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This paper investigates the effects of export processing zones (EPZs) on factor rewards, national income and the output of the domestic intermediate good producing sector (backward linkage effect) in surpluslabor developing countries. It is shown that if the intermediate good is internationally traded, an increase in foreign capital investment in the EPZs will not change factor rewards and then national income irrespective of the existence of unemployment. It is also shown that, contrary to the conventional wisdom, an increase in foreign capital investment decreases production of the intermediate good and increases unemployment. The effects of factor accumulation on outputs and unemployment are also examined.
The availability of bilateral capital flows between countries has given rise to a number of papers attempting to understand trends and determinants of capital flows between country pairs. Almost without exception, the papers find that the gravity model fits the data quite well. Specifically, while economic sizes of the host and source (measured by GDP, population etc) appear to positively impact bilateral flows in most cases, distance--broadly proxying some sort of transactions and/or information frictions--stands out as consistently hindering all types of capital flows. But does greater distance hinder both foreign portfolio investment (FPI) and foreign direct investment (FDI) flows equally? In other words, does distance change the composition of capital flows? This is the specific question that this paper focuses on, differentiating between total FDI, FDI via mergers and acquisitions (M&As) and FPI.
This paper-a piece of the research output of the EU-funded project TERA-investigates the dynamics of development in the area of Basso Ferrarese, in Italy. The area is a relatively underdeveloped zone located in the otherwise wealthy Emilia Romagna. The first part of the paper identifies some area-specific factors affecting the poor economic performances of Basso-Ferrarese. In the second part, on the base of our findings, we run several CGE simulations focussing mainly on the potential impact of productivity gains. Finally, we discuss the policy implications of our results suggesting that investment in tourism and environmental and cultural heritage may allow for a more comprehensive path of development. Industrial development through productivity increase will have some positive effects which, however, will be mainly concentrated in relatively small areas.
This paper investigates hedging and risk management options in the energy sector. Energy firms tend to adopt risk management tools in order to cover their financial exposure. Taking into consideration that current crisis has a significant effect on their value; we check whether energy firms actually have better output when they use hedging tools. In order to measure the effectiveness of this strategy in the energy industry, we adopt Tobin`s Q methodology. The sample of this study consists energy firms on a worldwide basis. The empirical evidence of this research confirms that energy firms may avoid huge economic problems when they adopt risk management methods. It is better enery market integration.
This paper investigates the relationships among the European Monetary Union capital markets taking into account possible structural changes with respect to the harmonization procedure of the International Accounting Standards (IAS). According to many analysts, IAS could possibly contribute to the transparency of the transmitted information, the direct accessibility to the fundamentals of listed firms and the uniform manipulation of accounting data not only within exchanges but also between them. Based on the above, it is expected that the financial markets should react to the IAS harmonization with tighter relationships. This paper examines empirically the IAS implementation procedure in the EMU area and its impact on the relationship of the financial markets involved. By application of regime shift methodologies, the empirical findings of the paper are consistent with the hypothesis that the IAS harmonization process contributed to the informational efficiency and the transparency of financial markets, with higher degrees of interdependencies.
The issue of liberalization of international trade in services has received considerable attention in recent years. One of the benefits discussed in the literature is the role of services in facilitating goods trade among countries. We test this claim by analyzing the impact of trade in services on manufactured goods exports to the U.S. using data for 30 trading partners for the period 1992-2000. We use Instrumental Variable estimation to control for potential endogeniety. Our analysis also addresses the debates regarding whether services trade and goods trade are substitutes or complements. The answer depends upon whether imported services are used more intensively in the traded goods sector or in the non-traded goods sector. The key empirical results indicate that, on average, aggregate service imports from the U.S. have a significant and positive impact on goods exports to the U.S. in the case of low income nations but not in the case of high income countries. In most cases, the impact is significant and positive for business services, while it is negative and statistically significant in the case of financial services. The latter outcome could be due to a Rybczynski type effect if financial services are used mostly in sectors that do not export to the U.S.
This paper studies co-movements in real output growth across countries of Latin America in the sample period 1970-2007. To detect the change over time, correlations in real growth are analyzed over two sub-samples: 1970-1986 and 1987-2007. Correlation coefficients detect co-movements in real growth across five regional groups: Andean, Caribbean, Central America, LAC7(Argentina, Brazil, Chile, Columbia, Mexico, Peru, Venezuela) and Mercosur. In addition, growth in each of the EU, the U.S., and Brazil are assumed to be common sources of co-movements in real output growth in Latin America. Business-cycle comovements within and across regions have varied over time. We also examine the impact of trade flows and financial linkage on co-movements in real growth within and across regions. The effect of trade flows is not conclusive. Business cycles may diverge, converge, or not vary significantly in response to trade flows across countries. More recently, co-movement in real growth appears to be tracking comovement in short-term interest rates across Latin America.
This paper examines the impact of market integration in the presence of a labor union. Effects on wages, employment, product price, firm profits, and union rents are analyzed. Both the theoretical model as well as numerical simulations show the importance of factors such as the product demand elasticity, the number of firms, the degree of product differentiation, and the nature of competition in the goods market. One surprising result is that union wages and union rents can increase in the presence of market integration. (JEL Classifications: F10, F12, F15)
This study attempts to address the causal-order between inward FDI and economic growth using a panel data set for two different Economic Associations that is EU (European Union) and ASEAN (Association of South Eastern Asian Nations) over the period 1970-2003. The inflows of FDI to developed host countries raise the question of how these inflows affect their economies and what is the interaction between FDI and growth. While there is considerable evidence on the link between FDI and Economic Growth, the causality between them has not been investigated in a reasonable procedure. Three possible cases are investigated in this paper 1) Growth-driven FDI, is the case when the growth of the host country attracts FDI 2) FDI-led growth , is the case when the FDI improves the rate of growth of the host country and 3) the two way causal link between them. Empirical results obtained from heterogeneous panel analysis indicate the following. Regarding the EU countries the results support the hypothesis of GDP-FDI causality (growth driven FDI) in the panel. Regarding the ASEAN, there is a two-way causality between GDP per capita and FDI like the cases of Indonesia and Thailand. In the cases of Singapore and the Philippines, howerver, FDI is motirated by host country`s. GDP growth. So, theresullts are path dependent and country-specific.
This paper examines empirically whether and how regional integration leads to convergence and growth amongst developing countries. Using standard growth models for nearly 100 developing countries over 1970-2004 we cannot establish robust growth effects of regional integration as such at the aggregated level of analysis even after using alternative measures of regional integration. However, because we find that trade and FDI promote growth, and because regional integration tends to increase trade and FDI, regional integration still has a positive impact on growth in its members through the effects of increased trade and investment on growth. Further, country-specific growth diagnostics do suggest that regional integration can be a binding constraint to growth as “deep” regional approaches can help to address crucial rail, road, air and energy links amongst countries (e.g. in the East African Community). Our findings also suggest that initially high levels of regional income disparities will lead to greater decreases in disparities. Whilst the level of intra-regional trade and incomes do not explain changes in income disparities, the presence of a regional Development Finance Institutions (e.g. Central American or East African development banks) with a relatively high loan exposure to GDP ratio tends to reduce regional income disparities suggesting a useful role for deeper integration in achieving regional cohesion. A one percentage point increase in exposure by DFIs leads to a drop of σ of about one percentage point. Finally, while the macro economic literature on regional integration tends to highlight only limited expected effects of African regional integration itself, our work at the firm level in three African countries (Benin, Malawi and South Africa) is indicative of significant dynamic effects of regional integration through the effects on firm level productivity in Africa. We suggest that in the future, further growth analytical work is undertaken which combines the development of methods to examine the effects of regions and measurement of the various types of regional integration.