Stanley 
Author-X-Name-Last: Sedo 
Author-Name: Bruce Elmslie 
Author-X-Name-First: Bruce 
Author-X-Name-Last: Elmslie 
Title: Discrimination and Job Quality: the youth labour market in the 1980s 
Abstract:
  The purpose of this paper is to investigate the extent to which
 discrimination early in one's career can have lasting effects on job
 quality even after the discrimination itself disappears. The results show
 that for young workers in the 1980s, discrimination is a short run
 phenomenon, and furthermore, the effects disappear relatively quickly.
 This research makes two contributions to the existing empirical literature
 on labour market discrimination. First, we broaden the measure of
 discrimination beyond wages by utilizing the Duncan Index of job quality
 to measure differences in labour market outcomes. Second, most empirical
 work has been concentrated on the effects of discrimination at a point in
 time using cross-sectional data. We develop a dynamic model to measure
 changes in job quality over time as workers gain experience over their
 first three years in the permanent labour market. From the results found
 in our empirical work, we are able to analyze the long run impact of
 initial discrimination. In other words, our methodology allows us to
 examine time dependent effects that are not observed in cross-sectional
 studies. 
Journal: International Review of Applied Economics 
Pages: 205-219 
Issue: 2 
Volume: 12 
Year: 1998 
X-DOI: 10.1080/02692179800000003 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692179800000003
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:12:y:1998:i:2:p:205-219




Template-Type: ReDIF-Article 1.0
Author-Name: Edwin Dickens 
Author-X-Name-First: Edwin 
Author-X-Name-Last: Dickens 
Title: Bank Influence and the Failure of US Monetary Policy during the 1953-54 Recession 
Abstract:
  This paper presents archival and econometric evidence that challenges the
 conventional belief that independent central banks are necessary to
 stabilise economies on non-inflationary growth paths. The evidence
 suggests that, when the US central bank&#x2014;the Federal
 Reserve&#x2014;became independent of democratic control in March 1951, it
 became dependent on the large banks. It is shown that excessive banker
 influence caused the Federal Reserve to miss its first opportunity to
 stabilise the economy, during the 1953-54 recession. 
Journal: International Review of Applied Economics 
Pages: 221-240 
Issue: 2 
Volume: 12 
Year: 1998 
X-DOI: 10.1080/02692179800000004 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692179800000004
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:12:y:1998:i:2:p:221-240




Template-Type: ReDIF-Article 1.0
Author-Name: Nick Adnett 
Author-X-Name-First: Nick 
Author-X-Name-Last: Adnett 
Author-Name: Alistair Dawson 
Author-X-Name-First: Alistair 
Author-X-Name-Last: Dawson 
Title: The Economic Analysis of Industrial Accidents: a re-assessment 
Abstract:
  Conventional economic approaches to the analysis of industrial accidents
 utilise the hedonic pricing approach. This approach usually excludes
 potentially important institutional, sociological and macroeconomic
 determinants of occupational safety. Initially we identify some of the
 theoretical and empirical problems with orthodox economic analysis in this
 area. An alternative model is then formulated which explicitly encompasses
 a broader range of determinants. Finally, the model is tested using UK
 industry accident data, the results being inconsistent with the
 compensating differentials' emphasis of orthodox analysis but supportive
 of the augmented model. 
Journal: International Review of Applied Economics 
Pages: 241-255 
Issue: 2 
Volume: 12 
Year: 1998 
X-DOI: 10.1080/02692179800000005 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692179800000005
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:12:y:1998:i:2:p:241-255




Template-Type: ReDIF-Article 1.0
Author-Name: Julio Lopez 
Author-X-Name-First: Julio 
Author-X-Name-Last: Lopez 
Title: External Financial Fragility and Capital Flight in Mexico 
Abstract:
  Mexico suffered capital flight from 1973 up to 1988 practically without
 interruption. This paper attempts to evaluate the real cost to Mexico of
 capital flight. A simple macro-economic model is specified on whose basis
 an estimate of this cost is attempted. It is found that the cost of this
 capital flight has been enormous. It gave rise to over-indebtedness when
 financing was still available from external sources, and it entailed
 short- and long-term losses of output which the country might have
 generated. The loss of output was estimated at between 1.5% and 2.5% of
 the total GDP for the period 1973-1991, between 0.9% and 2% for the
 1982-1991 period, and between 3.1% and 5.7% for the 1982-1988 adjustment
 period. 
Journal: International Review of Applied Economics 
Pages: 257-270 
Issue: 2 
Volume: 12 
Year: 1998 
X-DOI: 10.1080/02692179800000006 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692179800000006
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:12:y:1998:i:2:p:257-270




Template-Type: ReDIF-Article 1.0
Author-Name: Bienvenido Cortes 
Author-X-Name-First: Bienvenido 
Author-X-Name-Last: Cortes 
Title: Trends in Industrial Concentration in Japan, 1983-92 
Abstract:
  Based on weighted and unweighted averages of concentration ratios and the
 Herfindahl index for 436 sectors, the number of concentrated industries,
 and time trends, the structure of the Japanese economy proves highly
 oligopolistic over the 1983-92 period. Regression results show that
 concentration is related to growth, market size, scale economies, and the
 degree of 'openness' of the Japanese market. Moreover, increased
 concentration does not necessarily imply an import-bias. Japanese
 industries with higher concentration levels are likely to import more than
 less concentrated industries. 
Journal: International Review of Applied Economics 
Pages: 271-281 
Issue: 2 
Volume: 12 
Year: 1998 
X-DOI: 10.1080/02692179800000007 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692179800000007
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:12:y:1998:i:2:p:271-281




Template-Type: ReDIF-Article 1.0
Author-Name: Robert Guell 
Author-X-Name-First: Robert 
Author-X-Name-Last: Guell 
Author-Name: Donald Richards 
Author-X-Name-First: Donald 
Author-X-Name-Last: Richards 
Title: Regional Integration and Intra-industry Trade in Latin America, 1980-90 
Abstract:
  The decade of the 1980s saw profound changes in the political economy of
 Latin America. The stabilisation and debt crises forced many countries in
 the region to re-examine their economic policies individually as well as
 collectively. The consequence was both a movement in the direction of
 neoliberal reform that included an emphasis on export promotion as well as
 a revival of interest in regional integration. The specific purpose of the
 present paper is to examine the consequences of these changes for the
 structure of intra-regional trade among and between Latin American
 countries. More specifically, we are interested in assessing the region's
 performance in terms of intra-regional, intra-industry trade over the
 period 1980-90. 
Journal: International Review of Applied Economics 
Pages: 283-300 
Issue: 2 
Volume: 12 
Year: 1998 
X-DOI: 10.1080/02692179800000008 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692179800000008
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:12:y:1998:i:2:p:283-300




Template-Type: ReDIF-Article 1.0
Author-Name: Evan Gilbert 
Author-X-Name-First: Evan 
Author-X-Name-Last: Gilbert 
Title: Uncertainty in Orthodox Economic Theory 
Abstract:
Journal: International Review of Applied Economics 
Pages: 301-310 
Issue: 2 
Volume: 12 
Year: 1998 
X-DOI: 10.1080/02692179800000009 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692179800000009
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:12:y:1998:i:2:p:301-310




Template-Type: ReDIF-Article 1.0
Author-Name: Simon Roberts 
Author-X-Name-First: Simon 
Author-X-Name-Last: Roberts 
Title: Economic Globalization: a break from the past? 
Abstract:
Journal: International Review of Applied Economics 
Pages: 311-315 
Issue: 2 
Volume: 12 
Year: 1998 
X-DOI: 10.1080/02692179800000010 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692179800000010
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:12:y:1998:i:2:p:311-315




Template-Type: ReDIF-Article 1.0
Author-Name: Simon Roberts 
Author-X-Name-First: Simon 
Author-X-Name-Last: Roberts 
Title: Economic Policy and Industrial Restructuring in South Africa&#x2014;political economy approaches 
Abstract:
Journal: International Review of Applied Economics 
Pages: 317-324 
Issue: 2 
Volume: 12 
Year: 1998 
X-DOI: 10.1080/02692179800000011 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692179800000011
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:12:y:1998:i:2:p:317-324




Template-Type: ReDIF-Article 1.0
Author-Name: Fiona Macphail 
Author-X-Name-First: Fiona 
Author-X-Name-Last: Macphail 
Title: Increased Earnings Inequality and Macroeconomic Performance: the case of Canada in the 1980s 
Abstract:
  This paper provides an empirical analysis of the increase in earnings
 inequality and the relationship to macroeconomic conditions, in Canada,
 during the 1980s. Regression results presented here indicate that a
 positive and uniform relationship between the unemployment rate and
 earnings inequality existed through the period 1981 to 1989. These results
 contrast with recent findings that the unemployment-inequality
 relationship weakened in the late 1980s in other liberal economies, such
 as the US and UK. The main policy implication is that stimulative
 macroeconomic policy remains a relevant policy instrument in Canada and,
 more generally, that institutions, such as the degree of unionization, and
 policies, such as minimum wages, may partially explain differences in the
 pattern of inequality among countries. 
Journal: International Review of Applied Economics 
Pages: 333-359 
Issue: 3 
Volume: 12 
Year: 1998 
X-DOI: 10.1080/02692179800000012 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692179800000012
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:12:y:1998:i:3:p:333-359




Template-Type: ReDIF-Article 1.0
Author-Name: Bjorn Gustafsson 
Author-X-Name-First: Bjorn 
Author-X-Name-Last: Gustafsson 
Author-Name: Ludmila Nivorozhkina 
Author-X-Name-First: Ludmila 
Author-X-Name-Last: Nivorozhkina 
Title: The Distribution of Economic Well-being in Urban Russia at the End of the Soviet Era 
Abstract:
  Assessing the extent of inequality and how various groups in the
 population were faring in the former Soviet Union is difficult. There are
 conceptual problems and severe data limitations. Here we analyse the
 distribution at the household level using unique microdata. The sample was
 collected for the Russian city Taganrog in 1989. We portray inequality in
 equivalent income terms, investigate income packaging, decompose
 inequality by population subgroups and relate equivalent income to
 household characteristics. The results indicate that inequality in living
 standards for urban Russia was small, but not extremely small. Public
 sector transfers and income taxes played a smaller role than in several
 advanced Western countries. The income situation of a household in the
 former Soviet Union was very strongly linked to its work efforts and
 dependency burden. Thus, aged persons and families with a newborn child
 were much worse off than people of active ages. Persons in households with
 a female head had considerably lower income than those with male head of
 households. The results also shows a clear positive relation between
 length of education and living-standard. 
Journal: International Review of Applied Economics 
Pages: 361-380 
Issue: 3 
Volume: 12 
Year: 1998 
X-DOI: 10.1080/02692179800000013 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692179800000013
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:12:y:1998:i:3:p:361-380




Template-Type: ReDIF-Article 1.0
Author-Name: Fiona Atkins 
Author-X-Name-First: Fiona 
Author-X-Name-Last: Atkins 
Author-Name: Derick Boyd 
Author-X-Name-First: Derick 
Author-X-Name-Last: Boyd 
Title: Convergence and the Caribbean 
Abstract:
  This paper examines the convergence experience of selected Caribbean
 countries. It examines evidence of reduced dispersion in real per capita
 income&#x2014;Sigma convergence&#x2014;and 'catch up' growth across the
 group&#x2014;Beta convergence. Estimation of the Solow&#x2014;Swan
 cross-section model for the Caribbean shows weak evidence of &#x3b2; and
 &#x3c3; convergence. However, structural instability and evidence of
 divergence over the sample period, suggest this convergence to be
 spurious. Further tests on individual country data showed an absense of
 steady state convergence for any country over time. Institutional
 structures and adjustments to economic shocks appear to have been
 important for the determination of per capita income in the long run. 
Journal: International Review of Applied Economics 
Pages: 381-396 
Issue: 3 
Volume: 12 
Year: 1998 
X-DOI: 10.1080/02692179800000014 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692179800000014
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:12:y:1998:i:3:p:381-396




Template-Type: ReDIF-Article 1.0
Author-Name: A. Erinc Yeldan 
Author-X-Name-First: A. Erinc 
Author-X-Name-Last: Yeldan 
Title: On Structural Sources of the 1994 Turkish Crisis: a CGE modelling analysis 
Abstract:
  This paper investigates the impact of the Turkish public sector
 imbalances on the evolution of the economic crisis during 1990-93. A
 computable general equilibrium model is used. The theoretical basis of the
 model rests upon the structuralist/Keynesian macro foundations. Its
 distinguishing features entail accommodation of oligopolistic mark-up
 pricing rules in the industrial sectors, and endogenous solution of
 capacity utilisation and unemployment levels through Keynesian mechanisms
 of effective final demand. The results of the model underscore the
 importance of intra-class relations of income distribution and conflict in
 the evolution of price movements in the Turkish economy. It is further
 argued that the sources of the capitalist in the administrative
 interventions of the state towards protection of the capitalist and rural
 incomes, which would otherwise be squeezed out in favour of wage-labour in
 the early 1990s. 
Journal: International Review of Applied Economics 
Pages: 397-414 
Issue: 3 
Volume: 12 
Year: 1998 
X-DOI: 10.1080/02692179800000015 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692179800000015
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:12:y:1998:i:3:p:397-414




Template-Type: ReDIF-Article 1.0
Author-Name: Neil Rankin 
Author-X-Name-First: Neil 
Author-X-Name-Last: Rankin 
Title: Is Delegating Half of Demand Management Sensible? 
Abstract:
  One objection to delegating monetary policy to an independent central
 bank is that it causes lack of coordination with fiscal policy. Nordhaus
 has recently shown, in a simple game-theoretic model, how this generates
 too-contractionary monetary policy and too-expansionary fiscal policy,
 with interest rates becoming excessively high. In this note we incorporate
 the time-consistency, inflation-bias problem into the analysis, since it
 is this that has motivated most proposals for granting independence. We
 show that when the inflation-suppressing benefits are modelled alongside
 the high-interests rate costs, delegation may still be, on balance,
 against society's interests. 
Journal: International Review of Applied Economics 
Pages: 415-422 
Issue: 3 
Volume: 12 
Year: 1998 
X-DOI: 10.1080/02692179800000016 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692179800000016
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:12:y:1998:i:3:p:415-422




Template-Type: ReDIF-Article 1.0
Author-Name: Bent Dalum 
Author-X-Name-First: Bent 
Author-X-Name-Last: Dalum 
Author-Name: Keld Laursen 
Author-X-Name-First: Keld 
Author-X-Name-Last: Laursen 
Author-Name: Gert Villumsen 
Author-X-Name-First: Gert 
Author-X-Name-Last: Villumsen 
Title: Structural Change in OECD Export Specialisation Patterns: de-specialisation and 'stickiness' 
Abstract:
  This paper examines whether the OECD countries are characterised by a
 high degree of stability of their export specialisation patterns at the
 country level or not. Furthermore, we test whether the countries have
 become more or less specialised. In this context we distinguish between
 specialisation (or de-specialisation) in trade patterns on the one hand,
 and divergence (or, on the contrary, convergence) on the other. A
 specialisation process refers to a process in which specialisation
 intra-country becomes more dispersed (and counter-wise for
 de-specialisation). In contrast, a divergence process refers to a process
 in which countries become more different in terms of specialisation in a
 particular sector, across countries (and counter-wise for convergence). We
 examine the sensitivity for the level of aggregation, and we apply a
 period of nearly three decades from 1965 to 1992. Twenty OECD countries
 are considered. The intra-country results show that the national
 specialisation patterns are rather sticky, although there is a tendency
 for countries to de-specialise in the medium to long term. The sector-wise
 results display convergence both in terms of &#x3b2;-and
 &#x3c3;-convergence. In conclusion, we discuss the results
 (de-specialisation in particular) in the context of economic integration,
 and furthermore we contrast the findings with similar exercises conducted
 on structural change in technological specialisation. 
Journal: International Review of Applied Economics 
Pages: 423-443 
Issue: 3 
Volume: 12 
Year: 1998 
X-DOI: 10.1080/02692179800000017 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692179800000017
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:12:y:1998:i:3:p:423-443




Template-Type: ReDIF-Article 1.0
Author-Name: Bob Beachill 
Author-X-Name-First: Bob 
Author-X-Name-Last: Beachill 
Author-Name: Geoff Pugh 
Author-X-Name-First: Geoff 
Author-X-Name-Last: Pugh 
Title: Monetary Cooperation in Europe and the Problem of Differential Productivity Growth: an argument for a 'two-speed' Europe 
Abstract:
  Cointegration analysis of a productivity-modified purchasing power parity
 relation supports the hypothesis that&#x2014;in the long run&#x2014;the
 nominal exchange rate adjusts to accommodate different national rates of
 productivity growth in the traded goods sector. Accordingly, in the long
 run, an absence of exchange rate flexibility combined with productivity
 growth differentials is likely to generate an intractable adjustment
 problem. Because Germany and France display a similar evolution of
 productivity, this analysis supports their participation in monetary
 union, whereas a markedly different pattern of productivity growth in the
 UK constitutes an argument against membership. In passing, we find
 empirical support for Michael Porter's hypothesis that continuous
 devaluation can reduce the rate of productivity growth. This also has
 implications for UK membership. 
Journal: International Review of Applied Economics 
Pages: 445-457 
Issue: 3 
Volume: 12 
Year: 1998 
X-DOI: 10.1080/02692179800000018 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692179800000018
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:12:y:1998:i:3:p:445-457




Template-Type: ReDIF-Article 1.0
Author-Name: Roland Muri 
Author-X-Name-First: Roland 
Author-X-Name-Last: Muri 
Title: Selective Globalisation 
Abstract:
Journal: International Review of Applied Economics 
Pages: 459-464 
Issue: 3 
Volume: 12 
Year: 1998 
X-DOI: 10.1080/02692179800000019 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692179800000019
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:12:y:1998:i:3:p:459-464




Template-Type: ReDIF-Article 1.0
Author-Name: John Grieve Smith 
Author-X-Name-First: John Grieve 
Author-X-Name-Last: Smith 
Title: Towards a New Bretton Woods 
Abstract:
Journal: International Review of Applied Economics 
Pages: 465-469 
Issue: 3 
Volume: 12 
Year: 1998 
X-DOI: 10.1080/02692179800000020 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692179800000020
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:12:y:1998:i:3:p:465-469




Template-Type: ReDIF-Article 1.0
Author-Name: Hassan Bougrine 
Author-X-Name-First: Hassan 
Author-X-Name-Last: Bougrine 
Author-Name: Mario Seccareccia 
Author-X-Name-First: Mario 
Author-X-Name-Last: Seccareccia 
Title: Unemployment Insurance and Unemployment: An analysis of the aggregate demand-side effects for postwar Canada 
Abstract:
  Most of the theoretical and empirical literature on the effects of
 unemployment insurance (UI) during the last 25 years has focused on the
 supply-side implications. The object of this article is to argue that much
 of those discussions over the disincentive effects of UI is misdirected.
 Our intention is to bring back to the forefront a discussion of the
 positive macroeconomic role played by UI net injections in stabilizing
 aggregate demand. Our empirical results using Canadian data for the
 postwar period support this Keynesian view of the stabilizing effect of UI
 in contemporary economies. 
Journal: International Review of Applied Economics 
Pages: 5-21 
Issue: 1 
Volume: 13 
Year: 1999 
X-DOI: 10.1080/026921799101706 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/026921799101706
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:13:y:1999:i:1:p:5-21




Template-Type: ReDIF-Article 1.0
Author-Name: Adriana Marshall 
Author-X-Name-First: Adriana 
Author-X-Name-Last: Marshall 
Title: Wage Determination Regimes and Pay Inequality: A comparative study of Latin American countries 
Abstract:
  The relationship between the degree of centralization of wage setting and
 labour market outcomes, generally discussed with reference to advanced
 OECD countries, is explored in this paper through the comparative analysis
 of eight Latin American countries, focusing on the effects of
 centralization on wage inequality. It is argued that the greater the
 decentralization of wage setting, the larger will be wage dispersion. The
 article starts with the presentation of the analytical model, and
 continues with the empirical study. This is divided into two parts. In the
 first, a number of institutional factors that contribute to define 'wage
 determination regimes' (collective bargaining structures; state
 intervention in wage setting; and union rights that determine union
 strength) are discussed, stressing the specific traits of centralization
 within Latin America, and the selected countries are scored in terms of
 those factors. In the second, the magnitude of wage dispersion across
 manufacturing industries is examined, and the resulting ranking of
 countries is contrasted with their ranking in terms of the institutional
 factors. It is concluded that, with some caveats, the degrees of
 centralization of bargaining structures and of wage inequality appear to
 be inversely associated, reproducing in the Latin American region the
 pattern found in OECD countries. 
Journal: International Review of Applied Economics 
Pages: 23-39 
Issue: 1 
Volume: 13 
Year: 1999 
X-DOI: 10.1080/026921799101715 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/026921799101715
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:13:y:1999:i:1:p:23-39




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Turner 
Author-X-Name-First: Paul 
Author-X-Name-Last: Turner 
Title: The Balance of Payments Constraint and the Post 1973 Slowdown of Economic Growth in the G7 Economies 
Abstract:
  This paper presents estimates of export and import demand functions for
 the G7 economies over the period 1956 to 1995 and over two sub-periods
 1956-73 and 1974-95. These estimates are used to construct predictions of
 the equilibrium growth rates for these economies by use of the
 'Thirlwall's Law' relationship. The estimates are consistent with observed
 cross country growth patterns over the whole sample and the post 1973
 period but are less convincing in the pre 1973 sub-period. It is argued
 that the slowdown in economic growth after 1973 can be partly explained by
 the growing internationalisation of the world economy coupled with a
 slowdown in the overall growth of world trade. 
Journal: International Review of Applied Economics 
Pages: 41-53 
Issue: 1 
Volume: 13 
Year: 1999 
X-DOI: 10.1080/026921799101724 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/026921799101724
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:13:y:1999:i:1:p:41-53




Template-Type: ReDIF-Article 1.0
Author-Name: Carlos Ibarra 
Author-X-Name-First: Carlos 
Author-X-Name-Last: Ibarra 
Title: Disinflation and the December 1994 Devaluation in Mexico 
Abstract:
  This paper discusses the determinants of the Mexican peso devaluation of
 December 1994. An examination of basic economic data reveals the
 shortcomings of existing explanations based on either inconsistent
 macroeconomic policies or self-fulfilling prophecies. We argue in contrast
 that the devaluation was related to the exhaustion of the disinflationary
 programme launched in the late 1980s, and that the timing of policy change
 was critically influenced by a conflict between the inherited
 disinflationary stance and the economic goals of the administration taking
 office in December 1994. The analysis suggests that a prolonged period of
 real currency appreciation before the devaluation was made possible not
 only by the strong inflationary aversion of the authorities but by a
 series of positive shocks that reduced the appreciation's negative
 effects. 
Journal: International Review of Applied Economics 
Pages: 55-69 
Issue: 1 
Volume: 13 
Year: 1999 
X-DOI: 10.1080/026921799101733 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/026921799101733
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:13:y:1999:i:1:p:55-69




Template-Type: ReDIF-Article 1.0
Author-Name: Francesco Aiello 
Author-X-Name-First: Francesco 
Author-X-Name-Last: Aiello 
Title: The Stabilisation of LDCs' Export Earnings. The impact of the EU STABEX programme 
Abstract:
  As part of the Lome Convention the STABEX programme is one of the
 instruments of the European Union's development policy. Its objective is
 to reduce the instability of the agricultural export earnings of the
 developing countries which signed the agreement. By working on a
 commodity-by-commodity basis, this paper provides an empirical evaluation
 of the effects of the financial transfers disbursed by the EU. The results
 obtained are substantially different from those by other authors because
 it is shown that STABEX does have a positive impact on the sectors in
 which the drop of export earnings occurred. Furthermore, it is argued that
 the delay concerning the payments in favour of the African Caribbean and
 Pacific countries (henceforth ACPs) influences the effectiveness of
 STABEX, even if no conclusive evidence has been found to support the
 widely shared opinion that the relationship between these two variables
 (impact of the transfers and their delays) is negative. 
Journal: International Review of Applied Economics 
Pages: 71-85 
Issue: 1 
Volume: 13 
Year: 1999 
X-DOI: 10.1080/026921799101742 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/026921799101742
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:13:y:1999:i:1:p:71-85




Template-Type: ReDIF-Article 1.0
Author-Name: Jorge Buzaglo 
Author-X-Name-First: Jorge 
Author-X-Name-Last: Buzaglo 
Title: A Model of Structural Change and Openness: Applications to the Argentine economy 
Abstract:
  This paper describes a dynamic, multisectoral model of a less developed
 economy in which investment and income distribution policies influence
 structural change and the pattern of trade. That is, the model considers a
 Keynesian 'socialised investment' function and distributional policies
 that, by their effect on demand, could be also described as Keynesian. The
 model is used to analyse the effects of different policy regimes in the
 Argentine economy. In an environment characterised by enduring stagnation,
 investment policies aimed at increasing the degree of economic autonomy
 and self-sufficiency do not succeed in significantly changing output and
 trade patterns, and in reducing the degree of openness of the economy.
 From a long term perspective, however, stagnation is not necessarily a
 permanent condition. A new environment of higher growth could evolve from
 the consolidation of a new technological paradigm and the emergence of new
 socioeconomic norms and mechanisms. In an environment of lower uncertainty
 and higher efficacy of the investment, model simulation shows that
 investment policy is quite successful in augmenting the degree of autonomy
 and self-sufficiency of the economy. Also, income redistribution has a
 positive impact on income and welfare growth. 
Journal: International Review of Applied Economics 
Pages: 87-109 
Issue: 1 
Volume: 13 
Year: 1999 
X-DOI: 10.1080/026921799101751 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/026921799101751
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:13:y:1999:i:1:p:87-109




Template-Type: ReDIF-Article 1.0
Author-Name: Daniel Diaz Fuentes 
Author-X-Name-First: Daniel Diaz 
Author-X-Name-Last: Fuentes 
Title: On the Limits of the Post-Industrial Society Structural Change and Service Sector Employment in Spain 
Abstract:
  The purpose of this paper is to examine the growth and the structure of
 employment in the service sector in the Spanish Economy from 1958 to 1989
 and to draw comparisons with the trends exhibited by other European
 countries. In contrast to the explanation offered by the theory of stages,
 which assumes that growth in services is associated with the pattern of
 final demand, this research argues that, since the middle of the 1970s,
 the growth of market service employment is due to an increase in
 intermediate demand of services. In order to demonstrate this, an
 intersectoral analysis is applied to input output data which was
 homogenised for this research. This methodological approach enables
 employment in the service sector to be connected to the other sectors.
 Rejecting the idea that services are replacing manufacturing as the new
 engine of growth, the results show an increased dependence on market
 services by industrial production. The final part of the paper presents
 explanations for this trend. 
Journal: International Review of Applied Economics 
Pages: 111-123 
Issue: 1 
Volume: 13 
Year: 1999 
X-DOI: 10.1080/026921799101760 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/026921799101760
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:13:y:1999:i:1:p:111-123




Template-Type: ReDIF-Article 1.0
Author-Name: Donald Richards 
Author-X-Name-First: Donald 
Author-X-Name-Last: Richards 
Title: What Do Progressives Need to Know About Trade? Some observations on the competitiveness debate 
Abstract:
  In a recent book entitled Pop Internationalism Paul Krugman takes to task
 several prominent commentators who in recent years have published works
 decrying the loss of competitive position of the United States in an
 increasingly global economy. In particular, Krugman critically considers
 and rejects several arguments that he considers both wrong and dangerous.
 Among these are (1) the United States has lost, or is in the process of
 losing, its position of global technological leadership; (2) material
 standards of living in the US are threatened by the country's excessively
 liberal trade policies as compared with its trade partners; (3) stagnant
 or declining wages in the US are the result of trade with low wage Third
 World countries; (4) the US is in need of a new model and a corresponding
 policy approach that recognizes the changing structure of new global
 economic forces. The debate over the validity of the above assertions has
 been largely conducted between adherents of mainstream interpretations of
 international economic theory and policy. For Krugman the controversies
 are mostly a matter of a proper understanding of that theory along with an
 appreciation of the relevant data. The purpose of this paper is to offer
 an interpretation of the debate from a progressive left perspective. My
 position is that Krugman's critique of his imagined opponents on most
 issues is largely overdone and that there is actually substantive
 agreement among and between these mainstream views on most matters of
 trade and trade policy. More importantly, however, these same views,
 including Krugman's, are bounded by assumptions that are not supportable
 from a progressive left perspective. The title of the paper is an ironic
 twist on a title of one of Krugman's chapters, 'What do undergrads need to
 know about trade?' 
Journal: International Review of Applied Economics 
Pages: 125-141 
Issue: 1 
Volume: 13 
Year: 1999 
X-DOI: 10.1080/026921799101779 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/026921799101779
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:13:y:1999:i:1:p:125-141




Template-Type: ReDIF-Article 1.0
Author-Name: Juan Carlos Moreno-Brid 
Author-X-Name-First: Juan Carlos 
Author-X-Name-Last: Moreno-Brid 
Title: Mexico's Economic Growth and the Balance of Payments Constraint: A cointegration analysis 
Abstract:
  This paper applies the basic balance-of-payments constraint model
 (BPCmodel), developed by A.P. Thirlwall, to the analysis of Mexico's
 economic growth in 1950-96.With the use of unit-root tests and
 cointegration analysis it estimates the long-run association between the
 growth of Mexico's real exports and real output in 1950-96, and selected
 subperiods. The results tend to show significant and positive
 cointegration between these two variables, thus giving support to the
 BPC-model as a relevant hypothesis to explain Mexico's long-term economic
 growth. Moreover, the findings of cointegration tests for selected
 subperiods suggest that the slowdown in its economic growth since 1982 is
 associated with an increase in the long-term income elasticity of imports
 that made more binding the balance-of-payments constraint on the expansion
 of domestic output. 
Journal: International Review of Applied Economics 
Pages: 149-159 
Issue: 2 
Volume: 13 
Year: 1999 
X-DOI: 10.1080/026921799101634 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/026921799101634
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:13:y:1999:i:2:p:149-159




Template-Type: ReDIF-Article 1.0
Author-Name: J. M. Albala-Bertrand 
Author-X-Name-First: J. M. 
Author-X-Name-Last: Albala-Bertrand 
Title: Industrial Interdependence Change in Chile: 1960-90 a comparison with Taiwan and South Korea 
Abstract:
  There appears to be two main market-oriented policy-models of
 development: the Japanese Model (JM) and theWashington Consensus Model
 (WCM). Both stress the importance of, and are based on, macroeconomic
 stability, export-led development, and private sector initiative. There
 are, however, fundamental differences as regards the role of the market
 and the role of the government in development, and thereby the range of
 economic policies. The star performers, and therefore the main
 representatives of the Japanese Model are Taiwan and South Korea, while
 the star performer of theWashington Consensus is surely Chile. The
 question is whether the Chilean economy has developed a strong overall
 sectoral interdependence, and a sound manufacturing interdependence, as a
 basis for endogenous sustainability, as was already the case for both
 Taiwan and South Korea as early as the mid-1970s. This paper attempts to
 tackle this issue via sectoral linkage analysis, based on an input-output
 approach. The conclusion is that, whatever other successes from this
 wholesale experiment, the result in terms of both industrial
 interdependence and manufacturing industrialisation is weak and so far
 unpromising. 
Journal: International Review of Applied Economics 
Pages: 161-191 
Issue: 2 
Volume: 13 
Year: 1999 
X-DOI: 10.1080/026921799101643 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/026921799101643
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:13:y:1999:i:2:p:161-191




Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Michl 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Michl 
Title: Biased Technical Change and the Aggregate Production Function 
Abstract:
  This paper offers a classical model of biased technical change in the
 MarxRicardo tradition as a framework for theoretical and applied studies
 of growth. The observable data it generates would appear to an
 unsuspecting economist to be well-described by a neoclassical model with a
 static Cobb-Douglas production function, when in fact this production
 function describes only the technological history of the economy. The
 CobbDouglas form results from the capital-using, labour-saving bias of
 technical change. The model's trajectory in wage-profit space will lie
 along the displaced image of the neoclassical factor price frontier, in
 contradiction to marginal productivity theory. The Solow residual can be
 reinterpreted by the classical theory as a measure of the size of this
 displacement. 
Journal: International Review of Applied Economics 
Pages: 193-206 
Issue: 2 
Volume: 13 
Year: 1999 
X-DOI: 10.1080/026921799101652 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/026921799101652
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:13:y:1999:i:2:p:193-206




Template-Type: ReDIF-Article 1.0
Author-Name: Kurt Rothschild 
Author-X-Name-First: Kurt 
Author-X-Name-Last: Rothschild 
Title: Maximising, Satisficing, Weights and the Evaluation of Macroeconomic Comparisons 
Abstract:
  The success or failure of macroeconomic policy over time and in
 comparison to other countries is an important item in political
 discussions. The present paper discusses the relative advantages and
 disadvantages of different forms of indices which aim at an aggregated
 picture for macroeconomic evaluations. Maximising, satisficing, and
 weights in multi-item indices are discussed on a principal level. In the
 final section a simple numerical example comparing different countries
 serves as an illustration of some of the main aspects. It is shown that
 alternative forms can yield important differences in ranking and offer
 alternative insights. 
Journal: International Review of Applied Economics 
Pages: 207-217 
Issue: 2 
Volume: 13 
Year: 1999 
X-DOI: 10.1080/026921799101661 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/026921799101661
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:13:y:1999:i:2:p:207-217




Template-Type: ReDIF-Article 1.0
Author-Name: Michael Dietrich 
Author-X-Name-First: Michael 
Author-X-Name-Last: Dietrich 
Title: Explaining Economic Restructuring: An input-output analysis of organisational change in the European Union 
Abstract:
  This article investigates the extent to which the European economy (as a
 whole) has entered a period of restructuring from 1970 to the present, and
 assesses whether different theories of restructuring can explain the
 processes involved.Three political economy perspectives on restructuring
 are presented: flexible specialisation, neo-Schumpeterian/long wave, and
 Regulation. The extent of organisational restructuring is identified using
 an input-output methodology that separates supply-side and demand-side
 change. Supplyside output change indicates the importance of vertical
 externalisation, which all restructuring theories identify as important.
 This empirical methodology is applied using EU wide input-output tables
 for 1970, 1975, 1980, 1985 and 1991. Considerable restructuring is
 indicated as having occurred, particularly in European manufacturing
 industry. But this restructuring seems not to be consistent with any
 single perspective; rather all three are relevant in different
 circumstances. Finally, an attempt is made to sketch a theory of the firm
 consistent with the evidence presented. 
Journal: International Review of Applied Economics 
Pages: 219-240 
Issue: 2 
Volume: 13 
Year: 1999 
X-DOI: 10.1080/026921799101670 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/026921799101670
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:13:y:1999:i:2:p:219-240




Template-Type: ReDIF-Article 1.0
Author-Name: Rosella Levaggi 
Author-X-Name-First: Rosella 
Author-X-Name-Last: Levaggi 
Title: Does Government Expenditure Crowd Out Private Consumption in Italy? Evidence from a Microeconomic Model 
Abstract:
  An abnormal expansion of the public sector may create serious problems to
 the market economy, as the literature suggests. This issue is quite
 important in countries such as Italy where the size of the public sector
 and of its debt are quite relevant. In this paper a model, in the
 microeconomic tradition, is developed and applied to the italian economy
 using a quite general utility function to represent consumer's behaviour.
 The aim of the article is to set up a methological framework in which to
 test for the hypothesis that the provision of public and impure public
 goods crowds out private consumption. The main result of the analysis is
 that, in Italy, traditional public goods play a neutral role in
 expenditure decisions while impure public goods crowd out private
 consumption. This crowding out is created by over-production of these
 services; merit goods are direct complements to a wide range of private
 goods, but this beneficial effect is more than offset by the negative
 income effect related to their financing. 
Journal: International Review of Applied Economics 
Pages: 241-251 
Issue: 2 
Volume: 13 
Year: 1999 
X-DOI: 10.1080/026921799101689 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/026921799101689
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:13:y:1999:i:2:p:241-251




Template-Type: ReDIF-Article 1.0
Author-Name: Jordan Shan 
Author-X-Name-First: Jordan 
Author-X-Name-Last: Shan 
Title: Immigration and Unemployment: New evidence from Australia and New Zealand 
Abstract:
  This study uses a new Granger no-causality testing procedure developed by
 Toda &Yamamoto (1995) to contribute to the debate on immigration and
 unemployment in Australia and New Zealand. It investigates a possible
 causal linkage between these variables in a six-variable vector
 autoregression (VAR) model. The research finds no Granger causality
 between immigration and unemployment. Instead, it finds evidence of
 Granger causality running from industrial structural changes, measured by
 the Stoikov and HDB indices, to unemployment, and from several other
 economic variables to unemployment. 
Journal: International Review of Applied Economics 
Pages: 253-260 
Issue: 2 
Volume: 13 
Year: 1999 
X-DOI: 10.1080/026921799101698 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/026921799101698
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:13:y:1999:i:2:p:253-260




Template-Type: ReDIF-Article 1.0
Author-Name: Francesca Bettio 
Author-X-Name-First: Francesca 
Author-X-Name-Last: Bettio 
Author-Name: Samuel Rosenberg 
Author-X-Name-First: Samuel 
Author-X-Name-Last: Rosenberg 
Title: Labour Markets and Flexibility in the 1990s: The Europe-USA opposition revisited 
Abstract:
  Economists' contest on labour market flexibility has quickly pivoted
 around the stylised trade off between more flexibility and growth on the
 one hand and increased inequality of income on the other, the welfare
 implications of this trade off being too often assumed rather than
 verified. This article uses the essays collected in the Special Issue on
 Labour Markets and Flexibility in the 1990s of the International Review of
 Applied Economics to challenge the terms of this trade off as well as the
 related welfare assumptions. Some of the most popular tenets in the
 literature are assessed in the light of the evidence and the arguments put
 forward by the authors contributing to the Special Issue, in particular,
 the notion that the European labour market is rigid, the contention that
 more flexibility is imposed by international competition, or that labour
 market regulation weakens both employment and output growth, the belief
 that the main welfare cost of flexibility is increased inequality of
 earnings or the fear that flexibility may be primarily 'female'. 
Journal: International Review of Applied Economics 
Pages: 269-279 
Issue: 3 
Volume: 13 
Year: 1999 
X-DOI: 10.1080/026921799101553 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/026921799101553
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:13:y:1999:i:3:p:269-279




Template-Type: ReDIF-Article 1.0
Author-Name: Annamaria Simonazzi 
Author-X-Name-First: Annamaria 
Author-X-Name-Last: Simonazzi 
Author-Name: Paola Villa 
Author-X-Name-First: Paola 
Author-X-Name-Last: Villa 
Title: Flexibility and Growth 
Abstract:
  After two decades of theoretical discussion and application of labour
 policies aimed at flexibility, ever-spreading unemployment in Europe has
 compelled some official institutions to admit that the 'rigidity' of the
 labour market does not suffice to account for the different trends in
 employment displayed by Europe and the United States. In this paper, we
 focus on the role played by differentials in income growth. After briefly
 reviewing the explanations of European unemployment based on labour market
 rigidity and their respective weaknesses, we look at the relationship
 between growth and employment, concluding that there are grounds for
 maintaining that the causes of Europe's higher unemployment reside mainly
 in its lower rate of growth.We therefore investigate the reasons that may
 be responsible for a more stringent macroeconomic constraint on European
 growth.We conclude that if a lack of growth is at the root of European
 unemployment, then merely dismantling labour market institutions, and
 replacing them with a more flexible system of industrial relations, will
 not only fail to produce the expected results but may also have negative
 effects, in both the social and productive structure. 
Journal: International Review of Applied Economics 
Pages: 281-311 
Issue: 3 
Volume: 13 
Year: 1999 
X-DOI: 10.1080/026921799101562 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/026921799101562
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:13:y:1999:i:3:p:281-311




Template-Type: ReDIF-Article 1.0
Author-Name: Robert Buchele 
Author-X-Name-First: Robert 
Author-X-Name-Last: Buchele 
Author-Name: Jens Christiansen 
Author-X-Name-First: Jens 
Author-X-Name-Last: Christiansen 
Title: Employment and Productivity Growth in Europe and North America: The Impact of Labor Market Institutions 
Abstract:
  In this paper, we examine long-run employment and productivity growth in
 the major economies of North America and Europe from 1960 to the early
 1990s. We develop a model in which output growth is determined by the
 growth of aggregate demand, and the relative contributions of employment
 and productivity growth to the growth of output depend on country specific
 labor market institutions. We find that institutions that promote
 collective bargaining, employment security and social protection have
 roughly equal and opposite effects on employment growth (negative) and
 productivity growth (positive), giving rise to an inverse relationship
 between these variables. The welfare implications of this finding are that
 labor market deregulation could result in more work and greater inequality
 and insecurity for workers, without significantly increasing the rate of
 economic growth. 
Journal: International Review of Applied Economics 
Pages: 313-332 
Issue: 3 
Volume: 13 
Year: 1999 
X-DOI: 10.1080/026921799101571 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/026921799101571
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:13:y:1999:i:3:p:313-332




Template-Type: ReDIF-Article 1.0
Author-Name: Pascal Petit 
Author-X-Name-First: Pascal 
Author-X-Name-Last: Petit 
Title: Sectoral Patterns of Distribution in Slowly Growing Economies: The case of nine OECD countries in the 1980s and 1990s 
Abstract:
  Slow productivity growth has put pressure on the distribution of income
 between wages and profits in ways that are not amenable to a US versus
 Europe dichotomy but vary between sectors (especially between
 manufacturing and service activities) as well as among countries. Over the
 1980s and the 1990s, wage flexibility and profit margin flexibility in
 service sectors-characterised, respectively, by high shares of total
 employment and high shares of total profits-outlined three growth
 patterns: countries adjusting to slow productivity growth by means of
 considerable flexibility in relative wages in services (as in the US, the
 UK and Germany); adjustment through flexibility in relative profit margins
 (as in France, Canada and Sweden); and finally, an absence of change in
 the sectoral structure of distribution (as in Japan, Italy and Belgium).
 These patterns may be associated with either changes in wage and profit
 rates or structural adjustments (such as changes in the share of part time
 jobs, or changes in the composition of the capital stock). They are shown
 to be an important influence on the prospect of a resumption of high
 productivity growth. 
Journal: International Review of Applied Economics 
Pages: 333-351 
Issue: 3 
Volume: 13 
Year: 1999 
X-DOI: 10.1080/026921799101580 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/026921799101580
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:13:y:1999:i:3:p:333-351




Template-Type: ReDIF-Article 1.0
Author-Name: Iain Campbell 
Author-X-Name-First: Iain 
Author-X-Name-Last: Campbell 
Author-Name: Peter Brosnan 
Author-X-Name-First: Peter 
Author-X-Name-Last: Brosnan 
Title: Labour Market Deregulation in Australia: The slow combustion approach to workplace change 
Abstract:
  Since the beginning of the 1990s Australia has experienced a gradual but
 far-reaching process of labour market deregulation. Labour market
 deregulation has proceeded primarily through the dismantling of the
 distinctive system of awards-the main avenue of external, protective
 regulation in Australia for much of the 20th century. This paper examines
 labour market deregulation and its implications for the Australian
 workforce. It situates the changes in terms of their institutional
 starting point in the award system and the growing pressures in the 1980s
 for increased labour market flexibility. It argues that labour market
 deregulation is amplifying existing trends to growth in precarious
 employment, wage dispersion and the development of a low-pay sector
 amongst full-time employees. In addition, it is sponsoring a significant
 fragmentation of working-time arrangements. 
Journal: International Review of Applied Economics 
Pages: 353-394 
Issue: 3 
Volume: 13 
Year: 1999 
X-DOI: 10.1080/026921799101599 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/026921799101599
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:13:y:1999:i:3:p:353-394




Template-Type: ReDIF-Article 1.0
Author-Name: Bruno Contini 
Author-X-Name-First: Bruno 
Author-X-Name-Last: Contini 
Author-Name: Fabio Rapiti 
Author-X-Name-First: Fabio 
Author-X-Name-Last: Rapiti 
Title: 'Young In, Old Out' Revisited: New Patterns of Employment Replacement in the Italian Economy 
Abstract:
  This paper, based largely on data from the Italian social security (INPS)
 records, shows that recent employment trends in Italy have been marked by
 large job and worker turnover and a new and strong process of renewal and
 substitution of labour in industry. Entries of young workers have shown a
 remarkable increase, mainly through the application of work and training
 contracts ('contratti di formazione e lavoro') that provide firms with a
 means to cut labour costs. Meanwhile many workers in their 40s with
 considerable seniority, but still perfectly fit to go on working, found
 themselves squeezed out. The exit of this generation of mature workers was
 eased through subsidised early retirement, golden handshakes and a wide
 application of the 'cassa integrazione guadagni' (wage supplementation
 fund). This pattern of labour force replacement in industrial production,
 described as 'young in, old out', is at odds with the frequent ranking of
 Italy among the industrial countries hampered by rigid labour markets and
 questions theories of unemployment based on 'insider-outsider' hypotheses. 
Journal: International Review of Applied Economics 
Pages: 395-415 
Issue: 3 
Volume: 13 
Year: 1999 
X-DOI: 10.1080/026921799101607 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/026921799101607
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:13:y:1999:i:3:p:395-415




Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Rose 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Rose 
Title: Is Mobility in the United States Still Alive? Tracking career opportunities and income growth 
Abstract:
  Longitudinal data are used to compute income and earnings mobility in the
 1970s and 1980s. The various strengths and weakness of different
 perspectives on mobility are assessed, with the change in real income or
 earnings being chosen as the one that most closely resembles the
 common-sense meaning of progress or decline. Care is taken to choose the
 proper age ranges and to define quantiles on the basis of 10-year income
 or earnings. Based on the Panel Study on Income Dynamics, this paper finds
 the share of family income losers among prime-age adults rose from 21% in
 the 1970s to 33% in the 1980s. This jump is reflected in a corresponding
 jump in the share of male earners with declining earnings over the same
 time period. Female earners, however, worked 44% more in the 1980s than
 the 1970s and fewer were on declining earnings paths. In terms of
 sub-populations, lower income and less educated groups had larger
 increases of income and earnings losses. 
Journal: International Review of Applied Economics 
Pages: 417-436 
Issue: 3 
Volume: 13 
Year: 1999 
X-DOI: 10.1080/026921799101616 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/026921799101616
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:13:y:1999:i:3:p:417-436




Template-Type: ReDIF-Article 1.0
Author-Name: Brendan Burchell 
Author-X-Name-First: Brendan 
Author-X-Name-Last: Burchell 
Title: The Unequal Distribution of Job Insecurity, 1966-86 
Abstract:
  In the first half of this paper the evidence concerning the costs of job
 insecurity is presented. There is now sufficient good research data to
 conclude that job insecurity is damaging to psychological health,
 marriages and employee motivation, and contributes to 'cycles of
 disadvantage'. In the second half of this paper, flows out of secure and
 insecure jobs are analysed using a work-histories dataset. Not only is it
 the case that flows from secure to insecure jobs were more common in the
 1980s than in the 1970s and 1960s, but it is also apparent that the risk
 of a transition from a secure job into an insecure job is much greater for
 those in less advantaged jobs. The negative consequences of this further
 polarisation of the UK labour market are discussed. 
Journal: International Review of Applied Economics 
Pages: 437-458 
Issue: 3 
Volume: 13 
Year: 1999 
X-DOI: 10.1080/026921799101625 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/026921799101625
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:13:y:1999:i:3:p:437-458




Template-Type: ReDIF-Article 1.0
Author-Name: Oguz Esen 
Author-X-Name-First: Oguz 
Author-X-Name-Last: Esen 
Title: Financial Openness in Turkey 
Abstract:
  The purpose of this paper is to analyse the effects of financial
 liberalization on the financial and real sectors of the Turkish economy.
 The process of liberalization began over 15 years ago simultaneously with
 a stabilization programme that had been designed according to neoclassical
 model. The implementation addressed first foreign trade, then the domestic
 financial market and finally foreign capital movements. Contrary to
 theoretical expectations, the opening of the capital account induced
 adverse effects on financial intermediation, savings, investment, growth
 and foreign debt. 
Journal: International Review of Applied Economics 
Pages: 5-23 
Issue: 1 
Volume: 14 
Year: 2000 
X-DOI: 10.1080/026921700101452 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/026921700101452
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:14:y:2000:i:1:p:5-23




Template-Type: ReDIF-Article 1.0
Author-Name: Nicholas Sarantis 
Author-X-Name-First: Nicholas 
Author-X-Name-Last: Sarantis 
Author-Name: Chris Stewart 
Author-X-Name-First: Chris 
Author-X-Name-Last: Stewart 
Title: The ERM Effect, Conflict and Inflation in the European Union 
Abstract:
  This paper investigates price inflation expectations and wage
 determination in the ERM member countries with the aim of assessing the
 importance of the ERM effect and distributional conflict. We have found
 strong evidence of an ERM effect in the inflationary process of
 participating countries, but this effect manifests itself primarily
 through structural changes in labour markets rather than through importing
 Bundesbank's reputation. This evidence questions the tendency to model the
 ERM as a credibility-reputation game. Inflation expectations for all ERM
 countries are strongly influenced by movements in unit labour costs and
 demand, and secondarily by world commodity and oil prices. The empirical
 results provide strong support for the conflict approach to wage
 inflation. 
Journal: International Review of Applied Economics 
Pages: 25-43 
Issue: 1 
Volume: 14 
Year: 2000 
X-DOI: 10.1080/026921700101461 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/026921700101461
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:14:y:2000:i:1:p:25-43




Template-Type: ReDIF-Article 1.0
Author-Name: Keith Cowling 
Author-X-Name-First: Keith 
Author-X-Name-Last: Cowling 
Author-Name: Fahmi Mohd Yusof 
Author-X-Name-First: Fahmi Mohd 
Author-X-Name-Last: Yusof 
Author-Name: Guy Vernon 
Author-X-Name-First: Guy 
Author-X-Name-Last: Vernon 
Title: Declining Concentration in UK Manufacturing? A problem of measurement 
Abstract:
  It has become conventional wisdom that market concentration in the UK has
 fallen over recent history. However, the typical assumption has been that
 all imports are competitive so that any increase in import penetration
 implies a decline in market concentration. In a world of transnationally
 organized production and trade this would seem an inappropriate working
 assumption. Our analysis of the UK market for cars, vans, trucks and
 buses, where the necessary detailed firm data is available, supports this
 contention: an accurate assessment of who controls imports is crucial in
 the measurement of market concentration. 
Journal: International Review of Applied Economics 
Pages: 45-54 
Issue: 1 
Volume: 14 
Year: 2000 
X-DOI: 10.1080/026921700101470 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/026921700101470
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:14:y:2000:i:1:p:45-54




Template-Type: ReDIF-Article 1.0
Author-Name: Miguel Leon-Ledesma 
Author-X-Name-First: Miguel 
Author-X-Name-Last: Leon-Ledesma 
Title: Economic Growth and Verdoorn's Law in the Spanish Regions, 1962-91 
Abstract:
  The aim of this paper is to test for the presence of dynamic increasing
 returns to scale in the Spanish regions between 1962 and 1991.The
 framework in which this paper is based is the so-called Verdoorn's Law.
 Tests are carried out for the manufacturing sector, agriculture,
 construction, services and total value added. The results show substantial
 increasing returns for manufacturing, services sector and for total value
 added. The staticdynamic paradox found by McCombie (1982) is also
 discussed and tested. We find no support for the hypothesis of a
 Cobb-Douglas function as the underlying technical relationship of the law. 
Journal: International Review of Applied Economics 
Pages: 55-69 
Issue: 1 
Volume: 14 
Year: 2000 
X-DOI: 10.1080/026921700101489 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/026921700101489
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:14:y:2000:i:1:p:55-69




Template-Type: ReDIF-Article 1.0
Author-Name: F. Carmichael 
Author-X-Name-First: F. 
Author-X-Name-Last: Carmichael 
Author-Name: R. Woods 
Author-X-Name-First: R. 
Author-X-Name-Last: Woods 
Title: Ethnic Penalties in Unemployment and Occupational Attainment: Evidence for Britain 
Abstract:
  In spite of progress made since the 1950s and 1960s, black, Indian,
 Pakistani and Bangladeshi workers remain disadvantaged relative to whites
 in terms of their labour market opportunities. In general, they experience
 higher rates of unemployment and tend to be under-represented in higher
 paid, non-manual occupations. They can therefore be said to pay an ethnic
 penalty in the competition for jobs although the penalties paid vary
 considerably between the minority groups. In this paper we examine the
 different employment experiences of black, Indian, Pakistani and
 Bangladeshi men and women in terms of their unemployment propensities and
 occupational attainment.We use maximum likelihood methods to show that the
 ethnic penalties experienced by minority workers are not fully explained
 by differences in human capital endowments and personal characteristics.
 We conclude that at least some of the disadvantage experienced by ethnic
 minorities in the British labour market can be attributed to
 discriminatory selection practices by employers. 
Journal: International Review of Applied Economics 
Pages: 71-98 
Issue: 1 
Volume: 14 
Year: 2000 
X-DOI: 10.1080/026921700101498 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/026921700101498
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:14:y:2000:i:1:p:71-98




Template-Type: ReDIF-Article 1.0
Author-Name: John Preston 
Author-X-Name-First: John 
Author-X-Name-Last: Preston 
Author-Name: Gerard Whelan 
Author-X-Name-First: Gerard 
Author-X-Name-Last: Whelan 
Author-Name: Chris Nash 
Author-X-Name-First: Chris 
Author-X-Name-Last: Nash 
Author-Name: Mark Wardman 
Author-X-Name-First: Mark 
Author-X-Name-Last: Wardman 
Title: The Franchising of Passenger Rail Services in Britain 
Abstract:
  Following the 1993 Railways Act, British Rail's passenger business was
 spilt into 25 train operating units, which have been privatised by a
 process of franchising. This paper will review the franchising experience
 to date. First, the results of 38 in-depth interviews with potential
 bidders for the passenger businesses will be described. Secondly, a
 hypothetical bidding game, based on a series of Stated Preference
 experiments undertaken by our sample of potential bidders, will be
 described. A model has been established which determines managers'
 preferences with respect to contract size and length, exclusivity, and the
 degree of regulatory control. Given assumptions concerning the degree of
 competition for rail franchises and bidding behaviour, some predictions
 are made about the likely magnitude of winning bids and these predictions
 are validated against actual bids. 
Journal: International Review of Applied Economics 
Pages: 99-112 
Issue: 1 
Volume: 14 
Year: 2000 
X-DOI: 10.1080/026921700101506 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/026921700101506
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:14:y:2000:i:1:p:99-112




Template-Type: ReDIF-Article 1.0
Author-Name: Steven Cook 
Author-X-Name-First: Steven 
Author-X-Name-Last: Cook 
Title: Durability and Asymmetry in UK Consumers' Expenditure 
Abstract:
  Cook et al. (1998) have recently proposed the hypothesis of a positive
 relationship between the durability of consumers' expenditure and the
 asymmetric behaviour it exhibits. Some support was found for this
 hypothesis via the application of Sichel's (1993) univariate tests of
 business cycle asymmetry to quarterly data on the components of UK
 consumers' expenditure. In this paper this hypothesis is revisited, with
 the original analysis extended in a number of ways. First, the hypothesis
 is examined using annual data over a longer span than the original study,
 potentially allowing more business cycles to be captured. Secondly the
 effects of alternative means of detrending, a prerequisite for the
 analysis, are considered. Using durable, non-durable and total consumption
 data for the UK, the 'durability-asymmetry' hypothesis is found to hold.
 It is also found that a previously noted aggregation paradox disappears,
 but a new temporal aggregation paradox is uncovered. Significantly, the
 manner in which the data are detrended is also seen to influence results. 
Journal: International Review of Applied Economics 
Pages: 113-121 
Issue: 1 
Volume: 14 
Year: 2000 
X-DOI: 10.1080/026921700101515 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/026921700101515
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:14:y:2000:i:1:p:113-121




Template-Type: ReDIF-Article 1.0
Author-Name: John Grieve Smith 
Author-X-Name-First: John Grieve 
Author-X-Name-Last: Smith 
Title: Regulating Global Capital Flows 
Abstract:
Journal: International Review of Applied Economics 
Pages: 123-126 
Issue: 1 
Volume: 14 
Year: 2000 
X-DOI: 10.1080/026921700101524 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/026921700101524
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:14:y:2000:i:1:p:123-126




Template-Type: ReDIF-Article 1.0
Author-Name: Malcolm Sawyer 
Author-X-Name-First: Malcolm 
Author-X-Name-Last: Sawyer 
Title: Canada's Two Economies 
Abstract:
Journal: International Review of Applied Economics 
Pages: 127-133 
Issue: 1 
Volume: 14 
Year: 2000 
X-DOI: 10.1080/026921700101533 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/026921700101533
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:14:y:2000:i:1:p:127-133




Template-Type: ReDIF-Article 1.0
Author-Name: Simon Roberts 
Author-X-Name-First: Simon 
Author-X-Name-Last: Roberts 
Title: Large, International Business and Economic Development 
Abstract:
Journal: International Review of Applied Economics 
Pages: 135-143 
Issue: 1 
Volume: 14 
Year: 2000 
X-DOI: 10.1080/026921700101542 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/026921700101542
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:14:y:2000:i:1:p:135-143




Template-Type: ReDIF-Article 1.0
Author-Name: Bill Gibson 
Author-X-Name-First: Bill 
Author-X-Name-Last: Gibson 
Author-Name: Dirk Ernst Van Seventer 
Author-X-Name-First: Dirk Ernst 
Author-X-Name-Last: Van Seventer 
Title: A Tale of Two Models: Comparing structuralist and neoclassical computable general equilibrium models for South Africa 
Abstract:
  This paper compares two working models of the South African economy, an
 orthodox, neoclassical computable general equilibrium model in which
 savings drive investment, and a more structuralist, eclectic, model for
 which there is an independent investment function. Both models are
 calibrated to the same social accounting matrix. Comparative statics of
 simplified prototype models are presented and identical simulations with
 the corresponding applied versions are compared. It is seen that the
 neoclassical model fully supports the principles of the 'Washington
 Consensus' while the structuralist model requires a far more heterodox set
 of policies to avoid slow growth or high inflation. 
Journal: International Review of Applied Economics 
Pages: 149-171 
Issue: 2 
Volume: 14 
Year: 2000 
X-DOI: 10.1080/02692170050024723 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170050024723
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:14:y:2000:i:2:p:149-171




Template-Type: ReDIF-Article 1.0
Author-Name: David Greasley 
Author-X-Name-First: David 
Author-X-Name-Last: Greasley 
Author-Name: Les Oxley 
Author-X-Name-First: Les 
Author-X-Name-Last: Oxley 
Title: Outside the Club: New Zealand's economic growth, 1870-1993 
Abstract:
  Recent tests of the Convergence Hypothesis, or the tendency for per
 capita income levels to narrow over time, have included a time-series
 testing approach (see Bernard & Durlauf, 1995, 1996; Oxley & Greasley,
 1995, Greasley & Oxley, 1997, 1998a). Results have been mixed, with
 Bernard & Durlauf finding no evidence of convergence whereas Oxley &
 Greasley find evidence of two small convergence clubs. This paper adds to
 the debate by considering a newly created annual per capita income series
 for New Zealand, 1870-1993. The results show that the series is integrated
 of order 1, I(1), and neither a single break nor joint breaks overturn the
 null of a unit root. Combined with results from Greasley & Oxley (1998a,
 1998b), this property of New Zealand data is incompatible with her
 belonging to a UK/Australia convergence club, or converging towards either
 of the North American economies. New Zealand per capita income growth is
 idiosyncratic, diverging below the growth rates of traditional trading
 partners. A conjunction of small size and insular economic policies
 distinguishes New Zealand's economic development. 
Journal: International Review of Applied Economics 
Pages: 173-192 
Issue: 2 
Volume: 14 
Year: 2000 
X-DOI: 10.1080/02692170050024732 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170050024732
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:14:y:2000:i:2:p:173-192




Template-Type: ReDIF-Article 1.0
Author-Name: Christian Weller 
Author-X-Name-First: Christian 
Author-X-Name-Last: Weller 
Title: Financial Liberalization, Multinational Banks and Credit Supply: The case of Poland 
Abstract:
  Part of the Polish transformation process has been an opening of the
 domestic financial market to foreign entrants. While the number of
 multinational banks (MNBs) has risen from zero to 15 within six years, the
 ratio of bank credit to private and public enterprises relative to GDP
 decreased continuously after 1991. In this paper, I develop an argument as
 to why these two trends may be connected. Further, using monthly data
 provided by the weekly Polish publication Gazeta Bankowa, the National
 Bank of Poland, the Central Statistical Office, the BIS and the IMF, I
 test the hypothesis that more MNB entry may lead to a declining credit
 supply during the early stages of the transition process. Multivariate
 regression results indicate that more MNB entry results in a lower credit
 supply by Polish banks during the early transition phase. This result
 holds regardless of the measurement of international financial
 competition, and regardless of a bank's history, and it is only partially
 affected by a bank's location. More importantly, the overall impact of
 increased international financial competition on the credit supply of
 Polish banks is strong enough to lower the total credit supply in the
 Polish economy. Since an earlier study has found that Polish industries
 operate under hard budget constraints and are finance constrained during
 the early stages of the transition process, a reduction in the credit
 supply has adverse effects on business investments (Cornelli et al.,
 1996;Weller, 1999). 
Journal: International Review of Applied Economics 
Pages: 193-211 
Issue: 2 
Volume: 14 
Year: 2000 
X-DOI: 10.1080/02692170050024741 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170050024741
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:14:y:2000:i:2:p:193-211




Template-Type: ReDIF-Article 1.0
Author-Name: Riccardo Leoncini 
Author-X-Name-First: Riccardo 
Author-X-Name-Last: Leoncini 
Author-Name: Sandro Montresor 
Author-X-Name-First: Sandro 
Author-X-Name-Last: Montresor 
Title: Network Analysis of Eight Technological Systems 
Abstract:
  This paper aims to measure and compare some key relationships relative to
 the technological systems of eight OECD countries along three temporal
 spans (early 1980s, middle 1980s, early 1990s). For each technological
 system, a matrix of intersectoral innovation flows is constructed and
 network analysis is then performed to examine the density distributions of
 the innovative flows, and the degree of centrality/centralisation of each
 of its nodes.The first kind of analysis allows a quantitative comparison
 of the intensity of the linkages among the systemic nodes considered,
 while the second allows us to examine qualitatively the different internal
 structures identified by cutting-off flows of a certain magnitude. The
 main results of the paper are a clear distinction among technological
 systems with different structural characteristics (e.g. size,
 technological intensity, and institutional arrangements suggesting the
 existence of different 'models of capitalism'), and a clear pattern of
 'convergence' among the technological systems along time. 
Journal: International Review of Applied Economics 
Pages: 213-234 
Issue: 2 
Volume: 14 
Year: 2000 
X-DOI: 10.1080/02692170050024750 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170050024750
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:14:y:2000:i:2:p:213-234




Template-Type: ReDIF-Article 1.0
Author-Name: A. Sepehri 
Author-X-Name-First: A. 
Author-X-Name-Last: Sepehri 
Author-Name: S. Moshiri 
Author-X-Name-First: S. 
Author-X-Name-Last: Moshiri 
Author-Name: M. Doudongee 
Author-X-Name-First: M. 
Author-X-Name-Last: Doudongee 
Title: The Foreign Exchange Constraints to Economic Adjustment: The case of Iran 
Abstract:
  While a great deal of work has been devoted to the assessment of the
 effects of structural adjustment programmes, little is known about the
 relative importance of external financing and its contribution to the
 success of these adjustment programmes. This paper examines this question,
 using Iran's recent experience with an orthodox structural adjustment with
 its limited access to medium- and long-term external financing. Using the
 annual data for 1963-94, a three-gap model of growth is formulated and
 estimated in which economic growth is constrained by domestic saving,
 foreign exchange and public sector resource availability. The resulting
 foreign exchange-gap equation demonstrates a sharp trade-off between
 investment (capacity generation) and the capacity utilization rate. The
 model is simulated over the period 1995-99 under three growth path
 scenarios. The size of the foreign exchange gap under these growth path
 scenarios illustrates quite vividly the centrality of the foreign exchange
 constraint to the achievement of a modest growth rate in the medium-term. 
Journal: International Review of Applied Economics 
Pages: 235-251 
Issue: 2 
Volume: 14 
Year: 2000 
X-DOI: 10.1080/02692170050024769 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170050024769
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:14:y:2000:i:2:p:235-251




Template-Type: ReDIF-Article 1.0
Author-Name: Giuliana Battisti 
Author-X-Name-First: Giuliana 
Author-X-Name-Last: Battisti 
Author-Name: Carlo Pietrobelli 
Author-X-Name-First: Carlo 
Author-X-Name-Last: Pietrobelli 
Title: Intra-Industry Gaps in Technology and Investments in Technological Capabilities: Firm-level evidence from Chile 
Abstract:
  This paper develops a theoretical framework to analyse intra-industry
 gaps in technology, and tests it with enterprise-level data from a
 developing country. Following neoclassical theory, the existence of
 inter-firm technological gaps is explained by factor market segmentation
 that determines different factor prices and therefore different firms'
 technological choices. However, intra-industry gaps in technology may also
 result from the nature of the process of technological development, and
 from the different level of investments in technological capabilities.The
 empirical analysis is based on a sample of 338 industrial enterprises from
 Chile, and shows that it is possible to define technological thresholds,
 characterised by significant shifts in technology, independently of factor
 market segmentation. The analysis focuses on five major sectors: food
 processing, textile and garments, woodworking, metalworking and paper.
 Firms with different levels of technological complexity coexist within the
 same industry, and differences in technology are discrete, with different
 clusters sharing similar characteristics within the same industry. These
 results also have important policy implications for industrial
 development, which are drawn in a final section. 
Journal: International Review of Applied Economics 
Pages: 253-269 
Issue: 2 
Volume: 14 
Year: 2000 
X-DOI: 10.1080/02692170050024778 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170050024778
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:14:y:2000:i:2:p:253-269




Template-Type: ReDIF-Article 1.0
Author-Name: Frederick Guy 
Author-X-Name-First: Frederick 
Author-X-Name-Last: Guy 
Title: Power in the Information Age 
Abstract:
Journal: International Review of Applied Economics 
Pages: 271-276 
Issue: 2 
Volume: 14 
Year: 2000 
X-DOI: 10.1080/02692170050024787 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170050024787
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:14:y:2000:i:2:p:271-276




Template-Type: ReDIF-Article 1.0
Author-Name: Bernard Fingleton 
Author-X-Name-First: Bernard 
Author-X-Name-Last: Fingleton 
Title: Convergence: International comparisons based on a simultaneous equation model with regional effects 
Abstract:
  A structural model incorporating regional effects is fitted to
 cross-sectional data for 60 countries. The model integrates various
 strands in the literature, including the dynamic Verdoorn Law linking
 productivity growth to output growth, and relationships between
 educational attainment, trade and innovativeness. Most notably, the
 structural model supports the thesis that a country's innovativeness and,
 consequently, capital stock growth, depend on the level of technology in
 the 'surrounding' region.The approach adopted is set within the context of
 the theoretical and empirical analysis of increasing returns and
 cumulative causation. However, the resulting parameter estimates lead to a
 reduced form that implies convergence to an equilibrium rather than
 divergent productivity levels. The equilibrium productivity level ratios
 (vis-a-vis the USA) indicate that countries are converging on different
 levels, although a group does attain the USA productivity level. 
Journal: International Review of Applied Economics 
Pages: 285-305 
Issue: 3 
Volume: 14 
Year: 2000 
X-DOI: 10.1080/02692170050084042 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170050084042
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:14:y:2000:i:3:p:285-305




Template-Type: ReDIF-Article 1.0
Author-Name: Bart Van Ark 
Author-X-Name-First: Bart 
Author-X-Name-Last: Van Ark 
Author-Name: Jakob De Haan 
Author-X-Name-First: Jakob 
Author-X-Name-Last: De Haan 
Title: The Delta-Model Revisited: Recent trends in the structural performance of the Dutch economy 
Abstract:
  Since the late 1980s, the Dutch economy has outperformed neighbouring
 countries in terms of employment and GDP growth. We argue that the recent
 growth performance of the Netherlands has primarily been the result of a
 correction of the belowaverage performance during the 1970s. This
 correction was mainly brought about by a significant wage moderation since
 the early 1980s, probably strengthened by the creation of a more effective
 wage negotiation structure and measures to reduce the replacement rate.
 Furthermore, we show that the euphoria about the 'Delta model' is dampened
 by a slowdown in labour productivity performance, which appears to be
 particular serious in major parts of the services sector. 
Journal: International Review of Applied Economics 
Pages: 307-321 
Issue: 3 
Volume: 14 
Year: 2000 
X-DOI: 10.1080/02692170050084051 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170050084051
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:14:y:2000:i:3:p:307-321




Template-Type: ReDIF-Article 1.0
Author-Name: Daniel Graham 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Graham 
Title: Spatial Variation in Labour Productivity in British Manufacturing 
Abstract:
  This paper identifies factors underpinning spatial variation in
 manufacturing labour productivity in Britain at the county level,
 examining the relative influences of spatial external effects, the degree
 of capital intensity, industrial structure, and labour force 'quality'. In
 doing so, it sets out to test the hypothesis that spatial external
 economies are not only derived from the immediate environment but also
 exist over more dispersed areas, such that they can be enjoyed by firms in
 locations outside major centres. The results show that locational
 externalities continue to have a very small impact on spatial variation in
 manufacturing labour productivity in Britain. The really large and
 instrumental effects arise from variation in capital to labour ratios,
 industrial structure, and labour force characteristics. 
Journal: International Review of Applied Economics 
Pages: 323-341 
Issue: 3 
Volume: 14 
Year: 2000 
X-DOI: 10.1080/02692170050084060 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170050084060
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:14:y:2000:i:3:p:323-341




Template-Type: ReDIF-Article 1.0
Author-Name: Hannu Tervo 
Author-X-Name-First: Hannu 
Author-X-Name-Last: Tervo 
Title: Migration and Labour Market Adjustment: Empirical evidence from Finland 1985-90 
Abstract:
  This paper addresses the question of the role of migration as an
 adjustment process by analysing the relationship between unemployment and
 labour force mobility. The empirical analysis deals with long-distance
 migration in Finland in the period 1985-90. When considered within a
 multivariate setting in which personal and place characteristics are held
 constant, the results show that higher origin unemployment rates increase
 outmigration, but not particularly for unemployed workers. Three outcomes
 are deduced from the results. First, the equilibrating process of
 interregional migration is slow-although working in the right
 direction-and becomes steadily slower as regional unemployment
 differentials fall. Secondly, the size of high-unemployment regions, as
 measured in terms of the labour force, decreases during the adjustment
 process as employed persons also leave the region. Thirdly,
 high-unemployment regions in particular lose their young and educated
 workers. The danger of the process of cumulative causation is great in
 these regions. 
Journal: International Review of Applied Economics 
Pages: 343-360 
Issue: 3 
Volume: 14 
Year: 2000 
X-DOI: 10.1080/02692170050084079 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170050084079
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:14:y:2000:i:3:p:343-360




Template-Type: ReDIF-Article 1.0
Author-Name: Mikael Linden 
Author-X-Name-First: Mikael 
Author-X-Name-Last: Linden 
Title: Testing Growth Convergence with Time Series Data&#x2014; a non-parametric approach 
Abstract:
  A non-parametric time series testing is suggested to analyse the
 convergence of international output per-capita gaps. Non-parametric tests
 are based on signs and ranks of time series properties of output
 differences. The methods are applied to logs of USA percapita income
 differences for 16 OECD countries from 1900-97. In contrast to the results
 obtained by Bernard & Durlauf (1995) for the period 1900-87, convergence
 of output gaps was evident for the majority of countries. However, the
 trends in 1970-97 and 1987-97 are noticeably more complicated than the
 homogeneous convergence found in the pre-1970 period. The results indicate
 that widening USA gaps are now more likely to emerge than steady-state or
 narrowing gaps. 
Journal: International Review of Applied Economics 
Pages: 361-370 
Issue: 3 
Volume: 14 
Year: 2000 
X-DOI: 10.1080/02692170050084088 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170050084088
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:14:y:2000:i:3:p:361-370




Template-Type: ReDIF-Article 1.0
Author-Name: Efthymios Tsionas 
Author-X-Name-First: Efthymios 
Author-X-Name-Last: Tsionas 
Author-Name: George Halkos 
Author-X-Name-First: George 
Author-X-Name-Last: Halkos 
Title: Posterior Analysis of Environmental Damage Evaluation in Europe 
Abstract:
  In this paper we consider environmental damage evaluation using two types
 of econometric models to analyse tree damage due to acid deposits, using
 cross-country data for several European countries. First, we use a set of
 univariate Poisson models and second, a multinomial probit model with the
 difference that we do not observe class specific data. The damage function
 is parameterized in terms of a number of economic and environmental
 variables. Statistical inference is conducted using Bayesian methods
 relying on Markov Chain Monte Carlo simulation. Natural by-products of our
 method include an implied ranking of countries according to environmental
 damage, and (exact, finite sample) posterior distributions of average
 country-specific environmental damage. 
Journal: International Review of Applied Economics 
Pages: 371-390 
Issue: 3 
Volume: 14 
Year: 2000 
X-DOI: 10.1080/02692170050084097 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170050084097
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:14:y:2000:i:3:p:371-390




Template-Type: ReDIF-Article 1.0
Author-Name: Paz Estrella Tolentino 
Author-X-Name-First: Paz Estrella 
Author-X-Name-Last: Tolentino 
Title: The Conduct of Industrial Policy in an Integrated Europe 
Abstract:
Journal: International Review of Applied Economics 
Pages: 391-401 
Issue: 3 
Volume: 14 
Year: 2000 
X-DOI: 10.1080/02692170050084105 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170050084105
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:14:y:2000:i:3:p:391-401




Template-Type: ReDIF-Article 1.0
Author-Name: John Grahl 
Author-X-Name-First: John 
Author-X-Name-Last: Grahl 
Title: Among the Vultures 
Abstract:
Journal: International Review of Applied Economics 
Pages: 403-407 
Issue: 3 
Volume: 14 
Year: 2000 
X-DOI: 10.1080/02692170050084114 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170050084114
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:14:y:2000:i:3:p:403-407




Template-Type: ReDIF-Article 1.0
Author-Name: Grazia Ietto-Gillies 
Author-X-Name-First: Grazia 
Author-X-Name-Last: Ietto-Gillies 
Title: What Role for Multinationals in the New Theories of International Trade and Location? 
Abstract:
  The paper starts with a summary of the way the new theories of
 international trade have incorporated the role of multinational companies
 (MNCs) in the location of production. The main, specific assumptions used
 to incorporate MNCs' activities relate to joint inputs at the company's
 level combined with assumptions regarding costs at the plant level and
 spatial transaction costs. It is claimed that this approach explains
 multi-plant location, although it cannot discriminate between
 inter-regional and the inter-national multi-plant location. It is argued
 that nation-states should be distinguished by their regulatory regimes.
 The MNCs' ability to plan and organize across different regulatory regimes
 may give them special advantages linked to distributional issues and
 spread-ofactivities strategies. These strategies may lead to a pattern of
 industrial location not fully congruent with the one emerging from the new
 trade and location theories. 
Journal: International Review of Applied Economics 
Pages: 413-426 
Issue: 4 
Volume: 14 
Year: 2000 
X-DOI: 10.1080/02692170050150101 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170050150101
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:14:y:2000:i:4:p:413-426




Template-Type: ReDIF-Article 1.0
Author-Name: Damian Grimshaw 
Author-X-Name-First: Damian 
Author-X-Name-Last: Grimshaw 
Title: Public Sector Employment, Wage Inequality and the Gender Pay Ratio in the UK 
Abstract:
  This paper assesses the relative contributions of the different systems
 of pay determination in the private sector and the public sector toward
 the changing level of wage inequality and the gender pay ratio in the UK.
 The greater centralisation of pay arrangements in the public sector
 compared with the private sector in the UK suggests that public sector
 employment may have acted to offset the widening wage inequality seen in
 recent years, as well as making an important contribution to the increase
 in women's relative average earnings compared to men. This issue is
 addressed by drawing on unpublished occupational hourly earnings data from
 the New Earnings Survey and applying decomposition of the Theil index of
 wage inequality to analyse both static and dynamic trends. The change in
 wage inequality for the period 1986 to 1995 primarily reflected the change
 in wage dispersion within the private sector, and the narrowing of the
 gender pay gap among the public sector workforce was an important factor
 in explaining the overall improvement in women's relative earnings. The
 paper argues that the relatively centralised pay arrangements in the
 public sector, compared with the private sector, played an important role
 in slowing the increase in wage inequality and narrowing the gender pay
 gap. As such, future policies to decentralise pay determination in the UK
 public sector may exacerbate the increasing level of wage inequality and
 reverse women's recent relative pay improvements. 
Journal: International Review of Applied Economics 
Pages: 427-448 
Issue: 4 
Volume: 14 
Year: 2000 
X-DOI: 10.1080/02692170050150110 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170050150110
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:14:y:2000:i:4:p:427-448




Template-Type: ReDIF-Article 1.0
Author-Name: Mark Holmes 
Author-X-Name-First: Mark 
Author-X-Name-Last: Holmes 
Title: The Velocity of Circulation: Some new evidence on international integration 
Abstract:
  This study tests for the integration of money velocity movements among
 the major European Union countries. For this purpose, a new test is
 employed that allows one to confirm or reject integration on the basis of
 whether or not the first largest principal component, based on deviations
 of velocity growth rates from a base country, is stationary. Using monthly
 data covering the last 25 years, this study finds that integration was
 strongest during the 1970s and during 1983-92. These findings modify the
 institutionalist view that common financial developments have meant that
 velocities have moved together on an upward secular trend over the last 40
 years. Developments with regard to currency substitution along with
 exchange rate policy and capital controls can affect relative interest
 rates and income movements and therefore the co-movements in money
 velocities. 
Journal: International Review of Applied Economics 
Pages: 449-459 
Issue: 4 
Volume: 14 
Year: 2000 
X-DOI: 10.1080/02692170050150129 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170050150129
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:14:y:2000:i:4:p:449-459




Template-Type: ReDIF-Article 1.0
Author-Name: Federico Mini 
Author-X-Name-First: Federico 
Author-X-Name-Last: Mini 
Author-Name: Edgard Rodriguez 
Author-X-Name-First: Edgard 
Author-X-Name-Last: Rodriguez 
Title: Technical Efficiency Indicators in a Philippine Manufacturing Sector 
Abstract:
  This paper uses the stochastic production frontier approach to
 investigate the relationship between size and technical efficiency in the
 Philippines textile industry. Results show that technical efficiency
 increases with size, thus weakening the case for SME targeted policies.
 Moreover, both exports and government interventions are positively
 associated with efficiency, although the link between government support
 and technical efficiency is somewhat weaker. 
Journal: International Review of Applied Economics 
Pages: 461-473 
Issue: 4 
Volume: 14 
Year: 2000 
X-DOI: 10.1080/02692170050150138 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170050150138
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:14:y:2000:i:4:p:461-473




Template-Type: ReDIF-Article 1.0
Author-Name: Hassan Aly 
Author-X-Name-First: Hassan 
Author-X-Name-Last: Aly 
Author-Name: Mark Strazicich 
Author-X-Name-First: Mark 
Author-X-Name-Last: Strazicich 
Title: Is Government Size Optimal in the Gulf Countries of the Middle East? An empirical investigation 
Abstract:
  The size of government consumption relative to national output is
 examined to see if it is optimal in five Gulf countries of the Middle
 East. We follow the methodology suggested in Barro (1990) and Karras
 (1996, 1997). The 'Barro rule' is examined using regression tests for each
 country and in panels created by pooling data. Results find that
 government consumption is productive, but the size of government is larger
 than optimal. 
Journal: International Review of Applied Economics 
Pages: 475-483 
Issue: 4 
Volume: 14 
Year: 2000 
X-DOI: 10.1080/02692170050150147 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170050150147
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:14:y:2000:i:4:p:475-483




Template-Type: ReDIF-Article 1.0
Author-Name: Geraint Johnes 
Author-X-Name-First: Geraint 
Author-X-Name-Last: Johnes 
Title: Up Around the Bend: Linear and nonlinear models of the UK economy compared 
Abstract:
  A variety of methods - including vector autoregression (Bayesian and
 nonBayesian) and neural networks - are used to construct models of the UK
 economy, and their forecasting performance is compared. 
Journal: International Review of Applied Economics 
Pages: 485-493 
Issue: 4 
Volume: 14 
Year: 2000 
X-DOI: 10.1080/02692170050150156 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170050150156
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:14:y:2000:i:4:p:485-493




Template-Type: ReDIF-Article 1.0
Author-Name: Natasha Miaouli 
Author-X-Name-First: Natasha 
Author-X-Name-Last: Miaouli 
Title: Employment and Capital Accumulation in Unionised Labour Markets: Evidence from five south-European countries 
Abstract:
  This paper analyses the link between employment and capital accumulation
 in unionised labour markets by using a dynamic monopoly union model. The
 role of wage setting is also explored within the above context. The
 empirical analysis is based on annual data from the manufacturing sector
 of five European countries (France, Greece, Italy, Portugal and Spain). It
 verifies that capital accumulation has a positive influence on employment.
 Concerning wages, there is evidence that, in most countries, income
 opportunities in the public sector play an important role in wage
 determination. A larger public sector crowds out private investment and
 employment by serving as a safety net that allows wage setters to push for
 higher wage demands. 
Journal: International Review of Applied Economics 
Pages: 5-29 
Issue: 1 
Volume: 15 
Year: 2001 
X-DOI: 10.1080/02692170120013321 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170120013321
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:15:y:2001:i:1:p:5-29




Template-Type: ReDIF-Article 1.0
Author-Name: Jesus Ferreiro 
Author-X-Name-First: Jesus 
Author-X-Name-Last: Ferreiro 
Author-Name: Felipe Serrano 
Author-X-Name-First: Felipe 
Author-X-Name-Last: Serrano 
Title: The Spanish Labour Market: Reforms and consequences 
Abstract:
  The institutional design of the Spanish labour market has been subjected,
 during the last three decades, to permanent pressure fuelled by two
 beliefs. On the one hand, by the assumption that a higher degree of
 flexibility would help to reduce unemployment; on the other, by the
 assumption that such increased flexibility would also help to reduce
 inflation rates and, consequently, the inflation gap between Spain and the
 rest of the European countries. The recent history of the Spanish labour
 market is, therefore, the history of the reforms implemented to increase
 the flexibility in such a market. The aim of this paper is, firstly, to
 describe the main features of these reforms, showing the measures
 implemented in order to increase the flexibility in the labour market and,
 secondly, to show the degree of flexibility reached in the labour market.
 Finally, we will briefly analyse the macroeconomic consequences of these
 reforms. 
Journal: International Review of Applied Economics 
Pages: 31-53 
Issue: 1 
Volume: 15 
Year: 2001 
X-DOI: 10.1080/02692170120013330 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170120013330
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:15:y:2001:i:1:p:31-53




Template-Type: ReDIF-Article 1.0
Author-Name: Keith Pilbeam 
Author-X-Name-First: Keith 
Author-X-Name-Last: Pilbeam 
Title: Economic Fundamentals and Exchange Rate Movements 
Abstract:
  This paper provides a non-parametric test of modern exchange rate models
 that is an alternative to econometric methods. The economic fundamentals
 from three well-known exchange rate theories are used to devise quarterly
 net predictions for the movement of sterling against four major currencies
 over the period 1973-98. Each model is examined under six expectations
 mechanisms. Although the test can lead to very diverse predictions from
 different models, it is shown that there is very little difference in the
 predictive success of rival exchange rate theories. The paper shows that
 the role assigned to market expectations is more crucial to the success of
 the models than the particular specification of the fundamental
 variables.We find some weak evidence to suggest that extrapolative and
 adaptive expectations mechanisms seem to offer a better specification of
 exchange rate expectations as compared to regressive and rational
 expectation mechanisms. One significant advantage of the test is that it
 can readily deal with hybrid models and heterogeneous expectations;
 however, neither route seems to improve exchange rate forecasts. 
Journal: International Review of Applied Economics 
Pages: 55-64 
Issue: 1 
Volume: 15 
Year: 2001 
X-DOI: 10.1080/02692170120013349 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170120013349
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:15:y:2001:i:1:p:55-64




Template-Type: ReDIF-Article 1.0
Author-Name: Lonnie Stevans 
Author-X-Name-First: Lonnie 
Author-X-Name-Last: Stevans 
Author-Name: David Sessions 
Author-X-Name-First: David 
Author-X-Name-Last: Sessions 
Title: Minimum Wage Policy and Poverty in the United States 
Abstract:
  Recent studies have found that increasing the minimum wage is a useful
 antipoverty tool. In this analysis, we examine the influence of minimum
 wages and other important variables on US family poverty rates using state
 data over the years 1984-98 by estimating both a fixed effect and random
 coefficients regression model. Taking into account labor market
 influences, demographic factors, and differences in poverty rates across
 states, we find that expanding the minimum wage coverage and increasing
 labor force participation both have larger effects on poverty rates as
 compared to equivalent changes in the level of the minimum wage. It is
 further implied from the empirical results that the most effective means
 of lifting families out of poverty are policies that are directed toward
 increasing minimum wage coverage, encouraging increased labor force
 participation, raising the minimum wage, and subsidizing higher education,
 respectively. 
Journal: International Review of Applied Economics 
Pages: 65-75 
Issue: 1 
Volume: 15 
Year: 2001 
X-DOI: 10.1080/02692170120013358 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170120013358
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:15:y:2001:i:1:p:65-75




Template-Type: ReDIF-Article 1.0
Author-Name: Carlos Pombo 
Author-X-Name-First: Carlos 
Author-X-Name-Last: Pombo 
Title: Intra-industry Trade and Innovation: An empirical study of the Colombian manufacturing industry 
Abstract:
  This paper analyses the theoretical and empirical relationship between
 intra-industry trade (IIT) flows in manufactures and technical change for
 the Colombian manufacturing industry during the 1970-95 period. A general
 estimating equation for the sources of change of the equilibrium number of
 varieties, in which TFP growth is one of its components, is derived from
 the basic model of trade in differentiated goods with monopolistic
 competition. Based on that relationship, several estimations on the
 determinants of IIT flows are carried out. The econometric set up follows
 a panel data and cross-section estimations of system of simultaneous
 equations. TFP and IIT indices are the endogenous variables of the system
 with industry characteristic, trade policy, and innovation-activity
 variables as the set of exogenous variables. The paper also presents a
 comparative analysis in the direction and trends of Colombia's IIT flows
 in manufactures with the Group of Seven, NAFTA, and the Latin American
 Free Trade area members (LAFTA) since 1974. 
Journal: International Review of Applied Economics 
Pages: 77-106 
Issue: 1 
Volume: 15 
Year: 2001 
X-DOI: 10.1080/02692170120013367 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170120013367
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:15:y:2001:i:1:p:77-106




Template-Type: ReDIF-Article 1.0
Author-Name: John Baffoe-Bonnie 
Author-X-Name-First: John 
Author-X-Name-Last: Baffoe-Bonnie 
Title: The Impact of Income Taxation on the Labor Supply of Part-time and Full-time Workers 
Abstract:
  This paper estimates the effect of income taxation on the labor supply of
 part-time and full-time workers in the United States. Using a model that
 incorporates the endogeneity of the net wage rate and the virtual income,
 and correcting for self-selection into part-time and full-time jobs, the
 results indicate that part-time workers are relatively more responsive to
 changes in income tax than full-time workers. Estimated wage elasticities
 are relatively larger for part-time than for full-time workers.The
 simulation results indicate that income tax has a disincentive effect on
 both part-time and full-time workers, with part-time and full-time workers
 reducing their labor supply by 0.87 and 0.58 hours, respectively, if a 5%
 tax is imposed. However, the percentage reduction in hours of work is very
 small, and a tax policy may have little effect on the labor supply of
 workers.The results seem to suggest that female and black part-time
 workers are more likely to drop out of the labor force at higher levels of
 income tax. It also tests the hypothesis that the labor supply behavior of
 parttime and full-time workers differs.The test results indicate that the
 determinants of the labor supply of part-time workers are different from
 those of full-time workers. It is noted that there is a significant
 difference between the labor supply of male part-time and female parttime
 workers, as well as between the black part-time and white part-time
 workers. In order to reduce voluntary unemployment in market activities
 among married females and blacks, the government can encourage part-time
 work by sponsoring legislation or instituting a scheme that will allow
 part-time workers to pay relatively less in payroll taxes. 
Journal: International Review of Applied Economics 
Pages: 107-128 
Issue: 1 
Volume: 15 
Year: 2001 
X-DOI: 10.1080/02692170120013376 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170120013376
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:15:y:2001:i:1:p:107-128




Template-Type: ReDIF-Article 1.0
Author-Name: David Kucera 
Author-X-Name-First: David 
Author-X-Name-Last: Kucera 
Title: Foreign Trade of Manufactures and Men and Women's Employment and Earnings in Germany and Japan 
Abstract:
  Using factor content analysis, this paper provides estimates of the
 effects of manufacturing trade expansion on men and women's employment in
 Germany and Japan, with breakdowns by world, OECD, and non-OECD trade.
 Evidence is found that foreign trade expansion had a more negative effect
 on women's than men's manufacturing employment in Japan and a roughly
 equal effect in Germany, with the difference between the countries driven
 by non-OECD trade. In spite of this, demand shifted away from women's
 manufacturing employment in Germany after the early-1970s, for both the
 manufacturing sector as a whole and for manufacturing industries with high
 female shares of employment, while no such labor demand shifts occurred in
 Japan. In the face of these differences in labor demand and of very
 similar increases in female labor supply, male-female hourly wage
 differences narrowed in Germany and widened in Japan, for both
 manufacturing and non-agricultural employees. It is concluded that shifts
 in neither labor supply nor labor demand fit with observed trends of
 male-female wage differences in Germany and Japan. 
Journal: International Review of Applied Economics 
Pages: 129-149 
Issue: 2 
Volume: 15 
Year: 2001 
X-DOI: 10.1080/02692170151136998 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170151136998
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:15:y:2001:i:2:p:129-149




Template-Type: ReDIF-Article 1.0
Author-Name: P. Ruben Mercado 
Author-X-Name-First: P. Ruben 
Author-X-Name-Last: Mercado 
Title: Macroeconomic Volatility during Argentina's Import Substitution Stage 
Abstract:
  In this article, I analyze the characteristics and sources of
 macroeconomic volatility for the case of Argentina during the import
 substitution industrialization (ISI). This case is particularly relevant
 since Argentina has been one of the most extreme examples of macroeconomic
 volatility in the Latin American region. I estimated a small vector auto
 regression (VAR) to approximate the main dynamic features of the Argentine
 economy during the ISI: the balance of trade improving but the
 'contractionary' effect of devaluation, and the short-run persistence of
 'political-economic' switching regimes. Counterfactual experimentation
 showed the impossibility of reaching a complete economic stabilization
 during the historical period under analysis and the existence of sharp
 tradeoffs among the internal balance, the external balance and policy
 volatility. It also indicated that at least a half of the observed policy
 volatility could be attributed to exogenous shocks. These results suggest
 that the performance of the Argentine economy during the ISI could have
 been better under more rational policy management but, surprisingly, that
 the improvement would not be as large as one would expect. 
Journal: International Review of Applied Economics 
Pages: 151-161 
Issue: 2 
Volume: 15 
Year: 2001 
X-DOI: 10.1080/02692170151137014 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170151137014
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:15:y:2001:i:2:p:151-161




Template-Type: ReDIF-Article 1.0
Author-Name: Pablo Ruiz-Napoles 
Author-X-Name-First: Pablo 
Author-X-Name-Last: Ruiz-Napoles 
Title: Liberalisation, Exports and Growth in Mexico 1978-94: A structural analysis 
Abstract:
  In this paper, the results of an exports led growth strategy accompanied
 by a trade liberalisation policy, implemented in Mexico, are analysed for
 three periods 1978-82, 1983-87 and 1988-94. The input-output analysis is
 utilised, to determine the effects of manufacturing exports on gross
 output, to measure the degree of the global integration of the economy
 and, in particular, to measure the integration of the leading exporting
 manufacturing industries to domestic industries. The effects of
 liberalisation on increasing imports and the displacement of domestic
 production by imports, in manufacturing, are also measured and analysed.
 The general results of this analysis allowed us to conclude that the
 positive effect of increasing manufacturing exports on expanding
 production is limited and offset by the increasing manufacturing imports
 displacing domestic production. The increasing imports are mainly inputs
 demanded by growing exports. 
Journal: International Review of Applied Economics 
Pages: 163-180 
Issue: 2 
Volume: 15 
Year: 2001 
X-DOI: 10.1080/02692170151137032 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170151137032
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:15:y:2001:i:2:p:163-180




Template-Type: ReDIF-Article 1.0
Author-Name: Massimo Florio 
Author-X-Name-First: Massimo 
Author-X-Name-Last: Florio 
Title: On Cross-country Comparability of Government Statistics: Public expenditure trends in OECD National Accounts 
Abstract:
  Government statistics in the 'Detailed Tables' of OECD yearly National
 Accounts, one of the most internationally used references for comparative
 economic studies, show remarkable inconsistencies. The interpretation by
 economists and other users of data on total government outlays by function
 and type, gross capital formation, added value of general government,
 compensation of employees, and on other public sector data needs more
 prudence than it is usually acknowledged. In some cases, strong policy
 implications risk being drawn on shaky foundations. International
 organisations should invest more in the quality of data they disseminate. 
Journal: International Review of Applied Economics 
Pages: 181-198 
Issue: 2 
Volume: 15 
Year: 2001 
X-DOI: 10.1080/02692170151137050 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170151137050
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:15:y:2001:i:2:p:181-198




Template-Type: ReDIF-Article 1.0
Author-Name: Xiao-Guang Zhang 
Author-X-Name-First: Xiao-Guang 
Author-X-Name-Last: Zhang 
Author-Name: Siqi Zhang 
Author-X-Name-First: Siqi 
Author-X-Name-Last: Zhang 
Title: Technical Efficiency in China's Iron and Steel Industry: Evidence from the new census data 
Abstract:
  A stochastic frontier production function is estimated using data from
 the 1995 industrial census to measure the technical efficiency of China's
 large and medium-sized iron and steel enterprises. The technical
 efficiency estimates are examined and compared for different enterprise
 groups distinguished by their ownership, size, capital vintage and
 location. The sources of diverse performance of China's iron and steel
 enterprises are identified and discussed with an emphasis on policy
 implications. 
Journal: International Review of Applied Economics 
Pages: 199-211 
Issue: 2 
Volume: 15 
Year: 2001 
X-DOI: 10.1080/02692170151137078 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170151137078
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:15:y:2001:i:2:p:199-211




Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Garrett 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Garrett 
Title: An International Comparison and Analysis of Lotteries and the Distribution of Lottery Expenditures 
Abstract:
  Lotteries are found in nearly half of the world's countries, with annual
 worldwide lottery ticket sales topping $115 billion. Despite the global
 presence of lottery games, there has been little research conducted on any
 international aspect of lotteries. This paper presents the first-ever
 examination and comparison of lottery games from around the world.
 Differences in both absolute and relative lottery expenditures are
 presented. Estimates for the income elasticity of demand for lottery
 tickets provide evidence on the distributional burden of lottery
 expenditures. These estimates consider each country by continental
 location and country income level. Further analysis reveals that lower
 income countries could adopt Lotto games in order to increase revenues.
 Recognizing that the distributional impact of lottery games is one of the
 greatest concerns surrounding lotteries, it is shown that the introduction
 of Lotto games does not significantly affect the distributional burden of
 lottery ticket expenditures. Given the international scope of lotteries
 and the availability of international lottery game data, the paper
 concludes by discussing future research on international lottery games. 
Journal: International Review of Applied Economics 
Pages: 213-227 
Issue: 2 
Volume: 15 
Year: 2001 
X-DOI: 10.1080/02692170151137096 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170151137096
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:15:y:2001:i:2:p:213-227




Template-Type: ReDIF-Article 1.0
Author-Name: John Grieve Smith 
Author-X-Name-First: John Grieve 
Author-X-Name-Last: Smith 
Title: Is Manufacturing Industry Finished? 
Abstract:
Journal: International Review of Applied Economics 
Pages: 229-232 
Issue: 2 
Volume: 15 
Year: 2001 
X-DOI: 10.1080/02692170151137113 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170151137113
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:15:y:2001:i:2:p:229-232




Template-Type: ReDIF-Article 1.0
Author-Name: Jorg Bibow 
Author-X-Name-First: Jorg 
Author-X-Name-Last: Bibow 
Title: Making EMU Work: Some lessons from the 1990s 
Abstract:
  This paper investigates what lessons may be learned from Europe's
 convergence process of the 1990s. The paper challenges the conventional
 focus on labour market institutions and 'structural rigidities' as the
 root cause behind Europe's poor employment record. Instead, it is argued
 that macro demand management played the key role, particularly monetary
 policy. Concentrating on Germany, the analysis shows that fiscal
 consolidation was accompanied by monetary tightness of an extraordinary
 degree and duration. This finding is of interest regarding the past as
 well as the future. For the Maastricht regime much resembles the one that
 produced the unsound policy mix of the 1990s: a constrained fiscal
 authority paired with an independent monetary authority free to impose its
 will on the overall outcome. The analysis thus highlights a key asymmetry
 in the Maastricht regime that is likely to continue to inflict a
 deflationary bias on the system. It is argued that this policy bias may be
 overcome only if the ECB deliberately assumed its real role of generating
 domestic demand-led growth, thereby resolving Euroland's key structural
 problem: asymmetric monetary policy. As regards the conventional
 structuralist theme, the analysis debunks the 'Dutch myth' of supply-led
 growth through structural reform. Depicting a popular fallacy of
 composition, we stress that the peculiar Dutch strategy of demand-led
 growth does not present itself as an option for Euroland. 
Journal: International Review of Applied Economics 
Pages: 233-259 
Issue: 3 
Volume: 15 
Year: 2001 
X-DOI: 10.1080/02692170110051528 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170110051528
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:15:y:2001:i:3:p:233-259




Template-Type: ReDIF-Article 1.0
Author-Name: Jesus Felipe 
Author-X-Name-First: Jesus 
Author-X-Name-Last: Felipe 
Author-Name: Carsten Holz 
Author-X-Name-First: Carsten 
Author-X-Name-Last: Holz 
Title: Why do Aggregate Production Functions Work? Fisher's simulations, Shaikh's identity and some new results 
Abstract:
  The literature on aggregation has shown that the conditions for
 successful aggregation of micro production functions into an aggregate
 production function are far too stringent to be believable (Fisher 1969,
 1971). Despite this, aggregate production functions continue being used.
 The reason is that they seem to 'work'. This happens, however, because
 underlying every aggregate production function is the income accounting
 identity that links input and output, i.e. output equals wages plus
 profits. A simple algebraic transformation of this identity yields a form
 that resembles a production function (Shaikh, 1974, 1980). This paper uses
 Monte Carlo simulations to study two questions. First, how much
 spuriousness can help explain the relatively good fits of the Cobb-Douglas
 production function? The simulations show that the contribution of
 spuriousness to a high R 2 is minor once we properly account for the fact
 that input and output data used in production function estimations are
 linked through the income accounting identity. It is mostly the link
 through this identity that explains the results. Secondly, we study how
 much factor shares have to vary in an economy so as to render the
 Cobb-Douglas production function with a time trend a bad choice for
 modelling and estimation purposes. We conclude that the Cobb-Douglas form
 is robust to relatively large variations in the factor shares. What makes
 this form often fail are the variations in the growth rates of the wage
 and profit rates. 
Journal: International Review of Applied Economics 
Pages: 261-285 
Issue: 3 
Volume: 15 
Year: 2001 
X-DOI: 10.1080/02692170110052338 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170110052338
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:15:y:2001:i:3:p:261-285




Template-Type: ReDIF-Article 1.0
Author-Name: Erkin Bairam 
Author-X-Name-First: Erkin 
Author-X-Name-Last: Bairam 
Author-Name: Lawrence Ng 
Author-X-Name-First: Lawrence 
Author-X-Name-Last: Ng 
Title: Thirlwall's Law and the Stability of Export and Import Income Elasticities 
Abstract:
  The aim of this paper is to examine the stability of income elasticities
 used in Thirlwall's law to approximate a country's long-term growth and to
 see empirically how non-constancy will affect these predictions. For this
 purpose, three countries - Canada, New Zealand and the UK - are analysed,
 using annual time series data from 1973 to 1995. These three countries
 were chosen on the basis of their contrasting trade patterns. The results
 obtained are different for each country but they still suggest the
 predictive power of one of the two specifications of Thirlwall's law is
 good. 
Journal: International Review of Applied Economics 
Pages: 287-303 
Issue: 3 
Volume: 15 
Year: 2001 
X-DOI: 10.1080/02692170110052347 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170110052347
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:15:y:2001:i:3:p:287-303




Template-Type: ReDIF-Article 1.0
Author-Name: M. Harris 
Author-X-Name-First: M. 
Author-X-Name-Last: Harris 
Author-Name: J. N. Lye 
Author-X-Name-First: J. N. 
Author-X-Name-Last: Lye 
Title: The Fiscal Consequences of Privatisation: Australian evidence on privatisation by public share float 
Abstract:
  Privatisation has become a common government policy in many countries.
 This paper summarises the salient features of privatisations by public
 share float in Australia during the period 1989 to 1997. The costs
 associated with these privatisations are examined, including both direct
 costs and the opportunity cost of Australian governments selling assets
 cheaply. Furthermore, the impact that such sales have on the net worth of
 the public sector is estimated. The results suggest that there is a cost
 of underpricing. There is also some evidence that the effect on the public
 sector net worth may be negative. However, in some cases where the
 enterprise sold is inefficient the government may realise a gain. 
Journal: International Review of Applied Economics 
Pages: 305-321 
Issue: 3 
Volume: 15 
Year: 2001 
X-DOI: 10.1080/02692170110052356 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170110052356
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:15:y:2001:i:3:p:305-321




Template-Type: ReDIF-Article 1.0
Author-Name: Jakob Madsen 
Author-X-Name-First: Jakob 
Author-X-Name-Last: Madsen 
Author-Name: Richard Damania 
Author-X-Name-First: Richard 
Author-X-Name-Last: Damania 
Title: Labour Demand and Wage-induced Innovations: Evidence from the OECD countries 
Abstract:
  This paper shows that increasing real wages steepens or reverses the
 slope of the labour demand schedule because increasing wages give firms
 incentives to innovate and to invest in newer and more efficient vintages
 of capital. Using macroeconomic data for the OECD countries it is shown
 that the efficiency inducement of higher real wages steepens the
 traditional neoclassical labour demand function substantially. Taking into
 account the adverse demand effects of wage reductions it is doubtful that
 real wage reductions are a cure for the unemployment problem in the OECD
 countries. 
Journal: International Review of Applied Economics 
Pages: 323-334 
Issue: 3 
Volume: 15 
Year: 2001 
X-DOI: 10.1080/02692170110052365 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170110052365
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:15:y:2001:i:3:p:323-334




Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Dobson 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Dobson 
Author-Name: John Goddard 
Author-X-Name-First: John 
Author-X-Name-Last: Goddard 
Author-Name: John Wilson 
Author-X-Name-First: John 
Author-X-Name-Last: Wilson 
Title: League Structure and Match Attendances in English Rugby League 
Abstract:
  This paper investigates the effects of actual and hypothetical changes in
 league structure on match attendances for English rugby league. An
 empirical match attendance model is used to generate simulated attendances
 under various alternative structural regimes.The simulations are used to
 compare the effects on attendances of having larger and smaller divisions,
 and of having regionalised lower divisions or divisions whose membership
 is determined solely by playing quality. A limited form of regionalisation
 emerges as a positive recommendation. The model is also used to decompose
 the changes in average attendance, following the 1996 reorganisation, into
 components attributable to the change of structure, changes in team
 performance, and other factors. 
Journal: International Review of Applied Economics 
Pages: 335-351 
Issue: 3 
Volume: 15 
Year: 2001 
X-DOI: 10.1080/02692170110052374 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170110052374
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:15:y:2001:i:3:p:335-351




Template-Type: ReDIF-Article 1.0
Author-Name: Maria Savona 
Author-X-Name-First: Maria 
Author-X-Name-Last: Savona 
Title: Does New Technology Cost Jobs? 
Abstract:
Journal: International Review of Applied Economics 
Pages: 353-355 
Issue: 3 
Volume: 15 
Year: 2001 
X-DOI: 10.1080/02692170110052383 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170110052383
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:15:y:2001:i:3:p:353-355




Template-Type: ReDIF-Article 1.0
Author-Name: Ozlem Onaran 
Author-X-Name-First: Ozlem 
Author-X-Name-Last: Onaran 
Author-Name: Nurhan Yenturk 
Author-X-Name-First: Nurhan 
Author-X-Name-Last: Yenturk 
Title: Do Low Wages Stimulate Investment? An analysis of the relationship between distribution and investment in Turkish private manufacturing industry 
Abstract:
  This study analyses the relative impact of profitability and demand on
 accumulation in Turkish private manufacturing industry on the basis of the
 theoretical framework outlined by Marglin & Bhaduri (1990). The main
 motivation behind this analysis is to shed light on the demand aspects of
 the slowdown in accumulation in the manufacturing industry despite the
 increase in profitability during the structural adjustment episode. For
 this purpose, the ratio of investment to value-added is estimated as a
 function of the profit share and an accelerator term, namely the growth
 rate of value-added, using panel data for the 26 industries of the private
 manufacturing sector. The results show that investment is not responsive
 to the profit share, whereas growth has a consistent positive impact. This
 result is significant in explaining the inability of pro-capital income
 policies to stimulate manufacturing investments throughout the
 export-promotion era. The export boom maintained by the use of the
 existing capacity rather than by new investments shows the limits of
 export demand to compensate for the fall in domestic consumption out of
 wages. The results make a strong case against the argument that
 profitability enhances accumulation. Evidence shows that it is not
 possible to enhance accumulation and long-term potential for growth simply
 based on promoting profitability, without paying attention to the demand
 aspects. 
Journal: International Review of Applied Economics 
Pages: 359-374 
Issue: 4 
Volume: 15 
Year: 2001 
X-DOI: 10.1080/02692170110081912 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170110081912
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:15:y:2001:i:4:p:359-374




Template-Type: ReDIF-Article 1.0
Author-Name: Ebru Voyvoda 
Author-X-Name-First: Ebru 
Author-X-Name-Last: Voyvoda 
Author-Name: A. Erinc Yeldan 
Author-X-Name-First: A. Erinc 
Author-X-Name-Last: Yeldan 
Title: Patterns of Productivity Growth and the Wage Cycle in Turkish Manufacturing 
Abstract:
  In this paper we investigate the distributional consequences of the
 post-1980 accumulation patterns and technological change in the Turkish
 manufacturing industries. We utilise two quantitative techniques. First,
 we make use of the Hodrick-Prescott filter to disintegrate the cyclical
 variations in productivity growth and wage rates from their respective
 historical trends, and study the evolution of the wage cycle against the
 long term productivity patterns in the sector. Next, we decompose the
 fundamental characteristics of the contributions of productivity growth of
 the manufacturing sub-sectors to the overall total. Our results suggest
 very little structural change in the sectoral composition and nature of
 productivity advances under the post-1980 structural adjustment reforms
 and outward-orientation, and underscore that the gains in productivity in
 this period did not materialise as gains in remunerations of wage labour.
 Contrary to the prognostications of the orthodox theory, the post-1980
 export orientation of Turkish manufacturing was not found to lend itself
 to productivity contributions, and could not be sustained as a viable
 strategy of 'export-led industrialisation'. 
Journal: International Review of Applied Economics 
Pages: 375-396 
Issue: 4 
Volume: 15 
Year: 2001 
X-DOI: 10.1080/02692170110081921 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170110081921
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:15:y:2001:i:4:p:375-396




Template-Type: ReDIF-Article 1.0
Author-Name: Helen Louri 
Author-X-Name-First: Helen 
Author-X-Name-Last: Louri 
Author-Name: Ioanna Pepelasis Minoglou 
Author-X-Name-First: Ioanna Pepelasis 
Author-X-Name-Last: Minoglou 
Title: A Quantitative Exploration on the Determinants of (De-)Industrialisation: The case of Greece 
Abstract:
  The aim of this paper is to explore the main determinants of (de-)
 industrialisation, taking Greece as a case study. Industrialisation in
 postwar Greece measured in terms of manufacturing industry's share of
 output was not impressive. It reached its peak (20.2% of GDP) in the mid
 1970s and, since then, it followed a declining path. Relevant theory
 relates the evolution of industry to macro and micro variables, stressing
 the role of structural change or 'trading up' within manufacturing. The
 regression results underline that the reasons behind the unimpressive
 Greek industrialisation performance, compared with advanced capitalist
 economies, are to be found in the low GDP per capita, the deep and long
 economic recession and the unfavourable manufacturing trade conditions.
 The preponderance of traditional, low technology, consumer goods sectors
 over high technology industries is also found to affect negatively the
 share of manufacturing, but its statistical significance is relatively
 small. The implications for industrialisation policies are that
 macro-variables should preferably be used, since micro-tools are not
 likely to be particularly effective. 
Journal: International Review of Applied Economics 
Pages: 397-410 
Issue: 4 
Volume: 15 
Year: 2001 
X-DOI: 10.1080/02692170110081930 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170110081930
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:15:y:2001:i:4:p:397-410




Template-Type: ReDIF-Article 1.0
Author-Name: Wolfram Elsner 
Author-X-Name-First: Wolfram 
Author-X-Name-Last: Elsner 
Title: An Interactive Economic Policy Approach to Manage Structural Change: The case of industry conversion in the German state of Bremen 
Abstract:
  The present paper deals with (1) the regional experience of a severe and
 sudden structural change sometimes faced by regions and cities which
 display considerable industrial specialisation, and (2) a proactive
 regional economic policy response: it offers a theoretical explanation of
 this policy and discusses the basic philosophy behind it, the agents
 involved, the instruments it employs and its effects. The German state
 (Land) of the Free Hanseatic City of Bremen is a port and industry centre
 that has not only had considerable experience of industrial decline, but
 also of proactive industrial policy involvement. In addition, being the
 centre of the defence industry in northern Germany, Bremen experienced
 dramatic structural change due to the disarmament process that occurred
 during the 1990s. Bremen's industrial defence conversion approach has been
 widely considered as a case for further developing network forms of
 regional economic policy and for a managed industrial diversification
 strategy. It has indeed developed as a way to manage industrial change
 during the last ten years. This paper will discuss (1) the basic
 industrial problem; (2) some background conditions needed for success; (3)
 the approach and instruments developed; (4) the results obtained; and (5)
 a theoretical consideration on the basis of the experience. 
Journal: International Review of Applied Economics 
Pages: 411-428 
Issue: 4 
Volume: 15 
Year: 2001 
X-DOI: 10.1080/02692170110081949 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170110081949
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:15:y:2001:i:4:p:411-428




Template-Type: ReDIF-Article 1.0
Author-Name: Ergun Dogan 
Author-X-Name-First: Ergun 
Author-X-Name-Last: Dogan 
Title: External Scale Economies in Turkish Manufacturing Industries 
Abstract:
  In this study, the relationship between external scale economies
 (agglomeration economies) and productivity is measured by using Turkish
 data. The productivity increase can be due to economies from locating
 closer to other firms in either the same industry (localisation economies)
 or different industries (urbanisation economies). Localisation economies
 are proxied by own industry size and urbanisation economies by city
 population. Productivity (output per worker) is regressed on industry
 size, city population, and other related variables. A measure of
 concentration of state enterprises is included in the regressions to
 control for the possible inefficiencies in public sector firms. The
 functional form of the estimating equations is derived from the translog
 production function. As a check, a constant elasticity of substitution
 (CES) form is also experimented with. Data are cross-section data and come
 from industrial and production surveys conducted by the State Institute of
 Statistics of Turkey in 1985. The study finds that agglomeration economies
 that are robust across different specifications of the agglomeration
 economy function and production function exist in food products, textiles,
 and wood products. Urbanisation economies are detected in food products
 and textiles. In wood products there are localisation economies. 
Journal: International Review of Applied Economics 
Pages: 429-446 
Issue: 4 
Volume: 15 
Year: 2001 
X-DOI: 10.1080/02692170110081958 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170110081958
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:15:y:2001:i:4:p:429-446




Template-Type: ReDIF-Article 1.0
Author-Name: Philip Arestis 
Author-X-Name-First: Philip 
Author-X-Name-Last: Arestis 
Author-Name: Andrew Brown 
Author-X-Name-First: Andrew 
Author-X-Name-Last: Brown 
Author-Name: Kostas Mouratidis 
Author-X-Name-First: Kostas 
Author-X-Name-Last: Mouratidis 
Author-Name: Malcolm Sawyer 
Author-X-Name-First: Malcolm 
Author-X-Name-Last: Sawyer 
Title: The Euro: Reflections on the first three years 
Abstract:
  In the first three years of its (virtual) existence, the euro has seen a
 general decline in its value (notably against the dollar). In this paper
 we look at this issue and reflect on the implications of the decline for
 the future of the euro.The paper begins by briefly reviewing some of the
 explanations that have been put forward for the weakness of the euro,
 which might be seen as temporary factors or factors that do not arise from
 the creation of the eurozone per se. These explanations include the
 decline in the value of the euro as being a reaction to previous rises,
 interest rate differentials as favouring the dollar and the decline in the
 euro as being the obverse of a rise in the value of the dollar reflecting
 the strength of the US economy. These explanations are found to be
 unconvincing, and the view is advanced that there are serious weaknesses
 within the eurozone itself and in the construction of the eurosystem,
 along with its operation, that could be undermining the value of the euro.
 The divergent euro area may be one of the more significant factors
 contributing to the euro decline. 
Journal: International Review of Applied Economics 
Pages: 1-17 
Issue: 1 
Volume: 16 
Year: 2002 
X-DOI: 10.1080/02692170110109308 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170110109308
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:16:y:2002:i:1:p:1-17




Template-Type: ReDIF-Article 1.0
Author-Name: Mike Artis 
Author-X-Name-First: Mike 
Author-X-Name-Last: Artis 
Title: The Performance of the European Central Bank 
Abstract:
  The European Monetary Union has been in operation since 1 January 1999.
 The paper offers an interim assessment of the operations of the European
 Central Bank (ECB) during this period. It describes how the ECB defined
 its monetary strategy and carried out its policy. The evaluation offered
 in the paper is largely positive, the principal objects of criticism being
 found to stem from the constitution which defines the position and
 principal objective of the ECB. This constitution embodies an extreme
 version of Central Bank independence and creates a 'democratic deficit' in
 consequence. Albeit the operating record is not without some blemishes,
 for example in regard to the ECB's communication policy. So far, the ECB
 has benefitted from a favourable macroeconomic conjuncture. This has
 changed and a more testing time may now be in store. 
Journal: International Review of Applied Economics 
Pages: 19-29 
Issue: 1 
Volume: 16 
Year: 2002 
X-DOI: 10.1080/02692170110109317 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170110109317
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:16:y:2002:i:1:p:19-29




Template-Type: ReDIF-Article 1.0
Author-Name: Jorg Bibow 
Author-X-Name-First: Jorg 
Author-X-Name-Last: Bibow 
Title: The Monetary Policies of the European Central Bank and the Euro's (Mal-)Performance: A stability-oriented assessment 
Abstract:
  The stability-oriented macroeconomic framework established in the
 Treaties on European Union, especially the unparalleled status of
 independence and peculiar mandate of the European Central Bank (ECB), were
 promised virtually to guarantee price stability and a strong euro.
 Shattering these hopes and promises in a rather drastic way, the euro's
 external value has declined markedly while consumer price inflation has
 quadrupled since the new currency's inception. This paper assesses the
 ECB's role in relation to the euro's (mal-)performance. It challenges the
 truly odd conventional wisdom that, despite these dismal monetary
 developments, neither the Maastricht regime nor the ECB might possibly be
 at fault. Reviewing the ECB's interest rate policies and scrutinising its
 rationale, a conspicuous anti-growth bias is diagnosed that has produced
 rather perverse consequences.This stability-oriented assessment concludes
 that the ECB has been key to the 'euro puzzle', propagating euro weakness
 and pushing up inflation. Euroland's democratically elected
 representatives are therefore urged to reform Europe's key structural
 problem, namely, the ECB, an independent monetary policymaker whose
 unbounded discretion allows it to pursue ill-guided and thoroughly
 idiosyncratic policies without being held to account for the consequences. 
Journal: International Review of Applied Economics 
Pages: 31-50 
Issue: 1 
Volume: 16 
Year: 2002 
X-DOI: 10.1080/02692170110109326 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170110109326
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:16:y:2002:i:1:p:31-50




Template-Type: ReDIF-Article 1.0
Author-Name: James Forder 
Author-X-Name-First: James 
Author-X-Name-Last: Forder 
Title: Interests and 'Independence': The European Central Bank and the theory of bureaucracy 
Abstract:
  The European Central Bank has an unprecedented degree of statutory
 independence. This is presumably attributable to the view that central
 banks, unimpeded by external forces, pursue the public interest. That
 presumption has not always been common in the economics literature, even
 in the discussion of central banking. The theory of bureaucracy suggests
 that such institutions pursue their own interests. It is here applied to
 the European central bank as it was in the past to other central banks.
 First, consideration is given to what is today implied by the view that
 central banks are primarily interested in maintaining their independence,
 maximising their discretion, and avoiding blame for poor outcomes. Second,
 the ECB's explanations of how it sees its role and status and its
 presentation of its strategy are considered. Certain limitations in the
 form of obscure explanation, confused analysis and selective referencing
 are identified. These appear to suggest that the ECB is concerned with the
 pursuit of its own agenda. Particular attention is drawn to the danger of
 paying too much attention to what it says about its own 'accountability'. 
Journal: International Review of Applied Economics 
Pages: 51-69 
Issue: 1 
Volume: 16 
Year: 2002 
X-DOI: 10.1080/02692170110109335 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170110109335
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:16:y:2002:i:1:p:51-69




Template-Type: ReDIF-Article 1.0
Author-Name: Andrew Hughes Hallett 
Author-X-Name-First: Andrew Hughes 
Author-X-Name-Last: Hallett 
Author-Name: Laura Piscitelli 
Author-X-Name-First: Laura 
Author-X-Name-Last: Piscitelli 
Title: Does One Size Fit All? A currency union with asymmetric transmissions and a stability pact 
Abstract:
  The theory of optimal currency areas stresses that a single currency zone
 should have symmetry across shocks and structures. What happens if the
 monetary transmission mechanisms differ so that a common monetary policy
 has different effects in different places? Using a fully specified
 econometric model, we find that such asymmetries are likely to destabilise
 the business cycle and put countries out of phase with each other in a way
 that cannot be corrected by deficit-constrained national fiscal policies.
 Market discipline, however, could achieve this. Hence, the question is
 whether the markets would create sufficient discipline on their own. 
Journal: International Review of Applied Economics 
Pages: 71-96 
Issue: 1 
Volume: 16 
Year: 2002 
X-DOI: 10.1080/02692170110109344 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170110109344
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:16:y:2002:i:1:p:71-96




Template-Type: ReDIF-Article 1.0
Author-Name: Augusto Graziani 
Author-X-Name-First: Augusto 
Author-X-Name-Last: Graziani 
Title: The Euro: An Italian perspective 
Abstract:
  The adoption of Euro as a common currency of twelve European countries
 has meant a considerable change in the Italian exchange rate policy. In
 the past, before Italy entered the EMS and again in 1992-96 when Italy
 temporarily left the EMS, the Italian monetary authorities enacted a
 policy of managed exchange rates, aiming at keeping the dollar rate
 stable, while letting the Italian lira depreciate vis-a-vis the German
 mark. By so doing, the danger of imported inflation was reduced (the
 dollar area was then a major import area) and at the same time the Italian
 exports to Europe were made easier. In the presence of a regime of fixed
 exchange rates in the European area, Italian industry is trying to make
 its exports more competitive by means of a reduction in costs. This means
 moving segments of production to small or middle-size firms, located in
 Italy as well as in developing countries. A further help is coming from
 the gradual but consistent depreciation of the Euro against the US dollar.
 The relevance of the dollar area in Italian exports has been
 correspondingly increasing. 
Journal: International Review of Applied Economics 
Pages: 97-105 
Issue: 1 
Volume: 16 
Year: 2002 
X-DOI: 10.1080/02692170110114221 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170110114221
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:16:y:2002:i:1:p:97-105




Template-Type: ReDIF-Article 1.0
Author-Name: Philip Tomlinson 
Author-X-Name-First: Philip 
Author-X-Name-Last: Tomlinson 
Title: The Real Effects of Transnational Activity upon Investment and Labour Demand within Japan's Machinery Industries 
Abstract:
  This paper attempts to estimate the real effects of transnational
 activity upon both investment and labour demand, within each of the five
 industries that comprise Japan's domestic machinery sector. The study uses
 a standard model of investment and labour demand, which is augmented to
 include foreign wages. It is argued that this approach is the most
 suitable for capturing the real effects of transnational activity, since
 foreign wages indicate the attractiveness of alternative sites for
 investment, production and employment. A simultaneous equations estimator
 is employed and, for each industry, there is evidence that both the
 behaviour of investment and labour demand are sensitive to foreign wage
 conditions. The results indicate the extent to which transnational
 activity has had a real effect upon Japan's domestic machinery sector. 
Journal: International Review of Applied Economics 
Pages: 107-129 
Issue: 2 
Volume: 16 
Year: 2002 
X-DOI: 10.1080/02692170110118867 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170110118867
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:16:y:2002:i:2:p:107-129




Template-Type: ReDIF-Article 1.0
Author-Name: Raghav Gaiha 
Author-X-Name-First: Raghav 
Author-X-Name-Last: Gaiha 
Author-Name: Katsushi Imai 
Author-X-Name-First: Katsushi 
Author-X-Name-Last: Imai 
Title: Rural Public Works and Poverty Alleviation--the case of the employment guarantee scheme in Maharashtra 
Abstract:
  This paper focuses on the poverty alleviating potential of the Employment
 Guarantee Scheme (EGS) in (the Indian state of) Maharashtra. A point of
 departure is the shift of emphasis from the static to the dynamic effects
 of the EGS targeting, measured in terms of individuals moving into and out
 of poverty, over the period 1979-84. An assessment is made of whether the
 EGS prevents the vulnerable from falling into poverty or enables the poor
 to move out of poverty, by distinguishing between the protective and
 promotional roles of the scheme. Simulations involving a wide range of
 poverty thresholds and different assumptions about the distribution of EGS
 earnings reveal that the poverty alleviating potential is limited in most
 cases. If, however, a larger EGS outlay is combined with more accurate
 targeting, the potential is substantially greater. Larger outlays are
 feasible if other rural public works are merged under the EGS. If this is
 combined with a reallocation in favour of backward areas, the targeting
 may improve substantially. 
Journal: International Review of Applied Economics 
Pages: 131-151 
Issue: 2 
Volume: 16 
Year: 2002 
X-DOI: 10.1080/02692170110118876 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170110118876
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:16:y:2002:i:2:p:131-151




Template-Type: ReDIF-Article 1.0
Author-Name: Jordan Shan 
Author-X-Name-First: Jordan 
Author-X-Name-Last: Shan 
Author-Name: Alan Morris 
Author-X-Name-First: Alan 
Author-X-Name-Last: Morris 
Title: Does Financial Development 'Lead' Economic Growth? 
Abstract:
  We use the Toda & Yamamoto (1995) causality testing procedure to
 investigate the relationship, if any, between financial development and
 economic growth.We use quarterly data from 19 OECD countries and China,
 and use total credit and interest spread as indicators of financial
 development. We also consider the impact of financial development on
 investment and productivity. We find meagre evidence that financial
 development 'leads' economic growth, either directly or indirectly. This
 casts further doubt on claims that financial development is a necessary
 and perhaps sufficient precursor to economic growth. 
Journal: International Review of Applied Economics 
Pages: 153-168 
Issue: 2 
Volume: 16 
Year: 2002 
X-DOI: 10.1080/02692170110118885 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170110118885
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:16:y:2002:i:2:p:153-168




Template-Type: ReDIF-Article 1.0
Author-Name: Andrew Trigg 
Author-X-Name-First: Andrew 
Author-X-Name-Last: Trigg 
Title: Using Micro Data to Test the Divergence between Prices and Labour Values 
Abstract:
  An extremely robust finding in Marxian empirical economics is the 'Shaikh
 result' that estimates of labour values are closely correlated with
 prices. This result is established using input-output data together with a
 standard procedure in which variations in money wages are assumed to
 reflect labour quality. Two problems with this standard procedure can be
 identified. First, there is no translation between money units of wages
 and labour value units of output produced by different types of
 heterogeneous labour. Second, the standard procedure assumes perfectly
 competitive labour markets. In this paper, a new micro procedure for
 estimating labour values is developed in which both of these problems are
 addressed. To translate between money wage rates and the labour value of
 outputs a practical starting point for empirical analysis is suggested
 using some of the readily available tools of neoclassical economics. The
 assumption of perfect competition is accordingly relaxed by estimating a
 microeconometric wage equation using data from the UK Family Expenditure
 Survey. Conjoining this micro data with input-output data, estimates of
 labour values are used to test the Shaikh result, which is found not to
 hold in this particular exercise; with labour values diverging
 substantially from money prices. 
Journal: International Review of Applied Economics 
Pages: 169-186 
Issue: 2 
Volume: 16 
Year: 2002 
X-DOI: 10.1080/02692170110118894 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170110118894
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:16:y:2002:i:2:p:169-186




Template-Type: ReDIF-Article 1.0
Author-Name: Jesus Felipe 
Author-X-Name-First: Jesus 
Author-X-Name-Last: Felipe 
Author-Name: J. S. L. McCombie 
Author-X-Name-First: J. S. L. 
Author-X-Name-Last: McCombie 
Title: A Problem with Some Estimations and Interpretations of the Mark-up in Manufacturing Industry 
Abstract:
  This paper evaluates the methodological foundations of some recent
 attempts to estimate econometrically the degree of market power and the
 degree of returns to scale in manufacturing. The method discussed is based
 on estimating the aggregate production function in growth rate form. It is
 argued, following an argument made in another context by Phelps Brown,
 Shaikh & Simon, that as the data used in empirical analyses are in value
 terms (i.e. monetary values at constant prices), the parameter derived as
 a mark-up can be reinterpreted simply as a coefficient from the income
 accounting identity, which takes a value of unity subject to omitted
 variable bias. Thus, it cannot be unambiguously interpreted as a mark-up.
 It is also shown that the large estimates of the degree of increasing
 returns to scale are similarly flawed. The argument also has implications
 for understanding cyclical fluctuations of the Solow residual, which turns
 out to be largely the result of the procyclical fluctuations of the profit
 rate.We conclude by questioning whether the aggregate production function
 can ever be statistically tested or, in other words, whether it is capable
 of being refuted, as opposed to its parameters being merely estimated. 
Journal: International Review of Applied Economics 
Pages: 187-215 
Issue: 2 
Volume: 16 
Year: 2002 
X-DOI: 10.1080/02692170110118902 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170110118902
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:16:y:2002:i:2:p:187-215




Template-Type: ReDIF-Article 1.0
Author-Name: Mark Funk 
Author-X-Name-First: Mark 
Author-X-Name-Last: Funk 
Title: Basic Research and International Spillovers 
Abstract:
  This paper discriminates between basic and developmental research when
 estimating international research spillovers between nine OECD nations.
 Using panel cointegration techniques, the estimates show that basic
 research generates much larger international spillovers than developmental
 research. Developmental research in turn appears more easily appropriated
 by the research performer, and thus has a stronger effect domestically.
 These results suggest growth models should incorporate the firm's choice
 between basic and developmental research. More importantly, since basic
 research receives a large proportion of its funding from public sources,
 the finding of large international spillovers from basic research suggests
 current public research policies should be reevaluated. The results
 support the argument in favor of increased international coordination of
 basic research policies. 
Journal: International Review of Applied Economics 
Pages: 217-226 
Issue: 2 
Volume: 16 
Year: 2002 
X-DOI: 10.1080/02692170110118911 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170110118911
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:16:y:2002:i:2:p:217-226




Template-Type: ReDIF-Article 1.0
Author-Name: Lopez Julio 
Author-X-Name-First: Lopez 
Author-X-Name-Last: Julio 
Title: Modernization, Heterogeneity and Employment in Mexico 
Abstract:
  The principal objective of this paper is to study the effects of Mexico's
 recent economic reforms on employment and labour productivity. The author
 argues that the globalization and modernization entailed by the reforms
 tended to accentuate the structural heterogeneity and the differentials in
 productivity levels between different sectors.While in formal activities
 the growth rate of labour productivity accelerated, the contrary occurred
 in informal activities. Given the relatively moderate rate of increase in
 output and employment of formal activities, it is very likely that the
 greater heterogeneity has contributed to the decrease in the average
 growth rate of labour productivity as observed in Mexico in the period
 studied. 
Journal: International Review of Applied Economics 
Pages: 227-242 
Issue: 2 
Volume: 16 
Year: 2002 
X-DOI: 10.1080/02692170110118939 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170110118939
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:16:y:2002:i:2:p:227-242




Template-Type: ReDIF-Article 1.0
Author-Name: Gary Slater 
Author-X-Name-First: Gary 
Author-X-Name-Last: Slater 
Title: The Poverty of Flexibility 
Abstract:
Journal: International Review of Applied Economics 
Pages: 243-251 
Issue: 2 
Volume: 16 
Year: 2002 
X-DOI: 10.1080/02692170110118920 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170110118920
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:16:y:2002:i:2:p:243-251




Template-Type: ReDIF-Article 1.0
Author-Name: Jonathan Michie 
Author-X-Name-First: Jonathan 
Author-X-Name-Last: Michie 
Author-Name: Christine Oughton 
Author-X-Name-First: Christine 
Author-X-Name-Last: Oughton 
Author-Name: Mario Pianta 
Author-X-Name-First: Mario 
Author-X-Name-Last: Pianta 
Title: Innovation and the Economy 
Abstract:
  Unemployment has remained at relatively high levels across most European
 countries for a generation now. There have been a number of suggested
 explanations for this, with correspondingly different policy implications.
 Two of the major hypotheses relate, first, to the impact on the European
 economies from increased international competition, and 'globalisation'
 more generally, and, secondly, to the effects of new technology and
 innovation. The effects of both globalisation and technology on growth and
 employment in Europe have been researched over the past two years through
 an EU-funded project, the results of which, relating in particular to
 innovation, are reported in this Special Issue of the International Review
 of Applied Economics. (The results relating to globalisation were reported
 in a Special Issue of the Journal of Interdisciplinary Economics , Volume
 13.) It is clear from the empirical work reported that the effects of
 technological innovation have been mixed. There is no doubt that some
 innovation has had a negative effect on employment, without the
 compensatingly positive effects that new technology usually brings in its
 wake. However, in high technology manufacturing sectors there is scope for
 boosting both productivity and employment. But this requires an
 appropriate policy environment, conducive to increased investment in
 capital, R&D and the workforce itself. 
Journal: International Review of Applied Economics 
Pages: 253-264 
Issue: 3 
Volume: 16 
Year: 2002 
X-DOI: 10.1080/02692170210136091 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170210136091
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:16:y:2002:i:3:p:253-264




Template-Type: ReDIF-Article 1.0
Author-Name: Marva Corley 
Author-X-Name-First: Marva 
Author-X-Name-Last: Corley 
Author-Name: Jonathan Michie 
Author-X-Name-First: Jonathan 
Author-X-Name-Last: Michie 
Author-Name: Christine Oughton 
Author-X-Name-First: Christine 
Author-X-Name-Last: Oughton 
Title: Technology, Growth and Employment 
Abstract:
  The relationship between technology, productivity and employment is a
 complex one. Increased productivity can lead not just to increased market
 share, but through falling relative prices can help expand markets, and
 through product innovation can develop new markets. On the other hand, if
 demand and hence output does not expand in line with productivity, then an
 inverse relation between productivity and employment will result. The
 European Union seeks to improve living standards in Europe by boosting
 productivity, competitiveness and employment together. How, though, is
 this to be achieved? This paper looks at the effects on productivity of
 different forms of investment--in physical capital, in Research &
 Development, and in human capital. The paper also distinguishes between
 the high-tech and low-tech sectors. There does appear to be scope for
 boosting both productivity and employment, particularly in the high tech
 sectors. But to do so will require increased investment across all three
 categories--in machinery, in innovation and in people. 
Journal: International Review of Applied Economics 
Pages: 265-276 
Issue: 3 
Volume: 16 
Year: 2002 
X-DOI: 10.1080/02692170210136109 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170210136109
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:16:y:2002:i:3:p:265-276




Template-Type: ReDIF-Article 1.0
Author-Name: L. Nascia 
Author-X-Name-First: L. 
Author-X-Name-Last: Nascia 
Author-Name: G. Perani 
Author-X-Name-First: G. 
Author-X-Name-Last: Perani 
Title: Diversity of Innovation in Europe 
Abstract:
  This paper uses data from the second 'Community Innovation Survey', from
 the 'New Cronos' database, to analyse a range of determinants and outcomes
 of innovation in Europe, across 13 countries and a range of industries.
 Regression and cluster analysis are used to test for the significance of
 the various relationships. National Systems of Innovation are found to be
 of continued importance. Even when the performance of a firm is more
 likely to be linked to the performance of the sector in which it is
 operating, its strategies--such as over cooperation with other
 companies--are influenced more by the national system of innovation within
 which it operates, than any 'sectoral' system. 
Journal: International Review of Applied Economics 
Pages: 277-293 
Issue: 3 
Volume: 16 
Year: 2002 
X-DOI: 10.1080/02692170210136118 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170210136118
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:16:y:2002:i:3:p:277-293




Template-Type: ReDIF-Article 1.0
Author-Name: Tommaso Antonucci 
Author-X-Name-First: Tommaso 
Author-X-Name-Last: Antonucci 
Author-Name: Mario Pianta 
Author-X-Name-First: Mario 
Author-X-Name-Last: Pianta 
Title: Employment Effects of Product and Process Innovation in Europe 
Abstract:
  This paper develops a model of the employment impact of innovation
 considering, on the one hand, the interactions with demand and labour
 costs and, on the other, the variety of patterns of technological change.
 Different technological strategies are considered. First, a search for
 technological competitiveness is based on product innovation and
 productivity rooted in quality advantages; second a strategy of active
 price competitiveness has productivity growth rooted in process
 innovation-based restructuring; third a passive price competitiveness
 strategy is pursued by non-innovators relying on cost-cutting. The new
 European innovation database drawn from the Community Innovation Survey
 1994-96, merged with structural and macroeconomic data 1994-99 drawn from
 the OECD are analysed at a sectoral level across eight European countries:
 Italy, France, Germany, Denmark, Netherlands, Finland, the UK, and Sweden.
 The innovation survey data provide information on several quantitative and
 qualitative aspects of firms' innovative activities. A comparison of the
 results from the first (1990-92) and second (1994-96) Community innovation
 survey data is also carried out. The results show that, in the last
 decade, technological change has had a major impact on employment in
 manufacturing industry, associated with the dominance of an active price
 competitiveness strategy. 
Journal: International Review of Applied Economics 
Pages: 295-307 
Issue: 3 
Volume: 16 
Year: 2002 
X-DOI: 10.1080/02692170210136127 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170210136127
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:16:y:2002:i:3:p:295-307




Template-Type: ReDIF-Article 1.0
Author-Name: Rinaldo Evangelista 
Author-X-Name-First: Rinaldo 
Author-X-Name-Last: Evangelista 
Author-Name: Maria Savona 
Author-X-Name-First: Maria 
Author-X-Name-Last: Savona 
Title: The Impact of Innovation on Employment in Services: Evidence from Italy 
Abstract:
  This article investigates the employment impact of innovation in
 services, using the data gathered through the 1993-95 Italian innovation
 survey. The empirical evidence shows that the impact of innovation on
 employment varies greatly across industries and according to the level of
 qualification of the labour force. Among small firms and in less than a
 half of the service sectors considered, the employment impact of
 innovation is positive, particularly in industries that have a strong
 scientific and technological base. A negative impact of innovation on
 employment is, on the contrary, found among large firms, capital-intensive
 industries and in all financial-related sectors (banking, insurance and
 other financial services). In these industries the labour-saving effect of
 innovation seems to be linked to the widespread use of Information and
 Communication Technologies (ICTs) which displace the least qualified
 employees. In the case of Italy, an overall negative impact of innovation
 on employment is found. It is argued that this result is affected by the
 Italian economy's specialisation in the most traditional service
 industries. 
Journal: International Review of Applied Economics 
Pages: 309-318 
Issue: 3 
Volume: 16 
Year: 2002 
X-DOI: 10.1080/02692170210136136 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170210136136
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:16:y:2002:i:3:p:309-318




Template-Type: ReDIF-Article 1.0
Author-Name: Mark Sellenthin 
Author-X-Name-First: Mark 
Author-X-Name-Last: Sellenthin 
Author-Name: Leif Hommen 
Author-X-Name-First: Leif 
Author-X-Name-Last: Hommen 
Title: How innovative is Swedish industry? A factor and cluster analysis of CIS II 
Abstract:
  This article provides a description and analysis of innovation in Swedish
 manufacturing, based on data generated by the second Community Innovation
 Survey (CIS II). Following a brief introduction, CIS II, which is the
 first CIS survey ever conducted in Sweden, is discussed. The purpose is to
 indicate the relevance and significance of data from CIS II. Methodology
 is then addressed and a sectoral analysis of the data from CIS II is
 presented. The important dimension of the direction of innovative effort
 in different sectors is addressed by means of a cluster analysis that
 distinguishes between strategies regarding markets and competitors. A
 summary and a section on policy implications conclude. 
Journal: International Review of Applied Economics 
Pages: 319-331 
Issue: 3 
Volume: 16 
Year: 2002 
X-DOI: 10.1080/02692170210136145 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170210136145
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:16:y:2002:i:3:p:319-331




Template-Type: ReDIF-Article 1.0
Author-Name: Fulvio Castellacci 
Author-X-Name-First: Fulvio 
Author-X-Name-Last: Castellacci 
Title: Technology Gap and Cumulative Growth: Models and outcomes 
Abstract:
  Addressing the question of why productivity growth rates differ between
 countries from a disequilibrium standpoint, the paper explores the
 possibility of combining in a single formalisation two different but
 complementary theories of technical change and macroeconomic
 growth--namely the Kaldorian idea of cumulative causation and the
 technology-gap approach to economic growth. In order to investigate the
 complementarities between these two approaches, a two-country
 macroeconomic model of technology-gap and cumulative growth is presented.
 The analytical solutions of the model for the growth rates of productivity
 and demand, and the dynamics of the technology-gap show the existence of a
 large set of possible outcomes: the follower country can fall behind,
 partly or totally catch up, or overtake the leader. Moreover, even if the
 follower is able to close the technology-gap, it will not necessarily be
 able to close the growth rate differential. The empirical evidence on the
 experience of 26 OECD countries during 1991-99 shows the relevance of the
 model for explaining the recent performance of technological activities
 and productivity growth. 
Journal: International Review of Applied Economics 
Pages: 333-346 
Issue: 3 
Volume: 16 
Year: 2002 
X-DOI: 10.1080/02692170210136154 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170210136154
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:16:y:2002:i:3:p:333-346




Template-Type: ReDIF-Article 1.0
Author-Name: Mariacristina Piva 
Author-X-Name-First: Mariacristina 
Author-X-Name-Last: Piva 
Author-Name: Marco Vivarelli 
Author-X-Name-First: Marco 
Author-X-Name-Last: Vivarelli 
Title: The Skill Bias: Comparative evidence and an econometric test 
Abstract:
  Many empirical studies have shown how technological change,
 organisational change and globalisation can be alternatively (or jointly)
 seen as causes of skill bias. In this paper, after discussing some
 evidence on the G7 countries which shows a clear upskilling trend in
 manufacturing industries over the 1980s, an illustrative example is
 provided.The panel analysis of a sample of 488 Italian manufacturing firms
 shows how the upskilling trend of employment is a function of the
 reorganisational strategy adopted by firms, while technological change and
 FDI seem to play negligible roles. 
Journal: International Review of Applied Economics 
Pages: 347-357 
Issue: 3 
Volume: 16 
Year: 2002 
X-DOI: 10.1080/02692170210136163 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170210136163
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:16:y:2002:i:3:p:347-357




Template-Type: ReDIF-Article 1.0
Author-Name: Davide Castellani 
Author-X-Name-First: Davide 
Author-X-Name-Last: Castellani 
Title: Firms' Technological Trajectories and the Creation of Foreign Subsidiaries 
Abstract:
  Multinational firms are traditionally considered as firms possessing some
 technological lead and which are exploiting this proprietary advantage in
 international markets, but a growing literature has been arguing that
 multinational firms set up foreign subsidiaries not only as a means to
 exploit their own technology but also to enrich it. This paper provides
 some empirical evidence for this. The aim of the paper is to assess the
 effects of the creation of foreign subsidiaries on firms' technological
 trajectories.The idea is that by setting up subsidiaries in foreign
 countries, multinational firms can achieve some form of reverse technology
 transfer that can be expected to affect their technological
 trajectories.The empirical investigation uses data from 1992 to 1996 for a
 sample of 2185 Italian manufacturing firms. Results support the view that
 the creation of manufacturing subsidiaries has a positive impact on firms'
 productivity trajectories and this positive impact is greater when
 subsidiaries are created in regions where knowledge spillovers are
 expected to be relatively higher, such as the US. 
Journal: International Review of Applied Economics 
Pages: 359-371 
Issue: 3 
Volume: 16 
Year: 2002 
X-DOI: 10.1080/02692170210136172 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170210136172
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:16:y:2002:i:3:p:359-371




Template-Type: ReDIF-Article 1.0
Author-Name: Keith Cowling 
Author-X-Name-First: Keith 
Author-X-Name-Last: Cowling 
Author-Name: Philip Tomlinson 
Author-X-Name-First: Philip 
Author-X-Name-Last: Tomlinson 
Title: Revisiting the Roots of Japan's Economic Stagnation: The role of the Japanese corporation 
Abstract:
  For a long period in the 20th century, the development of the Japanese
 corporation appeared congruent with the development of the Japanese
 economy. The growth-maximising behaviour of the Japanese corporation and
 the preference for internal growth over acquisitions (see Odagiri, 1992)
 appeared to suit the long-term ambitions of Japan. Now, that formerly
 clear connection between the ambitions of corporate Japan and the Japanese
 public interest is no longer so clear. Increasingly, the global ambitions
 of the corporation appear as an impediment to Japan's economic
 development. By favouring the development of large-scale transnational
 corporations, Japanese industrial policy-making appears to have contained
 a fundamental flaw. Japan is now dominated by large-scale organisations
 with global ambitions, controlled by corporate elites. It is unlikely that
 their strategic decisions will correspond with the wider public interest,
 which raises the possibility that Japan is now afflicted with 'strategic
 failure'. Other examples from around the world suggest that Japan is not
 unique in this respect. Alternative ways forward are suggested. 
Journal: International Review of Applied Economics 
Pages: 373-390 
Issue: 4 
Volume: 16 
Year: 2002 
X-DOI: 10.1080/02692170210161129 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170210161129
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:16:y:2002:i:4:p:373-390




Template-Type: ReDIF-Article 1.0
Author-Name: Winston Moore 
Author-X-Name-First: Winston 
Author-X-Name-Last: Moore 
Author-Name: Roland Craigwell 
Author-X-Name-First: Roland 
Author-X-Name-Last: Craigwell 
Title: Market Power and Interest Rate Spreads in the Caribbean 
Abstract:
  This paper investigates the determinants of the high bank spreads
 observed in the Caribbean over the financially liberalised period of the
 1990s. A theoretical model is formulated and tested using panel data.
 Among other factors, market power is found to be one of the main
 influences on these large spreads. A major conclusion of the paper is that
 to reduce interest rate spreads, alternatives to commercial banks' loans
 should be encouraged, and the recent move to impose monetary regulations
 on non-banks be discouraged. 
Journal: International Review of Applied Economics 
Pages: 391-405 
Issue: 4 
Volume: 16 
Year: 2002 
X-DOI: 10.1080/02692170210161138 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170210161138
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:16:y:2002:i:4:p:391-405




Template-Type: ReDIF-Article 1.0
Author-Name: Fiorella Kostoris Padoa Schioppa 
Author-X-Name-First: Fiorella Kostoris Padoa 
Author-X-Name-Last: Schioppa 
Author-Name: Claudio Lupi 
Author-X-Name-First: Claudio 
Author-X-Name-Last: Lupi 
Title: Family Income and Wealth, Youth Unemployment and Active Labour Market Policies 
Abstract:
  This paper studies some features of unemployment in Italy using cross
 section individual micro data. Since unemployment is particularly harsh
 with respect to youths, interest is focused on 15-29-year-old youngsters.
 The analysis is carried out using standard logit models and the results
 show that personal and family characteristics play an essential role in
 shaping youth activity and unemployment rates of short and long duration,
 together with product market conditions and labour market features. In
 particular, the income effect seems relevant for participation decisions,
 while the family wealth helps in reducing youth unemployment. Various
 policy instruments might be able to reduce youth unemployment, especially
 if these instruments are targeted through means-testing on family income
 and wealth and through a proper distinction between the first job seekers
 and the strictly unemployed. 
Journal: International Review of Applied Economics 
Pages: 407-416 
Issue: 4 
Volume: 16 
Year: 2002 
X-DOI: 10.1080/02692170210161147 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170210161147
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:16:y:2002:i:4:p:407-416




Template-Type: ReDIF-Article 1.0
Author-Name: Autar Dhesi 
Author-X-Name-First: Autar 
Author-X-Name-Last: Dhesi 
Title: Expected Life-earnings Paths with and without Higher Education: The case of India 
Abstract:
  The paper analyses students' expectations of earnings with and without
 higher education at three career points: at entry to the labour force, at
 the five year point, and career peak, constructing paths of expected
 earnings. The estimated expected internal rates of return to investment in
 different types of higher education are quite high. Considering ratios of
 expected peak-year to entry earnings, the highest gradient is in the case
 of specialised/professional education. Similarly for the case of students
 of urban origin as compared with those of semi-urban or rural origin.
 Likewise, the gradient is relatively high in the case of students with an
 English medium of study compared with the case of students with Punjabi or
 Hindi. As expected, the gradient is higher for those who aspire to higher
 education than those who do not, in all three types of higher education.
 The association between expected peak earnings and the proportion of gains
 in earnings that take place in the first five years is negative in all
 cases; only expectations of sustained growth in earnings lead to the
 highest predicted peak earnings levels. The regression results suggest
 that socio-economic background, social capital, ability, and
 school-related variables significantly influence the formation of
 expectations about earnings. 
Journal: International Review of Applied Economics 
Pages: 417-433 
Issue: 4 
Volume: 16 
Year: 2002 
X-DOI: 10.1080/02692170210161156 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170210161156
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:16:y:2002:i:4:p:417-433




Template-Type: ReDIF-Article 1.0
Author-Name: Christopher Cook 
Author-X-Name-First: Christopher 
Author-X-Name-Last: Cook 
Title: Public Versus Private Savings Rates in LDCs: Please Effects in recent development 
Abstract:
  Please Effects, first noted in the 1950s, refer to more vigorous tax
 efforts having an adverse effect on overall savings in LDCs. It is argued
 here that, by the 1980s, the reforms imposed by conditionality combined
 with a less forgiving world economy should have led to significant
 improvements in public savings performances such that Please Effects would
 no longer be a widely observed phenomenon, and that perhaps even 'reverse'
 Please Effects might now be observed. Based on a broadly specified
 cross-country life cycle regression model, and samples ranging from 89 to
 93 LDCs, no evidence whatsoever was found for Please Effects in both the
 1980s and the 1990s. In fact, our results provided clear evidence for just
 the opposite, although for tax policy purposes the reverse Please Effects
 were not found to be especially large. Savings rates would typically rise
 about 3% for a 10% rise in the tax/GDP ratio. It was concluded that those
 who would argue for a greater public role in economies that are clearly
 savings deficient may once again have a case if, as our results indicate,
 increased taxation to fund social capital accumulation is not at the
 expense of savings overall. 
Journal: International Review of Applied Economics 
Pages: 435-449 
Issue: 4 
Volume: 16 
Year: 2002 
X-DOI: 10.1080/02692170210161165 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170210161165
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:16:y:2002:i:4:p:435-449




Template-Type: ReDIF-Article 1.0
Author-Name: Dionysios Chionis 
Author-X-Name-First: Dionysios 
Author-X-Name-Last: Chionis 
Title: The Hysteretic Effects on the Real Exchange Rates 
Abstract:
  In this paper we investigate the dynamics developed from the exchange
 rate relative price relationship using a hysteresis framework. The
 rationale for such hysteretic effects is in terms of firms'
 unresponsiveness to the exchange rate changes due to pricing to
 market-type arguments.The empirical support of these ideas is derived by
 applying a linear approximation of the hysteretic effects.We conclude that
 the hysteretic effects are a source of non-linearity, strongly affecting
 the long-run relationship of exchange rate and prices. 
Journal: International Review of Applied Economics 
Pages: 451-463 
Issue: 4 
Volume: 16 
Year: 2002 
X-DOI: 10.1080/02692170210161174 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170210161174
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:16:y:2002:i:4:p:451-463




Template-Type: ReDIF-Article 1.0
Author-Name: Luis Gil-Alana 
Author-X-Name-First: Luis 
Author-X-Name-Last: Gil-Alana 
Title: Modelling the Persistence of Unemployment in Canada 
Abstract:
  The persistence of unemployment in Canada is examined in this article by
 means of fractionally integrated techniques. Using Sowell's (1992)
 procedure of estimating ARFIMA models by maximum likelihood along with
 other techniques, we show that the order of integration of the series is
 higher than one, implying that unemployment is a highly persistent
 variable. 
Journal: International Review of Applied Economics 
Pages: 465-477 
Issue: 4 
Volume: 16 
Year: 2002 
X-DOI: 10.1080/02692170210161183 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170210161183
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:16:y:2002:i:4:p:465-477




Template-Type: ReDIF-Article 1.0
Author-Name: Esra Erden 
Author-X-Name-First: Esra 
Author-X-Name-Last: Erden 
Author-Name: Philip Kozel 
Author-X-Name-First: Philip 
Author-X-Name-Last: Kozel 
Title: Contesting Neoliberal Globalisation: An egalitarian perspective 
Abstract:
Journal: International Review of Applied Economics 
Pages: 479-482 
Issue: 4 
Volume: 16 
Year: 2002 
X-DOI: 10.1080/02692170210161200 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170210161200
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:16:y:2002:i:4:p:479-482




Template-Type: ReDIF-Article 1.0
Author-Name: Egon Matzner 
Author-X-Name-First: Egon 
Author-X-Name-Last: Matzner 
Title: Arguments for a Re-regulation of Global Finance 
Abstract:
Journal: International Review of Applied Economics 
Pages: 483-492 
Issue: 4 
Volume: 16 
Year: 2002 
X-DOI: 10.1080/02692170210161219 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170210161219
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:16:y:2002:i:4:p:483-492




Template-Type: ReDIF-Article 1.0
Author-Name: Simon Roberts 
Author-X-Name-First: Simon 
Author-X-Name-Last: Roberts 
Title: Addressing Lacunae of Neo-classical Economics: Firms, production and technology 
Abstract:
Journal: International Review of Applied Economics 
Pages: 493-496 
Issue: 4 
Volume: 16 
Year: 2002 
X-DOI: 10.1080/02692170210161228 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170210161228
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:16:y:2002:i:4:p:493-496




Template-Type: ReDIF-Article 1.0
Author-Name: Jonathan Perraton 
Author-X-Name-First: Jonathan 
Author-X-Name-Last: Perraton 
Title: Balance of Payments Constrained Growth and Developing Countries: An examination of Thirlwall's hypothesis 
Abstract:
  Thirlwall's hypothesis of balance of payments constrained growth has been
 widely tested for developed countries, but much less for developing
 countries. Further, previous tests have used dated estimates derived using
 non-robust econometric techniques. After discussing the conditions under
 which Thirlwall's hypothesis would be valid and the econometric issues
 involved, this study reports error correction estimates of import and
 export demand functions for a large sample of developing countries.
 Deriving the long run income elasticities of demand from these functions,
 the study reports tests for different specifications of Thirlwall's
 hypothesis on this sample and finds some support for it. 
Journal: International Review of Applied Economics 
Pages: 1-22 
Issue: 1 
Volume: 17 
Year: 2003 
X-DOI: 10.1080/713673169 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/713673169
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:17:y:2003:i:1:p:1-22




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Dunne 
Author-X-Name-First: Paul 
Author-X-Name-Last: Dunne 
Author-Name: Sam Perlo-Freeman 
Author-X-Name-First: Sam 
Author-X-Name-Last: Perlo-Freeman 
Title: The Demand for Military Spending in Developing Countries 
Abstract:
  Numerous studies have estimated demand for military expenditure in terms
 of economic, political and strategic variables. Ten years after the end of
 the Cold War, this paper attempts to ascertain if the new strategic
 environment has changed the pattern of determinants, by estimating
 cross-country demand functions for developing countries for periods during
 and just after the Cold War. The results suggest that, for both periods,
 military burden depended on neighbours' military spending and internal and
 external conflict. Democracy and population both relate negatively to
 military burden. There is little evidence of a change in the underlying
 relationship between the periods. 
Journal: International Review of Applied Economics 
Pages: 23-48 
Issue: 1 
Volume: 17 
Year: 2003 
X-DOI: 10.1080/713673166 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/713673166
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:17:y:2003:i:1:p:23-48




Template-Type: ReDIF-Article 1.0
Author-Name: Daniele Archibugi 
Author-X-Name-First: Daniele 
Author-X-Name-Last: Archibugi 
Author-Name: Giuseppe Ciccarone 
Author-X-Name-First: Giuseppe 
Author-X-Name-Last: Ciccarone 
Author-Name: Mauro Mare 
Author-X-Name-First: Mauro 
Author-X-Name-Last: Mare 
Author-Name: Bernardo Pizzetti 
Author-X-Name-First: Bernardo 
Author-X-Name-Last: Pizzetti 
Author-Name: Flaminia Violatiabstract 
Author-X-Name-First: Flaminia 
Author-X-Name-Last: Violatiabstract 
Title: Triangular Relations in Public Service Economics 
Abstract:
  This paper critically re-examines the restructuring of public services.
 Four main decision-making phases are identified: the public oversight to
 be guaranteed to socially sensitive economic activities; the ways of
 financing them; the economic organisation of the industry; and the
 production decisions. By focusing on organisation, the paper reinterprets
 the market structure in public service industries on the basis of the
 interactions among three main players: users/citizens, the government and
 the service supplier. It argues that the issue of public versus private
 ownership has been overemphasised, and that an effective increase in
 efficiency can be obtained by introducing appropriate incentives for both
 public and business players. Instead of using a single policy instrument,
 namely privatisation, public action ought to be informed by an array of
 organisational solutions. 
Journal: International Review of Applied Economics 
Pages: 49-68 
Issue: 1 
Volume: 17 
Year: 2003 
X-DOI: 10.1080/713673168 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/713673168
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:17:y:2003:i:1:p:49-68




Template-Type: ReDIF-Article 1.0
Author-Name: John Davis 
Author-X-Name-First: John 
Author-X-Name-Last: Davis 
Title: Regional Economic Integration, the Environment and Community: East Asia and APEC 
Abstract:
  This paper argues that regional economic integration can be compatible
 with concern for the environment in rapidly industrializing parts of the
 developing world, but that this compatibility would be aided by
 reconceptualizing the collective decision-making process in regional
 economic communities in a manner that employs a plural subject concept of
 the decision-making agent. The focus of the paper is the environmental
 challenges faced by the East Asian members of the Asia Pacific Economic
 Cooperation (APEC) forum. The plural subject concept is applied to the
 problem of environmental 'super-externalities' faced by members of APEC.
 The argument of the paper distinguishes between two concepts of trust, one
 associated with non-cooperative game theory and instrumental rationality,
 and one associated with an alternative form of rationality, termed
 deontological rationality, developed in connection with the idea of the
 plural subject. Cooperation in connection with the former is highly
 fragile, but cooperation in connection with the latter offers promise on
 account of the role it creates for obligations upon APEC members. 
Journal: International Review of Applied Economics 
Pages: 69-83 
Issue: 1 
Volume: 17 
Year: 2003 
X-DOI: 10.1080/713673165 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/713673165
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:17:y:2003:i:1:p:69-83




Template-Type: ReDIF-Article 1.0
Author-Name: Imam Alam 
Author-X-Name-First: Imam 
Author-X-Name-Last: Alam 
Author-Name: Rahim Quazi 
Author-X-Name-First: Rahim 
Author-X-Name-Last: Quazi 
Title: Determinants of Capital Flight: An econometric case study of Bangladesh 
Abstract:
  While Bangladesh remains steeped in staggering external debt, it is also
 concurrently witnessing a substantial outflow of domestic capital. This
 situation raises serious policy concerns for its development prospects.
 This paper applies the Bounds testing and the Autoregressive Distributed
 Lag procedures to confirm the existence of a long-run equilibrium
 relationship between capital flight and its determinants, and to estimate
 the long-run and short-run behavior of capital flight from Bangladesh. The
 estimated results suggest that political instability is the single most
 significant cause of capital flight from Bangladesh, while increases in
 corporate income taxes, higher real interest rate differentials between
 the capital-haven countries and Bangladesh, and lower GDP growth rates
 also significantly contribute to capital flight. 
Journal: International Review of Applied Economics 
Pages: 85-103 
Issue: 1 
Volume: 17 
Year: 2003 
X-DOI: 10.1080/713673164 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/713673164
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:17:y:2003:i:1:p:85-103




Template-Type: ReDIF-Article 1.0
Author-Name: Kent Matthews 
Author-X-Name-First: Kent 
Author-X-Name-Last: Matthews 
Title: VAT Evasion and VAT Avoidance: Is there a European Laffer curve for VAT? 
Abstract:
  This paper estimates the VAT revenue maximising rate of VAT for the
 European Union for given conditions of non-compliance and other black
 economy transactions. It estimates a Laffer curve for the standard rate of
 VAT using a pooled sample of data of revenue statistics for 14 countries
 in the EU. The results confirm that the efficiency of the VAT system
 declines as the VAT rate increases. The decline in efficiency is due to a
 mixture of a reduction in the VAT base, and VAT evasion and avoidance. As
 a result of the single market, the EU Commission has proposed a common or
 closely converged rate of VAT within Europe. The actual common rate of VAT
 has yet to be decided. This paper contributes to this policy debate. 
Journal: International Review of Applied Economics 
Pages: 105-114 
Issue: 1 
Volume: 17 
Year: 2003 
X-DOI: 10.1080/713673162 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/713673162
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:17:y:2003:i:1:p:105-114




Template-Type: ReDIF-Article 1.0
Author-Name: John Grieve Smith 
Author-X-Name-First: John Grieve 
Author-X-Name-Last: Smith 
Title: Review Article 
Abstract:
Journal: International Review of Applied Economics 
Pages: 115-119 
Issue: 1 
Volume: 17 
Year: 2003 
X-DOI: 10.1080/714891068 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/714891068
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:17:y:2003:i:1:p:115-119




Template-Type: ReDIF-Article 1.0
Author-Name: John Grahl 
Author-X-Name-First: John 
Author-X-Name-Last: Grahl 
Title: Review Article 
Abstract:
  Linda Clarke, Peter de Gijsel & Jorn Janssen (eds) (2000) The Dynamics of
 Wage Relations in the New Europe (Dordrecht, Kluwer Academic)ISBN
 0-7923-7742-7 &#xa3;83 368 pp. 
Journal: International Review of Applied Economics 
Pages: 121-124 
Issue: 1 
Volume: 17 
Year: 2003 
X-DOI: 10.1080/714891067 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/714891067
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:17:y:2003:i:1:p:121-124




Template-Type: ReDIF-Article 1.0
Author-Name: D. Frantzen 
Author-X-Name-First: D. 
Author-X-Name-Last: Frantzen 
Title: The Causality between R&D and Productivity in Manufacturing: An international disaggregate panel data study 
Abstract:
  This study analyses the causality between productivity and domestic and
 foreign R&D on the basis of panel data with respect to 22 manufacturing
 sectors in 14 OECD countries during the period 1972-94. A unit root
 analysis shows that the relation between the log of total factor
 productivity (TFP) and the logs of domestic and foreign R&D is
 cointegrated. Causality tests are performed on corresponding dynamic VAR
 and error correction augmented VAR models, estimated both on the total
 panel and on 22 sub-panels, sector by sector. Their results show that,
 although there are feedbacks, both on average and in a clear majority of
 sectors the causation runs mainly from the R&D variables to TFP rather
 than the other way round. This causation is, moreover, shown to be, in the
 first place, long-run in nature. It is concluded that, when considered in
 conjunction, these results suggest an essentially supply-type rather than
 demand-pull kind of interpretation of the cointegrating relation between
 TFP and R&D. 
Journal: International Review of Applied Economics 
Pages: 125-146 
Issue: 2 
Volume: 17 
Year: 2003 
X-DOI: 10.1080/0269217032000064017 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0269217032000064017
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:17:y:2003:i:2:p:125-146




Template-Type: ReDIF-Article 1.0
Author-Name: Stephanie Seguino 
Author-X-Name-First: Stephanie 
Author-X-Name-Last: Seguino 
Author-Name: Maria Sagrario Floro 
Author-X-Name-First: Maria Sagrario 
Author-X-Name-Last: Floro 
Title: Does Gender have any Effect on Aggregate Saving? An empirical analysis 
Abstract:
  This study investigates the effects of gender on aggregate saving. We
 test the hypothesis that shifts in women's relative income, which can
 affect their bargaining power within the household, have a discernible
 impact on household saving and, by extension, gross domestic saving, due
 to differing saving propensities by gender. The empirical analysis is
 based on panel data for a set of semi-industrialised economies, covering
 the period 1975-95. The results indicate that, as some measures of women's
 relative income and bargaining power increase, gross domestic saving rates
 rise. The implied gender disparity in saving propensities may be linked to
 differences in saving motives based on gender roles, and well as divergent
 experiences of economic vulnerability. These findings suggest the
 importance of understanding gender differences in planning for savings
 mobilisation and in the formulation of financial and investment policies. 
Journal: International Review of Applied Economics 
Pages: 147-166 
Issue: 2 
Volume: 17 
Year: 2003 
X-DOI: 10.1080/0269217032000064026 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0269217032000064026
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:17:y:2003:i:2:p:147-166




Template-Type: ReDIF-Article 1.0
Author-Name: NoemI Levy 
Author-X-Name-First: NoemI 
Author-X-Name-Last: Levy 
Author-Name: Guadalupe MANTEY 
Author-X-Name-First: Guadalupe 
Author-X-Name-Last: MANTEY 
Title: Private Pension Funds in Oligopolistic Financial Markets: Some qualifications to conventional theory of financial development 
Abstract:
  The paper inquires into the efficiency of financial development policies
 in economies where the financial sector is based on oligopolistic
 commercial banking. In this case, interest rates on deposits may be set
 below the level required to achieve balance of payments equilibrium, so
 that banks are able to exact a risk free financial margin in their
 holdings of government bonds. Under such circumstances, banks lack
 incentives to place indirect debt in domestic security markets, as a means
 of providing long-term finance; and private capital market deepening is
 hindered. Pension fund privatisation, in this institutional environment,
 does not relieve public finances, because the government must act as
 issuer of last resort in order to stabilise the currency. This point is
 illustrated with Mexican data, and some policy measures to deal with this
 situation in developing economies are proposed. 
Journal: International Review of Applied Economics 
Pages: 167-180 
Issue: 2 
Volume: 17 
Year: 2003 
X-DOI: 10.1080/0269217032000064035 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0269217032000064035
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:17:y:2003:i:2:p:167-180




Template-Type: ReDIF-Article 1.0
Author-Name: Mark Holmes 
Author-X-Name-First: Mark 
Author-X-Name-Last: Holmes 
Author-Name: Ping Wang 
Author-X-Name-First: Ping 
Author-X-Name-Last: Wang 
Title: Oil Price Shocks and the Asymmetric Adjustment of UK Output: A Markov-switching approach 
Abstract:
  This paper examines the role played by real oil price shocks in
 influencing the growth in UK GDP. Our particular interest is the
 possibility that asymmetries might exist in such a relationship. Using
 Hamilton's regime-switching estimation, we consider whether oil price
 shocks influence both the deepness and duration of the business cycle. We
 find that asymmetries arise insofar as oil price appreciation is most
 likely to curtail the duration of the expansionary phase of the business
 cycle. This result is in contrast to existing studies of the oil
 price-macroeconomy relationship that have largely concerned the US. 
Journal: International Review of Applied Economics 
Pages: 181-192 
Issue: 2 
Volume: 17 
Year: 2003 
X-DOI: 10.1080/0269217032000064044 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0269217032000064044
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:17:y:2003:i:2:p:181-192




Template-Type: ReDIF-Article 1.0
Author-Name: Don Bredin 
Author-X-Name-First: Don 
Author-X-Name-Last: Bredin 
Author-Name: Stilianos Fountas 
Author-X-Name-First: Stilianos 
Author-X-Name-Last: Fountas 
Author-Name: Eithne Murphy 
Author-X-Name-First: Eithne 
Author-X-Name-Last: Murphy 
Title: An Empirical Analysis of Short-run and Long-run Irish Export Functions: Does exchange rate volatility matter? 
Abstract:
  We analyse the long-run and short-run relationship between merchandise
 export volume and its determinants, foreign income, relative prices and
 exchange rate volatility, using the techniques of cointegration and error
 correction. The model was estimated for Irish exports and sectoral exports
 SITC 0-4 and SITC 5-8 to the EU using quarterly data for the period
 1978-1998. The sectoral classification corresponds to the exports of
 mainly indigenous Irish firms and multinationals, respectively. We find
 that the exchange rate volatility has no effect on the volume of trade in
 the short-run but a significant positive effect in the long run. This is
 true in the aggregate and for our sectoral classifications. We can
 tentatively conclude that the decline in intra-EU exchange rate volatility
 associated with the single currency will lead to a long-run fall in Irish
 exports to the EU. 
Journal: International Review of Applied Economics 
Pages: 193-208 
Issue: 2 
Volume: 17 
Year: 2003 
X-DOI: 10.1080/0269217032000064053 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0269217032000064053
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:17:y:2003:i:2:p:193-208




Template-Type: ReDIF-Article 1.0
Author-Name: Gianluigi Giorgioni 
Author-X-Name-First: Gianluigi 
Author-X-Name-Last: Giorgioni 
Author-Name: Ken Holden 
Author-X-Name-First: Ken 
Author-X-Name-Last: Holden 
Title: Does the Ricardian Equivalence Proposition Hold in Less Developed Countries? 
Abstract:
  The objective of this paper is to assess whether the Ricardian
 Equivalence Proposition (REP) holds in developing countries. Prima facie,
 since the REP requires a number of assumptions that might not appear to be
 satisfied in developing countries, it seems that the REP should not hold.
 However, the empirical evidence provided so far is mixed. In this paper,
 the validity of the REP will be tested using panel data for ten developing
 countries: Burundi, El Salvador, Ethiopia, Honduras, India, Morocco,
 Nigeria, Pakistan, Sri Lanka and Zimbabw1e. The countries were chosen for
 the availability of data and should reflect the various circumstances of
 low-income countries. Despite the obvious limitation of the data available
 and the diversity of the countries, the results provide some tentative
 support for the REP for developing countries, at least warranting further
 research. 
Journal: International Review of Applied Economics 
Pages: 209-221 
Issue: 2 
Volume: 17 
Year: 2003 
X-DOI: 10.1080/0269217032000064062 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0269217032000064062
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:17:y:2003:i:2:p:209-221




Template-Type: ReDIF-Article 1.0
Author-Name: Egon Matzner 
Author-X-Name-First: Egon 
Author-X-Name-Last: Matzner 
Title: Review Article 
Abstract:
Journal: International Review of Applied Economics 
Pages: 223-229 
Issue: 2 
Volume: 17 
Year: 2003 
X-DOI: 10.1080/0269217032000064071 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0269217032000064071
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:17:y:2003:i:2:p:223-229




Template-Type: ReDIF-Article 1.0
Author-Name: Santonu Basu 
Author-X-Name-First: Santonu 
Author-X-Name-Last: Basu 
Title: Why do Banks Fail? 
Abstract:
  Banks advance loans in the absence of precise knowledge in relation to
 the outcome of borrowers' projects. Consequently, uncertainty in relation
 to loan repayment emerges. Thus, banks introduce the 'credit standard' as
 insurance against loans, so that should borrowers' projects fail,
 borrowers have an alternative means of honouring their debt obligations.
 It is argued in this paper that in the competitive atmosphere under which
 this sector operates, it is not possible to secure the entire loan
 portfolio by introducing the credit standard, and in recent years this
 difficulty has been further exacerbated by financial liberalisation, which
 may have caused bank failures. 
Journal: International Review of Applied Economics 
Pages: 231-248 
Issue: 3 
Volume: 17 
Year: 2003 
X-DOI: 10.1080/0269217032000090469 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0269217032000090469
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:17:y:2003:i:3:p:231-248




Template-Type: ReDIF-Article 1.0
Author-Name: Kevin Nell 
Author-X-Name-First: Kevin 
Author-X-Name-Last: Nell 
Title: A 'Generalised' Version of the Balance-of-Payments Growth Model: An application to neighbouring regions 
Abstract:
  This paper applies a 'generalised' version of Thirlwall's
 balance-of-payments (BOP) constrained growth model by testing for long-run
 relationships between the output growth rates of OECD countries and two
 neighbouring regions; South Africa (SA) and the rest of the Southern
 African Development Community (RSADC). The empirical results find strong
 support for the 'generalised' BOP growth model, which stresses the mutual
 interdependence of the world economy where one country's growth rate
 depends on others'. Although the policy implications are not mutually
 exclusive, they may be viewed from the individual perspectives of SA and
 RSADC. SA is only BOP constrained with respect to OECD. The message to
 SA's policy makers is that faster growth rates may be the result of an
 improvement in the structural demand features of its exports to OECD.
 RSADC is only BOP constrained with respect to SA. Growth-promoting
 policies in SA may have a high and positive impact on the whole SADC
 region. Policy-makers in RSADC, however, are advised to reduce their
 dependence on SA by improving the structural demand features of their
 exports to OECD. 
Journal: International Review of Applied Economics 
Pages: 249-267 
Issue: 3 
Volume: 17 
Year: 2003 
X-DOI: 10.1080/0269217032000090478 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0269217032000090478
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:17:y:2003:i:3:p:249-267




Template-Type: ReDIF-Article 1.0
Author-Name: Carlos Ibarra 
Author-X-Name-First: Carlos 
Author-X-Name-Last: Ibarra 
Title: Slow Growth, Trade Liberalisation and the Mexican Disease: A medium-term macroeconomic model with an application to Mexico 
Abstract:
  The purpose of this paper is to analyse Mexico's medium-term
 macroeconomic outlook, from the vantage point of the country's recent
 development. The analysis is carried out within a formal model for the
 determination of the rates of employment and inflation under conditions of
 external and internal balance. In equilibrium, the real wage and the rates
 of employment and inflation depend inter alia on the level of labour
 productivity, the ratio of foreign debt to domestic output, and the
 foreign trade regime. Econometric tests based on Mexican data support the
 model's basic postulates and, in addition, reveal the presence of
 structural change, linked to trade reform, in the trade balance and the
 manufactures' productivity growth equations. The macroeconomic
 implications of such parameter changes are discussed with the help of the
 analytical model developed. 
Journal: International Review of Applied Economics 
Pages: 269-292 
Issue: 3 
Volume: 17 
Year: 2003 
X-DOI: 10.1080/0269217032000090487 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0269217032000090487
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:17:y:2003:i:3:p:269-292




Template-Type: ReDIF-Article 1.0
Author-Name: Mohsen Bahmani-Oskooee 
Author-X-Name-First: Mohsen 
Author-X-Name-Last: Bahmani-Oskooee 
Author-Name: Orhan Kara 
Author-X-Name-First: Orhan 
Author-X-Name-Last: Kara 
Title: Relative Responsiveness of Trade Flows to a Change in Prices and Exchange Rate 
Abstract:
  A country can restrict her imports by imposing tariffs and stimulating
 her exports by providing subsidies. The same goal could be achieved
 through devaluation. One policy question that we face is the time it takes
 for either policy to affect the trade flows. We investigate here the
 relative responsiveness of the trade flows to a change in relative prices
 versus to a change in exchange rate. After estimating an error-correction
 version of import and export demand functions for nine industrial
 countries, unlike earlier studies that employed non-stationary data, our
 findings indicate that there is no specific answer and trade flows of
 different countries react differently. 
Journal: International Review of Applied Economics 
Pages: 293-308 
Issue: 3 
Volume: 17 
Year: 2003 
X-DOI: 10.1080/0269217032000090496 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0269217032000090496
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:17:y:2003:i:3:p:293-308




Template-Type: ReDIF-Article 1.0
Author-Name: Turan Subasat 
Author-X-Name-First: Turan 
Author-X-Name-Last: Subasat 
Title: Does the Dollar Index Really Measure Outward Orientation? 
Abstract:
  This paper assesses an important attempt to measure 'trade orientation'
 by a World Bank economist, David Dollar. Recognising the difficulties in
 measuring trade openness, Dollar (1992) produced an index of outward
 orientation. He adjusted national price levels with factor endowments, and
 used the difference between actual and predicted price levels as a measure
 of real exchange rate distortion. Although the 'Dollar index' was produced
 almost ten years ago and has been subject to various criticisms, it still
 remains the most popular measure of trade openness. First, this paper
 argues that the critics have not been entirely successful in discrediting
 the index. It goes on to produce alternative theoretical and empirical
 evidence that suggests that the Dollar index has fundamental flaws, and
 thus has no relevance to the debate on trade orientation and should be
 abandoned. 
Journal: International Review of Applied Economics 
Pages: 309-326 
Issue: 3 
Volume: 17 
Year: 2003 
X-DOI: 10.1080/0269217032000090504 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0269217032000090504
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:17:y:2003:i:3:p:309-326




Template-Type: ReDIF-Article 1.0
Author-Name: Juncal Cunnado 
Author-X-Name-First: Juncal 
Author-X-Name-Last: Cunnado 
Author-Name: Fernando PErez De Gracia 
Author-X-Name-First: Fernando PErez 
Author-X-Name-Last: De Gracia 
Title: Sacrifice Ratios: Some lessons from EMU countries, 1960-2001 
Abstract:
  This paper estimates the sacrifice ratios based on the Phillips curve.
 Using annual data, we estimate individual and common sacrifice ratios for
 EMU countries. In addition, we test whether the sacrifice ratio is stable
 for the whole period, which includes years of both high and low inflation
 rates, such as those observed after the European integration. 
Journal: International Review of Applied Economics 
Pages: 327-337 
Issue: 3 
Volume: 17 
Year: 2003 
X-DOI: 10.1080/0269217032000090513 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0269217032000090513
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:17:y:2003:i:3:p:327-337




Template-Type: ReDIF-Article 1.0
Author-Name: John Weeks 
Author-X-Name-First: John 
Author-X-Name-Last: Weeks 
Title: Small manufacturing establishments in developing countries: An empirical analysis 
Abstract:
  There is considerable literature on the promotion of small and medium
 establishments (SMEs) in developing countries. Rather little attention has
 been given to the long-term performance of these in the development
 process. This paper considers the small literature on the trends in the
 SMEs' contribution to manufacturing in the long run, and the more recent
 discussion of the effect of policy on these trends. Using considerably
 more data than previous studies, the paper concludes that (1) it appears
 that the importance of SMEs tends to decline in early stages of
 development (as others have suggested), but that this is reversed as
 countries reach middle-income status, and (2) several of the
 generalisations frequently made about the impact of policy variables on
 SMEs cannot be sustained at the country level. 
Journal: International Review of Applied Economics 
Pages: 339-359 
Issue: 4 
Volume: 17 
Year: 2003 
X-DOI: 10.1080/0269217032000118710 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0269217032000118710
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:17:y:2003:i:4:p:339-359




Template-Type: ReDIF-Article 1.0
Author-Name: Mark Setterfield 
Author-X-Name-First: Mark 
Author-X-Name-Last: Setterfield 
Author-Name: Kristen Leblond 
Author-X-Name-First: Kristen 
Author-X-Name-Last: Leblond 
Title: The phillips curve and US macroeconomic performance during the 1990s 
Abstract:
  This paper identifies two competing accounts of recent US macroeconomic
 performance, both of which are capable of explaining the concurrence of
 low unemployment and low inflation experienced by the US after 1995.
 Econometric evidence provides partial support for both views, establishing
 that while there has been no change in the position of the long run
 Phillips curve in the US during the 1990s, this long run Phillips curve is
 likely not vertical. These results suggest that recent US macroeconomic
 performance is not sustainable and that US policy makers ultimately face a
 choice between higher unemployment or higher inflation in the long run. 
Journal: International Review of Applied Economics 
Pages: 361-376 
Issue: 4 
Volume: 17 
Year: 2003 
X-DOI: 10.1080/0269217032000118729 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0269217032000118729
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:17:y:2003:i:4:p:361-376




Template-Type: ReDIF-Article 1.0
Author-Name: Thanasis Maniatis 
Author-X-Name-First: Thanasis 
Author-X-Name-Last: Maniatis 
Title: The net social wage in greece 1958-95 
Abstract:
  The object of this paper is to assess the net distributive impact of
 state expenditures and revenues on labour income in Greece for the 1958-95
 period. This effect is measured by the net social wage defined as the
 difference between the total benefits received by labour from state
 spending and the labour taxes. We also discuss certain issues related to
 the empirical methodology employed in the present and similar studies and
 the way its inconsistent use has affected inter-country comparisons of the
 net social wage in the literature. Our empirical findings for Greece
 indicate that for the entire period no redistribution of income in favour
 of labour has taken place via the actions of the state. The average net
 social wage is very close to zero even though during the last decade we
 observe an increasing involvement of the state in the reproduction of
 labour. The positive net social wage of the few recent years coincided
 with high public deficits and appears to be a result of slow growth, high
 unemployment rates and compensation for the adverse developments for
 labour in the market distribution of income. 
Journal: International Review of Applied Economics 
Pages: 377-398 
Issue: 4 
Volume: 17 
Year: 2003 
X-DOI: 10.1080/0269217032000118738 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0269217032000118738
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:17:y:2003:i:4:p:377-398




Template-Type: ReDIF-Article 1.0
Author-Name: Andreas Stephan 
Author-X-Name-First: Andreas 
Author-X-Name-Last: Stephan 
Title: Assessing the contribution of public capital to private production: Evidence from the German manufacturing sector 
Abstract:
  Using time-series cross-section data from the manufacturing sector of the
 11 West German 'Bundeslander' (Federal States) from 1970 to 1996, I
 examine the impact of public capital on private production. My econometric
 analysis explicitly takes into account four of the most frequent
 specification issues in the context of time-series crosssection data
 analysis: serial correlation, groupwise heteroscedasticity,
 cross-sectional correlation and non-stationarity of data. For all
 approaches and tested specifications, I find that public capital is a
 significant input for production in the manufacturing sector. Moreover, I
 find that differences in public capital endowment can explain long-term
 differences in productivity across the Bundeslander. One tentative
 conclusion that can be drawn from this finding is that differences in
 public capital endowment might also explain a part of the still-existing
 productivity gap between manufacturing in East and West Germany. However,
 I emphasise that the existence of positive effects of public capital on
 private production is a necessary, but not a sufficient condition for
 concluding that public investments should be boosted in the future. 
Journal: International Review of Applied Economics 
Pages: 399-417 
Issue: 4 
Volume: 17 
Year: 2003 
X-DOI: 10.1080/0269217032000118747 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0269217032000118747
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:17:y:2003:i:4:p:399-417




Template-Type: ReDIF-Article 1.0
Author-Name: Joaquin Maudos 
Author-X-Name-First: Joaquin 
Author-X-Name-Last: Maudos 
Author-Name: Jose Manuel Pastor 
Author-X-Name-First: Jose Manuel 
Author-X-Name-Last: Pastor 
Author-Name: Lorenzo Serrano 
Author-X-Name-First: Lorenzo 
Author-X-Name-Last: Serrano 
Title: Human capital in OECD countries: Technical change, efficiency and productivity 
Abstract:
  The aim of this paper is to analyse the role of human capital in the
 productivity gains of the OECD countries in the period 1965-90, breaking
 down the productivity gains into technical change and gains in efficiency.
 For this purpose we use both a stochastic frontier approach and a
 non-parametric approach (DEA) and calculate Malmquist indices of
 productivity. The results obtained indicate the existence of both a level
 effect (a higher level of human capital raises labour productivity) and a
 rate effect (a higher level of human capital affects positively the rate
 of technical change) associated with human capital. The differences among
 countries in endowments of human capital have worked against labour
 productivity convergence, since the richer countries, thanks to their
 greater endowment of human capital, have experienced higher rates of
 technical change. 
Journal: International Review of Applied Economics 
Pages: 419-435 
Issue: 4 
Volume: 17 
Year: 2003 
X-DOI: 10.1080/0269217032000118756 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0269217032000118756
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:17:y:2003:i:4:p:419-435




Template-Type: ReDIF-Article 1.0
Author-Name: Jari RitsilAa 
Author-X-Name-First: Jari 
Author-X-Name-Last: RitsilAa 
Author-Name: Mika Haapanen 
Author-X-Name-First: Mika 
Author-X-Name-Last: Haapanen 
Title: Where do the highly educated migrate? Micro-level evidence from finland 
Abstract:
  This paper analyses the role which migration of highly educated labour
 plays in human capital reallocation. The study focuses on actual migrants,
 examining the direct effect of educational attainment on destination
 choices. The paper uses the ordered probability model and a micro-level
 data set in econometric analyses. Individual level investigations of
 migrants show that highly educated migrants are likely to move to urban
 regions. As a result, the reallocation of highly educated labour, and
 thereby also the redistribution of human capital, seems to be taking place
 in Finland. 
Journal: International Review of Applied Economics 
Pages: 437-448 
Issue: 4 
Volume: 17 
Year: 2003 
X-DOI: 10.1080/0269217032000118765 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0269217032000118765
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:17:y:2003:i:4:p:437-448




Template-Type: ReDIF-Article 1.0
Author-Name: Sushanta Mallick 
Author-X-Name-First: Sushanta 
Author-X-Name-Last: Mallick 
Title: In search of a third way: Between liberalization and intervention 
Abstract:
Journal: International Review of Applied Economics 
Pages: 449-450 
Issue: 4 
Volume: 17 
Year: 2003 
X-DOI: 10.1080/0269217032000118774 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0269217032000118774
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:17:y:2003:i:4:p:449-450




Template-Type: ReDIF-Article 1.0
Author-Name: John Grieve Smith 
Author-X-Name-First: John Grieve 
Author-X-Name-Last: Smith 
Title: Review Article 
Abstract:
Journal: International Review of Applied Economics 
Pages: 1-4 
Issue: 1 
Volume: 18 
Year: 2004 
X-DOI: 10.1080/0969217032000148681 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0969217032000148681
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:18:y:2004:i:1:p:1-4




Template-Type: ReDIF-Article 1.0
Author-Name: Andong Zhu 
Author-X-Name-First: Andong 
Author-X-Name-Last: Zhu 
Author-Name: Michael Ash 
Author-X-Name-First: Michael 
Author-X-Name-Last: Ash 
Author-Name: Robert Pollin 
Author-X-Name-First: Robert 
Author-X-Name-Last: Pollin 
Title: Stock Market Liquidity and Economic Growth: a Critical Appraisal of the Levine/Zervos Model 
Abstract:
  Levine & Zervos (1998) presented cross-country econometric evidence
 showing that, in a sample of 47 countries, stock market liquidity
 contributed a significant positive influence on GDP growth between
 1976-93. We show that the Levine-Zervos results are not robust to
 alternative specifications because of the incomplete manner in which they
 control for outliers in their data. We show that when one properly
 controls for outliers, stock market liquidity no longer exerts any
 statistically observable influence on GDP growth. 
Journal: International Review of Applied Economics 
Pages: 1-8 
Issue: 1 
Volume: 18 
Year: 2004 
Keywords: Stock market, economic growth, 
X-DOI: 10.1080/0269217032000148645 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0269217032000148645
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:18:y:2004:i:1:p:1-8




Template-Type: ReDIF-Article 1.0
Author-Name: Constantinos Alexiou 
Author-X-Name-First: Constantinos 
Author-X-Name-Last: Alexiou 
Title: An Econometric Investigation into the Macroeconomic Relationship between Investment and Saving: Evidence from the EU Region 
Abstract:
  Within the EU region, the emerging policy orientation of pursuing
 balanced or in-surplus budgets as a means of revitalising investment has
 dominated economic policy. Nonetheless, the notion that saving must be
 boosted in order to expand investment, is a contention that has to be
 taken with a 'pinch of salt'. This study, by elaborating on the causal
 dimension between investment and saving, provides econometric evidence on
 the basis of which investment is a variable of the utmost importance. 
Journal: International Review of Applied Economics 
Pages: 1-14 
Issue: 1 
Volume: 18 
Year: 2004 
Keywords: Investment, saving, European Union, VAR, 
X-DOI: 10.1080/0269217032000148663 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0269217032000148663
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:18:y:2004:i:1:p:1-14




Template-Type: ReDIF-Article 1.0
Author-Name: Giuseppe Fontana 
Author-X-Name-First: Giuseppe 
Author-X-Name-Last: Fontana 
Author-Name: Alfonso Palacio-Vera 
Author-X-Name-First: Alfonso 
Author-X-Name-Last: Palacio-Vera 
Title: Monetary Policy Uncovered: Theory and Practice 
Abstract:
  This paper discusses the current 'new consensus' view on monetary policy
 and the theoretical framework on which that practical view relies, namely,
 the 'targets-and-instrument approach'. We argue that in the modern world
 of financial innovation and liability management central banks cannot
 choose between an interest rate-targeting policy and a money-targeting
 policy. A money-targeting regime is not desirable, if not unfeasible. In
 addition, in the context of Poole's approach to the 'instrument' problem,
 the implementation of a money-targeting regime would raise the expected
 value of the loss function of the central bank and would thus shift the
 balance in favour of an interest-rate targeting regime. 
Journal: International Review of Applied Economics 
Pages: 1-19 
Issue: 1 
Volume: 18 
Year: 2004 
Keywords: Monetary policy, Poole's approach, Post Keynesian economics, endogenous money, 
X-DOI: 10.1080/0269217032000148627 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0269217032000148627
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:18:y:2004:i:1:p:1-19




Template-Type: ReDIF-Article 1.0
Author-Name: Christian Weller 
Author-X-Name-First: Christian 
Author-X-Name-Last: Weller 
Author-Name: Laura Singleton 
Author-X-Name-First: Laura 
Author-X-Name-Last: Singleton 
Title: Political Freedom, External Liberalization and Financial Stability 
Abstract:
  The chance of financial crises has grown in emerging economies in recent
 decades. Increasingly, the interest has shifted away from market-based
 reforms, such as more transparency, towards potentially stabilizing
 institutions. Among these institutions are better political freedoms, as
 they could help to foster stronger and more stable domestic demand growth.
 Using data from the IMF and Freedom House, we test the effectiveness of
 political freedoms, in particular of civil liberties and political rights,
 in reducing the chance of banking and currency crises. Our results show
 that more civil liberties, which are closely linked to worker rights,
 lower the chance of banking and currency crises, while political rights
 have no effect on the chance of financial crises. Also, this effect
 disappears in more open economies, likely due to increased capital
 mobility. 
Journal: International Review of Applied Economics 
Pages: 1-22 
Issue: 1 
Volume: 18 
Year: 2004 
Keywords: Banking crisis, currency crisis, labor standards, emerging economies, 
X-DOI: 10.1080/0269217032000148636 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0269217032000148636
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:18:y:2004:i:1:p:1-22




Template-Type: ReDIF-Article 1.0
Author-Name: Jorg Dopke 
Author-X-Name-First: Jorg 
Author-X-Name-Last: Dopke 
Title: How Robust is the Empirical Link between Business-Cycle Volatility and Long-Run Growth in OECD Countries? 
Abstract:
  It has been argued that business-cycle volatility dampens growth. This
 paper argues that this is no stylised fact. A review of the literature
 reveals that arguments in favour of no, or even a positive, impact of
 business-cycle volatility on growth are as convincing as the arguments
 pointing in the other direction. Empirical evidence using annual data for
 24 OECD countries from 1960 to 2000, based on robust cross-country
 regressions and panel models, raises doubts about a clear negative impact
 of volatility on growth. Moreover, the hypothesis of Granger-non-causality
 of business-cycle volatility for growth cannot be rejected. 
Journal: International Review of Applied Economics 
Pages: 1-23 
Issue: 1 
Volume: 18 
Year: 2004 
Keywords: Business-cycle volatility, growth, empirical test, 
X-DOI: 10.1080/0269217032000148672 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0269217032000148672
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:18:y:2004:i:1:p:1-23




Template-Type: ReDIF-Article 1.0
Author-Name: Engelbert Stockhammer 
Author-X-Name-First: Engelbert 
Author-X-Name-Last: Stockhammer 
Title: Explaining European Unemployment: Testing the NAIRU Hypothesis and a Keynesian Approach 
Abstract:
  The aim of the paper is to compare the NAIRU hypothesis regarding
 &#xad;European unemployment and a Keynesian approach to the issue and to
 evaluate them econometrically. For the NAIRU explanation, wage push
 variables are key in explaining the rise of European unemployment, for a
 Keynesian approach it is capital accumulation that is key. The theories
 are tested using time series data for Germany, France, Italy, the UK and
 the USA, using the seemingly unrelated regression method (SUR).
 Unemployment benefits, union density and the tax wedge are used as wage
 push variables, and the growth of business capital stock as the
 accumulation variable. The NAIRU specification performs poorly, with only
 the tax wedge having a positive effect on unemployment as predicted and
 only unemployment benefits having a negative effect on employment growth.
 However the results are not robust to changes in the specification. The
 Keynesian approach is more successful, with capital accumulation being
 statistically significant in all countries and robust to changes in the
 specification. Moreover, it can be pooled across countries. 
Journal: International Review of Applied Economics 
Pages: 1-26 
Issue: 1 
Volume: 18 
Year: 2004 
Keywords: Unemployment, NAIRU, Keynesian theory, labor market flexibility, capital accumulation, 
X-DOI: 10.1080/0269217032000148618 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0269217032000148618
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:18:y:2004:i:1:p:1-26




Template-Type: ReDIF-Article 1.0
Author-Name: Marc Lavoie 
Author-X-Name-First: Marc 
Author-X-Name-Last: Lavoie 
Author-Name: Gabriel Rodriguez 
Author-X-Name-First: Gabriel 
Author-X-Name-Last: Rodriguez 
Author-Name: Mario Seccareccia 
Author-X-Name-First: Mario 
Author-X-Name-Last: Seccareccia 
Title: Similitudes and Discrepancies in Post-Keynesian and Marxist Theories of Investment: A Theoretical and Empirical Investigation 
Abstract:
  There has been a substantial amount of convergence between post-Keynesian
 and Marxist economics, the writings of Kalecki being common ground for
 both traditions. Still, some differences remain. While authors in both
 traditions seem to agree to a large extent on short-period issues,
 long-period matters relating to the role of saving, the rate of profit,
 inflation, crowding out, excess money supply, are still contentious. All
 this seems to depend on the exact form taken by the investment function,
 more specifically the role of capacity utilization. Four different
 equations are set up to be tested, two of which correspond to two variants
 of the Marxist view, while the other two equations correspond to a naive
 and a sophisticated Kaleckian view, the latter being based on hysteresis.
 The equations are tested on three sets of annual Canadian data. Various
 statistical tests are applied to all four equations in an effort to rank
 them, notably information and encompassing tests. The Kaleckian equation
 with hysteresis generally comes out empirically with the preferred
 statistical properties, when manufacturing data on actual rates of capital
 accumulation are considered separately or when both realized and intended
 rates of investment for the total industrial sector are used. 
Journal: International Review of Applied Economics 
Pages: 127-149 
Issue: 2 
Volume: 18 
Year: 2004 
Keywords: Investment functions, post-Keynesian economics, Marxist economics, encompassing tests, 
X-DOI: 10.1080/0269217042000186697 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0269217042000186697
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:18:y:2004:i:2:p:127-149




Template-Type: ReDIF-Article 1.0
Author-Name: Janine Berg 
Author-X-Name-First: Janine 
Author-X-Name-Last: Berg 
Author-Name: Dante Contreras 
Author-X-Name-First: Dante 
Author-X-Name-Last: Contreras 
Title: Political-Economic Regime and the Wage Curve: Evidence from Chile, 1957-96 
Abstract:
  This paper tests whether a wage curve&#x2014;a negative relationship
 between the level of unemployment and the level of pay&#x2014;existed in
 Chile during 1957-96. The analysis is divided into two periods. For
 1957-73, during inward-led development, we reject the existence of a wage
 curve. For 1974-96, when the economy opened, state-run industries were
 privatised and labour rights weakened, we find a wage curve of -0.08.
 Based on this finding we conclude that the unemployment-pay elasticity in
 the post-reform period is similar to the -0.07 to -0.10 wage curve found
 in other western, capitalist countries. Disaggregating the analysis by
 group, we find that women, non-university educated workers and public
 sector workers have suffered more from unemployment. Yet informal sector
 workers have not experienced pay drops as a result of unemployment,
 contradicting the hypothesis that the informal sector acts as a buffer
 during economic downturns. 
Journal: International Review of Applied Economics 
Pages: 151-165 
Issue: 2 
Volume: 18 
Year: 2004 
Keywords: Wage curve, unemployment, inequality, Chile, 
X-DOI: 10.1080/0269217042000186651 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0269217042000186651
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:18:y:2004:i:2:p:151-165




Template-Type: ReDIF-Article 1.0
Author-Name: Salvatore D'Acunto 
Author-X-Name-First: Salvatore 
Author-X-Name-Last: D'Acunto 
Author-Name: Sergio Destefanis 
Author-X-Name-First: Sergio 
Author-X-Name-Last: Destefanis 
Author-Name: Marco Musella 
Author-X-Name-First: Marco 
Author-X-Name-Last: Musella 
Title: Exports, Supply Constraints and Growth: An Investigation using Regional Data 
Abstract:
  In this work we first model the role of demand- and supply-side factors
 (labour market adjustment, productive efficiency) in explaining economic
 growth. Empirically testing the model, we evaluate why different growth
 regimes may appear in the 20 Italian administrative regions. This exercise
 uses a two-stage econometric approach. Estimates for the elasticity of
 manufacturing output to exports are obtained from regional time series: a
 significant long-run relationship indicates the existence of a
 demand-constrained growth regime. We then ascertain whether the regional
 dispersion of supply-side factors has an impact on the regional dispersion
 of growth regimes. The empirical evidence supports our expectations of
 strong regional differences. Southern regions are less likely to display
 demand-constrained regimes. In explanation of these differences,
 second-stage analysis reveals that a strong role is played by such
 efficiency-enhancing factors as technological innovation, bank diffusion
 and 'social capital'. No role is found for labour market rigidities. 
Journal: International Review of Applied Economics 
Pages: 167-189 
Issue: 2 
Volume: 18 
Year: 2004 
Keywords: Export-led growth, supply-constrained growth, dualistic development, long-run relationships, 
X-DOI: 10.1080/0269217042000186660 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0269217042000186660
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:18:y:2004:i:2:p:167-189




Template-Type: ReDIF-Article 1.0
Author-Name: Ardeshir Sepehri 
Author-X-Name-First: Ardeshir 
Author-X-Name-Last: Sepehri 
Author-Name: Saeed Moshiri 
Author-X-Name-First: Saeed 
Author-X-Name-Last: Moshiri 
Title: Inflation-Growth Profiles Across Countries: Evidence from Developing and Developed Countries 
Abstract:
  There is growing evidence from multi-country studies indicating that
 there is a turning point in the relationship between inflation and
 economic growth beyond which the detrimental effects of high inflation
 offset the stimulating effects of mild inflation on growth. However, it is
 not clear whether it is appropriate to assume an identical turning point
 in the inflation and growth relation across countries at various stages of
 development. Using a non-linear specification and the data from four
 groups of countries at various stages of development, this paper examines
 the possibility for a family rather than a single inverted U relation
 across countries at various stages of development. The estimated turning
 points are found to vary widely from as high as 15% per year for the
 lower-middle-income countries to 11% for the low-income countries, and 5%
 for the upper-middle-income countries. No statistically detectable,
 long-run relationship between inflation and growth is evident for the OECD
 countries. The results indicate the potential bias in the estimation of
 inflation-growth nexus that may result from combining various countries at
 different levels of development. The existence of such a degree of
 heterogeneity across countries at various stages of development also
 suggests the inappropriateness of setting a single, uniform numerical
 policy target applicable to all (developing) countries. 
Journal: International Review of Applied Economics 
Pages: 191-207 
Issue: 2 
Volume: 18 
Year: 2004 
Keywords: Inflation, growth, non-linearity, developed and developing countries, 
X-DOI: 10.1080/0269217042000186679 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0269217042000186679
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:18:y:2004:i:2:p:191-207




Template-Type: ReDIF-Article 1.0
Author-Name: Martin Zagler 
Author-X-Name-First: Martin 
Author-X-Name-Last: Zagler 
Title: A New Look at Old Issues: Keynesian Unemployment Revisited 
Abstract:
  Economists have long sensed that the failure of goods markets to clear is
 a prime reason for the emergence of unemployment. The novel feature of
 this paper is that it discovers a new theoretical basis proving this
 assumption. The paper claims that in a permanently growing economy,
 unemployment may be due to the failure of the markets to provide consumers
 with ever-new varieties of consumption goods. As the difference between
 desired and available product widens, effective demand declines, leading
 on the one hand to unemployment, which exhibits a decisive Keynesian
 flavour as it is the result of goods markets failures, and on the other
 hand to an increase in involuntary savings, which provide the financial
 basis to foster innovation and growth. As the higher growth rate increases
 the probability of failures in effective demand, it further increases
 unemployment and increases involuntary savings, resulting in a finite
 multiplier process. 
Journal: International Review of Applied Economics 
Pages: 209-224 
Issue: 2 
Volume: 18 
Year: 2004 
Keywords: Keynesian unemployment, effective demand, multiplier analysis, economic growth, product innovations, 
X-DOI: 10.1080/0269217042000186685 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0269217042000186685
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:18:y:2004:i:2:p:209-224




Template-Type: ReDIF-Article 1.0
Author-Name: Toke Reichstein 
Author-X-Name-First: Toke 
Author-X-Name-Last: Reichstein 
Author-Name: Michael Dahl 
Author-X-Name-First: Michael 
Author-X-Name-Last: Dahl 
Title: Are Firm Growth Rates Random? Analysing Patterns and Dependencies 
Abstract:
  Using Danish firm data covering almost 9000 observations, we find
 significant proof that firm growth cannot be considered as a simple Gibrat
 growth process. Key variables, such as size, age, geographical location
 and industry structure are tested against firm growth rates in turnover
 and employment. Besides running the regressions on all observations, we
 also consider and find highly interesting patterns in an industry context.
 Thus, we conclude that firm growth cannot be considered idiosyncratic.
 Firm growth is highly dependent on industry and geography. 
Journal: International Review of Applied Economics 
Pages: 225-246 
Issue: 2 
Volume: 18 
Year: 2004 
Keywords: Firm growth, geographical location, industrial differences, 
X-DOI: 10.1080/0269217042000186705 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0269217042000186705
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:18:y:2004:i:2:p:225-246




Template-Type: ReDIF-Article 1.0
Author-Name: F. Voulgaris 
Author-X-Name-First: F. 
Author-X-Name-Last: Voulgaris 
Author-Name: D. Asteriou 
Author-X-Name-First: D. 
Author-X-Name-Last: Asteriou 
Author-Name: G. Agiomirgianakis 
Author-X-Name-First: G. 
Author-X-Name-Last: Agiomirgianakis 
Title: Size and Determinants of Capital Structure in the Greek Manufacturing Sector 
Abstract:
  Increasing competition in the European Union (EU) and world markets
 affects the Greek manufacturing sector. Capital structure is essential for
 the survival, growth and performance of a firm. There has been a growing
 interest worldwide in identifying the factors associated with debt
 leverage. However, nothing has been done so far in contrasting small and
 medium sized enterprises (SMEs) and large sized enterprises (LSEs) on
 these aspects. SMEs are very important in the Greek manufacturing sector
 for employment and growth. Empirical studies show that capital structure
 and the factors affecting it vary with firm size. In this paper we
 investigate the determinants of capital structure of Greek manufacturing
 firms and formulate some policy implications that may improve the
 financial performance of the sector. Our study utilizes panel data of two
 random samples, one for SMEs and another for LSEs. The findings show that
 profitability is a major determinant of capital structure for both size
 groups. However, efficient assets management and assets growth are found
 essential for the debt structure of LSEs as opposed to efficiency of
 current assets, size, sales growth and high fixed assets, which were found
 to affect substantially the credibility of SMEs. In an era of increasing
 globalization, the findings imply that Greek SMEs should focus their
 efforts on (a) increasing their cash flow capacity through better assets
 management and achievement of higher exports and (b) ensuring good bank
 relations, but at the same time, turn to alternative forms of financing.
 Greek LSEs should adopt strategies that will lead to the improvement of
 their competitiveness and securing new forms of financing. Government
 policy measures aiming at structural changes and economic efficiency
 should be designed clearly depending upon its targets: SMEs need policies
 that will encourage information exchange and co-operation in local and
 foreign markets and use of e-business, as well as, financial assistance.
 On the other hand, LSEs should be supported by policies aimed at new
 high-technology investments, entrance of new firms and foreign investments
 in the country, tax alleviation and increase of R&D and training
 expenditures. The upgrading and transparency of the capital market in
 Greece is expected to improve the capital structure of Greek manufacturing
 firms. 
Journal: International Review of Applied Economics 
Pages: 247-262 
Issue: 2 
Volume: 18 
Year: 2004 
Keywords: Capital structure, industry study, manufacturing, dynamic panel data, non-linear regression analysis, 
X-DOI: 10.1080/0269217042000186714 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0269217042000186714
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:18:y:2004:i:2:p:247-262




Template-Type: ReDIF-Article 1.0
Author-Name: Jagjit Chadha 
Author-X-Name-First: Jagjit 
Author-X-Name-Last: Chadha 
Author-Name: Charles Nolan 
Author-X-Name-First: Charles 
Author-X-Name-Last: Nolan 
Title: Output, Inflation and the New Keynesian Phillips Curve 
Abstract:
  Explicit modelling of factor markets clarifies two fundamental aspects of
 the New Keynesian Phillips Curve (NKPC). First, we clarify the
 relationship between output and marginal cost. Second, for the NKPC in
 inflation-output space, we identify the key stochastic influences on
 inflation without recourse to ad hoc cost or excess demand shocks. The
 econometric implementation of this clarified NKPC, which evolves strictly
 according news on the stream of future marginal costs, allows us jointly
 to derive inflation as a forecast of future variables. Our approach
 clarifies the empirical successes and failures of the NKPC and allows us
 to provide new aggregate evidence on the degree of price rigidity in the
 UK economy. 
Journal: International Review of Applied Economics 
Pages: 271-287 
Issue: 3 
Volume: 18 
Year: 2004 
Keywords: Inflation, Phillips curve, marginal cost, output gap, factor markets, price stickiness, 
X-DOI: 10.1080/0269217042000227060 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0269217042000227060
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:18:y:2004:i:3:p:271-287




Template-Type: ReDIF-Article 1.0
Author-Name: Romar Correa 
Author-X-Name-First: Romar 
Author-X-Name-Last: Correa 
Author-Name: Tripati Rao 
Author-X-Name-First: Tripati 
Author-X-Name-Last: Rao 
Title: Saving, Lending and Interest Rates: A Critique (of the Model) of Financial Liberalisation in India 
Abstract:
  The case for financial liberalisation is founded on the neoclassical
 proposition that savings causes investment and that the interest rate
 tends to move to equate the two. We find little support for this thesis
 from the experience of India. Alternatively, we suggest that the Post
 Keynesian approach that includes the liquidity preferences of banks might
 be a fruitful way to examine the dynamics of an economy in transition. 
Journal: International Review of Applied Economics 
Pages: 289-299 
Issue: 3 
Volume: 18 
Year: 2004 
Keywords: Interest rate liberalisation, banks' liquidity preference, 
X-DOI: 10.1080/0269217042000227105 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0269217042000227105
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:18:y:2004:i:3:p:289-299




Template-Type: ReDIF-Article 1.0
Author-Name: Douglas Steel 
Author-X-Name-First: Douglas 
Author-X-Name-Last: Steel 
Author-Name: Alan King 
Author-X-Name-First: Alan 
Author-X-Name-Last: King 
Title: Exchange Rate Pass-through: The Role of Regime Changes 
Abstract:
  We consider the effect on the degree of exchange rate pass-through of the
 exchange rate regime in operation. We test the hypothesis that
 pass-through will be lower under a float as firms may be reluctant to pass
 appreciations or depreciations on to their customers when there is a
 strong chance that they will be subsequently reversed. Taylor's hypothesis
 that pass-through will be lower in a low-inflation environment is also
 considered. Both hypotheses are assessed in relation to the price of
 manufactured imports into New Zealand and we find that, whereas the shift
 to a float dramatically lowered the degree of pass-through, the later
 shift to a low-inflation regime has no significant additional effect on
 the pass-through relationship. 
Journal: International Review of Applied Economics 
Pages: 301-322 
Issue: 3 
Volume: 18 
Year: 2004 
Keywords: Exchange rate pass-through, inflation, exchange rate regime, 
X-DOI: 10.1080/0269217042000227114 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0269217042000227114
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:18:y:2004:i:3:p:301-322




Template-Type: ReDIF-Article 1.0
Author-Name: Carmen Fillat-Castejon 
Author-X-Name-First: Carmen 
Author-X-Name-Last: Fillat-Castejon 
Author-Name: Jose Ma Serrano-sanz 
Author-X-Name-First: Jose Ma 
Author-X-Name-Last: Serrano-sanz 
Title: Linder Revisited: Trade and Development in the Spanish Economy 
Abstract:
  The literature has tended to treat Linder's hypothesis with excessive
 simplicity given the absence of any formalization for this intuitive
 theory on trade potential in manufacturers, closely related to the
 intra-industry trade paradigm. Against this background, in this paper we
 first propose a complete empirical model of bilateral trade containing all
 the determinants suggested by Linder, with special emphasis being placed
 on non-homothetic preferences, national income distribution, international
 economic convergence and geographic distance. We then test the model in an
 appropriate case, namely that of Spain during the period of its economic
 transition running from approximately 1959 to 1986. This period was
 characterized by increasing openness and structural change, as well as by
 convergence until that country's integration into the then European
 Economic Community. The results confirm the importance of the
 characteristics of internal demand, essentially of income distribution and
 non-homothetic preferences. We find that trade horizons delimited by
 bilateral proximity in development and geographical distance, together
 with multilateral convergence in economic development are the main
 indicators for selecting trade partners as markets and suppliers, thereby
 reinforcing the idea that foreign markets can be considered as an
 extension of the national market. 
Journal: International Review of Applied Economics 
Pages: 323-348 
Issue: 3 
Volume: 18 
Year: 2004 
Keywords: Economic development, international trade, demand, economic convergence, 
X-DOI: 10.1080/0269217042000227097 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0269217042000227097
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:18:y:2004:i:3:p:323-348




Template-Type: ReDIF-Article 1.0
Author-Name: Tarlok Singh 
Author-X-Name-First: Tarlok 
Author-X-Name-Last: Singh 
Title: Optimising and Non-optimising Balance of Trade Models: A Comparative Evidence from India 
Abstract:
  This study estimates and compares the competing optimising and
 non-optimising balance of trade models using Indian data. The results
 obtained from the optimising model suggest that the prices relative to
 user cost of capital and the real wealth lead to a deterioration, while
 the real capital stock results in an improvement in trade balance. The
 estimates of conventional non-optimising balance of trade model show the
 significant effect of domestic income and real exchange rate and the
 insignificant effect of world income on the balance of trade. The error
 correction models reinforce the long run estimates and show the
 significant effect of lagged equilibria on the balance of trade. The
 non-nested hypothesis tests provide mixed evidence for the preference of
 one model over the other. The J test suggests that the optimising model
 outperforms the non-optimising model, while the F test shows that both
 these models are acceptable in explaining the balance of trade. 
Journal: International Review of Applied Economics 
Pages: 349-368 
Issue: 3 
Volume: 18 
Year: 2004 
Keywords: Optimising model, non-optimising model, cointegration, error correction model, non-nested tests, 
X-DOI: 10.1080/0269217042000227123 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0269217042000227123
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:18:y:2004:i:3:p:349-368




Template-Type: ReDIF-Article 1.0
Author-Name: Paresh Kumar Narayan 
Author-X-Name-First: Paresh Kumar 
Author-X-Name-Last: Narayan 
Author-Name: Seema Narayan 
Author-X-Name-First: Seema 
Author-X-Name-Last: Narayan 
Title: The J-Curve: Evidence from Fiji 
Abstract:
  This article provides new evidence on both long run and short-run
 determinants of trade balance for Fiji and investigates evidence of
 J-curve adjustment behaviour in the aftermath of a devaluation. We adopt a
 partial reduced form model that models the real trade balance directly as
 a function of the real exchange rate and real domestic and foreign
 incomes. Cointegration analysis is based on a recently developed
 autoregressive distributed lag approach&#x2014;shown to provide robust
 results in finite samples. The long run elasticities are also estimated
 using a dynamic ordinary least squares approach and the Fully Modified
 Ordinary Least Squares (FM-OLS) approach. Amongst our key results we find
 that there is a long-run relationship between trade balance and its
 determinants. There is evidence of the J-curve pattern; growth in domestic
 income affects Fiji's trade balance adversely while foreign income
 improves it. 
Journal: International Review of Applied Economics 
Pages: 369-380 
Issue: 3 
Volume: 18 
Year: 2004 
Keywords: Fiji, trade balance, cointegration, J-curve, 
X-DOI: 10.1080/0269217042000227088 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0269217042000227088
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:18:y:2004:i:3:p:369-380




Template-Type: ReDIF-Article 1.0
Author-Name: Jati Sengupta 
Author-X-Name-First: Jati 
Author-X-Name-Last: Sengupta 
Title: Dynamic Efficiency with Learning by Doing 
Abstract:
  This article focuses on the measurement of economic efficiency of firms
 in an industry in a dynamic framework, where R&D investments and learning
 experience play critical roles. Dynamic aspects of cost and production
 efficiency and the impact of capital through learning by doing are
 developed here in semiparametric forms. The production and cost frontiers
 estimated here for the US computer industry over the period 1987-98 are
 robust in the sense that no specific functional form need be assumed. The
 empirical estimates measure the pattern of level and growth efficiency in
 the computer industry, which has undergone rapid changes in recent years. 
Journal: International Review of Applied Economics 
Pages: 381-395 
Issue: 3 
Volume: 18 
Year: 2004 
Keywords: Dynamic efficiency, learning effects, scale economies, 
X-DOI: 10.1080/0269217042000227079 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0269217042000227079
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:18:y:2004:i:3:p:381-395




Template-Type: ReDIF-Article 1.0
Author-Name: Karl Aiginger 
Author-X-Name-First: Karl 
Author-X-Name-Last: Aiginger 
Title: The three tier strategy followed by successful European countries in the 1990s 
Abstract:
  In general, the economic performance of European countries was
 disappointing in the 1990s. However, country differences increased, and in
 some European countries economic growth matched US rates. This paper uses
 a set of performance indicators to carve out a group of successful
 European countries and to compare their economic strategies to those of
 the more poorly performing, big continental economies. The analysis shows
 that the successful countries implemented a policy mixture of cost
 cutting, improving institutions, and investing in future growth. We
 consider the first two strategy elements to be preconditions, while
 investment in growth drivers such as research, education and technology
 diffusion is the sufficient condition for long-run growth. The difference
 between top and low performers is larger with respect to the dynamics of
 future investment than in cost cutting. In research expenditures, the top
 countries surpassed the big continental European countries in 1987, and
 have been increasing their lead steadily since that time. They are welfare
 states with a comprehensive social net, which they have maintained in
 principle, while improving institutions and incentive structures. The
 results are not in line with the usual twin hypotheses that high welfare
 costs and insufficient labour market flexibility are the main culprits in
 European underperformance. 
Journal: International Review of Applied Economics 
Pages: 399-422 
Issue: 4 
Volume: 18 
Year: 2004 
Keywords: Economic growth, country strategy, welfare reform, 
X-DOI: 10.1080/0269217042000266418 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0269217042000266418
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:18:y:2004:i:4:p:399-422




Template-Type: ReDIF-Article 1.0
Author-Name: JOSE Ma ARRANZ 
Author-X-Name-First: JOSE Ma 
Author-X-Name-Last: ARRANZ 
Author-Name: Juan Muro 
Author-X-Name-First: Juan 
Author-X-Name-Last: Muro 
Title: Recurrent unemployment, welfare benefits and heterogeneity 
Abstract:
  The objective of this paper is to investigate the causes of the
 recurrences of individuals in unemployment during benefit periods. So as
 to attain this objective, we use administrative data from the Spanish
 Employment Agency to estimate a duration model with multiple spells that
 allows for unemployment state dependence through lagged unemployment
 duration in order to distinguish the heterogeneity and scarring effects.
 We find that an increase in the duration of previous unemployment benefit
 periods lengthens the expected duration of future unemployment benefit
 periods. True state dependence and heterogeneity, intensity of job search
 and local labour market conditions are among the elements that explain
 this unemployment state dependence. 
Journal: International Review of Applied Economics 
Pages: 423-441 
Issue: 4 
Volume: 18 
Year: 2004 
Keywords: State dependence, unemployment benefits, mixed proportional hazard model, unobserved heterogeneity, 
X-DOI: 10.1080/0269217042000266436 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0269217042000266436
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:18:y:2004:i:4:p:423-441




Template-Type: ReDIF-Article 1.0
Author-Name: Sergio Rossi 
Author-X-Name-First: Sergio 
Author-X-Name-Last: Rossi 
Title: Monetary integration strategies and perspectives of new EU countries 
Abstract:
  The poor record of economic convergence between the euro area and those
 countries that joined the European Union (EU) in May 2004 raises serious
 doubts about the possibility for the latter countries to adopt the
 European single currency in the not too distant future. In fact, many new
 EU countries would have to make considerable efforts in order to fulfil
 all EMU criteria by the end of the present decade. These efforts could
 lead to output and growth losses in these countries, which would run
 counter to their catching-up process with respect to the rest of the EU.
 To avoid a number of shortcomings elicited by the obligation to respect
 the convergence criteria in the short term, and also to avoid the
 financial instability risks implied by participation in the ERM II, this
 paper suggests an alternative plan for integrating the new EU countries
 monetarily. The plan consists in creating a European settlement agent in
 charge of the final payment of the new EU countries' international
 transactions. These transactions would be settled using an international
 monetary standard whose creation would eliminate instability on the
 foreign exchange market by its being the yardstick that the current
 international monetary system lacks. 
Journal: International Review of Applied Economics 
Pages: 443-469 
Issue: 4 
Volume: 18 
Year: 2004 
Keywords: Euro, exchange rate strategies, international settlement systems, monetary policy, monetary union, 
X-DOI: 10.1080/0269217042000266454 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0269217042000266454
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:18:y:2004:i:4:p:443-469




Template-Type: ReDIF-Article 1.0
Author-Name: Rikard Althin 
Author-X-Name-First: Rikard 
Author-X-Name-Last: Althin 
Author-Name: Lars Behrenz 
Author-X-Name-First: Lars 
Author-X-Name-Last: Behrenz 
Title: An efficiency analysis of Swedish employment offices 
Abstract:
  In this paper the method-production frontier analysis is used to analyse
 differences in efficiency between different Swedish Employment Offices.
 Earlier empirical labour market policy evaluation studies have utilised
 various measures that, however, do not take into consideration differences
 between organisation units. The main result of this investigation is that
 employment offices show major differences in the efficiency with which
 they carry out their job matching services. 
Journal: International Review of Applied Economics 
Pages: 471-482 
Issue: 4 
Volume: 18 
Year: 2004 
Keywords: Labour market policy, employment service, evaluation, nonparametric methods, 
X-DOI: 10.1080/0269217042000266427 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0269217042000266427
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:18:y:2004:i:4:p:471-482




Template-Type: ReDIF-Article 1.0
Author-Name: Xiaohui Liu 
Author-X-Name-First: Xiaohui 
Author-X-Name-Last: Liu 
Author-Name: Chang Shu 
Author-X-Name-First: Chang 
Author-X-Name-Last: Shu 
Title: Consumption and stock markets in Asian economies 
Abstract:
  This paper investigates the causal links between stock market performance
 and consumption for five Asian economies by applying the bound tests of
 Pesaran et al. and lag augmented VAR of Toda and Yamamoto . We find
 two-way causal relationships between stock market performance and
 consumption in the cases of Hong Kong and Taiwan in the long run. The
 existence of such two-way causal links indicates that stock market
 performance and consumption mutually affect each other, implying that the
 previous studies may have overestimated the wealth effect of the stock
 markets without taking account of the reverse causation from consumption
 to the stock markets. The short-run effect of the stock market on
 consumption is more visible than the long-run effect in most of the sample
 economies, suggesting that changes in consumption directly reflect stock
 market fluctuations. 
Journal: International Review of Applied Economics 
Pages: 483-496 
Issue: 4 
Volume: 18 
Year: 2004 
Keywords: Asian economies, bound tests, consumption, lag-augmented VAR and stock markets, 
X-DOI: 10.1080/0269217042000266435 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0269217042000266435
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:18:y:2004:i:4:p:483-496




Template-Type: ReDIF-Article 1.0
Author-Name: Donald Feaver 
Author-X-Name-First: Donald 
Author-X-Name-Last: Feaver 
Author-Name: Kenneth Wilson 
Author-X-Name-First: Kenneth 
Author-X-Name-Last: Wilson 
Title: The 'Market' for contingent protection 
Abstract:
  Anti-dumping and countervailing duty law and policy has, for several
 decades, been one of the most contentious issues affecting trading
 relations between members of the World Trade Organization. A major concern
 among researchers and policy-makers is that the decision-making process of
 regulatory authorities responsible for the administration of anti-dumping
 and countervailing duty (AD/CVD) laws is biased in favour of providing
 protectionist outcomes for national applicant firms and industries. In
 this paper a new, broader approach for testing empirically AD/CVD outcome
 decisions is advocated that analyses the provision of contingent
 protection as the outcome of a quasi-market process involving supply and
 demand behaviour played out in a quasi-market context susceptible to
 market failure. This approach provides, arguably, a fairer test of AD/CVD
 outcomes. Using data from Australia, historically a heavy user of AD/CVD
 laws and policy, the paper finds support for the hypothesis that
 regulatory process bias including administrative and statutory biases, are
 important explanators of AD/CVD outcomes. Moreover the findings of this
 paper suggest that failure to include variables capturing these effects in
 other studies that have modelled empirically AD/CVD outcomes may have led
 to missing variable bias and false conclusions. 
Journal: International Review of Applied Economics 
Pages: 497-509 
Issue: 4 
Volume: 18 
Year: 2004 
Keywords: Dumping, anti-dumping, contingent protection, 
X-DOI: 10.1080/0269217042000266409 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0269217042000266409
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:18:y:2004:i:4:p:497-509




Template-Type: ReDIF-Article 1.0
Author-Name: Eckhard Hein 
Author-X-Name-First: Eckhard 
Author-X-Name-Last: Hein 
Author-Name: Achim Truger 
Author-X-Name-First: Achim 
Author-X-Name-Last: Truger 
Title: What ever happened to Germany? Is the decline of the former european key currency country caused by structural sclerosis or by macroeconomic mismanagement? 
Abstract:
  This paper challenges the institutional sclerosis view of the German
 crisis according to which rigid labour markets and generous welfare state
 institutions have driven Germany into its position as 'Europe's sick man'.
 In general, the view is not convincing, because the underlying hypotheses
 about the effects of labour market regulation and welfare state
 institutions on employment and growth cannot unambiguously be derived from
 modern labour market theory and are at least partially at odds with
 accepted empirical findings. In particular, the explanation is
 unconvincing, because in international comparison Germany's labour market
 and welfare state institutions are simply not as sclerotic as often
 supposed. In most of the aggregate indicators for structural rigidities
 Germany is not worse than the average OECD or EU country. Moreover, there
 is a macroeconomic explanation focusing on the combined effects of
 restrictive and pro-cyclical monetary, fiscal and wage policies in Germany
 that is broadly consistent with modern macroeconomic theory and is
 supported by empirical data. 
Journal: International Review of Applied Economics 
Pages: 3-28 
Issue: 1 
Volume: 19 
Year: 2005 
Keywords: Labour market institutions, macroeconomic policy, employment determination, Germany, European Monetary Union, 
X-DOI: 10.1080/0269217042000312588 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0269217042000312588
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:19:y:2005:i:1:p:3-28




Template-Type: ReDIF-Article 1.0
Author-Name: Jorg Bibow 
Author-X-Name-First: Jorg 
Author-X-Name-Last: Bibow 
Title: Germany in crisis: the unification challenge, macroeconomic policy shocks and traditions, and EMU 
Abstract:
  Conventional wisdom blames Germany's ongoing economic and fiscal crisis
 on the unification shock of the early 1990s and structural problems in
 labour markets. Challenging this view, this paper offers a fresh
 assessment that focuses on macroeconomic demand management. It is shown
 that Germany's fiscal crisis cannot be attributed to unification per se;
 it arose as a consequence of ill-guided macroeconomic policies pursued in
 response to that event. Many structural problems that popped up along the
 way were mere symptoms of persistent macroeconomic mismanagement and
 protracted domestic demand stagnation. Arguably, systematically ill-guided
 macroeconomic policies of this type are potent enough to wreck any real
 world economy, no matter how flexible it may be. Because Germany provided
 the blueprint for Europe's stability-oriented macroeconomic policy regime,
 it comes as no surprise that a peculiar repeat of certain symptoms that
 started to arise in Germany a decade ago may now be observed across the
 euro area&#x2014;protracted domestic demand weakness and inflation
 stickiness because of 'tax-push inflation' in particular. 
Journal: International Review of Applied Economics 
Pages: 29-50 
Issue: 1 
Volume: 19 
Year: 2005 
Keywords: German unification, budgetary sustainability, tight money, policy inconsistency, EMU, 
X-DOI: 10.1080/0269217042000312597 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0269217042000312597
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:19:y:2005:i:1:p:29-50




Template-Type: ReDIF-Article 1.0
Author-Name: Frederick Guy 
Author-X-Name-First: Frederick 
Author-X-Name-Last: Guy 
Title: Earnings distribution, corporate governance and CEO pay 
Abstract:
  We investigate the relationship between earnings differentials and the
 pay of CEOs of 190 British companies between 1970 and 1990. We find that
 (i) changes in the differential between the 90th and 50th weekly earnings
 percentiles for non-manual adult male workers [90:50] explain changes in
 the level of real CEO salary and bonus in our sample of companies; (ii)
 changes in this differential also account for changes in the elasticity of
 CEO pay to firm size; (iii) a broader measure of earnings inequality does
 far worse than 90:50 at explaining changes in both the level and the firm
 size elasticity of CEO pay; (iv) fitting the model on data for 1970-1983
 and predicting pay levels for the period starting with the widespread
 adoption of executive share option schemes in 1984, we find a structural
 break in the relationship between lower management pay differentials and
 the pay of the CEO. We conclude first that top executive pay prior to 1984
 was a stable function of both firm size and earnings differentials lower
 on the administrative ladder, consistent with a hypothesis advanced by
 Herbert Simon in 1957; and second that the use of share options from 1984
 onward represents not simply a change in the mode of top executive
 compensation, but a de-linking of the pay of top executives and that of
 their subordinates. 
Journal: International Review of Applied Economics 
Pages: 51-65 
Issue: 1 
Volume: 19 
Year: 2004 
Keywords: Executive pay, earnings, inequality, 
X-DOI: 10.1080/0269217042000312605 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0269217042000312605
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:19:y:2004:i:1:p:51-65




Template-Type: ReDIF-Article 1.0
Author-Name: Sushanta Mallick 
Author-X-Name-First: Sushanta 
Author-X-Name-Last: Mallick 
Author-Name: Brigitte Granville 
Author-X-Name-First: Brigitte 
Author-X-Name-Last: Granville 
Title: How best to link poverty reduction and debt sustainability in IMF-World Bank models? 
Abstract:
  This paper attempts to provide an economic model in the context of
 developing countries to address the policy strategies related to poverty
 reduction. With a view to deal with the shortcomings of the existing
 approaches as regards poverty reduction, this paper develops a model on
 the basis of the policy framework of the IMF and the World Bank to show
 how demand growth can be a crucial mechanism in determining the potential
 rate of growth, and then to suggest ways in which
 poverty&#x2014;conceptualised officially in absolute terms with a
 subjective cut-off point (e.g. US $1/$2 a day), and a new objective
 measure in terms of consumption deprivation&#x2014;can be linked with the
 key policy variables contained in the adjustment programmes. A strategy of
 investment in infrastructure and in human development, and improving
 access to credit markets, particularly in rural areas to encourage or
 'crowd in' private investment is a precondition for growth and poverty
 alleviation. Debt relief can only provide a temporary, not a sustainable,
 solution to the problem of reducing poverty. 
Journal: International Review of Applied Economics 
Pages: 67-85 
Issue: 1 
Volume: 19 
Year: 2005 
Keywords: Stabilisation, growth, poverty reduction, debt sustainability, 
X-DOI: 10.1080/0269217042000312614 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0269217042000312614
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:19:y:2005:i:1:p:67-85




Template-Type: ReDIF-Article 1.0
Author-Name: Carlo Altavilla 
Author-X-Name-First: Carlo 
Author-X-Name-Last: Altavilla 
Author-Name: Luigi Landolfo 
Author-X-Name-First: Luigi 
Author-X-Name-Last: Landolfo 
Title: Cross-country asymmetries in monetary policy transmission: evidence from EMU members 
Abstract:
  This paper analyzes monetary policy asymmetries in EMU participating
 countries. In particular, we use a structural dynamic modelling approach
 to investigate asymmetric monetary transmission in Europe. Asymmetries are
 investigated in two different ways. First, we restrict the estimated
 structural models reflecting the monetary constraints each country faced
 during the EMS period. We obtain well-behaved and comparable effects of
 monetary policy shocks. Second, efficiency frontiers for the selected EMU
 countries are estimated. In computing the optimal combinations of output
 gap and inflation volatility we use a weighted average of interest rate
 and exchange rate, i.e. the Monetary Condition Index (MCI), as a policy
 instrument. The impulse response analysis implemented with the MCI shows
 relatively small differences in the responses of the real economy to
 monetary policy shocks. Altogether the results suggest that, no matter
 which policy instrument is used, output gap and inflation respond to
 identical monetary shocks with a similar speed and movement, albeit with a
 different degree of effect. 
Journal: International Review of Applied Economics 
Pages: 87-106 
Issue: 1 
Volume: 19 
Year: 2005 
Keywords: Monetary transmission mechanism, asymmetries, MCI, 
X-DOI: 10.1080/0269217042000312623 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0269217042000312623
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:19:y:2005:i:1:p:87-106




Template-Type: ReDIF-Article 1.0
Author-Name: Steven Cook 
Author-X-Name-First: Steven 
Author-X-Name-Last: Cook 
Title: Detecting long-run relationships in regional house prices in the UK 
Abstract:
  Recent developments in the analysis of cointegration in the presence of
 asymmetric adjustment are extended and applied to data on regional house
 prices in the UK. This extension is found to have a dramatic impact upon
 the results derived. In contrast to recent studies employing standard
 methods, allowance for the possibility of asymmetric behaviour results in
 the detection of a large number of long-run relationships between house
 prices in different regions. A consistent pattern of asymmetric adjustment
 is observed, with reversion to equilibrium occurring more rapidly (slowly)
 when house prices in the South of England decrease (increase) relative to
 other regions. While the results derived support the existence of a ripple
 effect underlying the observed movements in regional house prices, the
 extent of cointegration uncovered casts doubt upon the recently proposed
 notion of weak segmentation in the UK housing market. 
Journal: International Review of Applied Economics 
Pages: 107-118 
Issue: 1 
Volume: 19 
Year: 2005 
Keywords: Cointegration, threshold autoregression, regional house prices, ripple effect, asymmetry, 
X-DOI: 10.1080/0269217042000312632 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0269217042000312632
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:19:y:2005:i:1:p:107-118




Template-Type: ReDIF-Article 1.0
Author-Name: Pedro Leao 
Author-X-Name-First: Pedro 
Author-X-Name-Last: Leao 
Title: Why does the velocity of money move pro-cyclically? 
Abstract:
  The velocity of money usually rises in expansions and falls in recessions
 This paper explains this pro-cyclical movement of velocity using two
 ideas: (i) during business cycles the movement of investment and
 consumption of durable goods has a larger amplitude than consumption of
 non-durable goods and services; (ii) the velocity associated with
 expenditure on investment and durable goods is much higher than the
 velocity associated with consumption of non-durable goods and services,
 because the former expenditures are synchronized with the attainment of
 money by economic agents whereas the latter are not. In this setting, the
 rise in the weight of expenditure in durable goods relative to the weight
 of non-durable goods and services, which occurs during expansions,
 generates an increase in the average velocity of circulation. The opposite
 happens during recessions and thus velocity moves pro-cyclically. 
Journal: International Review of Applied Economics 
Pages: 119-135 
Issue: 1 
Volume: 19 
Year: 2005 
Keywords: Velocity of money, money demand, business cycle, monetary policy, endogenous money, 
X-DOI: 10.1080/0269217042000312641 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0269217042000312641
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:19:y:2005:i:1:p:119-135




Template-Type: ReDIF-Article 1.0
Author-Name: William Milberg 
Author-X-Name-First: William 
Author-X-Name-Last: Milberg 
Author-Name: Ellen Houston 
Author-X-Name-First: Ellen 
Author-X-Name-Last: Houston 
Title: The high road and the low road to international competitiveness: Extending the neo-Schumpeterian trade model beyond technology 
Abstract:
  Extending the neo-Schumpeterian trade model, we estimate a 'social-gap'
 model for a group of 17 OECD countries over the period 1975-1995. We find
 that government spending on social protection, employment protection
 regulations, union density, strike activity, and income security in the
 labor market (all measured in 'gap' form) are statistically significantly
 related to changes in international competitiveness. Specifically, we find
 some support for a Calmfors-Driffil, nonlinear, relation between
 cooperative labor relations and social spending patterns on the one hand,
 and international trade (and inward foreign investment) competitiveness on
 the other, implying that countries with relatively stronger institutional
 arrangements have better international economic performance than countries
 in the middle of the scale of conflict and cooperation. Our results
 indicate that models focusing solely on innovative effort are
 misspecified, and may suffer from an omitted variable bias caused by the
 absence of consideration of other institutional factors influencing
 international trade and investment. 
Journal: International Review of Applied Economics 
Pages: 137-162 
Issue: 2 
Volume: 19 
Year: 2005 
Keywords: International trade theory, technology gaps, social expenditure, labor relations, JEL Classification: F10, H50, J50, 
X-DOI: 10.1080/02692170500031646 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170500031646
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:19:y:2005:i:2:p:137-162




Template-Type: ReDIF-Article 1.0
Author-Name: Holger Gorg 
Author-X-Name-First: Holger 
Author-X-Name-Last: Gorg 
Author-Name: Eric Strobl 
Author-X-Name-First: Eric 
Author-X-Name-Last: Strobl 
Title: Employment dynamics in foreign and domestic plants: Evidence from Irish manufacturing 
Abstract:
  In this paper we investigate the driving factors behind the diverse
 employment performances of indigenous and foreign-owned (multinational)
 plants in Ireland. Examining aggregate job creation and job destruction
 rates we find that the net gain of the foreign sector in Irish
 manufacturing employment was due to a considerably lower rate of job
 destruction and a slightly higher job creation rate. An econometric
 investigation into the determinants of net employment growth at the plant
 level lends further credence to the argument that foreign plants performed
 better than domestic plants. Even after controlling for a number of plant
 and sector specific effects, multinationals experienced greater net
 employment growth rates than their indigenous counterparts. 
Journal: International Review of Applied Economics 
Pages: 163-178 
Issue: 2 
Volume: 19 
Year: 2005 
Keywords: Employment adjustment, job flows, multinational companies, JEL Classification: F23, L60, J63, 
X-DOI: 10.1080/02692170500031349 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170500031349
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:19:y:2005:i:2:p:163-178




Template-Type: ReDIF-Article 1.0
Author-Name: Raghav Gaiha 
Author-X-Name-First: Raghav 
Author-X-Name-Last: Gaiha 
Author-Name: Veena Kulkarni 
Author-X-Name-First: Veena 
Author-X-Name-Last: Kulkarni 
Title: Anthropometric failure and persistence of poverty in rural India 
Abstract:
  Recent studies have drawn attention to the high prevalence of stunting
 among children in rural India. In fact, these estimates point to more
 pervasive deprivation than conventional measures of poverty based on
 income or consumption expenditure shortfalls imply. Since stunting
 reflects cumulative nutritional and health deprivation, it is likely to
 persist despite higher incomes. With a view to shedding some new light on
 this issue, an analysis of the determinants of stunting is carried out,
 based on a recent all-India survey of rural households. While income
 matters, other factors acting independently of it matter too. These
 include household size, whether household head is male, caste affiliation,
 mother's age at marriage, mother's age, age composition of children,
 male-female wage differences, hygiene and sanitation facilities, and
 prices of food items. So, while higher incomes will help mitigate
 stunting, careful attention must also be given to enhancing women's
 autonomy through more remunerative employment opportunities for them,
 enabling households to improve hygiene and sanitation facilities, and
 facilitating more competitive local markets for food. 
Journal: International Review of Applied Economics 
Pages: 179-197 
Issue: 2 
Volume: 19 
Year: 2005 
Keywords: Stunting, chronic deprivation, autonomy, hygiene and sanitation, food prices, JEL Classification: D1, D63, H51, I12, 
X-DOI: 10.1080/02692170500031711 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170500031711
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:19:y:2005:i:2:p:179-197




Template-Type: ReDIF-Article 1.0
Author-Name: Luca Pieroni 
Author-X-Name-First: Luca 
Author-X-Name-Last: Pieroni 
Author-Name: David Aristei 
Author-X-Name-First: David 
Author-X-Name-Last: Aristei 
Title: Testing separability of public consumption in household decisions 
Abstract:
  In this paper we propose a sequential strategy, based on the
 microeconomic approach of the demand theory, in order to test for
 separability between private and public consumption. The aim of the
 present work is to verify, using a conditional almost ideal demand system,
 whether the different components of public consumption exert conditioning
 effects on the allocative structure of private spending. The empirical
 estimation of the model and the separability tests are developed for both
 a demand system in five functional categories of private spending, and for
 a demand system in six categories, where the private expenditures on those
 goods and services which can also be offered by the public sector are
 enclosed in a single functional category. The results of the separability
 tests, obtained using UK data for the 1974-2000 period, show that public
 individual consumption plays an important role in modifying consumer
 choices, while public collective consumption does not affect private
 consumption behaviours. The relationships between the different components
 of private spending and public individual consumption are both of
 substitutability and complementarity; in particular, we find that public
 individual consumption and the corresponding private expenditures on
 'Health, education, recreation and social protection' are complements. 
Journal: International Review of Applied Economics 
Pages: 199-218 
Issue: 2 
Volume: 19 
Year: 2005 
Keywords: Consumer demand, government consumption, non-separability, demand systems, JEL Classification: D1, H3, H4, 
X-DOI: 10.1080/02692170500031331 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170500031331
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:19:y:2005:i:2:p:199-218




Template-Type: ReDIF-Article 1.0
Author-Name: Basil Dalamagas 
Author-X-Name-First: Basil 
Author-X-Name-Last: Dalamagas 
Title: Income and substitution effects of fiscal policy on work effort 
Abstract:
  The focus of this paper is twofold. First, it examines the impact on work
 effort of changes in government purchases financed with lump-sum taxes, in
 a neoclassical framework, with respect to four industrialised countries.
 Second, it reconsiders the expenditure-work effort relationship in a
 broader conceptual context that allows for distortionary taxation and a
 disaggregation of the income and substitution effects. Our findings are
 shown to cast doubt on the empirical plausibility of the prevailing
 (neoclassical and New Keynesian) models which seem to rely heavily on the
 lump-sum tax notion, thus ignoring the substitution effects of
 distortionary taxation. 
Journal: International Review of Applied Economics 
Pages: 219-242 
Issue: 2 
Volume: 19 
Year: 2005 
Keywords: Taxation, government spending, work effort, fiscal ignorance, income effect, substitution effect, country-specific determinants of employment, lump-sum vis-a-vis distortionary taxes, JEL Classification: E1, E6, 
X-DOI: 10.1080/02692170500031760 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170500031760
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:19:y:2005:i:2:p:219-242




Template-Type: ReDIF-Article 1.0
Author-Name: Paresh Kumar Narayan 
Author-X-Name-First: Paresh Kumar 
Author-X-Name-Last: Narayan 
Author-Name: Russell Smyth 
Author-X-Name-First: Russell 
Author-X-Name-Last: Smyth 
Title: Temporal causality and the dynamics of democracy, emigration and real income in Fiji 
Abstract:
  This study is the first to explore temporal causality between democracy,
 emigration and real income in Fiji within a multivariate cointegration
 model. We find three long run relationships between democracy, emigration
 and real income. In the long run there is evidence that migration and
 democracy Granger cause real GDP in Fiji; real GDP and democracy Granger
 cause migration from Fiji and that real GDP and migration Granger cause
 democracy in Fiji. In the short run we find unidirectional Granger
 causality running from migration to real GDP and from democracy to real
 GDP, but neutrality between democracy and migration in the short run. We
 also extend the analysis to examine the degree of exogeneity of the
 variables beyond the sample period through considering the decomposition
 of variance and impulse response functions. 
Journal: International Review of Applied Economics 
Pages: 245-261 
Issue: 2 
Volume: 19 
Year: 2005 
Keywords: Fiji, democracy, migration, cointegration, causality, 
X-DOI: 10.1080/02692170500031356 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170500031356
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:19:y:2005:i:2:p:245-261




Template-Type: ReDIF-Article 1.0
Author-Name: John Grieve Smith 
Author-X-Name-First: John Grieve 
Author-X-Name-Last: Smith 
Title: Inequality and the state 
Abstract:
Journal: International Review of Applied Economics 
Pages: 265-266 
Issue: 2 
Volume: 19 
Year: 2005 
X-DOI: 10.1080/02692170500031778 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170500031778
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:19:y:2005:i:2:p:265-266




Template-Type: ReDIF-Article 1.0
Author-Name: Moritz Cruz 
Author-X-Name-First: Moritz 
Author-X-Name-Last: Cruz 
Title: The business cycle in a financially deregulated context: Theory and evidence 
Abstract:
  This article proposes Minsky's financial instability hypothesis (FIH) as
 a theoretical underpinning for a three-regime business cycles model.
 Further, it is argued that the development of the FIH for open, developing
 economies (FIH-ODE) provides a better understanding of the performance of
 business cycles in these economies, particularly during the last two
 decades. In support of these claims, a three-regime autoregressive Markov
 switching model is estimated from 1980q1 to 2000q4 to Mexico's quarterly
 real GDP to investigate its business cycle behaviour. The estimated
 probabilities of the high and medium growth regimes suggest, for example,
 that after the financial liberalisation programme was fully launched, in
 the late 1980s, the economy shifted from the regime of medium to high
 growth (and vice versa) swiftly, reflecting its dependence on capital
 flows. Furthermore, the estimated parameters indicate that the average
 length of the business cycle has not changed. 
Journal: International Review of Applied Economics 
Pages: 271-287 
Issue: 3 
Volume: 19 
Year: 2005 
Keywords: Autoregressive-Markov switching model, business cycles, Mexico, financial liberalisation, developing economies, JEL Classification: E12, E32, F41, F32, 
X-DOI: 10.1080/02692170500119763 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170500119763
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:19:y:2005:i:3:p:271-287




Template-Type: ReDIF-Article 1.0
Author-Name: Kevin Sylwester 
Author-X-Name-First: Kevin 
Author-X-Name-Last: Sylwester 
Title: Foreign direct investment, growth and income inequality in less developed countries 
Abstract:
  How does foreign direct investment (FDI) affect economic growth in less
 developed countries (LDCs)? What is its association with changes in the
 income distribution? This paper empirically examines these issues within a
 cross section of less developed countries between 1970 and 1989. FDI is
 positively associated with economic growth within this sample of
 countries. However, there is no strong association between FDI and changes
 in income inequality within these same countries and over this same time
 period. Hence, there is no evidence that FDI is increasing income
 inequality within this group of LDCs. 
Journal: International Review of Applied Economics 
Pages: 289-300 
Issue: 3 
Volume: 19 
Year: 2005 
Keywords: Economic growth, income inequality, foreign direct investment, JEL Classification: O15, F21, F43, 
X-DOI: 10.1080/02692170500119748 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170500119748
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:19:y:2005:i:3:p:289-300




Template-Type: ReDIF-Article 1.0
Author-Name: Christopher Cook 
Author-X-Name-First: Christopher 
Author-X-Name-Last: Cook 
Title: Population growth and savings rates: Some new cross-country estimates 
Abstract:
  It is widely recognised that population growth can have two conflicting
 effects on savings. It reduces savings as it leads to more dependent
 children, but if balanced it can also increase savings by increasing the
 number entering the working part of the life cycle and hence the number of
 potential savers. However, this positive effect has largely been ignored
 in the empirical literature. Based on the population growth rate as its
 measure and an augmented cross-country life cycle regression model
 evidence for its existence is confirmed. Confidence in the estimates is
 undermined by tests indicating that in many countries over the relevant
 period population growth was not in steady state balance. This is
 ameliorated by the high regression R2s and by comparable labour force
 growth rate estimates, but it was also found that the estimates could not
 be interpreted as evidence that countries with more rapid population
 growth rates actually save more. This is because the negative impact of
 larger families was found to outweigh any increase in savings because of
 more families. The net elasticity effect was calculated to be - 0.08. The
 paper concludes that savings continues to be a cost of rapid population
 growth, but perhaps not quite as debilitating as some might have presumed. 
Journal: International Review of Applied Economics 
Pages: 301-319 
Issue: 3 
Volume: 19 
Year: 2005 
Keywords: Life cycle model, savings rates, population growth, dependency, JEL Classification: E210, J100, O150, O160, 
X-DOI: 10.1080/02692170500119755 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170500119755
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:19:y:2005:i:3:p:301-319




Template-Type: ReDIF-Article 1.0
Author-Name: Yannis Georgellis 
Author-X-Name-First: Yannis 
Author-X-Name-Last: Georgellis 
Author-Name: Howard Wall 
Author-X-Name-First: Howard 
Author-X-Name-Last: Wall 
Title: Gender differences in self-employment 
Abstract:
  This paper examines the factors that influence transitions into
 self-employment, paying particular attention to gender differences. We
 find that: (i) men are more responsive to the wage differential between
 wage/salaried employment and self-employment; (ii) liquidity constraints
 are more important for men; and (iii) the link between father's
 self-employment status and the probability of self-employment is stronger
 for men. Taken together, these results suggest that, for women,
 self-employment is a closer substitute for part-time work and
 labour-market inactivity than it is for men. We attribute such differences
 to the different labour market opportunities and occupational strategies
 of women. 
Journal: International Review of Applied Economics 
Pages: 321-342 
Issue: 3 
Volume: 19 
Year: 2005 
Keywords: Self-employment, gender differences, entrepreneurship, German labour market, JEL Classification: J23, J16, 
X-DOI: 10.1080/02692170500119854 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170500119854
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:19:y:2005:i:3:p:321-342




Template-Type: ReDIF-Article 1.0
Author-Name: Maria De Paola 
Author-X-Name-First: Maria 
Author-X-Name-Last: De Paola 
Author-Name: Claudio Lupi 
Author-X-Name-First: Claudio 
Author-X-Name-Last: Lupi 
Author-Name: Patrizia Ordine 
Author-X-Name-First: Patrizia 
Author-X-Name-Last: Ordine 
Title: Wage expectations in northern and southern Italian regions: An interpretation based on psychological and social factors 
Abstract:
  Individual wage expectations of Italian unemployed are studied. The
 analysis is carried out separately for the North-Central and southern
 Italian regions using semiparametric additive models. Results show a
 marked difference in expectations formation across regions. We argue that
 as far as the labour market information in the South is less diffuse and
 more ambiguous than in the North, the divergence between the econometric
 model based on a utility-maximisation mainstream theory and the actual
 wage expectation mechanism may be large. A tentative explanation based on
 psychological and social factors is offered. 
Journal: International Review of Applied Economics 
Pages: 343-358 
Issue: 3 
Volume: 19 
Year: 2005 
Keywords: Wage expectations, regional disparities, generalised additive models, JEL Classification: D84, J30, J60, 
X-DOI: 10.1080/02692170500119805 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170500119805
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:19:y:2005:i:3:p:343-358




Template-Type: ReDIF-Article 1.0
Author-Name: David McMillan 
Author-X-Name-First: David 
Author-X-Name-Last: McMillan 
Title: Time variation in the cointegrating relationship between stock prices and economic activity 
Abstract:
  The present paper examines whether there exists a long-run cointegrating
 relationship between a stock market index and output and interest rates.
 Moreover, estimation is conducted over the full sample and both a
 recursive and rolling sample to examine any time variation in the nature
 of the relationship. The results support evidence of a single
 cointegrating vector, where stock prices typically exhibit a positive
 relationship with industrial production and a negative relationship with
 interest rates. However, there is significant time variation and periods
 of time where contrary results are observed. As such any model of stock
 prices needs to account for such time variation 
Journal: International Review of Applied Economics 
Pages: 359-368 
Issue: 3 
Volume: 19 
Year: 2005 
Keywords: Stock Prices, cointegration, time variation, JEL Classification: C22, G12, 
X-DOI: 10.1080/02692170500119862 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170500119862
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:19:y:2005:i:3:p:359-368




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Gabriel 
Author-X-Name-First: Paul 
Author-X-Name-Last: Gabriel 
Title: The effects of differences in year-round, full-time labor market experience on gender wage levels in the United States 
Abstract:
  This paper utilizes longitudinal information on annual hours worked to
 construct a more robust measure of labor market experience for young
 workers in the USA. This enhanced experience measure is then used to
 assess recent gender wage differentials. Our experience measure yields a
 dramatic improvement in the ability of standard earnings regressions to
 explain the variation in wages across individuals, especially for young
 women. In addition, our results indicate that approximately one-fourth of
 the gender difference in average wages is attributable to the higher work
 experience levels of men. 
Journal: International Review of Applied Economics 
Pages: 369-377 
Issue: 3 
Volume: 19 
Year: 2005 
Keywords: Wages, gender, discrimination, JEL Classification: J1, J16, 
X-DOI: 10.1080/02692170500119813 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170500119813
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:19:y:2005:i:3:p:369-377




Template-Type: ReDIF-Article 1.0
Author-Name: Philip Arestis 
Author-X-Name-First: Philip 
Author-X-Name-Last: Arestis 
Title: Preface 
Abstract:
Journal: International Review of Applied Economics 
Pages: 379-379 
Issue: 4 
Volume: 19 
Year: 2005 
X-DOI: 10.1080/02692170500213350 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170500213350
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:19:y:2005:i:4:p:379-379




Template-Type: ReDIF-Article 1.0
Author-Name: Philip Arestis 
Author-X-Name-First: Philip 
Author-X-Name-Last: Arestis 
Author-Name: Howard Stein 
Author-X-Name-First: Howard 
Author-X-Name-Last: Stein 
Title: An Institutional Perspective to Finance and Development as an Alternative to Financial Liberalisation 
Abstract:
  This paper argues that financial liberalisation as practiced recently
 worldwide engenders widespread financial crises precisely because of the
 weak foundations of its theoretical framework and poor empirical
 performance. Financial liberalisation is critically evaluated on both
 theoretical and empirical grounds, which suggests that an alternative is
 vitally necessary. Based on institutional theory,a new approach is
 proposed the focus of which is on ways to affect financial and banking
 transformation that is more consistent with economic development. We
 demonstrate how this theoretical approach can be applied in the real
 world, and indeed how the theoretical propositions we put forward in this
 contribution, very different from those of financial liberalisation,
 produce a more developmentally oriented set of policies for the countries
 that are prepared to pursue them. 
Journal: International Review of Applied Economics 
Pages: 381-398 
Issue: 4 
Volume: 19 
Year: 2005 
Keywords: Financial liberalisation, financial crises, institutional-centric perspectives, 
X-DOI: 10.1080/02692170500208459 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170500208459
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:19:y:2005:i:4:p:381-398




Template-Type: ReDIF-Article 1.0
Author-Name: Korkut Erturk 
Author-X-Name-First: Korkut 
Author-X-Name-Last: Erturk 
Title: Economic Volatility and Capital Account Liberalization in Emerging Countries 
Abstract:
  Economic volatility has increased drastically in the age of financial
 liberalization. The tendency among mainstream economists has been to
 explain this trend by government misdeeds and various market
 imperfections. For instance, government overspending was the main culprit
 in the first generation models of currency crises. Following the Asian
 crisis the emphasis shifted onto capital flow reversals, and arguments
 based on the 'moral hazard' problems began to replace the emphasis on the
 monetized government deficits. This paper outlines an explanation of
 economic volatility that is not based on moral hazard problems or other
 market distortions. Two stylized facts associated with the aftermath of
 financial and capital account liberalization are singled out for emphasis
 and brought together in the context of a macroeconomic framework that
 draws from Keynes' Treatise. These are: (i) liquidity preference becomes
 intertwined with currency substitution, producing a macroeconomic
 destabilizer that explains procyclical changes in bank credit
 independently of moral hazard problems; and (ii) asset prices become
 fairly easy to predict, stimulating destabilizing 'trend' speculation by
 foreign investors, which means that profit seeking and market rationality
 might lie behind erratic shifts in capital flows. 
Journal: International Review of Applied Economics 
Pages: 399-417 
Issue: 4 
Volume: 19 
Year: 2005 
Keywords: Economic volatility, financial liberalization, currency crises, capital flows, asset price speculation, 
X-DOI: 10.1080/02692170500208475 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170500208475
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:19:y:2005:i:4:p:399-417




Template-Type: ReDIF-Article 1.0
Author-Name: Ajit Singh 
Author-X-Name-First: Ajit 
Author-X-Name-Last: Singh 
Author-Name: Jack Glen 
Author-X-Name-First: Jack 
Author-X-Name-Last: Glen 
Author-Name: Ann Zammit 
Author-X-Name-First: Ann 
Author-X-Name-Last: Zammit 
Author-Name: Rafael De-Hoyos 
Author-X-Name-First: Rafael 
Author-X-Name-Last: De-Hoyos 
Author-Name: Alaka Singh 
Author-X-Name-First: Alaka 
Author-X-Name-Last: Singh 
Author-Name: Bruce Weisse 
Author-X-Name-First: Bruce 
Author-X-Name-Last: Weisse 
Title: Shareholder Value Maximisation, Stock Market and New Technology: Should the US Corporate Model be the Universal Standard? 
Abstract:
  In 1992 a blue-ribbon group of US economists led by Michael Porter
 concluded that the US stock market-based corporate model was misallocating
 resources and jeopardising US competitiveness. The faster growth of US
 economy since then and the supposed US lead in the spread of information
 technology has brought new legitimacy to the stock market and the
 corporate model, which is being hailed as the universal standard. Two main
 conclusions of the analysis presented here are: (a) there is no warrant
 for revising the blue-ribbon group's conclusion; and (b) even US
 corporations let alone developing country ones would be better off not
 having stock market valuation as a corporate goal. 
Journal: International Review of Applied Economics 
Pages: 419-437 
Issue: 4 
Volume: 19 
Year: 2005 
Keywords: Shareholder wealth, Information Technology, stock-market efficiency, 
X-DOI: 10.1080/02692170500208533 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170500208533
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:19:y:2005:i:4:p:419-437




Template-Type: ReDIF-Article 1.0
Author-Name: Gary Dymski 
Author-X-Name-First: Gary 
Author-X-Name-Last: Dymski 
Title: Financial Globalization, Social Exclusion and Financial Crisis 
Abstract:
  This paper suggests one set of mechanisms that ties financial
 globalization processes to local dynamics of financial inclusion or
 exclusion. Specifically, this paper explores the worldwide reconsideration
 of financial firms' strategies that has accompanied financial
 globalization. It is shown that the neoliberal and asymmetric-information
 approaches to credit markets and financial crises in developing economies
 overlook these dimensions of financial globalization because of their
 tendency to focus on representative credit markets. Banks' strategic shift
 has led to the global homogenization and stratification of financial
 practices&#x2014;and this in turn has been a key driver of processes of
 financial exclusion. Financial exclusion then involves bifurcation within
 financial markets, so that different markets serve different portions of
 the household and business population. This analysis suggests a
 reconstruction of Minsky's microfoundational model of the origins of
 financial fragility and crisis, which shifts from Minsky's emphasis on a
 representative borrower-lender relationship to a situation of
 borrower-lender relationships in bifurcated markets. 
Journal: International Review of Applied Economics 
Pages: 439-457 
Issue: 4 
Volume: 19 
Year: 2005 
Keywords: Financial globalization, financial exclusion, financial fragility, banks, banking strategy, 
X-DOI: 10.1080/02692170500213319 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170500213319
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:19:y:2005:i:4:p:439-457




Template-Type: ReDIF-Article 1.0
Author-Name: Sofia Babilis 
Author-X-Name-First: Sofia 
Author-X-Name-Last: Babilis 
Author-Name: Valpy Fitzgerald 
Author-X-Name-First: Valpy 
Author-X-Name-Last: Fitzgerald 
Title: Risk Appetite, Home Bias and the Unstable Demand for Emerging Market Assets 
Abstract:
  Home bias arises when the actual portfolio of an investor consists of a
 smaller proportion of foreign assets than that predicted by standard
 portfolio theory for the observed set of risks and returns on available
 assets. The existence and persistence of home bias undermines the
 theoretical case for the efficiency of international capital markets. In
 this paper we use data on UK pension fund portfolios to measure home bias,
 and find that this is doubly acute in the case of emerging market
 equity&#x2014;a bias against overseas assets as a whole being further
 magnified by a bias against emerging markets within the foreign equity
 class as a whole. Moreover, contrary to the conventional assumption that
 risk aversion is both relatively low and stable over time (canonised in
 neoclassical theory by the derivation of constant relative risk aversion
 from the utility function itself) our finding that home bias fluctuates
 over time suggests that risk aversion is in fact time-variant and
 path-dependent. We sketch an alternative Keynesian approach in conclusion. 
Journal: International Review of Applied Economics 
Pages: 459-476 
Issue: 4 
Volume: 19 
Year: 2005 
Keywords: Asset demand, risk and uncertainty, international finance, pension funds, emerging markets, financial stability, 
X-DOI: 10.1080/02692170500213335 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170500213335
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:19:y:2005:i:4:p:459-476




Template-Type: ReDIF-Article 1.0
Author-Name: Ilene Grabel 
Author-X-Name-First: Ilene 
Author-X-Name-Last: Grabel 
Title: Taxation of International Private Capital Flows and Securities Transactions in Developing Countries: Do Public Finance Considerations Augment the Macroeconomic Dividends? 
Abstract:
  This paper examines policies to tax international private capital flows
 and securities transactions in developing countries. Many recent studies
 focus on the macroeconomic dividends associated with these policies
 (namely, their contribution to macroeconomic and financial stability and
 lengthened investor time horizons). In this paper I explore whether the
 potential of these policies to raise much-needed tax revenues in
 developing countries augments their well-known macroeconomic benefits. To
 my knowledge, there has been no effort to examine systematically the
 public finance issues related to the taxation of international private
 capital flows or securities transactions in the developing country
 context. I conclude that the public finance implications of these policies
 in middle-income developing countries offers additional support to the
 macroeconomic case for them. To different degrees, taxation of
 international private capital flows and securities transactions has the
 potential to raise modest revenues in middle-income countries. However,
 far more important is the potential of these policies to offer valuable
 macroeconomic dividends on the national level. These national
 macroeconomic dividends have the potential to bear fruit globally. This is
 because experiences with financial contagion over the last decade suggest
 that global financial stability can be enhanced via the promotion of
 domestic financial stability in developing countries. 
Journal: International Review of Applied Economics 
Pages: 477-497 
Issue: 4 
Volume: 19 
Year: 2005 
Keywords: Tax revenue, developing countries, stock markets, securities transactions taxes, taxation of international private capital flows, development policy, macroeconomic stability, 
X-DOI: 10.1080/02692170500213368 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170500213368
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:19:y:2005:i:4:p:477-497




Template-Type: ReDIF-Article 1.0
Author-Name: Mariano Torras 
Author-X-Name-First: Mariano 
Author-X-Name-Last: Torras 
Title: The Impact of Power Equality, Income, and the Environment on Human Health: Some Inter-Country Comparisons 
Abstract:
  Economic studies on environmental degradation generally have a narrow
 focus on per capita income as an explanatory variable, and often fail to
 distinguish among the various types of environmental quality or damage.
 This paper addresses both problems by examining the effect of relative
 equality in the distribution of power on environmental outcomes, and
 making a clear distinction between health-related environmental outcomes
 and so-called 'environmental amenities,' only the latter of which should
 correlate strongly with income. This paper introduces a national index of
 power equality that is derived from related socioeconomic variables, and
 studies its effects on individual country achievement in addressing
 environmental quality and population health. This model is applied to a
 data set of 180 countries, as well as to subgroups of the entire country
 set. Employing disability-adjusted life expectancy and the population
 child mortality rate as two health proxies, this paper finds that power
 equality in most cases positively influences population health, and that
 power equality is in every case no worse and in some cases better than per
 capita income at explaining population health. 
Journal: International Review of Applied Economics 
Pages: 1-20 
Issue: 1 
Volume: 20 
Year: 2006 
Keywords: Health, environment, power distribution, power inequality, power, 
X-DOI: 10.1080/02692170500362199 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170500362199
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:20:y:2006:i:1:p:1-20




Template-Type: ReDIF-Article 1.0
Author-Name: Zelealem Yiheyis 
Author-X-Name-First: Zelealem 
Author-X-Name-Last: Yiheyis 
Title: The Effects of Devaluation on Aggregate Output: Empirical Evidence from Africa 
Abstract:
  This paper tests the contractionary devaluation hypothesis in the context
 of select African countries. The output effect of devaluation is examined
 within an empirical model that controls, among others, for the parallel
 currency premium, the rate of net capital inflow, the degree of capacity
 utilization and political instability. The model is estimated on pooled
 data drawn from 20 African countries, employing alternative indicators of
 devaluation and pooling procedures. The results indicate that the
 contemporaneous output effect of nominal devaluation is negative,
 providing statistical support for the hypothesis that devaluation is
 contractionary in the short run. On the other hand, the coefficient of the
 lagged rate of devaluation is found to be positive, implying that the
 contractionary problem is temporary. The magnitude of the observed
 contractionary effect appears to depend on the rate of net capital inflow
 and the degree of capacity utilization. Devaluations accompanied by
 augmented net capital inflow and implemented in the presence of excess
 capacity are found to be less contractionary than otherwise equivalent
 exchange-rate changes. The results also seem to imply that devaluations
 launched in the context of sizeable unofficial markets for foreign
 exchange are less injurious to aggregate economic activity than other
 exchange-rate adjustments. 
Journal: International Review of Applied Economics 
Pages: 21-45 
Issue: 1 
Volume: 20 
Year: 2006 
Keywords: Devaluation, exchange rates, output, Africa, 
X-DOI: 10.1080/02692170500362264 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170500362264
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:20:y:2006:i:1:p:21-45




Template-Type: ReDIF-Article 1.0
Author-Name: J. Robert Branston 
Author-X-Name-First: J. Robert 
Author-X-Name-Last: Branston 
Author-Name: Roger Sugden 
Author-X-Name-First: Roger 
Author-X-Name-Last: Sugden 
Author-Name: Pedro Valdez 
Author-X-Name-First: Pedro 
Author-X-Name-Last: Valdez 
Author-Name: James Wilson 
Author-X-Name-First: James 
Author-X-Name-Last: Wilson 
Title: Generating Participation and Democracy: An Illustration from Electricity Reform in Mexico 
Abstract:
  Privatisation is a fundamental issue for both 'developed' and 'less
 developed' countries. Many see it as a requirement for access to a
 globalised economy, and furthermore imply that countries have no room for
 manoeuvre when it comes to ensuring that privatisation takes place.
 However, we would argue that a mere requirement leaves options for how
 privatisation is to be undertaken. We consider the possibility of an
 economy developing according to the aims of its people, and
 correspondingly of a privatisation model that contributes to the nurturing
 of democratic economies. How this might be achieved in practice is
 addressed by using the specific case of electricity in Mexico as an
 illustration. We explore an ownership and control structure that balances
 different interests. It is envisaged that pension funds could be
 important, linking investment back to individuals and groups with
 interests wider than those usually associated with international
 investors. While this could move towards the guiding principle of
 democratic control, it would fall short of being fully inclusive.
 Therefore a more direct incorporation of citizens, through a formal right
 to participate in strategic decision-making, is also contemplated. Various
 governance mechanisms are identified that, with further refinement and
 positioning in the context of particular cases, might allow effective
 participation to be realised. 
Journal: International Review of Applied Economics 
Pages: 47-68 
Issue: 1 
Volume: 20 
Year: 2006 
Keywords: Privatisation, economic development, electricity, democracy, Mexico, 
X-DOI: 10.1080/02692170500362512 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170500362512
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:20:y:2006:i:1:p:47-68




Template-Type: ReDIF-Article 1.0
Author-Name: L. Josh Bivens 
Author-X-Name-First: L. Josh 
Author-X-Name-Last: Bivens 
Title: Wages, Profits, and Rent-Sharing in an Open Economy 
Abstract:
  This paper examines the link between international trade and labor market
 bargaining power. It reviews simple theories of rent-sharing in closed and
 open economies. Earlier studies on the issue of rent-sharing implicitly
 assume a closed economy. This assumption may provide some misleading
 results, especially for studying current developments in the US labor
 market. Empirical results suggest that the apparent decline in labor's
 bargaining power in US manufacturing may be attributable to growing
 international integration. 
Journal: International Review of Applied Economics 
Pages: 69-83 
Issue: 1 
Volume: 20 
Year: 2006 
Keywords: Wages, rent-sharing, bargaining power, globalization, 
X-DOI: 10.1080/02692170500362678 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170500362678
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:20:y:2006:i:1:p:69-83




Template-Type: ReDIF-Article 1.0
Author-Name: Santonu Basu 
Author-X-Name-First: Santonu 
Author-X-Name-Last: Basu 
Title: Structural Problems in Financing Development: Issues Relating to India 
Abstract:
  This paper argues that the process of financing development in India
 increased the fragility of the financial market. Consequently, the need
 arose for the government to implement policies that would reduce that
 fragility, and also to introduce strong enforceable bankruptcy laws, in
 order to prevent the emergence of corruption. It appears that the recent
 capital market reform did not give adequate attention to reducing the
 fragility of the financial market. 
Journal: International Review of Applied Economics 
Pages: 85-101 
Issue: 1 
Volume: 20 
Year: 2006 
Keywords: Financial reforms, credit standard, economic development, India, 
X-DOI: 10.1080/02692170500362793 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170500362793
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:20:y:2006:i:1:p:85-101




Template-Type: ReDIF-Article 1.0
Author-Name: C. Charles Okeahalam 
Author-X-Name-First: C. Charles 
Author-X-Name-Last: Okeahalam 
Title: Production Efficiency in the South African Banking Sector: A Stochastic Analysis 
Abstract:
  Econometric estimates of the level of efficiency at bank branches are
 likely to provide detailed insight into the overall level of efficiency in
 banking. Therefore this paper uses Bayesian stochastic frontier analysis
 to assess the production efficiency of 61 bank branches in the nine
 provinces of the Republic of South Africa. We find that every branch is
 operating at increasing returns to scale and that the level of production
 efficiency of bank branches is lower than it could be. We also find that
 at current levels of output, on average, bank branches can reduce their
 costs by about 17% if they improve the level of efficiency. In addition,
 we find that Gauteng Province has the lowest average level of returns to
 scale, while the Free State Province has the highest average level of the
 nine provinces. In addition, via estimates of the posterior mean for
 shares and price elasticities, we find that the price of capital is the
 largest predicted proportion of costs. These findings suggest that bank
 branches could also obtain cost reductions by increasing the level of
 output. Regulatory policy reforms and competitive incentives to enable
 banks to meet this objective should be encouraged. 
Journal: International Review of Applied Economics 
Pages: 103-123 
Issue: 1 
Volume: 20 
Year: 2006 
Keywords: South Africa, banks, branches, efficiency, stochastic frontier, 
X-DOI: 10.1080/02692170500362819 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170500362819
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:20:y:2006:i:1:p:103-123




Template-Type: ReDIF-Article 1.0
Author-Name: Jose Pastor 
Author-X-Name-First: Jose 
Author-X-Name-Last: Pastor 
Author-Name: Lorenzo Serrano 
Author-X-Name-First: Lorenzo 
Author-X-Name-Last: Serrano 
Title: The Effect of Specialisation on Banks' Efficiency: An International Comparison 
Abstract:
  This study analyses the effects of specialisation on the cost efficiency
 of a set of banking systems of the European Union over the period
 1992-1998. Unlike in the established literature in which specialisation
 differences are not considered, in this paper cost inefficiencies are
 decomposed into two different components: the first is related to the
 inefficiency associated with the composition of specialisations in each
 banking system and the second is related to specific inefficiencies of
 banks within their specialisation. The results show the existence of high
 cost inefficiencies. However, the intra-specialisation inefficiencies
 indicate that the inefficiencies of the European banking systems are much
 smaller when the effect of productive composition (specialisation) is
 discounted. This effect is much more evident in those banking systems
 specialised in the more costly types of business (retail banking) because
 their composition inefficiency is higher. 
Journal: International Review of Applied Economics 
Pages: 125-149 
Issue: 1 
Volume: 20 
Year: 2006 
Keywords: Efficiency, DEA, specialisation, cluster, 
X-DOI: 10.1080/02692170500362868 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170500362868
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:20:y:2006:i:1:p:125-149




Template-Type: ReDIF-Article 1.0
Author-Name: Marianna Belloc 
Author-X-Name-First: Marianna 
Author-X-Name-Last: Belloc 
Author-Name: Pietro Vertova 
Author-X-Name-First: Pietro 
Author-X-Name-Last: Vertova 
Title: Public Investment and Economic Performance in Highly Indebted Poor Countries: An Empirical Assessment 
Abstract:
  Understanding how public investment affects economic performance in
 highly indebted low-income countries is crucial in order to implement
 effective fiscal policies for adjustment with growth. In this paper we
 provide an empirical analysis to investigate the relationship between
 public investment, private investment and output. A dynamic econometric
 procedure is implemented on a selected group of Highly Indebted Poor
 Countries (HIPCs). Our results provide empirical support for the
 crowding-in hypothesis and a positive relation between public investment
 and output. 
Journal: International Review of Applied Economics 
Pages: 151-170 
Issue: 2 
Volume: 20 
Year: 2006 
Keywords: Crowding-in, crowding-out, economic growth, fiscal adjustment, highly indebted countries, public investment, 
X-DOI: 10.1080/02692170600581086 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170600581086
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:20:y:2006:i:2:p:151-170




Template-Type: ReDIF-Article 1.0
Author-Name: Alfred Kleinknecht 
Author-X-Name-First: Alfred 
Author-X-Name-Last: Kleinknecht 
Author-Name: Remco Oostendorp 
Author-X-Name-First: Remco 
Author-X-Name-Last: Oostendorp 
Author-Name: Menno Pradhan 
Author-X-Name-First: Menno 
Author-X-Name-Last: Pradhan 
Author-Name: C. W. M. Naastepad 
Author-X-Name-First: C. W. M. 
Author-X-Name-Last: Naastepad 
Title: Flexible Labour, Firm Performance and the Dutch Job Creation Miracle 
Abstract:
  Unlike internal ('functional') forms of flexibility of labour, external
 ('numerical') forms of flexibility (i.e. high shares of people on
 temporary contract or a high turnover of personnel) yield substantial
 savings on a firm's wage bill. Savings on wage bills lead to higher job
 growth, but do not translate into higher sales growth. Externally flexible
 labour appears to be related to lower labour productivity growth, the
 effects being different for innovating vs non-innovating firms. We discuss
 these findings from firm-level and worker-level data against the
 background of the Dutch job creation miracle during the 1980s and 1990s.
 Modest wage increases and flexibilization of labour markets may indeed
 create lots of jobs. However, this is likely to happen at the expense of
 labour productivity growth, raising serious doubts about the long-run
 sustainability of a low-productivity-high-employment growth path. 
Journal: International Review of Applied Economics 
Pages: 171-187 
Issue: 2 
Volume: 20 
Year: 2006 
Keywords: Flexible labour, determinants of labour productivity growth, wage costs, firm growth and employment, 
X-DOI: 10.1080/02692170600581102 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170600581102
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:20:y:2006:i:2:p:171-187




Template-Type: ReDIF-Article 1.0
Author-Name: J. Robert Branston 
Author-X-Name-First: J. Robert 
Author-X-Name-Last: Branston 
Author-Name: Keith Cowling 
Author-X-Name-First: Keith 
Author-X-Name-Last: Cowling 
Author-Name: Roger Sugden 
Author-X-Name-First: Roger 
Author-X-Name-Last: Sugden 
Title: Corporate Governance and the Public Interest 
Abstract:
  Corporate governance has long been a concern for industrial economists
 but not typically a centrepiece of policy. One reason is that policy
 design has been based on a market-orientated approach to the theory and
 impact of the firm. In contrast, this paper is rooted in a strategic
 decision-making perspective that makes corporate governance a central
 policy issue. Moreover, whereas responses to corporate scandals have
 focused on shareholders wronged by managers, we see the significance of
 corporate governance very differently. Merely to punish managers who fail
 shareholders is to ignore systemic failures, namely that, by design,
 managers are not democratically accountable to all interests in
 corporations' activities. The impact of modern corporations turns
 crucially on who governs. In practice preferences over strategy vary
 across actors but not all interests are currently being represented in
 decision making, resulting in a failure to govern in the public interest.
 As solutions, we consider the design of company law and also more
 immediate ways forward, focusing on regulation and democratically
 controlled public agencies. Our prime concern is the fundamental
 significance of active, effective citizens. Throughout, the arguments are
 illustrated using examples from various countries and industries. 
Journal: International Review of Applied Economics 
Pages: 189-212 
Issue: 2 
Volume: 20 
Year: 2006 
Keywords: Governance, strategic decisions, corporations, public interest, industrial economic policy, 
X-DOI: 10.1080/02692170600581110 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170600581110
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:20:y:2006:i:2:p:189-212




Template-Type: ReDIF-Article 1.0
Author-Name: Terry Robinson 
Author-X-Name-First: Terry 
Author-X-Name-Last: Robinson 
Title: The Revealed Preference of Regulatory Menus: Evidence from the Pre-Nationalisation British Gas Industry 
Abstract:
  Prior to nationalisation British gas undertakings were faced with a
 choice of three different regulatory schemes linking the price charged for
 gas with the amount of dividend that could be paid. The three schemes, the
 maximum price system, the sliding scale and the basic price system
 possessed varying incentive properties. This paper investigates,
 empirically, the characteristics of firms under each regime. The
 multinomial logit results suggest that larger firms with lower unit costs
 were more likely to opt for regulatory options with more powerful
 incentive mechanisms. 
Journal: International Review of Applied Economics 
Pages: 213-221 
Issue: 2 
Volume: 20 
Year: 2006 
Keywords: Regulatory regimes, gas industry, multinomial logit, 
X-DOI: 10.1080/02692170600581128 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170600581128
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:20:y:2006:i:2:p:213-221




Template-Type: ReDIF-Article 1.0
Author-Name: Fulvio Castellacci 
Author-X-Name-First: Fulvio 
Author-X-Name-Last: Castellacci 
Author-Name: Isabel Alvarez 
Author-X-Name-First: Isabel 
Author-X-Name-Last: Alvarez 
Title: Innovation, Diffusion and Cumulative Causation: Changes in the Spanish Growth Regime, 1960-2001 
Abstract:
  This article presents a model of macroeconomic growth that combines in a
 single formalization two complementary views on innovation and economic
 growth, the technology-gap approach and the Kaldorian theory of cumulative
 causation. The model suggests that what matters for economic growth in the
 long run is the existence of a good match between the patterns of
 technological change, income distribution and demand growth. The model is
 estimated for the Spanish economy during the period 1960-2001, and the
 econometric results show that important changes have happened in its
 growth regime over time. Since the 1980s, innovation and diffusion of new
 technologies provide a greater stimulus to productivity growth, but the
 technology push on the supply-side is not sustained by the prevailing
 patterns of income distribution and demand growth. 
Journal: International Review of Applied Economics 
Pages: 223-241 
Issue: 2 
Volume: 20 
Year: 2006 
Keywords: Innovation, diffusion, cumulative causation, economic growth, 
X-DOI: 10.1080/02692170600581144 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170600581144
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:20:y:2006:i:2:p:223-241




Template-Type: ReDIF-Article 1.0
Author-Name: Corrado Andini 
Author-X-Name-First: Corrado 
Author-X-Name-Last: Andini 
Title: Unemployment and Welfare Participation in a Structural VAR: Rethinking the 1990s in the United States 
Abstract:
  A report by the Council of Economic Advisers (1997) is the first of a
 group of studies, known as caseload studies, analysing the relationship
 between the US unemployment rate and the welfare participation rate, with
 special regard to the 1990s. We examine this relationship in a structural
 VAR model over the period of 1960-2000 and find that the unemployment rate
 does not help to predict the welfare participation rate while the converse
 is more likely to hold. These results are robust to state and year
 heterogeneity over a period of unprecedented positive correlation between
 unemployment and welfare participation, i.e. 1990-1998. Further, we find
 that a shock to the welfare participation rate has a contemporaneous
 impact on the unemployment rate while the converse is less likely to hold.
 The main conclusion is that several caseload studies may be based on the
 wrong assumption that the unemployment rate is an exogenous explanatory
 variable of the welfare participation rate. 
Journal: International Review of Applied Economics 
Pages: 243-253 
Issue: 2 
Volume: 20 
Year: 2006 
Keywords: Welfare, unemployment, VAR, 
X-DOI: 10.1080/02692170600581185 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170600581185
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:20:y:2006:i:2:p:243-253




Template-Type: ReDIF-Article 1.0
Author-Name: Orietta Marsili 
Author-X-Name-First: Orietta 
Author-X-Name-Last: Marsili 
Title: Stability and Turbulence in the Size Distribution of Firms: Evidence from Dutch Manufacturing 
Abstract:
  This paper examines the shape of the firm size distribution over time and
 across sectors, using a longitudinal data set of manufacturing firms in
 the Netherlands in 1978-1998. Although the size distribution is highly
 skewed and resembles the Pareto law, a variety of patterns emerge across
 sectors, with the lognormal providing a better fit in some sectors. The
 size distribution and the underlying firm dynamics evolve over time. In
 the long term, the distribution has become less skewed and thinner at the
 tails, the slope of the Pareto law has declined, and mobility of firms at
 the lower tail has increased. In addition, the slope of the Pareto law
 tends to become steeper in correspondence with an economic recession, with
 peaks of mobility of firms at different size classes. 
Journal: International Review of Applied Economics 
Pages: 255-272 
Issue: 2 
Volume: 20 
Year: 2006 
Keywords: Size distribution, Zipf plot, market turbulence, Pareto law, 
X-DOI: 10.1080/02692170600581193 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170600581193
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:20:y:2006:i:2:p:255-272




Template-Type: ReDIF-Article 1.0
Author-Name: Philip Arestis 
Author-X-Name-First: Philip 
Author-X-Name-Last: Arestis 
Title: Preface 
Abstract:
Journal: International Review of Applied Economics 
Pages: 281-282 
Issue: 3 
Volume: 20 
Year: 2006 
X-DOI: 10.1080/02692170600736276 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170600736276
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:20:y:2006:i:3:p:281-282




Template-Type: ReDIF-Article 1.0
Author-Name: Jesus Felipe 
Author-X-Name-First: Jesus 
Author-X-Name-Last: Felipe 
Author-Name: John McCombie 
Author-X-Name-First: John 
Author-X-Name-Last: McCombie 
Title: The Tyranny of the Identity: Growth Accounting Revisited 
Abstract:
  It has been argued in the literature that growth accounting may be
 undertaken by directly differentiating the national income and product
 accounts identity where total income equals labour's total compensation
 and total profits. This paper shows that this is simply an exercise in the
 manipulation of an accounting identity without necessarily having any
 theoretical foundation. Simulations show that the estimates of total
 factor productivity growth resulting from growth accounting performed with
 aggregate monetary data are not equivalent to the true rate of
 technological progress implied by the micro-data. This suggests that
 results from the orthodox growth accounting approach may be very
 misleading. 
Journal: International Review of Applied Economics 
Pages: 283-299 
Issue: 3 
Volume: 20 
Year: 2006 
Keywords: Total factor productivity growth, accounting identity, 
X-DOI: 10.1080/02692170600735963 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170600735963
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:20:y:2006:i:3:p:283-299




Template-Type: ReDIF-Article 1.0
Author-Name: Jonathan Temple 
Author-X-Name-First: Jonathan 
Author-X-Name-Last: Temple 
Title: Aggregate Production Functions and Growth Economics 
Abstract:
  Rigorous approaches to aggregation indicate that aggregate production
 functions do not exist except in unlikely special cases. This paper
 considers the awkward implications for growth economics. It provides a
 conventional defence of growth theory in terms of 'parables' and then
 considers how empirical growth research might avoid the need for aggregate
 production functions. 
Journal: International Review of Applied Economics 
Pages: 301-317 
Issue: 3 
Volume: 20 
Year: 2006 
Keywords: aggregation, production functions, growth econometrics, 
X-DOI: 10.1080/02692170600736052 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170600736052
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:20:y:2006:i:3:p:301-317




Template-Type: ReDIF-Article 1.0
Author-Name: Amitava Krishna Dutt 
Author-X-Name-First: Amitava Krishna 
Author-X-Name-Last: Dutt 
Title: Aggregate Demand, Aggregate Supply and Economic Growth 
Abstract:
  While mainstream growth theory in its neoclassical and new growth theory
 incarnations has no place for aggregate demand, Keynesian growth models in
 which aggregate demand determines growth neglect the role of aggregate
 supply. By assuming that the rate of technological change responds to
 labour market conditions, this paper develops a simple and conventional
 growth model that integrates the roles of aggregate demand and aggregate
 supply. The model shows how the long-run equilibrium growth rate of the
 economy, at which the unemployment rate is constant, can be affected by
 aggregate demand. 
Journal: International Review of Applied Economics 
Pages: 319-336 
Issue: 3 
Volume: 20 
Year: 2006 
Keywords: Growth, aggregate demand, aggregate supply, technological change, Keynesian growth models, hysteresis, 
X-DOI: 10.1080/02692170600736094 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170600736094
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:20:y:2006:i:3:p:319-336




Template-Type: ReDIF-Article 1.0
Author-Name: Eckhard Hein 
Author-X-Name-First: Eckhard 
Author-X-Name-Last: Hein 
Title: Interest, Debt and Capital Accumulation&#x2014;A Kaleckian Approach 
Abstract:
  In the present paper we explicitly introduce interest payments and debt
 into a Kaleckian distribution and growth model with an investment function
 very close to Kalecki's original writings. This implies that growth in
 this model is 'wage-led'. The effects of interest rate variations on the
 short-run equilibrium values of capacity utilisation, capital accumulation
 and the rate of profit are derived, and the long-run effects on the
 equilibrium debt-capital ratio are analysed. It is shown, that the effects
 of interest variations on the endogenously determined real equilibrium
 values of the model do not only depend on the parameter values in the
 saving and investment functions but also on the interest elasticity of
 distribution and in some cases on initial conditions with respect to the
 interest rate and the debt-capital ratio. If the conditions for short-run
 'normal' effects of interest rate variations are given, the economy will
 be characterised by a long-run unstable debt-capital ratio and by the
 macroeconomic 'paradox of debt'. These results are similar to other models
 in the tradition of Kalecki and hint to the robustness of Kaleckian
 'monetary' distribution and growth models with respect to the concrete
 specification of the investment function. 
Journal: International Review of Applied Economics 
Pages: 337-352 
Issue: 3 
Volume: 20 
Year: 2006 
Keywords: Interest rate, debt, capital accumulation, Kaleckian model, 
X-DOI: 10.1080/02692170600736128 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170600736128
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:20:y:2006:i:3:p:337-352




Template-Type: ReDIF-Article 1.0
Author-Name: Philip Arestis 
Author-X-Name-First: Philip 
Author-X-Name-Last: Arestis 
Author-Name: Georgios Chortareas 
Author-X-Name-First: Georgios 
Author-X-Name-Last: Chortareas 
Author-Name: Evangelia Desli 
Author-X-Name-First: Evangelia 
Author-X-Name-Last: Desli 
Title: Technical Efficiency and Financial Deepening in the non-OECD Economies 
Abstract:
  This contribution investigates the channels through which the
 relationship between financial deepening and growth materializes. While
 this relationship has been extensively explored over the recent past, less
 attention has been paid to the channels through which the relationship
 comes about. In continuing our exploration of this relationship, instead
 of using a total factor productivity measure, as the existing literature
 does, we model productive efficiency in a more explicit and comprehensive
 way using non-parametric methodologies to construct efficiency frontiers.
 We consider the link between financial deepening and productive efficiency
 in a number of non-OECD countries, using the data available from the Penn
 World Tables. Our results show that financial development has in general a
 positive effect on productive efficiency. 
Journal: International Review of Applied Economics 
Pages: 353-373 
Issue: 3 
Volume: 20 
Year: 2006 
Keywords: Financial deepening, efficiency, data envelopment analysis, 
X-DOI: 10.1080/02692170600736151 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170600736151
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:20:y:2006:i:3:p:353-373




Template-Type: ReDIF-Article 1.0
Author-Name: L. Randall Wray 
Author-X-Name-First: L. Randall 
Author-X-Name-Last: Wray 
Title: Flexible Exchange Rates, Fed Behavior, and Demand Constrained Growth in the USA 
Abstract:
  This paper examines Chairman Greenspan's recent claim that central
 bankers around the world have been operating 'as if' monetary policy were
 constrained by gold that backs up reserves. The paper argues, instead,
 that central banks in flexible exchange rate regimes operate with an
 overnight interest rate target, which eliminates the possibility of
 discretionary control over bank reserves. In other words, central banks
 cannot behave as if reserves are constrained by gold. The paper will argue
 that fiscal policy, however, has been operated as if it faced financing
 constraints. For this reason, growth has been demand-constrained by
 austere fiscal policy. However, the perceived constraints on fiscal policy
 are not appropriate to a sovereign government operating with a floating
 currency. The paper concludes by arguing that adoption of a floating rate
 system from the mid 1970s (what Greenspan disparagingly calls a fiat money
 standard) has made it possible to operate fiscal policy without these
 constraints&#x2014;that is, to take advantage of the possibilities offered
 to the issuer of a floating currency. This would include maintenance of
 full employment at home while enjoying the benefits of a trade deficit. 
Journal: International Review of Applied Economics 
Pages: 375-389 
Issue: 3 
Volume: 20 
Year: 2006 
Keywords: Monetary policy, fiscal policy, economic growth, demand-constraints, exchange rate regimes, 
X-DOI: 10.1080/02692170600736193 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170600736193
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:20:y:2006:i:3:p:375-389




Template-Type: ReDIF-Article 1.0
Author-Name: Michelle Baddeley 
Author-X-Name-First: Michelle 
Author-X-Name-Last: Baddeley 
Title: Convergence or Divergence? The Impacts of Globalisation on Growth and Inequality in Less Developed Countries 
Abstract:
  This paper assesses the impacts of globalisation on the cross-country
 comparative patterns of growth and development. In the theoretical
 section, some of the key linkages between growth, development and
 globalisation are explored including the positive and negative impacts of
 globalisation and the constraints on effective development in a globalised
 world. Some of the key factors emphasised include trade and capital flows
 as well as computerisation. These issues are then analysed empirically
 using &#x3c3; and club convergence models, estimated using panel
 techniques. The empirical evidence presented indicates that globalisation
 has been associated with increasing trade and financial flows to less
 developed countries. It has also coincided with increasing penetration of
 the Internet suggesting that increases in informational flows have
 complemented economic and financial linkages, but the empirical evidence
 also shows that the current era of globalisation has not been associated
 with convergence in economic outcomes; instead less-developed countries
 have suffered from increases in international income inequality. In the
 final section, conclusions and policy implications are presented including
 a discussion of how international and national development policies could
 be designed properly to ameliorate tendencies towards growing
 international disparities in economic growth. 
Journal: International Review of Applied Economics 
Pages: 391-410 
Issue: 3 
Volume: 20 
Year: 2006 
Keywords: Globalisation, growth, development, convergence, 
X-DOI: 10.1080/02692170600736250 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170600736250
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:20:y:2006:i:3:p:391-410




Template-Type: ReDIF-Article 1.0
Author-Name: Diego Martinez-Lopez 
Author-X-Name-First: Diego 
Author-X-Name-Last: Martinez-Lopez 
Title: Linking Public Investment to Private Investment. The Case of Spanish Regions 
Abstract:
  Public investment constitutes one of the main instruments of regional
 policies. The existence of a direct link between infrastructure and
 regional income per capita is usually accepted. Literature also describes
 a positive effect of public investment on private capital accumulation.
 This paper seeks to provide new empirical evidence on this latter
 relationship for the case of Spanish regions over the period 1965-1997
 using panel data methodology. The results show a positive effect of
 productive and social public investment (especially in education) on
 private investment. The spillover effects generated by the productive
 infrastructures located in other regions do not seem to encourage the
 private investment in neighbouring regions. Public consumption and
 interest rate exert a negative influence on private capital accumulation.
 These results are robust to changes in the econometric specification. 
Journal: International Review of Applied Economics 
Pages: 411-423 
Issue: 4 
Volume: 20 
Year: 2006 
Keywords: Crowding-out, regional economics, investment, panel data, 
X-DOI: 10.1080/02692170600873996 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170600873996
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:20:y:2006:i:4:p:411-423




Template-Type: ReDIF-Article 1.0
Author-Name: T. Huw Edwards 
Author-X-Name-First: T. Huw 
Author-X-Name-Last: Edwards 
Title: Who Gains from Restructuring the Post-Soviet Transition Economies, and Why? 
Abstract:
  To explore the mixed economic results and huge distributional changes
 experienced by post-Soviet economies, I set up a series of theoretical and
 numerical simulation models using an approach based upon heterogeneous
 firms, where 'reform' means closure of inefficient capacity. In the
 presence of significant costs to new firm entry and international capital
 mobility, restructuring and privatisation can lead to falls in GDP and
 real wages, while capital is transferred abroad. This situation can occur
 even under perfect competition, but is worse when industrial production is
 concentrated and trade costs are high. By contrast, workers can gain when
 costs of establishing new firms are low, and/or when the inefficient
 industries are capital-intensive. For countries with high costs of firm
 set-up and of trade, capital controls may be justified to protect wages. 
Journal: International Review of Applied Economics 
Pages: 425-448 
Issue: 4 
Volume: 20 
Year: 2006 
Keywords: Transition, wages, general equilibrium, 
X-DOI: 10.1080/02692170600874010 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170600874010
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:20:y:2006:i:4:p:425-448




Template-Type: ReDIF-Article 1.0
Author-Name: William Jackson 
Author-X-Name-First: William 
Author-X-Name-Last: Jackson 
Title: Post-Fordism and Population Ageing 
Abstract:
  Two features of recent economic experience have been the transition to
 post-Fordism and the ageing of populations. Post-Fordism entails diverse
 production and consumption, flexible employment, privatisation and a
 smaller welfare state. Population ageing is predicted to cause financial
 problems for state pension schemes and could provoke an ageing crisis.
 Although post-Fordism and population ageing have similar expected
 consequences, with a stress on welfare retrenchment, they have been
 discussed as separate topics and few connections have been made between
 them; the present paper aims to bring them closer together and consider
 how they are related. Post-Fordism could be seen as resolving the ageing
 crisis and offering people better work and retirement choices in a new,
 post-Fordist life course, but this version of events is questionable. An
 alternative view is that post-Fordism and the ageing crisis are symptoms
 of the general movement towards privatisation and laissez faire, which is
 by no means guaranteed to improve the welfare of older people. 
Journal: International Review of Applied Economics 
Pages: 449-467 
Issue: 4 
Volume: 20 
Year: 2006 
Keywords: Population ageing, post-Fordism, pensions, retirement, 
X-DOI: 10.1080/02692170600874036 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170600874036
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:20:y:2006:i:4:p:449-467




Template-Type: ReDIF-Article 1.0
Author-Name: Gail Pacheco 
Author-X-Name-First: Gail 
Author-X-Name-Last: Pacheco 
Author-Name: Vic Naiker 
Author-X-Name-First: Vic 
Author-X-Name-Last: Naiker 
Title: Impact of the Minimum Wage on Expected Profits 
Abstract:
  This paper investigates the impact of a significant reform to the youth
 minimum wage in New Zealand in 2001, on the expectations of low wage
 employers' profits. In March 2001, the eligibility for adult minimum wage
 rates was lowered from 20 to 18 years while the youth minimum wage for
 16-17 year olds was also increased from 60 to 70% of the adult minimum
 wage. We construct a descriptive profile of minimum wage workers in New
 Zealand and their industry membership. We find that most minimum wage
 workers in New Zealand predominantly work in the four industry sectors;
 (1) Retail, (2) Textile and apparel, (3) Accommodation, cafes and
 restaurants, and (4) Agriculture, forestry, and fishing. Next using an
 event study methodology we examine the economic impact of the substantial
 increase in youth minimum wage rates on employers in industries with high
 concentrations of minimum wage workers. Surprisingly, all conclusions
 point to there being an insignificant impact on profit expectations for
 low wage employers by investors. 
Journal: International Review of Applied Economics 
Pages: 469-490 
Issue: 4 
Volume: 20 
Year: 2006 
Keywords: minimum wage, shareholder wealth, event study, 
X-DOI: 10.1080/02692170600874077 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170600874077
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:20:y:2006:i:4:p:469-490




Template-Type: ReDIF-Article 1.0
Author-Name: Ali Tasiran 
Author-X-Name-First: Ali 
Author-X-Name-Last: Tasiran 
Author-Name: Kerem Tezic 
Author-X-Name-First: Kerem 
Author-X-Name-Last: Tezic 
Title: Parental Income and Continuing Education of Second Generation Immigrants in Sweden 
Abstract:
  Understanding the economic integration of minority ethnic communities
 requires an analysis of the educational process. This paper examines
 second-generation immigrant youths' educational attainments in comparison
 with those of similarly aged native Swedes. Binomial-logit,
 grouped-regression and multinomial-logit models are applied to
 longitudinal data, 1991-1996. The results give evidence for socioeconomic
 determinants of post-compulsory education and for parental influence on
 educational choices. Parental income affects second-generation immigrants'
 post-compulsory education and Swedes' choice of level of education. In
 general, the stronger the labour market positions of the parents, the
 higher the probability of the children continuing education. It is also
 found that the geographical origin of second-generation immigrants matter,
 with youths of Asian origin having a higher probability of continuing
 their education. We suggest policy changes on different levels based on
 the evidence of the paper, as short-run, long-run and in general. 
Journal: International Review of Applied Economics 
Pages: 491-514 
Issue: 4 
Volume: 20 
Year: 2006 
Keywords: Second-generation immigrants, educational choices, probability- and grouped-regression models, 
X-DOI: 10.1080/02692170600874176 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170600874176
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:20:y:2006:i:4:p:491-514




Template-Type: ReDIF-Article 1.0
Author-Name: Gour Gobinda Goswami 
Author-X-Name-First: Gour Gobinda 
Author-X-Name-Last: Goswami 
Author-Name: Sadaquat Junayed 
Author-X-Name-First: Sadaquat 
Author-X-Name-Last: Junayed 
Title: Pooled Mean Group Estimation of the Bilateral Trade Balance Equation: USA vis-a-vis her Trading Partners 
Abstract:
  The autoregressive distributed lag model (ARDL), even though it
 distinguishes between the short run and the long run effect, allows both
 the intercepts and slopes to vary across countries. Static panel
 estimations, such as fixed-effects estimation (FE), cannot distinguish
 between the short run and the long run behavior. To address the issue of
 short run heterogeneity as well as long run homogeneity of the estimated
 coefficients in a panel framework, the pooled mean group (PMG) estimator
 has gained popularity since 1999. In this paper, we estimate the bilateral
 trade balance model for the USA vis-a-vis her 19 OECD trading partners for
 the period 1973q1-2004q4 using the PMG estimator and find that PMG
 performs better than ARDL, FE, and MG estimators and provides significant
 and theoretically consistent results. 
Journal: International Review of Applied Economics 
Pages: 515-526 
Issue: 4 
Volume: 20 
Year: 2006 
Keywords: Bilateral trade balance equation, pooled mean group estimator, panel data, 
X-DOI: 10.1080/02692170600874218 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170600874218
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:20:y:2006:i:4:p:515-526




Template-Type: ReDIF-Article 1.0
Author-Name: John Grieve Smith 
Author-X-Name-First: John Grieve 
Author-X-Name-Last: Smith 
Title: Capitalism Unleashed 
Abstract:
Journal: International Review of Applied Economics 
Pages: 527-530 
Issue: 4 
Volume: 20 
Year: 2006 
X-DOI: 10.1080/02692170600874242 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170600874242
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:20:y:2006:i:4:p:527-530




Template-Type: ReDIF-Article 1.0
Author-Name: Tommaso Rondinella 
Author-X-Name-First: Tommaso 
Author-X-Name-Last: Rondinella 
Title: Globalization of Employment and Inequality 
Abstract:
Journal: International Review of Applied Economics 
Pages: 531-534 
Issue: 4 
Volume: 20 
Year: 2006 
X-DOI: 10.1080/02692170600874259 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170600874259
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:20:y:2006:i:4:p:531-534




Template-Type: ReDIF-Article 1.0
Author-Name: Keith Cowling 
Author-X-Name-First: Keith 
Author-X-Name-Last: Cowling 
Title: SPECIAL ISSUE: Industrial Development Policy 
Abstract:
Journal: International Review of Applied Economics 
Pages: 535-535 
Issue: 5 
Volume: 20 
Year: 2006 
X-DOI: 10.1080/02692170601007750 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170601007750
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:20:y:2006:i:5:p:535-535




Template-Type: ReDIF-Article 1.0
Author-Name: David Bailey 
Author-X-Name-First: David 
Author-X-Name-Last: Bailey 
Author-Name: Keith Cowling 
Author-X-Name-First: Keith 
Author-X-Name-Last: Cowling 
Title: Industrial Policy and Vulnerable Capitalism 
Abstract:
  This paper emphasises the linkages between corporate strategy, the
 macroeconomy and the role of industrial policy in this macropolicy
 context. While this is an aspect of industrial policy that is rarely
 addressed, we suggest that there is, in fact, a real and highly
 significant complementarity, especially in the context of modern
 capitalism, with its distinctive features. The underlying premise is that
 problems cannot be resolved easily directly at the macro level:
 appropriate industrial policy may be a necessary ingredient in securing
 better economic performance. Current discussions of exchange rate policies
 and the major adjustments required for eliminating external imbalances
 between the USA, China, Japan and Europe would seem to point to this
 conclusion. This paper emphasises the linkage between corporate strategy,
 the macroeconomy and the role of industrial policy in this macropolicy
 context, and points to appropriate policies that aim to rebalance the
 economy by shifting towards a more diffuse governance structure that
 deconcentrates strategic decision making and opens up the potential for
 new forces of dynamism. 
Journal: International Review of Applied Economics 
Pages: 537-553 
Issue: 5 
Volume: 20 
Year: 2006 
Keywords: Strategic choice, modern capitalism, advertising, consumption, imbalances, public policies, 
X-DOI: 10.1080/02692170601005481 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170601005481
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:20:y:2006:i:5:p:537-553




Template-Type: ReDIF-Article 1.0
Author-Name: David Bailey 
Author-X-Name-First: David 
Author-X-Name-Last: Bailey 
Author-Name: Lisa De Propris 
Author-X-Name-First: Lisa 
Author-X-Name-Last: De Propris 
Author-Name: Roger Sugden 
Author-X-Name-First: Roger 
Author-X-Name-Last: Sugden 
Author-Name: James Wilson 
Author-X-Name-First: James 
Author-X-Name-Last: Wilson 
Title: Public Policy for Economic Competitiveness: An Analytical Framework and a Research Agenda 
Abstract:
  The prime concern is to highlight the strategic choice framework (SCF)
 for analysing localities' economic development and competitiveness
 policies in the context of globalisation. The SCF is centred on hypotheses
 relating to the governance of production, where 'governance' is understood
 in terms of the processes and associated structures for identifying and
 making strategic choices. The argument is illustrated from discussions of
 current realities at micro, meso and macro levels, and from analyses of
 the potential for 'democratic' development paths. This leads to an
 explicit focus on competitiveness policies. The conceptualisation of
 'competitiveness' is discussed, and we advocate a focus on the degree to
 which policies serve the democratically determined public interest. The
 paper's secondary concern is to highlight implications of the SCF for the
 research agenda. We envisage an emphasis on boundary spanning research. It
 is suggested that the SCF be applied in the context of experiences in
 actual localities, in diverse forms of enterprise, and in networking and
 clusters; and that the SCF be deepened by focusing on aspects of three
 topics: economic democracy, economic performance and policy evaluation. 
Journal: International Review of Applied Economics 
Pages: 555-572 
Issue: 5 
Volume: 20 
Year: 2006 
Keywords: Strategic choice, governance, economic development, competitiveness, public policies, 
X-DOI: 10.1080/02692170601005499 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170601005499
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:20:y:2006:i:5:p:555-572




Template-Type: ReDIF-Article 1.0
Author-Name: Karl Aiginger 
Author-X-Name-First: Karl 
Author-X-Name-Last: Aiginger 
Author-Name: Susanne Sieber 
Author-X-Name-First: Susanne 
Author-X-Name-Last: Sieber 
Title: The Matrix Approach to Industrial Policy 
Abstract:
  The objective of this paper is to analyse the development of industrial
 policy in the European Union. The changing concepts and rationale for
 industrial policy are reported with reference to the treaties and
 communications of the European Commission. Industrial policy has followed
 the course of these changes, although in reality, the practical changes
 have occurred at a slower and less radical pace than the changes in
 philosophy. A new paradigm of industrial policy has recently been
 developed by the European Commission in a document that first calls for
 measures improving the competitiveness in all sectors in terms of rather
 broad measures, and subsequently acknowledges sector differences in the
 impact of these measures, calling for complementary sector-specific
 measures. We label this new paradigm the 'matrix approach' to industrial
 policy, because it combines horizontal and vertical measures. On the
 empirical level, we see a divide between countries practising a
 future-oriented approach emphasising innovation and knowledge, and
 countries that take a more defensive stance, with higher subsidies and a
 greater amount of regulation. The countries pursuing the more
 future-oriented approach achieve higher shares of technology-driven and
 skill-intensive industries and excel with respect to the goals of the
 Lisbon strategy. 
Journal: International Review of Applied Economics 
Pages: 573-601 
Issue: 5 
Volume: 20 
Year: 2006 
Keywords: Industrial policy, Lisbon strategy, horizontal vs vertical policies, framework conditions, competitiveness, innovation, 
X-DOI: 10.1080/02692170601005507 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170601005507
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:20:y:2006:i:5:p:573-601




Template-Type: ReDIF-Article 1.0
Author-Name: Patrizio Bianchi 
Author-X-Name-First: Patrizio 
Author-X-Name-Last: Bianchi 
Author-Name: Sandrine Labory 
Author-X-Name-First: Sandrine 
Author-X-Name-Last: Labory 
Title: Empirical Evidence on Industrial Policy using State Aid Data 
Abstract:
  This paper provides evidence of the evolution of industrial policy in
 European countries through a detailed analysis of state aid data. We show
 the emergence of a new phase of industrial policy in the years 2000-2004.
 The two previous phases were respectively an 'interventionist' phase,
 whereby national champions were directly and strongly supported, and a
 'liberal' phase where industrial policy meant providing the conditions for
 the competitiveness of industry, in the sense of only defining the rules
 of the competitive game. The new phase can be called 'pragmatic'. The
 reason for such a term is that industrial policy implemented today is
 somewhere in between the two extremes constituted by the previous two
 phases, the rules of the game still being emphasised but some vertical
 industrial policy measures being envisaged where necessary. In other
 words, stress is still on horizontal policy measures but some vertical
 policy measures are adopted to meet the specific needs of the various
 sectors of the economy. The approach is pragmatic in that it focuses on
 the results rather than on ideology. 
Journal: International Review of Applied Economics 
Pages: 603-621 
Issue: 5 
Volume: 20 
Year: 2006 
Keywords: State aid, industrial policy, comparative country study, open and knowledge-based economy, 
X-DOI: 10.1080/02692170601005556 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170601005556
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:20:y:2006:i:5:p:603-621




Template-Type: ReDIF-Article 1.0
Author-Name: Dennis Mueller 
Author-X-Name-First: Dennis 
Author-X-Name-Last: Mueller 
Title: Corporate Governance and Economic Performance 
Abstract:
  What is the best corporate governance system? Is the Germanic corporate
 governance system the best? The Japanese? The Anglo-Saxon? This article
 reviews some of the relevant literature for answering this question.
 Particular attention is devoted to corporate governance problems in
 developing countries. It emphasizes that the nature of problems that
 corporate governance systems must deal with can be expected to vary with
 the state of development of a country. Central to any discussion of
 corporate governance is the question of how well a particular set of
 institutions mitigates the various principal/agent problems that arise in
 a firm. The article thus reviews the basic principal/agent problem and
 discusses its relevance for countries in different stages of development.
 It examines the advantages and disadvantages of each type of corporate
 governance system in mitigating principal/agent problems, and reviews the
 relevant empirical evidence for assessing their performance. 
Journal: International Review of Applied Economics 
Pages: 623-643 
Issue: 5 
Volume: 20 
Year: 2006 
Keywords: Corporate governance, principal/agent, developing countries, 
X-DOI: 10.1080/02692170601005598 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170601005598
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:20:y:2006:i:5:p:623-643




Template-Type: ReDIF-Article 1.0
Author-Name: Massimo Florio 
Author-X-Name-First: Massimo 
Author-X-Name-Last: Florio 
Title: Electricity Prices as Signals for the Evaluation of Reforms: An Empirical Analysis of Four European Countries 
Abstract:
  This paper looks at price trends as signals for the evaluation of utility
 reforms. A specific example is considered: electricity prices in four
 countries, namely France, Germany, Italy and UK. These countries offer a
 natural experiment in different patterns of public/private ownership and
 liberalisation of electricity industry. Electricity prices are mainly
 influenced by the mix of energy inputs, their costs, and by consumption
 per capita. Under different institutional settings, prices for business
 users are often more cost-reflective than prices for residential users.
 Beyond these common features, the evidence does not support the view that
 there is clear dominance of one industry pattern in terms of welfare
 change for the representative consumer. This conclusion tends to question
 the widely held idea that one specific 'orthodox' reform should be
 preferred: privatisation with liberalisation and vertical disintegration.
 Utility reforms should be flexible and country-specific. 
Journal: International Review of Applied Economics 
Pages: 1-27 
Issue: 1 
Volume: 21 
Year: 2007 
Keywords: Electricity industry, tariffs, public services, utilities reforms, 
X-DOI: 10.1080/02692170601034093 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170601034093
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:21:y:2007:i:1:p:1-27




Template-Type: ReDIF-Article 1.0
Author-Name: Nazim Kadri Ekinci 
Author-X-Name-First: Nazim Kadri 
Author-X-Name-Last: Ekinci
Author-Name: Korkut Alp Erturk 
Author-X-Name-First: Korkut Alp 
Author-X-Name-Last: Erturk 
Title: Turkish Currency Crisis of 2000-2001, Revisited 
Abstract:
  Turkey's exchange rate based stabilization programme had collapsed within
 just 11 months of its implementation in the midst of a liquidity crunch in
 November 2000 caused by a reversal in the capital inflow. The onset of the
 stabilization programme created ample opportunities for speculative
 investors to make relatively safe one-sided bets, and the initial success
 of the programme in bringing down interest rates implied substantial
 capital gains over securities obtained in 1999 and early stages of the
 programme. It was only natural that speculative investors would take the
 opportunity to realize these gains while the firm exchange rate commitment
 was still in place. The programme failed to deal with this contingency
 effectively, assuming that as long as it was implemented faithfully,
 long-term investors would be forthcoming to takeover positions speculators
 would want to unload. That assumption proved disastrously wrong. 
Journal: International Review of Applied Economics 
Pages: 29-41 
Issue: 1 
Volume: 21 
Year: 2007 
Keywords: Currency crises, financial liberalization, capital flow reversals, Turkey, asset price speculation, 
X-DOI: 10.1080/02692170601034986 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170601034986
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:21:y:2007:i:1:p:29-41




Template-Type: ReDIF-Article 1.0
Author-Name: Alex Luiz Ferreira 
Author-X-Name-First: Alex Luiz 
Author-X-Name-Last: Ferreira 
Title: On the Transmission Mechanism of Monetary Constraints to the Real Side of the Economy 
Abstract:
  Contrary to the predictions of the theory underlying international
 finance, inflows of capital triggered by financial liberalisation have
 neither equalised real interest rates nor increased income growth in many
 emerging economies. We explain this puzzle by developing a model that
 combines the balance-of-payments constraint approach to economic growth
 with a less stringent version of the real interest rate parity hypothesis.
 The model's foundations are based on robust empirical findings or
 well-established macroeconomic models. We show that a perverse combination
 of income elasticities of demand for imports and exports generates slow
 income growth and high real interest rates. As domestic income grows and
 imports rise faster than exports, the real exchange rate is expected to
 depreciate in order to clear the balance of payments (or the foreign
 exchange rate market). An incipient capital outflow arises and interest
 rates increase. Faster adjustment in capital rather than in the goods
 market therefore generates a higher real interest rate differential
 between the domestic small open-economy and the rest of the world. The
 long run analysis shows that a constant degree of risk aversion implies a
 positive equilibrium real interest rate differential that affects economic
 growth. A permanent increase in default risk driven by persistent current
 account imbalances thus impacts on long run growth. The model's results
 are illustrated with evidence from the three major Latin America
 economies: Argentina, Brazil and Mexico. 
Journal: International Review of Applied Economics 
Pages: 43-54 
Issue: 1 
Volume: 21 
Year: 2007 
Keywords: Real interest rate differentials, balance of payments constraint, 
X-DOI: 10.1080/02692170601034994 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170601034994
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:21:y:2007:i:1:p:43-54




Template-Type: ReDIF-Article 1.0
Author-Name: Troy Matheson 
Author-X-Name-First: Troy 
Author-X-Name-Last: Matheson 
Author-Name: Les Oxley 
Author-X-Name-First: Les 
Author-X-Name-Last: Oxley 
Title: Convergence in Productivity Across Industries: Some Results for New Zealand and Australia 
Abstract:
  New Zealand shares a wealth of common interests and experiences with
 Australia. This has tempted some to assume that these economies form an
 'Economic Club', in which one would expect to identify common aggregate
 trends and growth experiences. In this paper we present results that test,
 and generally reject, convergence in labour productivity across Australia
 and New Zealand, using both aggregate and disaggregate, industry-level
 data. We find that only two industries satisfy our definition of
 Conditional Convergence (Agriculture, Forestry and Fishing and Cultural
 and Recreational Services), and that the Mining and Wholesale Trade
 industries have particularly important roles to play in explaining the
 measured divergence. Cointegration-based tests reveal more stochastic
 trends governing Australian productivity than in New Zealand. The evidence
 suggests, therefore, that the underlying growth processes of the two
 economies are fundamentally different, thereby questioning the relevance
 of aggregate comparisons between them. New evidence using industry-level
 data does not, therefore, resolve the aggregate-level 'non-convergence
 puzzle' identified here, and elsewhere. 
Journal: International Review of Applied Economics 
Pages: 55-73 
Issue: 1 
Volume: 21 
Year: 2007 
Keywords: Productivity, convergence, Australia, New Zealand, industry, 
X-DOI: 10.1080/02692170600874143 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170600874143
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:21:y:2007:i:1:p:55-73




Template-Type: ReDIF-Article 1.0
Author-Name: Dirk Frantzen 
Author-X-Name-First: Dirk 
Author-X-Name-Last: Frantzen 
Title: Technical Diffusion, Productivity Convergence and Specialisation in OECD Manufacturing 
Abstract:
  A panel data regression analysis investigates the issue of total factor
 productivity (TFP) convergence in OECD manufacturing during the period
 1970-1995. The results imply: conditional &#x3b2; convergence, actual
 catching up and stronger convergence at a disaggregate level than at the
 level of manufacturing as a whole. The evolution of the standard deviation
 of the log of TFP shows that there is also evidence of &#x3c3;
 convergence. The stronger convergence of TFP at a disaggregate level is
 explained by a high level of OECD manufacturing production specialisation,
 which is also shown to be very persistent. The degree of research
 specialisation is shown to be even higher and equally sticky. A
 correlation analysis shows that both specialisation patterns are related. 
Journal: International Review of Applied Economics 
Pages: 75-98 
Issue: 1 
Volume: 21 
Year: 2007 
Keywords: Innovation, technical diffusion, productivity convergence, specialisation, 
X-DOI: 10.1080/02692170601035017 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170601035017
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:21:y:2007:i:1:p:75-98




Template-Type: ReDIF-Article 1.0
Author-Name: Marion Frenz 
Author-X-Name-First: Marion 
Author-X-Name-Last: Frenz 
Author-Name: Grazia Ietto-Gillies 
Author-X-Name-First: Grazia 
Author-X-Name-Last: Ietto-Gillies 
Title: Does Multinationality Affect the Propensity to Innovate? An Analysis of the Third UK Community Innovation Survey 
Abstract:
  The paper is developed at the interface between internationalization and
 innovation studies. It utilizes data on innovation from the UK Community
 Innovation Surveys 3 and 2 (CIS3 and CIS2) to assess whether
 multinationality affects the innovation propensity of surveyed
 enterprises. The indicators of innovation propensity&#x2014;our dependent
 variables&#x2014;are taken from the following CIS sets of variables:
 innovation outputs; innovation inputs; innovation outcomes (patent
 applications); innovation continuity/sustainability. The latter element is
 considered to be the ability of the enterprise to sustain innovation over
 a long period of time and the relevant variable is derived from both CIS3
 and 2 data. This allows the paper to introduce dynamic elements into the
 analysis. Four hypotheses are developed and tested. Our main hypothesis
 states that multinationality per se (i.e. being part of a multinational
 company network) affects the propensity to innovate. We also test for
 three sub-hypotheses related to characteristics of multinationality:
 belonging to a group vs being independent; degree of multinationality;
 being part of a foreign vs domestic multinational. The results show that
 all those CIS enterprises that belong to a multinational
 corporation&#x2014;whether UK or foreign&#x2014;are more likely to exhibit
 innovation propensity; they are also more likely to engage in innovation
 activities on a continuous basis. 
Journal: International Review of Applied Economics 
Pages: 99-117 
Issue: 1 
Volume: 21 
Year: 2007 
Keywords: Multinational companies, innovation, Community Innovation Survey UK, innovation activity in the UK, foreign-owned companies, degree of multinationality, 
X-DOI: 10.1080/02692170601035033 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170601035033
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:21:y:2007:i:1:p:99-117




Template-Type: ReDIF-Article 1.0
Author-Name: Liangshu Qi 
Author-X-Name-First: Liangshu 
Author-X-Name-Last: Qi 
Title: The Relationship Between Growth, Total Investment and Inward FDI: Evidence from Time Series Data 
Abstract:
  This paper explores the causal relationship between growth, total
 investment and inward FDI in 47 countries. Using error-correction model,
 the significance, direction and sign of long-run and short-run causal
 effects between GDP, capital stock and FDI stock are investigated. The
 miscellaneous results echo the divergent theoretical viewpoints and the
 mixed empirical results of previous works. However, the evidence found in
 this study suggests that there are differences in growth mechanism between
 developed and developing countries, between various developing regions,
 and between oil-exporting and non-oil-exporting countries. The main policy
 implication is that capital investment is essential for growth while FDI's
 effect is uncertain in developing countries. FDI as well as total
 investment enhances growth only under some conditions. 
Journal: International Review of Applied Economics 
Pages: 119-133 
Issue: 1 
Volume: 21 
Year: 2007 
Keywords: Growth, capital investment, FDI, causal relationship, 
X-DOI: 10.1080/02692170601035058 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170601035058
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:21:y:2007:i:1:p:119-133




Template-Type: ReDIF-Article 1.0
Author-Name: Peter McAdam 
Author-X-Name-First: Peter 
Author-X-Name-Last: McAdam 
Title: USA, Japan and the Euro Area: Comparing Business-Cycle Features 
Abstract:
  There has been much discussion of the differences in macroeconomic
 performance and prospects between the USA, Japan and the Euro area. Using
 Markov-switching techniques, we identify and compare specifically their
 major business-cycle features and examine the case for a common business
 cycle, asymmetries in the national cycles and, using a number of
 algorithms, date business-cycle turning points. Despite a high degree of
 trade and financial linkages, the cyclical features of USA, Japan and the
 Euro area appear quite distinct. Documenting and comparing such
 international business-cycle features can, for example, aid the
 development of business-cycle models and inform policy making. 
Journal: International Review of Applied Economics 
Pages: 135-156 
Issue: 1 
Volume: 21 
Year: 2007 
Keywords: Business cycle, Markov switching, synchronization, turning points, 
X-DOI: 10.1080/02692170601035066 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170601035066
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:21:y:2007:i:1:p:135-156




Template-Type: ReDIF-Article 1.0
Author-Name: Lars Behrenz 
Author-X-Name-First: Lars 
Author-X-Name-Last: Behrenz 
Author-Name: Mats Hammarstedt 
Author-X-Name-First: Mats 
Author-X-Name-Last: Hammarstedt 
Author-Name: Jonas M&#xe5;nsson 
Author-X-Name-First: Jonas 
Author-X-Name-Last: M&#xe5;nsson 
Title: Second-Generation Immigrants in the Swedish Labour Market 
Abstract:
  This study focuses on the labour market performance among
 second-generation immigrants in Sweden. One motivation behind the analysis
 is that it gives insight into the long-term consequences of immigration.
 Labour market performance relates the probability of having a job,
 referred to here as a threshold effect and to the differences in income
 from work, given that a person is in the market and is referred to as an
 income from work effect. We have shown that a clear threshold effect of
 being a second-generation immigrant exists and that different groups of
 second-generation immigrants perform differently in the Swedish labour
 market. 
Journal: International Review of Applied Economics 
Pages: 157-174 
Issue: 1 
Volume: 21 
Year: 2007 
Keywords: Second-generation immigrants, threshold effect, income from work, labour market position, 
X-DOI: 10.1080/02692170601035074 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170601035074
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:21:y:2007:i:1:p:157-174




Template-Type: ReDIF-Article 1.0
Author-Name: A. Altuzarra 
Author-X-Name-First: A. 
Author-X-Name-Last: Altuzarra 
Author-Name: C. Puerta 
Author-X-Name-First: C. 
Author-X-Name-Last: Puerta 
Author-Name: F. Serrano 
Author-X-Name-First: F. 
Author-X-Name-Last: Serrano 
Title: Evaluating the Relative Innovative Position of European Union Member Countries: An Empirical Analysis 
Abstract:
  This paper aims to provide empirical evidence about the relative
 positions of European Union member states on innovation and, more
 specifically, on innovation in manufacturing. These positions were
 obtained from the aggregation of different innovation variables using the
 principal component analysis. We do not provide, from the statistical
 viewpoint, a synthetic indicator, even if, from the economic perspective,
 the information we obtained was similar to what such an indicator would
 provide. Our unit of analysis is the sector in each country, what we will
 term 'country-sector', covering both innovative and non-innovative firms. 
Journal: International Review of Applied Economics 
Pages: 175-188 
Issue: 1 
Volume: 21 
Year: 2007 
Keywords: Community innovation survey, innovation, competitiveness, manufacturing sector, principal components analysis, 
X-DOI: 10.1080/02692170600874127 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170600874127
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:21:y:2007:i:1:p:175-188




Template-Type: ReDIF-Article 1.0
Author-Name: J. M. Albala-Bertrand 
Author-X-Name-First: J. M. 
Author-X-Name-Last: Albala-Bertrand 
Title: Relative Capital Shortage and Potential Output Constraint: A Gap Approach 
Abstract:
  Focusing on core-infrastructure capital vis-a-vis productive capital, we
 propose a macroeconomic method to estimate their optimal utilisation ratio
 in production and their relative shortage in any period. The method is
 based on an adapted two-gap model, estimated via linear programming, with
 application to Chile and Mexico over the 1950-2000 period. Core
 infrastructure appears to support a variable level of productive
 investment, relative capital shortage alternating and imposing constraints
 on potential output over time. This suggests an optimal investment trade
 off, based on a social opportunity cost that derives from the prevailing
 gap in any period. 
Journal: International Review of Applied Economics 
Pages: 189-205 
Issue: 2 
Volume: 21 
Year: 2007 
Keywords: Capital shortage, potential output, two-gap model, 
X-DOI: 10.1080/02692170701189094 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170701189094
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:21:y:2007:i:2:p:189-205




Template-Type: ReDIF-Article 1.0
Author-Name: Hakan Berument 
Author-X-Name-First: Hakan 
Author-X-Name-Last: Berument 
Author-Name: Asli Gunay 
Author-X-Name-First: Asli 
Author-X-Name-Last: Gunay 
Title: Inflation Dynamics and its Sources in the Ottoman Empire: 1586-1913 
Abstract:
  This study examines the dynamics and determinants of inflation in the
 Ottoman Empire during the 1586-1913 period. There are two possible reasons
 for inflation: fiscal expansion and monetary expansion, which could be
 generated through the debasement of local currency (Akce). We used a set
 of political and structural variables in order to explain the change in
 inflation dynamics. In particular, we considered the war years, periods of
 Ottoman history that show different characteristics (the slow-down period,
 the recession period and the break-up period) and the period of
 constitutional monarchy. Moreover, we tested whether the inflation process
 was the same for each sultan and whether each sultan's behavior during the
 first year was different from the rest of his reign. The empirical
 evidence reported here suggests that war accelerated inflation as expected
 and fiscal expansion rather than the debasement of the Akce was the main
 reason for inflation. Moreover, the slow-down, the recession and the
 break-up periods affected inflation positively; both fiscal expansion and
 the debasement of the Akce were seen in these three periods as sources of
 inflation. While employing different inflationary policies during his
 reign, each sultan accelerated inflation in the first year of his reign by
 the debasement of the Akce or by fiscal expansion. Last, the
 constitutional monarchy period had a significant positive effect on
 inflation although fiscal expansion, rather than the debasement of the
 Akce, was the source of inflation during this period. 
Journal: International Review of Applied Economics 
Pages: 207-245 
Issue: 2 
Volume: 21 
Year: 2007 
Keywords: Inflation, debasement, fiscal expansion, Ottoman Empire, 
X-DOI: 10.1080/02692170701189102 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170701189102
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:21:y:2007:i:2:p:207-245




Template-Type: ReDIF-Article 1.0
Author-Name: Victor Montuenga-Gomez 
Author-X-Name-First: Victor 
Author-X-Name-Last: Montuenga-Gomez 
Author-Name: Melchor Fernandez 
Author-X-Name-First: Melchor 
Author-X-Name-Last: Fernandez 
Author-Name: Andres Romeu 
Author-X-Name-First: Andres 
Author-X-Name-Last: Romeu 
Title: The Link Between Wages and Productivity in Spain 
Abstract:
  This paper examines the effect of productivity on wages for Spanish
 industrial sectors by developing a model that captures effects from both
 sector-specific and aggregate variables. The results show that a dual
 behaviour can be inferred, at the sector level, in the wage-setting
 mechanism. It is also found that the linkage between wages and
 productivity varies over time. Some explanations for the increase in wage
 dispersion are provided, focusing on the increasing decentralisation in
 wage bargaining after 1986. Finally, we cast some light on the theoretical
 structure underlying the labour market. 
Journal: International Review of Applied Economics 
Pages: 247-272 
Issue: 2 
Volume: 21 
Year: 2007 
Keywords: Sectoral analysis, insider-outsider model, efficiency wage hypothesis, extreme bound analysis, 
X-DOI: 10.1080/02692170701189151 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170701189151
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:21:y:2007:i:2:p:247-272




Template-Type: ReDIF-Article 1.0
Author-Name: Christian Weller 
Author-X-Name-First: Christian 
Author-X-Name-Last: Weller 
Title: The Presence of Multinational Banks and the Supply and Quality of Credit in Emerging Economies 
Abstract:
  Barriers to entry for multinational banks (MNBs) have been reduced in
 many countries. This paper studies the effect of the presence of MNBs on
 the supply and quality of credit in emerging economies. This study uses
 data from the Bank for International Settlements and the International
 Monetary Fund. The results indicate that the credit supply declines in
 response to increased competition from MNBs. However, the adverse effect
 of MNBs on the credit supply is less pronounced when the presence of MNBs
 is larger. The paper also provides some tentative results on the effect of
 MNBs on the quality of loans. The results suggest that banks shift their
 portfolios away from loans as a result of increased international
 financial competition, thereby reducing default risk, which is also
 reflected in a negative relationship between MNB presence and the chance
 of a banking crisis occurring. 
Journal: International Review of Applied Economics 
Pages: 273-292 
Issue: 2 
Volume: 21 
Year: 2007 
Keywords: Emerging economies, multinational banks, credit supply, quality of loan portfolios, 
X-DOI: 10.1080/02692170701189177 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170701189177
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:21:y:2007:i:2:p:273-292




Template-Type: ReDIF-Article 1.0
Author-Name: Mahmut Yasar 
Author-X-Name-First: Mahmut 
Author-X-Name-Last: Yasar 
Author-Name: Philip Garcia 
Author-X-Name-First: Philip 
Author-X-Name-Last: Garcia 
Author-Name: Carl Nelson 
Author-X-Name-First: Carl 
Author-X-Name-Last: Nelson 
Author-Name: Roderick Rejesus 
Author-X-Name-First: Roderick 
Author-X-Name-Last: Rejesus 
Title: Is there Evidence of Learning-by-Exporting in Turkish Manufacturing Industries? 
Abstract:
  Exporting has always been thought of as one tool to improve productivity
 and, consequently, to spur economic growth in low- to middle-income
 economies. However, empirical evidence of this so-called
 'learning-by-exporting' effect has been limited. This article determines
 whether learning-by-exporting is evident in two Turkish manufacturing
 sectors&#x2014;the textile and apparel (T&A) and the motor vehicle and
 parts (MV&P) industries. A semi-parametric estimator that controls for
 problems associated with simultaneity and unobserved plant heterogeneity
 is used to test the learning-by-exporting hypothesis. After controlling
 for these issues, our results suggest statistically stronger
 learning-by-exporting effects in the T&A than in the MV&P industry. The
 highly concentrated and capital-intensive nature of the MV&P industry is
 the main reason for the lower learning-by-exporting effect in this sector.
 From a policy perspective, this implies that targeting export-enhancing
 policies to industries with significant learning-by-exporting effects may
 lead to more productivity gains and would better stimulate an export-led
 growth. 
Journal: International Review of Applied Economics 
Pages: 293-305 
Issue: 2 
Volume: 21 
Year: 2007 
Keywords: Learning-by-exporting, heterogeneity, productivity, trade liberalization, 
X-DOI: 10.1080/02692170701189193 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170701189193
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:21:y:2007:i:2:p:293-305




Template-Type: ReDIF-Article 1.0
Author-Name: Samuel Rosenberg 
Author-X-Name-First: Samuel 
Author-X-Name-Last: Rosenberg 
Title: Employment Policy and Social Policy as Productive Factors 
Abstract:
Journal: International Review of Applied Economics 
Pages: 307-311 
Issue: 2 
Volume: 21 
Year: 2007 
X-DOI: 10.1080/02692170701189250 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170701189250
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:21:y:2007:i:2:p:307-311




Template-Type: ReDIF-Article 1.0
Author-Name: Helena Lenihan 
Author-X-Name-First: Helena 
Author-X-Name-Last: Lenihan 
Author-Name: Mark Hart 
Author-X-Name-First: Mark 
Author-X-Name-Last: Hart 
Author-Name: Stephen Roper 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Roper 
Title: Industrial Policy Evaluation: Theoretical Foundations and Empirical Innovations: New Wine in New Bottles 
Abstract:
Journal: International Review of Applied Economics 
Pages: 313-319 
Issue: 3 
Volume: 21 
Year: 2007 
X-DOI: 10.1080/02692170701390304 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170701390304
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:21:y:2007:i:3:p:313-319




Template-Type: ReDIF-Article 1.0
Author-Name: Colin Wren 
Author-X-Name-First: Colin 
Author-X-Name-Last: Wren 
Title: Reconciling Practice with Theory in the Micro-Evaluation of Regional Policy 
Abstract:
  This paper seeks to reconcile evaluative practice with theory, focusing
 on the micro-evaluation of UK regional industrial policy. Two issues are
 examined: the measurement of the pecuniary external effects, including
 displacement and linkages; and the concept of 'additionality', which is
 central to the industrial survey approach. It argues that current
 evaluative practice is at odds with theory, but while cost-benefit
 analysis simplifies the measurement of the external effects, it has other
 features that may limit its appeal. On 'additionality', the paper traces
 its evolution, and shows that it is a multi-dimensional concept. It argues
 that in practice the use of 'additionality' is deficient as it ignores the
 firm's private funds and all forms of deadweight transfer. 
Journal: International Review of Applied Economics 
Pages: 321-337 
Issue: 3 
Volume: 21 
Year: 2007 
Keywords: Evaluation, regional policy, external effects, cost-benefit analysis (CBA), 'additionality', 
X-DOI: 10.1080/02692170701390312 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170701390312
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:21:y:2007:i:3:p:321-337




Template-Type: ReDIF-Article 1.0
Author-Name: Chiara Binelli 
Author-X-Name-First: Chiara 
Author-X-Name-Last: Binelli 
Author-Name: Alessandro Maffioli 
Author-X-Name-First: Alessandro 
Author-X-Name-Last: Maffioli 
Title: A Micro-econometric Analysis of Public Support to Private R&D in Argentina 
Abstract:
  This paper investigates the relationship between government interventions
 to promote investments in innovation and firm-financed R&D. Merging a
 unique panel data set on Argentinean firms in the 1990s with a data base
 on different types of public support received through the FONTAR (Fondo
 Tecnologico Argentino) program, we estimate a fixed effects model and find
 evidence of a significant positive impact of FONTAR on private R&D. A 1
 per cent increase in the amount received through FONTAR induces an average
 increase of 547.6 real pesos in annual R&D expenditures. The result is
 robust to the use of an instrumental variable estimator that controls for
 the potential bias induced by changes in the structure of the program. An
 analysis by type of financial support reveals that the impact is mainly
 due to targeted and fiscal credit with no evidence that funding received
 through matching grants has an additionality effect on private
 investments. This result is in line with the predictions of a simple
 theoretical model that investigates the impact of different policy
 interventions to promote investments in R&D. When firms' preferences are
 not directly observable, the provision of direct subsidies is more likely
 to incur the risk of adverse selection attracting firms that would have
 invested in innovation even in the absence of public support or dismiss
 some of the non-financed projects, thus leaving unchanged or decreasing
 the overall level of expenditures in R&D. 
Journal: International Review of Applied Economics 
Pages: 339-359 
Issue: 3 
Volume: 21 
Year: 2007 
Keywords: Innovation and R&D, policy evaluation, panel data, 
X-DOI: 10.1080/02692170701390320 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170701390320
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:21:y:2007:i:3:p:339-359




Template-Type: ReDIF-Article 1.0
Author-Name: Karen Bonner 
Author-X-Name-First: Karen 
Author-X-Name-Last: Bonner 
Author-Name: Seamus McGuinness 
Author-X-Name-First: Seamus 
Author-X-Name-Last: McGuinness 
Title: Assessing the Impact of Marketing Assistance on the Export Performance of Northern Ireland SMEs 
Abstract:
  This paper examines the extent to which marketing assistance administered
 to a group of high performing Northern Ireland SMEs led to improved export
 revenue growth. Standard OLS models provided no evidence to support the
 view that marketing grants substantially improved the export performance
 of assisted firms; however, substantial impacts were detected when
 treatment models were estimated, indicating that selection into marketing
 assistance tended to be a non-random event. Marketing assistance was found
 to be a highly effective policy tool when targeted towards SMEs already
 active in export markets and/or involved in product innovation. From a
 methodological standpoint the analysis highlights the potential benefits
 of using other grant information within the treatment model as a means of
 uncovering additional important information on firm level characteristics
 that might otherwise have been missed. 
Journal: International Review of Applied Economics 
Pages: 361-379 
Issue: 3 
Volume: 21 
Year: 2007 
Keywords: Small firms, exports, government assistance, marketing grants, Heckman, 
X-DOI: 10.1080/02692170701390346 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170701390346
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:21:y:2007:i:3:p:361-379




Template-Type: ReDIF-Article 1.0
Author-Name: Massimo G. Colombo 
Author-X-Name-First: Massimo G. 
Author-X-Name-Last: Colombo 
Author-Name: Luca Grilli 
Author-X-Name-First: Luca 
Author-X-Name-Last: Grilli 
Author-Name: Cinzia Verga 
Author-X-Name-First: Cinzia 
Author-X-Name-Last: Verga 
Title: High-tech Start-up Access to Public Funds and Venture Capital: Evidence from Italy 
Abstract:
  Several studies have highlighted that new technology-based firms (NTBFs)
 are often financially constrained, with these constraints hindering firms'
 growth and even threatening their survival. Even though the provision of
 venture capital (VC) may allow firms to overcome these constraints, VC
 supply may be fairly limited, especially in bank-based countries such as
 Italy and the cost of accessing VC funds may be too high for most young
 high-tech firms. Policy makers may try to relax the financial constraints
 suffered by NTBFs through the provision of direct subsidies to firms.
 Technology policy may also aim at signalling the high quality of
 subsidized firms to external investors, reducing information asymmetries.
 However, policy makers may not be able to identify those firms that most
 need public aid. In this paper we investigate the determinants of NTBF
 access to public funds and venture capital. This analysis enables us to
 draw some considerations both on the investment selection criteria adopted
 by venture capitalists and on the existing Italian technology policy's
 capacity to address NTBFs' financial constraints. In order to do so, we
 consider a sample composed of 550 Italian NTBFs that operate in both
 manufacturing and services and resort to the estimation of a dynamic
 bivariate survival model so as to highlight simultaneously the
 determinants of firms' access to both these modes of financing. The
 results of our estimates only partially confirm the relevance of founders'
 competencies as important drivers of VC investment decisions, pointing to
 the multifaceted nature of human capital, and suggest the presence of
 inefficiencies in venture capital markets that are not alleviated by the
 existing Italian technology policy measures towards high-tech start-ups. 
Journal: International Review of Applied Economics 
Pages: 381-402 
Issue: 3 
Volume: 21 
Year: 2007 
Keywords: New technology-based firms, venture capital, public subsidies, technology policy, 
X-DOI: 10.1080/02692170701390361 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170701390361
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:21:y:2007:i:3:p:381-402




Template-Type: ReDIF-Article 1.0
Author-Name: Elaine Ramsey 
Author-X-Name-First: Elaine 
Author-X-Name-Last: Ramsey 
Author-Name: Derek Bond 
Author-X-Name-First: Derek 
Author-X-Name-Last: Bond 
Title: Evaluating Public Policy Formation and Support Mechanisms for Technological Innovation 
Abstract:
  Policy evaluation is a complex task. Most approaches now adopt a mixed
 method approach combining both quantitative and qualitative techniques. A
 shortcoming of the standard approaches is that they fail to measure or
 investigate deeper perceptions of the policy. In this paper the usefulness
 of projective techniques as a tool for policy evaluation is investigated.
 Projective techniques are widely used in psychology and consumer studies
 but their usefulness in policy evaluation has still to be assessed. A
 simple evaluation is done in this paper by reporting on a study of
 owner-managers of tradeable-services small and medium size enterprises
 attitudes to government e-business policy. The survey included firms from
 Northern Ireland, Republic of Ireland and New Zealand. Traditional
 quantitative and qualitative survey techniques were used, however these
 failed to produce conclusive evidence. To overcome this limitation two
 projective techniques&#x2014;word association and completion
 tests&#x2014;were employed as an additional evaluation method. The paper
 illustrates how the results of projective techniques can be analysed using
 both context and matrix analysis. Given that the area of e-business is
 dynamic and fast changing and that SMEs are extremely heterogeneous, it is
 argued that the application of projective techniques to assess their
 attitudes and perceptions of government policy is a good test of the
 usefulness of the method. The results of the projective techniques lead to
 more insight into the perceptions and attitudes of the owner-managers and
 provide interesting individual perspectives into the issues. Problems with
 the method, such as costs, the level of skill needed to apply the
 technique and generalization are highlighted. The overall conclusions are
 that projective techniques could provide an interesting additional tool
 for policy evaluation and that further assessment of its usefulness is
 needed. 
Journal: International Review of Applied Economics 
Pages: 403-418 
Issue: 3 
Volume: 21 
Year: 2007 
Keywords: Policy evaluation, projective techniques: E-business, SMEs, 
X-DOI: 10.1080/02692170701390387 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170701390387
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:21:y:2007:i:3:p:403-418




Template-Type: ReDIF-Article 1.0
Author-Name: Mariana Zanatta 
Author-X-Name-First: Mariana 
Author-X-Name-Last: Zanatta 
Author-Name: Sergio Queiroz 
Author-X-Name-First: Sergio 
Author-X-Name-Last: Queiroz 
Title: The Role of National Policies on the Attraction and Promotion of MNEs' R&D Activities in Developing Countries 
Abstract:
  The technology internationalization process of multinational companies
 (MNCs) is characterized by the growing decentralization of this activity
 to other countries, including developing ones. Within this process, world
 competition for foreign direct investment (FDI) in research and
 development (R&D) has been increasing in the last few years. Consequently,
 to attract this kind of FDI national policies and their instruments have
 become ubiquitous. For a country to succeed in its quest for FDI, its
 policies need to be consistent and articulated encompassing measures that
 influence and promote all the determining factors of FDI in R&D, i.e.
 supply of qualified professionals, adequate infrastructure, favorable laws
 and regulations, etc. This means that a FDI policy cannot be restricted
 only to fiscal incentives and grants. The aim of this paper consists in
 identifying and analyzing Chinese, Indian and Brazilian policy measures,
 to offer a better understanding about how they affect the attraction and
 promotion of FDI in R&D, as well as their differences and similarities.
 The analysis shows that despite the flaws still presented in both Chinese
 and Indian economic and technological systems, they have been implementing
 a more articulated and consistent set of policies, thus attracting FDI in
 R&D from all over the world. However, Brazilian policies seem to be less
 articulated and still based on the concession of fiscal incentives to
 attract this kind of FDI. 
Journal: International Review of Applied Economics 
Pages: 419-435 
Issue: 3 
Volume: 21 
Year: 2007 
Keywords: Internationalization of R&D, multinational companies, FDI policies, developing countries, 
X-DOI: 10.1080/02692170701390395 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170701390395
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:21:y:2007:i:3:p:419-435




Template-Type: ReDIF-Article 1.0
Author-Name: Robert Huggins 
Author-X-Name-First: Robert 
Author-X-Name-Last: Huggins 
Author-Name: Mehmet Demirbag 
Author-X-Name-First: Mehmet 
Author-X-Name-Last: Demirbag 
Author-Name: Violina Iankova Ratcheva 
Author-X-Name-First: Violina Iankova 
Author-X-Name-Last: Ratcheva 
Title: Global Knowledge and R&D Foreign Direct Investment Flows: Recent Patterns in Asia Pacific, Europe, and North America 
Abstract:
  The global nature of foreign direct investment (FDI) is changing in terms
 of both location and sectors of activity. This paper analyses recent flows
 of R&D FDI across the globe. It is found that North America has been the
 source of one-half of all R&D FDI between 2002 and 2005. Asia Pacific,
 especially China and India, has been the overwhelming destination for most
 R&D FDI, accounting for more than one-half of all investment and almost
 three-quarters of the jobs created. In general, R&D FDI has not been
 equitably spread across nations such as India and China but concentrated
 in a small number of locations. R&D FDI from advanced economies is
 facilitating the emergence of new centres and clusters of knowledge across
 the globe. This global redistribution of knowledge brings challenges to
 policymakers in both the developed and the developing world. The
 challenges come in two main forms: first, cross-regional disparities in
 knowledge-based wealth creation within particular nations; and second,
 anxieties about the offshoring of knowledge-based tasks and jobs. It is
 argued that current patterns of global knowledge flow require policies to
 nurture the open regional innovation systems being established by these
 flows. 
Journal: International Review of Applied Economics 
Pages: 437-451 
Issue: 3 
Volume: 21 
Year: 2007 
Keywords: Foreign direct investment (FDI), research and development (R&D), knowledge flows, knowledge clusters, China, India, 
X-DOI: 10.1080/02692170701390437 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170701390437
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:21:y:2007:i:3:p:437-451




Template-Type: ReDIF-Article 1.0
Author-Name: David Bailey 
Author-X-Name-First: David 
Author-X-Name-Last: Bailey 
Author-Name: Alex De Ruyter 
Author-X-Name-First: Alex 
Author-X-Name-Last: De Ruyter 
Author-Name: Noel Kavanagh 
Author-X-Name-First: Noel 
Author-X-Name-Last: Kavanagh 
Title: Lisbon, Sapir and Industrial Policy: Evaluating the 'Irish Success Story' 
Abstract:
  This paper provides a critical macro-level evaluation of the Lisbon
 process and Sapir report, through the lens of examining the Irish
 experience. Our assessment of the performance of the Irish economy depicts
 a picture of catch-up and convergence with average EU productivity and GNP
 levels, rather than a 'miracle'. In so doing, we attempt to provide a more
 balanced appraisal of how Ireland managed to get things 'right' in some
 sense in recent years while also recognising on-going challenges for the
 economy and the vulnerability caused by FDI-dependent growth. The Sapir
 report and follow-up papers were right to identify administrative capacity
 and a favourable investment environment (including education systems) as a
 precondition for strong economic performance. However, we argue that
 corporatist social pacts, an opportunistic exchange rate policy and a high
 rate of in-migration (and the more general expansion of the labour supply)
 have also contributed to Irish success, along with substantial EU
 structural assistance. Moreover, Sapir's analysis is superficial, we would
 suggest, in that a key 'lesson' for new EU member states from Ireland's
 recent economic history is that simply attracting FDI is not enough to
 generate spillovers. Irish policymakers have recognised this and have
 attempted to shift policy away from a focus purely on attracting FDI
 towards a more sophisticated industrial policy. 
Journal: International Review of Applied Economics 
Pages: 453-467 
Issue: 3 
Volume: 21 
Year: 2007 
Keywords: Ireland, Lisbon, Sapir, industrial policy, policy evaluation, 
X-DOI: 10.1080/02692170701390452 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170701390452
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:21:y:2007:i:3:p:453-467




Template-Type: ReDIF-Article 1.0
Author-Name: Penelope Pacheco-Lopez 
Author-X-Name-First: Penelope 
Author-X-Name-Last: Pacheco-Lopez 
Author-Name: A. P. Thirlwall 
Author-X-Name-First: A. P. 
Author-X-Name-Last: Thirlwall 
Title: Trade Liberalisation and the Trade-Off Between Growth and the Balance of Payments in Latin America 
Abstract:
  The broad purpose of trade liberalisation is to raise the rate of growth
 of countries on a sustainable basis, consistent with the achievement of
 other macroeconomic objectives. In this article we consider whether trade
 liberalisation in 17 countries of Latin America has improved the trade-off
 between gross domestic product (GDP) growth and the trade balance,
 allowing the countries to grow faster without sacrificing foreign
 exchange. We find that in the aftermath of liberalisation, the majority of
 countries did grow faster, but at the expense of a deteriorating trade
 balance. Testing formally for the impact of trade liberalisation in a full
 model of trade balance determination, we find that only in Chile and
 Venezuela has the trade-off unequivocally improved. In other countries
 there has been a significant deterioration or no change. Nine out of the
 17 countries have grown faster post-liberalisation than pre-liberalisation
 but, except for Chile and Venezuela, at the expense of a wider trade or
 current account deficit. 
Journal: International Review of Applied Economics 
Pages: 469-490 
Issue: 4 
Volume: 21 
Year: 2007 
Keywords: Latin America, trade liberalisation, growth, balance of payments, 
X-DOI: 10.1080/02692170701474587 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170701474587
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:21:y:2007:i:4:p:469-490




Template-Type: ReDIF-Article 1.0
Author-Name: Robert A. Blecker 
Author-X-Name-First: Robert A. 
Author-X-Name-Last: Blecker 
Title: The Economic Consequences of Dollar Appreciation for US Manufacturing Investment: A Time-Series Analysis 
Abstract:
  This article analyses the effects of the real value of the dollar on
 investment in US domestic manufacturing using aggregate data for
 1973-2004. Econometric estimation shows a negative effect that is much
 larger than has been found in any previous study. The exchange rate
 affects investment mainly, although not exclusively, through the channel
 of financial or liquidity constraints, rather than by affecting the
 desired stock of capital. Counterfactual simulations show that US
 manufacturing investment would have been 61% higher and the capital stock
 would have been 17% higher in 2004 if the dollar had not appreciated after
 1995. 
Journal: International Review of Applied Economics 
Pages: 491-517 
Issue: 4 
Volume: 21 
Year: 2007 
Keywords: Investment, manufacturing, exchange rate, US dollar, profits, US economy, 
X-DOI: 10.1080/02692170701474595 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170701474595
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:21:y:2007:i:4:p:491-517




Template-Type: ReDIF-Article 1.0
Author-Name: Jose L. Zofio 
Author-X-Name-First: Jose L. 
Author-X-Name-Last: Zofio 
Author-Name: Angel M. Prieto 
Author-X-Name-First: Angel M. 
Author-X-Name-Last: Prieto 
Title: Measuring Productive Efficiency in Input-Output Models by Means of Data Envelopment Analysis 
Abstract:
  The goal of the present research is to evaluate productive efficiency in
 an input-output framework by means of data envelopment analysis (DEA).
 This mathematical programming technique allows researchers to assess
 potential efficiency improvements in the form of input requirements
 reduction. By constructing envelopment unitary isoquants corresponding to
 comparable sectors across different local, regional or national economies,
 e.g. agriculture and manufacturing, DEA identifies as productive
 benchmarks those economies that exhibit the lowest technical coefficients,
 i.e. lowest input amount to produce one unit of output. Once these
 reference frontiers have been defined, it is possible to assess what would
 be the potential efficiency improvements available to the inefficient
 economies if they were to produce according to the best practice
 technologies of their benchmark peers. From an equivalent perspective,
 these simulations identify the necessary changes that each productive
 sector needs to undertake in order to reach the efficiency levels of the
 most successful economies. Finally, within Leontief's analytical
 construction, these calculations allow us to assess what would have been
 the economy-wid,e benefits for the inefficient economies&#x2014;in terms
 of intermediate consumption reductions and final demand
 increases&#x2014;of producing with best practice technologies. The model
 is empirically illustrated using the input-output tables for a set of OECD
 countries. 
Journal: International Review of Applied Economics 
Pages: 519-537 
Issue: 4 
Volume: 21 
Year: 2007 
Keywords: Productive efficiency, input-output tables, data envelopment analysis, 
X-DOI: 10.1080/02692170701189219 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170701189219
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:21:y:2007:i:4:p:519-537




Template-Type: ReDIF-Article 1.0
Author-Name: Mehrene Larudee 
Author-X-Name-First: Mehrene 
Author-X-Name-Last: Larudee 
Title: Causes of Growth and Decline in Mexico's Maquiladora Apparel Sector 
Abstract:
  Under the North American Free Trade Agreement (NAFTA) beginning in 1994,
 the maquiladora sector was the dynamic manufacturing sector in Mexico, and
 its apparel subsector was especially so, more than quadrupling in
 employment from December 1993 to July 2000. Yet NAFTA's influence on
 apparel employment is hard to find in a careful time series econometric
 analysis. Instead, much of employment growth is explained for 1980 to the
 present by changes in US demand as measured by real US gross domestic
 product or by real US apparel spending, by US/Mexico relative labor cost
 as proxied by the real peso-dollar exchange rate, and by the relaxation of
 quotas on US apparel imports from Mexico in 1988-1990. In equations
 including these variables, tests for a structural break at the time of
 NAFTA find an effect which is either insignificant or else quite small and
 in some models negative. Possible explanations for this surprising result
 are discussed, along with the implications for cost-benefit analysis of
 free trade agreements. 
Journal: International Review of Applied Economics 
Pages: 539-559 
Issue: 4 
Volume: 21 
Year: 2007 
Keywords: Employment, exchange rate, apparel, liberalization, NAFTA, quotas, 
X-DOI: 10.1080/02692170701189136 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170701189136
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:21:y:2007:i:4:p:539-559




Template-Type: ReDIF-Article 1.0
Author-Name: Steven Cook 
Author-X-Name-First: Steven 
Author-X-Name-Last: Cook 
Author-Name: Alan Speight 
Author-X-Name-First: Alan 
Author-X-Name-Last: Speight 
Title: Time Irreversibility in Consumers' Expenditure: An Analysis of Disaggregated Data 
Abstract:
  The literature on testing for the presence of cyclical asymmetry in
 consumers' expenditure is extended via the application of tests for time
 irreversibility to UK data subject to a higher degree of disaggregation
 than considered in previous studies. The empirical findings reported
 provide support for a positive relationship between the durability of
 goods and the asymmetric, and specifically time irreversible, behaviour
 they exhibit at a fine level of disaggregation. Further investigation of
 the underlying causes of such time irreversibility exhibit pronounced
 difference according to the degree of durability, in that nonlinearity in
 the underlying data generating process is a prevalent feature of highly
 disaggregated durable good expenditures, but is a less marked feature of
 semi-durable and non-durable expenditures. Prominent among the durable and
 semi-durable good expenditure categories exhibiting such nonlinearities
 are expenditures relating to housing fittings and communication equipment.
 These findings are consistent with threshold effects in inventory control
 as well as the effects of credit rationing, such that these expenditures
 are more likely to be made at times when those constraints are eased by
 income windfalls or by the easing of credit availability, possibly
 associated with mortgage (re-) financing. 
Journal: International Review of Applied Economics 
Pages: 561-575 
Issue: 4 
Volume: 21 
Year: 2007 
Keywords: Time reversibility, time irreversibility, nonlinearity, consumers' expenditure, disaggregated data, 
X-DOI: 10.1080/02692170701189110 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170701189110
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:21:y:2007:i:4:p:561-575




Template-Type: ReDIF-Article 1.0
Author-Name: Arslan Razmi 
Author-X-Name-First: Arslan 
Author-X-Name-Last: Razmi 
Title: The Contractionary Short-Run Effects of Nominal Devaluation in Developing Countries: Some Neglected Nuances 
Abstract:
  This article extends the model developed by Krugman and Taylor (1978) to
 take into account interesting features of the evolving structure of global
 trade. The growing presence of transnational production chains and
 differential pricing behaviour of exports destined for industrial and
 developing countries are accommodated. Individual country and panel data
 pass-through estimates derived from several econometric approaches are
 provided to justify the latter extension. The likelihood of contractionary
 short-run effects of devaluations is shown to be positively related to: 1)
 the proportion of a country's exports destined for other developing
 countries; and 2) the presence of transnational corporations (TNCs) in
 either the export or home goods-producing sector. Unlike the
 Krugman-Taylor case, devaluation will generally have a contractionary
 impact even if: 1) trade is initially balanced; 2) consumption behaviour
 does not differ between wage and profit earners; and 3) the government
 sector has a high marginal propensity to consume in the short run. The
 resulting policy implications underline the need to take into account
 these increasingly important nuances of international trade while
 designing exchange rate policies for developing countries. 
Journal: International Review of Applied Economics 
Pages: 577-602 
Issue: 5 
Volume: 21 
Year: 2007 
Keywords: Differential pass-through elasticities, contractionary devaluations, transnational corporations, error correction models, autoregressive distributed lag models, structuralist models, 
X-DOI: 10.1080/02692170701474611 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170701474611
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:21:y:2007:i:5:p:577-602




Template-Type: ReDIF-Article 1.0
Author-Name: Iris Biefang-Frisancho Mariscal 
Author-X-Name-First: Iris Biefang-Frisancho 
Author-X-Name-Last: Mariscal 
Author-Name: Peter Howells 
Author-X-Name-First: Peter 
Author-X-Name-Last: Howells 
Title: Monetary Policy Transparency in the UK: The Impact of Independence and Inflation Targeting 
Abstract:
  There is a widespread belief that the transparency of UK monetary policy
 has increased substantially as a result of the introduction of inflation
 targeting in 1992 and a number of procedural and institutional reforms
 which accompanied and followed it. Here, money market responses (and other
 data) are used to test the possibility that improved anticipation of
 policy moves may be the result of developments other than the
 institutional reforms popularly cited. We find overwhelming evidence that
 the switch to inflation targeting itself significantly reduced monetary
 policy surprises, while subsequent reforms have contributed little. Where
 we advance substantially on earlier work is to look at the cross-sectional
 dispersion of agents' anticipation. If the benefit of transparency is the
 elimination of policy surprise, there is little benefit if the averagely
 correct anticipations of agents conceal a wide dispersion of view. 
Journal: International Review of Applied Economics 
Pages: 603-617 
Issue: 5 
Volume: 21 
Year: 2007 
Keywords: Monetary policy, central banks, independence, transparency, 
X-DOI: 10.1080/02692170701525966 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170701525966
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:21:y:2007:i:5:p:603-617




Template-Type: ReDIF-Article 1.0
Author-Name: Mark Roberts 
Author-X-Name-First: Mark 
Author-X-Name-Last: Roberts 
Title: The Conditional Convergence Properties of Simple Kaldorian Growth Models 
Abstract:
  Findings of conditional convergence are usually interpreted within a
 neoclassical growth framework. This follows from the methodology of
 testing for conditional convergence, whereby the estimating equation is
 explicitly derived from a neoclassical growth model. Given this explicit
 derivation, findings of conditional convergence might be thought to
 discriminate against alternative approaches to growth in general and the
 Kaldorian approach to growth in particular. This article shows, however,
 that this is not the case. It does so by examining the conditional
 convergence properties of the 'core' model of Kaldorian growth
 theory&#x2014;the Kaldor-Dixon-Thirlwall (KDT) model. In particular, the
 paper demonstrates that this model predicts conditional convergence of a
 qualitatively identical nature to that predicted by the neoclassical
 growth model. A simple extension of the KDT model that is reconciled with
 quantitative estimates of the speed of conditional convergence is also
 presented. 
Journal: International Review of Applied Economics 
Pages: 619-632 
Issue: 5 
Volume: 21 
Year: 2007 
Keywords: growth, convergence, Kaldor, 
X-DOI: 10.1080/02692170701474678 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170701474678
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:21:y:2007:i:5:p:619-632




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Downward 
Author-X-Name-First: Paul 
Author-X-Name-Last: Downward 
Title: Exploring the Economic Choice to Participate in Sport: Results from the 2002 General Household Survey 
Abstract:
  This article explores the decision to participate in sports activities in
 the United Kingdom using a qualitative choice framework. The consistency
 of the results with neoclassical theories of leisure, and heterodox
 economic theory, which embraces a psychological view of decision making
 and structure of demand, is assessed. Finding more support for the latter
 perspective, the implications of this for sports policy are discussed. 
Journal: International Review of Applied Economics 
Pages: 633-653 
Issue: 5 
Volume: 21 
Year: 2007 
Keywords: Sports, participation, choice behaviour, 
X-DOI: 10.1080/02692170701474710 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170701474710
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:21:y:2007:i:5:p:633-653




Template-Type: ReDIF-Article 1.0
Author-Name: Mohammed Yusoff 
Author-X-Name-First: Mohammed 
Author-X-Name-Last: Yusoff 
Title: The Malaysian Real Trade Balance and the Real Exchange Rate 
Abstract:
  The cointegration technique is used to examine the long-run and short-run
 relationships between the real Malaysian trade balance with the real
 exchange rate, domestic and world incomes. The results suggest that a real
 ringgit exchange rate depreciation improves the trade balance in the long
 run. World and domestic incomes are also found to be important
 determinants of trade balance. The significance of world income on trade
 balance indicates that Malaysia is prone to external shocks. An
 error-correction model is then estimated to study the short-run dynamics
 of the effects of exchange rate. The impulse response analysis shows that
 the effect of exchange rate on the trade balance lasts for about three
 years. A devaluation of ringgit will initially improve the trade balance,
 albeit small, after which the trade balance starts to deteriorate, and
 then improves again suggesting that there exists a delayed J-curve. 
Journal: International Review of Applied Economics 
Pages: 655-667 
Issue: 5 
Volume: 21 
Year: 2007 
Keywords: Trade balance, ringgit, real exchange rate, Malaysia, 
X-DOI: 10.1080/02692170701474686 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170701474686
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:21:y:2007:i:5:p:655-667




Template-Type: ReDIF-Article 1.0
Author-Name: Charles Okeahalam 
Author-X-Name-First: Charles 
Author-X-Name-Last: Okeahalam 
Title: Estimating Market Power in the South African Banking Sector 
Abstract:
  Indicators of market power can be ambiguous because cost economies
 associated with scale and not market imperfections may influence results.
 This article illustrates that without direct measures of concentration,
 estimates of costs, scale economies and profitability can be used to
 identify market power in banking. Secondly, via this method, econometric
 estimates provide meaningful evidence of market power in the South African
 banking sector over the study sample period (1979-1998). A reasonable
 conclusion is that while industrial structure is important, careful
 consideration needs to be given to cost economies and profitability when
 assessing market power. In addition, there is a need to consider
 appropriate policy to reduce market power in banking in South Africa. 
Journal: International Review of Applied Economics 
Pages: 669-685 
Issue: 5 
Volume: 21 
Year: 2007 
Keywords: Costs, scale, banks, South Africa, 
X-DOI: 10.1080/02692170701474702 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170701474702
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:21:y:2007:i:5:p:669-685




Template-Type: ReDIF-Article 1.0
Author-Name: Carlos Pestana Barros 
Author-X-Name-First: Carlos Pestana 
Author-X-Name-Last: Barros 
Title: Efficiency in Crime Prevention: A Study of Lisbon's Police Precincts 
Abstract:
  This article analyses the technical efficiency of Lisbon's police
 precincts by evaluating their relative performance. It starts from the
 assumption that there is time-varying efficiency and uses a stochastic
 cost-frontier model to generate efficiency scores. Indeed, this efficiency
 model is thoroughly investigated. However, the results are found to be at
 best mixed, because the model reveals low efficiency and time-unvarying
 scores. To increase efficiency, this article advocates an improvement of
 top management procedures, based on a governance-environment framework. 
Journal: International Review of Applied Economics 
Pages: 687-697 
Issue: 5 
Volume: 21 
Year: 2007 
Keywords: Efficiency, police forces, Cobb-Douglas model, Lisbon precincts, 
X-DOI: 10.1080/02692170701474736 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170701474736
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:21:y:2007:i:5:p:687-697




Template-Type: ReDIF-Article 1.0
Author-Name: John Grieve Smith 
Author-X-Name-First: John Grieve 
Author-X-Name-Last: Smith 
Title: REVIEW ARTICLE 
Abstract:
Journal: International Review of Applied Economics 
Pages: 699-702 
Issue: 5 
Volume: 21 
Year: 2007 
X-DOI: 10.1080/02692170701474751 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170701474751
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:21:y:2007:i:5:p:699-702




Template-Type: ReDIF-Article 1.0
Author-Name: Miguel Ramirez 
Author-X-Name-First: Miguel 
Author-X-Name-Last: Ramirez 
Title: What explains Latin America's poor investment performance during the 1980-2001 period?: a panel unit root analysis 
Abstract:
  This article analyses the theoretical and empirical links between key
 economic variables and private investment spending in Latin America during
 the 1980-2001 period. The Seemingly Unrelated Regression (SUR) estimates
 for the pooled investment model suggest that real (lagged) public
 investment, the output gap, lagged domestic credit to the private sector,
 and the national savings rate have a positive and significant effect on
 private capital formation, while the standard deviation of the real
 exchange rate index has a negative effect on private capital formation. A
 major contribution of the study is the application of recently developed
 panel unit roots test on the stacked residuals of the pooled regressions.
 The tests indicate that the included variables have a stable, non-spurious
 (cointegrated) relationship. All in all, the findings in this article make
 an important contribution to the ongoing debate about which policies need
 to be promoted to raise and sustain the rate of private capital formation
 - Latin America's future source of employment and income creation. 
Journal: International Review of Applied Economics 
Pages: 1-15 
Issue: 1 
Volume: 22 
Year: 2008 
Keywords: cointegration, panel unit root tests, pooled investment model, real devaluation, stabilization policies, SUR estimation, 
X-DOI: 10.1080/02692170701745861 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170701745861
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:22:y:2008:i:1:p:1-15




Template-Type: ReDIF-Article 1.0
Author-Name: Jacques Mazier 
Author-X-Name-First: Jacques 
Author-X-Name-Last: Mazier 
Author-Name: Sophie Saglio 
Author-X-Name-First: Sophie 
Author-X-Name-Last: Saglio 
Title: Interdependency and adjustments in the European Union 
Abstract:
  Since the euro was launched, divergences in European economies'evolutions
 have been more significant than generally expected. The article, based on
 a multinational macroeconomic model describing the interdependence between
 14 European countries, examines the role played by relative-price
 adjustment mechanisms and difficulties inherent in asymmetric evolutions.
 The efficiency of relative-price adjustment mechanisms seems limited and,
 even in the most flexible countries, the return to equilibrium is slow and
 still incomplete after 10 years. Differences in relative-price adjustment
 mechanisms remain a source of asymmetries between member countries.
 Extra-European exchanges have a stabilizing role which is uneven on
 account of trade openness and price elasticities. A decrease of the world
 demand and a depreciation of the euro, still have an important impact with
 significant disparities between countries. Several lessons can be drawn in
 terms of economic policy. A more restrictive European fiscal policy proves
 more costly in the long run in Germany and the Netherlands on account of
 the weakness of price compensation effects. On the contrary, thanks to
 their greater flexibility, the United Kingdom and Sweden can offset an
 initial negative shock more rapidly. The wage dimension in the definition
 of a good European policy mix has also to be examined. 
Journal: International Review of Applied Economics 
Pages: 17-44 
Issue: 1 
Volume: 22 
Year: 2008 
Keywords: Monetary union, asymmetries, prices adjustments, exchange rate, 
X-DOI: 10.1080/02692170701745879 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170701745879
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:22:y:2008:i:1:p:17-44




Template-Type: ReDIF-Article 1.0
Author-Name: Turan Subasat 
Author-X-Name-First: Turan 
Author-X-Name-Last: Subasat 
Title: Do liberal trade policies promote trade openness? 
Abstract:
  Although trade liberalization and trade openness are assumed to be
 strongly associated with each other and often used interchangeably, the
 empirical evidence has not been forthcoming. This article is an attempt to
 fill this gap. By investigating the link between trade openness and trade
 restrictions, it argues that while a negative link between various types
 of trade restrictions and trade openness is evident, the relationship is
 weak, statistically not always significant and there is no clear evidence
 that the removal of trade restrictions (trade-liberalization) invariably
 leads to improved trade openness. 
Journal: International Review of Applied Economics 
Pages: 45-61 
Issue: 1 
Volume: 22 
Year: 2008 
Keywords: Trade policy, openness, liberalization, 
X-DOI: 10.1080/02692170701745887 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170701745887
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:22:y:2008:i:1:p:45-61




Template-Type: ReDIF-Article 1.0
Author-Name: Michael Olive 
Author-X-Name-First: Michael 
Author-X-Name-Last: Olive 
Title: Scale economies with regard to price adjustment costs and the speed of price adjustment in Australian manufacturing 
Abstract:
  This paper aims to examine the impact of firm size, industry
 concentration and the length of production on industry speed of price
 adjustment. To motivate the paper, an industry pricing model in error
 correction form is derived from firm pricing behaviour. As a new
 development, firms are assumed to have price adjustment costs that are a
 function of their size. The empirical model is estimated using two-digit
 Australian manufacturing industry data for the period 1994:3 to 2006:1.
 The results suggest that the industry speed of price adjustment is
 positively related to firm size and negatively related to industry
 concentration and the production lag. Implied values for industry speeds
 of price adjustment are generally small when compared to other country
 industry studies. However, the industry average median lag of 7.1 quarters
 indicates a slightly faster speed of price adjustment than the estimate
 for the Australian consumer price index by Dwyer and Leong (2001). 
Journal: International Review of Applied Economics 
Pages: 63-75 
Issue: 1 
Volume: 22 
Year: 2008 
Keywords: speed of price adjustment, adjustment costs, Australian manufacturing, 
X-DOI: 10.1080/02692170701745895 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170701745895
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:22:y:2008:i:1:p:63-75




Template-Type: ReDIF-Article 1.0
Author-Name: Hiroaki Sasaki 
Author-X-Name-First: Hiroaki 
Author-X-Name-Last: Sasaki 
Title: Classical biased technical change approach and its relevance to reality 
Abstract:
  The purpose of this article is to evaluate empirically the classical
 viability condition for East Asia, Latin America, Sub-Saharan Africa
 1980-1995, and advanced countries 1950-1992. The viability condition is
 proposed by Foley and Michl (1999), and is used for judging empirically
 which approach is more valid, the classical biased technical change
 approach or neoclassical production function approach. Our results
 acknowledge the predominance of the former, which is Foley-Michl's
 contention. However, there remains a disputable interpretation as to the
 case of a declining labour productivity, which is broadly seen in Latin
 America and Sub-Saharan Africa during the period considered. 
Journal: International Review of Applied Economics 
Pages: 77-91 
Issue: 1 
Volume: 22 
Year: 2008 
Keywords: classical biased technical change, viability condition, 
X-DOI: 10.1080/02692170701745903 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170701745903
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:22:y:2008:i:1:p:77-91




Template-Type: ReDIF-Article 1.0
Author-Name: Mohsen Bahmani-Oskooee 
Author-X-Name-First: Mohsen 
Author-X-Name-Last: Bahmani-Oskooee 
Author-Name: Gour Goswami 
Author-X-Name-First: Gour 
Author-X-Name-Last: Goswami 
Author-Name: Bidyut Kumar Talukdar 
Author-X-Name-First: Bidyut Kumar 
Author-X-Name-Last: Talukdar 
Title: The bilateral J-curve: Canada versus her 20 trading partners 
Abstract:
  There is a common belief that currency depreciation worsens the trade
 balance in the short run and improves it in the long run resulting in the
 so called J-curve phenomenon. Early studies employed aggregate data and
 provided mixed results. Recent studies, however, have employed
 disaggregated data to remove any aggregation bias from their analysis. In
 this article we consider the Canadian experience and test the phenomenon
 between Canada and her 20 major trading partners. Using quarterly data and
 the bounds testing approach to cointegration, and error-correction
 modelling we were able to provide support for the J-curve in 11 out of 20
 cases. 
Journal: International Review of Applied Economics 
Pages: 93-104 
Issue: 1 
Volume: 22 
Year: 2008 
Keywords: bilateral J-curve, bounds testing, cointegration, Canada, 
X-DOI: 10.1080/02692170701745952 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170701745952
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:22:y:2008:i:1:p:93-104




Template-Type: ReDIF-Article 1.0
Author-Name: Jay Squalli 
Author-X-Name-First: Jay 
Author-X-Name-Last: Squalli 
Author-Name: Kenneth Wilson 
Author-X-Name-First: Kenneth 
Author-X-Name-Last: Wilson 
Author-Name: Sarah Hugo 
Author-X-Name-First: Sarah 
Author-X-Name-Last: Hugo 
Title: An analysis of growth competitiveness 
Abstract:
  The publication of the Global Competitiveness Report 2005-2006 by the
 World Economic Forum (WEF) (2005) has focused attention once more upon the
 relative abilities of many countries to compete in world markets. This
 article provides an analysis and evaluation of the approach taken by the
 WEF in constructing its measure of international growth competitiveness,
 the Growth Competitiveness Index (GCI) which is used to rank countries. In
 particular, the study identifies three areas where the GCI is vulnerable
 to criticism. First, the treatment of outliers for hard data items is
 ambiguous and we identify alternative methods for dealing with outliers
 that are justifiable or even superior. Second, the crucial role of the
 variable utility patents in the calculation of the GCI is questioned and
 serious doubts concerning the use of this variable are raised. Third, the
 article suggests an alternative approach, based upon structural equation
 modeling, which should be used for the determination of weights in the
 index calculation process, rather than the arbitrary method adopted by the
 WEF. 
Journal: International Review of Applied Economics 
Pages: 105-126 
Issue: 1 
Volume: 22 
Year: 2008 
Keywords: World Economic Forum, Growth Competitiveness Index, structural equation modeling, international growth competitiveness, 
X-DOI: 10.1080/02692170701745978 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170701745978
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:22:y:2008:i:1:p:105-126




Template-Type: ReDIF-Article 1.0
Author-Name: Gerald Epstein 
Author-X-Name-First: Gerald 
Author-X-Name-Last: Epstein 
Author-Name: Erinc Yeldan 
Author-X-Name-First: Erinc 
Author-X-Name-Last: Yeldan 
Title: Inflation Targeting, Employment Creation and Economic Development: Assessing the Impacts and Policy Alternatives 
Abstract:
Journal: International Review of Applied Economics 
Pages: 129-130 
Issue: 2 
Volume: 22 
Year: 2008 
X-DOI: 10.1080/02692170801889676 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170801889676
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:22:y:2008:i:2:p:129-130




Template-Type: ReDIF-Article 1.0
Author-Name: Gerald Epstein 
Author-X-Name-First: Gerald 
Author-X-Name-Last: Epstein 
Author-Name: Erinc Yeldan 
Author-X-Name-First: Erinc 
Author-X-Name-Last: Yeldan 
Title: Inflation targeting, employment creation and economic development: assessing the impacts and policy alternatives 
Abstract:
  Inflation targeting (IT) has recently become the dominant monetary policy
 prescription for both developing and industrialized countries alike.
 Emerging market governments, in particular, are increasingly pressured to
 follow IT as part of their International Monetary Fund (IMF)-led
 stabilization packages and the routine rating procedures of the
 international finance institutions. However, the common expectation of IT
 promoters that price stability would ultimately lead to higher employment
 and sustained growth has failed to materialize. Generally, the current
 growth patterns of the world economy are too concentrated and uneven to
 generate sufficient capital investment and reduce unemployment. To
 contribute to the task of designing a more socially desirable
 macroeconomic policy environment, we offer concrete country case studies
 that devise viable alternatives to inflation targeting central bank
 policies in order to promote employment, sustained growth and improved
 income distribution. 
Journal: International Review of Applied Economics 
Pages: 131-144 
Issue: 2 
Volume: 22 
Year: 2008 
Keywords: inflation targeting, central banks, 
X-DOI: 10.1080/02692170701880601 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170701880601
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:22:y:2008:i:2:p:131-144




Template-Type: ReDIF-Article 1.0
Author-Name: Jose Antonio Cordero 
Author-X-Name-First: Jose Antonio 
Author-X-Name-Last: Cordero 
Title: Economic growth under alternative monetary regimes: inflation targeting vs real exchange rate targeting 
Abstract:
  The main features and implications of a monetary regime based on
 inflation targeting are examined and compared to a system based on real
 exchange rate targeting. The latter is very effective in stimulating
 economic growth, but the 'trilemma' reduces the effectiveness of
 stabilization based on open market operations. Inflation targeting is very
 effective in stabilizing prices but it hurts growth and employment. The
 dynamics of long-run equilibrium is also analyzed for both regimes. 
Journal: International Review of Applied Economics 
Pages: 145-160 
Issue: 2 
Volume: 22 
Year: 2008 
Keywords: inflation targeting, monetary policy, trilemma, growth, 
X-DOI: 10.1080/02692170701880619 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170701880619
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:22:y:2008:i:2:p:145-160




Template-Type: ReDIF-Article 1.0
Author-Name: Arjun Jayadev 
Author-X-Name-First: Arjun 
Author-X-Name-Last: Jayadev 
Title: The class content of preferences towards anti-inflation and anti-unemployment policies 
Abstract:
  This paper assesses class-based preferences towards anti-inflationary and
 anti-unemployment policy. Using a consistent cross-country social survey,
 I find that the working class broadly defined, and those with lower
 occupational skill and status are more likely to prioritize combating
 unemployment rather than inflation. The result that the working class is
 less 'relatively inflation averse' is robust to the inclusion of several
 plausible controls. In addition, I find that those respondents who exhibit
 a broadly pro-business and anti-redistributionary attitude are more
 relatively inflation averse. The finding that inflation and unemployment
 aversion have a distinct class character has implications for current
 debates on the implications of macroeconomic policies such as inflation
 targeting. 
Journal: International Review of Applied Economics 
Pages: 161-172 
Issue: 2 
Volume: 22 
Year: 2008 
Keywords: inflation, unemployment, social surveys, radical political economy, 
X-DOI: 10.1080/02692170701880643 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170701880643
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:22:y:2008:i:2:p:161-172




Template-Type: ReDIF-Article 1.0
Author-Name: Elissa Braunstein 
Author-X-Name-First: Elissa 
Author-X-Name-Last: Braunstein 
Author-Name: James Heintz 
Author-X-Name-First: James 
Author-X-Name-Last: Heintz 
Title: Gender bias and central bank policy: employment and inflation reduction 
Abstract:
  This article considers the employment costs of inflation reduction in
 developing countries from a gender perspective. We explore two broad
 empirical questions: (1) what is the impact of inflation reduction on
 employment, and is the impact different for women and men, and (2) how are
 monetary policy indicators (e.g. real interest rates) connected to
 deflationary episodes and gender-specific employment effects? We find a
 common pattern among countries undergoing what we term contractionary
 inflation reduction, or periods of declining inflation that are
 accompanied by a loss of formal employment. After controlling for
 long-term employment trends, we find that the ratio of women's to men's
 employment tends to decline during these periods in the majority of
 countries examined. During the fewer periods of expansionary inflation
 reduction, however, there are no clear patterns to the relative changes in
 women's and men's employment. Maintaining competitive exchange rates seems
 to counterbalance the gender-biased effects of contractionary inflation
 reduction episodes, however. 
Journal: International Review of Applied Economics 
Pages: 173-186 
Issue: 2 
Volume: 22 
Year: 2008 
Keywords: gender, monetary policy, inflation, employment, Central Banks, 
X-DOI: 10.1080/02692170801889643 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170801889643
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:22:y:2008:i:2:p:173-186




Template-Type: ReDIF-Article 1.0
Author-Name: Nelson Barbosa-Filho 
Author-X-Name-First: Nelson 
Author-X-Name-Last: Barbosa-Filho 
Title: Inflation targeting in Brazil: 1999-2006 
Abstract:
  This paper describes the Brazilian experience with inflation targeting in
 1999-2006. The data presented in the paper show that inflation targeting
 managed to reduce inflation in Brazil after its 1999 and 2002 currency
 crises, with a substantial help of exchange-rate appreciation. The data
 also show that economic growth was slow under inflation targeting than
 during exchange-rate targeting in Brazil, but with a smaller volatility
 and an apparent upward trend during inflation targeting than during
 exchange-rate targeting. The paper also shows that inflation targeting
 reduced the real interest rate of the economy, which nevertheless remained
 well above international standards and more than three times higher than
 the Brazilian gross domestic product growth rate. 
Journal: International Review of Applied Economics 
Pages: 187-200 
Issue: 2 
Volume: 22 
Year: 2008 
Keywords: Brazil, inflation targeting, monetary policy, exchange rate, 
X-DOI: 10.1080/02692170701880684 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170701880684
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:22:y:2008:i:2:p:187-200




Template-Type: ReDIF-Article 1.0
Author-Name: Luis Miguel Galindo 
Author-X-Name-First: Luis Miguel 
Author-X-Name-Last: Galindo 
Author-Name: Jaime Ros 
Author-X-Name-First: Jaime 
Author-X-Name-Last: Ros 
Title: Alternatives to inflation targeting in Mexico 
Abstract:
  The paper addresses Mexico's experience with inflation targeting, which
 became operational in the aftermath of the 1994/95 tequila crisis. Using
 VAR econometrics over the post-1980 time series data, we find that
 monetary policy of the Banco de Mexico was asymmetric with respect to
 exchange rate movements - tightening when exchange rates depreciated, but
 not loosening when exchange rates appreciated. This lent a bias in favor
 of an over-valued exchange rate, leading to contractionary effects on
 output. We propose a more 'neutral' monetary policy so that the central
 bank of Mexico responds symmetrically to real exchange rate movements and
 thereby avoids the bias toward over-valuation. This policy may continue to
 be implemented within the boundaries of inflation targeting wherein the
 central bank would promote a 'stable and competitive' real exchange rate
 by establishing a sliding floor to the exchange rate in order to prevent
 excessive appreciation, but by allowing it to float freely otherwise. 
Journal: International Review of Applied Economics 
Pages: 201-214 
Issue: 2 
Volume: 22 
Year: 2008 
Keywords: monetary policy, inflation, Mexico: central banks, 
X-DOI: 10.1080/02692170701880718 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170701880718
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:22:y:2008:i:2:p:201-214




Template-Type: ReDIF-Article 1.0
Author-Name: Roberto Frenkel 
Author-X-Name-First: Roberto 
Author-X-Name-Last: Frenkel 
Author-Name: Martin Rapetti 
Author-X-Name-First: Martin 
Author-X-Name-Last: Rapetti 
Title: Five years of competitive and stable real exchange rate in Argentina, 2002-2007 
Abstract:
  We argue that the macroeconomic regime focused on the preservation of a
 stable and competitive real exchange rate (SCRER) has been a key factor
 explaining the rapid growth experienced in Argentina during 2002-2007.
 This policy promoted economic growth not only by preserving external and
 fiscal accounts sustainability, but also by providing incentives to the
 tradable sector and thus encouraging the expansion of its production,
 employment and investment. Monetary and exchange rate policies aimed at
 preserving a SCRER collide with conventional wisdom, particularly with the
 open economy trilemma. We argue that the critiques based on the trilemma
 may fail to hold in situations of excess supply of foreign currency and
 analyze the conditions under which the SCRER policy is sustainable. 
Journal: International Review of Applied Economics 
Pages: 215-226 
Issue: 2 
Volume: 22 
Year: 2008 
Keywords: real exchange rate, growth, monetary policy, trilemma, Argentina, 
X-DOI: 10.1080/02692170701880734 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170701880734
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:22:y:2008:i:2:p:215-226




Template-Type: ReDIF-Article 1.0
Author-Name: Cagatay Telli 
Author-X-Name-First: Cagatay 
Author-X-Name-Last: Telli 
Author-Name: Ebru Voyvoda 
Author-X-Name-First: Ebru 
Author-X-Name-Last: Voyvoda 
Author-Name: Erinc Yeldan 
Author-X-Name-First: Erinc 
Author-X-Name-Last: Yeldan 
Title: Macroeconomics of twin-targeting in Turkey: analytics of a financial computable general equilibrium model 
Abstract:
  The paper provides an overview of the post-1998 Turkish economy and
 constructs a macroeconomic computable general equilibrium (CGE) model to
 illustrate the real and financial sectoral adjustments of the Turkish
 economy under the conditionalities of the 'twin targets': on primary
 surplus to gross national product (GNP) ratio and on the inflation rate.
 We further utilize the model to study three sets of issues: (i) the
 critical role of the expanded foreign capital inflows in resolving the
 macroeconomic impasse between the disinflation motives of the central bank
 and imperatives of debt sustainability and fiscal credibility of the
 ministry of finance; (ii) reduction of the central bank's interest rates,
 and (iii) a labor market reform of reducing payroll taxes. Our simulation
 results suggest that the current monetary strategy, which involves a heavy
 reliance on foreign capital inflows along with a relatively high real rate
 of interest, is effective in bringing inflation down; yet it suffers from
 increased cost of interest burden to the public sector, and strains fiscal
 credibility. In contrast, given the ex ante constraints of the domestic
 economy in the short run, an alternative heterodox policy of reduction of
 the central bank interest rate and lowering of the payroll tax burden in
 labor markets indicate strong employment and growth effects along with
 strengthened fiscal credibility. 
Journal: International Review of Applied Economics 
Pages: 227-242 
Issue: 2 
Volume: 22 
Year: 2008 
Keywords: twin-targeting, CGE, inflation, central banks, 
X-DOI: 10.1080/02692170701880767 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170701880767
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:22:y:2008:i:2:p:227-242




Template-Type: ReDIF-Article 1.0
Author-Name: Gerald Epstein 
Author-X-Name-First: Gerald 
Author-X-Name-Last: Epstein 
Title: An employment targeting framework for central bank policy in South Africa 
Abstract:
  This paper presents an employment targeting (ET) framework as an
 alternative to an inflation targeting monetary policy framework for South
 Africa. The framework incorporates some of the advantages normally claimed
 for a targeting framework - namely, enhancing transparency and
 accountability - while focusing the goals of monetary policy more directly
 on critical macroeconomic problems facing the South African economy,
 namely, employment, subject, of course, to an inflation constraint.
 Re-orienting monetary policy toward generating employment will require
 that monetary policy re-develop and utilize a multiplicity of monetary
 policy and credit tools, including tools for credit allocation and capital
 management. The paper presents a VAR based simulation model for South
 Africa that shows that more expansionary monetary policy can contribute to
 faster economic growth without seriously exacerbating inflation or
 exchange rate instability. 
Journal: International Review of Applied Economics 
Pages: 243-258 
Issue: 2 
Volume: 22 
Year: 2008 
Keywords: monetary policy, inflation, employment, Central Banks, South Africa, 
X-DOI: 10.1080/02692170701880775 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170701880775
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:22:y:2008:i:2:p:243-258




Template-Type: ReDIF-Article 1.0
Author-Name: Raghbendra Jha 
Author-X-Name-First: Raghbendra 
Author-X-Name-Last: Jha 
Title: Inflation targeting in India: issues and prospects 
Abstract:
  This paper evaluates the case for inflation targeting (IT) in India. It
 states the objectives of monetary policy in India and argues that, with
 widespread poverty still present, inflation control cannot be an exclusive
 concern of monetary policy. The rationale for IT is spelt out and found to
 be incomplete. The paper provides some evidence on the effects of IT in
 developed and transition economies and argues that although IT may have
 been responsible for maintaining a low inflation regime, it has not
 brought down the inflation rate itself substantially and or changed the
 volatility of the exchange rate. Output movements in transition countries
 adopting IT have been higher than in developed market economies. I discuss
 India's experience with using nominal targets for monetary policy and why
 India is not ready for IT. Further, even if India's central bank wanted
 to, it could not pursue IT because the short-term interest rate does not
 have a significant effect on inflation. The paper concludes by listing
 monetary policy options for India. 
Journal: International Review of Applied Economics 
Pages: 259-270 
Issue: 2 
Volume: 22 
Year: 2008 
Keywords: inflation targeting, economic growth, India, 
X-DOI: 10.1080/02692170701880783 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170701880783
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:22:y:2008:i:2:p:259-270




Template-Type: ReDIF-Article 1.0
Author-Name: Joseph Lim 
Author-X-Name-First: Joseph 
Author-X-Name-Last: Lim 
Title: Central banking in the Philippines: from inflation targeting to financing development 
Abstract:
  The Philippines' shift in monetary policy from 'monetary targeting' in
 the 1980s and 1990s to 'inflation targeting' (IT) in 2002 has so far
 brought in a more 'benign' monetary policy that is more sensitive to
 output objectives. This result is mainly due to low inflation rates in the
 Philippines following the downward trend of world inflation in recent
 years. Whether this 'benign' policy will continue faces a critical test if
 inflationary pressures were to return. The problem is that both the
 monetary and IT regimes are based on a demand explanation of inflation
 that blames inflation on overexpansion of money and credit. The evidence
 for the Philippines shows the inflation experience had been mostly a
 supply-led and cost-push phenomenon. The paper documents that, even with a
 lax monetary policy, the macroeconomy is still not able to adequately
 increase lending to the private sector amid fiscal difficulties; this
 contributes to lagging investment and employment creation. Monetary policy
 is not independent from the other macro sectors as well as the real and
 external sectors of the economy. This paper therefore proposes alternative
 monetary policies to IT that take into consideration the bigger and more
 complex role of monetary policy in an economy that requires a more
 development-promoting program. 
Journal: International Review of Applied Economics 
Pages: 271-285 
Issue: 2 
Volume: 22 
Year: 2008 
Keywords: Philippines, monetary policy, inflation, central bank, 
X-DOI: 10.1080/02692170701880791 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170701880791
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:22:y:2008:i:2:p:271-285




Template-Type: ReDIF-Article 1.0
Author-Name: Jens Kruger 
Author-X-Name-First: Jens 
Author-X-Name-Last: Kruger 
Title: Capacity utilization and technology shocks in the US manufacturing sector 
Abstract:
  The ability of real business cycle models to generate reasonable
 aggregate fluctuations depends on the time series properties of technology
 shocks measured by the change of total factor productivity. Three
 specifications of a non-parametric productivity analysis which correct to
 different degrees for variations of capacity utilization are compared in
 this article using data for three- and four-digit US manufacturing
 industries during the years 1958-1996. The results show that correcting
 for utilization generally leads to substantially smaller technology shocks
 that are less strongly correlated with growth of output and hours.
 Moreover, the probability of technological regress is considerably lower
 after the correction. 
Journal: International Review of Applied Economics 
Pages: 287-298 
Issue: 3 
Volume: 22 
Year: 2008 
Keywords: technology shocks, business cycles, non-parametric productivity measurement, 
X-DOI: 10.1080/02692170802003368 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170802003368
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:22:y:2008:i:3:p:287-298




Template-Type: ReDIF-Article 1.0
Author-Name: N. Bauduin 
Author-X-Name-First: N. 
Author-X-Name-Last: Bauduin 
Author-Name: N. Chusseau 
Author-X-Name-First: N. 
Author-X-Name-Last: Chusseau 
Author-Name: J. Hellier 
Author-X-Name-First: J. 
Author-X-Name-Last: Hellier 
Title: Combining minimum wage and exchange rate policy to release the external constraint on growth 
Abstract:
  In this article we analyse the combination of a minimum wage and a
 devaluation/depreciation so as to release the external constraint on
 growth. The policy maker aims at achieving both balanced trade and higher
 growth. These may be reached by devaluating the domestic currency, which
 however supports traditional industries characterized by high price
 elasticity and low income elasticity of demand. The release of the
 external constraint in the short term then yields a stronger constraint in
 the longer term. If traditional industries are unskilled and
 labour-intensive, the setting of a minimum wage distorts the
 specialization towards sectors with high demand growth.
 Devaluation/depreciation and minimum wage may thus be combined to release
 both the short term and longer term external constraint. We determine the
 condition for such a policy to be efficient. This combined policy must
 come with an educational policy that supports skill upgrading. It is
 typically tailored to 'advanced emerging countries' which aim at changing
 their specialization without slowing their growth. 
Journal: International Review of Applied Economics 
Pages: 299-320 
Issue: 3 
Volume: 22 
Year: 2008 
Keywords: devaluation, external constraint, growth, minimum wage, 
X-DOI: 10.1080/02692170802003475 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170802003475
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:22:y:2008:i:3:p:299-320




Template-Type: ReDIF-Article 1.0
Author-Name: Ralitza Dimova 
Author-X-Name-First: Ralitza 
Author-X-Name-Last: Dimova 
Title: The impact of labour reallocation and competitive pressure on TFP growth: firm-level evidence from crisis and transition ridden Bulgaria 
Abstract:
  This article uses the experiment of a macro-financial crisis and radical
 liberalization in Bulgaria to explore the impact of labour reallocation
 and competitive pressure on Total Factor Productivity (TFP) growth in the
 manufacturing sector. Our results indicate that labour reallocated from
 less efficient to more efficient firms in virtually all industries but the
 influence of other within industry characteristics on TFP growth was
 significantly higher than the impact of between industry characteristics.
 Furthermore, while increased competitive pressure had a positive impact on
 TFP growth among relative laggards in the respective industries, this
 impact was more than overwhelmed by the inability of industrial leaders to
 leapfrog their competitors. This result is inconsistent with evidence from
 developed industrialized economies, but similar to that of less developed
 countries marked by credit crunch and institutional failure. It has
 potentially important policy implications. 
Journal: International Review of Applied Economics 
Pages: 321-338 
Issue: 3 
Volume: 22 
Year: 2008 
Keywords: Total factor productivity, employment turnover, competitive pressure, technological frontier, Bulgaria, Europe, 
X-DOI: 10.1080/02692170802003624 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170802003624
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:22:y:2008:i:3:p:321-338




Template-Type: ReDIF-Article 1.0
Author-Name: Shahrukh Rafi Khan 
Author-X-Name-First: Shahrukh Rafi 
Author-X-Name-Last: Khan 
Author-Name: Sajid Kazmi 
Author-X-Name-First: Sajid 
Author-X-Name-Last: Kazmi 
Title: Value chains in the informal sector: income shares of home-based subcontracted workers in Pakistan 
Abstract:
  This article attempts to contribute to the literature by carefully
 documenting home-based work in four sectors in Pakistan in a value chain
 context. We attempt to isolate and compare the unit remuneration of
 workers relative to unit value added at the lowest tier of the chain as a
 measure of income share. These income shares are not adequate to move
 home-based workers above the poverty line. 
Journal: International Review of Applied Economics 
Pages: 339-352 
Issue: 3 
Volume: 22 
Year: 2008 
Keywords: value chains, gender, home-based workers, Pakistan, 
X-DOI: 10.1080/02692170802003681 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170802003681
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:22:y:2008:i:3:p:339-352




Template-Type: ReDIF-Article 1.0
Author-Name: Maria Fraga 
Author-X-Name-First: Maria 
Author-X-Name-Last: Fraga 
Author-Name: O. Martins 
Author-X-Name-First: O. 
Author-X-Name-Last: Martins 
Author-Name: Paulo Anciaes 
Author-X-Name-First: Paulo 
Author-X-Name-Last: Anciaes 
Title: Patterns of innovation diffusion and technological competition in Portuguese manufacturing and service industries 
Abstract:
  This article uses data from the Portuguese Community Innovation Survey
 (CIS III) to analyse the inter-industry heterogeneity in the diffusion of
 innovations and level of technological competition in Portuguese
 manufacturing and service industries. The industries are classified with
 reference to the relationship between the level of participation in
 innovation and the strategies of innovative firms. Methods of multivariate
 statistics are used to synthesize the data and to group the observations
 into subsets. Four distinctive innovation patterns are identified, defined
 along the following dimensions: output-orientation of innovation,
 importance of disembodied innovation, role of technologically advanced
 innovation and level of innovation opportunities. It is also found that
 high levels of technological competition tend to occur in sectors with
 relatively low dimension, productivity and overall investment. 
Journal: International Review of Applied Economics 
Pages: 353-372 
Issue: 3 
Volume: 22 
Year: 2008 
Keywords: innovation patterns, innovation diffusion, technological competition, CIS, 
X-DOI: 10.1080/02692170802005371 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170802005371
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:22:y:2008:i:3:p:353-372




Template-Type: ReDIF-Article 1.0
Author-Name: Damian Ward 
Author-X-Name-First: Damian 
Author-X-Name-Last: Ward 
Title: An assessment of mortgage interest inflation measurement bias in the UK 
Abstract:
  This article recognizes the highly differentiated nature of UK mortgages.
 Applying hedonic pricing models in the generation of interest quality
 adjusted indices this study would suggest the need for a 0.24 percentage
 point increase in the retail price index (RPI) (which, at an average RPI
 of 3%, represents a measurement error of 9%). Moreover, this study finds
 that lenders tend to restrain increases in observable initial interest
 rates, but more than recoup this restraint through quality adjustments.
 These findings question the practice of removing mortgage interest
 repayments from macroeconomic inflationary target measures. This indicates
 the need to recognize the indirect inflationary impact of base rate rises
 on the price of highly differentiated debt based products. 
Journal: International Review of Applied Economics 
Pages: 373-386 
Issue: 3 
Volume: 22 
Year: 2008 
Keywords: hedonic pricing, mortgage products, inflation measurement, UK, 
X-DOI: 10.1080/02692170802005405 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170802005405
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:22:y:2008:i:3:p:373-386




Template-Type: ReDIF-Article 1.0
Author-Name: Grazia Ietto-Gillies 
Author-X-Name-First: Grazia 
Author-X-Name-Last: Ietto-Gillies 
Title: On quasi-markets and privatizations in public services 
Abstract:
Journal: International Review of Applied Economics 
Pages: 387-395 
Issue: 3 
Volume: 22 
Year: 2008 
X-DOI: 10.1080/02692170802005413 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170802005413
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:22:y:2008:i:3:p:387-395




Template-Type: ReDIF-Article 1.0
Author-Name: Michael Dietrich 
Author-X-Name-First: Michael 
Author-X-Name-Last: Dietrich 
Author-Name: Jackie Krafft 
Author-X-Name-First: Jackie 
Author-X-Name-Last: Krafft 
Author-Name: Jacques-Laurent Ravix 
Author-X-Name-First: Jacques-Laurent 
Author-X-Name-Last: Ravix 
Title: The governance and regulation of the firm 
Abstract:
Journal: International Review of Applied Economics 
Pages: 397-405 
Issue: 4 
Volume: 22 
Year: 2008 
X-DOI: 10.1080/02692170802137521 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170802137521
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:22:y:2008:i:4:p:397-405




Template-Type: ReDIF-Article 1.0
Author-Name: Michel Aglietta 
Author-X-Name-First: Michel 
Author-X-Name-Last: Aglietta 
Title: Corporate governance and the long-run investor 
Abstract:
  This paper lays out prolegomena for an alternative to shareholder theory.
 It links the corporation as the owner of the firm, a team theory of the
 firm that defines corporate governance as a co-ordination game and the
 crucial role of the Board of Directors as an integrator of stakeholders'
 interests. The spur of intangible assets as sources of value creation has
 enhanced the diversity of claimants on the firm's value. The paper shows
 that the co-ordination game has multiple stable solutions, leading to
 diverse modes of governance. The Stock market cannot pick up one-best-way.
 The outcome of the game depends on the power structure within
 corporations, which in turn is linked to the dominant pattern in the
 financial system. The second section of the paper emphasizes the upcoming
 preponderance of long-run institutional investors, who can be considered
 as universal owners. Their strategic asset allocation induces them to
 maximize total long-run value of all the firms in the whole economy, to
 integrate extra-financial risks associated with intangible assets and with
 long-run liabilities and to use voice rather than exit in corporate
 governance. The paper suggests how the activism of those investors can
 introduce checks and balances in the corporate power structure. 
Journal: International Review of Applied Economics 
Pages: 407-427 
Issue: 4 
Volume: 22 
Year: 2008 
Keywords: intangible assets, universal owners, mean reverting force, shareholder activism, 
X-DOI: 10.1080/02692170802137497 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170802137497
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:22:y:2008:i:4:p:407-427




Template-Type: ReDIF-Article 1.0
Author-Name: Blanche Segrestin 
Author-X-Name-First: Blanche 
Author-X-Name-Last: Segrestin 
Author-Name: Armand Hatchuel 
Author-X-Name-First: Armand 
Author-X-Name-Last: Hatchuel 
Title: The shortcomings of the corporate standard: towards new enterprise frameworks? 
Abstract:
  As corporate governance is more driven by shareholder-oriented
 principles, managers are expected to adopt new attitudes and to be more
 accountable to shareholders in terms of their strategies and decisions.
 Yet, when governance is seen primarily as a 'corporate matter', it
 exclusively concerns the coalition of shareholders. This convergence
 towards the model of the public corporation raises major questions as it
 leaves aside collective activities and their value creation processes.
 Coordination, capabilities development and innovation are omitted in the
 prevalent representation of the corporation. This omission is symptomatic
 of the confusion between the legal corporate model and the actual
 activities of the firm. In their own ways, both shareholders' and
 stakeholders' approaches of the firm refer to the legal framework of the
 public corporation. This article argues that the concept of the firm
 should be distinguished from its corporate forms. Going back to the basic
 nature of the firm, it suggests that a firm is a collective endeavour
 whose activities are directed by management to create new potentials. By
 challenging the public corporation as a relevant model for the governance
 of the firm, it indicates new possible and pluralist norms of governance. 
Journal: International Review of Applied Economics 
Pages: 429-445 
Issue: 4 
Volume: 22 
Year: 2008 
Keywords: enterprise, governance, corporation, corporate law, stakeholder, shareholder, management, 
X-DOI: 10.1080/02692170802137547 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170802137547
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:22:y:2008:i:4:p:429-445




Template-Type: ReDIF-Article 1.0
Author-Name: Cecile Cezanne-Sintes 
Author-X-Name-First: Cecile 
Author-X-Name-Last: Cezanne-Sintes 
Title: Modern corporate changes: reinstating the link between the nature, boundaries and governance of the firm 
Abstract:
  The theory of the firm and corporate governance are two fields of
 analysis traditionally tackled separately in the economic literature. This
 paper seeks to rediscover the link between the nature, boundaries and
 governance of the firm on the basis of changes in corporate industrial
 firms. We advance the argument that, to understand the human
 capital-intensive firm, this analytical interconnection should be
 restored. On the basis of critical resource theory, we present an
 innovative vision of the nature, boundaries and governance of firms whose
 productive activity is built around its key partners' human capital. The
 organisational mode of governance has changed, linked to a renewed
 conception of the firm. What we term the 'multi-resources' model of
 governance of the firm depends on an original representation of the
 structure, organisation and power relationships of modern firms, whose
 value arises from the accumulation of specific human capital.
 Consequently, the multi-resources model involves hybrid governance
 instrument in order to protect the integrity of the human
 capital-intensive firm. 
Journal: International Review of Applied Economics 
Pages: 447-461 
Issue: 4 
Volume: 22 
Year: 2008 
Keywords: human capital, nature and boundaries of the firm, corporate governance, critical resource theory, 
X-DOI: 10.1080/02692170802137596 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170802137596
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:22:y:2008:i:4:p:447-461




Template-Type: ReDIF-Article 1.0
Author-Name: Jacques-Laurent Ravix 
Author-X-Name-First: Jacques-Laurent 
Author-X-Name-Last: Ravix 
Title: Nature and governance of the firm: in search of an integrated perspective 
Abstract:
  In this paper we argue that in order to analyse firm governance we need
 to reappraise the nature of the firm. Based on Austrian and Marshallian
 categories we consider the firm as a processor of production and
 knowledge, whose governance is implemented through the cooperative actions
 of stakeholders involved in a collective learning process. This
 interpretation conflicts with models of corporate governance based on
 shareholder-value principles. 
Journal: International Review of Applied Economics 
Pages: 463-478 
Issue: 4 
Volume: 22 
Year: 2008 
Keywords: nature of the firm, governance of the firm, processor of production and knowledge, stakeholders, shareholders, collective learning processes, 
X-DOI: 10.1080/02692170802137620 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170802137620
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:22:y:2008:i:4:p:463-478




Template-Type: ReDIF-Article 1.0
Author-Name: Cristiano Antonelli 
Author-X-Name-First: Cristiano 
Author-X-Name-Last: Antonelli 
Author-Name: Pier Paolo Patrucco 
Author-X-Name-First: Pier Paolo 
Author-X-Name-Last: Patrucco 
Author-Name: Francesco Quatraro 
Author-X-Name-First: Francesco 
Author-X-Name-Last: Quatraro 
Title: The governance of localized knowledge externalities 
Abstract:
  This paper articulates the hypothesis that there is an optimal size of
 knowledge pools. Too little a density of innovation activities reduces the
 accessibility of external knowledge. Too large a density enhances
 congestion and reduces appropriateness. Firms can benefit from actual
 increasing returns stemming from the indivisibility, replicability and
 non-exhaustibility of knowledge only when the size of innovation networks
 is comprised between the two extremes. The empirical evidence confirms
 that the output elasticity of knowledge, included in a typical Griliches
 production function, is itself a quadratic function of the size of
 innovation networks. Knowledge externalities do trigger increasing returns
 that are external to each firm, only within a well defined interval.
 Knowledge externalities are a property of the system into which firms are
 embedded. As such they are endogenous to the system and likely to exhibit
 specific properties related to the changing characteristics of the system
 itself. The quality of knowledge governance mechanisms in place plays a
 key role in assessing the actual size of the net positive effects of
 knowledge externalities. 
Journal: International Review of Applied Economics 
Pages: 479-498 
Issue: 4 
Volume: 22 
Year: 2008 
Keywords: knowledge externalities, localized increasing returns, knowledge governance, 
X-DOI: 10.1080/02692170802137661 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170802137661
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:22:y:2008:i:4:p:479-498




Template-Type: ReDIF-Article 1.0
Author-Name: Albert Jolink 
Author-X-Name-First: Albert 
Author-X-Name-Last: Jolink 
Author-Name: Eva Niesten 
Author-X-Name-First: Eva 
Author-X-Name-Last: Niesten 
Title: Governance transformations through regulations in the electricity sector: the Dutch case 
Abstract:
  The liberalization and re-regulation of the European electricity
 industries have been driven by the European Commission's attempt to create
 one internal competitive electricity market. The European electricity
 directives require the vertical separation of the European electricity
 firms to enable the introduction of market forms of governance.
 Transaction cost economics argues for the efficiency of vertical
 integration in this industry on the basis of the attributes of the
 transactions that are characterized by a great degree of asset-specificity
 and uncertainty. This paper poses the questions whether regulation has led
 to the prospected outcome of governance transformations to the market and
 whether and how the attributes of transactions adapt to the altered forms
 of governance. We answer these questions by analyzing the empirics of the
 Dutch electricity industry. We found that the market forms of governance
 did not emerge, the attributes of the transactions are relatively inert
 and that regulation at most has led to second-best governance solutions. 
Journal: International Review of Applied Economics 
Pages: 499-508 
Issue: 4 
Volume: 22 
Year: 2008 
Keywords: regulation, transaction cost economics, liberalization, electricity industries, 
X-DOI: 10.1080/02692170802137695 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170802137695
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:22:y:2008:i:4:p:499-508




Template-Type: ReDIF-Article 1.0
Author-Name: Elizabeth Spencer 
Author-X-Name-First: Elizabeth 
Author-X-Name-Last: Spencer 
Title: Conditions for effective disclosure in the regulation of franchising 
Abstract:
  This paper outlines the use of disclosure in the regulation of the
 franchise sector in Australia, demonstrating that it does not meet
 conditions considered necessary for effective informational regulation.
 First, there is not enough reliable information to gauge the risks in
 informing the design of regulatory process and the choice of tools;
 second, the information in the disclosure document is not uniformly
 reliable, accessible and useable; and, third, a franchisee's ability to
 act on the information is limited because the franchise contract is not
 subject to negotiation and there are limited alternatives in the market.
 As potential solutions, this paper proposes that increased cooperation
 among and fuller representation of stakeholders, better information from
 dispute resolution processes, and registration of disclosure would improve
 the level of information about the sector generally. To ensure reliable,
 accessible and useable information, the information that is required to be
 disclosed should be identified by all stakeholders, with assurance that it
 is provided in an accessible, useable way. Finally, educational
 initiatives are needed to enhance franchisees' ability to act on the
 information. This paper also briefly surveys some other regulatory tools
 used in the regulation of franchising, but urges that these tools be
 selected as part of a democratic and participative regulatory process that
 accurately represents the interests of all stakeholders. 
Journal: International Review of Applied Economics 
Pages: 509-525 
Issue: 4 
Volume: 22 
Year: 2008 
Keywords: franchising, regulation of franchising, regulatory theory, regulatory process, regulatory tools, standard form contract, relational contract, informational regulation, disclosure, consumer law, consumer protection, 
X-DOI: 10.1080/02692170802138289 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170802138289
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:22:y:2008:i:4:p:509-525




Template-Type: ReDIF-Article 1.0
Author-Name: Servaas Storm 
Author-X-Name-First: Servaas 
Author-X-Name-Last: Storm 
Author-Name: C. W. M. Naastepad 
Author-X-Name-First: C. W. M. 
Author-X-Name-Last: Naastepad 
Title: The NAIRU reconsidered: why labour market deregulation may raise unemployment 
Abstract:
  According to the mainstream theory of equilibrium unemployment,
 persistent unemployment is caused mainly by 'excessive' labour market
 regulation, whereas aggregate demand, capital accumulation and
 technological progress have no lasting effect on unemployment. We show
 that the mainstream non-accelerating inflation rate of unemployment
 (NAIRU) model is a special case of a general model of equilibrium
 unemployment, in which aggregate demand, investment and endogenous
 technological progress do have long-term effects. It follows that labour
 market deregulation does not necessarily reduce steady-inflation
 unemployment. Theoretically, if the decline in real wage growth claims
 owing to deregulation is smaller than the ensuing decline in labour
 productivity growth and in the warranted real wage growth, then in that
 case steady-inflation unemployment may increase. Empirical evidence for 20
 Organisation for Economic Cooperation and Development (OECD) countries
 (1984-1997) indicates that the impact of labour market deregulation on
 OECD unemployment is zero, and possibly negative (causing a higher rate of
 unemployment). 
Journal: International Review of Applied Economics 
Pages: 527-544 
Issue: 5 
Volume: 22 
Year: 2008 
Keywords: demand-led growth, equilibrium unemployment, NAIRU, endogenous technological progress, Kaldor-Verdoorn relation, 
X-DOI: 10.1080/02692170802287490 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170802287490
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:22:y:2008:i:5:p:527-544




Template-Type: ReDIF-Article 1.0
Author-Name: Fiona MacPhail 
Author-X-Name-First: Fiona 
Author-X-Name-Last: MacPhail 
Author-Name: Paul Bowles 
Author-X-Name-First: Paul 
Author-X-Name-Last: Bowles 
Title: Temporary work and neoliberal government policy: evidence from British Columbia, Canada 
Abstract:
  We examine the impact of government policy on the incidence of temporary
 work by analysing the case of British Columbia (BC), Canada. The analysis
 is based upon the Canadian Labour Force Survey 1997-2004; temporary work
 is defined as work that is not expected to last for more than 6 months and
 includes seasonal, fixed-term, casual, and temporary help agency work. A
 case study of BC provides a valuable opportunity to assess the impacts of
 neoliberal government policy, designed to increase labour market
 flexibility, on the extent of temporary work because we are able to
 compare labour market trends in BC both before and after the reforms
 introduced in 2001 and to compare BC with other provinces in Canada that
 were not subject to such large changes in their policy environments. We
 find that the shift to neoliberal policies in BC led to significant
 increases in the likelihood of workers finding themselves in temporary
 employment. We also find that the likelihood of being a temporary worker
 in BC in the post-policy change period increases relative to all other
 provinces over the same period. Taken together, these results indicate
 that government policy is a key determinant of the level of temporary
 work. As such, the level of temporary work should be seen as a
 policy-sensitive variable, rather than as a phenomenon determined solely
 by the exogenous forces of globalization and technological change. 
Journal: International Review of Applied Economics 
Pages: 545-563 
Issue: 5 
Volume: 22 
Year: 2008 
Keywords: temporary work, flexibility, labour markets, neoliberalism, government policy, 
X-DOI: 10.1080/02692170802287524 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170802287524
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:22:y:2008:i:5:p:545-563




Template-Type: ReDIF-Article 1.0
Author-Name: Fabrizio Ferretti 
Author-X-Name-First: Fabrizio 
Author-X-Name-Last: Ferretti 
Title: Patterns of technical change: a geometrical analysis using the wage-profit rate schedule 
Abstract:
  In this paper we examine some basic stylized facts of economic growth
 according to the modern restatement of the classical theory of income
 distribution. In particular, we make use of a wage-profit frontier in
 order to explore the patterns of technical change experienced by a set of
 18 industrialized economies, during the last 40 years. Our main purpose is
 to document the evolution of technical change. Using empirical evidence
 from the Italian industry, we also make an attempt to provide an
 explanation to data from a classical perspective, alternative to the
 standard approach founded on the aggregate production function. 
Journal: International Review of Applied Economics 
Pages: 565-583 
Issue: 5 
Volume: 22 
Year: 2008 
Keywords: fossil production function, Marx-biased technical change, wage-profit rate schedule, 
X-DOI: 10.1080/02692170802287581 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170802287581
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:22:y:2008:i:5:p:565-583




Template-Type: ReDIF-Article 1.0
Author-Name: Anu Tokila 
Author-X-Name-First: Anu 
Author-X-Name-Last: Tokila 
Author-Name: Mika Haapanen 
Author-X-Name-First: Mika 
Author-X-Name-Last: Haapanen 
Author-Name: Jari Ritsila 
Author-X-Name-First: Jari 
Author-X-Name-Last: Ritsila 
Title: Evaluation of investment subsidies: when is deadweight zero? 
Abstract:
  In the evaluation of investment subsidies one of the critical issues
 concerns the assessment of deadweight, that is, the degree to which
 projects would have been carried out without grant assistance. With the
 increasing restrictions on and cuts in subsidies for investment projects
 in the EU countries maximisation of the impact of the public resources
 that remain can be achieved through their allocation for projects with
 minimum deadweight. This paper studies the profile of subsidised zero
 deadweight investment projects - projects that would be abandoned without
 public subsidies - in Finland. The empirical analysis is conducted using
 micro level data on investment projects by private sector firms. The data
 set comprises 3,423 projects that were granted public investment subsidies
 between 2001 and 2003. Our results show that the likelihood of zero
 deadweight is significantly dependent on the characteristics of the
 subsidised firm, the characteristics of the investment project and the
 location of the subsidised firm. 
Journal: International Review of Applied Economics 
Pages: 585-600 
Issue: 5 
Volume: 22 
Year: 2008 
Keywords: Investment subsidies, deadweight effect, investment projects, public policy, regional policy, 
X-DOI: 10.1080/02692170802287631 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170802287631
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:22:y:2008:i:5:p:585-600




Template-Type: ReDIF-Article 1.0
Author-Name: Jean-Jacques Durand 
Author-X-Name-First: Jean-Jacques 
Author-X-Name-Last: Durand 
Author-Name: Marilyne Huchet-Bourdon 
Author-X-Name-First: Marilyne 
Author-X-Name-Last: Huchet-Bourdon 
Author-Name: Julien Licheron 
Author-X-Name-First: Julien 
Author-X-Name-Last: Licheron 
Title: Sacrifice ratio dispersion within the Euro Zone: what can be learned about implementing a single monetary policy? 
Abstract:
  This article focuses on the comparison of sacrifice ratios as an
 indicator for structural dispersion within the euro area over the period
 1972-2003. Estimates of the sacrifice ratio, defined as the cumulative
 output cost arising from permanent inflation reduction, are obtained using
 structural VAR models. Results from sub-period analysis as well as
 10-year-period rolling estimates lead to two main conclusions. First,
 empirical evidence displays a recent increase in the average sacrifice
 ratio, which can be linked to the simultaneous decrease in the average
 inflation rate: this negative relationship between the initial level of
 inflation and the cost of disinflation can be seen as a justification for
 the choice of an inflation objective close to 2% for the European Central
 Bank (ECB) rather than a target of perfect price stability, potentially
 very damaging. Second, we cannot provide evidence of any reduction in
 European sacrifice ratio dispersion, which would suggest that the nominal
 convergence triggered by the Maastricht Treaty did not involve a true
 reduction of structural differences. It is likely to be a problem in the
 stance of a single monetary policy, because structural differences imply
 asymmetric responses of real national economies to the same monetary
 impulse. 
Journal: International Review of Applied Economics 
Pages: 601-621 
Issue: 5 
Volume: 22 
Year: 2008 
Keywords: sacrifice ratio, monetary policy, convergence, Economic and Monetary Union (EMU), 
X-DOI: 10.1080/02692170802287672 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170802287672
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:22:y:2008:i:5:p:601-621




Template-Type: ReDIF-Article 1.0
Author-Name: Lukasz Rawdanowicz 
Author-X-Name-First: Lukasz 
Author-X-Name-Last: Rawdanowicz 
Title: The enlargement of the euro area: differences in relative inflation 
Abstract:
  This paper investigates the structural determinants of relative inflation
 (i.e. the inflation of non-tradables vs tradables) in the context of
 overall inflation differentials in the EU. The analysis is based on the
 Bergstrand theoretical model. This framework incorporates three
 alternative hypotheses of relative inflation (Harrod-Balassa-Samuelson,
 relative factors endowment, and demand effects). Due to the lack of
 reliable data on capital stocks only a curtailed version of the model is
 tested here empirically. The various specifications of the model are
 estimated for the majority of EU countries, using the Pedroni panel group
 mean FMOLS estimator. In general, relative labour productivity and demand
 factors turn out to be significant and correctly signed, though evidence
 in favour of the latter effect seems to be less robust. In addition,
 differences in the determination of relative prices between the new and
 old EU Member States are found. They seem to be consistent with
 theoretical considerations and the transition phenomenon. The estimation
 results are very sensitive to the definition of non-tradables. The paper
 also discusses policy implications for overall inflation, stemming from
 relative price models. It questions the usefulness of relative inflation
 models for the analysis of overall inflation differentials and practical
 policy decisions. 
Journal: International Review of Applied Economics 
Pages: 623-638 
Issue: 5 
Volume: 22 
Year: 2008 
Keywords: relative inflation, Bergstrand model, panel estimations, euro area enlargement, 
X-DOI: 10.1080/02692170802287698 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170802287698
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:22:y:2008:i:5:p:623-638




Template-Type: ReDIF-Article 1.0
Author-Name: Franz Hahn 
Author-X-Name-First: Franz 
Author-X-Name-Last: Hahn 
Title: Testing for profitability and contestability in banking: evidence from Austria 
Abstract:
  The paper investigates the determinants of banking profitability and
 banking market conditions in Austria. We conduct a panel econometric
 analysis which allows for testing the hypotheses which have become the
 most prominent in the literature on bank profitability: the
 structure-conduct-performance hypothesis, the efficient-structure
 hypothesis and the relative market-power hypothesis. Further, we test
 whether Austrian banking markets are, on average, contestable. A newly
 compiled dataset covering more than 700 Austrian banks ranging over the
 period from 1995 to 2002 is used to carry out these econometric analyses.
 The empirical findings support the view that the Austrian banks do exert,
 on average, some local market power. However, the gains in terms of excess
 profits are rather minor as a result of low deterrence powers of the
 incumbent banks. 
Journal: International Review of Applied Economics 
Pages: 639-653 
Issue: 5 
Volume: 22 
Year: 2008 
Keywords: banking performance, banking profitability, banking market structure, panel econometrics, 
X-DOI: 10.1080/02692170802287722 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170802287722
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:22:y:2008:i:5:p:639-653




Template-Type: ReDIF-Article 1.0
Author-Name: Francesco Crespi 
Author-X-Name-First: Francesco 
Author-X-Name-Last: Crespi 
Author-Name: Mario Pianta 
Author-X-Name-First: Mario 
Author-X-Name-Last: Pianta 
Title: Demand and innovation in productivity growth 
Abstract:
  The labour productivity impact of demand and innovation is investigated
 in this paper combining insights from the Kaldorian and Schumpeterian
 traditions. After a review of studies in such traditions, a general model
 is proposed for explaining productivity growth in European manufacturing
 and service industries in the late 1990s, followed by two distinct
 specifications for the industries oriented toward product innovation, and
 for those where process innovation dominates. The empirical analysis is
 based on the match of the SIEPI-CIS2 database developed at the University
 of Urbino and Eurostat Input-Output Tables at the industry level, for 22
 manufacturing sectors and 10 services sectors. Six European countries are
 considered: Germany, France, Italy, the Netherlands, Portugal and the
 United Kingdom. The results show that productivity growth in European
 industries can be explained by a combination of technology factors and
 demand dynamics, confirming the complementarity of technology and demand
 effects. On the demand side, household consumption emerges as the most
 pervasive component of demand, able to stimulate greater efficiency in all
 manufacturing and service industries. Investment also has a role, focused
 however on the capital goods producing industries. On the technology side,
 the mechanisms of productivity growth are fundamentally different in the
 industries oriented towards product innovation and in those dominated by
 process innovation. This evidence supports the view that innovation in
 firms and industries can be associated to two contrasting strategies,
 searching either for technological competitiveness, through knowledge
 generation, product innovation and expansion of new markets, or aiming at
 greater cost competitiveness, through job reductions, labour saving
 investment, flexibility and restructuring. 
Journal: International Review of Applied Economics 
Pages: 655-672 
Issue: 6 
Volume: 22 
Year: 2008 
Keywords: productivity, demand, product and process innovation, 
X-DOI: 10.1080/02692170802407429 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170802407429
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:22:y:2008:i:6:p:655-672




Template-Type: ReDIF-Article 1.0
Author-Name: Jerome Creel 
Author-X-Name-First: Jerome 
Author-X-Name-Last: Creel 
Author-Name: Gwenaelle Poilon 
Author-X-Name-First: Gwenaelle 
Author-X-Name-Last: Poilon 
Title: Is public capital productive in Europe? 
Abstract:
  This paper addresses the issue of whether and by how much public
 investment or public capital can increase GDP. In comparison with the
 literature on the subject, we apply many different methodologies to answer
 these questions. A vector autoregressive (VAR) model (for France, Italy,
 Germany, the UK and the USA), a panel composed of 6 European countries
 (Austria, Belgium, France, Germany, Italy and the Netherlands) and a
 regional panel (French regions) are estimated. Public investment is shown
 to be a significant determinant of output; this is also true for public
 capital but to a lesser extent than public investment with a VAR
 methodology. The size of the estimated coefficient is also more realistic
 than those obtained in the literature. This empirical result confirms that
 the focus of some economists on safeguarding the level of public
 investment is not misplaced. The debate on the introduction of a 'golden
 rule of public finance' in the European Monetary Union is legitimate in
 this respect. 
Journal: International Review of Applied Economics 
Pages: 673-691 
Issue: 6 
Volume: 22 
Year: 2008 
Keywords: public capital, public investment, VAR, panel data, European countries, 
X-DOI: 10.1080/02692170802407577 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170802407577
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:22:y:2008:i:6:p:673-691




Template-Type: ReDIF-Article 1.0
Author-Name: Mariana Spatareanu 
Author-X-Name-First: Mariana 
Author-X-Name-Last: Spatareanu 
Title: The cost of capital, finance and high-tech investment 
Abstract:
  Investment is the most volatile component of aggregate demand and it is
 often considered central to business cycles fluctuations. The
 responsiveness of business investment to changes in its price is thus
 crucial to our understanding of economic activity. In spite of the key
 role played by the user cost of capital in economic analysis, there is
 little empirical support for the existence of substantial user cost
 elasticity. However, most of the evidence to date is based on aggregate
 user cost data, which may have introduced downward biases in the estimated
 user cost. This paper contributes to the literature by constructing a
 disaggregated, industry-specific micro user cost variable and focusing on
 a special class of firms - the high-tech firms. To provide a benchmark for
 the results, the user cost estimates for the high-tech sector are compared
 with those for the rest of the manufacturing sector. The results suggest
 that there is little response of investment to variations in its user
 cost. The findings also suggest that high-tech firms' investment behavior
 is not, after all, that different from the rest of the manufacturing
 sector. 
Journal: International Review of Applied Economics 
Pages: 693-705 
Issue: 6 
Volume: 22 
Year: 2008 
Keywords: business investment, user cost of capital, high-tech investment, 
X-DOI: 10.1080/02692170802407635 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170802407635
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:22:y:2008:i:6:p:693-705




Template-Type: ReDIF-Article 1.0
Author-Name: Lefteris Tsoulfidis 
Author-X-Name-First: Lefteris 
Author-X-Name-Last: Tsoulfidis 
Title: Price-value deviations: further evidence from input-output data of Japan 
Abstract:
  This paper subjects to empirical testing the labour theory of value using
 input-output data from the economy of Japan for the years 1970, 1975,
 1980, 1985 and 1990. The results of the analysis show that labour values
 and prices of production are extremely good approximations to market
 prices. In fact, the proximity of prices of production to market prices is
 closer than that of labour values, a result which suggests that prices of
 production constitute more concrete centres of gravitation for market
 prices. Furthermore, we find that prices of production change as a result
 of variations in income distribution more often than not in a monotonic
 way and that in fewer cases they display curvatures, which may even
 reverse the order between prices of production and values. 
Journal: International Review of Applied Economics 
Pages: 707-724 
Issue: 6 
Volume: 22 
Year: 2008 
Keywords: values, prices of production, income distribution, input-output tables, 
X-DOI: 10.1080/02692170802407668 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170802407668
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:22:y:2008:i:6:p:707-724




Template-Type: ReDIF-Article 1.0
Author-Name: Anton Nivorozhkin 
Author-X-Name-First: Anton 
Author-X-Name-Last: Nivorozhkin 
Title: Layoffs, recalls and unemployment duration: evidence from Sweden 
Abstract:
  The question addressed in this paper is whether the possibility of exit
 from unemployment to the previous employer affects the duration of
 unemployment spells in Sweden. The empirical analysis is performed using
 an employee-employer dataset that includes a number of enterprise
 characteristics and provides information on individual tenure. The
 econometric approach employs estimation of a competing risk duration model
 to distinguish between exits to the previous employer and exits to a new
 job. The findings suggest that greater tenure raises the risk of
 transition to the previous employer, while high education levels increase
 the risk of obtaining a new job. Moreover, the impact of benefit
 exhaustion is observed only for transitions to new employment. 
Journal: International Review of Applied Economics 
Pages: 725-744 
Issue: 6 
Volume: 22 
Year: 2008 
Keywords: unemployment, unemployment duration, temporary layoffs, 
X-DOI: 10.1080/02692170802407692 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170802407692
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:22:y:2008:i:6:p:725-744




Template-Type: ReDIF-Article 1.0
Author-Name: Eithne Murphy 
Author-X-Name-First: Eithne 
Author-X-Name-Last: Murphy 
Author-Name: Eoghan Garvey 
Author-X-Name-First: Eoghan 
Author-X-Name-Last: Garvey 
Title: The inadequacy of cost of living indices based on subjective preferences: an ethical and methodological critique 
Abstract:
  In this paper we argue that there is scant justification for replacing
 the traditional fixed-basket Laspeyres price index with so called 'true
 cost of living indices'. We begin with a discussion of the possible
 explanations for some empirical results for inflation found for different
 social groups in Ireland in the late 1990s. Our arguments concerning
 appropriate inflation indices are primarily ethical and are not dependent
 on these results being interpreted in a non-neoclassical vein. They do
 however gain extra force if one accepts non-neoclassical explanations for
 the empirical results. We go on to draw conclusions as to how best to
 measure the welfare effects of changes in the price of goods. This links
 in to the broader debate regarding objective versus subjective measures of
 welfare. 
Journal: International Review of Applied Economics 
Pages: 745-754 
Issue: 6 
Volume: 22 
Year: 2008 
Keywords: cost of living indices, welfare, 
X-DOI: 10.1080/02692170802407734 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170802407734
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:22:y:2008:i:6:p:745-754




Template-Type: ReDIF-Article 1.0
Author-Name: Xavier Raurich 
Author-X-Name-First: Xavier 
Author-X-Name-Last: Raurich 
Author-Name: Hector Sala 
Author-X-Name-First: Hector 
Author-X-Name-Last: Sala 
Author-Name: Valeri Sorolla 
Author-X-Name-First: Valeri 
Author-X-Name-Last: Sorolla 
Title: Labour market effects of public capital stock: evidence for the Spanish private sector 
Abstract:
  This paper provides a new rationale for the positive effect of public
 capital stock on employment and wages. We show that higher levels of
 public capital reduce wages along the wage equation and enhance employment
 due to the resulting larger elasticity of labour demand with respect to
 wages. The estimation of a structural model for the Spanish private sector
 reveals that this wage channel is empirically relevant. We use the
 estimated parameters to simulate the recent incidence of the ratio of
 public to private capital stock on the private sector economic
 performance. We find (i) sizeable effects on employment, capital stock and
 gross domestic product, and (ii) that the wage channel is particularly
 important for employment. 
Journal: International Review of Applied Economics 
Pages: 1-18 
Issue: 1 
Volume: 23 
Year: 2009 
Keywords: public capital stock, wage setting, employment, economic growth, 
X-DOI: 10.1080/02692170802496828 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170802496828
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:23:y:2009:i:1:p:1-18




Template-Type: ReDIF-Article 1.0
Author-Name: Engelbert Stockhammer 
Author-X-Name-First: Engelbert 
Author-X-Name-Last: Stockhammer 
Title: Effects of European integration on Austria's economy 
Abstract:
  High expectations were placed on the project of European economic
 integration and Austria's participation in it. Economists had expected
 that the Single Market would provide a positive supply shock, i.e. rising
 productivity, resulting in more growth. The optimistic forecasts for
 neither the EU nor for Austria were borne out by actual economic trends.
 Economic growth as well as productivity growth decelerated, while
 unemployment increased. Monetary union was implemented with an economic
 policy framework, the Stability and Growth Pact (SGP) that geared monetary
 policy only to price stability and at the same time prescribed restrictive
 fiscal policies. The SGP therefore reveals a deflationary bias. The
 existing literature on the effects of EU accession on the Austrian economy
 by design fails to account for the restrictive effects of the SGP. The
 paper presents simulation results allowing for supply shocks as well as
 demand shocks. The simulations are based on a medium-sized
 macroeconometric model. The results indicate that recent studies
 overestimate the positive effects of European integration. A simulation of
 the restrictive demand-side effects of the SGP, with the assumption that
 around half of the fall in public consumption growth in the Euro countries
 can be attributed to the SGP, produced significant negative growth
 effects. The net effect suggests a negative quarter percentage point p.a.
 during the period 1995-2004. 
Journal: International Review of Applied Economics 
Pages: 19-40 
Issue: 1 
Volume: 23 
Year: 2009 
Keywords: European integration, Austria, macroeconomics, Stability and Growth Pact, 
X-DOI: 10.1080/02692170802496836 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170802496836
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:23:y:2009:i:1:p:19-40




Template-Type: ReDIF-Article 1.0
Author-Name: Lena Vogel 
Author-X-Name-First: Lena 
Author-X-Name-Last: Vogel 
Title: The endogeneity of the natural rate of growth - an empirical study for Latin-American countries 
Abstract:
  The aim of this paper is to analyse the sensitivity of the natural rate
 of growth to the actual rate of growth for a sample of 11 Latin-American
 countries, assuming the natural rate to be determined endogenously by
 changes in the actual rate of growth. The natural rates of growth are
 estimated in a system of SUR estimations over the period 1986-2003. In
 order to determine whether they react endogenously to changes in the
 actual rate of growth, a dummy variable for boom periods is added to the
 system of regressions. The results confirm the hypothesis about the
 endogeneity of the natural rate of growth. 
Journal: International Review of Applied Economics 
Pages: 41-53 
Issue: 1 
Volume: 23 
Year: 2009 
Keywords: natural rate of growth, actual rate of growth, endogeneity, Latin America, seemingly unrelated regressions, 
X-DOI: 10.1080/02692170802496869 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170802496869
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:23:y:2009:i:1:p:41-53




Template-Type: ReDIF-Article 1.0
Author-Name: John Ashton 
Author-X-Name-First: John 
Author-X-Name-Last: Ashton 
Title: Synchronisation and staggering of interest rate change by UK financial services firms 
Abstract:
  This study examines the frequency and form of deposit account interest
 rate change. Specifically the question of whether deposit interest rate
 change is synchronised with other banks or staggered at periodic intervals
 is addressed. Overall, evidence consistent with individual banks changing
 deposit interest rates in a staggered manner is recorded. Further larger
 banks are seen to change interest rates in a more synchronised manner than
 smaller banks. Lastly, when banks offer multiple deposit accounts, these
 products' interest rates are generally changed simultaneously by
 individual banks. These findings extend the current understanding of
 deposit interest rate change, and indicate that UK deposit interest rate
 setting is relatively rigid. 
Journal: International Review of Applied Economics 
Pages: 55-69 
Issue: 1 
Volume: 23 
Year: 2009 
Keywords: retail banking, interest rates, staggering, synchronisation, 
X-DOI: 10.1080/02692170802496695 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170802496695
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:23:y:2009:i:1:p:55-69




Template-Type: ReDIF-Article 1.0
Author-Name: Charles Okeahalam 
Author-X-Name-First: Charles 
Author-X-Name-Last: Okeahalam 
Title: Product mix, transactions and cost behaviour: a study of South African bank branches 
Abstract:
  This paper utilizes microeconomic theory and a panel data set to assess
 the impact of product mix and transactions on cost behaviour of bank
 branches in South Africa over the short and long-term. Estimates of
 properties of concavity and monotonocity indicate that the cost functions
 of typical bank branches in South Africa are neither consistent with
 short-term nor long-term cost-minimizing behaviour. This corroborates
 earlier findings which indicate that South African banks have low
 production efficiency and high market power. In addition the cost
 functions and two production-output type indices indicate that overall,
 the intermediation-output type mix (foreign exchange and custodial
 services) has a more significant effect on cost behaviour than the
 production-output type mix (cheque and deposit accounts). The variety of
 production-output type services provided by a branch appears to have
 limited effect on costs. However the financial value of production-output
 type transactions has an impact on costs while the financial value of
 intermediation type products does not. Branches that provide
 intermediation-output type products tend to have higher variable costs -
 the key determinant of costs is the number of transactions. 
Journal: International Review of Applied Economics 
Pages: 71-88 
Issue: 1 
Volume: 23 
Year: 2009 
Keywords: banking, product mix, cost behaviour, South Africa, 
X-DOI: 10.1080/02692170802496794 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170802496794
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:23:y:2009:i:1:p:71-88




Template-Type: ReDIF-Article 1.0
Author-Name: Elena Cefis 
Author-X-Name-First: Elena 
Author-X-Name-Last: Cefis 
Author-Name: Roberto Gabriele 
Author-X-Name-First: Roberto 
Author-X-Name-Last: Gabriele 
Title: Spatial disaggregation patterns and structural determinants of job flows: an empirical analysis 
Abstract:
  The paper investigates the changes in job creation and destruction flows
 at a very disaggregated level of analysis. We analyse whether job flows at
 lower levels of spatial aggregation display regularities that are in line
 with national ones in a bid to disentangle the role of labour market
 institutions. Using a unique database of the population of firms in
 Trentino (a north-eastern province of Italy) from 1991 to 2001, we find
 that: (1) job flows show a 'fractal' tendency, i.e. many regularities
 appear to be scale invariant (magnitude of flow and persistence) and that
 job flow magnitude is in line with the average values for Italy; (2) there
 are some qualifications to their 'fractality': the contribution of entrant
 firms to the job creation process is lower than the corresponding
 contribution at national level, as is the share of job destruction
 accounted for by exiting firms; and (3) firm size and age influence job
 flows. 
Journal: International Review of Applied Economics 
Pages: 89-111 
Issue: 1 
Volume: 23 
Year: 2009 
Keywords: labour reallocation, job creation, job destruction, spatial disaggregation two-stage Heckman estimator, 
X-DOI: 10.1080/02692170802496778 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170802496778
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:23:y:2009:i:1:p:89-111




Template-Type: ReDIF-Article 1.0
Author-Name: Ozlem Onaran 
Author-X-Name-First: Ozlem 
Author-X-Name-Last: Onaran 
Title: Wage share, globalization and crisis: the case of the manufacturing industry in Korea, Mexico and Turkey 
Abstract:
  The aim of this paper is to analyze the changes in the wage share in the
 manufacturing industry in Mexico, Turkey and Korea in the era of
 globalization. The focus is on the one hand on the effects of
 globalization on the wage share, which is measured by the effects of
 international trade and FDI intensity of the economy. On the other hand,
 the process of opening up has been accompanied by major currency crises in
 most developing countries in the last decade, which has affected the wage
 share through exchange rate depreciation and economic recession. The paper
 develops a Post-Keynesian conflicting claims model for an open economy
 under the pressure of globalization, and an equation for the wage share is
 estimated for each country using the Seemingly Unrelated Regression
 method. The results show that both recessions and nominal depreciations
 have a clear and lasting negative effect on the manufacturing wage share
 in all countries, whereas the effect of openness, in particular
 international trade depends on industrial policy structure. Increased
 export intensity leads to a decline in the manufacturing wage share in
 Turkey and Mexico, but has no significant effect in Korea. The positive
 expectations from FDI are also not materialized in any of the three
 countries. 
Journal: International Review of Applied Economics 
Pages: 113-134 
Issue: 2 
Volume: 23 
Year: 2009 
Keywords: labor's share, developing countries, trade, FDI, crisis, 
X-DOI: 10.1080/02692170802700435 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170802700435
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:23:y:2009:i:2:p:113-134




Template-Type: ReDIF-Article 1.0
Author-Name: Yongbok Jeon 
Author-X-Name-First: Yongbok 
Author-X-Name-Last: Jeon 
Title: Balance-of-payment constrained growth: the case of China, 1979-2002 
Abstract:
  The aim of this study is to empirically test the validity of Thirlwall's
 Law in China during the reform period of 1979-2002. This study finds: (1)
 that for 1979-2002, the Chinese economy has grown on average as fast as
 Thirlwall's Law predicts - the average actual growth rate and predicted
 growth rate were, respectively, 9.25 and 8.55, which are statistically
 identical; (2) that the growth of GDP and of exports are cointegrated.
 Both (1) and (2) provide strong support for Thirlwall's Law in China
 during the reform period after 1978. The supportive result of Thirlwall's
 Law implies the relevance of a demand-side approach to the economic growth
 in China. For time series analyses, a bounds test approach is adopted. 
Journal: International Review of Applied Economics 
Pages: 135-146 
Issue: 2 
Volume: 23 
Year: 2009 
Keywords: Chinese economy, balance-of-payment constrained growth, demand-led growth, bounds test for cointegration, 
X-DOI: 10.1080/02692170802700476 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170802700476
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:23:y:2009:i:2:p:135-146




Template-Type: ReDIF-Article 1.0
Author-Name: Jesus Felipe 
Author-X-Name-First: Jesus 
Author-X-Name-Last: Felipe 
Author-Name: J. S. L. McCombie 
Author-X-Name-First: J. S. L. 
Author-X-Name-Last: McCombie 
Title: Are estimates of labour demand functions mere statistical artefacts? 
Abstract:
  This paper considers the estimation of putative neoclassical aggregate
 labour demand functions using constant price value data. Regression
 results normally find that employment is negatively related to the real
 wage and that the constant-output elasticity of employment with respect to
 the real wage is about -0.3. This is taken as evidence that unemployment
 is the result of the real wage being too high, ceteris paribus. This paper
 shows that these estimates are purely the result of an underlying identity
 and cannot be interpreted as implying any causal relationship and, as
 such, they have no policy implications. 
Journal: International Review of Applied Economics 
Pages: 147-168 
Issue: 2 
Volume: 23 
Year: 2009 
Keywords: labour demand functions, accounting identity, 
X-DOI: 10.1080/02692170802700492 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170802700492
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:23:y:2009:i:2:p:147-168




Template-Type: ReDIF-Article 1.0
Author-Name: Massimiliano Mazzanti 
Author-X-Name-First: Massimiliano 
Author-X-Name-Last: Mazzanti 
Author-Name: Roberto Zoboli 
Author-X-Name-First: Roberto 
Author-X-Name-Last: Zoboli 
Title: Embedding environmental innovation in local production systems: SME strategies, networking and industrial relations: evidence on innovation drivers in industrial districts 
Abstract:
  Technological innovation is a key factor for achieving better
 environmental performances. Its role is even more relevant in local
 productions system, where innovation density, knowledge spillovers and
 externalities are concentrated in a circumscribed territory. The paper
 exploits new data for a sample of manufacturing firms in Northern Italy.
 New evidence is provided by testing a set of hypotheses, concerning
 primarily the role of environmental-devoted R&D, networking activities,
 quality/nature of industrial relations. The role played by environmental
 policy pressure, structural firm features and past firm performances is
 also investigated to account for more exogenous forces. We show that
 structural characteristics of the firm appear to matter less than R&D,
 induced policy costs and innovative-oriented industrial relations.
 Environmental auditing schemes also show some relevant correlation to
 innovation adoptions. R&D efforts appear to be associated to networking
 activities, which substitute for size-related economies of scale. Overall,
 endogenous factors driven by firm strategy or local idiosyncratic features
 matter more than exogenous and structural firm factors. 
Journal: International Review of Applied Economics 
Pages: 169-195 
Issue: 2 
Volume: 23 
Year: 2009 
Keywords: environmental innovations, environmental R&D, manufacturing sector, local production system, environmental policy, SME, industrial relations, networking, industrial districts, 
X-DOI: 10.1080/02692170802700500 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170802700500
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:23:y:2009:i:2:p:169-195




Template-Type: ReDIF-Article 1.0
Author-Name: Feng Xiao 
Author-X-Name-First: Feng 
Author-X-Name-Last: Xiao 
Title: Does the stock market affect investment by Chinese firms? Some new evidence 
Abstract:
  During the 1990s, the Chinese government increasingly relied on the stock
 market as the major tool for state-owned enterprise (SOE) reform and for
 the allocation of investment resources. This paper investigates the impact
 of stock market development in China on firm-level capital investment by
 using a panel data set constructed by the author of all Chinese listed
 firms for the period 1992 to 1999. The results show that stock market
 valuation, as measured by Tobin's q, has a highly independent, significant
 and positive influence on listed firms' investment decisions, particularly
 during the stock market boom from 1996 to 1999. Given the sizable real
 effects of the stock market, deviations of stock prices from fundamentals
 can have substantially negative consequences. As a result, this study
 suggests that sensible regulation of the Chinese stock market is needed in
 order to enhance the efficiency of stock prices and facilitate an
 effective channeling of investment funds. 
Journal: International Review of Applied Economics 
Pages: 197-213 
Issue: 2 
Volume: 23 
Year: 2009 
Keywords: firm-level capital investment, emerging stock markets, financial development, Chinese economy, 
X-DOI: 10.1080/02692170802700542 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170802700542
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:23:y:2009:i:2:p:197-213




Template-Type: ReDIF-Article 1.0
Author-Name: Carmen Lopez-Pueyo 
Author-X-Name-First: Carmen 
Author-X-Name-Last: Lopez-Pueyo 
Author-Name: Jaime Sanau 
Author-X-Name-First: Jaime 
Author-X-Name-Last: Sanau 
Author-Name: Sara Barcenilla 
Author-X-Name-First: Sara 
Author-X-Name-Last: Barcenilla 
Title: International technological spillovers from ICT-producing manufacturing industries: a panel data analysis 
Abstract:
  This paper examines the effect of the international diffusion of
 technological capacity from ICT sectors on the total factor productivity
 in developed countries. Special attention is paid to the construction of a
 more recent and homogeneous industry-level data set using unit value
 ratios and a hedonic price index. A cointegration analysis is performed on
 this annual panel data for 10 manufacturing sectors in six OECD countries
 over the period 1979-2001. On the basis of our results, we may conclude
 that a country receives more international technology spillovers in its
 manufacturing industries the closer its relations with more
 technologically advanced nations are and the more open it is to imports.
 Meanwhile, information and communication technologies developed abroad
 increase the total factor productivity of each of the manufacturing
 sectors of a country, and this effect is enhanced where ICT goods are
 imported from nations with advanced technology of this kind. 
Journal: International Review of Applied Economics 
Pages: 215-231 
Issue: 2 
Volume: 23 
Year: 2009 
Keywords: productivity, R&D international spillovers, international trade, ICT, 
X-DOI: 10.1080/02692170802700583 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170802700583
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:23:y:2009:i:2:p:215-231




Template-Type: ReDIF-Article 1.0
Author-Name: Maurizio Franzini 
Author-X-Name-First: Maurizio 
Author-X-Name-Last: Franzini 
Author-Name: Mario Pianta 
Author-X-Name-First: Mario 
Author-X-Name-Last: Pianta 
Title: Mechanisms of inequality: an introduction 
Abstract:
Journal: International Review of Applied Economics 
Pages: 233-237 
Issue: 3 
Volume: 23 
Year: 2009 
X-DOI: 10.1080/02692170902811660 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170902811660
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:23:y:2009:i:3:p:233-237




Template-Type: ReDIF-Article 1.0
Author-Name: Francisco Serranito 
Author-X-Name-First: Francisco 
Author-X-Name-Last: Serranito 
Title: Trade, catching-up and divergence 
Abstract:
  This paper investigates the link between trade and convergence in per
 capita income by applying a threshold methodology to standard growth
 regressions in order to capture a nonlinear effect of trade on growth. We
 use 10 trade measures, divided into trade intensity ratios and measure of
 trade restrictions. For the former group of indicators only, our tests
 show that linear models have to be rejected in favour of threshold
 regressions. We have identified three different regimes, characterized by
 different relationships between growth and its determinants. Countries
 belonging to the regimes grouping higher-income economies and poorer
 countries are diverging. The conditional convergence hypothesis is only
 accepted in the regime of middle-income countries; a process of
 catching-up can be mainly found in the case of few developing countries.
 For the vast majority of developing countries, divergence in per capita
 income seems to be the norm. The correlation between measures of trade
 restrictions and growth is different across regimes, and the positive
 effect of a decrease in tariffs on growth depends on the level of
 development; for the majority of the developing countries included in our
 sample a decrease in tariffs will have no effect on growth. 
Journal: International Review of Applied Economics 
Pages: 239-264 
Issue: 3 
Volume: 23 
Year: 2009 
Keywords: conditional convergence, convergence clubs, threshold estimation, economic growth, openness to trade, 
X-DOI: 10.1080/02692170902811678 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170902811678
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:23:y:2009:i:3:p:239-264




Template-Type: ReDIF-Article 1.0
Author-Name: David Barlow 
Author-X-Name-First: David 
Author-X-Name-Last: Barlow 
Author-Name: Gianluca Grimalda 
Author-X-Name-First: Gianluca 
Author-X-Name-Last: Grimalda 
Author-Name: Elena Meschi 
Author-X-Name-First: Elena 
Author-X-Name-Last: Meschi 
Title: Globalisation vs internal reforms as factors of inequality in transition economies 
Abstract:
  We examine factors of within-country income inequality in transition
 economies of Central and Eastern Europe and the Commonwealth of
 Independent States after the breakup of the Soviet Union. Internal reforms
 dominate globalisation factors in accounting for inequality, with price
 liberalisation showing the strongest effect. Privatisation measures also
 show robust effects. We find some evidence that the extent of the private
 sector magnifies the impact of price liberalisation. The only role for
 globalisation seems to be to moderate the adverse impact of internal
 reforms on inequality. 
Journal: International Review of Applied Economics 
Pages: 265-287 
Issue: 3 
Volume: 23 
Year: 2009 
Keywords: inequality, transition economies, international trade' skill biased technological change, 
X-DOI: 10.1080/02692170902811702 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170902811702
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:23:y:2009:i:3:p:265-287




Template-Type: ReDIF-Article 1.0
Author-Name: Marilena Giannetti 
Author-X-Name-First: Marilena 
Author-X-Name-Last: Giannetti 
Author-Name: Daniela Federici 
Author-X-Name-First: Daniela 
Author-X-Name-Last: Federici 
Author-Name: Michele Raitano 
Author-X-Name-First: Michele 
Author-X-Name-Last: Raitano 
Title: Migrant remittances and inequality in Central-Eastern Europe 
Abstract:
  The impact of remittance flows on growth and income distribution has
 attracted a great deal of attention, but the theoretical and empirical
 literature on the relationship between remittances and economic
 development is far from clear. Although there is wide consensus that
 foreign remittances can help the receiving households to increase income,
 consumption and capabilities to cope with socioeconomic shocks, there has
 been little quantitative research on impacts of remittances on household
 welfare and poverty. Our paper seeks to fill some of these gaps proposing
 an empirical analysis of the role of remittances as a tool for reducing
 inequality and covering households against poverty and social exclusion
 risks. The empirical analysis focuses on four Eastern European Countries:
 Slovenia, Poland, the Czech Republic and Hungary, and is based on the
 EU-SILC (European Union Statistics on Income and Living Conditions) 2005
 data-set providing for each household information as to the received
 inter-household cash transfers and among which regular cash support from
 households in other countries (i.e. remittances) are included. The results
 show that remittances are statistically significant in terms of poverty
 reduction even if their effects are generally smaller than those of
 welfare transfers. Furthermore, the impact of remittances and welfare
 transfers differ across the countries considered. 
Journal: International Review of Applied Economics 
Pages: 289-307 
Issue: 3 
Volume: 23 
Year: 2009 
Keywords: remittances, inequality, poverty, 
X-DOI: 10.1080/02692170902811710 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170902811710
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:23:y:2009:i:3:p:289-307




Template-Type: ReDIF-Article 1.0
Author-Name: Elisabetta Croci Angelini 
Author-X-Name-First: Elisabetta Croci 
Author-X-Name-Last: Angelini 
Author-Name: Francesco Farina 
Author-X-Name-First: Francesco 
Author-X-Name-Last: Farina 
Author-Name: Mario Pianta 
Author-X-Name-First: Mario 
Author-X-Name-Last: Pianta 
Title: Innovation and wage polarisation in Europe 
Abstract:
  In this article we improve on the literature dealing with the polarising
 effects of technological change on wages by proposing more rigorous
 definitions of wage dispersion within industries and of the different
 types and effects of innovation. We carry out an analysis across 10
 manufacturing and service sectors in seven European countries (France,
 Italy, Germany, the Netherlands, Portugal, Spain and the UK), for two time
 periods. In addition to structural economic variables, we draw data from
 two waves of the Community Innovation Surveys (CIS 2, 1994-1996 and CIS3,
 1998-2000) and from two waves of the European Community Household Panel
 (ECHP, 1994 and 2001) providing information on employment, wages,
 education and other individual's characteristics, that we grouped in three
 skill groups: managers and professionals, white-collar and blue-collar
 workers. We set up econometric models to study the impact that different
 technological strategies, labour market patterns, education and training
 have on the levels of wage polarisation within industries. Higher wage
 polarisation is found in industries with strong product innovation and
 high shares of workers with university education. Wage compression is
 associated to the diffusion of new process technologies and to high shares
 of workers with secondary education. Finally, a fast employment dynamics
 favours wage disparities. 
Journal: International Review of Applied Economics 
Pages: 309-325 
Issue: 3 
Volume: 23 
Year: 2009 
Keywords: wage polarisation, innovation, skill bias, education, 
X-DOI: 10.1080/02692170902811736 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170902811736
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:23:y:2009:i:3:p:309-325




Template-Type: ReDIF-Article 1.0
Author-Name: Francesco Bogliacino 
Author-X-Name-First: Francesco 
Author-X-Name-Last: Bogliacino 
Title: Poorer workers. The determinants of wage formation in Europe 
Abstract:
  Using industry level data for eight European countries, we present
 empirical evidence of poor wage performance in the two decades straddling
 the millennium. There was a real wage decline in many sectors and we
 examine its inequality-enhancing effect. A theoretical framework is
 proposed and assessed in order to understand this evolution of wages,
 identifying their main determinants. We investigate the role played by
 different types of innovation, increasing international openness, demand,
 norms limiting competition and employment change. The results are
 consistent with our thesis that technology and globalization shape the
 bargaining power of workers; increasing wages are found in industries
 characterized by product innovation, while process innovation and greater
 international openness are associated to a reduction of real wages. 
Journal: International Review of Applied Economics 
Pages: 327-343 
Issue: 3 
Volume: 23 
Year: 2009 
Keywords: efficiency wages, wage inequality, innovation, globalization, 
X-DOI: 10.1080/02692170902811751 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170902811751
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:23:y:2009:i:3:p:327-343




Template-Type: ReDIF-Article 1.0
Author-Name: Maurizio Franzini 
Author-X-Name-First: Maurizio 
Author-X-Name-Last: Franzini 
Author-Name: Michele Raitano 
Author-X-Name-First: Michele 
Author-X-Name-Last: Raitano 
Title: Persistence of inequality in Europe: the role of family economic conditions 
Abstract:
  In this article we analyse the intergenerational transmission of income
 inequality in 13 European countries on the basis of information provided
 by the European Union Statistics on Income and Living Conditions 2005
 dataset. Improving on the literature dealing with the influence of family
 economic conditions on income earned in adult age by the offspring, we are
 able to estimate separately the effect operating through education and a
 direct economic effect. The latter, in some European countries, is of
 significant magnitude and seems to be related to the welfare regimes of
 the various countries. These findings highlight an additional
 characteristic of welfare regimes and allow a better understanding on how
 family conditions and institutions may interact in the process of
 inequality persistence across generations. 
Journal: International Review of Applied Economics 
Pages: 345-366 
Issue: 3 
Volume: 23 
Year: 2009 
Keywords: intergenerational inequality, education, welfare regimes, 
X-DOI: 10.1080/02692170902811777 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170902811777
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:23:y:2009:i:3:p:345-366




Template-Type: ReDIF-Article 1.0
Author-Name: Massimo Giannini 
Author-X-Name-First: Massimo 
Author-X-Name-Last: Giannini 
Title: National vs local funding for education: effects on growth and inequality 
Abstract:
  This paper develops a two-period overlapping generations model with
 heterogeneous agents aiming at analysing how decentralization in the
 provision of public education affects growth and personal inequality via
 human capital investment. Education is financed by a tax levied by either
 national or local authorities. The tax rate is chosen according to a
 median voter mechanism. During their working period of life, individuals
 look after their offspring by providing them with a high level of school
 education stemming from taxation. In addition parent's contributions to
 the social security system provide them with retirement income.
 Heterogeneity accounts for the differences in the optimal taxation
 mechanism, linking the income distribution to the tax rate, and hence to
 human capital accumulation, growth and income inequality. In this way we
 relate differences among agents to the tax rate. We show that
 decentralization induces growth rate disparities among local communities
 but it can be ruled out by a proper fiscal substitution between social
 security and locally provided education. Unlike in the literature, this
 type of fiscal design allows local economies to grow faster and more
 equally than the national design. 
Journal: International Review of Applied Economics 
Pages: 367-385 
Issue: 3 
Volume: 23 
Year: 2009 
Keywords: education, inequality, fiscal federalism, median voter, 
X-DOI: 10.1080/02692170902811785 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170902811785
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:23:y:2009:i:3:p:367-385




Template-Type: ReDIF-Article 1.0
Author-Name: Debora Di Gioacchino 
Author-X-Name-First: Debora 
Author-X-Name-Last: Di Gioacchino 
Author-Name: Laura Sabani 
Author-X-Name-First: Laura 
Author-X-Name-Last: Sabani 
Title: The politics of social protection: social expenditure vs market regulation 
Abstract:
  It has been argued that the notion of a European social model is
 misleading and that there are in fact different European social models
 with different features and different performances in terms of efficiency
 and equity. In this paper, we look at the welfare state from a political
 economy point of view and interpret the different regimes as possible
 outcomes of a political process through which heterogeneous preferences of
 voters are aggregated. In our model, agents differ in two respects: income
 and socio-economic vulnerability. Policy-makers have to decide on two
 policies: a proportional income tax to finance a social transfer,
 providing equal benefits to all citizens, and a market regulation policy
 which benefits only vulnerable workers, providing them with additional
 protection against unemployment risk. Market regulation is inefficient
 because it decreases aggregate resources. Individuals' heterogeneity
 generates a conflict over policies. We feature the political process as a
 two-party electoral competition in a citizen-candidate model with
 probabilistic voting. We show that an inefficient equilibrium exists and
 that this outcome is more likely as income inequality and the proportion
 of vulnerable workers become greater. Intuitively, greater inequality
 raises the level of redistributive spending desired by the poor, making,
 at the same time, the rich more adverse to the welfare state. In this
 framework, both the rich and the poor, in order to win the election and
 realise the fiscal gain, have an incentive to support market restrictions,
 in the attempt to capture the votes of the vulnerable minority, who
 benefit from these policies. 
Journal: International Review of Applied Economics 
Pages: 387-404 
Issue: 3 
Volume: 23 
Year: 2009 
Keywords: welfare state, social protection, market regulations, political process, political economy, 
X-DOI: 10.1080/02692170902811843 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170902811843
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:23:y:2009:i:3:p:387-404




Template-Type: ReDIF-Article 1.0
Author-Name: Sara Lemos 
Author-X-Name-First: Sara 
Author-X-Name-Last: Lemos 
Title: Comparing employment estimates using different minimum wage variables: the case of Brazil 
Abstract:
  Several minimum wage variables have been suggested in the literature to
 estimate the effect of the minimum wage on employment. The most common
 ones are the real minimum wage, the 'Kaitz index', the 'fraction
 affected', the 'fraction at' and the 'fraction below'. This diversity of
 variables makes it difficult to compare the associated estimates across
 studies. One problem is that these estimates are not always calibrated to
 represent the employment effect of a 1% minimum wage increase. Another
 problem is that these estimates measure employment effects for different
 groups of workers. In this paper we critically compare employment effect
 estimates using these five minimum wage variables and data from a
 Brazilian monthly household survey panel from 1982 to 2000. Our principal
 finding is that the sign of this effect is robust across the different
 minimum wage variables, but that its magnitude and significance are
 sensitive to the minimum wage variable used. 
Journal: International Review of Applied Economics 
Pages: 405-425 
Issue: 4 
Volume: 23 
Year: 2009 
Keywords: minimum wage, labour costs, employment effect, Brazil, 
X-DOI: 10.1080/02692170902954759 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170902954759
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:23:y:2009:i:4:p:405-425




Template-Type: ReDIF-Article 1.0
Author-Name: Ron Smith 
Author-X-Name-First: Ron 
Author-X-Name-Last: Smith 
Author-Name: Gylfi Zoega 
Author-X-Name-First: Gylfi 
Author-X-Name-Last: Zoega 
Title: Keynes, investment, unemployment and expectations 
Abstract:
  In Keynes' General Theory, investment determines effective demand, which
 determines unemployment and the labour market plays a negligible role. In
 New Keynesian models, labour market institutions determine the natural
 rate of unemployment and the speed at which unemployment adjusts to it.
 Investment is mostly ignored as a key variable behind the problem of high
 unemployment, despite a strong empirical association between investment
 and unemployment. We discuss the evolution of the 'Keynesian' model, and
 how in the process of domesticating the General Theory, the central
 relationship between unemployment and investment and the role of the state
 of confidence was bred out of the model. We then present some evidence of
 the centrality of investment and expectations to the long-term evolution
 of unemployment in OECD countries. We also argue that recent results in
 finance, which find that individuals do not behave rationally and,
 moreover, that there may be no basis for rational calculation, provides
 support for Keynes's notion that animal spirits play a central role in
 investment. 
Journal: International Review of Applied Economics 
Pages: 427-444 
Issue: 4 
Volume: 23 
Year: 2009 
Keywords: unemployment, investment, Keynesian theory, 
X-DOI: 10.1080/02692170902954767 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170902954767
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:23:y:2009:i:4:p:427-444




Template-Type: ReDIF-Article 1.0
Author-Name: Dany Lang 
Author-X-Name-First: Dany 
Author-X-Name-Last: Lang 
Author-Name: Christian de Peretti 
Author-X-Name-First: Christian 
Author-X-Name-Last: de Peretti 
Title: A strong hysteretic model of Okun's Law: theory and a preliminary investigation 
Abstract:
  This paper presents a 'strong hysteretic' version of Okun's Law, that is,
 a version of the law in which 'history matters.' In this version of the
 link between fluctuations in unemployment and growth, the most important
 past growth shock exerts an influence on the current unemployment rate. A
 theoretical framework is proposed in order to lay the foundations of this
 version of Okun's Law. In this framework, the hysteresis property arises
 because a large number of heterogeneous firms discontinuously adjust their
 activity levels in response to fluctuations in the rate of growth. The
 foundations having been laid, a method for empirically testing our
 hysteretic Okun's Law is presented. An algorithm permits construction of a
 hysteresis operator, which synthesizes, for every moment, the growth
 shocks that have remained in the memory bank of the unemployment rate.
 Empirical tests are conducted to assess the empirical relevance of this
 version of Okun's Law, as compared to the more familiar linear
 relationship. Empirical results consistent with hysteresis are found for
 several of the countries in our sample. 
Journal: International Review of Applied Economics 
Pages: 445-462 
Issue: 4 
Volume: 23 
Year: 2009 
Keywords: Okun's law, unemployment fluctuations, hysteresis, 
X-DOI: 10.1080/02692170902954775 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170902954775
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:23:y:2009:i:4:p:445-462




Template-Type: ReDIF-Article 1.0
Author-Name: Tommaso Agasisti 
Author-X-Name-First: Tommaso 
Author-X-Name-Last: Agasisti 
Title: Market forces and competition in university systems: theoretical reflections and empirical evidence from Italy 
Abstract:
  This paper deals with the reforming processes in higher education (HE)
 from centralised systems towards more competitive ones. In particular, I
 discuss these issues referring to the Italian case, and the market-like
 mechanisms introduced in it during 1990s and early 2000s. The focus of the
 paper is in analysing the effects of the increasing competition on
 teaching performance of universities. For this purpose, I develop a
 theoretical model, moving from the framework of yardstick competition
 (YC), to describe the functioning of a competition model based on
 comparing performance of institutions. Then, I apply this model using data
 from the Italian university system. The results suggest that an
 increasingly competitive environment effectively improves the
 universities' performance, which is also influenced by other factors,
 namely the characteristics of the institutions themselves and of their
 students, and by the resources available. As the exploratory nature of the
 study, these findings must be validated through future research. 
Journal: International Review of Applied Economics 
Pages: 463-483 
Issue: 4 
Volume: 23 
Year: 2009 
Keywords: universities, market structure, competition, incentives, performance, 
X-DOI: 10.1080/02692170902954783 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170902954783
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:23:y:2009:i:4:p:463-483




Template-Type: ReDIF-Article 1.0
Author-Name: Santonu Basu 
Author-X-Name-First: Santonu 
Author-X-Name-Last: Basu 
Title: Government success, failure of the market: a case study of rural India 
Abstract:
  Contrary to current thinking, in this paper we argue that a careful
 examination of government intervention suggests that governments did not
 fail in all their interventions. For example, in terms of achieving
 self-sufficiency in food requirements, Indian government intervention was
 highly successful. However, in terms of solving rural poverty, the
 government left it to the market, and the market failed to resolve the
 poverty problem. Rural poverty, instead of falling, increased and
 subsequently, the government had to intervene to address the poverty. 
Journal: International Review of Applied Economics 
Pages: 485-501 
Issue: 4 
Volume: 23 
Year: 2009 
Keywords: green revolution, government intervention, structural change, rural poverty, 
X-DOI: 10.1080/02692170902954791 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170902954791
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:23:y:2009:i:4:p:485-501




Template-Type: ReDIF-Article 1.0
Author-Name: Raghbendra Jha 
Author-X-Name-First: Raghbendra 
Author-X-Name-Last: Jha 
Author-Name: Raghav Gaiha 
Author-X-Name-First: Raghav 
Author-X-Name-Last: Gaiha 
Author-Name: Anurag Sharma 
Author-X-Name-First: Anurag 
Author-X-Name-Last: Sharma 
Title: Modelling variety in consumption expenditure on food in India 
Abstract:
  In this paper we compute nutrient-income elasticities for two
 macronutrients (calories and protein) and five micronutrients (calcium,
 thiamine, riboflavin, carotene and iron) using an all-India sample of
 rural households for 1994. We show that in each case the respective
 elasticities are positive and significant. This lends support to our
 hypothesis that an increase in income would increase nutrient intake by
 varying amounts, contrary to some assertions. We then compute differences
 in the elasticity of substitution for non-poor and poor across commodity
 groups and show that these differences, while significant, are small. This
 further corroborates our conclusion that increases in income of the poor
 would lead to greater increases in their nutrient intake as compared to
 the non-poor, although the magnitudes will be small. 
Journal: International Review of Applied Economics 
Pages: 503-519 
Issue: 4 
Volume: 23 
Year: 2009 
Keywords: nutrient-income elasticities, macronutrients, micronutrients, rural India, 
X-DOI: 10.1080/02692170902954809 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170902954809
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:23:y:2009:i:4:p:503-519




Template-Type: ReDIF-Article 1.0
Author-Name: Marco Mazzoli 
Author-X-Name-First: Marco 
Author-X-Name-Last: Mazzoli 
Author-Name: Christian Barducci 
Author-X-Name-First: Christian 
Author-X-Name-Last: Barducci 
Title: Testing exchange rate efficiency: the case of euro-dollar 
Abstract:
  This paper tests the semi-strong efficiency of the euro-dollar currency
 market by introducing a simple heuristic test, based on the
 'general-to-specific' methodology and meant to include as two specific
 sub-cases the 'efficient market hypothesis' (EMH) in the currency market
 as well as alternative theories implying a time dependent process of
 propagation of information. According to the results of our nested test,
 the 'efficient market hypothesis' in the euro-dollar currency market is
 rejected. 
Journal: International Review of Applied Economics 
Pages: 521-540 
Issue: 4 
Volume: 23 
Year: 2009 
Keywords: information and market efficiency, foreign exchange, 
X-DOI: 10.1080/02692170902954817 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170902954817
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:23:y:2009:i:4:p:521-540




Template-Type: ReDIF-Article 1.0
Author-Name: Ranjula Bali Swain 
Author-X-Name-First: Ranjula Bali 
Author-X-Name-Last: Swain 
Author-Name: Fan Yang Wallentin 
Author-X-Name-First: Fan Yang 
Author-X-Name-Last: Wallentin 
Title: Does microfinance empower women? Evidence from self-help groups in India 
Abstract:
  Microfinance programmes like the Self Help Bank Linkage Program in India
 have been increasingly promoted for their positive economic impact and the
 belief that they empower women. However, only a few studies rigorously
 examine the link between microfinance and women's empowerment. This
 article contributes to this discussion by arguing that women's empowerment
 takes place when women challenge the existing social norms and culture, to
 effectively improve their well-being. It empirically validates this
 hypothesis by using quasi-experimental household sample data collected for
 five states in India for 2000 and 2003. A general model is estimated by
 employing appropriate techniques to treat the ordinal variables in order
 to estimate the impact of the Self Help Group (SHG) on women's empowerment
 for 2000 and 2003. The results strongly demonstrate that on average, there
 is a significant increase in the empowerment of women in the SHG members
 group. No such significant change is observed however, for the members of
 the control group. The elegance of the result lies in the fact that the
 group of SHG participants show clear evidence of a significant and higher
 empowerment, while allowing for the possibility that some members might
 have been more empowered than others. 
Journal: International Review of Applied Economics 
Pages: 541-556 
Issue: 5 
Volume: 23 
Year: 2009 
Keywords: microfinance, women's empowerment, general model, 
X-DOI: 10.1080/02692170903007540 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170903007540
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:23:y:2009:i:5:p:541-556




Template-Type: ReDIF-Article 1.0
Author-Name: Abdella Abdou 
Author-X-Name-First: Abdella 
Author-X-Name-Last: Abdou 
Author-Name: Saeed Moshiri 
Author-X-Name-First: Saeed 
Author-X-Name-Last: Moshiri 
Title: Privatization and capital formation in developing countries: an empirical analysis 
Abstract:
  The spur for privatization and its impact on economic performance have
 been analysed from many perspectives, including microeconomics,
 macroeconomics, and institutional economics. Previous research has focused
 on efficiency reasons for privatization at the level of the firm, and the
 relative performance of state-owned enterprises and privately owned firms.
 This article investigates the macroeconomic facet of privatization with
 particular attention paid to the relation between privatization and
 capital formation in developing countries. Our study uses recent World
 Bank data on privatization for 105 countries over the time period
 1988-2003. We explore the impact of privatization on capital formation by
 conducting two-stage least squares and ordinary least squares estimations
 within three time frames. Our findings indicate that the effect of
 privatization on capital formation varies across regions and time frames.
 In general, privatization is neutral with regard to investment. 
Journal: International Review of Applied Economics 
Pages: 557-575 
Issue: 5 
Volume: 23 
Year: 2009 
Keywords: privatization, total investment, private investment, developing countries, 
X-DOI: 10.1080/02692170903007557 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170903007557
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:23:y:2009:i:5:p:557-575




Template-Type: ReDIF-Article 1.0
Author-Name: Michael Hall 
Author-X-Name-First: Michael 
Author-X-Name-Last: Hall 
Title: Why peg? The role of capital mobility and financial intermediation 
Abstract:
  Many economists argue that the growth of international capital mobility
 has made the maintenance of pegged exchange rates more costly, forcing
 developing states to choose alternative arrangements. But some states do
 not simply abandon pegged exchange rates as their exposure to capital
 mobility rises. Some states abandon pegs long before a crisis can erupt,
 while others maintain pegs until the speculative pressures became
 unbearable. Why, in an environment of growing capital mobility, do some
 states maintain pegs longer than others do? One reason is that the more
 that bank lending dominates investment in a country, the more likely that
 state is to hold on to a pegged exchange rate. When banks have accumulated
 significant amounts of foreign debt they lobby for exchange rate
 stability. In a bank-dominated financial system, a concentrated banking
 sector can organize easily and use its crucial role in the economy to
 exert influence over economic policy. This article presents new evidence
 from statistical tests on 61 developing countries that confirm that states
 with deeper banking systems are more likely to peg their exchange rates,
 in spite of growing capital mobility. 
Journal: International Review of Applied Economics 
Pages: 577-596 
Issue: 5 
Volume: 23 
Year: 2009 
Keywords: banking, capital mobility, exchange rate crises, exchange rate regime, financial system, interest groups, 
X-DOI: 10.1080/02692170903007581 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170903007581
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:23:y:2009:i:5:p:577-596




Template-Type: ReDIF-Article 1.0
Author-Name: Elisa Ughetto 
Author-X-Name-First: Elisa 
Author-X-Name-Last: Ughetto 
Title: Industrial districts and financial constraints to innovation 
Abstract:
  Informational frictions between borrowers and lenders are particularly
 acute for innovative firms undertaking high-risk projects. As a
 consequence, banks may end up denying credit to them. However, the
 literature on relationship finance predicts that a closer relationship
 between credit suppliers and obligors is deemed to alleviate information
 asymmetries, hence preventing credit rationing from occurring. The
 question of whether such situations also apply to innovative firms has so
 far remained relatively unexplored. Using a cross-section of Italian
 manufacturing firms, I find that credit constraints appear to be more
 severe for firms undertaking innovative activities, although such effects
 are weaker when measures of R&D intensity are included. The empirical
 analysis also shows that firms located in an industrial district have
 easier access to external finance. If I move to consider firms engaged in
 substantial R&D activities located in a district, results suggest that
 they can benefit from better financial conditions. 
Journal: International Review of Applied Economics 
Pages: 597-624 
Issue: 5 
Volume: 23 
Year: 2009 
Keywords: industrial districts, relationship finance, credit rationing, innovation, 
X-DOI: 10.1080/02692170903007599 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170903007599
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:23:y:2009:i:5:p:597-624




Template-Type: ReDIF-Article 1.0
Author-Name: Mark Setterfield 
Author-X-Name-First: Mark 
Author-X-Name-Last: Setterfield 
Title: An index of macroeconomic performance 
Abstract:
  This article develops a composite index of macroeconomic performance
 (IMP) and uses this index to ask: did the macroeconomic performance of the
 US economy improve during the 1990s relative to its own past performance;
 and has US macroeconomic performance been superior to that of other
 advanced capitalist economies during the post-war period as a whole? It is
 demonstrated that by studying the behaviour of an IMP, it is possible to
 draw conclusions about these comparative macroeconomic performance puzzles
 that are robust with respect to changes between multiple index weighting
 schemes. 
Journal: International Review of Applied Economics 
Pages: 625-649 
Issue: 5 
Volume: 23 
Year: 2009 
Keywords: index of macroeconomic performance, comparative macroeconomic performance, US macroeconomic performance, index numbers, weighting schemes, 
X-DOI: 10.1080/02692170903007680 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170903007680
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:23:y:2009:i:5:p:625-649




Template-Type: ReDIF-Article 1.0
Author-Name: Silvia Sacchetti 
Author-X-Name-First: Silvia 
Author-X-Name-Last: Sacchetti 
Author-Name: Roger Sugden 
Author-X-Name-First: Roger 
Author-X-Name-Last: Sugden 
Title: Introduction 
Abstract:
Journal: International Review of Applied Economics 
Pages: 651-652 
Issue: 6 
Volume: 23 
Year: 2009 
X-DOI: 10.1080/02692170903239838 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170903239838
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:23:y:2009:i:6:p:651-652




Template-Type: ReDIF-Article 1.0
Author-Name: Francesco Sacchetti 
Author-X-Name-First: Francesco 
Author-X-Name-Last: Sacchetti 
Author-Name: Silvia Sacchetti 
Author-X-Name-First: Silvia 
Author-X-Name-Last: Sacchetti 
Author-Name: Roger Sugden 
Author-X-Name-First: Roger 
Author-X-Name-Last: Sugden 
Title: Creativity and socio-economic development: space for the interests of publics 
Abstract:
  Emphasising power in strategic choice, we consider people in actual and
 potential publics kindling their imagination and ideas in order to shape
 new directions in the economies in which they have an interest. This paper
 proposes 'public creativity forums', spaces defined by relations aimed at
 free communication and based upon shared values, including openness.
 Artistic activities are highlighted as a viaticum for people's creativity,
 hence for their potential significance in influencing development in any
 sector or region. The case of self-styled Mutoids is presented following
 original ethnographic research. These prospects are positioned in an
 analysis of transnational corporations, uneven economic development,
 choices over globalisation and regional competitiveness. 
Journal: International Review of Applied Economics 
Pages: 653-672 
Issue: 6 
Volume: 23 
Year: 2009 
Keywords: creative space, artistic activities, strategic choice, public interests, Mutoids, ethnography, 
X-DOI: 10.1080/02692170903239846 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170903239846
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:23:y:2009:i:6:p:653-672




Template-Type: ReDIF-Article 1.0
Author-Name: Johan Willner 
Author-X-Name-First: Johan 
Author-X-Name-Last: Willner 
Author-Name: Sonja Gronblom 
Author-X-Name-First: Sonja 
Author-X-Name-Last: Gronblom 
Title: The impact of budget cuts and incentive wages on academic work 
Abstract:
  Recent university reforms tend to mean budget cuts, economic incentives
 at all levels and a more powerful management, in the spirit of the new
 public management. Performance-based pay is often motivated through the
 principal-agent theory where agents would provide inadequate efforts under
 a fixed-wage regime. We amend the principal-agent model by introducing
 intrinsic motivation as one side of a multiple self. It turns out that the
 fixed regime can lead to higher creative efforts and a higher output per
 employee under reasonable circumstances. Performance-based pay leads to
 motivation crowding out if the wage approaches the threshold level for
 quitting. 
Journal: International Review of Applied Economics 
Pages: 673-689 
Issue: 6 
Volume: 23 
Year: 2009 
Keywords: universities, new public management, performance-based pay, 
X-DOI: 10.1080/02692170903239853 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170903239853
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:23:y:2009:i:6:p:673-689




Template-Type: ReDIF-Article 1.0
Author-Name: Ian Jackson 
Author-X-Name-First: Ian 
Author-X-Name-Last: Jackson 
Author-Name: Philip Tomlinson 
Author-X-Name-First: Philip 
Author-X-Name-Last: Tomlinson 
Title: The role of cooperation in a creative industry: the case of UK studio pottery 
Abstract:
  In this paper, we explore the role that cooperation plays in a
 small-scale creative sector, namely that of UK studio pottery. Drawing
 upon data from a survey of studio potters, we examine the extent to which
 these artists cooperate with others in their production activities and
 then assess the impact of this cooperation on their sales performance.
 While our results suggest that studio potters can and do benefit from
 establishing stronger cooperative ties, the nurturing of such ties is not
 always easy and significant barriers to cooperation exist. Overcoming such
 barriers depends very much upon the nature of dyadic relations between
 actors, which is something we suggest reflects the governance structure of
 the network. 
Journal: International Review of Applied Economics 
Pages: 691-708 
Issue: 6 
Volume: 23 
Year: 2009 
Keywords: co-operative ties, horizontal and vertical linkages, creative industries, economic governance, 
X-DOI: 10.1080/02692170903239861 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170903239861
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:23:y:2009:i:6:p:691-708




Template-Type: ReDIF-Article 1.0
Author-Name: Patrick Cohendet 
Author-X-Name-First: Patrick 
Author-X-Name-Last: Cohendet 
Author-Name: David Grandadam 
Author-X-Name-First: David 
Author-X-Name-Last: Grandadam 
Author-Name: Laurent Simon 
Author-X-Name-First: Laurent 
Author-X-Name-Last: Simon 
Title: Economics and the ecology of creativity: evidence from the popular music industry 
Abstract:
  Creativity does not result from the talents of a few individuals, but, on
 the contrary, nourishes itself from the repeated exchanges among a variety
 of heterogeneous entities that all contribute in their own way to foster
 the development of new ideas. As a result, the creative activity must be
 considered as embedded in creative territories. In other words, these
 creative milieus should be considered as specific innovative clusters that
 allow for the creative process to be fully expressed. Following this
 perspective, we argue that the dynamics of creativity lie in the
 interaction between three different layers of a territory: the
 underground, the middleground and the upperground. In order to illustrate
 this point of view, we propose to analyse the birth of two distinct
 musical styles that are both directly related to the places in which they
 emerged: soul music in Detroit and rap music in New York. 
Journal: International Review of Applied Economics 
Pages: 709-722 
Issue: 6 
Volume: 23 
Year: 2009 
Keywords: creativity, innovation, invention, creative milieus, cities, music, 
X-DOI: 10.1080/02692170903239879 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170903239879
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:23:y:2009:i:6:p:709-722




Template-Type: ReDIF-Article 1.0
Author-Name: Jens Christensen 
Author-X-Name-First: Jens 
Author-X-Name-Last: Christensen 
Title: Reframing economic development: thing or mystery? 
Abstract:
  The aim of this article is to contribute to the conceptual platforms for
 a critical and creative approach to economic development. Economic
 development is a practical matter, but practice depends on the frame
 within which the situation is experienced, conceptually and emotionally.
 At a general level, the article discusses critical and creative thinking
 in relation to economic development and with particular focus on
 reframing. The key point is that a critical and creative approach
 challenges the problematic aspects of an actual frame and enters into a
 process of changing the frame. At a specific level, the article discusses
 one approach to reframing economic development, namely by the introduction
 of two core concepts, 'thing' and 'mystery'. 'Thing' is oriented towards
 objects. 'Mystery' is oriented towards meaning. 'Thing' points at
 expert-based calculation and manipulation; 'mystery' points at
 participation and communication, as well as hermeneutics and art. A focus
 on mystery challenges the expansive and dominative power of the
 reification embedded in conventional economic thinking and practice. 
Journal: International Review of Applied Economics 
Pages: 723-741 
Issue: 6 
Volume: 23 
Year: 2009 
Keywords: critique, creativity, participation, dialogue, meaning, art, hermeneutics, 
X-DOI: 10.1080/02692170903239887 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170903239887
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:23:y:2009:i:6:p:723-741




Template-Type: ReDIF-Article 1.0
Author-Name: Fiona Carmichael 
Author-X-Name-First: Fiona 
Author-X-Name-Last: Carmichael 
Title: Book review 
Abstract:
Journal: International Review of Applied Economics 
Pages: 743-746 
Issue: 6 
Volume: 23 
Year: 2009 
X-DOI: 10.1080/02692170903239895 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170903239895
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:23:y:2009:i:6:p:743-746




Template-Type: ReDIF-Article 1.0
Author-Name: Wolfram Elsner 
Author-X-Name-First: Wolfram 
Author-X-Name-Last: Elsner 
Title: Regional service clusters and networks. Two approaches to empirical identification and development: the case of logistics in the German port city-states Hamburg and Bremen 
Abstract:
  This article discusses two approaches to the identification and
 measurement of regional clusters and its networks in 'cross-sectoral'
 services which are not available through official industrial statistics.
 The first approach is a 'secondary-statistical' one consisting of a
 firm-based blending of two separate official statistical data-sets,
 industrial and 'functional' (that is, the professions practised within
 firms). Thus, a service 'cross-sector' is identified across manufacturing
 and service industries. In the matrices resulting, weights are attached in
 an expert survey to the numbers of employees to aggregate the 'real'
 logistics 'cross-sector'. This is applied to the two German port
 city-states, Hamburg and Bremen. The second approach is
 'primary-statistical', based on a small firms survey which generated data
 on 'functional' supplier relations (the cluster) and on project-based
 'strategic' cooperations (the networks within that cluster). This follows
 a two-stage model of emerging clusters and 'its' networks. This data-set
 is combined with the firms' affiliations to branches, firm size, age and
 sales growth classes, in order to connect information with the industry
 statistics. Also, the net densities and centrality structures are
 calculated. The combined information provides indications of the relevance
 of the service cluster and its networks as factors of future regional
 development. The latter approach is applied to the State of Bremen only.
 Two results appear to be transferable beyond the German cases: first, the
 two approaches improve the knowledge about policy-relevant
 'cross-sectors', clusters and networks; and second our knowledge about
 service, namely logistics, clusters and networks (for which port regions
 are prominent nodes) is improved. Finally, some implications for regional
 cluster strategies are discussed. 
Journal: International Review of Applied Economics 
Pages: 1-33 
Issue: 1 
Volume: 24 
Year: 2010 
Keywords: Industry clusters, industry networks, services, logistics, professions, regions, port cities, statistics, net analysis, 
X-DOI: 10.1080/02692170903007573 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170903007573
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:24:y:2010:i:1:p:1-33




Template-Type: ReDIF-Article 1.0
Author-Name: Werner Holzl 
Author-X-Name-First: Werner 
Author-X-Name-Last: Holzl 
Title: Was there a Marxian bias in Austrian manufacturing? Evidence on the direction of technical change, 1978-1994 
Abstract:
  This paper presents a study of the bias of technical change for 20
 industries of the Austrian manufacturing sector for the period 1978 to
 1994 using empirical methods derived from both classical and neoclassical
 economics. Overall, the results suggest that the technical bias in
 Austrian manufacturing did not follow a Marxian pattern. Estimates based
 on the classical framework suggest that 5 out of the 20 industries show a
 Marxian bias over the period 1978-1994. Evidence based on a neoclassical
 CES production function is provided and critically evaluated. 
Journal: International Review of Applied Economics 
Pages: 35-56 
Issue: 1 
Volume: 24 
Year: 2010 
Keywords: capital productivity, bias of technical change, aggregate production function, Austrian manufacturing industries, 
X-DOI: 10.1080/02692170903424273 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170903424273
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:24:y:2010:i:1:p:35-56




Template-Type: ReDIF-Article 1.0
Author-Name: Ramaa Vasudevan 
Author-X-Name-First: Ramaa 
Author-X-Name-Last: Vasudevan 
Title: Financial intermediation and fragility: the role of the periphery 
Abstract:
  A peculiar feature of the present international economy is that the
 leading 'hegemonic' country, USA, has a large and mounting external
 deficit which it finances by issuing debt in its own currency. The US can
 be seen to be at the apex of a pattern of triangular payments recycling
 the surpluses of creditor countries to debtor countries in the periphery.
 The paper shows, within a stock-flow-consistent framework, how capital
 flight from debtor periphery countries, by precipitating a shift from
 assets denominated in domestic currency to those denominated in dollars,
 acts like a safety valve for the international monetary system. 
Journal: International Review of Applied Economics 
Pages: 57-74 
Issue: 1 
Volume: 24 
Year: 2010 
Keywords: global imbalances, international financial system, financial intermediation, Minskian fragility, core-periphery relations, 
X-DOI: 10.1080/02692170903424281 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170903424281
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:24:y:2010:i:1:p:57-74




Template-Type: ReDIF-Article 1.0
Author-Name: Shiro Takeda 
Author-X-Name-First: Shiro 
Author-X-Name-Last: Takeda 
Title: A computable general equilibrium analysis of the welfare effects of trade liberalization under different market structures 
Abstract:
  Using a static world computable general equilibrium model with 16 sectors
 and 14 regions, this paper compares welfare effects of trade
 liberalization of the perfectly competitive model and eight imperfectly
 competitive models. Our main findings are as follows. First, the size of
 the welfare impact systematically depends on the type of model. Second,
 the welfare impact of the perfectly competitive model is not necessarily
 smaller than those of imperfectly competitive models. Third, the
 integrated market model tends to have a larger welfare impact than the
 segmented market model. Fourth, the model with the fixed number of firms
 tends to have a small welfare impact. Finally, the variety effect tends to
 have a stronger influence on the welfare effects of liberalization than do
 scale and markup effects. Differences in the models can be viewed as
 differences in the economic structures of the regions being analyzed, and
 therefore the analysis in this paper makes it possible to derive policy
 implications with regard to the relationship between economic structure
 and trade liberalization. 
Journal: International Review of Applied Economics 
Pages: 75-93 
Issue: 1 
Volume: 24 
Year: 2010 
Keywords: trade liberalization, imperfectly competitive models, computable general equilibrium analysis, 
X-DOI: 10.1080/02692170903424307 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170903424307
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:24:y:2010:i:1:p:75-93




Template-Type: ReDIF-Article 1.0
Author-Name: Bernd Ebersberger 
Author-X-Name-First: Bernd 
Author-X-Name-Last: Ebersberger 
Author-Name: Orietta Marsili 
Author-X-Name-First: Orietta 
Author-X-Name-Last: Marsili 
Author-Name: Toke Reichstein 
Author-X-Name-First: Toke 
Author-X-Name-Last: Reichstein 
Author-Name: Ammon Salter 
Author-X-Name-First: Ammon 
Author-X-Name-Last: Salter 
Title: Into thin air: using a quantile regression approach to explore the relationship between R&D and innovation 
Abstract:
  Applying quantile regression to 760 Finnish firms, we show that the
 relationship between R&D and firm performance is less straight forward
 than so far assumed. OLS regression analysis fails to capture the effect
 of R&D expenditure at different locations on the performance distribution.
 We reveal that R&D matters, especially on the medium quantiles, while
 regressing against the upper quantiles of the economic gains from
 innovation distribution exhibit decreasing returns scale in R&D. Our
 results confirm that Gaussian statistics fail to capture the most
 interesting part of the distribution - namely the extreme observations
 located in the tails. 
Journal: International Review of Applied Economics 
Pages: 95-102 
Issue: 1 
Volume: 24 
Year: 2010 
Keywords: quantile regression, R&D, economic gains from innovation, 
X-DOI: 10.1080/02692170903424448 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170903424448
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:24:y:2010:i:1:p:95-102




Template-Type: ReDIF-Article 1.0
Author-Name: Toan Nguyen 
Author-X-Name-First: Toan 
Author-X-Name-Last: Nguyen 
Title: An analysis of East Asian currency area: Bayesian dynamic factor model approach 
Abstract:
  There has recently been an increasing interest in the establishment of a
 common currency area in East Asia in the aftermath of the East Asian
 financial crisis. In this article I examine the desirability and
 feasibility of forming a currency area in the region by checking the
 symmetry of shocks as an important criterion of the theory of Optimum
 Currency Area. I employ a dynamic factor model to decompose aggregate
 output into world, regional and country-specific components and estimate
 the model using a Gibbs sampling simulation. Persistent properties of
 those components are examined and variance decomposition analysis is
 performed to investigate the role of each component in output variance.
 The European Monetary Union, with the successful launch of the euro, is
 the natural benchmark for comparison. Based on variance analysis, it is
 found that East Asian countries, on average, are less plausible candidates
 for a currency area than European counterparts. However, a subgroup of
 countries in East Asia is as qualified as those in Europe. Given the
 ongoing integration in East Asia, it is not premature to prepare for such
 a currency area in this region. 
Journal: International Review of Applied Economics 
Pages: 103-117 
Issue: 1 
Volume: 24 
Year: 2010 
Keywords: East Asia, Currency Area, Bayesian, dynamic factor model, Gibbs sampling, 
X-DOI: 10.1080/02692170903007631 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170903007631
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:24:y:2010:i:1:p:103-117




Template-Type: ReDIF-Article 1.0
Author-Name: Yannis Panagopoulos 
Author-X-Name-First: Yannis 
Author-X-Name-Last: Panagopoulos 
Author-Name: Ioanna Reziti 
Author-X-Name-First: Ioanna 
Author-X-Name-Last: Reziti 
Author-Name: Aristotelis Spiliotis 
Author-X-Name-First: Aristotelis 
Author-X-Name-Last: Spiliotis 
Title: Monetary and banking policy transmission through interest rates: an empirical application to the USA, Canada, the UK and the Eurozone 
Abstract:
  The main purpose of this paper is an examination of the pass-through
 interest rate transmission from the wholesale rates (central bank and/or
 money market rates) to the retail rates (deposit and lending rates) of the
 banking system. Knowledge of the transmission substantially helps us to
 calculate the pass-through interest rate margin or mark-up in the banking
 systems under examination (USA, Canada, the UK and the Eurozone). The
 selection of the wholesale interest rate is also an important part of this
 pass-through transmission framework because it is related to the money
 supply process and therefore the central bank's policy capabilities. In
 the empirical part, a Johansen (1988) cointegration based error-correction
 procedure (ECM-GE) is implemented for the wholesale interest rate
 selection. Then an LSE-Hendry general-to-specific model (GETS) is applied,
 for the revelation of the banking sector pass-through interest rate
 behaviour. In the empirical part, on the issue of the wholesale interest
 rate selection, the USA and the Eurozone seem to favour the Money Market
 rate while the UK and Canada favour the central bank policy rate. The
 results indicate two types of interest rate pass-through behaviour, with
 market structure implication - namely, the US and UK banking systems
 contrasted with Canada-Eurozone. 
Journal: International Review of Applied Economics 
Pages: 119-136 
Issue: 2 
Volume: 24 
Year: 2010 
Keywords: interest rate pass-through behaviour, monetary policy transmission, asymmetries, 
X-DOI: 10.1080/02692171003590096 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692171003590096
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:24:y:2010:i:2:p:119-136




Template-Type: ReDIF-Article 1.0
Author-Name: Carlos Pestana Barros 
Author-X-Name-First: Carlos Pestana 
Author-X-Name-Last: Barros 
Author-Name: Nicolas Peypoch 
Author-X-Name-First: Nicolas 
Author-X-Name-Last: Peypoch 
Author-Name: Jonathan Williams 
Author-X-Name-First: Jonathan 
Author-X-Name-Last: Williams 
Title: A note on productivity change in European cooperative banks: the Luenberger indicator approach 
Abstract:
  The Luenberger productivity indicator is employed to estimate and
 decompose productivity change in a sample of cooperative banks operating
 in 10 EU member states. An average annualised productivity growth of 2.59%
 is reported between 1996 and 2003, though there is heterogeneity in growth
 rates across countries. Generally speaking, productivity growth is driven
 by technological change. However, cooperative banks in southern European
 banking markets benefit as much from efficiency growth or catching-up with
 industry best practice. The results suggest that technology sharing
 arrangements and greater competition arising from deregulation are
 positive contributors towards productivity change. 
Journal: International Review of Applied Economics 
Pages: 137-147 
Issue: 2 
Volume: 24 
Year: 2010 
Keywords: Europe, cooperative banks, Luenberger productivity indicator, productivity change, 
X-DOI: 10.1080/02692171003590047 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692171003590047
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:24:y:2010:i:2:p:137-147




Template-Type: ReDIF-Article 1.0
Author-Name: Reed Neil Olsen 
Author-X-Name-First: Reed Neil 
Author-X-Name-Last: Olsen 
Title: The impact of more complex family structure upon marital earnings premiums 
Abstract:
  This article employs a unique data set from Trinidad and Tobago to
 examine the impact of their more complex family structures upon marital
 earnings premiums. While family structure includes the single married
 couple structure common in the US, families in Trinidad and Tobago often
 have more adults living in the household, multiple married couples living
 in the same family, and multigenerational families. Marital premiums for
 family members most likely to invest in labor market production are
 estimated to increase with more complex family structure. In contrast,
 estimated marital premiums for members most likely to invest in home
 production are decreased with more complex family structure. Results
 suggest that specialization within the larger family help explain the
 existence of marital premiums. 
Journal: International Review of Applied Economics 
Pages: 149-178 
Issue: 2 
Volume: 24 
Year: 2010 
Keywords: family structure, marital wages, developing economies, 
X-DOI: 10.1080/02692171003590062 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692171003590062
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:24:y:2010:i:2:p:149-178




Template-Type: ReDIF-Article 1.0
Author-Name: Winston Moore 
Author-X-Name-First: Winston 
Author-X-Name-Last: Moore 
Author-Name: Carlon Walkes 
Author-X-Name-First: Carlon 
Author-X-Name-Last: Walkes 
Title: Does industrial concentration impact on the relationship between policies and volatility? 
Abstract:
  It is usually recommended that countries diversify their economies to
 guard against any negative shocks that might impact on one industry.
 However, previous research has not identified how concentration can impact
 on the effectiveness of macroeconomic policies. This paper attempts to
 evaluate the relationship between industrial concentration, policies and
 economic volatility for a sample of 147 countries for the period 1970 to
 2005. The study reports that less concentrated countries tend to have
 lower rates of output, consumption and investment growth volatility. In
 addition, while trade and capital account openness variables alone tend to
 diminish economic volatility, in concentrated economies opening both the
 capital and trade account can increase economic volatility. 
Journal: International Review of Applied Economics 
Pages: 179-202 
Issue: 2 
Volume: 24 
Year: 2010 
Keywords: diversification, volatility, policies, 
X-DOI: 10.1080/02692170903424315 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170903424315
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:24:y:2010:i:2:p:179-202




Template-Type: ReDIF-Article 1.0
Author-Name: Guglielmo Maria Caporale 
Author-X-Name-First: Guglielmo 
Author-X-Name-Last: Maria Caporale 
Author-Name: Christoph Hanck 
Author-X-Name-First: Christoph 
Author-X-Name-Last: Hanck 
Title: Are PPP tests erratically behaved? Some panel evidence 
Abstract:
  This paper examines whether, in addition to standard unit root and
 cointegration tests, panel approaches also produce test statistics
 behaving erratically when applied to tests for Purchasing Power Parity
 (PPP). We show that if appropriate tests (which are robust to
 cross-sectional dependence) are used, any evidence of erratic behaviour
 disappears, and empirical support is found for PPP. 
Journal: International Review of Applied Economics 
Pages: 203-221 
Issue: 2 
Volume: 24 
Year: 2010 
Keywords: Purchasing Power Parity, PPP, real exchange rates, erratic behaviour, panel tests, 
X-DOI: 10.1080/02692170903424331 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170903424331
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:24:y:2010:i:2:p:203-221




Template-Type: ReDIF-Article 1.0
Author-Name: Yusuf Riza 
Author-X-Name-First: Yusuf 
Author-X-Name-Last: Riza 
Author-Name: Alan King 
Author-X-Name-First: Alan 
Author-X-Name-Last: King 
Title: Sun, sand and September 11: a model of tourism demand for the Maldives 
Abstract:
  Tourism is a key source of income for many small island economies, and so
 it is important to understand its determinants in such countries. We
 estimate a tourism demand model for the Maldives' five main source markets
 and find that, in addition to the usual foreign income and own price
 variables, the cost of travel and of visiting alternative destinations
 (often missing from studies of this nature) almost always have a
 significant role. In addition, the country's own marketing efforts prove
 effective at influencing demand. Finally, we find evidence the War on
 Terror has persistently depressed demand from some markets. 
Journal: International Review of Applied Economics 
Pages: 223-238 
Issue: 2 
Volume: 24 
Year: 2010 
Keywords: tourism, demand, elasticities, Maldives, terrorism, 
X-DOI: 10.1080/02692170903426054 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170903426054
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:24:y:2010:i:2:p:223-238




Template-Type: ReDIF-Article 1.0
Author-Name: Javed Younas 
Author-X-Name-First: Javed 
Author-X-Name-Last: Younas 
Author-Name: Boaz Nandwa 
Author-X-Name-First: Boaz 
Author-X-Name-Last: Nandwa 
Title: Financial openness and capital mobility: a dynamic panel analysis 
Abstract:
  Does unrestricted control on the movement of capital increase capital
 mobility? Theoretically, the answer is yes. This paper uses the
 Feldstein-Horioka savings-investment methodology to examine the impact of
 financial openness on the degree of capital mobility in 104 countries. Our
 estimates suggest that financial openness has increased capital mobility
 in developing countries, while its effect is statistically insignificant
 in OECD countries. This also implies that a developing country with more
 financial openness can have more access to external capital markets for
 borrowings. Foreign aid also appears to supplement domestic savings for
 investment in developing countries. In line with the previous findings,
 our study also confirms that capital is more mobile for developing
 countries. 
Journal: International Review of Applied Economics 
Pages: 239-246 
Issue: 2 
Volume: 24 
Year: 2010 
Keywords: Feldstein-Horioka, capital mobility, financial openness, dynamic panel, 
X-DOI: 10.1080/02692170903426021 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170903426021
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:24:y:2010:i:2:p:239-246




Template-Type: ReDIF-Article 1.0
Author-Name: William Milberg 
Author-X-Name-First: William 
Author-X-Name-Last: Milberg 
Author-Name: Pascal Petit 
Author-X-Name-First: Pascal 
Author-X-Name-Last: Petit 
Title: Introduction 
Abstract:
Journal: International Review of Applied Economics 
Pages: 247-249 
Issue: 3 
Volume: 24 
Year: 2010 
X-DOI: 10.1080/02692171003701370 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692171003701370
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:24:y:2010:i:3:p:247-249




Template-Type: ReDIF-Article 1.0
Author-Name: Pascal Petit 
Author-X-Name-First: Pascal 
Author-X-Name-Last: Petit 
Title: The systemic nature of the rise in inequality in developed economies 
Abstract:
  The rise in inequality in the last two decades has affected most
 developed economies. The systemic nature of this inequality is the focus
 of this paper. A combination of product market internationalization,
 financial globalization and technological changes favoring large
 organizations created asymmetric pressure on the two ends of the
 distribution of market incomes, resulting in greatly increased inequality.
 A widespread credo of political liberalism prevented governments from
 using taxes and transfers to check this rise in income inequality. Changes
 in relative prices and borrowing facilities brought some support to the
 standards of living of low-income groups but also contributed to increased
 instability of these economies. The global financial crisis was one of the
 possible crisis scenarios that rising inequality was bound to produce. The
 paper assesses the cumulative factors behind the rise in inequality. These
 factors reduce the capacity of industrial economies to face the challenges
 of ever-changing environments. 
Journal: International Review of Applied Economics 
Pages: 251-267 
Issue: 3 
Volume: 24 
Year: 2010 
Keywords: political economy, factor income distribution, wages and labor compensation, 
X-DOI: 10.1080/02692171003701396 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692171003701396
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:24:y:2010:i:3:p:251-267




Template-Type: ReDIF-Article 1.0
Author-Name: Robert Guttmann 
Author-X-Name-First: Robert 
Author-X-Name-Last: Guttmann 
Author-Name: Dominique Plihon 
Author-X-Name-First: Dominique 
Author-X-Name-Last: Plihon 
Title: Consumer debt and financial fragility 
Abstract:
  This article sheds light on a crucial aspect of the global crisis of
 2007-2009: the steady increase of US consumer debt to precipitous levels
 over a quarter of century. That trend, fed by a combination of
 macro-economic, demographic, and political factors, intensified greatly in
 the 2000s when a series of financial innovations allowed American
 households to draw equity out of their homes while at the same time
 feeding an unprecedented housing boom. Those same new mechanisms of
 'structured' and 'synthetic' finance mobilized a significant and steadily
 growing proportion of global savings and directed them into this
 super-bubble as the world's surplus countries came to fund America's
 debt-financed excess spending for perpetual reproduction of their
 surpluses. Anachronistic policy preferences among both surplus countries
 and the US prevented the proper functioning of various adjustment
 mechanisms before the inevitable financial-fragility dynamic took hold to
 burst the bubble and throw the global economy into a steep downturn. The
 persistence of these global imbalances bodes ill for the medium-term
 stability of the world economy and its recovery potential. 
Journal: International Review of Applied Economics 
Pages: 269-283 
Issue: 3 
Volume: 24 
Year: 2010 
Keywords: consumer debt, financial innovation, securitization, US housing boom, US current account deficit, credit crunch, 
X-DOI: 10.1080/02692171003701420 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692171003701420
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:24:y:2010:i:3:p:269-283




Template-Type: ReDIF-Article 1.0
Author-Name: William Milberg 
Author-X-Name-First: William 
Author-X-Name-Last: Milberg 
Author-Name: Deborah Winkler 
Author-X-Name-First: Deborah 
Author-X-Name-Last: Winkler 
Title: Economic insecurity in the new wave of globalization: offshoring and the labor share under varieties of capitalism 
Abstract:
  Countries subject to the same degree of exposure to globalization may
 experience very different levels of economic insecurity depending on
 social support or employment protections provided by the state or even due
 to insurance obtained by households. We identify five varieties of
 industrialized countries, characterized by national levels of 'labor
 support' and 'strictness of employment protection,' and analyze the
 importance of the role of the state in mediating the impact of
 globalization on economic security by estimating the relation between
 offshoring and the labor share of income across the OECD. We find that the
 effect of offshoring varies across countries depending on their regulatory
 structure and in particular on the degree of labor market support provided
 by governments. Regression analysis shows that for the countries providing
 'more support', offshoring has a less unfavorable or more favorable effect
 on the labor share of national income. 
Journal: International Review of Applied Economics 
Pages: 285-308 
Issue: 3 
Volume: 24 
Year: 2010 
Keywords: outsourcing, functional income distribution, economic security, varieties of capitalism, 
X-DOI: 10.1080/02692171003701479 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692171003701479
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:24:y:2010:i:3:p:285-308




Template-Type: ReDIF-Article 1.0
Author-Name: Jeff Madrick 
Author-X-Name-First: Jeff 
Author-X-Name-Last: Madrick 
Author-Name: Nikolaos Papanikolaou 
Author-X-Name-First: Nikolaos 
Author-X-Name-Last: Papanikolaou 
Title: The stagnation of male wages in the US 
Abstract:
  In an analysis of US wages and salaries by sex, age and educational
 attainment between 1969 and 2008, we find that median wages and salaries
 of males with no more than a high school diploma have fallen over more
 than four decades for all but the oldest age group, which made only
 marginal gains. The median wages and salaries of males with a college
 degree have stagnated for at least 20, and up to 25, consecutive years
 within the 39-year period analyzed. Wages and salaries for typical female
 workers have risen, especially for those with college degrees, but they
 have not risen at strong rates by historical standards. The gap in incomes
 between males and females of comparable ages and education has narrowed
 but remains large. 
Journal: International Review of Applied Economics 
Pages: 309-318 
Issue: 3 
Volume: 24 
Year: 2010 
Keywords: wage level and structure, 
X-DOI: 10.1080/02692171003701495 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692171003701495
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:24:y:2010:i:3:p:309-318




Template-Type: ReDIF-Article 1.0
Author-Name: Teresa Ghilarducci 
Author-X-Name-First: Teresa 
Author-X-Name-Last: Ghilarducci 
Title: The future of retirement in aging societies 
Abstract:
  Amongst the hallmarks of a civilized society are that both the rich and
 the poor experience increasing longevity, and that both groups are
 entitled to leisure at the end of their working lives. Yet, as the
 economic crises of 2008-2009 reduces the value of assets in pension funds
 an emerging political rhetoric suggests work for retirees is healthy and
 that pensions take resources from younger people. This study shows that
 spending for programs for the elderly does not displace spending for
 younger populations. Evidence from 58 nations reveals pension and
 education spending increase together, which suggests that when political
 forces are allied with the elderly and young families, social spending
 increases across groups. A 10% increase in spending on education (as a
 percent of GDP) is correlated with a 7.3% increase in spending on
 pensions. Evidence from the US - where older people have more choices than
 they had before about working at advanced ages - suggests that older
 workers are increasing their labor force participation because retirement
 income is eroding, rather than because older workers find work more
 attractive and easier to do. Advertisers may link youthfulness with doing
 paid work but, in the US, the elderly improve their health after retiring,
 controlling for other factors affecting health status. 
Journal: International Review of Applied Economics 
Pages: 319-331 
Issue: 3 
Volume: 24 
Year: 2010 
Keywords: social security and public pensions, pension funds, government policy, economics of the elderly, 
X-DOI: 10.1080/02692171003701511 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692171003701511
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:24:y:2010:i:3:p:319-331




Template-Type: ReDIF-Article 1.0
Author-Name: David Howell 
Author-X-Name-First: David 
Author-X-Name-Last: Howell 
Author-Name: Anna Okatenko 
Author-X-Name-First: Anna 
Author-X-Name-Last: Okatenko 
Title: By what measure? A comparison of French and US labor market performance with new indicators of employment adequacy 
Abstract:
  Comparisons of national labor market performance have conventionally
 relied on standard unemployment and employment rates (UR and ER) and these
 two 'quantity-of-employment' indicators have framed policy debates on the
 merits of reforms that would move European labor markets closer to the
 'American Model.' This paper compares French and US performance using a
 variety of alternative indicators, including new measures that account for
 job quality. While the UR was much higher for France between 1984 and
 2007, it was lower than the US rate before 1984 and the rates have since
 converged. It is also significant but not well-known that both prime-age
 ERs and youth unemployment-to-population rates have been quite similar in
 recent decades. We calculate two new summary indicators from each
 country's main household survey for 1993-2005 designed to account for the
 adequacy of pay and hours of work as well as the number of unemployed and
 employed (the underemployed share of the labor force and the adequately
 employed share of the working age population). France shows superior
 performance on both, especially for less-educated workers, and the French
 advantage has grown substantially since the late 1990s. 
Journal: International Review of Applied Economics 
Pages: 333-357 
Issue: 3 
Volume: 24 
Year: 2010 
Keywords: Unemployment incidence, wage level and structure, methodology for organizing macroeconomic data, 
X-DOI: 10.1080/02692171003701578 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692171003701578
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:24:y:2010:i:3:p:333-357




Template-Type: ReDIF-Article 1.0
Author-Name: James Galbraith 
Author-X-Name-First: James 
Author-X-Name-Last: Galbraith 
Author-Name: Jose Enrique Garcilazo 
Author-X-Name-First: Jose Enrique 
Author-X-Name-Last: Garcilazo 
Title: Inequalities, employment and income convergence in Europe: evidence from regional data 
Abstract:
  This paper explores the relationship between pay inequality and
 unemployment rates for 187 European Regions from 1984-2003. We measure
 inequality within the regions between 16 industrial sectors in each region
 - and also between the regions: thus, the inequality measures are nested.
 Our model of unemployment employs a panel structure that permits us to
 separate regional, national and continental influences on European
 unemployment. This allows us to test whether a tradeoff exists between
 cohesion and competitiveness. We find no evidence of this tradeoff;
 instead, lower pay inequality is generally associated with a lower
 regional unemployment rate. We find strong country effects lowering
 unemployment (relative to the model) in relatively smaller countries such
 as Ireland, Austria, Portugal and the Netherlands; on the other hand
 unemployment is high, relative to the model, in Spain and Poland. Time
 effects reveal the effects of European macro-environment on regional
 unemployment. We find an employment penalty associated with the Maastricht
 Treaty (1992) and its implementation of around four percentage points,
 lasting until 1998, when a general reduction in unemployment appears to
 coincide with the arrival of the euro. Unfortunately, the pattern is again
 reversed in 2000, coinciding with the implementation of the Lisbon Treaty.
 The analysis has grave implications for the consequences of the crisis of
 2008 and after, although data on this period will not become available for
 some time. 
Journal: International Review of Applied Economics 
Pages: 359-377 
Issue: 3 
Volume: 24 
Year: 2010 
Keywords: Europe, unemployment, regional inequality, 
X-DOI: 10.1080/02692171003701594 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692171003701594
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:24:y:2010:i:3:p:359-377




Template-Type: ReDIF-Article 1.0
Author-Name: Gianluca Grimalda 
Author-X-Name-First: Gianluca 
Author-X-Name-Last: Grimalda 
Author-Name: David Barlow 
Author-X-Name-First: David 
Author-X-Name-Last: Barlow 
Author-Name: Elena Meschi 
Author-X-Name-First: Elena 
Author-X-Name-Last: Meschi 
Title: Varieties of capitalisms and varieties of performances: accounting for inequality in post-Soviet Union transition economies 
Abstract:
  We partition post-Soviet Union Transition Economies into two groups:
 European Union New Member States and countries belonging to the
 Commonwealth of Independent States or the South Eastern Europe area. Both
 groups started the 1980s with low levels of inequality, but in the early
 2000s the latter group reached a level of inequality seven percentage
 points higher. We review various factors of inequality and examine whether
 these had differential effects in the two groups. Foreign Direct
 Investments and trade flows with the EU had a bigger inequality-enhancing
 effect in New Member States. We interpret this as evidence of
 technological catching-up and productivity improvements taking place in
 this region. Other specific reforms, such as privatisation and price
 liberalisation, had similarly strong effects in the two groups. We also
 find some evidence of an inequality-decreasing effect of an indicator of
 Voice and Accountability in countries outside the EU, and that countries
 with higher government effectiveness experienced lower levels of
 inequality. This supports the relevance of institutional capacity in
 tackling inequality. Finally, we speculate over the effects of the current
 global crisis on future economic performance. 
Journal: International Review of Applied Economics 
Pages: 379-403 
Issue: 3 
Volume: 24 
Year: 2010 
Keywords: inequality, transition economies, varieties of capitalism, 
X-DOI: 10.1080/02692171003701602 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692171003701602
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:24:y:2010:i:3:p:379-403




Template-Type: ReDIF-Article 1.0
Author-Name: El Mouhoub Mouhoud 
Author-X-Name-First: El Mouhoub 
Author-X-Name-Last: Mouhoud 
Author-Name: Jo&#xeb;l Oudinet 
Author-X-Name-First: Jo&#xeb;l 
Author-X-Name-Last: Oudinet 
Title: Inequality and migration: what different European patterns of migration tell us 
Abstract:
  Migration flows are often thought of as stemming from a reserve army of
 labour from developing countries, putting downward pressure on wages of
 low-qualified workers in developed countries. This paper analyses the
 major determinants of migration flows among European countries and
 stresses their diversity through a combination of labour market factors in
 receiving countries and network effects attached to countries of origin.
 The first part of the paper describes the changes in the dynamics of
 European migration flows. The second part estimates a reduced form of
 model of the relative determinants of migration flows, distinguishing
 between labour market and network effects. The results of these
 estimations lead to a distinction among various 'regimes of labour
 migration' among European countries. These are briefly compared with the
 pattern of migration observed in the US. 
Journal: International Review of Applied Economics 
Pages: 405-422 
Issue: 3 
Volume: 24 
Year: 2010 
Keywords: migration, Europe, 
X-DOI: 10.1080/02692171003701628 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692171003701628
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:24:y:2010:i:3:p:405-422




Template-Type: ReDIF-Article 1.0
Author-Name: Robert LaJeunesse 
Author-X-Name-First: Robert 
Author-X-Name-Last: LaJeunesse 
Title: Effects of female labour force attachment on health in Australia 
Abstract:
  This study examines the impact of female labour force attachment on
 health in Australia, where health care is socially provided. Longitudinal
 panel data from Women's Health Australia is used in a metric analysis to
 capture the impact of labour market attachment on the physical component
 health score of relatively young and older female workers. After
 controlling for the healthy worker effect - wherein firms hire and retain
 the healthiest workers - and other health-related changes in
 socio-economic status, the analysis suggests that even a moderate
 attachment to the paid labour force has benevolent effects on health
 relative to no or marginal attachment. Given the existing social structure
 in Australia, remunerative work generally appears to enhance the health of
 young women and arrest the decline of health for older female workers. 
Journal: International Review of Applied Economics 
Pages: 423-436 
Issue: 4 
Volume: 24 
Year: 2010 
Keywords: labour force participation, health, enhancement effect, long work hours, 
X-DOI: 10.1080/02692171.2010.483794 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692171.2010.483794
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:24:y:2010:i:4:p:423-436




Template-Type: ReDIF-Article 1.0
Author-Name: David McMillan 
Author-X-Name-First: David 
Author-X-Name-Last: McMillan 
Author-Name: Alan Speight 
Author-X-Name-First: Alan 
Author-X-Name-Last: Speight 
Title: Bubbles in UK house prices: evidence from ESTR models 
Abstract:
  Recent movements in stock and house prices have led to an examination of
 the presence of bubbles. Whilst, there is extensive research on stock
 price data, there is relatively less for house prices. This paper uses a
 present-value model for house prices to test for the presence of bubbles.
 The results support the presence of a non-fundamental component within UK
 national and regional house prices. In particular, for the majority of
 series considered, evidence is presented of linear non-stationarity within
 the fundamental present-value relationship, and of non-linear
 stationarity, implying the presence of a non-fundamental, or bubble,
 component. Furthermore, evidence is presented that prices adjust quicker
 when they are below fundamental equilibrium, than when they are above
 fundamental equilibrium, i.e. there is downward price stickiness. These
 results support the hypothesis that house price dynamics can be
 characterised by price-to-price momentum. Finally, forecast evidence
 suggests that real prices are likely to adjust downwards and converge with
 fundamental value. 
Journal: International Review of Applied Economics 
Pages: 437-452 
Issue: 4 
Volume: 24 
Year: 2010 
Keywords: house prices, present value model, ESTR model, momentum, 
X-DOI: 10.1080/02692171.2010.483785 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692171.2010.483785
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:24:y:2010:i:4:p:437-452




Template-Type: ReDIF-Article 1.0
Author-Name: Davide Antonioli 
Author-X-Name-First: Davide 
Author-X-Name-Last: Antonioli 
Author-Name: Massimiliano Mazzanti 
Author-X-Name-First: Massimiliano 
Author-X-Name-Last: Mazzanti 
Author-Name: Paolo Pini 
Author-X-Name-First: Paolo 
Author-X-Name-Last: Pini 
Title: Productivity, innovation strategies and industrial relations in SMEs. Empirical evidence for a local production system in northern Italy 
Abstract:
  The paper aims to provide an original contribution to evaluating several
 kinds of relations between four areas of innovation activities - training,
 technology, organization, ICT (information and communication technologies)
 - and industrial relations and firm's economic performance. Quantitative
 evidence for a SME-based local production system is provided by exploiting
 two datasets: the first is derived from a direct survey carried out in
 2005 collecting data on innovations, labour flexibility and industrial
 relations; the second is represented by a panel of official balance sheets
 data for the period 1998-2004. The analysis is divided in two
 consequential parts. We first examine the drivers of different innovation
 strategies and subsequently we exploit innovation indicators as potential
 drivers of firm's productivity. The results show that training activities
 and organizational changes have strong links with many industrial
 relations indicators, thus emerging as industrial relations driven
 innovations. On the contrary, ICT and technological innovation seem to be
 more influenced by firms' past performances than by industrial relations.
 The analysis on labour productivity drivers shows that training activities
 are the most relevant factors; then, ranked consequently, technological
 innovation, organisational innovations and, finally, ICT also appear to
 impact on productivity levels. It is worth noting that the role of ICT
 emerges more robustly when endogeneity is specifically addressed. Finally,
 the role of firm size seems here to be overshadowed by other drivers. 
Journal: International Review of Applied Economics 
Pages: 453-482 
Issue: 4 
Volume: 24 
Year: 2010 
Keywords: local production system, productivity, SMEs, innovation strategies, industrial relations, 
X-DOI: 10.1080/02692171.2010.483790 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692171.2010.483790
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:24:y:2010:i:4:p:453-482




Template-Type: ReDIF-Article 1.0
Author-Name: E. C. Mamatzakis 
Author-X-Name-First: E. C. 
Author-X-Name-Last: Mamatzakis 
Title: The contribution of the publicly-funded R&D capital to productivity growth and an application to the Greek food and beverages industry 
Abstract:
  This paper follows the dual-cost function methodology and develops a
 theoretical specification that assesses the contribution of public R&D
 capital to the productivity growth. The empirical application focuses on
 the Greek food and beverages industry. For this purpose it employs a
 micro-aggregated annual data set over the period 1976-2002. The regression
 analysis shows that publicly-funded R&D capital is a productive input as
 8.7% and 7.3% of the total factor productivity growth in the food industry
 and in the beverages industry respectively is attributed to the
 publicly-funded R&D capital. The relationship between publicly-funded R&D
 and privately-purchased inputs is also examined. 
Journal: International Review of Applied Economics 
Pages: 483-494 
Issue: 4 
Volume: 24 
Year: 2010 
Keywords: public R&D, productivity growth, rate of return, 
X-DOI: 10.1080/02692171.2010.483795 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692171.2010.483795
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:24:y:2010:i:4:p:483-494




Template-Type: ReDIF-Article 1.0
Author-Name: Hulya Dagdeviren 
Author-X-Name-First: Hulya 
Author-X-Name-Last: Dagdeviren 
Author-Name: Hatim Mahran 
Author-X-Name-First: Hatim 
Author-X-Name-Last: Mahran 
Title: A tale of industrial stagnation from Africa 
Abstract:
  Many African economies have experienced rather dismal industrial
 development since the 1980s. The consensus is that African firms lack
 competitiveness in a world with increasing trade openness. What determines
 competitiveness? A well-known explanation is that resource endowments in
 Africa favour land not labour, which results in high wages, especially in
 comparison with 'labour abundant' Asian economies. This paper examines the
 validity of this view on the basis of the case of Sudan. We demonstrate
 that the lack of competitiveness of manufacturing industries is not caused
 by high wages. Assuming a direct relationship between labour productivity
 and international competitiveness, we argue that acute capacity
 underutilisation, caused by supply-side constraints, lowers manufacturing
 productivity, which in turn negatively influences competitiveness. 
Journal: International Review of Applied Economics 
Pages: 495-510 
Issue: 4 
Volume: 24 
Year: 2010 
Keywords: manufacturing, wages, productivity, capacity utilisation, Africa, Sudan, 
X-DOI: 10.1080/02692171.2010.483792 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692171.2010.483792
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:24:y:2010:i:4:p:495-510




Template-Type: ReDIF-Article 1.0
Author-Name: Mohsen Bahmani-Oskooee 
Author-X-Name-First: Mohsen 
Author-X-Name-Last: Bahmani-Oskooee 
Author-Name: Zohre Ardalani 
Author-X-Name-First: Zohre 
Author-X-Name-Last: Ardalani 
Author-Name: Marzieh Bolhasani 
Author-X-Name-First: Marzieh 
Author-X-Name-Last: Bolhasani 
Title: Exchange rate volatility and US commodity trade with the rest of the world 
Abstract:
  Exchange rate volatility is argued to affect the trade flows negatively
 and positively. Indeed, empirical studies that have addressed the issue
 have supported both effects. These studies have used aggregate trade flows
 data either between one country and the rest of the world or between two
 countries at the bilateral level. Studies that have disaggregated trade
 data by industry are rare. Thus, we extend the literature by looking at
 the experiences of 66 American industries that trade with the rest of the
 world using monthly data. In most cases, trade flows are not affected by
 GARCH-based volatility of the real effective exchange rate of the dollar. 
Journal: International Review of Applied Economics 
Pages: 511-532 
Issue: 5 
Volume: 24 
Year: 2010 
Keywords: exchange rate volatility, GARCH, industry data, United States, 
X-DOI: 10.1080/02692171.2010.483466 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692171.2010.483466
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:24:y:2010:i:5:p:511-532




Template-Type: ReDIF-Article 1.0
Author-Name: Matteo Lanzafame 
Author-X-Name-First: Matteo 
Author-X-Name-Last: Lanzafame 
Title: The endogeneity of the natural rate of growth in the regions of Italy 
Abstract:
  Following Leon-Ledesma and Thirlwall (2002a), this paper examines the
 hypothesis that the natural rate of growth of the Italian regions is
 endogenous to and positively affected by the actual growth rate. Relying
 on fixed-effects and SUR estimation techniques and using annual data for
 the 20 Italian regions over the period 1977-2003, we find strong support
 for the endogeneity hypothesis suggesting that faster actual growth raises
 the natural rate of growth of the average Italian region by about 3-3.7
 percentage points. Furthermore, in line with recent findings in the
 literature, our analysis provides evidence of asymmetries in Okun's Law.
 In particular, the asymmetric Okun coefficient in the high-growth regime
 turns out to be positive in several cases, implying the unemployment rate
 may become pro-cyclical when actual growth rises above a certain threshold
 rate. 
Journal: International Review of Applied Economics 
Pages: 533-552 
Issue: 5 
Volume: 24 
Year: 2010 
Keywords: endogenous growth, Okun's Law, Italian regions, 
X-DOI: 10.1080/02692170903426039 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170903426039
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:24:y:2010:i:5:p:533-552




Template-Type: ReDIF-Article 1.0
Author-Name: Ming-Yuan Chen 
Author-X-Name-First: Ming-Yuan 
Author-X-Name-Last: Chen 
Title: Managerial compensation and R&D investments: the role of the external managerial labour market 
Abstract:
  This paper investigates the importance of the external managerial labour
 market in the determination of managerial compensation and in the
 influence of the compensation incentives on a firm's R&D investments. I
 design an empirical model including the compensation adjustment
 regression, of which the focus is the role of the external labour market,
 and the R&D regression that examines how the compensation incentives
 derived from the external labour market affect a firm's R&D intensity.
 Empirical results suggest that the R&D intensity is positively related to
 the premium of the actual pay adjustments over the expected pay
 adjustments based on the external labour market comparisons. The effect of
 the compensation incentives on the R&D investments is strongest when
 managers expect pay to decrease but actually experience an increase in
 pay. 
Journal: International Review of Applied Economics 
Pages: 553-572 
Issue: 5 
Volume: 24 
Year: 2010 
Keywords: managerial compensation, R&D investments, external managerial labour market, 
X-DOI: 10.1080/02692170903426047 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170903426047
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:24:y:2010:i:5:p:553-572




Template-Type: ReDIF-Article 1.0
Author-Name: Jose Luis Oreiro 
Author-X-Name-First: Jose Luis 
Author-X-Name-Last: Oreiro 
Author-Name: Luiz Fernando de Paula 
Author-X-Name-First: Luiz Fernando 
Author-X-Name-Last: de Paula 
Title: Macroeconomic determinants of bank spread in Latin America: a recent analysis with special focus on Brazil 
Abstract:
  Latin America has one of the highest interest margins in the world;
 furthermore, credit to private sector and bank spread are negatively
 correlated. Brazil, in particular, has one the highest bank spreads in the
 world - it is even so far the highest one among the Latin American
 economies. Indeed, despite of the decline in interest rates since
 mid-1999, bank spread in Brazil continues to be extremely high in
 international terms, and in recent years has stood at around 40 percentage
 points. This paper intends to explore the discussion in the recent
 literature on bank spread about what determines bank spread in Latin
 America, with special focus on the Brazilian case, seeking in particular
 but not exclusively to analyze the macroeconomic determinants of bank
 spread in recent times. 
Journal: International Review of Applied Economics 
Pages: 573-590 
Issue: 5 
Volume: 24 
Year: 2010 
Keywords: bank spread, Latin America, Brazilian banking sector, 
X-DOI: 10.1080/02692170903426062 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170903426062
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:24:y:2010:i:5:p:573-590




Template-Type: ReDIF-Article 1.0
Author-Name: Peter Hess 
Author-X-Name-First: Peter 
Author-X-Name-Last: Hess 
Title: Determinants of the adjusted net saving rate in developing economies 
Abstract:
  The adjusted net saving rate, initially known as the genuine saving rate,
 was first published by the World Bank in the late 1990s as a more
 comprehensive measure of national saving and one more indicative of
 sustainable development. The adjusted net saving rate incorporated not
 just physical capital depreciation, but natural capital depletion and
 environmental damage, as well as including some human capital formation.
 In this paper, using a cross-section of developing economies for
 2001-2006, determinants of the adjusted net saving rate are estimated. For
 comparison, the same determinants for the gross national saving rate are
 estimated. Also, a basic Solow growth model is extended to incorporate
 natural resources and to justify a more comprehensive measure of savings,
 such as the adjusted net saving rate, for modeling economic growth. The
 two measures of savings are then compared as determinants in estimations
 of economic growth. Understanding the determinants of the adjusted net
 saving rate is useful for policies to promote sustainable development. 
Journal: International Review of Applied Economics 
Pages: 591-608 
Issue: 5 
Volume: 24 
Year: 2010 
Keywords: sustainable development, adjusted net saving rate, genuine saving rate, economic growth, 
X-DOI: 10.1080/02692170903426070 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170903426070
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:24:y:2010:i:5:p:591-608




Template-Type: ReDIF-Article 1.0
Author-Name: Frank Westerhoff 
Author-X-Name-First: Frank 
Author-X-Name-Last: Westerhoff 
Author-Name: Martin Hohnisch 
Author-X-Name-First: Martin 
Author-X-Name-Last: Hohnisch 
Title: Consumer sentiment and countercyclical fiscal policies 
Abstract:
  We re-explore the consequences of some popular countercyclical
 intervention rules in a simple Keynesian-type macroeconomic model in which
 the dynamics of consumer sentiment and business cycles are intertwined. We
 find that fiscal policy does not only have a direct effect on national
 income via the well-known Keynesian multiplier process but also an
 indirect effect by affecting consumer sentiment. The good news is that the
 indirect effect may amplify the direct effect and therefore increases a
 policy-maker's impact on national income. However, the bad news is that
 due to the interactions between the business cycle and the evolution of
 consumer sentiment, the stabilization of national income is an intricate
 matter. 
Journal: International Review of Applied Economics 
Pages: 609-618 
Issue: 5 
Volume: 24 
Year: 2010 
Keywords: business cycles, consumer sentiment, heterogeneous agents, countercyclical fiscal policies, 
X-DOI: 10.1080/02692170903426088 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170903426088
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:24:y:2010:i:5:p:609-618




Template-Type: ReDIF-Article 1.0
Author-Name: James Heintz 
Author-X-Name-First: James 
Author-X-Name-Last: Heintz 
Title: The impact of public capital on the US private economy: new evidence and analysis 
Abstract:
  This paper presents new evidence on the impact of public capital on the
 productivity of the US private sector. Using a production function
 approach, we estimate the impact of public investment on private capital
 productivity, specifically addressing the empirical critiques of earlier
 studies. We find evidence of a cointegrating relationship in a dynamic
 specification of an empirical model that includes public infrastructure as
 a factor of production, indicating the existence of a long-run
 relationship between the US public capital stock and the productivity of
 the private capital stock. The results are used to explore how the decline
 in the growth rate of the public capital stock would have affected the
 performance of the private sector. 
Journal: International Review of Applied Economics 
Pages: 619-632 
Issue: 5 
Volume: 24 
Year: 2010 
Keywords: public investment, infrastructure, crowding out, 
X-DOI: 10.1080/02692170903426104 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170903426104
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:24:y:2010:i:5:p:619-632




Template-Type: ReDIF-Article 1.0
Author-Name: William Bryant 
Author-X-Name-First: William 
Author-X-Name-Last: Bryant 
Author-Name: Roselyne Joyeux 
Author-X-Name-First: Roselyne 
Author-X-Name-Last: Joyeux 
Title: Interest linkages between the US, UK and German interest rates: should the UK join the European Monetary Union? 
Abstract:
  In light of continuing mixed results in the literature, this paper
 re-examines the German Dominance Hypothesis (GDH) and considers whether
 the UK should join the Eurozone. For this purpose, short-term interest
 rate relationships between the UK, Germany, the Eurozone and the USA, for
 the period January 1982 to June 2007, are studied. The policy implication
 of a loss of monetary autonomy for the UK in favour of Germany or the
 European Central Bank (ECB) would give support to the UK joining the EMU
 as an economic response. From the early 1980s the Bundesbank's
 responsibility was to use money growth targets to keep average inflation
 rate down in the long run. This long run objective suggests that an
 appropriate methodology for testing the GDH is to test whether the German
 stochastic trend is a driving stochastic trend. In other words we
 determine whether a permanent shock to the German interest rate has a
 permanent effect on the UK interest rate. To this end the structural
 shocks in a VECM are identified by imposing long-run restrictions of the
 type developed in King et al. (1991). We apply the same techniques to
 testing whether the UK has suffered a loss of monetary autonomy in favour
 of the ECB. 
Journal: International Review of Applied Economics 
Pages: 633-647 
Issue: 6 
Volume: 24 
Year: 2010 
Keywords: Exchange Rate Mechanism, interest rates, vector error correction models, 
X-DOI: 10.1080/02692171.2010.512143 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692171.2010.512143
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:24:y:2010:i:6:p:633-647




Template-Type: ReDIF-Article 1.0
Author-Name: Paresh Kumar Narayan 
Author-X-Name-First: Paresh Kumar 
Author-X-Name-Last: Narayan 
Author-Name: Seema Narayan 
Author-X-Name-First: Seema 
Author-X-Name-Last: Narayan 
Title: Are business cycles stationary fluctuations around a deterministic trend? Empirical evidence from 79 developing countries 
Abstract:
  There is a large literature that tests the univariate time series
 properties of the real output series following the seminal work of Nelson
 and Plosser (1982). Whether or not real output is characterized by a unit
 root process has important implications. A unit root in real output, for
 instance, is inconsistent with the notion that business cycles are
 stationary fluctuations around a deterministic trend. In this paper, we
 investigate the univariate time series properties of real output for 79
 developing countries using the conventional augmented Dickey and Fuller
 (1979) unit root test, the Zivot and Andrews' (1992) one structural break
 unit root test, and the Lumsdaine and Papell (1997) two structural breaks
 unit root test. Our main finding is that, for 40 countries, real output is
 stationary around a trend. This indicates that business cycles are
 stationary fluctuations around a deterministic trend for only 51% of the
 developing countries in our sample. 
Journal: International Review of Applied Economics 
Pages: 649-664 
Issue: 6 
Volume: 24 
Year: 2010 
Keywords: structural break unit root test, business cycles, developing countries, 
X-DOI: 10.1080/02692171.2010.512130 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692171.2010.512130
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:24:y:2010:i:6:p:649-664




Template-Type: ReDIF-Article 1.0
Author-Name: Jesus Felipe 
Author-X-Name-First: Jesus 
Author-X-Name-Last: Felipe 
Author-Name: J. S. L. McCombie 
Author-X-Name-First: J. S. L. 
Author-X-Name-Last: McCombie 
Title: What is wrong with aggregate production functions. On Temple's 'aggregate production functions and growth economics' 
Abstract:
  In an article in the 2006 volume of this journal, Jonathan Temple
 presented a defence of the use of the aggregate production function in
 growth theory in the light of various criticisms that have been levelled
 at it. These criticisms include the Cambridge Capital Theory
 Controversies, various aggregation problems, and the problems posed by the
 use of value data and the underlying accounting identity. We show that
 Temple has underestimated the seriousness of these criticisms, especially
 the last one, which vitiates the concept of the aggregate production
 function. Because of the identity, estimates of putative aggregate
 production functions, such as the aggregate elasticity of substitution,
 cannot be interpreted as reflecting the underlying technology, and hence
 the use of the aggregate production function is extremely problematical. 
Journal: International Review of Applied Economics 
Pages: 665-684 
Issue: 6 
Volume: 24 
Year: 2010 
Keywords: aggregate production function, growth econometrics, aggregation problems, accounting identity, 
X-DOI: 10.1080/02692171.2010.512146 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692171.2010.512146
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:24:y:2010:i:6:p:665-684




Template-Type: ReDIF-Article 1.0
Author-Name: Jonathan Temple 
Author-X-Name-First: Jonathan 
Author-X-Name-Last: Temple 
Title: Aggregate production functions, growth economics, and the part-time tyranny of the identity: a reply to Felipe and McCombie 
Abstract:
  A recent paper by Jesus Felipe and John McCombie argues that I have
 understated the importance of the value added identity for conventional
 estimates of production relationships. This reply seeks to clarify the
 areas of agreement and disagreement. It suggests that the problems raised
 by the accounting identity are genuine and deserve to be more widely
 known, but Felipe and McCombie have sometimes exaggerated the scope of the
 argument. 
Journal: International Review of Applied Economics 
Pages: 685-692 
Issue: 6 
Volume: 24 
Year: 2010 
Keywords: aggregation, production functions, value added identity, 
X-DOI: 10.1080/02692171.2010.511454 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692171.2010.511454
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:24:y:2010:i:6:p:685-692




Template-Type: ReDIF-Article 1.0
Author-Name: Micka&#xeb;l Clevenot 
Author-X-Name-First: Micka&#xeb;l 
Author-X-Name-Last: Clevenot 
Author-Name: Yann Guy 
Author-X-Name-First: Yann 
Author-X-Name-Last: Guy 
Author-Name: Jacques Mazier 
Author-X-Name-First: Jacques 
Author-X-Name-Last: Mazier 
Title: Investment and the rate of profit in a financial context: the French case 
Abstract:
  The growth regime prevailing in France since the middle of the 1980s
 allowed for a recovery of profitability, yet without durable resumption of
 growth or accumulation of fixed capital. The financialization of this
 growth regime shows on both the asset and liability sides of the balance
 sheets. Following a post-Keynesian framework, we analyse and test the main
 determinants of real investment and financial capital accumulation for
 non-financial companies in France, based on data from the flow-of-funds
 accounts. This analysis points to an arbitrage, prevailing between real
 and financial accumulation, as a key reason explaining the insufficient
 recovery of investment. 
Journal: International Review of Applied Economics 
Pages: 693-714 
Issue: 6 
Volume: 24 
Year: 2010 
Keywords: finance, investment, profit rate, growth regime, 
X-DOI: 10.1080/02692170903426112 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170903426112
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:24:y:2010:i:6:p:693-714




Template-Type: ReDIF-Article 1.0
Author-Name: J. M. Albala-Bertrand 
Author-X-Name-First: J. M. 
Author-X-Name-Last: Albala-Bertrand 
Title: A contribution to estimate a benchmark capital stock. An optimal consistency method 
Abstract:
  There are alternative methods of estimating capital stock for a benchmark
 year. However, these methods are costly and time-consuming, requiring the
 gathering of much basic information as well as the use of some convenient
 assumptions and guesses. In addition, a way is needed of checking whether
 the estimated benchmark is at the correct level. This paper proposes an
 optimal consistency method (OCM), which enables a capital stock to be
 estimated for a benchmark year, and which can also be used in checking the
 consistency of alternative estimates. This method, in contrast to most
 current approaches, pays due regards both to potential output and to the
 productivity of capital. It is applied to 45 cases for nine OECD countries
 and six Latin American ones. It works reasonably well, and it requires
 only small amounts of data, which are readily available. It appears to
 exhibit similar accuracy to alternative methods, but it is virtually
 inexpensive in both time and funding. 
Journal: International Review of Applied Economics 
Pages: 715-729 
Issue: 6 
Volume: 24 
Year: 2010 
Keywords: benchmark capital, perpetual inventory method (PIM), potential output, capital productivity, optimal consistency method (OCM), 
X-DOI: 10.1080/02692171.2010.512128 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692171.2010.512128
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:24:y:2010:i:6:p:715-729




Template-Type: ReDIF-Article 1.0
Author-Name: Sandro Montresor 
Author-X-Name-First: Sandro 
Author-X-Name-Last: Montresor 
Author-Name: Giuseppe Vittucci Marzetti 
Author-X-Name-First: Giuseppe 
Author-X-Name-Last: Vittucci Marzetti 
Title: Outsourcing and structural change. Application to a set of OECD countries 
Abstract:
  The examination in this paper aims to bridge outsourcing and structural
 change analyses in order to obtain more accurate insights into the extent
 of outsourcing and to extract more reliable policy recommendations for
 dealing with its effects. We do this by applying a 'battery' of
 outsourcing measurements to a group of OECD countries from 1980 to the mid
 1990s. Expected results (e.g. the idiosyncratic outsourcing patterns of
 the UK) are confirmed on a more systematic and comparable basis, while
 original results (e.g. the low integration of business services in
 manufacturing in the former socialist economies) are based on the
 exploitation of new data. 
Journal: International Review of Applied Economics 
Pages: 731-752 
Issue: 6 
Volume: 24 
Year: 2010 
Keywords: outsourcing, input-output, vertical integration, tertiarization, manufacturing, 
X-DOI: 10.1080/02692171.2010.512147 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692171.2010.512147
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:24:y:2010:i:6:p:731-752




Template-Type: ReDIF-Article 1.0
Author-Name: Engelbert Stockhammer 
Author-X-Name-First: Engelbert 
Author-X-Name-Last: Stockhammer 
Author-Name: Eckhard Hein 
Author-X-Name-First: Eckhard 
Author-X-Name-Last: Hein 
Author-Name: Lucas Grafl 
Author-X-Name-First: Lucas 
Author-X-Name-Last: Grafl 
Title: Globalization and the effects of changes in functional income distribution on aggregate demand in Germany 
Abstract:
  Germany has experienced a period of extreme nominal and real wage
 moderation since the mid-1990s. Contrary to the expectations of liberal
 economists, this has failed to improve Germany's mediocre economic
 performance. However, Germany is now running substantial current account
 surpluses. One possible explanation for Germany's disappointing
 performance is found in Kaleckian theory, which highlights that the
 domestic demand effect of a decline in the wage share will typically be
 contractionary, whereas net exports will increase (Blecker 1989). The size
 of the foreign demand effect will critically depend on the degree of
 openness of the economy. This paper aims at estimating empirically the
 demand side of a Bhaduri and Marglin (1990) type model for Germany. The
 paper builds on the estimation strategy of Stockhammer, Onaran, and Ederer
 (2009) and Hein and Vogel (2008, 2009). The main contribution lies in a
 careful analysis of the effects of globalization. Since Germany is a large
 open economy by now it is a particularly interesting case study. 
Journal: International Review of Applied Economics 
Pages: 1-23 
Issue: 1 
Volume: 25 
Year: 2011 
Keywords: distribution, demand, investment, consumption, foreign trade, macroeconomics, Keynesian economics, Germany, globalization, 
X-DOI: 10.1080/02692170903426096 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170903426096
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:25:y:2011:i:1:p:1-23




Template-Type: ReDIF-Article 1.0
Author-Name: Tiago Neves Sequeira 
Author-X-Name-First: Tiago Neves 
Author-X-Name-Last: Sequeira 
Title: On the effect of R&D in returns to experience 
Abstract:
  Using a recent macroeconomic database, we empirically estimate an
 'erosion effect': we show that Total Factor Productivity (TFP) growth
 decreases returns to experience. The 'erosion effect' is typically
 stronger within the rich and the most experienced countries in the world.
 This article complements the scarce microeconomic literature on the issue
 and the theoretical macroeconomic literature recently coming to the
 conclusion that this effect has important implications for the interaction
 between human capital accumulation and TFP. 
Journal: International Review of Applied Economics 
Pages: 25-37 
Issue: 1 
Volume: 25 
Year: 2011 
Keywords: returns to experience, TFP, erosion effect, 
X-DOI: 10.1080/02692170903426120 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170903426120
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:25:y:2011:i:1:p:25-37




Template-Type: ReDIF-Article 1.0
Author-Name: Sven Langedijk 
Author-X-Name-First: Sven 
Author-X-Name-Last: Langedijk 
Author-Name: Martin Larch 
Author-X-Name-First: Martin 
Author-X-Name-Last: Larch 
Title: Testing EU fiscal surveillance: how sensitive is it to variations in output gap estimates? 
Abstract:
  Real-time estimates of potential output are used for the calculation of
 the cyclically adjusted budget balance, one of the main indicators in the
 assessment of the fiscal performance of EU member states. The estimation
 of potential output involves a decomposition of actual output into a
 cyclical and a structural component based on arbitrary assumptions about
 the statistical properties of the two unobserved components. With a very
 high degree of smoothing, variations in GDP are mostly taken to be
 temporary, as are the ensuing changes in the budget deficit. Conversely,
 with a low degree of smoothing, variations in GDP are mostly taken to be
 permanent, leading to different policy conclusions. Our paper examines
 whether and how different potential output estimates would have supported
 different decisions in the EU budgetary surveillance in terms of both
 timing and substance. The results show that only a very high degree of
 smoothing of potential output would significantly reduce the reliability
 of the surveillance indicators. We conclude that a higher degree of
 smoothing compared with current practice would not be harmful for EU
 fiscal surveillance, while it could contribute to more cautious policies
 by signalling larger and longer periods of economic 'good times'. 
Journal: International Review of Applied Economics 
Pages: 39-60 
Issue: 1 
Volume: 25 
Year: 2011 
Keywords: potential output, cyclical adjustment, EU budgetary surveillance, Stability and Growth Pact, Excessive Deficit Procedure, safety margin, minimum benchmark, fiscal surveillance indicators, 
X-DOI: 10.1080/02692170903426138 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170903426138
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:25:y:2011:i:1:p:39-60




Template-Type: ReDIF-Article 1.0
Author-Name: Giulio Cainelli 
Author-X-Name-First: Giulio 
Author-X-Name-Last: Cainelli 
Author-Name: Massimiliano Mazzanti 
Author-X-Name-First: Massimiliano 
Author-X-Name-Last: Mazzanti 
Author-Name: Roberto Zoboli 
Author-X-Name-First: Roberto 
Author-X-Name-Last: Zoboli 
Title: Environmentally oriented innovative strategies and firm performance in services. Micro-evidence from Italy 
Abstract:
  This paper aims at analysing the impact of environmentally oriented
 innovative strategies on firms' economic performance in terms of
 employment, turnover and labour productivity growth. We exploit a unique
 dataset of 773 Italian service firms with 20 or more employees, based on
 1993-1995 Community Innovation Survey (CIS) II data on innovation
 strategies and 1995-1998 System of the Enterprise Account (SEA). Using a
 Gibrat-like empirical model, our findings show a negative link between
 environmental motivations and growth in employment and turnover in the
 short term, which then associates to a not significant or even negative
 effect on labour productivity growth, a result which is explainable by
 various factors: non-mature markets; early movers that need more time to
 grasp the benefits of innovative actions; weaknesses of some service
 branches. The effect on employment is in part compatible with the existing
 evidence and may be based on efficiency improvements (dematerialisation
 processes), which also impact on efficiency by reducing workforce numbers.
 The effect on turnover of environmental innovation strategy is negative,
 implying either a short-medium effect, possibly balanced in the long run
 by net benefits in terms of higher added value, or a real negative impact,
 which may be contingent on the period of observation, when environmental
 strategies where not at the heart of strategic management policies.
 Neither Porter-like effects nor virtuous circles among environmentally
 strategies and performance seem to be present, at least in the short run
 and for services firms, calling for the necessity of further analyses on
 medium- long-term effects and performances of specific service branches.
 Though effects on performances could turn out positive in the long run
 when mature green markets and investments provide their benefits, our
 evidence highlights that services could still find hard times in tackling
 the well-known low productivity 'disease' even in the environmental realm. 
Journal: International Review of Applied Economics 
Pages: 61-85 
Issue: 1 
Volume: 25 
Year: 2011 
Keywords: services, firm environmental strategies, firm growth, CIS survey, innovation, 
X-DOI: 10.1080/02692170903426146 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692170903426146
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:25:y:2011:i:1:p:61-85




Template-Type: ReDIF-Article 1.0
Author-Name: Roberto Antonietti 
Author-X-Name-First: Roberto 
Author-X-Name-Last: Antonietti 
Author-Name: Davide Antonioli 
Author-X-Name-First: Davide 
Author-X-Name-Last: Antonioli 
Title: The impact of production offshoring on the skill composition of manufacturing firms: evidence from Italy 
Abstract:
  In this work we explore how the international outsourcing of production
 impacts the skill composition of employment within Italian manufacturing
 firms. In particular, our aim is to assess whether the choice to offshore
 production activities to cheap-labour countries implies a bias in the
 employment of skilled workers relative to unskilled ones. Using a balanced
 panel of firms covering the period 1995-2003, we set up a counterfactual
 analysis in which, by using a difference-in-differences propensity score
 matching estimator, we compare the dynamics of skill demand for treated
 and control firms while addressing the possible problem of selection bias.
 Our results identify a 'potential' skill bias effect of production
 offshoring. In particular, we find that treated firms tend to show an
 upward shift in the skill ratio with respect to the counterfactual sample,
 but coefficients are not significantly different from zero. When we look
 at the elements of the skill ratio separately, we find that the skill bias
 is driven by a fall in the employment of production workers (blue
 collars), rather than by the increase in the employment of non-production
 workers (white collars), thus providing further evidence on the unskilled
 labour-saving nature of international outsourcing. 
Journal: International Review of Applied Economics 
Pages: 87-105 
Issue: 1 
Volume: 25 
Year: 2011 
Keywords: difference-in-differences, production offshoring, propensity score matching, skill-bias, 
X-DOI: 10.1080/02692171.2010.483461 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692171.2010.483461
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:25:y:2011:i:1:p:87-105




Template-Type: ReDIF-Article 1.0
Author-Name: Myint Moe Chit 
Author-X-Name-First: Myint Moe 
Author-X-Name-Last: Chit 
Author-Name: Amrit Judge 
Author-X-Name-First: Amrit 
Author-X-Name-Last: Judge 
Title: Non-linear effect of exchange rate volatility on exports: the role of financial sector development in emerging East Asian economies 
Abstract:
  This paper empirically examines the role of financial sector development
 in influencing the impact of exchange rate volatility on the exports of
 five emerging East Asian countries - China, Indonesia, Malaysia, the
 Philippines and Thailand - using a GMM-IV estimation method. The results
 indicate that the effect of exchange rate volatility on exports is
 conditional on the level of financial sector development. The less
 financially developed an economy, the more its exports are adversely
 affected by exchange rate volatility. In addition, a stable exchange rate
 seems to be a necessary condition to achieve export promotion via a
 currency depreciation in these economies. 
Journal: International Review of Applied Economics 
Pages: 107-119 
Issue: 1 
Volume: 25 
Year: 2011 
Keywords: East Asia, exports, exchange rate volatility, financial sector development, 
X-DOI: 10.1080/02692171.2010.483463 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692171.2010.483463
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:25:y:2011:i:1:p:107-119




Template-Type: ReDIF-Article 1.0
Author-Name: Jonathan Michie 
Author-X-Name-First: Jonathan 
Author-X-Name-Last: Michie 
Title: Global finance and social Europe 
Abstract:
Journal: International Review of Applied Economics 
Pages: 121-125 
Issue: 1 
Volume: 25 
Year: 2011 
X-DOI: 10.1080/02692171.2010.511459 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692171.2010.511459
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:25:y:2011:i:1:p:121-125




Template-Type: ReDIF-Article 1.0
Author-Name: Philip Arestis 
Author-X-Name-First: Philip 
Author-X-Name-Last: Arestis 
Author-Name: Fernando Ferrari-Filho 
Author-X-Name-First: Fernando 
Author-X-Name-Last: Ferrari-Filho 
Author-Name: Luiz Fernando de Paula 
Author-X-Name-First: Luiz Fernando 
Author-X-Name-Last: de Paula 
Title: Inflation targeting in Brazil 
Abstract:
  The purpose of this paper is to examine the Inflation Targeting (IT)
 framework as it is applied in the case of Brazil since its adoption in
 June 1999. For this purpose we first summarize the macroeconometric model
 utilized by the Central Bank of Brazil (BCB) in its pursuit of the IT
 framework. While the focus of this paper is on Brazil, we also examine the
 experience of other countries with IT (in particular, the BRIC countries:
 Brazil, Russia, India, and China), both for comparative purposes and for
 evidence of the extent of success of this 'new' economic policy pursued by
 other IT countries. In addition, we compare the experience of Brazil with
 IT and with that of non-IT countries. In the context of non-IT countries,
 we ask the question of whether it makes a difference in the fight against
 inflation whether a country has adopted IT or not. Finally, we examine
 some features of the Brazilian experience with IT regime. 
Journal: International Review of Applied Economics 
Pages: 127-148 
Issue: 2 
Volume: 25 
Year: 2011 
Keywords: inflation targeting, emerging economies, New Consensus Macroeconomic model, Brazilian economy, 
X-DOI: 10.1080/02692171.2010.483465 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692171.2010.483465
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:25:y:2011:i:2:p:127-148




Template-Type: ReDIF-Article 1.0
Author-Name: Leonce Ndikumana 
Author-X-Name-First: Leonce 
Author-X-Name-Last: Ndikumana 
Author-Name: James Boyce 
Author-X-Name-First: James 
Author-X-Name-Last: Boyce 
Title: Capital flight from sub-Saharan Africa: linkages with external borrowing and policy options 
Abstract:
  Even as African countries became increasingly indebted, they experienced
 large-scale capital flight. Some of this was legitimately acquired capital
 fleeing economic and political uncertainties; some was illegitimately
 acquired wealth spirited to safer havens abroad. This paper presents new
 estimates of the magnitude and timing of capital flight from 33
 sub-Saharan African countries from 1970 to 2004. We then analyze its
 determinants, including linkages to external borrowing. Our results
 confirm that sub-Saharan Africa is a net creditor to the rest of the
 world, in that the subcontinent's private external assets exceed its
 public external liabilities: total capital flight amounted to $443 billion
 (in 2004 dollars), compared to the external debt of $195 billion.
 Econometric analysis indicates that for every dollar in external loans to
 Africa in this period, roughly 60 cents flowed back out as capital flight
 in the same year, a finding that suggests the existence of widespread
 debt-fueled capital flight. The results also show a debt-overhang effect,
 as increases in the debt stock spur additional capital flight in later
 years. In addition to policies for recovery of looted wealth and
 repatriation of externally held assets, we discuss the need for policies
 to differentiate between legitimate and odious debts, both to ease current
 burdens on African countries and to improve international financial
 governance in the future. 
Journal: International Review of Applied Economics 
Pages: 149-170 
Issue: 2 
Volume: 25 
Year: 2011 
Keywords: capital flight, external debt, stolen assets, odious debt, 
X-DOI: 10.1080/02692171.2010.483468 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692171.2010.483468
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:25:y:2011:i:2:p:149-170




Template-Type: ReDIF-Article 1.0
Author-Name: Bilge Erten 
Author-X-Name-First: Bilge 
Author-X-Name-Last: Erten 
Title: North-South terms-of-trade trends from 1960 to 2006 
Abstract:
  The composition of exports of developing countries is increasingly
 dominated by manufactured goods. This has not changed the fact that their
 major trading partners continue to be the developed countries. In order to
 properly assess the distribution of gains from trade, there is a pressing
 need to analyze the movements in the terms of trade of developing
 countries with respect to the developed ones. A statistical analysis of
 the North-South terms of trade reveals that the terms of trade have turned
 against the South since the 1960s. However, the terms-of-trade
 deterioration is neither continuous nor evenly distributed over different
 country groupings. The existence of a structural break in the mid-to-late
 1970s together with the greatest adverse terms-of-trade movements against
 the highly indebted and least developed countries attest the discontinuity
 and unevenness of this process. 
Journal: International Review of Applied Economics 
Pages: 171-184 
Issue: 2 
Volume: 25 
Year: 2011 
Keywords: distribution of gains from trade, North-South terms of trade, Prebisch-Singer hypothesis, error correction models, long-run trend estimation, 
X-DOI: 10.1080/02692171.2010.483469 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692171.2010.483469
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:25:y:2011:i:2:p:171-184




Template-Type: ReDIF-Article 1.0
Author-Name: Jose Luis Nicolini-Llosa 
Author-X-Name-First: Jose Luis 
Author-X-Name-Last: Nicolini-Llosa 
Title: Dual equilibrium and growth cycle in Argentina 
Abstract:
  Argentina's GDP growth cycle, tracing the high exchange rate volatility
 in 1970-2008, is discussed. Growth depends on foreign exchange
 availability. The country's comparative advantage is in agriculture, but
 manufactured exports are grow faster. Two remarkably different PPP
 exchange rates coexist - one appropriate for agriculture and one for
 manufacturing - destabilising the market exchange rate. Thus, two unstable
 growth equilibria coexist generating GDP fluctuations. Currency
 devaluation sets the cycle's ceiling and the end of devaluation sets the
 cycle's floor. Chronic government deficits widen the cycle, harming
 institutions and decelerating growth. A land tax to finance rural
 investment would facilitate a high and stable exchange rate (AR$/US$) and
 convergence to the high growth equilibrium. 
Journal: International Review of Applied Economics 
Pages: 185-207 
Issue: 2 
Volume: 25 
Year: 2011 
Keywords: Argentina, business cycle, dual equilibrium, growth, balance of payments, development, 
X-DOI: 10.1080/02692171.2010.483462 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692171.2010.483462
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:25:y:2011:i:2:p:185-207




Template-Type: ReDIF-Article 1.0
Author-Name: Basil Al-Najjar 
Author-X-Name-First: Basil 
Author-X-Name-Last: Al-Najjar 
Title: The inter-relationship between capital structure and dividend policy: empirical evidence from Jordanian data 
Abstract:
  The study investigates the under-researched relationship between capital
 structure and dividend policy in emerging markets with regard to the
 Jordanian market. The empirical analysis focuses on the estimation of both
 single equation models and structure equation models using the reduced
 form equations to examine the joint determinants of capital structure and
 dividend policy. The study investigates whether capital structure and
 dividend policy theories can explain the financial decisions in emerging
 market such as the Jordanian market. Namely, the study examines agency
 theory, signalling theory, pecking order theory and bankruptcy theory. The
 results indicate that there is a positive relationship between
 debt-to-asset ratio on the one hand, and asset tangibility, profitability,
 market-to-book, liquidity, firm size, and industry classification on the
 other hand. Also, there is a negative relationship between debt-to-asset
 ratio and profitability. In addition, there is a positive relationship
 between dividend payout ratio on the one hand, and profitability, asset
 tangibility, market-to-book and industry classification on the other hand.
 Finally, the results of the reduced form equations show that capital
 structure and dividend policy have the following common factors:
 profitability; asset tangibility; market-to-book; industry classification;
 and limited evidence of institutional ownership. Therefore, the
 determinants of capital structure and dividend policy in emerging markets
 such as the Jordanian market share the same set of suggested factors with
 the developed markets. 
Journal: International Review of Applied Economics 
Pages: 209-224 
Issue: 2 
Volume: 25 
Year: 2011 
Keywords: capital structure, dividend policy, panel data, emerging markets, single equation, reduced form equations, joint determinants, 
X-DOI: 10.1080/02692171.2010.483464 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692171.2010.483464
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:25:y:2011:i:2:p:209-224




Template-Type: ReDIF-Article 1.0
Author-Name: Maria Teresa Medeiros Garcia 
Author-X-Name-First: Maria Teresa Medeiros 
Author-X-Name-Last: Garcia 
Author-Name: Carlos Barros 
Author-X-Name-First: Carlos 
Author-X-Name-Last: Barros 
Author-Name: Antonio Silvestre 
Author-X-Name-First: Antonio 
Author-X-Name-Last: Silvestre 
Title: Saving behaviour: evidence from Portugal 
Abstract:
  This paper analyses the determinants of saving behaviour among Portuguese
 households using a structural equation model with latent variables. It is
 found that the main factors directly influencing households' saving
 behaviour are their attitude towards saving and their level of income.
 However, savers' behaviour is also indirectly influenced by their
 perceptions of longevity, their feelings as savers, the replacement rate
 and the age. The family size does not have any effect, either directly or
 indirectly. Policy implications are derived from the study. 
Journal: International Review of Applied Economics 
Pages: 225-238 
Issue: 2 
Volume: 25 
Year: 2011 
Keywords: choice behaviour, structural equation model, 
X-DOI: 10.1080/02692171.2010.483467 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692171.2010.483467
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:25:y:2011:i:2:p:225-238




Template-Type: ReDIF-Article 1.0
Author-Name: Grazia Ietto-Gillies 
Author-X-Name-First: Grazia 
Author-X-Name-Last: Ietto-Gillies 
Title: The internationalization of production systems. Implications for firms, labour and countries: The global environment of business 
Abstract:
Journal: International Review of Applied Economics 
Pages: 239-244 
Issue: 2 
Volume: 25 
Year: 2011 
X-DOI: 10.1080/02692171.2010.511466 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692171.2010.511466
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:25:y:2011:i:2:p:239-244




Template-Type: ReDIF-Article 1.0
Author-Name: Jonathan Michie 
Author-X-Name-First: Jonathan 
Author-X-Name-Last: Michie 
Title: Cumulative causation: The foundations of non-equilibrium economics 
Abstract:
Journal: International Review of Applied Economics 
Pages: 245-248 
Issue: 2 
Volume: 25 
Year: 2011 
X-DOI: 10.1080/02692171.2010.529733 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692171.2010.529733
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:25:y:2011:i:2:p:245-248




Template-Type: ReDIF-Article 1.0
Author-Name: Katsushi Imai 
Author-X-Name-First: Katsushi 
Author-X-Name-Last: Imai 
Author-Name: Raghav Gaiha 
Author-X-Name-First: Raghav 
Author-X-Name-Last: Gaiha 
Author-Name: Woojin Kang 
Author-X-Name-First: Woojin 
Author-X-Name-Last: Kang 
Title: Poverty, inequality and ethnic minorities in Vietnam 
Abstract:
  The present study examines how and why ethnic minorities are poorer than
 ethnic majorities in Vietnam using the Vietnam Household Living Standards
 Survey data for 2002 and 2004. First, the analysis confirms that
 households belonging to the ethnic minority groups are not only poorer but
 also more vulnerable to various shocks than those in the ethnic majority
 groups, namely the Kinh and the Chinese. Second, household composition
 (e.g., dependency burden), education, land holding and location are
 important determinants of expenditure and poverty, whilst there is some
 diversity among different ethnic groups. Finally, the decomposition
 analyses reveal that the ethnic minorities are poorer not necessarily
 because they have more disadvantaged household characteristics (e.g.,
 educational attainment or location), but, more importantly, because the
 returns to the characteristics are much lower for ethnic minorities than
 for the majorities. Government policies to reduce structural differences
 between ethnic majorities and minorities are imperative to address the
 disparities in returns to endowments between them. 
Journal: International Review of Applied Economics 
Pages: 249-282 
Issue: 3 
Volume: 25 
Year: 2011 
Keywords: Vietnam, ethnic minority, poverty, inequality, decomposition, 
X-DOI: 10.1080/02692171.2010.483471 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692171.2010.483471
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:25:y:2011:i:3:p:249-282




Template-Type: ReDIF-Article 1.0
Author-Name: Keith Cowling 
Author-X-Name-First: Keith 
Author-X-Name-Last: Cowling 
Author-Name: Rattanasuda Poolsombat 
Author-X-Name-First: Rattanasuda 
Author-X-Name-Last: Poolsombat 
Author-Name: Philip Tomlinson 
Author-X-Name-First: Philip 
Author-X-Name-Last: Tomlinson 
Title: Advertising and labour supply: why do Americans work such long hours? 
Abstract:
  This paper advances the view that the intensity of creation of wants
 through advertising and marketing might be an influence on decisions made
 by Americans about how much time they should devote to paid work and how
 much time to leisure. In exploring this argument, we employ vector
 auto-regression analysis to estimate long-run supply schedules for US
 workers in the twentieth century. We find that advertising expenditure is
 significant in determining US hours of work, thus providing support for
 the hypothesis that preferences over work-leisure choices are malleable
 and are manipulated by the marketing effort. 
Journal: International Review of Applied Economics 
Pages: 283-301 
Issue: 3 
Volume: 25 
Year: 2011 
Keywords: advertising, labour supply, work-leisure choices, consumption, 
X-DOI: 10.1080/02692171.2010.483472 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692171.2010.483472
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:25:y:2011:i:3:p:283-301




Template-Type: ReDIF-Article 1.0
Author-Name: Hamid Baghestani 
Author-X-Name-First: Hamid 
Author-X-Name-Last: Baghestani 
Title: A directional analysis of Federal Reserve predictions of growth in unit labor costs and productivity 
Abstract:
  Existing evidence suggests that the Federal Reserve forecasts of
 inflation imply asymmetric loss, as the Fed has significantly
 over-predicted inflation for the post-Volcker period. Consistent with such
 evidence, we show that the Federal Reserve forecasts of growth in both
 unit labor costs and productivity, while directionally accurate for
 1983-2003, imply asymmetric loss. That is, the forecasts of growth in unit
 labor costs are more (less) accurate in predicting the upward (downward)
 moves. The forecasts of growth in productivity, however, are less (more)
 accurate in predicting the upward (downward) moves. The interpretation of
 our findings may be that, in achieving long-term price stability, the Fed
 is cautious not to incorrectly predict the upward (downward) moves in
 growth in unit labor costs (productivity). 
Journal: International Review of Applied Economics 
Pages: 303-311 
Issue: 3 
Volume: 25 
Year: 2011 
Keywords: FOMC, Greenbook, inflation, directional accuracy, asymmetric loss, 
X-DOI: 10.1080/02692171.2010.495110 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692171.2010.495110
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:25:y:2011:i:3:p:303-311




Template-Type: ReDIF-Article 1.0
Author-Name: Gemechu Ayana Aga 
Author-X-Name-First: Gemechu Ayana 
Author-X-Name-Last: Aga 
Author-Name: Barry Reilly 
Author-X-Name-First: Barry 
Author-X-Name-Last: Reilly 
Title: Access to credit and informality among micro and small enterprises in Ethiopia 
Abstract:
  This paper examines the determinants of Micro and Small and Enterprises
 (MSEs) access to credit in Ethiopia using detailed firm-level data
 collected in 2003. Its basic purpose is to identify the various attributes
 of a firm that determine its access to credit with an emphasis on the role
 of firm formality. We find that informal firms are more credit constrained
 compared to formal firms. A firm's location, membership of a business
 association and maintaining an accounting record are found to be important
 determinants of access to credit. Further, we find firms whose owners have
 vocational training are more credit constrained than those who are not, as
 are firms that are exclusively male owned. There is no systematic relation
 between access to credit and a firm's age, size and the sector in which it
 operates. The paper concludes with possible policy interventions designed
 to improve access to credit for MSEs in Ethiopia. 
Journal: International Review of Applied Economics 
Pages: 313-329 
Issue: 3 
Volume: 25 
Year: 2011 
Keywords: micro and small enterprises, asymmetric information, credit market imperfections, informality, 
X-DOI: 10.1080/02692171.2010.498417 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692171.2010.498417
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:25:y:2011:i:3:p:313-329




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Downward 
Author-X-Name-First: Paul 
Author-X-Name-Last: Downward 
Author-Name: Simona Rasciute 
Author-X-Name-First: Simona 
Author-X-Name-Last: Rasciute 
Title: Does sport make you happy? An analysis of the well-being derived from sports participation 
Abstract:
  This paper examines the impact of sports participation upon the
 subjective well-being of individuals. Encouraging participation in sports
 activity is now an important public policy issue, as it is argued that
 there are benefits in terms of health and well-being to individuals as
 well as to society through externalities. Controlling for personal and
 socio-demographic characteristics affecting well-being, this paper
 examines if participation in, and the frequency and duration of, 67 sports
 activities affects well-being. The form in which sports participation
 takes place is also investigated by examining if social-interaction sports
 produce more well-being. This paper demonstrates that sports participation
 has a positive affect upon the subjective well-being of the population
 and, moreover, estimates its monetary value. The effects are larger if one
 allows for social interactions. 
Journal: International Review of Applied Economics 
Pages: 331-348 
Issue: 3 
Volume: 25 
Year: 2011 
Keywords: ordered choice model, heterogeneous thresholds, happiness, sports, willingness to pay measures, 
X-DOI: 10.1080/02692171.2010.511168 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692171.2010.511168
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:25:y:2011:i:3:p:331-348




Template-Type: ReDIF-Article 1.0
Author-Name: Raghbendra Jha 
Author-X-Name-First: Raghbendra 
Author-X-Name-Last: Jha 
Author-Name: Sambit Bhattacharyya 
Author-X-Name-First: Sambit 
Author-X-Name-Last: Bhattacharyya 
Author-Name: Raghav Gaiha 
Author-X-Name-First: Raghav 
Author-X-Name-Last: Gaiha 
Title: Temporal variation of capture of anti-poverty programs: rural public works and food for work programs in rural India 
Abstract:
  Using National Sample Survey data for rural India we examine the
 incidence of capture in two workfare programs in rural India: the Rural
 Public Works and the Food for Work Programs for 1993-1994 and 2004-2005
 respectively. We discover a high degree of program capture among the
 general population. Among the traditionally backward groups in Indian
 rural society - but with considerable variation in their living standards
 - there appears to be a higher degree of capture among SC (Scheduled
 Castes), than among ST (Scheduled Tribes). Targeting among SC worsened
 over time. There was an increase in capture by the fourth quintile (of
 household per capita expenditure) of SC, ST and landowners. This may be
 reflective of a varying degree of collusion between the elite and the
 program implementing agencies (e.g. village councils) over time. Thus,
 potential benefits of workfare get undermined. We also provide evidence to
 suggest that income-based targeting could outperform social group based
 targeting. 
Journal: International Review of Applied Economics 
Pages: 349-362 
Issue: 3 
Volume: 25 
Year: 2011 
Keywords: capture, poverty, India, 
X-DOI: 10.1080/02692171.2010.511169 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692171.2010.511169
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:25:y:2011:i:3:p:349-362




Template-Type: ReDIF-Article 1.0
Author-Name: Adnan Kasman 
Author-X-Name-First: Adnan 
Author-X-Name-Last: Kasman 
Author-Name: Evrim Turgutlu 
Author-X-Name-First: Evrim 
Author-X-Name-Last: Turgutlu 
Title: Performance of European insurance firms in the single insurance market 
Abstract:
  The deregulation and liberalization process towards establishing a single
 European financial market has some important implications for the
 insurance industries. Due to the increased competition, insurance firms
 have to adjust their costs and operate efficiently to survive in this new
 environment. This paper attempts to analyze the cost efficiency and scale
 economies in the single European insurance market. Considering the ongoing
 enlargement process of the EU, our sample includes the insurance
 industries of the major EU-15, four new members and a candidate country,
 Turkey, over the period 1995-2005. We use the firm-level financial data
 and estimate a stochastic cost frontier that controls for differences in
 environmental conditions. All insurance systems display significant levels
 of cost inefficiency. The results further indicate that there are
 significant economies of scale, particularly for small- and medium-size
 insurance firms. Finally, the analyses suggest similar results for major
 EU countries, new members and the candidate. 
Journal: International Review of Applied Economics 
Pages: 363-378 
Issue: 3 
Volume: 25 
Year: 2011 
Keywords: insurance industry, cost efficiency, single European financial market, CEE countries, 
X-DOI: 10.1080/02692171.2010.483470 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692171.2010.483470
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:25:y:2011:i:3:p:363-378




Template-Type: ReDIF-Article 1.0
Author-Name: Altin Vejsiu 
Author-X-Name-First: Altin 
Author-X-Name-Last: Vejsiu 
Title: Incentives to self-employment decision in Sweden 
Abstract:
  The objective of this paper is to empirically examine the determinants of
 the self-employment decision, with a particular focus on gender
 differences and occupational choice by using register-based individual
 panel data for the period 2003 to 2006. Individuals choose to move into
 self-employment out of three possible initial statuses: paid employment,
 combiner or inactivity. These groups are of specific interest for the
 Swedish political agenda. The question that we specifically pose is how a
 set of socio-economic factors separately induce men and women in these
 three statuses to enter self-employment. 
Journal: International Review of Applied Economics 
Pages: 379-403 
Issue: 4 
Volume: 25 
Year: 2011 
Keywords: self-employment, entry rate, gender differences, predicted earnings differential, 
X-DOI: 10.1080/02692171.2010.511170 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692171.2010.511170
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:25:y:2011:i:4:p:379-403




Template-Type: ReDIF-Article 1.0
Author-Name: Micha&#x142; Brzozowski 
Author-X-Name-First: Micha&#x142; 
Author-X-Name-Last: Brzozowski 
Title: The interplay between labor market rigidity and volatility-growth nexus 
Abstract:
  Using a simple innovation-driven growth model I investigate to what
 extent labor market regulations underlie the devastating effects of output
 volatility on long-run growth trends. Empirical analysis conducted for 154
 countries over the 1996-2005 period shows that an increase from low values
 of the rigidity of employment index strengthens the influence of
 volatility on growth. This effect weakens with further increases in
 rigidity. Hence implementation of labor protection legislation is
 recommended in economies frequently hit by shocks. 
Journal: International Review of Applied Economics 
Pages: 405-418 
Issue: 4 
Volume: 25 
Year: 2011 
Keywords: growth, labor market rigidity, volatility, 
X-DOI: 10.1080/02692171.2010.529426 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692171.2010.529426
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:25:y:2011:i:4:p:405-418




Template-Type: ReDIF-Article 1.0
Author-Name: Oliviero Carboni 
Author-X-Name-First: Oliviero 
Author-X-Name-Last: Carboni 
Title: R&D subsidies and private R&D expenditures: evidence from Italian manufacturing data 
Abstract:
  This paper uses a comprehensive firm level data set for the manufacturing
 sector in Italy to investigate the effect of government support on
 privately financed R&D expenditure. Estimates from a non-parametric
 matching procedure suggest that public assistance has a positive effect on
 private R&D investment in the sense that the recipient firms achieve more
 private R&D than they would have without public support. This indicates
 that the possibility of perfect crowding out between private and public
 funds can be rejected. Furthermore, in this sample of Italian firms, tax
 incentives appear to be more effective than direct grants. The paper also
 examines whether public funding affects the financial sources available
 for R&D and finds that grants encourage the use of internal sources. The
 results also show some evidence of positive effects on credit financing
 for R&D. 
Journal: International Review of Applied Economics 
Pages: 419-439 
Issue: 4 
Volume: 25 
Year: 2011 
Keywords: non-parametric estimation, public subsidies, R&D investment, 
X-DOI: 10.1080/02692171.2010.529427 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692171.2010.529427
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:25:y:2011:i:4:p:419-439




Template-Type: ReDIF-Article 1.0
Author-Name: Anna Maria Falzoni 
Author-X-Name-First: Anna Maria 
Author-X-Name-Last: Falzoni 
Author-Name: Alessandra Venturini 
Author-X-Name-First: Alessandra 
Author-X-Name-Last: Venturini 
Author-Name: Claudia Villosio 
Author-X-Name-First: Claudia 
Author-X-Name-Last: Villosio 
Title: Skilled and unskilled wage dynamics in Italy in the 1990s: changes in individual characteristics, institutions, trade and technology 
Abstract:
  In this paper, we use individual micro data on workers combined with
 industry and regional data to study the wage dynamics of skilled and
 unskilled workers in Italy in the 1991-1998 period. In contrast to
 previous empirical studies, our data make it possible to analyse, within a
 single framework, the role of many of the factors indicated in the
 literature as possible determinants of skilled and unskilled wage
 dynamics: changes in the individual characteristics of workers, changes in
 labour market institutions, increasing international integration, and
 skill-biased technological progress. Our results show that international
 integration, both in terms of trade in goods and in terms of international
 labour mobility, plays a role in determining the wage dynamics of skilled
 (white-collar) and unskilled (blue-collar) workers. Moreover, in line with
 labour economics research, our findings show that the individual
 characteristics of workers and the institutional variables are more
 relevant in explaining skilled and unskilled wage dynamics than wage
 differentials. 
Journal: International Review of Applied Economics 
Pages: 441-463 
Issue: 4 
Volume: 25 
Year: 2011 
Keywords: skilled and unskilled wages, individual characteristics, labour market institutions, international trade, 
X-DOI: 10.1080/02692171.2010.529428 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692171.2010.529428
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:25:y:2011:i:4:p:441-463




Template-Type: ReDIF-Article 1.0
Author-Name: Andrea Vaona 
Author-X-Name-First: Andrea 
Author-X-Name-Last: Vaona 
Title: An empirical investigation into the gravitation and convergence of industry return rates in OECD countries 
Abstract:
  Tests are offered for the hypotheses that sectoral average profit rates
 and incremental return rates are gravitating around or converging towards
 a common value. We study data for various OECD countries relying on an
 econometric method able to account for residual autocorrelation and
 cross-sector correlation. Our null hypotheses receive only a mixed
 empirical support. This is interpreted as the result of various kinds of
 limitations to capital mobility. Policy implications are discussed. 
Journal: International Review of Applied Economics 
Pages: 465-502 
Issue: 4 
Volume: 25 
Year: 2011 
Keywords: capital mobility, gravitation of profit rates, convergence, SURE estimation, exactly median unbiased estimator, industrial average profit rates, incremental return rates, 
X-DOI: 10.1080/02692171.2010.529429 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/02692171.2010.529429
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:25:y:2011:i:4:p:465-502




Template-Type: ReDIF-Article 1.0
Author-Name: Harry Bloch 
Author-X-Name-First: Harry 
Author-X-Name-Last: Bloch 
Author-Name: David Sapsford 
Author-X-Name-First: David 
Author-X-Name-Last: Sapsford 
Title: Terms of trade movements and the global economic crisis 
Abstract:
  Dramatic changes in the relative prices of goods in international trade
 have accompanied, and indeed preceded, the recent global crisis. The
 causes and effects of the relative price changes are analysed by applying
 the analysis of business cycles developed by Joseph Schumpeter.
 Schumpeter&#x2019;s analysis emphasises innovation and structural change
 (particularly creative destruction) which impart uneven development on the
 economy and can foster financial crises. This puts the current crisis in
 the context of long-wave development of the capitalist system and leads to
 predictions about the likely path of price and output changes over the
 next few decades. 
Journal: International Review of Applied Economics 
Pages: 503-517 
Issue: 5 
Volume: 25 
Year: 2011
Month: 10 
X-DOI: 10.1080/02692171.2010.534440 
File-URL: http://hdl.handle.net/10.1080/02692171.2010.534440 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:25:y:2011:i:5:p:503-517




Template-Type: ReDIF-Article 1.0
Author-Name: Daniele Tavani 
Author-X-Name-First: Daniele 
Author-X-Name-Last: Tavani 
Author-Name: Peter Flaschel 
Author-X-Name-First: Peter 
Author-X-Name-Last: Flaschel 
Author-Name: Lance Taylor 
Author-X-Name-First: Lance 
Author-X-Name-Last: Taylor 
Title: Estimated non-linearities and multiple equilibria in a model of distributive-demand cycles 
Abstract:
  We introduce the results of a non-parametric estimate of the US
 wage-Phillips Curve into a simplified version of the model of the
 wage-price spiral by Flaschel and Krolzig (2008). Making use of
 Okun&#x2019;s law, the non-linearity in the wage inflation-employment
 relation translates into a non-linearity in the so-called
 &#x2018;distributive curve&#x2019; of the economy. Exploiting the observed
 non-linearity in extending an otherwise standard demand-distribution model
 (Taylor 2004), we provide a dynamical analysis both in wage-led and
 profit-led effective demand regimes. In a profit-led scenario, shown to be
 the empirically relevant case for the US economy, there are two stable
 equilibria of Goodwin (1967) growth cycle type, identified as a stable
 depression and a stable boom, and a saddle-path stable equilibrium in
 between them. Both stable steady states are surrounded by trajectories
 that cycle counterclockwise around their basins of attraction. The
 obtained type of growth fluctuations can be verified by a long phase cycle
 estimation for the US economy using a method developed by Kauermann,
 Teuber and Flaschel (2008). 
Journal: International Review of Applied Economics 
Pages: 519-538 
Issue: 5 
Volume: 25 
Year: 2011 
Month: 10 
X-DOI: 10.1080/02692171.2010.534441 
File-URL: http://hdl.handle.net/10.1080/02692171.2010.534441 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:25:y:2011:i:5:p:519-538




Template-Type: ReDIF-Article 1.0
Author-Name: Hiroaki Sasaki 
Author-X-Name-First: Hiroaki 
Author-X-Name-Last: Sasaki 
Title: Conflict, growth, distribution, and employment: a long-run Kaleckian model 
Abstract:
  This paper presents a Kaleckian growth model in which (i) the rate of
 capacity utilization, the profit share, and the rate of employment are
 adjusted in the medium run, and (ii) the normal rate of capacity
 utilization and the expected rate of capital accumulation are adjusted in
 the long run. The long-run equilibrium is a continuum of equilibria and is
 characterized by hysteresis in that the long-run position of the economy
 depends on where it starts. An increase in the bargaining power of workers
 lowers the rate of unemployment in both the medium-run and the long-run
 equilibrium. 
Journal: International Review of Applied Economics 
Pages: 539-557 
Issue: 5 
Volume: 25 
Year: 2011 
Month: 9 
X-DOI: 10.1080/02692171.2011.557057 
File-URL: http://hdl.handle.net/10.1080/02692171.2011.557057 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:25:y:2011:i:5:p:539-557




Template-Type: ReDIF-Article 1.0
Author-Name: John Baffoe-Bonnie 
Author-X-Name-First: John 
Author-X-Name-Last: Baffoe-Bonnie 
Author-Name: Anthony   O. Gyapong 
Author-X-Name-First: Anthony   O. 
Author-X-Name-Last: Gyapong 
Title: Black--white wage differentials: duration and probability unemployment effects in a multiple of sample selection 
bias model 
Abstract:
  The extent to which probability and duration of unemployment affect the
 black--white wage differentials is examined in this paper. The paper
 simultaneously incorporates in the wage equation the multiple sample
 selection bias that occurs as a result of individuals&#x2019; propensity
 to be in the labor force, and the firm&#x2019;s hiring decisions. The
 results reveal a substantial contribution of the duration of unemployment
 variable to the black--white wage differential, but a small portion of the
 differential is explained by the probability of unemployment. The results
 also indicate a sizeable difference between the contribution of the
 duration of unemployment variable to the male&#x2019;s wage differentials
 (26%) and to the female&#x2019;s (35%). The study finds that an
 individual&#x2019;s labor force decision as well as a firm&#x2019;s hiring
 decision are important in the wage determination process and that failure
 to account for the sample selectivity bias due to these two decisions will
 result in either underestimating or overestimating the wage differentials
 between black and white workers. At the macro level, the results seem to
 suggest that promotion of racial wage equality should be associated with
 policies that will minimize blacks&#x2019; incidence of unemployment and
 duration of unemployment spells. 
Journal: International Review of Applied Economics 
Pages: 559-584 
Issue: 5 
Volume: 25 
Year: 2011 
Month: 9 
X-DOI: 10.1080/02692171.2010.534439 
File-URL: http://hdl.handle.net/10.1080/02692171.2010.534439 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:25:y:2011:i:5:p:559-584




Template-Type: ReDIF-Article 1.0
Author-Name: Fiona Tregenna 
Author-X-Name-First: Fiona 
Author-X-Name-Last: Tregenna 
Title: Earnings inequality and unemployment in South Africa 
Abstract:
  Unemployment and earnings inequality have moved together remarkably
 closely in South Africa in recent years. This article explores the
 relationship between unemployment and earnings inequality in South Africa,
 investigating the extent to which changes in unemployment can account for
 changes in earnings inequality. Static and dynamic decompositions of
 earnings inequality by employment status reveal the centrality of
 unemployment in accounting for the both level and trend of earnings
 inequality. The distribution of employment in the formal and informal
 sectors is found to be of lesser importance in explaining earnings
 inequality, as is wage dispersion within each of these categories. The
 findings point to the central importance of reducing unemployment in South
 Africa if the extremely high levels of inequality are to be reduced. 
Journal: International Review of Applied Economics 
Pages: 585-598 
Issue: 5 
Volume: 25 
Year: 2011 
Month: 9 
X-DOI: 10.1080/02692171.2011.557053 
File-URL: http://hdl.handle.net/10.1080/02692171.2011.557053 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:25:y:2011:i:5:p:585-598




Template-Type: ReDIF-Article 1.0
Author-Name: Scott   W. Hegerty 
Author-X-Name-First: Scott   W. 
Author-X-Name-Last: Hegerty 
Title: Interest-rate volatility and volatility spillovers in emerging Europe 
Abstract:
  While many transition economies -- particularly those that hope to join
 the Euro -- have seen their economies converge to Europe&#x2019;s, this
 process is by no means complete. Considerable macroeconomic volatility
 persists. This study examines the variability of the short-term nominal
 interest rates of ten transition economies, finding that eight of them
 exhibit time-varying volatility that can be modeled as a GARCH or
 Exponential GARCH process. Incorporating various measures of external
 volatility into the models, we find that those economies with fixed or
 managed exchange rates tend to experience more volatility spillovers,
 particularly from the Eurozone, regardless of the degree of transition.
 Only Estonia has a fixed exchange rate and remains free of international
 contagion. 
Journal: International Review of Applied Economics 
Pages: 599-614 
Issue: 5 
Volume: 25 
Year: 2011 
Month: 10 
X-DOI: 10.1080/02692171.2011.557049 
File-URL: http://hdl.handle.net/10.1080/02692171.2011.557049 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:25:y:2011:i:5:p:599-614




Template-Type: ReDIF-Article 1.0
Author-Name: Juan de Lucio 
Author-X-Name-First: Juan 
Author-X-Name-Last: de Lucio 
Author-Name: Ra&#xFA;l M�nguez-Fuentes 
Author-X-Name-First: Ra&#xFA;l 
Author-X-Name-Last: M�nguez-Fuentes 
Author-Name: Asier Minondo 
Author-X-Name-First: Asier 
Author-X-Name-Last: Minondo 
Author-Name: Francisco Requena-Silvente 
Author-X-Name-First: Francisco 
Author-X-Name-Last: Requena-Silvente 
Title: The extensive and intensive margins of Spanish trade 
Abstract:
  Recent empirical research highlights that differences in trade flows
 across countries, products and years are governed by two margins: the
 intensive margin and the extensive margin. The analysis of the relative
 contribution of each margin is very important to determine which policies
 can be more efficient to foster trade at the aggregate, geographic,
 product or firm level. We use the whole universe of firm level transaction
 data to analyse the relative contribution of these margins to changes in
 Spanish trade flows during the 1997--2007 period. We first apply the
 methodology proposed by Bernard et al. (2009) to decompose trade variation
 over time into three components: net entry of firms, product-country
 switching and value growth by regular trading firms. The first two
 components correspond to the extensive margin and the last one refers to
 the intensive margin. We find that short-run changes in exports and
 imports are governed by firms&#x2019; intensive margin; however, in the
 long-run, both the extensive and the intensive margins are equally
 important to foster trade. We also examine the importance of the trade
 margins at the cross-sectional level for the year 2007. We find that large
 differences in the Spanish trade flows across countries and products,
 especially in the case of exports, are explained by the number of firms
 that participate in trade, which is consistent with the fact that the
 number of trading partners decline significantly with distance. 
Journal: International Review of Applied Economics 
Pages: 615-631 
Issue: 5 
Volume: 25 
Year: 2011 
Month: 1 
X-DOI: 10.1080/02692171.2011.557051 
File-URL: http://hdl.handle.net/10.1080/02692171.2011.557051 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:25:y:2011:i:5:p:615-631




Template-Type: ReDIF-Article 1.0
Author-Name: Chandan Sharma 
Author-X-Name-First: Chandan 
Author-X-Name-Last: Sharma 
Author-Name: Ritesh Kumar Mishra 
Author-X-Name-First: Ritesh Kumar 
Author-X-Name-Last: Mishra 
Title: Does export and productivity growth linkage exist? Evidence from the Indian manufacturing industry 
Abstract:
  This paper examines the interrelation between exporting and productivity
 performance by using a representative sample of Indian manufacturing firms
 over the period 1994--2006. Specifically, we attempt to test the empirical
 validity of the learning&#x2010;by&#x2010;exporting and the
 self&#x2010;selection hypotheses for our sample firms. In order to
 investigate the linkage, in the first step, we test for causality between
 TFP and export intensity of firms. Although overall results are rather
 mixed and provide some support for both hypotheses, still the empirical
 results are more favorable for the self&#x2010;selection behavior of
 firms. In the next stage, we attempt to provide evidence on export and
 productivity linkage that occurs during various phases of transition in
 the export market. Our results suggest that entering in the export market
 does not improve productivity performance. However, the decision to exit
 from the export market does have an adverse effect on the productivity. In
 addition, our results indicate the presence of a high sunk cost of
 exporting coupled with perhaps lesser information about foreign markets.
 Finally, our results also lend some support to the significant role of
 in&#x2010;house research activities and economies of scale in firms'
 productivity performance. 
Journal: International Review of Applied Economics 
Pages: 633-652 
Issue: 6 
Volume: 25 
Year: 2011 
Month: 11 
X-DOI: 10.1080/02692171.2011.557046 
File-URL: http://hdl.handle.net/10.1080/02692171.2011.557046 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:25:y:2011:i:6:p:633-652




Template-Type: ReDIF-Article 1.0
Author-Name: Carlos   A. Ibarra 
Author-X-Name-First: Carlos   A. 
Author-X-Name-Last: Ibarra 
Title: Capital flows, real exchange rate, and growth constraints in Mexico 
Abstract:
  Besides its well&#x2010;known problem of slow economic growth,
 Mexico&#x2019;s recent evolution features both a sharp rise in the
 import&#x2010;intensity of economic activity -- which may have tightened
 an external constraint on growth -- and a persistent real appreciation of
 the peso -- which may have created a profitability constraint. Adopting
 the approach of gap models and growth diagnostics, the paper contrasts the
 relevance of the external and the profitability constraints in Mexico
 after trade liberalization in the mid&#x2010;1980s. Although the trade
 deficit was pro&#x2010;cyclical, the three recent episodes of GDP growth
 acceleration were not accompanied by pressures in the foreign exchange
 market. Moreover, error correction models show that investment was highly
 responsive to the real exchange rate but largely unresponsive to foreign
 capital flows. The evidence supports the conclusion that investment was
 deterred by the low profitability of an uncompetitive real exchange rate,
 rather than by the external constraint. 
Journal: International Review of Applied Economics 
Pages: 653-668 
Issue: 6 
Volume: 25 
Year: 2011 
Month: 11 
X-DOI: 10.1080/02692171.2011.557047 
File-URL: http://hdl.handle.net/10.1080/02692171.2011.557047 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:25:y:2011:i:6:p:653-668




Template-Type: ReDIF-Article 1.0
Author-Name: Katsushi   S. Imai 
Author-X-Name-First: Katsushi   S. 
Author-X-Name-Last: Imai 
Title: Poverty, undernutrition and vulnerability in rural India: role of rural public works and food for work programmes 
Abstract:
  This paper analyses the effects of access to Rural Public Works (RPW) or
 Food for Work programme (FFW) on consumption poverty, vulnerability and
 undernutrition in India using the large household data sets constructed by
 the National Sample Survey for 1993 and 2004. The treatment-effects model
 is used to take account of sample selection bias in evaluating the effects
 of RPW in 1993 or FFW in 2004 on poverty. We have found significant and
 negative effects of participation in RPW and the Food for Work Programme
 on poverty, undernutrition (e.g. protein) and vulnerability in 1993 and
 2004. 
Journal: International Review of Applied Economics 
Pages: 669-691 
Issue: 6 
Volume: 25 
Year: 2011 
Month: 11 
X-DOI: 10.1080/02692171.2011.557052 
File-URL: http://hdl.handle.net/10.1080/02692171.2011.557052 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:25:y:2011:i:6:p:669-691




Template-Type: ReDIF-Article 1.0
Author-Name: Eckhard Hein 
Author-X-Name-First: Eckhard 
Author-X-Name-Last: Hein 
Author-Name: Christian Schoder 
Author-X-Name-First: Christian 
Author-X-Name-Last: Schoder 
Title: Interest rates, distribution and capital accumulation -- A post-Kaleckian perspective on the US and Germany 
Abstract:
  We analyse the effects of interest rate variations on the rates of
 capacity utilisation, capital accumulation and profit in a simple
 post-Kaleckian distribution and growth model. This model gives rise to
 different potential accumulation regimes depending on the values of the
 parameters in the investment, saving and distribution function. Estimating
 these core behavioural equations for the US and Germany in the period
 1960--2007, we find significant and robust effects of interest payments
 with the expected sign in each of the equations. Our estimation results
 imply, both for the US and for Germany, that the effects of changes in the
 real long-term rate of interest on the equilibrium rates of capacity
 utilisation, capital accumulation and profits, are characterised by the
 &#x2018;normal regime&#x2019;: rising long-term real rates of interest
 cause falling rates of capacity utilisation, capital accumulation and
 profits, as well as redistribution at the expense of labour income and
 hence an increasing profit share in both countries. 
Journal: International Review of Applied Economics 
Pages: 693-723 
Issue: 6 
Volume: 25 
Year: 2011 
Month: 11 
X-DOI: 10.1080/02692171.2011.557054 
File-URL: http://hdl.handle.net/10.1080/02692171.2011.557054 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:25:y:2011:i:6:p:693-723




Template-Type: ReDIF-Article 1.0
Author-Name: Mirella Damiani 
Author-X-Name-First: Mirella 
Author-X-Name-Last: Damiani 
Author-Name: Fabrizio Pompei 
Author-X-Name-First: Fabrizio 
Author-X-Name-Last: Pompei 
Title: The market for corporate control: do countries and technological regimes matter? 
Abstract:
  Using DATASTREAM and LexisNexis databases, we examine the experience from
 1995 to 2005 for eight European countries and 21 sectors, and compute the
 frequency of merger transactions at sectoral level, controlling for the
 roles of country variables and focusing on distinct technological patterns
 of innovation. We found that, even in market&#x2010;based countries, where
 transfer of control is a frequent phenomenon, mergers are less frequent in
 those sectors where innovation follows cumulative processes and where
 takeovers represent a &#x2018;breach of knowledge.&#x2019; This study
 provides empirical support to the fruitful line of research of varieties
 of capitalism (Hall and Soskice 2001) and shows that sectoral differences
 in M&A (mergers and acquisitions) may be seen in their complementarities
 with differences by country and their institutional frameworks. Results
 confirm that acquisitions may occur even in those economies where
 block&#x2010;holders are present, but where the good quality of
 institutions leaves no space for defence against takeovers. It also
 highlights the significant role played by takeover regulation, and
 suggests that the recent reforms in European harmonization should be
 implemented, so that the obstacles impeding takeovers can be removed.
 However, policy&#x2010;makers should also try to identify for which
 economies and sectoral fields of specialization, merger activities produce
 more beneficial effects and which turn out to be detrimental. 
Journal: International Review of Applied Economics 
Pages: 725-751 
Issue: 6 
Volume: 25 
Year: 2011 
Month: 10 
X-DOI: 10.1080/02692171.2011.557045 
File-URL: http://hdl.handle.net/10.1080/02692171.2011.557045 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:25:y:2011:i:6:p:725-751




Template-Type: ReDIF-Article 1.0
Author-Name: Manoj   K. Pandey 
Author-X-Name-First: Manoj   K. 
Author-X-Name-Last: Pandey 
Author-Name: Abhay   Kumar Jha 
Author-X-Name-First: Abhay   Kumar 
Author-X-Name-Last: Jha 
Title: Widowhood and health of elderly in India: examining the role of economic factors using structural equation modeling 
Abstract:
  Evidence on the association between widowhood and health is widely
 available in the literature. However, there is a dearth of analysis on the
 mechanism through which widowhood affects the health status of an
 individual, particularly in old age, specifically whether widowhood among
 the elderly affects their health through their economic conditions. This
 paper purports to establish both the direct and indirect effects of
 widowhood on self-reported health status among aged Indians. We examine
 the mediating effect of economic factors such as income, labor force
 participation, extent of economic independence and other economic factors
 in the relationship between widowhood and health status. Structural
 Equation Modeling (SEM) is employed to test specific hypotheses. We use
 unit level 60th round data for the year 2004 surveyed by the National
 Sample Survey Organization (NSSO). The results confirm that poor economic
 conditions have a mediating effect on the relationship between widowhood
 and health and, therefore, any policy to reduce the effect of widowhood on
 health must be based on economic factors. 
Journal: International Review of Applied Economics 
Pages: 111-124 
Issue: 1 
Volume: 26 
Year: 2012 
Month: 2 
X-DOI: 10.1080/02692171.2011.587109 
File-URL: http://hdl.handle.net/10.1080/02692171.2011.587109 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:26:y:2012:i:1:p:111-124




Template-Type: ReDIF-Article 1.0
Author-Name: David   G. McMillan 
Author-X-Name-First: David   G. 
Author-X-Name-Last: McMillan 
Title: Does non-linearity help us understand, model and forecast UK stock and bond returns: evidence from the BEYR 
Abstract:
  The usefulness of non-linear models to provide accurate estimates and
 forecasts remains an open empirical debate. This paper examines the nature
 of the estimated relationships and forecasting power of smooth-transition
 models for UK stock and bond returns using a range of financial and
 macroeconomic variables as predictors. Notably, evidence of non-linearity
 is stronger when the bond-equity yield ratio is used as the transition
 variable. This ratio measures whether stocks are over (under)-valued
 relative to bonds and can act as a signal for portfolio managers.
 In-sample results reveal noticeable differences regarding the nature of
 relationships between the linear and non-linear setting, while results of
 a recursive forecasting exercise reveal both statistical and economic
 improvement over a linear model. Overall, these results support the view
 that non-linear estimates and forecasts can provide useful information for
 stock market traders, portfolio managers and policy-makers. 
Journal: International Review of Applied Economics 
Pages: 125-143 
Issue: 1 
Volume: 26 
Year: 2012 
Month: 3 
X-DOI: 10.1080/02692171.2011.580268 
File-URL: http://hdl.handle.net/10.1080/02692171.2011.580268 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:26:y:2012:i:1:p:125-143




Template-Type: ReDIF-Article 1.0
Author-Name: Nicola Limodio 
Author-X-Name-First: Nicola 
Author-X-Name-Last: Limodio 
Title: The puzzle of aid and growth: any role for investment? 
Abstract:
  This paper explores the relationship between aid and growth, through the
 explicit inclusion of the investment component. We construct a new
 database, which adds to the previous papers&#x2019; variables (policy,
 institutional quality and civil unrest) some capital accumulation
 indicators. Partly based on the main literature, a simultaneous equations
 model is constructed to account for endogeneity and different methods are
 applied for a robustness check. Although in line with previous literature,
 in this paper we find that the capital accumulation process is a
 significant and fundamental channel to understand the link between
 development assistance and growth. In low-income countries aid
 effectiveness seems to be significantly lower. 
Journal: International Review of Applied Economics 
Pages: 1-26 
Issue: 1 
Volume: 26 
Year: 2012 
Month: 1 
X-DOI: 10.1080/02692171.2011.557050 
File-URL: http://hdl.handle.net/10.1080/02692171.2011.557050 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:26:y:2012:i:1:p:1-26




Template-Type: ReDIF-Article 1.0
Author-Name: Andres Frick 
Author-X-Name-First: Andres 
Author-X-Name-Last: Frick 
Author-Name: Michael Graff 
Author-X-Name-First: Michael 
Author-X-Name-Last: Graff 
Author-Name: Jochen Hartwig 
Author-X-Name-First: Jochen 
Author-X-Name-Last: Hartwig 
Author-Name: Boriss Siliverstovs 
Author-X-Name-First: Boriss 
Author-X-Name-Last: Siliverstovs 
Title: Are there free rides out of a recession? The case of Switzerland 
Abstract:
  During the 2008/2009 recession, most countries resorted to discretionary
 fiscal policy measures. In this paper, we run two simulations with the KOF
 Swiss Economic Institute&#x2019;s macroeconomic model to assess how both
 the Swiss stimulus measures, and the measures taken by
 Switzerland&#x2019;s major trading partners, have affected the Swiss
 economy. The KOF baseline estimate incorporates fiscal stimulus packages
 in Switzerland and abroad. We re-run the model, modifying the exogenous
 variables to represent situations in which no fiscal action was taken (a)
 in Switzerland and (b) elsewhere. We find that the spillover from the
 foreign efforts to curb the recession dwarfs the effect of the domestic
 stimulus packages. In addition to making its own (rather limited) efforts
 to fight the recession, Switzerland also took a long free-ride that far
 exceeded the short one it paid for. 
Journal: International Review of Applied Economics 
Pages: 27-45 
Issue: 1 
Volume: 26 
Year: 2012 
Month: 1 
X-DOI: 10.1080/02692171.2011.557055 
File-URL: http://hdl.handle.net/10.1080/02692171.2011.557055 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:26:y:2012:i:1:p:27-45




Template-Type: ReDIF-Article 1.0
Author-Name: Ioannis Bournakis 
Author-X-Name-First: Ioannis 
Author-X-Name-Last: Bournakis 
Title: Sources of TFP growth in a framework of convergence-evidence from Greece 
Abstract:
  The main hypothesis tested in the paper is whether technology is a
 conduit of productivity growth for a country that falls behind the
 frontier. Although the current analysis focuses on a country growth
 narrative, the evidence represents a pair of countries (i.e. Greece and
 Germany) that admittedly form the periphery and the core of Europe. The
 first lesson taken from the study is that for more than two decades the
 speed of productivity adjustment was rather low in Greece, underlying a
 number of unobserved rigidities that exist both at the industry and the
 institutional level. Even though the speed of technology transfer is low,
 the adoption of foreign technology remains an important source of
 productivity growth. Other key findings are that productivity gains from
 trade exist but their full realization requires a substantial time lag.
 Additionally, the degree of trade openness improves absorptive capacity,
 confirming the dual role of trade as recently stressed in the productivity
 literature. R&D activity is another productivity growth contributor but
 only through higher rates of innovation. 
Journal: International Review of Applied Economics 
Pages: 47-72 
Issue: 1 
Volume: 26 
Year: 2012 
Month: 1 
X-DOI: 10.1080/02692171.2011.557056 
File-URL: http://hdl.handle.net/10.1080/02692171.2011.557056 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:26:y:2012:i:1:p:47-72




Template-Type: ReDIF-Article 1.0
Author-Name: Mohsen Bahmani-Oskooee 
Author-X-Name-First: Mohsen 
Author-X-Name-Last: Bahmani-Oskooee 
Author-Name: Abera Gelan 
Author-X-Name-First: Abera 
Author-X-Name-Last: Gelan 
Title: Is there J-Curve effect in Africa? 
Abstract:
  The J-Curve is a term used to describe the post-devaluation behavior of
 the trade balance, i.e., initial deterioration followed by an improvement.
 Previous research has tested the phenomenon for many developed and
 developing countries. However, African nations have not received any
 attention on this regard. In this paper, we test the hypothesis for nine
 African countries of Burundi, Egypt, Kenya, Mauritius, Morocco, Nigeria,
 Sierra Leone, South Africa, and Tanzania for which quarterly trade data
 were available. After using the bounds testing approach to cointegration
 and error-correction modeling, we were unable to find any support for the
 J-Curve. 
Journal: International Review of Applied Economics 
Pages: 73-81 
Issue: 1 
Volume: 26 
Year: 2012 
Month: 6 
X-DOI: 10.1080/02692171.2011.619972 
File-URL: http://hdl.handle.net/10.1080/02692171.2011.619972 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:26:y:2012:i:1:p:73-81




Template-Type: ReDIF-Article 1.0
Author-Name: James   P. Neelankavil 
Author-X-Name-First: James   P. 
Author-X-Name-Last: Neelankavil 
Author-Name: Lonnie   K. Stevans 
Author-X-Name-First: Lonnie   K. 
Author-X-Name-Last: Stevans 
Author-Name: Francisco   L. Roman 
Author-X-Name-First: Francisco   L. 
Author-X-Name-Last: Roman 
Title: Correlates of economic growth in developing countries: a panel cointegration approach 
Abstract:
  The inflow of foreign direct investment (FDI) has been found to play a
 crucial role in the economic growth of receiving countries. Using panel
 cointegration techniques, this perception was found to be mitigated by an
 empirical approach that yields different results from previous studies.
 While the growth in real FDI has an influence on real GDP growth across
 developing countries in the short-run, year-to-year periods, it does not
 explain real GDP in the long-run. Rather, it appears to be the economic
 factors internal to a country that have the most influence on real GDP
 over time: human capital (measured by literacy rates), export trade, and
 monetary and fiscal policy. 
Journal: International Review of Applied Economics 
Pages: 83-96 
Issue: 1 
Volume: 26 
Year: 2012 
Month: 1 
X-DOI: 10.1080/02692171.2011.557048 
File-URL: http://hdl.handle.net/10.1080/02692171.2011.557048 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:26:y:2012:i:1:p:83-96




Template-Type: ReDIF-Article 1.0
Author-Name: I. Biefang-Frisancho Mariscal 
Author-X-Name-First: I. 
Author-X-Name-Last: Biefang-Frisancho Mariscal 
Author-Name: P.G.A. Howells 
Author-X-Name-First: P.G.A. 
Author-X-Name-Last: Howells 
Title: Income velocity and non-GDP transactions in the UK 
Abstract:
  It is widely reported for many countries, including the UK, that
 <italic>income</italic> velocity has been highly variable around a
 declining trend in recent years. This paper advances the following
 hypothesis. The demand for credit and hence the broad money stock are
 influenced by total spending in the economy, rather than spending only on
 newly produced goods and services. Since total spending in the economy has
 generally increased relative to GDP (mainly because of asset transactions)
 credit and money have expanded more rapidly than GDP, with the resulting
 fall in income velocity. Using quarterly data from 1975 to 2008, we
 estimate a vector error correction with income velocity as the dependent
 variable and the ratio of total to GDP transactions as an explanatory
 variable. The results show substantial support for the hypothesis and
 raise (further) doubts about the information content of broad money
 aggregates for inflation targeting central banks. 
Journal: International Review of Applied Economics 
Pages: 97-110 
Issue: 1 
Volume: 26 
Year: 2012 
Month: 3 
X-DOI: 10.1080/02692171.2011.580270 
File-URL: http://hdl.handle.net/10.1080/02692171.2011.580270 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:26:y:2012:i:1:p:97-110




Template-Type: ReDIF-Article 1.0
Author-Name: Philip Arestis 
Author-X-Name-First: Philip 
Author-X-Name-Last: Arestis 
Author-Name: Malcolm Sawyer 
Author-X-Name-First: Malcolm 
Author-X-Name-Last: Sawyer 
Title: Introduction to the special issue: Economic policies of the new thinking in economics 
Journal: International Review of Applied Economics 
Pages: 145-146 
Issue: 2 
Volume: 26 
Year: 2012 
Month: 3 
X-DOI: 10.1080/02692171.2012.641766 
File-URL: http://hdl.handle.net/10.1080/02692171.2012.641766 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:26:y:2012:i:2:p:145-146




Template-Type: ReDIF-Article 1.0
Author-Name: Philip Arestis 
Author-X-Name-First: Philip 
Author-X-Name-Last: Arestis 
Author-Name: Malcolm Sawyer 
Author-X-Name-First: Malcolm 
Author-X-Name-Last: Sawyer 
Title: The &#x2018;new economics&#x2019; and policies for financial stability 
Abstract:
  The purpose of this paper is to consider the policy implications of the
 &#x2018;new economics&#x2019;. The focus will be on financial stability as
 an objective of policy within a more general framework of policies. The
 theoretical framework upon which we base our policy conclusions is
 summarised to provide understandings of the operation of the economy and
 the need for policy interventions, before the main policy implications,
 the focus of this paper, are discussed. In doing so we argue that an
 important policy dimension, which has been ignored in the past, is
 financial stability, a new focus of monetary policy amongst other
 implications. The theoretical framework upon which we base our policy
 conclusions tries to avoid the problems encountered by the previously
 dominant paradigm &#x2018;New Consensus in Macroeconomics&#x2019;. It
 represents in this sense &#x2018;new thinking in economics&#x2019;. 
Journal: International Review of Applied Economics 
Pages: 147-160 
Issue: 2 
Volume: 26 
Year: 2012 
Month: 10 
X-DOI: 10.1080/02692171.2011.640314 
File-URL: http://hdl.handle.net/10.1080/02692171.2011.640314 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:26:y:2012:i:2:p:147-160




Template-Type: ReDIF-Article 1.0
Author-Name: Sheila   C. Dow 
Author-X-Name-First: Sheila   C. 
Author-X-Name-Last: Dow 
Title: Policy in the wake of the banking crisis: taking pluralism seriously 
Abstract:
  This paper explores a pluralist approach to policy with respect to the
 financial system in the wake of the crisis. We consider first what is
 involved in a pluralist approach to policy more generally, and how this
 may be justified. This includes a pluralist stance with respect to
 different approaches to economic theory, pluralism in the sense of
 interdisciplinary enquiry, pluralism in terms of the range of methods
 employed, and pluralism with respect to recognition of the plurality of
 culture and values in society. Implications are drawn for how the banking
 crisis is framed, how it is explained by theory and thus how policy is
 designed. In addressing these issues, current mainstream theory focuses on
 a narrow definition of rational behaviour which, within competitive
 markets, generates a socially-optimal outcome. This approach is governed
 by a mathematical formalist methodology, and encourages policy to
 incentivise this kind of rational behaviour, with respect, for example, to
 inflation targeting and addressing moral hazard. Pluralist theory would
 instead recognise the socio-psychological and institutional/evolutionary
 foundations of money and banking, such that policy needs to focus on
 rebuilding confidence and addressing moral (including distributional)
 issues. The relevant analysis would require a range of methods and would
 address pluralities within society. 
Journal: International Review of Applied Economics 
Pages: 161-175 
Issue: 2 
Volume: 26 
Year: 2012 
Month: 8 
X-DOI: 10.1080/02692171.2011.624495 
File-URL: http://hdl.handle.net/10.1080/02692171.2011.624495 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:26:y:2012:i:2:p:161-175




Template-Type: ReDIF-Article 1.0
Author-Name: Diane Elson 
Author-X-Name-First: Diane 
Author-X-Name-Last: Elson 
Title: The reduction of the UK budget deficit: a human rights perspective 
Abstract:
  This paper contributes to new thinking in economics by employing a human
 rights perspective to examine the budget deficit reduction strategy of the
 UK coalition government, as set out in 2010 in the June budget and October
 Spending Review. Focusing on economic and social rights, the paper
 explains the human rights obligations of governments and key human rights
 principles. As examples of how they should be applied to examine the
 deficit reduction strategy, it examines the implications of the policy
 changes for child poverty and gender equality, and finds that in both
 cases there is evidence to suggest non-compliance with the human rights
 obligations of the UK government. 
Journal: International Review of Applied Economics 
Pages: 177-190 
Issue: 2 
Volume: 26 
Year: 2012 
Month: 11 
X-DOI: 10.1080/02692171.2011.640315 
File-URL: http://hdl.handle.net/10.1080/02692171.2011.640315 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:26:y:2012:i:2:p:177-190




Template-Type: ReDIF-Article 1.0
Author-Name: Engelbert Stockhammer 
Author-X-Name-First: Engelbert 
Author-X-Name-Last: Stockhammer 
Author-Name: &#xD6;zlem Onaran 
Author-X-Name-First: &#xD6;zlem 
Author-X-Name-Last: Onaran 
Title: Rethinking wage policy in the face of the Euro crisis. Implications of the wage-led demand regime 
Abstract:
  Ten years after its introduction, the Euro is in an existential crisis.
 The crisis is the outcome of economic policies that have aimed at labour
 market flexibility and financial integration. This paper argues, firstly,
 that the aggregate demand regime in the Euro area is wage led. While an
 increase in wages (other things equal) does have a negative effect on
 investment and on net exports, it does have a positive effect on
 consumption. As the Euro area is a relatively closed economy, the
 consumption effect overpowers the investment effect and the export effect.
 Secondly, we argue that in the Euro area two growth models have emerged: a
 credit-led and an export-led model. These have given rise to the
 imbalances that are at the heart of the Euro crisis. Wage flexibility has
 proven insufficient to prevent these imbalances. Thirdly, we advocate a
 system of coordinated wage bargaining that aims at wages rising in line
 with productivity growth and a substantially upward-revised inflation
 target. If the project of European economic integration is to survive, it
 needs a drastic change in direction. An important building block of this
 redirection is a rethinking of the role of wage policy. 
Journal: International Review of Applied Economics 
Pages: 191-203 
Issue: 2 
Volume: 26 
Year: 2012 
Month: 9 
X-DOI: 10.1080/02692171.2011.631903 
File-URL: http://hdl.handle.net/10.1080/02692171.2011.631903 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:26:y:2012:i:2:p:191-203




Template-Type: ReDIF-Article 1.0
Author-Name: Terry Barker 
Author-X-Name-First: Terry 
Author-X-Name-Last: Barker 
Author-Name: Annela Anger 
Author-X-Name-First: Annela 
Author-X-Name-Last: Anger 
Author-Name: Unnada Chewpreecha 
Author-X-Name-First: Unnada 
Author-X-Name-Last: Chewpreecha 
Author-Name: Hector Pollitt 
Author-X-Name-First: Hector 
Author-X-Name-Last: Pollitt 
Title: A new economics approach to modelling policies to achieve global 2020 targets for climate stabilisation 
Abstract:
  This paper explores a Post Keynesian, &#x2018;new economics&#x2019;
 approach to climate policy, assessing the opportunities for investment in
 accelerated decarbonisation of the global economy to 2020 following the
 Great Recession of 2008--2009. The risks associated with business-as-usual
 growth in greenhouse gas (GHG) concentrations in the atmosphere suggest
 that avoiding dangerous climate change will require that the
 world&#x2019;s energy-economy system is transformed through switching to
 low-carbon technologies and lifestyles. Governments have agreed a target
 to hold the increase in temperatures above pre-industrial levels to at
 most 2&#xB0;C and have offered reductions by 2020 in GHG emissions or the
 carbon-intensity of GDP. The effects of policies proposed to achieve
 pathways to 2020 towards this target are assessed using E3MG, an
 Energy-Environment-Economy (E3) Model at the Global level. E3MG is an
 annual simulation econometric model, estimated for 20 world regions over
 1972--2006 adopting a new economics approach. Additional low-GHG
 investment of some 0.7% of GDP, with carbon pricing and other policies, is
 sufficient to achieve a pathway consistent with a medium chance of
 achieving the long-term target. GDP is above reference levels because
 decarbonisation reduces world oil prices and increases investment.
 Employment is some 0.9% above reference levels by 2020 and public finances
 are almost unaffected. 
Journal: International Review of Applied Economics 
Pages: 205-221 
Issue: 2 
Volume: 26 
Year: 2012 
Month: 10 
X-DOI: 10.1080/02692171.2011.631901 
File-URL: http://hdl.handle.net/10.1080/02692171.2011.631901 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:26:y:2012:i:2:p:205-221




Template-Type: ReDIF-Article 1.0
Author-Name: Robert   H. Wade 
Author-X-Name-First: Robert   H. 
Author-X-Name-Last: Wade 
Title: Return of industrial policy? 
Abstract:
  For the sake of freedom, economic growth and poverty reduction the state
 in market economies should limit itself to regulating markets and
 (sometimes) correcting &#x2018;market failures&#x2019;. This neoliberal
 conception has been the near-consensus for the past two to three decades
 in the West and in western-led international organizations such as the
 World Bank. But as of recently, the consensus has been challenged by
 circumstances with which it cannot contend. This article spells out key
 ideas behind the consensus -- in particular, its rejection of industrial
 policy. It then argues that the US government has long practised -- to
 good effect -- a hitherto little noticed type of industrial policy focused
 neither on the individual firm nor on the geographic region but on
 networks of firms, and that a (small) change in the American normative
 climate has occurred post 2008 in favour of a government steering role in
 markets. Moreover, some middle-income countries, with manufacturing
 sectors shrinking in the face of East Asian competition, have recently
 shown renewed interest in industrial policy. Finally, parts of the World
 Bank have recently begun to operationalize industrial policy, under the
 banner of &#x2018;building competitive industries&#x2019; (industrial
 policy by another name), as has not been the case since the mid 1980s. The
 combination of these several forces may herald the emergence of new global
 norms in favour of a more &#x2018;developmental&#x2019; role of the state. 
Journal: International Review of Applied Economics 
Pages: 223-239 
Issue: 2 
Volume: 26 
Year: 2012 
Month: 11 
X-DOI: 10.1080/02692171.2011.640312 
File-URL: http://hdl.handle.net/10.1080/02692171.2011.640312 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:26:y:2012:i:2:p:223-239




Template-Type: ReDIF-Article 1.0
Author-Name: Valpy FitzGerald 
Author-X-Name-First: Valpy 
Author-X-Name-Last: FitzGerald 
Title: Global capital markets, direct taxation and the redistribution of income 
Abstract:
  Standard fiscal theory suggests that taxation should be heaviest on the
 least mobile factors of production -- for both efficiency and revenue
 reasons. A shift in tax burdens from capital to labour as economies become
 globally integrated is thus justified. This theoretical tradition (founded
 by Ramsay and continued by Mirrlees and Lucas) assumes by construction
 that profit taxes reduce investment and growth; and while sensitive to
 inter-generational equity, sidesteps the issue of income distribution
 within generations. In contrast, starting from Keynes&#x2019; critique of
 these assumptions and building on modern endogenous growth models, it can
 be shown that profit taxation is not necessarily injurious to productive
 investment. In practice, moreover, the effect of globalisation has not
 been to reduce tax rates on capital, but rather to erode the tax base
 itself (i.e. &#x2018;tax evasion&#x2019;). Improved information exchange
 between tax authorities, which is now being driven by fiscal insolvency in
 developed countries, would allow tax incidence to be shifted so as to
 improve income distribution within OECD countries. Such cooperation could
 also permit the replacement of the current discretionary system of fiscal
 transfers from rich to poor countries (&#x2018;development aid&#x2019;) by
 equitable sharing of global capital tax revenue. 
Journal: International Review of Applied Economics 
Pages: 241-252 
Issue: 2 
Volume: 26 
Year: 2012 
Month: 11 
X-DOI: 10.1080/02692171.2011.640313 
File-URL: http://hdl.handle.net/10.1080/02692171.2011.640313 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:26:y:2012:i:2:p:241-252




Template-Type: ReDIF-Article 1.0
Author-Name: Jesus Ferreiro 
Author-X-Name-First: Jesus 
Author-X-Name-Last: Ferreiro 
Author-Name: Felipe Serrano 
Author-X-Name-First: Felipe 
Author-X-Name-Last: Serrano 
Title: Expectations, uncertainty and institutions. An application to the analysis of social security reforms 
Abstract:
  The aging process that many developed economies will face in the
 medium-term is leading to reforms in the public pensions systems in order
 to solve the potential financial unsustainability generated by the
 foreseeable increase in the expenditure in pension benefits (assuming that
 the current social security contributions and the eligibility conditions
 will remain unchanged). Neoclassical economics defends a radical reform of
 these systems, substituting the current pay-as-you-go (PAYGO) systems by
 funded systems. In this paper, using the Post-Keynesian theory as a
 theoretical framework, we provide an alternative reflection to that
 proposed by the neoclassical economics about the choice between the
 alternative pension systems. The focus of the paper is the advantages of
 the PAYGO pension systems to stabilize the expectations of future income. 
Journal: International Review of Applied Economics 
Pages: 253-266 
Issue: 2 
Volume: 26 
Year: 2012 
Month: 10 
X-DOI: 10.1080/02692171.2011.640666 
File-URL: http://hdl.handle.net/10.1080/02692171.2011.640666 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:26:y:2012:i:2:p:253-266




Template-Type: ReDIF-Article 1.0
Author-Name: Alfonso Palacio-Vera 
Author-X-Name-First: Alfonso 
Author-X-Name-Last: Palacio-Vera 
Title: Debt monetization, inflation, and the &#x2018;neutral&#x2019; interest rate 
Abstract:
  The main purpose of this study is to explore the potential expansionary
 effect stemming from the monetization of debt. We develop a simple
 macroeconomic model with Keynesian features and four sectors: creditor and
 debtor households, businesses, and the public sector. We show that such
 expansionary effect stems mainly from the reduction in the financial cost
 to servicing the public debt. The efficacy of the channel that operates
 allegedly through the compression of the risk/term premium on securities
 is found to be ambiguous. Finally, we show that countries that issue their
 own currency can avert getting stuck in a structural &#x2018;liquidity
 trap&#x2019; provided their central banks are willing to monetize the debt
 created by a strong enough fiscal expansion. 
Journal: International Review of Applied Economics 
Pages: 267-285 
Issue: 2 
Volume: 26 
Year: 2012 
Month: 9 
X-DOI: 10.1080/02692171.2011.624497 
File-URL: http://hdl.handle.net/10.1080/02692171.2011.624497 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:26:y:2012:i:2:p:267-285




Template-Type: ReDIF-Article 1.0
Author-Name: Marc Lavoie 
Author-X-Name-First: Marc 
Author-X-Name-Last: Lavoie 
Author-Name: Peng Wang 
Author-X-Name-First: Peng 
Author-X-Name-Last: Wang 
Title: The &#x2018;compensation&#x2019; thesis, as exemplified by the case of the Chinese central bank 
Abstract:
  This paper extends the theory of demand-led money supply endogeneity to
 the case of an open economy with a fixed exchange rate. This theory is
 contrasted to the standard Mundell-Fleming view. In the compensation
 approach advocated here, central banks are able to set interest rates,
 even in a fixed exchange rate regime, either because there are automatic
 market mechanisms that will induce the private sector to act in such a way
 that changes in foreign reserves will be compensated by opposite changes
 in central bank claims over the domestic economy, or because the central
 bank will engage in endogenous sterilization operations in its efforts to
 enforce its benchmark interest rate. Analyzing the balance sheet of the
 Chinese central bank, we find that the large rise in foreign reserves on
 the asset side is compensated by large positive changes in items of the
 liability side, mainly bonds issued by the central bank. Foreign reserves
 are not cointegrated with the monetary base, meaning that there is no
 long-run relationship between foreign exchange reserves and the supply of
 base money. We also find no long-run relation between foreign exchange
 reserves and the consumer price index. 
Journal: International Review of Applied Economics 
Pages: 287-301 
Issue: 3 
Volume: 26 
Year: 2012 
Month: 4 
X-DOI: 10.1080/02692171.2011.587108 
File-URL: http://hdl.handle.net/10.1080/02692171.2011.587108 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:26:y:2012:i:3:p:287-301




Template-Type: ReDIF-Article 1.0
Author-Name: Sotirios Bellos 
Author-X-Name-First: Sotirios 
Author-X-Name-Last: Bellos 
Author-Name: Turan Subasat 
Author-X-Name-First: Turan 
Author-X-Name-Last: Subasat 
Title: Governance and foreign direct investment: a panel gravity model approach 
Abstract:
  This paper investigates the link between governance and foreign direct
 investment in the case of 14 transition countries by using a panel gravity
 model approach in two alternative ways. First, the level of governance in
 the target country is studied. Second, the absolute difference in the
 governance level between the source and target country is investigated. In
 both cases the results suggest that the lack of good governance does not
 deter, in fact it encourages, foreign direct investment. 
Journal: International Review of Applied Economics 
Pages: 303-328 
Issue: 3 
Volume: 26 
Year: 2012 
Month: 4 
X-DOI: 10.1080/02692171.2011.587110 
File-URL: http://hdl.handle.net/10.1080/02692171.2011.587110 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:26:y:2012:i:3:p:303-328




Template-Type: ReDIF-Article 1.0
Author-Name: Ashim   Kumar Kar 
Author-X-Name-First: Ashim   Kumar 
Author-X-Name-Last: Kar 
Title: Does capital and financing structure have any relevance to the performance of microfinance institutions? 
Abstract:
  This paper aims to explore the impact of capital and financing structure
 on the performance of microfinance institutions (MFIs) from an agency
 theoretic standpoint. GMM and IV estimations with instruments have been
 performed using a panel dataset of 782 MFIs in 92 countries for the period
 2000--2007. Results confirm the agency theoretic claim that an increase in
 leverage raises profit-efficiency in MFIs. The study also finds that cost
 efficiency deteriorates with decreasing leverage. Likewise, the negative
 significant impact of leverage on depth of outreach can also be explained.
 However, the study finds that capital structure does not have any
 noticeable impact on breadth of outreach and neither is it significantly
 related with women&#x2019;s participation as loan clients. 
Journal: International Review of Applied Economics 
Pages: 329-348 
Issue: 3 
Volume: 26 
Year: 2012 
Month: 3 
X-DOI: 10.1080/02692171.2011.580267 
File-URL: http://hdl.handle.net/10.1080/02692171.2011.580267 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:26:y:2012:i:3:p:329-348




Template-Type: ReDIF-Article 1.0
Author-Name: Basil Dalamagas 
Author-X-Name-First: Basil 
Author-X-Name-Last: Dalamagas 
Author-Name: Stelios Kotsios 
Author-X-Name-First: Stelios 
Author-X-Name-Last: Kotsios 
Title: A macroeconomic approach to the income-tax work-effort relationship 
Abstract:
  In this paper, we analyse the dynamic relationship between hours worked
 per employee (per self-employed) and marginal income tax-rate shocks in
 terms of both a comparative-dynamics model and a stochastic general
 equilibrium econometric model. The econometric model is estimated for
 Germany, UK and USA over the post-1960 period using the GMM estimation
 technique. Estimates in both models show that increases in the marginal
 income-tax rate exert negative effects on hours worked by both employees
 and the self-employed, but the response of the employees who are subject
 to tax withholding is stronger than the response of the self-employed. 
Journal: International Review of Applied Economics 
Pages: 349-366 
Issue: 3 
Volume: 26 
Year: 2012 
Month: 2 
X-DOI: 10.1080/02692171.2011.580269 
File-URL: http://hdl.handle.net/10.1080/02692171.2011.580269 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:26:y:2012:i:3:p:349-366




Template-Type: ReDIF-Article 1.0
Author-Name: John Beirne 
Author-X-Name-First: John 
Author-X-Name-Last: Beirne 
Title: The long-run convergence of exchange rates and prices in the European Union 
Abstract:
  This paper provides tests of Purchasing Power Parity (PPP) for members of
 the EU-27 not in the euro area, using multivariate and panel cointegration
 techniques, for the period since the introduction of the euro currency in
 1999 until the end of 2009. The results indicate that long-run PPP holds
 in ten cases and that domestic prices or the nominal exchange rate is the
 main driver of the short-run adjustment to stationarity. These results are
 discussed in terms of monetary convergence in the long-run. 
Journal: International Review of Applied Economics 
Pages: 367-385 
Issue: 3 
Volume: 26 
Year: 2012 
Month: 4 
X-DOI: 10.1080/02692171.2011.580266 
File-URL: http://hdl.handle.net/10.1080/02692171.2011.580266 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:26:y:2012:i:3:p:367-385




Template-Type: ReDIF-Article 1.0
Author-Name: Mira Farka 
Author-X-Name-First: Mira 
Author-X-Name-Last: Farka 
Author-Name: Adrian   R. Fleissig 
Author-X-Name-First: Adrian   R. 
Author-X-Name-Last: Fleissig 
Title: The effect of FOMC statements on asset prices 
Abstract:
  Given their increased importance during recent years, FOMC (Federal Open
 Market Committee) statements can have a significant impact on asset
 prices. To capture the effect of FOMC statements on asset prices, an
 indicator variable is created that takes into account the information
 content of policy statements. Results show that both &#x2018;interest rate
 surprises&#x2019; and &#x2018;FOMC statements&#x2019; affect the mean and
 the volatility of asset prices. The volatility impact is tent-shaped,
 jumping within the policy announcement interval and declining before and
 after the release. FOMC statements have a much more pronounced impact on
 stock returns, intermediate and long-term yields, while short-term rates
 are largely driven by target rate decisions. We also find that the
 evolution of the language of the FOMC statements does matter to market
 participants and, in particular, the &#x2018;forward-looking&#x2019;
 language adopted in mid-2003 has reduced market volatility associated with
 &#x2018;interest rate surprises&#x2019; on announcement days. 
Journal: International Review of Applied Economics 
Pages: 387-416 
Issue: 3 
Volume: 26 
Year: 2012 
Month: 4 
X-DOI: 10.1080/02692171.2011.587111 
File-URL: http://hdl.handle.net/10.1080/02692171.2011.587111 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:26:y:2012:i:3:p:387-416




Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Dobson 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Dobson 
Author-Name: Carlyn Ramlogan-Dobson 
Author-X-Name-First: Carlyn 
Author-X-Name-Last: Ramlogan-Dobson 
Author-Name: Eric Strobl 
Author-X-Name-First: Eric 
Author-X-Name-Last: Strobl 
Title: Convergence or divergence in cross-country growth? 
Abstract:
  In the traditional empirical convergence literature, a negative
 coefficient on initial income in a cross-country growth regression is
 interpreted as evidence of poor countries growing faster than richer ones.
 A key assumption in this work is that the relationship between initial
 income and income growth is linear. The linearity assumption is challenged
 in some new growth theories, and studies adopting an alternative
 (semi-parametric or nonlinear) econometric methodology provide support for
 a nonlinear specification. This paper finds evidence for nonlinear
 convergence. Using semi-parametric estimation we find that convergence
 occurs among countries with very low and very high initial incomes,
 suggesting that convergence clubs characterize the cross-country growth
 process. Our results provide further evidence for multiple-regime steady
 states. 
Journal: International Review of Applied Economics 
Pages: 417-424 
Issue: 3 
Volume: 26 
Year: 2012 
Month: 11 
X-DOI: 10.1080/02692171.2011.557058 
File-URL: http://hdl.handle.net/10.1080/02692171.2011.557058 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:26:y:2012:i:3:p:417-424




Template-Type: ReDIF-Article 1.0
Author-Name: Ranjula Bali Swain 
Author-X-Name-First: Ranjula 
Author-X-Name-Last: Bali Swain 
Author-Name: Fan Yang Wallentin 
Author-X-Name-First: Fan Yang 
Author-X-Name-Last: Wallentin 
Title: Factors empowering women in Indian self-help group programs 
Abstract:
  We evaluate the impact of economic and non-economic factors on
 women&#x2019;s empowerment of Self-Help Group (SHG) members. We estimate a
 structural equation model (SEM) and correct for ordinality in the data to
 account for the impact of the latent factors on women&#x2019;s
 empowerment. Our SEM results reveal that for the SHG members, the economic
 factor is the most effective in empowering women. Greater autonomy and
 social attitudes also have a significant women empowerment impact. 
Journal: International Review of Applied Economics 
Pages: 425-444 
Issue: 4 
Volume: 26 
Year: 2012 
Month: 4 
X-DOI: 10.1080/02692171.2011.595398 
File-URL: http://hdl.handle.net/10.1080/02692171.2011.595398 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:26:y:2012:i:4:p:425-444




Template-Type: ReDIF-Article 1.0
Author-Name: Photis Lysandrou 
Author-X-Name-First: Photis 
Author-X-Name-Last: Lysandrou 
Author-Name: Daniella Parker 
Author-X-Name-First: Daniella 
Author-X-Name-Last: Parker 
Title: Commercial corporate governance ratings: an alternative view of their use and impact 
Abstract:
  The rise in the popularity of commercial corporate governance ratings is
 at once a source of dismay and a cause for alarm: the former because they
 do not appear to give accurate predictions of corporate performance and
 the latter because they add to the pressure on corporations to adapt their
 governance structures to a benchmark model that takes no account of the
 conditions in which they operate. This paper gives an alternative view of
 the potential use and impact of the commercially marketed governance
 ratings. It argues that their importance to institutional investors lies
 in providing them with information that accurately summarises corporate
 loyalty to shareholders rather than accurately predicts corporate
 performance. It goes on to argue that the commercial governance ratings
 can bring benefits to an economy by contributing to a new type of
 managerial control mechanism that is not only more efficient than hostile
 takeovers and stock options but also helps to reduce the governance role
 of these instruments. 
Journal: International Review of Applied Economics 
Pages: 445-463 
Issue: 4 
Volume: 26 
Year: 2012
Month: 7 
X-DOI: 10.1080/02692171.2011.619971 
File-URL: http://hdl.handle.net/10.1080/02692171.2011.619971 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:26:y:2012:i:4:p:445-463




Template-Type: ReDIF-Article 1.0
Author-Name: Petra Duenhaupt 
Author-X-Name-First: Petra 
Author-X-Name-Last: Duenhaupt 
Title: Financialization and the rentier income share -- evidence from the USA and Germany 
Abstract:
  During the past two decades, there has been a shift of significance from
 the real to the financial sector. In the course of (financial)
 globalization, measures of liberalization and deregulation have
 contributed to a strengthening of financial capital. The concept of
 shareholder value orientation has become more powerful, capital income has
 increased tremendously, while real wages have stagnated. Most industrial
 countries have experienced a decline in the share of labor income. Based
 on a review of empirics and literature, this paper seeks to determine who
 gained from the fall in the labor share of income in the USA and Germany,
 respectively. If financialization is indeed responsible for the decline,
 rentiers should be the beneficiaries. In order to identify the relevant
 effects, the profit share of the two countries under observation is split
 between the share of retained earnings and the share of net property
 income (= rentiers&#x2019; income) using a modification of the approach
 chosen by Epstein and Jayadev (2005). The evidence presented shows that
 the development of the rentier income share indeed corresponds quite well
 with the stages of development of financialization in the two different
 countries: in the US, where the important shift towards financialization
 occurred in the early 1980s, the rentiers&#x2019; share of income shows a
 corresponding leap upwards exactly at that time and remains on a higher
 level until the end of the observation period. In Germany, the process of
 financialization started much later -- in the beginning of the 1990s --
 and followed a much more gradual transition, which is perfectly mirrored
 by the development of income shares: from the 1990s onwards, the
 rentiers&#x2019; income share gradually increased over time. 
Journal: International Review of Applied Economics 
Pages: 465-487 
Issue: 4 
Volume: 26 
Year: 2012 
Month: 6 
X-DOI: 10.1080/02692171.2011.595705 
File-URL: http://hdl.handle.net/10.1080/02692171.2011.595705 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:26:y:2012:i:4:p:465-487




Template-Type: ReDIF-Article 1.0
Author-Name: Larry   L. Howard 
Author-X-Name-First: Larry   L. 
Author-X-Name-Last: Howard 
Author-Name: Nishith Prakash 
Author-X-Name-First: Nishith 
Author-X-Name-Last: Prakash 
Title: Do employment quotas explain the occupational choices of disadvantaged minorities in India? 
Abstract:
  This article investigates the effects of a large-scale public sector
 employment quota policy for disadvantaged minorities (Scheduled Castes and
 Scheduled Tribes) in India on their occupational choices, as defined by
 skill level, during the 1980s and 1990s. We find that, first, the
 employment quota policy significantly affects the occupational structure
 of both disadvantaged minority populations. In response to the employment
 quotas, individuals belonging to the Scheduled Caste group are more likely
 to choose high-skill occupations and less likely to choose low- and
 middle-skill occupations, while individuals belonging to the Scheduled
 Tribe group are less likely to choose high-skill occupations and more
 likely to choose low- and middle-skill occupations. Second, the impact of
 the employment quotas is significantly related with an individual&#x2019;s
 years of schooling. Overall, the results indicate that the employment
 quota policy changes the occupational choices of individuals within the
 targeted populations and contributes to their improved socio-economic
 standing. 
Journal: International Review of Applied Economics 
Pages: 489-513 
Issue: 4 
Volume: 26 
Year: 2012 
Month: 8 
X-DOI: 10.1080/02692171.2011.619969 
File-URL: http://hdl.handle.net/10.1080/02692171.2011.619969 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:26:y:2012:i:4:p:489-513




Template-Type: ReDIF-Article 1.0
Author-Name: Mohsen Bahmani-Oskooee 
Author-X-Name-First: Mohsen 
Author-X-Name-Last: Bahmani-Oskooee 
Author-Name: Kaveepot Satawatananon 
Author-X-Name-First: Kaveepot 
Author-X-Name-Last: Satawatananon 
Title: The impact of exchange rate volatility on commodity trade between the US and Thailand 
Abstract:
  The impact of exchange rate volatility on trade flows continues to occupy
 the international finance literature. More recent studies have deviated
 from the traditional approach of using aggregate trade flows and have
 employed trade data at commodity level. This study investigates the impact
 of exchange rate uncertainty on the trade flows of 118 US exporting
 industries to Thailand and 41 US importing industries from Thailand. We
 find that exchange rate uncertainty has short-run effects on the trade
 flows of most industries. In the long-run, the main determinants of the
 trade flows are the level of economic activity in both countries. 
Journal: International Review of Applied Economics 
Pages: 515-532 
Issue: 4 
Volume: 26 
Year: 2012 
Month: 8 
X-DOI: 10.1080/02692171.2011.619968 
File-URL: http://hdl.handle.net/10.1080/02692171.2011.619968 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:26:y:2012:i:4:p:515-532




Template-Type: ReDIF-Article 1.0
Author-Name: Hailin Liao 
Author-X-Name-First: Hailin 
Author-X-Name-Last: Liao 
Author-Name: Xiaohui Liu 
Author-X-Name-First: Xiaohui 
Author-X-Name-Last: Liu 
Author-Name: Chengang Wang 
Author-X-Name-First: Chengang 
Author-X-Name-Last: Wang 
Title: Knowledge spillovers, absorptive capacity and total factor productivity in China&#x2019;s manufacturing firms 
Abstract:
  Applying the stochastic frontier framework, this study explores the
 diffusion and absorption of technological knowledge in China&#x2019;s
 manufacturing firms, based on a panel of more than 10,000 local and
 foreign-invested firms over the period 1998--2001. Our empirical approach
 allows us to distinguish between technological progress (TP) and technical
 efficiency (TE) in analysing whether R&D, exports and the presence of
 foreign direct investment simultaneously enhance TP through knowledge
 spillovers in a single framework and whether different types of domestic
 absorptive capacity moderate external knowledge spillovers in relation to
 TE. The results show that there are positive inter-industry productivity
 spillovers from R&D and foreign presence, whereas evidence of
 intra-industry productivity spillovers from FDI to Chinese firms is less
 robust. We find evidence that absorptive capacity is one of the key
 determinants to quantitatively explain intra-industry differences in
 productivity of local Chinese firms. The findings have important policy
 implications. 
Journal: International Review of Applied Economics 
Pages: 533-547 
Issue: 4 
Volume: 26 
Year: 2012 
Month: 8 
X-DOI: 10.1080/02692171.2011.619970 
File-URL: http://hdl.handle.net/10.1080/02692171.2011.619970 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:26:y:2012:i:4:p:533-547




Template-Type: ReDIF-Article 1.0
Author-Name: Ay&#x15F;e   &#xD6;zden Birkan 
Author-X-Name-First: Ay&#x15F;e   &#xD6;zden 
Author-X-Name-Last: Birkan 
Title: Inflation targeting in an import dependent indebted economy 
Abstract:
  This paper develops a one-sector Kaleckian model of an import dependent
 indebted small open economy; where the mark-up rate is sensitive to both
 changes in the interest rate and the exchange rate and foreigners provide
 part of the long-term finance. The short-run consequences of an inflation
 targeting policy in the form of high interest rates and strong domestic
 currency are explored. Among the possible short-run scenarios, the one
 most relevant for developing countries involves a decline in the profit
 rate, the capacity utilization rate and the rate of accumulation as well
 as the employment rate and the real wage. Leverage ratio of the firms and
 the extent of external indebtedness play an important role in bringing
 about this result. Long-run analysis reveals that this scenario is
 associated with instability in the long run and that, also in the long
 run, the extent of foreign indebtedness and the responsiveness of capital
 inflows to the return on existing portfolios are important in determining
 the direction of the effects of inflation targeting on the equilibrium
 debt--capital ratio. 
Journal: International Review of Applied Economics 
Pages: 549-564 
Issue: 4 
Volume: 26 
Year: 2012 
Month: 9 
X-DOI: 10.1080/02692171.2011.624496 
File-URL: http://hdl.handle.net/10.1080/02692171.2011.624496 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:26:y:2012:i:4:p:549-564




Template-Type: ReDIF-Article 1.0
Author-Name: Juan Carlos Cuestas 
Author-X-Name-First: Juan Carlos 
Author-X-Name-Last: Cuestas 
Author-Name: Bruce Philp 
Author-X-Name-First: Bruce 
Author-X-Name-Last: Philp 
Title: Economic class and the distribution of income: a time-series analysis of the UK economy, 1955--2010 
Abstract:
  This paper contributes to our understanding of the determinants and
 dynamics of surplus-value using quarterly UK data, 1955--2010, and the
 Johansen (1988, 1991) cointegration and vector error correction model
 (VECM). A model is introduced to define this Marxian concept, before we
 explain distribution, paying attention to three forces that are
 traditionally seen as drivers of power in this struggle: (i) working class
 militancy; (ii) the size of the &#x2018;reserve army&#x2019; of the
 unemployed; and (iii) political party. Our results demonstrate the ongoing
 relevance of Marxian economics in providing an alternative, robust and
 significant explanation of distribution in the post-war UK economy. 
Journal: International Review of Applied Economics 
Pages: 565-578 
Issue: 5 
Volume: 26 
Year: 2012 
Month: 10 
X-DOI: 10.1080/02692171.2011.631902 
File-URL: http://hdl.handle.net/10.1080/02692171.2011.631902 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:26:y:2012:i:5:p:565-578




Template-Type: ReDIF-Article 1.0
Author-Name: Adem   Y. Elveren 
Author-X-Name-First: Adem   Y. 
Author-X-Name-Last: Elveren 
Author-Name: Ibrahim &#xD6;rnek 
Author-X-Name-First: Ibrahim 
Author-X-Name-Last: &#xD6;rnek 
Author-Name: G&#xFC;nay Akel 
Author-X-Name-First: G&#xFC;nay 
Author-X-Name-Last: Akel 
Title: Internationalisation, growth and pay inequality: a cointegration analysis for Turkey, 1970--2007 
Abstract:
  The nature of the internationalisation-growth-inequality nexus is very
 complex; and therefore, not surprisingly, there is no consensus on whether
 increasing openness to trade leads to higher inequality or not -- in fact,
 there is even no full understanding on the impact of the openness on the
 economic growth. In the case of Turkey it is observed that there is
 relatively little empirical work that addresses the issue of inequality.
 Considering this fact, the study aims to provide some more evidence on the
 complex relationship between trade openness, foreign direct investment,
 economic growth and pay inequality by utilising a combination of different
 Theil Indices of pay inequality. The paper utilises the Johansen
 Cointegration and Granger Causality methods. Our findings yield that
 higher economic growth resulting from trade openness comes with higher pay
 inequality. 
Journal: International Review of Applied Economics 
Pages: 579-595 
Issue: 5 
Volume: 26 
Year: 2012
Month: 9 
X-DOI: 10.1080/02692171.2011.624499 
File-URL: http://hdl.handle.net/10.1080/02692171.2011.624499 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:26:y:2012:i:5:p:579-595




Template-Type: ReDIF-Article 1.0
Author-Name: Thomas   Chataghalala Munthali 
Author-X-Name-First: Thomas   Chataghalala 
Author-X-Name-Last: Munthali 
Title: Interaction of public and private investment in Southern Africa: a dynamic panel analysis 
Abstract:
  While the debate on the crowding-in-out effects of public investment on
 private investment largely seems to point towards a crowding-in effect in
 developing economies and the opposite in advanced economies, considerable
 evidence exists on the inconclusiveness of such findings across countries
 and regions. This study uses two investment models, Koyck&#x2019;s
 flexible accelerator and Jorgenson&#x2019;s neoclassical with error
 correction modified to empirically capture the structural and
 institutional characteristics of the Southern African region, to
 investigate crowding-in effects in one of the world&#x2019;s most
 underdeveloped regions, Southern Africa. The study&#x2019;s models reject
 the existence of crowding-in effects even when the public investment
 component of transport and communication is used. However, the study
 unveils macroeconomic uncertainty, market size, and capital availability
 as binding constraints on private investment in Southern Africa. 
Journal: International Review of Applied Economics 
Pages: 597-622 
Issue: 5 
Volume: 26 
Year: 2012
Month: 9 
X-DOI: 10.1080/02692171.2011.624500 
File-URL: http://hdl.handle.net/10.1080/02692171.2011.624500 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:26:y:2012:i:5:p:597-622




Template-Type: ReDIF-Article 1.0
Author-Name: Mohamed Saadi 
Author-X-Name-First: Mohamed 
Author-X-Name-Last: Saadi 
Title: Export sophistication and the terms of trade of the developing and emerging countries 
Abstract:
  The question of the terms of trade has not yet been studied by the new
 empirical literature on the export sophistication, which focuses only on
 its effect on economic growth. The contribution of this paper is to
 investigate whether the increase in the export sophistication is terms of
 trade worsening or improving for the developing and emerging economies.
 Importantly, we find that the increase in the sophistication of the
 developing countries&#x2019; exports is accompanied by a deterioration of
 their terms of trade. 
Journal: International Review of Applied Economics 
Pages: 623-642 
Issue: 5 
Volume: 26 
Year: 2012 
Month: 10 
X-DOI: 10.1080/02692171.2011.631899 
File-URL: http://hdl.handle.net/10.1080/02692171.2011.631899 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:26:y:2012:i:5:p:623-642




Template-Type: ReDIF-Article 1.0
Author-Name: Yanqing Jiang 
Author-X-Name-First: Yanqing 
Author-X-Name-Last: Jiang 
Title: Technology diffusion, spatial effects and productivity growth in the Chinese provinces 
Abstract:
  This paper investigates spatial spillover effects of productivity in
 China. We set up a model in which a Chinese province achieves productivity
 growth by taking advantage of productivity spillovers from the world
 frontier and from other Chinese provinces. By using fixed effects and GMM
 panel data methods, we show that productivity growth in an inland province
 in China can be partly attributed to productivity spillover effects of
 other provinces. We also show that provincial human capital plays an
 important role in determining the magnitude of these spillover effects. 
Journal: International Review of Applied Economics 
Pages: 643-656 
Issue: 5 
Volume: 26 
Year: 2012 
Month: 9 
X-DOI: 10.1080/02692171.2011.624498 
File-URL: http://hdl.handle.net/10.1080/02692171.2011.624498 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:26:y:2012:i:5:p:643-656




Template-Type: ReDIF-Article 1.0
Author-Name: Alp   Eren Yurtseven 
Author-X-Name-First: Alp   Eren 
Author-X-Name-Last: Yurtseven 
Author-Name: Vedat   Sinan Tando&#x11F;an 
Author-X-Name-First: Vedat   Sinan 
Author-X-Name-Last: Tando&#x11F;an 
Title: Patterns of innovation and intra-industry heterogeneity in Turkey 
Abstract:
  This study investigates the patterns of innovation in Turkey and its
 primary aim is to examine the intra-industry heterogeneity in innovative
 activities. For this purpose double-level factor analysis is performed and
 the resulting factor scores are used in the subsequent cluster analyses.
 Four distinct innovation patterns, which may be interpreted as ingredients
 of different technological regimes, are identified. A taxonomy of
 innovative firms is also constructed by grouping firms according to their
 innovation characteristics and, to the authors&#x2019; knowledge, this is
 the first empirical classification study in Turkey. These results indicate
 that industries differ in terms of innovative activities. However,
 industries are not dominated by a single technological regime. On the
 contrary, five technological regimes were observed in almost all sectors.
 Building upon these facts, it can be speculated that sector-specific
 conditions determine the extent of intra-industry heterogeneity. 
Journal: International Review of Applied Economics 
Pages: 657-671 
Issue: 5 
Volume: 26 
Year: 2012 
Month: 10 
X-DOI: 10.1080/02692171.2011.631900 
File-URL: http://hdl.handle.net/10.1080/02692171.2011.631900 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:26:y:2012:i:5:p:657-671




Template-Type: ReDIF-Article 1.0
Author-Name: Abm Nasir 
Author-X-Name-First: Abm 
Author-X-Name-Last: Nasir 
Author-Name: Abdullah   M. Noman 
Author-X-Name-First: Abdullah   M. 
Author-X-Name-Last: Noman 
Title: Sustainability of external debt: further evidence from non-linear framework 
Abstract:
  This study investigates sustainability of external debt under a two-step
 non-linear framework. The first step uses a general linearity test
 proposed by Harvey and Leybourne (2007) to determine the linearity
 property of external debt. The second step applies a non-linear ADF unit
 root test proposed by Kapetanios, Shin, and Snell (2003) on the non-liner
 processes and the linear ADF test on the linear processes to examine the
 sustainability of external debt. The analysis of 36 debt and 55 current
 account ratios identifies strong evidence of non-linearity and
 sustainability. The results indicate superior performance of the
 non-linear unit root test over the ADF test in determining the stationary
 property of the data. 
Journal: International Review of Applied Economics 
Pages: 673-685 
Issue: 5 
Volume: 26 
Year: 2012 
Month: 12 
X-DOI: 10.1080/02692171.2012.665853 
File-URL: http://hdl.handle.net/10.1080/02692171.2012.665853 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:26:y:2012:i:5:p:673-685




Template-Type: ReDIF-Article 1.0
Author-Name: Evangelia Desli 
Author-X-Name-First: Evangelia 
Author-X-Name-Last: Desli 
Author-Name: Pavlos Gkasis 
Author-X-Name-First: Pavlos 
Author-X-Name-Last: Gkasis 
Author-Name: Persefoni Tsaliki 
Author-X-Name-First: Persefoni 
Author-X-Name-Last: Tsaliki 
Title: An alternative approach to the monitoring of technological diffusion via foreign direct investment: evidence from the Greek manufacturing sector 
Abstract:
  The existing studies of foreign direct investment and the corresponding
 technological diffusion process that they generate, focus either on
 specific parameters of the production process in isolation, or they
 combine certain parameters to construct indices that are not consistent
 across studies. The present analysis proposes an alternative approach that
 captures the entire production process and multinational firms are viewed
 as the platform that transfers more advanced technologies to the host
 countries. As multinational firms are able to utilise more efficiently the
 available production process, an efficiency gap ensues between the
 domestically owned firms of a country and the multinational firms that
 operate in it. We capture and provide a measure and a monitoring mechanism
 of the technological diffusion process via foreign direct investment
 through the evolution of the efficiency gap between the two groups of
 firms whilst controlling for other variables that might contribute to such
 a gap. We apply our approach to the manufacturing sector of the Greek
 economy that experiences a consistent presence of foreign direct
 investment inflows over the time period 2001--2007. 
Journal: International Review of Applied Economics 
Pages: 687-707 
Issue: 5 
Volume: 26 
Year: 2012 
Month: 1 
X-DOI: 10.1080/02692171.2012.665854 
File-URL: http://hdl.handle.net/10.1080/02692171.2012.665854 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:26:y:2012:i:5:p:687-707




Template-Type: ReDIF-Article 1.0
Author-Name: David Bailey 
Author-X-Name-First: David 
Author-X-Name-Last: Bailey 
Title: Globalization and varieties of capitalism. New Labour, economic policy and the abject state 
Journal: International Review of Applied Economics 
Pages: 709-710 
Issue: 5 
Volume: 26 
Year: 2012 
Month: 9 
X-DOI: 10.1080/02692171.2012.703060 
File-URL: http://hdl.handle.net/10.1080/02692171.2012.703060 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:26:y:2012:i:5:p:709-710




Template-Type: ReDIF-Article 1.0
Author-Name: Andreia Tolciu 
Author-X-Name-First: Andreia 
Author-X-Name-Last: Tolciu 
Author-Name: Ulrich Zierahn 
Author-X-Name-First: Ulrich 
Author-X-Name-Last: Zierahn 
Title: Women and work: what role do social norms play? 
Abstract:
  Against the background of the current (economic) research which
 concentrates particularly on individual and structural factors, this paper
 examines if and to what extent social norms (in terms of attitudes towards
 gender roles and work commitment) can make a complementary statement in
 explaining women&#x2019;s employment status and number of working hours.
 The impact is presumed to be enhanced through norms shared by people
 belonging to the same households, peer groups, and by residents of the
 same region. The analysis relies on a rich German dataset and employs a
 probit model with sample selection. The results highlight, among other
 things, the importance of the &#x2018;relevant others&#x2019;
 (particularly partners living in the same household and peers sharing
 similar social and work characteristics, but not necessarily geographical
 proximity) in explaining women&#x2019;s employment status. 
Journal: International Review of Applied Economics 
Pages: 711-733 
Issue: 6 
Volume: 26 
Year: 2012 
Month: 4 
X-DOI: 10.1080/02692171.2012.686485 
File-URL: http://hdl.handle.net/10.1080/02692171.2012.686485 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:26:y:2012:i:6:p:711-733




Template-Type: ReDIF-Article 1.0
Author-Name: Mart�n Rapetti 
Author-X-Name-First: Mart�n 
Author-X-Name-Last: Rapetti 
Author-Name: Peter Skott 
Author-X-Name-First: Peter 
Author-X-Name-Last: Skott 
Author-Name: Arslan Razmi 
Author-X-Name-First: Arslan 
Author-X-Name-Last: Razmi 
Title: The real exchange rate and economic growth: are developing countries different? 
Abstract:
  Recent research has found a positive relationship between real exchange
 rate (RER) undervaluation and economic growth. Different rationales for
 this association have been offered, but they all imply that the mechanisms
 involved should be stronger in developing countries. Rodrik (2008)
 explicitly analyzed and found evidence that the RER--growth relationship
 is more prevalent in developing countries. We show that his finding is
 sensitive to the criterion used to divide the sample between developed and
 developing countries. Using alternative classification criteria and
 empirical strategies to evaluate the existence of asymmetries between
 groups of countries, we find that the effect of currency undervaluation on
 growth is indeed larger and more robust for developing economies. However,
 the relationship between RER undervaluation and per capita GDP is
 non-monotonic, and is limited largely to the least developed and richest
 countries. This discontinuity constitutes a puzzle that calls for closer
 analysis. 
Journal: International Review of Applied Economics 
Pages: 735-753 
Issue: 6 
Volume: 26 
Year: 2012 
Month: 4 
X-DOI: 10.1080/02692171.2012.686483 
File-URL: http://hdl.handle.net/10.1080/02692171.2012.686483 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:26:y:2012:i:6:p:735-753




Template-Type: ReDIF-Article 1.0
Author-Name: Greg Hannsgen 
Author-X-Name-First: Greg 
Author-X-Name-Last: Hannsgen 
Title: Infinite-variance, alpha-stable shocks in monetary SVAR 
Abstract:
  This paper outlines a theory of what might be going wrong in the monetary
 SVAR (structural vector autoregression) literature and provides supporting
 empirical evidence. The theory is that macroeconomists may be attempting
 to identify structural forms that do not exist, given the true
 distribution of the innovations in the reduced-form VAR. This paper shows
 that this problem occurs whenever (1) some innovation in the VAR has an
 infinite-variance distribution and (2) the matrix of coefficients on the
 contemporaneous terms in the VAR's structural form is nonsingular. Since
 (2) is almost always required for SVAR analysis, it is germane to test
 hypothesis (1). Hence, in this paper, we fit
 <italic>&#x3B1;</italic>-stable distributions to the residuals from 3-lag
 and 12-lag monetary VARs, and, using a parametric-bootstrap method, we
 reject the null hypotheses of finite variance (or equivalently,
 <italic>&#x3B1;</italic> = 2) for all 12 error terms in the two VARs.
 These results are mostly robust to a sample break at the February 1984
 observations. Moreover, ARCH tests suggest that the shocks from the
 subperiod VARs are homoskedastic in seven of 24 instances. Next, we
 compare the fits of the <italic>&#x3B1;</italic>-stable distributions with
 those of t distributions and a GARCH(1,1) shock model. This analysis
 suggests that the time-invariant <italic>&#x3B1;</italic>-stable
 distributions provide the best fits for two of six shocks in the VAR(12)
 specification and three of six shocks in the VAR(3). Finally, we use the
 GARCH model as a filter to obtain homoskedastic shocks, which also prove
 to have <italic>&#x3B1;</italic> > 2, according to ML estimates. 
Journal: International Review of Applied Economics 
Pages: 755-786 
Issue: 6 
Volume: 26 
Year: 2012 
Month: 4 
X-DOI: 10.1080/02692171.2012.686484 
File-URL: http://hdl.handle.net/10.1080/02692171.2012.686484 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:26:y:2012:i:6:p:755-786




Template-Type: ReDIF-Article 1.0
Author-Name: Eleonora Bartoloni 
Author-X-Name-First: Eleonora 
Author-X-Name-Last: Bartoloni 
Title: The persistence of innovation: a panel data investigation on manufacturing firms 
Abstract:
  This paper represents a contribution to empirical debate on the
 persistence of innovation in the firm, by exploiting an innovative panel
 database that, for the first time, links three waves of the Italian
 Community Innovation Survey with an administrative data source providing
 economic and financial information for firms in the Italian manufacturing
 sector, 1996--2003. By using both a dynamic logistic model and a Granger
 causality approach, we show that in order to innovate successfully it is
 much more important to have an adequate flow of profits during an
 appropriate time span rather than high profits only during one period
 before innovation. Our causality tests prove the existence of a dynamic
 interaction between innovation and profitability: successful innovation
 can, in the short run, generate the profitability conditions that can then
 enhance the financial resources needed to reinvest in new technological
 opportunities, thus causing the firm to persist in its innovative
 behaviour. We have also shown that another important source of persistence
 is represented by past innovative experience. A firm with consolidated
 innovative behaviour would have a higher probability of future successful
 innovation with respect to a firm that occasionally (or accidentally)
 innovates. Persistence in innovation enables a firm to take advantage of
 substantial technological and organizational learning effects, which
 improve with time. 
Journal: International Review of Applied Economics 
Pages: 787-810 
Issue: 6 
Volume: 26 
Year: 2012 
Month: 4 
X-DOI: 10.1080/02692171.2012.686486 
File-URL: http://hdl.handle.net/10.1080/02692171.2012.686486 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:26:y:2012:i:6:p:787-810




Template-Type: ReDIF-Article 1.0
Author-Name: Jo&#xE3;o   C. Lopes 
Author-X-Name-First: Jo&#xE3;o   C. 
Author-X-Name-Last: Lopes 
Author-Name: Jo&#xE3;o Dias 
Author-X-Name-First: Jo&#xE3;o 
Author-X-Name-Last: Dias 
Author-Name: Jo&#xE3;o   F. Amaral 
Author-X-Name-First: Jo&#xE3;o   F. 
Author-X-Name-Last: Amaral 
Title: Assessing economic complexity as interindustry connectedness in nine OECD countries 
Abstract:
  Economic complexity can be defined as the level of interdependence
 between the component parts of an economy. In input--output systems
 interindustry connectedness is a crucial feature of analysis, and there
 are many different methods of measuring it. Most of the measures however,
 have important drawbacks to be used as a good indicator of economic
 complexity, because they were not explicitly made with this purpose in
 mind. In this paper, we present, discuss and compare empirically different
 indexes of economic complexity as intersectoral connectedness, using the
 inter-industry tables of nine OECD countries. According to most of the
 measures of connectedness large economies (USA, Japan) tend to be more
 complex than small economies (for example, Denmark). But if another type
 of measures is considered, the opposite conclusion is drawn, signalling a
 hidden characteristic of interdependence that so far has not been detected
 by conventional measures. This result should qualify the widespread idea
 that more interconnected productive structures propagate more intensely
 exogenous shocks and/or economic policy measures. 
Journal: International Review of Applied Economics 
Pages: 811-827 
Issue: 6 
Volume: 26 
Year: 2012 
Month: 1 
X-DOI: 10.1080/02692171.2012.665852 
File-URL: http://hdl.handle.net/10.1080/02692171.2012.665852 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:26:y:2012:i:6:p:811-827




Template-Type: ReDIF-Article 1.0
Author-Name: C.   Charles Okeahalam 
Author-X-Name-First: C.   Charles 
Author-X-Name-Last: Okeahalam 
Title: Legacy and credit scores in South Africa 
Abstract:
  This paper assesses the impact of legacy and credit scores on access to
 bank credit in South Africa. Typically, credit data focuses on
 socio-economic information. However legacy variables, factors beyond the
 control of individuals, have not been well considered. We find that
 although credit scores clearly influence access to credit, legacy has a
 statistically significant impact on credit scores and on the amount of
 credit granted. While these results can be interpreted as bias against
 those with negative legacy, they can also be explained in terms of
 information asymmetry and the relative ability to enforce contracts with
 clients who have positive legacy. 
Journal: International Review of Applied Economics 
Pages: 829-841 
Issue: 6 
Volume: 26 
Year: 2012 
Month: 5 
X-DOI: 10.1080/02692171.2012.696591 
File-URL: http://hdl.handle.net/10.1080/02692171.2012.696591 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:26:y:2012:i:6:p:829-841




Template-Type: ReDIF-Article 1.0
Author-Name: Jonathan Michie 
Author-X-Name-First: Jonathan 
Author-X-Name-Last: Michie 
Title:  <bold>Private sector involvement in delivering public goods and services Collaborative governance: Private roles for public goals in turbulent times</bold>, by John D. Donahue and Richard J. Zeckhauser. Princeton University Press, 2011, 305 pp., US$27.95 (hardback), ISBN 978-0-691-14979-0 
Journal: International Review of Applied Economics 
Pages: 843-846 
Issue: 6 
Volume: 26 
Year: 2012 
Month: 11 
X-DOI: 10.1080/02692171.2012.721643 
File-URL: http://hdl.handle.net/10.1080/02692171.2012.721643 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:26:y:2012:i:6:p:843-846




Template-Type: ReDIF-Article 1.0
Author-Name: Yannis Dafermos 
Author-X-Name-First: Yannis 
Author-X-Name-Last: Dafermos 
Author-Name: Christos Papatheodorou 
Author-X-Name-First: Christos 
Author-X-Name-Last: Papatheodorou 
Title: What drives inequality and poverty in the EU? Exploring the impact of macroeconomic and institutional factors 
Abstract:
  Employing panel data techniques, we investigate the macroeconomic and
 institutional determinants of inequality and poverty in the EU over the
 period 1994--2008. We pay particular attention to the effects of
 macroeconomic environment, social protection and labour market
 institutions. The empirical analysis shows that the social transfers in
 cash, and principally the transfers that do not include pensions, exert a
 prominent impact on inequality and poverty. Also significant is the effect
 of the GDP per capita. The impact of employment on inequality and poverty
 is not empirically sound. The same holds for the labour market
 institutions; an exception is the union density, which appears conducive
 to a less dispersed personal income distribution. Importantly, the results
 support the view that the social protection system acts as a catalyst in
 determining the effectiveness of social spending and the distributive role
 of economic growth and employment. 
Journal: International Review of Applied Economics 
Pages: 1-22 
Issue: 1 
Volume: 27 
Year: 2013 
Month: 1 
X-DOI: 10.1080/02692171.2012.696590 
File-URL: http://hdl.handle.net/10.1080/02692171.2012.696590 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:27:y:2013:i:1:p:1-22




Template-Type: ReDIF-Article 1.0
Author-Name: D.P. Chaudhri 
Author-X-Name-First: D.P. 
Author-X-Name-Last: Chaudhri 
Author-Name: Raghbendra Jha 
Author-X-Name-First: Raghbendra 
Author-X-Name-Last: Jha 
Title: India's gender bias in child population, female education and growing prosperity: 1951--2011 
Abstract:
   -super-1Using Census and National Sample Survey (NSS) data, this paper
 studies the evolution of Gender Bias (GB) in the age group 0--6 in India
 and its association with education and higher prosperity. GB is pervasive
 and has grown over time with higher prosperity and resultant demographic
 transition and enhanced education. Large household size (associated with
 high fertility rates and low Monthly Per Capita Expenditure (MPCE)) are
 linked with low GB. However, with higher prosperity and lower Total
 Fertility Rate (TFR) GB rises sharply. Hence, the outlook for GB in the
 age group 0--6 appears bleak at least until 2026. There are wide
 variations in GB across various states, even districts. Both improved
 education of females in the age group 15--49 and higher prosperity lead to
 worsening of GB. However, at high values of the interaction of these two
 variables there is a turnaround in the trend of worsening GB. Policy
 conclusions are discussed. 
Journal: International Review of Applied Economics 
Pages: 23-43 
Issue: 1 
Volume: 27 
Year: 2013 
Month: 1 
X-DOI: 10.1080/02692171.2012.696592 
File-URL: http://hdl.handle.net/10.1080/02692171.2012.696592 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:27:y:2013:i:1:p:23-43




Template-Type: ReDIF-Article 1.0
Author-Name: Ashim Kumar Kar 
Author-X-Name-First: Ashim Kumar 
Author-X-Name-Last: Kar 
Title: Mission drift in microfinance: are the concerns really worrying? Recent cross-country results 
Abstract:
  This paper explores the impact of profitability on depth of outreach in
 microfinance institutions, a trade-off between which is commonly known as
 &#x2018;mission drift', using a unique panel database containing 4--6
 years' observations from 409 MFIs in 71 countries. The concerns for
 &#x2018;mission drift' seemed invalid, although several countervailing
 results also emerged when scaling up indicators of size and age are
 included. The positive significant association between MFI-size and
 average loan amount suggests some extent of mission drift. Similar results
 were found when female borrowers' participation was the measure for
 outreach. However, the study largely fails to validate that the concerns
 for mission drift were true if it is defined as a distinctive trade-off
 between increased profit-motivation and depth of outreach of MFIs. 
Journal: International Review of Applied Economics 
Pages: 44-60 
Issue: 1 
Volume: 27 
Year: 2013 
Month: 1 
X-DOI: 10.1080/02692171.2012.700701 
File-URL: http://hdl.handle.net/10.1080/02692171.2012.700701 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:27:y:2013:i:1:p:44-60




Template-Type: ReDIF-Article 1.0
Author-Name: Edwin   S. Wong 
Author-X-Name-First: Edwin   S. 
Author-X-Name-Last: Wong 
Title: Gender preference and transfers from parents to children: an inter-regional comparison 
Abstract:
  This paper examines whether parents exhibit gender preference in the
 allocation of family resources to their adult children. Gender preference
 is defined in the context of an altruistic model for inter-vivos transfer
 from parents to children extended to include educational investment. Data
 from the Health and Retirement Study (United States) and the Korean
 Longitudinal Study of Ageing are used to show that the degree of gender
 preference differs across these culturally distinct regions. Among Korean
 families, empirical results point to male preference as sons receive
 larger inter-vivos transfers and attain higher levels of education
 compared with daughters. In contrast, the evidence pertaining to gender
 preference among American families points to daughter preference as
 inter-vivos transfers and educational investment is generally higher among
 female adult children. 
Journal: International Review of Applied Economics 
Pages: 61-80 
Issue: 1 
Volume: 27 
Year: 2013 
Month: 1 
X-DOI: 10.1080/02692171.2012.700702 
File-URL: http://hdl.handle.net/10.1080/02692171.2012.700702 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:27:y:2013:i:1:p:61-80




Template-Type: ReDIF-Article 1.0
Author-Name: Mohsen Bahmani-Oskooee 
Author-X-Name-First: Mohsen 
Author-X-Name-Last: Bahmani-Oskooee 
Author-Name: Jia Xu 
Author-X-Name-First: Jia 
Author-X-Name-Last: Xu 
Title: Impact of exchange rate volatility on commodity trade between US and Hong Kong 
Abstract:
  The impact of exchange rate uncertainty on trade flows is still the
 center of attention in international economics. A few studies that have
 looked at this effect in Hong Kong have used either aggregate data between
 Hong Kong and the rest of the world or between Hong Kong and several of
 her major trading partners. They have been unable to locate any
 significant effect. Suspecting that existing studies could suffer from
 aggregation bias, we concentrate on the trade between Hong Kong and the US
 and disaggregate their trade flows further by commodity. Out of 140 Hong
 Kong importing industries and 104 exporting industries considered, we find
 short-run effects in the majority of the industries. The short-run effects
 translated into the long run in 81 of Hong Kong import industries and 51
 of her export industries, a finding that contradicts previous research. 
Journal: International Review of Applied Economics 
Pages: 81-109 
Issue: 1 
Volume: 27 
Year: 2013 
Month: 1 
X-DOI: 10.1080/02692171.2012.700703 
File-URL: http://hdl.handle.net/10.1080/02692171.2012.700703 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:27:y:2013:i:1:p:81-109




Template-Type: ReDIF-Article 1.0
Author-Name: Saibal Ghosh 
Author-X-Name-First: Saibal 
Author-X-Name-Last: Ghosh 
Title: The economics and politics of output volatility: evidence from Indian states 
Abstract:
  Employing data for 1981--2009, this paper examines the factors
 influencing the volatility of state output, using India as a case study.
 The analysis appears to suggest that high income states exhibit relatively
 higher output volatility. At the state-level, the proximate determinants
 of a decline in output volatility can be traced to financial deepening,
 government expenditures and institutional quality. Also, state-level
 political factors are also found to play an important role. In addition,
 at the macroeconomic level, monetary policy considerations are observed to
 be the most important factor impacting output volatility. 
Journal: International Review of Applied Economics 
Pages: 110-134 
Issue: 1 
Volume: 27 
Year: 2013
Month: 1 
X-DOI: 10.1080/02692171.2012.721753 
File-URL: http://hdl.handle.net/10.1080/02692171.2012.721753 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:27:y:2013:i:1:p:110-134




Template-Type: ReDIF-Article 1.0
Author-Name: Massimo Florio 
Author-X-Name-First: Massimo 
Author-X-Name-Last: Florio 
Title: Rethinking on public enterprise: editorial introduction and some personal remarks on the research agenda 
Abstract:
	      This editorial introduction of the Special Issue of the
 <italic>International Review of Applied Economics</italic> on
 &#x2018;Public enterprises and quality of institutions: alternatives to
 privatisation&#x2019; suggests some topics for a research agenda, and
 discusses how the papers included in the Special Issue contribute to the
 literature. The topics discussed in the Special Issue include new models
 of public ownership in energy industries, new trends of
 re-municipalisation of local public services (energy and water),
 regulation and public ownership, particularly in water supply, empirical
 evidence on productivity of public firms in electricity generation when
 the quality of government is good, internationalisation of government
 owned corporations in the telecommunication industry, the social benefits
 of public monopoly versus unbundling in network industries, and the role
 of intrinsic public service motivation of employees in governmental
 organisations at large. Some of these research issues are still in their
 infancy and potentially are important ingredients of a wider debate aiming
 at reviving public enterprise economics.	   
Journal: International Review of Applied Economics 
Pages: 135-149 
Issue: 2 
Volume: 27 
Year: 2013 
Month: 3 
X-DOI: 10.1080/02692171.2013.785664 
File-URL: http://hdl.handle.net/10.1080/02692171.2013.785664 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:27:y:2013:i:2:p:135-149




Template-Type: ReDIF-Article 1.0
Author-Name: Janice                        A. Beecher 
Author-X-Name-First: Janice                        A. 
Author-X-Name-Last: Beecher 
Title: What matters to performance? Structural and institutional dimensions of water utility governance 
Abstract:
	      A prolific theoretical and empirical literature has examined
 the relevance of structures and institutions to public utility
 performance, with a particular emphasis on the discrete role of ownership.
 The empirical findings are inconsistent and mostly indeterminate. A narrow
 emphasis on ownership deflects attention from the inextricable role of
 governance. The impact of privatization may be marginal compared with
 alternative governance reforms. Offered here is an informal, practical,
 and parsimonious conceptual model that distinguishes between structural
 (endogenous) and institutional (exogenous) governance. Three structural
 dimensions (ownership form, practice standards, and enterprise autonomy)
 are juxtaposed against three institutional dimensions (market
 contestability, external review, and economic regulation). Each dimension
 may be complementary or substitutive. Given persistent monopoly,
 privatization may be unnecessary and will be insufficient for ensuring
 performance. Economic regulation is a prerequisite for privatization but
 privatization is not a prerequisite for reform. Focusing on the US water
 sector, this paper offers a descriptive analysis for understanding why
 this is the case. A pragmatic approach is to strengthen core governance
 capacities in relation to performance priorities, which ultimately matter
 most of all.	       
Journal: International Review of Applied Economics 
Pages: 150-173 
Issue: 2 
Volume: 27 
Year: 2013
Month: 3 
X-DOI: 10.1080/02692171.2012.752447 
File-URL: http://hdl.handle.net/10.1080/02692171.2012.752447 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:27:y:2013:i:2:p:150-173




Template-Type: ReDIF-Article 1.0
Author-Name: Aoife                        Brophy Haney 
Author-X-Name-First: Aoife                        Brophy 
Author-X-Name-Last: Haney 
Author-Name: Michael                        G. Pollitt 
Author-X-Name-First: Michael                        G. 
Author-X-Name-Last: Pollitt 
Title: New models of public ownership in energy 
Abstract:
	      The current challenges facing the energy sector cast doubt on
 the universal applicability of a wholly privately-owned, competitive and
 independently-regulated energy industry. In this paper, we discuss these
 challenges and ask why it is that they have led to the emergence of new
 forms of public ownership and involvement. We then explore six case
 studies to illustrate the variety of ownership models that have developed
 in response to the challenges of climate change, energy security, energy
 poverty and the uncertainty around electricity market reform. Our case
 studies show that public involvement can coexist with generally
 liberalised electricity markets, including at the retail market level.
 They also demonstrate that &#x2018;public&#x2019; ownership can take a
 number of forms, including mutual ownership, consumer trusts, state
 ownership and municipal ownership. Public organisation is on its way back
 in but in many new forms with many different structures. The choice is no
 longer between full state ownership and full private ownership. The
 challenge is to maintain the benefits of both and to encourage innovation
 in new organisational forms.	       
Journal: International Review of Applied Economics 
Pages: 174-192 
Issue: 2 
Volume: 27 
Year: 2013
Month: 3 
X-DOI: 10.1080/02692171.2012.734790 
File-URL: http://hdl.handle.net/10.1080/02692171.2012.734790 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:27:y:2013:i:2:p:174-192




Template-Type: ReDIF-Article 1.0
Author-Name: David Hall 
Author-X-Name-First: David 
Author-X-Name-Last: Hall 
Author-Name: Emanuele Lobina 
Author-X-Name-First: Emanuele 
Author-X-Name-Last: Lobina 
Author-Name: Philipp Terhorst 
Author-X-Name-First: Philipp 
Author-X-Name-Last: Terhorst 
Title: Re-municipalisation in the early twenty-first century: water in France and energy in Germany 
Abstract:
	      Changes between state and market production of public
 services can be analysed as &#x2018;pendulum&#x2019; swings, reflecting
 political struggles. The extensive re-municipalisations in the water
 sector and France and the energy sector in Germany provide evidence on
 this question. This is not the result of a coordinated institutional
 initiative, but a reflection of common political and economic factors. The
 most important of these are the greater efficiency of public sector
 provision, and the greater degree of control over the effective
 achievement of public policy objectives. These are closely related to the
 historic factors driving public ownership in the nineteenth and twentieth
 centuries. A distinctive feature of this twenty-first century tendency is
 the prominent role of green parties and environmental policies. The public
 sector paradigm has historically shown a remarkable resilience,
 underpinning the development of European public services for almost a
 century, compared with the three decades of domination by the market
 paradigm and its currently vacillating foundations.	      
Journal: International Review of Applied Economics 
Pages: 193-214 
Issue: 2 
Volume: 27 
Year: 2013
Month: 3 
X-DOI: 10.1080/02692171.2012.754844 
File-URL: http://hdl.handle.net/10.1080/02692171.2012.754844 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:27:y:2013:i:2:p:193-214




Template-Type: ReDIF-Article 1.0
Author-Name: Jos�                        M. Alonso 
Author-X-Name-First: Jos�                        M. 
Author-X-Name-Last: Alonso 
Author-Name: Judith Clifton 
Author-X-Name-First: Judith 
Author-X-Name-Last: Clifton 
Author-Name: Daniel D&#xED;az-Fuentes 
Author-X-Name-First: Daniel 
Author-X-Name-Last: D&#xED;az-Fuentes 
Author-Name: Marcos Fern&#xE1;ndez-Guti�rrez 
Author-X-Name-First: Marcos 
Author-X-Name-Last: Fern&#xE1;ndez-Guti�rrez 
Author-Name: Julio Revuelta 
Author-X-Name-First: Julio 
Author-X-Name-Last: Revuelta 
Title: The race for international markets: Were privatized telecommunications incumbents more successful than their public counterparts? 
Abstract:
	      Selling off formerly state-owned telecommunications
 incumbents played a major role in governments&#x2019; privatization
 programmes from the 1980s. One major consequence was that, from the late
 1990s, a number of incumbents emerged as the world&#x2019;s largest
 Multinational Corporations (MNCs). Despite the importance of this
 transformation, the determinants of telecommunications
 internationalization have not been fully analysed. We contribute to the
 emerging literature on this topic by testing the importance of ownership
 on the extent of telecommunications internationalization through an
 analysis of the uneven path to privatization and internationalization of
 the 22 major incumbents in the OECD. Our results demonstrate that
 privatization was not a significant factor when explaining
 internationalization patterns. Using cluster analysis, we show how
 telecommunications incumbents characterized by diverse ownership
 arrangements (public, private and mixed) were able to transform themselves
 into world-class operators.	      
Journal: International Review of Applied Economics 
Pages: 215-236 
Issue: 2 
Volume: 27 
Year: 2013
Month: 3 
X-DOI: 10.1080/02692171.2012.734791 
File-URL: http://hdl.handle.net/10.1080/02692171.2012.734791 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:27:y:2013:i:2:p:215-236




Template-Type: ReDIF-Article 1.0
Author-Name: Chiara                        F. Del Bo 
Author-X-Name-First: Chiara                        F. 
Author-X-Name-Last: Del Bo 
Title: Productivity in electricity generation: The role of firm ownership and regional institutional quality 
Abstract:
	      The electricity generation sector is considered the most
 competitive segment of the industry and has undergone significant reforms
 in recent years. Liberalization, market opening and privatizations have
 characterized, with country-specific variations, the European electricity
 supply market. This paper examines the links between possible outcomes of
 these reforms, in particular firm ownership, and total factor
 productivity, while also controlling for regional characteristics. Results
 of the estimation of quantile regressions show that foreign ownership is
 associated with higher total factor productivity (TFP) levels, while
 public ownership exhibits a different behavior in different quantiles.
 Regional institutional quality is positively related to TFP. Results are
 robust to alternative TFP measures.	      
Journal: International Review of Applied Economics 
Pages: 237-264 
Issue: 2 
Volume: 27 
Year: 2013
Month: 3 
X-DOI: 10.1080/02692171.2012.734792 
File-URL: http://hdl.handle.net/10.1080/02692171.2012.734792 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:27:y:2013:i:2:p:237-264




Template-Type: ReDIF-Article 1.0
Author-Name: Johan Willner 
Author-X-Name-First: Johan 
Author-X-Name-Last: Willner 
Author-Name: Sonja Gr&#xF6;nblom 
Author-X-Name-First: Sonja 
Author-X-Name-Last: Gr&#xF6;nblom 
Title: Reforming a network industry: consequences for cost efficiency and welfare 
Abstract:
	      Competition in an industry with an upstream natural monopoly
 infrastructure requires vertical separation. However, this cannot increase
 welfare unless marginal costs are reduced, given the advantages of
 vertical integration. It turns out that entry increases marginal costs and
 has ambiguous welfare effects if there is a downstream agency problem, and
 reduces marginal costs and increases welfare if it occurs upstream. While
 vertical separation and competition are outperformed even by a
 profit-maximising monopoly, a welfare-maximising vertically integrated
 monopoly yields, in both cases, superior cost efficiency and welfare.	    
Journal: International Review of Applied Economics 
Pages: 265-284 
Issue: 2 
Volume: 27 
Year: 2013
Month: 3 
X-DOI: 10.1080/02692171.2012.734789 
File-URL: http://hdl.handle.net/10.1080/02692171.2012.734789 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:27:y:2013:i:2:p:265-284




Template-Type: ReDIF-Article 1.0
Author-Name: Paolo Polidori 
Author-X-Name-First: Paolo 
Author-X-Name-Last: Polidori 
Author-Name: D�sir�e Teobaldelli 
Author-X-Name-First: D�sir�e 
Author-X-Name-Last: Teobaldelli 
Title: Prosocial behavior in the production of publicly provided goods and services: an overview 
Abstract:
	      This paper offers a selective review of research on the
 existence and effects of prosocial behavior among individuals who work in
 public organizations. We first present evidence from the empirical
 literature documenting the importance of such phenomena and their
 features. We then discuss theoretical works that analyze the implications
 of prosocial behavior for the optimal design of incentive schemes and for
 organizing production in public firms. Some policy recommendations from
 the literature are also discussed.	     
Journal: International Review of Applied Economics 
Pages: 285-296 
Issue: 2 
Volume: 27 
Year: 2013
Month: 3 
X-DOI: 10.1080/02692171.2012.736481 
File-URL: http://hdl.handle.net/10.1080/02692171.2012.736481 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:27:y:2013:i:2:p:285-296




Template-Type: ReDIF-Article 1.0
Author-Name: Ipek Ilkkaracan 
Author-X-Name-First: Ipek 
Author-X-Name-Last: Ilkkaracan 
Author-Name: Haluk Levent 
Author-X-Name-First: Haluk 
Author-X-Name-Last: Levent 
Author-Name: Sezgin Polat 
Author-X-Name-First: Sezgin 
Author-X-Name-Last: Polat 
Title: Exploring different measures of wage flexibility in a developing economy context: the case for Turkey 
Abstract:
	      In this paper we use Turkish household labor force data to
 address a number of conceptual issues pertaining to the wage curve, an
 empirically derived negative relationship between the real wage level and
 the local unemployment rate. First, we show that in developing economies
 where labor markets are prone to high degree of segmentation by skill
 level, local unemployment rates disaggregated by education provide more
 accurate measures of the degree of group-specific wage competition and
 hence yield more robust results of the wage curve analyses. Second, we
 estimate the wage curve using various definitions of the unemployment
 rate, including discouraged and marginally attached workers, and the
 long-term unemployment rate to explore the most relevant measure of local
 labor market tension in the wage setting process. We find that broader
 definitions of unemployment serve as a more effective reference point in
 measuring wage flexibility for women, whose attachment to the labor market
 is substantially weak in the Turkish context; while for men the official
 and long-term unemployment rates perform well. Finally, using quantile
 regression we show that wage responsiveness to unemployment cannot be
 assumed to be constant along the wage distribution. In the Turkish case,
 we find a higher unemployment elasticity of wages around the median
 segment of wage distribution. This effect is more pronounced for women.    
Journal: International Review of Applied Economics 
Pages: 297-315 
Issue: 3 
Volume: 27 
Year: 2013 
Month: 5 
X-DOI: 10.1080/02692171.2012.721754 
File-URL: http://hdl.handle.net/10.1080/02692171.2012.721754 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:27:y:2013:i:3:p:297-315




Template-Type: ReDIF-Article 1.0
Author-Name: Paulo L. dos Santos 
Author-X-Name-First: Paulo L. 
Author-X-Name-Last: dos Santos 
Title: A cause for policy concern: the expansion of household credit in middle-income economies 
Abstract:
	      This article discusses the significance of the recent growth
 in household credit across a range of middle-income economies. This growth
 is understood primarily as a result of policy, including the promotion of
 individual borrowing as a means to fund access to housing, education and
 health. A formal model of credit extension and allocation is developed,
 establishing that consumption lending makes a comparatively stronger
 contribution to aggregate profitability as well as financial fragility
 than production lending. Consumption lending may be understood to create
 distinctive endogenous tendencies to credit-market instability. The
 findings point to the need for a critical reconsideration of reliance on
 this lending for social and macroeconomic policy.	    
Journal: International Review of Applied Economics 
Pages: 316-338 
Issue: 3 
Volume: 27 
Year: 2013 
Month: 5 
X-DOI: 10.1080/02692171.2012.721755 
File-URL: http://hdl.handle.net/10.1080/02692171.2012.721755 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:27:y:2013:i:3:p:316-338




Template-Type: ReDIF-Article 1.0
Author-Name: Anthony N. Rezitis 
Author-X-Name-First: Anthony N. 
Author-X-Name-Last: Rezitis 
Author-Name: Maria A. Kalantzi 
Author-X-Name-First: Maria A. 
Author-X-Name-Last: Kalantzi 
Title: Measuring the degree of market power in the Greek manufacturing industry 
Abstract:
	      This paper investigates the competitive conditions in the
 Greek manufacturing industry, estimates the net and the total welfare
 losses due to the possible existence of market power and investigates
 factors affecting the market power at sectoral level and over time. The
 bootstrap method is applied to assign measures of accuracy to the
 statistical estimates. The empirical results imply the presence of
 imperfect competition in the Greek manufacturing industry and the
 existence of welfare losses. Furthermore, the findings indicate that labor
 intensity, the sector size and the openness influence the market power at
 the sectoral level and labor intensity, while the number of firms and the
 openness affect the market power over time.	      
Journal: International Review of Applied Economics 
Pages: 339-359 
Issue: 3 
Volume: 27 
Year: 2013 
Month: 5 
X-DOI: 10.1080/02692171.2012.721756 
File-URL: http://hdl.handle.net/10.1080/02692171.2012.721756 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:27:y:2013:i:3:p:339-359




Template-Type: ReDIF-Article 1.0
Author-Name: J�rg Bibow 
Author-X-Name-First: J�rg 
Author-X-Name-Last: Bibow 
Title: The Euroland crisis and Germany's euro trilemma 
Abstract:
	      This paper investigates the causes behind the Euroland
 crisis, particularly Germany's role in it. It is argued that the crisis is
 not primarily a 'sovereign debt crisis', but rather a (twin) banking and
 balance of payments crisis. Intra-area competitiveness and current account
 imbalances, and the corresponding debt flows that such imbalances give
 rise to, are at the heart of the matter, and they ultimately go back to
 competitive wage restraint on Germany's part since the late 1990s. Germany
 broke the golden rule of a monetary union: commitment to a common
 inflation rate. As a result, the country faces a trilemma of its own
 making and must make a critical choice, since it cannot have it all *-
 perpetual export surpluses, a no transfer/no bailout monetary union, and a
 'clean' independent central bank. Misdiagnosis and the wrongly prescribed
 medication of austerity have made the situation worse by adding a growth
 crisis to the potpourri of internal stresses that threaten the euro's
 survival. The crisis in Euroland poses a global 'too big to fail' threat,
 and presents a moral hazard of perhaps unprecedented scale to the global
 community.	     
Journal: International Review of Applied Economics 
Pages: 360-385 
Issue: 3 
Volume: 27 
Year: 2013 
Month: 5 
X-DOI: 10.1080/02692171.2012.721757 
File-URL: http://hdl.handle.net/10.1080/02692171.2012.721757 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:27:y:2013:i:3:p:360-385




Template-Type: ReDIF-Article 1.0
Author-Name: Bruno Coelho 
Author-X-Name-First: Bruno 
Author-X-Name-Last: Coelho 
Author-Name: Kevin P. Gallagher 
Author-X-Name-First: Kevin P. 
Author-X-Name-Last: Gallagher 
Title: The effectiveness of capital controls: evidence from Colombia and Thailand 
Abstract:
	      In the run up to the financial crisis of 2007--2009 many
 developing nations were subject to massive inflows of capital, capital
 that their financial systems found difficult to absorb. One of a number of
 policy options to respond to such inflows is unremunerated reserve
 requirements (URR). Two countries, Colombia and Thailand, deployed URR in
 the second half of the decade. This paper analyses the effectiveness of
 the URR in those two instances. We find that URRs were modestly successful
 in Colombia and Thailand. In Colombia, the controls were able stem an
 asset bubble in the stock market. In Thailand, the URR reduced the overall
 volume of flows, and the announcement of the URR caused a sharp drop in
 asset prices. However, some of the other goals of capital controls were
 not fulfilled. The results in this paper demonstrate that there is still a
 role for capital controls in the twenty-first century, but such controls
 should be more sophisticated than in years past.	   
Journal: International Review of Applied Economics 
Pages: 386-403 
Issue: 3 
Volume: 27 
Year: 2013 
Month: 5 
X-DOI: 10.1080/02692171.2012.734793 
File-URL: http://hdl.handle.net/10.1080/02692171.2012.734793 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:27:y:2013:i:3:p:386-403




Template-Type: ReDIF-Article 1.0
Author-Name: Malick Souare 
Author-X-Name-First: Malick 
Author-X-Name-Last: Souare 
Title: Canada--US productivity gap: The role of competition intensity differential 
Abstract:
	      The relative lack of competitive pressure in product markets
 and lower investment in both fundamental and applied innovation are among
 the potential factors that have been put forward to explain Canada's weak
 productivity performance with respect to the US. Since competition is
 generally seen as the single leading catalyst for fundamental and applied
 innovation, this paper analyzes the role of product market competition in
 the Canada--US productivity level gap. We develop an empirical framework
 in which competition exerts both direct and indirect effects on
 productivity, with the indirect impact coming through fundamental and
 applied innovation. We find statistically significant evidence that the
 competition intensity differential (between Canada and the US) has
 contributed to the Canada--US productivity level gap directly, as well as
 indirectly through lower investment in both R&D activities and M&E
 (including ICT) investment. We also find statistically significant
 evidence that Canada's relatively poor performance in both productivity
 and M&E (including ICT) investment have acted as a self-reinforcing
 mechanism, which further causes detriment to the country's productivity.   
Journal: International Review of Applied Economics 
Pages: 404-428 
Issue: 3 
Volume: 27 
Year: 2013 
Month: 5 
X-DOI: 10.1080/02692171.2012.736479 
File-URL: http://hdl.handle.net/10.1080/02692171.2012.736479 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:27:y:2013:i:3:p:404-428




Template-Type: ReDIF-Article 1.0
Author-Name: &Ouml;zlem Onaran 
Author-X-Name-First: &Ouml;zlem 
Author-X-Name-Last: Onaran 
Author-Name: Engelbert Stockhammer 
Author-X-Name-First: Engelbert 
Author-X-Name-Last: Stockhammer 
Author-Name: Klara Zwickl 
Author-X-Name-First: Klara 
Author-X-Name-Last: Zwickl 
Title: FDI and domestic investment in Germany: crowding in or out? 
Abstract:
	      This paper estimates the effects of outward FDI on domestic
 business investment in Germany at the industry level for a panel of 19
 industry and 10 services sectors. We pay particular attention to the
 different motivations behind FDI, and distinguish between FDI to
 high-versus low-wage countries, to Europe versus the rest of the world,
 and FDI in services and industry sectors.We find that, in industry, FDI to
 low-wage countries crowds out domestic investment, whereas FDI to
 high-wage countries outside Europe crowds in domestic investment. In
 services, FDI to Western Europe crowds in domestic investment. 	 
Journal: International Review of Applied Economics 
Pages: 429-448 
Issue: 4 
Volume: 27 
Year: 2013 
Month: 7 
X-DOI: 10.1080/02692171.2012.752444 
File-URL: http://hdl.handle.net/10.1080/02692171.2012.752444 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:27:y:2013:i:4:p:429-448




Template-Type: ReDIF-Article 1.0
Author-Name: Nicolas Grinberg 
Author-X-Name-First: Nicolas 
Author-X-Name-Last: Grinberg 
Title: Capital accumulation and ground-rent in Brazil: 1953--2008 
Abstract:
	      The paper measures the size of primary-sector surpluses in
 the form of ground-rent appropriated by social subjects other than
 landowners in Brazil, and assesses their weight in supporting the process
 of capital accumulation during the period 1953--2008. For that purpose,
 the paper identifies the mechanisms through which state policies
 channelled a portion of ground-rent to capital, especially in the
 industrial sector, assessing their individual impact. The paper finds that
 transferred ground-rent has complemented surplus-value normally available
 for appropriation by capital and thus helped sustain its process of
 accumulation throughout most the period analysed here, including the
 post-1990 'neoliberal' era.	      
Journal: International Review of Applied Economics 
Pages: 449-471 
Issue: 4 
Volume: 27 
Year: 2013 
Month: 7 
X-DOI: 10.1080/02692171.2012.736478 
File-URL: http://hdl.handle.net/10.1080/02692171.2012.736478 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:27:y:2013:i:4:p:449-471




Template-Type: ReDIF-Article 1.0
Author-Name: Joscha Beckmann 
Author-X-Name-First: Joscha 
Author-X-Name-Last: Beckmann 
Author-Name: Robert Czudaj 
Author-X-Name-First: Robert 
Author-X-Name-Last: Czudaj 
Title: The forward pricing function of industrial metal futures -- evidence from cointegration and smooth transition regression analysis 
Abstract:
	      The prices of internationally traded metals have experienced
 wild swings and increased volatility in recent years. The relationship
 between spot and futures prices is an important topic in this context, as
 the current period's price of a futures contract should be an unbiased
 estimator of next period's spot price under the joint assumption of risk
 neutrality and rationality. Taking as a basis data from the Dow Jones UBS
 Commodity Index, which uses metals traded on the London Metal Exchange and
 US exchanges, this study adopts nonlinear smooth transition models to
 analyze whether the forward spread is a leading indicator of future spot
 price movements. Our findings suggest that such a price discovery function
 can in most cases only be identified in periods of low volatility or small
 previous spreads. Moreover, the underlying dynamics are captured best by
 the use of a logistic transition function.	     
Journal: International Review of Applied Economics 
Pages: 472-490 
Issue: 4 
Volume: 27 
Year: 2013 
Month: 7 
X-DOI: 10.1080/02692171.2012.736480 
File-URL: http://hdl.handle.net/10.1080/02692171.2012.736480 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:27:y:2013:i:4:p:472-490




Template-Type: ReDIF-Article 1.0
Author-Name: Heba E. Helmy 
Author-X-Name-First: Heba E. 
Author-X-Name-Last: Helmy 
Title: The impact of corruption on FDI: is MENA an exception? 
Abstract:
	      The eruption of the Arab Spring in Tunisia and Egypt was
 ensued by deterioration in FDI inflows. Whether a new Middle East free of
 corruption accompanying previous dictatorships will offset the negative
 ramifications of the uprisings and enhance FDI in the long run remains
 debatable. Since the evidence on the causal relationship between
 corruption and FDI is inconclusive, this study attempts to take another
 step. The paper investigates the link between corruption and FDI flows to
 the Middle East and North Africa (MENA) and assesses whether or not
 corruption has more importance than other FDI determinants. By employing
 several panel settings with various econometric specifications on 21 MENA
 countries over the period 2003 to 2009, it is demonstrated that FDI varies
 positively with corruption. Additionally, FDI in MENA was found to vary
 positively with per capita income, openness, freedom and security of
 investments and negatively with the tax and homicide rates. Since
 corruption was not found to hinder FDI inflows, treating corruption should
 be based on sound legal procedures that infringe neither on the rights,
 freedom and security of FDI nor on the degree of openness and freedom of
 the economy, which are the real stimulants of FDI in MENA.	     
Journal: International Review of Applied Economics 
Pages: 491-514 
Issue: 4 
Volume: 27 
Year: 2013 
Month: 7 
X-DOI: 10.1080/02692171.2012.752445 
File-URL: http://hdl.handle.net/10.1080/02692171.2012.752445 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:27:y:2013:i:4:p:491-514




Template-Type: ReDIF-Article 1.0
Author-Name: Azmat Gani 
Author-X-Name-First: Azmat 
Author-X-Name-Last: Gani 
Author-Name: Almukhtar Saif Al-Abri 
Author-X-Name-First: Almukhtar Saif 
Author-X-Name-Last: Al-Abri 
Title: Indicators of business environment, institutional quality and foreign direct investment in Gulf Cooperation Council (GCC) countries 
Abstract:
	      This paper empirically investigates the effect of five
 business environment indicators and four measures of institutional quality
 on FDI inflows in GCC countries. The empirical results reveal that the
 time required to start a business, the time required to enforce a
 contract, the time required to register a property and the time required
 to resolve insolvency are negatively and statistically significantly
 correlated with FDI inflows. Our findings also confirm that political
 instability and absence of democracy, in fact, encourages FDI inflows. We
 conclude that the business environment strongly matters for FDI inflows
 into the GCC countries.	  
Journal: International Review of Applied Economics 
Pages: 515-530 
Issue: 4 
Volume: 27 
Year: 2013 
Month: 7 
X-DOI: 10.1080/02692171.2012.760066 
File-URL: http://hdl.handle.net/10.1080/02692171.2012.760066 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:27:y:2013:i:4:p:515-530




Template-Type: ReDIF-Article 1.0
Author-Name: Rudiger von Arnim 
Author-X-Name-First: Rudiger 
Author-X-Name-Last: von Arnim 
Author-Name: K.P. Prabheesh 
Author-X-Name-First: K.P. 
Author-X-Name-Last: Prabheesh 
Title: Rebalancing through expenditure and price changes 
Abstract:
	      This paper puts forth a Neo-Kaleckian open economy model of
 two countries in order to investigate adjustment of US--China external
 imbalances. First, a stylized fixed mark-up model is presented, and
 discussed based on graphical analysis. Second, we present estimates of
 bilateral income and price elasticities of imports. Third, we employ the
 model for simulation analysis. Specifically, we randomly distribute
 expenditure change across government, investment and imports and calculate
 the exchange rate change necessary to lead to an equal change in the
 bilateral external imbalance. Doing so repeatedly allows us to estimate
 probability distributions of endogenous variable changes.	    
Journal: International Review of Applied Economics 
Pages: 531-556 
Issue: 4 
Volume: 27 
Year: 2013 
Month: 7 
X-DOI: 10.1080/02692171.2012.760067 
File-URL: http://hdl.handle.net/10.1080/02692171.2012.760067 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:27:y:2013:i:4:p:531-556




Template-Type: ReDIF-Article 1.0
Author-Name: Xiao Jiang 
Author-X-Name-First: Xiao 
Author-X-Name-Last: Jiang 
Title: Trade expansion and employment generation: how mercantilist does China have to be? 
Abstract:
	      We conduct an input--output analysis of China's employment
 changes due to changes in trade structure on a sectoral level. We find
 that between 2002 and 2007 China generated about 71 million jobs due to
 trade expansion. We also estimate the additional amount of trade that
 would be needed if China were using its trade surplus as the main tool to
 absorb its excess labour. Given the magnitude of this estimated amount, we
 conclude that this 'mercantilist' approach to excess labour absorption is
 not feasible. Finally, using Spearman rank correlation analysis, we find
 that the ranking of China's sectors' employment generation capacities is
 inversely related to the ranking of these sectors' trade performances.
 This suggests that the 'mercantilist' approach to excess labour absorption
 is not only infeasible but also inefficient. We end the paper by
 suggesting a more balanced growth path for China.	    
Journal: International Review of Applied Economics 
Pages: 557-573 
Issue: 4 
Volume: 27 
Year: 2013 
Month: 7 
X-DOI: 10.1080/02692171.2012.760068 
File-URL: http://hdl.handle.net/10.1080/02692171.2012.760068 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:27:y:2013:i:4:p:557-573




Template-Type: ReDIF-Article 1.0
Author-Name: Deepankar Basu 
Author-X-Name-First: Deepankar 
Author-X-Name-Last: Basu 
Author-Name: Ying Chen 
Author-X-Name-First: Ying 
Author-X-Name-Last: Chen 
Author-Name: Jong-seok Oh 
Author-X-Name-First: Jong-seok 
Author-X-Name-Last: Oh 
Title: Class struggle and economic fluctuations: VAR analysis of the post-war US economy 
Abstract:
				 Building on Marx's insights in Chapter 25,
 Volume I of Capital, an augmented version of the cyclical profit squeeze
 (CPS) theory offers a plausible explanation of macroeconomic fluctuations
 under capitalism. The pattern of dynamic interactions that emerges from a
 3-variable (profit share, unemployment rate and nonresidential fixed
 investment) vector autoregression estimated with quarterly data for the
 postwar U.S. economy is consistent with the CPS theory for the regulated
 (1949Q4--1975Q1) as well as for the neoliberal periods (starting in 1980
 or in 1985). Hence, the CPS mechanism seems to be in operation even under
 neoliberalism. 			
Journal: International Review of Applied Economics 
Pages: 575-596 
Issue: 5 
Volume: 27 
Year: 2013 
Month: 9 
X-DOI: 10.1080/02692171.2012.760065 
File-URL: http://hdl.handle.net/10.1080/02692171.2012.760065 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:27:y:2013:i:5:p:575-596




Template-Type: ReDIF-Article 1.0
Author-Name: Andrea Vaona 
Author-X-Name-First: Andrea 
Author-X-Name-Last: Vaona 
Title: Twenty-two econometric tests on the gravitation and convergence of industrial rates of return in New Zealand and Taiwan 
Abstract:
				 We test the hypotheses of industry return
 rates either gravitating around or converging towards a common value in
 Taiwan and New Zealand. We adopt various econometric approaches. The
 results are then nested in a meta-analytic framework together with those
 of the past literature. Various kinds of limitations to capital mobility
 can hamper the tendential equalization of return rates. Focusing on those
 arising from different innovation capabilities across industries can pave
 the way to collaboration between evolutionary and radical political
 economics.			
Journal: International Review of Applied Economics 
Pages: 597-611 
Issue: 5 
Volume: 27 
Year: 2013 
Month: 9 
X-DOI: 10.1080/02692171.2013.778820 
File-URL: http://hdl.handle.net/10.1080/02692171.2013.778820 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:27:y:2013:i:5:p:597-611




Template-Type: ReDIF-Article 1.0
Author-Name: Ronald H. Lange 
Author-X-Name-First: Ronald H. 
Author-X-Name-Last: Lange 
Title: Monetary policy reactions and the exchange rate: a regime-switching structural VAR for Canada 
Abstract:
				 The objective of this study is to identify
 monetary policy reactions in a nonlinear, structural vector autoregression
 (VAR) framework, with regime-switching contemporaneous policy responses in
 a small open economy. The key finding is that monetary policy in Canada
 responds contemporaneously to disturbances in the real exchange rate, as
 well as the output gap and inflation. The Bank of Canada is found to have
 much larger responses to exchange rate fluctuations during volatile
 periods than more stable periods. However, the Bank is found statistically
 to have a relatively linear reaction function with symmetric responses to
 output and inflation shocks across interest rate regimes. The estimates
 for the contemporaneous responses to the output gap in both regimes are
 found to be virtually identical to the 0.5 weights in the original Taylor
 rule for the United States, while the responses to inflation surprises are
 slightly smaller. Overall, the Bank of Canada is found to have operated
 within the range of optimal responses suggested by small-scale structural
 models in the normative literature on monetary policy rules.		    
Journal: International Review of Applied Economics 
Pages: 612-632 
Issue: 5 
Volume: 27 
Year: 2013 
Month: 9 
X-DOI: 10.1080/02692171.2012.752446 
File-URL: http://hdl.handle.net/10.1080/02692171.2012.752446 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:27:y:2013:i:5:p:612-632




Template-Type: ReDIF-Article 1.0
Author-Name: Gaston A. Giordana 
Author-X-Name-First: Gaston A. 
Author-X-Name-Last: Giordana 
Author-Name: Ingmar Schumacher 
Author-X-Name-First: Ingmar 
Author-X-Name-Last: Schumacher 
Title: Bank liquidity risk and monetary policy. Empirical evidence on the impact of Basel III liquidity standards 
Abstract:
				 We extend the literature on the bank
 lending channel in two aspects. First, rather than following the
 literature by analyzing the impact of banks'liquidity (measured via their
 asset portfolio) on monetary policy transmission, we study the role of
 banks' actual liquidity risk, as measured by the Basel III liquidity
 regulations. Second, we investigate the effect of complying with the Basel
 III liquidity standards on monetary policy transmission. We use highly
 detailed bank-level data from Luxembourg for the period 2003q1--2010q4.
 Our findings are that monetary policy transmission works its way through
 small banks that also have a large maturity mismatch, as measured by the
 Net Stable Funding Ratio. In contrast, large banks with a small maturity
 mismatch increase their lending following a monetary policy shock, which
 confirms existing results that Luxembourg&#x2019;s banks are liquidity
 providers to the European market. Based upon in-sample predictions and
 upon simulated data from an optimization model that takes the banks'
 business models into account, we conclude that the bank lending channel
 will no longer be effective once banks adhere to the new Basel III
 liquidity regulations. 		 
Journal: International Review of Applied Economics 
Pages: 633-655 
Issue: 5 
Volume: 27 
Year: 2013 
Month: 9 
X-DOI: 10.1080/02692171.2013.778821 
File-URL: http://hdl.handle.net/10.1080/02692171.2013.778821 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:27:y:2013:i:5:p:633-655




Template-Type: ReDIF-Article 1.0
Author-Name: George E. Halkos 
Author-X-Name-First: George E. 
Author-X-Name-Last: Halkos 
Author-Name: Nickolaos G. Tzeremes 
Author-X-Name-First: Nickolaos G. 
Author-X-Name-Last: Tzeremes 
Title: Modelling the effect of national culture on countries' innovation performances: A conditional full frontier approach 
Abstract:
				 This paper provides empirical evidence of
 the link between countries' cultural factors and innovation performance.
 By defining innovation process in a knowledge production framework it uses
 conditional and unconditional Data Envelopment Analysis (DEA) models
 together with data from the European Innovation Scoreboard for the year
 2007 and Hofstede's cultural indexes. In this way it models and measures
 the effect of cultural values on 25 European countries' innovation
 efficiency levels. The empirical results reveal that national culture can
 impact countries' innovation performance. Specifically, we find
 significant negative effects on countries' innovation efficiency levels
 for countries with higher power distance and uncertainty avoidance values. 
Journal: International Review of Applied Economics 
Pages: 656-678 
Issue: 5 
Volume: 27 
Year: 2013 
Month: 9 
X-DOI: 10.1080/02692171.2013.778819 
File-URL: http://hdl.handle.net/10.1080/02692171.2013.778819 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:27:y:2013:i:5:p:656-678




Template-Type: ReDIF-Article 1.0
Author-Name: Elisa Fusco 
Author-X-Name-First: Elisa 
Author-X-Name-Last: Fusco 
Author-Name: Francesco Vidoli 
Author-X-Name-First: Francesco 
Author-X-Name-Last: Vidoli 
Title: Spatial stochastic frontier models: controlling spatial global and local heterogeneity 
Abstract:
				 In the last decade special attention has
 been focused on estimating a firm's efficiency and productivity;
 Stochastic Frontier Analysis (SFA) has been one of the most used
 techniques that allows the separation of inefficiency from stochastic
 noise, assuming homogeneous technology is available to all producers and
 that there is independence between observations. However, this second
 assumption is violated data are spatial auto-correlated, thus biasing
 statistical inference. Attention has, therefore, shifted to models that
 allow the controlling of heterogeneity introducing, in the model or in the
 error term, contextual variables correlated with inefficiency. In our
 paper we propose viewing the spatial external factors (natural or
 artificial) in a new way: instead of identifying ex-ante a multitude of
 determinants, often statistically and economically difficult to detect, we
 suggested using an original methodology that, following a classical SFA
 approach, splits efficiency into three components: the first one is linked
 to the spatial lag, the second one to the DMU's specificities, and the
 third to the error term. Finally, we tested our method using simulated
 data and examined the Italian wine sector, testing the ability to control
 spatial, global and local heterogeneity.			  
Journal: International Review of Applied Economics 
Pages: 679-694 
Issue: 5 
Volume: 27 
Year: 2013 
Month: 9 
X-DOI: 10.1080/02692171.2013.804493 
File-URL: http://hdl.handle.net/10.1080/02692171.2013.804493 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:27:y:2013:i:5:p:679-694




Template-Type: ReDIF-Article 1.0
Author-Name: Pekka Mannonen 
Author-X-Name-First: Pekka 
Author-X-Name-Last: Mannonen 
Author-Name: Elias Oikarinen 
Author-X-Name-First: Elias 
Author-X-Name-Last: Oikarinen 
Title: Risk premium, macroeconomic shocks, and information technology: an empirical analysis 
Abstract:
				 This study empirically identifies the
 impact of various macroeconomic factors on the default risk premium. Using
 monthly data for the period 1970--2010 for the US, our estimations
 indicate that the monetary policy aggregates, risk-free interest rate,
 term structure of interest rates, inflation, and the state of the business
 cycle influence the risk premium. The results also provide some evidence
 in support of the hypothesis that the development of information
 technology has had a decreasing impact on the risk premium. As expected,
 various financial crises have had substantial and long-lasting effects on
 the premium. The results suggest that the direct impact of the subprime
 crisis and Lehman's collapse on the risk premium was as large as two and a
 half percentage-points for a sustainable period. Foreign financial crises,
 in turn, have lowered the risk premium in the US market, suggesting a
 flight-to-safety phenomenon.			  
Journal: International Review of Applied Economics 
Pages: 695-705 
Issue: 5 
Volume: 27 
Year: 2013 
Month: 9 
X-DOI: 10.1080/02692171.2013.804494 
File-URL: http://hdl.handle.net/10.1080/02692171.2013.804494 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:27:y:2013:i:5:p:695-705




Template-Type: ReDIF-Article 1.0
Author-Name: Timothy P. Sharpe 
Author-X-Name-First: Timothy P. 
Author-X-Name-Last: Sharpe 
Title: Institutional arrangements and public debt threshold limits 
Abstract:
				 Inter-governmental Organisations, such as
 the IMF and OECD, advocate a medium-term reduction in deficit spending and
 public debt accumulation among advanced economies to satisfy conditions of
 fiscal sustainability. Buttressing the need for fiscal austerity, Reinhart
 and Rogoff claim to have identified a so-called <italic>tipping
 point</italic>, beyond which public debt accumulation negatively affects
 economic growth. While recent data seem to indicate that some Eurozone
 (non-sovereign) economies have reached a tipping point, for other advanced
 (sovereign) economies, such as the US, UK and Japan, this is not clear.
 The mainstream tipping point literature however does not recognise the
 importance of institutional arrangements for the conduct of fiscal and
 monetary policy. Furthermore, the literature sheds little light on the
 transmission mechanism between high public debt and low economic growth.
 This article draws on the principles of Modern Monetary Theory to discuss
 institutional arrangements and to justify the theoretical and empirical
 focus on Eurozone economies. The empirical analysis unpacks the
 transmission mechanism(s) to reveal that Eurozone economies have reached a
 public debt threshold limit with respect to long-term interest rates.	    
Journal: International Review of Applied Economics 
Pages: 707-728 
Issue: 6 
Volume: 27 
Year: 2013 
Month: 11 
X-DOI: 10.1080/02692171.2013.804496 
File-URL: http://hdl.handle.net/10.1080/02692171.2013.804496 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:27:y:2013:i:6:p:707-728




Template-Type: ReDIF-Article 1.0
Author-Name: Hiroshi Nishi 
Author-X-Name-First: Hiroshi 
Author-X-Name-Last: Nishi 
Title: On the short-run relationship between the income distribution-growth and debt-growth regimes 
Abstract:
				 This paper examines the short-run
 relationship between the income distribution-growth and debt-growth
 regimes using a simple, post-Keynesian, demand-driven model. While
 mechanisms of wage-led and profit-led growth have been revealed, their
 relationship with debt-led and debt-burdened growth is yet to be
 clarified, because arguments on these growth regimes were developed
 separately. This paper shows that the growth regimes transform as the
 regime-switching parameters in the IS balance change. By way of
 theoretical analysis, this paper presents some important implications for
 (i) the possibility of the combination of growth regimes; (ii) the
 features of post-Keynesian economic analysis of income distribution, debt,
 and demand-led growth, which sharply contrast with the basic neo-classical
 theory; and (iii) theoretical validation of recent empirical results.
 Moreover, this paper also suggests some policy implications or lessons for
 the combination of economic growth regimes.			  
Journal: International Review of Applied Economics 
Pages: 729-749 
Issue: 6 
Volume: 27 
Year: 2013 
Month: 11 
X-DOI: 10.1080/02692171.2013.819840 
File-URL: http://hdl.handle.net/10.1080/02692171.2013.819840 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:27:y:2013:i:6:p:729-749




Template-Type: ReDIF-Article 1.0
Author-Name: Scott W. Hegerty 
Author-X-Name-First: Scott W. 
Author-X-Name-Last: Hegerty 
Title: Exchange market pressure, stock prices, and commodity prices in West Africa 
Abstract:
				 As Africa continues its decade of rapid
 economic growth, the continent also faces the risk of becoming more
 susceptible to financial 'contagion.' Capital flows and trade linkages
 might cause one country's currency market to influence those of its
 neighbors. Likewise, shocks to global commodity or asset markets might
 induce a crisis in one or more countries in the region. This study
 generates monthly measures of exchange market pressure (EMP) for four
 individual West African countries, as well as for the WAEMU franc zone,
 from 2002 to 2012. Vector Autoregressive (VAR) methods are then used to
 test for linkages among them, as well as to analyze the effects of various
 external price shocks. A number of spillovers are uncovered. More
 importantly, local connections dominate global ones in the case of stock-
 and commodity-price declines. Ghana, for example, is shown to be a
 'commodity currency' when West African commodity prices are included in
 the VAR, but not when a global index is used.			
Journal: International Review of Applied Economics 
Pages: 750-765 
Issue: 6 
Volume: 27 
Year: 2013 
Month: 11 
X-DOI: 10.1080/02692171.2013.819841 
File-URL: http://hdl.handle.net/10.1080/02692171.2013.819841 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:27:y:2013:i:6:p:750-765




Template-Type: ReDIF-Article 1.0
Author-Name: Fragkiskos Filippaios 
Author-X-Name-First: Fragkiskos 
Author-X-Name-Last: Filippaios 
Author-Name: Constantina Kottaridi 
Author-X-Name-First: Constantina 
Author-X-Name-Last: Kottaridi 
Title: Complements or substitutes? New theoretical considerations and empirical evidence on the imports and FDI relationship in Central and Eastern European Countries 
Abstract:
				 This paper addresses the imperative need
 to understand the relationship between inward FDI and trade by developing
 a new conceptual approach and providing empirical evidence. We use an
 expanded time dataset, from 1992 to 2008 and an enriched dataset of
 countries, sectors and location factors. In regards to the inward FDI
 versus imports relationship, results comply with our theoretical
 formulation and strongly indicate an overall complementarity with each
 other. In the case of FDI we find strong locational characteristics such
 as the large market size, the gradual improvement of the macro-environment
 and finally the quality of labour force to play a positive role.	    
Journal: International Review of Applied Economics 
Pages: 766-797 
Issue: 6 
Volume: 27 
Year: 2013 
Month: 11 
X-DOI: 10.1080/02692171.2013.826633 
File-URL: http://hdl.handle.net/10.1080/02692171.2013.826633 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:27:y:2013:i:6:p:766-797




Template-Type: ReDIF-Article 1.0
Author-Name: Mazhar Mughal 
Author-X-Name-First: Mazhar 
Author-X-Name-Last: Mughal 
Author-Name: Farid Makhlouf 
Author-X-Name-First: Farid 
Author-X-Name-Last: Makhlouf 
Title: Labour effects of foreign and domestic remittances -- evidence from Pakistan 
Abstract:
				 Remittances are playing an increasingly
 important role in the economies of developing countries. In this paper, we
 study the effects of these flows on Pakistan's labour market. We employ
 the 2007--2008 Household Integrated Economic Survey and Probit as well as
 Propensity Score Matching techniques to examine the impact on labour
 participation, quantity of work and activities of working as well as
 non-active members of remittance-receiving households. We find that both
 foreign and domestic remittances tend to lower labour supply of the
 recipient households. This impact is higher among women and among the
 young. The impact is more pronounced in the rural areas. In addition,
 foreign remittances increase the likelihood of household members attending
 middle school. We also examine the quantity of labour supplied by the
 remittance-recipient households. Results show little difference in the
 number of months and days worked between the households receiving and not
 receiving remittances. Furthermore, we find that the likelihood of being
 self-employed and cultivating one's own land is higher among remittance
 recipients. In sum, our analysis highlights a higher role of foreign
 remittances in the labour market as compared to internal remittances.	    
Journal: International Review of Applied Economics 
Pages: 798-821 
Issue: 6 
Volume: 27 
Year: 2013 
Month: 11 
X-DOI: 10.1080/02692171.2013.804495 
File-URL: http://hdl.handle.net/10.1080/02692171.2013.804495 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:27:y:2013:i:6:p:798-821




Template-Type: ReDIF-Article 1.0
Author-Name: Vishnu Padayachee 
Author-X-Name-First: Vishnu 
Author-X-Name-Last: Padayachee 
Author-Name: Bradley Bordiss 
Author-X-Name-First: Bradley 
Author-X-Name-Last: Bordiss 
Title: Barbaric gold and civilised banking: Keynes&#x2019;s <italic>Indian Currency and Finance</italic>. A view from the South after 100&nbsp;years 
Journal: International Review of Applied Economics 
Pages: 822-833 
Issue: 6 
Volume: 27 
Year: 2013 
Month: 11 
X-DOI: 10.1080/02692171.2013.839501 
File-URL: http://hdl.handle.net/10.1080/02692171.2013.839501 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:27:y:2013:i:6:p:822-833




Template-Type: ReDIF-Article 1.0
Author-Name: Vishnu Padayachee 
Author-X-Name-First: Vishnu 
Author-X-Name-Last: Padayachee 
Title: Lost and found: the South African transition through a Stellenbosch lens. Willie Esterhuyse, Endgame: secret talks and the end of apartheid. Sampie Terreblanche, Lost in transformation 
Journal: International Review of Applied Economics 
Pages: 834-841 
Issue: 6 
Volume: 27 
Year: 2013 
Month: 11 
X-DOI: 10.1080/02692171.2013.839500 
File-URL: http://hdl.handle.net/10.1080/02692171.2013.839500 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:27:y:2013:i:6:p:834-841




Template-Type: ReDIF-Article 1.0
Author-Name: Dan Coffey 
Author-X-Name-First: Dan 
Author-X-Name-Last: Coffey 
Title: Future imperfect: a review of Andrew Gamble. Andrew Gamble, The spectre at the feast: capitalist crisis and the politics of recession 
Journal: International Review of Applied Economics 
Pages: 842-847 
Issue: 6 
Volume: 27 
Year: 2013 
Month: 11 
X-DOI: 10.1080/02692171.2013.839503 
File-URL: http://hdl.handle.net/10.1080/02692171.2013.839503 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:27:y:2013:i:6:p:842-847




Template-Type: ReDIF-Article 1.0
Author-Name: Emanuele Bacchiocchi 
Author-X-Name-First: Emanuele 
Author-X-Name-Last: Bacchiocchi 
Author-Name: Massimo Florio 
Author-X-Name-First: Massimo 
Author-X-Name-Last: Florio 
Author-Name: Anna Giunta 
Author-X-Name-First: Anna 
Author-X-Name-Last: Giunta 
Title: Internationalization and industrial districts: evidence from the Italian automotive supply chain 
Abstract:
				 In this paper we focus on the determinants
 of internationalization and, in particular, on the specific role played by
 the agglomeration of small and medium sized enterprises (SMEs) through
 their proximity to a large firm. We study the characteristics of the
 internationalization process in a representative sample of 786 firms in
 the Italian automotive supply chain. After building an
 Internationalization Strategy Index (ISI), we perform a multinomial logit
 econometric analysis. The main findings of the empirical analysis are: (a)
 Italian automotive supplier firms mainly go in the foreign markets through
 export, i.e. the simplest internationalization mode; (b) as predicted in
 the literature, individual firm characteristics play a significant role in
 the probability of internationalization; (c) firms located in the province
 of Turin, where the dominant car assembler (Fiat) in Italy has its
 headquarters, or more generally, in large automotive industry districts,
 enjoy a clear localization advantage; (d) interestingly, we also find that
 internationalization is negatively correlated with the share of Fiat in
 suppliers' sales, and that suppliers located in a district and less
 dependent on Fiat are also those adopting the most advanced
 internationalization strategies.			  
Journal: International Review of Applied Economics 
Pages: 1-21 
Issue: 1 
Volume: 28 
Year: 2014 
Month: 1
X-DOI: 10.1080/02692171.2013.826634 
File-URL: http://hdl.handle.net/10.1080/02692171.2013.826634 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:28:y:2014:i:1:p:1-21




Template-Type: ReDIF-Article 1.0
Author-Name: Tuomo Suhonen 
Author-X-Name-First: Tuomo 
Author-X-Name-Last: Suhonen 
Title: Quality of higher education and earnings: evidence from Finland using field-of-study-level quality measures 
Abstract:
				 Using administrative data from Finland,
 this paper empirically examines the relationship between university
 graduates' early career earnings and three measures of university quality:
 the number of teachers per student, the number of publications per
 researcher and the number of applicants per admitted student. A
 distinction to previous studies is made by paying special attention to
 field-of-study heterogeneity: the quality measures are allowed to vary by
 a student's field, while the heterogeneity of earnings and individuals
 across fields is accounted for in the analysis. For the most part, the
 results indicate that the relationship between institution quality and
 earnings is rather weak; however, certain significant quality effects are
 also found. In particular, the teachers/student ratio is found to be
 positively associated with the earnings of women and graduates from the
 humanities. Overall, the results indicate considerable heterogeneity in
 quality effects across genders and fields.			  
Journal: International Review of Applied Economics 
Pages: 22-44 
Issue: 1 
Volume: 28 
Year: 2014 
Month: 1
X-DOI: 10.1080/02692171.2013.826635 
File-URL: http://hdl.handle.net/10.1080/02692171.2013.826635 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:28:y:2014:i:1:p:22-44




Template-Type: ReDIF-Article 1.0
Author-Name: Banu Simmons-Sueer 
Author-X-Name-First: Banu 
Author-X-Name-Last: Simmons-Sueer 
Title: The bank lending channel and Swiss banking: a survey-based approach 
Abstract:
				 This paper investigates the issue of the
 bank-lending channel in Switzerland. Using survey data to reflect loan
 supply and demand factors, we investigate the dynamic behaviour of
 aggregate loans in a VAR setting. Our findings indicate that higher
 interest rates lead to tightened loan approvals, and liquidity is a
 binding constraint as the contraction in deposits exceeds the reduction in
 loan growth following a monetary shock. Thus, banks' actions seem to
 aggravate (ameliorate) the initial effects of higher (lower) interest
 rates on aggregate demand.			
Journal: International Review of Applied Economics 
Pages: 45-63 
Issue: 1 
Volume: 28 
Year: 2014 
Month: 1
X-DOI: 10.1080/02692171.2013.826636 
File-URL: http://hdl.handle.net/10.1080/02692171.2013.826636 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:28:y:2014:i:1:p:45-63




Template-Type: ReDIF-Article 1.0
Author-Name: Julien Chevallier 
Author-X-Name-First: Julien 
Author-X-Name-Last: Chevallier 
Author-Name: Florian Ielpo 
Author-X-Name-First: Florian 
Author-X-Name-Last: Ielpo 
Title: Twenty years of jumps in commodity markets 
Abstract:
				 In this article, we provide statistical
 evidence around jumps affecting commodity returns. Using nearly 20 years
 of daily data, we use Laurent, Lecourt, and Palm's (2011) methodology to
 jump extraction, and discuss various aspects of the estimated jump
 activity. On average across various commodity markets, we find a high
 number of days for which returns exhibit the presence of jumps,
 consistently with the intuition that commodities are affected by large
 price fluctuations. We emphasize that the post-jump average return depends
 on the commodity sector considered (e.g. agriculture, energy, or metals).
 We also show evidence of a jump-to-volatility channel for commodities
 (similar to the effect usually found for equities). Finally, we diagnose
 around 40 dates during which commodity indices, stocks, bonds and
 currencies `co-jump', revealing a tail dependence between standard and
 alternative assets.			  
Journal: International Review of Applied Economics 
Pages: 64-82 
Issue: 1 
Volume: 28 
Year: 2014 
Month: 1
X-DOI: 10.1080/02692171.2013.826637 
File-URL: http://hdl.handle.net/10.1080/02692171.2013.826637 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:28:y:2014:i:1:p:64-82




Template-Type: ReDIF-Article 1.0
Author-Name: Nicholas M. Odhiambo 
Author-X-Name-First: Nicholas M. 
Author-X-Name-Last: Odhiambo 
Title: Financial systems and economic growth in South Africa: a dynamic complementarity test 
Abstract:
				 This study examines the relationship
 between banks, stock markets and economic growth in South Africa. The
 study attempts to answer one critical question: are stock markets and
 banks complementary to one another in the process of enhancing economic
 growth? The complementarity between the stock markets and banks is
 examined by including a set of interactive terms in a standard growth
 model, alongside bank development and stock market development proxies. In
 order to test the robustness of the results, three proxies of stock market
 development have been used, namely stock market capitalization, stock
 market traded value and stock market turnover -- against the ratio of bank
 credit to the private sector, a proxy for bank-based financial
 development. The economic growth is, however, proxied by real GDP per
 capita. Using the ARDL-Bounds testing procedure, the study finds that the
 complementarity between stock market development and bank-based financial
 development is weak and sensitive to the proxy used to measure stock
 market development.			  
Journal: International Review of Applied Economics 
Pages: 83-101 
Issue: 1 
Volume: 28 
Year: 2014 
Month: 1
X-DOI: 10.1080/02692171.2013.828681 
File-URL: http://hdl.handle.net/10.1080/02692171.2013.828681 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:28:y:2014:i:1:p:83-101




Template-Type: ReDIF-Article 1.0
Author-Name: Victoria Kravtsova 
Author-X-Name-First: Victoria 
Author-X-Name-Last: Kravtsova 
Title: Productivity change and externalities: empirical evidence from Hungary 
Abstract:
				 This paper contributes to the analysis of
 the impact of externalities on the host country's total factor
 productivity by taking into account different dimensions of spillover
 effects. Namely, engagement in exporting and foreign ownership is
 generally perceived as being beneficial to individual firms and the
 economy as a whole. The approach used in the current research accounts for
 different internal as well as external factors that individual firms face
 and evaluates the effect on changes in productivity, technology as well as
 the efficiency of domestic firms. The empirical analysis focuses on
 Hungary. While the country leads the group of post-socialist countries in
 the amount of attracted foreign direct investments (FDI) the effect of
 this policy on the economy remains unclear. The research finds that
 different externalities play a different role in productivity,
 technological and efficiency change in different types of firms and
 sectors of the economy.			
Journal: International Review of Applied Economics 
Pages: 102-125 
Issue: 1 
Volume: 28 
Year: 2014 
Month: 1
X-DOI: 10.1080/02692171.2013.828682 
File-URL: http://hdl.handle.net/10.1080/02692171.2013.828682 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:28:y:2014:i:1:p:102-125




Template-Type: ReDIF-Article 1.0
Author-Name: P. Arestis 
Author-X-Name-First: P. 
Author-X-Name-Last: Arestis 
Author-Name: A.R. Gonz�lez 
Author-X-Name-First: A.R. 
Author-X-Name-Last: Gonz�lez 
Title: Modelling the housing market in OECD countries 
Abstract:
				 Recent episodes of housing bubbles, which
 occurred in several economies after the burst of the United States housing
 market, suggest studying the evolution of housing prices from a global
 perspective. We utilise a theoretical model for the purposes of this
 contribution, which identifies the main drivers of housing price
 appreciation, such as, for example, income, residential investment,
 financial elements, fiscal policy and demographics. In a second stage of
 our analysis, we test our theoretical hypothesis by means of a sample of
 18 OECD countries from 1970 to 2011. We employ the vector error correction
 econometric technique in terms of our empirical analysis, which permits us
 to model the long-run equilibrium relationship and the short-run dynamics,
 which also helps to account for endogeneity and reverse causality
 problems.		      
Journal: International Review of Applied Economics 
Pages: 131-153 
Issue: 2 
Volume: 28 
Year: 2014 
Month: 3 
X-DOI: 10.1080/02692171.2013.828683 
File-URL: http://hdl.handle.net/10.1080/02692171.2013.828683 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:28:y:2014:i:2:p:131-153




Template-Type: ReDIF-Article 1.0
Author-Name: Fabio Clementi 
Author-X-Name-First: Fabio 
Author-X-Name-Last: Clementi 
Author-Name: Michele Giammatteo 
Author-X-Name-First: Michele 
Author-X-Name-Last: Giammatteo 
Title: The labour market and the distribution of earnings: an empirical analysis for Italy 
Abstract:
				 Using four waves of data from the
 Participation Labour Unemployment Survey, a database of information on the
 Italian labour market supply, we address the question of earnings
 dispersion by applying a 'nested' decomposition procedure of the Theil
 inequality measure, which combines into a unified framework the standard
 decompositions by population subgroups and income sources. The empirical
 evidence obtained points to the key role played by the self-employees in
 shaping labour income inequality, especially at the upper extreme of the
 earnings distribution, and the emergence of non-standard forms of
 employment as an important feature of the contemporary workplace.	    
Journal: International Review of Applied Economics 
Pages: 154-180 
Issue: 2 
Volume: 28 
Year: 2014 
Month: 3 
X-DOI: 10.1080/02692171.2013.838544 
File-URL: http://hdl.handle.net/10.1080/02692171.2013.838544 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:28:y:2014:i:2:p:154-180




Template-Type: ReDIF-Article 1.0
Author-Name: Mark Gius 
Author-X-Name-First: Mark 
Author-X-Name-Last: Gius 
Title: The impact of job mobility on earnings: using occupational and industrial classifications to identify job changes 
Abstract:
				 According to the Bureau of Labor
 Statistics, the median number of years that a US worker has been with
 their current employer is 4.4&nbsp;years. Although many job changes may
 not be classified as 'career changes,' any type of job change may have an
 impact on a person's future earnings. In the present study, the following
 three types of job changes are examined in order to determine which ones
 result in higher incomes: a change in occupational status; a change in
 industry; or a change in both. Using data from the National Longitudinal
 Survey of Youth (NLSY), a log-linear wage regression with a correction for
 self-selection is estimated. Results suggest that changing jobs within the
 same industry or within the same occupation both increase a person's
 income. However, a job change that is characterized by both a change in
 industry and occupation reduces a person's income. The present study is
 one of the few studies to examine the effects of job mobility on earnings
 when mobility is defined in the context of changes in occupational and/or
 industrial classification.		      
Journal: International Review of Applied Economics 
Pages: 181-190 
Issue: 2 
Volume: 28 
Year: 2014 
Month: 3 
X-DOI: 10.1080/02692171.2013.838545 
File-URL: http://hdl.handle.net/10.1080/02692171.2013.838545 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:28:y:2014:i:2:p:181-190




Template-Type: ReDIF-Article 1.0
Author-Name: Abdorreza Soleymani 
Author-X-Name-First: Abdorreza 
Author-X-Name-Last: Soleymani 
Author-Name: Soo Y. Chua 
Author-X-Name-First: Soo Y. 
Author-X-Name-Last: Chua 
Title: How responsive are trade flows between Malaysia and China to the exchange rate? Evidence from industry data 
Abstract:
				 This paper investigates the impact of
 currency depreciation on bilateral trade between Malaysia and China,
 especially how a real depreciation of ringgit against the yuan on each
 industry's inpayments and outpayments affect the trade balance. We employ
 disaggregated quarterly data on import and export for 52 industries over
 the period 1993Q1 to 2012Q4. The results from the bounds testing approach
 to the cointegration and error-correction model reveal that the real
 bilateral exchange rate has short and long-run effects on the inpayments
 and outpayments of the industries. However, the short-run effects shift
 into the long run in 14 out of 35 industries in the inpayment models and
 17 out of 44 industries in the outpayments models. Most of these are small
 industries producing intermediate goods. According to the ML condition,
 the depreciation of ringgit against yuan improves Malaysia's trade balance
 with China in these industries.		     
Journal: International Review of Applied Economics 
Pages: 191-209 
Issue: 2 
Volume: 28 
Year: 2014 
Month: 3 
X-DOI: 10.1080/02692171.2013.858666 
File-URL: http://hdl.handle.net/10.1080/02692171.2013.858666 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:28:y:2014:i:2:p:191-209




Template-Type: ReDIF-Article 1.0
Author-Name: Barbara Fritz 
Author-X-Name-First: Barbara 
Author-X-Name-Last: Fritz 
Author-Name: Daniela Prates 
Author-X-Name-First: Daniela 
Author-X-Name-Last: Prates 
Title: The new IMF approach to capital account management and its blind spots: lessons from Brazil and South Korea 
Abstract:
				 As emerging economies experience a boom in
 capital inflows, governments are increasingly concerned about their
 downsides. Even the IMF (International Monetary Fund), long a stalwart
 proponent of financial liberalization, has engaged in a new debate on
 capital flow management. Drawing lessons from empirical case studies on
 Brazil and South Korea, this paper finds that the new IMF framework
 remains insufficient in two main aspects. First, by defining 'capital flow
 management measures' (CFMs) as a temporary instrument embedded in an
 overall strategy of financial opening, the organization insists on the
 general advantages of financial liberalization, which poses serious limits
 to emerging economies' policy space. Second, the Fund keeps on stressing a
 separation of prudential financial regulation, which should be permanent,
 and temporary CFMs. Yet, the case studies presented here show that,
 especially for emerging markets with rather open and sophisticated
 domestic financial markets, both types of measures are interdependent and
 overlapping. Additionally, we demonstrate the relevance of a third type of
 regulation, lying on foreign exchange (FX) derivatives instruments, which
 may also be required to effectively manage foreign investors' portfolio
 reallocations and their impact.		    
Journal: International Review of Applied Economics 
Pages: 210-239 
Issue: 2 
Volume: 28 
Year: 2014 
Month: 3 
X-DOI: 10.1080/02692171.2013.858668 
File-URL: http://hdl.handle.net/10.1080/02692171.2013.858668 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:28:y:2014:i:2:p:210-239




Template-Type: ReDIF-Article 1.0
Author-Name: Ioannis Bournakis 
Author-X-Name-First: Ioannis 
Author-X-Name-Last: Bournakis 
Title: Costs, knowledge and market structure: understanding the puzzle of international competitiveness with Greek export data 
Abstract:
				 This is an analysis of the sources of
 international competitiveness with Greek export data for the period
 1987--2007. The framework used in the study incorporates factors that do
 not only represent cost competitiveness but also shed light on the
 determinants of economic complexity. Economic complexity is the amount of
 knowledge capabilities embodied in exports that indicates -- as a source
 of comparative advantage -- the ability for product differentiation and
 product variety. The empirical analysis shows that industries benefit
 substantially from their own R&D activity but, owing to weak economic
 complexity in the country, there are no cross-industry knowledge
 spillovers (both at national and international level) that can benefit
 export activity. Greek exports were found to be sensitive to relative unit
 labour costs (RULC) but the most important export component of this index
 is relative labour productivity and not labour cost. Not all institutional
 arrangements have the same impact on exports, for example high trade union
 density might harm competitiveness but this factor is uncorrelated with
 R&D investment. In the view of these findings, Greece's route to
 international competitiveness should be primarily by improving its
 economic complexity, making sure that the country specialises in
 productive activities that enrich its knowledge capabilities as well as
 increase the potential of knowledge transfer.			    
Journal: International Review of Applied Economics 
Pages: 240-269 
Issue: 2 
Volume: 28 
Year: 2014 
Month: 3 
X-DOI: 10.1080/02692171.2013.858669 
File-URL: http://hdl.handle.net/10.1080/02692171.2013.858669 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:28:y:2014:i:2:p:240-269




Template-Type: ReDIF-Article 1.0
Author-Name: Ana Nacvalovaite 
Author-X-Name-First: Ana 
Author-X-Name-Last: Nacvalovaite 
Title: Developments in global finance. Review of Sovereign wealth funds: legitimacy, governance and global power, by Gordon L. Clark, Adam D. Dixon, and Ashby H. B. Monk 
Journal: International Review of Applied Economics 
Pages: 270-272 
Issue: 2 
Volume: 28 
Year: 2014 
Month: 3 
X-DOI: 10.1080/02692171.2013.839504 
File-URL: http://hdl.handle.net/10.1080/02692171.2013.839504 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:28:y:2014:i:2:p:270-272




Template-Type: ReDIF-Article 1.0
Author-Name: Georgios Argitis 
Author-X-Name-First: Georgios 
Author-X-Name-Last: Argitis 
Author-Name: Maria Nikolaidi 
Author-X-Name-First: Maria 
Author-X-Name-Last: Nikolaidi 
Title: The financial fragility and the crisis of the Greek government sector 
Abstract:
				 The purpose of this paper is to develop
 Minskyan financial fragility indices for the government sector and to
 examine the financial structure of the Greek government before and after
 the onset of the sovereign debt crisis in 2009. We provide empirical
 evidence that clearly shows the growing financial fragility of the Greek
 public sector in the 2000s. We also assess the effectiveness of the
 implemented bailout adjustment programmes in Greece and claim that the
 conducted austerity measures and fiscal consolidation have not
 significantly improved the financial posture of the Greek government
 sector. We argue that the implementation of fiscal and wage austerity in
 an economy that lacks structural competitiveness produces prolonged
 recession and unemployment with adverse feedback effects on the financial
 fragility of the government.			      
Journal: International Review of Applied Economics 
Pages: 274-292 
Issue: 3 
Volume: 28 
Year: 2014 
Month: 05 
X-DOI: 10.1080/02692171.2013.858667 
File-URL: http://hdl.handle.net/10.1080/02692171.2013.858667 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:28:y:2014:i:3:p:274-292




Template-Type: ReDIF-Article 1.0
Author-Name: David Shepherd 
Author-X-Name-First: David 
Author-X-Name-Last: Shepherd 
Author-Name: Rebeca I. Mu�oz Torres 
Author-X-Name-First: Rebeca I. 
Author-X-Name-Last: Mu�oz Torres 
Author-Name: Miguel A. Mendoza 
Author-X-Name-First: Miguel A. 
Author-X-Name-Last: Mendoza 
Title: Regional output growth and the impact of macroeconomic shocks in Mexico 
Abstract:
				 This paper presents an empirical analysis
 of the relationship between national and regional output growth in Mexico,
 and the impact of domestic and international shocks on national, regional
 and state output movements. Our results suggest that there are
 similarities, but also significant differences, in real output dynamics
 across the regions and states of Mexico and that it would be wrong to
 regard the Mexican economy as a homogeneous entity. The results show that
 real output growth in Mexico and the United States are linked, but there
 is no common output trend for the two countries. At the regional level, it
 appears that North and Central Mexico share similar features, but the path
 of output growth is more distinctive in South Mexico. Overall, our results
 suggest that assessments of macroeconomic performance, and related
 discussions of policy, should pay greater attention to the potential
 diversity in regional performance.			 
Journal: International Review of Applied Economics 
Pages: 293-310 
Issue: 3 
Volume: 28 
Year: 2014 
Month: 05 
X-DOI: 10.1080/02692171.2013.872083 
File-URL: http://hdl.handle.net/10.1080/02692171.2013.872083 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:28:y:2014:i:3:p:293-310




Template-Type: ReDIF-Article 1.0
Author-Name: Chor Foon Tang 
Author-X-Name-First: Chor Foon 
Author-X-Name-Last: Tang 
Title: The effect of real wages and inflation on labour productivity in Malaysia 
Abstract:
				 This study examines the relationship
 between labour productivity, real wages and inflation in Malaysia using
 the bounds testing approach to cointegration and also the Granger
 causality test. The findings of this study suggest that inflation is
 negatively related to labour productivity. However, the effect of real
 wages on labour productivity is non-linear and the two have an inverted-U
 shape relationship. From a policy viewpoint, the Granger causality test
 shows that real wages Granger-cause labour productivity, but there is no
 evidence of reversal causation. Hence, the Malaysian dataset supports the
 claims by the efficiency wage theory. Moreover, we find that inflation and
 labour productivity in Malaysia have bilateral causality in the short- and
 the long-run.			   
Journal: International Review of Applied Economics 
Pages: 311-322 
Issue: 3 
Volume: 28 
Year: 2014 
Month: 05 
X-DOI: 10.1080/02692171.2013.872084 
File-URL: http://hdl.handle.net/10.1080/02692171.2013.872084 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:28:y:2014:i:3:p:311-322




Template-Type: ReDIF-Article 1.0
Author-Name: Abbas Valadkhani 
Author-X-Name-First: Abbas 
Author-X-Name-Last: Valadkhani 
Author-Name: George Chen 
Author-X-Name-First: George 
Author-X-Name-Last: Chen 
Title: An empirical analysis of the US stock market and output growth volatility spillover effects on three Anglo-Saxon countries 
Abstract:
				 This paper examines the dynamic and
 switching effects of volatility spillovers arising from US stock market
 returns and GDP growth on those of Australia, Canada and the UK. For this
 purpose, we use quarterly data (1961q1--2013q1) and a constant probability
 Markov regime switching model. We found that the US stock market
 volatility significantly affects the stock market volatility of all three
 countries at least in one of the two specified regimes over time. However,
 the stock market volatilities in none of the three countries are
 contemporaneously influenced by the US output volatility even after
 allowing for two distinct regimes. On the other hand, the US stock market
 volatility exerts significant influences on the output volatilities of
 both Australia and the UK. Compared with Australia and the UK, Canada and
 the US show substantial output volatility co-movements, thereby confirming
 the close association between the two neighbouring economies through the
 NAFTA (North American Free Trade Agreement). We conclude that shocks
 emanating from the US stock market have unequivocal flow-on effects on the
 output and return volatilities of the other economies. 		    
Journal: International Review of Applied Economics 
Pages: 323-335 
Issue: 3 
Volume: 28 
Year: 2014 
Month: 05 
X-DOI: 10.1080/02692171.2013.872085 
File-URL: http://hdl.handle.net/10.1080/02692171.2013.872085 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:28:y:2014:i:3:p:323-335




Template-Type: ReDIF-Article 1.0
Author-Name: Nadia Garbellini 
Author-X-Name-First: Nadia 
Author-X-Name-Last: Garbellini 
Author-Name: Enrico Marelli 
Author-X-Name-First: Enrico 
Author-X-Name-Last: Marelli 
Author-Name: Ariel Luis Wirkierman 
Author-X-Name-First: Ariel Luis 
Author-X-Name-Last: Wirkierman 
Title: Domestic demand and global production in the Eurozone: A multi-regional input-output assessment of the global crisis 
Abstract:
				 This paper studies the effects of domestic
 and foreign demand impulses in euro area economies following the Great
 Recession of 2008--2009 and the Eurozone crisis of 2011--2012. Using a
 global Input--Output framework we apply a set of metrics to assess
 spillover effects of international trade in intermediates triggered by the
 dynamics of final demand. Our findings suggest that while cross-country
 trade spillovers have played a crucial role during the Great Recession,
 they have had a moderate impact when compared with the role of domestic
 sources of final demand during the Eurozone crisis. Hence, a strategy of
 coordinated fiscal austerity cannot be sustained by empirical evidence.    
Journal: International Review of Applied Economics 
Pages: 336-364 
Issue: 3 
Volume: 28 
Year: 2014 
Month: 05 
X-DOI: 10.1080/02692171.2013.872086 
File-URL: http://hdl.handle.net/10.1080/02692171.2013.872086 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:28:y:2014:i:3:p:336-364




Template-Type: ReDIF-Article 1.0
Author-Name: Yanqing Jiang 
Author-X-Name-First: Yanqing 
Author-X-Name-Last: Jiang 
Title: Understanding TFP growth in inland regions of China: an empirical study of the effects of three factors 
Abstract:
				 In this paper, we empirically examine the
 potential effects of international openness, domestic coastal-inland
 market integration, and human capital accumulation on TFP growth in inland
 provinces in China. By using a nonlinear technique as our main regression
 approach as well as an extended GMM method as robustness checks, we show
 that human capital accumulation plays an important role in promoting TFP
 growth in the inland provinces. Our results support the argument that the
 most important contribution of human capital to income growth lies not in
 its static, direct effect as an accumulable factor in the production
 function, but in its dynamic role in promoting TFP growth. Our regression
 results also provide evidence for the positive roles international
 openness and domestic coastal-inland market integration play in promoting
 TFP growth in inland provinces in China.		   
Journal: International Review of Applied Economics 
Pages: 365-382 
Issue: 3 
Volume: 28 
Year: 2014 
Month: 05 
X-DOI: 10.1080/02692171.2013.872087 
File-URL: http://hdl.handle.net/10.1080/02692171.2013.872087 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:28:y:2014:i:3:p:365-382




Template-Type: ReDIF-Article 1.0
Author-Name: John Grahl 
Author-X-Name-First: John 
Author-X-Name-Last: Grahl 
Title: The professors and the banks: US views on the subprime crisis 
Abstract:
				 This review article surveys accounts of
 the recent global financial crisis by ten leading economists -- nine in
 the US and one, Martin Wolf, in the UK -- all of whom are critical of
 mainstream economic thinking. Since their explanations of the crisis are
 very similar, the review concentrates on their differing views on three
 questions: the reform of the financial sector; the state of academic
 macroeconomics; and the global economic imbalances. Some of the writers
 have also considered recent austerity policies and their opinions on this
 topic are also discussed. The article closes by referring to some of the
 gaps in these accounts.		  
Journal: International Review of Applied Economics 
Pages: 383-400 
Issue: 3 
Volume: 28 
Year: 2014 
Month: 05 
X-DOI: 10.1080/02692171.2013.872088 
File-URL: http://hdl.handle.net/10.1080/02692171.2013.872088 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:28:y:2014:i:3:p:383-400




Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Stubbs 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Stubbs 
Author-Name: Lawrence King 
Author-X-Name-First: Lawrence 
Author-X-Name-Last: King 
Author-Name: David Stuckler 
Author-X-Name-First: David 
Author-X-Name-Last: Stuckler 
Title: Economic growth, financial crisis, and property rights: observer bias in perception-based measures 
Abstract:
				 Recent years have seen an increasing
 number of empirical papers using subjective indicators in cross-country
 quantitative analyses of growth. We evaluate potential observer biases in
 the three most commonly employed subjective measures of property rights --
 taken from the Heritage Foundation, Fraser Institute, and World Economic
 Forum. Drawing on cross-national data for 156 countries during the years
 2000 -- 2010, we use Granger causality tests to assess whether exposure to
 recent information on economic performance introduces bias to coding of
 property rights scores. Further, we evaluate whether the Great Recession
 led observers to change property rights scores in advanced nations. We
 find consistent evidence that observers who provide subjective coding of
 property rights scores rated nations more positively when their economic
 performance was positive, and more negatively during the recent global
 financial crisis. Taken together, our findings suggest that coding of
 commonly employed property rights measures are subject to substantial
 observer bias. 		     
Journal: International Review of Applied Economics 
Pages: 401-418 
Issue: 3 
Volume: 28 
Year: 2014 
Month: 05 
X-DOI: 10.1080/02692171.2014.884549 
File-URL: http://hdl.handle.net/10.1080/02692171.2014.884549 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:28:y:2014:i:3:p:401-418




Template-Type: ReDIF-Article 1.0
Author-Name: B. Coelho 
Author-X-Name-First: B. 
Author-X-Name-Last: Coelho 
Author-Name: Kevin P. Gallagher 
Author-X-Name-First: Kevin P. 
Author-X-Name-Last: Gallagher 
Title: Corrigendum 
Journal: International Review of Applied Economics 
Pages: 418-418 
Issue: 3 
Volume: 28 
Year: 2014 
Month: 05 
X-DOI: 10.1080/02692171.2013.791073 
File-URL: http://hdl.handle.net/10.1080/02692171.2013.791073 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:28:y:2014:i:3:p:418-418




Template-Type: ReDIF-Article 1.0
Author-Name: Jochen Hartwig 
Author-X-Name-First: Jochen 
Author-X-Name-Last: Hartwig 
Title: Testing the Bhaduri-Marglin model with OECD panel data 
Abstract:
 The Bhaduri-Marglin model is a post-Kaleckian model that allows one to
 study the impact of a functional income distribution on the growth in
 demand. Over recent years, a number of empirical studies based on this
 model have aimed at determining whether a redistribution towards profits
 harms or fosters demand growth. The focus so far has been on a very
 limited number of countries. This paper is the first to test the
 Bhaduri-Marglin model with panel data. It finds that demand growth is
 reduced by a redistribution towards profits in the average OECD country.
 Productivity growth is also impaired.
Journal: International Review of Applied Economics 
Pages: 419-435 
Issue: 4 
Volume: 28 
Year: 2014 
Month: 7 
X-DOI: 10.1080/02692171.2014.896881 
File-URL: http://hdl.handle.net/10.1080/02692171.2014.896881 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:28:y:2014:i:4:p:419-435




Template-Type: ReDIF-Article 1.0
Author-Name: Marika Karanassou 
Author-X-Name-First: Marika 
Author-X-Name-Last: Karanassou 
Author-Name: Hector Sala 
Author-X-Name-First: Hector 
Author-X-Name-Last: Sala 
Title: The role of the wage-productivity gap in economic activity 
Abstract:
 This paper argues that wages lagging behind productivity is a long-run
 structural phenomenon due to the interplay of wage dynamics and
 productivity growth. We call this interplay frictional growth, a term that
 can only be nullified in the utopian case of zero growth and/or no
 dynamics. In that vein, we challenge the prevailing view of the neutrality
 of the labour income share and investigate its impact on the evolution of
 employment. We thus estimate wage setting and labour demand equation
 systems - for France, Germany, Italy, Japan, Spain, the UK, and the US
 over the 1960-2008 period - and find that the labour share is negatively
 associated with employment even when the conventional assumption of a
 unitary long-run elasticity of wages with respect to productivity holds.
 Acknowledging the presence of the wage-productivity gap in both the short
 and long run, this work stands as the building block for assessing the
 effect of the falling labour share on economic activity. As recent work
 has shown that the widening wage gap is also an important factor prompting
 inequality, it can be argued that by supporting employment the falling
 labour share 'sweetens' the impact of rising income inequality, and, as
 such, deserves the attention of policy makers.
Journal: International Review of Applied Economics 
Pages: 436-459 
Issue: 4 
Volume: 28 
Year: 2014 
Month: 7 
X-DOI: 10.1080/02692171.2014.884547 
File-URL: http://hdl.handle.net/10.1080/02692171.2014.884547 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:28:y:2014:i:4:p:436-459




Template-Type: ReDIF-Article 1.0
Author-Name: Nuno Crespo 
Author-X-Name-First: Nuno 
Author-X-Name-Last: Crespo 
Author-Name: Nadia Simoes 
Author-X-Name-First: Nadia 
Author-X-Name-Last: Simoes 
Author-Name: Sandrina B. Moreira 
Author-X-Name-First: Sandrina B. 
Author-X-Name-Last: Moreira 
Title: Gender differences in occupational mobility - evidence from Portugal 
Abstract:
 In this paper we evaluate if gender influences the pattern of upward and
 downward occupational mobility. With data for Portugal in the period
 1998-2009, we find that women have a lower probability of upward mobility
 and a higher probability of downward mobility. The results also reveal the
 importance of some other determinant factors, especially education and
 initial occupation. Additionally, considering an analysis in which we
 group occupations into four ranked categories (<italic>low</italic>,
 <italic>medium-low</italic>, <italic>medium-high</italic>, and
 <italic>high level occupations</italic>), we confirm that the determinants
 of occupational mobility depend on the ranking of the initial occupation.
 This analysis allows us to conclude that the unfavorable pattern of
 occupational mobility in the case of women is due, essentially, to the
 disadvantage they have at the bottom of the distribution. On the contrary,
 in the top occupations, the results suggest the existence of equality
 between genders.
Journal: International Review of Applied Economics 
Pages: 460-481 
Issue: 4 
Volume: 28 
Year: 2014 
Month: 7 
X-DOI: 10.1080/02692171.2014.884548 
File-URL: http://hdl.handle.net/10.1080/02692171.2014.884548 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:28:y:2014:i:4:p:460-481




Template-Type: ReDIF-Article 1.0
Author-Name: Mohamed Saadi 
Author-X-Name-First: Mohamed 
Author-X-Name-Last: Saadi 
Title: Does foreign direct investment increase exports' productivity? Evidence from developing and emerging countries 
Abstract:
 Raising the productivity content of exports is an important issue for
 developing and emerging countries. What role do foreign firms play in this
 process? This question has not been adequately studied. We contribute to
 the literature by generalizing the role of foreign direct investment (FDI)
 in the host country's export productivity level. Using panel data, we
 present new empirical evidence suggesting that FDI boosts the overall
 productivity level of the developing and emerging countries' exports.
Journal: International Review of Applied Economics 
Pages: 482-506 
Issue: 4 
Volume: 28 
Year: 2014 
Month: 7 
X-DOI: 10.1080/02692171.2014.896879 
File-URL: http://hdl.handle.net/10.1080/02692171.2014.896879 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:28:y:2014:i:4:p:482-506




Template-Type: ReDIF-Article 1.0
Author-Name: Munshi Naser Ibne Afzal 
Author-X-Name-First: Munshi Naser Ibne 
Author-X-Name-Last: Afzal 
Title: An empirical investigation of the National Innovation System (NIS) using Data Envelopment Analysis (DEA) and the TOBIT model 
Abstract:
 The goal of this paper is to investigate national innovation systems'
 input-output components and to model a robust efficiency measurement using
 the DEA Bootstrap technique. Most of the previous NIS studies are
 descriptive and little emphasis is given to complex analysis. In our
 previous study, we evaluated the innovation performance of 20 emerging and
 developed countries, from the point of view of technical efficiency. This
 study makes an important contribution using the DEA Bootstrap technique,
 whereby we rank the countries based on bias-corrected estimation parallel
 to conventional DEA efficiency. The efficiency scores obtained from this
 technique show which countries are considered to be innovation leaders
 because their innovation performance is efficient under both constant and
 variable returns to scale in the process of transforming innovation inputs
 into innovation outputs. We suggest some key policy implications that can
 be learned from these innovation leaders. Subsequently, we apply the Tobit
 model to explain inefficiency. Based on the Tobit regression model, the
 DEA CRS technical efficient score of inefficient countries could be
 improved through three main variables: the secondary school enrolment
 ratio; the labour force (ages 15-65), as a percentage of the total
 population; and domestic credit expansion by the business sector, as a
 percentage of GDP.
Journal: International Review of Applied Economics 
Pages: 507-523 
Issue: 4 
Volume: 28 
Year: 2014 
Month: 7 
X-DOI: 10.1080/02692171.2014.896880 
File-URL: http://hdl.handle.net/10.1080/02692171.2014.896880 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:28:y:2014:i:4:p:507-523




Template-Type: ReDIF-Article 1.0
Author-Name: Basil Al-Najjar 
Author-X-Name-First: Basil 
Author-X-Name-Last: Al-Najjar 
Author-Name: Yacine Belghitar 
Author-X-Name-First: Yacine 
Author-X-Name-Last: Belghitar 
Title: Do corporate governance mechanisms affect cash dividends? An empirical investigation of UK firms 
Abstract:
 The study examines whether corporate governance mechanisms and the
 compliance with good governance practice are related to cash dividends. In
 particular, the study assesses the effect of institutional ownership and
 board structure on the decision to pay cash dividends. A study on UK firms
 is interesting because firms are expected to voluntarily structure
 governance mechanisms based on their own needs. We find that institutional
 owners positively affect cash dividend payments, suggesting that UK
 institutions are effective in forcing firms to disgorge cash. There is
 limited evidence that independent directors affect the cash dividends. The
 results also show that firm specifics affect the cash dividends, namely,
 business risk, firm size, and leverage ratio. The results are consistent
 across several robustness checks.
Journal: International Review of Applied Economics 
Pages: 524-538 
Issue: 4 
Volume: 28 
Year: 2014 
Month: 7 
X-DOI: 10.1080/02692171.2014.884546 
File-URL: http://hdl.handle.net/10.1080/02692171.2014.884546 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:28:y:2014:i:4:p:524-538




Template-Type: ReDIF-Article 1.0
Author-Name: Ranjula Bali Swain 
Author-X-Name-First: Ranjula 
Author-X-Name-Last: Bali Swain 
Author-Name: Maria Floro 
Author-X-Name-First: Maria 
Author-X-Name-Last: Floro 
Title: Microfinance, vulnerability and risk in low income households 
Abstract:
 We investigate if participation in the Indian Self Help Group (SHG)
 program results in reducing poverty and vulnerability. The theoretical
 framework examines the mechanisms through which the pecuniary and
 non-pecuniary effects of the SHG impacts the households' ability to manage
 risk. We use a vulnerability measure that quantifies the welfare loss
 associated with poverty and different types of risks, on an Indian panel
 survey data. Our results show that SHG members are less vulnerable
 compared with a group of non-SHG (control) members. About 80% of the
 vulnerability faced by the households is poverty related.
Journal: International Review of Applied Economics 
Pages: 539-561 
Issue: 5 
Volume: 28 
Year: 2014 
Month: 9 
X-DOI: 10.1080/02692171.2014.918937 
File-URL: http://hdl.handle.net/10.1080/02692171.2014.918937 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:28:y:2014:i:5:p:539-561




Template-Type: ReDIF-Article 1.0
Author-Name: Lefteris Tsoulfidis 
Author-X-Name-First: Lefteris 
Author-X-Name-Last: Tsoulfidis 
Author-Name: Persefoni Tsaliki 
Author-X-Name-First: Persefoni 
Author-X-Name-Last: Tsaliki 
Title: Unproductive labour, capital accumulation and profitability crisis in the Greek economy 
Abstract:
 The focus of this paper is on the evolution of the major macroeconomic
 variables of classical political economy and the contrast with their
 orthodox counterparts in the quest to identify the causes of the current
 crisis in the Greek economy. Our analysis shows that declining
 profitability past a certain point leads to a stagnant mass of real net
 profits that discourage investment and increase unemployment. More
 specifically, for the period 1970-2007 for which we have detailed data, we
 identify the so-called silent depression of the 1970s and early 1980s, the
 new golden age of accumulation during which the capitalization of the
 production process led to a rapidly growing productivity and with stagnant
 or slowly rising real wages increased the rate of surplus value to new
 heights. As a consequence, the rate of profit from the mid-1980s onwards
 displayed a mildly rising trend and remained at a much lower level than
 that of the early 1970s. The rate of profit starts to fall after 2007, the
 year of the onset of the (world) economic crisis, and this continues up to
 2014. Our econometric analysis based on an ARDL model further shows that
 the incremental rate of return, a variable derived from, and therefore
 strictly related to the average rate of profit, constitutes a by far more
 concrete measure of profitability and, in combination with the real
 interest rate, shapes the process of capital accumulation.
Journal: International Review of Applied Economics 
Pages: 562-585 
Issue: 5 
Volume: 28 
Year: 2014 
Month: 9 
X-DOI: 10.1080/02692171.2014.918939 
File-URL: http://hdl.handle.net/10.1080/02692171.2014.918939 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:28:y:2014:i:5:p:562-585




Template-Type: ReDIF-Article 1.0
Author-Name: Bartosz G&#x119;bka 
Author-X-Name-First: Bartosz 
Author-X-Name-Last: G&#x119;bka 
Title: Ownership structure, monitoring, and market value of companies: evidence from an unusual privatization mode 
Abstract:
 This study analyses the impact of ownership structure and market liquidity
 on company value. We investigate different aspects of ownership: the risk
 of political interference, private investors vs. the state acting as
 influential blockholders, and preferential political treatment of
 companies. Using a unique dataset of Polish partial privatizations
 initiated by shares transfers to entities under limited government
 influence, we find that government divestments can enhance company value,
 due to reduction in risk of political interference. A potential increase
 in the liquidity of trades in transferred companies' shares also boosts
 their market value. On the other hand, an increased likelihood of the
 emergence of private blockholders able to expropriate minority
 shareholders reduces the firm's market value. Our results support the
 political view of privatization: governments have objectives different to
 profit maximization, which leads to suboptimal investment from this point
 of view and lower market value of companies. We also develop a model to
 empirically distinguish between different aspects of ownership on company
 value.
Journal: International Review of Applied Economics 
Pages: 586-610 
Issue: 5 
Volume: 28 
Year: 2014 
Month: 9 
X-DOI: 10.1080/02692171.2014.918938 
File-URL: http://hdl.handle.net/10.1080/02692171.2014.918938 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:28:y:2014:i:5:p:586-610




Template-Type: ReDIF-Article 1.0
Author-Name: Amirul Islam 
Author-X-Name-First: Amirul 
Author-X-Name-Last: Islam 
Author-Name: Harry Bloch 
Author-X-Name-First: Harry 
Author-X-Name-Last: Bloch 
Author-Name: Ruhul Salim 
Author-X-Name-First: Ruhul 
Author-X-Name-Last: Salim 
Title: How effective is the Free Trade Agreement in South Asia? An empirical investigation 
Abstract:
 We investigate the efficacy of preferential trade liberalization in
 changing the observed trade pattern among the South Asian countries that
 have entered into the South Asian Free Trade Agreement (SAFTA). Although
 in its nascent stage, some data are now available to provide an ex-post
 evaluation of the performance of this bloc. Using these data, we find no
 empirical evidence of trade creation among SAFTA members, which is not
 surprising given that tariff concessions in SAFTA are small and are offset
 by complicated rules of origin procedure. However, a substantial and
 statistically significant increase in exports from SAFTA members to the
 rest of the world is found. Several panel strategies are used to check the
 sensitivity of the results against the assumptions of the estimation
 strategies. As some key coefficient estimates are found to differ across
 estimation methods, policymakers in South Asia need to use care in relying
 on the results from empirical studies, including our own, in formulating
 their trade policies.
Journal: International Review of Applied Economics 
Pages: 611-627 
Issue: 5 
Volume: 28 
Year: 2014 
Month: 9 
X-DOI: 10.1080/02692171.2014.918940 
File-URL: http://hdl.handle.net/10.1080/02692171.2014.918940 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:28:y:2014:i:5:p:611-627




Template-Type: ReDIF-Article 1.0
Author-Name: Marilena Furno 
Author-X-Name-First: Marilena 
Author-X-Name-Last: Furno 
Title: Returns to education and gender gap 
Abstract:
 The Italian gender wage gap is related to a gap in returns to education
 which causes a sizable glass ceiling effect. The gap is detected by
 quantile regressions implemented in different subsets. Quantile
 regressions allow computation of both the average gap and the divergence
 in the tails of the wage distribution. Comparison of the equations
 estimated separately for men and women, reveals a divergence in wage
 determinants for the average and for all quantiles. The statistical
 relevance of this divergence is verified by a test of changing
 coefficients. By repeatedly implementing this test to compare subsets of
 different regions, cohorts, and education levels, it is possible to rank
 the factors affecting the gap and to pinpoint at which quantile their
 impact is greater. Gender turns out to be a relevant source of changes to
 the coefficients, particularly for the top quantiles, and the regional
 variable interacts with the returns to education gap, determining a
 sizeable glass ceiling on southern women's careers.
Journal: International Review of Applied Economics 
Pages: 628-649 
Issue: 5 
Volume: 28 
Year: 2014 
Month: 9 
X-DOI: 10.1080/02692171.2014.907243 
File-URL: http://hdl.handle.net/10.1080/02692171.2014.907243 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:28:y:2014:i:5:p:628-649




Template-Type: ReDIF-Article 1.0
Author-Name: Theo Nichols 
Author-X-Name-First: Theo 
Author-X-Name-Last: Nichols 
Author-Name: Ali C. Tasiran 
Author-X-Name-First: Ali C. 
Author-X-Name-Last: Tasiran 
Title: Turkish trade unionists and Turkey's membership of the European Union 
Abstract:
 In all the discussions regarding Turkey's accession to the EU, little
 attention has been paid to the views of workers. This paper provides a
 statistical analysis of the views of over 6000 Turkish trade union members
 on Turkey's EU membership. Parameters are estimated using multilevel
 probit models where the nested structures of workers into trade unions and
 federations were taken into account since they shared some joint
 characteristics because of belonging to these organisations. It confirms
 the extensive disillusion with the EU found elsewhere in Turkish society
 but more interestingly it disconfirms an idea that those inside the EU may
 too easily assume to be the case: that it is those with what might be
 considered modernist characteristics among the Turkish population who are
 most likely to be in favour of EU entry. The idea seems to chime well with
 assumptions that the EU is a progressive, modern force. But whatever the
 validity of such a view, EU entry is not in fact found to be the favoured
 goal of the young and the best educated: it is older workers who are the
 most likely to support entry and those who are educated to the highest
 level the most likely to oppose it. Amongst the main three trade union
 federations there is also a greater propensity of members of trade unions
 affiliated to Hak Is (the Islamic federation) to support entry than those
 in Turk Is (centre right) or DISK (historically the most militant).
Journal: International Review of Applied Economics 
Pages: 650-668 
Issue: 5 
Volume: 28 
Year: 2014 
Month: 9 
X-DOI: 10.1080/02692171.2014.918936 
File-URL: http://hdl.handle.net/10.1080/02692171.2014.918936 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:28:y:2014:i:5:p:650-668




Template-Type: ReDIF-Article 1.0
Author-Name: Hrushikesh Mallick 
Author-X-Name-First: Hrushikesh 
Author-X-Name-Last: Mallick 
Title: Role of technological infrastructures in exports: evidence from a cross-country analysis 
Abstract:
 Using panel data for 48 heterogeneous countries for the period 2000-2010,
 we explore the impact of a wide set of determinants along with the
 technological infrastructures on goods and services exports in gravity
 models. We find that along with the usual basic factors such as incomes,
 distance, exchange rate depreciation, exchange rate regimes, common
 language, contiguity, free trade areas, colonial links, the technological
 infrastructures and complementarity between services and goods exports are
 quite crucial determinants for both types of exports. Among the
 technological infrastructures, internet use plays a significant role in
 promoting service exports rather than promoting goods exports.
Journal: International Review of Applied Economics 
Pages: 669-694 
Issue: 5 
Volume: 28 
Year: 2014 
Month: 9 
X-DOI: 10.1080/02692171.2014.907244 
File-URL: http://hdl.handle.net/10.1080/02692171.2014.907244 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:28:y:2014:i:5:p:669-694




Template-Type: ReDIF-Article 1.0
Author-Name: Najma R. Sharif 
Author-X-Name-First: Najma R. 
Author-X-Name-Last: Sharif 
Title: Occupational skill attainment in Canada: the role of gender, nativity status and ethnic origin 
Abstract:
 This paper examines how ethnic origin and gender interact to shape the
 occupational skills attainment of native and foreign born workers in
 Canada. Of special interest is how the occupational profile of the
 foreign-born evolves over time relative to that of the native-born, by
 gender and ethnic origin. We estimate multinomial logit models from 1991
 and 2006 census data, and then simulate occupational profiles of the
 native and foreign-born of different ethnic origin, controlling for human
 capital characteristics. We find that native and foreign-born women
 display the 'glass-ceiling' and 'sticky-floor' syndrome in that they are
 significantly underrepresented in management positions and overrepresented
 in clerical positions relative to men, more significantly if their
 education was not acquired in Canada. There is variation by ethnic origin,
 and all groups display significant occupational mobility over time. But
 even after 15 years, foreign-born occupational distributions differ
 substantially from those of the native-born.
Journal: International Review of Applied Economics 
Pages: 695-712 
Issue: 5 
Volume: 28 
Year: 2014 
Month: 9 
X-DOI: 10.1080/02692171.2014.907245 
File-URL: http://hdl.handle.net/10.1080/02692171.2014.907245 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:28:y:2014:i:5:p:695-712




Template-Type: ReDIF-Article 1.0
Author-Name: Gonzalo Hern�ndez Jim�nez 
Author-X-Name-First: Gonzalo 
Author-X-Name-Last: Hern�ndez Jim�nez 
Author-Name: Arslan Razmi 
Author-X-Name-First: Arslan 
Author-X-Name-Last: Razmi 
Title: Latin America after the global crisis: the role of export-led and tradable-led growth regimes 
Abstract:
 Is the ongoing economic slowdown in industrialized countries likely to
 impact Latin American growth negatively in the medium- to long-run? This
 paper considers various transmission channels that work through trade in
 goods and services, and finds econometric evidence suggesting that
 shrinking global imbalances may create problems for Latin America.
 Specifically, using panel data analysis, we find that the trade balance as
 a proportion of GDP is positively associated with Latin American economic
 growth over the period 1953-2009. We then develop a simple dynamic model
 to help explain our main finding through investment and saving behaviour.
Journal: International Review of Applied Economics 
Pages: 713-741 
Issue: 6 
Volume: 28 
Year: 2014 
Month: 9 
X-DOI: 10.1080/02692171.2014.933785 
File-URL: http://hdl.handle.net/10.1080/02692171.2014.933785 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:28:y:2014:i:6:p:713-741




Template-Type: ReDIF-Article 1.0
Author-Name: Michael L. Polemis 
Author-X-Name-First: Michael L. 
Author-X-Name-Last: Polemis 
Title: Measuring market power in the Greek manufacturing and services industries 
Abstract:
 This paper investigates the level of market power in the Greek
 manufacturing and services industry over the period 1970-2007. Based on
 the Roeger methodology, we investigate the competitive conditions in the
 examined industries at a disaggregated level (two and three digit ISIC
 codes). The empirical results indicate that the Greek manufacturing and
 services industries operate in non-competitive conditions. Moreover,
 average mark-up ratios are heterogeneous across sectors, with
 manufacturing having higher mark ups on average than services. In contrast
 to other related studies, we provide sufficient evidence about the
 movements of mark-up ratios over time. According to our findings, the
 mark-up ratios in the manufacturing sectors are, on average, higher in the
 post European Union (EU) accession period (1982-1992), as a result of the
 merger wave in the manufacturing industry. However, this upward trend
 stopped within the period (1993-2007), and the relevant ratios have
 decreased substantially. The econometric results are quite robust when the
 Two Stage Least Squares (2SLS) and the bootstrap method are applied.
 Lastly, the results of our analysis have a number of interesting
 implications for policy makers and government officials in light of the
 recent financial crisis that hit Greece.
Journal: International Review of Applied Economics 
Pages: 742-766 
Issue: 6 
Volume: 28 
Year: 2014 
Month: 9 
X-DOI: 10.1080/02692171.2014.923386 
File-URL: http://hdl.handle.net/10.1080/02692171.2014.923386 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:28:y:2014:i:6:p:742-766




Template-Type: ReDIF-Article 1.0
Author-Name: Thomas H.W. Ziesemer 
Author-X-Name-First: Thomas H.W. 
Author-X-Name-Last: Ziesemer 
Title: Country terms of trade: trends, unit roots, over-differencing, endogeneity, time dummies, and heterogeneity 
Abstract:
 The debate about the Prebisch-Singer thesis has focused on primary
 commodities with some extensions to manufactures. We analyse trends in
 country terms-of-trade for goods and services rather than those for
 commodities according to the World Bank income classification. We find
 that the natural logarithm of the terms of trade for all groups except for
 the poorest has common unit roots, but none has individual unit roots. As
 low-income countries have no unit roots over-differencing is inefficient
 and biases significance levels in first differences against the fall in
 the terms of trade. For the low-income countries the terms of trade of
 goods and services are falling at a rate that is significantly negative
 without and with endogeneity treatment by system GMM. A comprehensive
 analysis of the effects of time dummies supports the result of falling
 terms of trade for low-income countries. When all coefficients are
 country-specific 50% of all low-income countries have falling terms of
 trade in a simultaneous equation estimation using the SUR method. Food and
 financial crisis have no effect on the number of countries with falling
 terms of trade, but (dis-)improve the terms of trade or the significance
 of the results for a very small number of countries.
Journal: International Review of Applied Economics 
Pages: 767-796 
Issue: 6 
Volume: 28 
Year: 2014 
Month: 9 
X-DOI: 10.1080/02692171.2014.923385 
File-URL: http://hdl.handle.net/10.1080/02692171.2014.923385 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:28:y:2014:i:6:p:767-796




Template-Type: ReDIF-Article 1.0
Author-Name: Sophia P. Dimelis 
Author-X-Name-First: Sophia P. 
Author-X-Name-Last: Dimelis 
Author-Name: Sotiris K. Papaioannou 
Author-X-Name-First: Sotiris K. 
Author-X-Name-Last: Papaioannou 
Title: Human capital effects on technical inefficiency: a stochastic frontier analysis across industries of the Greek economy 
Abstract:
 In this paper we examine the impact of human capital on technical
 inefficiency. A stochastic production frontier is simultaneously estimated
 with a technical inefficiency model using data from one-digit industries
 of the Greek economy, for the period 2000-2005. The results indicate a
 significantly negative impact of human capital on technical inefficiency,
 which is comparatively lower in magnitude for the sector of public
 services. The most efficient industries of the Greek economy are those of
 Education, Financial intermediation and Real estate, renting & business
 activities. The highest contribution of human capital on technical
 efficiency is observed in the industries of Health, Education and Real
 estate, renting & business activities.
Journal: International Review of Applied Economics 
Pages: 797-812 
Issue: 6 
Volume: 28 
Year: 2014 
Month: 9 
X-DOI: 10.1080/02692171.2014.907246 
File-URL: http://hdl.handle.net/10.1080/02692171.2014.907246 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:28:y:2014:i:6:p:797-812




Template-Type: ReDIF-Article 1.0
Author-Name: Abubakr Saeed 
Author-X-Name-First: Abubakr 
Author-X-Name-Last: Saeed 
Author-Name: Yacine Belghitar 
Author-X-Name-First: Yacine 
Author-X-Name-Last: Belghitar 
Author-Name: Ephraim Clark 
Author-X-Name-First: Ephraim 
Author-X-Name-Last: Clark 
Title: Theoretical motives of corporate cash holdings and political connections: firms level evidence from a developing economy 
Abstract:
 In this paper, we revisit the theoretical motives of corporate cash
 holdings while concentrating on the effect of political connections. In
 particular, we postulate two competing hypotheses for the effects that
 political connections can have on cash holdings: 'substitution effect
 hypothesis' and 'complementary effect hypothesis'. Using the data on
 Pakistani firms over the period 2002-2010, we find that connected firms
 hold significantly larger cash reserves than their non-connected
 counterparts, thus confirming the 'complementary hypothesis', which
 suggests that agency problems lead connected firms to accumulate large
 amount of cash. Further, this effect is found to be more pronounced in
 dictatorial as opposed to democratic regimes indicating the presence of
 higher degrees of political patronage in that period. Finally, we also
 find differences in the complementary effect based on firm
 characteristics. Our results suggest that the firm size and leverage have
 increasing effects on the cash holdings of connected firms, contrary to
 the mainstream literature standpoint.
Journal: International Review of Applied Economics 
Pages: 813-831 
Issue: 6 
Volume: 28 
Year: 2014 
Month: 9 
X-DOI: 10.1080/02692171.2014.923387 
File-URL: http://hdl.handle.net/10.1080/02692171.2014.923387 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:28:y:2014:i:6:p:813-831




Template-Type: ReDIF-Article 1.0
Author-Name: Luis Alberto Alonso Gonzalez 
Author-X-Name-First: Luis Alberto 
Author-X-Name-Last: Alonso Gonzalez 
Author-Name: Bruno Sovilla 
Author-X-Name-First: Bruno 
Author-X-Name-Last: Sovilla 
Title: A Kaleckian model for understanding and responding to the economic policy challenges of remittances 
Abstract:
 In this work we construct a Kaleckian model for analyzing the impacts of
 remittances upon economies of receiving countries. The arrival of
 remittances has two harmful effects: contraction of income, and the
 so-called Dutch Disease (DD). We use our model to formulate an economic
 policy with two objective variables and two instrumental variables, to
 solve or attenuate these problems.
Journal: International Review of Applied Economics 
Pages: 832-848 
Issue: 6 
Volume: 28 
Year: 2014 
Month: 9 
X-DOI: 10.1080/02692171.2014.933784 
File-URL: http://hdl.handle.net/10.1080/02692171.2014.933784 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:28:y:2014:i:6:p:832-848




Template-Type: ReDIF-Article 1.0
Author-Name: Babajide Fowowe 
Author-X-Name-First: Babajide 
Author-X-Name-Last: Fowowe 
Title: The relationship between stock prices and exchange rates in South Africa and Nigeria: structural breaks analysis 
Abstract:
 The relationship between stock prices and exchange rates has continued to
 generate interest from both the academia and financial industry players
 for many years. This study conducts an empirical investigation into the
 relationship between stock prices and exchange rates for the two largest
 economies in Sub-Saharan Africa - South Africa and Nigeria. Our
 methodology accounts for structural breaks in the data and the long-run
 relationship between stock and foreign exchange markets. The results of
 multivariate causality tests with structural breaks showed that causality
 runs from exchange rates to domestic stock prices in Nigeria (flow
 channel) while in South Africa, no causality exists between domestic stock
 prices and exchange rates. The results also reveal that there is causality
 from the London stock market to both countries' stock markets, thus
 showing that international stock markets are driving both the Nigerian and
 South African stock markets.
Journal: International Review of Applied Economics 
Pages: 1-14 
Issue: 1 
Volume: 29 
Year: 2015 
Month: 1 
X-DOI: 10.1080/02692171.2014.933786 
File-URL: http://hdl.handle.net/10.1080/02692171.2014.933786 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:29:y:2015:i:1:p:1-14




Template-Type: ReDIF-Article 1.0
Author-Name: Carmem Aparecida Feij� 
Author-X-Name-First: Carmem Aparecida 
Author-X-Name-Last: Feij� 
Author-Name: Marcos Tostes Lamonica 
Author-X-Name-First: Marcos Tostes 
Author-X-Name-Last: Lamonica 
Author-Name: Julio Cesar Albuquerque Bastos 
Author-X-Name-First: Julio Cesar Albuquerque 
Author-X-Name-Last: Bastos 
Title: Accumulation pattern of the Brazilian economy in the 1990s and 2000s 
Abstract:
 This paper investigates the dynamic relationships among income
 distribution, debt ratio and capital accumulation in the Brazilian economy
 in the 1990s and 2000s. One explanation for the relatively slow growth of
 the Brazilian economy is the relatively low rate of investment. The paper
 presents an econometric model, based on Nishi, to investigate the causes
 of instability in investment in the period. It concludes that the
 Brazilian economy since the economic opening presents a debt-burdened
 pattern of capital accumulation.
Journal: International Review of Applied Economics 
Pages: 15-31 
Issue: 1 
Volume: 29 
Year: 2015 
Month: 1 
X-DOI: 10.1080/02692171.2014.933787 
File-URL: http://hdl.handle.net/10.1080/02692171.2014.933787 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:29:y:2015:i:1:p:15-31




Template-Type: ReDIF-Article 1.0
Author-Name: Amr S. Hosny 
Author-X-Name-First: Amr S. 
Author-X-Name-Last: Hosny 
Author-Name: N. Kundan Kishor 
Author-X-Name-First: N. Kundan 
Author-X-Name-Last: Kishor 
Author-Name: Mohsen Bahmani-Oskooee 
Author-X-Name-First: Mohsen 
Author-X-Name-Last: Bahmani-Oskooee 
Title: Understanding the dynamics of the macroeconomic trilemma 
Abstract:
 This paper tests the autonomy of domestic monetary policy in the context
 of the macroeconomic policy trilemma for a large data-set of developing
 and developed countries covering three different time periods
 characterized with different exchange rate regimes and capital controls.
 The existing literature uses fixed coefficient methodologies to examine
 monetary policy independence; whereas we show that the coefficients of
 interest are unstable as countries switch between different exchange rate
 regimes and/or capital controls over time. The contribution is in using a
 time-varying parameter model that better captures the effects of the
 heterogeneity in different exchange rate regimes and capital mobility
 restrictions on monetary policy independence over time, allowing a more
 accurate test of the macroeconomic trilemma.
Journal: International Review of Applied Economics 
Pages: 32-64 
Issue: 1 
Volume: 29 
Year: 2015 
Month: 1 
X-DOI: 10.1080/02692171.2014.933788 
File-URL: http://hdl.handle.net/10.1080/02692171.2014.933788 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:29:y:2015:i:1:p:32-64




Template-Type: ReDIF-Article 1.0
Author-Name: Belayet Hossain 
Author-X-Name-First: Belayet 
Author-X-Name-Last: Hossain 
Author-Name: Laura Lamb 
Author-X-Name-First: Laura 
Author-X-Name-Last: Lamb 
Title: An assessment of the impact of tax incentives relative to socio-economic characteristics on charitable giving in Canada 
Abstract:
 This research examines the effectiveness of the Canadian tax incentive
 system for charitable giving while attempting to deal with two persistent
 methodological problems in past research. The Heckman selection model and
 the ordered probit model are used to examine the Canadian tax incentive
 system with 2010 survey data. The results imply that the effect of the tax
 credit systematically increases with an increase in donation expenditure
 suggesting that the higher tax credit for larger donations is more
 effective than the lower tax credit for smaller donations. While the
 results suggest that the current tax policy is effective, socio-economic
 characteristics, such as wealth, household income, and university
 education, appear to have a greater impact on donations.
Journal: International Review of Applied Economics 
Pages: 65-80 
Issue: 1 
Volume: 29 
Year: 2015 
Month: 1 
X-DOI: 10.1080/02692171.2014.945992 
File-URL: http://hdl.handle.net/10.1080/02692171.2014.945992 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:29:y:2015:i:1:p:65-80




Template-Type: ReDIF-Article 1.0
Author-Name: Marco Guerrazzi 
Author-X-Name-First: Marco 
Author-X-Name-Last: Guerrazzi 
Author-Name: Paolo Gelain 
Author-X-Name-First: Paolo 
Author-X-Name-Last: Gelain 
Title: A demand-driven search model with self-fulfilling expectations: the new 'Farmerian' framework under scrutiny 
Abstract:
 In this paper, we implement Bayesian econometric techniques to analyze a
 theoretical framework built along the lines of Farmer's micro-foundation
 of the <italic>General Theory</italic>. Specifically, we test the ability
 of a demand-driven search model with self-fulfilling expectations to match
 the behaviour of the US economy over the last 30 years. The main findings
 of our empirical investigation are the following. First, all over the
 period, our model fits data very well. Second, demand shocks are the most
 relevant in explaining the variability of concerned variables. In
 addition, our estimates reveal that a large negative demand shock caused
 the Great Recession via a sudden drop of confidence. Overall, those
 results are consistent with the main features of the New `Farmerian'
 Economics as well as to latest demand-side explanations of the
 finance-induced recession.
Journal: International Review of Applied Economics 
Pages: 81-104 
Issue: 1 
Volume: 29 
Year: 2015 
Month: 1 
X-DOI: 10.1080/02692171.2014.945993 
File-URL: http://hdl.handle.net/10.1080/02692171.2014.945993 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:29:y:2015:i:1:p:81-104




Template-Type: ReDIF-Article 1.0
Author-Name: Stephanos Papadamou 
Author-X-Name-First: Stephanos 
Author-X-Name-Last: Papadamou 
Author-Name: Vangelis Arvanitis 
Author-X-Name-First: Vangelis 
Author-X-Name-Last: Arvanitis 
Title: The effect of the market-based monetary policy transparency index on inflation and output variability 
Abstract:
 This paper examines empirically the effectiveness of the Federal Reserve's
 policy under different levels of transparency by using a dynamic and
 continuous market-based index proposed by Kia (2011) on inflation
 volatility and output volatility. In theory, the more transparent the
 monetary policy, the less volatile the money market will be with fewer
 disturbances and thus the more stable will be the economy. First, a
 bivariate VAR-BEKK-GARCH(1,1) model is estimated for inflation and output
 variables in the US economy in order to produce conditional variances and
 covariance over the period October 1982 to December 2011. Second, by
 incorporating conditional variances and transparency in a VAR model,
 impulse response functions reveal that after a positive shock in the
 Federal Reserve's transparency (i.e. market participants consider the
 Federal Reserve's actions to be more transparent), there is a
 statistically significant decrease in both inflation volatility and output
 volatility. Our results reveal the dynamic and crucial role that a central
 bank's transparency plays in retaining economic stability and assuring the
 forecasts concerning inflation and economic growth made by the economic
 units.
Journal: International Review of Applied Economics 
Pages: 105-124 
Issue: 1 
Volume: 29 
Year: 2015 
Month: 1 
X-DOI: 10.1080/02692171.2014.945994 
File-URL: http://hdl.handle.net/10.1080/02692171.2014.945994 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:29:y:2015:i:1:p:105-124




Template-Type: ReDIF-Article 1.0
Author-Name: Sheila Dow 
Author-X-Name-First: Sheila 
Author-X-Name-Last: Dow 
Title: The economist's oath: a review Essay 
Abstract:
 George DeMartino's 2011 monograph, The Economist's Oath: On the Need for
 and Content of Professional Economic Ethics, provides an excellent basis
 for the development of a discourse on the ethics of economists. This
 review focuses on the way in which mainstream economists' arguments
 against consideration of ethics follow from their presentation of
 economics as a purely technical subject, and the implication that this
 pretense itself is unethical. The complexity of ethical issues within a
 pluralist approach to economics is explored, ranging from the
 institutional environment within which economists practice to
 epistemological questions.
Journal: International Review of Applied Economics 
Pages: 125-128 
Issue: 1 
Volume: 29 
Year: 2015 
Month: 1 
X-DOI: 10.1080/02692171.2014.983732 
File-URL: http://hdl.handle.net/10.1080/02692171.2014.983732 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:29:y:2015:i:1:p:125-128




Template-Type: ReDIF-Article 1.0
Author-Name: Annina Kaltenbrunner 
Author-X-Name-First: Annina 
Author-X-Name-Last: Kaltenbrunner 
Title: Financial integration and exchange rate determination: a Brazilian case study 
Abstract:
 This paper investigates the impact on exchange rate determination of two
 recent changes in developing and emerging countries' financial
 integration: first, the rising volume and heterogeneity of short-term
 portfolio flows; second, foreign investors' increased exposure to domestic
 rather than foreign currency assets. In its analysis of Brazil, the paper
 shows that both changes have potentially destabilizing implications for
 the exchange rate and may create the risk of self-feeding bubble dynamics
 leading to large and sudden swings in exchange rates. The results have
 important implications for the regulation of international capital
 movements and choice of exchange rate regime.
Journal: International Review of Applied Economics 
Pages: 129-149 
Issue: 2 
Volume: 29 
Year: 2015 
Month: 3 
X-DOI: 10.1080/02692171.2014.956703 
File-URL: http://hdl.handle.net/10.1080/02692171.2014.956703 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:29:y:2015:i:2:p:129-149




Template-Type: ReDIF-Article 1.0
Author-Name: Theodore Mariolis 
Author-X-Name-First: Theodore 
Author-X-Name-Last: Mariolis 
Author-Name: Nikolaos Rodousakis 
Author-X-Name-First: Nikolaos 
Author-X-Name-Last: Rodousakis 
Author-Name: Antonia Christodoulaki 
Author-X-Name-First: Antonia 
Author-X-Name-Last: Christodoulaki 
Title: Input-output evidence on the relative price effects of total productivity shift 
Abstract:
 This paper provides empirical evidence on the relative price effects of a
 notional shift in total productivity using data from ten Symmetric
 Input-Output Tables of five European economies. The results suggest that
 the direction of the price-movements is, more often than not, governed by
 the (traditional) labour cost condition and this could be connected to the
 effective ranks of the matrices of the relative shares of the capital
 goods.
Journal: International Review of Applied Economics 
Pages: 150-163 
Issue: 2 
Volume: 29 
Year: 2015 
Month: 3 
X-DOI: 10.1080/02692171.2014.956702 
File-URL: http://hdl.handle.net/10.1080/02692171.2014.956702 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:29:y:2015:i:2:p:150-163




Template-Type: ReDIF-Article 1.0
Author-Name: Pasquale Tridico 
Author-X-Name-First: Pasquale 
Author-X-Name-Last: Tridico 
Title: From economic decline to the current crisis in Italy 
Abstract:
 The objective of this paper is to show that the current global economic
 crisis, into which Italy also fell in 2008, represents just the last step
 of a long declining path for the Italian economy which began in the 1990s,
 or to be more precise in 1992 and 1993. It is argued that the reasons that
 explain the long Italian decline, and partly also the deeper recession
 today, as well as the lack of recovery from the current crisis, can be
 found in the past reforms of the labour market. In particular, the labour
 flexibility introduced in the last 15 years had, along with other policies
 introduced in parallel, cumulative negative consequences on the
 inequality, on the consumption, on the aggregate demand, on the labour
 productivity and on the GDP dynamics.
Journal: International Review of Applied Economics 
Pages: 164-193 
Issue: 2 
Volume: 29 
Year: 2015 
Month: 3 
X-DOI: 10.1080/02692171.2014.983049 
File-URL: http://hdl.handle.net/10.1080/02692171.2014.983049 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:29:y:2015:i:2:p:164-193




Template-Type: ReDIF-Article 1.0
Author-Name: Collins G. Ntim 
Author-X-Name-First: Collins G. 
Author-X-Name-Last: Ntim 
Author-Name: Kwaku K. Opong 
Author-X-Name-First: Kwaku K. 
Author-X-Name-Last: Opong 
Author-Name: Jo Danbolt 
Author-X-Name-First: Jo 
Author-X-Name-Last: Danbolt 
Title: Board size, corporate regulations and firm valuation in an emerging market: a simultaneous equation approach 
Abstract:
 We investigate the association between board size and firm valuation for a
 sample of 169 firms from 2002 to 2011 in South Africa (SA). The SA
 corporate context is interestingly and uniquely characterised by an
 urgency to meet affirmative action regulations, such as black empowerment
 in board appointments, limited qualified and experienced directors,
 especially black directors, concentrated ownership, weak enforcement of
 corporate regulations and greater government ownership. These features
 make SA corporate boards perform a weaker agency (advisory, monitoring and
 disciplining) role than Western European and US boards, but a stronger
 resource dependence role, by providing access to resources, such as
 business contacts and contracts. This suggests that any positive impact of
 board size on firm valuation is likely to depend on the effective
 execution of the resource dependence role more than the agency role. Our
 results suggest that board size has a positive association with firm
 valuation, consistent with larger boards providing better access to
 resources. Overall, our results support the resource dependence role of
 boards more than their agency role. The results are robust across a raft
 of econometric models that control for different types of endogeneity, as
 well as different types of accounting and market-based firm valuation
 measures.
Journal: International Review of Applied Economics 
Pages: 194-220 
Issue: 2 
Volume: 29 
Year: 2015 
Month: 3 
X-DOI: 10.1080/02692171.2014.983048 
File-URL: http://hdl.handle.net/10.1080/02692171.2014.983048 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:29:y:2015:i:2:p:194-220




Template-Type: ReDIF-Article 1.0
Author-Name: Xin Shen 
Author-X-Name-First: Xin 
Author-X-Name-Last: Shen 
Author-Name: Mark J. Holmes 
Author-X-Name-First: Mark J. 
Author-X-Name-Last: Holmes 
Author-Name: Steven Lim 
Author-X-Name-First: Steven 
Author-X-Name-Last: Lim 
Title: Wealth Effects and Consumption: A Panel VAR Approach 
Abstract:
 We provide new evidence on the comparison between the stock and housing
 wealth effects on consumption. Using a panel VAR approach applied to OECD
 data, we find evidence that the stock market wealth effect is generally
 the larger. However, with regard to the evolution of asset wealth effects
 over time, our findings show that the housing wealth effect has outweighed
 the share market wealth effect in the last decade. We further find that
 asset wealth has asymmetric effects on consumption, with stronger and more
 persistent effects from positive asset wealth shocks. Our results have
 important monetary policy implications for both stock and real estate
 markets, and offer timely insights into the desirability of current
 proposals to reduce house price volatility, such as through macro
 prudential regulations.
Journal: International Review of Applied Economics 
Pages: 221-237 
Issue: 2 
Volume: 29 
Year: 2015 
Month: 3 
X-DOI: 10.1080/02692171.2014.983050 
File-URL: http://hdl.handle.net/10.1080/02692171.2014.983050 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:29:y:2015:i:2:p:221-237




Template-Type: ReDIF-Article 1.0
Author-Name: W. Qazizada 
Author-X-Name-First: W. 
Author-X-Name-Last: Qazizada 
Author-Name: E. Stockhammer 
Author-X-Name-First: E. 
Author-X-Name-Last: Stockhammer 
Title: Government spending multipliers in contraction and expansion 
Abstract:
 This paper investigates the impact of government spending on output and
 the size of the spending multiplier during periods of output contraction
 and expansion. It also investigates the impact of spending when the
 economy hits the nominal zero lower bound. It uses a panel of 21 advanced
 countries over the period of 1979-2011, applying a TSLS estimation
 technique. We find a spending multiplier of close to 1 during expansion
 and values of up to 3 during contractions. However, our results do not
 indicate a difference in the impact of spending during nominal zero lower
 bound periods.
Journal: International Review of Applied Economics 
Pages: 238-258 
Issue: 2 
Volume: 29 
Year: 2015 
Month: 3 
X-DOI: 10.1080/02692171.2014.983053 
File-URL: http://hdl.handle.net/10.1080/02692171.2014.983053 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:29:y:2015:i:2:p:238-258




Template-Type: ReDIF-Article 1.0
Author-Name: Nabamita Dutta 
Author-X-Name-First: Nabamita 
Author-X-Name-Last: Dutta 
Author-Name: Deepraj Mukherjee 
Author-X-Name-First: Deepraj 
Author-X-Name-Last: Mukherjee 
Author-Name: Sanjukta Roy 
Author-X-Name-First: Sanjukta 
Author-X-Name-Last: Roy 
Title: Re-examining the relationship between domestic investment and foreign aid: does political stability matter? 
Abstract:
 While past studies had conflicting conclusions regarding the impact of
 foreign aid on growth and development of a nation, recent studies have
 tried to delve deeper into the question, 'what makes aid work?' (see,
 Dutta, Leeson, and Williamson, 2013; Burnside and Dollar, 2000, 2004;
 Svensson, 1999). This paper tests how political stability (vis-�-vis
 political instability) affects the relationship between domestic
 investment and foreign aid. Applying dynamic panel estimators, our results
 show that political stability affects aid's effectiveness on domestic
 capital formation. The paper considers alternative measures of political
 stability (vis-�-vis instability), focusing on the political
 characteristics of a system that have the potential to make a nation
 stable. Political stability affects policy selection by the government
 positively and, thus, public resources such as foreign aid are put to the
 desired use. The estimated marginal impacts show that foreign aid enhances
 domestic investment in the presence of a stable political climate, but
 there is a diminishing return to aid.
Journal: International Review of Applied Economics 
Pages: 259-286 
Issue: 3 
Volume: 29 
Year: 2015 
Month: 5 
X-DOI: 10.1080/02692171.2014.945991 
File-URL: http://hdl.handle.net/10.1080/02692171.2014.945991 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:29:y:2015:i:3:p:259-286




Template-Type: ReDIF-Article 1.0
Author-Name: Smruti Ranjan Behera 
Author-X-Name-First: Smruti Ranjan 
Author-X-Name-Last: Behera 
Title: International Capital Mobility and Saving-Investment Relationship in the Newly Industrialized Countries 
Abstract:
 This paper investigates the Feldstein-Horioka coefficients and evaluates
 the degree of international capital mobility for ten newly industrialized
 countries (NICs) over the different sub-periods from 1970 to 2010. By
 applying the Pedroni and Westerlund cointegration tests, we find that
 saving and investment are indeed cointegrated. The estimated FH
 coefficients using FMOLS and DOLS are 0.24 and 0.33, respectively, for the
 period 1970-1980. Furthermore, the estimated FH coefficients reduce from
 0.80 (FMOLS) in 1991-2000 to 0.36 (FMOLS) in 1970-1980. The small FH
 coefficients suggest that international capital mobility increased in the
 NICs during the sub-periods 1970-1980 and 2001-2010.
Journal: International Review of Applied Economics 
Pages: 287-308 
Issue: 3 
Volume: 29 
Year: 2015 
Month: 5 
X-DOI: 10.1080/02692171.2014.983051 
File-URL: http://hdl.handle.net/10.1080/02692171.2014.983051 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:29:y:2015:i:3:p:287-308




Template-Type: ReDIF-Article 1.0
Author-Name: Bruno Martorano 
Author-X-Name-First: Bruno 
Author-X-Name-Last: Martorano 
Title: Lessons from the recent economic crisis: the Australian household stimulus package 
Abstract:
 This paper provides an impact evaluation analysis of the 2009 Australian
 Household Stimulus Package, which was composed by three main cash
 payments: the Back to School Bonus, the Single Income Family Bonus and the
 Tax Bonus for Working Australians. Using panel data from the 2008 and 2009
 HILDA surveys, the results show that these cash payments reduced the risk
 of poverty and stimulated consumption expenditure. Nonetheless, only the
 Back to School Bonus and the Single Income Family Bonus were really
 important in achieving these goals, while the Tax Bonus for Working
 Australians did not contribute to stimulate consumption and failed to
 reduce the risk of poverty. Thus, the analysis confirms the crucial role
 of governments to protect the most vulnerable groups avoiding a dramatic
 deterioration of social outcomes and favoring a fast economic recovery
 when interventions are timely and well-targeted.
Journal: International Review of Applied Economics 
Pages: 309-327 
Issue: 3 
Volume: 29 
Year: 2015 
Month: 5 
X-DOI: 10.1080/02692171.2014.983052 
File-URL: http://hdl.handle.net/10.1080/02692171.2014.983052 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:29:y:2015:i:3:p:309-327




Template-Type: ReDIF-Article 1.0
Author-Name: Rosaria Rita Canale 
Author-X-Name-First: Rosaria Rita 
Author-X-Name-Last: Canale 
Author-Name: Oreste Napolitano 
Author-X-Name-First: Oreste 
Author-X-Name-Last: Napolitano 
Title: National disparities and cyclical dynamics in Italy (1892-2007): was the Mezzogiorno a sheltered economy? 
Abstract:
 The paper presents the evolution of national disparities in Italy in a
 cyclical perspective, comparing GDP per capita growth rates in the
 Centre-North and South from 1892 to 2007. The aim is to evaluate the
 pro-cyclical pattern of macro-area divergences and to measure, with a
 non-parametric analysis, the degree of the Southern regions (Mezzogiorno)
 dependence on the whole country. A performance indicator for national
 growth is used to determine whether the South can be defined as a
 sheltered economy. Our results show that peripheral regions as a whole had
 different degrees of dynamism during the period considered and that the
 South can be defined as unequivocally sheltered only when national
 policies switched from industrialization and investments into simple
 transfers. In other periods, including recent times, national disparities
 do not show pro-cyclical patterns, supporting the conclusion that the
 Mezzogiorno has been exposed to market conditions and its economy has not
 always been dependent on external factors.
Journal: International Review of Applied Economics 
Pages: 328-348 
Issue: 3 
Volume: 29 
Year: 2015 
Month: 5 
X-DOI: 10.1080/02692171.2014.983054 
File-URL: http://hdl.handle.net/10.1080/02692171.2014.983054 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:29:y:2015:i:3:p:328-348




Template-Type: ReDIF-Article 1.0
Author-Name: Vlad Manole 
Author-X-Name-First: Vlad 
Author-X-Name-Last: Manole 
Author-Name: Mariana Spatareanu 
Author-X-Name-First: Mariana 
Author-X-Name-Last: Spatareanu 
Title: Investment climate, foreign networks and exporting - evidence from Africa 
Abstract:
 This paper investigates the impact of investment climate variables and
 foreign networks on the exporting decisions of African firms. We use data
 from the World Bank Investment Climate Surveys for over 7000 firms in 24
 Sub-Saharan African countries. The results highlight the crucial role of
 the access to, and the quality of, investment climate characteristics -
 infrastructure, external finance and telecommunications for Sub-Saharan
 African firms' exporting propensities. Our results show that improving the
 investment climate to the level of best performers in the sample will
 considerably increase the propensity of domestic firms to export. The
 paper also finds that foreign networks have a significantly positive
 impact on firms' export propensities.
Journal: International Review of Applied Economics 
Pages: 349-373 
Issue: 3 
Volume: 29 
Year: 2015 
Month: 5 
X-DOI: 10.1080/02692171.2014.1001323 
File-URL: http://hdl.handle.net/10.1080/02692171.2014.1001323 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:29:y:2015:i:3:p:349-373




Template-Type: ReDIF-Article 1.0
Author-Name: Amit Basole 
Author-X-Name-First: Amit 
Author-X-Name-Last: Basole 
Author-Name: Deepankar Basu 
Author-X-Name-First: Deepankar 
Author-X-Name-Last: Basu 
Author-Name: Rajesh Bhattacharya 
Author-X-Name-First: Rajesh 
Author-X-Name-Last: Bhattacharya 
Title: Determinants and impacts of subcontracting: evidence from India's unorganized manufacturing sector 
Abstract:
 There are two divergent perspectives on the impact of subcontracting on
 firms in the informal sector. According to the benign view, formal sector
 firms prefer linkages with relatively modern firms in the informal sector,
 and subcontracting enables capital accumulation and technological
 improvement in the latter. According to the exploitation view, formal
 sector firms extract surplus from stagnant, asset-poor informal sector
 firms that use cheap family labour in home-based production. However,
 direct, firm-level evidence on the determinants and impact of
 subcontracting is thus far lacking in the literature. We apply a modified
 Heckman selection model to Indian National Sample Survey data on informal
 manufacturing enterprises (2005-2006). We find that home-based, relatively
 asset-poor, and female-owned firms are more likely to be in a
 subcontracting relationship. Further, we perform selectivity-corrected
 Oaxaca-Blinder Decomposition and calculate treatment effects to show that
 subcontracting benefits smaller firms, firms in industrially backward
 states and rural firms; it is harmful for larger firms, firms in
 industrially advanced states, and urban firms. Our results suggest that
 the effects of subcontracting are more complex than those predicted by the
 divergent perspectives. Policy-makers need to engage with this complexity.
Journal: International Review of Applied Economics 
Pages: 374-402 
Issue: 3 
Volume: 29 
Year: 2015 
Month: 5 
X-DOI: 10.1080/02692171.2014.1001324 
File-URL: http://hdl.handle.net/10.1080/02692171.2014.1001324 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:29:y:2015:i:3:p:374-402




Template-Type: ReDIF-Article 1.0
Author-Name: Anthony N. Rezitis 
Author-X-Name-First: Anthony N. 
Author-X-Name-Last: Rezitis 
Title: The relationship between agricultural commodity prices, crude oil prices and US dollar exchange rates: a panel VAR approach and causality analysis  
Abstract:
 This study examines the relationship between crude oil prices, US dollar
 exchange rates and 30 selected international agricultural prices and five
 international fertilizer prices in a panel framework. The study uses panel
 VAR methods and Granger causality tests on panel data sets of agricultural
 commodity prices (as well as specific agricultural commodity sub-groups)
 and fertilizer prices with monthly observations of the period from June
 1983 to June 2013. The empirical results of the present study indicate
 that crude oil prices as well as US dollar exchange rates affect
 international agricultural commodity and fertilizer prices. Furthermore,
 contrary to the findings of several studies in the literature, the present
 study supports bidirectional panel causality effects between crude oil
 prices and international agricultural prices as well as between US
 exchange rates and international agricultural prices.
Journal: International Review of Applied Economics 
Pages: 403-434 
Issue: 3 
Volume: 29 
Year: 2015 
Month: 5 
X-DOI: 10.1080/02692171.2014.1001325 
File-URL: http://hdl.handle.net/10.1080/02692171.2014.1001325 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:29:y:2015:i:3:p:403-434




Template-Type: ReDIF-Article 1.0
Author-Name: Ricardo Molero-Simarro 
Author-X-Name-First: Ricardo 
Author-X-Name-Last: Molero-Simarro 
Title: Functional distribution of income, aggregate demand, and economic growth in the Chinese economy, 1978-2007 
Abstract:
 This paper seeks to analyse the relationship between the functional
 distribution of income, aggregate demand and growth in the Chinese reform
 economy. For this purpose, the Bhaduri-Marglin Model is used to indicate
 the theoretical possibility of both profit-led and wage-led growth
 regimes. Previously, the principal literature on the evolution of factor
 shares in China was reviewed. The statistical series for the period
 1978-2007 are reconstructed to carry out our analysis of the relations
 between capital share and investment, on one hand, and labour share and
 consumption, on the other. Supported by empirical analysis and the model
 estimations, it is argued that Chinese growth has been profit-driven.
 Finally, the implications are presented concerning Chinese economic
 prospects.
Journal: International Review of Applied Economics 
Pages: 435-454 
Issue: 4 
Volume: 29 
Year: 2015 
Month: 7 
X-DOI: 10.1080/02692171.2015.1016404 
File-URL: http://hdl.handle.net/10.1080/02692171.2015.1016404 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:29:y:2015:i:4:p:435-454




Template-Type: ReDIF-Article 1.0
Author-Name: Ronny Manos 
Author-X-Name-First: Ronny 
Author-X-Name-Last: Manos 
Author-Name: Israel Drori 
Author-X-Name-First: Israel 
Author-X-Name-Last: Drori 
Author-Name: Amir Shoham 
Author-X-Name-First: Amir 
Author-X-Name-Last: Shoham 
Author-Name: Barak S. Aharonson 
Author-X-Name-First: Barak S. 
Author-X-Name-Last: Aharonson 
Title: National culture and national savings: is there a link? 
Abstract:
 We study the effect of national culture on economic decisions, focusing on
 GLOBE cultural dimensions of uncertainty avoidance and future orientation.
 Specifically, we study the effect of divergence between cultural values
 and practices (societal aspirations), on the aggregate savings decision.
 Using the life-cycle model of savings as our basic model, we find that
 societal aspirations are important in explaining national savings
 behavior. In particular, we show that societal aspirations relating to
 future orientation and uncertainty avoidance have a positive effect on the
 rate of savings. We interpret our findings to indicate that such societal
 aspirations lead to mistrust in the societal arrangements and
 institutions, and induce savings as a means of securing the future and
 reducing uncertainty. To substantiate this interpretation, we utilize the
 microfinance industry; showing that high societal aspirations are
 associated with preference for savings through member-owned microfinance
 institutions (MFIs) over savings through non-member-owned MFIs.
Journal: International Review of Applied Economics 
Pages: 455-481 
Issue: 4 
Volume: 29 
Year: 2015 
Month: 7 
X-DOI: 10.1080/02692171.2015.1016405 
File-URL: http://hdl.handle.net/10.1080/02692171.2015.1016405 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:29:y:2015:i:4:p:455-481




Template-Type: ReDIF-Article 1.0
Author-Name: Daniele Girardi 
Author-X-Name-First: Daniele 
Author-X-Name-Last: Girardi 
Title: <italic>Financialization of food</italic>. Modelling the time-varying relation between agricultural prices and stock market dynamics 
Abstract:
 This article studies the correlation of agricultural prices with stock
 market dynamics. We discuss the possible role of financial and
 macroeconomic factors in driving this time-varying relation, with the aim
 of understanding what caused positive correlation between agricultural
 commodities and stocks in recent years. While previous works on
 commodity-equity correlation have focused on broad commodity indices, we
 study 16 agricultural prices, in order to assess patterns that are
 specific to agricultural commodities but also differences across markets.
 We show that an explanation based on a combination of financialization and
 financial crisis is consistent with the empirical evidence in most
 markets, while global demand factors don't appear to play a significant
 role. The correlation between agricultural prices and stock market returns
 tends to increase during periods of financial turmoil. The impact of
 financial turmoil on the correlation gets stronger as the share of
 financial investors in agricultural derivatives markets rises. Our
 findings suggest that the influence of financial shocks on agricultural
 prices should decrease as global financial tensions settle down but also
 that, as long as agricultural markets are 'financialized', it might rise
 again when it is less needed, i.e. in the presence of new financial
 turmoil.
Journal: International Review of Applied Economics 
Pages: 482-505 
Issue: 4 
Volume: 29 
Year: 2015 
Month: 7 
X-DOI: 10.1080/02692171.2015.1016406 
File-URL: http://hdl.handle.net/10.1080/02692171.2015.1016406 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:29:y:2015:i:4:p:482-505




Template-Type: ReDIF-Article 1.0
Author-Name: Johannes Kabderian Dreyer 
Author-X-Name-First: Johannes Kabderian 
Author-X-Name-Last: Dreyer 
Author-Name: Peter Alfons Schmid 
Author-X-Name-First: Peter Alfons 
Author-X-Name-Last: Schmid 
Title: Fiscal federalism in monetary unions: hypothetical fiscal transfers within the Euro-zone 
Abstract:
 Net fiscal transfers are commonly seen as a possible means to ensure the
 well-functioning of a currency area. We show that US net fiscal transfers,
 measured as the difference between gross federal revenues and federal
 expenditures per state, are enormous. Moreover, we run panel regressions
 that suggest their dependence on relative GDP and relative GDP growth
 during crisis periods, evidence of net fiscal transfers from relatively
 rich to relatively poor states (redistributive effect) and to states with
 an underperforming economic development (stabilization effect). The
 Euro-zone (EZ) lacks a system of fiscal federalism, which raises the
 question of whether it should be established in the medium- and long-run.
 If so, which should be the magnitude of net fiscal transfers? We calculate
 these transfers hypothetically for 1999-2010, using a relative volume
 comparable to the one in the USA.
Journal: International Review of Applied Economics 
Pages: 506-532 
Issue: 4 
Volume: 29 
Year: 2015 
Month: 7 
X-DOI: 10.1080/02692171.2015.1016407 
File-URL: http://hdl.handle.net/10.1080/02692171.2015.1016407 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:29:y:2015:i:4:p:506-532




Template-Type: ReDIF-Article 1.0
Author-Name: Thomas E. Lambert 
Author-X-Name-First: Thomas E. 
Author-X-Name-Last: Lambert 
Author-Name: Edward Kwon 
Author-X-Name-First: Edward 
Author-X-Name-Last: Kwon 
Title: Monopoly capital and capitalist inefficiency 
Abstract:
 This paper examines the arguments and assertions of Baran's and Sweezy's
 <italic>Monopoly Capital: An Essay on the American Economic and Social
 Order</italic> (1966) by assessing the degree of economic efficiency or
 inefficiency in how surplus value and economic surplus were created by 16
 major capitalist economies during the 2000s using data envelopment
 analysis (DEA). After assigning a score to the degree of economic
 efficiency/inefficiency for each country, one can then assess which
 factors influence the degree of efficiency/inefficiency. This paper finds
 empirical support for many of the arguments put forth by the authors,
 Baran and Sweezy, as well as others regarding the inefficiency of the use
 of some forms of economic activity to help absorb economic surplus and to
 create surplus value.
Journal: International Review of Applied Economics 
Pages: 533-552 
Issue: 4 
Volume: 29 
Year: 2015 
Month: 7 
X-DOI: 10.1080/02692171.2015.1016409 
File-URL: http://hdl.handle.net/10.1080/02692171.2015.1016409 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:29:y:2015:i:4:p:533-552




Template-Type: ReDIF-Article 1.0
Author-Name: Vineet Kohli 
Author-X-Name-First: Vineet 
Author-X-Name-Last: Kohli 
Title: Macroeconomics of directed credit reforms in India 
Abstract:
 This paper develops a theoretical framework to evaluate directed credit
 reforms in India. It formulates a post-Keynesian/structuralist macro model
 that incorporates key features of the Indian banking system. The model
 divides the economy into a demand constrained industrial sector and a
 credit constrained agricultural sector. The model shows that directed
 credit reforms tighten agricultural credit and output, erode real wages by
 increasing the agricultural price and reduce industrial demand. Inflation
 also picks up on account of real wage resistance. This paper, therefore,
 has a close affinity with existing accounts that warn against the
 stagflationary consequences of financial liberalisation.
Journal: International Review of Applied Economics 
Pages: 553-578 
Issue: 4 
Volume: 29 
Year: 2015 
Month: 7 
X-DOI: 10.1080/02692171.2015.1016403 
File-URL: http://hdl.handle.net/10.1080/02692171.2015.1016403 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:29:y:2015:i:4:p:553-578




Template-Type: ReDIF-Article 1.0
Author-Name: Francesco Aiello 
Author-X-Name-First: Francesco 
Author-X-Name-Last: Aiello 
Author-Name: Valeria Pupo 
Author-X-Name-First: Valeria 
Author-X-Name-Last: Pupo 
Author-Name: Fernanda Ricotta 
Author-X-Name-First: Fernanda 
Author-X-Name-Last: Ricotta 
Title: Firm heterogeneity in TFP, sectoral innovation and location. Evidence from Italy 
Abstract:
 Sectoral and territorial specificities affect a firm's capabilities of
 being productive. While there is a wide consensus on this, a quantitative
 measure of these effects has been lacking. To this end, we combine a
 data-set of Italian firms with some <italic>meso</italic> regional and
 sectoral variables and apply a cross-classified model that allows for a
 clear distinction between firm, region-specific and sector-specific
 effects. After observing a marked TFP heterogeneity across firms, the
 paper addresses the issue of understanding how much differences in firms'
 productivity depend on regional localisation and sector specificities.
 Results refer to 2004-2006 and have three aspects. First, they confirm
 that the main source of firm variety is mostly due to differences revealed
 at individual level. Secondly, we find that the sector is more important
 than location in explaining firms' TFP. Lastly, the results show that firm
 TFP increases when it belongs to more innovative sectors. Similarly,
 companies get benefits from belonging to sectors where there is a high
 proportion of firms using R&D public support and a high propensity to
 collaborate in innovative projects.
Journal: International Review of Applied Economics 
Pages: 579-607 
Issue: 5 
Volume: 29 
Year: 2015 
Month: 9 
X-DOI: 10.1080/02692171.2015.1016408 
File-URL: http://hdl.handle.net/10.1080/02692171.2015.1016408 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:29:y:2015:i:5:p:579-607




Template-Type: ReDIF-Article 1.0
Author-Name: Peter A. Riach 
Author-X-Name-First: Peter A. 
Author-X-Name-Last: Riach 
Title: A field experiment investigating age discrimination in four European labour markets 
Abstract:
 In a field experiment investigating age discrimination, pairs of men, aged
 27 and 47, inquired about employment as waiters in towns across England,
 France, Germany and Spain. Statistically significant discrimination
 against the older waiter was found in all four countries, but it was
 considerably higher in France and Spain than in England and Germany.
Journal: International Review of Applied Economics 
Pages: 608-619 
Issue: 5 
Volume: 29 
Year: 2015 
Month: 9 
X-DOI: 10.1080/02692171.2015.1021667 
File-URL: http://hdl.handle.net/10.1080/02692171.2015.1021667 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:29:y:2015:i:5:p:608-619




Template-Type: ReDIF-Article 1.0
Author-Name: Zeynep Ozkok 
Author-X-Name-First: Zeynep 
Author-X-Name-Last: Ozkok 
Title: Financial openness and financial development: an analysis using indices 
Abstract:
 This paper examines the link between financial openness and financial
 development through panel data analysis on advanced and emerging market
 countries. Using indices, financial openness together with institutional
 and educational variables explains a large part of the variation in
 financial development across countries and over time. Our analysis
 demonstrates that different indexing strategies serve to find better
 measures for financial openness and financial development in comparison
 with the individual indicators used in the literature. Our
 principal-component-type financial openness index conveys a positive
 effect on financial development independent from the lag structure or
 specifications used.
Journal: International Review of Applied Economics 
Pages: 620-649 
Issue: 5 
Volume: 29 
Year: 2015 
Month: 9 
X-DOI: 10.1080/02692171.2015.1054366 
File-URL: http://hdl.handle.net/10.1080/02692171.2015.1054366 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:29:y:2015:i:5:p:620-649




Template-Type: ReDIF-Article 1.0
Author-Name: Ihsen Abid 
Author-X-Name-First: Ihsen 
Author-X-Name-Last: Abid 
Author-Name: Mohamed Goaied 
Author-X-Name-First: Mohamed 
Author-X-Name-Last: Goaied 
Title: Consideration of technological and environmental heterogeneity in cost efficiency analysis 
Abstract:
 In order to evaluate and compare the efficiency levels across banking
 industries, we adopt the meta-frontier model that can assess the
 technological difference among countries. Given the importance of country
 specific conditions, we include in our analysis the different
 specificities of each country to incorporate the technological as the
 environmental differences in the evaluation of banking efficiencies. Using
 data on the banking industries of several countries in the MENA region,
 over the period 1991-2011, the results of the efficiency scores corrected
 by the technological and environmental gap led us to conclude that
 Egyptian banks are the most efficient in terms of cost compared with banks
 in other countries. Egyptian banks enjoy a very favourable banking
 technology. Our results support the hypothesis that traditional techniques
 of efficiency analysis based on the efficiency scores of a specific and
 pooled frontier tend to mystify efficiency levels and may incorrectly
 identify efficient banks. This paper contributes to the efficiency
 literature by incorporating technological and environmental
 heterogeneities in the evaluation of efficiency. This helps to
 characterize the production process of a bank and provides common
 standards by which the efficiencies of banks in different countries can be
 compared in a meaningful way with each other.
Journal: International Review of Applied Economics 
Pages: 650-676 
Issue: 5 
Volume: 29 
Year: 2015 
Month: 9 
X-DOI: 10.1080/02692171.2015.1054368 
File-URL: http://hdl.handle.net/10.1080/02692171.2015.1054368 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:29:y:2015:i:5:p:650-676




Template-Type: ReDIF-Article 1.0
Author-Name: Luis Beccaria 
Author-X-Name-First: Luis 
Author-X-Name-Last: Beccaria 
Author-Name: Roxana Maurizio 
Author-X-Name-First: Roxana 
Author-X-Name-Last: Maurizio 
Author-Name: Gustavo V�zquez 
Author-X-Name-First: Gustavo 
Author-X-Name-Last: V�zquez 
Title: Recent decline in wage inequality and formalization of the labour market in Argentina 
Abstract:
 Labour market conditions improved during the 2000s in Latin America, a
 process that included a reduction in the magnitude of informal employment.
 A decline of wage inequality was another feature of this period. Both
 dynamics were particularly intense in Argentina. The purpose of this study
 is to evaluate the role played by the process of formalization of the
 labour market that occurred in Argentina during that period on the
 reduction of income inequality, while additionally taking into account
 other factors that might have also contributed to such dynamics of income
 inequality. The method employed is a decomposition proposed by Firpo,
 Fortin and Lemieux, which allows extending the Oaxaca-Blinder approach to
 decompose some distributive statistics of income between a 'composition
 effect' and a 'returns effect'. The study concludes that the process of
 increasing labour market formalization had an equalizing effect over the
 period, a finding that had not been emphasized in previous studies.
Journal: International Review of Applied Economics 
Pages: 677-700 
Issue: 5 
Volume: 29 
Year: 2015 
Month: 9 
X-DOI: 10.1080/02692171.2015.1054369 
File-URL: http://hdl.handle.net/10.1080/02692171.2015.1054369 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:29:y:2015:i:5:p:677-700




Template-Type: ReDIF-Article 1.0
Author-Name: Domenico Sarno 
Author-X-Name-First: Domenico 
Author-X-Name-Last: Sarno 
Title: Does dependence on internal finance help explain the prevailing pattern of manufacturing? The case of the Italian Mezzogiorno 
Abstract:
 The purpose of the paper is to ascertain a possible relationship between
 sectorial financial dependence and the regional industrialization pattern
 in the backward areas of Southern Italy, the so-called Italian
 Mezzogiorno. The analysis is based on a definition of financial dependence
 different to that of Rajan-Zingales in that it is determined as the
 contribution of internal resources to the financing of firm growth and is
 measured through the estimation of the LPE standard model augmented by the
 cash flow variable on a large sample of Italian SMEs observed from
 2001-2008. The relationship between sectorial measures of financial
 dependence and composition of manufacturing in Italian Southern regions is
 then tested; the analysis shows that firms' shares of the low financial
 dependence sectors tend to prevail in manufacturing in the Southern
 regions.
Journal: International Review of Applied Economics 
Pages: 701-715 
Issue: 5 
Volume: 29 
Year: 2015 
Month: 9 
X-DOI: 10.1080/02692171.2015.1054370 
File-URL: http://hdl.handle.net/10.1080/02692171.2015.1054370 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:29:y:2015:i:5:p:701-715




Template-Type: ReDIF-Article 1.0
Author-Name: Carlos A. Ibarra 
Author-X-Name-First: Carlos A. 
Author-X-Name-Last: Ibarra 
Title: Investment and the real exchange rate's profitability channel in Mexico 
Abstract:
 The paper estimates different versions of an equation for private
 investment in Mexico during the post-liberalization period 1988-2013, with
 the aim of studying the operation of the recently discussed real exchange
 rate's profitability channel. During this period, the real exchange rate
 (RER) was broadly positively correlated with the Mexican price/wage ratio
 and the Mexican/US relative profit margin in the manufacturing sector,
 particularly so when the RER experienced large fluctuations, before the
 end of disinflation in the early 2000s. In the estimations, the effect of
 the profit margin appears to be 'deeper', wiping out the effect of the RER
 when the two variables are included together in the investment equation.
 From this, the paper argues that the positive effect of the RER on
 investment, observed in previous studies that omitted the profit margin,
 reflects indirectly the positive link of the RER with the profit margin,
 supporting the existence of a profitability channel in Mexico.
Journal: International Review of Applied Economics 
Pages: 716-739 
Issue: 5 
Volume: 29 
Year: 2015 
Month: 9 
X-DOI: 10.1080/02692171.2015.1054371 
File-URL: http://hdl.handle.net/10.1080/02692171.2015.1054371 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:29:y:2015:i:5:p:716-739




Template-Type: ReDIF-Article 1.0
Author-Name: Edward N. Wolff 
Author-X-Name-First: Edward N. 
Author-X-Name-Last: Wolff 
Title: Inequality and rising profitability in the United States, 1947-2012 
Abstract:
 The last 40 years has seen slow growing earnings and income for the middle
 class, as well as rising overall inequality. In contrast, the early
 postwar period witnessed rapid gains in wages and family income for the
 middle class and a moderate fall in inequality. The 'booming' 1990s and
 the first decade of the 2000s did not bring much relief to the middle
 class, with median income growing by only 2% (in total) between 1989 and
 2012. The stagnation of middle class living standards since 1973 or so is
 attributable to the slow growth in earnings. While average earnings almost
 doubled between 1947 and 1973, it advanced by only 22% from 1973 to 2012.
 The main reason for the stagnation of labor earnings derives from a clear
 shift in national income away from labor towards capital, with overall
 profitability rising either back to previous postwar highs or to new highs
 by 2012. Based on regression analysis, a positive and significant
 connection is found between top income shares and the profit share. The
 unionization rate, computer investment per worker, the minimum wage, and
 the unemployment rate are also significantly related to top income shares.
Journal: International Review of Applied Economics 
Pages: 741-769 
Issue: 6 
Volume: 29 
Year: 2015 
Month: 11 
X-DOI: 10.1080/02692171.2014.956704 
File-URL: http://hdl.handle.net/10.1080/02692171.2014.956704 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:29:y:2015:i:6:p:741-769




Template-Type: ReDIF-Article 1.0
Author-Name: Christina Anselmann 
Author-X-Name-First: Christina 
Author-X-Name-Last: Anselmann 
Author-Name: Hagen M. Kr�mer 
Author-X-Name-First: Hagen M. 
Author-X-Name-Last: Kr�mer 
Title: Income inequality and top incomes: some recent empirical developments with a focus on Germany 
Abstract:
 During the few last years, several studies have revealed that income
 differences have increased in a number of OECD countries. While most of
 the corresponding empirical analyses have focused on general trends and
 poverty in the past, this paper emphasizes the highest income groups. A
 strong increase in top income shares has recently been well documented for
 several English-speaking countries, especially for the United States. The
 present paper is mainly concerned with the developments in Germany in the
 past years. Using a mixture of different data, the evolution of gross and
 net income differences is analysed and compared with the developments in
 other countries. It is shown that top incomes and top income shares in
 Germany have increased in the recent past. Finally, some possible
 explanations for these developments are discussed.
Journal: International Review of Applied Economics 
Pages: 770-786 
Issue: 6 
Volume: 29 
Year: 2015 
Month: 11 
X-DOI: 10.1080/02692171.2015.1078780 
File-URL: http://hdl.handle.net/10.1080/02692171.2015.1078780 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:29:y:2015:i:6:p:770-786




Template-Type: ReDIF-Article 1.0
Author-Name: Yannis Dafermos 
Author-X-Name-First: Yannis 
Author-X-Name-Last: Dafermos 
Author-Name: Christos Papatheodorou 
Author-X-Name-First: Christos 
Author-X-Name-Last: Papatheodorou 
Title: Linking functional with personal income distribution: a stock-flow consistent approach 
Abstract:
 This paper develops a benchmark stock-flow consistent model that links
 functional with personal income distribution. The model consists of
 various household groups that receive income from different sources or
 from the same sources in different proportions. The dynamic linkage
 between functional and personal income distribution is formulated as part
 of a complete macroeconomic system. Inequality decomposition techniques
 are employed to associate income sources with personal income
 distribution. Simulation exercises are conducted to reveal the various
 ways through which functional and personal income distribution interact.
 In the simulations, a rise in the exogenous component of low-skilled
 workers' wage share reduces inequality in the short run; in the medium to
 long run inequality starts increasing due to certain macroeconomic
 developments, but remains lower than its initial level in almost all
 cases. A change in functional income distribution due to a rise in the
 dividend payout ratio of firms increases inequality both in the short run
 and the long run.
Journal: International Review of Applied Economics 
Pages: 787-815 
Issue: 6 
Volume: 29 
Year: 2015 
Month: 11 
X-DOI: 10.1080/02692171.2015.1054365 
File-URL: http://hdl.handle.net/10.1080/02692171.2015.1054365 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:29:y:2015:i:6:p:787-815




Template-Type: ReDIF-Article 1.0
Author-Name: Geoff Willis 
Author-X-Name-First: Geoff 
Author-X-Name-Last: Willis 
Title: Income distribution and income shares: wealth and income distributions explained using generalised Lotka-Volterra SFC ABM models 
Abstract:
 This paper combines a classical approach to economics with standard
 finance theory in a Lotka-Volterra framework. The models are agent-based,
 general Lotka-Volterra (GLV) models, using very simple homogeneous or
 heterogeneous agents. The agents are owners of capital, they receive wages
 and returns on their capital, and spend a portion of their wealth on
 consumption. As such the models use realistic economic variables. The
 models give simple outputs of 'log-normal'-like bodies and power tail
 distributions for both wealth and income. These distributions match those
 seen in real economies. The models are unique in giving real world
 distributions from a statistical mechanical model that uses absolutely
 identical agents. The models demonstrate that wealth and income inequality
 is driven by the economic force of concentration of capital through a
 statistical-mechanical wealth condensation process. The models also show a
 direct relationship between the macroeconomic labour share of income and
 the distributions of personal wealth and income. In addition, the models
 give a proposed 'compulsory saving' regime that appears highly effective
 for the reduction of poverty.
Journal: International Review of Applied Economics 
Pages: 816-842 
Issue: 6 
Volume: 29 
Year: 2015 
Month: 11 
X-DOI: 10.1080/02692171.2015.1065225 
File-URL: http://hdl.handle.net/10.1080/02692171.2015.1065225 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:29:y:2015:i:6:p:816-842




Template-Type: ReDIF-Article 1.0
Author-Name: Servaas Storm 
Author-X-Name-First: Servaas 
Author-X-Name-Last: Storm 
Author-Name: C.W.M. Naastepad 
Author-X-Name-First: C.W.M. 
Author-X-Name-Last: Naastepad 
Title: NAIRU economics and the Eurozone crisis 
Abstract:
 Intra-Eurozone current-account imbalances (and divergent external debt
 positions) cannot be attributed to the deterioration of cost (or price)
 competitiveness in Europe's periphery vis-�-vis its core. Imbalances were
 driven by high domestic demand growth in the periphery, which was financed
 by capital flows from the core. The external finance - following
 capitalist logic - ended up in non-traded medium-low-tech activities (e.g.
 construction). This points to a structural problem in pan-European
 financial integration - which we locate in the economic ideology guiding
 the EMU: NAIRU economics. We zoom in on the reasons why NAIRU-based
 monetary policy deepened the already existing structural heterogeneity in
 the Eurozone, locking the Southern-European economies up in low- and
 medium-technology activities often in direct competition with China. The
 only way out is a rethink of Eurozone macroeconomic and industrial
 policies which - going beyond often-made calls for broad-based fiscal
 stimulus or a clearing arrangement - fundamentally reconsiders the role of
 the ECB in light of what needs to be done to create Europe's non-price
 comparative advantage of tomorrow.
Journal: International Review of Applied Economics 
Pages: 843-877 
Issue: 6 
Volume: 29 
Year: 2015 
Month: 11 
X-DOI: 10.1080/02692171.2015.1054367 
File-URL: http://hdl.handle.net/10.1080/02692171.2015.1054367 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:29:y:2015:i:6:p:843-877




Template-Type: ReDIF-Article 1.0
Author-Name: Malcolm Sawyer 
Author-X-Name-First: Malcolm 
Author-X-Name-Last: Sawyer 
Title: Confronting inequality: review article on Thomas Piketty on 'Capital in the 2st Century' 
Abstract:
 This review article on Thomas Piketty's 'Capital in the twenty-first
 century' opens with a discussion of the trends in income and wealth
 inequality reported by Piketty and his co-workers. The significance of the
 rising trends of inequality after 1980 in contrast to the pre-1980 trends
 is elaborated. It is noted that rising inequality has been accompanied by
 slower growth. Piketty identifies the relationship between the rate of
 return on wealth and the rate of growth as a major issue. It is argued
 here that an excess of savings out of return on wealth over the rate of
 output growth is unsustainable. It may lead, following Piketty, to rising
 wealth inequality, but we argue the difference would be deflationary and
 cause high levels of unemployment. While Piketty favours high income and
 wealth taxation to address that difference (from which we do not differ),
 there are additional ways such as enhanced worker power, corporation tax
 on a coordinated basis to reduce tax competition.
Journal: International Review of Applied Economics 
Pages: 878-889 
Issue: 6 
Volume: 29 
Year: 2015 
Month: 11 
X-DOI: 10.1080/02692171.2015.1065227 
File-URL: http://hdl.handle.net/10.1080/02692171.2015.1065227 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:29:y:2015:i:6:p:878-889




Template-Type: ReDIF-Article 1.0
Author-Name: Alberto Bagnai 
Author-X-Name-First: Alberto 
Author-X-Name-Last: Bagnai 
Title: Italy&#x2019;s decline and the balance-of-payments constraint: a multicountry analysis
Abstract:
 According to the literature, the decline experienced by the Italian
 economy in the last two decades depends on a slowdown of its labour
 productivity, starting in the 1990s. The supply-side explanations of this
 slowdown are inconsistent with the major stylised facts. In this paper, we
 verify whether a better explanation is provided by the effect of a
 negative demand shock, through Italy&#x2019;s external constraints, in the
 framework of Kaldor-Dixon-Thirlwall&#x2019;s cumulative growth model. To
 this end, we use a multi-country generalisation of Thirlwall&#x2019;s
 balance-of-payments-constrained growth model, which allows us to
 investigate the contribution of Italy&#x2019;s main trade partners to
 Italy&#x2019;s long-run growth from 1970 to 2010. The trade partners are
 disaggregated into seven groups: Eurozone core, Eurozone periphery, United
 States, other European countries, OPEC countries, BRIC, and the rest of
 the world. The results show that Italy&#x2019;s long-run growth has been
 consistent with the Bop-constraint, that its decline can be explained by a
 progressive tightening of this constraint, that the sudden slowdown of
 labour productivity in the 1990s corresponds to a major shock on
 Italy&#x2019;s external constraint, and that the major contributions to
 this shock came, through different channels of transmission, from the core
 Eurozone countries and from OPEC countries.
Journal: International Review of Applied Economics 
Pages: 1-26 
Issue: 1 
Volume: 30 
Year: 2016 
Month: 1 
X-DOI: 10.1080/02692171.2015.1065226 
File-URL: http://hdl.handle.net/10.1080/02692171.2015.1065226 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:30:y:2016:i:1:p:1-26




Template-Type: ReDIF-Article 1.0
Author-Name: S&#xf3;nia Cabral 
Author-X-Name-First: S&#xf3;nia 
Author-X-Name-Last: Cabral 
Author-Name: Cl&#xe1;udia Duarte 
Author-X-Name-First: Cl&#xe1;udia 
Author-X-Name-Last: Duarte 
Title: Lost in translation? The relative wages of immigrants in the Portuguese labour market 
Abstract:
 This article examines the wage gaps between immigrant and Portuguese
 workers using matched employer--employee data for the 2002--2008 period.
 We found that most of the wage gap is not due to the worst endowments of
 the immigrants but to differences in the returns to those characteristics
 and to the immigrant status effect. In particular, immigrants&#x2019;
 education and foreign experience are significantly less valued in the
 Portuguese labour market. Overall, the wages of immigrants do not fully
 converge to those of comparable natives as domestic experience increases.
 The assimilation rates tend to be stronger in the first years after
 migration and for immigrants with higher levels of foreign experience.
 Total immigrants are a heterogeneous group of different nationalities,
 with immigrants from the EU15 and China starring as the two extreme cases.
Journal: International Review of Applied Economics 
Pages: 27-47 
Issue: 1 
Volume: 30 
Year: 2016 
Month: 1 
X-DOI: 10.1080/02692171.2015.1070129 
File-URL: http://hdl.handle.net/10.1080/02692171.2015.1070129 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:30:y:2016:i:1:p:27-47




Template-Type: ReDIF-Article 1.0
Author-Name: Tommaso Agasisti 
Author-X-Name-First: Tommaso 
Author-X-Name-Last: Agasisti 
Title: Cost structure, productivity and efficiency of the Italian public higher education industry 2001--2011 
Abstract:
 In this paper, I analyze the cost structure of the Italian higher
 education system for the decade between 2001 and 2011, by means of a
 stochastic translog cost function. I suggest that the judgment about the
 optimal configuration of the sector is strongly dependent upon the policy
 priorities set by decision makers. When assuming that the
 universities&#x2019; output is the number of students, scale economies are
 exhausted, and marginal costs are relatively low; when considering
 graduates as outputs instead, there is opportunity for increasing the
 scale of operations. Inefficiency affects production in a sensible manner,
 especially when assuming that the target output is the number of
 graduates. Moreover, efficiency contributes to explaining a relevant
 portion of the productivity increases in the period. No significant scope
 economies between teaching and research emerge, suggesting that a higher
 degree of universities&#x2019; specialization can be a direction for
 improving the sector&#x2019;s efficiency and productivity.
Journal: International Review of Applied Economics 
Pages: 48-68 
Issue: 1 
Volume: 30 
Year: 2016 
Month: 1 
X-DOI: 10.1080/02692171.2015.1070130 
File-URL: http://hdl.handle.net/10.1080/02692171.2015.1070130 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:30:y:2016:i:1:p:48-68




Template-Type: ReDIF-Article 1.0
Author-Name: Simplice A. Asongu 
Author-X-Name-First: Simplice A. 
Author-X-Name-Last: Asongu 
Author-Name: Jacinta C. Nwachukwu 
Author-X-Name-First: Jacinta C. 
Author-X-Name-Last: Nwachukwu 
Title: Foreign aid and governance in Africa 
Abstract:
 This paper investigates the effect of foreign aid on governance in order
 to extend the debate on foreign aid and to verify common positions from
 Moyo&#x2019;s &#x2018;Dead Aid&#x2019;, Collier&#x2019;s &#x2018;Bottom
 Billion&#x2019; and Eubank&#x2019;s &#x2018;Somaliland&#x2019;. The
 empirical evidence is based on updated data from 52 African countries for
 the period 1996--2010. An endogeneity robust instrumental variable
 Two-Stage-Least Squares empirical strategy is employed. The findings
 reveal that development assistance deteriorates economic (regulation
 quality and government effectiveness) and institutional
 (corruption-control and rule of law) governance, but has an insignificant
 effect on political (political stability, voice and accountability)
 governance. While, these findings are broadly in accordance with Moyo and
 Collier on weak governance, they neither confirm the Eubank position on
 political governance nor the Asongu stance on the aid-corruption nexus in
 a debate with Okada and Samreth. The use of foreign aid as an instrument
 to influence the election and replacement of political leaders in Africa
 may have insignificant results. It is time to solve the second tragedy of
 foreign aid and that economists and policy makers start rethinking the
 models and theories on which foreign aid is used to influence economic,
 institutional and political governance in recipient countries.
Journal: International Review of Applied Economics 
Pages: 69-88 
Issue: 1 
Volume: 30 
Year: 2016 
Month: 1 
X-DOI: 10.1080/02692171.2015.1074164 
File-URL: http://hdl.handle.net/10.1080/02692171.2015.1074164 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:30:y:2016:i:1:p:69-88




Template-Type: ReDIF-Article 1.0
Author-Name: Marcus Gumpert 
Author-X-Name-First: Marcus 
Author-X-Name-Last: Gumpert 
Title: Rational underdevelopment: regional economic disparities under the Heckscher-Ohlin Theorem 
Abstract:
 This paper analyzes how differences in regional development arise through
 technological variations and changes. Previous Ricardian-model-based
 considerations of this phenomenon, known as rational underdevelopment,
 have ignored migration, elasticities, multidimensional factors and inputs.
 This study thus re-examines rational underdevelopment in light of the
 Heckscher-Ohlin Theorem, considering two regions, with two sectors, in two
 periods. The regions have different factor and technology endowments. The
 first region has a technology sector, and the second is a technology
 laggard. Once a new technology that can potentially benefit both regions
 is introduced, the technology-endowed region offers financial transfers to
 the technologically lagging region. This equalizes regional incomes but
 also reduces the possibility that the laggard will adopt the new
 technology and decrease its developmental disadvantage. We also discuss
 the influence of mobile factors, which reduce regional inequality. The
 results show that rational underdevelopment extends beyond wage subsidies
 to mobile factors and capital. The analysis has implications for economic
 policies aimed at reducing inter-regional inequality.
Journal: International Review of Applied Economics 
Pages: 89-111 
Issue: 1 
Volume: 30 
Year: 2016 
Month: 1 
X-DOI: 10.1080/02692171.2015.1074165 
File-URL: http://hdl.handle.net/10.1080/02692171.2015.1074165 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:30:y:2016:i:1:p:89-111




Template-Type: ReDIF-Article 1.0
Author-Name: Francesco Aiello 
Author-X-Name-First: Francesco 
Author-X-Name-Last: Aiello 
Author-Name: Graziella Bonanno 
Author-X-Name-First: Graziella 
Author-X-Name-Last: Bonanno 
Title: Efficiency in banking: a meta-regression analysis 
Abstract:
 One learns two main lessons from studying the great quantity of banking
 efficiency literature. These lessons regard the heterogeneity in results
 and the absence of a comprehensive review aimed at understanding the
 reasons for this variability. Surprisingly, although this issue is
 well-known, it has not been systematically analyzed before. In order to
 fill this gap, we perform a Meta-Regression-Analysis (MRA) by examining
 1661 efficiency scores retrieved from 120 papers published over the period
 2000--2014. The meta-regression is estimated by using the Random Effects
 Multilevel Model (REML) because it controls for within- and between-study
 heterogeneity. The analysis yields four main results. First, parametric
 methods yield lower levels of banking efficiency than nonparametric
 studies. This holds true even after controlling for the approach used in
 selecting the inputs and outputs of the frontier. Secondly, we show that
 banking efficiency is highest when using the value-added approach,
 followed by estimates from studies based on the intermediation method,
 whereas those based on the hybrid approach are the lowest. Thirdly,
 efficiency scores are also determined by the quality of studies and the
 number of observations and variables used in the primary papers. As far as
 the effects of sample size, dimension and quality of papers are concerned,
 there are significant differences in sign and magnitude between parametric
 and nonparametric studies. Finally, cost efficiency is found to be higher
 than profit efficiency. Interestingly, MRA results are robust to the
 potential outliers in efficiency and sample size distributions.
Journal: International Review of Applied Economics 
Pages: 112-149 
Issue: 1 
Volume: 30 
Year: 2016 
Month: 1 
X-DOI: 10.1080/02692171.2015.1070131 
File-URL: http://hdl.handle.net/10.1080/02692171.2015.1070131 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:30:y:2016:i:1:p:112-149




Template-Type: ReDIF-Article 1.0
Author-Name: Edsel L. Beja 
Author-X-Name-First: Edsel L. 
Author-X-Name-Last: Beja 
Title: Measuring economic ill-being using objective and subjective indicators: evidence for the Philippines 
Abstract:
 The mismatch between a country&#x2019;s macroeconomic performance and the
 people&#x2019;s economic well-being represents the overall economic
 ill-being in a society. This mismatch is measurable using objective
 indicators such as the inflation rate and the joblessness rate as well as
 subjective indicators such as personal evaluations on the inflation and
 joblessness rates. That is, the inflation rate shows the affordability of
 goods and services; and the subjective evaluation indicates whether people
 see the goods and services as affordable or not. In addition, the
 joblessness rate indicates the portion of the labor force that does not
 enjoy gainful employment; and the subjective evaluation indicates whether
 people see themselves as jobless or not. The results for the Philippines
 show a high-level of overall economic ill-being especially in the decade
 covering 2005 to 2014. This finding unveils a different scene from what
 the mainstream discourses are portraying as the current state of the
 Philippine society.
Journal: International Review of Applied Economics 
Pages: 151-166 
Issue: 2 
Volume: 30 
Year: 2016 
Month: 3 
X-DOI: 10.1080/02692171.2015.1074166 
File-URL: http://hdl.handle.net/10.1080/02692171.2015.1074166 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:30:y:2016:i:2:p:151-166




Template-Type: ReDIF-Article 1.0
Author-Name: Mona Ali 
Author-X-Name-First: Mona 
Author-X-Name-Last: Ali 
Title: Global imbalances and asymmetric returns to US foreign assets: fitting the missing pieces of the US balance of payments puzzle 
Abstract:
 The issue of whether the US earns a persistently higher return on its
 foreign direct investment (relative to returns to foreign-owned direct
 investment in the US) has received considerable attention but little
 closure in the &#x2018;global imbalances&#x2019; debate. Measuring the
 rate of returns to US direct investment abroad and foreign direct
 investment in the US we find higher returns to US foreign direct
 investment relative to its foreign counterparts in the US. Given the
 evidence indicating higher returns to US direct investment overseas, we
 link the irresolution in the contemporary literature regarding the
 existence of these returns to the unsettled debate over the origin of
 global imbalances. Reviewing the macro-financial literature on global
 imbalances, we find a failure to acknowledge that the US current account
 deficit is, in part, the outcome of transnational production networks in a
 global economy under-pinned by dollar hegemony. Given the growth in US
 multinational supply chains, we argue that the US trade deficit is
 consistent with asymmetric returns to US direct investment and that the
 sustainability of these return differentials rests on the stability of the
 status quo.
Journal: International Review of Applied Economics 
Pages: 167-187 
Issue: 2 
Volume: 30 
Year: 2016 
Month: 3 
X-DOI: 10.1080/02692171.2015.1085002 
File-URL: http://hdl.handle.net/10.1080/02692171.2015.1085002 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:30:y:2016:i:2:p:167-187




Template-Type: ReDIF-Article 1.0
Author-Name: Marilena Furno 
Author-X-Name-First: Marilena 
Author-X-Name-Last: Furno 
Title: Decomposition and wage inequality 
Abstract:
 Earning differentials are investigated by a quantile regressions based
 decomposition, which disentangles the inequalities linked to the
 covariates and coefficients at various quantiles. Gender and region are
 considered the main sources of inequality. The unexplained gender and
 regional differences decrease at the highest wages. Their combination at
 the lower wages&#x2019; level affects women more, causing a so-called
 sticky floor. Gender and regional covariate effects show a prevalence of
 women covariates compared with the men&#x2019;s group, and a prevalence of
 southern women covariates within the women&#x2019;s group, particularly at
 the higher quantiles. This can be interpreted as a glass ceiling hindering
 southern women at higher wages.
Journal: International Review of Applied Economics 
Pages: 188-209 
Issue: 2 
Volume: 30 
Year: 2016 
Month: 3 
X-DOI: 10.1080/02692171.2015.1085004 
File-URL: http://hdl.handle.net/10.1080/02692171.2015.1085004 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:30:y:2016:i:2:p:188-209




Template-Type: ReDIF-Article 1.0
Author-Name: Bernardina Algieri 
Author-X-Name-First: Bernardina 
Author-X-Name-Last: Algieri 
Title: Conditional price volatility, speculation, and excessive speculation in commodity markets: sheep or shepherd behaviour? 
Abstract:
 The present study aims to investigate the dynamics of primary commodity
 spot prices and the role of speculation for the period 1995--2012. Using a
 linear and nonlinear Granger causality analysis, the relationship between
 speculation and GARCH conditional price volatility on the one side, and
 the linkage between excessive speculation and GARCH conditional price
 volatility on the other side, is carefully examined with the scope to
 establish whether volatility drives speculation or speculation drives
 price volatility, or whether there are no linkages between the two
 variables. The results show that excessive speculation leads conditional
 price volatility, and that bilateral relationships often exist between
 price volatility and speculation. In addition, the lead-lag relationships
 are not found for the entire sample period, but rather when small
 sub-periods are taken into account. It turns out, in fact, that excessive
 speculation has driven price volatility for maize, rice, soybeans, and
 wheat in particular time frames, but the relationships are not always
 overlapping for all considered commodities. Generally, the results under
 linear causality tests are in agreement with those obtained under
 nonlinear counterparts.
Journal: International Review of Applied Economics 
Pages: 210-237 
Issue: 2 
Volume: 30 
Year: 2016 
Month: 3 
X-DOI: 10.1080/02692171.2015.1102204 
File-URL: http://hdl.handle.net/10.1080/02692171.2015.1102204 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:30:y:2016:i:2:p:210-237




Template-Type: ReDIF-Article 1.0
Author-Name: Giorgia Giovannetti 
Author-X-Name-First: Giorgia 
Author-X-Name-Last: Giovannetti 
Author-Name: Marco Sanfilippo 
Author-X-Name-First: Marco 
Author-X-Name-Last: Sanfilippo 
Title: China&#x2019;s competition and the export price strategies of developed countries 
Abstract:
 This paper analyzes the impact of Chinese competition on developed
 countries&#x2019; export prices. The empirical application is on Italy,
 one of the main European manufacturing exporters with exports at high risk
 of competition from China. Our results show that, following China&#x2019;s
 entry into the WTO, the price strategies of Italian firms has been
 affected. While in general the increasing Chinese export competition
 resulted in an upgrading of products exported, the impact has been
 different according to the sector and technological level. The incentives
 to upgrade have been stronger for low technology sectors, where
 competition is tougher and varieties of products sold lower. To highlight
 quality differentials, and isolate the effects on the different segments
 of the distribution of Italy&#x2019;s export prices, we run quantile
 regressions. We find that are mainly those products sold at low prices to
 face a strong pressure to upgrade.
Journal: International Review of Applied Economics 
Pages: 238-254 
Issue: 2 
Volume: 30 
Year: 2016 
Month: 3 
X-DOI: 10.1080/02692171.2015.1102205 
File-URL: http://hdl.handle.net/10.1080/02692171.2015.1102205 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:30:y:2016:i:2:p:238-254




Template-Type: ReDIF-Article 1.0
Author-Name: Paulo Aguiar do Monte 
Author-X-Name-First: Paulo 
Author-X-Name-Last: Aguiar do Monte 
Author-Name: H&#xe9;lio de Sousa Ramos Filho 
Author-X-Name-First: H&#xe9;lio de Sousa 
Author-X-Name-Last: Ramos Filho 
Title: The Brazilian cash transfer programme, regional effects, and its impact on the labour market 
Abstract:
 The aim of this paper is to discuss the effects of the <italic>Bolsa
 Fam&#xed;lia</italic> Programme on the Brazilian labour market. The data
 analysed derive from a sample from the Family Budget Survey, 2008--2009.
 The descriptive analysis highlights the importance of <italic>Bolsa
 Fam&#xed;lia</italic> in the composition of families&#x2019; income,
 especially in the case of those families that live in less economically
 developed regions of Brazil such as North and Northeast, as well as rural
 areas. The empirical analysis carries out econometric models (Seemingly
 Unrelated Bivariate Probit model and Instrumental Variables (IV)), and
 demonstrates both a strong and negative effect of the cash transfer
 provided by <italic>Bolsa Fam&#xed;lia</italic> on the Brazilian labour
 market.
Journal: International Review of Applied Economics 
Pages: 255-271 
Issue: 2 
Volume: 30 
Year: 2016 
Month: 3 
X-DOI: 10.1080/02692171.2015.1085003 
File-URL: http://hdl.handle.net/10.1080/02692171.2015.1085003 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:30:y:2016:i:2:p:255-271




Template-Type: ReDIF-Article 1.0
Author-Name: Anuradha Guru 
Author-X-Name-First: Anuradha 
Author-X-Name-Last: Guru 
Title: Early warning system of finance stress for India 
Abstract:
 This paper develops a composite Financial Sector Stress Index (FSSI) for
 the Indian financial system as a whole by combining three sub-indices for
 currency markets, the banking sector and the stock market, to gauge the
 level of financial stress in the Indian financial system. Such a
 continuous-valued index can be used to track the varying magnitude and
 dynamics of financial stress in the country over time. The FSSI provides
 an ordinal measure of stress in the financial system. Changes in the FSSI
 are useful in assessing whether financial stress is rising or falling, and
 in ascertaining extreme events in the financial system. The paper, then,
 objectively identifies extreme stress periods in the financial system
 based on movements of the index. We recognise that such extreme/tail
 events pose special econometric challenges as they are rare events but
 with a big impact. Hence, we use a more robust and analytically sound
 technique of Extreme Value Theory (EVT) to identify extreme events in the
 financial system. Once the extreme stress events are identified, we use a
 binary dependent variable model (logit model) to estimate the impact of
 various macroeconomic and financial variables on the probability of
 extreme stress in the financial system.
Journal: International Review of Applied Economics 
Pages: 273-300 
Issue: 3 
Volume: 30 
Year: 2016 
Month: 5 
X-DOI: 10.1080/02692171.2015.1102206 
File-URL: http://hdl.handle.net/10.1080/02692171.2015.1102206 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:30:y:2016:i:3:p:273-300




Template-Type: ReDIF-Article 1.0
Author-Name: Jo&#xe3;o P. Romero 
Author-X-Name-First: Jo&#xe3;o P. 
Author-X-Name-Last: Romero 
Author-Name: John S. L. McCombie 
Author-X-Name-First: John S. L. 
Author-X-Name-Last: McCombie 
Title: The Multi-Sectoral Thirlwall&#x2019;s Law: evidence from 14 developed European countries using product-level data 
Abstract:
 The paper reports estimates of import and export functions for five
 technological sectors in 14 developed European countries. These functions
 have never before been estimated for developed countries adopting a
 technological classification of sectors. The paper compares estimates of
 income elasticities found using vector error-correction models employing
 aggregate deflators, with estimates found using cross-product panels
 employing product-specific quality-adjusted price indexes recently
 calculated by Feenstra and Romalis. The results indicate that the income
 elasticities of imports and exports are higher for medium- and high-tech
 manufactures, which suggests the importance of moving from the production
 of simple goods to the production of goods with high technological
 content. The estimates also suggest that the Multi-Sectoral
 Thirlwall&#x2019;s Law holds for the countries analysed, while comparing
 the estimates revealed that cross-product panels with quality-adjusted
 prices generate considerably more robust results. The investigation
 reveals that using a more recent time period generates estimates of income
 elasticities of demand for primary products and resource-based
 manufactures that tend to be higher than the estimates found by studies
 that have used longer time periods, while the opposite holds for low-,
 medium-, and high-tech manufactures.
Journal: International Review of Applied Economics 
Pages: 301-325 
Issue: 3 
Volume: 30 
Year: 2016 
Month: 5 
X-DOI: 10.1080/02692171.2015.1102207 
File-URL: http://hdl.handle.net/10.1080/02692171.2015.1102207 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:30:y:2016:i:3:p:301-325




Template-Type: ReDIF-Article 1.0
Author-Name: Ay&#xe7;a Akar&#xe7;ay G&#xfc;rb&#xfc;z 
Author-X-Name-First: Ay&#xe7;a 
Author-X-Name-Last: Akar&#xe7;ay G&#xfc;rb&#xfc;z 
Author-Name: Sezgin Polat 
Author-X-Name-First: Sezgin 
Author-X-Name-Last: Polat 
Title: Public--private wage differentials in Turkey: public policy or market dynamics? 
Abstract:
 We evaluate public--private sector wage differentials by gender in Turkey
 between the years 2005 and 2013. Using micro data from Household Labor
 Force Surveys we find a positive premium for low wage earners and a
 penalty of working in the public sector at the higher end of the
 distribution. Although the penalty has not disappeared, the price effect
 has increased at both ends of the distribution. The increase at the lower
 tail is attributed to a higher price effect in the public sector, whereas
 at the higher tail it has been a result of a relatively uneven wage
 increase in the private sector along the distribution, rather than an
 explicit public wage policy.
Journal: International Review of Applied Economics 
Pages: 326-356 
Issue: 3 
Volume: 30 
Year: 2016 
Month: 5 
X-DOI: 10.1080/02692171.2015.1102208 
File-URL: http://hdl.handle.net/10.1080/02692171.2015.1102208 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:30:y:2016:i:3:p:326-356




Template-Type: ReDIF-Article 1.0
Author-Name: Lila J. Truett 
Author-X-Name-First: Lila J. 
Author-X-Name-Last: Truett 
Author-Name: Dale B. Truett 
Author-X-Name-First: Dale B. 
Author-X-Name-Last: Truett 
Title: The Spanish Textile Industry <italic>Sans</italic> ATC Quota Protection 
Abstract:
 The Spanish textile and apparel manufacturing sectors have been badly
 impacted by the global recession as well as the removal of quotas that
 were in place with the Agreement on Textiles and Clothing (ATC). This
 study employs a cost function to investigate the presence of scale
 economies and the interrelationships among inputs of domestic capital,
 labor, and intermediate goods as well as outsourced (imported)
 intermediate products for the Spanish textile industry in a global
 environment that has become increasingly competitive. While there is
 evidence of scale economies at low output levels, there is also some
 evidence consistent with diseconomies of scale at the highest output
 levels. All of the inputs appear to be substitutes for one another except
 for domestic capital and outsourced intermediate goods. An important
 finding is that the demands for both labor and domestic intermediate goods
 have become increasingly sensitive to the prices of outsourced inputs. The
 estimated coefficients of dummy variables indicate that reduced
 international trade restrictions have put downward pressure on unit cost
 for the industry in recent years. These results suggest that the Spanish
 textile industry and its domestic suppliers will be increasingly
 challenged by international competitive pressures.
Journal: International Review of Applied Economics 
Pages: 357-376 
Issue: 3 
Volume: 30 
Year: 2016 
Month: 5 
X-DOI: 10.1080/02692171.2015.1105936 
File-URL: http://hdl.handle.net/10.1080/02692171.2015.1105936 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:30:y:2016:i:3:p:357-376




Template-Type: ReDIF-Article 1.0
Author-Name: Kamil Galu&#x161;&#x10d;&#xe1;k 
Author-X-Name-First: Kamil 
Author-X-Name-Last: Galu&#x161;&#x10d;&#xe1;k 
Author-Name: Petr Hlav&#xe1;&#x10d; 
Author-X-Name-First: Petr 
Author-X-Name-Last: Hlav&#xe1;&#x10d; 
Author-Name: Petr Jakub&#xed;k 
Author-X-Name-First: Petr 
Author-X-Name-Last: Jakub&#xed;k 
Title: Household resilience to adverse macroeconomic shocks: evidence from Czech microdata 
Abstract:
 We develop a methodology for identifying financially distressed households
 and use it for testing the responses to shocks to the unemployment rate,
 the interest rate and prices of essential expenditure in the Czech
 Republic. We extend the approach of Johansson and Persson (2006) for
 Sweden and Albacete and Fessler (2010) for Austria in the literature to
 allow for full labour market transitions between employment and
 unemployment, and, due to data availability, to account for heads and
 spouses within households. This improvement may lead to a higher response
 of household distress incidence, due to the unemployment rate shock, than
 in both Sweden and Austria, while the effects due to the interest rate
 shock are of similar size as in Austria. We illustrate the use of our
 approach for stress testing households&#x2019; ability to pay their debts
 using macroeconomic scenarios from the CNB&#x2019;s official forecast and
 from the CNB&#x2019;s Financial Stability Report. The results highlight
 the importance of using micro-level datasets in the analysis of household
 distress incidence, as the impact of shocks is more pronounced among
 lower-income households.
Journal: International Review of Applied Economics 
Pages: 377-402 
Issue: 3 
Volume: 30 
Year: 2016 
Month: 5 
X-DOI: 10.1080/02692171.2015.1105937 
File-URL: http://hdl.handle.net/10.1080/02692171.2015.1105937 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:30:y:2016:i:3:p:377-402




Template-Type: ReDIF-Article 1.0
Author-Name: Basil Al-Najjar 
Author-X-Name-First: Basil 
Author-X-Name-Last: Al-Najjar 
Author-Name: Rong Ding 
Author-X-Name-First: Rong 
Author-X-Name-Last: Ding 
Author-Name: Khaled Hussainey 
Author-X-Name-First: Khaled 
Author-X-Name-Last: Hussainey 
Title: Determinants and value relevance of UK CEO pay slice 
Abstract:
 This paper studies the CEO pay slice (CPS) of UK listed firms during the
 period 2003 to 2009. We investigate the determinants of CPS. We study the
 links between CPS and measures of firm performance. We find that firms
 with higher levels of corporate governance ratings and those with more
 independent boards tend to have higher CPS. In addition, we find that CEOs
 are more likely to receive lower compensation when they chair the board
 and when they work in firms with large board size. We also find that
 higher CPS is positively associated with firm performance after
 controlling for the firm-specific characteristics and corporate governance
 variables. We get compatible results when we examine the association
 between equity-based CPS and firm performance. Our results remain robust
 to alternative accounting measures of firm performance. Our results
 suggest that high UK CPS levels do indeed reflect top managerial talent
 rather than managerial power.
Journal: International Review of Applied Economics 
Pages: 403-421 
Issue: 3 
Volume: 30 
Year: 2016 
Month: 5 
X-DOI: 10.1080/02692171.2015.1105938 
File-URL: http://hdl.handle.net/10.1080/02692171.2015.1105938 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:30:y:2016:i:3:p:403-421




Template-Type: ReDIF-Article 1.0
Author-Name: Ashim Kumar Kar 
Author-X-Name-First: Ashim Kumar 
Author-X-Name-Last: Kar 
Title: Measuring competition in microfinance markets: a new approach 
Abstract:
 This paper employs a relatively new method of competition measurement, the
 Boone indicator, for data on 521 microfinance institutions (MFIs) in ten
 vibrant microfinance markets: Bangladesh, India, Nepal, Indonesia, the
 Philippines, Bolivia, Ecuador, Nicaragua, Mexico and Peru. This approach
 is able to measure competition on a yearly basis in market segments
 without considering the entire market, as other well-known methods -- for
 instance, the Panzar-Rosse model -- require. Stochastic frontier (SF)
 models have been employed to estimate the translog cost function (TCF) and
 then marginal costs are computed. The potential endogeneity of performance
 and costs are overcome by utilising a two-step GMM estimator. Results show
 that competition levels vary from country to country, and over the period
 2003--2010 India and Nicaragua had the most competitive microfinance loan
 markets. Competition among the microfinance institutions in Bangladesh and
 Bolivia declined significantly over time, which may be due to the partial
 reconstitution of market power by the giant MFIs in these countries.
 Competition in other countries remained mostly unchanged over the years,
 in line with the consolidation and revitalisation of respective
 microfinance markets.
Journal: International Review of Applied Economics 
Pages: 423-440 
Issue: 4 
Volume: 30 
Year: 2016 
Month: 7 
X-DOI: 10.1080/02692171.2015.1106445 
File-URL: http://hdl.handle.net/10.1080/02692171.2015.1106445 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:30:y:2016:i:4:p:423-440




Template-Type: ReDIF-Article 1.0
Author-Name: Smruti Ranjan Behera 
Author-X-Name-First: Smruti Ranjan 
Author-X-Name-Last: Behera 
Title: Current account dynamics and capital mobility in the newly industrialized countries 
Abstract:
 This paper examines the current account dynamics in a group of ten newly
 industrialized countries (NICs) during the period 1980--2012 using a panel
 error-correction model. The model is also used to empirically test whether
 the degree of capital mobility is positively related to financial
 openness. The Chin-Ito (2006, 2008) financial openness index is used to
 classify the countries into different groups, and we place the countries
 in one group that are similar to each other in terms of their financial
 openness. Furthermore, to evaluate the extent of capital mobility over the
 different period from 1980 to 2012, the total period under study is
 divided into three sub-periods. The estimation results indicate that there
 exist long-run equilibrium relationships between domestic saving,
 investment, and current account in all groups regardless of their degree
 of financial openness. We find that more openness in terms of the capital
 account is associated with a higher degree of capital mobility in the case
 of NICs. The empirical result also indicates that the degree of capital
 mobility is higher in the first and third sub-period.
Journal: International Review of Applied Economics 
Pages: 441-461 
Issue: 4 
Volume: 30 
Year: 2016 
Month: 7 
X-DOI: 10.1080/02692171.2015.1122744 
File-URL: http://hdl.handle.net/10.1080/02692171.2015.1122744 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:30:y:2016:i:4:p:441-461




Template-Type: ReDIF-Article 1.0
Author-Name: Stefan Ederer 
Author-X-Name-First: Stefan 
Author-X-Name-Last: Ederer 
Author-Name: Christine Heumesser 
Author-X-Name-First: Christine 
Author-X-Name-Last: Heumesser 
Author-Name: Cornelia Staritz 
Author-X-Name-First: Cornelia 
Author-X-Name-Last: Staritz 
Title: Financialization and commodity prices -- an empirical analysis for coffee, cotton, wheat and oil 
Abstract:
 Commodity prices have crucial implications for developing countries. The
 question whether the financialization of commodity derivative markets has
 contributed to high and volatile commodity prices has been controversially
 debated. Building on limitations in the empirical literature, we estimate
 a multivariate Vector Autoregressive (VAR) model to assess the effect of
 different groups of financial investors (index investors and money
 managers) as well as fundamental and macroeconomic variables on the prices
 of coffee, cotton, wheat and oil. We find that, in contrast to index
 investors, money managers&#x2019; net long positions have a large
 statistically significant effect on commodity prices. This calls for
 policy interventions as commodity derivative markets may cease to perform
 their fundamental developmental roles.
Journal: International Review of Applied Economics 
Pages: 462-487 
Issue: 4 
Volume: 30 
Year: 2016 
Month: 7 
X-DOI: 10.1080/02692171.2015.1122745 
File-URL: http://hdl.handle.net/10.1080/02692171.2015.1122745 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:30:y:2016:i:4:p:462-487




Template-Type: ReDIF-Article 1.0
Author-Name: Jo&#xe3;o Sousa Andrade 
Author-X-Name-First: Jo&#xe3;o Sousa 
Author-X-Name-Last: Andrade 
Author-Name: Ant&#xf3;nio Portugal Duarte 
Author-X-Name-First: Ant&#xf3;nio Portugal 
Author-X-Name-Last: Duarte 
Title: Crowding-in and crowding-out effects of public investments in the Portuguese economy 
Abstract:
 This study analyses the effects of public and private investment on
 Portuguese GDP in the period 1960--2013. After a review of the literature
 based on works developed in the context of VAR analyses, an alternative
 econometric strategy is proposed. We opt for ADL models using the
 methodology of Krolzig-Hendry-Doornik. We estimate direct effects of
 public and private investments on themselves and also a system of
 simultaneous equations and calculate the multipliers of the exogenous
 variables, represented by the current external transfers, the short-run
 nominal interest rate and public debt ratio. Additionally, we tested a
 model with the first three equations of the system, using beyond those
 variables the real exchange rate as an exogenous variable. The results
 point to the existence of a complementarity between private investment and
 public investment rather than any idea of substitutability. We find that
 public debt has important negative effects on public and private
 investments and consequently on output. Public investment has positive
 effects on output and on private investment. The appreciation of the real
 exchange rate has an important and long-lasting negative effect upon
 output, confirming the presence of a mechanism associated with a
 Dutch-disease phenomenon in the Portuguese economy.
Journal: International Review of Applied Economics 
Pages: 488-506 
Issue: 4 
Volume: 30 
Year: 2016 
Month: 7 
X-DOI: 10.1080/02692171.2015.1122746 
File-URL: http://hdl.handle.net/10.1080/02692171.2015.1122746 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:30:y:2016:i:4:p:488-506




Template-Type: ReDIF-Article 1.0
Author-Name: Francesco Aiello 
Author-X-Name-First: Francesco 
Author-X-Name-Last: Aiello 
Author-Name: Graziella Bonanno 
Author-X-Name-First: Graziella 
Author-X-Name-Last: Bonanno 
Title: Looking at the determinants of efficiency in banking: evidence from Italian mutual-cooperatives 
Abstract:
 <title>Abtract</title>Italy has experienced a restructuring and
 consolidation process in the banking industry since the 1990s that is
 expected to foster efficiency and competition. Despite the reforms, a
 peculiarity of the industry is the persistence of small mutual-cooperative
 banks (Banche di Credito Cooperativo, BCCs) active in narrow markets. The
 scope of this paper is to analyze the determinants of BCCs&#x2019;
 efficiency in the 2006--2011 period. In the first step of the study, a
 stochastic cost frontier is used to yield bank efficiency. Then the cost
 efficiency becomes the dependent variable of fixed and random effect
 models. The reference market of BCCs is the province (NUTS3). We find that
 BCC cost efficiency is positively affected by market concentration and
 demand density and inversely related to branching. Importantly, these
 results are robust to any sample restriction anchored to the distribution
 of efficiency. While the evidence regarding the credit quality is
 inconclusive for all BCCs, the sensitivity analysis shows that the risk in
 local markets is a source of BCC cost inefficiency.
Journal: International Review of Applied Economics 
Pages: 507-526 
Issue: 4 
Volume: 30 
Year: 2016 
Month: 7 
X-DOI: 10.1080/02692171.2015.1122747 
File-URL: http://hdl.handle.net/10.1080/02692171.2015.1122747 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:30:y:2016:i:4:p:507-526




Template-Type: ReDIF-Article 1.0
Author-Name: Noemi Levy-Orlik 
Author-X-Name-First: Noemi 
Author-X-Name-Last: Levy-Orlik 
Author-Name: Christian Dominguez-Blancas 
Author-X-Name-First: Christian 
Author-X-Name-Last: Dominguez-Blancas 
Title: The operation of the Mexican banking system under foreign multinational corporations&#x2019; control: new activities and traditional income 
Abstract:
 This paper discusses the operation of banks in developing economies
 dominated by foreign multinational corporations (FMCs), and argues that
 banks have acquired new activities without drastically modifying the
 composition of their income. This discussion takes place in the light of
 the profound changes in financial systems that have modified the linkages
 between banks, capital markets, businesses and households, during the
 period of globalization and financialization. The main argument of this
 paper is that although foreign multinational corporations have become
 dominant in developing countries, and bank activities have diversified,
 the multinational corporations of the banking sector still rely on
 interest margins, particularly from consumer credit. This is explained in
 terms of specific bank credit activities that operate under oligopolistic
 structures, a condition that has not being modified by foreign
 multinational corporations&#x2019; dominance in developing banking
 markets.
Journal: International Review of Applied Economics 
Pages: 527-546 
Issue: 4 
Volume: 30 
Year: 2016 
Month: 7 
X-DOI: 10.1080/02692171.2015.1106444 
File-URL: http://hdl.handle.net/10.1080/02692171.2015.1106444 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:30:y:2016:i:4:p:527-546




Template-Type: ReDIF-Article 1.0
Author-Name: Manisha Pradhananga 
Author-X-Name-First: Manisha 
Author-X-Name-Last: Pradhananga 
Title: Financialization and the rise in co-movement of commodity prices 
Abstract:
 Between January 2000 and June 2008, the FAO food price index rose by 96%.
 Besides the magnitude, the price rise was remarkable for the broad range
 of commodities affected; prices of agriculture commodities, energy, and
 metals all rose and fell together. These dramatic developments coincided
 with a massive inflow of investment in the commodities futures market, and
 the rise of commodities as an investment class. In this paper, I study
 causal links between the increase in the co-movement between commodity
 prices and financialization of the commodities futures market. I extract
 common factors from a group of 40 commodities using the PANIC method and
 include it in a factor-augment VEC model along with a proxy of
 financialization. Results show that financialization of the commodities
 futures markets can explain the recent rise in co-movement between
 commodity prices, after accounting for macroeconomic variables.
Journal: International Review of Applied Economics 
Pages: 547-566 
Issue: 5 
Volume: 30 
Year: 2016 
Month: 9
X-DOI: 10.1080/02692171.2016.1146875 
File-URL: http://hdl.handle.net/10.1080/02692171.2016.1146875 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:30:y:2016:i:5:p:547-566




Template-Type: ReDIF-Article 1.0
Author-Name: Rosalia Castellano 
Author-X-Name-First: Rosalia 
Author-X-Name-Last: Castellano 
Author-Name: Rosalba Manna 
Author-X-Name-First: Rosalba 
Author-X-Name-Last: Manna 
Author-Name: Gennaro Punzo 
Author-X-Name-First: Gennaro 
Author-X-Name-Last: Punzo 
Title: Income inequality between overlapping and stratification: a longitudinal analysis of personal earnings in France and Italy 
Abstract:
 The aim of this paper is to gain new insights into the generation process
 of personal income in France and Italy, two countries that are in close
 geographical proximity but have a large disparity in terms of income
 growth and distribution. In the first step, the potential of EU-SILC
 balanced panel (2004--2007) is exploited by random effects models, which
 also make it possible to explore the primary factors that are likely to
 explain differences in generating personal labour earnings. In the second
 step, the ANOGI (Analysis of Gini) decomposition enables one to assess the
 contribution of each sub-population to overall income inequality and the
 degree to which each subgroup is stratified. A joint evaluation of income
 determinants gives evidence of the high complexity of inequality process
 and throws light on the role of gender, skill levels and job
 characteristics in determining different degrees of income stratification.
 Indeed, although the high heterogeneity among members of a same subgroup
 (within-group inequality) explains a large share of overall income
 inequality, the between-group inequality becomes significant in explaining
 the income differentials between employment status and occupation types.
Journal: International Review of Applied Economics 
Pages: 567-590 
Issue: 5 
Volume: 30 
Year: 2016 
Month: 9
X-DOI: 10.1080/02692171.2016.1165653 
File-URL: http://hdl.handle.net/10.1080/02692171.2016.1165653 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:30:y:2016:i:5:p:567-590




Template-Type: ReDIF-Article 1.0
Author-Name: Giuseppina Autiero 
Author-X-Name-First: Giuseppina 
Author-X-Name-Last: Autiero 
Author-Name: Niall O&#x2019;Higgins 
Author-X-Name-First: Niall 
Author-X-Name-Last: O&#x2019;Higgins 
Title: Jailer of freedom and enemy of growth?<xref ref-type="fn" rid="FN0001"/> The role of personal and social identities in educational choices 
Abstract:
 This paper develops a theoretical and empirical model on the influence of
 identity on educational choices which extends the existing literature in
 several directions. The theoretical model proposed here allows schooling
 choices to be independently influenced by both personal and social
 identities and, in contrast to previous work, the proposed empirical
 counterpart is derived directly from the theoretical model. The use of
 UK&#x2019;s British Cohort Study on individuals born in 1970 allows us to
 identify with precision the relevant explanatory factors and to
 appropriately control for potentially confounding factors. Both social and
 personal identities are found to have substantial and statistically
 significant effects on educational participation decisions and these
 impacts are robust to a variety of specifications. The key implication is
 that socio-psychological factors play an important role in
 children&#x2019;s school performance through their direct influence on the
 utility derived from studying.
Journal: International Review of Applied Economics 
Pages: 591-604 
Issue: 5 
Volume: 30 
Year: 2016 
Month: 9
X-DOI: 10.1080/02692171.2016.1146874 
File-URL: http://hdl.handle.net/10.1080/02692171.2016.1146874 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:30:y:2016:i:5:p:591-604




Template-Type: ReDIF-Article 1.0
Author-Name: Terhi Maczulskij 
Author-X-Name-First: Terhi 
Author-X-Name-Last: Maczulskij 
Title: Higher education and public sector employment: evidence from Finnish data on twins 
Abstract:
 Using data from Finland on twins, this paper examines the effect of labour
 quality, as measured by education, on the choice to work in the public
 sector. A distinction to previous studies is made by allowing controls of
 family background and genetics effects that could drive the positive
 relationship between higher education and public sector employment. The
 conditional (fixed effects) logit regression estimates indicate that
 highly qualified employees are more likely to seek public sector
 employment. The paper also utilizes the longitudinal structure of the data
 to examine whether the results vary over time. These results indicate that
 the association between public sector work and higher education is
 counter-cyclical. In other words, highly qualified workers are more likely
 to hold public service positions and to have greater access to public
 sector jobs during economic downturns.
Journal: International Review of Applied Economics 
Pages: 605-619 
Issue: 5 
Volume: 30 
Year: 2016 
Month: 9
X-DOI: 10.1080/02692171.2016.1165655 
File-URL: http://hdl.handle.net/10.1080/02692171.2016.1165655 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:30:y:2016:i:5:p:605-619




Template-Type: ReDIF-Article 1.0
Author-Name: Rossella Bardazzi 
Author-X-Name-First: Rossella 
Author-X-Name-Last: Bardazzi 
Author-Name: Silvia Duranti 
Author-X-Name-First: Silvia 
Author-X-Name-Last: Duranti 
Title: Atypical work: a threat to labour productivity growth? Some evidence from Italy 
Abstract:
 Various theories suggest the existence of a negative relationship between
 the use of atypical employment contracts and productivity growth, arguing
 that firms&#x2019; utilisation of atypical contracts may reduce the
 incentive to innovate and internal training, inducing firms to follow a
 &#x2018;low-road&#x2019; to competitiveness, based upon cost-cutting
 strategies.This paper aims to provide new evidence on the occurrence of
 these effects in the Italian economy, where changes in labour legislation
 from the mid-Nineties onwards, associated with an
 &#x2018;institutional&#x2019; wage moderation period, have brought about a
 significant process of job creation, but also an appreciable slowdown in
 labour productivity.This issue is investigated using a microeconomic
 approach, taking a rich source of microdata for firms and estimating a
 dynamic model for labour productivity on a pseudo-panel of firms for the
 period 2003-2008.The results support the hypothesis of a negative impact
 of external labour flexibility on labour productivity growth at firm
 level, such effect proving stronger for small and medium than for large
 enterprises and of varying magnitude for the different atypical contracts.
Journal: International Review of Applied Economics 
Pages: 620-643 
Issue: 5 
Volume: 30 
Year: 2016 
Month: 9
X-DOI: 10.1080/02692171.2016.1165656 
File-URL: http://hdl.handle.net/10.1080/02692171.2016.1165656 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:30:y:2016:i:5:p:620-643




Template-Type: ReDIF-Article 1.0
Author-Name: Mekki Hamdaoui 
Author-X-Name-First: Mekki 
Author-X-Name-Last: Hamdaoui 
Author-Name: Abir Zouari 
Author-X-Name-First: Abir 
Author-X-Name-Last: Zouari 
Author-Name: Samir Maktouf 
Author-X-Name-First: Samir 
Author-X-Name-Last: Maktouf 
Title: The effect of financial liberalization on banking sector stability 
Abstract:
 Several studies indicate that financial liberalization increases
 likelihood of a financial crisis without distinguishing between a normal
 period, unstable period preceding the onset of banking panics and
 crisis/post period. We explain in this paper the relationship between
 financial liberalization and banking sector vulnerability. Then, we argue
 that banking sector turmoil is most likely to occur after an intermediate
 degree of liberalization. Using a recently updated dataset for financial
 reforms, we find an inverted U-shaped relationship between liberalization
 and the likelihood of banking crisis for a sample of 49 countries between
 1980 and 2010. We used a multinomial logit model in order to take into
 account what is called the &#x2018;post crisis bias&#x2019;. We ask
 whether the relationship remains when institutional characteristics of
 countries and dynamic effects of liberalization are considered. The
 empirical results indicate that the relationship between liberalization
 and banking sector stability depends strongly on the strength of capital
 regulation and supervision. With very weak regulation and supervision, the
 probability of banking crises is increasing with liberalization but this
 relationship is reversed as regulation and supervision become significant.
 The most important type of liberalization in relation to banking crises
 seems to be operational. A policy implication is that positive growth
 effects of liberalization can be achieved without increasing the risk of a
 banking fragility if appropriate institutions are developed.
Journal: International Review of Applied Economics 
Pages: 644-667 
Issue: 5 
Volume: 30 
Year: 2016 
Month: 9
X-DOI: 10.1080/02692171.2016.1165654 
File-URL: http://hdl.handle.net/10.1080/02692171.2016.1165654 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:30:y:2016:i:5:p:644-667




Template-Type: ReDIF-Article 1.0
Author-Name: Vishnu Padayachee 
Author-X-Name-First: Vishnu 
Author-X-Name-Last: Padayachee 
Author-Name: Bradley Bordiss 
Author-X-Name-First: Bradley 
Author-X-Name-Last: Bordiss 
Title: Empires of inequality 
Journal: International Review of Applied Economics 
Pages: 668-676 
Issue: 5 
Volume: 30 
Year: 2016 
Month: 9
X-DOI: 10.1080/02692171.2016.1148293 
File-URL: http://hdl.handle.net/10.1080/02692171.2016.1148293 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:irapec:v:30:y:2016:i:5:p:668-676




Template-Type: ReDIF-Article 1.0
Author-Name: Jonathan Michie
Author-X-Name-First: Jonathan
Author-X-Name-Last: Michie
Title: Edith Penrose’s contribution to real world economics
Journal: International Review of Applied Economics
Pages: 599-600
Issue: 5
Volume: 33
Year: 2019
Month: 9
X-DOI: 10.1080/02692171.2019.1643120
File-URL: http://hdl.handle.net/10.1080/02692171.2019.1643120
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:33:y:2019:i:5:p:599-600




Template-Type: ReDIF-Article 1.0
Author-Name: Diana Gabrielyan
Author-X-Name-First: Diana
Author-X-Name-Last: Gabrielyan
Title: Forecasting inflation using the Phillips curve in inflation targeting countries
Abstract: 
 This paper studies the forecasting ability of various Phillips curve specifications for 1 year ahead headline and underlying core inflation measures for three open currently inflation targeting (IT) countries: Sweden, Canada and New Zealand. The changes of the monetary policy regime in these countries are discussed for periods of fixed exchange rate regime, early years of IT and later periods in the light of inflation forecasting accuracy. The paper finds evidence that Phillips curve models can improve inflation forecasts against the random walk benchmark in the periods when the central bank is explicitly targeting the inflation. Yet, the results from earlier periods indicate heterogeneity in individual model performance across various econometric specifications and different sample periods.
Journal: International Review of Applied Economics
Pages: 601-623
Issue: 5
Volume: 33
Year: 2019
Month: 9
X-DOI: 10.1080/02692171.2018.1516740
File-URL: http://hdl.handle.net/10.1080/02692171.2018.1516740
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:33:y:2019:i:5:p:601-623




Template-Type: ReDIF-Article 1.0
Author-Name: Mathias Manguzvane
Author-X-Name-First: Mathias
Author-X-Name-Last: Manguzvane
Author-Name: John Weirstrass Muteba Mwamba
Author-X-Name-First: John Weirstrass
Author-X-Name-Last: Muteba Mwamba
Title: Modelling systemic risk in the South African banking sector using CoVaR
Abstract: 
 In this paper, we model systemic risk by making use of the conditional quantile regression to identify the most systemically important and vulnerable banks in South Africa (SA). We measure the marginal contributions of each bank to systemic risk by computing the difference between system risk of individual banks when they are in a normal state and when they are in distress. Using daily stock market prices of six SA commercial banks1 from June 2007 to April 2016; Our results show a considerable increase in the market risk of all the six banks during the 2008 global financial crisis with African Bank being the riskiest bank in the country. Our systemic risk ranking shows that First Rand Bank was the largest contributor to systemic risk followed by Standard Bank, Barclays Africa, Nedbank, Capitec and lastly African Bank. These results suggest that the largest banks pose a bigger threat to the banking system than the smaller banks. These findings clearly indicate that different banks pose different threats to the banking system and the economy at large. Hence, specific actions that go beyond limiting idiosyncratic risk are needed if stability is to be attained through macro prudential regulation.
Journal: International Review of Applied Economics
Pages: 624-641
Issue: 5
Volume: 33
Year: 2019
Month: 9
X-DOI: 10.1080/02692171.2018.1516741
File-URL: http://hdl.handle.net/10.1080/02692171.2018.1516741
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:33:y:2019:i:5:p:624-641




Template-Type: ReDIF-Article 1.0
Author-Name: Christos Nikas
Author-X-Name-First: Christos
Author-X-Name-Last: Nikas
Author-Name: Nikolaos Stoupos
Author-X-Name-First: Nikolaos
Author-X-Name-Last: Stoupos
Author-Name: Apostolos Kiohos
Author-X-Name-First: Apostolos
Author-X-Name-Last: Kiohos
Title: The Euro Area: Does one currency fit all?
Abstract: 
 The sovereign debt crisis since the late 2000s in the Euro Area revealed that, in reality, there are two monetary unions in Europe: the core and the periphery. The core-north countries have sounder fiscal balances and lower inflation rates, whereas the periphery-south ones are more prone to higher inflation and public deficits. The principal aim of this paper is to explore which countries handle the nominal exchange rate of the euro. By doing this we will effectively challenge the statement ‘.one size fits all’ upon which the euro project was built. We used the real exchange rates of the initial 12 Eurozone members as an empirical instrument. Our evidence is based on the bivariate regression analysis and the Asymmetric Component GARCH (AC-GARCH) model. We discovered that the countries of the Eurozone core influence more the euro nominal exchange rate than the periphery ones. In addition, the euro is more vulnerable to the volatility shocks of the German and the French real exchange rates.
Journal: International Review of Applied Economics
Pages: 642-658
Issue: 5
Volume: 33
Year: 2019
Month: 9
X-DOI: 10.1080/02692171.2018.1516742
File-URL: http://hdl.handle.net/10.1080/02692171.2018.1516742
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:33:y:2019:i:5:p:642-658




Template-Type: ReDIF-Article 1.0
Author-Name: Ruolz Ariste
Author-X-Name-First: Ruolz
Author-X-Name-Last: Ariste
Author-Name: Ali Béjaoui
Author-X-Name-First: Ali
Author-X-Name-Last: Béjaoui
Title: Impact of individual and institutional factors on wage rate for nurses in Canada: is there a monopsony market?
Abstract: 
 Previous studies on Canadian nurse wages were limited to individual factors and did not take into account contextual factors such as hospital market share, labour market size or unionization. Based on market share, some refer to the nursing labour market as a monopsony, which depresses wages and might explain the shortage. However, this has not yet been tested empirically in the Canadian Registered Nurse (RN) labour market. This article aims to fill this gap by using the microdata files of the Labour Force Survey for the years 2010–2012 and the multilevel analysis to shed light on this issue. The contribution of this work is that it takes into account both individual and contextual variables to try to explain nurses’ hourly wage. In accordance with the monopsony model, we hypothesize a negative correlation between hourly wage and level of market share; i.e. monopsony employers would pay a lower wage rate. The results do not support the monopsony model to explain nursing labour shortage: there is no statistically significant relation between RN wages and market share; no relation was found for market size either. This suggests that an explanation for RN labour shortage must be investigated elsewhere.
Journal: International Review of Applied Economics
Pages: 659-681
Issue: 5
Volume: 33
Year: 2019
Month: 9
X-DOI: 10.1080/02692171.2018.1518410
File-URL: http://hdl.handle.net/10.1080/02692171.2018.1518410
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:33:y:2019:i:5:p:659-681




Template-Type: ReDIF-Article 1.0
Author-Name: Mahmood ul Hasan Khan
Author-X-Name-First: Mahmood ul Hasan
Author-X-Name-Last: Khan
Author-Name: Muhammad Nadim Hanif
Author-X-Name-First: Muhammad Nadim
Author-X-Name-Last: Hanif
Title: Empirical evaluation of ‘structure-conduct-performance’ and ‘efficient-structure’ paradigms in banking sector of Pakistan
Abstract: 
 Historically, the banking sector of Pakistan has been characterized by credit ceilings, directed and subsidized credit, controlled interest rates and lacking competition. This scenario prevailed till the financial sector reforms in 1990. However, after 1990, the banking sector changed significantly and the reforms led to notable improvement in the indicators of market structure of the banking industry of the country. In literature, the changes in indicators of market structure are interpreted in the context of either structure-conduct-performance (SCP) or relative market power (RMP) paradigm, and/or in relation to the efficient structure (ES) hypothesis. This paper studies relevance of SCP, RMP and ES paradigms for banking industry of Pakistan. This study uses (balanced) panel data, spanning 1996 to 2015, of 24 commercial banks to estimate banks’ profit function by using fixed effects model. Findings suggest that: (a) there is a weak association between the indicators of market structure and banks’ performance; (b) there is no empirical evidence to support SCP or RMP paradigms; and (c) the ES paradigm is relevant in the case of banking sector of Pakistan. Thus, the focus of policymakers should be to improve the efficiency of the banking sector in Pakistan. Focus on improving indicators of market structure, like concentration ratios, to encourage competition in the banking sector may not be productive.
Journal: International Review of Applied Economics
Pages: 682-696
Issue: 5
Volume: 33
Year: 2019
Month: 9
X-DOI: 10.1080/02692171.2018.1518411
File-URL: http://hdl.handle.net/10.1080/02692171.2018.1518411
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:33:y:2019:i:5:p:682-696




Template-Type: ReDIF-Article 1.0
Author-Name: Riccardo Borgoni
Author-X-Name-First: Riccardo
Author-X-Name-Last: Borgoni
Author-Name: Giacomo Degli Antoni
Author-X-Name-First: Giacomo
Author-X-Name-Last: Degli Antoni
Author-Name: Marco Faillo
Author-X-Name-First: Marco
Author-X-Name-Last: Faillo
Author-Name: Alessandra Michelangeli
Author-X-Name-First: Alessandra
Author-X-Name-Last: Michelangeli
Title: Natives, immigrants and social cohesion: intra-city analysis combining the hedonic approach and a framed field experiment
Abstract: 
 The literature on the hedonic price approach applied to housing highlights the existence of natives’ preferences against living in urban areas with high foreign-born population. At the same time, empirical and experimental evidence show that ethnic fragmentation reduces social cohesion in society. Mainly because of the difficulty to measure social cohesion at the neighborhood level, the correlation between these two phenomena is still largely unexplored. In this paper, we investigate natives’ preferences for immigrants following an original approach that combines the hedonic price approach and a framed field experiment. The latter allows us to collect a measure of cooperation at the neighborhood level. We apply this methodology to the city of Milan. Our findings show that natives prefer to not live in dense immigrants neighborhoods. However, this preference is not attributable to an erosion of social cohesion in those areas.
Journal: International Review of Applied Economics
Pages: 697-711
Issue: 5
Volume: 33
Year: 2019
Month: 9
X-DOI: 10.1080/02692171.2018.1518412
File-URL: http://hdl.handle.net/10.1080/02692171.2018.1518412
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:33:y:2019:i:5:p:697-711




Template-Type: ReDIF-Article 1.0
Author-Name: Kevin W. Capehart
Author-X-Name-First: Kevin W.
Author-X-Name-Last: Capehart
Title: What’s the natural rate of unemployment? Answers from forecasters
Abstract: 
 For its panel survey of professional macroeconomic forecasters, the US Federal Reserve asks panelists whether they use the ‘natural rate of unemployment’ (NRU) or ‘non-accelerating inflation rate of unemployment’ (NAIRU) in formulating their forecasts and, also, to estimate the NRU/NAIRU. This paper studies responses and non-responses to those questions in order to interrogate forecasters’ views of the NRU/NAIRU. We find that most panelists in most years say they do not use the NRU/NAIRU, and they do not provide an estimate of it. Among those who do, their NRU/NAIRU estimates differ but usually do not differ significantly from the average of recent unemployment rates. We fail to find much evidence – in either their inflation and unemployment forecasts, NRU/NAIRU estimates, or revisions to those estimates over time – that panelists who use the NRU/NAIRU treat it as an unemployment rate below which inflation rises and above which inflation falls. Finally, we find that the NRU/NAIRU has no informational value for panelists who say they use it; they are no better at accurately forecasting inflation or unemployment.
Journal: International Review of Applied Economics
Pages: 712-732
Issue: 5
Volume: 33
Year: 2019
Month: 9
X-DOI: 10.1080/02692171.2019.1566446
File-URL: http://hdl.handle.net/10.1080/02692171.2019.1566446
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:33:y:2019:i:5:p:712-732




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Special Issue of the International Review of Applied Economics on Edith Penrose’s Legacy to Economics, Management and Political Economy
Journal: International Review of Applied Economics
Pages: 733-733
Issue: 5
Volume: 33
Year: 2019
Month: 9
X-DOI: 10.1080/02692171.2019.1643122
File-URL: http://hdl.handle.net/10.1080/02692171.2019.1643122
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:33:y:2019:i:5:p:733-733




Template-Type: ReDIF-Article 1.0
Author-Name: Andrea Filippetti
Author-X-Name-First: Andrea
Author-X-Name-Last: Filippetti
Author-Name: Antonio Peyrache
Author-X-Name-First: Antonio
Author-X-Name-Last: Peyrache
Title: Productivity growth and catching up: a technology gap explanation
Abstract: 
 This paper seeks to explain why some countries have managed to catch up in terms of labor productivity over the period 1993–2007 in 76 countries. By integrating the technology gap research within the standard growth-accounting approach, we introduce a methodology which allows us to split total factor productivity (TFP) change into two components: conditional technical inefficiency and the magnitude of the technology gap. We find that labor productivity growth depends both on investment in fixed capital and TFP. Fast emerging economies exhibit patterns of growth based in particular on the reduction of the technology gap, confirming the role of investment in technological capabilities to spur productivity catch-up. Looking at change in the distribution of labor productivity, emerging countries managed to shift from low productivity toward a medium level of productivity thanks to technology accumulation. Less advanced countries cannot rely only on technology diffusion and learning by doing, policies for technological capabilities accumulation are necessary.
Journal: International Review of Applied Economics
Pages: 283-303
Issue: 3
Volume: 31
Year: 2017
Month: 5
X-DOI: 10.1080/02692171.2016.1249831
File-URL: http://hdl.handle.net/10.1080/02692171.2016.1249831
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:31:y:2017:i:3:p:283-303




Template-Type: ReDIF-Article 1.0
Author-Name: Shakil Quayes
Author-X-Name-First: Shakil
Author-X-Name-Last: Quayes
Author-Name: George Joseph
Author-X-Name-First: George
Author-X-Name-Last: Joseph
Title: Legal systems and performance of microfinance institutions
Abstract: 
 The paper investigates the impact of institutional environment resulting from the legal systems, on the financial performance of microfinance institutions (MFIs). Broadly categorized into common law and code law, the legal systems are found to significantly influence the efficiency of MFIs. We use an unbalanced panel of 1272 MFIs over a period of 16 years to analyze the effect of legal systems on their financial performance. In contrast to the accepted notion that common law systems are more conducive to effective market systems, our results show that MFIs operating under code law systems exhibit better financial performance than in common law systems.
Journal: International Review of Applied Economics
Pages: 304-317
Issue: 3
Volume: 31
Year: 2017
Month: 5
X-DOI: 10.1080/02692171.2016.1249832
File-URL: http://hdl.handle.net/10.1080/02692171.2016.1249832
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:31:y:2017:i:3:p:304-317




Template-Type: ReDIF-Article 1.0
Author-Name: Katsushi S. Imai
Author-X-Name-First: Katsushi S.
Author-X-Name-Last: Imai
Author-Name: Wenya Cheng
Author-X-Name-First: Wenya
Author-X-Name-Last: Cheng
Author-Name: Raghav Gaiha
Author-X-Name-First: Raghav
Author-X-Name-Last: Gaiha
Title: Dynamic and long-term linkages among agricultural and non-agricultural growth, inequality and poverty in developing countries
Abstract: 
 Drawing upon cross-country panel data for developing countries, the present study examines the role of agricultural growth in reducing inequality and poverty by modelling the dynamic linkage between agricultural and non-agricultural sectors. For this purpose, we have compared the roles of agricultural and non-agricultural growth and have found that agricultural growth is more important in reducing poverty, while the negative effect of agricultural growth on inequality is found in a few cases where specific definitions of inequality are adopted. Our analysis generally reinforces the case for revival of agriculture in the post-2015 discourse, contrary to much-emphasised roles of rural–urban migration and urbanisation as main drivers of growth and elimination of extreme poverty.
Journal: International Review of Applied Economics
Pages: 318-338
Issue: 3
Volume: 31
Year: 2017
Month: 5
X-DOI: 10.1080/02692171.2016.1249833
File-URL: http://hdl.handle.net/10.1080/02692171.2016.1249833
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:31:y:2017:i:3:p:318-338




Template-Type: ReDIF-Article 1.0
Author-Name: Mariarosaria Agostino
Author-X-Name-First: Mariarosaria
Author-X-Name-Last: Agostino
Author-Name: Francesco Trivieri
Author-X-Name-First: Francesco
Author-X-Name-Last: Trivieri
Title: Collateral in lending relationships. A study on European SMEs microdata
Abstract: 
 This work empirically investigates the role played by collateralizable assets in helping SMEs to access bank credit, assuming that such a role might be affected by the (balancing between) benefits and costs related to enduring lending relationships. Using an exclusive data-set on European firms, we find that longer lending relationships amplify the beneficial effect of collateral on SMEs’ financing, suggesting that the advantages of longer bank-firm ties might prevail over the disadvantages. This finding holds for both more and less informationally transparent firms, as well as at the outset of the last financial crisis. Combined to the positive influence that the duration of bank relations seems to exert per se, our results provide (further) evidence in support of the valuable role of close lending relationships for SMEs’ financing.
Journal: International Review of Applied Economics
Pages: 339-356
Issue: 3
Volume: 31
Year: 2017
Month: 5
X-DOI: 10.1080/02692171.2016.1257580
File-URL: http://hdl.handle.net/10.1080/02692171.2016.1257580
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:31:y:2017:i:3:p:339-356




Template-Type: ReDIF-Article 1.0
Author-Name: David G. McMillan
Author-X-Name-First: David G.
Author-X-Name-Last: McMillan
Title: Stock return predictability: the role of inflation and threshold dynamics
Abstract: 
 This paper argues that the nature of stock return predictability varies with the level of inflation. We contend that the nature of relations between economic variables and returns differs according to the level of inflation, due to different economic risk implications. An increase in low level inflation may signal improving economic conditions and lower expected returns, while the opposite is true with an equal rise in high level inflation. Linear estimation provides contradictory coefficient values, which we argue arises from mixing coefficient values across regimes. We test for and estimate threshold models with inflation and the term structure as the threshold variable. These models reveal a change in either the sign or magnitude of the parameter values across the regimes such that the relation between stock returns and economic variables is not constant. Measures of in-sample fit and a forecast exercise support the threshold models. They produce a higher adjusted R2, lower MAE and RMSE and higher trading related measures. These results help explain the lack of consistent empirical evidence in favour of stock return predictability and should be of interest to those engaged in stock market modelling as well as trading and portfolio management.
Journal: International Review of Applied Economics
Pages: 357-375
Issue: 3
Volume: 31
Year: 2017
Month: 5
X-DOI: 10.1080/02692171.2016.1257581
File-URL: http://hdl.handle.net/10.1080/02692171.2016.1257581
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:31:y:2017:i:3:p:357-375




Template-Type: ReDIF-Article 1.0
Author-Name: Larry L. Howard
Author-X-Name-First: Larry L.
Author-X-Name-Last: Howard
Author-Name: Denise L. Stanley
Author-X-Name-First: Denise L.
Author-X-Name-Last: Stanley
Title: Remittances channels and the physical growth of Honduran children
Abstract: 
 Ensuring the availability of food and other resources for young children is important for sustaining physical growth. We examine the role of remittances and its associated implications in determining heights and weights of 4459 children aged 0–5 years in Honduras in 2004. To address the endogeneity problem with household remittance receipt, we take advantage of the timing of Hurricane Mitch in 1998 to construct instrumental variables that are exogenously related to migration decisions made before children included in the later survey were conceived. We find that children are significantly taller and heavier for their age and gender in households receiving remittances. Further investigation of household spending indicates significant changes in food purchases and dietary diversity. Households receiving remittances are more likely to include fish, fruits, and meats in their diets. Additional findings also indicate that households receiving remittances spend absolutely more on food, health care, education, and durable goods. Overall, the findings provide strong evidence that remittances change household consumption and increase children’s body sizes.
Journal: International Review of Applied Economics
Pages: 376-397
Issue: 3
Volume: 31
Year: 2017
Month: 5
X-DOI: 10.1080/02692171.2016.1257582
File-URL: http://hdl.handle.net/10.1080/02692171.2016.1257582
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:31:y:2017:i:3:p:376-397




Template-Type: ReDIF-Article 1.0
Author-Name: Bedassa Tadesse
Author-X-Name-First: Bedassa
Author-X-Name-Last: Tadesse
Author-Name: Roger White
Author-X-Name-First: Roger
Author-X-Name-Last: White
Author-Name: Huang Zhongwen
Author-X-Name-First: Huang
Author-X-Name-Last: Zhongwen
Title: Does China’s trade defy cultural barriers?
Abstract: 
 Using annual data for China and 88 trading partners that span the period 1995–2011, we estimate whether cross-societal cultural differences influence China’s external trade flows. Our results, obtained from the estimation of a series of multi-level mixed effect random intercepts and coefficients models, indicate that China’s aggregate exports and imports are largely unaffected by the cultural distance between China and its trading partners. Examination of disaggregate trade measures and consideration of the underlying dimensions of our composite cultural distance variable produces a largely similar result. Taken collectively, our results suggest that China’s trade is less affected by cultural distance than has been reported for other countries in similar studies.
Journal: International Review of Applied Economics
Pages: 398-428
Issue: 3
Volume: 31
Year: 2017
Month: 5
X-DOI: 10.1080/02692171.2016.1257583
File-URL: http://hdl.handle.net/10.1080/02692171.2016.1257583
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:31:y:2017:i:3:p:398-428




Template-Type: ReDIF-Article 1.0
Author-Name: Vishnu Padayachee
Author-X-Name-First: Vishnu
Author-X-Name-Last: Padayachee
Title: Inequality, macroeconomics and financial instability. A South African perspective
Journal: International Review of Applied Economics
Pages: 429-436
Issue: 3
Volume: 31
Year: 2017
Month: 5
X-DOI: 10.1080/02692171.2017.1297345
File-URL: http://hdl.handle.net/10.1080/02692171.2017.1297345
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:31:y:2017:i:3:p:429-436




Template-Type: ReDIF-Article 1.0
Author-Name: Lorenzo Vidal
Author-X-Name-First: Lorenzo
Author-X-Name-Last: Vidal
Title: The political economy of Ecuador’s external debt default
Abstract: 
 The default of the 2012 and 2030 Global Bonds during the early stages of the Alianza PAIS government in Ecuador is best understood in the context of the social conflicts that characterized the exhaustion of neoliberalism in the country and the struggle between different fractions of capital for the direction of the process of accumulation. The restructuring of external debt and the new wave of public borrowing facilitated a boost in public spending that spurred economic growth and provided a ‘fiscal pacification’ of social unrest and political instability. The movements in public debt have also been a lever for State and geopolitical repositioning that reflects a new moment in the correlation of social forces and hegemony in the world economy. In this new scenario, however, Ecuador has not overcome the structural imbalances and contradictions that underpin its external debt problematic.
Journal: International Review of Applied Economics
Pages: 821-843
Issue: 6
Volume: 32
Year: 2018
Month: 11
X-DOI: 10.1080/02692171.2017.1375463
File-URL: http://hdl.handle.net/10.1080/02692171.2017.1375463
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:32:y:2018:i:6:p:821-843




Template-Type: ReDIF-Article 1.0
Author-Name: Kalim Siddiqui
Author-X-Name-First: Kalim
Author-X-Name-Last: Siddiqui
Author-Name: Phil Armstrong
Author-X-Name-First: Phil
Author-X-Name-Last: Armstrong
Title: Capital control reconsidered: financialisation and economic policy
Abstract: 
 We consider capital controls and their impact on selected countries, providing a critique of IMF policy. We show how the warning signs of the 1970s were ignored and the consequences became apparent during the ensuing period of neoliberal hegemony. We contend that promoting increased capital mobility is counterproductive as it reduces macroeconomic ‘policy space’. We introduce a development of the international policy ‘trilemma’ in the form of a variant of the idea of the ‘quadrilemma’. We suggest that, in most cases, the key policy driving economic growth is fiscal policy but it may be that its unconstrained use (and that of monetary policy) is not possible either under fixed exchange rates or when free capital mobility exists; a nation may face a ‘demi-quadrilemma’. We contend that, in practice, a country can only adopt ‘two from four’; if it chooses to retain free use of monetary and fiscal policy, it must sacrifice both fixed exchange rates and capital mobility. We advocate the rejection of fixed exchange rates and free capital mobility allowing the retention of requisite monetary and fiscal policy space, and that a multinational approach to the capital control policy would effectively contribute to a growth and development strategy.
Journal: International Review of Applied Economics
Pages: 713-731
Issue: 6
Volume: 32
Year: 2018
Month: 11
X-DOI: 10.1080/02692171.2017.1375464
File-URL: http://hdl.handle.net/10.1080/02692171.2017.1375464
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:32:y:2018:i:6:p:713-731




Template-Type: ReDIF-Article 1.0
Author-Name: Ngozi Adeleye
Author-X-Name-First: Ngozi
Author-X-Name-Last: Adeleye
Author-Name: Evans Osabuohien
Author-X-Name-First: Evans
Author-X-Name-Last: Osabuohien
Author-Name: Ebenezer Bowale
Author-X-Name-First: Ebenezer
Author-X-Name-Last: Bowale
Author-Name: Oluwatoyin Matthew
Author-X-Name-First: Oluwatoyin
Author-X-Name-Last: Matthew
Author-Name: Emmanuel Oduntan
Author-X-Name-First: Emmanuel
Author-X-Name-Last: Oduntan
Title: Financial reforms and credit growth in Nigeria: empirical insights from ARDL and ECM techniques
Abstract: 
 In the last 37 years, Nigeria has undergone several stages of financial reforms with different impacts on the economy. This paper analyses the impact of these financial reforms on credit growth in Nigeria using annual data from 1980 to 2016. The research work hinges on the theoretical underpinning of McKinnon-Shaw hypothesis on the relevance of financial reforms in a lagging economy. Analysing the data with autoregressive distributed lag error correction representation and bounds testing techniques, we find evidence supporting this hypothesis, and specifically that at higher real interest rates there is increased financial intermediation evidenced by credit growth. Other findings are that in the long-run, financial system deposits, inflation rate and per capita GDP are strong asymmetrical predictors of credit growth and real interest rates (the financial reform indicator), while the short-run relationships are indicator-specific. We further show that a long-run cointegration relationship exists between domestic credit and other covariates and likewise between the real interest rate and its regressors.
Journal: International Review of Applied Economics
Pages: 807-820
Issue: 6
Volume: 32
Year: 2018
Month: 11
X-DOI: 10.1080/02692171.2017.1375466
File-URL: http://hdl.handle.net/10.1080/02692171.2017.1375466
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:32:y:2018:i:6:p:807-820




Template-Type: ReDIF-Article 1.0
Author-Name: Syeda Tamkeen Fatima
Author-X-Name-First: Syeda Tamkeen
Author-X-Name-Last: Fatima
Author-Name: Abdul Qayyum Khan
Author-X-Name-First: Abdul Qayyum
Author-X-Name-Last: Khan
Title: Foreign direct investment and its impact on real wages: evidence from Turkish micro-level data
Abstract: 
 This paper analyzes the role of foreign direct investment (FDI) on wages, using Turkish firm-level data from 2003 to 2010, a period which coincides with significant FDI inflows both in manufacturing and service sector firms in the region. We explore the possibility of increased foreign presence translating into shifts in either labor demand or supply curves thereby resulting in changing the total wage bill or wage per worker in the host country. To empirically test this relationship we employ a dynamic specification of the wage equation. After addressing endogeneity concerns, the results reveal that foreign presence measured in terms of intra- and inter-sectoral linkages is related to higher wage bills in the host economy, hence strengthening the argument for attracting greater foreign investment to enhance labor welfare.
Journal: International Review of Applied Economics
Pages: 732-749
Issue: 6
Volume: 32
Year: 2018
Month: 11
X-DOI: 10.1080/02692171.2017.1375467
File-URL: http://hdl.handle.net/10.1080/02692171.2017.1375467
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:32:y:2018:i:6:p:732-749




Template-Type: ReDIF-Article 1.0
Author-Name: Sofia N. Andreou
Author-X-Name-First: Sofia N.
Author-X-Name-Last: Andreou
Author-Name: Panos Pashardes
Author-X-Name-First: Panos
Author-X-Name-Last: Pashardes
Author-Name: Nicoletta Pashourtidou
Author-X-Name-First: Nicoletta
Author-X-Name-Last: Pashourtidou
Title: The value of state education to consumers in the UK
Abstract: 
 This paper considers the value of state schooling, as perceived by consumers, taking into account that many households supplement the minimum education provided free of charge with out-of-pocket payments through acquiring accommodation in the catchment area of a high-quality state school. It suggests ways to circumvent difficulties in modelling household behaviour arising from joint housing-education consumption in the context of a two-stage demand system, where the proposed money metric of state schooling can be estimated from data readily available in household expenditure surveys. The empirical analysis, based on UK data, estimates this money metric as the amount households with school-age children would be willing to accept in order to opt out of the state education system. The efficiency and distributional implications of the empirical findings are discussed.
Journal: International Review of Applied Economics
Pages: 750-771
Issue: 6
Volume: 32
Year: 2018
Month: 11
X-DOI: 10.1080/02692171.2017.1389861
File-URL: http://hdl.handle.net/10.1080/02692171.2017.1389861
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:32:y:2018:i:6:p:750-771




Template-Type: ReDIF-Article 1.0
Author-Name: Robert Pollin
Author-X-Name-First: Robert
Author-X-Name-Last: Pollin
Author-Name: James Heintz
Author-X-Name-First: James
Author-X-Name-Last: Heintz
Author-Name: Thomas Herndon
Author-X-Name-First: Thomas
Author-X-Name-Last: Herndon
Title: The revenue potential of a financial transaction tax for US financial markets
Abstract: 
 This paper estimates the revenue potential of a financial transaction tax (FTT) for US financial markets. We focus on analyzing the revenue potential of the Inclusive Prosperity Act that was introduced in the US House of Representatives in 2012 and the US Senate in 2015. The tax rates stipulated in this Act include 0.5% (50 basis points (bps)) for all stock transactions, 0.1% (10 bps) for all bond transactions and 0.005% (0.5 bps) on the notional value of all derivative trades. We examine three sets of evidence to generate potential revenue estimates: 1) the levels of transaction costs in US financial markets over time and within the range of financial market segments; 2) the extent of trading elasticities under various trading conditions; and 3) the current level of trading activity in US financial markets. Based on this evidence, we conclude that a US FTT operating at the tax rates stated above would generate about $220 billion per year, equal to about 1.2% of the current US GDP.
Journal: International Review of Applied Economics
Pages: 772-806
Issue: 6
Volume: 32
Year: 2018
Month: 11
X-DOI: 10.1080/02692171.2018.1485634
File-URL: http://hdl.handle.net/10.1080/02692171.2018.1485634
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:32:y:2018:i:6:p:772-806




Template-Type: ReDIF-Article 1.0
Author-Name: Jonathan Michie
Author-X-Name-First: Jonathan
Author-X-Name-Last: Michie
Title: ‘Sand in the wheels’ to stabilise markets would generate significant revenues
Journal: International Review of Applied Economics
Pages: 711-712
Issue: 6
Volume: 32
Year: 2018
Month: 11
X-DOI: 10.1080/02692171.2018.1522740
File-URL: http://hdl.handle.net/10.1080/02692171.2018.1522740
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:32:y:2018:i:6:p:711-712




Template-Type: ReDIF-Article 1.0
Author-Name: Jonathan Michie
Author-X-Name-First: Jonathan
Author-X-Name-Last: Michie
Title: ‘Social capital’ is neither social nor capital
Journal: International Review of Applied Economics
Pages: 475-476
Issue: 4
Volume: 33
Year: 2019
Month: 7
X-DOI: 10.1080/02692171.2019.1636475
File-URL: http://hdl.handle.net/10.1080/02692171.2019.1636475
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:33:y:2019:i:4:p:475-476




Template-Type: ReDIF-Article 1.0
Author-Name: Dmitry Lysenko
Author-X-Name-First: Dmitry
Author-X-Name-Last: Lysenko
Title: The long-run effects of the real exchange rate on employment and wages in Canadian manufacturing
Abstract: 
 The literature on real exchange rate effects on the labour market is dominated by short-run analysis showing that there is heterogeneity in the responses of firms or industries to a real exchange rate shock. Analysing data on Canadian manufacturing industries, I conclude that there is a common long-run equilibrium across all manufacturing industries controlling for their openness to trade after varying adjustments to a real exchange rate shock have taken place. This conclusion is important from the perspective of policy making because it helps to form expectations about the effects of a real exchange rate movement on the labour market. The results suggest that real appreciation leads to economically significant reductions in employment in manufacturing in the long run. Real wages decrease in industries that are highly engaged in international trade and somewhat increase in industries that are relatively closed to international trade. Both employment and real wages converge quickly to the long-run equilibrium.
Journal: International Review of Applied Economics
Pages: 477-504
Issue: 4
Volume: 33
Year: 2019
Month: 7
X-DOI: 10.1080/02692171.2018.1513457
File-URL: http://hdl.handle.net/10.1080/02692171.2018.1513457
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:33:y:2019:i:4:p:477-504




Template-Type: ReDIF-Article 1.0
Author-Name: Aloisio Campelo
Author-X-Name-First: Aloisio
Author-X-Name-Last: Campelo
Author-Name: Marco Malgarini
Author-X-Name-First: Marco
Author-X-Name-Last: Malgarini
Author-Name: Viviane Seda Bittencourt
Author-X-Name-First: Viviane Seda
Author-X-Name-Last: Bittencourt
Author-Name: Vitor Vidal Velho
Author-X-Name-First: Vitor Vidal
Author-X-Name-Last: Velho
Title: Inflation expectations of Brazilian consumers: an analysis based on the FGV survey
Abstract: 
 An accurate assessment of inflation expectations is crucial for the management of monetary policies. However, expectations are not directly observed and are hence normally inferred either from the interest rate structure or from surveys of professional forecasters. Alternatively, a direct measure may be obtained from consumer surveys. The aim of this paper is to study the formation of inflation expectations in Brazil, using a novel dataset based on the FGV/IBRE consumer survey. Basing our model on the rational inattention hypothesis, we find that individual heterogeneity plays a very significant role in shaping individual expectations; also, Brazilians adjust expectations to current inflation and to a fixed reference value, while professional forecasts do not play a very relevant role.
Journal: International Review of Applied Economics
Pages: 505-522
Issue: 4
Volume: 33
Year: 2019
Month: 7
X-DOI: 10.1080/02692171.2018.1515897
File-URL: http://hdl.handle.net/10.1080/02692171.2018.1515897
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:33:y:2019:i:4:p:505-522




Template-Type: ReDIF-Article 1.0
Author-Name: Don J. Webber
Author-X-Name-First: Don J.
Author-X-Name-Last: Webber
Author-Name: Min Hua Jen
Author-X-Name-First: Min Hua
Author-X-Name-Last: Jen
Author-Name: Eoin O’Leary
Author-X-Name-First: Eoin
Author-X-Name-Last: O’Leary
Title: European regional productivity: does country affiliation matter?
Abstract: 
 We assess the importance of country affiliation for European regional productivity growth between 1980 and 2012 and reveal that 93% of regional variation in gross domestic product (GDP) per worker is explained at the national level, regional divergence was experienced throughout the period after 1983 and country divergence occurred throughout the period until a reversal around the beginning of the recent recession. Distinct groups of regions have been growing together and although regional groups are generally confined to national borders, there are notable exceptions. The results rehabilitate the importance of national borders for understanding the productivity performance of regions, implying that regional policy-makers should take cognizance of national effects.
Journal: International Review of Applied Economics
Pages: 523-541
Issue: 4
Volume: 33
Year: 2019
Month: 7
X-DOI: 10.1080/02692171.2018.1515899
File-URL: http://hdl.handle.net/10.1080/02692171.2018.1515899
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:33:y:2019:i:4:p:523-541




Template-Type: ReDIF-Article 1.0
Author-Name: Ben Fine
Author-X-Name-First: Ben
Author-X-Name-Last: Fine
Title: Post-truth: an alumni economist’s perspective
Abstract: 
 Drawing upon 50 years as an academic economist, this lecture to alumni of SOAS’s Department of Economics reflects upon the continual ‘post-truth’ aspects of mainstream economics, ranging over its substantive, if shifting, content, and its treatment of methodology and interdisciplinarity. It draws upon a wide range of theory, empirical analysis, policy and anecdote to highlight both the need for alternatives and the continuing, even increased, failure of the mainstream to engage with criticism and alternatives.
Journal: International Review of Applied Economics
Pages: 542-567
Issue: 4
Volume: 33
Year: 2019
Month: 7
X-DOI: 10.1080/02692171.2019.1617252
File-URL: http://hdl.handle.net/10.1080/02692171.2019.1617252
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:33:y:2019:i:4:p:542-567




Template-Type: ReDIF-Article 1.0
Author-Name: Mekki Hamdaoui
Author-X-Name-First: Mekki
Author-X-Name-Last: Hamdaoui
Author-Name: Samir Maktouf
Author-X-Name-First: Samir
Author-X-Name-Last: Maktouf
Title: Overall effects of financial liberalization: financial crisis versus economic growth
Abstract: 
 The contribution of this work consists firstly in decomposing the effect of financial liberalization into a global direct positive effect on growth and an indirect negative effect via financial fragility and crisis. We show that the aggregate positive effect of financial liberalization outweighs the negative partial or temporary effect. Secondly, contrary to previous works, we distinguish many types of financial reforms. We found that equity market liberalization is the most important component in reducing economical costs associated with financial crisis. Thus, equity market liberalization is the most important favoring growth. Interest rate liberalization enhances significantly the probability of crisis leading to a short-run indirect effect more important than other financial reforms. Thirdly, we improved our work by addressing model uncertainty using Bayesian Model Averaging techniques to choose appropriate indicators for model crisis specification.
Journal: International Review of Applied Economics
Pages: 568-595
Issue: 4
Volume: 33
Year: 2019
Month: 7
X-DOI: 10.1080/02692171.2018.1515898
File-URL: http://hdl.handle.net/10.1080/02692171.2018.1515898
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:33:y:2019:i:4:p:568-595




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Special issue of the International Review of Applied Economics on Edith Penrose’s legacy to economics, management and political economy
Journal: International Review of Applied Economics
Pages: 596-597
Issue: 4
Volume: 33
Year: 2019
Month: 7
X-DOI: 10.1080/02692171.2019.1626083
File-URL: http://hdl.handle.net/10.1080/02692171.2019.1626083
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:33:y:2019:i:4:p:596-597




Template-Type: ReDIF-Article 1.0
Author-Name: Jonathan Michie
Author-X-Name-First: Jonathan
Author-X-Name-Last: Michie
Title: Analysing economic crises, and creating a new era of sustainable development
Journal: International Review of Applied Economics
Pages: 1-3
Issue: 1
Volume: 34
Year: 2020
Month: 1
X-DOI: 10.1080/02692171.2020.1672985
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1672985
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:34:y:2020:i:1:p:1-3




Template-Type: ReDIF-Article 1.0
Author-Name: Cem Oyvat
Author-X-Name-First: Cem
Author-X-Name-Last: Oyvat
Author-Name: Mwangi wa Gĩthĩnji
Author-X-Name-First: Mwangi
Author-X-Name-Last: wa Gĩthĩnji
Title: Migration in Kenya: beyond Harris-Todaro
Abstract: 
 This paper examines the impact of agrarian structures on the migration behavior and destination of rural household heads and individuals in Kenya. To explore the complexity of migration we extend the standard Harris-Todaro framework to account for land inequality and size as well as type of destination. Using probit regressions, we show that Kenyan household heads born in districts with higher land inequality, smaller per capita land and lower per capita rural income are more likely to migrate. We show that for individuals whose incomes are squeezed by larger land inequality, migration from villages to smaller cities, and villages in different districts could be a preferable strategy to migrating to Greater Nairobi. The impact of land inequality is larger for male than female migration and insignificant for females’ rural-to-rural migration. Moreover, the level of education, age, marital status, gender, religion and distance to Nairobi play a role in migration behavior.
Journal: International Review of Applied Economics
Pages: 4-35
Issue: 1
Volume: 34
Year: 2020
Month: 1
X-DOI: 10.1080/02692171.2019.1620702
File-URL: http://hdl.handle.net/10.1080/02692171.2019.1620702
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:34:y:2020:i:1:p:4-35




Template-Type: ReDIF-Article 1.0
Author-Name: Thomas E. Lambert
Author-X-Name-First: Thomas E.
Author-X-Name-Last: Lambert
Title: Monopoly capital and innovation: an exploratory assessment of R&D effectiveness
Abstract: 
 This research note performs some limited empirical assessments of the monopoly capital school of thought contention that most research and development (R&D) efforts in the US are ‘wasted’ at the macroeconomic level in that as R&D succeeds by absorbing a little of the excess economic surplus generated by a capitalist system, it still fails to generate a lot of innovation of a transformative nature. At an aggregate level, greater R&D efforts are correlated with higher worker productivity and standards of living, which is to be expected according to mainstream economic theory and literature. Yet, R&D efforts regarding job creation, new firm creation, and net business investment show either mixed results or even negative connections. There is some preliminary empirical support in this paper for many aspects of the Baran and Sweezy point of view on R&D, and these findings also hint that R&D is used in a monopoly capital system to further monopolization. The findings of this note also may help to explain how productivity gains and innovation over the last few decades may not be benefitting the typical worker or the creation of small businesses as well.
Journal: International Review of Applied Economics
Pages: 36-49
Issue: 1
Volume: 34
Year: 2020
Month: 1
X-DOI: 10.1080/02692171.2019.1620703
File-URL: http://hdl.handle.net/10.1080/02692171.2019.1620703
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:34:y:2020:i:1:p:36-49




Template-Type: ReDIF-Article 1.0
Author-Name: Christos Pierros
Author-X-Name-First: Christos
Author-X-Name-Last: Pierros
Title: Income distribution, structural competitiveness and financial fragility of the Greek economy
Abstract: 
 The aim of this paper is to examine the growth prospects of the Greek economy, after the implementation of the Economic Adjustment Programs (EAPs). The main focus is on the impact of investment, and the structural competitiveness of the productive sector, on effective demand and the financial fragility of corporations. For this purpose, a Post-Keynesian SVAR model is developed which connects functional income distribution and the regime of accumulation, with the structural competitiveness and the non-performing loans of corporations. The findings indicate that the distribution of income and fiscal consolidation as established after the implementation of the EAPs have destabilized the economy both in macroeconomic and financial terms. The structural competitiveness of the Greek economy is particularly weak, the regime of accumulation is not profit-led, while the non-performing loans are in a negative relation with the capacity utilization ratio. In this respect, policies that aim to increase the capacity utilization ratio will determine the sustainability of the macro-financial system of Greece.
Journal: International Review of Applied Economics
Pages: 50-74
Issue: 1
Volume: 34
Year: 2020
Month: 1
X-DOI: 10.1080/02692171.2019.1620704
File-URL: http://hdl.handle.net/10.1080/02692171.2019.1620704
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:34:y:2020:i:1:p:50-74




Template-Type: ReDIF-Article 1.0
Author-Name: Guillermo Acuña
Author-X-Name-First: Guillermo
Author-X-Name-Last: Acuña
Author-Name: Cristián Echeverría
Author-X-Name-First: Cristián
Author-X-Name-Last: Echeverría
Author-Name: Cristian Pinto-Gutiérrez
Author-X-Name-First: Cristian
Author-X-Name-Last: Pinto-Gutiérrez
Title: Consumer confidence and consumption: empirical evidence from Chile
Abstract: 
 This paper examines whether consumer confidence forecasts future consumption in Chile. The results show that consumer confidence indicators are positively related to later consumption growth, suggesting that consumption increases after periods of high consumer confidence. This result contradicts the theoretical predictions of consumption expenditures (for instance, the Precautionary Saving Hypothesis). Furthermore, the results show that consumer confidence measures can be good predictors of consumption, even after controlling for the information contained in other economic fundamentals. This evidence suggests that consumer confidence in Chile also reflect a component of consumer sentiment that is unrelated to macroeconomic conditions. Finally, additional results show that predictive models that include consumer confidence produce more accurate predictions for positive, rather than for negative, changes in consumption over the next month.
Journal: International Review of Applied Economics
Pages: 75-93
Issue: 1
Volume: 34
Year: 2020
Month: 1
X-DOI: 10.1080/02692171.2019.1645816
File-URL: http://hdl.handle.net/10.1080/02692171.2019.1645816
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:34:y:2020:i:1:p:75-93




Template-Type: ReDIF-Article 1.0
Author-Name: Simplice A. Asongu
Author-X-Name-First: Simplice A.
Author-X-Name-Last: Asongu
Author-Name: Nicholas M. Odhiambo
Author-X-Name-First: Nicholas M.
Author-X-Name-Last: Odhiambo
Title: Inequality thresholds, governance and gender economic inclusion in sub-Saharan Africa
Abstract: 
 Inequality and gender economic exclusion are major policy concerns facing sub-Saharan Africa in the post-2015 development agenda. This paper identifies ‘thresholds’ of inequality that should not be exceeded if governance is to promote gender economic participation. The research focuses on 42 countries in sub-Saharan Africa using annual data from 2004 to 2014. The empirical work utilises the Generalized Method of Moments. The following findings are established. First, inequality (i.e. the Gini coefficient) levels that completely nullify the positive effect of governance on female labour force participation are 0.708 for political stability, 0.601 for voice & accountability, 0.588 for government effectiveness, 0.631 for regulatory quality, 0.612 for the rule of law, and 0.550 for corruption-control. Second, inequality thresholds at which female unemployment can no longer be mitigated by governance channels include: 0.561 for political stability and 0.465 for the rule of law. Third, inequality levels that completely dampen the positive impact of governance on female employment are 0.608 for political stability, 0.580 for voice & accountability, 0.581 for government effectiveness, and 0.557 for the rule of law. As the main policy implication, for good governance to promote gender economic inclusion, inequality levels should not exceed such thresholds.
Journal: International Review of Applied Economics
Pages: 94-114
Issue: 1
Volume: 34
Year: 2020
Month: 1
X-DOI: 10.1080/02692171.2019.1645817
File-URL: http://hdl.handle.net/10.1080/02692171.2019.1645817
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:34:y:2020:i:1:p:94-114




Template-Type: ReDIF-Article 1.0
Author-Name: Fernando Borraz
Author-X-Name-First: Fernando
Author-X-Name-Last: Borraz
Author-Name: Ignacio Munyo
Author-X-Name-First: Ignacio
Author-X-Name-Last: Munyo
Title: Conditional cash transfers, women’s income and domestic violence
Abstract: 
 We analyze the impact of conditional cash transfer programs on domestic violence. We present evidence that welfare payments that reduce gender income gap significantly decrease aggression against women. We exploit an exogenous increase in women’s income given by a major reformulation of a welfare program in Uruguay to analyze causes of domestic violence. In line with the models of household bargaining, our findings suggest that fostering women economic independence contribute to reduce domestic violence.
Journal: International Review of Applied Economics
Pages: 115-125
Issue: 1
Volume: 34
Year: 2020
Month: 1
X-DOI: 10.1080/02692171.2019.1649641
File-URL: http://hdl.handle.net/10.1080/02692171.2019.1649641
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:34:y:2020:i:1:p:115-125




Template-Type: ReDIF-Article 1.0
Author-Name: Henriette Neumann
Author-X-Name-First: Henriette
Author-X-Name-Last: Neumann
Title: The determinants of German exports – an analysis of intra- and extra-EMU trade
Abstract: 
 Since the early 2000s German net exports have grown persistently, generating huge current account surpluses. These surpluses have added to current account imbalances within and outside the European Monetary Union (EMU). Contributing to the economic policy debate of whether it is foreign demand or ‘world-beating’ price competitiveness driving German exports, the paper investigates econometrically the determinants of German intra- and extra-EMU exports for 1995 to 2014. The long-term relationship between exports, foreign activity and the real effective exchange rate is estimated in an error correction framework. The results show that German exports are sensitive to foreign activity. Germany has benefited from growth of trading partners and high income elasticities of demand for exports, indicating non-price competitiveness. With regard to exchange rate effects, we do not detect a significant impact of the real exchange rate on intra-EMU exports. However, our estimations provide a stable relationship between the real exchange rate and extra-EMU exports. We calculate that the real exchange rate explains 12% to 17% of export growth. Moreover, taking into account quantity and price effects caused by changes in the real exchange rate, we observe contrary effects on real and nominal exports.
Journal: International Review of Applied Economics
Pages: 126-145
Issue: 1
Volume: 34
Year: 2020
Month: 1
X-DOI: 10.1080/02692171.2019.1654983
File-URL: http://hdl.handle.net/10.1080/02692171.2019.1654983
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:34:y:2020:i:1:p:126-145




Template-Type: ReDIF-Article 1.0
Author-Name: Joao Paulo A. de Souza
Author-X-Name-First: Joao Paulo A.
Author-X-Name-Last: de Souza
Title: Real wages and labor-saving technical change: evidence from a panel of manufacturing industries in mature and labor-surplus economies
Abstract: 
 Recent theories have provided a persuasive account of a key stylized fact of mature economies: the common long-run trends of average real wages and labor productivity, and the ensuing stationarity of functional distribution. Central to these theories is the notion of directed technical change, which claims that a rise in labor costs sparks the adoption of labor-saving innovations. This paper empirically examines a core prediction of these theories, namely that shocks to functional distribution elicit compensatory adjustments in real product wages and labor productivity. Using two disaggregated data-sets of manufacturing industries (EU-Klems and Unido), I find evidence of cointegration and two-way, long-run Granger causality between these two variables. These findings suggest that directed technical change is indeed key for producing stationarity in functional distribution, and they complement the recent empirical literature on distributive cycles and productivity growth. Preliminary evidence from the Unido data-set also suggests the importance of directed technical change in developing countries. To illuminate the empirical procedure, I present a theoretical model of growth and distribution with directed technical change.
Journal: International Review of Applied Economics
Pages: 151-172
Issue: 2
Volume: 31
Year: 2017
Month: 3
X-DOI: 10.1080/02692171.2016.1225017
File-URL: http://hdl.handle.net/10.1080/02692171.2016.1225017
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:31:y:2017:i:2:p:151-172




Template-Type: ReDIF-Article 1.0
Author-Name: Maurizio Baussola
Author-X-Name-First: Maurizio
Author-X-Name-Last: Baussola
Author-Name: Chiara Mussida
Author-X-Name-First: Chiara
Author-X-Name-Last: Mussida
Title: Regional and gender differentials in the persistence of unemployment in Europe
Abstract: 
 The persistence of unemployment increased during the recent great recession in many European countries, although with diversified impacts. We therefore analyse such impacts in four European countries – Italy, Spain, France and the UK – which represent different institutional frameworks and may reflect the so-called continental European and Anglo-Saxon frameworks. We analyse the determinants of unemployment persistence using individual-level data from the European Union Statistics on Income and Living Conditions (EU-SILC) panel for the period 2007–2013. These data enable us to take into account initial conditions and state dependence in addition to individual and household characteristics. We focus on gender and regional effects, which have a strong impact on the persistence in the state of unemployment. We find that gender gap is significant in Italy and the UK, implying that male workers show a higher probability of remaining unemployed. In Italy, such a pattern is due to the worsening of male workers’ conditions during the crisis, whereas in the UK, male workers show higher unemployment rates than women. Regional effects are significant in all countries analysed and underline a relevant structural factor that should be addressed on policy grounds in Europe. Such effects are greater in Spain and Italy.
Journal: International Review of Applied Economics
Pages: 173-190
Issue: 2
Volume: 31
Year: 2017
Month: 3
X-DOI: 10.1080/02692171.2016.1231801
File-URL: http://hdl.handle.net/10.1080/02692171.2016.1231801
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:31:y:2017:i:2:p:173-190




Template-Type: ReDIF-Article 1.0
Author-Name: Simone Gitto
Author-X-Name-First: Simone
Author-X-Name-Last: Gitto
Title: Efficiency change, technological change and capital accumulation in Italian regions: a sectoral study
Abstract: 
 This paper examines the sources of labour productivity in the Italian regions during the period 1980–2004. Five economic sectors are investigated using data envelopment analysis (DEA) and taking into account productive specialisation and sector inefficiencies. Labour productivity change is decomposed into five components by means of Malmquist productivity indices: intra-sector efficiency change, composition efficiency change, input-biased technical change, magnitude component technical change and capital accumulation. Using bootstrap procedure, the components of labour productivity changes are statistically tested. Efficiency analysis shows that productive specialisation is not a source of inefficiency and efficiency gains can be obtained by sector-specific policies. Thus, it is possible to obtain improvements in efficiency in each sector of activity rather than reallocating resources among sectors. The results of the decomposition by sectors reveal heterogeneous sources of growth. The total economy has shown evidence of non-neutral technical change and, it has been found that agriculture, industry and construction experienced capital using technical change. The analysis of the decomposition of the labour productivity growth is complemented by an analysis of β-convergence.
Journal: International Review of Applied Economics
Pages: 191-207
Issue: 2
Volume: 31
Year: 2017
Month: 3
X-DOI: 10.1080/02692171.2016.1240152
File-URL: http://hdl.handle.net/10.1080/02692171.2016.1240152
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:31:y:2017:i:2:p:191-207




Template-Type: ReDIF-Article 1.0
Author-Name: Reiner Franke
Author-X-Name-First: Reiner
Author-X-Name-Last: Franke
Title: What output-capital ratio to adopt for macroeconomic calibrations?
Abstract: 
 Regarding the output-capital ratio in heterodox macroeconomic simulation studies, a surprisingly wide range of numerical values can be found. The paper discusses quarterly US data that are publicly available where, in order to capture depreciation, the construction of the capital stock by the perpetual inventory method relies on detailed estimates of its lifetime. Subsequently the paper builds up a capital stock series by alternatively having recourse to the statistics about capital consumption and furthermore determining an initial level by an assumption about the long-term growth of capital. This procedure leads to somewhat different results. In addition, the rates of depreciation and profit are studied that are implied by the two approaches. The paper closes with two numerical proposals for the steady state values of these variables and the output-capital ratio that could be readily employed for macrodynamic modelling, and that are quite different from many of the aforementioned examples.
Journal: International Review of Applied Economics
Pages: 208-224
Issue: 2
Volume: 31
Year: 2017
Month: 3
X-DOI: 10.1080/02692171.2016.1240153
File-URL: http://hdl.handle.net/10.1080/02692171.2016.1240153
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:31:y:2017:i:2:p:208-224




Template-Type: ReDIF-Article 1.0
Author-Name: A. Erinc Yeldan
Author-X-Name-First: A. Erinc
Author-X-Name-Last: Yeldan
Title: Turkey’s employment subsidy program under the great recession: a general equilibrium assessment
Abstract: 
 The objective of this paper is to provide an impact analysis of the macroeconomic consequences of the employment subsidization programs in Turkey implemented under the post-2008 crisis period. To this end, an applied general equilibrium model (of the computable general equilibrium – CGE variety) is utilized to investigate the production, incomes generation, and aggregate demand components of the domestic economy. The analysis highlights the rather limited returns to the subsidization package, and argues that much of this was due to the dis-equilibriating and fragile macroeconomic environment under the neoliberal policy framework. The massive drop of domestic savings; a severe mis-alignment in the real exchange rate causing significant appreciation of the domestic currency; rise of the external deficit and of foreign indebtedness along with a severe fall in the total productivity effort were different facets of this poor macroeconomic performance. Thus, an important message of the study is that, had the macroeconomic balances were maintained at their historical averages, and a more competitive exchange rate could have been pursued, as much as threefolds of a gain in aggregate employment could have been generated with the same intensity of the employment subsidization package, in comparison to the historically realized levels.
Journal: International Review of Applied Economics
Pages: 225-254
Issue: 2
Volume: 31
Year: 2017
Month: 3
X-DOI: 10.1080/02692171.2016.1240154
File-URL: http://hdl.handle.net/10.1080/02692171.2016.1240154
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:31:y:2017:i:2:p:225-254




Template-Type: ReDIF-Article 1.0
Author-Name: Hasan Engin Duran
Author-X-Name-First: Hasan Engin
Author-X-Name-Last: Duran
Author-Name: Alexandra Ferreira-Lopes
Author-X-Name-First: Alexandra
Author-X-Name-Last: Ferreira-Lopes
Title: Determinants of co-movement and of lead and lag behavior of business cycles in the Eurozone
Abstract: 
 In this paper we study business cycle correlations in the Eurozone and its determinants. Additionally, we also analyze the determinants of the lead and lag behavior of business cycles in the Eurozone. We explore the relevance, in the Eurozone context, using GDP and employment as the business cycle measures, of the determinants of business cycle synchronization identified in the literature, namely bilateral trade intensity, dissimilarity of labor market rigidity, dissimilarity in industrial structures, financial openness, and foreign direct investment relations. We estimate a simultaneous 4-equations model by Ordinary Least Squares (OLS) and three-stage least square to investigate empirically the above-mentioned determinants of business cycle correlation. Bilateral trade relations present a positive influence on business cycle correlations, while the dissimilarity of labor market rigidity presents a negative influence. The rest of the above-mentioned variables are non-significant. These results are robust to the use of the Hodrick–Prescott-filter and first differences as the de-trending methods, as well as the use of GDP as the business cycle measure, excluding the financial crisis years (2008 and 2009). Results for employment as the business cycle measure are in contrast with the previous ones, and found industrial dissimilarity to be the relevant variable to determine business cycles synchronization. In what concerns the determinants of the lead and lag behavior, results show that the member states of the Eurozone that usually lead the cycle are the ones that are wealthier, with strict employment legislation, more specialized in construction and finance sectors, and more prone to international capital movements. Differences in the determinants between contemporaneous business cycles and lead and lag behavior of business cycles are especially important for policy-makers in the Eurozone to know about, in particular if asymmetric shocks between countries are set in place.
Journal: International Review of Applied Economics
Pages: 255-282
Issue: 2
Volume: 31
Year: 2017
Month: 3
X-DOI: 10.1080/02692171.2016.1249830
File-URL: http://hdl.handle.net/10.1080/02692171.2016.1249830
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:31:y:2017:i:2:p:255-282




Template-Type: ReDIF-Article 1.0
Author-Name: Cleiton Silva de Jesus
Author-X-Name-First: Cleiton Silva
Author-X-Name-Last: de Jesus
Author-Name: Ricardo Azevedo Araujo
Author-X-Name-First: Ricardo Azevedo
Author-X-Name-Last: Araujo
Author-Name: Carlos Eduardo Drumond
Author-X-Name-First: Carlos Eduardo
Author-X-Name-Last: Drumond
Title: An empirical test of the Post-Keynesian growth model applied to functional income distribution and the growth regime in Brazil
Abstract: 
 The main purpose of this paper is to empirically investigate whether, between 1970 and 2008, the Brazilian economy was profit-led or wage-led. To this end, we approach a canonical post-Keynesian growth model (PKGM) to estimate certain vector autoregressive (VAR) models and perform Granger non-causality tests. Three main results are extracted from the generalized impulse-response functions provided by the VAR models. First, a positive profit-share innovation affects economic growth and capacity utilization rate, both in the same direction, suggesting a profit-led pattern. Second, a profit share shock positively affects both the ratio actual/potential output, and capital accumulation, reinforcing the previous result. Third, a capacity utilization shock is shown to positively affect both output growth and capital accumulation via the accelerator effect. On the one hand, the pairwise Granger non-causality test does not provide any evidence of causality running from profit share to economic growth or capacity utilization. On the other hand, there is some evidence of Granger causality running from profit share to capital accumulation.
Journal: International Review of Applied Economics
Pages: 428-449
Issue: 4
Volume: 32
Year: 2018
Month: 7
X-DOI: 10.1080/02692171.2017.1351528
File-URL: http://hdl.handle.net/10.1080/02692171.2017.1351528
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:32:y:2018:i:4:p:428-449




Template-Type: ReDIF-Article 1.0
Author-Name: John S. L. McCombie
Author-X-Name-First: John S. L.
Author-X-Name-Last: McCombie
Author-Name: Marta R. M. Spreafico
Author-X-Name-First: Marta R. M.
Author-X-Name-Last: Spreafico
Author-Name: Sixiang Xu
Author-X-Name-First: Sixiang
Author-X-Name-Last: Xu
Title: Productivity growth of the cities of Jiangsu province, China: a Kaldorian approach
Abstract: 
 This paper considers the determinants of economic growth of the cities of Jiangsu province, China, adopting a Kaldorian approach. It is found that there is a close correlation between the growth of non-industry and industry (Kaldor’s first law) that provides indirect evidence for the export-base theory. The paper discusses two competing explanations of the foundations of the Verdoorn law (Kaldor’s second law), which, in its simplest form, is the relationship between industrial productivity and output growth. It also considers the static–dynamic Verdoorn law paradox. This arises from the fact that estimating the Verdoorn law in log-levels often gives statistically insignificant estimates of the Verdoorn coefficient while the use of growth rates gives significant values of around one half. The results show that this does not occur when data for the cities are used. A plausible explanation for the paradox is that it results from spatial aggregation bias. It is also found that inter-province urban productivity disparities first increase, but subsequently decrease over the period considered.
Journal: International Review of Applied Economics
Pages: 450-471
Issue: 4
Volume: 32
Year: 2018
Month: 7
X-DOI: 10.1080/02692171.2017.1351529
File-URL: http://hdl.handle.net/10.1080/02692171.2017.1351529
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:32:y:2018:i:4:p:450-471




Template-Type: ReDIF-Article 1.0
Author-Name: Andrew Evans
Author-X-Name-First: Andrew
Author-X-Name-Last: Evans
Title: Evidence of the added-worker and discouraged-worker effects in Australia
Abstract: 
 Gross flow data for workers moving between the states of employment, unemployment and non-participation in Australia can be used to analyse the likelihood of workers transitioning between the three states in different phases of the business cycle. We use correlation analysis and a SVAR model to determine the cyclicality of state transition rates and use these results to characterise labour force inflows and outflows as being consistent in aggregate with either the discouraged-worker effect (DWE) or the added-worker effect (AWE). We find evidence that the AWE is dominant in transitions in both directions between unemployment and non-participation which contributes to a rise in unemployment during economic contractions. We also find that the DWE is dominant in transitions from non-participation to employment and that this drives the overall result that non-participation rises during a contraction. This means that the overall participation rate is procyclical. It is important to understand the cyclical influences on labour force participation and its interaction with unemployment before framing policy responses which seek to reduce labour market slack.
Journal: International Review of Applied Economics
Pages: 472-488
Issue: 4
Volume: 32
Year: 2018
Month: 7
X-DOI: 10.1080/02692171.2017.1351530
File-URL: http://hdl.handle.net/10.1080/02692171.2017.1351530
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:32:y:2018:i:4:p:472-488




Template-Type: ReDIF-Article 1.0
Author-Name: André Roncaglia de Carvalho
Author-X-Name-First: André
Author-X-Name-Last: Roncaglia de Carvalho
Author-Name: Rafael S. M. Ribeiro
Author-X-Name-First: Rafael S. M.
Author-X-Name-Last: Ribeiro
Author-Name: André M. Marques
Author-X-Name-First: André M.
Author-X-Name-Last: Marques
Title: Economic development and inflation: a theoretical and empirical analysis
Abstract: 
 This paper studies the relation between inflation and economic development. The literature is largely silent regarding both the theoretical and empirical perspectives that undeveloped countries endure higher average inflation than developed economies. We present a simple theoretical model linking the inflation phenomenon to the tradition of development economics. Empirical evidence is garnered to test the hypothesis that economic development engenders a downward bias to inflation rates. Through the feasible-GLS estimator in a panel of 65 countries from 2001 to 2011, we aim at listing a number of variables most commonly used to explain differences in the stage of economic development across countries and identifying the most statistically relevant ones to account for differences in inflationary patterns. While our results show that inflation is inversely correlated with the level of the technological content of the economy (measured by share of high-tech exports), human capital and cyclical unemployment, it is directly related to the degree of inflation persistence and terms of trade growth. However, our findings still present an inverse and low correlation between inflation persistence and economic development, implying that development-sensitive variables allowed into the model can only partially account for the differences in inflation at different levels of economic development.
Journal: International Review of Applied Economics
Pages: 546-565
Issue: 4
Volume: 32
Year: 2018
Month: 7
X-DOI: 10.1080/02692171.2017.1351531
File-URL: http://hdl.handle.net/10.1080/02692171.2017.1351531
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:32:y:2018:i:4:p:546-565




Template-Type: ReDIF-Article 1.0
Author-Name: Laurel Adams
Author-X-Name-First: Laurel
Author-X-Name-Last: Adams
Author-Name: Rebecca Neumann
Author-X-Name-First: Rebecca
Author-X-Name-Last: Neumann
Author-Name: Saleh S. Tabrizy
Author-X-Name-First: Saleh S.
Author-X-Name-Last: Tabrizy
Title: Is ‘no news’ really ‘good news’? Country visibility and FDI location choice
Abstract: 
 In choosing where to invest, firms seek out information on a set of possible locations. Information asymmetries may make country visibility particularly important in decisions to locate investment abroad. We develop a country visibility index based on international news stories in The Economist, and show that broad country visibility is at least as important in attracting foreign direct investment (FDI) as other specific investment promotion activities or proxies for information frictions. Controlling for standard gravity model determinants of FDI, we find that greater visibility of developing countries, in particular lower middle- and low-income countries, increases the investment that they receive from US multinational corporations.
Journal: International Review of Applied Economics
Pages: 489-524
Issue: 4
Volume: 32
Year: 2018
Month: 7
X-DOI: 10.1080/02692171.2017.1351925
File-URL: http://hdl.handle.net/10.1080/02692171.2017.1351925
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:32:y:2018:i:4:p:489-524




Template-Type: ReDIF-Article 1.0
Author-Name: Lorenzo Carbonari
Author-X-Name-First: Lorenzo
Author-X-Name-Last: Carbonari
Author-Name: Vincenzo Atella
Author-X-Name-First: Vincenzo
Author-X-Name-Last: Atella
Author-Name: Paola Samà
Author-X-Name-First: Paola
Author-X-Name-Last: Samà
Title: Hours worked in selected OECD countries: an empirical assessment
Abstract: 
 In this paper, we empirically assess the evolution of the aggregate hours worked, with a particular emphasis on their age structure, in a sample of OECD countries, along the period 1970–2007. We show that the age composition of the workforce has a large and statistically significant effect on hours worked volatility. To exploit the multilevel structure of our data, we use a Mixed Linear Model to investigate the consequences of (i) demographic change, (ii) sector-specific, and (iii) country-specific factors on hours worked by ‘young’ (aged 15–29) and ‘prime-aged’ (29+) individuals. We show that changes in workforce demographics, captured by the ratio between population older than 29 and population younger than 29, are strongly and significantly correlated with the amount of hours worked by ‘young’ individuals. We also document the impact of sectoral capital intensity and profitability on the dynamics of (aggregate) hours worked. Finally, we show that productive public expenditure, here proxied by the public investment in ICT, is beneficial for the hours worked both by young and prime-aged individuals.
Journal: International Review of Applied Economics
Pages: 525-545
Issue: 4
Volume: 32
Year: 2018
Month: 7
X-DOI: 10.1080/02692171.2017.1353593
File-URL: http://hdl.handle.net/10.1080/02692171.2017.1353593
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:32:y:2018:i:4:p:525-545




Template-Type: ReDIF-Article 1.0
Author-Name: Jonathan Michie
Author-X-Name-First: Jonathan
Author-X-Name-Last: Michie
Title: Alternative economic policies for Europe – but with global significance
Journal: International Review of Applied Economics
Pages: 423-424
Issue: 4
Volume: 32
Year: 2018
Month: 7
X-DOI: 10.1080/02692171.2018.1479255
File-URL: http://hdl.handle.net/10.1080/02692171.2018.1479255
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:32:y:2018:i:4:p:423-424




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: European Economists for an Alternative Economic Policy in Europe
Journal: International Review of Applied Economics
Pages: 425-427
Issue: 4
Volume: 32
Year: 2018
Month: 7
X-DOI: 10.1080/02692171.2018.1479332
File-URL: http://hdl.handle.net/10.1080/02692171.2018.1479332
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:32:y:2018:i:4:p:425-427




Template-Type: ReDIF-Article 1.0
Author-Name: Salah A. Nusair
Author-X-Name-First: Salah A.
Author-X-Name-Last: Nusair
Title: The J-Curve phenomenon in European transition economies: A nonlinear ARDL approach
Abstract: 
 This article examines the J-curve phenomenon for 16 European transition economies. While previous studies assume a linear relationship between the exchange rate and the trade balance, this paper allows for nonlinearity. Following Bahmani-Oskooee and Fariditavana (2015, 2016), the empirical method used is the nonlinear cointegrating autoregressive distributed lag (NARDL) model of Shin et al. (2013) in which short-run and long-run nonlinearities are introduced via positive (appreciation) and negative (depreciation) partial sum decompositions of the real exchange rate. We argue that the lack of support for the J-curve phenomenon could be due to the linearity assumption. This issue is examined by utilizing the linear and the NARDL models. Using the linear autoregressive distributed lag (ARDL) model, we are unable to find support for the J-curve phenomenon in any case. However, when the NARDL model is used, we are able to find evidence for the J-curve in 12 out of the 16 countries. This suggests that allowing for nonlinearity in the adjustment process is important when studying the J-curve phenomenon.
Journal: International Review of Applied Economics
Pages: 1-27
Issue: 1
Volume: 31
Year: 2017
Month: 1
X-DOI: 10.1080/02692171.2016.1214109
File-URL: http://hdl.handle.net/10.1080/02692171.2016.1214109
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:31:y:2017:i:1:p:1-27




Template-Type: ReDIF-Article 1.0
Author-Name: Ryunosuke Sonoda
Author-X-Name-First: Ryunosuke
Author-X-Name-Last: Sonoda
Title: Price and nominal wage Phillips curves and the dynamics of distribution in Japan
Abstract: 
 This study estimates two types of Phillips curves – the price Phillips curve and nominal wage Phillips curve – for the Japanese economy and analyses the institutional structure of the dynamics of effective demand and income distribution in each period from 1977 to 2007. The estimated results allow us to make the following three findings. First, the Japanese economy was a profit-led regime and a counter-cyclical wage share regime. The combination of regimes can make the dynamics of effective demand and income distribution unstable. Second, the dynamics of price and nominal wage do not reflect each other in Japan by labour–management cooperation. Finally, after 1997, the distributive regime in Japan switched from a counter-cyclical wage share to a pro-cyclical wage share regime because Japanese firms quickened their speeds of employment adjustment. As a result, the dynamics of effective demand and income distribution were stabilised.
Journal: International Review of Applied Economics
Pages: 28-44
Issue: 1
Volume: 31
Year: 2017
Month: 1
X-DOI: 10.1080/02692171.2016.1221387
File-URL: http://hdl.handle.net/10.1080/02692171.2016.1221387
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:31:y:2017:i:1:p:28-44




Template-Type: ReDIF-Article 1.0
Author-Name: Verónica Escudero
Author-X-Name-First: Verónica
Author-X-Name-Last: Escudero
Author-Name: Elva López Mourelo
Author-X-Name-First: Elva
Author-X-Name-Last: López Mourelo
Title: The employment effect of changes in the composition of fiscal consolidations
Abstract: 
 This paper assesses the magnitude and nature of fiscal consolidation policies and their impact on employment. In particular, in an attempt to address fiscal imbalances in the near term, countries have been faced with the delicate challenge of doing so without damaging recovery prospects and thus, counter to their original aim, worsening further public finances. In this regard, the paper reviews recent austerity measures adopted by governments and discusses how prolonging fiscal consolidation measures in their current form could be counterproductive for guaranteeing debt sustainability. Moreover, the article shows how poorly designed fiscal cuts – directly or indirectly affecting labour – seem to have been dampening job prospects. The paper sheds light on how fiscal and employment goals can be achieved together. More specifically, it finds that a fiscally-neutral change in the expenditure and revenue composition of fiscal consolidation can boost job creation. In this sense, the paper shows that it is imperative to find the right policy mix and recommends countries to be mindful of the nature and pace of consolidation.
Journal: International Review of Applied Economics
Pages: 45-68
Issue: 1
Volume: 31
Year: 2017
Month: 1
X-DOI: 10.1080/02692171.2016.1221388
File-URL: http://hdl.handle.net/10.1080/02692171.2016.1221388
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:31:y:2017:i:1:p:45-68




Template-Type: ReDIF-Article 1.0
Author-Name: Maria Teresa Medeiros Garcia
Author-X-Name-First: Maria Teresa Medeiros
Author-X-Name-Last: Garcia
Author-Name: Pedro Deslandes Correia Vasconcelos Marques
Author-X-Name-First: Pedro Deslandes Correia Vasconcelos
Author-X-Name-Last: Marques
Title: Ownership of individual retirement accounts – an empirical analysis based on SHARE
Abstract: 
 This paper examines the household retirement saving decisions in what concerns to the ownership of Individual Retirement Accounts (IRAs) in eight European Union (EU) countries. IRAs are more and more seen as an alternative to public pension benefits, which are decreasing. Therefore, understanding the enrolment in IRAs, both the socio-economic factors and over time, is most important. Detailed empirical analysis of the factors that might influence the ownership of IRAs is presented based on Survey of Health Ageing and Retirement in Europe (SHARE), using data from Wave 2 (2006–2007) and Wave 4 (2010–2011). Further, to analyse the impact of legal retirement age in the ownership of IRAs, two subsamples are considered: people aged between 50 and 64 years old (50–64 years) and people aged 65 or over (≥ 65 years). The results suggest that age, years of education, income and ownership of dwelling influence positively and significantly household saving, while number of children, marital status and risk aversion have a negative effect. Marital status and income are not statistically significant for retired people. Policy implications are derived.
Journal: International Review of Applied Economics
Pages: 69-82
Issue: 1
Volume: 31
Year: 2017
Month: 1
X-DOI: 10.1080/02692171.2016.1221389
File-URL: http://hdl.handle.net/10.1080/02692171.2016.1221389
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:31:y:2017:i:1:p:69-82




Template-Type: ReDIF-Article 1.0
Author-Name: Branimir Jovanovic
Author-X-Name-First: Branimir
Author-X-Name-Last: Jovanovic
Title: Growth forecast errors and government investment and consumption multipliers
Abstract: 
 We compare government investment and consumption multipliers in developed economies during the initial years of the ongoing fiscal consolidation. We find that, in countries with high public debt, the investment multiplier is likely to be higher than what has been assumed by policy-makers and higher than the consumption multiplier. This leads to the conclusion that the consolidation should be accompanied by increased public investment.
Journal: International Review of Applied Economics
Pages: 83-107
Issue: 1
Volume: 31
Year: 2017
Month: 1
X-DOI: 10.1080/02692171.2016.1221390
File-URL: http://hdl.handle.net/10.1080/02692171.2016.1221390
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:31:y:2017:i:1:p:83-107




Template-Type: ReDIF-Article 1.0
Author-Name: Md. Saifur Rahman
Author-X-Name-First: Md. Saifur
Author-X-Name-Last: Rahman
Author-Name: Farihana Shahari
Author-X-Name-First: Farihana
Author-X-Name-Last: Shahari
Title: Does financial cooperation agreement improve the cointegration among ASEAN+3 money markets?
Abstract: 
 This paper aims to empirically examine the degree of cointegration among ASEAN+3 money markets in order to determine and adopt remedial actions pursuant to vulnerabilities in the region’s money markets that indicate an inability to prevent possible financial crises. In order to validate vulnerabilities, this paper investigates the degree to which money markets are integrated. Inter-bank lending rates are divided based on agreement periods as well as on income levels of regional economies. The VAR-based Cointegration test and the VECM have been applied in the investigation process. The findings are: (1) weak integration during the pre-agreement period; (2) substantial progress toward the post-agreement period; (3) both high- and low-income markets integrate in a cooperative way; and (4) the agreement produces an impact that is incomplete in so far as integrating the region’s money markets. The finding of this study offers implications for the regional makers.
Journal: International Review of Applied Economics
Pages: 108-125
Issue: 1
Volume: 31
Year: 2017
Month: 1
X-DOI: 10.1080/02692171.2016.1221391
File-URL: http://hdl.handle.net/10.1080/02692171.2016.1221391
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:31:y:2017:i:1:p:108-125




Template-Type: ReDIF-Article 1.0
Author-Name: Emiliano Magrini
Author-X-Name-First: Emiliano
Author-X-Name-Last: Magrini
Author-Name: Pierluigi Montalbano
Author-X-Name-First: Pierluigi
Author-X-Name-Last: Montalbano
Author-Name: Silvia Nenci
Author-X-Name-First: Silvia
Author-X-Name-Last: Nenci
Title: Are EU trade preferences really effective? An impact evaluation assessment of the Southern Mediterranean Countries’ case
Abstract: 
 This work assesses the causal impact of the EU trade preferences granted to the Southern Mediterranean Countries (SMCs) in agriculture and fishery products over the period 2004–2014. It overcomes some of the weaknesses of previous assessments and presents several methodological improvements. Firstly, it relies on a continuous treatment – i.e. preferential margins – to capture the ‘average treatment effect’ of trade preferences, rather than on a binary treatment based on dummy variables. Secondly, it uses highly disaggregated data at sectoral level in order to evaluate properly the preferential treatment. Thirdly, it applies a non-parametric matching technique for continuous treatment – specifically, a generalized propensity score matching. The results show, on the one hand, that the impact of the EU preferences is positive and significant on SMCs trade and is better evaluated using impact evaluation techniques. On the other hand, they demonstrate that the relationship between preferences and trade flows is asymmetric and warn against the risk of providing too much of a good thing. These results raise important issues for policy-making. First, they demonstrate that raising the level of preferences is not the solution to foster the SMCs trade towards EU. Second, that the policy-makers should put more emphasis on complementary factors other than trade barriers.
Journal: International Review of Applied Economics
Pages: 126-144
Issue: 1
Volume: 31
Year: 2017
Month: 1
X-DOI: 10.1080/02692171.2016.1222355
File-URL: http://hdl.handle.net/10.1080/02692171.2016.1222355
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:31:y:2017:i:1:p:126-144




Template-Type: ReDIF-Article 1.0
Author-Name: Marta R. M. Spreafico
Author-X-Name-First: Marta R. M.
Author-X-Name-Last: Spreafico
Title: Explaining inequality
Journal: International Review of Applied Economics
Pages: 145-149
Issue: 1
Volume: 31
Year: 2017
Month: 1
X-DOI: 10.1080/02692171.2016.1231379
File-URL: http://hdl.handle.net/10.1080/02692171.2016.1231379
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:31:y:2017:i:1:p:145-149




Template-Type: ReDIF-Article 1.0
Author-Name: Jonathan Michie
Author-X-Name-First: Jonathan
Author-X-Name-Last: Michie
Title: Theory, economic policy, and evidence
Journal: International Review of Applied Economics
Pages: 735-736
Issue: 6
Volume: 33
Year: 2019
Month: 11
X-DOI: 10.1080/02692171.2019.1649858
File-URL: http://hdl.handle.net/10.1080/02692171.2019.1649858
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:33:y:2019:i:6:p:735-736




Template-Type: ReDIF-Article 1.0
Author-Name: David Shepherd
Author-X-Name-First: David
Author-X-Name-Last: Shepherd
Author-Name: Rebeca I. Muñoz Torres
Author-X-Name-First: Rebeca I.
Author-X-Name-Last: Muñoz Torres
Author-Name: George Saridakis
Author-X-Name-First: George
Author-X-Name-Last: Saridakis
Title: Monetary policy rules with PID control features: evidence from the UK, USA and EU
Abstract: 
 This paper considers the extent to which the monetary policy operations of three major central banks can be regarded as an application of Proportional-Integral-Derivative (PID) control rules. The paper outlines the general PID framework and estimates a series of dynamic models to identify how interest rate policy adjustments are affected by the rate of inflation and the level of macroeconomic activity. The paper examines data for the UK, the USA and the Eurozone. The results suggest that the PID rules can provide a useful theoretical and empirical framework for estimating central bank responses to the inflation and macroeconomic activity variables by improving the explanatory power of the Taylor rule model and determining the effect of the parameters.
Journal: International Review of Applied Economics
Pages: 737-755
Issue: 6
Volume: 33
Year: 2019
Month: 11
X-DOI: 10.1080/02692171.2019.1585766
File-URL: http://hdl.handle.net/10.1080/02692171.2019.1585766
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:33:y:2019:i:6:p:737-755




Template-Type: ReDIF-Article 1.0
Author-Name: Lilian Nogueira Rolim
Author-X-Name-First: Lilian
Author-X-Name-Last: Nogueira Rolim
Title: Overhead labour and feedback effects between capacity utilization and income distribution: estimations for the USA economy
Abstract: 
 Empirical studies on the USA have not reached a consensus on whether its demand is wage- or profit-led, leading many scholars to scrutinize what drives the empirical results. This article tests two possible explanations for profit-led results which are related to the presence of overhead labour. To do so, a vector autoregression model is estimated for the USA from 1964 to 2010 and the wage share is split between supervisors/managers and direct workers. The results support the argument that the income redistribution away from workers and towards managers increased the likelihood of profit-led demand and suggest that an increase in the workers’ share of income would stimulate the economy. Also, increases in capacity utilization negatively affect the supervisors’ share, so that short-run profit-led results may be capturing the cyclical behaviour of the profit share, but the effect becomes positive as time goes by, suggesting a complex determination of functional income distribution, as capacity utilization affects it in ambiguous ways.
Journal: International Review of Applied Economics
Pages: 756-773
Issue: 6
Volume: 33
Year: 2019
Month: 11
X-DOI: 10.1080/02692171.2019.1595544
File-URL: http://hdl.handle.net/10.1080/02692171.2019.1595544
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:33:y:2019:i:6:p:756-773




Template-Type: ReDIF-Article 1.0
Author-Name: Maman Setiawan
Author-X-Name-First: Maman
Author-X-Name-Last: Setiawan
Title: Dynamic productivity growth and its determinants in the Indonesian food and beverages industry
Abstract: 
 This research investigates dynamic productivity growth and its determinants in the Indonesian food and beverages industry decomposing dynamic productivity growth into the contributions of dynamic technical inefficiency change, dynamic technical change, and dynamic scale inefficiency change. The empirical application employs unbalanced panel data of 44 subsectors in the Indonesian food and beverages industry over 1990–2014. To estimate dynamic productivity growth, this research uses a Luenberger indicator accounting for the presence of adjustment costs. The results show that dynamic productivity growth exhibits a decreasing trend. Dynamic technical inefficiency change and dynamic scale inefficiency change contribute positively to dynamic productivity growth, while dynamic technical change contributes negatively. Dynamic productivity growth is affected by the change in industrial concentration, the growth rate of capital intensity, the growth rate of exports, the growth rate of foreign direct investment, and location.
Journal: International Review of Applied Economics
Pages: 774-788
Issue: 6
Volume: 33
Year: 2019
Month: 11
X-DOI: 10.1080/02692171.2019.1606900
File-URL: http://hdl.handle.net/10.1080/02692171.2019.1606900
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:33:y:2019:i:6:p:774-788




Template-Type: ReDIF-Article 1.0
Author-Name: Eric Evans Osei Opoku
Author-X-Name-First: Eric Evans Osei
Author-X-Name-Last: Opoku
Author-Name: Muazu Ibrahim
Author-X-Name-First: Muazu
Author-X-Name-Last: Ibrahim
Author-Name: Yakubu Awudu Sare
Author-X-Name-First: Yakubu Awudu
Author-X-Name-Last: Sare
Title: The causal relationship between financial development and economic growth in Africa
Abstract: 
 Previous empirical studies on the causal relationship between financial development and economic growth are not instructive given their failure to unearth the causality trend across the different time periods. Using a more recently developed and robust indicator of financial development, we revisit the causal relationship between financial development and economic growth within the framework of a frequency-domain spectral causality technique which allows the causality to vary across time. Using data from 47 African countries over the period 1980–2016, our findings largely suggest that, even though there is some evidence of demand-following, supply-leading and feedback hypotheses, for most part, we find strong support of neutrality hypothesis. Thus, financial development and economic growth at most frequency levels evolve independently. We infer that caution must be exercised in making general conclusions about the causal nexus between financial development and economic growth.
Journal: International Review of Applied Economics
Pages: 789-812
Issue: 6
Volume: 33
Year: 2019
Month: 11
X-DOI: 10.1080/02692171.2019.1607264
File-URL: http://hdl.handle.net/10.1080/02692171.2019.1607264
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:33:y:2019:i:6:p:789-812




Template-Type: ReDIF-Article 1.0
Author-Name: Francesco Aiello
Author-X-Name-First: Francesco
Author-X-Name-Last: Aiello
Author-Name: Paola Cardamone
Author-X-Name-First: Paola
Author-X-Name-Last: Cardamone
Author-Name: Valeria Pupo
Author-X-Name-First: Valeria
Author-X-Name-Last: Pupo
Title: New evidence on the firm-university linkages in Europe. The role of meritocratic management practices
Abstract: 
 This paper investigates the determinants of university-industry links in five European countries (France, Germany, Italy, Spain and the UK), using internationally comparable firm-level data for the period 2007–2009. Besides the usual firm-specific variables, it examines the role of meritocratic management practices in firms’ decisions to collaborate in R&D. Firm innovative efforts, the export status and the R&D government support are positively related to business-university links in almost all countries, human capital and firms’ size in two out of five countries under scrutiny, while belonging to science-based sectors does not seem to play a significant role in all countries but Italy. Importantly, we find that meritocratic managerial practices positively affect the firm-university nexus in Germany, France and the UK, while meritocracy does not appear to enhance businesses’ R&D collaboration in Italy and in Spain.
Journal: International Review of Applied Economics
Pages: 813-828
Issue: 6
Volume: 33
Year: 2019
Month: 11
X-DOI: 10.1080/02692171.2019.1608917
File-URL: http://hdl.handle.net/10.1080/02692171.2019.1608917
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:33:y:2019:i:6:p:813-828




Template-Type: ReDIF-Article 1.0
Author-Name: André Moreira Cunha
Author-X-Name-First: André Moreira
Author-X-Name-Last: Cunha
Author-Name: Andrés Ernesto Ferrari Haines
Author-X-Name-First: Andrés Ernesto Ferrari
Author-X-Name-Last: Haines
Author-Name: Pedro Perfeito Da Silva
Author-X-Name-First: Pedro Perfeito
Author-X-Name-Last: Da Silva
Title: Global financial cycle and Brazil’s financial integration
Abstract: 
 Recent studies have discussed the influence of the global financial cycle on capital flows to emerging and developing countries. This paper evaluates the relationship between the greater degree of financial integration, and macroeconomic performance over the last two decades in Brazil. The literature has highlighted the Brazilian experience as being paradigmatic among emerging countries regarding the relationship between financial integration and regulation of capital flows to deal with boom and bust cycles. Methodologically, we employ a vector autoregressive model with error correction that allows us to evaluate the cointegration between the variables. Our main hypothesis is that a greater degree of financial integration is associated with negative developments in variables such as gross domestic product, country risk, interest rates, and exchange rate volatility. In addition, this study presents a further contribution by observing the existence of the interaction between the consequences of financial integration and the global financial cycle. More specifically, we found that: (i) an increase in the degree of financial integration generates deeper effects in downward periods of the global financial cycle; and (ii) a decline in that cycle generates greater impacts when a higher degree of financial integration is present.
Journal: International Review of Applied Economics
Pages: 829-851
Issue: 6
Volume: 33
Year: 2019
Month: 11
X-DOI: 10.1080/02692171.2019.1620701
File-URL: http://hdl.handle.net/10.1080/02692171.2019.1620701
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:33:y:2019:i:6:p:829-851




Template-Type: ReDIF-Article 1.0
Author-Name: Maurizio Baussola
Author-X-Name-First: Maurizio
Author-X-Name-Last: Baussola
Author-Name: Camilla Ferretti
Author-X-Name-First: Camilla
Author-X-Name-Last: Ferretti
Author-Name: Chiara Mussida
Author-X-Name-First: Chiara
Author-X-Name-Last: Mussida
Title: Pitfalls in the modeling of labor market flows: a reappraisal
Abstract: 
 We discuss the relevance of the internationally adopted methodology for modelling labour market flows and comparing labour market flexibility. This is based on a two-state labour market model that neglects inactivity and uses aggregate stock data to derive transition rates. Traditionally, the results suggest that continental European labour markets are inflexible and unable to adjust quickly to aggregate demand or supply shocks compared with their Anglo-Saxon counterparts. This evidence has driven us to gain a better understanding of the relevance of such a modelling approach and critically discuss its main methodological hypothesis. We relax its assumptions by including inactivity and by using flow data for the period 2010–2017. We compare the results thus obtained with transition rates derived using a three-state labour market model for France, Italy, Spain and the United Kingdom. These countries represent the institutional settings of continental Europe on the one hand and Anglo-Saxon nations on the other. The implied transition rates are much higher, even in continental Europe, when inactivity is considered, thus suggesting that conclusions derived using an incomplete representation of the labour market are misleading. Inactivity therefore plays a crucial role and its inclusion provides a more exhaustive picture of labour mobility.
Journal: International Review of Applied Economics
Pages: 852-877
Issue: 6
Volume: 33
Year: 2019
Month: 11
X-DOI: 10.1080/02692171.2019.1585765
File-URL: http://hdl.handle.net/10.1080/02692171.2019.1585765
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:33:y:2019:i:6:p:852-877




Template-Type: ReDIF-Article 1.0
Author-Name: Jonathan Michie
Author-X-Name-First: Jonathan
Author-X-Name-Last: Michie
Title: Tackling economic crises
Journal: International Review of Applied Economics
Pages: 878-881
Issue: 6
Volume: 33
Year: 2019
Month: 11
X-DOI: 10.1080/02692171.2019.1647661
File-URL: http://hdl.handle.net/10.1080/02692171.2019.1647661
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:33:y:2019:i:6:p:878-881




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Special issue of the International Review of Applied Economics on Edith Penrose’s legacy to economics, management and political economy
Journal: International Review of Applied Economics
Pages: 882-883
Issue: 6
Volume: 33
Year: 2019
Month: 11
X-DOI: 10.1080/02692171.2019.1656900
File-URL: http://hdl.handle.net/10.1080/02692171.2019.1656900
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:33:y:2019:i:6:p:882-883




Template-Type: ReDIF-Article 1.0
Author-Name: Chengete Chakamera
Author-X-Name-First: Chengete
Author-X-Name-Last: Chakamera
Author-Name: Paul Alagidede
Author-X-Name-First: Paul
Author-X-Name-Last: Alagidede
Title: The nexus between infrastructure (quantity and quality) and economic growth in Sub Saharan Africa
Abstract: 
 This paper examines the growth effects of infrastructure stock and quality in Sub Saharan Africa (SSA). While previous studies established that the poor state of infrastructure in SSA slows economic growth, there is little evidence on infrastructure quality and a robust analysis on the causal links between infrastructure and economic growth. Using principal components analysis to cluster different infrastructure measures and examining the infrastructure-growth nexus in a Generalised Method of Moments while accounting for heterogeneity in a panel setting, our results reveal strong evidence of a positive effect of infrastructure development on economic growth with most contribution coming from infrastructure stock. The quality-growth effect is weak, thus giving credence to the combined effects of infrastructure stock and quality on growth, especially in regions with moderately high quality, and smaller in those with poorer quality. However, the long-term quality effect is higher than the short-term. Among the disaggregated infrastructure components, electricity supply exerted the greatest downward pressure on growth in SSA. Lastly, we find evidence for a unidirectional causality from aggregate infrastructure to growth. A number of policy implications are discussed.
Journal: International Review of Applied Economics
Pages: 641-672
Issue: 5
Volume: 32
Year: 2018
Month: 9
X-DOI: 10.1080/02692171.2017.1355356
File-URL: http://hdl.handle.net/10.1080/02692171.2017.1355356
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:32:y:2018:i:5:p:641-672




Template-Type: ReDIF-Article 1.0
Author-Name: Samuel Adams
Author-X-Name-First: Samuel
Author-X-Name-Last: Adams
Author-Name: Edem Kwame Mensah Klobodu
Author-X-Name-First: Edem Kwame Mensah
Author-X-Name-Last: Klobodu
Title: Capital flows and economic growth revisited: evidence from five Sub-Saharan African countries
Abstract: 
 The study examines the differential effects of capital flows on economic growth in five Sub-Saharan African (SSA) countries over the period 1970–2014. Using the autoregressive distributed lag methodology, the findings show that in the long-run capital flows (i.e. foreign direct investment (FDI), aid, external debt, and remittances) have different effects on economic growth. FDI has a significant positive effect in Burkina Faso and negative effects in Gabon and Niger whereas the impact of debt is negative in all countries. Aid, however, promotes growth in Niger and Gabon whiles it deters growth in Ghana. Remittances, on the other hand, have a significant positive effect in Senegal. Finally, gross capital formation is significant in most of the countries and the impact of trade is mixed. These results suggest that the benefits of capital flows in SSA have been overemphasized.
Journal: International Review of Applied Economics
Pages: 620-640
Issue: 5
Volume: 32
Year: 2018
Month: 9
X-DOI: 10.1080/02692171.2017.1355357
File-URL: http://hdl.handle.net/10.1080/02692171.2017.1355357
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:32:y:2018:i:5:p:620-640




Template-Type: ReDIF-Article 1.0
Author-Name: Paola Cardamone
Author-X-Name-First: Paola
Author-X-Name-Last: Cardamone
Author-Name: Valeria Pupo
Author-X-Name-First: Valeria
Author-X-Name-Last: Pupo
Author-Name: Fernanda Ricotta
Author-X-Name-First: Fernanda
Author-X-Name-Last: Ricotta
Title: Exploring the relationship between university and innovation: evidence from the Italian food industry
Abstract: 
 This study provides empirical evidence on the role of universities’ technological transfer (TT) activities in the Italian manufacturing sector, with particular attention to the food industry. Using the UniCredit-Capitalia database (2008) for firms and data from the Ministry of Education, University and Research (MIUR) to obtain the university TT indicator, we estimate a probit model to assess the effect of universities’ TT activities on a firm’s likelihood to innovate. The role of proximity in knowledge spillovers from TT activities is also investigated. Results show that university TT activities seem to stimulate food industry firms innovation and the impact appears significantly higher than for the manufacturing sector. Moreover, the effect of TT activities on innovation appears to be geographically bounded. As regards policy implications, this study provides two insights which may help promote innovation in the food sector. First, the factors that influence innovative capability in the food sector are different from those in other sectors, suggesting the need for sector specific instruments for promoting innovation. Second, science is important in the food industry and this raises questions about the policy of mainly considering high-tech industries when promoting a closer relationship between firms and universities.
Journal: International Review of Applied Economics
Pages: 673-696
Issue: 5
Volume: 32
Year: 2018
Month: 9
X-DOI: 10.1080/02692171.2017.1357681
File-URL: http://hdl.handle.net/10.1080/02692171.2017.1357681
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:32:y:2018:i:5:p:673-696




Template-Type: ReDIF-Article 1.0
Author-Name: Martin Boďa
Author-X-Name-First: Martin
Author-X-Name-Last: Boďa
Title: Market power and efficiency as the source of performance in banking: a case study of the Slovak banking sector
Abstract: 
 In an attempt to explain the sources of performance in the Slovak banking sector, the paper inquiries whether performance of Slovak banking institutions can be traced to market structure (as suggested by two market-power hypotheses) or should rather be attributed to efficiency (as postulated by two efficient-structure hypotheses). The empirical investigation is conducted with respect to two measures of banking performance and for a period of 11 years from 2005 to 2015 with some novel features in comparison to the state of the art in the field. First, the model of banking production accounts for both the intermediation and production aspects of banking operations and adapts the network slacks-based measure model in order to obtain trustworthy estimates of X-efficiencies and scale efficiencies. Second, the used simultaneous equations model involving all the four hypotheses of interest accommodates both performance measures at a time and avoids thus separate estimation. Third, the method of hypothesis verification hinges on testing composite hypotheses and refrains from step-wise estimation of nested models and significance testing of isolated parameters. A variant of the efficient-structure hypothesis in which both X-efficiency and scale efficiency exert its influence upon performance is established as descriptive for major Slovak commercial banking institutions.
Journal: International Review of Applied Economics
Pages: 589-619
Issue: 5
Volume: 32
Year: 2018
Month: 9
X-DOI: 10.1080/02692171.2017.1360845
File-URL: http://hdl.handle.net/10.1080/02692171.2017.1360845
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:32:y:2018:i:5:p:589-619




Template-Type: ReDIF-Article 1.0
Author-Name: Jörg Bibow
Author-X-Name-First: Jörg
Author-X-Name-Last: Bibow
Title: How Germany’s anti-Keynesianism has brought Europe to its knees
Abstract: 
 This paper investigates the (lack of any lasting) impact of John Maynard Keynes’s General Theory on economic policy-making in Germany. The analysis highlights the interplay between economic history and the history of ideas in shaping policy-making in postwar (West) Germany. The paper argues that Germany learned the wrong lessons from its own history and misread the true sources of its postwar success. Monetary mythology and the Bundesbank, with its distinctive anti-inflationary bias, feature prominently in this collective odyssey. The analysis shows that the crisis of the euro today is largely the consequence of Germany’s peculiar anti-Keynesianism.
Journal: International Review of Applied Economics
Pages: 569-588
Issue: 5
Volume: 32
Year: 2018
Month: 9
X-DOI: 10.1080/02692171.2017.1369938
File-URL: http://hdl.handle.net/10.1080/02692171.2017.1369938
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:32:y:2018:i:5:p:569-588




Template-Type: ReDIF-Article 1.0
Author-Name: Ibrahim Dolapo Raheem
Author-X-Name-First: Ibrahim Dolapo
Author-X-Name-Last: Raheem
Title: Dollarization: asymmetry and breaks
Abstract: 
 This paper examines the role of asymmetry and breaks in the dollarization-exchange rate nexus. The paper considers how countries respond differently to changes in macroeconomic fundamentals (exchange rate dynamics), which is contrary to theoretical argument. The study’s estimation is based on both symmetric (linear) ARDL and asymmetric (nonlinear) NARDL models. We also account for multiple structural breaks, which are determined endogenously and also included in the (N)ARDL models. Indeed, we found that there is a short-run asymmetric effect of dollarization in Sierra Leone, South Africa, and Burundi. In the case of Ghana, we found a symmetric effect. However, when breaks are accounted for, asymmetry became evident in both the short- and long-run. These results are sensitive to changes in data frequency and the inclusion of various control variables. Policy implications are considered based on the obtained results.
Journal: International Review of Applied Economics
Pages: 697-710
Issue: 5
Volume: 32
Year: 2018
Month: 9
X-DOI: 10.1080/02692171.2017.1375465
File-URL: http://hdl.handle.net/10.1080/02692171.2017.1375465
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:32:y:2018:i:5:p:697-710




Template-Type: ReDIF-Article 1.0
Author-Name: Jonathan Michie
Author-X-Name-First: Jonathan
Author-X-Name-Last: Michie
Title: Keynesian theory and policy
Journal: International Review of Applied Economics
Pages: 567-568
Issue: 5
Volume: 32
Year: 2018
Month: 9
X-DOI: 10.1080/02692171.2018.1497829
File-URL: http://hdl.handle.net/10.1080/02692171.2018.1497829
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:32:y:2018:i:5:p:567-568




Template-Type: ReDIF-Article 1.0
Author-Name: Benjamin R. Auer
Author-X-Name-First: Benjamin R.
Author-X-Name-Last: Auer
Title: Green, greener, greenest: Identifying ecological trends and leading entities by means of environmental ratings
Abstract: 
 In this article, we analyse whether industries worldwide significantly react to the changing environmental demands of their stakeholders. Specifically, we test the hypothesis of increasing environmentally responsible company behaviour in recent years. We do this by constructing environmental industry ratings based on a novel data-set covering three geographic regions and 42 industries from 2009 to 2015 and by fitting robust trend regression models to these ratings. Interestingly, we cannot observe a general upward trend in all industries and regions. In other words, the ‘green wave’ does not appear to carry all business sectors. This becomes particularly clear when looking at rankings derived from estimated trends. Industries in Europe show especially significant downward trends. Even though most European industries are currently rated higher than their counterparts in the Asia-Pacific region and North America, these trends indicate that Europe may lose this leading position in the future. Besides delivering such general tendencies, our estimated trends combined with the current rating levels provide important decision support. They show which industry sectors and regions are particularly (un)interesting for socially responsible investment products, ecologically conscious applicants or environmentally responsible consumers.
Journal: International Review of Applied Economics
Pages: 139-162
Issue: 2
Volume: 32
Year: 2018
Month: 3
X-DOI: 10.1080/02692171.2017.1332015
File-URL: http://hdl.handle.net/10.1080/02692171.2017.1332015
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:32:y:2018:i:2:p:139-162




Template-Type: ReDIF-Article 1.0
Author-Name: Kevin S. Nell
Author-X-Name-First: Kevin S.
Author-X-Name-Last: Nell
Author-Name: A. P. Thirlwall
Author-X-Name-First: A. P.
Author-X-Name-Last: Thirlwall
Title: Explaining differences in the productivity of investment across countries in the context of ‘new growth theory’
Abstract: 
 The purpose of this paper is to explain differences in the productivity of investment across 84 rich and poor countries over the period 1980–2011, and to test the orthodox neoclassical assumption of diminishing returns to capital. The productivity of investment is measured as the ratio of the long-run growth of GDP to a country’s gross investment ratio. Twenty potential determinants are considered using a general-to-specific model selection algorithm. Education, government consumption, geography, export growth, openness, political rights and macroeconomic instability are the most important variables. The data also suggest constant returns to capital, so investment and the determinants of productivity of investment differences matter for long-run growth.
Journal: International Review of Applied Economics
Pages: 163-194
Issue: 2
Volume: 32
Year: 2018
Month: 3
X-DOI: 10.1080/02692171.2017.1333089
File-URL: http://hdl.handle.net/10.1080/02692171.2017.1333089
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:32:y:2018:i:2:p:163-194




Template-Type: ReDIF-Article 1.0
Author-Name: Kami Richmond
Author-X-Name-First: Kami
Author-X-Name-Last: Richmond
Author-Name: Russell E. Triplett
Author-X-Name-First: Russell E.
Author-X-Name-Last: Triplett
Title: ICT and income inequality: a cross-national perspective
Abstract: 
 The importance of information and communications technology (ICT) for economic growth and development is widely researched and seemingly well understood, but the effect of such investments on income inequality is less well documented. On the one hand, improvements in infrastructure are expected to expand economic opportunities for previously underserved populations. On the other hand, ICT growth may exacerbate inequality due to differential access and skill premiums. We use panel data from 109 countries during the period 2001–2014 to examine the empirical connection between ICT and income inequality in a cross-national context. Our results suggest that the effect of ICT on income inequality depends both on the specific type of ICT and on the measure of income inequality. In addition, the magnitude of ICT’s effect on income inequality is comparable to that of more traditional forms of economic infrastructure. Finally, we find that the association between ICT and income inequality is conditional on other economic and political characteristics.
Journal: International Review of Applied Economics
Pages: 195-214
Issue: 2
Volume: 32
Year: 2018
Month: 3
X-DOI: 10.1080/02692171.2017.1338677
File-URL: http://hdl.handle.net/10.1080/02692171.2017.1338677
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:32:y:2018:i:2:p:195-214




Template-Type: ReDIF-Article 1.0
Author-Name: Elias Soukiazis
Author-X-Name-First: Elias
Author-X-Name-Last: Soukiazis
Author-Name: Micaela Antunes
Author-X-Name-First: Micaela
Author-X-Name-Last: Antunes
Author-Name: Ioannis Kostakis
Author-X-Name-First: Ioannis
Author-X-Name-Last: Kostakis
Title: The Greek economy under the twin-deficit pressure: a demand orientated growth approach
Abstract: 
 This paper uses an alternative growth approach in line with Thirlwall’s model in order to predict economic growth in Greece taking into account internal and external imbalances caused by public deficit/debt and lack of trade competitiveness. It is shown that the simple Thirlwall’s Law (given by the product of the ratio of the income elasticities of demand for exports and imports, and the growth of foreign demand) over-predicts real growth in Greece while the more complete extended model, makes a closer prediction which is consistent with the high deficit/debt and current account deficit experienced in this country. The simulation approach shows that the most efficient policy to attain higher growth is to reduce external imbalances while policies to reduce internal imbalances are low growth enhancing.
Journal: International Review of Applied Economics
Pages: 215-236
Issue: 2
Volume: 32
Year: 2018
Month: 3
X-DOI: 10.1080/02692171.2017.1338678
File-URL: http://hdl.handle.net/10.1080/02692171.2017.1338678
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:32:y:2018:i:2:p:215-236




Template-Type: ReDIF-Article 1.0
Author-Name: Jong-seok Oh
Author-X-Name-First: Jong-seok
Author-X-Name-Last: Oh
Title: Changes in cyclical patterns of the USA labor market: from the perspective of nonlinear Okun’s law
Abstract: 
 The validity of Okun’s law has been debated because of the increase in cyclicality in aggregate hours after 1985. To investigate this, I measure Okun’s coefficients in three phases of the business cycle – recession, early, and late expansions. I found that an increased coefficient for aggregate hours is due to the increased responsiveness of the employment rate during late expansions and to the increased responsiveness of hours per employee during early expansions. These findings question the flexible labor market hypothesis focusing on firms’ firing behaviors during recessions. Rather, working hours’ flexibility represents a more prominent feature of the post-1985 USA labor market.
Journal: International Review of Applied Economics
Pages: 237-258
Issue: 2
Volume: 32
Year: 2018
Month: 3
X-DOI: 10.1080/02692171.2017.1339023
File-URL: http://hdl.handle.net/10.1080/02692171.2017.1339023
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:32:y:2018:i:2:p:237-258




Template-Type: ReDIF-Article 1.0
Author-Name: John Baffoe-Bonnie
Author-X-Name-First: John
Author-X-Name-Last: Baffoe-Bonnie
Author-Name: Anthony O. Gyapong
Author-X-Name-First: Anthony O.
Author-X-Name-Last: Gyapong
Title: Definition of full-time and part-time employment, and distributional assumptions: the implications for the estimated full-time and part-time wage equations
Abstract: 
 This paper demonstrates that rejecting the standard definition of full-time and part-time workers, the estimated number of hours that an individual is likely to work as a full-time worker is a function of the type of distribution one assumes about the error term in the wage equation. Adopting a switching regression model with unknown sample selection, we have found that the normality assumption generates higher hours for full-timers in comparison with the non-normal distributions. We also noted that regardless of the distribution assumed, the hours differ from one industry to another. The implication is that the standard definition of full-time and part-time worker may not be appropriate for all firms irrespective of the distribution assumed. The paper also shows the sensitivity of parameter estimates to the distributional assumptions about the error term in the wage equation. The results indicate that the normal distribution wage equation estimates are relatively larger than the Weibull and exponential distributions. This finding is particularly important because such differences in estimated coefficients may have a direct wage influence on the wage gap between full-time and part-time workers across distributions.
Journal: International Review of Applied Economics
Pages: 259-279
Issue: 2
Volume: 32
Year: 2018
Month: 3
X-DOI: 10.1080/02692171.2017.1340436
File-URL: http://hdl.handle.net/10.1080/02692171.2017.1340436
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:32:y:2018:i:2:p:259-279




Template-Type: ReDIF-Article 1.0
Author-Name: Jonathan Michie
Author-X-Name-First: Jonathan
Author-X-Name-Last: Michie
Title: Productivity, inequality, and the environment
Journal: International Review of Applied Economics
Pages: 137-138
Issue: 2
Volume: 32
Year: 2018
Month: 3
X-DOI: 10.1080/02692171.2018.1425189
File-URL: http://hdl.handle.net/10.1080/02692171.2018.1425189
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:32:y:2018:i:2:p:137-138




Template-Type: ReDIF-Article 1.0
Author-Name: Jonathan Michie
Author-X-Name-First: Jonathan
Author-X-Name-Last: Michie
Author-Name: Vishnu Padayachee
Author-X-Name-First: Vishnu
Author-X-Name-Last: Padayachee
Title: South African business in the transition to democracy
Abstract: 
 The transition to democracy in South Africa represents one of the most celebrated political moments of the late 20th C. While much has been said about the narrowly political and constitutional aspects of this period in South African and world history, little has been said about economic policy choices made in the transition years, or about the role of business in the transition or indeed about how business of all kinds responded to the changes. This collection of essays written by some of the leading scholars of South African business represents one of the first attempts to cover this lacunae in the literature. In the Introductory essay we review the context for these changes in politics and business relations, and summarise the findings of the papers that follow.
Journal: International Review of Applied Economics
Pages: 1-10
Issue: 1
Volume: 33
Year: 2019
Month: 1
X-DOI: 10.1080/02692171.2019.1524044
File-URL: http://hdl.handle.net/10.1080/02692171.2019.1524044
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:33:y:2019:i:1:p:1-10




Template-Type: ReDIF-Article 1.0
Author-Name: Pamela Mondliwa
Author-X-Name-First: Pamela
Author-X-Name-Last: Mondliwa
Author-Name: Simon Roberts
Author-X-Name-First: Simon
Author-X-Name-Last: Roberts
Title: From a developmental to a regulatory state? Sasol and the conundrum of continued state support
Abstract: 
 Sasol was established and supported by the apartheid state in South Africa for its strategic position as a liquid fuel and chemical producer. The evolving government treatment of Sasol through various policy measures, and Sasol&#x2019;s changing corporate strategy under a liberalised economy, represents a key part of South Africa&#x2019;s transition under democracy from 1994. The article takes Sasol as a case study of industrial policy, regulation and business strategy. We analyse the terms on which the post-apartheid government continued to support Sasol along with the decisions to release Sasol from obligations to repay subsidies it had received and not to impose a tax on windfall gains. We then evaluate the regulatory regime for fuel and gases, the advantages that it bestowed on Sasol, and the ability of competition authorities as regulators of last resort to address Sasol&#x2019;s entrenched market position. Sasol&#x2019;s impact on downstream diversified industrial sectors, which rely on it for inputs, is assessed as part of the bigger questions about the failure of South Africa to develop diversified manufacturing capabilities over the last 25&#xA0;years. The article draws conclusions relating to the political economy of industrial policy, regulation and competition law in addressing Sasol&#x2019;s entrenched position.
Journal: International Review of Applied Economics
Pages: 11-29
Issue: 1
Volume: 33
Year: 2019
Month: 1
X-DOI: 10.1080/02692171.2019.1523845
File-URL: http://hdl.handle.net/10.1080/02692171.2019.1523845
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:33:y:2019:i:1:p:11-29




Template-Type: ReDIF-Article 1.0
Author-Name: Reena Das Nair
Author-X-Name-First: Reena
Author-X-Name-Last: Das Nair
Title: The spread and internationalisation of South African retail chains and the implications of market power
Abstract: 
 The retail space has seen significant changes in post-apartheid business. Spurred by the end of apartheid urban laws, rising urbanisation and increased per capita income, large South African retailers, especially supermarkets, have increased their footprint, diversified their formats and started targeting low-income segments of the population. The large chains have made substantial investments in distribution and procurement systems and in retail space in shopping malls to realise economies of scale and scope. They have also grown in southern Africa, shaping markets across countries.This paper assesses the drivers of these changes and the extent to which substantial market power in retail lies with the main groups. It evaluates the ways in which market power has been exerted and the impact supermarket growth has had on the competitive landscape including on independent rivals. The implications on suppliers, as supermarkets are increasingly important routes to market for processed food and household consumable products, are evaluated, in addition to the impact of buyer power. The paper explores the implications for regulation, competition policy and industrial policy.
Journal: International Review of Applied Economics
Pages: 30-50
Issue: 1
Volume: 33
Year: 2019
Month: 1
X-DOI: 10.1080/02692171.2019.1523855
File-URL: http://hdl.handle.net/10.1080/02692171.2019.1523855
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:33:y:2019:i:1:p:30-50




Template-Type: ReDIF-Article 1.0
Author-Name: N. Wenzel
Author-X-Name-First: N.
Author-X-Name-Last: Wenzel
Author-Name: B. Freund
Author-X-Name-First: B.
Author-X-Name-Last: Freund
Author-Name: O. Graefe
Author-X-Name-First: O.
Author-X-Name-Last: Graefe
Title: Surviving in the BRICS: the struggle of South African business in coping with new partners and investors
Abstract: 
 The purpose of this paper is to improve our understanding of how South African economic actors react to the gradual entry of non-South African BRICS firms in their established business areas. Throughout the twentieth century, South Africa&#x2019;s trade and investment activities were conducted overwhelmingly with Western countries. However, the end of apartheid coincided with significant shifts as new players had a wider and growing presence. South Africa entering the BRICS alliance is symbolic of the change. Ease of entry into the South African economy has increased greatly. South African businesses in key subsectors in the mining and capital equipment industry have had to adapt to new players, and find space in new structures, value chains and initiatives. This paper presents the results of this research activity from the perspective of the South African political economy. Practice-oriented research investigated how six local companies forge new partnerships and how well South African firms adapt and cope with an altered and often unstable environment. It assumed that entrepreneurial activity is not autonomous but takes place within a larger organisational framework. Entrepreneurial activity facilitates the effective exploitation of particular niches and relationships with service providers.
Journal: International Review of Applied Economics
Pages: 51-70
Issue: 1
Volume: 33
Year: 2019
Month: 1
X-DOI: 10.1080/02692171.2019.1524038
File-URL: http://hdl.handle.net/10.1080/02692171.2019.1524038
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:33:y:2019:i:1:p:51-70




Template-Type: ReDIF-Article 1.0
Author-Name: David Francis
Author-X-Name-First: David
Author-X-Name-Last: Francis
Author-Name: Gareth Roberts
Author-X-Name-First: Gareth
Author-X-Name-Last: Roberts
Author-Name: Imraan Valodia
Author-X-Name-First: Imraan
Author-X-Name-Last: Valodia
Title: South African manufacturing firms in transition
Abstract: 
 We seek to provide a more detailed understanding the dynamics of change of firms in the post-apartheid era through the examination of the results of two firm-level surveys in the eThekwini Metro area. This paper aims to fill a gap in the South African labour market literature: our understanding of the demand side of the labour market. We examine the characteristics of firms which have grown their employment in order to test the local application of firm and labour market theory. An important finding is that subcontracting matters for employment growth. Those firms in the sample that outsource aspects of production to subcontractors are more likely to have grown employment. The flexibility that subcontracting provides, in terms of responding to changes in workload, is one of the key reasons that firms engage in subcontracting. There are some plausible hypotheses as to how this relationship works. First, subcontracting allows firms to outsource lower-skilled work, and achieve the scale necessary to employ high-skilled full-time staff. Second, subcontracting allows the firms to access high-skilled individuals that they would otherwise not have the operational scale to retain on a full-time basis. We also examine the role of exporting and value chain integration in employment creation.
Journal: International Review of Applied Economics
Pages: 71-92
Issue: 1
Volume: 33
Year: 2019
Month: 1
X-DOI: 10.1080/02692171.2019.1524013
File-URL: http://hdl.handle.net/10.1080/02692171.2019.1524013
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:33:y:2019:i:1:p:71-92




Template-Type: ReDIF-Article 1.0
Author-Name: Keith Breckenridge
Author-X-Name-First: Keith
Author-X-Name-Last: Breckenridge
Title: The global ambitions of the biometric anti-bank: Net1, lockin and the technologies of African financialisation
Abstract: 
 This paper follows the development of Net1 UEPS&#x2014;the firm that, until recently, delivered social grants to a third of the South African population&#x2014;from its origins in the precocious interbank networking systems that developed here in the early 1980s to its position as the outstanding international agent of biometric banking for the world&#x2019;s poor. The paper shows that an unrelenting engineering e&#xFB00;ort lay behind the company&#x2019;s growing infrastructural dominance. Two decades ago Shapiro and Varian labelled this strategy lockin, and the paper shows that Net1 followed their suggestions to the letter until the very recent public debacle that shattered the company&#x2019;s control over its South African market. The paper also suggests that networked &#xFB01;nancialisation should be understood as the product of carefully and consistently engineered technological interventions designed to address political and economic interests in the face of political and legal constraints and regulation. This is to argue for a return to the idea of soft determinism in the study of financialisation: that key technological changes are motivated by and support political interests.
Journal: International Review of Applied Economics
Pages: 93-118
Issue: 1
Volume: 33
Year: 2019
Month: 1
X-DOI: 10.1080/02692171.2019.1523836
File-URL: http://hdl.handle.net/10.1080/02692171.2019.1523836
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:33:y:2019:i:1:p:93-118




Template-Type: ReDIF-Article 1.0
Author-Name: Jonathan Klaaren
Author-X-Name-First: Jonathan
Author-X-Name-Last: Klaaren
Title: Laying the table: the role of business in establishing competition law and policy in South Africa
Abstract: 
 Organised business played a significant role in the formal policy processes developing the competition regime after apartheid up to and including the drafting of South Africa&#x2019;s competition law. The social organisation of business and its participation in formal policy processes were shifting and changing rapidly. Exploring several published accounts of the drafters of South Africa&#x2019;s first democratic competition law and policy framework reveals the narrative context for the politics of the regime. The process of negotiating and drafting this legislation took place both in National Economic Development and Labour Council (a formal tripartite negotiating organisation) where business was influential, and in Parliament. Big business pursued its interests in competition policy and achieved significant results during this time. The current period differs from the post-apartheid period in light of the much less prominent role of conglomerates in the South African economy, the rise of organised black business structures, and the increasing importance of Parliament as opposed to the NEDLAC.
Journal: International Review of Applied Economics
Pages: 119-133
Issue: 1
Volume: 33
Year: 2019
Month: 1
X-DOI: 10.1080/02692171.2019.1524034
File-URL: http://hdl.handle.net/10.1080/02692171.2019.1524034
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:33:y:2019:i:1:p:119-133




Template-Type: ReDIF-Article 1.0
Author-Name: Nobantu L. Mbeki
Author-X-Name-First: Nobantu L.
Author-X-Name-Last: Mbeki
Title: Collective counterveilence as a deterrent to entry: A reconsideration of the factors limiting competition in post-Apartheid South Africa
Abstract: 
 This paper argues first, that competition in post-Apartheid South Africa has to be viewed in the context of its history. If that is the case, second, the proliferation of firms in post-Apartheid South Africa is only nominally entry. It is on the one hand the result of a longer-term trend to create holding companies that emerged post-war and as a shortcut to accelerate ownership as part of the indigenisation imperative of Apartheid. What has changed more recently is that rather than in some cases acquiring part ownership of fixed assets, on the whole these entities hold more liquid and speculative assets. It is on the other hand, the result of the unwinding and in the process de-scaling of the larger and more dominant firms&#x2019; fixed assets. This means that there is remarkable causal continuity in the evolution of firm behaviour and so competition, as a first approximation, roughly over the past century and a half. We coin and apply the term &#x2018;collective counterveilence&#x2019; to explain this phenomenon.
Journal: International Review of Applied Economics
Pages: 134-149
Issue: 1
Volume: 33
Year: 2019
Month: 1
X-DOI: 10.1080/02692171.2019.1524025
File-URL: http://hdl.handle.net/10.1080/02692171.2019.1524025
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:33:y:2019:i:1:p:134-149




Template-Type: ReDIF-Article 1.0
Author-Name: Vishnu Padayachee
Author-X-Name-First: Vishnu
Author-X-Name-Last: Padayachee
Author-Name: Jannie Rossouw
Author-X-Name-First: Jannie
Author-X-Name-Last: Rossouw
Title: &#x201C;Volkskapitalisme&#x201D; in the transition to democracy and beyond
Abstract: 
 In an assessment of the transition of the Afrikaans business sector to the post-democracy period in South Africa since 1994, the growth or the PSG Group since 1995 is remarkable. We use a biography or Jannie Mouton, the founder and Chairperson of PSG, as a basis for this analysis. His story is quintessentially a narrative of Afrikaner business adjustment in the new democratic South Africa. The success of PSG after democratic elections in 1994 shows some similarities to other Afrikaner business interests developed in the period between the First and Second World Wars. This business development was not overly dependent on the state and can be viewed as a form of &#x201C;volkskapitalisme&#x201D;. In contract, the ANC government has taken an active role in attempts to develop black business in South Africa through a policy of black economic empowerment (BEE). The assessment of the success of the PSG Group under the leadership of Mouton shows that the company developed the ability to identify and use opportunities for growth. This ability makes Mouton arguably the most influential South African businessman (black or white) of this current generation. Mouton&#x2019;s personal success and the success of the PSG Group serve as an example for South Africans.
Journal: International Review of Applied Economics
Pages: 150-162
Issue: 1
Volume: 33
Year: 2019
Month: 1
X-DOI: 10.1080/02692171.2019.1524040
File-URL: http://hdl.handle.net/10.1080/02692171.2019.1524040
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:33:y:2019:i:1:p:150-162




Template-Type: ReDIF-Article 1.0
Author-Name: Jannie Rossouw
Author-X-Name-First: Jannie
Author-X-Name-Last: Rossouw
Author-Name: James Styan
Author-X-Name-First: James
Author-X-Name-Last: Styan
Title: Steinhoff collapse: a failure of corporate governance
Abstract: 
 South Africans are still in shock after the near-total financial collapse of one of its best-known companies, Steinhoff (Steinhoff International Holdings N.V.). Although incorporated in The Netherlands, the company&#x2019;s head office is in South Africa. Before its collapse, Steinhoff was among the top-10 companies on the Johannesburg Stock Exchange. Full details of the collapse of Steinhoff are still emerging, but the collapse commenced after the resignation of its Chief Executive, Mr Markus Jooste, when it became clear that the company&#x2019;s external auditors were not prepared to sign off its 2017 financial statements.A number of lessons can be drawn from the collapse of Steinhoff. Steinhoff is a classic case of corporate governance failure, while the collapse also shows the danger of an all-powerful chief executive, and the limitations of a two-tier board structure. In addition, serious questions have to be asked about the external auditors who signed off on financial statements in earlier years.
Journal: International Review of Applied Economics
Pages: 163-170
Issue: 1
Volume: 33
Year: 2019
Month: 1
X-DOI: 10.1080/02692171.2019.1524043
File-URL: http://hdl.handle.net/10.1080/02692171.2019.1524043
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:33:y:2019:i:1:p:163-170




Template-Type: ReDIF-Article 1.0
Author-Name: João Tovar Jalles
Author-X-Name-First: João Tovar
Author-X-Name-Last: Jalles
Title: Forecasting performance of private sector’s unemployment forecasts in advanced economies
Abstract: 
 This paper provides a full characterization of unemployment rate forecasts using the mean values from Consensus Economics for a sample of nine advanced economies between 1989 and 2012. It also assesses the performance of unemployment rate forecasts around business cycles’ turning points. We find evidence for biasedness, inefficiency or information rigidities and lack of accuracy of unemployment rate forecasts and the distribution of projection errors appears to be slightly twisted to over-prediction (which decreases during recession episodes). Additionally, there is a sense of ‘pessimism’ among forecasters during recovery periods.
Journal: International Review of Applied Economics
Pages: 707-733
Issue: 6
Volume: 31
Year: 2017
Month: 11
X-DOI: 10.1080/02692171.2017.1319469
File-URL: http://hdl.handle.net/10.1080/02692171.2017.1319469
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:31:y:2017:i:6:p:707-733




Template-Type: ReDIF-Article 1.0
Author-Name: Cuong Viet Nguyen
Author-X-Name-First: Cuong Viet
Author-X-Name-Last: Nguyen
Author-Name: Tung Duc Phung
Author-X-Name-First: Tung Duc
Author-X-Name-Last: Phung
Author-Name: Van Khanh Ta
Author-X-Name-First: Van Khanh
Author-X-Name-Last: Ta
Author-Name: Dat Tho Tran
Author-X-Name-First: Dat Tho
Author-X-Name-Last: Tran
Title: The impact of rural roads and irrigation on household welfare: evidence from Vietnam
Abstract: 
 We measure the impact of road and irrigation projects on the livelihoods of households in the poorest and most remote areas of Vietnam using difference-in-difference estimators. We find that both rural road and irrigation projects help local households improve the access to safe water and welfare measured by a wealth index. The impact of irrigation projects is found to be larger than the impact of road projects. We also find heterogeneous impacts of road and irrigation projects. Households with higher levels of education tend to benefit more from road projects, while households with lower levels of education are likely to benefit more from irrigation projects.
Journal: International Review of Applied Economics
Pages: 734-753
Issue: 6
Volume: 31
Year: 2017
Month: 11
X-DOI: 10.1080/02692171.2017.1324408
File-URL: http://hdl.handle.net/10.1080/02692171.2017.1324408
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:31:y:2017:i:6:p:734-753




Template-Type: ReDIF-Article 1.0
Author-Name: Ebel Berghuis
Author-X-Name-First: Ebel
Author-X-Name-Last: Berghuis
Author-Name: Frank A. G. den Butter
Author-X-Name-First: Frank A. G.
Author-X-Name-Last: den Butter
Title: The transaction costs perspective on international supply chain management; evidence from case studies in the manufacturing industry in the Netherlands
Abstract: 
 Transaction costs are barriers for internationalisation processes. This paper investigates the practical relevance of transaction costs economics (TCE) for international supply chain management (SCM) in this era of globalisation, which is characterised by splitting up the supply chain in more and more parts. The analysis is based on data from in-depth interviews with seven manufacturing companies in the Netherlands which are actually engaged in this modern way of organising production. It is shown that the balance between transaction costs and sheer production costs (transformation costs) plays a prominent role in the strategic decisions on how and where to organise production. Especially intangible (or ‘soft’) transaction costs are important in this respect. The analysis provides insight in practical experience in the manufacturing industry in the Netherlands with transaction costs and shows how transaction costs affect decisions on transaction management, personnel policy and internationalisation of R&amp;D. This study is to our knowledge the first to confront the theory of TCE with practice of manufacturing firms in their internationalisation decisions using in-depth interviews instead of survey data.
Journal: International Review of Applied Economics
Pages: 754-773
Issue: 6
Volume: 31
Year: 2017
Month: 11
X-DOI: 10.1080/02692171.2017.1324409
File-URL: http://hdl.handle.net/10.1080/02692171.2017.1324409
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:31:y:2017:i:6:p:754-773




Template-Type: ReDIF-Article 1.0
Author-Name: Mohsen Bahmani-Oskooee
Author-X-Name-First: Mohsen
Author-X-Name-Last: Bahmani-Oskooee
Author-Name: Amirhossein Mohammadian
Author-X-Name-First: Amirhossein
Author-X-Name-Last: Mohammadian
Title: Asymmetry effects of exchange rate changes on domestic production in Japan
Abstract: 
 Previous studies that assessed the effects of currency depreciation on the domestic production of Japan did not find any significant long-run effects. Using the linear ARDL approach we first confirm previous findings. We then argue and show that failure to find any significant link between the value of the yen and Japanese domestic production is due to assuming a linear adjustment mechanism or symmetric effects of exchange rate changes. Once we use the nonlinear ARDL approach we show that indeed exchange rate changes do have asymmetric effects on domestic production in Japan. Not only we observe adjustment asymmetry, but also short-run asymmetry that lasts into the long run. In the long run while strong yen seems to hurt domestic production in Japan, weak yen seems to have no effect.
Journal: International Review of Applied Economics
Pages: 774-790
Issue: 6
Volume: 31
Year: 2017
Month: 11
X-DOI: 10.1080/02692171.2017.1324410
File-URL: http://hdl.handle.net/10.1080/02692171.2017.1324410
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:31:y:2017:i:6:p:774-790




Template-Type: ReDIF-Article 1.0
Author-Name: Daniel K. Twerefou
Author-X-Name-First: Daniel K.
Author-X-Name-Last: Twerefou
Author-Name: Emmanuel Ayine Ayimpusah
Author-X-Name-First: Emmanuel Ayine
Author-X-Name-Last: Ayimpusah
Author-Name: John Owusu-Afriyie
Author-X-Name-First: John
Author-X-Name-Last: Owusu-Afriyie
Author-Name: Kwame Adjei-Mantey
Author-X-Name-First: Kwame
Author-X-Name-Last: Adjei-Mantey
Author-Name: Godfred A. Bokpin
Author-X-Name-First: Godfred A.
Author-X-Name-Last: Bokpin
Title: The contest for mineral wealth: an economic analysis of conflicts in Ghanaian mining communities
Abstract: 
 The paper uses survey data from 1458 households in 60 communities from 24 districts in 5 regions of Ghana and logistic regression to examine conflicts as a contest for mineral wealth in mining communities, estimates the determinants of conflicts in these mining communities and examines how these contests could erode and/or enhance Ghana’s gains from mining. The paper finds that the likelihood of a conflict occurring in a mining area is about 56.7%. Village effect was found to be a significant positive predictor of mining conflict. Also, improvement in primary education, employment opportunities to community members of ages 25–50, the strength of institutions and the absence of small-scale miners in a mining community reduces the probability of conflicts occurring by 12.8, 35.8, 6.57 and 17.7%, respectively. While an increase in pollution levels increases the likelihood of conflicts occurring by 7.1%, primary occupation in manufacturing and services, and increase in household monthly expenditure significantly increases the likelihood of conflicts within the mining communities as the cost of living increases.
Journal: International Review of Applied Economics
Pages: 791-810
Issue: 6
Volume: 31
Year: 2017
Month: 11
X-DOI: 10.1080/02692171.2017.1332016
File-URL: http://hdl.handle.net/10.1080/02692171.2017.1332016
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:31:y:2017:i:6:p:791-810




Template-Type: ReDIF-Article 1.0
Author-Name: Christoph Metzger
Author-X-Name-First: Christoph
Author-X-Name-Last: Metzger
Title: Who is saving privately for retirement and how much? New evidence for Germany
Abstract: 
 Due to demographic change, the replacement rates of the German statutory pension scheme will decrease over the next decades. Voluntary savings for retirement will therefore increase in relevance as a method of maintaining one’s standard of living during retirement. This article examines the savings behavior for retirement on an individual level in Germany at the extensive as well as the intensive margin. First, the decision to save in general is analyzed, showing that the main determinants for saving are personal income and disposable household income. Furthermore, it is shown that migrants and individuals living in the Eastern part of Germany turn out to be less likely to have additional private savings. Second, the chosen gross saving rates are analyzed using a Tobit model, a log-normal hurdle model and a Type II Tobit model. The results suggest that the decision to save in general, as well as the saving rate, are independent of each other, leading to a loss of information if only a standard Tobit model is used. For example, higher personal income increases the probability to save for retirement, but decreases the resulting saving rate. Modeling both decisions separately thus, leads to a better understanding of the determinants of saving for old-age.
Journal: International Review of Applied Economics
Pages: 811-831
Issue: 6
Volume: 31
Year: 2017
Month: 11
X-DOI: 10.1080/02692171.2017.1338676
File-URL: http://hdl.handle.net/10.1080/02692171.2017.1338676
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:31:y:2017:i:6:p:811-831




Template-Type: ReDIF-Article 1.0
Author-Name: Philip Arestis
Author-X-Name-First: Philip
Author-X-Name-Last: Arestis
Author-Name: Marco Flávio Cunha Resende
Author-X-Name-First: Marco Flávio Cunha
Author-X-Name-Last: Resende
Author-Name: Douglas Alcântara Alencar
Author-X-Name-First: Douglas Alcântara
Author-X-Name-Last: Alencar
Author-Name: Lúcio Otávio Seixas Barbosa
Author-X-Name-First: Lúcio Otávio Seixas
Author-X-Name-Last: Barbosa
Author-Name: Gustavo Figueiredo Campolina Diniz
Author-X-Name-First: Gustavo Figueiredo Campolina
Author-X-Name-Last: Diniz
Title: The finance-investment and saving-funding circuit in the closed and open economies with government
Abstract: 
 This contribution discusses the Finance-Investment and Saving-Funding (FISF) circuit regarding the closed and open economies with government. Moreover, we discuss the fiscal policy effects on aggregate demand and income in the FISF circuit context. Keynes explained the FISF circuit assuming a closed economy without government. The novelty of the current contribution is to analyze the abovementioned circuit in the closed and open economy context including government. We show that the basic features of the FISF circuit remain unchanged for the closed and open economies when government is considered in the circuit.
Journal: International Review of Applied Economics
Pages: 832-845
Issue: 6
Volume: 31
Year: 2017
Month: 11
X-DOI: 10.1080/02692171.2017.1324411
File-URL: http://hdl.handle.net/10.1080/02692171.2017.1324411
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:31:y:2017:i:6:p:832-845




Template-Type: ReDIF-Article 1.0
Author-Name: Gorgi Krlev
Author-X-Name-First: Gorgi
Author-X-Name-Last: Krlev
Author-Name: Georg Mildenberger
Author-X-Name-First: Georg
Author-X-Name-Last: Mildenberger
Author-Name: Helmut K. Anheier
Author-X-Name-First: Helmut K.
Author-X-Name-Last: Anheier
Title: Special issue on innovation and societal transformation – what changes when the ‘social’ comes in?
Journal: International Review of Applied Economics
Pages: 846-848
Issue: 6
Volume: 31
Year: 2017
Month: 11
X-DOI: 10.1080/02692171.2017.1377409
File-URL: http://hdl.handle.net/10.1080/02692171.2017.1377409
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:31:y:2017:i:6:p:846-848




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Editorial Board
Journal: International Review of Applied Economics
Pages: ebi-ebi
Issue: 6
Volume: 31
Year: 2017
Month: 11
X-DOI: 10.1080/02692171.2017.1379228
File-URL: http://hdl.handle.net/10.1080/02692171.2017.1379228
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:31:y:2017:i:6:p:ebi-ebi




Template-Type: ReDIF-Article 1.0
Author-Name: Hanen Ragoubi
Author-X-Name-First: Hanen
Author-X-Name-Last: Ragoubi
Author-Name: Sana El Harbi
Author-X-Name-First: Sana
Author-X-Name-Last: El Harbi
Title: Entrepreneurship and income inequality: a spatial panel data analysis
Abstract: 
 The main objective of this paper is to empirically analyze the relationship between entrepreneurship and income inequality. We use a spatial panel data analysis for both 33 high-income countries and 39 middle- and low-income countries over a period of 11 years. Estimation results and rigorous diagnostic analysis suggest that: (i) there is a strong support for the existence of an inverted U-shaped relationship between entrepreneurship and income inequality espoused by the Kuznets Curve hypothesis; (ii) the relationship between entrepreneurship and income inequality is negatively moderated by country’s level of economic development; (iii) regardless of income inequality levels, entrepreneurship has a non-linear relationship with income per capita; (iv) gross domestic expenditure on research and development exhibits significant negative impacts on entrepreneurship; (v) significant mixed effects on the likelihood of entrepreneurial activity are observed with governance, globalization, population growth rate, and competitiveness variables; (vi) there are significant mixed feedback effects on entrepreneurship; and (vii) there are statistically significant, positive as well as negative spatial spillovers to country-level entrepreneurial activity.
Journal: International Review of Applied Economics
Pages: 374-422
Issue: 3
Volume: 32
Year: 2018
Month: 5
X-DOI: 10.1080/02692171.2017.1342776
File-URL: http://hdl.handle.net/10.1080/02692171.2017.1342776
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:32:y:2018:i:3:p:374-422




Template-Type: ReDIF-Article 1.0
Author-Name: Valeria Gattai
Author-X-Name-First: Valeria
Author-X-Name-Last: Gattai
Author-Name: Giorgia Sali
Author-X-Name-First: Giorgia
Author-X-Name-Last: Sali
Title: FDI direction, FDI margin, and heterogeneous firms: evidence from the EU
Abstract: 
 This paper takes a firm-level perspective to analyze foreign direct investment (FDI) in the European Union (EU). Our data rely on the global company database Orbis and allow the introduction of an original definition of FDI that accounts for the FDI direction – inward vs. outward – and the FDI margin – extensive vs. intensive. Based on the available information, we ask two questions. First, how deep is the FDI involvement of European enterprises? Second, is there any systematic relationship between FDI involvement and firm-level performance? To answer these questions, we adopt an empirical methodology consisting of descriptive statistics and econometric regressions (Probit, Bivariate Probit, and Poisson models). Concerning the depth of FDI involvement, our descriptive statistics reveal that the number of firms involved in inward/outward FDI is quite notable. However, firms’ actual involvement is rather low, meaning that FDI involvement in the EU is widespread, but not deep. Concerning the relationship between FDI involvement and firm-level performance, our econometric regressions show that better enterprises experience some inward/outward FDI rather than none. Moreover, the deeper the FDI involvement, the wider is the gap with domestic firms. This suggests that performance differentials are related to both the extensive and intensive margins of both inward and outward FDI.
Journal: International Review of Applied Economics
Pages: 283-307
Issue: 3
Volume: 32
Year: 2018
Month: 5
X-DOI: 10.1080/02692171.2017.1342777
File-URL: http://hdl.handle.net/10.1080/02692171.2017.1342777
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:32:y:2018:i:3:p:283-307




Template-Type: ReDIF-Article 1.0
Author-Name: Touitou Mohammed
Author-X-Name-First: Touitou
Author-X-Name-Last: Mohammed
Title: Simulation of the impact of economic policies on poverty and inequality: GEM in micro-simulation for the Algerian economy
Abstract: 
 This paper presents an illustration of the importance of computable general equilibrium modelling micro-simulation for simulating the impact of economic policies on living levels of households. The CGEM, as built, was used to simulate the effects of some economic policies on the economy and living levels of all households including the classes of modest, middle and wealthy households. In this context, pro-active economic policies are simulated in order to understand their effects on the macroeconomic plan and on the living level of some household categories defined according to statistical criteria. The first on the analysis of two arbitrarily selected tax policy cases, and the other on three investment policy simulations. Different illustrated simulations show improvements in economic growth and upward social mobility, particularly in the case of increasing the overall investment and improving productive capacity. In all simulations, that inequality would have remained rigid downward and would sometimes even accentuate. Overall, it appears that the increase in investment would boost economic growth through demand effect. However, this increase in demand would be met by more imports, which would damage our trade balance. The national productive system, however, could reverse this trend by making profitable investments by strengthening its productive capacity.
Journal: International Review of Applied Economics
Pages: 308-330
Issue: 3
Volume: 32
Year: 2018
Month: 5
X-DOI: 10.1080/02692171.2017.1342778
File-URL: http://hdl.handle.net/10.1080/02692171.2017.1342778
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:32:y:2018:i:3:p:308-330




Template-Type: ReDIF-Article 1.0
Author-Name: C. Saratchand
Author-X-Name-First: C.
Author-X-Name-Last: Saratchand
Title: A preliminary theoretical examination of the targeted public distribution system in India
Abstract: 
 A theoretical model of targeting in the public distribution system is set out. In any system of targeting there could be inclusion and exclusion errors. These errors could be reduced by search by the state. The state aims to minimise the costs of food administration subject to keeping the magnitude of the exclusion error bounded. Targeting involves a consideration of the objective poverty level, the official poverty level and the targeted poverty level by the state. The targeted poverty level could be less than the official poverty level if the extent of search is not adequate. The objective poverty level is an increasing function of the above poverty line issue price of food due to exclusion errors, a decreasing function of the procurement price of food and by definition the below poverty line issue price of food. The instruments in the hands of the state are the official poverty level, the above poverty line issue price for food, the procurement price of food and the extent of search. The comparative static implications of the model are set out.
Journal: International Review of Applied Economics
Pages: 331-347
Issue: 3
Volume: 32
Year: 2018
Month: 5
X-DOI: 10.1080/02692171.2017.1343287
File-URL: http://hdl.handle.net/10.1080/02692171.2017.1343287
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:32:y:2018:i:3:p:331-347




Template-Type: ReDIF-Article 1.0
Author-Name: Georgios Georgiou
Author-X-Name-First: Georgios
Author-X-Name-Last: Georgiou
Title: The innovative bureaucrat: evidence from the correctional authorities in Washington State
Abstract: 
 Bureaucracies are usually regarded as inefficient, wasteful mechanisms. Contrary to this deeply rooted perception of bureaucracy, this paper documents the case of the correctional authorities in Washington State, a bureaucracy that acted with a considerable degree of innovation and professionalism. Their task was to administer a risk assessment instrument that measured the level of risk posed by offenders by way of a numerical score. They used that score to identify the level of supervision offenders were to receive once released into the community. In analyzing the data, I discovered an unusual application of the instrument that resulted in many offenders being bumped to a higher supervision level. Using a regression discontinuity design, I uncover the mechanics of the bumping-up process and I generate an instrument that is cleansed of the manipulation. I find that the manipulated instrument predicts serious recidivism events better than the cleansed instrument, especially when these events involve high-risk offenders, thus providing evidence that the authorities had good reason to undertake the manipulation.
Journal: International Review of Applied Economics
Pages: 348-373
Issue: 3
Volume: 32
Year: 2018
Month: 5
X-DOI: 10.1080/02692171.2017.1351527
File-URL: http://hdl.handle.net/10.1080/02692171.2017.1351527
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:32:y:2018:i:3:p:348-373




Template-Type: ReDIF-Article 1.0
Author-Name: Jonathan Michie
Author-X-Name-First: Jonathan
Author-X-Name-Last: Michie
Title: Entrepreneurship, investment, and inequality
Journal: International Review of Applied Economics
Pages: 281-282
Issue: 3
Volume: 32
Year: 2018
Month: 5
X-DOI: 10.1080/02692171.2018.1451436
File-URL: http://hdl.handle.net/10.1080/02692171.2018.1451436
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:32:y:2018:i:3:p:281-282




Template-Type: ReDIF-Article 1.0
Author-Name: Maria Teresa Medeiros Garcia
Author-X-Name-First: Maria Teresa Medeiros
Author-X-Name-Last: Garcia
Author-Name: Pedro Miguel Mendes Rosa Costa
Author-X-Name-First: Pedro Miguel Mendes Rosa
Author-X-Name-Last: Costa
Title: Central bank independence and stock market returns in developed countries
Abstract: 
 Central bank independence (CBI) is seen in the literature and by policy-makers as being important for achieving stability of inflation and long-term welfare. However, relatively few studies directly consider the relationship between CBI and stock market returns. Using a set of 21 developed countries, over a period of 20 years, and the Morgan Stanley Capital International indices, we test the impact caused by the levels of independence of countries’ central banks. The results lead us to conclude that the ‘free lunch’ hypothesis behind CBI cannot be rejected when its impact on stock market returns is considered.
Journal: International Review of Applied Economics
Pages: 335-352
Issue: 3
Volume: 33
Year: 2019
Month: 5
X-DOI: 10.1080/02692171.2018.1493093
File-URL: http://hdl.handle.net/10.1080/02692171.2018.1493093
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:33:y:2019:i:3:p:335-352




Template-Type: ReDIF-Article 1.0
Author-Name: Luca Salvati
Author-X-Name-First: Luca
Author-X-Name-Last: Salvati
Author-Name: Pere Serra
Author-X-Name-First: Pere
Author-X-Name-Last: Serra
Title: One thing leads to another: economic polarizations and social disparities in a pre-crisis Mediterranean city
Abstract: 
 While economic restructuring has increased spatial polarizations in European cities, the relationship with the evolving social context has been relatively unstudied. The present study investigates socioeconomic disparities in pre-crisis Athens, Greece, focusing on changes in spatial distribution of businesses driven by urban development following the 2004 Olympics. Data from the national business register for 2002 and 2007 were used to localize businesses at the municipal scale according to a standard classification of economic activities (Stakod03). A factor analysis identified the main gradients in the spatial distribution of businesses in the Athens’ metropolitan region, the most relevant changes in the concentration of businesses over the study period and the social indicators associated with the dominant localization patterns for both industry and services. A confirmative analysis was run on 2008 data derived from an updated classification of economic activities (Stakod08). Two variables (average per-capita declared income and distance from the inner city) identified recent patterns of economic polarization in Athens. Advanced services (real estate, informatics, research and development, banking and finance) were concentrated in the wealthiest municipalities of the area. In contrast with traditional urban structures dominated by industrial activities (construction and light manufacturing) and routine services (commerce and trade and public administration), the Athens’ production base became progressively more divided at the metropolitan scale, reflecting the increased concentration of advanced services in the wealthiest districts. The territorial disparities resulting from such transformations may have weakened the local recovery from the 2008 economic crisis.
Journal: International Review of Applied Economics
Pages: 353-383
Issue: 3
Volume: 33
Year: 2019
Month: 5
X-DOI: 10.1080/02692171.2018.1495696
File-URL: http://hdl.handle.net/10.1080/02692171.2018.1495696
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:33:y:2019:i:3:p:353-383




Template-Type: ReDIF-Article 1.0
Author-Name: Laura Lamb
Author-X-Name-First: Laura
Author-X-Name-Last: Lamb
Title: Changing preferences for environmental protection: evidence from volunteer behaviour
Abstract: 
 Over the past couple of decades, public awareness about environmental issues and concern for environmental protection appears to have increased substantially in Canada as it has in many other countries. This research has two objectives: first, to empirically assess the factors affecting voluntary participation in activities to protect the environment in Canada and to determine if participation has changed from 2000 to 2010, and second, to contemplate whether a change in environmental participation over time might be considered evidence of changing preferences, and thus demand, for environmental protection. Analysis makes use of data from Statistics Canada’s 2000, 2004, 2007 and 2010 Canadian Survey of Giving, Volunteering, and Participating used to estimate two IV probit models. Results suggest the likelihood of participating in environmental protection has increased over time providing a signal that preferences for environmental protection may have increased in Canada. Post-secondary education and social capital developed in youth have the largest impacts on the likelihood of participating. The results are expected to provide valuable information for public policy makers and environmental non-profit organizations.
Journal: International Review of Applied Economics
Pages: 384-401
Issue: 3
Volume: 33
Year: 2019
Month: 5
X-DOI: 10.1080/02692171.2018.1510906
File-URL: http://hdl.handle.net/10.1080/02692171.2018.1510906
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:33:y:2019:i:3:p:384-401




Template-Type: ReDIF-Article 1.0
Author-Name: Gonzalo Hernández
Author-X-Name-First: Gonzalo
Author-X-Name-Last: Hernández
Title: Output co-movement between Latin America and the United States: the export structure matters
Abstract: 
 Using panel data analysis for the period 1961–2014, this paper finds that output fluctuations in Latin America were especially synchronized with the US business cycle before the commodity price boom in the 2000s. In most recent years, China has become a more important geo-economic source of output fluctuations for the region. Furthermore, focusing on export-structure related aspects as mechanisms, evidence suggests that non-primary commodity exporters in Latin America, whose exports have mainly been destined for the US market, display an intensified output fluctuation co-movement with the US. These findings contribute to the understanding of the Latin American macroeconomic exposure to external shocks.
Journal: International Review of Applied Economics
Pages: 402-425
Issue: 3
Volume: 33
Year: 2019
Month: 5
X-DOI: 10.1080/02692171.2018.1511690
File-URL: http://hdl.handle.net/10.1080/02692171.2018.1511690
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:33:y:2019:i:3:p:402-425




Template-Type: ReDIF-Article 1.0
Author-Name: Carlos A. Ibarra
Author-X-Name-First: Carlos A.
Author-X-Name-Last: Ibarra
Author-Name: Jaime Ros
Author-X-Name-First: Jaime
Author-X-Name-Last: Ros
Title: Profitability and capital accumulation in Mexico: a first look at tradables and non-tradables based on KLEMS
Abstract: 
 The article uses the KLEMS database to estimate equations for the rate of private, non-residential capital accumulation in manufacturing, whole tradables, and non-tradables in Mexico during the period 1992-1994. It shows the rate of capital accumulation is positively correlated with the profit rate and its components – the profit share, the output/capital ratio and the relative price of capital goods, negatively correlated in the latter case – in the three sectors, but with considerably larger profitability effects in manufacturing and tradables. It also shows that capital accumulation is positively correlated with the real exchange rate in manufacturing and tradables, and negatively (and less strongly) correlated in non-tradables. A real depreciation increases the relative prices and profit rates of the former sectors, shifting accumulation toward them and away from non-tradables, with a positive overall effect on capital accumulation. The estimations – based on the error-correction ARDL bounds testing approach, and supplemented by OLS equations using the lagged values of the explanatory variables – imply that the flat trajectory of capital accumulation in Mexico is explained in part by a downward trend in the profit rate, which resulted from a fall in the output/capital ratio that more than offset an increase in the profit share.
Journal: International Review of Applied Economics
Pages: 426-452
Issue: 3
Volume: 33
Year: 2019
Month: 5
X-DOI: 10.1080/02692171.2018.1511691
File-URL: http://hdl.handle.net/10.1080/02692171.2018.1511691
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:33:y:2019:i:3:p:426-452




Template-Type: ReDIF-Article 1.0
Author-Name: Leonida Correia
Author-X-Name-First: Leonida
Author-X-Name-Last: Correia
Author-Name: Patrícia Martins
Author-X-Name-First: Patrícia
Author-X-Name-Last: Martins
Title: Has the sovereign debt crisis changed the cyclicality of Portuguese remittances?
Abstract: 
 This paper explores the cyclicality of remittances into Portugal from 1996 to 2015. Using bilateral correlations and econometric model regression approaches, we investigate if remittances are countercyclical or procyclical with Portuguese, French and Swiss outputs (France and Switzerland being the two main remitting countries). We also examine the ability of remittances to smooth macroeconomic shocks, and compare their role with other external financial sources. The empirical results suggest that the sovereign debt crisis has changed the cyclicality of remittances from procyclical in relation to Portuguese GDP in the years before the crisis to countercyclical during the crisis period. This conclusion is valid regardless of the economic situation of home and host countries and is robust to the use of different statistical information to measure the business cycle of Portugal (GDP, private consumption, or unemployment rate). Thus, we conclude that remittances received by Portuguese households played an economic stabilization role in the crisis years.
Journal: International Review of Applied Economics
Pages: 453-472
Issue: 3
Volume: 33
Year: 2019
Month: 5
X-DOI: 10.1080/02692171.2018.1511692
File-URL: http://hdl.handle.net/10.1080/02692171.2018.1511692
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:33:y:2019:i:3:p:453-472




Template-Type: ReDIF-Article 1.0
Author-Name: Ying Chen
Author-X-Name-First: Ying
Author-X-Name-Last: Chen
Title: Renewable energy investment and employment in China
Abstract: 
 The potential trade-off between environmental protection and employment stability has been a concern in the literature. However, in the case of China, the employment issue has not been adequately addressed despite government’s big push on investing in renewable energy since 2007. This essay addresses the employment issue through estimating the relative employment impacts of renewable energy investments versus spending within the traditional fossil fuel sectors based on input-output modeling with China-specific data of sector and subsector weighting techniques. I find that spending within three segments of the renewable energy sectors – solar, wind and bioenergy, will produce in combination about twice as many jobs per dollar of expenditure than an equal amount of spending on fossil fuels. I also find that, more than 70 percent of jobs from renewable energy sectors are created in the informal economy. This raises questions about the quality of the jobs created through renewable energy investments.
Journal: International Review of Applied Economics
Pages: 314-334
Issue: 3
Volume: 33
Year: 2019
Month: 5
X-DOI: 10.1080/02692171.2018.1513458
File-URL: http://hdl.handle.net/10.1080/02692171.2018.1513458
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:33:y:2019:i:3:p:314-334




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Correction
Journal: International Review of Applied Economics
Pages: 473-473
Issue: 3
Volume: 33
Year: 2019
Month: 5
X-DOI: 10.1080/02692171.2018.1516758
File-URL: http://hdl.handle.net/10.1080/02692171.2018.1516758
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:33:y:2019:i:3:p:473-473




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: International Review of Applied Economics Festschrift for Malcolm Sawyer Capitalism: an unsustainable future? Call for Papers, March 2019
Journal: International Review of Applied Economics
Pages: 474-474
Issue: 3
Volume: 33
Year: 2019
Month: 5
X-DOI: 10.1080/02692171.2019.1598697
File-URL: http://hdl.handle.net/10.1080/02692171.2019.1598697
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:33:y:2019:i:3:p:474-474




Template-Type: ReDIF-Article 1.0
Author-Name: Jonathan Michie
Author-X-Name-First: Jonathan
Author-X-Name-Last: Michie
Title: Prospects for a popular political economy – and a Call for Papers
Journal: International Review of Applied Economics
Pages: 307-309
Issue: 3
Volume: 33
Year: 2019
Month: 5
X-DOI: 10.1080/02692171.2019.1600780
File-URL: http://hdl.handle.net/10.1080/02692171.2019.1600780
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:33:y:2019:i:3:p:307-309




Template-Type: ReDIF-Article 1.0
Author-Name: EuroMemo Group
Author-X-Name-First: EuroMemo
Author-X-Name-Last: Group
Title: Prospects for a popular political economy in Europe
Journal: International Review of Applied Economics
Pages: 310-313
Issue: 3
Volume: 33
Year: 2019
Month: 5
X-DOI: 10.1080/02692171.2019.1600783
File-URL: http://hdl.handle.net/10.1080/02692171.2019.1600783
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:33:y:2019:i:3:p:310-313




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Correction
Journal: International Review of Applied Economics
Pages: I-I
Issue: 3
Volume: 33
Year: 2019
Month: 5
X-DOI: 10.1080/02692171.2019.1620996
File-URL: http://hdl.handle.net/10.1080/02692171.2019.1620996
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:33:y:2019:i:3:p:I-I




Template-Type: ReDIF-Article 1.0
Author-Name: Robert Jump
Author-X-Name-First: Robert
Author-X-Name-Last: Jump
Author-Name: Ivan Mendieta-Muñoz
Author-X-Name-First: Ivan
Author-X-Name-Last: Mendieta-Muñoz
Title: Wage led aggregate demand in the United Kingdom
Abstract: 
 The wage led aggregate demand hypothesis is examined for the United Kingdom over the period 1971–2007. Existing studies disagree on the aggregate demand regime for the UK, and this appears to be due to differing empirical approaches. Studies relying on equation-by-equation estimation procedures tend to find support for wage led aggregate demand in the UK, while the single study using a multiple time series estimation procedure finds no support for the hypothesis. We test the wage led aggregate demand hypothesis in the UK using VAR models estimated on quarterly data employing an alternative identification strategy based on shocks to real earnings. The results provide support for the wage led aggregate demand hypothesis during the period of study. However, the expansionary effects of higher earnings seem to be limited and relatively short-lived.
Journal: International Review of Applied Economics
Pages: 565-584
Issue: 5
Volume: 31
Year: 2017
Month: 9
X-DOI: 10.1080/02692171.2016.1271976
File-URL: http://hdl.handle.net/10.1080/02692171.2016.1271976
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:31:y:2017:i:5:p:565-584




Template-Type: ReDIF-Article 1.0
Author-Name: Simplice A. Asongu
Author-X-Name-First: Simplice A.
Author-X-Name-Last: Asongu
Author-Name: Antonio R. Andrés
Author-X-Name-First: Antonio R.
Author-X-Name-Last: Andrés
Title: The impact of software piracy on inclusive human development: evidence from Africa
Abstract: 
 The study examines the effect of software piracy on inclusive human development in 11 African countries for which software piracy data is available for the period 2000–2010. The empirical evidence is based on instrumental variable panel Fixed Effects (FE) and Tobit models in order to control for the unobserved heterogeneity and limited range in the dependent variable. The modeling exercise is based on the inequality adjusted human development (IHDI) and its constituents. The following main findings are established. First, from the FE regressions, software piracy consistently improves the IHDI and its constituents. Within this framework, the positive relationship between inclusive human development and software piracy is driven by all its constituents. Second, for Tobit regressions, the positive relationship between software piracy and inclusive human development is confirmed exclusively in IHDI and literacy specifications. Within the latter framework, the positive relationship between software piracy and inclusive human is driven fundamentally by the literacy rate. Policy implications are discussed.
Journal: International Review of Applied Economics
Pages: 585-607
Issue: 5
Volume: 31
Year: 2017
Month: 9
X-DOI: 10.1080/02692171.2017.1296414
File-URL: http://hdl.handle.net/10.1080/02692171.2017.1296414
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:31:y:2017:i:5:p:585-607




Template-Type: ReDIF-Article 1.0
Author-Name: Eduardo Maldonado Filho
Author-X-Name-First: Eduardo
Author-X-Name-Last: Maldonado Filho
Author-Name: Fernando Ferrari Filho
Author-X-Name-First: Fernando
Author-X-Name-Last: Ferrari Filho
Author-Name: Marcelo Milan
Author-X-Name-First: Marcelo
Author-X-Name-Last: Milan
Title: Toward the crisis: a Kaleckian-Keynesian interpretation of the instability of growth and capital accumulation in Brazil
Abstract: 
 This article examines theoretically and empirically the instability of Brazilian investment and growth for the past couple of decades, highlighting the evolution that led to the current crisis. A theoretical discussion highlights the importance of Kaleckian and Keynesian approaches in understanding the semi-stagnation of the Brazilian economy since the 1990s. Empirical evidence shows that investment has increased until 2013, but not to the point of getting the economy back on the track of high growth rates and higher investment-GDP ratios. The econometric findings are compatible with the theoretical underpinnings of investment activity based on Keynes and Kalecki and suggest the existence of room for activist policies in Brazil in order to stimulate economic activity.
Journal: International Review of Applied Economics
Pages: 608-624
Issue: 5
Volume: 31
Year: 2017
Month: 9
X-DOI: 10.1080/02692171.2017.1297387
File-URL: http://hdl.handle.net/10.1080/02692171.2017.1297387
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:31:y:2017:i:5:p:608-624




Template-Type: ReDIF-Article 1.0
Author-Name: Ali Al-Moulani
Author-X-Name-First: Ali
Author-X-Name-Last: Al-Moulani
Author-Name: Constantinos Alexiou
Author-X-Name-First: Constantinos
Author-X-Name-Last: Alexiou
Title: Banking sector depth and economic growth nexus: a comparative study between the natural resource-based and the rest of the world’s economies
Abstract: 
 This paper investigates the relationship between banking sector depth and long-term economic growth in the natural resource-based economies vis-à-vis economies that are not dependent on natural resources. For the empirical investigation, a Generalised Method of Moments estimator for dynamic panel data models is adopted for 194 countries spanning the period 1964–2013. Using different measures of banking sector depth and economic growth, the investigation yields three key findings. First, the banking–growth relationship is non-linear and positive within certain levels of banking sector depth in both country groups. Second, the time lag between the change in the level of banking sector depth and the effect on economic growth is shorter in the natural resource-based countries than in the other countries. Finally, the total effect of banking sector deepening on long-term economic growth is weaker in economies with abundant natural resources than in the rest of the world.
Journal: International Review of Applied Economics
Pages: 625-650
Issue: 5
Volume: 31
Year: 2017
Month: 9
X-DOI: 10.1080/02692171.2017.1299115
File-URL: http://hdl.handle.net/10.1080/02692171.2017.1299115
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:31:y:2017:i:5:p:625-650




Template-Type: ReDIF-Article 1.0
Author-Name: Hisahiro Naito
Author-X-Name-First: Hisahiro
Author-X-Name-Last: Naito
Author-Name: Yu Takagi
Author-X-Name-First: Yu
Author-X-Name-Last: Takagi
Title: Is racial salary discrimination disappearing in the NBA? evidence from data during 1985–2015
Abstract: 
 This study re-examines the racial salary gap of National Basketball Association players by constructing a long unbalanced panel covering the 1985–1986 to 2015–2016 seasons. Contrary to the results of previous studies, we find that non-white players are paid equally to white players with similar characteristics in the 1980s and 1990s, but that white players started to be paid about 20% more than non-white players in the last 10 years. Our results are robust to all specification checks, such as quantile regressions, controlling sample selection, different contract types, and player nationality. We find that neither employer preference nor income gap of white and black residents explains this increasing salary gap.
Journal: International Review of Applied Economics
Pages: 651-669
Issue: 5
Volume: 31
Year: 2017
Month: 9
X-DOI: 10.1080/02692171.2017.1303037
File-URL: http://hdl.handle.net/10.1080/02692171.2017.1303037
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:31:y:2017:i:5:p:651-669




Template-Type: ReDIF-Article 1.0
Author-Name: Patricia Peinado
Author-X-Name-First: Patricia
Author-X-Name-Last: Peinado
Author-Name: Felipe Serrano
Author-X-Name-First: Felipe
Author-X-Name-Last: Serrano
Title: Unemployment, wages and pensions
Abstract: 
 Empirical evidence has shown the existence of a negative relationship between the rates of unemployment and real wages. If pensions are computed according to the wages that workers have contributed, then the unemployment rates during working life may also influence the pensions to which they are entitled. Using data from 2005 to 2012 for the Spanish social security system, we estimate that the unemployment elasticity of real pension is −0.135. A 1% increase in unemployment rate is associated with a reduction in pension equal to 0.135%. In ‘normal times’, this value could be considered modest, but the Great Recession has increased dramatically the rate of unemployment. In 2012, the rate of unemployment in Spain had increased to 25.7% and in 2015, it had diminished to 20.9%. It is estimated that unemployment rate will not be returned to figures existing before the crisis until middle of the next decade. Moreover, the current reforms in social security systems could interact with the future effects of the current rates of unemployment and cause future pensions to be significantly lower than those estimated by individuals. The economic welfare of the future cohorts of retirees would then be significantly worsened.
Journal: International Review of Applied Economics
Pages: 670-680
Issue: 5
Volume: 31
Year: 2017
Month: 9
X-DOI: 10.1080/02692171.2017.1299116
File-URL: http://hdl.handle.net/10.1080/02692171.2017.1299116
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:31:y:2017:i:5:p:670-680




Template-Type: ReDIF-Article 1.0
Author-Name: Marco R. Di Tommaso
Author-X-Name-First: Marco R.
Author-X-Name-Last: Di Tommaso
Author-Name: Mattia Tassinari
Author-X-Name-First: Mattia
Author-X-Name-Last: Tassinari
Author-Name: Stefano Bonnini
Author-X-Name-First: Stefano
Author-X-Name-Last: Bonnini
Author-Name: Marco Marozzi
Author-X-Name-First: Marco
Author-X-Name-Last: Marozzi
Title: Industrial policy and manufacturing targeting in the US: new methodological tools for strategic policy-making
Abstract: 
 The economic crisis has pushed several countries to adopt selective industrial policies to promote manufacturing and some selected strategic sectors. Despite this new activism, the process of defining strategic targets risks being carried out with poor rigour on a political level, setting governments up for failure. This paper discusses the notion of strategic sector and proposes a new methodology to increase transparency and effectiveness in the identification of what can be defined as ‘strategic’. Focusing on the analysis of the US manufacturing system, we develop a composite indicator – the Strategic Sector Index (SSI) – to rank manufacturing industries on the basis of their strategic significance. Furthermore, we apply an uncertainty analysis methodology to the SSI to evaluate the robustness of the ranking and to minimise the degree of policy-makers’ discretionality in influencing the results.
Journal: International Review of Applied Economics
Pages: 681-703
Issue: 5
Volume: 31
Year: 2017
Month: 9
X-DOI: 10.1080/02692171.2017.1303036
File-URL: http://hdl.handle.net/10.1080/02692171.2017.1303036
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:31:y:2017:i:5:p:681-703




Template-Type: ReDIF-Article 1.0
Author-Name: Jonathan Michie
Author-X-Name-First: Jonathan
Author-X-Name-Last: Michie
Title: Why not declare a war on happiness?
Journal: International Review of Applied Economics
Pages: 704-706
Issue: 5
Volume: 31
Year: 2017
Month: 9
X-DOI: 10.1080/02692171.2017.1345080
File-URL: http://hdl.handle.net/10.1080/02692171.2017.1345080
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:31:y:2017:i:5:p:704-706




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Correction to: Michie, Why not declare a war on happiness?
Journal: International Review of Applied Economics
Pages: X-X
Issue: 5
Volume: 31
Year: 2017
Month: 9
X-DOI: 10.1080/02692171.2017.1356003
File-URL: http://hdl.handle.net/10.1080/02692171.2017.1356003
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:31:y:2017:i:5:p:X-X




Template-Type: ReDIF-Article 1.0
Author-Name: Markus P. A. Schneider
Author-X-Name-First: Markus P. A.
Author-X-Name-Last: Schneider
Author-Name: Daniele Tavani
Author-X-Name-First: Daniele
Author-X-Name-Last: Tavani
Title: A tale of two Ginis in the US, 1921–2012
Abstract: 
 Following a methodology by Jantzen and Volpert (2012), we use IRS Adjusted Gross Income data for the US (1921–2012) to estimate two Gini-like indices representing inequality at the bottom and the top of the income distribution, and to calculate the overall Gini as a function of the parameters underlying the two indices. A steady increase in the overall Gini since the Second World War actually hides two different periods of distributional changes. First, the increase in inequality from the mid 1940s to the late 1970s is driven by rising inequality at the bottom of the income distribution that more than offsets a decrease in inequality at the top. The implication is that middle-income earners gained relative to high-incomes, and especially relative to low-income earners. Second, the rise in the Gini after 1981 is driven by rising inequality at the top. Third, top-driven inequality follows a U-shaped trajectory consistent with Piketty and Saez (2003, 2006). Fourth, the welfare effects of the different distributional changes behind increasing inequality can be evaluated in light of the Lorenz-dominance criterion by Atkinson (1970): we argue that the rise in inequality since 1981 is much more likely to be associated with a social welfare loss net of compensating growth.
Journal: International Review of Applied Economics
Pages: 677-692
Issue: 6
Volume: 30
Year: 2016
Month: 11
X-DOI: 10.1080/02692171.2016.1173654
File-URL: http://hdl.handle.net/10.1080/02692171.2016.1173654
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:30:y:2016:i:6:p:677-692




Template-Type: ReDIF-Article 1.0
Author-Name: Christina Paraskevopoulou
Author-X-Name-First: Christina
Author-X-Name-Last: Paraskevopoulou
Author-Name: Persefoni Tsaliki
Author-X-Name-First: Persefoni
Author-X-Name-Last: Tsaliki
Author-Name: Lefteris Tsoulfidis
Author-X-Name-First: Lefteris
Author-X-Name-Last: Tsoulfidis
Title: Revisiting Leontief’s paradox
Abstract: 
 According to the popular Heckscher-Ohlin model of international trade, a country is expected to export (import) those products whose production requires the intensive use of the factor of production that is in relative abundance (scarcity). Leontief (1953), using input–output data of the US economy for the year 1947, found that the US, an overwhelmingly capital-abundant country, exported labour-intensive products and imported capital-intensive ones. Clearly, the results contradicted the predictions of the Heckscher-Ohlin model and they were characterised as ‘Leontief’s paradox’. A number of explanations for the so-called paradox were offered and this paper briefly, but critically, evaluates these explanations as it examines whether or not Leontief’s results persist in the case of the US economy during the period 1998–2012.
Journal: International Review of Applied Economics
Pages: 693-713
Issue: 6
Volume: 30
Year: 2016
Month: 11
X-DOI: 10.1080/02692171.2016.1173655
File-URL: http://hdl.handle.net/10.1080/02692171.2016.1173655
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:30:y:2016:i:6:p:693-713




Template-Type: ReDIF-Article 1.0
Author-Name: Azadeh Rahimi
Author-X-Name-First: Azadeh
Author-X-Name-Last: Rahimi
Author-Name: Marc Lavoie
Author-X-Name-First: Marc
Author-X-Name-Last: Lavoie
Author-Name: Ba Chu
Author-X-Name-First: Ba
Author-X-Name-Last: Chu
Title: Linear and nonlinear Granger-causality between short-term and long-term interest rates during business cycles
Abstract: 
 This paper is about the causal relationship between short-term and long-term interest rates in the US and Canada. To that end, we apply a linear Granger causality test introduced by Toda and Yamamoto (1995) and the nonlinear Granger causality test of Diks and Panchenko (2006). By combining linear causality effects with the nonlinear ones, it is seen that the most common Granger causality direction between short-term and long-term interest rates is a bidirectional one. We also find that nonlinear Granger causality can be found where no linear causality had been uncovered. Moreover, our findings show that during recent business cycles, the federal funds rate (in the US) and the overnight rate (in Canada) still Granger-cause long-term interest rates significantly.
Journal: International Review of Applied Economics
Pages: 714-728
Issue: 6
Volume: 30
Year: 2016
Month: 11
X-DOI: 10.1080/02692171.2016.1208736
File-URL: http://hdl.handle.net/10.1080/02692171.2016.1208736
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:30:y:2016:i:6:p:714-728




Template-Type: ReDIF-Article 1.0
Author-Name: Photis Lysandrou
Author-X-Name-First: Photis
Author-X-Name-Last: Lysandrou
Author-Name: Offiong Helen Solomon
Author-X-Name-First: Offiong
Author-X-Name-Last: Helen Solomon
Author-Name: Thomas Goda
Author-X-Name-First: Thomas
Author-X-Name-Last: Goda
Title: The Differential Impact of Public and Private Governance Institutions on the Different Modes of Foreign Investment
Abstract: 
 This paper examines the respective impacts of public and private governance institutions on foreign direct and foreign portfolio investment inflows. We present two hypotheses: (1) there is a strong correlation between the quality of a country’s public governance institutions and the amount of foreign direct investment (FDI) received while the quality of its private governance institutions has no further discernible impact on this correlation; (2) there is a strong correlation between the quality of a country’s public governance institutions and the amount of foreign portfolio investment (FPI) received while the quality of its private governance institutions has a further positive impact on this correlation. Our findings, which are based on panel data analysis, show both hypotheses to be valid.
Journal: International Review of Applied Economics
Pages: 729-746
Issue: 6
Volume: 30
Year: 2016
Month: 11
X-DOI: 10.1080/02692171.2016.1208737
File-URL: http://hdl.handle.net/10.1080/02692171.2016.1208737
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:30:y:2016:i:6:p:729-746




Template-Type: ReDIF-Article 1.0
Author-Name: Paolo Piacentini
Author-X-Name-First: Paolo
Author-X-Name-Last: Piacentini
Author-Name: Stefano Prezioso
Author-X-Name-First: Stefano
Author-X-Name-Last: Prezioso
Author-Name: Giuseppina Testa
Author-X-Name-First: Giuseppina
Author-X-Name-Last: Testa
Title: Effects of fiscal policy in the Northern and Southern regions of Italy
Abstract: 
 This paper contributes to a growing body of work within ‘fiscal policy studies,’ investigating the recent role of fiscal policy on the Italian economy. Using annual data collected on a regional basis, this study estimates and compares the (impact and cumulative) fiscal multipliers across the North and the South—the less developed area—of Italy. With recourse to a simultaneous equation model for the two macro-areas of Italy, it estimates the overall impact of the measures of budget consolidation policies during the period 2011–2013. Our analysis reveals that tax increases and, with a greater impact, spending cuts, hit the South harder compared to the North.
Journal: International Review of Applied Economics
Pages: 747-770
Issue: 6
Volume: 30
Year: 2016
Month: 11
X-DOI: 10.1080/02692171.2016.1208738
File-URL: http://hdl.handle.net/10.1080/02692171.2016.1208738
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:30:y:2016:i:6:p:747-770




Template-Type: ReDIF-Article 1.0
Author-Name: Hamid Raza
Author-X-Name-First: Hamid
Author-X-Name-Last: Raza
Author-Name: Bjorn Gudmundsson
Author-X-Name-First: Bjorn
Author-X-Name-Last: Gudmundsson
Author-Name: Gylfi Zoega
Author-X-Name-First: Gylfi
Author-X-Name-Last: Zoega
Author-Name: Stephen Kinsella
Author-X-Name-First: Stephen
Author-X-Name-Last: Kinsella
Title: Two thorns of experience: financialisation in Iceland and Ireland
Abstract: 
 We explain the 2008 crisis in Iceland and Ireland with an emphasis on the role financialisation played in destabilising these countries’ economies. The two small open economies share similarities in that both countries had capital inflows before the crisis, ending with a sudden stop. However, the mechanisms of the crisis, which induced the capital flows, the factors that influenced them and their effects on the real economy differed due to differences in currency regimes and the response to the crises. We investigate the link between financialisation and the transmission channels of financialisation on the macroeconomy, using ARDL methodology. Finally, we suggest policy prescriptions to limit the scale and scope of similar crises in the future while highlighting the institutional differences between the two economies.
Journal: International Review of Applied Economics
Pages: 771-789
Issue: 6
Volume: 30
Year: 2016
Month: 11
X-DOI: 10.1080/02692171.2016.1208739
File-URL: http://hdl.handle.net/10.1080/02692171.2016.1208739
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:30:y:2016:i:6:p:771-789




Template-Type: ReDIF-Article 1.0
Author-Name: Samuel Adams
Author-X-Name-First: Samuel
Author-X-Name-Last: Adams
Author-Name: Edem Kwame Mensah Klobodu
Author-X-Name-First: Edem Kwame Mensah
Author-X-Name-Last: Klobodu
Title: Financial development, control of corruption and income inequality
Abstract: 
 This paper examines the effect of financial development and control of corruption on income inequality in 21 Sub-Saharan African (SSA) countries over the period 1985–2011 using the pooled mean group (PMG) estimator. The empirical results show that financial development measures have positive impact on income inequality, which suggest that financial development increases income inequality. On the other hand, the coefficients of control of corruption are negative and significantly related to income inequality which implies that corruption control reduces income inequality. Further, the interaction of the financial development and the control of corruption is found to be negatively and significantly related to income inequality. Equally the interaction of the financial development and transparency index (an alternate measure of corruptibility) is found to be negatively and significantly related to income inequality. These findings suggest that the control of corruption and transparency in governance are crucial in reducing income inequality in SSA.
Journal: International Review of Applied Economics
Pages: 790-808
Issue: 6
Volume: 30
Year: 2016
Month: 11
X-DOI: 10.1080/02692171.2016.1208740
File-URL: http://hdl.handle.net/10.1080/02692171.2016.1208740
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:30:y:2016:i:6:p:790-808




Template-Type: ReDIF-Article 1.0
Author-Name: Vítor Castro
Author-X-Name-First: Vítor
Author-X-Name-Last: Castro
Author-Name: Rodrigo Martins
Author-X-Name-First: Rodrigo
Author-X-Name-Last: Martins
Title: Budgets, expenditure composition and political manipulation
Abstract: 
 This paper analyses the presence of political cycles in Portuguese Governments’ expenditures using monthly data over the period 1991–2013 for the main categories of government expenditures. The results indicate that Portuguese Governments act opportunistically regarding the budget surplus and that they favour capital instead of current spending near to the elections. Moreover, right-wing governments are more prone to reduce expenditures and deficits after the elections than left-wing ones. A deeper disaggregated analysis of the components of government expenditures corroborates these findings while disentangling other relevant patterns of political manipulation in Portugal.
Journal: International Review of Applied Economics
Pages: 172-187
Issue: 2
Volume: 33
Year: 2019
Month: 3
X-DOI: 10.1080/02692171.2017.1379474
File-URL: http://hdl.handle.net/10.1080/02692171.2017.1379474
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:33:y:2019:i:2:p:172-187




Template-Type: ReDIF-Article 1.0
Author-Name: Cullen S. Hendrix
Author-X-Name-First: Cullen S.
Author-X-Name-Last: Hendrix
Title: Kicking a crude habit: diversifying away from oil and gas in the twenty-first century
Abstract: 
 This article investigates the correlates of diversification away from oil and natural gas dependence in the context of the twenty-first century resource boom (and bust). In a sample of 40 oil- and gas-dependent economies, the majority showed significant sectoral diversification of GDP, but exports remained highly concentrated in fuel exports. Regression analysis indicates that countries that began the boom with higher levels of oil and gas dependence, poorer countries, and those with significantly larger- or smaller-than-average populations were more successful in diversifying their GDP during the commodities boom. Governance matters – more effective, capable bureaucratic structures are associated with greater GDP diversification away from oil and gas – though the effects are not uniformly positive. For any given level of government effectiveness, stronger rule of law is associated with less GDP diversification. Education appears to affect GDP and export diversification differentially. Consistent with endogenous growth theory, countries with more educated populations saw greater growth in their nonresource sectors than countries with less educated populations, though education is associated with greater export concentration. Internal economic diversification in the twenty-first century has been less a matter of policy formation and implementation, and more a matter of factors that shape the policy-making environment.
Journal: International Review of Applied Economics
Pages: 188-208
Issue: 2
Volume: 33
Year: 2019
Month: 3
X-DOI: 10.1080/02692171.2017.1389862
File-URL: http://hdl.handle.net/10.1080/02692171.2017.1389862
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:33:y:2019:i:2:p:188-208




Template-Type: ReDIF-Article 1.0
Author-Name: Aristeidis Samitas
Author-X-Name-First: Aristeidis
Author-X-Name-Last: Samitas
Author-Name: Elias Kampouris
Author-X-Name-First: Elias
Author-X-Name-Last: Kampouris
Title: Financial illness and political virus: the case of contagious crises in the Eurozone
Abstract: 
 This paper investigates the volatility spillover effects from the southern to northern part of the Eurozone during the sovereign debt crisis. Focusing on different phases of the crises, we propose using the dynamic conditional correlation model and the BEKK model to identify possible linkages during the period of 2005–2015. The findings showed that both models behave satisfactorily and are flexible in presenting spillover effects. However, regarding conditional correlations, the asymmetric dynamic conditional correlation model seems to fit better. Additionally, Spain and Italy can significantly damage all strong northern economies, while Greece’s negative shocks are capable of co-moving the French index. Finally, France is the most correlated country within the southern Eurozone.
Journal: International Review of Applied Economics
Pages: 209-227
Issue: 2
Volume: 33
Year: 2019
Month: 3
X-DOI: 10.1080/02692171.2017.1394272
File-URL: http://hdl.handle.net/10.1080/02692171.2017.1394272
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:33:y:2019:i:2:p:209-227




Template-Type: ReDIF-Article 1.0
Author-Name: Ronny Vallejos
Author-X-Name-First: Ronny
Author-X-Name-Last: Vallejos
Author-Name: Angelo Gárate
Author-X-Name-First: Angelo
Author-X-Name-Last: Gárate
Author-Name: Marcos Gómez
Author-X-Name-First: Marcos
Author-X-Name-Last: Gómez
Title: Comovement among returns of the private Chilean pension system
Abstract: 
 The measurement of comovement among economic variables is key in several areas of economics and finance. This article examines the comovement among Pension Fund Administrators (AFPs) in the Chilean private pension system from 2005 to 2016. We use several statistical methods to assess the comovement among the returns during this period. We found evidence of strong comovement among the returns of all AFPs; the higher the percentage of risk rate of the investment instrument, the higher the comovement was. The introduction of a new AFP in 2010 did not change the comovement patterns. The comovement analysis study shows that the quality attributes of the products offered by the AFPs are homogeneous, supporting the idea that concentrated markets with homogeneous products could incentivize tacit collusive behavior, which could distort the functioning of the pension market, thereby affecting the aggregate well-being of workers.
Journal: International Review of Applied Economics
Pages: 228-240
Issue: 2
Volume: 33
Year: 2019
Month: 3
X-DOI: 10.1080/02692171.2017.1411470
File-URL: http://hdl.handle.net/10.1080/02692171.2017.1411470
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:33:y:2019:i:2:p:228-240




Template-Type: ReDIF-Article 1.0
Author-Name: Phil Armstrong
Author-X-Name-First: Phil
Author-X-Name-Last: Armstrong
Title: Keynes’s view of deficits and functional finance: a Modern Monetary Theory perspective
Abstract: 
 The immediate aftermath of the global financial crisis (GFC) was characterised by a resurgence of interest in the work of Keynes. Fiscal policy became at least temporarily acceptable again, in turn leading to government deficits and debt, as a proportion of GDP, reaching levels not seen since before the onset of the neoliberal period. Keynes’s own pronouncements on deficit financing generated renewed interest. Despite the strength of the neoclassical counterattack – which has been relatively successful in reassessing the crisis as a government failure – confidence in orthodox economics has not been fully restored, at least outside the confines of academia. Although the hopes of heterodox economists – that the GFC might mark the beginning of the end of the neoclassical hegemony – have not been realised, the upswing in interest in Keynes’s views has not entirely died away. This paper considers Keynes’s views of deficits and debt and then looks at the controversial area of Keynes’s position vis-à-vis functional finance. The paper concludes by considering how Modern Monetary Theory might increase our understanding of the nature of deficits and debt and thus provide valuable insights which might underpin the use of fiscal policy to pursue public purpose.
Journal: International Review of Applied Economics
Pages: 241-253
Issue: 2
Volume: 33
Year: 2019
Month: 3
X-DOI: 10.1080/02692171.2018.1475139
File-URL: http://hdl.handle.net/10.1080/02692171.2018.1475139
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:33:y:2019:i:2:p:241-253




Template-Type: ReDIF-Article 1.0
Author-Name: George Agiomirgianakis
Author-X-Name-First: George
Author-X-Name-Last: Agiomirgianakis
Author-Name: Georgios Bertsatos
Author-X-Name-First: Georgios
Author-X-Name-Last: Bertsatos
Author-Name: Nicholas Tsounis
Author-X-Name-First: Nicholas
Author-X-Name-Last: Tsounis
Title: Gender wage gaps and economic crisis in Greece
Abstract: 
 We examine gender wage gap (GWG) in Greece for 2013, by using a survey data set. Our findings show first, that the unadjusted GWG is 15.3%, while European Commission reports a value of 15%. Secondly, we derive the ‘adjusted’ GWG, using the Oaxaca and Ransom (OR) and the Juhn, Murphy and Pierce (JMP) methods to be ranging from 10% to 13.6%. Thirdly, looking into the behaviour of the full population, we find a decreasing trend for the discrimination effects, an increasing trend for the residuals effects and a ‘random’ endowments effects while moving to higher deciles. These three effects are associated to the economic crisis 2008–2015. Fourthly, our findings do not show evidence of either a ‘glass ceiling’ effect or a ‘sticky floor’ effect. Finally, that there is strong evidence that investing in higher education reduces the wage discrimination between sexes.
Journal: International Review of Applied Economics
Pages: 254-276
Issue: 2
Volume: 33
Year: 2019
Month: 3
X-DOI: 10.1080/02692171.2018.1485633
File-URL: http://hdl.handle.net/10.1080/02692171.2018.1485633
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:33:y:2019:i:2:p:254-276




Template-Type: ReDIF-Article 1.0
Author-Name: Mona Ali
Author-X-Name-First: Mona
Author-X-Name-Last: Ali
Title: Finance, power, and the British balance of payments
Abstract: 
 The Brexit referendum marks a critical juncture in Britain’s political economy. Benjamin Cohen argues that a nation’s monetary sovereignty lies in its balance of payments (BoP) flexibility (2008, 2015). I argue that a country’s position in the global financial régime must also be accounted for when explaining its BoP dynamics. This allows us to understand why, while sterling has long lost its ‘world currency’ status, Britain’s BoP exhibits some of the same features associated with American ‘exorbitant privilege’. To appreciate the UK’s own BoP flexibilities as well as to flesh out the Anglo-American axis in the international financial order, I compare the UK’s external balance sheets with those of the US. Given the complexities and uncertainties inherent in BoP analyses, I advise against micro-analyses of the BoP in favour of a broader approach that takes into account macro-dynamics as well as the International Political Economy (IPE) concerns outlined above. Elaborating such an analysis for the UK BoP, I explore the potential implications of Brexit for Britain’s external balance sheets and its political-economic future. While Britain’s financial power has helped insulate its balance sheets from external shocks, Britain’s impending departure from the European Union heralds a period of considerable uncertainty.
Journal: International Review of Applied Economics
Pages: 277-304
Issue: 2
Volume: 33
Year: 2019
Month: 3
X-DOI: 10.1080/02692171.2018.1487929
File-URL: http://hdl.handle.net/10.1080/02692171.2018.1487929
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:33:y:2019:i:2:p:277-304




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Special issue on alternative forms of corporations and business enterprise in the Global South in the context of globalisation and inequality
Journal: International Review of Applied Economics
Pages: 305-306
Issue: 2
Volume: 33
Year: 2019
Month: 3
X-DOI: 10.1080/02692171.2019.1576996
File-URL: http://hdl.handle.net/10.1080/02692171.2019.1576996
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:33:y:2019:i:2:p:305-306




Template-Type: ReDIF-Article 1.0
Author-Name: Jonathan Michie
Author-X-Name-First: Jonathan
Author-X-Name-Last: Michie
Title: Finance and power – and Keynes’s relevance today
Journal: International Review of Applied Economics
Pages: 171-171
Issue: 2
Volume: 33
Year: 2019
Month: 3
X-DOI: 10.1080/02692171.2019.1579411
File-URL: http://hdl.handle.net/10.1080/02692171.2019.1579411
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:33:y:2019:i:2:p:171-171




Template-Type: ReDIF-Article 1.0
Author-Name: Emiliano Libman
Author-X-Name-First: Emiliano
Author-X-Name-Last: Libman
Title: The effects of exchange rate regimes on real exchange rate misalignment
Abstract: 
 The literature on exchange rate regimes has paid little attention to the effects of exchange rate policies on real exchange rate misalignments. This paper contributes to filling that gap by exploring such relation empirically. Because the underlying model is probably not linear and the treated individuals differ from non-treated individuals, we rely on Matching models rather than on standard regressions. Our main finding is that pegs are associated with more overvaluation. The results are robust to different exchange rate regime classifications, misalignment indexes, and matching estimators. The evidence presented suggests that policy-makers concerned with overvaluation should avoid sticking with rigid arrangements for too long.
Journal: International Review of Applied Economics
Pages: 39-61
Issue: 1
Volume: 32
Year: 2018
Month: 1
X-DOI: 10.1080/02692171.2017.1331205
File-URL: http://hdl.handle.net/10.1080/02692171.2017.1331205
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:32:y:2018:i:1:p:39-61




Template-Type: ReDIF-Article 1.0
Author-Name: Hsiang-Hsi Liu
Author-X-Name-First: Hsiang-Hsi
Author-X-Name-Last: Liu
Title: Applying three-stage DEA on the operational performance of foreign banks in Taiwan
Abstract: 
 This study applies 3-stage data envelopment analysis (DEA) model on a sample of 29 foreign commercial banks in Taiwan in order to measure their overall operational efficiencies. Exploring adjustments on environmental and statistical noise effects incorporated in the pure performance evaluation for input slacks to achieve true managerial efficiency. Through our research, using a three-stage DEA approach, efficiency scores can function as a more specific and precise set of criteria for true managerial efficiency. Our empirical results demonstrated that the operational efficiency values after being adjusted for external environmental factors and statistical noise tend to be higher than the non-adjusted values. Our findings can help the banking management avoid resource misallocations, enhance banking efficiency and improve banking competitiveness.
Journal: International Review of Applied Economics
Pages: 104-118
Issue: 1
Volume: 32
Year: 2018
Month: 1
X-DOI: 10.1080/02692171.2017.1332014
File-URL: http://hdl.handle.net/10.1080/02692171.2017.1332014
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:32:y:2018:i:1:p:104-118




Template-Type: ReDIF-Article 1.0
Author-Name: Lúcio Otávio Seixas Barbosa
Author-X-Name-First: Lúcio Otávio Seixas
Author-X-Name-Last: Barbosa
Author-Name: Frederico G. Jayme
Author-X-Name-First: Frederico G.
Author-X-Name-Last: Jayme
Author-Name: Fabricio José Missio
Author-X-Name-First: Fabricio José
Author-X-Name-Last: Missio
Title: Determinants of the real exchange rate in the long-run for developing and emerging countries: a theoretical and empirical approach
Abstract: 
 This paper presents a new framework for the determinants of real exchange in the long-run in developing and emerging countries (DECs). We assume that currencies should be regarded as an asset. In consequence, dealers in the foreign exchange market play a crucial role on its dynamics. To set our model, we connect the model developed by Kaltenbrunner, which is grounded on chapter 17 of the General Theory, with productivity’s differential effect. By doing so, it states that even short-run factors and monetary variables affect the long-run real exchange rate. Moreover, it points out that the hierarchical nature of the international monetary system is crucial to understand exchange rate movements in DECs. Besides presenting such theoretical approach, our contribution is to test it empirically for 45 DECs from 1990 to 2008 by applying econometric techniques appropriate for panel data. We use a new data-set, which comprises, among other variables, foreign portfolio flow, interest rate differential, external vulnerability measures, and international liquidity, on annual basis. The empirical results endorse this framework. Overall, it shows the primacy of financial factors as determinants of the long-run real exchange rate and points to the endogenous and self-perpetuating nature of international monetary system hierarchy.
Journal: International Review of Applied Economics
Pages: 62-83
Issue: 1
Volume: 32
Year: 2018
Month: 1
X-DOI: 10.1080/02692171.2017.1332017
File-URL: http://hdl.handle.net/10.1080/02692171.2017.1332017
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:32:y:2018:i:1:p:62-83




Template-Type: ReDIF-Article 1.0
Author-Name: Rosa Bernardini Papalia
Author-X-Name-First: Rosa
Author-X-Name-Last: Bernardini Papalia
Author-Name: Silvia Bertarelli
Author-X-Name-First: Silvia
Author-X-Name-Last: Bertarelli
Author-Name: Susanna Mancinelli
Author-X-Name-First: Susanna
Author-X-Name-Last: Mancinelli
Title: Innovation, complementarity, and exporting. Evidence from German manufacturing firms
Abstract: 
 This paper assesses whether there might be complementarities between different types of innovation activities (product, process and organizational) and how these effects may be linked to the likelihood that a firm will export. Complementarity is addressed through the properties of supermodular functions, and firm heterogeneity by export destination is explored. A new econometric strategy to test for pairwise complementarity in a function with three independent variables and a binary dependent variable is proposed. Exogenous and endogenous innovation variables are considered by using bootstrapping for hypothesis testing, propensity score matching and treatment effects models. The empirical analysis shows that complementarity relationships between innovation strategies are more likely to exist when firms export to multiple foreign markets.
Journal: International Review of Applied Economics
Pages: 3-38
Issue: 1
Volume: 32
Year: 2018
Month: 1
X-DOI: 10.1080/02692171.2017.1332576
File-URL: http://hdl.handle.net/10.1080/02692171.2017.1332576
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:32:y:2018:i:1:p:3-38




Template-Type: ReDIF-Article 1.0
Author-Name: Marina Murat
Author-X-Name-First: Marina
Author-X-Name-Last: Murat
Title: Foreign education and international trade: empirical evidence from selected Latin American countries
Abstract: 
 Social ties among university students – of friendship, mutual trust and attachment to the alma mater – tend to be robust and enduring. Through information-diffusion and behaviour-enforcement mechanisms, they can boost the economic exchanges between countries. This paper tests the influence of Latin American people with a tertiary education in OECD countries on the bilateral trade between the home economy and the country of the alma mater, taking into account potential endogeneity concerns. Results show that Latin American student networks exert strong, positive and significant effects on bilateral imports and exports. A 10% increase in the number of Latin American students in the OECD economy boost bilateral trade by about 3%. At a more disaggregated level, their impact on differentiated goods is significantly higher than on homogenous products. Their incidence is lower in the presence of bilateral trade agreements and economic integration between countries. Results are robust to the deep economic and political transformations of the period considered, and to the use of different regressors and specifications.
Journal: International Review of Applied Economics
Pages: 84-103
Issue: 1
Volume: 32
Year: 2018
Month: 1
X-DOI: 10.1080/02692171.2017.1332577
File-URL: http://hdl.handle.net/10.1080/02692171.2017.1332577
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:32:y:2018:i:1:p:84-103




Template-Type: ReDIF-Article 1.0
Author-Name: Gustavo Ferro
Author-X-Name-First: Gustavo
Author-X-Name-Last: Ferro
Author-Name: Sonia León
Author-X-Name-First: Sonia
Author-X-Name-Last: León
Author-Name: Carlos A. Romero
Author-X-Name-First: Carlos A.
Author-X-Name-Last: Romero
Author-Name: Damián Wilson
Author-X-Name-First: Damián
Author-X-Name-Last: Wilson
Title: From scratch to efficiency gains after a financial crisis? A tale of a restructured banking system
Abstract: 
 We study the efficiency of the Argentine banking system after the 2001–2002 crisis. The financial system had to be restructured from scratch and recovered jointly with the economy, but its productivity and average cost levels have been stagnant since 2007. The analysis includes efficiency frontier estimations for retail banks and a comparison of subsamples for different categories of banks for the period 2005–15. We try to determine whether public banks are more efficient than private ones, whether privatized are more efficient than always private, as well as national versus foreign entities. Our findings show a modest average efficiency of the system and quite similar efficiency rankings for the different groups of banks. On average, public tend to be slightly more cost efficient than private, and national are slightly more efficient than foreign.
Journal: International Review of Applied Economics
Pages: 119-133
Issue: 1
Volume: 32
Year: 2018
Month: 1
X-DOI: 10.1080/02692171.2017.1338675
File-URL: http://hdl.handle.net/10.1080/02692171.2017.1338675
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:32:y:2018:i:1:p:119-133




Template-Type: ReDIF-Article 1.0
Author-Name: Danny Dorling
Author-X-Name-First: Danny
Author-X-Name-Last: Dorling
Title: Moral Sentiments and The New Urban Crisis
Journal: International Review of Applied Economics
Pages: 134-136
Issue: 1
Volume: 32
Year: 2018
Month: 1
X-DOI: 10.1080/02692171.2018.1407062
File-URL: http://hdl.handle.net/10.1080/02692171.2018.1407062
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:32:y:2018:i:1:p:134-136




Template-Type: ReDIF-Article 1.0
Author-Name: Jonathan Michie
Author-X-Name-First: Jonathan
Author-X-Name-Last: Michie
Title: Time for new thinking
Journal: International Review of Applied Economics
Pages: 1-2
Issue: 1
Volume: 32
Year: 2018
Month: 1
X-DOI: 10.1080/02692171.2018.1415835
File-URL: http://hdl.handle.net/10.1080/02692171.2018.1415835
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:32:y:2018:i:1:p:1-2




Template-Type: ReDIF-Article 1.0
Author-Name: Bimal Kishore Sahoo
Author-X-Name-First: Bimal Kishore
Author-X-Name-Last: Sahoo
Author-Name: Bhaskar Jyoti Neog
Author-X-Name-First: Bhaskar Jyoti
Author-X-Name-Last: Neog
Title: Heterogeneity and participation in informal employment among non-cultivator workers in India
Abstract: 
 Labour informality is one of the most serious challenges facing a developing economy like India with large-scale poverty and decent work deficits. This study has inspected possible heterogeneity within informal employment among the non-cultivator workers. Multinomial Logit was applied to find out the determinants of participation in different components of informal employment. Significant heterogeneity within the informal employment on poverty, age, gender, socio-religious communities, educational attainment and industrial classification was observed. There is coexistence of voluntary and involuntary informal employment. Given the diversity of employment, one-size-fits-all policy design may adversely affect sustainable and inclusive growth in India.
Journal: International Review of Applied Economics
Pages: 437-467
Issue: 4
Volume: 31
Year: 2017
Month: 7
X-DOI: 10.1080/02692171.2016.1257584
File-URL: http://hdl.handle.net/10.1080/02692171.2016.1257584
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:31:y:2017:i:4:p:437-467




Template-Type: ReDIF-Article 1.0
Author-Name: David Kucera
Author-X-Name-First: David
Author-X-Name-Last: Kucera
Author-Name: Marco Principi
Author-X-Name-First: Marco
Author-X-Name-Last: Principi
Title: Rights, governance, and foreign direct investment: an industry-level assessment
Abstract: 
 Theories of multinational enterprises emphasize that foreign direct investment (FDI) is undertaken in different industries for different reasons, yet studies of the effects of rights and governance on FDI generally rely on aggregate-level FDI data. This paper evaluates US FDI outflows to 15 industries (eight manufacturing, seven non-manufacturing) in 54 countries in a linear dynamic panel data gravity FDI model using a ‘system’ generalized method of moments estimator and several widely used rights and governance indexes. At the aggregate level, we estimate that stronger rights and governance have a positive effect on FDI, consistent with most prior studies. At the industry level, we estimate larger positive effects of rights and governance on FDI for service than manufacturing industries, particularly for the information and the finance and insurance industries.
Journal: International Review of Applied Economics
Pages: 468-494
Issue: 4
Volume: 31
Year: 2017
Month: 7
X-DOI: 10.1080/02692171.2016.1263606
File-URL: http://hdl.handle.net/10.1080/02692171.2016.1263606
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:31:y:2017:i:4:p:468-494




Template-Type: ReDIF-Article 1.0
Author-Name: Khondker Aktaruzzaman
Author-X-Name-First: Khondker
Author-X-Name-Last: Aktaruzzaman
Author-Name: Omar Farooq
Author-X-Name-First: Omar
Author-X-Name-Last: Farooq
Title: Does microcredit increase borrowers’ savings? A fuzzy regression discontinuity design approach
Abstract: 
 Microcredit has expanded rapidly in recent years but its effect at the household level is still controversial. This paper uses a unique data-set collected from 69 villages in Bangladesh to estimate the effect of participation in microcredit programs on household savings. A regression discontinuity design (RDD) is used to identify the credit effect. To justify the validity of RDD, we test the discontinuities in the conditional density of the forcing variable (in our case, household land), as suggested by McCrary. We do not find any substantial evidence of manipulation of forcing variable at the threshold to invalidate the RDD. Our results show that access to credit increases savings of the borrowers.
Journal: International Review of Applied Economics
Pages: 495-507
Issue: 4
Volume: 31
Year: 2017
Month: 7
X-DOI: 10.1080/02692171.2016.1263607
File-URL: http://hdl.handle.net/10.1080/02692171.2016.1263607
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:31:y:2017:i:4:p:495-507




Template-Type: ReDIF-Article 1.0
Author-Name: Justin Doran
Author-X-Name-First: Justin
Author-X-Name-Last: Doran
Author-Name: Noirin McCarthy
Author-X-Name-First: Noirin
Author-X-Name-Last: McCarthy
Author-Name: Marie O’Connor
Author-X-Name-First: Marie
Author-X-Name-Last: O’Connor
Title: The employment–population nexus and implications for sustainable economic development: insights from Irish regions using a partial adjustment model
Abstract: 
 In this paper, we use a partial adjustment model to analyse the relationship between employment and population growth in Irish district electoral divisions. We employ a spatial estimator to augment our partial adjustment model with a spatial lag and spatial error process. Our results indicate a dual relationship between employment and population growth, suggesting that not only do people follow jobs but also jobs follow people. This finding has implications for economic development policies, which typically focus solely on attracting jobs to a location. The results suggest that a dual-pronged approach to policy may be necessary including developing a region’s amenities to ensure that it is attractive to people and to stimulate population growth. We highlight how our analysis can be used to inform policy through the lenses of place-based and smart specialisation strategies.
Journal: International Review of Applied Economics
Pages: 508-526
Issue: 4
Volume: 31
Year: 2017
Month: 7
X-DOI: 10.1080/02692171.2016.1263608
File-URL: http://hdl.handle.net/10.1080/02692171.2016.1263608
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:31:y:2017:i:4:p:508-526




Template-Type: ReDIF-Article 1.0
Author-Name: Toralf Pusch
Author-X-Name-First: Toralf
Author-X-Name-Last: Pusch
Title: The role of uncertainty in the euro crisis – an application of liquidity preference theory
Abstract: 
 The world financial crisis triggered a rediscovery of the active role fiscal policy can play as a remedy in such situations. During the euro crisis, escalating funding costs in a number of southern eurozone member states and Ireland have called this strategy into question. One interpretation of the euro crisis concentrated on the public debt trends in those countries. Opposing this view, the main point of this contribution is to elaborate the link between rising interest rates on sovereign bonds in the euro crisis and a major feature of the financial crisis – a subdued degree of investor confidence after the Lehman collapse. Theoretically, this link is developed with reference to Keynes’ liquidity preference theory. The high explanatory power of measures for the degree of confidence in financial markets as well as detrimental effects of fiscal austerity on the evolution of sovereign yield spreads are demonstrated empirically by means of panel regressions and supplementary correlation analyses.
Journal: International Review of Applied Economics
Pages: 527-548
Issue: 4
Volume: 31
Year: 2017
Month: 7
X-DOI: 10.1080/02692171.2016.1271975
File-URL: http://hdl.handle.net/10.1080/02692171.2016.1271975
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:31:y:2017:i:4:p:527-548




Template-Type: ReDIF-Article 1.0
Author-Name: James Yoo
Author-X-Name-First: James
Author-X-Name-Last: Yoo
Author-Name: Charles Perrings
Author-X-Name-First: Charles
Author-X-Name-Last: Perrings
Title: Modeling the short-run costs of changes in water availability in a desert city: a modified input-output approach
Abstract: 
 This paper investigates the impact of change in sectoral water supply on employment, value-added output, and indirect business tax, in Maricopa County, Arizona using input–output model. We developed extended modified input–output approach that incorporates each source of water as a separate sector, and that allows for substitution between water sources, and estimated the economic impact of a change in surface water supplies under two scenarios. Scenario I assumes that total water supply/use decreases by 1%, but the reduction comes only from surface water use, holding groundwater use constant. Scenario II assumes that surface water supply/use in all industries decreases by 1%, and the reduction in surface water use is replaced by the exact amount of more expensive groundwater. We found that the magnitude of economic impact depends on consumer’s responsiveness to water price change. When price elasticity of water demand is relatively low (≤0.2), the economic impact of a 1% reduction in surface water supplies was smaller than under the first scenario. However, the more water users in all industries are responsive to a change in water price, the bigger are economic impacts in terms of reductions in jobs, value added, and indirect business taxes.
Journal: International Review of Applied Economics
Pages: 549-564
Issue: 4
Volume: 31
Year: 2017
Month: 7
X-DOI: 10.1080/02692171.2016.1271977
File-URL: http://hdl.handle.net/10.1080/02692171.2016.1271977
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:31:y:2017:i:4:p:549-564




Template-Type: ReDIF-Article 1.0
Author-Name: Jonathan Michie
Author-X-Name-First: Jonathan
Author-X-Name-Last: Michie
Title: The degeneration of capitalism from a system of production to a speculative orgy
Journal: International Review of Applied Economics
Pages: 147-151
Issue: 2
Volume: 34
Year: 2020
Month: 3
X-DOI: 10.1080/02692171.2020.1720164
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1720164
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:34:y:2020:i:2:p:147-151




Template-Type: ReDIF-Article 1.0
Author-Name: Lenore Palladino
Author-X-Name-First: Lenore
Author-X-Name-Last: Palladino
Title: Do corporate insiders use stock buybacks for personal gain?
Abstract: 
 This paper investigates the hypothesis of whether corporate insiders sell their own personal shareholdings more frequently when they are executing stock buybacks using corporate funds. I examine transactions for nonfinancial corporations with publicly traded stock from 2005 to 2017, and find that net insider sales of over $100,000 are nearly twice as common in quarters when stock buybacks are also occurring than in non-buyback quarters. I conduct an empirical analysis of the relationship between stock buybacks insider transactions and find that a ten percent change in stock buybacks is associated with a half-percent change in corporate insiders selling their personal shareholdings, holding the other factors constant. The results suggest that executives may be taking advantage of the regulatory loophole left in the regulation of stock buybacks, and that policymakers should reform the regulations governing stock buybacks and corporate insider share-selling. I offer a set of policy recommendations to reduce the ability of corporate insiders to use stock buybacks for personal gain.
Journal: International Review of Applied Economics
Pages: 152-174
Issue: 2
Volume: 34
Year: 2020
Month: 3
X-DOI: 10.1080/02692171.2019.1707787
File-URL: http://hdl.handle.net/10.1080/02692171.2019.1707787
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:34:y:2020:i:2:p:152-174




Template-Type: ReDIF-Article 1.0
Author-Name: Sulaiman Al-Jassar
Author-X-Name-First: Sulaiman
Author-X-Name-Last: Al-Jassar
Author-Name: Imad A. Moosa
Author-X-Name-First: Imad A.
Author-X-Name-Last: Moosa
Title: Empirical evidence on international capital immobility: a consumption-based approach
Abstract: 
 Based on consumption patterns and consumption-income correlation, a measure of capital mobility is proposed and used to demonstrate that capital mobility is low and that it is lower for low-income than high-income countries. While this result can be dismissed as being based on an unreliable measure of capital mobility or accepted as constituting a puzzle, it can be rationalised intuitively. While capital mobility provides benefits, it can be detrimental to the recipient country, which encourages the imposition of capital controls. Capital mobility can be impeded by home bias and failure of the benefits of international diversification to materialise.
Journal: International Review of Applied Economics
Pages: 175-192
Issue: 2
Volume: 34
Year: 2020
Month: 3
X-DOI: 10.1080/02692171.2019.1707788
File-URL: http://hdl.handle.net/10.1080/02692171.2019.1707788
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:34:y:2020:i:2:p:175-192




Template-Type: ReDIF-Article 1.0
Author-Name: Regan Deonanan
Author-X-Name-First: Regan
Author-X-Name-Last: Deonanan
Author-Name: Benjamin Ramkissoon
Author-X-Name-First: Benjamin
Author-X-Name-Last: Ramkissoon
Author-Name: Dana Ramkissoon
Author-X-Name-First: Dana
Author-X-Name-Last: Ramkissoon
Author-Name: Roger Hosein
Author-X-Name-First: Roger
Author-X-Name-Last: Hosein
Title: Disentangling the relationship between remittances and financial development: evidence from Jamaica
Abstract: 
 This article examines the relationship between remittances and financial development in Jamaica using annual data from 1976 to 2016. We apply Principal Component Analysis to construct an index which captures the dimensions of different indicators of financial development. Using an ARDL approach to construct an error-correction model and the Toda-Yamamoto test to examine causality, we distinguish between the long-run and short-run dynamic linkages between remittances and financial development. Utilizing several financial development models to account for the various empirical relationships in the literature, we find that remittances promote financial development in the long run, while substituting for financial development in the short run. Additionally, the long-run effect is larger, and there is a lag before the short-run effects are realized. These findings suggest that remittances may have different roles in the process of economic development. Thus, differentiating long-run and short-run policies are likely to be important to harness the developmental impact of remittances.
Journal: International Review of Applied Economics
Pages: 193-216
Issue: 2
Volume: 34
Year: 2020
Month: 3
X-DOI: 10.1080/02692171.2019.1685954
File-URL: http://hdl.handle.net/10.1080/02692171.2019.1685954
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:34:y:2020:i:2:p:193-216




Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Dobson
Author-X-Name-First: Stephen
Author-X-Name-Last: Dobson
Author-Name: Carlyn Ramlogan-Dobson
Author-X-Name-First: Carlyn
Author-X-Name-Last: Ramlogan-Dobson
Author-Name: Eric Strobl
Author-X-Name-First: Eric
Author-X-Name-Last: Strobl
Title: Savings and the informal sector
Abstract: 
 In many countries the informal sector is a vital source of employment and income. But little is known about the impact of this sector on savings, which are crucial in promoting investment and growth. This paper finds an inverse relationship between savings rates and the informal sector when the informal sector is small. Once the informal sector reaches a certain size, further growth in the size of the informal sector boosts savings rates. The non-linear relationship is confirmed in both parametric and semi-parametric estimations. Rather than allowing the informal sector to grow unchecked, policy should focus on removing barriers for successful operation of business in the formal sector.
Journal: International Review of Applied Economics
Pages: 217-234
Issue: 2
Volume: 34
Year: 2020
Month: 3
X-DOI: 10.1080/02692171.2019.1707783
File-URL: http://hdl.handle.net/10.1080/02692171.2019.1707783
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:34:y:2020:i:2:p:217-234




Template-Type: ReDIF-Article 1.0
Author-Name: Bárbara Christina Pereira Da Silva Carrijo
Author-X-Name-First: Bárbara Christina Pereira Da Silva
Author-X-Name-Last: Carrijo
Author-Name: Sandro Eduardo Monsueto
Author-X-Name-First: Sandro Eduardo
Author-X-Name-Last: Monsueto
Author-Name: Larissa Barbosa Cardoso
Author-X-Name-First: Larissa Barbosa
Author-X-Name-Last: Cardoso
Title: The first job and occupational trajectories: young workers in Brazil between 2002 and 2016
Abstract: 
 The aim of this article was to analyze the impact of the first job on the occupational trajectory of young people in Brazilian metropolitan regions between 2002 and 2016. The main model estimated the probability of a young person obtaining a job of higher socioeconomic status in comparison with the first job obtained one year prior. The data used were microdata from the PME. Results indicate that the first job was predominantly in activities of lower socioeconomic status, mainly for young women, although no important differences were observed regarding the level of qualification between genders. The type of occupation taken to enter the labor market has important consequences on a person’s occupational trajectory. In other words, a dependency relation was detected. This impact tended to be greater among women. The immediate policy implications are the greater need to address the quality of positions created as points of entry to the market. Current government policies, as well as new proposals, should take these results into consideration. The article offers empirical evidence of a dependency relation between the quality of the position obtained as a first job and the future trajectory of young people in the Brazilian labor market.
Journal: International Review of Applied Economics
Pages: 235-251
Issue: 2
Volume: 34
Year: 2020
Month: 3
X-DOI: 10.1080/02692171.2019.1707784
File-URL: http://hdl.handle.net/10.1080/02692171.2019.1707784
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:34:y:2020:i:2:p:235-251




Template-Type: ReDIF-Article 1.0
Author-Name: Luan Vinicius Bernardelli
Author-X-Name-First: Luan Vinicius
Author-X-Name-Last: Bernardelli
Author-Name: Camila Pereira
Author-X-Name-First: Camila
Author-X-Name-Last: Pereira
Author-Name: Michael A. Kortt
Author-X-Name-First: Michael A.
Author-X-Name-Last: Kortt
Title: The economic and social determinants of participation in physical activity in Brazil
Abstract: 
 This paper examines the economic and social factors that influence the frequency of participation in physical activity in Brazil. Employing a modified allocation of time framework, we use data sourced from the 2015 Brazilian National Household Sample Survey to analyse the frequency of participation in physical activity for men and women between the age of 18 and 64. Using a conventional ordered logistic regression model, our results suggest that several economic and social factors influence the frequency of physical activity participation in Brazil. For instance, we find that household income has a very small but positive effect on the frequency of participation in physical activity while, in contrast, full-time employment and caring for dependent children have a larger negative for both men and women. Thus, social policies designed to make physical activity more convenient in the workforce may help to facilitate more frequent participation in physical activity.
Journal: International Review of Applied Economics
Pages: 252-266
Issue: 2
Volume: 34
Year: 2020
Month: 3
X-DOI: 10.1080/02692171.2019.1685953
File-URL: http://hdl.handle.net/10.1080/02692171.2019.1685953
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:34:y:2020:i:2:p:252-266




Template-Type: ReDIF-Article 1.0
Author-Name: Davide Antonioli
Author-X-Name-First: Davide
Author-X-Name-Last: Antonioli
Author-Name: Claudio Di Berardino
Author-X-Name-First: Claudio
Author-X-Name-Last: Di Berardino
Author-Name: Gianni Onesti
Author-X-Name-First: Gianni
Author-X-Name-Last: Onesti
Title: Specialization and KIBS in the Euro area: a vertically integrated sector perspective
Abstract: 
 The imbalances among countries belonging to the European Monetary Union (EMU) have been analysed under several angles in recent years, but often neglecting the evolution of economic and productive structures. In this work, we aim to fill this gap analyzing the countries specialization through the differences in the inter-industrial linkages that affect economic systems competitiveness and production processes. We use the input-output subsystem approach exploiting the latest WIOD release (2018) to investigate the role of business services, with a special focus on KIBS, in shaping the EMU countries productive structures through their integration in the manufacturing sectors. The results show that disparities are growing in the composition of productive structure and they are even more pronounced when we consider intersectoral dynamics; in particular, when KIBS are addressed to satisfy the manufacturing final demand and when we control for manufacturing subsystem technological intensity.
Journal: International Review of Applied Economics
Pages: 267-290
Issue: 2
Volume: 34
Year: 2020
Month: 3
X-DOI: 10.1080/02692171.2019.1708278
File-URL: http://hdl.handle.net/10.1080/02692171.2019.1708278
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:34:y:2020:i:2:p:267-290




Template-Type: ReDIF-Article 1.0
Author-Name: Vishnu Padayachee
Author-X-Name-First: Vishnu
Author-X-Name-Last: Padayachee
Title: A man for a crisis: Keynesianism, economic theory and the future of civilization
Journal: International Review of Applied Economics
Pages: 291-299
Issue: 2
Volume: 34
Year: 2020
Month: 3
X-DOI: 10.1080/02692171.2020.1717746
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1717746
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:34:y:2020:i:2:p:291-299




Template-Type: ReDIF-Article 1.0
Author-Name: Jonathan Michie
Author-X-Name-First: Jonathan
Author-X-Name-Last: Michie
Title: The covid-19 crisis – and the future of the economy and economics
Journal: International Review of Applied Economics
Pages: 301-303
Issue: 3
Volume: 34
Year: 2020
Month: 5
X-DOI: 10.1080/02692171.2020.1756040
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1756040
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:34:y:2020:i:3:p:301-303




Template-Type: ReDIF-Article 1.0
Author-Name: Engelbert Stockhammer
Author-X-Name-First: Engelbert
Author-X-Name-Last: Stockhammer
Author-Name: Erik Bengtsson
Author-X-Name-First: Erik
Author-X-Name-Last: Bengtsson
Title: Financial effects in historic consumption and investment functions
Abstract: 
 The global financial crisis has highlighted the importance of financial factors on economic performance. Most of the existing research analyses the contemporary experience, and especially the 1980 s onwards. This paper investigates the effects of stock prices, real estate prices and debt on consumption and investment expenditures by estimating consumption and investment equations for about 110 years of data for Britain, France, Norway and Sweden. We find positive debt effects on consumption in three of four countries, but no consistent effects of stock prices and house prices. Effects on consumption are stronger in the more market-based economy of Britain than in the more state-oriented economies of France, Norway and Sweden: in Britain but not in the other countries, consumption has increased in response to stock and house prices. We find positive effects of stock prices on investment in all four countries. Credit expansion boosts investment in some of the countries while house prices seem to have become more influential for investment after 1980. The results indicate that there is interesting variation in financial effects over time, and point forward for possible research on the interaction between financial variables and the real economy since the early twentieth century.
Journal: International Review of Applied Economics
Pages: 304-326
Issue: 3
Volume: 34
Year: 2020
Month: 5
X-DOI: 10.1080/02692171.2020.1732307
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1732307
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:34:y:2020:i:3:p:304-326




Template-Type: ReDIF-Article 1.0
Author-Name: Paola Cardamone
Author-X-Name-First: Paola
Author-X-Name-Last: Cardamone
Title: Productivity and spatial proximity: evidence from the Italian food industry
Abstract: 
 The aim of this paper is to examine the existence of productivity spillovers across firms in the Italian manufacturing food industry. To this end, using a sample of Italian food firms over the period 2008–2015, first the total factor productivity (TFP) is computed by considering the Levinson-Petrin approach and then a spatial econometric model is employed. Results show evidence of productivity spillovers across firms due to spatial proximity.
Journal: International Review of Applied Economics
Pages: 327-341
Issue: 3
Volume: 34
Year: 2020
Month: 5
X-DOI: 10.1080/02692171.2020.1732308
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1732308
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:34:y:2020:i:3:p:327-341




Template-Type: ReDIF-Article 1.0
Author-Name: Mariarosaria Agostino
Author-X-Name-First: Mariarosaria
Author-X-Name-Last: Agostino
Author-Name: Cristiana Donati
Author-X-Name-First: Cristiana
Author-X-Name-Last: Donati
Author-Name: Francesco Trivieri
Author-X-Name-First: Francesco
Author-X-Name-Last: Trivieri
Title: External knowledge flows and innovation capacity: the Italian service industries
Abstract: 
 This work explores the relationship between R&D activities, as well as cooperation agreements, and the innovation capacity of service firms. Accounting for interdependencies among variable, we verify whether external research is complementary or substitute for the internal research activities and whether the combination of external and internal sources of knowledge has a stronger impact on the innovation capacity of the science-based service industries. We also evaluate the gains from performing both internal and external R&D in science-based firms involved in cooperation agreements for innovation. Finally, to our knowledge, this work represents the first attempt to investigate the impact of several sources of knowledge and their combination on firms’ innovation intensity. According to our findings, the most important source of innovation is the internal one. Collaborations with public or private institutions seem to be more beneficial for firms involved in more intense innovation activities.
Journal: International Review of Applied Economics
Pages: 342-360
Issue: 3
Volume: 34
Year: 2020
Month: 5
X-DOI: 10.1080/02692171.2020.1735316
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1735316
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:34:y:2020:i:3:p:342-360




Template-Type: ReDIF-Article 1.0
Author-Name: Kien Le
Author-X-Name-First: Kien
Author-X-Name-Last: Le
Author-Name: My Nguyen
Author-X-Name-First: My
Author-X-Name-Last: Nguyen
Title: Aerial bombardment and educational attainment
Abstract: 
 This paper provides evidence that the Allied bombing of Vietnam, the longest and heaviest aerial bombardment in history, imposed detrimental ramifications on educational attainment and future labor market outcomes of school-age individuals. By exploiting the plausibly exogenous district-by-cohort variation in bomb destruction under a difference-in-differences framework, we find that an increase in bomb intensity leads to significantly fewer educational years completed and lower future earnings for school-age children exposed to the bombardment. We further show that both the supply-side factors (inadequate school security and the lack of teachers) and the demand-side factors (residential casualties, restricted access to healthcare, damaged properties and increased reliance on welfare assistance) could be potential mechanisms driving the long-term consequences of aerial bombardment. Our findings underline the importance of conflict prevention and post-conflict reconstruction in promoting sustainable development.
Journal: International Review of Applied Economics
Pages: 361-383
Issue: 3
Volume: 34
Year: 2020
Month: 5
X-DOI: 10.1080/02692171.2020.1736012
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1736012
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:34:y:2020:i:3:p:361-383




Template-Type: ReDIF-Article 1.0
Author-Name: Serhan Cevik
Author-X-Name-First: Serhan
Author-X-Name-Last: Cevik
Author-Name: Vibha Nanda
Author-X-Name-First: Vibha
Author-X-Name-Last: Nanda
Title: Riding the storm: fiscal sustainability in the Caribbean
Abstract: 
 Fiscal sustainability remains a paramount challenge for small economies with high debt and greater vulnerability to climate change. This paper applies the model-based fiscal sustainability test in 16 Caribbean countries during the period 1980–2018. The results indicate that the coefficient on lagged government debt is positive and statistically significant, implying that fiscal policy in the Caribbean takes corrective actions to counteract an increase in the debt-to-GDP ratio. Nonlinear estimations, however, show that the quadratic debt parameter is negative, which indicates that fiscal policy response is not adequate to ensure sustainability at higher levels of debt. We also find that the fiscal stance tends to be countercyclical on average during the sample period. These empirical results confirm that maintaining prudent fiscal policies and implementing growth-enhancing structural reforms are necessary to build fiscal buffers and ensure debt sustainability with high probability even when negative shocks occur over the long term.
Journal: International Review of Applied Economics
Pages: 384-399
Issue: 3
Volume: 34
Year: 2020
Month: 5
X-DOI: 10.1080/02692171.2020.1749241
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1749241
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:34:y:2020:i:3:p:384-399




Template-Type: ReDIF-Article 1.0
Author-Name: P. Dorian Owen
Author-X-Name-First: P. Dorian
Author-X-Name-Last: Owen
Author-Name: Dennis Wesselbaum
Author-X-Name-First: Dennis
Author-X-Name-Last: Wesselbaum
Title: On thresholds in the climate–migration relationship
Abstract: 
 In this paper, we empirically investigate whether the climate–migration relationship exhibits thresholds. We employ a threshold regression model and a large data set of international migration flows to investigate the existence of thresholds in the climate–migration relationship, while allowing for time-variability in the thresholds. We find evidence for one threshold in the temperature–migration relationship. The average temperature threshold in our sample is found to be 21.78°C (71.2°F) which is supported by results in other parts of the climate-society literature. However, we find that the threshold varies around a constant mean. Finally, our results show that, at the threshold, the effects of the other control variables, such as income and migration costs, change sizably.
Journal: International Review of Applied Economics
Pages: 400-412
Issue: 3
Volume: 34
Year: 2020
Month: 5
X-DOI: 10.1080/02692171.2020.1749242
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1749242
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:34:y:2020:i:3:p:400-412




Template-Type: ReDIF-Article 1.0
Author-Name: Gorgi Krlev
Author-X-Name-First: Gorgi
Author-X-Name-Last: Krlev
Author-Name: Georg Mildenberger
Author-X-Name-First: Georg
Author-X-Name-Last: Mildenberger
Author-Name: Helmut K. Anheier
Author-X-Name-First: Helmut K.
Author-X-Name-Last: Anheier
Title: Innovation and societal transformation – what changes when the ‘social’ comes in?
Journal: International Review of Applied Economics
Pages: 529-540
Issue: 5
Volume: 34
Year: 2020
Month: 09
X-DOI: 10.1080/02692171.2020.1820247
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1820247
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:34:y:2020:i:5:p:529-540




Template-Type: ReDIF-Article 1.0
Author-Name: Tamami Komatsu Cipriani
Author-X-Name-First: Tamami
Author-X-Name-Last: Komatsu Cipriani
Author-Name: Alessandro Deserti
Author-X-Name-First: Alessandro
Author-X-Name-Last: Deserti
Author-Name: Maria Kleverbeck
Author-X-Name-First: Maria
Author-X-Name-Last: Kleverbeck
Author-Name: Francesca Rizzo
Author-X-Name-First: Francesca
Author-X-Name-Last: Rizzo
Author-Name: Judith Terstriep
Author-X-Name-First: Judith
Author-X-Name-Last: Terstriep
Title: Business models & social innovation: mission-driven versus profit-driven organisations
Abstract: 
 The innovation demand placed on both profit-driven and mission-driven organisations is steadily rising in the face of changing technological and social paradigms, set against a generalised atmosphere of fiscal austerity. Hence, mission-driven organisations have undergone a series of transformations in order to find new revenue streams and to better serve their beneficiaries. These transformations are apparent in the area of social innovation, which is characterized by its search for new ways of financing solutions to cope with societal challenges. As mission-driven organisations adopt profit-driven strategies and for-profit organisations adopt mission-driven strategies, they each take on new and sometimes borrowed characteristics, evolving into hybrid organisations.Social innovation research is increasingly devoted to distinguishing features of mission-driven and profit-driven organisations. In fact, we can learn more about mission-driven organisations by looking through the lens of social enterprise. This article contributes to the ongoing debate of mission-driven organisations by analysing how new forms of business models combining mission-driven and profit-driven logics and features are designed and shape organisational behaviour in the field of social innovation. Results illustrate that while mission-driven organisations are often prompted to use models, tools and logics coming from the for-profit sector, more emphasise should be placed on output-oriented models and tools that support the specificities of their business models.
Journal: International Review of Applied Economics
Pages: 541-566
Issue: 5
Volume: 34
Year: 2020
Month: 09
X-DOI: 10.1080/02692171.2020.1781066
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1781066
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:34:y:2020:i:5:p:541-566




Template-Type: ReDIF-Article 1.0
Author-Name: Irina Krasnopolskaya
Author-X-Name-First: Irina
Author-X-Name-Last: Krasnopolskaya
Author-Name: Irina Korneeva
Author-X-Name-First: Irina
Author-X-Name-Last: Korneeva
Title: Social innovation measurement: a room for quantitative metrics
Abstract: 
 This article elaborates on the methodological aspects of social innovation research, with a focus on an examination of the validity of quantitative scales in the identification of socially innovative non-profits (n = 850 NGOs, 2015). This elaboration is necessary due to the methodological shortcomings of existing metrics of social and general, i.e., those relating to technological and business innovations. Based on theoretical conceptualization and derived demarcation lines of the concept, a multi-item scale was generated. It was applied along with a self-assessment scale, which replicates the general innovation measurement. Both scales of an NGO’s social innovativeness resulted in appropriate validity coefficients. However, scales capture different and only partly intersecting shares of socially innovative NGOs. We propose that theoretical and self-assessment scales could be administered simultaneously to eliminate self-assessment biases and to provide empirical data on the scope and size of a sub-sector of socially innovative NGOs.
Journal: International Review of Applied Economics
Pages: 567-587
Issue: 5
Volume: 34
Year: 2020
Month: 09
X-DOI: 10.1080/02692171.2020.1776686
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1776686
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:34:y:2020:i:5:p:567-587




Template-Type: ReDIF-Article 1.0
Author-Name: Caroline Gauthier
Author-X-Name-First: Caroline
Author-X-Name-Last: Gauthier
Author-Name: Genevieve Shanahan
Author-X-Name-First: Genevieve
Author-X-Name-Last: Shanahan
Author-Name: Thibault Daudigeos
Author-X-Name-First: Thibault
Author-X-Name-Last: Daudigeos
Author-Name: Adélie Ranville
Author-X-Name-First: Adélie
Author-X-Name-Last: Ranville
Author-Name: Pascal Dey
Author-X-Name-First: Pascal
Author-X-Name-Last: Dey
Title: Tackling economic exclusion through social business models: a typology
Abstract: 
 This article contributes to on-going research on social business models by establishing a link with arguably one of the most salient global challenges we are confronted with today: economic exclusion. We conceive of economic exclusion broadly as a lack of access to salaried employment, finance, or essential goods and services. Addressing how and to what extent social business models can alleviate economic exclusion, we first review and synthesize various bodies of literature on grand challenges and social business models to unpack the constitutive factors of economic exclusion and the constraints social businesses face in their attempts to alleviate them. Based on these insights, and inspired by former works, we draw up a typology of 12 ideal-type social business models. In doing so, we illustrate how each model operates, based on the specific configuration of business model elements required to overcome the relevant barriers underpinning economic exclusion. The main contribution the paper makes is to advance a typology of ideal-type social business models covering the diverse constraints pertaining to economic exclusion. In concluding, we reflect on this contribution, its limitations and avenues for future research.
Journal: International Review of Applied Economics
Pages: 588-606
Issue: 5
Volume: 34
Year: 2020
Month: 09
X-DOI: 10.1080/02692171.2019.1707785
File-URL: http://hdl.handle.net/10.1080/02692171.2019.1707785
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:34:y:2020:i:5:p:588-606




Template-Type: ReDIF-Article 1.0
Author-Name: Manuela Rösing Agostini
Author-X-Name-First: Manuela Rösing
Author-X-Name-Last: Agostini
Author-Name: Claudia Cristina Bitencourt
Author-X-Name-First: Claudia Cristina
Author-X-Name-Last: Bitencourt
Author-Name: Luciana Marques Vieira
Author-X-Name-First: Luciana Marques
Author-X-Name-Last: Vieira
Title: Social innovation in Mexican coffee production: filling ‘institutional voids’
Abstract: 
 The focus of social innovation initiatives on the market through food production is a classic example of social inclusion within the context of emerging countries. From a long-term perspective, however, it is still not clear how social innovation contributes towards filling institutional voids. This paper aims to understand which institutional factors have influenced social innovation and how a coffee production initiative has transformed the reality in which it operates. We analysed a joint initiative of social enterprises that coordinate an organic coffee value chain in southern Mexico, a region in which extreme poverty affects 75% of the population. The case study involved thirteen semi-structured interviews with key actors and participant observation in situ, complemented by secondary data, in an interpretative perspective that adopted a qualitative and exploratory approach. The main results indicate that social innovation fills institutional voids by creating a ‘self-revolving system of activity expansion’. This system helps to scale social innovation based on the collaboration of different actors and the integration of the coffee production chain that promotes the social and economic development of the community by: (1) establishing a more productive relationship between small local producers; (2) adding value to the coffee; (3) encouraging social and economic empowerment in the cooperative; and (4) organizing local economic activities.
Journal: International Review of Applied Economics
Pages: 607-625
Issue: 5
Volume: 34
Year: 2020
Month: 09
X-DOI: 10.1080/02692171.2019.1638351
File-URL: http://hdl.handle.net/10.1080/02692171.2019.1638351
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:34:y:2020:i:5:p:607-625




Template-Type: ReDIF-Article 1.0
Author-Name: Diego Marconatto
Author-X-Name-First: Diego
Author-X-Name-Last: Marconatto
Author-Name: Marcelo Pacheco Fernandes Dias
Author-X-Name-First: Marcelo
Author-X-Name-Last: Pacheco Fernandes Dias
Author-Name: Douglas Wegner
Author-X-Name-First: Douglas
Author-X-Name-Last: Wegner
Author-Name: Claudia Bitencourt
Author-X-Name-First: Claudia
Author-X-Name-Last: Bitencourt
Title: The governance of solidarity economy organizations and their impact on community: a configurational approach
Abstract: 
 Currently there is little empirical evidence on the impact of Solidarity Economy Organizations (SEOs) in their local communities. Using qualitative comparative analysis on more than 6,000 Brazilian SEOs, we analyzed how key rules of governance in combination with the predominant gender of members influences SEO effectiveness for community impact. Results point out four combinations of SEO governance rules and gender that are likely to produce positive outcomes for local communities. Our findings have three implications. They substantiate empirically the argument that the form of governance of SEOs matters and should not be neglected. Second, we show that the rules of governance that improve the social results of SEOs may be more similar to those adopted by traditional firms than generally thought. Finally, our study highlights the influence of gender in combination with other aspects of governance on SEOs effectiveness.
Journal: International Review of Applied Economics
Pages: 626-649
Issue: 5
Volume: 34
Year: 2020
Month: 09
X-DOI: 10.1080/02692171.2019.1707786
File-URL: http://hdl.handle.net/10.1080/02692171.2019.1707786
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:34:y:2020:i:5:p:626-649




Template-Type: ReDIF-Article 1.0
Author-Name: Lorenz Cuno Klopfenstein
Author-X-Name-First: Lorenz Cuno
Author-X-Name-Last: Klopfenstein
Author-Name: Saverio Delpriori
Author-X-Name-First: Saverio
Author-X-Name-Last: Delpriori
Author-Name: Paolo Polidori
Author-X-Name-First: Paolo
Author-X-Name-Last: Polidori
Author-Name: Andrea Sergiacomi
Author-X-Name-First: Andrea
Author-X-Name-Last: Sergiacomi
Author-Name: Marina Marcozzi
Author-X-Name-First: Marina
Author-X-Name-Last: Marcozzi
Author-Name: Donna Boardman
Author-X-Name-First: Donna
Author-X-Name-Last: Boardman
Author-Name: Peter Parfitt
Author-X-Name-First: Peter
Author-X-Name-Last: Parfitt
Author-Name: Alessandro Bogliolo
Author-X-Name-First: Alessandro
Author-X-Name-Last: Bogliolo
Title: Mobile crowdsensing for road sustainability: exploitability of publicly-sourced data
Abstract: 
 This paper examines the opportunities and the economic benefits of exploiting publicly-sourced datasets of road surface quality. Crowdsourcing and crowdsensing initiatives channel the participation of engaged citizens into communities that contribute towards a shared goal. In providing people with the tools needed to positively impact society, crowd-based initiatives can be seen as purposeful drivers of social innovation from the bottom. Mobile crowdsensing (MCS), in particular, takes advantage of the ubiquitous nature of mobile devices with on-board sensors to allow large-scale inexpensive data collection campaigns. This paper illustrates MCS in the context of road surface quality monitoring, presenting results from several pilots adopting a public crowdsensing mobile application for systematic data collection. Evaluation of collected information, its quality, and its relevance to road sustainability and maintenance are discussed, in comparison to authoritative data from a variety of other sources.
Journal: International Review of Applied Economics
Pages: 650-671
Issue: 5
Volume: 34
Year: 2020
Month: 09
X-DOI: 10.1080/02692171.2019.1646223
File-URL: http://hdl.handle.net/10.1080/02692171.2019.1646223
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:34:y:2020:i:5:p:650-671




Template-Type: ReDIF-Article 1.0
Author-Name: I. M. F. Oomens
Author-X-Name-First: I. M. F.
Author-X-Name-Last: Oomens
Author-Name: C. Scholten
Author-X-Name-First: C.
Author-X-Name-Last: Scholten
Title: Inclusion in social innovation through the primary and secondary use of technology: a conceptual framework
Abstract: 
 People with disabilities are an important actor and target group in social innovation initiatives worldwide, as there is a clear need for better inclusion of this group in society. A way to improve the inclusion of people with disabilities is the development of assistive technology. In practice, people with disabilities often use technologies of which the primary use is not that of an assistive technology. They use the technology for a different use and context than the developer intended – termed ‘secondary use’. The current paper studies the factors that are needed to make the secondary use of technology a success. First, a literature review and explorative study in the Netherlands are performed, after which a framework on the secondary use of technology for inclusion, specifically for people with disabilities, is developed.
Journal: International Review of Applied Economics
Pages: 672-686
Issue: 5
Volume: 34
Year: 2020
Month: 09
X-DOI: 10.1080/02692171.2020.1732306
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1732306
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:34:y:2020:i:5:p:672-686




Template-Type: ReDIF-Article 1.0
Author-Name: Jess Daggers
Author-X-Name-First: Jess
Author-X-Name-Last: Daggers
Title: What is the value of impact investing?
Journal: International Review of Applied Economics
Pages: 687-691
Issue: 5
Volume: 34
Year: 2020
Month: 09
X-DOI: 10.1080/02692171.2020.1770411
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1770411
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:34:y:2020:i:5:p:687-691




Template-Type: ReDIF-Article 1.0
Author-Name: Tom Montgomery
Author-X-Name-First: Tom
Author-X-Name-Last: Montgomery
Author-Name: Micaela Mazzei
Author-X-Name-First: Micaela
Author-X-Name-Last: Mazzei
Title: Social innovation: how societies find the power to change
Journal: International Review of Applied Economics
Pages: 691-696
Issue: 5
Volume: 34
Year: 2020
Month: 09
X-DOI: 10.1080/02692171.2020.1790341
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1790341
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:34:y:2020:i:5:p:691-696




Template-Type: ReDIF-Article 1.0
Author-Name: Jonathan Michie
Author-X-Name-First: Jonathan
Author-X-Name-Last: Michie
Title: ‘Building back better’ following the global covid-19 crisis
Journal: International Review of Applied Economics
Pages: 697-698
Issue: 6
Volume: 34
Year: 2020
Month: 11
X-DOI: 10.1080/02692171.2020.1839003
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1839003
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:34:y:2020:i:6:p:697-698




Template-Type: ReDIF-Article 1.0
Author-Name: Zuohong Pan
Author-X-Name-First: Zuohong
Author-X-Name-Last: Pan
Title: Employment impacts of the US global value chain participation
Abstract: 
 This study applies a new set of comprehensive GVC indices to measure the US GVC participation and examine its impact on US employment from both backward and forward GVC linkage perspectives. Based on data from the World Input-Output Database that covers 1995–2011 across all 35 industries in the US and their value-added trade with 40 other economies, and using Arellano and Bond’s GMM estimator for our dynamic panel data (DPD) model specifications, we find that GVC activities have significant positive impacts on the overall US employment. In our main model specification, each time the GVC participation increases by one point, the overall US employment increases by 0.60 percentage point; however, the benefits are only coming from the backward GVC linkages in their simple form and focused on the medium-skilled labor force. Finally, the general forward GVCs do have a minor significant negative impact on the low-skilled labor segment.
Journal: International Review of Applied Economics
Pages: 699-720
Issue: 6
Volume: 34
Year: 2020
Month: 11
X-DOI: 10.1080/02692171.2020.1755238
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1755238
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:34:y:2020:i:6:p:699-720




Template-Type: ReDIF-Article 1.0
Author-Name: Evangelina Dardati
Author-X-Name-First: Evangelina
Author-X-Name-Last: Dardati
Author-Name: Meryem Saygili
Author-X-Name-First: Meryem
Author-X-Name-Last: Saygili
Title: Foreign production and the environment: does the type of FDI matter?
Abstract: 
 We examine the relationship between foreign ownership and the environmental performance of firms. We make a distinction between export-oriented and horizontal multinationals as they have different motivations and firm characteristics. Horizontal foreign direct investment substitutes for exports when trade costs are high, while export-oriented vertical multinationals geographically separate the stages of production primarily to exploit production cost differences across countries. Theoretically, it is not clear which type of foreign direct investment is dirtier. In this paper, we use microdata from Chile and find that export-oriented foreign firms have lower emission intensity than horizontal affiliates and domestic firms.
Journal: International Review of Applied Economics
Pages: 721-733
Issue: 6
Volume: 34
Year: 2020
Month: 11
X-DOI: 10.1080/02692171.2020.1775791
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1775791
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:34:y:2020:i:6:p:721-733




Template-Type: ReDIF-Article 1.0
Author-Name: Angela Daley
Author-X-Name-First: Angela
Author-X-Name-Last: Daley
Author-Name: Thesia Garner
Author-X-Name-First: Thesia
Author-X-Name-Last: Garner
Author-Name: Shelley Phipps
Author-X-Name-First: Shelley
Author-X-Name-Last: Phipps
Author-Name: Eva Sierminska
Author-X-Name-First: Eva
Author-X-Name-Last: Sierminska
Title: Differences across countries and time in household expenditure patterns: implications for the estimation of equivalence scales
Abstract: 
 When comparing economic well-being using income or expenditures, an equivalence scale is often used to adjust for differences in characteristics that affect needs. For example, a family of two is assumed to need more income than a single person, but not twice as much due to the economies of scale in consumption. In this study, we ask whether it is appropriate to use a common equivalence scale when comparing economic well-being across countries and/or time if consumption expenditure patterns differ? Based on an Engel methodology, we estimate equivalence scales for a diverse set of countries (Canada, France, Israel, Poland, South Africa, Switzerland, Taiwan, United States) in different time periods (1999–2012). We find considerable differences in economies of scale across countries, as well as increases over time. Notably, we find that economies of scale are larger than those implied by the widely accepted ‘square root of household size’ equivalence scale. Our results indicate that using a common equivalence scale to compare economic well-being across countries and/or time is misleading. Specifically, if economies of scale are understated (as is the case when using the ‘square root of household size’), the relative poverty experienced by larger versus smaller families is being overstated.
Journal: International Review of Applied Economics
Pages: 734-757
Issue: 6
Volume: 34
Year: 2020
Month: 11
X-DOI: 10.1080/02692171.2020.1781798
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1781798
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:34:y:2020:i:6:p:734-757




Template-Type: ReDIF-Article 1.0
Author-Name: Ibrahim Dogan
Author-X-Name-First: Ibrahim
Author-X-Name-Last: Dogan
Author-Name: Emre Orun
Author-X-Name-First: Emre
Author-X-Name-Last: Orun
Author-Name: Bayram Aydın
Author-X-Name-First: Bayram
Author-X-Name-Last: Aydın
Author-Name: Mahmut Saban Afsal
Author-X-Name-First: Mahmut Saban
Author-X-Name-Last: Afsal
Title: Non-parametric analysis of the relationship between inflation and interest rate in the context of Fisher effect for Turkish economy
Abstract: 
 Inflation is an increase in the general level of prices which indicates a decrease in the purchasing power of households and a decrease in their real income. The level of interest rates in an economy plays an important role in entrepreneurs’ investment decisions. The Fisher Effect is known as a positive relation between the inflation rate and interest rates, with causality running from inflation rates to interest rates. However, the results of research in the economics literature conducted with different countries and methods on the Fisher Effect have differences. In recent years, linearity methods have been abandoned to examine asymmetric relationships between variables, and nonlinear methods have gained importance. In this study, the relationship between interest rates and inflation in the Turkish economy is examined with nonlinear Granger Causality Analysis in the context of Fisher Effect using monthly data. As a result of the study, a unidirectional causal relationship is detected from inflation to interest rates for the Turkish economy. Also, the Fisher hypothesis is found to be valid for Turkey.
Journal: International Review of Applied Economics
Pages: 758-768
Issue: 6
Volume: 34
Year: 2020
Month: 11
X-DOI: 10.1080/02692171.2020.1782852
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1782852
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:34:y:2020:i:6:p:758-768




Template-Type: ReDIF-Article 1.0
Author-Name: Jabbar Ul-Haq
Author-X-Name-First: Jabbar
Author-X-Name-Last: Ul-Haq
Author-Name: Sana Khanum
Author-X-Name-First: Sana
Author-X-Name-Last: Khanum
Author-Name: Ahmed Raza Cheema
Author-X-Name-First: Ahmed
Author-X-Name-Last: Raza Cheema
Title: The impact of trade liberalization on child labor in Pakistan
Abstract: 
 This study investigates the impact of trade liberalization on child labor using micro-level datasets of urban Pakistan. It is anticipated that when economies are open to external competition, this will benefit the poor in those economies, and hence lead to a contraction of child labor. We analyze the geographical differences in the effects of trade policy directed toward the reduction of import tariffs. Trade liberalization and child labor are associated in the case of Pakistan. Trade liberalization reduces child labor in urban Pakistan. Our findings also reveal a statistically significant association between lagged tariffs and child labor. Our findings are robust to various control variables.
Journal: International Review of Applied Economics
Pages: 769-784
Issue: 6
Volume: 34
Year: 2020
Month: 11
X-DOI: 10.1080/02692171.2020.1782853
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1782853
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:34:y:2020:i:6:p:769-784




Template-Type: ReDIF-Article 1.0
Author-Name: Ricardo Barradas
Author-X-Name-First: Ricardo
Author-X-Name-Last: Barradas
Title: Does the financial system support economic growth in times of financialisation? Evidence for Portugal
Abstract: 
 This paper conducts a time series econometric analysis in order to examine empirically the relationship between the financial system and economic growth in Portugal from 1977 to 2016. The Portuguese financial system has experienced a strong wave of privatisations, liberalisations and deregulations since the adhesion of Portugal to the European Economic Community in 1986, which has not favoured a sustained path of strong economic growth since then. The paper estimates a linear growth model and a non-linear growth model, which includes four proxies for the financial system (money supply, credit, financial value added and stock market capitalisation) and four further control variables (inflation, government consumption, trade openness and education). The paper finds a negative linear relationship between the banking system and Portuguese economic growth, a positive linear relationship between the stock markets and Portuguese economic growth, a concave quadratic relationship between the banking system and Portuguese economic growth, and a convex quadratic relationship between the stock markets and Portuguese economic growth. This suggests that Portuguese policy makers should canalise efforts to decrease the importance of banking system and to increase the importance of stock markets in order to support more robust economic growth in the coming years.
Journal: International Review of Applied Economics
Pages: 785-806
Issue: 6
Volume: 34
Year: 2020
Month: 11
X-DOI: 10.1080/02692171.2020.1782854
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1782854
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:34:y:2020:i:6:p:785-806




Template-Type: ReDIF-Article 1.0
Author-Name: Zaira Adnan
Author-X-Name-First: Zaira
Author-X-Name-Last: Adnan
Author-Name: Mamta Chowdhury
Author-X-Name-First: Mamta
Author-X-Name-Last: Chowdhury
Author-Name: Girijasankar Mallik
Author-X-Name-First: Girijasankar
Author-X-Name-Last: Mallik
Title: Determinants of total factor productivity in Pakistan: a time series analysis using ARDL approach
Abstract: 
 This study examines key determinants of total factor productivity (TFP) in Pakistan for the period 1970–2018 using the auto-regressive distributive lag (ARDL) bound testing approach. The study conducts a time series analysis on macro-economic indicators namely foreign direct investment (FDI), trade openness and human capital and aims to identify whether these factors impact significantly on TFP. TFP is a measure of the productive capabilities of factors of production (capital and labour), and is crucial in relation to economic efficiency and economic growth. The study applied an ARDL bound test to analyse the long-run and short-run relationship among the variables, and also a Granger causality test to consider causal relationships between the explanatory variables and TFP. The results suggest that TFP has a long-run relationship with FDI and human capital.
Journal: International Review of Applied Economics
Pages: 807-820
Issue: 6
Volume: 34
Year: 2020
Month: 11
X-DOI: 10.1080/02692171.2020.1792420
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1792420
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:34:y:2020:i:6:p:807-820




Template-Type: ReDIF-Article 1.0
Author-Name: Nicole Ballouz Baker
Author-X-Name-First: Nicole Ballouz
Author-X-Name-Last: Baker
Author-Name: Mona Said Boustany
Author-X-Name-First: Mona
Author-X-Name-Last: Said Boustany
Author-Name: Maroun Khater
Author-X-Name-First: Maroun
Author-X-Name-Last: Khater
Author-Name: Christian Haddad
Author-X-Name-First: Christian
Author-X-Name-Last: Haddad
Title: Measuring the indirect effect of the Internet on the relationship between human capital and labor productivity
Abstract: 
 In an attempt to lift data availability constraints, this paper investigates into the third level digital divide in 65 developing countries for the period 2000–2014, by studying the existence of a mediating impact of Internet use on the relationship between human capital and total labor productivity, and labor productivity by sector. Results of our mediation models with fixed effects panel regressions and Bootstrapping revealed an Internet use mediation effect of 24.20% on the total effect of human capital on total labor productivity, 27% on labor productivity in services and 23% in industry. Mediation was found to be inconsistent in agriculture.
Journal: International Review of Applied Economics
Pages: 821-838
Issue: 6
Volume: 34
Year: 2020
Month: 11
X-DOI: 10.1080/02692171.2020.1792421
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1792421
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:34:y:2020:i:6:p:821-838




Template-Type: ReDIF-Article 1.0
Author-Name: Adeola Y. Oyebowale
Author-X-Name-First: Adeola Y.
Author-X-Name-Last: Oyebowale
Author-Name: Amr S. Algarhi
Author-X-Name-First: Amr S.
Author-X-Name-Last: Algarhi
Title: Macroeconomic determinants of economic growth in Africa
Abstract: 
 The topic of the determinants of economic growth in both developed and developing countries remains an unresolved debate. As such, this paper revisits and offers some empirical evidence on macroeconomic determinants of economic growth among 21 African economies. This study employs Pooled Mean Group estimator on the panel data. Our pooled long-run coefficients indicate that growth rates in exports, government expenditure and gross capital formation have statistically significant positive long-run relationships with economic growth at 1%, 5% and 1% levels of significance, respectively; while broad money is not statistically significant among the countries. However, short-run coefficients and error variances differ across the African countries. We further employ Dumitrescu-Hurlin Granger causality test. Our homogeneous causality evidence shows bidirectional causality between growth in gross capital formation and economic growth among the African countries; while growth in broad money, growth in exports and growth in government expenditure show no direction of causality with economic growth. Nonetheless, heterogeneous causality (HEC) evidence differs across the countries – Lesotho, Algeria, Cameroon and Benin show the most favourable causality results from the macroeconomic variables to economic growth. Furthermore, our HEC results show a bidirectional causality between broad money and economic growth in Rwanda.
Journal: International Review of Applied Economics
Pages: 839-857
Issue: 6
Volume: 34
Year: 2020
Month: 11
X-DOI: 10.1080/02692171.2020.1792422
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1792422
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:34:y:2020:i:6:p:839-857




Template-Type: ReDIF-Article 1.0
Author-Name: Jonathan Michie
Author-X-Name-First: Jonathan
Author-X-Name-Last: Michie
Author-Name: Vishnu Padayachee
Author-X-Name-First: Vishnu
Author-X-Name-Last: Padayachee
Title: Alternative forms of ownership and control in the global south
Journal: International Review of Applied Economics
Pages: 413-422
Issue: 4
Volume: 34
Year: 2020
Month: 07
X-DOI: 10.1080/02692171.2020.1773635
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1773635
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:34:y:2020:i:4:p:413-422




Template-Type: ReDIF-Article 1.0
Author-Name: Andries Bezuidenhout
Author-X-Name-First: Andries
Author-X-Name-Last: Bezuidenhout
Author-Name: Christine Bischoff
Author-X-Name-First: Christine
Author-X-Name-Last: Bischoff
Author-Name: John Mashayamombe
Author-X-Name-First: John
Author-X-Name-Last: Mashayamombe
Title: Pitfalls of participation: explaining why a strike followed unprecedented employee dividend pay-outs at a South African mine
Abstract: 
 This paper attempts to provide explanations for why a spectacular strike (in 2012) at Kumba Iron Ore’s Sishen mine followed after the highest Employee Share Ownership Programme (ESOP) linked pay-out of dividends to workers in South African history. It is argued that a hidden transcript challenged the company’s official version of the ESOP and that some workers saw a political opportunity shortly after the events at Marikana and subsequent wage dispute settlements outside the ordinary collective bargaining procedures. The context for this was an approach to ESOPs that involved shares held in trust, but funded by loans dependent on future income, as well as contestation over the ownership of mineral rights at the mine by a politically influential rival firm. To this end, the ESOP was politicised in public debates. The situation was aggravated by a divided union branch. The functioning of the ESOP and how workers experienced it are analysed by means of publically available documents and primary research. The paper concludes with a discussion of the implications of the case study for ESOPs in the mining industry as a form of ownership diversity.
Journal: International Review of Applied Economics
Pages: 423-438
Issue: 4
Volume: 34
Year: 2020
Month: 07
X-DOI: 10.1080/02692171.2020.1773639
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1773639
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:34:y:2020:i:4:p:423-438




Template-Type: ReDIF-Article 1.0
Author-Name: Seeraj Mohamed
Author-X-Name-First: Seeraj
Author-X-Name-Last: Mohamed
Title: Anglo-American corporation and corporate restructuring in post-apartheid South Africa
Abstract: 
 The Anglo American Corporation was the largest, most powerful South African corporation during the Twentieth Century. This article focuses on the offshore listing and restructuring of Anglo in the post-apartheid period. The restructuring and offshore listings of the largest South African corporations were allowed as part of a neoliberal approach to economic policy adopted by the post-apartheid government. The resulting financialisation of the economy and pressure on the restructured and offshore listed corporations to maximise shareholder value combined with neoliberal economic policies further weakened South Africa’s already inadequate industrial structure, caused macroeconomic harm and is associated with poor growth and higher inequality.
Journal: International Review of Applied Economics
Pages: 439-455
Issue: 4
Volume: 34
Year: 2020
Month: 07
X-DOI: 10.1080/02692171.2020.1773642
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1773642
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:34:y:2020:i:4:p:439-455




Template-Type: ReDIF-Article 1.0
Author-Name: Jonathan Klaaren
Author-X-Name-First: Jonathan
Author-X-Name-Last: Klaaren
Title: Benefit corporations for Africa? A South African perspective on alternative corporate forms
Abstract: 
 The question of the potential for alternative corporate forms in Africa is a significant one. Alongside the dominant current which argues that the traditional corporation is the way forward for economic growth in South Africa, several other streams of thought have contested and been critical of the traditional corporate model. Within the range of structures alternative to the traditional corporation, this article focuses on the particular legal form of benefit corporations. The benefit corporation has made its entry into what one might term the global statute book through the jurisdictions of over twenty American states. While the South African Companies legislation was overhauled and replaced in 2008 with a completely revamped statute, no specific provision was made for a benefit corporation. Since 2008, two practices alternative to further revising the statute book have developed in South Africa: third-party certification and hybrid structuring. While the legal potential to craft a benefit corporation in South Africa exists, there is little evidence of this legal potential and form being developed to date, despite a growing appreciation and interest in the social enterprise sector.
Journal: International Review of Applied Economics
Pages: 456-470
Issue: 4
Volume: 34
Year: 2020
Month: 07
X-DOI: 10.1080/02692171.2020.1773644
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1773644
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:34:y:2020:i:4:p:456-470




Template-Type: ReDIF-Article 1.0
Author-Name: Debdulal Saha
Author-X-Name-First: Debdulal
Author-X-Name-Last: Saha
Title: Producer collectives through self-help: sustainability of small tea growers in India
Abstract: 
 Collective action through self-help among small tea growers (STGs) is considered as a sustainable alternative of producer collectives in tea plantations in India. Using the case study method, this article discusses that self-help groups (SHGs) among STGs are used as innovative functioning systems to access markets, obtain fair price and gain knowledge and information. Mutual ownership of the manufacturing units along with establishing close relations with capital and individual landholding not only empower the growers but also help them in moving upward in the value chain and provide them with the identity as rural entrepreneurs. While democratic organisational structure, transparency, social cohesion, leadership and associational power in accessing various input and financial services are the main factors of success of such self-management model and collective actions, these could face threats owing to power asymmetry and overly pro-capital business strategies.
Journal: International Review of Applied Economics
Pages: 471-490
Issue: 4
Volume: 34
Year: 2020
Month: 07
X-DOI: 10.1080/02692171.2020.1773646
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1773646
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:34:y:2020:i:4:p:471-490




Template-Type: ReDIF-Article 1.0
Author-Name: Tesfaye T. Lemma
Author-X-Name-First: Tesfaye T.
Author-X-Name-Last: Lemma
Author-Name: Mthokozisi Mlilo
Author-X-Name-First: Mthokozisi
Author-X-Name-Last: Mlilo
Author-Name: Tendai Gwatidzo
Author-X-Name-First: Tendai
Author-X-Name-Last: Gwatidzo
Title: Board remuneration, directors’ ownership and corporate performance: the South African evidence
Abstract: 
 Excessive directors’ remuneration is usually cited as one of the drivers of the massive income inequality prevalent in South Africa. We draw insights from agency and board power theories to establish whether board remuneration, directors’ shareholding and the interaction between the two factors influences an entity's financial performance. Based on the examination of 1,736 company-year observations obtained from entities traded on the Johannesburg Stock Exchange, for the period 2005–2018, we find direct (no) relationship between remuneration of directors (directors’ shareholding) and an entity's financial performance. Our findings suggest that firms that provide higher, or even excessive, incentives to their directors tend to post superior financial performance; firms can employ directors’ remuneration as a governance tool to induce board effectiveness.
Journal: International Review of Applied Economics
Pages: 491-511
Issue: 4
Volume: 34
Year: 2020
Month: 07
X-DOI: 10.1080/02692171.2020.1773654
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1773654
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:34:y:2020:i:4:p:491-511




Template-Type: ReDIF-Article 1.0
Author-Name: Webster Edward
Author-X-Name-First: Webster
Author-X-Name-Last: Edward
Title: The Uberisation of work: the challenge of regulating platform capitalism. A commentary
Abstract: 
 Under platform capitalism a new business model and a new work order has emerged. The tech giants such as Uber, Amazon and Apple that drive this business model have unprecedented levels of power . This power lies in the hands of a few individuals who divest themselves from employment responsibilities through technology-enabled outsourcing and subcontracting practices that remotely manage their fragmented supply chains. A new form of algorithmic control is introduced where “workers” are managed through on line platforms, monitored indirectly and expected to produce measurable outputs. However, the model is generating open resistance across the globe and new ways of regulating these companies is emerging. Drawing on a range of recent publications I argue that to be effective these attempts at regulation will require a coordinated challenge from above as well as below. This requires a deeper understanding of the new forms of ownership in the platform economy, the nature of this new world of work and the responses being made by this global workforce.
Journal: International Review of Applied Economics
Pages: 512-521
Issue: 4
Volume: 34
Year: 2020
Month: 07
X-DOI: 10.1080/02692171.2020.1773647
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1773647
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:34:y:2020:i:4:p:512-521




Template-Type: ReDIF-Article 1.0
Author-Name: Jonathan Michie
Author-X-Name-First: Jonathan
Author-X-Name-Last: Michie
Title: Why did the ANC fail to deliver redistribution?
Journal: International Review of Applied Economics
Pages: 522-527
Issue: 4
Volume: 34
Year: 2020
Month: 07
X-DOI: 10.1080/02692171.2020.1773649
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1773649
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:34:y:2020:i:4:p:522-527




Template-Type: ReDIF-Article 1.0
Author-Name: Jonathan Michie
Author-X-Name-First: Jonathan
Author-X-Name-Last: Michie
Title: Understanding the economy at the micro and macro levels
Journal: International Review of Applied Economics
Pages: 1-2
Issue: 1
Volume: 35
Year: 2021
Month: 01
X-DOI: 10.1080/02692171.2021.1848348
File-URL: http://hdl.handle.net/10.1080/02692171.2021.1848348
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:35:y:2021:i:1:p:1-2




Template-Type: ReDIF-Article 1.0
Author-Name: Nicholas M. Odhiambo
Author-X-Name-First: Nicholas M.
Author-X-Name-Last: Odhiambo
Title: Energy consumption and economic growth in Botswana: empirical evidence from a disaggregated data
Abstract: 
 This paper examines the relationship between energy consumption and economic growth in Botswana during the period 1980–2016. We disaggregate energy consumption into six components, namely: total energy consumption, electricity consumption, motor gasoline, gas/diesel oil, fuel oil and liquefied petroleum gas. We then compare the results of the disaggregated energy components with that of the aggregated energy consumption level. In order to account for the omission-of-variable bias, we incorporate inflation and trade openness as intermittent variables between the various components of energy consumption and economic growth, thereby creating a system of multivariate equations. Using the ARDL-bound testing approach, the study found a causal flow from economic growth to energy consumption to predominate. This finding has important policy implications as it shows that the buoyant economic growth that Botswana has enjoyed over the years is not energy-dependent, and that the country could pursue the requisite energy conservation policies without necessarily stifling its economic growth. To our knowledge, this study may be the first of its kind to examine in detail the causal relationship between energy consumption and economic growth in Botswana using a multivariate causality model and a disaggregated dataset.
Journal: International Review of Applied Economics
Pages: 3-24
Issue: 1
Volume: 35
Year: 2021
Month: 01
X-DOI: 10.1080/02692171.2020.1792851
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1792851
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:35:y:2021:i:1:p:3-24




Template-Type: ReDIF-Article 1.0
Author-Name: Nora Aboushady
Author-X-Name-First: Nora
Author-X-Name-Last: Aboushady
Author-Name: Chahir Zaki
Author-X-Name-First: Chahir
Author-X-Name-Last: Zaki
Title: Do exports and innovation matter for the demand of skilled labor?
Abstract: 
 The objective of the paper is to examine the impact of exports and innovation on the demand for skilled labor in the Middle East and North Africa (MENA) region. In this matter, we contribute to the existing literature in several ways. First, we examine the connection between exports and skill bias through several innovation and technology adoption indicators, which we divide into core product-related innovation and innovation in auxiliary services. Second, we differentiate between the effect of innovation on skilled blue-collar (production workers) vs. white collar (non-production) workers. We also run the regressions for the manufacturing sector and the services sector separately. Third, we test this relationship for eight MENA countries, using firm-level data from the World Bank Enterprise Survey (2013). Our results suggest a positive and significant impact of the extensive trade margin on innovation and technology adoption, while trade at the intensive margin is insignificant. Furthermore, demand for skilled workers by firms in the MENA region is likely to be higher for production workers than that for non-production ones. This demand is particularly high when a firm adopts a new product, a new production method or spends on research and development, rather than in the case of spending on auxiliary services. At the sector level, the impact of innovation on the demand for skilled labor is positive and significant in the manufacturing sector.
Journal: International Review of Applied Economics
Pages: 25-44
Issue: 1
Volume: 35
Year: 2021
Month: 01
X-DOI: 10.1080/02692171.2020.1822298
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1822298
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:35:y:2021:i:1:p:25-44




Template-Type: ReDIF-Article 1.0
Author-Name: Muazu Ibrahim
Author-X-Name-First: Muazu
Author-X-Name-Last: Ibrahim
Author-Name: Abraham Mensah Acquah
Author-X-Name-First: Abraham Mensah
Author-X-Name-Last: Acquah
Title: Re-examining the causal relationships among FDI, economic growth and financial sector development in Africa
Abstract: 
 Studies on the causal relationships among foreign direct investment (FDI), economic growth and financial sector development
are far from being conclusive, a reflection of the different methodologies and country-settings employed. In this study, we depart from the use of single country
cases to relying on a panel data comprising 45 African countries over the period 1980 to 2016 in examining such causal linkages. By applying a panel Granger Non-Causality test,
we find that the causal nexus between FDI and economic growth is conditioned on the indicator of economic growth while we observe feedback causality between (i) FDI and financial
sector development, and (ii) financial sector development and economic growth. These findings hold irrespective of the proxy of finance and economic growth. The study concludes by
discussing key implications for policy.
Journal: International Review of Applied Economics
Pages: 45-63
Issue: 1
Volume: 35
Year: 2021
Month: 01
X-DOI: 10.1080/02692171.2020.1822299
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1822299
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:35:y:2021:i:1:p:45-63




Template-Type: ReDIF-Article 1.0
Author-Name: Zhandos Ybrayev
Author-X-Name-First: Zhandos
Author-X-Name-Last: Ybrayev
Title: Real exchange rate management and economic growth: export performance in Kazakhstan, 2009–2019
Abstract: 
 This study contributes to the literature on the evaluation of the effects of the stable and competitive real exchange rate management (SCRER) on economic growth by studying the exporting performance of the tradable sector in Kazakhstan between 2009 and 2019. We also aim to capture the impact of a significant change in the behavior of the exchange rate in August of 2015, following the introduction of inflation targeting monetary policy and switching to the flexible exchange rate regime of domestic currency – tenge. Our results show that a 10% undervaluation of the RER leads to a 0.05 percentage points increase in the growth rate of manufacturing exports. At the same time, a one percent increase in RER leads to a 0.08 percentage points growth in primary products industries, while a depreciation of the RER by one percent leads to a rise of 0.14 percentage points in the growth rate of high-tech manufacturing industries. We also find that a highly volatile exchange rate regime of the exchange rate is not favorable to the development of capital-intensive sectors. Overall, the results suggest that a macroeconomic policy targeting a stable and competitive real exchange rate can be beneficial for the advancement of higher technologically intensive sectors, increased price competitiveness for Kazakhstan’s manufacturing goods and high-skill tradable services, and the process of rapid capital accumulation.
Journal: International Review of Applied Economics
Pages: 64-90
Issue: 1
Volume: 35
Year: 2021
Month: 01
X-DOI: 10.1080/02692171.2020.1836135
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1836135
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:35:y:2021:i:1:p:64-90




Template-Type: ReDIF-Article 1.0
Author-Name: Kerry Liu
Author-X-Name-First: Kerry
Author-X-Name-Last: Liu
Title: Deleveraging China
Abstract: 
 China’s debt issue has attracted extensive attention from investors and China watchers around the world. Previous studies generally concluded that China’s credit crisis is looming. Responding to these concerns, the Chinese authorities started to systematically deal with its debt issue from 2016. This study examines the factors that have contributed to the accumulations of debts, and reviews the deleveraging strategies adopted in different sectors such as non-financial corporate, financial corporate, household and public sectors. This study concludes that some positive progress has been achieved, and at the same time challenges remain.
Journal: International Review of Applied Economics
Pages: 91-109
Issue: 1
Volume: 35
Year: 2021
Month: 01
X-DOI: 10.1080/02692171.2020.1836136
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1836136
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:35:y:2021:i:1:p:91-109




Template-Type: ReDIF-Article 1.0
Author-Name: Jonathan Michie
Author-X-Name-First: Jonathan
Author-X-Name-Last: Michie
Author-Name: Maura Sheehan
Author-X-Name-First: Maura
Author-X-Name-Last: Sheehan
Title: Building back better?
Abstract: 
 A global health and economic crisis was created by the spread of Covid-19 across the world during the course of 2020 and into 2021. This Special Issue of the International Review of Applied Economics brings together papers analysing various aspects of this twin crisis. The crisis led to massive intervention by governments, both to tackle the health crisis - through lock-downs; social distancing measures; test, trace and isolate programmes; and to develop and then provide vaccinations - and to offset the economic damage created by the lock-downs, the fall in travel and trade, and so forth. Several of the papers take up the challenge of how we might ‘build back better’. The leading expert on organisational studies and organisational behaviour John Child notes that while the Covid-19 pandemic intensified many of the economic and social problems that societies were already facing, the public response to the crisis points to a constructive way forward, including people participating in collective activities to contribute to addressing the common challenge, arguing that “it is timely to widen participation in organisational decision-making as an approach to addressing many of the problems which will continue to be with us post-Covid, and which indeed the pandemic has exacerbated”. These further challenges include inequality, and the climate crisis. Both could be tackled through a global Green New Deal.
Journal: International Review of Applied Economics
Pages: 111-116
Issue: 2
Volume: 35
Year: 2021
Month: 03
X-DOI: 10.1080/02692171.2021.1882035
File-URL: http://hdl.handle.net/10.1080/02692171.2021.1882035
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:35:y:2021:i:2:p:111-116




Template-Type: ReDIF-Article 1.0
Author-Name: John Child
Author-X-Name-First: John
Author-X-Name-Last: Child
Title: Organizational participation in post-covid society – its contributions and enabling conditions
Abstract: 
 The Covid-19 pandemic has intensified the economic and social problems that societies face today. At the same time, the public response to the crisis points to a constructive way forward. It has brought people together and unleashed a desire to contribute in many ways, some small and others spectacular. It has demonstrated how opportunities for people to participate in collective activities both psychologically and behaviorally can achieve remarkable results, especially when addressing a common danger. This paper argues that it is timely to widen participation in organizational decision-making as an approach to addressing many of the problems which will continue to be with us post-Covid, and which indeed the pandemic has exacerbated. In order to arrive at practical policy options, it proceeds through the following stages. The first is to establish a working definition of organizational participation and to develop a framework for classifying its principal forms. This framework serves to identify the more advanced and consequential forms of participation, and is then used to structure an evidence-based review of how they can constructively contribute to economic and social improvement. The final part of the paper reviews conditions bearing on the practical implementation of participation and which serve to clarify practical policy implications.
Journal: International Review of Applied Economics
Pages: 117-146
Issue: 2
Volume: 35
Year: 2021
Month: 03
X-DOI: 10.1080/02692171.2020.1774976
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1774976
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:35:y:2021:i:2:p:117-146




Template-Type: ReDIF-Article 1.0
Author-Name: Kien Le
Author-X-Name-First: Kien
Author-X-Name-Last: Le
Author-Name: My Nguyen
Author-X-Name-First: My
Author-X-Name-Last: Nguyen
Title: The psychological consequences of COVID-19 lockdowns
Abstract: 
 COVID-19 outbreak has resulted in the largest number of lockdowns worldwide in history. While lockdowns may reduce the spread of COVID-19, the downside costs of this approach could be dreadful. By exploiting the differential timing of lockdown implementation across the United States within a difference-in-differences framework, we find that the pandemic lockdowns are associated with a variety of adverse psychological outcomes, namely, anxiety, worry, disinterest, depression, and poor general health perception. Our mechanism analyses suggest that these detrimental impacts could be attributed to concerns towards food, housing, and employment security. We further show that African Americans and women are especially susceptible to the adverse repercussions of the lockdowns. The findings imply that lockdowns should be accompanied by policies aimed to prevent mental health burden and deepening inequality.
Journal: International Review of Applied Economics
Pages: 147-163
Issue: 2
Volume: 35
Year: 2021
Month: 03
X-DOI: 10.1080/02692171.2020.1853077
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1853077
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:35:y:2021:i:2:p:147-163




Template-Type: ReDIF-Article 1.0
Author-Name: Joshua Ping Ang
Author-X-Name-First: Joshua Ping
Author-X-Name-Last: Ang
Author-Name: Fang Dong
Author-X-Name-First: Fang
Author-X-Name-Last: Dong
Author-Name: Jason Patalinghug
Author-X-Name-First: Jason
Author-X-Name-Last: Patalinghug
Title: COVID-19: effectiveness of socioeconomic factors in containing the spread and mortality
Abstract: 
 This paper presents a study on 80 countries that evaluates the socioeconomic factors in containing the spread and mortality of COVID-19. Our results show that the long-term social factors such as lower personal freedom, better education in science, and past coronavirus outbreak experience are more effective than the economic factors such as higher healthcare-associated factors per 1000 population and larger GDP. However, using GDP per capita as the instrumental variable, we also find that the richer countries with a high degree of personal freedom have a higher number of infection or death cases per million population because they would be less likely to adhere to and implement the policy of the movement restrictions to restrict their access to goods and services.
Journal: International Review of Applied Economics
Pages: 164-187
Issue: 2
Volume: 35
Year: 2021
Month: 03
X-DOI: 10.1080/02692171.2020.1853078
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1853078
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:35:y:2021:i:2:p:164-187




Template-Type: ReDIF-Article 1.0
Author-Name: Amine Ben Amar
Author-X-Name-First: Amine
Author-X-Name-Last: Ben Amar
Author-Name: Néjib Hachicha
Author-X-Name-First: Néjib
Author-X-Name-Last: Hachicha
Author-Name: Nihel Halouani
Author-X-Name-First: Nihel
Author-X-Name-Last: Halouani
Title: Is there a shift contagion among stock markets during the COVID-19 crisis? Further insights from TYDL causality test
Abstract: 
 Using the Toda-Yamamoto-Dolado-Lütkepohl measure of causality, namely the TYDL procedure, which is reliable whatever the variables’ integration order, this study attempts to investigate the existence of shift contagion effect between a set of global, regional, country and US sectoral indices during the COVID-19 crisis. The empirical findings not only reveal that the Chinese stock index has no influence on the rest of the studied stock market indices during the COVID-19 crisis, but also that the European stock index seems to become the major node influencing the market sentiment and, therefore, the other indices during the crisis.
Journal: International Review of Applied Economics
Pages: 188-209
Issue: 2
Volume: 35
Year: 2021
Month: 03
X-DOI: 10.1080/02692171.2020.1853685
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1853685
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:35:y:2021:i:2:p:188-209




Template-Type: ReDIF-Article 1.0
Author-Name: Evangelos Vasileiou
Author-X-Name-First: Evangelos
Author-X-Name-Last: Vasileiou
Author-Name: Aristeidis Samitas
Author-X-Name-First: Aristeidis
Author-X-Name-Last: Samitas
Author-Name: Maria Karagiannaki
Author-X-Name-First: Maria
Author-X-Name-Last: Karagiannaki
Author-Name: Jagadish Dandu
Author-X-Name-First: Jagadish
Author-X-Name-Last: Dandu
Title: Health risk and the efficient market hypothesis in the time of COVID-19
Abstract: 
 In this note, we show that the stock markets do not always incorporate all the available information because in many cases they slowly evaluate the news. Using simple statistical analysis, we show that the response of the markets to the available information in certain time periods is irrational and inefficient. The COVID-19 outbreak gives financial economists an example of health risk underestimation, and of an unexpectedly slow response during a stress period; issues that should be examined in the future under a behavioral view.
Journal: International Review of Applied Economics
Pages: 210-223
Issue: 2
Volume: 35
Year: 2021
Month: 03
X-DOI: 10.1080/02692171.2020.1864299
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1864299
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:35:y:2021:i:2:p:210-223




Template-Type: ReDIF-Article 1.0
Author-Name: Evangelos Vasileiou
Author-X-Name-First: Evangelos
Author-X-Name-Last: Vasileiou
Title: Behavioral finance and market efficiency in the time of the COVID-19 pandemic: does fear drive the market?
Abstract: 
 In this study, we examine the efficiency of the US stock markets during the COVID-19 outbreak using a fundamental financial analysis approach, the constant growth model and a behavioral model including a Google-based Index. We juxtapose the released news and the performance of the US stock market during the COVID-19 outbreak and we show that during some periods the health risk was significantly underestimated and/or ignored. The Efficient Market Hypothesis (EMH) suggests that prices incorporate all the available information at any point in time, yet as we show a systemic factor, the health risk, was not always rationally incorporated in stock prices. The Runs-tests confirm our assumption that the market was not efficient during the examined period. The reason for this inefficiency could be that something is missing from traditional finance models, such as the impact of fear of COVID-19. For this reason we employ a Coronavirus Fear Index (CFI) based on Google searches and using Granger causality we provide empirical evidence that the fear drives the S&P500 performance, and using a GARCH model we show that the fear negatively influences the performance of the US stock market.
Journal: International Review of Applied Economics
Pages: 224-241
Issue: 2
Volume: 35
Year: 2021
Month: 03
X-DOI: 10.1080/02692171.2020.1864301
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1864301
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:35:y:2021:i:2:p:224-241




Template-Type: ReDIF-Article 1.0
Author-Name: Javier Cifuentes-Faura
Author-X-Name-First: Javier
Author-X-Name-Last: Cifuentes-Faura
Title: Analysis of containment measures and economic policies arising from COVID-19 in the European Union
Abstract: 
 The crisis caused by COVID-19 differs from previously crises due to its particularities. Many countries have been affected by the pandemic, although not all have acted in the same way or imposed the same level of restrictions. This paper analyses the virus containment measures carried out by some of the European countries most affected by the pandemic. It concludes that those that acted early have been less affected. In addition, it examines possible policies to be developed at the European Union level to combat the crisis.
Journal: International Review of Applied Economics
Pages: 242-255
Issue: 2
Volume: 35
Year: 2021
Month: 03
X-DOI: 10.1080/02692171.2020.1864300
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1864300
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:35:y:2021:i:2:p:242-255




Template-Type: ReDIF-Article 1.0
Author-Name: O’Raye Dicta Ogisi
Author-X-Name-First: O’Raye Dicta
Author-X-Name-Last: Ogisi
Author-Name: Toritseju Begho
Author-X-Name-First: Toritseju
Author-X-Name-Last: Begho
Title: Covid 19: Ramifications for progress towards the sustainable development goals (SDGs) in Nigeria
Abstract: 
 This paper examines whether the impact of COVID-19 at the household level is an obstacle to achieving the sustainable development goals of no poverty (SDG1), zero hunger (SDG2), good health and wellbeing (SDG3) and decent work and economic growth (SDG8). We limit our investigation to farm households given their precarious situation. We analyse data from the World Bank National Longitudinal Phone Survey (COVID-19 NLPS) and the 2018/2019 General Household Survey (GHS). An exact McNemar’s test determined that there was a statistically significant difference in the proportion of households that skipped a meal (p =.002), ran out of food (p =.036) or went a whole day without food (p <.001) pre- and during- COVID-19. Approximately 81% perceived COVID-19 as a substantial threat to their income. This was buttressed by the finding that 75% reported a decrease in their total income since the outbreak of COVID-19. Overall, the findings in this paper suggest that COVID-19 posed a substantial threat to the attainment of SDGs 1, 2, 3 and 8. In the long term, government would need to mitigate the impact of COVID-19 through targeted social protection programs and policies to ensure that the country is on track to achieve the SDGs.
Journal: International Review of Applied Economics
Pages: 256-268
Issue: 2
Volume: 35
Year: 2021
Month: 03
X-DOI: 10.1080/02692171.2020.1864302
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1864302
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:35:y:2021:i:2:p:256-268




Template-Type: ReDIF-Article 1.0
Author-Name: J. Eduardo Vera-Valdés
Author-X-Name-First: J. Eduardo
Author-X-Name-Last: Vera-Valdés
Title: The political risk factors of COVID-19
Abstract: 
 This paper analyses a broad range of macro variables to assess the effects they have on the number of cases and deaths due to COVID-19. We consider 23 explanatory variables on health, political, and economic factors for 94 countries. Given the vast number of explanatory variables analysed, the paper employs advanced statistical tools for the analysis. We use regularised regression and dimension reduction methods to increase estimation efficiency. We find that alcohol drinking is associated with an increase in the number of cases and deaths due to COVID-19. In this regard, our results support the World Health Organization’s recommendation of reducing alcohol drinking during the pandemic. Furthermore, our results show that the level of trust inside the society is associated with both the number of cases and deaths. A higher level of trust in medical personnel is associated with fewer cases, while a higher level of trust in the government is associated with fewer deaths due to COVID-19. Finally, hospital beds per thousand inhabitants are a statistically significant factor in reducing the number of deaths. Our results are robust to the estimation method, and they are of interest to governments and authorities responsible for the control of the pandemic.
Journal: International Review of Applied Economics
Pages: 269-287
Issue: 2
Volume: 35
Year: 2021
Month: 03
X-DOI: 10.1080/02692171.2020.1866973
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1866973
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:35:y:2021:i:2:p:269-287




Template-Type: ReDIF-Article 1.0
Author-Name: Juan Rafael Ruiz
Author-X-Name-First: Juan Rafael
Author-X-Name-Last: Ruiz
Author-Name: Patricia Stupariu
Author-X-Name-First: Patricia
Author-X-Name-Last: Stupariu
Title: A green new deal and debt sustainability for the post COVID-19 world
Abstract: 
 This paper explores the design and impact on public finances of a global investment plan directed at supporting post-COVID19 reconstruction efforts by investing in climate change mitigation. We analyse current macroeconomic conditions in both developed and emerging economies and, subsequently, simulate various growth scenarios and observe the impact on public debt sustainability of implementing an economic stimulus oriented towards climate change mitigation.
Journal: International Review of Applied Economics
Pages: 288-307
Issue: 2
Volume: 35
Year: 2021
Month: 03
X-DOI: 10.1080/02692171.2021.1879742
File-URL: http://hdl.handle.net/10.1080/02692171.2021.1879742
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:35:y:2021:i:2:p:288-307




Template-Type: ReDIF-Article 1.0
Author-Name: Kerry Liu
Author-X-Name-First: Kerry
Author-X-Name-Last: Liu
Title: COVID-19 and the Chinese economy: impacts, policy responses and implications
Abstract: 
 COVID-19, the disease caused by novel coronavirus SARS-CoV-2, has greatly affected financial markets, economies and societies worldwide. This study focuses on China and examines a series of issues including: the impact of COVID-19 on the Chinese economy, China’s policy responses to this shock such as fiscal, monetary and institutional measures, and implications such as the nature, gains and costs of China’s policy responses. This study also explores problems that need to be answered in the future. In view of the importance of China in the world regarding the size of its economy, its contribution to world growth, and its increasing influence, this study makes timely and important contributions to policy makers and investors around the world.
Journal: International Review of Applied Economics
Pages: 308-330
Issue: 2
Volume: 35
Year: 2021
Month: 03
X-DOI: 10.1080/02692171.2021.1876641
File-URL: http://hdl.handle.net/10.1080/02692171.2021.1876641
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:35:y:2021:i:2:p:308-330




Template-Type: ReDIF-Article 1.0
Author-Name: Jonathan Michie
Author-X-Name-First: Jonathan
Author-X-Name-Last: Michie
Title: The first 30 years of the International Review of Applied Economics, and the future of capitalism
Journal: International Review of Applied Economics
Pages: 331-337
Issue: 3-4
Volume: 35
Year: 2021
Month: 07
X-DOI: 10.1080/02692171.2021.1932326
File-URL: http://hdl.handle.net/10.1080/02692171.2021.1932326
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:35:y:2021:i:3-4:p:331-337




Template-Type: ReDIF-Article 1.0
Author-Name: Konstantin Makrelov
Author-X-Name-First: Konstantin
Author-X-Name-Last: Makrelov
Author-Name: Rob Davies
Author-X-Name-First: Rob
Author-X-Name-Last: Davies
Author-Name: Laurence Harris
Author-X-Name-First: Laurence
Author-X-Name-Last: Harris
Title: The impact of capital flow reversal shocks in South Africa: a stock- and-flow-consistent analysis
Abstract: 
 South Africa has a very well-developed financial sector and high reliance on capital flows. The country saw large capital outflows as the Covid-19 crisis developed, accompanied by a large depreciation of the rand and spikes in bold yields. We employ a stock- and flow-consistent model to study the impact of capital flow reversal shocks on the South African economy. The model includes a richer representation of institutional balance sheets than existing models. The financial sectors behaviour in the model draws on the theoretical frameworks, which highlight the relationship between bank capital, the risk-taking behaviour of the financial sector, lending spreads and economic activity. We specify a dynamic adjustment model of household expectations with properties that differ from the way in which expectations are formed in either stock- and flow-consistent or (DSGE) models. Household expectations resemble bounded rationality. The financial accelerator mechanism operates through the balance sheets of all institutions in the economy. We find that a reversal in capital flows can affect the domestic economy through its impact on domestic liquidity, on the risk-taking behaviour of the financial sector, and on the demand for assets.
Journal: International Review of Applied Economics
Pages: 475-501
Issue: 3-4
Volume: 35
Year: 2021
Month: 07
X-DOI: 10.1080/02692171.2021.1888897
File-URL: http://hdl.handle.net/10.1080/02692171.2021.1888897
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:35:y:2021:i:3-4:p:475-501




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Correction
Journal: International Review of Applied Economics
Pages: I-I
Issue: 3-4
Volume: 35
Year: 2021
Month: 07
X-DOI: 10.1080/02692171.2021.1934282
File-URL: http://hdl.handle.net/10.1080/02692171.2021.1934282
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:35:y:2021:i:3-4:p:I-I




Template-Type: ReDIF-Article 1.0
Author-Name: Malcolm Sawyer
Author-X-Name-First: Malcolm
Author-X-Name-Last: Sawyer
Title: Financialisation, industrial strategy and the challenges of climate change and environmental degradation
Abstract: 
 The paper discusses the nature of the present era of financialisation, outlining the changes in the financial sector and its relations with the real sector which are particularly relevant for the climate emergency. The relationship between growth of the financial sector (‘financial development’) and economic growth is reviewed, and the relevant of recent empirical findings for the role of the financial sector in addressing the climate emergency drawn out. It is argued that the policy approach to the climate emergency and environmental degradation should be embedded within an industrial strategy. Further, it is argued that the structures of the financial sector need to be changed to encourage financial institutions which are more favourably disposed towards to the allocation of funds to ‘green investment’. It is also argued that the central bank should act in ways that are supportive of environmental policies but that their role is a rather limited one.
Journal: International Review of Applied Economics
Pages: 338-354
Issue: 3-4
Volume: 35
Year: 2021
Month: 07
X-DOI: 10.1080/02692171.2020.1836137
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1836137
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:35:y:2021:i:3-4:p:338-354




Template-Type: ReDIF-Article 1.0
Author-Name: Gary A. Dymski
Author-X-Name-First: Gary A.
Author-X-Name-Last: Dymski
Author-Name: Annina Kaltenbrunner
Author-X-Name-First: Annina
Author-X-Name-Last: Kaltenbrunner
Title: Financial oversight, the third flawed pillar of the European Union: the missing piece in the Arestis-Sawyer critique of EMU macropolicy design
Abstract: 
 This paper presents a chronological survey of the 20 academic papers that Malcolm authored or co-authored between 1997 and 2017 on the flawed design – and hence flawed implementation – of the European Monetary Union (EMU)’s macroeconomic policy pillars. We augment his analyses by pointing out a third – complementary – design flaw: the EMU’s two-tiered structure of financial regulation and oversight. While this financial pillar aimed at reconciling Europe’s historically bank-based financial systems with large European banks’ entry into global financial competition, it created a combustible mix when combined with the EMU’s macroeconomic-policy pillars. The Global Financial Crisis lit the fire: member-nations, forced to rescue their domestically-chartered too-big-to-fail megabanks, had to adopt austerity policies that both slowed the pace of post-crisis economic growth and eroded support for pro-Union political leaders. Only marginal changes have been made in these policy pillars post-crisis. Consequently, Europe faces a financial bifurcation point: either to continue ‘whatever it takes’ support for its megabanks, or to rethink both its financial architecture and its macroeconomic and financial policy pillars.
Journal: International Review of Applied Economics
Pages: 371-388
Issue: 3-4
Volume: 35
Year: 2021
Month: 07
X-DOI: 10.1080/02692171.2021.1894657
File-URL: http://hdl.handle.net/10.1080/02692171.2021.1894657
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:35:y:2021:i:3-4:p:371-388




Template-Type: ReDIF-Article 1.0
Author-Name: Isabella Weber
Author-X-Name-First: Isabella
Author-X-Name-Last: Weber
Author-Name: Anwar Shaikh
Author-X-Name-First: Anwar
Author-X-Name-Last: Shaikh
Title: The U.S.–China trade imbalance and the theory of free trade: debunking the currency manipulation argument
Abstract: 
 The U.S.–China trade imbalance is commonly attributed to a Chinese policy of currency manipulation. However, empirical studies failed to reach consensus on the RMB misalignment. We argue that this is not a consequence of poor measurement but of theory. At the most abstract level the conventional principle of comparative cost advantage suggests real exchange rates will adjust so as to balance trade. Therefore, the persistence of trade imbalances tends to be interpreted as arising from currency manipulation facilitated by foreign exchange interventions. By way of contrast, the absolute cost theory explains trade imbalances as the outcome of free trade among nations that have unequal real costs. We argue that a disparity in real costs is the root cause of the U.S.–China trade imbalance.
Journal: International Review of Applied Economics
Pages: 432-455
Issue: 3-4
Volume: 35
Year: 2021
Month: 07
X-DOI: 10.1080/02692171.2020.1814221
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1814221
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:35:y:2021:i:3-4:p:432-455




Template-Type: ReDIF-Article 1.0
Author-Name: Hongkil Kim
Author-X-Name-First: Hongkil
Author-X-Name-Last: Kim
Title: Sovereign currency and long-term interest rates
Abstract: 
 This paper investigates the effects of government debt and deficits on long-term interest rates in 17 advanced economies over the period 1973–2016 from the perspective of currency sovereignty. The empirical findings of this paper suggest the market penalizes non-sovereign nations for the same amount of fiscal deficit with higher interest rates than sovereigns. In addition, non-sovereign countries face accelerating interest rates for an increase in the debt-to-GDP ratio beyond a certain threshold (49% to GDP) while such a pattern is not obvious among sovereign nations. Overall, the results support Modern Monetary Theory (MMT) view that a monetarily sovereign government, as a monopoly issuer of currency, can influence the prices of their liabilities to a significant extent, somewhat independent of existing public debt and market sentiment.
Journal: International Review of Applied Economics
Pages: 577-596
Issue: 3-4
Volume: 35
Year: 2021
Month: 07
X-DOI: 10.1080/02692171.2021.1908237
File-URL: http://hdl.handle.net/10.1080/02692171.2021.1908237
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:35:y:2021:i:3-4:p:577-596




Template-Type: ReDIF-Article 1.0
Author-Name: Marwil J. Dávila Fernández
Author-X-Name-First: Marwil J.
Author-X-Name-Last: Dávila Fernández
Author-Name: Lionello F. Punzo
Author-X-Name-First: Lionello F.
Author-X-Name-Last: Punzo
Title: Some new insights on financialization and income inequality: evidence for the US economy, 1947–2013
Abstract: 
 In this article, we study the relationship between income distribution and financialization in the United States between 1947 and 2013. Financialization is introduced as a two-fold process. On the one hand, it implies an increase in the contribution of the financial sector in the composition of production. On the other hand, it is related to an increase in the importance of financial assets in terms of the composition of wealth. We take the share of financial employment as a proxy of the first dimension while, as to wealth composition, we make use of the share of financial assets on corporations’ total assets. Applying cointegration techniques, we identify a positive long-run relationship between financialization and income inequality. Causality goes from employment to income inequality and from the latter to wealth. Nonlinear estimators suggest the existence of certain asymmetric effects such that changes in income distribution cannot be reverted by simply reverting financialization.
Journal: International Review of Applied Economics
Pages: 520-539
Issue: 3-4
Volume: 35
Year: 2021
Month: 07
X-DOI: 10.1080/02692171.2020.1853684
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1853684
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:35:y:2021:i:3-4:p:520-539




Template-Type: ReDIF-Article 1.0
Author-Name: Jonathan Michie
Author-X-Name-First: Jonathan
Author-X-Name-Last: Michie
Title: Interpreting the world, in various ways – and changing it
Journal: International Review of Applied Economics
Pages: 626-631
Issue: 3-4
Volume: 35
Year: 2021
Month: 07
X-DOI: 10.1080/02692171.2021.1918717
File-URL: http://hdl.handle.net/10.1080/02692171.2021.1918717
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:35:y:2021:i:3-4:p:626-631




Template-Type: ReDIF-Article 1.0
Author-Name: Shakil Quayes
Author-X-Name-First: Shakil
Author-X-Name-Last: Quayes
Author-Name: George Joseph
Author-X-Name-First: George
Author-X-Name-Last: Joseph
Title: Determinants of social outreach of microfinance institutions
Abstract: 
 The paper analyzes the determinants of social outreach of microfinance institutions (MFIs), using three measures of outreach – depth of outreach, breadth of outreach, and outreach to women, and its possible complementarity with financial performance. We use an unbalanced panel of 1,219 MFIs over a period of 20 years to investigate the effect of firm-specific characteristics and the impact of prevailing legal system on social outreach of MFIs. Rejecting the notion of tradeoff between financial performance and social outreach, our empirical results show that better financial performance has a positive association with social outreach. Furthermore, we observe that a common law legal system is more conducive in facilitating social outreach, and MFIs operating under common law legal system achieve better depth of outreach, breadth of outreach, and outreach to women, than MFIs under code law legal system and mixed law legal system. While we had expected nonprofit MFIs to exhibit better social outreach than for profit MFIs, we found empirical evidence of such only in the case of outreach to women. Finally, we find empirical evidence that unregulated MFIs achieve better social outreach than regulated MFIs.
Journal: International Review of Applied Economics
Pages: 540-550
Issue: 3-4
Volume: 35
Year: 2021
Month: 07
X-DOI: 10.1080/02692171.2021.1907319
File-URL: http://hdl.handle.net/10.1080/02692171.2021.1907319
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:35:y:2021:i:3-4:p:540-550




Template-Type: ReDIF-Article 1.0
Author-Name: Samuel Rosenberg
Author-X-Name-First: Samuel
Author-X-Name-Last: Rosenberg
Title: Challenges to neo-liberalism in the United States
Abstract: 
 With the significant changes in the economy and the society occurring under neo-liberalism as a base, this paper analyzes the extent to which government policies, including federal, state, and local, and labor activism since the Great Recession constitute challenges to neo-liberalism in the United States. It investigates the legacy of neo-liberalism including the ineffective federal governmental response to the COVID-19 economic and health crisis, and the emerging discourse within the Democratic Party calling for a major reorientation of government policy away from neo-liberalism. It concludes by discussing the effects of the neo-liberal agenda on economic well-being and evaluating whether the neo-liberal agenda has been successful in its own terms.
Journal: International Review of Applied Economics
Pages: 407-431
Issue: 3-4
Volume: 35
Year: 2021
Month: 07
X-DOI: 10.1080/02692171.2020.1844640
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1844640
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:35:y:2021:i:3-4:p:407-431




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Correction
Journal: International Review of Applied Economics
Pages: II-II
Issue: 3-4
Volume: 35
Year: 2021
Month: 07
X-DOI: 10.1080/02692171.2021.1934286
File-URL: http://hdl.handle.net/10.1080/02692171.2021.1934286
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:35:y:2021:i:3-4:p:II-II




Template-Type: ReDIF-Article 1.0
Author-Name: Remzi Baris Tercioglu
Author-X-Name-First: Remzi Baris
Author-X-Name-Last: Tercioglu
Title: Rethinking growth and inequality in the US: what is the role of measurement of GDP?
Abstract: 
 Five sectors have increased their contribution to US GDP growth since 1973: professional-business services (PBS), finance, information, healthcare, and arts-entertainment. Among these, however, finance, healthcare, and PBS have questionable foundations for being regarded as final consumption of households. Contra published National Income and Product Accounts, treating expenditures on finance, healthcare, and PBS as intermediate consumption reveals a significantly different picture of US economic growth, including i) a deeper slowdown of real output growth since 1973; ii) a more moderate rise in consumption share since 1980; and iii) a sharper decline in labor share, defined as the compensation of employees over GDP since 1985. Through a measurement approach, this paper thus contributes to the literature on secular stagnation and rising inequality in the United States.
Journal: International Review of Applied Economics
Pages: 551-576
Issue: 3-4
Volume: 35
Year: 2021
Month: 07
X-DOI: 10.1080/02692171.2021.1892038
File-URL: http://hdl.handle.net/10.1080/02692171.2021.1892038
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:35:y:2021:i:3-4:p:551-576




Template-Type: ReDIF-Article 1.0
Author-Name: Pintu Parui
Author-X-Name-First: Pintu
Author-X-Name-Last: Parui
Title: Government expenditure and economic growth: a post-Keynesian analysis
Abstract: 
 In a post-Keynesian growth model with positive saving propensity out of wages, this paper analyses the implication of different kinds of government expenditures on aggregate demand and economic growth. We distinguish between government expenditure on consumption and investment. The basic idea is that certain kinds of government investment expenditure influences labour productivity. In a formal model, we incorporate this idea by assuming labour productivity as an increasing function of government investment expenditure. When the economy is in a profit-led demand regime, under the balanced budget assumption, we show that a shift in government expenditure from consumption to investment leads to an unambiguous rise in both aggregate demand and economic growth. However, the result is ambiguous in the wage-led demand regime. Once the balanced budget assumption is dropped, while in a wage-led demand regime a rise in government investment expenditure may decrease aggregate demand and growth, it unambiguously raises both aggregate demand and growth in a profit-led demand regime. On the other hand, in the absence of a balanced budget assumption, a rise in government consumption expenditure has a positive effect in both regimes. We also show that allowing the government to run a deficit and incur debt does not necessarily lead to the public debt rising without bounds.
Journal: International Review of Applied Economics
Pages: 597-625
Issue: 3-4
Volume: 35
Year: 2021
Month: 07
X-DOI: 10.1080/02692171.2020.1837744
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1837744
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:35:y:2021:i:3-4:p:597-625




Template-Type: ReDIF-Article 1.0
Author-Name: Nikolas Passos
Author-X-Name-First: Nikolas
Author-X-Name-Last: Passos
Author-Name: André de Melo Modenesi
Author-X-Name-First: André de Melo
Author-X-Name-Last: Modenesi
Title: Do public banks reduce monetary policy power? Evidence from Brazil based on state dependent local projections (2000–2018)
Abstract: 
 We test the hypothesis that public banks reduce monetary policy power. Previous studies have shown that companies with access to government-driven credit present smaller fall in investment and production after a contractionary monetary policy shock. Nevertheless, these studies are based on microeconomic data and ignore macroeconomic effects, especially the cost-push effects, of monetary policy. We employ state-dependent local projections to compare monetary policy power – the sensibility of inflation to changes in policy interest rate – between periods of high credit of public banks and periods of high credit of private banks. We do not find evidence that monetary policy is less powerful in periods of high credit of public banks. Even though periods of high credit of public banks present a lower effect over output, those periods present less persistent price puzzles than periods of high private credit. Robustness of results is enhanced by performing several tests. We attribute our results to lower flexibility in interest rates of credit from public banks, what leads to lower transmission in financial costs, lower reduction in capital stock and lower variation in the exchange rate.
Journal: International Review of Applied Economics
Pages: 502-519
Issue: 3-4
Volume: 35
Year: 2021
Month: 07
X-DOI: 10.1080/02692171.2020.1837745
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1837745
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:35:y:2021:i:3-4:p:502-519




Template-Type: ReDIF-Article 1.0
Author-Name: Philip Arestis
Author-X-Name-First: Philip
Author-X-Name-Last: Arestis
Title: UK and other advanced economies productivity and income inequality
Abstract: 
 The focus of this contribution is on weak productivity growth, in the UK and other advanced economies, which has been slowing down ever since around 2000, and on increasing income inequality; both of which have been caused by a number of factors, including ‘secular stagnation’. Actually, recent evidence clearly suggests that labour productivity and income inequality have been closely and significantly related; this is so since there is a strong relationship between productivity, inequality, economic growth and real wages. Productivity growth is the key determinant of how demand can grow without inflation, thereby reducing inequality of income. The slowdown in productivity growth and increase in inequality have been in evidence in the UK and other advanced economies. Indeed, they have become more pronounced following the Global Financial Crisis. It is the case that although weak productivity growth and increased income inequality predate the Global Financial Crisis, and the Great Recession, they have clearly worsened following them.
Journal: International Review of Applied Economics
Pages: 355-370
Issue: 3-4
Volume: 35
Year: 2021
Month: 07
X-DOI: 10.1080/02692171.2020.1749243
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1749243
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:35:y:2021:i:3-4:p:355-370




Template-Type: ReDIF-Article 1.0
Author-Name: Robert Pollin
Author-X-Name-First: Robert
Author-X-Name-Last: Pollin
Title: The industrial policy requirements for a global climate stabilization project
Abstract: 
 This paper presents an industrial policy approach for advancing a global climate stabilization project. The centerpieces of the project are 1) dramatically improving energy efficiency standards in the stock of buildings, automobiles and public transportation systems, and industrial production processes; and 2) equally dramatically expanding the supply of clean renewable energy sources – primarily solar and wind power – available at competitive prices. Global investment spending in these areas will need to average about 2.5% of global GDP over 2024–2050 to achieve a net zero CO2 emissions global economy by 2050. The paper works within a policy approach similar to that advanced by Malcolm Sawyer that integrated industrial and macroeconomic policies targeted at achieving full employment.
Journal: International Review of Applied Economics
Pages: 389-406
Issue: 3-4
Volume: 35
Year: 2021
Month: 07
X-DOI: 10.1080/02692171.2020.1755239
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1755239
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:35:y:2021:i:3-4:p:389-406




Template-Type: ReDIF-Article 1.0
Author-Name: Petra Dünhaupt
Author-X-Name-First: Petra
Author-X-Name-Last: Dünhaupt
Author-Name: Hansjörg Herr
Author-X-Name-First: Hansjörg
Author-X-Name-Last: Herr
Title: Global value chains – a ladder for development?
Abstract: 
 For countries of the Global South, global value chains offer an opportunity to integrate into international trade and to industrialise relatively easily. However, in this contribution, we argue that this is not sufficient for a catching-up development, i.e. to reach the GDP per capita levels of the countries of the Global North. On the contrary, there is a risk that countries will remain trapped in low value-added activities. The theoretical argument is supported by case studies of four industries in six countries. For catching-up, countries need comprehensive horizontal and vertical industrial policy.
Journal: International Review of Applied Economics
Pages: 456-474
Issue: 3-4
Volume: 35
Year: 2021
Month: 07
X-DOI: 10.1080/02692171.2020.1815665
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1815665
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:35:y:2021:i:3-4:p:456-474




Template-Type: ReDIF-Article 1.0
Author-Name: Komla Agudze
Author-X-Name-First: Komla
Author-X-Name-Last: Agudze
Author-Name: Oyakhilome Ibhagui
Author-X-Name-First: Oyakhilome
Author-X-Name-Last: Ibhagui
Title: Inflation and FDI in industrialized and developing economies
Abstract: 
 This article investigates the effects of inflation on FDI in 74 countries clustered into industrialized and developing economies. Contrary to previous studies, we show that the link between inflation and FDI is nonlinear, with evidence of threshold effects in both industrialized and developing economies. We find that the inflation threshold is about five times higher in developing than industrialized economies. Inflation tends to reduce FDI in industrialized economies after exceeding its threshold whereas in developing economies, its impact on FDI is negative even before exceeding its threshold. We propose that the long-standing evidence of mixed relations between inflation and FDI, which is well documented in the literature, may be explained by the existence of previously ignored threshold effects.
Journal: International Review of Applied Economics
Pages: 749-764
Issue: 5
Volume: 35
Year: 2021
Month: 09
X-DOI: 10.1080/02692171.2020.1853683
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1853683
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:35:y:2021:i:5:p:749-764




Template-Type: ReDIF-Article 1.0
Author-Name: Ben Fine
Author-X-Name-First: Ben
Author-X-Name-Last: Fine
Author-Name: Pedro Mendes Loureiro
Author-X-Name-First: Pedro
Author-X-Name-Last: Mendes Loureiro
Title: From social choice to inequality-decomposition: in the spirit of Arrow and Atkinson by way of Sen and Shorrocks
Abstract: 
 This article forges connections between social choice theory and inequality-measurement to deliver a series of advances to the latter. It discusses the ethical and formal aspects connecting the fields, linking the roles played by the intensity of preferences and interpersonal comparability (in social choice) and, respectively, inequality-aversion and interpersonal comparability (in inequality-measurement). This extends naturally to relaxing the assumption of symmetry in group-wise inequality-decompositions, allowing a measure capable of unambiguous decomposition that, overcoming well-known limitations of existing measures, still incorporates different degrees of inequality-aversion through the use of its demonstrated duality with inter-group comparability. The framework is then applied to inequality in Brazil and the changes it underwent between 2003 and 2015, focusing on labour-market incomes of white men and non-white women. We show how sensitive are measures of (changes in) inequality to assumptions regarding the interpersonal comparability of the groups’ income and inequality-aversion, pinpointing the precise trade-offs between the two. The results indicate that, for a reasonable range of parameters, overall inequality changed by between −28.6% and −12.2% over the period. This highlights the analysis of the trade-off between interpersonal comparability and inequality-aversion warrants being addressed explicitly in empirical measurements of, or judgements over, levels and variations of inequality.
Journal: International Review of Applied Economics
Pages: 765-791
Issue: 5
Volume: 35
Year: 2021
Month: 09
X-DOI: 10.1080/02692171.2021.1892039
File-URL: http://hdl.handle.net/10.1080/02692171.2021.1892039
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:35:y:2021:i:5:p:765-791




Template-Type: ReDIF-Article 1.0
Author-Name: Basil Oberholzer
Author-X-Name-First: Basil
Author-X-Name-Last: Oberholzer
Title: Long-term development of Kenya’s growth potential
Abstract: 
 This analysis of balance-of-payments-constrained growth according to Thirlwall’s law shows that Kenya’s growth has been balance-of-payments-constrained in the long term. The basic version of the law does not fit the data since actual growth was above the rate suggested by a balanced trade account. However, the extended version is confirmed because of a partial improvement of Kenya’s terms of trade and capital inflows resulting in the accumulation of foreign debt allowed for a higher growth rate. By endogenously identifying structural breaks in Kenya’s growth history and testing Thirlwall’s law for the respective subperiods, an increase of the growth potential since the 1980s is observed. However, this development went along with a shift in economic activity from agriculture and manufacturing to services and construction while the informal sector multiplied in size. The results thus suggest that the external constraint was not relaxed by the development of productive capacity but by stagnating or even falling incomes and precarization in the labor market, which restricted imports. Therefore, the surge in growth since the beginning of the 21st century has involved an increasing trade deficit and growing external debt.
Journal: International Review of Applied Economics
Pages: 729-748
Issue: 5
Volume: 35
Year: 2021
Month: 09
X-DOI: 10.1080/02692171.2020.1853076
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1853076
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:35:y:2021:i:5:p:729-748




Template-Type: ReDIF-Article 1.0
Author-Name: Jonathan Michie
Author-X-Name-First: Jonathan
Author-X-Name-Last: Michie
Title: Economic theory, practice, and policy – and the prescience of Frank Wilkinson and Vishnu Padayachee
Journal: International Review of Applied Economics
Pages: 633-636
Issue: 5
Volume: 35
Year: 2021
Month: 09
X-DOI: 10.1080/02692171.2021.1976477
File-URL: http://hdl.handle.net/10.1080/02692171.2021.1976477
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:35:y:2021:i:5:p:633-636




Template-Type: ReDIF-Article 1.0
Author-Name: Mohd Hussain Kunroo
Author-X-Name-First: Mohd Hussain
Author-X-Name-Last: Kunroo
Author-Name: M. Absar Alam
Author-X-Name-First: M. Absar
Author-X-Name-Last: Alam
Title: Rail versus inland water transport: a comparative costs study based on the movement of coal in India
Abstract: 
 This paper makes an attempt to fill some of the gaps present in the literature related to various modes of transport in India. It presents a comparative cost study of rail and Inland Water Transport (IWT) in the Indian context. The case of railway transport is based on the existing construction and operation norms of Indian Railways. In contrast, IWT cost parameters are based on discussions with manufacturers of barges in India and operators of barges carrying coal for Frakka Thermal Power Plant in the Ganges. The estimated results suggest that water ways in India have a comparative advantage over the rail in terms of capital costs (including its various components), climate change cost of environmental costs and social (health and accident) costs as these costs are much lower in case of IWT as compared to railways. However, IWT has no comparative advantage in operation. Estimates indicate that operation and maintenance cost of railways with electric traction is lower than that of IWT mainly because of less fuel consumption. All this indicates that there is a need to develop given waterways and introduce efficient barges in water transport so that it can compete with other modes of transport like Railways. In fact, IWT has characteristics to facilitate a system that meets the requirement of an efficient and sustainable transport system which is cost-effective in operation when compared with railways.
Journal: International Review of Applied Economics
Pages: 637-658
Issue: 5
Volume: 35
Year: 2021
Month: 09
X-DOI: 10.1080/02692171.2020.1837082
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1837082
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:35:y:2021:i:5:p:637-658




Template-Type: ReDIF-Article 1.0
Author-Name: Jorge Carrera
Author-X-Name-First: Jorge
Author-X-Name-Last: Carrera
Author-Name: Pablo de la Vega
Author-X-Name-First: Pablo
Author-X-Name-Last: de la Vega
Title: The non-linear effect of inequality on investment
Abstract: 
 We fill a gap in the literature on the investment determinants that do not take into account distributive issues, estimating the effect of income inequality on investment based on a heterogeneous panel of 95 countries from 1990 to 2015. Additionally, we (i) control for a wide set of control variables, contrasting different theoretical approaches, including trade and financial globalization; (ii) analyze advanced and developing countries; and (iii) test for a possible non-linear relationship between inequality and investment. Unlike the Kuznets curve, which fades in data panels, we find a significant and non-linear (‘U-shaped’) relationship between inequality and investment even when controlling for the panel dimension. At low levels of initial inequality, the relationship is negative; at high levels of initial inequality, the relationship is positive. A possible explanation for our results lies in the interaction between inequality, the productive matrix and international integration.
Journal: International Review of Applied Economics
Pages: 684-713
Issue: 5
Volume: 35
Year: 2021
Month: 09
X-DOI: 10.1080/02692171.2020.1849043
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1849043
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:35:y:2021:i:5:p:684-713




Template-Type: ReDIF-Article 1.0
Author-Name: Bill Gibson
Author-X-Name-First: Bill
Author-X-Name-Last: Gibson
Author-Name: Diane Flaherty
Author-X-Name-First: Diane
Author-X-Name-Last: Flaherty
Title: Modeling functional and juridical informality: a guide for data-driven policy
Abstract: 
 This paper reviews a methodology for integrating the informal sector into social accounting matrices and a simple computable general equilibrium model. The model distinguishes informality according to whether the presence of the informal sector is due to capital limitations, functional informality, versus juridical informality, which may arise as an illegal or quasi-legal competitive strategy that runs the risk of state sanctions. The goal is to offer policymakers some perspectives on how the informal sector could be incorporated into the economy without first repressing it in a way that inhibits its transformation.
Journal: International Review of Applied Economics
Pages: 659-683
Issue: 5
Volume: 35
Year: 2021
Month: 09
X-DOI: 10.1080/02692171.2020.1849042
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1849042
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:35:y:2021:i:5:p:659-683




Template-Type: ReDIF-Article 1.0
Author-Name: Peterson K. Ozili
Author-X-Name-First: Peterson K.
Author-X-Name-Last: Ozili
Title: Economic policy uncertainty: are there regional and country correlations?
Abstract: 
 This study examines the correlation of economic policy uncertainty (EPU) across countries and regions. Using correlation analysis, the findings reveal that some countries have a positive EPU correlation while other countries have a negative EPU correlation. The economic policy uncertainty index is positively correlated and jointly significant for EU member-countries. There is evidence of cross-regional positive correlation. Also, the EPU correlations are significant for Europe, non-EU countries and the region of the Americas during the global financial crisis, which suggest that financial crises are a contributory factor that drives the correlation of economic policy uncertainty in certain regions.
Journal: International Review of Applied Economics
Pages: 714-728
Issue: 5
Volume: 35
Year: 2021
Month: 09
X-DOI: 10.1080/02692171.2020.1853075
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1853075
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:35:y:2021:i:5:p:714-728




Template-Type: ReDIF-Article 1.0
Author-Name: Deepak Kumar Behera
Author-X-Name-First: Deepak Kumar
Author-X-Name-Last: Behera
Author-Name: Maryam Sabreen
Author-X-Name-First: Maryam
Author-X-Name-Last: Sabreen
Author-Name: Deepika Sharma
Author-X-Name-First: Deepika
Author-X-Name-Last: Sharma
Title: The impact of COVID-19 on the Indian economy
Abstract: 
 This paper estimates the loss of output and employment for the Indian economy over the financial year 2020–21 as a result of the COVID-19 pandemic. Using a capacity utilization ratio method, we estimate that the countrywide lockdown disrupted both demand and supply, with a loss of GVA for 2020–21 of 1.7% under an optimistic approach, and a fall in employment of 0.34%, with a loss of 1.56 million jobs. The pessimistic approach suggests a fall in GVA of almost 10%, with employment falling by 7.6%, and around 35.4 million jobs lost in 2020–21. Future growth will depend on the duration of the containment measures, the exit strategy from the lockdown, and the success of the policy responses in restoring business and consumer confidence, by increasing aggregate demand through fiscal expansion to foster investment and employment.
Journal: International Review of Applied Economics
Pages: 870-885
Issue: 6
Volume: 35
Year: 2021
Month: 11
X-DOI: 10.1080/02692171.2021.1962815
File-URL: http://hdl.handle.net/10.1080/02692171.2021.1962815
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:35:y:2021:i:6:p:870-885




Template-Type: ReDIF-Article 1.0
Author-Name: Jonathan Michie
Author-X-Name-First: Jonathan
Author-X-Name-Last: Michie
Author-Name: Maura Sheehan
Author-X-Name-First: Maura
Author-X-Name-Last: Sheehan
Title: The ‘Great Reset’ to tackle Covid-19 and other crises
Journal: International Review of Applied Economics
Pages: 793-795
Issue: 6
Volume: 35
Year: 2021
Month: 11
X-DOI: 10.1080/02692171.2021.1999690
File-URL: http://hdl.handle.net/10.1080/02692171.2021.1999690
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:35:y:2021:i:6:p:793-795




Template-Type: ReDIF-Article 1.0
Author-Name: Christa D. Court
Author-X-Name-First: Christa D.
Author-X-Name-Last: Court
Author-Name: João-Pedro Ferreira
Author-X-Name-First: João-Pedro
Author-X-Name-Last: Ferreira
Author-Name: Geoffrey J.D. Hewings
Author-X-Name-First: Geoffrey J.D.
Author-X-Name-Last: Hewings
Author-Name: Michael L. Lahr
Author-X-Name-First: Michael L.
Author-X-Name-Last: Lahr
Title: Accounting for global value chains: rising global inequality in the wake of COVID-19?
Abstract: 
 Production processes depend on fragmented and interdependent value chains; nowadays, a single product often includes components produced in dozens of countries. Many public health measures being implemented to prevent the spread of COVID-19 have dampened economic activity of ‘non-essential’ sectors. The decreased production affects other industries and countries that supply parts, machinery, and services via global value chains. Using the World Input-Output Database, we show how a hypothetical decline in the worldwide consumption of a set of non-essential sectors affects the global distribution of GDP and employment. While richer countries consume relatively more non-essential goods and services, we find, by considering the interdependencies among developed and developing economies, that low-income countries are likely to suffer steeper declines in their GDP and employment. Specifically, for each 1% decline in the demand for non-essential products, the GINI index across nations is expected to rise by 0.3%. That is, global inequality is likely to rise, contradicting some earlier findings. Finally, we show that economies with less-diverse sets of industries are more vulnerable to such global shocks. This study highlights the role of value chains in analyzing the spatial spread of the impacts and their contribution to amplifying world imbalances.
Journal: International Review of Applied Economics
Pages: 813-831
Issue: 6
Volume: 35
Year: 2021
Month: 11
X-DOI: 10.1080/02692171.2021.1912716
File-URL: http://hdl.handle.net/10.1080/02692171.2021.1912716
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:35:y:2021:i:6:p:813-831




Template-Type: ReDIF-Article 1.0
Author-Name: Hee-Young Shin
Author-X-Name-First: Hee-Young
Author-X-Name-Last: Shin
Title: The Korean government’s public health responses to the COVID-19 epidemic through the lens of industrial policy
Abstract: 
 The paper explores the idea that the success of the Korean government’s non-pharmaceutical interventions in response to the COVID-19 epidemic can be better understood through the lens of industrial policy framework than many descriptive public policy literatures that have merely focused on administrative efficiency. It is emphasized in this paper that the Korean government has maintained sustained R&D support, tax subsidy, and various forms of public–private partnerships to help nurture and grow domestic infant industry in such strategic industrial areas as information-communication technology, biotechnology and health care, and pharmaceutical industry for a long time, and this soft industrial policy has enabled the public health authority to implement a series of successful non-pharmaceutical public health measures to suppress and mitigate the spread of the novel coronavirus.
Journal: International Review of Applied Economics
Pages: 851-869
Issue: 6
Volume: 35
Year: 2021
Month: 11
X-DOI: 10.1080/02692171.2021.1954145
File-URL: http://hdl.handle.net/10.1080/02692171.2021.1954145
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:35:y:2021:i:6:p:851-869




Template-Type: ReDIF-Article 1.0
Author-Name: Mahua Barari
Author-X-Name-First: Mahua
Author-X-Name-Last: Barari
Author-Name: Srikanta Kundu
Author-X-Name-First: Srikanta
Author-X-Name-Last: Kundu
Author-Name: Saibal Mitra
Author-X-Name-First: Saibal
Author-X-Name-Last: Mitra
Title: An empirical analysis of COVID-19 response: comparison of US with the G7
Abstract: 
 We compare the US policy response to COVID-19 with its G7 counterparts between March and September 2020. The G7 countries, while economically and ideologically aligned, have instituted vastly different policies to mitigate the spread of the disease with varying degrees of compliance. To quantify the effect of policy responses on the spread of infections, we estimate beta for each country which is the slope coefficient of daily new cases in each country regressed against world new cases. First, we test for structural breaks in daily data for world new cases using the Bai Perron method which endogenously determines break points. We obtain five break dates that allow us to divide the time period into six windows and estimate betas separately for each window. Next, we rank the G7 countries based on their beta values for each window. Our empirical findings suggest that countries that eased their lockdown measures moderately while enforcing nationwide mask mandate and comprehensive contact tracing generally performed better in mitigating the spread of new infections. Furthermore, countries with higher degree of compliance saw improvement in their rankings. US was ranked mostly in the bottom half of the G7 group but not always the worst.
Journal: International Review of Applied Economics
Pages: 886-903
Issue: 6
Volume: 35
Year: 2021
Month: 11
X-DOI: 10.1080/02692171.2021.1965100
File-URL: http://hdl.handle.net/10.1080/02692171.2021.1965100
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:35:y:2021:i:6:p:886-903




Template-Type: ReDIF-Article 1.0
Author-Name: Pinaki Das
Author-X-Name-First: Pinaki
Author-X-Name-Last: Das
Author-Name: Santanu Bisai
Author-X-Name-First: Santanu
Author-X-Name-Last: Bisai
Author-Name: Sudeshna Ghosh
Author-X-Name-First: Sudeshna
Author-X-Name-Last: Ghosh
Title: Impact of pandemics on income inequality: lessons from the past
Abstract: 
 This paper examines how past pandemics impacted income inequality measured through the Gini measure of inequality net of taxes. It explores how five major pandemics, namely, SARS in 2003, H1N1 in 2009, MERS in 2012, Ebola in 2014, and Zika in 2016 impacted the distribution of income across high income, upper-middle-income and lower-middle-income countries. How the inequality across quintiles share in income is impacted was explored. We used comprehensive panel data sets covering annual observations from 1995 to 2017 for 70 countries. The generalized least square estimation shows that the pandemics have a statistically significant positive impact upon income inequality particularly for the high-income group and also for the entire set of 70 countries. However, the impact of the pandemics is negative upon the upper-middle-income group of countries. The estimation is robust controlling for additional macroeconomic variables. The study demonstrates that past pandemics may generate a policy response that impacts the distribution of income. A weakened role of the state has been responsible for worsening inequality.
Journal: International Review of Applied Economics
Pages: 832-850
Issue: 6
Volume: 35
Year: 2021
Month: 11
X-DOI: 10.1080/02692171.2021.1921712
File-URL: http://hdl.handle.net/10.1080/02692171.2021.1921712
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:35:y:2021:i:6:p:832-850




Template-Type: ReDIF-Article 1.0
Author-Name: Himadri Shekhar Chakrabarty
Author-X-Name-First: Himadri Shekhar
Author-X-Name-Last: Chakrabarty
Author-Name: Partha Ray
Author-X-Name-First: Partha
Author-X-Name-Last: Ray
Author-Name: Parthapratim Pal
Author-X-Name-First: Parthapratim
Author-X-Name-Last: Pal
Title: The Covid-19 pandemic and economic stimulus in India: has it been a hostage of macroeconomic complications?
Abstract: 
 This paper analyzes the efficacy and skepticism surrounding the economic stimulus package announced by the Indian authorities in response to the Covid-19 pandemic in 2020. While the end of the pandemic is yet to be on the horizon, countries across the world have been undertaking economic stimulus packages of varied nature, depth, and quantum. A scrutiny of these packages show that India has been cautious in formulating policy measures and balancing inter-temporal objectives. The disaggregated economic stimulus package in India belies the justification of it being an adequate stimulus in managing the mammoth crisis, especially when the authorities had resorted to more deferred spending measures while the need of the hour was direct fiscal spending. Specifically, this study argues that the causes behind the fiscal conservativeness might be linked to India’s twin deficits in the fiscal and current account fronts, along with the fear of a potential capital flight and a possible adverse response by the foreign investors.
Journal: International Review of Applied Economics
Pages: 796-812
Issue: 6
Volume: 35
Year: 2021
Month: 11
X-DOI: 10.1080/02692171.2021.1905786
File-URL: http://hdl.handle.net/10.1080/02692171.2021.1905786
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:35:y:2021:i:6:p:796-812




Template-Type: ReDIF-Article 1.0
Author-Name: R Ippoliti
Author-X-Name-First: R
Author-X-Name-Last: Ippoliti
Author-Name: A. Sanders
Author-X-Name-First: A.
Author-X-Name-Last: Sanders
Title: The demand for civil justice in Germany: an empirical investigation
Abstract: 
 The demand for civil justice in Germany has shrunk over the last decades, although we can observe a high level of heterogeneity, with increasing and decreasing trends depending on specific case matters. The present work investigates this phenomenon, analyzing the aggregate demand for civil justice between 2008 and 2017 at the regional level, and focusing on the courts. We study the propensity of individuals to pursue justice according to the current economic, judicial and socio-cultural environments. We identify a statistically significant negative relation between economic development and the aggregate demand for civil justice, i.e., we cannot reject the hypothesis that the so-called ‘forgiving’ behavior might be predominant among the explored dynamics. However, considering the judicial environment, it emerges that judicial performance might discourage people from submitting cases to courts, lending strength to a different hypothesis, i.e., an increase in the use of alternative methods of dispute resolution on the private market of legal services. Finally, looking at socio-cultural dynamics, the authors observe statistically significant differences between the demand for justice in the West and the East of Germany.
Journal: International Review of Applied Economics
Pages: 67-84
Issue: 1
Volume: 36
Year: 2022
Month: 01
X-DOI: 10.1080/02692171.2021.1888896
File-URL: http://hdl.handle.net/10.1080/02692171.2021.1888896
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:36:y:2022:i:1:p:67-84




Template-Type: ReDIF-Article 1.0
Author-Name: Jonathan Michie
Author-X-Name-First: Jonathan
Author-X-Name-Last: Michie
Title: Challenges for economic policy
Journal: International Review of Applied Economics
Pages: 1-3
Issue: 1
Volume: 36
Year: 2022
Month: 01
X-DOI: 10.1080/02692171.2022.2037346
File-URL: http://hdl.handle.net/10.1080/02692171.2022.2037346
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:36:y:2022:i:1:p:1-3




Template-Type: ReDIF-Article 1.0
Author-Name: Sébastien Charles
Author-X-Name-First: Sébastien
Author-X-Name-Last: Charles
Title: On the long-run relationship between immigration and growth: empirical evidence from European countries
Abstract: 
 This paper has a main ambition. It evaluates the impact of immigration on GDP per worker for ten European countries in order to fill the gap with numerous studies focusing on variables other than growth (wages, unemployment, innovation or public finances). We show that there is no obvious relationship between growth and immigration for a majority of economies. It is only when we allow for the possibility of structural breaks that we find the existence of cointegration between the two variables for six countries. Moreover, our results suggest that the impact of immigration remains rather modest on average.
Journal: International Review of Applied Economics
Pages: 51-66
Issue: 1
Volume: 36
Year: 2022
Month: 01
X-DOI: 10.1080/02692171.2020.1865285
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1865285
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:36:y:2022:i:1:p:51-66




Template-Type: ReDIF-Article 1.0
Author-Name: Chokri Zehri
Author-X-Name-First: Chokri
Author-X-Name-Last: Zehri
Title: Buffering monetary and exchange rate shocks: are capital controls effective?
Abstract: 
 We demonstrate that capital controls can considerably mitigate the effects of monetary and exchange rate shocks and reduce the volatility of capital inflows to emerging countries. This study analyzed quarterly data of 32 emerging economies over the period between 2000 and 2019, and proposes two methods to identify capital control actions. Using panel analysis, Autoregressive Distributed Lag (ARDL), and local projections approaches, this study found that tighter capital controls may diminish monetary and exchange rate shocks and reduce capital inflows volatility. Furthermore, capital controls respond anti-cyclically to monetary shocks. Under capital controls, countries with floating exchange rate regimes have more potential to buffer monetary shocks. We also found that capital controls on inflows are more effective for lowering the volatility of capital inflows compared to capital controls on outflows.
Journal: International Review of Applied Economics
Pages: 102-128
Issue: 1
Volume: 36
Year: 2022
Month: 01
X-DOI: 10.1080/02692171.2021.1908238
File-URL: http://hdl.handle.net/10.1080/02692171.2021.1908238
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:36:y:2022:i:1:p:102-128




Template-Type: ReDIF-Article 1.0
Author-Name: Daniel Ofoe Chachu
Author-X-Name-First: Daniel Ofoe
Author-X-Name-Last: Chachu
Author-Name: Edward Nketiah-Amponsah
Author-X-Name-First: Edward
Author-X-Name-Last: Nketiah-Amponsah
Title: The Fiscal resource curse: What’s China’s natural resource appetite got to do with it?
Journal: International Review of Applied Economics
Pages: 129-146
Issue: 1
Volume: 36
Year: 2022
Month: 01
X-DOI: 10.1080/02692171.2021.1942438
File-URL: http://hdl.handle.net/10.1080/02692171.2021.1942438
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:36:y:2022:i:1:p:129-146




Template-Type: ReDIF-Article 1.0
Author-Name: Jonathan Michie
Author-X-Name-First: Jonathan
Author-X-Name-Last: Michie
Author-Name: Philip B. Whyman
Author-X-Name-First: Philip B.
Author-X-Name-Last: Whyman
Author-Name: Ruth Yeoman
Author-X-Name-First: Ruth
Author-X-Name-Last: Yeoman
Title: Call for papers for a special issue on economic policy in an era of crises and uncertainty – tackling global inequality and financial instability, building forward post-covid, and securing net zero
Journal: International Review of Applied Economics
Pages: 147-148
Issue: 1
Volume: 36
Year: 2022
Month: 01
X-DOI: 10.1080/02692171.2022.2014166
File-URL: http://hdl.handle.net/10.1080/02692171.2022.2014166
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:36:y:2022:i:1:p:147-148




Template-Type: ReDIF-Article 1.0
Author-Name: Philip Arestis
Author-X-Name-First: Philip
Author-X-Name-Last: Arestis
Author-Name: Fernando Ferrari-Filho
Author-X-Name-First: Fernando
Author-X-Name-Last: Ferrari-Filho
Author-Name: Marco Flávio da Cunha Resende
Author-X-Name-First: Marco Flávio da Cunha
Author-X-Name-Last: Resende
Author-Name: Fábio Henrique Bittes Terra
Author-X-Name-First: Fábio Henrique
Author-X-Name-Last: Bittes Terra
Title: A critical analysis of the Brazilian ‘expansionary fiscal austerity’: why did it fail to ensure economic growth and structural development?
Abstract: 
 This paper discusses the Brazilian economy since 2015. After an economic boom from 2005 to 2011, Brazil entered a downturn, which resulted in a strong recession in 2015 and 2016. The Economic Authorities understood that the cause of the crisis was due to an expansionary economic policy undertaken over the period 2009–2014; thereby the solution for the recession would be quite the opposite: fiscal austerity and tight monetary policy. However, the restrictive economic policies did not grant growth: Brazil grew a little bit more than 1.0% on average over 2017–2019. It was this stagnated Brazil that the Covid-19 pandemic met, turning it worse than what had already been bad. In view of that, we explain why the ‘expansionary fiscal austerity’ failed to furnish growth and debate what should be undertaken to ensure a sustainable economic activity and structural development.
Journal: International Review of Applied Economics
Pages: 4-16
Issue: 1
Volume: 36
Year: 2022
Month: 01
X-DOI: 10.1080/02692171.2021.1893667
File-URL: http://hdl.handle.net/10.1080/02692171.2021.1893667
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:36:y:2022:i:1:p:4-16




Template-Type: ReDIF-Article 1.0
Author-Name: Emilio Aguirre
Author-X-Name-First: Emilio
Author-X-Name-Last: Aguirre
Author-Name: Pablo Blanchard
Author-X-Name-First: Pablo
Author-X-Name-Last: Blanchard
Author-Name: Fernando Borraz
Author-X-Name-First: Fernando
Author-X-Name-Last: Borraz
Author-Name: Joaquín Saldain
Author-X-Name-First: Joaquín
Author-X-Name-Last: Saldain
Title: Prices and competition: evidence from a social program
Abstract: 
 We use a micro price dataset for products defined at the universal product code level to analyze the impact on prices of a social program in Uruguay that allows its beneficiaries to purchase food, beverages, and cleaning items exclusively in certain small retailers. We find that an unintended negative consequence is that the beneficiaries pay significantly higher prices to other retailers. We find this result for the whole country except for areas with the highest retailer density in Montevideo’s capital city. We also do not find evidence of price discrimination of stores against program beneficiaries. The participant stores charge the same price to beneficiaries and other customers. For an overall assessment of the program, we find that an unintended consequence of it was a price increase for all customers in capital cities that increased the cost of the program.
Journal: International Review of Applied Economics
Pages: 85-101
Issue: 1
Volume: 36
Year: 2022
Month: 01
X-DOI: 10.1080/02692171.2021.1905785
File-URL: http://hdl.handle.net/10.1080/02692171.2021.1905785
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:36:y:2022:i:1:p:85-101




Template-Type: ReDIF-Article 1.0
Author-Name: G Pantelopoulos
Author-X-Name-First: G
Author-X-Name-Last: Pantelopoulos
Title: Managed exchange rate regimes and monetary independence: an empirical appraisal
Abstract: 
 Under the impossible trinity, it is alleged that attempts to maintain both monetary independence and an undervalued domestic exchange rate whilst being exposed to global capital flows will culminate in macroeconomic instability. To analyse the validity of the impossible trinity in the instance of a balance of payments surplus, we first employ a number of ARDL models to investigate the potential presence of co-integration between foreign reserves and several variables on the balance sheet of the Central Bank. A VECM is then used to exemplify the fact that policymakers must respond to an increase in foreign reserves so as to steer the interbank rate to the policy rate. In total, we argue that in the case of a balance of payment surplus (i) it is problematic to validate the existence of a transmission mechanism between foreign reserve accumulation and inflation; (ii) economies with heavily managed exchange rates appear to have achieved monetary independence whilst remaining open to global capital flows; and finally, (iii) since the four Central Banks examined target an overnight rate, rather than any form of monetary aggregate, ‘exogenous’ sterilisation initiatives are involuntary.
Journal: International Review of Applied Economics
Pages: 17-50
Issue: 1
Volume: 36
Year: 2022
Month: 01
X-DOI: 10.1080/02692171.2020.1864298
File-URL: http://hdl.handle.net/10.1080/02692171.2020.1864298
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:36:y:2022:i:1:p:17-50




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Correction
Journal: International Review of Applied Economics
Pages: 149-149
Issue: 1
Volume: 36
Year: 2022
Month: 01
X-DOI: 10.1080/02692171.2021.1940487
File-URL: http://hdl.handle.net/10.1080/02692171.2021.1940487
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:36:y:2022:i:1:p:149-149





Template-Type: ReDIF-Article 1.0
Author-Name: Laurent Kemoe
Author-X-Name-First: Laurent
Author-X-Name-Last: Kemoe
Author-Name: Emmanuel K.K. Lartey
Author-X-Name-First: Emmanuel K.K.
Author-X-Name-Last: Lartey
Title: Public debt, institutional quality and growth in sub-Saharan Africa: a threshold analysis
Abstract: 
 Using data for 44 sub-Saharan African countries, this study analyzes the effect of public debt on economic growth and assesses whether institutional quality matters for this effect. The results indicate that, while an increase in public debt has a negative impact on economic growth, this effect is dampened when there is an increase in the quality of institutions as captured by an anti-corruption perception indicator or a government effectiveness indicator. Further, the findings indicate that there is a level of institutional quality above which the effect of an increase in public debt on growth is positive. Ergo, a decline in corruption as well as the perception effect that it engenders, and an improvement in the quality of policymaking should eliminate some of the inefficiencies characteristic of governments in the sub-region and facilitate a positive impact of debt on growth.
Journal: International Review of Applied Economics
Pages: 222-244
Issue: 2
Volume: 36
Year: 2022
Month: 03
X-DOI: 10.1080/02692171.2021.1957785
File-URL: http://hdl.handle.net/10.1080/02692171.2021.1957785
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:36:y:2022:i:2:p:222-244



Template-Type: ReDIF-Article 1.0
Author-Name: Françoise Okah Efogo
Author-X-Name-First: Françoise
Author-X-Name-Last: Okah Efogo
Author-Name: Kwami Ossadzifo Wonyra
Author-X-Name-First: Kwami Ossadzifo
Author-X-Name-Last: Wonyra
Author-Name: Evans Osabuohien
Author-X-Name-First: Evans
Author-X-Name-Last: Osabuohien
Title: Foreign direct investment and participation of developing countries in global value chains: lessons from the last decade
Abstract: 
 This study investigates how foreign direct investment (FDI) affects the participation of developing countries in global value chains (GVCs). This inquiry is crucial as FDI is seen, at least theoretically, as a means of expediting developing countries’ participation in GVCs in some ways. It provides empirical evidence of this nexus between FDI and GVC using a dynamic panel data model including 43 developing countries (2010–2019). Our results show, among other things, that FDI has a significantly positive effect on the participation of developing countries in GVCs. This is found to be the case regardless of whether the FDI is in the primary, secondary or tertiary sector. However, to benefit fully requires policymakers to strengthen the absorptive capacity of the local labour force (productivity and education level).
Journal: International Review of Applied Economics
Pages: 264-284
Issue: 2
Volume: 36
Year: 2022
Month: 03
X-DOI: 10.1080/02692171.2021.1962255
File-URL: http://hdl.handle.net/10.1080/02692171.2021.1962255
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:36:y:2022:i:2:p:264-284



Template-Type: ReDIF-Article 1.0
Author-Name: Guivis Nkemgha
Author-X-Name-First: Guivis
Author-X-Name-Last: Nkemgha
Author-Name: Symphorin Engone Mve
Author-X-Name-First: Symphorin
Author-X-Name-Last: Engone Mve
Author-Name: Hermine Balouki Mikala
Author-X-Name-First: Hermine
Author-X-Name-Last: Balouki Mikala
Author-Name: Honoré Tékam
Author-X-Name-First: Honoré
Author-X-Name-Last: Tékam
Title: Linking natural resource dependence and industrialization in sub-Saharan African countries
Abstract: 
 Despite the growing literature on natural resources, little is known about the effect of natural resources on industrialization, particularly in sub-Saharan African countries. The aim of this paper is to fill this gap by assessing how natural ressources affect the industrialization process in 27 sub-Saharan African countries over the period 2000–2016. To carry out our investigation, we used several estimation methods including Ordinary Least Squares (OLS), Fixed Effect (FE) and Generalized Moments Methods (GMM). The results show that there is a negative relationship between natural resource dependence and industrialization. A U-shaped relationship between natural resource dependence and industrialization is established. Furthermore, the disaggregation of natural resource rents shows that while oil rent, gas rent and mineral rent hamper the industrialization process, the effect of forest rent and coal rent on the industrialization is positive. Finally, we show that governance plays an important role in mitigating the negative impact of natural resources on industrialization. Thus, governance can be an effective way to break the resource curse in sub-Saharan African countries.
Journal: International Review of Applied Economics
Pages: 245-263
Issue: 2
Volume: 36
Year: 2022
Month: 03
X-DOI: 10.1080/02692171.2021.1957786
File-URL: http://hdl.handle.net/10.1080/02692171.2021.1957786
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:36:y:2022:i:2:p:245-263



Template-Type: ReDIF-Article 1.0
Author-Name: Shivalik Singh
Author-X-Name-First: Shivalik
Author-X-Name-Last: Singh
Author-Name: M. H. Bala Subrahmanya
Author-X-Name-First: M. H. Bala
Author-X-Name-Last: Subrahmanya
Title: Quantum of finance obtained by tech startups over the lifecycle: an analysis of its determinants
Abstract: 
 The needs of tech startups for finance over the lifecycle vary from stage to stage. At the same time, the ability of a startup to obtain the required amounts of finance at different stages of its lifecycle will depend both on internal factors, and on accessible sources of finance. This study investigates the factors which enable a tech startup to obtain finance over its lifecycle based on data gathered through a semi-structured questionnaire and in-depth interviews with the founders/CEOs of 93 tech startups in Bangalore. Our results indicate that the total amount of finance a tech startup raises is significantly influenced both by the characteristics of an entrepreneur, and the growth metrics of the tech startup. Furthermore, our findings suggest that the type of financial sources influences the total quantum of finance a startup obtains at a particular stage in its lifecycle.
Journal: International Review of Applied Economics
Pages: 187-204
Issue: 2
Volume: 36
Year: 2022
Month: 03
X-DOI: 10.1080/02692171.2021.1945549
File-URL: http://hdl.handle.net/10.1080/02692171.2021.1945549
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:36:y:2022:i:2:p:187-204



Template-Type: ReDIF-Article 1.0
Author-Name: Jonathan Michie
Author-X-Name-First: Jonathan
Author-X-Name-Last: Michie
Title: This changes everything
Journal: International Review of Applied Economics
Pages: 151-153
Issue: 2
Volume: 36
Year: 2022
Month: 03
X-DOI: 10.1080/02692171.2022.2064604
File-URL: http://hdl.handle.net/10.1080/02692171.2022.2064604
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:36:y:2022:i:2:p:151-153



Template-Type: ReDIF-Article 1.0
Author-Name: Atm Sayfuddin
Author-X-Name-First: Atm
Author-X-Name-Last: Sayfuddin
Title: When green practices affect business performance: an investigation into California’s hotel industry
Abstract: 
 Previous studies suggest there are financial benefits of environmentally friendly business practices. However, a firm’s decision to adopt green initiatives is endogenous. This study attempts to correct for endogeneity bias and uses a novel data set to examine the impact of green practices on business performance in the lodging industry. Findings based on multiple empirical specifications indicate that a hotel’s location plays a determining role in the effect of going green on its performance (e.g. occupancy rate, price, and revenue). Green hotels in resorts and small towns command price and revenue premiums but have no impact on occupancy rates. Further investigation reveals that hotels in less popular cities enjoy the most benefit from becoming green.
Journal: International Review of Applied Economics
Pages: 154-186
Issue: 2
Volume: 36
Year: 2022
Month: 03
X-DOI: 10.1080/02692171.2021.1957784
File-URL: http://hdl.handle.net/10.1080/02692171.2021.1957784
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:36:y:2022:i:2:p:154-186



Template-Type: ReDIF-Article 1.0
Author-Name: Seenaiah Kale
Author-X-Name-First: Seenaiah
Author-X-Name-Last: Kale
Title: The influence of non-R&D channels on innovation in a developing economy: an empirical analysis in the context of India
Abstract: 
 This study investigates the capability of innovation in India from a neo-Schumpeterian perspective, mainly focusing on the non-R&D aspects. We choose this focus for three reasons: (i) Based on our exploratory analysis, the investigation of innovation needs to go beyond the R&D effort (of manufacturing firms); (ii) R&D outlays alone may not fully explain innovation, particularly in resource-scare transition economies like India; and, (iii) Motivated by the theoretical underpinnings of the neo-Schumpeterian literature highlighting the process of interaction that enable the nurturing of innovation capabilities through national innovation system (NIS). Using Indian data from 1981 to 2017, of the non-R&D aspects of inputs, such as human capital, financial capital as internal factors; openness, FDI, and remittances as external factors. Estimated results from the cointegration analysis indicate that human capital and remittances are significant, but FDI has little impact, and openness (in terms of exports and imports) has an insignificant effect on innovation.
Journal: International Review of Applied Economics
Pages: 205-221
Issue: 2
Volume: 36
Year: 2022
Month: 03
X-DOI: 10.1080/02692171.2021.1951682
File-URL: http://hdl.handle.net/10.1080/02692171.2021.1951682
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:36:y:2022:i:2:p:205-221



Template-Type: ReDIF-Article 1.0
Author-Name: Franklin Obeng-Odoom
Author-X-Name-First: Franklin
Author-X-Name-Last: Obeng-Odoom
Title: Industrial policy, economic theory, and ecological planning
Abstract: 
 The resurgence of interest in industrial policy in both development economics and urban studies requires reflection. To learn lessons about the past and avoid potential problems about the future, our present actions must be informed by both our past experience and our expectations of the future. One way to do so is to review and ponder key studies in industrial policy. While research on the empirical consequences of industrial policy is quite advanced, theorising industrial policy across and within schools of economic thought requires more work. Within this gap, the neglect of land in theories of industrial policy is particularly conspicuous and serious.
Journal: International Review of Applied Economics
Pages: 285-290
Issue: 2
Volume: 36
Year: 2022
Month: 03
X-DOI: 10.1080/02692171.2022.2026301
File-URL: http://hdl.handle.net/10.1080/02692171.2022.2026301
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:36:y:2022:i:2:p:285-290

Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2090521_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220823T191300 git hash: 39867e6e2f
Author-Name: Beniamino Pisicoli
Author-X-Name-First: Beniamino
Author-X-Name-Last: Pisicoli
Title: Banking diversity, financial complexity and resilience to financial shocks: evidence from Italian provinces
Abstract: 
 In this paper, we investigate the influence of banking and financial diversity on stability. We compute an index of banking diversity for Italian provinces and, drawing on network theory, we propose a measure of the diversity and development of the overall provincial financial sector. Our results show that diversity in the banking and financial markets promotes greater stability. Such beneficial effects are particularly evident during periods of financial distress. We ascribe our findings to the better diversification achieved by more diverse financial systems, as documented by lower loan concentration and higher loan diversification in terms of economic destination and borrower category.
Journal: International Review of Applied Economics
Pages: 338-402
Issue: 3
Volume: 36
Year: 2022
Month: 05
X-DOI: 10.1080/02692171.2022.2090521
File-URL: http://hdl.handle.net/10.1080/02692171.2022.2090521
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:36:y:2022:i:3:p:338-402



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2106708_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220823T191300 git hash: 39867e6e2f
Author-Name: The Editors
Title: Correction Notice
Journal: International Review of Applied Economics
Pages: iii-iii
Issue: 3
Volume: 36
Year: 2022
Month: 05
X-DOI: 10.1080/02692171.2022.2106708
File-URL: http://hdl.handle.net/10.1080/02692171.2022.2106708
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:36:y:2022:i:3:p:iii-iii



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2052714_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220823T191300 git hash: 39867e6e2f
Author-Name: Costas Lapavitsas
Author-X-Name-First: Costas
Author-X-Name-Last: Lapavitsas
Author-Name: Aylin Soydan
Author-X-Name-First: Aylin
Author-X-Name-Last: Soydan
Title: Financialisation in developing countries: approaches, concepts, and metrics
Abstract: 
 Financialisation in developing countries is the subject of an expanding literature but its characteristic features and its relationship to developed countries remain unclear. Reviewing the literature, this paper shows that financialisation in developing countries should be distinguished from financial liberalisation and financial globalisation. Furthermore, its character is partly derivative from financialisation in developed countries, as is confirmed by two theoretical approaches, related but different from each other, namely ‘subordinate’ and ‘dependent’ financialisation. By further reviewing the empirical literature, the paper also shows that financialisation in developing countries is highly variable and different from that in developed countries regarding the conduct of non-financial enterprises, banks, and households. Moreover, the literature addresses several sources of vulnerability for developing countries relating to financialisation. Finally, there are significant literature gaps, above all, the connection between financialisation and the globalisation of production as well as the role of the state.
Journal: International Review of Applied Economics
Pages: 424-447
Issue: 3
Volume: 36
Year: 2022
Month: 05
X-DOI: 10.1080/02692171.2022.2052714
File-URL: http://hdl.handle.net/10.1080/02692171.2022.2052714
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:36:y:2022:i:3:p:424-447



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2092321_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220823T191300 git hash: 39867e6e2f
Author-Name: Economists former UK-regulators
Author-X-Name-First: Economists
Author-X-Name-Last: former UK-regulators
Title: Economists’ competitiveness letter
Journal: International Review of Applied Economics
Pages: 302-307
Issue: 3
Volume: 36
Year: 2022
Month: 05
X-DOI: 10.1080/02692171.2022.2092321
File-URL: http://hdl.handle.net/10.1080/02692171.2022.2092321
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:36:y:2022:i:3:p:302-307



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2090522_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220823T191300 git hash: 39867e6e2f
Author-Name: Jonathan Michie
Author-X-Name-First: Jonathan
Author-X-Name-Last: Michie
Author-Name: Christine Oughton
Author-X-Name-First: Christine
Author-X-Name-Last: Oughton
Title: Measuring corporate diversity in financial services: a diversity index
Abstract: 
 This paper provides a measure of corporate diversity in financial services. Our index is based on four components: ownership; competitiveness; balance sheet structure/resilience; and geographic spread. The first of these sub-indexes measures ownership diversity based on the Berry index of diversification and the Gini-Simpson index of biodiversity. It captures the extent of diversity in ownership types – for the UK, banks, mutuals, and the government owned National Savings & Investment – where each of these have different objectives, creating diversity in behaviour. Our second sub-index captures the extent of competition, and is based on the inverse of the Hirschmann-Herfindahl index of concentration. Our third sub-index measures diversity in balance sheet structures and resilience across the financial sector. Our final sub-index captures the extent of geographic spread and the regional concentration of financial services. These indicators are combined into a single index – the D-Index – that measures diversity in financial services. The D-Index shows a marked decline in the run-up to the 2007–2009 financial crisis, followed by further falls during 2008 and 2009. Since then, the index has remained more or less flat. We are no closer to creating the conditions – of diversity – to avoid a repeat of the 2007-2009 global financial crisis.
Journal: International Review of Applied Economics
Pages: 308-337
Issue: 3
Volume: 36
Year: 2022
Month: 05
X-DOI: 10.1080/02692171.2022.2090522
File-URL: http://hdl.handle.net/10.1080/02692171.2022.2090522
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:36:y:2022:i:3:p:308-337



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2093339_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220823T191300 git hash: 39867e6e2f
Author-Name: Mariana Mortágua
Author-X-Name-First: Mariana
Author-X-Name-Last: Mortágua
Author-Name: Izaura Solipa
Author-X-Name-First: Izaura
Author-X-Name-Last: Solipa
Title: Reviving financial markets – a critical assessment of the single resolution mechanism
Abstract: 
 The creation of the Banking Union, set to be an integrated financial framework for the Eurozone, should be better understood as part of a larger process of governing through financial markets, where policy-makers resort to market-based instruments and policies for governance purposes, thus forming an alignment with the interests of financial elites. This paper assesses the Single Resolution Mechanism and highlights overlooked aspects of its design and decision-making process that are actively strengthening and further integrating market-based finance in the European banking system. The resolution framework and its underlying conditionalities imposed by the limited public intervention toolkit and the European State Aid regime are promoting banking capital concentration and the marketization of more traditional banking systems. Meanwhile, the discretionary decisions imposed by the European technocratic body reinforces the integration agenda, with often detrimental effects for the member states of the Southern Periphery. While the Banking Union has the overall goal of financial stability and increased convergence between member states, the outcomes of the Single Resolution Mechanism point to an increase in market-based finance and riskier business models at the expense of smaller and more traditional banking systems, fostering too-big-to-fail institutions and further deepening the already rooted intra-euro divergences.
Journal: International Review of Applied Economics
Pages: 403-423
Issue: 3
Volume: 36
Year: 2022
Month: 05
X-DOI: 10.1080/02692171.2022.2093339
File-URL: http://hdl.handle.net/10.1080/02692171.2022.2093339
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:36:y:2022:i:3:p:403-423



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2026300_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220823T191300 git hash: 39867e6e2f
Author-Name: Ekaterina Bryleva
Author-X-Name-First: Ekaterina
Author-X-Name-Last: Bryleva
Author-Name: Ivan Rozmainsky
Author-X-Name-First: Ivan
Author-X-Name-Last: Rozmainsky
Title: The non-financial private firms’ sector of Spain in 2011 – 2017: the financial fragility hypothesis-based analysis
Abstract: 
 The paper analyzes the financial relations of non-financial private sector firms in Spain based on the financial instability hypothesis developed by Hyman Philip Minsky. We suppose that in the private sector of the Spanish economy after the 2008–2013 crisis there was an increase in the number of firms characterized by the hedge regime of financing. We test this hypothesis using the 2011–2017 data for 163 Spanish private non-financial companies from Thomson Reuters. Three indices were constructed according to three methodologies that distinguish firms as hedge, speculative and Ponzi, in order to determine the degree of financial fragility of the private sector of the Spanish economy. The results showed that the economy of Spain in 2011–2017 was in the process of escaping from financial fragility. This occurred despite austerity policies. Such policies diminish economic activity, in general, and the flow of business profits in particular. It makes it difficult to escape from a fragile financial position. Nevertheless, in the case of Spain, the negative consequences of austerity policies were offset by other government measures, tourism and export diversification.
Journal: International Review of Applied Economics
Pages: 448-473
Issue: 3
Volume: 36
Year: 2022
Month: 05
X-DOI: 10.1080/02692171.2022.2026300
File-URL: http://hdl.handle.net/10.1080/02692171.2022.2026300
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:36:y:2022:i:3:p:448-473



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2112858_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220823T191300 git hash: 39867e6e2f
Author-Name: Jonathan Michie
Author-X-Name-First: Jonathan
Author-X-Name-Last: Michie
Title: The coming financial crisis
Abstract: 
 The 2007–2008 international financial crisis was the worst since the 1929 Wall Street Crash – triggering the 1930s Great Depression, the rise of fascism and Hitler in Europe, and the Second World War. In the 1930s there were reforms to tackle the causes – particularly in the US with Roosevelt’s New Deal – including splitting banks’ ‘casino’ from ‘high street’ operations, and strengthening trade union rights. Following the Second World War, there were global reforms, including exchange controls to prevent cross-border financial speculation. But in the post-1980s era of privatisation and deregulation, these reforms were lobbied against and generally abandoned. The resulting speculative orgy, accompanied inevitably by increased inequality, led to the 2007–2008 international financial crisis. Reforms were promised, including increasing the degree of corporate diversity in the financial services sector, and creating ‘resolution’ plans for banks to prevent their collapse. However, the promised reforms regarding corporate diversity were reneged upon. Resolution plans were adopted in the UK, but in Europe this is being driven in a way that will strengthen the power of finance that created the problem in the first place. And the UK Government wants the regulator to promote the ‘competitiveness’ of financial services, which was tried before, and didn’t end well.
Journal: International Review of Applied Economics
Pages: 291-301
Issue: 3
Volume: 36
Year: 2022
Month: 05
X-DOI: 10.1080/02692171.2022.2112858
File-URL: http://hdl.handle.net/10.1080/02692171.2022.2112858
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:36:y:2022:i:3:p:291-301

Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2013455_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Ahmad Alawadhi
Author-X-Name-First: Ahmad
Author-X-Name-Last: Alawadhi
Author-Name: Nadeem Burney
Author-X-Name-First: Nadeem
Author-X-Name-Last: Burney
Author-Name: Ayele Gelan
Author-X-Name-First: Ayele
Author-X-Name-Last: Gelan
Author-Name: Sheikha Al-Fulaij
Author-X-Name-First: Sheikha
Author-X-Name-Last: Al-Fulaij
Author-Name: Nadia Al-Musallam
Author-X-Name-First: Nadia
Author-X-Name-Last: Al-Musallam
Author-Name: Wafa Awadh
Author-X-Name-First: Wafa
Author-X-Name-Last: Awadh
Title: The effect of conservation on residential electricity consumption: evidence from Kuwait
Abstract: 
 Based on data from a household survey completed in 2016, this paper estimated a model for residential electricity consumption in Kuwait. The main objective of estimating the model was to examine the impact of curtailment and efficiency energy conservation measures on household electricity consumption. Given Kuwait’s demographic composition and variations in electricity consumption across months, the model was estimated for two population groups (nationals and expatriates) and three periods (annual, summer months, and winter months). Prior to estimating the model, tests were conducted to determine if the observed differences in consumption across the population groups were sufficiently different to warrant separate treatment of groups. The survey data revealed that despite electricity consumption being heavily subsidized, households made efforts to conserve electricity by investing in efficient technologies as well as changing habits and practices. While the curtailment measures reported to be adopted by households were found to lower electricity consumption of the national households, the efficiency measures were found to impact electricity consumption of expatriate households. Awareness of conservation campaigns and conservation issues were found to lower electricity consumption, particularly in the case of expatriate households.
Journal: International Review of Applied Economics
Pages: 589-607
Issue: 4
Volume: 36
Year: 2022
Month: 07
X-DOI: 10.1080/02692171.2021.2013455
File-URL: http://hdl.handle.net/10.1080/02692171.2021.2013455
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:36:y:2022:i:4:p:589-607



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2124007_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Jonathan Michie
Author-X-Name-First: Jonathan
Author-X-Name-Last: Michie
Title: The role of agency and regulation in economic and social processes
Journal: International Review of Applied Economics
Pages: 475-476
Issue: 4
Volume: 36
Year: 2022
Month: 07
X-DOI: 10.1080/02692171.2022.2124007
File-URL: http://hdl.handle.net/10.1080/02692171.2022.2124007
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:36:y:2022:i:4:p:475-476



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2069688_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Theodore P. Lianos
Author-X-Name-First: Theodore P.
Author-X-Name-Last: Lianos
Author-Name: Nicholas Tsounis
Author-X-Name-First: Nicholas
Author-X-Name-Last: Tsounis
Author-Name: Anastasia Pseiridis
Author-X-Name-First: Anastasia
Author-X-Name-Last: Pseiridis
Title: Population and economic growth in developed countries
Abstract: 
 The relationship between population growth and economic growth is examined. Evidence is provided on the direction of causality between population and GDP in five industrialized countries (US, UK, Germany, France, and Italy) for the periods 1820–1938 and 1950–2016. Using Toda-Yamamoto Granger causality tests and Sims causality test it was found that the direction of causality during the former period was from Population to GDP or bidirectional while for the latter period, it was from GDP to population. It is also shown that during the second period per capita GDP was almost double relative to the first period. We argue that the difference may be partly explained by the direction of causality between the two variables. In the 1820–1938 period, the direction of causality is probably due to the large family model that prevailed in that period that led to rapid population growth. For the 1950–2016 period it is probably the rapid economic growth that followed the Second World War and motivated large migration flows to the developed countries we examined.
Journal: International Review of Applied Economics
Pages: 608-621
Issue: 4
Volume: 36
Year: 2022
Month: 07
X-DOI: 10.1080/02692171.2022.2069688
File-URL: http://hdl.handle.net/10.1080/02692171.2022.2069688
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:36:y:2022:i:4:p:608-621



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_1962256_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: James Yoo
Author-X-Name-First: James
Author-X-Name-Last: Yoo
Author-Name: Julianna Browning
Author-X-Name-First: Julianna
Author-X-Name-Last: Browning
Title: The heterogeneity of residents’ preference over a wide array of services, provided by a master planned community (MPC)
Abstract: 
 The study estimated an average Californian’s preference over a variety of attributes provided by Master Planned Communities (MPC) – (1) Access to Natural Park & Urban amenities, (2) Access to HOA amenities, (3) Frequency of Social Gatherings and (4) Landscape Aesthetic. The study estimated conditional logit (CL), 2-class latent class (2 C-LCM) and 2-class latent class–random parameter models (2 CLC-RPM), to explore respondents’ varying preferences over those services, and found that people in our sample perceived the above-mentioned attributes as positive amenities, although the frequency of social gatherings provided by communities was viewed as the least important amenity. The results also showed that younger and relatively wealthier respondents were more likely to value MPC-driven services higher than their older and poorer counterparts. Also, the results from 2 CLC-RPM with attitudinal membership variables show that people in MPC-lover class tend to believe building MPCs promote school quality and opportunities for social gatherings.
Journal: International Review of Applied Economics
Pages: 477-495
Issue: 4
Volume: 36
Year: 2022
Month: 07
X-DOI: 10.1080/02692171.2021.1962256
File-URL: http://hdl.handle.net/10.1080/02692171.2021.1962256
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:36:y:2022:i:4:p:477-495



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_1962257_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Ana Cléssia Pereira Lima de Araújo
Author-X-Name-First: Ana Cléssia Pereira Lima
Author-X-Name-Last: de Araújo
Author-Name: Maria Analice D. Santos Sampaio
Author-X-Name-First: Maria Analice D. Santos
Author-X-Name-Last: Sampaio
Author-Name: Edward Martins Costa
Author-X-Name-First: Edward Martins
Author-X-Name-Last: Costa
Author-Name: Ahmad Saeed Khan
Author-X-Name-First: Ahmad Saeed
Author-X-Name-Last: Khan
Author-Name: Guilherme Irffi
Author-X-Name-First: Guilherme
Author-X-Name-Last: Irffi
Author-Name: Rayssa Alexandre Costa
Author-X-Name-First: Rayssa Alexandre
Author-X-Name-Last: Costa
Title: The quotas law for people with disabilities in Brazil: is it a guarantee of employment?
Abstract: 
 This study aims to evaluate the effects and effectiveness of establishing legal employment quotas for people with disabilities (PwD) in Brazil for the years of 2007 and 2016. By estimating Regression Discontinuity Design (RDD) models, we verify that, in 2007, the Law of Quotas did not affect the employment of people with disabilities. However, in 2016, the effects are positive for firms that employ 100 to 500 workers. Regarding the effectiveness of the law, in 2016, the increase in the number of employed workers with disabilities is approximate to the required quota for firms with 100 to 200 employees.
Journal: International Review of Applied Economics
Pages: 496-525
Issue: 4
Volume: 36
Year: 2022
Month: 07
X-DOI: 10.1080/02692171.2021.1962257
File-URL: http://hdl.handle.net/10.1080/02692171.2021.1962257
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:36:y:2022:i:4:p:496-525



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_1962816_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Juan Pablo Mateo
Author-X-Name-First: Juan Pablo
Author-X-Name-Last: Mateo
Author-Name: Maxi Nieto
Author-X-Name-First: Maxi
Author-X-Name-Last: Nieto
Title: Surplus and capital profitability in the Spanish economy, and comparison with the Euro area. A political economy approach
Abstract: 
 The article studies the evolution of both surplus and profit rates in the Spanish economy during the phase of the housing bubble, the subsequent crisis and the recent economic recovery (1995─2017), comparing as well core and peripheral economies of the Eurozone. From various methodological approaches and showing several indicators, this paper finds an underlying deep profitability crisis and an alarming drop in what we call the productivity of surplus, without reaching previous levels of profitability at the end of the period. This path has been offset by a reduction in interest rates, which promoted corporate indebtedness. The huge decrease of profitability in Spain is however consistent with its peripheral insertion into the Euro area. In opposition, the more advanced economies of the region were able to keep the level of capital profitability and even increasing the volume of surplus.
Journal: International Review of Applied Economics
Pages: 526-547
Issue: 4
Volume: 36
Year: 2022
Month: 07
X-DOI: 10.1080/02692171.2021.1962816
File-URL: http://hdl.handle.net/10.1080/02692171.2021.1962816
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:36:y:2022:i:4:p:526-547



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2006152_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Juan Miguel Massot
Author-X-Name-First: Juan Miguel
Author-X-Name-Last: Massot
Author-Name: Román David Merga
Author-X-Name-First: Román David
Author-X-Name-Last: Merga
Title: A Balance-of-Payments-Constrained Growth Model for a Small Commodity Exporting Country: Argentina Between 1971 and 2016
Abstract: 
 We study the balance of payments (BOP) as a constraint on economic growth, focusing on Argentina’s economy between 1971 and 2016. The data show that Thirlwall’s balance-of-payments-constrained growth model cannot explain Argentina’s average growth during this period, which witnessed high growth in the terms of trade. We expand Thirlwall’s model based on recent empirical indications that exporters set their prices in foreign currencies. Thus, we show new ways in which the terms of trade and real exchange rate impact the growth rate compatible with the BOP equilibrium. While prices affect the growth rate compatible with the BOP equilibrium mainly through changes in the original model’s quantities, the proposed extension finds a stronger direct effect of the terms of trade. Through the extended model, we find that the weak and strong tests of Thirlwall’s Law are not rejected. Further, we show the consistency of the results regardless of the assumed country size or presence of structural economic breaks. Consequently, we argue that prior literature was inconclusive for Argentina as it did not consider invoicing of international trade in foreign currency, thus disregarding the full effect of the terms of trade and real exchange rate on growth compatible with the BOP equilibrium.
Journal: International Review of Applied Economics
Pages: 564-588
Issue: 4
Volume: 36
Year: 2022
Month: 07
X-DOI: 10.1080/02692171.2021.2006152
File-URL: http://hdl.handle.net/10.1080/02692171.2021.2006152
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:36:y:2022:i:4:p:564-588



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_1965551_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Emin Gahramanov
Author-X-Name-First: Emin
Author-X-Name-Last: Gahramanov
Author-Name: Khusrav Gaibulloev
Author-X-Name-First: Khusrav
Author-X-Name-Last: Gaibulloev
Author-Name: Javed Younas
Author-X-Name-First: Javed
Author-X-Name-Last: Younas
Title: Does property ownership by women reduce domestic violence? A case of Latin America
Abstract: 
 It is widely believed that empowering women via various material means increases women’s outside options and, thereby, makes them less vulnerable to intimate partner violence. However, the effect of such empowerment on domestic violence could be subtle particularly in countries with pre-existing high tolerance to violence, weak law enforcement and male institutional domination. Using cross-sectional household-level survey data for Latin American countries, we test the effect of property ownership by women on domestic violence. The results show that a woman’s sole property ownership is not associated with less domestic violence against her; sometimes the correlation is even positive. However, married women who co-own the property are less likely to face domestic abuse by husbands.
Journal: International Review of Applied Economics
Pages: 548-563
Issue: 4
Volume: 36
Year: 2022
Month: 07
X-DOI: 10.1080/02692171.2021.1965551
File-URL: http://hdl.handle.net/10.1080/02692171.2021.1965551
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:36:y:2022:i:4:p:548-563

Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2117283_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Michael Batu
Author-X-Name-First: Michael
Author-X-Name-Last: Batu
Author-Name: Bosu Seo
Author-X-Name-First: Bosu
Author-X-Name-Last: Seo
Title: Gender roles and safety of women at home in the COVID-19 era: evidence from 101 countries
Abstract: 
 This study analyzes the impact of travel restrictions due to the COVID-19 pandemic on the safety of women at home, and on home production responsibilities. We use Google’s community mobility reports to measure changes in travel patterns and Facebook’s Survey on Gender Equality at Home to measure changes in home production and safety at home during the first wave of the COVID-19 pandemic for 101 countries. We uncover two key findings: first, travel restrictions increase the percentage of women who felt unsafe at home, and second, travel restrictions lead to a rise in home production for both sexes, with men bearing much of the increase. We discuss the implications of these results for policies to support women and girls during pandemics.
Journal: International Review of Applied Economics
Pages: 739-761
Issue: 5-6
Volume: 36
Year: 2022
Month: 11
X-DOI: 10.1080/02692171.2022.2117283
File-URL: http://hdl.handle.net/10.1080/02692171.2022.2117283
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:36:y:2022:i:5-6:p:739-761



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_1990870_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Sucharita Ghosh
Author-X-Name-First: Sucharita
Author-X-Name-Last: Ghosh
Author-Name: Francesco Renna
Author-X-Name-First: Francesco
Author-X-Name-Last: Renna
Title: An empirical analysis of the early impact of Covid-19 on income-related inequality in household stress
Abstract: 
 This paper focuses on the early impact of Covid-19 on income-related inequality in the UK. Using a Concentration Index, we investigate whether Covid-19 has differing effects on the stress levels of low-income households versus high-income level households. We use two measures of stress, mental stress and financial stress and a Recentered Influence Function regression approach to study how the policies implemented by the UK government during the pandemic affected inequality. On examining UK’s policy response, our results show that the mortgage holiday was very effective in lowering income-related inequality in financial stress and the Coronavirus Job Retention Scheme was effective in containing the rise in income-related inequality in mental stress.
Journal: International Review of Applied Economics
Pages: 627-646
Issue: 5-6
Volume: 36
Year: 2022
Month: 11
X-DOI: 10.1080/02692171.2021.1990870
File-URL: http://hdl.handle.net/10.1080/02692171.2021.1990870
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:36:y:2022:i:5-6:p:627-646



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2044458_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Kerry Liu
Author-X-Name-First: Kerry
Author-X-Name-Last: Liu
Title: Covid-19 and the China opportunity narrative: investment, trade, and the belt and road initiative
Abstract: 
 China’s rapid economic growth has generated many economic opportunities for the world through outward foreign direct investment, trade, and its iconic Belt and Road Initiative. This study aims to examine the effects of Covid-19 on the narratives of these China opportunities. Based on weekly datasets between May 2016 and May 2021 and employing Autoregressive Distributed Lag Models, this study finds the worldwide narratives on the roles of Chinese outward foreign direct investment, Chinese trade, and China’s Belt and Road Initiative have experienced a structural break after 2020. Before 2020, they were generally regarded as opportunities. During the pandemic, their roles have changed significantly. The outbreak of Covid-19 and its development in the world may play a critical role in this structural break. This study is broadly related to the debate around decoupling from China and the China opportunity paradigm. This study contributes to policy discussions by taking a new perspective and providing novel empirical evidence, and contributes to academia through its quantitative approach.
Journal: International Review of Applied Economics
Pages: 697-724
Issue: 5-6
Volume: 36
Year: 2022
Month: 11
X-DOI: 10.1080/02692171.2022.2044458
File-URL: http://hdl.handle.net/10.1080/02692171.2022.2044458
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:36:y:2022:i:5-6:p:697-724



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2040960_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Eduardo Gilberto Loría Díaz de Guzmán
Author-X-Name-First: Eduardo Gilberto Loría Díaz
Author-X-Name-Last: de Guzmán
Author-Name: Arely Paola Medina González
Author-X-Name-First: Arely Paola
Author-X-Name-Last: Medina González
Title: Mexico: the populism/COVID-19 syndemic
Abstract: 
 Using eight cross-section econometric models applied to a sample of 31 countries, we find that, although the Case Fatality Ratio (CFR) of COVID-19 is explained by ‘structural’ variables that were given prior to the pandemic (healthcare infrastructure, comorbidities, poverty and the HDI), the ’response’ variables to the crisis (fiscal support, health policy, and, above all, government narrative) have been determinant in the evolution of the pandemic. We show that the dummy variable representing populist countries is significant, demonstrating that, as Shiller (2017) stated, narrative plays a major role in shaping behavior and economic outcomes.
Journal: International Review of Applied Economics
Pages: 792-814
Issue: 5-6
Volume: 36
Year: 2022
Month: 11
X-DOI: 10.1080/02692171.2022.2040960
File-URL: http://hdl.handle.net/10.1080/02692171.2022.2040960
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:36:y:2022:i:5-6:p:792-814



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2100329_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Jalil Safaei
Author-X-Name-First: Jalil
Author-X-Name-Last: Safaei
Author-Name: Andisheh Saliminezhad
Author-X-Name-First: Andisheh
Author-X-Name-Last: Saliminezhad
Title: The Covid-19 pandemic economic impacts and government responses across welfare regimes
Abstract: 
 The Covid-19 pandemic disrupted lives across all countries, and had severe negative impacts on the global economy, with a massive loss of production and employment, and an increase in national debts. Given that the economic impacts and government responses are structurally rooted in a country’s type of welfare regime, this study examines the economic impacts and government responses in selected OECD countries as differentiated by their welfare regimes using both descriptive and statistical methods. Our descriptive findings indicate that GDP drop and higher unemployment have been less severe in the social democratic countries, and the rise in government debt has been more dramatic in the liberal countries. We also find some degree of convergence in social spending across the welfare regimes at least as long as the pandemic persists. Using panel regression analysis, we find that more testing and higher vaccination are positively associated with GDP growth. On the other hand, containment measures and emergency economic support are negatively associated with GDP growth. Moreover, the descriptive finding that the adverse impact of the pandemic on GDP has been more pronounced in liberal and conservative countries compared to the social democratic countries is corroborated by our statistical analysis.
Journal: International Review of Applied Economics
Pages: 725-738
Issue: 5-6
Volume: 36
Year: 2022
Month: 11
X-DOI: 10.1080/02692171.2022.2100329
File-URL: http://hdl.handle.net/10.1080/02692171.2022.2100329
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:36:y:2022:i:5-6:p:725-738



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2029367_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Isaac K. Ofori
Author-X-Name-First: Isaac K.
Author-X-Name-Last: Ofori
Author-Name: Mark K. Armah
Author-X-Name-First: Mark K.
Author-X-Name-Last: Armah
Author-Name: Emmanuel E. Asmah
Author-X-Name-First: Emmanuel E.
Author-X-Name-Last: Asmah
Title: Towards the reversal of poverty and income inequality setbacks due to COVID-19: the role of globalisation and resource allocation
Abstract: 
 This study contributes to the policy discourse aimed at addressing the welfare setbacks imposed implicitly by the coronavirus pandemic. To this end, we draw macrodata for the period 1990 – 2019 to examine whether globalisation and resource allocation matter for reducing poverty and income inequality in the Middle East and North Africa (MENA). Robust evidence from the GMM estimator shows that: (1) economic globalisation reduces both poverty and income inequality, (2) though social globalisation heightens income inequality in the region, it has no significant effect on poverty; (3) compared to the effect on poverty, economic globalisation is remarkable in reducing income inequality in the presence of efficient resource allocation. Policy recommendations are provided in line with Agenda 2030 and the rise in social globalisation of the region.
Journal: International Review of Applied Economics
Pages: 647-674
Issue: 5-6
Volume: 36
Year: 2022
Month: 11
X-DOI: 10.1080/02692171.2022.2029367
File-URL: http://hdl.handle.net/10.1080/02692171.2022.2029367
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:36:y:2022:i:5-6:p:647-674



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2040961_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Ruohan Wu
Author-X-Name-First: Ruohan
Author-X-Name-Last: Wu
Title: An Empirical Investigation of the Economic Impacts of COVID-19: Micro-level Evidence from Europe
Abstract: 
 This paper empirically investigates the economic impacts of COVID-19. Using firm-level data from Europe, we first analyze the statistics of how firms’ production, sales, workforce, expectations, and received government support were affected during 2020. We then examine the determinants of production reductions encountered by European firms during COVID-19 and compare between countries with different income levels. We find that both capacity utilization – to be specific, a firm’s output produced as a percentage of its maximum production capability – and employment size exert important influences on the likelihood of firms’ reduced production. Interestingly, receiving government support increases the likelihood of firms downsizing production in high-income countries, yet causes the opposite in low-income countries.
Journal: International Review of Applied Economics
Pages: 675-696
Issue: 5-6
Volume: 36
Year: 2022
Month: 11
X-DOI: 10.1080/02692171.2022.2040961
File-URL: http://hdl.handle.net/10.1080/02692171.2022.2040961
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:36:y:2022:i:5-6:p:675-696



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2132035_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Jonathan Michie
Author-X-Name-First: Jonathan
Author-X-Name-Last: Michie
Author-Name: Maura Sheehan
Author-X-Name-First: Maura
Author-X-Name-Last: Sheehan
Title: Creating healthy cities
Journal: International Review of Applied Economics
Pages: 623-626
Issue: 5-6
Volume: 36
Year: 2022
Month: 11
X-DOI: 10.1080/02692171.2022.2132035
File-URL: http://hdl.handle.net/10.1080/02692171.2022.2132035
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:36:y:2022:i:5-6:p:623-626



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2138836_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Kerry Liu
Author-X-Name-First: Kerry
Author-X-Name-Last: Liu
Title: China’s dynamic covid-zero policy and the Chinese economy: a preliminary analysis
Abstract: 
 Shanghai’s lockdown from April to May 2022 attracted worldwide attention. While the rest of the world has generally chosen to live with Covid-19, China still sticks to its elimination strategy, i.e. the dynamic Covid-zero policy. This paper considers this policy and its economic implications. First, this study describes the policy and provides a quantitative description of its development based on Google Trends data and the Baidu index. Second, we explore the economic impacts of the March – May 2022 lockdown and concludes that they were less severe – and the policy responses were also smaller – than those in early 2020. However, one major difference is that Chinese household and corporate sectors have much weaker expectations than in early 2020, and as a consequence, policy responses may also be less effective. Third, from the perspective of stock markets, which can be seen as an expected value of all possible scenarios in the future, this study finds that China’s Covid-zero policy is considered to be detrimental to the economy.
Journal: International Review of Applied Economics
Pages: 815-834
Issue: 5-6
Volume: 36
Year: 2022
Month: 11
X-DOI: 10.1080/02692171.2022.2138836
File-URL: http://hdl.handle.net/10.1080/02692171.2022.2138836
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:36:y:2022:i:5-6:p:815-834



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2130187_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Amrita Saha
Author-X-Name-First: Amrita
Author-X-Name-Last: Saha
Author-Name: Marco Carreras
Author-X-Name-First: Marco
Author-X-Name-Last: Carreras
Author-Name: Evert-Jan Quak
Author-X-Name-First: Evert-Jan
Author-X-Name-Last: Quak
Title: Investigating initial policy responses to COVID-19: evidence across 59 countries
Abstract: 
 We conduct a review of different support measures adopted by 59 countries as an immediate response to the COVID-19 pandemic using an inclusive development lens across five key areas – health and safety, welfare, finance and credit, taxes and fees and structural measures. Using the information that a policy response was announced or implemented immediately, we propose and provide proxy measures for ‘access’, ‘short-term cover’ and ‘medium- to long-term adequacy’ using secondary data. Then, we construct a COVID-19 Response Inclusiveness (CRI) score – to capture the extent of ‘inclusiveness’ inherent in the support across populations, particularly for the marginalised and more vulnerable. We define and capture inclusion as the equitable distribution of social and economic gains, enhanced well-being and capabilities, with social and political empowerment. Finally, using simple cross-country regressions, we find the initial COVID-19 cases, changes in mobility and Gross Domestic Product (GDP) per capita as key characteristics that were significantly associated with our measured extent of inclusiveness in countries’ response packages in the immediate aftermath of the crisis.
Journal: International Review of Applied Economics
Pages: 762-791
Issue: 5-6
Volume: 36
Year: 2022
Month: 11
X-DOI: 10.1080/02692171.2022.2130187
File-URL: http://hdl.handle.net/10.1080/02692171.2022.2130187
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:36:y:2022:i:5-6:p:762-791

Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2044459_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Julia Jose
Author-X-Name-First: Julia
Author-X-Name-Last: Jose
Author-Name: Javed Younas
Author-X-Name-First: Javed
Author-X-Name-Last: Younas
Title: Financial inclusion and women’s bargaining power: evidence from India
Abstract: 
 Extant literature links the higher bargaining power of women with favorable outcomes for the health and education of children, lower domestic abuse, and enhanced socioeconomic status. This paper examines the interplay between the financial inclusion of a woman and her intra-household bargaining power. The theoretical model predicts an ambiguous effect, wherein improvements in her well-being depend on her husband’s reaction. Using household-level data from India, we show that a woman’s well-being improves in many ways when she has a bank account. We use two unique instruments to address the issue of simultaneity. Placebo tests also certify our results. Our findings suggest that removing financial barriers for women increases their independence and say in household decision-making.
Journal: International Review of Applied Economics
Pages: 76-92
Issue: 1
Volume: 37
Year: 2023
Month: 01
X-DOI: 10.1080/02692171.2022.2044459
File-URL: http://hdl.handle.net/10.1080/02692171.2022.2044459
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:37:y:2023:i:1:p:76-92



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2117286_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Marina da Silva Sanches
Author-X-Name-First: Marina da Silva
Author-X-Name-Last: Sanches
Author-Name: Laura Barbosa de Carvalho
Author-X-Name-First: Laura Barbosa de
Author-X-Name-Last: Carvalho
Title: Multiplier effects of social protection: a SVAR approach for Brazil
Abstract: 
 Based on a Structural VAR approach, we estimated fiscal multipliers for social benefits in Brazil for 1997–2018. Our results suggest that social benefits have relatively large multiplier effects, even when compared to public investment. The multipliers are also larger in the full sample, which includes the country’s 2014–16 economic crisis than in the period 1997–2014. In particular, our results show that spending one unit on social expenditures generates a final change in GDP of almost three after two years. The higher estimated multipliers in the full sample appear in the response of household consumption and private investment to shocks in total social expenditures and for different types of social benefits (e.g. cash transfers, unemployment insurance, and pensions). In a context in which the expansion of social protection became prominent as a response to structural changes in the labor market and the Covid-19 pandemic, our paper reinforces its potential role in the short-run economic recovery.
Journal: International Review of Applied Economics
Pages: 93-112
Issue: 1
Volume: 37
Year: 2023
Month: 01
X-DOI: 10.1080/02692171.2022.2117286
File-URL: http://hdl.handle.net/10.1080/02692171.2022.2117286
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:37:y:2023:i:1:p:93-112



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2026299_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Walid Abdmoulah
Author-X-Name-First: Walid
Author-X-Name-Last: Abdmoulah
Title: Export sophistication and economic performance, new evidence using TiVA database
Abstract: 
 This study investigates the relationship between export sophistication and economic performance using a panel data from 64 countries over 2005–2015. Following a dynamic GMM approach, strong evidence of the positive effect of the manufacturing sector on countries’ economic performance is found. Similarly, high tech and ICT exported goods have a positive and significant effect on income. Relying on TiVA indicators gives new insights into countries’ Global Value Chains (GVCs) participation gains. Backward linkages are shown to be strongly income enhancing. Forward linkage effects are mixed, depending on the end use of the exported domestic value-added, suggesting that countries should not take GVCs’ benefits for granted and should consider interventionist policies in order to climb the sophistication ladder and develop more valuable parts of the value chain.
Journal: International Review of Applied Economics
Pages: 113-137
Issue: 1
Volume: 37
Year: 2023
Month: 01
X-DOI: 10.1080/02692171.2022.2026299
File-URL: http://hdl.handle.net/10.1080/02692171.2022.2026299
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:37:y:2023:i:1:p:113-137



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2117282_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Serhan Cevik
Author-X-Name-First: Serhan
Author-X-Name-Last: Cevik
Title: Dirty dance: tourism and environment
Abstract: 
 Tourism was one of the fastest-growing sectors of the global economy before the COVID-19 pandemic, accounting for around 10% of global GDP. This has created a number of challenges including environmental degradation, especially in small island countries where the carbon footprint of tourism constitute a substantial share of carbon dioxide (CO2) emissions. This study investigates the impact of tourism on CO2 emissions in a relatively homogenous panel of 15 Caribbean countries over the period 1960–2019. The results show that international tourist arrivals have a statistically and economically significant effect on CO2 emissions, after controlling for other economic, institutional and social factors. Managing tourism sustainably requires a comprehensive set of policies and reforms aimed at reducing its environmental impact, and curbing excessive dependency on fossil fuel-based energy consumption.
Journal: International Review of Applied Economics
Pages: 168-185
Issue: 1
Volume: 37
Year: 2023
Month: 01
X-DOI: 10.1080/02692171.2022.2117282
File-URL: http://hdl.handle.net/10.1080/02692171.2022.2117282
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:37:y:2023:i:1:p:168-185



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_1965550_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Chokri Zehri
Author-X-Name-First: Chokri
Author-X-Name-Last: Zehri
Author-Name: Zagros Madjd-Sadjadi
Author-X-Name-First: Zagros
Author-X-Name-Last: Madjd-Sadjadi
Title: The distributional impacts of capital controls
Abstract: 
 The study examines the distributional implications of capital account restrictions on three important welfare measurements of concern for policymakers: income inequality, poverty, and external debt. Two approaches are followed, the Autoregressive Distributed Lag (ARDL), and the local projections regression with impulse response functions (IRFs), and applied to a panel data for 102 countries from 1995 to 2019. First, we identify the capital control periods, and second, we follow behavior of these three measurements after these periods. The results show a decline in income inequality and poverty and a decline in external debt. However, four pathways can affect the intensity of capital controls impacts, the financial development and the strength of the financial institutions, the financial crisis probability, the bargaining power of the labor market, and the cost of international debt. The study highlights that additional policies may be needed to redistribute some of the gains of capital controls.
Journal: International Review of Applied Economics
Pages: 138-167
Issue: 1
Volume: 37
Year: 2023
Month: 01
X-DOI: 10.1080/02692171.2021.1965550
File-URL: http://hdl.handle.net/10.1080/02692171.2021.1965550
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:37:y:2023:i:1:p:138-167



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2167629_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Jonathan Michie
Author-X-Name-First: Jonathan
Author-X-Name-Last: Michie
Title: Zombie firms, financial inclusion and women’s bargaining power, and other issues
Journal: International Review of Applied Economics
Pages: 1-2
Issue: 1
Volume: 37
Year: 2023
Month: 01
X-DOI: 10.1080/02692171.2023.2167629
File-URL: http://hdl.handle.net/10.1080/02692171.2023.2167629
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:37:y:2023:i:1:p:1-2



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2056155_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Katherine A. Moos
Author-X-Name-First: Katherine A.
Author-X-Name-Last: Moos
Author-Name: Hao Qi
Author-X-Name-First: Hao
Author-X-Name-Last: Qi
Title: The state's response to the crisis of neoliberalism: a comparison of the net social wage in China and the United States, 1992-2017
Abstract: 
 We compare the welfare states and taxation regimes of the two largest economies in the world, China and the United States, from 1992 to 2017. We begin with a comparison of each country’s net social wage – that is, the difference between total benefits received by and taxes paid by labor – using two established methods. While the net social wage in the two countries exhibited similar trends, the increasing net social wage has distinctly different implications in the two countries due to their specific historical trajectories in the neoliberal era. In the US, the increasing net social wage reflects an ambivalent and reluctant response to workers’ social reproduction. In China, it reflects institutional changes in the welfare state, which we interpret as the Chinese state’s attempt to resolve the social-reproduction crisis caused by neoliberal reforms of the 1990s.
Journal: International Review of Applied Economics
Pages: 23-49
Issue: 1
Volume: 37
Year: 2023
Month: 01
X-DOI: 10.1080/02692171.2022.2056155
File-URL: http://hdl.handle.net/10.1080/02692171.2022.2056155
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:37:y:2023:i:1:p:23-49



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2045911_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Nicolás Águila
Author-X-Name-First: Nicolás
Author-X-Name-Last: Águila
Author-Name: Juan M. Graña
Author-X-Name-First: Juan M.
Author-X-Name-Last: Graña
Title: Not all zombies are created equal. A Marxist-Minskyan taxonomy of firms: United States, 1950-2019
Abstract: 
 The ‘zombie’ literature emphasizes the financial characteristics of firms and focuses on financial channels to explain their rise. This is incomplete because it conflates together firms with very different productive characteristics. Drawing on Marx and Minsky’s insights, we build a taxonomy of firms showing both their productive and financial characteristics based on the rate of profit of enterprise and the interplay between its three determinants: the profit rate, the difference between the profit and the interest rate, and the leverage ratio. Considering the different possible combinations of these variables, we classify firms into seven types: normal and regular small capitals (hedge finance); speculative small, super small, and leveraged small capitals (speculative finance); and financially stressed small and zombie capitals (Ponzi finance). We show the composition and evolution of U.S. listed firms as well as relevant descriptive statistics by type of firm from 1950 to 2019. Our main finding is that the principal problem of U.S. firms is productive, not financial, as there is a high share of firms with increasingly negative profitability even before the payment of interest and despite having relatively low leverage.
Journal: International Review of Applied Economics
Pages: 3-22
Issue: 1
Volume: 37
Year: 2023
Month: 01
X-DOI: 10.1080/02692171.2022.2045911
File-URL: http://hdl.handle.net/10.1080/02692171.2022.2045911
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:37:y:2023:i:1:p:3-22



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2117281_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Tanadej Vechsuruck
Author-X-Name-First: Tanadej
Author-X-Name-Last: Vechsuruck
Title: Sectoral wage share and its decomposition in China
Abstract: 
 This paper investigates sectoral contributions to the trend of national wage share, or the labor income share, during 2000–2014 in China. I apply the logarithmic mean Divisia index (LMDI) decomposition, the method widely used in energy studies, to decompose the trend of the wage share. At a sectoral level, with rapid structural transformation, structural change negatively impacted the wage share through the between-sector effect – the structural and price effects – mainly from agriculture. This result confirms Arthur Lewis’s hypothesis that structural transformation has a negative contribution to the wage share. At a national level, when the wage share declined before 2008, the between-sector effect was as significant as the within-sector effect – the wage and productivity effects. After 2008, the within-sector effect directed the increasing wage share trend. This implies that although structural transformation matters to the wage share in a large developing country like China, a wage-productivity nexus has been more influential and determined the increasing trend of the wage share since 2008.
Journal: International Review of Applied Economics
Pages: 50-75
Issue: 1
Volume: 37
Year: 2023
Month: 01
X-DOI: 10.1080/02692171.2022.2117281
File-URL: http://hdl.handle.net/10.1080/02692171.2022.2117281
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:37:y:2023:i:1:p:50-75

Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2138835_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Pål Børing
Author-X-Name-First: Pål
Author-X-Name-Last: Børing
Author-Name: Michael Spjelkavik Mark
Author-X-Name-First: Michael Spjelkavik
Author-X-Name-Last: Mark
Title: Public R&D support to enterprises in four R&D sectors: the mix of types of aid and policy agencies
Abstract: 
 We examine how the amount of public R&D support to enterprises in different R&D sectors is related to the mix of types of aid and policy agencies. The question we ask is whether this amount increases or decreases with the number of types of aid and policy agencies in each sector. We use panel data on the amount of support received by Norwegian enterprises in the following four R&D sectors: the higher education sector, the institute sector, the health trusts, and the industrial sector. GMM regressions show that the amount of support is positively related to the number of policy agencies in all four sectors, and positively related to the number of types of aid in the industrial sector (the relationship is non-significant in each of the other three sectors). The estimation results therefore indicate that the amount of public R&D support increases in one of the R&D sectors (the industrial sector) when enterprises benefit from an increasing number of different types of aid, and increases in all sectors when enterprises benefit from an increasing number of different policy agencies.
Journal: International Review of Applied Economics
Pages: 236-252
Issue: 2
Volume: 37
Year: 2023
Month: 03
X-DOI: 10.1080/02692171.2022.2138835
File-URL: http://hdl.handle.net/10.1080/02692171.2022.2138835
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:37:y:2023:i:2:p:236-252



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2167952_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Anusha Goel
Author-X-Name-First: Anusha
Author-X-Name-Last: Goel
Title: Trends and reforms of financial inclusion in India
Abstract: 
 Financial Inclusion means providing basic financial products and services to marginalised groups in society in a cost-effective manner. It is an aspect of financial development which helps to achieve higher growth, reduced inequality and reduced poverty. This article undertakes a thematic literature review of factors responsible for financial exclusion, recent trends regarding inclusion, and policy initiatives by government and regulatory bodies. The literature suggests that low earnings, gender gap, ignorance towards marginalised groups, low degree of financial literacy, remote locations and cultural barriers are all important issues behind financial inclusion. There have been improvements in the extent of inclusiveness alongside various reforms and the development of the digital infrastructure, especially during the past decade. However, certain aspects still necessitate pre-emptive measures by the authorities.
Journal: International Review of Applied Economics
Pages: 275-285
Issue: 2
Volume: 37
Year: 2023
Month: 03
X-DOI: 10.1080/02692171.2023.2167952
File-URL: http://hdl.handle.net/10.1080/02692171.2023.2167952
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:37:y:2023:i:2:p:275-285



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2198329_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Jonathan Michie
Author-X-Name-First: Jonathan
Author-X-Name-Last: Michie
Title: Inequality growth within countries, despite catch-up between countries
Journal: International Review of Applied Economics
Pages: 187-189
Issue: 2
Volume: 37
Year: 2023
Month: 03
X-DOI: 10.1080/02692171.2023.2198329
File-URL: http://hdl.handle.net/10.1080/02692171.2023.2198329
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:37:y:2023:i:2:p:187-189



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2117287_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Phuong Thao Dang
Author-X-Name-First: Phuong Thao
Author-X-Name-Last: Dang
Author-Name: K. Ali Akkemik
Author-X-Name-First: K. Ali
Author-X-Name-Last: Akkemik
Title: Greenhouse gas emissions in Vietnam: an analysis based on a social accounting matrix with firm heterogeneity
Abstract: 
 Vietnam is one of the fastest-growing polluters in the world – due to rapid industrialization facilitated by massive foreign investments. This study estimates the sources of greenhouse gas (GHG) emissions arising from activities of firms using a social accounting matrix (SAM) that incorporates firm heterogeneity based on ownership style, namely, state-owned enterprises, private firms, and foreign-invested enterprises. The results show that an increase in exports or investments increases GHG gas emissions to varying degrees depending on whether the increase occurs in state-owned enterprises, private firms, or foreign-invested enterprises (FIEs). The largest increase in emissions results from an increase in exports and investments of FIEs, whereas the increase in emissions due to private firms and SOEs is much smaller. The results imply that it is important to consider the impact of foreign investments and the activities of foreign firms on GHG emissions in Vietnam.
Journal: International Review of Applied Economics
Pages: 190-216
Issue: 2
Volume: 37
Year: 2023
Month: 03
X-DOI: 10.1080/02692171.2022.2117287
File-URL: http://hdl.handle.net/10.1080/02692171.2022.2117287
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:37:y:2023:i:2:p:190-216



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2184464_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Roberto Alexandre Zanchetta Borghi
Author-X-Name-First: Roberto Alexandre Zanchetta
Author-X-Name-Last: Borghi
Title: Structural change and industrial linkages: a perspective on China’s growth pattern, 1995-2009
Abstract: 
 China has presented one of the most noticeable growth experiences in economic history. High growth rates in the post-1978 reform period have been marked by deep structural changes in the Chinese economy. This paper aims to discuss China’s long-term economic growth from a Kaldorian-Structuralist framework that emphasises the importance of a large, diversified and integrated industrial base as a central engine of economic growth that may prevent balance-of-payments constraints. This study applies input-output indicators to reveal key sectoral transformations of the Chinese productive structure and changes in interindustry linkages during the 1990s and 2000s. Results provide evidence that: (i) the Chinese sustained growth pattern has relied on a diversified and increasingly integrated domestic industrial production; and (ii) most sectors have been able to generate through exports enough foreign exchange to pay for import needs.
Journal: International Review of Applied Economics
Pages: 253-274
Issue: 2
Volume: 37
Year: 2023
Month: 03
X-DOI: 10.1080/02692171.2023.2184464
File-URL: http://hdl.handle.net/10.1080/02692171.2023.2184464
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:37:y:2023:i:2:p:253-274



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2123910_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: João P. Romero
Author-X-Name-First: João P.
Author-X-Name-Last: Romero
Author-Name: Ana Bottega
Author-X-Name-First: Ana
Author-X-Name-Last: Bottega
Author-Name: Arthur B. Cordeiro
Author-X-Name-First: Arthur B.
Author-X-Name-Last: Cordeiro
Title: The impact of demand on innovation and research intensity
Abstract: 
 The paper investigates the relationship between demand, innovation and research intensity (R&D to output and patents per millions of hours worked) in different groups of industries. These relationships were investigated using disaggregate industry-level data from EU KLEMS, ANBERD and USPTO, in a sample that comprises 12 industries in 18 countries over 1977–2006. The results reported in the paper indicate that demand exerts a positive and significant impact on innovation, measured by R&D expenditure and patents. Moreover, this impact is stronger in high-tech industries than in low-tech ones. The paper also provides evidence that demand does not impact research intensity, despite its impact on innovation. This finding holds both for low-tech and high-tech industries, using both R&D to value added and patents per millions of hours worked as measures of research intensity. This suggests that research intensity is not influenced by demand growth, but most likely depends on the quality of each country’s National Innovation System.
Journal: International Review of Applied Economics
Pages: 217-235
Issue: 2
Volume: 37
Year: 2023
Month: 03
X-DOI: 10.1080/02692171.2022.2123910
File-URL: http://hdl.handle.net/10.1080/02692171.2022.2123910
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:37:y:2023:i:2:p:217-235

Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2205111_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Ebel Berghuis
Author-X-Name-First: Ebel
Author-X-Name-Last: Berghuis
Author-Name: Derk Loorbach
Author-X-Name-First: Derk
Author-X-Name-Last: Loorbach
Author-Name: Anne van Vulpen
Author-X-Name-First: Anne
Author-X-Name-Last: van Vulpen
Author-Name: Martijn Verkuijl
Author-X-Name-First: Martijn
Author-X-Name-Last: Verkuijl
Author-Name: Claudia van Orden
Author-X-Name-First: Claudia
Author-X-Name-Last: van Orden
Author-Name: Rachel Greer
Author-X-Name-First: Rachel
Author-X-Name-Last: Greer
Title: Coming together for transition? Entrepreneurial ecosystems for a circular economy
Abstract: 
 Circular ecosystems can be a role model in the transition to a circular economy, can inspire and motivate other entrepreneurs, and may possibly have a transformative effect in the transition. For example, by deploying knowledge and experience for a targeted lobby for policy change – such as changes in the law and regulations. Four circular ecosystems were studied to discover how they function, and what they may contribute to the transition to a circular economy. The research shows that cooperation in ecosystems can provide circular start-ups with much added value. At the same time, the research also shows that the influence of the four circular ecosystems investigated is limited regarding the local transition to a circular economy. The ecosystems are not examples of a circular economy yet. But ecosystems are not static entities. They are on the move, as this research demonstrates.
Journal: International Review of Applied Economics
Pages: 372-388
Issue: 3
Volume: 37
Year: 2023
Month: 05
X-DOI: 10.1080/02692171.2023.2205111
File-URL: http://hdl.handle.net/10.1080/02692171.2023.2205111
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:37:y:2023:i:3:p:372-388



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2197642_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Paul Ningaye
Author-X-Name-First: Paul
Author-X-Name-Last: Ningaye
Author-Name: Isaac Ketu
Author-X-Name-First: Isaac
Author-X-Name-Last: Ketu
Title: Does infrastructure development matter for the shadow economy in African countries?
Abstract: 
 Understanding the determinants of the informal economy is a crucial issue in economic development due to its far-reaching effects on development efforts. Previous studies focused exclusively on factors that can potentially reduce the relative size of the shadow economy. However, these attempts have not enjoyed much success to date in Africa, where informality has continued to thrive. We contend that realistic medium-term goals, as opposed to obligatory formalisation, could increase the output of informal businesses by providing enough infrastructure and a welcoming business climate, which would at the same time foster formalisation. Using OLS, FE and system GMM with data on 42 African countries covering 2003–2018, we find that infrastructure development reduces the relative size of the shadow economy in African countries. Our results remained consistent when we controlled for the effects of other determinants of the informal economy, employed other estimators, and used an alternative measure of the informal economy.
Journal: International Review of Applied Economics
Pages: 290-310
Issue: 3
Volume: 37
Year: 2023
Month: 05
X-DOI: 10.1080/02692171.2023.2197642
File-URL: http://hdl.handle.net/10.1080/02692171.2023.2197642
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:37:y:2023:i:3:p:290-310



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2210513_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Jen-Chung Mei
Author-X-Name-First: Jen-Chung
Author-X-Name-Last: Mei
Title: Core product competence and productivity gains: the role of foreign ownership
Abstract: 
 Recent theoretical contributions provide predictions about the effects of core product competence on firms’ productivity. However, we know little about the influence of foreign ownership on core product competence that might also lead to productivity gains across firms. This paper uses firm-level data for 137 countries to investigate how foreign ownership affects firms’ decision to become specialised at core products and the subsequently firm productivity gains. To tackle the possible endogeneity of foreign ownership, the instrumental variable approach and the propensity score matching technique are employed. The results show that foreign ownership has a positive and significant effect on firms’ core product competence and this positive effect leads to productivity gains, especially for the most productive firms. We further reveal that foreign competition within an industry encourages firms to become specialised at core products, which could further lead to productivity gains across firms.
Journal: International Review of Applied Economics
Pages: 389-425
Issue: 3
Volume: 37
Year: 2023
Month: 05
X-DOI: 10.1080/02692171.2023.2210513
File-URL: http://hdl.handle.net/10.1080/02692171.2023.2210513
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:37:y:2023:i:3:p:389-425



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2205109_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Lamia Jaidane Mazigh
Author-X-Name-First: Lamia
Author-X-Name-Last: Jaidane Mazigh
Author-Name: Islem Khefacha
Author-X-Name-First: Islem
Author-X-Name-Last: Khefacha
Author-Name: Belgacem Smiri
Author-X-Name-First: Belgacem
Author-X-Name-Last: Smiri
Title: Gender and corruption: examining the nexus in MENA countries using PMG-ARDL approach
Abstract: 
 This paper investigates the relationship between gender and corruption in thirteen Middle East and North African (MENA) countries during 2006–2020. We find a poor performance in terms of both corruption and the lack of involvement of women in public life, with a correlation between these two phenomena in the region. Due to the presence of cross-sectional dependence and heterogeneity in the panel, we employed second-generation econometric panel unit root and cointegration tests. Using the ARDL-PMG approach, which is categorised as an error-corrected model, we demonstrate that greater involvement of women in the economic and political sphere is associated with lower levels of corruption. The results also indicate that the link between corruption and gender is dependent on the context and institutional factors. The role of democracy and political stability in explaining this interaction is particularly important, especially when women are well-represented in decision-making positions. Finally, we provide evidence that improved gender equality can strengthen the connection between greater involvement of women in public life, and more success in tackling corruption. Greater gender egalitarianism can break down the male-dominated network of corruption that is widespread in MENA countries.
Journal: International Review of Applied Economics
Pages: 357-371
Issue: 3
Volume: 37
Year: 2023
Month: 05
X-DOI: 10.1080/02692171.2023.2205109
File-URL: http://hdl.handle.net/10.1080/02692171.2023.2205109
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:37:y:2023:i:3:p:357-371



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2205108_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Filippo Domma
Author-X-Name-First: Filippo
Author-X-Name-Last: Domma
Author-Name: Lucia Errico
Author-X-Name-First: Lucia
Author-X-Name-Last: Errico
Title: The impact of social media adoption on innovative SMEs’ performance
Abstract: 
 This paper empirically investigates Social Media adoption as a driver of firms’ performance. Specifically, we focus on the relationship between the embracing of Twitter and Italian Innovative Small and Medium Enterprises (SMEs) profitability over 2011–19. Although Twitter is perceived as a low-cost and effective communication channel, the main results show that Innovative SMEs adopting Social Media appear to have lower profitability than those without social network implementation. An interpretation of this evidence can rely on the difficulty of innovative SMEs in overcoming barriers to Twitter adoption related to the human capital required to maintain relationships with the online community of consumers in the Italian context.
Journal: International Review of Applied Economics
Pages: 324-356
Issue: 3
Volume: 37
Year: 2023
Month: 05
X-DOI: 10.1080/02692171.2023.2205108
File-URL: http://hdl.handle.net/10.1080/02692171.2023.2205108
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:37:y:2023:i:3:p:324-356



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2216119_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Jonathan Michie
Author-X-Name-First: Jonathan
Author-X-Name-Last: Michie
Title: The need for environmental and social sustainability – but how to make the case, and how to achieve it?
Journal: International Review of Applied Economics
Pages: 426-431
Issue: 3
Volume: 37
Year: 2023
Month: 05
X-DOI: 10.1080/02692171.2023.2216119
File-URL: http://hdl.handle.net/10.1080/02692171.2023.2216119
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:37:y:2023:i:3:p:426-431



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2205107_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Clement Oppong
Author-X-Name-First: Clement
Author-X-Name-Last: Oppong
Author-Name: Abukari Salifu Atchulo
Author-X-Name-First: Abukari
Author-X-Name-Last: Salifu Atchulo
Author-Name: Shenell Fatia Oman
Author-X-Name-First: Shenell
Author-X-Name-Last: Fatia Oman
Title: Public debt and economic growth nexus in sub-saharan Africa: does institutional quality matter?
Abstract: 
 This paper investigates the effect of institutional quality and public debt on economic growth among sub-Saharan African countries. The study employs the System Generalized Method of Moments (SGMM) and the Fixed Effect techniques on data from 35 Sub Saharan African countries (sourced from the World Development Indicators (WDI) and the World Governance Index (WGI) databases from 2010 to 2020). The results reveal that institutional quality has a significantly negative effect on public debt; public debt has a significantly negative effect on economic growth; and institutional quality has a significantly positive effect on economic growth. This suggests that countries with weak institutions may have debt overhang deleterious to economic growth.
Journal: International Review of Applied Economics
Pages: 311-323
Issue: 3
Volume: 37
Year: 2023
Month: 05
X-DOI: 10.1080/02692171.2023.2205107
File-URL: http://hdl.handle.net/10.1080/02692171.2023.2205107
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:37:y:2023:i:3:p:311-323



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2233262_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Jonathan Michie
Author-X-Name-First: Jonathan
Author-X-Name-Last: Michie
Title: How to deliver economic success – and what does that mean?
Abstract: 
 The articles in this issue explore a whole range of issues around economic performance – from the problem of corruption, and the link this may have with gender, through to the need for environmental sustainability and a circular economy. Hence why the title for this introductory essay refers to ‘economic success’ rather than ‘economic growth’, since success should not be measured by ‘growth’, but rather by human welfare and wellbeing, broadly defined.
Journal: International Review of Applied Economics
Pages: 287-289
Issue: 3
Volume: 37
Year: 2023
Month: 05
X-DOI: 10.1080/02692171.2023.2233262
File-URL: http://hdl.handle.net/10.1080/02692171.2023.2233262
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:37:y:2023:i:3:p:287-289

Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2253063_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Jonathan Michie
Author-X-Name-First: Jonathan
Author-X-Name-Last: Michie
Title: Editor’s introduction
Journal: International Review of Applied Economics
Pages: 433-434
Issue: 4
Volume: 37
Year: 2023
Month: 07
X-DOI: 10.1080/02692171.2023.2253063
File-URL: http://hdl.handle.net/10.1080/02692171.2023.2253063
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:37:y:2023:i:4:p:433-434



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2240243_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Khairunnisa Abd Samad
Author-X-Name-First: Khairunnisa
Author-X-Name-Last: Abd Samad
Author-Name: Nur Hayati Abd Rahman
Author-X-Name-First: Nur Hayati
Author-X-Name-Last: Abd Rahman
Author-Name: Shafinar Ismail
Author-X-Name-First: Shafinar
Author-X-Name-Last: Ismail
Author-Name: Najihah Hanisah Marmaya
Author-X-Name-First: Najihah Hanisah
Author-X-Name-Last: Marmaya
Title: Is the well-being of gig workers in Malaysia better? The reality of pain and gain
Abstract: 
 The demand for gig work is continuously rising with the emergence of online platforms and marketplaces such as Freelancers.com, LinkedIn, Grab, Foodpanda, etc. Although the demand for gig work is growing, the ecosystem of this field does not fully support the welfare and well-being of its workers. The literature discussion is scarce regarding the well-being of Malaysia’s gig workers, especially regarding the financial, work-life balance, and workers’ protection aspects. This study aims to fill this gap. Our findings indicate that the main motivation for choosing gig work is flexible work hours. The challenges faced by gig workers include the meagre ability to save, and lack of retirement security. No health benefits are present to support the sustainable wellbeing of gig workers. The current policies that help workers during times of need, such as SOCSO and EPF, are always welcome but perceived as optional. Thus, the paper suggests that more policies should be formulated to support the wellbeing of gig workers.
Journal: International Review of Applied Economics
Pages: 518-531
Issue: 4
Volume: 37
Year: 2023
Month: 07
X-DOI: 10.1080/02692171.2023.2240243
File-URL: http://hdl.handle.net/10.1080/02692171.2023.2240243
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:37:y:2023:i:4:p:518-531



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2241214_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Jonathan Michie
Author-X-Name-First: Jonathan
Author-X-Name-Last: Michie
Author-Name: Suzanne Schneider
Author-X-Name-First: Suzanne
Author-X-Name-Last: Schneider
Title: Call for papers: for a special issue of the International Review of Applied Economics on ‘risk, uncertainty, and democracy’
Journal: International Review of Applied Economics
Pages: 571-572
Issue: 4
Volume: 37
Year: 2023
Month: 07
X-DOI: 10.1080/02692171.2023.2241214
File-URL: http://hdl.handle.net/10.1080/02692171.2023.2241214
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:37:y:2023:i:4:p:571-572



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2240250_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Domingos Isaias Maia Amorim
Author-X-Name-First: Domingos Isaias Maia
Author-X-Name-Last: Amorim
Author-Name: Maria Josiell Nascimento da Silva
Author-X-Name-First: Maria Josiell Nascimento
Author-X-Name-Last: da Silva
Author-Name: Francisco José Silva Tabosa
Author-X-Name-First: Francisco José
Author-X-Name-Last: Silva Tabosa
Author-Name: Alexandre Nunes de Almeida
Author-X-Name-First: Alexandre
Author-X-Name-Last: Nunes de Almeida
Author-Name: Pablo Urano de Carvalho Castelar
Author-X-Name-First: Pablo Urano
Author-X-Name-Last: de Carvalho Castelar
Title: Greenhouse gas emissions from Brazilian agriculture and convergence clubs
Abstract: 
 This work aims to assess whether there is a convergence in the emission of Greenhouse Gases (GHG) in the states of Brazil. To achieve this objective, the Phillips and Sul (2007) time series methodology was employed, testing the hypothesis of global (or common) convergence, using data from the Greenhouse Gas Emissions and Removal Estimation System (Sistema de Estimativas de Emissões e Remoções de Gases do Efeito Estufa - SEEG), for the period of 1989–2018, which provides the emission, in tons, of Carbon Monoxide (CO) in agriculture and livestock, as well as of Carbon Dioxide (CO2), for changes in land and forest use. Among the main results, the formation of different convergence clubs is suggested, rejecting the hypothesis of global convergence, and thus presenting four convergence clubs for the CO pollutant and three clubs for the CO2, with two divergent states. When analysing the convergence clubs, it was found that there was a significant reduction in CO emissions in all clubs, and while analysing the CO2, only two of the clubs, which were clubs 3 and 4, managed to reduce their emissions.
Journal: International Review of Applied Economics
Pages: 532-552
Issue: 4
Volume: 37
Year: 2023
Month: 07
X-DOI: 10.1080/02692171.2023.2240250
File-URL: http://hdl.handle.net/10.1080/02692171.2023.2240250
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:37:y:2023:i:4:p:532-552



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2240252_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Gopal Krishna Roy
Author-X-Name-First: Gopal Krishna
Author-X-Name-Last: Roy
Author-Name: Amaresh Dubey
Author-X-Name-First: Amaresh
Author-X-Name-Last: Dubey
Title: Labour market rigidity and total factor productivity: a re-examination of the evidence from India
Abstract: 
 The existing empirical studies concerning labour market rigidity associated with the labour laws in India suggest an adverse impact of rigidity on total factor productivity (TFP). In this paper, we improve upon both the measurement of spatiotemporal variation in labour market flexibility and plant-level TFP from production function estimates in the presence of institutional rigidity in labour inputs adjustment due to job security legislation based on the recent advancement in the literature. We use an unbalanced panel of manufacturing plants from the Annual Survey of Industries panel data from 1999–2000 to 2016–17 to analyse the relationship between labour market rigidity/flexibility and TFP. We find that establishments that fall under the purview of job security legislation have higher productivity than those outside the ambit of job security legislation. The results suggest that rigidity associated with job security provisions does not harm TFP, and higher flexibility is negatively associated with TFP. However, we find considerable heterogeneity in the flexibility–TFP relationship across various industry groups. The heterogeneity in the flexibility–TFP relationship suggests that flexibility-inducing labour policy may improve TFP in some industries and, at the same time, decrease it in others.
Journal: International Review of Applied Economics
Pages: 553-570
Issue: 4
Volume: 37
Year: 2023
Month: 07
X-DOI: 10.1080/02692171.2023.2240252
File-URL: http://hdl.handle.net/10.1080/02692171.2023.2240252
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:37:y:2023:i:4:p:553-570



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2234311_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Joseph Chukwudi Odionye
Author-X-Name-First: Joseph Chukwudi
Author-X-Name-Last: Odionye
Author-Name: Augustine C Odo
Author-X-Name-First: Augustine C
Author-X-Name-Last: Odo
Author-Name: Marius Ikpe
Author-X-Name-First: Marius
Author-X-Name-Last: Ikpe
Author-Name: Richard O. Ojike
Author-X-Name-First: Richard O.
Author-X-Name-Last: Ojike
Title: Threshold-based asymmetric reactions of trade balances to currency devaluation: fresh insights from smooth transition regression (STR) model
Abstract: 
 This study sought to ascertain relatively the asymmetric reactions of trade balances to currency devaluation and non-devaluation regimes in sub-Saharan African (SSA) countries between 1981 and 2021 using the smooth transition regression (STR) model. The outcome indicates that, in Ghana, Malawi, and Mozambique, currency devaluation as a change in policy has a major influence on the trade balance; however, in Nigeria, Kenya, and Tanzania, this impact is negligible. Nigeria had the highest gamma coefficient but insignificant, suggesting that policy change has not significantly impacted the country’s trade balance despite the high transition rate. Findings from the devaluation regime revealed that, with the exception of Ghana, all other nations’ real exchange rates are inversely and significantly related to the trade balance. Additionally, it displayed an average threshold parameter of 0.147, indicating that a devaluation of more than 14.7% within a year will deteriorate the trade balance in SSA. The results indicate that the devaluation effects hinge on the structure, macroprudential policies, and infrastructural growth of the nation. The study recommended amongst other things, (i) a robust structural transformation in key sectors (ii) judicious investment in infrastructural development to address the key bottleneck in the quality and quantity of domestic production.
Journal: International Review of Applied Economics
Pages: 435-456
Issue: 4
Volume: 37
Year: 2023
Month: 07
X-DOI: 10.1080/02692171.2023.2234311
File-URL: http://hdl.handle.net/10.1080/02692171.2023.2234311
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:37:y:2023:i:4:p:435-456



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2234837_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Sosson Tadadjeu
Author-X-Name-First: Sosson
Author-X-Name-Last: Tadadjeu
Author-Name: Brice Kamguia
Author-X-Name-First: Brice
Author-X-Name-Last: Kamguia
Author-Name: Ronald Djeunankan
Author-X-Name-First: Ronald
Author-X-Name-Last: Djeunankan
Title: Access to drinking water and sanitation in developing countries: Does financial development matter?
Abstract: 
 The aim of this study is to examine the effect of financial development on access to safe water and sanitation. Using panel data from a sample of 106 developing countries over the period 2000–2019, empirical results based on two-step system generalised method of moments suggest that financial development improves access to drinking water and sanitation for the total population and for both urban and rural populations. In addition, financial development reduces the gap between urban and rural populations in terms of access to these two basic services. Further analysis also suggests that the financial market and financial institutions, as well as their sub-indices (financial depth, financial access, and financial efficiency), also improve access to water and sanitation. These results underscore the need for continued efforts to design and implement policies that promote financial development. In addition, given the greater impact of financial institutions, we suggest that reforms to improve the financial system should be more oriented towards the development of financial institutions.
Journal: International Review of Applied Economics
Pages: 457-481
Issue: 4
Volume: 37
Year: 2023
Month: 07
X-DOI: 10.1080/02692171.2023.2234837
File-URL: http://hdl.handle.net/10.1080/02692171.2023.2234837
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:37:y:2023:i:4:p:457-481



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2239719_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Moraghen Warren
Author-X-Name-First: Moraghen
Author-X-Name-Last: Warren
Author-Name: b. Seetanah
Author-X-Name-First: b.
Author-X-Name-Last: Seetanah
Author-Name: n. Sookia
Author-X-Name-First: n.
Author-X-Name-Last: Sookia
Title: An investigation of exchange rate, exchange rate volatility and FDI nexus in a gravity model approach
Abstract: 
 This study assesses the significance of exchange rate and exchange rate volatility in the bilateral inflows of FDI using a gravity model, based on a sample of 40 countries over the period 2001 to 2019. This analysis is also specifically concerned with the estimation challenges which revolve around the validity of the log-linear transformation of the gravity equation in the potential presence of heteroscedasticity and zero FDI observations. The various alternative estimation techniques, all validate the fact that exchange rate volatility has a negative impact on the bilateral inflows of FDI whereas exchange rate depreciation has a positive and significant coefficient. On the other hand, the variables GDP-host and GDP-Home are positive and significant justifying that the host and home countries’ economic sizes remain factual elements in attracting FDI. The models’ estimates also interestingly validate the fact that geographical distance and tax level have a sizeable negative influence on the bilateral inflow of FDI. Besides, the significance of the dummy variable common language confirms a negative causal effect of a communication barrier between the local workers and foreign investors.
Journal: International Review of Applied Economics
Pages: 482-502
Issue: 4
Volume: 37
Year: 2023
Month: 07
X-DOI: 10.1080/02692171.2023.2239719
File-URL: http://hdl.handle.net/10.1080/02692171.2023.2239719
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:37:y:2023:i:4:p:482-502



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2240241_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Luckas Sabioni Lopes
Author-X-Name-First: Luckas Sabioni
Author-X-Name-Last: Lopes
Author-Name: Wilson Luiz Rotatori Corrêa
Author-X-Name-First: Wilson Luiz
Author-X-Name-Last: Rotatori Corrêa
Title: Macroeconomic uncertainty and monetary policy transmission in Brazil: a TVAR approach
Abstract: 
 This article assesses the impact of uncertainties on the effectiveness of monetary policy in Brazil after the adoption of the inflation-targeting regime. We employ the methodology of autoregressive vectors with an endogenous threshold (TVAR) with a general uncertainty indicator (IGI), proposed as a linear combination of four existing proxies for the Brazilian context. The sample covers 2003 to June 2022 at a monthly frequency. The results show the IGI variable has the highest degree of correlation with economic recessions in the country among all the analysed indicators. Moreover, in regimes of high uncertainty, the responses of the output gap, inflation, and inflationary expectations to interest rate shocks are severely reduced. Therefore, we conclude that an increase in macroeconomic uncertainties can reduce the effectiveness of monetary policy in Brazil.
Journal: International Review of Applied Economics
Pages: 503-517
Issue: 4
Volume: 37
Year: 2023
Month: 07
X-DOI: 10.1080/02692171.2023.2240241
File-URL: http://hdl.handle.net/10.1080/02692171.2023.2240241
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:37:y:2023:i:4:p:503-517

Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2272432_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Jonathan Michie
Author-X-Name-First: Jonathan
Author-X-Name-Last: Michie
Title: Productivity, equity and sustainability
Journal: International Review of Applied Economics
Pages: 573-574
Issue: 5
Volume: 37
Year: 2023
Month: 09
X-DOI: 10.1080/02692171.2023.2272432
File-URL: http://hdl.handle.net/10.1080/02692171.2023.2272432
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:37:y:2023:i:5:p:573-574



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2240257_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Thanos Poulakis
Author-X-Name-First: Thanos
Author-X-Name-Last: Poulakis
Author-Name: Persefoni Tsaliki
Author-X-Name-First: Persefoni
Author-X-Name-Last: Tsaliki
Title: Dynamic linkages between real exchange rates and real unit labour costs: evidence from 18 economies
Abstract: 
 The article examines the long-run behaviour of real exchange rates based on the premises of classical political economy. Specifically, it investigates the dynamics between real exchange rates and real unit labour costs of tradable commodities for 18 developed and developing economies. The analysis is carried out by applying recent methods of panel data, while the short- and long-run dynamics are estimated based on the cross-sectional autoregressive distributed lag model. Our findings confirm the presence of short- and long-run effects of real unit labour costs on real exchange rates. Consequently, new and more effective foreign exchange rate policies may be designed.
Journal: International Review of Applied Economics
Pages: 607-620
Issue: 5
Volume: 37
Year: 2023
Month: 09
X-DOI: 10.1080/02692171.2023.2240257
File-URL: http://hdl.handle.net/10.1080/02692171.2023.2240257
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:37:y:2023:i:5:p:607-620



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2240270_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Myoungrok Kim
Author-X-Name-First: Myoungrok
Author-X-Name-Last: Kim
Author-Name: Young jo Song
Author-X-Name-First: Young jo
Author-X-Name-Last: Song
Title: Corporate excess savings: what does it have to do with M&A activities, cash holdings and debt repayments in Korea?
Abstract: 
 Corporate excess savings, or gross savings in excess of fixed capital formation, can affect the real economy through the financial decisions of individual firms. Based on an unbalanced panel of more than 2,000 Korean listed companies from 2003 to 2021, this study analyses how excess savings are used in individual firms’ financial activities and their consequent impact on aggregate demand at the macroeconomic level. Excess savings are most often used for debt repayment. Considering heterogeneity, the excess savings of large firms are mainly related to M&A, while the excess savings of small firms are relatively more disbursed to cash holdings for the precautionary motive. Since 2010, the extent of its use in M&A has become stronger; M&A in large firms appears to crowd out fixed capital formation for a certain period of time. When this analysis is applied at the industry level, it is also consistent with the results of individual firms.
Journal: International Review of Applied Economics
Pages: 667-685
Issue: 5
Volume: 37
Year: 2023
Month: 09
X-DOI: 10.1080/02692171.2023.2240270
File-URL: http://hdl.handle.net/10.1080/02692171.2023.2240270
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:37:y:2023:i:5:p:667-685



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2254246_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Isaac Koomson
Author-X-Name-First: Isaac
Author-X-Name-Last: Koomson
Author-Name: Abdallah Abdul-Mumuni
Author-X-Name-First: Abdallah
Author-X-Name-Last: Abdul-Mumuni
Author-Name: David Kofi Ampah
Author-X-Name-First: David Kofi
Author-X-Name-Last: Ampah
Author-Name: Anthony Fiifi Afful
Author-X-Name-First: Anthony Fiifi
Author-X-Name-Last: Afful
Title: The link between households’ durable asset accumulation and healthcare utilisation and spending
Abstract: 
 In developing countries with less advanced financial systems, the accumulation of durable assets remains key to enhancing household welfare. Despite this, studies that explore the link between asset accumulation and health outcomes have largely focused on financial assets. We contribute to the literature by examining the effect of durable asset accumulation on healthcare utilisation and spending using data from a comprehensive and nationally representative survey data in Ghana. Our preferred endogeneity-corrected estimates indicate that a standard deviation increase in asset accumulation is associated with 1.741 and 0.598 standard deviations improvement in healthcare utilisation and spending, respectively. These findings are robust to alternative approaches to addressing endogeneity and different ways of conceptualising asset accumulation. Heterogeneities in findings for gender, location, and for decomposed health expenditures are also explored. We identify education and entrepreneurship as important channels through which asset accumulation influences healthcare utilisation and spending, respectively, and recognise the need for flexible policies that enhance households’ accumulation of durable assets, especially in developing countries.
Journal: International Review of Applied Economics
Pages: 686-710
Issue: 5
Volume: 37
Year: 2023
Month: 09
X-DOI: 10.1080/02692171.2023.2254246
File-URL: http://hdl.handle.net/10.1080/02692171.2023.2254246
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:37:y:2023:i:5:p:686-710



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2240255_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Mattia Tassinari
Author-X-Name-First: Mattia
Author-X-Name-Last: Tassinari
Title: Productivity, equity, and sustainability: A trilemma for contemporary human development?
Abstract: 
 Productivity, equity and sustainability are regarded as ‘essential components’ in the human development paradigm. They reflect structural aspects of an economic system and create the material conditions for widespread human development and wellbeing. Nevertheless, the consistency among these principles is significantly questioned in the economic literature, depicting a potential ‘trilemma’ for contemporary human development. This paper analyses the ability of different economies to consistently advance productivity, equity, and sustainability. A new composite indicator – the Human Development Structural Consistency (HDSC) index – is introduced to measure the integrated performance in productivity, equity and sustainability of 66 economies from 2006 to 2019. The analysis shows a general progressive improvement in the ability of economies to advance the three structural components of human development consistently, although the three measures continue to appear incompatible with each other, whereby the process of economic growth is still associated with rising environmental degradation and a weak contrast to inequalities. This paper discusses the possible policy solutions to this ‘trilemma’, such as the structural changes necessary to ensure that improvements in productivity are accompanied by rising equity, sustainability, and effective human wellbeing.
Journal: International Review of Applied Economics
Pages: 575-606
Issue: 5
Volume: 37
Year: 2023
Month: 09
X-DOI: 10.1080/02692171.2023.2240255
File-URL: http://hdl.handle.net/10.1080/02692171.2023.2240255
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:37:y:2023:i:5:p:575-606



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2266331_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Jonathan Michie
Author-X-Name-First: Jonathan
Author-X-Name-Last: Michie
Title: The failures of current capitalism: what next?
Journal: International Review of Applied Economics
Pages: 711-718
Issue: 5
Volume: 37
Year: 2023
Month: 09
X-DOI: 10.1080/02692171.2023.2266331
File-URL: http://hdl.handle.net/10.1080/02692171.2023.2266331
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:37:y:2023:i:5:p:711-718



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2240269_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Gonçalo Amado
Author-X-Name-First: Gonçalo
Author-X-Name-Last: Amado
Title: Revisiting the debate on the Eurozone crisis: causes, clustering periphery and core, and the role of interest rate convergence
Abstract: 
 Explaining the Eurozone crisis requires explaining the origins of the external imbalances until then. The paper divides the literature arguments into three ”fundamental causes”, not mutually exclusive: a competitiveness problem, North-South flows, and excess of public and/or private spending. Within each of these causes, we find divergences between authors in the literature and identify a set of variables correlated with the accumulation of external imbalances before the crisis. These variables help to create clusters of Eurozone countries and separate core countries from the periphery. We then develop an original argument, that the convergence of nominal long-term interest rates in the periphery cluster countries, relative to the core cluster countries, between 1996 and 2007, was the trigger for the three ”fundamental causes” mentioned. We find Granger-causality between this convergence and subsequent (after four quarters) annual variations in the quarterly current account balance.
Journal: International Review of Applied Economics
Pages: 642-666
Issue: 5
Volume: 37
Year: 2023
Month: 09
X-DOI: 10.1080/02692171.2023.2240269
File-URL: http://hdl.handle.net/10.1080/02692171.2023.2240269
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:37:y:2023:i:5:p:642-666



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2240262_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Peng Yang
Author-X-Name-First: Peng
Author-X-Name-Last: Yang
Author-Name: Weizeng Sun
Author-X-Name-First: Weizeng
Author-X-Name-Last: Sun
Title: How does digital technology facilitate the green innovation of enterprises? Evidence from China
Abstract: 
 Employing annual reports (2007–2019) of Chinese A-share listed firms, we develop a firm-level digital technology application index using text analysis to investigate the impact of digital technology on an enterprise’s green innovation. The results indicate that, first, the application of digital technology significantly increases the level of green innovation of enterprises and will continue to have a positive impact over the next three years. Second, we demonstrate three mechanisms by which digital technology influences green innovation: namely, alleviating financial constraints, empowering the upgrading of human capital structure, and promoting R&D (research and development) cooperation. Third, we find that enterprises can only promote green innovation by integrating digital technology into their production, operation, and management processes. Furthermore, the positive impact of digital technology on green innovation was predominantly observed in businesses located in regions with a high level of environmental protection awareness and with limited environmental governance capacity.
Journal: International Review of Applied Economics
Pages: 621-641
Issue: 5
Volume: 37
Year: 2023
Month: 09
X-DOI: 10.1080/02692171.2023.2240262
File-URL: http://hdl.handle.net/10.1080/02692171.2023.2240262
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:37:y:2023:i:5:p:621-641

Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2254716_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Parimal Ghosh
Author-X-Name-First: Parimal
Author-X-Name-Last: Ghosh
Author-Name: Maniklal Adhikary
Author-X-Name-First: Maniklal
Author-X-Name-Last: Adhikary
Title: Dynamicity and nonlinearity in the association between different facets of financial development and macroeconomic volatility: evidence from the World Economy
Abstract: 
 This paper attempts to explore dynamicity and nonlinearity in the association between financial development and macroeconomic volatility, considering different aspects of financial development. The data to this end comprises a panel of 98 countries from 1991 to 2016. This paper uses an objective trichotomous development taxonomy to classify the countries according to their overall financial development and income. Dynamic panel regressions ensure that the role of overall financial development in smoothing macroeconomic volatility dwindles as the level of overall financial development increases. Overall financial development begins to amplify volatility after a certain point. Other aspects of financial development also affect volatility in a similar fashion. Nonlinear estimation results show that most of the measures of financial development are associated with macroeconomic volatility in a U-shaped manner. On the contrary, we find an inverted U-shaped association between financial institution efficiency and macroeconomic volatility. The findings are found to be robust to an alternative country classification system based on income and an alternative measure of volatility. To minimise macroeconomic volatility, policymakers should try to increase financial institution efficiency beyond its threshold point and keep all other aspects of financial development at their optimal level.
Journal: International Review of Applied Economics
Pages: 745-766
Issue: 6
Volume: 37
Year: 2023
Month: 11
X-DOI: 10.1080/02692171.2023.2254716
File-URL: http://hdl.handle.net/10.1080/02692171.2023.2254716
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:37:y:2023:i:6:p:745-766



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2268548_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Kashika Arora
Author-X-Name-First: Kashika
Author-X-Name-Last: Arora
Title: Developing linkages between technology-intensive exports and GVC participation: a perspective from India and G20 countries
Abstract: 
 The G20, representing the world’s major developed and developing countries, is experiencing a unique situation with a troika of developing countries – Indonesia, India, and Brazil – holding significant positions for the first time. India, holding the G20 presidency, has a unique opportunity to strengthen its ties while assuming the responsibility of leading the world towards economic recovery. To understand India’s priorities regarding trade and supply chain resilience within the G20, it is essential to examine the background of India’s trade relationships with G20 member countries. This paper explores the connection between technology-intensive exports and global value chain (GVC) participation for the period 1995 to 2018 using advanced time-series analysis. The results point towards the importance of forward linkages for India’s exports of both high and low-tech exports and the backward linkage for medium-tech exports. The results show a connection between technological capabilities and exports to G20 nations through India’s participation in the GVC. In light of these findings, the paper offers guidance for the development of timely and well-informed sector-specific strategies.
Journal: International Review of Applied Economics
Pages: 804-827
Issue: 6
Volume: 37
Year: 2023
Month: 11
X-DOI: 10.1080/02692171.2023.2268548
File-URL: http://hdl.handle.net/10.1080/02692171.2023.2268548
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:37:y:2023:i:6:p:804-827



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2268558_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Firoz Khan
Author-X-Name-First: Firoz
Author-X-Name-Last: Khan
Author-Name: Seeraj Mohamed
Author-X-Name-First: Seeraj
Author-X-Name-Last: Mohamed
Title: Elites and economic policy in South Africa’s transition and beyond
Abstract: 
 We build on and critique previous literature on economic policy configuration during the transition from apartheid to democracy (1990 to 1994) in South Africa (SA). The contribution of this article, and our critique of much influential literature on economic policy formation during the transition, is that the powerful corporate elites were not just stakeholders in negotiations between the apartheid government, the African National Congress (ANC) and other parties. We adopt a structural approach that highlights the crucial role of corporate elites and their active manoeuvring to manage and control economic policymaking during the transition to ensure continuity of the ostensibly free market economic policies they designed during the late-apartheid period. The complicity of the economic leadership of the ANC in squashing progressive economic transformation horizons is directly connected to the survival and institutionalisation in the present of late-apartheid neoliberalised economic policy. Ultimately, the corporate elite’s exertion of their state-expanded powers, their co-option of selected members of the black political elite and the ANC’s economic policy self-emasculation has further strengthened multinational corporations’ domination of SA’s markets, which were already highly concentrated, and limited present and future possibilities for inclusive development of the SA economy.
Journal: International Review of Applied Economics
Pages: 722-744
Issue: 6
Volume: 37
Year: 2023
Month: 11
X-DOI: 10.1080/02692171.2023.2268558
File-URL: http://hdl.handle.net/10.1080/02692171.2023.2268558
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:37:y:2023:i:6:p:722-744



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2299580_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Jonathan Michie
Author-X-Name-First: Jonathan
Author-X-Name-Last: Michie
Title: How to pursue sustainable development goals in face of global forces?
Journal: International Review of Applied Economics
Pages: 719-721
Issue: 6
Volume: 37
Year: 2023
Month: 11
X-DOI: 10.1080/02692171.2023.2299580
File-URL: http://hdl.handle.net/10.1080/02692171.2023.2299580
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:37:y:2023:i:6:p:719-721



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2299584_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Jonathan Michie
Author-X-Name-First: Jonathan
Author-X-Name-Last: Michie
Title: Whatever happened to the idea of World Government?
Journal: International Review of Applied Economics
Pages: 828-834
Issue: 6
Volume: 37
Year: 2023
Month: 11
X-DOI: 10.1080/02692171.2023.2299584
File-URL: http://hdl.handle.net/10.1080/02692171.2023.2299584
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:37:y:2023:i:6:p:828-834



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2259276_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: The Editors
Title: Correction
Journal: International Review of Applied Economics
Pages: 835-835
Issue: 6
Volume: 37
Year: 2023
Month: 11
X-DOI: 10.1080/02692171.2023.2259276
File-URL: http://hdl.handle.net/10.1080/02692171.2023.2259276
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:37:y:2023:i:6:p:835-835



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2281458_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Petros Kosmas
Author-X-Name-First: Petros
Author-X-Name-Last: Kosmas
Author-Name: Elias Ioakimoglou
Author-X-Name-First: Elias
Author-X-Name-Last: Ioakimoglou
Title: Determinants of profitability in the economy of the Republic of Cyprus based on a classical Marxist approach
Abstract: 
 This paper was designed to explore the factors influencing profitability within the business sector using a methodological framework rooted in Marx’s concept of the profit rate. By addressing the complexities of profitability changes, this study investigated the factors that drive profitability within the business sector of the Republic of Cyprus for the years 2006–2022, including: a period of severe structural crisis and change (2013–2014), a period of recovery (2015–2022) based on the outcomes of the crisis, and a period (2006–2012) against which shifts can be contrasted. The findings of this empirical study suggest that a substantial portion of the increase in profitability since 2015 is due to the reduction in the value of the labour power during the crisis years (2013–2014) and following the COVID-19 pandemic period (2021–2022).
Journal: International Review of Applied Economics
Pages: 767-780
Issue: 6
Volume: 37
Year: 2023
Month: 11
X-DOI: 10.1080/02692171.2023.2281458
File-URL: http://hdl.handle.net/10.1080/02692171.2023.2281458
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:37:y:2023:i:6:p:767-780



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2281460_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Subroto Rapih
Author-X-Name-First: Subroto
Author-X-Name-Last: Rapih
Author-Name: Budi Wahyono
Author-X-Name-First: Budi
Author-X-Name-Last: Wahyono
Title: The relative impact of traditional and digital financial inclusion on economic growth: a threshold regression-based comparative analysis
Abstract: 
 This study examines the effect of traditional and digital financial inclusion on economic growth in 130 developed and developing countries in 2014 and 2017. The motivation behind this study emerges from the critical need to discern not only how traditional and digital financial inclusion individually influence economic growth, but also to compare their relative contributions. In addition, there exists a potential non-linear relationship between traditional and digital financial inclusion, wherein both forms of financial inclusion can exert a positive influence on economic growth up to a specific threshold. For this purpose, traditional and digital financial inclusion indices were developed as distinct measures to investigate the relative contribution of each to economic growth. Cross-sectional sample splitting and threshold estimation were utilised to analyse whether the effects of each financial inclusion index on economic growth varied across different levels of digital and traditional financial inclusion. This study yielded two notable findings. First, the effect of traditional financial inclusion on economic growth is pronounced in countries with low levels of inclusion. Second, digital financial inclusion has a greater positive impact on economic growth in countries with higher levels of digital financial inclusion.
Journal: International Review of Applied Economics
Pages: 781-803
Issue: 6
Volume: 37
Year: 2023
Month: 11
X-DOI: 10.1080/02692171.2023.2281460
File-URL: http://hdl.handle.net/10.1080/02692171.2023.2281460
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:37:y:2023:i:6:p:781-803

Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2330368_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Juana Paola Bustamante Izquierdo
Author-X-Name-First: Juana Paola
Author-X-Name-Last: Bustamante Izquierdo
Title: Complementarities between product and process innovation and their effects on employment: a firm-level analysis of manufacturing firms in Colombia
Abstract: 
 The introduction or adoption of innovations at the firm level has consequences for job creation that may differ across low-middle and high-income countries. Also, the type of innovation that firms introduce, such as process or product innovations, can affect employment through different channels. This paper aims to study the effects of innovation on employment growth at the firm level using a framework that considers the nature of innovation and the relative efficiency of the firms. The study uses a rich panel dataset that combines information from two different surveys in Colombia: the Annual Manufacturing Survey and the Survey on Development and Technological Innovation in the Manufacturing Sector. The article provides empirical evidence supporting the idea that the nature of innovation in the country involves complementarities between process and product innovations. The paper discusses how this result is related to the patterns of innovation in middle income countries, which need not only new technologies but also imitation of processes and products. Another novelty of this analysis is the study of displacement effects of process innovation through improvements in the relative efficiency of the firms. Findings show that some firms reduce employment from process innovations, reflecting high heterogeneity in efficiency among firms.
Journal: International Review of Applied Economics
Pages: 129-154
Issue: 1-2
Volume: 38
Year: 2024
Month: 03
X-DOI: 10.1080/02692171.2024.2330368
File-URL: http://hdl.handle.net/10.1080/02692171.2024.2330368
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:38:y:2024:i:1-2:p:129-154



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_1957783_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Júlio Eduardo Rohenkohl
Author-X-Name-First: Júlio Eduardo
Author-X-Name-Last: Rohenkohl
Author-Name: Andreia Cunha da Rosa
Author-X-Name-First: Andreia Cunha
Author-X-Name-Last: da Rosa
Author-Name: Janaina Ruffoni
Author-X-Name-First: Janaina
Author-X-Name-Last: Ruffoni
Author-Name: Orlando Martinelli
Author-X-Name-First: Orlando
Author-X-Name-Last: Martinelli
Title: Necessary and sufficient conditions for the absorptive capacity of firms that interact with universities
Abstract: 
 A complex concept, absorptive capacity was first introduced by Cohen and Levinthal (1989, 1990) and is connected to the Penrose theory of growth of firms ([1959] 2009) as it is related to a variety of firms’ internal resources and external aspects of their environment, such as sources of knowledge. Considering firms that interact with universities in the search for external knowledge, this paper aims to identify the necessary and sufficient conditions of these firms to reach certain levels of absorptive capacity. We conducted a survey of firms that interacted with engineering research groups at universities in the state of Rio Grande do Sul (Brazil). We applied the Fuzzy Sets Comparative Qualitative Analysis. The main results were: (1) the necessary and sufficient conditions for high-level absorptive capacity are a combination of high acquisition and assimilation and medium transformation and exploitation; (2) the necessary and sufficient conditions for medium or non-high absorptive capacity are obtained by medium levels of acquisition, assimilation, transformation and exploitation; and c) that there are a variety of paths to improving the absorptive capacity of firms. These findings are important to formulating more diverse, flexible and less costly public policies aimed towards improving firms’ absorptive capacity.
Journal: International Review of Applied Economics
Pages: 175-193
Issue: 1-2
Volume: 38
Year: 2024
Month: 03
X-DOI: 10.1080/02692171.2021.1957783
File-URL: http://hdl.handle.net/10.1080/02692171.2021.1957783
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:38:y:2024:i:1-2:p:175-193



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2022295_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Bronwyn H. Hall
Author-X-Name-First: Bronwyn H.
Author-X-Name-Last: Hall
Title: Patents, innovation, and development
Abstract: 
 I survey some recent research on the role of patents in encouraging innovation and growth in developing economies, beginning with a brief history of international patent systems and facts about the current use of patents around the world. I discuss research on the implications of patents for international technology transfer and domestic innovation. This is followed by a review of recent work by myself and co-authors on regional patent systems, the impact of patents on firm performance, and the impact on pharmaceutical patenting and domestic innovation. The conclusion suggests that patents may be relatively unimportant in development, even for middle income countries.
Journal: International Review of Applied Economics
Pages: 17-42
Issue: 1-2
Volume: 38
Year: 2024
Month: 03
X-DOI: 10.1080/02692171.2021.2022295
File-URL: http://hdl.handle.net/10.1080/02692171.2021.2022295
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:38:y:2024:i:1-2:p:17-42



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2242016_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: John Kay
Author-X-Name-First: John
Author-X-Name-Last: Kay
Title: The story of flight
Abstract: 
 The history of commercial aviation - from the earliest attempts at flight to the modern civil aircraft - is used to illustrate the central role of the evolutionary progress of collective knowledge in what is loosely described as technical progress. No individual knows how to build an airbus - ten thousand people working together do. The emphasis on collective intelligence as a means of solving problems builds on Penrose’s insight that the firm is best viewed a s a collection of capabilities to develop a template for the modern corporation that recognises the development of ‘capital as a service’ and the importance of ‘hollow corporations’, franchises and platforms in the twenty-first century economy.
Journal: International Review of Applied Economics
Pages: 90-103
Issue: 1-2
Volume: 38
Year: 2024
Month: 03
X-DOI: 10.1080/02692171.2023.2242016
File-URL: http://hdl.handle.net/10.1080/02692171.2023.2242016
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:38:y:2024:i:1-2:p:90-103



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2022296_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: William Lazonick
Author-X-Name-First: William
Author-X-Name-Last: Lazonick
Title: Is the most unproductive firm the foundation of the most efficient economy? Penrosian learning confronts the neoclassical fallacy
Abstract: 
 Edith Penrose’s The Theory of the Growth of the Firm provides an intellectual foundation for a theory of innovative enterprise, which is essential to any attempt to explain productivity growth, employment opportunity, and income distribution. Penrose’s theory of the firm is also an antidote to the absurdity that has been taught by PhD economists to millions of college students for over seven decades: the most unproductive firm is the foundation of the most efficient economy. The dissemination of this ‘neoclassical fallacy’ to a mass audience began with Paul A. Samuelson’s textbook, Economics: An Introductory Analysis, first published in 1948. Over the decades, the neoclassical fallacy has persisted through 18 revisions of Samuelson, Economics and in its countless ‘economics principles’ clones. This essay challenges the intellectual hegemony of neoclassical economics by exposing the illogic of its foundational assumptions about how a modern economy operates and performs. To get beyond the neoclassical fallacy, economists must be trained in a ‘historical transformation’ methodology that integrates history and theory. It is a methodology in which theory serves as both a distillation of what we have learned from the study of history and a guide to what we need to learn about reality as the ‘present as history’ unfolds.
Journal: International Review of Applied Economics
Pages: 58-89
Issue: 1-2
Volume: 38
Year: 2024
Month: 03
X-DOI: 10.1080/02692171.2021.2022296
File-URL: http://hdl.handle.net/10.1080/02692171.2021.2022296
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:38:y:2024:i:1-2:p:58-89



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2123459_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Lenore Palladino
Author-X-Name-First: Lenore
Author-X-Name-Last: Palladino
Author-Name: William Lazonick
Author-X-Name-First: William
Author-X-Name-Last: Lazonick
Title: Regulating stock buybacks: the $6.3 trillion question
Abstract: 
 Corporate resource allocation decisions shape business investment, income distribution, and productivity growth. Stock buybacks––a term denoting when a corporation repurchases its own shares on the open market––manipulate stock prices and enrich senior corporate executives and hedge fund managers. We argue that the growing distribution of corporate funds to share-sellers via stock buybacks is a source of productivity fragility in the US economy. This article presents new data on the use of stock buybacks by US corporations in 2010–2019. We show the widespread and growing use of stock buybacks across industries and sectors and describe policies that will curb the excessive use of corporate funds on stock buybacks.
Journal: International Review of Applied Economics
Pages: 243-267
Issue: 1-2
Volume: 38
Year: 2024
Month: 03
X-DOI: 10.1080/02692171.2022.2123459
File-URL: http://hdl.handle.net/10.1080/02692171.2022.2123459
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:38:y:2024:i:1-2:p:243-267



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2335064_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Jonathan Michie
Author-X-Name-First: Jonathan
Author-X-Name-Last: Michie
Title: The life and times of Edith Penrose
Journal: International Review of Applied Economics
Pages: 268-276
Issue: 1-2
Volume: 38
Year: 2024
Month: 03
X-DOI: 10.1080/02692171.2024.2335064
File-URL: http://hdl.handle.net/10.1080/02692171.2024.2335064
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:38:y:2024:i:1-2:p:268-276



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2154917_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Michael Joffe
Author-X-Name-First: Michael
Author-X-Name-Last: Joffe
Title: Profit rate dynamics in US manufacturing
Abstract: 
 
The attributes and dynamics of the profit rate distribution provide indispensable information on how the economy works. Edith Penrose, in The theory of the growth of the firm¸ took agency, managerial capabilities, heterogeneity and open-endedness as characteristic of the economy. Schumpeter had a similar view. Neoclassical theory, in contrast, envisages convergence to a standard rate of return, invoking inter-industry capital flows and diminishing returns as the main mechanism. I analysed the data on US manufacturing, 1987–2015. There was evidence of convergence, attributable to loss of supra-normal profits in two industries. The features of the distribution confirm Penrose’s view. Neoclassical theory fares poorly: the data do not support ‘a standard rate of return’, and no plausible macro shock exists that could have produced the observed dispersion. The symmetry of the observed distribution indicates that neither market power nor intangible assets play major roles in determining the shape of the profit rate distribution; risk, however, is relevant if reformulated. Intersectoral capital flows were weak, and there was no evidence of diminishing returns. Penrose’s conception of heterogeneous managerial capacity refers to a concept of economic power distinct from market power, corresponding to differential ex ante strength; differential profit outcomes represent ex post strength.
Journal: International Review of Applied Economics
Pages: 194-223
Issue: 1-2
Volume: 38
Year: 2024
Month: 03
X-DOI: 10.1080/02692171.2022.2154917
File-URL: http://hdl.handle.net/10.1080/02692171.2022.2154917
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:38:y:2024:i:1-2:p:194-223



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2144149_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Mariana Mazzucato
Author-X-Name-First: Mariana
Author-X-Name-Last: Mazzucato
Title: Collective value creation: a new approach to stakeholder value
Abstract: 
 The corporate community has rediscovered an old idea: stakeholder value. The concept’s history is rooted in the literature on varieties of capitalism. Within that scholarship it has served to delineate institutional and relational differences between capitalist systems and forms of corporate governance. Today, stakeholder value is being used to argue for the redirection of capitalism to deliver on key goals related to inclusion and sustainability. This paper argues that the concept – and thus the endeavour to change capitalism – will remain weak unless it goes to the centre of how we create value. Moralistic exhortations to business leaders are not enough to bring about a true stakeholder form of capitalism. For this we must have stronger theory and practice on how to restructure finance, production, and public-private partnerships in new ways that recognise the state’s market-shaping role and support equitable distribution of value across stakeholders.
Journal: International Review of Applied Economics
Pages: 43-57
Issue: 1-2
Volume: 38
Year: 2024
Month: 03
X-DOI: 10.1080/02692171.2022.2144149
File-URL: http://hdl.handle.net/10.1080/02692171.2022.2144149
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:38:y:2024:i:1-2:p:43-57



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2117284_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Chia Huay Lau
Author-X-Name-First: Chia Huay
Author-X-Name-Last: Lau
Author-Name: Jonathan Michie
Author-X-Name-First: Jonathan
Author-X-Name-Last: Michie
Title: Penrose’s theory of the firm in an era of globalisation
Abstract: 
 Penrose analysed why some firms succeed in growing – what the factors are that enable growth, and the ways in which success can breed success, with enhanced capabilities enabling growing market share (or sales), and with increased revenues and profitability enabling those capabilities to be further developed. There is a separate question as to why firms expand their operations internationally. In this paper, we analyse a sector that in Edith Penrose’s day operated almost exclusively domestically, namely the ‘consulting engineering’ sector. We consider why firms in this sector are now increasingly operating internationally. In doing so, we consider whether the factors identified – by Penrose and others – as causing firms to grow are also relevant to the expansion of these firms overseas. Our findings support Penrose’s Resource-based Theory, which argues that unique strategic resources that are inimitable and non-substitutable can provide firms with competitive advantages. Internationalisation provides consulting engineering firms with the opportunities to explore and obtain different kinds of expertise and resources from other regions. With a larger pool of expertise to draw from, firms can develop their firm-specific strategic assets and technical advantages.
Journal: International Review of Applied Economics
Pages: 155-174
Issue: 1-2
Volume: 38
Year: 2024
Month: 03
X-DOI: 10.1080/02692171.2022.2117284
File-URL: http://hdl.handle.net/10.1080/02692171.2022.2117284
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:38:y:2024:i:1-2:p:155-174



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2336315_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Jonathan Michie
Author-X-Name-First: Jonathan
Author-X-Name-Last: Michie
Author-Name: Christine Oughton
Author-X-Name-First: Christine
Author-X-Name-Last: Oughton
Title: Edith penrose’s influence on economic analysis, strategic management and political economy
Abstract: 
 Edith Penrose is best known for her classic book The Theory of the Growth of the Firm, originally published in 1959, but she also made major contributions in other fields, including patents, the oil industry, and development economics. This special double issue of the International Review of Applied Economics publishes recent research from a range of leading economists and management scholars from across the world, either explicitly analysing Penrose’s contribution, or else analysing topics from firms’ collaborations with universities through to the practice and consequences of share buy-backs, which demonstrate that a Penrosian perspective helps to illuminate the reality of such processes.
Journal: International Review of Applied Economics
Pages: 2-11
Issue: 1-2
Volume: 38
Year: 2024
Month: 03
X-DOI: 10.1080/02692171.2024.2336315
File-URL: http://hdl.handle.net/10.1080/02692171.2024.2336315
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:38:y:2024:i:1-2:p:2-11



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2240272_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Damian Tobin
Author-X-Name-First: Damian
Author-X-Name-Last: Tobin
Title: Captive markets and climate change: revisiting Edith Penrose’s analysis of the international oil firms in the era of climate change
Abstract: 
 Edith Penrose’s analysis of the investments of the international oil companies (IOCs) stemmed from her interest in the economics of the large international firm and its implications for developing economies. Her approach highlights the endogenous factors shaping the growth of the large firm and cautions against viewing it as a neutral technocracy where investment automatically responds to price incentives. Drawing on Penrose’s concept of a captive market in oil products, this research develops Penrose’s ideas around motive, profit, self-financing and the international firm to explain why the IOC’s institutional environment still favours investment in fossil fuels. The study collected country and firm level data on investment and production in downstream petrochemical refining. The data show a connection between the captive market and the strategies of the large oil firms in expanding refining capacity as a strategic hedge against regulatory policies to limit climate change. This locks society into a carbon intensive infrastructure, reduces the motivation for investment and adds to global CO2 emissions. The findings indicate that the oil companies need to take greater risks on green investments with their retained earnings. Governments need to direct this investment towards socially useful purposes using coordinated regulatory pressure.
Journal: International Review of Applied Economics
Pages: 104-128
Issue: 1-2
Volume: 38
Year: 2024
Month: 03
X-DOI: 10.1080/02692171.2023.2240272
File-URL: http://hdl.handle.net/10.1080/02692171.2023.2240272
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:38:y:2024:i:1-2:p:104-128



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2331000_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Kofi Adjepong-Boateng
Author-X-Name-First: Kofi
Author-X-Name-Last: Adjepong-Boateng
Author-Name: Christine Oughton
Author-X-Name-First: Christine
Author-X-Name-Last: Oughton
Title: Edith Penrose and the Penrose Lectures
Abstract: 
 This article summarises Edith Penrose’s career and impact on two disciplines - economics and management. The extent of her influence can be gauged by scanning the pages of leading publications in both fields, where copious references to Penrosian Theory, the Penrose Effect, the Penrosian Firm, Penrosian Analysis, the Penrosian Perspective, Penrosian Dynamics are standard. Penrose also played a major role in a variety of economics associations, policy bodies and government inquiries. This article considers the nature of her achievements and the fact that they are all the more remarkable for having been made at a time when economics was even more male dominated than it is today. Perhaps it is because she was a woman that her major contribution – The Theory of the Growth of the Firm - modelled firms as collections of people rather than as anonymous automata. We show how her contributions are honoured today via the annual Penrose Lectures; two lectures given each year at SOAS University of London, on a topic in economics, management or political economy. One of the objectives of the Penrose Lecture series is to showcase the work of leading women working in the fields of economics and management.
Journal: International Review of Applied Economics
Pages: 12-16
Issue: 1-2
Volume: 38
Year: 2024
Month: 03
X-DOI: 10.1080/02692171.2024.2331000
File-URL: http://hdl.handle.net/10.1080/02692171.2024.2331000
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:38:y:2024:i:1-2:p:12-16



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2336317_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Jonathan Michie
Author-X-Name-First: Jonathan
Author-X-Name-Last: Michie
Title: Double special issue on Edith Penrose
Journal: International Review of Applied Economics
Pages: 1-1
Issue: 1-2
Volume: 38
Year: 2024
Month: 03
X-DOI: 10.1080/02692171.2024.2336317
File-URL: http://hdl.handle.net/10.1080/02692171.2024.2336317
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:38:y:2024:i:1-2:p:1-1



Template-Type: ReDIF-Article 1.0
# input file: CIRA_A_2254718_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Irene Roele
Author-X-Name-First: Irene
Author-X-Name-Last: Roele
Author-Name: Sonja Ruehl
Author-X-Name-First: Sonja
Author-X-Name-Last: Ruehl
Title: What is Edith Penrose’s legacy for the theory of the firm?
Abstract: 
 Prompted by centenary celebrations of the contribution of Edith Penrose to the theory of the firm, the development of resource-based views of the firm (RBV) and knowledge-based perspectives, this article considers the continuing usefulness of Penrose’s perspective for strategic management, from the point of view of the practitioner, the management educator and to the development of the academic field of strategic management. As authors, we draw on methods originating with Penrose’s pioneering case study methodology by framing illustrative ‘vignettes’ or case examples for discussion, including that of Tesco, which draws on extensive participant observation as well as theory.
Journal: International Review of Applied Economics
Pages: 224-242
Issue: 1-2
Volume: 38
Year: 2024
Month: 03
X-DOI: 10.1080/02692171.2023.2254718
File-URL: http://hdl.handle.net/10.1080/02692171.2023.2254718
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:irapec:v:38:y:2024:i:1-2:p:224-242