scholarly journals Not with my own: long-term effects of cross-country collaboration on subsidiary innovation in emerging economies versus advanced economies

2012 ◽  
Vol 12 (5) ◽  
pp. 943-968 ◽  
Author(s):  
T. Alnuaimi ◽  
J. Singh ◽  
G. George
Keyword(s):  
Emerging Economies ◽  
Long Term Effects ◽  
Advanced Economies ◽  
Subsidiary Innovation ◽  
Cross Country

Religion and Institutional Quality: Long-Term Effects of the Financial Systems in Protestantism and Islam

2020 ◽  
Vol 52 (3) ◽  
pp. 433-454
Author(s):  
Rasmus Broms ◽  
Bo Rothstein
Keyword(s):  
Cultural Values ◽  
Ottoman Empire ◽  
Institutional Quality ◽  
Long Term Effects ◽  
Norms And Values ◽  
Micro Level ◽  
Cross Country ◽  
Virtuous Cycle ◽  
Parish System

Religion is one of the most commonly cited explanations for cross-country variation in institutional quality. In particular, Protestantism, and the cultural values that follow from its doctrine, has been identified as particularly beneficial. Nevertheless, micro-level studies provide little evidence for religion producing norms and values conducive to good institutions. We propose an alternate explanation for the observed macro-level variation: historical systems for local religious financing, contrasting the medieval parish system in Northwestern Europe, where members collectively paid for and administrated religious services as public goods, with the Ottoman Empire, where such goods were normally provided through endowments from private individuals and tax collection was comparatively privatized. We argue that a legacy of collective financing and accountability in the former region created a virtuous cycle of high state capacity and low corruption, reverberating to this day as good institutions.

A cross-country comparative analysis of the Russian financial sector model

2018 ◽  
pp. 5-24 ◽  
Author(s):  
M. I. Stolbov ◽  
I. O. Goloshchapova ◽  
O. G. Solntsev ◽  
R. R. Akhmetov ◽  
V. A. Pankova ◽  
...  
Keyword(s):  
Size Structure ◽  
Institutional Quality ◽  
Financial Sector ◽  
Sector Model ◽  
Advanced Economies ◽  
The Em Algorithm ◽  
Country Analysis ◽  
Cross Country

In this paper, based on a cross-country analysis, the authors distil different models of the financial sector, which are characterized by peculiar interrelations among size, structure, efficiency, stability, inclusion and the institutional quality of financial development. Against this backdrop, the model of the Russian financial sector is described. To identify the financial sector models, cluster analysis involving the EM algorithm with a Bayesian extension is performed on a vast sample of countries. The analysis allows setting key long-term indicators of the Russian financial sector development, taking into consideration its potential of transition to the cluster of more financially advanced economies.

Household borrowing constraints and monetary policy in emerging economies

2019 ◽  
Vol 20 (1) ◽  
Author(s):  
Gustavo Arruda ◽  
Daniela Lima ◽  
Vladimir Kühl Teles
Keyword(s):  
Emerging Economies ◽  
Credit Markets ◽  
Credit Constraints ◽  
Housing Prices ◽  
Substitution Effects ◽  
Monetary Shocks ◽  
Advanced Economies ◽  
Future Income ◽  
Household Borrowing

Abstract Credit markets in emerging economies can be distinguished from those in advanced economies in many respects, including the collateral required for households to borrow. This work proposes a DSGE framework to analyze one peculiarity that characterizes the credit markets of some emerging markets: payroll-deducted personal loans. We add the possibility for households to contract long-term debt and compare two different types of credit constraints with one another, one based on housing and the other based on future income. We estimate the model for Brazil using a Bayesian technique. The model is able to solve a puzzle of the Brazilian economy: responses to monetary shocks at first appear to be strong but dissipate quickly. This occurs because income – and the amount available for loans – responds more rapidly to monetary shocks than housing prices. To smooth consumption, agents (borrowers) compensate for lower income and for borrowing by working more hours to repay loans and erase debt in a shorter time. Therefore, in addition to the income and substitution effects, workers consider the effects on their credit constraints when deciding how much labor to supply, which becomes an additional channel through which financial frictions affect the economy.

scholarly journals Decoupling Hypothesis and the Financial Crisis

2013 ◽  
Vol 4 (3) ◽  
pp. 25-40
Author(s):  
Joanna Wyrobek ◽  
Zbigniew Stańczyk
Keyword(s):  
Emerging Economies ◽  
Point Of View ◽  
Gdp Growth ◽  
Band Pass Filter ◽  
Pass Filter ◽  
Term Trend ◽  
Advanced Economies ◽  
Band Pass ◽  
Long Term Trend

The purpose of this paper was to present the decoupling hypothesis which says that the performance of emerging economies becomes relatively independent of the changes in advanced economies, and to empirically verify this hypothesis. The Christiano-Fitzgerald band-pass filter and spectral analyses have been applied to examine the hypothesis. On the basis of obtained results, comparing the deviations of GDPs from their long-term trend, it seems that the synchronization of cycles between emerging and advanced economies was already high before the crisis. The last global crisis, especially if time shifts between the countries are taken into account, even increased the synchronization of the economies. Therefore, this paper presents evidence against the decoupling hypothesis, and at the same time it raises doubts whether the high GDP growth rates in emerging economies can be sustainable in the presence of the slow-down in the advanced economies. The paper analyzes the situation from the Poland’s point of view as the country which is on the verge of joining the ERM2 system and adopting the euro (synchronization divagations are important for this decision) and because Poland is a good example of an emerging economy.

scholarly journals Poland’s Economic Performance in Global and Long-term Perspective: Surprises so far and Risks in the Years Ahead

2019 ◽  
Vol 5 (52) ◽  
pp. 109-117
Author(s):  
Stanisław Gomułka
Keyword(s):  
Emerging Economies ◽  
Global Financial Crisis ◽  
Socialist Economy ◽  
The Third ◽  
Advanced Economies ◽  
Polish Economy ◽  
The Global Financial Crisis ◽  
Development Gap ◽  
Green Island

Abstract The paper is focused on economic and institutional developments in Poland during the last 30 years of transition from its centrally planned socialist economy to a market-based capitalist economy. The main purposes of the paper are three. One is to identify and explain the developments that were either surprising or specifically Polish. The second purpose is to note and explain the differences between the rate of growth of the Polish economy and that of the other emerging economies, in particular to explain ‘the green island’ phenomenon during the global financial crisis 2008-2009. The third purpose is to note and discuss the new risks that may prevent Poland to reduce further the development gap to technologically most advanced economies.

scholarly journals Some twins are not alike: FDI premia in the former Soviet states

2019 ◽  
Vol 14 (3) ◽  
pp. 451-474 ◽  
Author(s):  
Valeria Gattai ◽  
Rajssa Mechelli ◽  
Piergiovanna Natale
Keyword(s):  
Emerging Economies ◽  
Causality Analysis ◽  
Outward Fdi ◽  
Firm Level ◽  
Cross Sectional ◽  
Middle Income ◽  
Content Type ◽  
Advanced Economies ◽  
Paper Document ◽  
Cross Country

PurposeThe purpose of this paper is to estimate foreign direct investment (FDI) premia in the former Soviet states.Design/methodology/approachThe authors follow an empirical approach. Using Orbis data for a sample of more than 3,000 companies, the authors characterize FDI involvement and FDI premia of firms from three distinctive groups of former Soviet states, designated “upper-middle”-income, “lower-middle”-income and “high”-income countries. This yields interesting within-group and between-group results on the effects of outward FDI (OFDI) and inward FDI (IFDI) on firm-level innovation.FindingsThe authors unveil new facts about innovation and FDI in the former Soviet states. FDI firms innovate more than non-FDI firms and OFDI firms innovate more than IFDI firms. The innovation effect of OFDI is the largest for firms from the “lower-middle” countries, followed by the “high” and “upper-middle” countries. The innovation effect of IFDI is the largest for firms from the “lower-middle” countries, followed by the “upper-middle” and “high” countries. FDI to and from Europe has the largest impact on innovation; this holds across country groups.Research limitations/implicationsThe estimates of this paper document robust FDI premia, i.e., a positive and significant correlation between firm-level innovation and FDI. However, the cross-sectional nature of the data does not permit a proper causality analysis.Originality/valueThe paper contributes to the literature on FDI premia by: considering IFDI and OFDI in a unified empirical framework; dissecting IFDI and OFDI by location; measuring firm-level productivity in terms of innovation; and providing cross-country comparable evidence on both emerging and advanced economies. At the same time, the paper contributes to the literature on FDI from emerging economies by: taking a firm-level quantitative approach; focusing on a relatively unexplored set of countries; and providing comparable cross-country evidence on both emerging and advanced economies.

Fintech Entry, Firm Financial Inclusion, and Macroeconomic Dynamics in Emerging Economies

2022 ◽  
Author(s):  
Alan Finkelstein-Shapiro ◽  
Federico S. Mandelman ◽  
Victoria Nuguer
Keyword(s):  
Emerging Economies ◽  
Banking System ◽  
Credit Market ◽  
Financial Inclusion ◽  
Market Volatility ◽  
Bank Credit ◽  
Output Volatility ◽  
Long Term Effects ◽  
Macroeconomic Dynamics

Financial inclusion is strikingly low in emerging economies. In only a few years, financial technologies (fintech) have led to a dramatic expansion in the number of non-traditional credit intermediaries, but the macroeconomic and credit-market implications of this rapid growth of fintech are not known. We build a model with a traditional banking system and endogenous fintech intermediary creation and find that greater fintech entry delivers positive long-term effects on aggregate output and consumption. However, greater entry bolsters aggregate firm financial inclusion only if it stems from lower barriers to accessing fintech credit by smaller, unbanked firms. Decreasing entry costs for fintech intermediaries alone has only marginal effects in the aggregate. While firms that adopt fintech credit are less sensitive to domestic financial shocks and contribute to a reduction in output volatility, greater fintech entry also leads to greater volatility in bank credit, thereby introducing a tradeoff between output volatility and credit-market volatility.

Ovarian Dysfunction in Fetally Irradiated Beagles

1977 ◽  
Vol 35 ◽  
pp. 658-659
Author(s):  
T. M. Seed ◽  
M. H. Sanderson ◽  
D. L. Gutzeit ◽  
T. E. Fritz ◽  
D. V. Tolle ◽  
...  
Keyword(s):  
Gamma Rays ◽  
Low Dose ◽  
Long Term Effects ◽  
Ovarian Dysfunction ◽  
Dose Rates ◽  
Highly Sensitive ◽  
Microscopic Evaluation ◽  
Ovarian Pathology ◽  
Normal Offspring

The developing mammalian fetus is thought to be highly sensitive to ionizing radiation. However, dose, dose-rate relationships are not well established, especially the long term effects of protracted, low-dose exposure. A previous report (1) has indicated that bred beagle bitches exposed to daily doses of 5 to 35 R 60Co gamma rays throughout gestation can produce viable, seemingly normal offspring. Puppies irradiated in utero are distinguishable from controls only by their smaller size, dental abnormalities, and, in adulthood, by their inability to bear young.We report here our preliminary microscopic evaluation of ovarian pathology in young pups continuously irradiated throughout gestation at daily (22 h/day) dose rates of either 0.4, 1.0, 2.5, or 5.0 R/day of gamma rays from an attenuated 60Co source. Pups from non-irradiated bitches served as controls. Experimental animals were evaluated clinically and hematologically (control + 5.0 R/day pups) at regular intervals.

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