The Impact of Public Capital Investments on the Revenue Growth of Medium Enterprise in Indonesia

Directory of Open Access Journals (Sweden)

Darius Tirtosuharto

2012-09-01

Full Text Available Public capital investment represents the role of state and local governments in supporting greater capacity of private enterprises to gain success in a market economy measured by revenue growth. Medium enterprises are considered as the catalysts for economic growth and competitiveness particularly in developing countries due to efficiency and flexibility in an adverse economic environment. Using aggregate data of 30 states (provinces in Indonesia from 1997-2002, the impact of public capital investment on the revenue growth of medium enterprise is examined. The paper finds that only medium enterprises in the industrial and trading sector benefited from public capital investments and the most optimum capital investment is in transport infrastructure.

Carry trade as a speculative investment strategy in Serbia

Directory of Open Access Journals (Sweden)

Bungin Sanja

2012-12-01

Full Text Available This paper is analyses causes and the consequences of a speculative investment carry trade strategy in the exchange market in Serbia. The presence of such type of investor is related to high yields of risk free securities denominated in dinars, as well as the perception of future movements of dinar exchange rate related to currency that serves as source of investment. The consequences of carry trade may significantly influence exchange rate movements when monetary policy has limited facilities to combat negative and sudden shocks.

Financing Investment: The Cost Trade-Off

DEFF Research Database (Denmark)

Hirth, Stefan; Flor, Christian Riis

Intuition suggests that corporate investment should be decreasing in financing constraints. We show that even when financing is obtained using a standard debt contract and there is symmetric information between the firm and outside investors, the relation is actually U-shaped. We thus provide a new...... theoretical explanation for the recent empirical findings of Cleary et al. (2007). We split up the endogenously implied financing costs and propose a trade-off between expected liquidation costs and second-best investment costs. For rather unconstrained firms, the risk of costly liquidation dominates the cost...

A user-led approach to information systems investments

International Nuclear Information System (INIS)

Pferd, J.W.; Fuller, A.G.

1993-01-01

Information-system (IS) expenditures for upstream E ampersand P have come under strong review along with other overhead expenses. Increasing frustration with IS budgets and concern about their business value led Unocal Corp. to change the way it begins, manages, and implements IS projects. Successful IS investments are aligned with the goals and functions of work groups or business units and are balanced against other investments. The twin demands of business needs and sound technical design must be served together to achieve long-term success from IS investments. This paper describes project organizations and methods to achieve these two objectives

Implications of the Transatlantic Trade and Investment Partnership (TTIP for Investment Flows Between the European Union and the USA

Directory of Open Access Journals (Sweden)

Witkowska Janina

2017-09-01

Full Text Available The Transatlantic Trade and Investment Partnership (TTIP is a controversial subject, but at the same time it is perceived to be the most comprehensive international agreement on free trade and investment protection. Among the topics that evoke criticism on the part of different social groups is the investor‑state dispute‑settlement (ISDS, as well as its legal consequences for the EU Member states. A less discussed issue is the potential implications of the agreement on the state of economic co‑operation between the European Union and the USA in the field of investment flows, with special reference to foreign direct investment (FDI. The aim of this paper is to present the discussion related to the ISDS and examine some of the economic, political and legal implications of TTIP provisions for FDI flows between the EU and the USA. The proposals of the European Commission to change the investment protection system might be treated as an attempt to make the system of arbitrage more transparent and convincing to societies, and safer for states. The effects of the TTIP agreement for FDI between both partners might be dependent on the scale of trade creation and diversion effects, and the mirror effects of investment creation and diversion under a free trade area.

75 FR 70962 - California Green Trade Corridor Transportation Investment Generating Economic Recovery (TIGER)

Science.gov (United States)

2010-11-19

... DEPARTMENT OF TRANSPORTATION Maritime Administration [Docket Number 2010-0103] California Green Trade Corridor Transportation Investment Generating Economic Recovery (TIGER) AGENCY: Department of... California Green Trade Corridor Transportation Investment Generating Economic Recovery (TIGER) grant. An...

THE TRANSATLANTIC TRADE AND INVESTMENT PARTNERSHIP

Directory of Open Access Journals (Sweden)

MOT Anca

2014-06-01

Full Text Available The Transatlantic Trade and Investment Partnership is a project of exceptional importance which opens a new stage in the globalization process. Given its historical significance, this construction causes numerous debates and controversies. This article attempts to draft a few reflections regarding the main elements, dimensions, orientations, the basis values, objectives and the relevant actors (economic, political, formal and informal of this greatest bilateral trade agreement. We will attempt a decrypting, on the basis of press articles, of political discourse, and of different analyses and comments, what are the social and economic effects, what are the consequences on democracy of this market project.

Achievements and Problems of Reform of Investment Management System for Shanghai Pilot Free Trade Zone

Institute of Scientific and Technical Information of China (English)

Chengrong; PAN

2014-01-01

The establishment of Shanghai Pilot Free Trade Zone provides many possibilities for China’s economic construction. This paper made a comparative analysis on investment management system of Shanghai Pilot Free Trade Zone and traditional investment management system,discussed achievements and problems of reform of investment management system of Shanghai Pilot Free Trade Zone,and finally came up with pertinent policy recommendations.

Achievements and Problems of Reform of Investment Management System for Shanghai Pilot Free Trade Zone

OpenAIRE

PAN, Chengrong

2014-01-01

The establishment of Shanghai Pilot Free Trade Zone provides many possibilities for China’s economic construction. This paper made a comparative analysis on investment management system of Shanghai Pilot Free Trade Zone and traditional investment management system, discussed achievements and problems of reform of investment management system of Shanghai Pilot Free Trade Zone, and finally came up with pertinent policy recommendations.

Technology Transfer, Foreign Direct Investment and International Trade

OpenAIRE

Leonard K. Cheng

2000-01-01

By developing a Ricardian trade model that features technology transfer via foreign direct investment (FDI), we show that technology transfer via multinational enterprises (MNEs) increases world output and trade in goods and services. When there are many goods a continuous reduction in the cost of technology transfer will cause increasingly more technologically advanced goods to go through the product cycle, i.e., goods initially produced in the advanced North are later produced in the backwa...

China and India: Openness, Trade and Effects on Economic Growth

Directory of Open Access Journals (Sweden)

Marelli, Enrico

2011-06-01

Full Text Available The purpose of this paper is to analyse the economic growth of China and India in terms of their integration in the global economy. We begin with a discussion of some stylized facts concerning their recent economic growth, the most significant institutional reforms, with particular reference to trade relations, and their impact on their economic development. We then propose a descriptive analysis of economic growth, opening up of the economies and trade specialisation, by comparing the features and trends of the two countries (by considering trade and foreign direct investment data. We have also estimated some econometric relations between economic growth and trade/openness, with the addition of control variables (such as the gross fixed capital formation. We initially used a panel data model for the two countries, to be estimated with fixed effects; to test for reverse causality, we re-estimated the fixed effects model by 2SLS (with the inclusion of specific instrumental variables. The effect on economic growth (in terms of GDP per capita of our variables of interest - Openness and FDI - remains positive and statistically significant in all specifications, which confirms our findings even if we treat these variables as endogenous variables. The results prove the positive growth effects, for the two countries, of opening up and integrating in the world economy. Note that the robust growth of these two "giants" has contained the initial impact of the recent global crisis and is now sustaining the recovery of the entire world economy. Other policy relevant implications are discussed in the concluding section.

SSME Investment in Turbomachinery Inducer Impeller Design Tools and Methodology

Science.gov (United States)

Zoladz, Thomas; Mitchell, William; Lunde, Kevin

2010-01-01

Within the rocket engine industry, SSME turbomachines are the de facto standards of success with regard to meeting aggressive performance requirements under challenging operational environments. Over the Shuttle era, SSME has invested heavily in our national inducer impeller design infrastructure. While both low and high pressure turbopump failures/anomaly resolution efforts spurred some of these investments, the SSME program was a major benefactor of key areas of turbomachinery inducer-impeller research outside of flight manifest pressures. Over the past several decades, key turbopump internal environments have been interrogated via highly instrumented hot-fire and cold-flow testing. Likewise, SSME has sponsored the advancement of time accurate and cavitating inducer impeller computation fluid dynamics (CFD) tools. These investments together have led to a better understanding of the complex internal flow fields within aggressive high performing inducers and impellers. New design tools and methodologies have evolved which intend to provide confident blade designs which strike an appropriate balance between performance and self induced load management.

Trends in Trade and Investment Flows between the EU and the BRIC Countries

Directory of Open Access Journals (Sweden)

Iulia Monica OEHLER-ŞINCAI

2011-06-01

Full Text Available In this paper, we intend to present an in-depth comparative analysis of the trade and investment flows between the EU member states and the four strongest emerging countries: Brazil, Russia, India and China (BRIC, during 2004-2009(1 and beyond. In the EU-BRIC equation, we include for comparison countries like the USA and Japan, and their respective relations with BRIC.The purpose of the paper is to contribute to the discussion of the integrated issues related to trade and investments, since the EU-BRIC relations represent one of the most important „pieces” in this „global puzzle”.First, relying on the statistics published by Eurostat, the WTO, the UNCTAD and the national authorities, our study highlights the main trends of the trade and investment flows between the EU and BRIC, in comparison with those of the USA and BRIC or Japan and BRIC.Second, we emphasize the principal factors that contributed to these developments and their economical consequences. For example, the global economical situation, the political decisions, the resource scarcity or the (still existing fiscal paradises play a major role in the celerity and magnitude of the trade and investment flows.Third, on the basis of the actual data and information, our analysis outlines the perspectives of the EU-BRIC trade and investment relations in the long run.Following this rationale, the paper is structured around three main sections, followed by a summary of the conclusions of the author.

Does the silver moss Bryum argenteum exhibit sex-specific patterns in vegetative growth rate, asexual fitness or prezygotic reproductive investment?

Science.gov (United States)

Horsley, Kimberly; Stark, Lloyd R; McLetchie, D Nicholas

2011-05-01

Expected life history trade-offs associated with sex differences in reproductive investment are often undetected in seed plants, with the difficulty arising from logistical issues of conducting controlled experiments. By controlling genotype, age and resource status of individuals, a bryophyte was assessed for sex-specific and location-specific patterns of vegetative, asexual and sexual growth/reproduction across a regional scale. Twelve genotypes (six male, six female) of the dioecious bryophyte Bryum argenteum were subcultured to remove environmental effects, regenerated asexually to replicate each genotype 16 times, and grown over a period of 92 d. Plants were assessed for growth rates, asexual and sexual reproductive traits, and allocation to above- and below-ground regenerative biomass. The degree of sexual versus asexual reproductive investment appears to be under genetic control, with three distinct ecotypes found in this study. Protonemal growth rate was positively correlated with asexual reproduction and sexual reproduction, whereas asexual reproduction was negatively correlated (appeared to trade-off) with vegetative growth (shoot production). No sex-specific trade-offs were detected. Female sex-expressing shoots were longer than males, but the sexes did not differ in growth traits, asexual traits, sexual induction times, or above- and below-ground biomass. Males, however, had much higher rates of inflorescence production than females, which translated into a significantly higher (24x) prezygotic investment for males relative to females. Evidence for three distinct ecotypes is presented for a bryophyte based on regeneration traits. Prior to zygote production, the sexes of this bryophyte did not differ in vegetative growth traits but significantly differed in reproductive investment, with the latter differences potentially implicated in the strongly biased female sex ratio. The disparity between males and females for prezygotic reproductive investment is

The role of trade and investment liberalization in the sugar-sweetened carbonated beverages market: a natural experiment contrasting Vietnam and the Philippines.

Science.gov (United States)

Schram, Ashley; Labonte, Ronald; Baker, Phillip; Friel, Sharon; Reeves, Aaron; Stuckler, David

2015-10-12

Trade and investment liberalization may facilitate the spread of sugar-sweetened carbonated beverages (SSCBs), products associated with increased risk factors for obesity, type II diabetes, and cardiovascular diseases (Circulation 121:1356-1364, 2010). Apart from a limited set of comparative cross-national studies, the majority of analyses linking liberalization and the food environment have drawn on case studies and descriptive accounts. The current failure of many countries to reverse the obesity epidemic calls for investigation into both individual and systemic factors, including trade and investment policies. Using a natural experimental design we tested whether Vietnam's removal of restrictions on foreign direct investment (FDI) subsequent to its accession to the World Trade Organization in 2007 increased sales of SSCBs compared with a matched country, the Philippines, which acceded in 1995. Difference-in-difference (DID) models were used to test pre/post differences in total SSCB sales and foreign company penetration covering the years 1999-2013. Following Vietnam's removal of restrictions on FDI, the growth rate of SSCB sales increased to 12.1 % per capita per year from a prior growth rate of 3.3 %. SSCB sales per capita rose significantly faster pre- and post-intervention in Vietnam compared with the control country the Philippines (DID: 4.6 L per annum, 95 % CI: 3.8 to 5.4 L, p investment liberalization.

"Light-box" accelerated growth of poinsettias: LED-only illumination

Science.gov (United States)

Weerasuriya, Charitha; Detez, Stewart; Hock Ng, Soon; Hughes, Andrew; Callaway, Michael; Harrison, Iain; Katkus, Tomas; Juodkazis, Saulius

2018-01-01

For the current commercialized agricultural industry which requires a reduced product lead time to customer and supply all year round, an artificial light emitting diodes (LEDs)-based illumination has high potential due to high efficiency of electrical-to-light conversion. The main advantage of the deployed Red Green Blue Amber LED lighting system is colour mixing capability, which means ability to generate all the colours in the spectrum by using three or four primary colours LEDs. The accelerated plant growth was carried out in a "light-box" which was made to generate an artificial day/night cycle by moving the colour mixing ratio along the colour temperature curve of the chromaticity diagram. The control group of plants form the same initial batch was grown on the same shelf in a greenhouse at the same conditions with addition of artificial illumination by incandescent lamps for few hours. Costs and efficiency projections of LED lamps for horticultural applications is discussed together with required capital investment. The total cost of the "light-box" including LED lamps and electronics was 850 AUD.

Italian trade and direct investment in North Africa

OpenAIRE

Riccardo Settimo

2014-01-01

More than three years since the events of the Arab Spring, the five North African countries � Algeria, Egypt, Libya, Morocco and Tunisia are still going through a difficult transition. This study provides an overview of Italian trade and direct investment in the region. The main stylized facts are the following: (1) among the countries of the European Union, Italy is the region�s largest trading partner; (2) the region is a crucial source of energy, supplying 31 per cent of the oil and 44...

Metabolic enzyme cost explains variable trade-offs between microbial growth rate and yield.

Directory of Open Access Journals (Sweden)

Meike T Wortel

2018-02-01

Full Text Available Microbes may maximize the number of daughter cells per time or per amount of nutrients consumed. These two strategies correspond, respectively, to the use of enzyme-efficient or substrate-efficient metabolic pathways. In reality, fast growth is often associated with wasteful, yield-inefficient metabolism, and a general thermodynamic trade-off between growth rate and biomass yield has been proposed to explain this. We studied growth rate/yield trade-offs by using a novel modeling framework, Enzyme-Flux Cost Minimization (EFCM and by assuming that the growth rate depends directly on the enzyme investment per rate of biomass production. In a comprehensive mathematical model of core metabolism in E. coli, we screened all elementary flux modes leading to cell synthesis, characterized them by the growth rates and yields they provide, and studied the shape of the resulting rate/yield Pareto front. By varying the model parameters, we found that the rate/yield trade-off is not universal, but depends on metabolic kinetics and environmental conditions. A prominent trade-off emerges under oxygen-limited growth, where yield-inefficient pathways support a 2-to-3 times higher growth rate than yield-efficient pathways. EFCM can be widely used to predict optimal metabolic states and growth rates under varying nutrient levels, perturbations of enzyme parameters, and single or multiple gene knockouts.

Emissions trading and green investments in Russia

International Nuclear Information System (INIS)

Moe, A.; Tangen, K.; Berdin, V.; Pluzhnikov, O.

2003-01-01

In simple terms a Green Investment Scheme entails connecting revenues from emissions trading to investments in environmental activities in Russia. This article presents insights derived from an international project on the GIS, focusing on issues that must be addressed if the concept is to become operational, on the background of the domestic, as well as international interests connected to a GIS. GIS is a worthwhile concept with the potential to bring real environmental benefits and meet profound concerns from several of the key actors in the Kyoto regime. However, establishing a well-functioning GIS means removing many of the current barriers that hold back investments in Russia. At the time of writing, Russia has still not decided whether it will ratify Kyoto Protocol. GIS illustrates that there will be substantial benefits for Russia from ratifying the Kyoto Protocol, which is a prerequisite for its entering into force. (Author)

THE TRANSATLANTIC TRADE AND INVESTMENT PARTNERSHIP (TTIP – SENSITIVE ISSUES ON THE NEGOTIATIONS AGENDA

Directory of Open Access Journals (Sweden)

George - Cornel Dumitrescu

2017-04-01

Full Text Available This paper aims to discuss some of the most sensitive issues negotiated by the USA and the EU in the framework of the Transatlantic Trade and Investment Partnership (TTIP, namely intellectual property rights and food safety. It also emphasizes certain transparency aspects arising from the interaction between the negotiators and the citizens of both parties, which have led to a lack of acceptance or even opposition from a part of the stakeholders. The analysis in our paper is based on both insights from the current literature and statistical data and information provided by relevant institutions from the EU and the US.

A postnational marketplace: negotiating the Transatlantic Trade and Investment Partnership (TTIP)

NARCIS (Netherlands)

Bartl, M.; Fahey, E.; Fahey, E.; Curtin, D.

2014-01-01

The Transatlantic Trade and Investment Partnership (TTIP), the new trade agreement between the EU and the US, has a great ambition: not only if measured by the size of the emergent market, but also the potential spill over of its regulatory standards to the global level. The cooperation between the

78 FR 23954 - U.S.-EU Transatlantic Trade and Investment Partnership Agreement: Advice on the Probable Economic...

Science.gov (United States)

2013-04-23

... INTERNATIONAL TRADE COMMISSION [Investigation Nos. TA-131-037 and TA-2104-029] U.S.-EU Transatlantic Trade and Investment Partnership Agreement: Advice on the Probable Economic Effect of Providing.... TA-131-037 and TA-2104-029, U.S.-EU Transatlantic Trade and Investment Partnership Agreement: Advice...

Foreign Direct Investment and Trade Openness: The Case of Developing Economies

Science.gov (United States)

Liargovas, Panagiotis G.; Skandalis, Konstantinos S.

2012-01-01

This paper examines the importance of trade openness for attracting Foreign Direct Investment (FDI) inflows, using a sample of 36 developing economies for the period 1990-2008. It provides a direct test of causality between FDI inflows, trade openness and other key variables in developing regions of the world: Latin America, Asia, Africa, CIS…

Are Entrepreneur-Led Companies Better? Evidence from Publicly Traded U.S. Companies: 1998-2010

Directory of Open Access Journals (Sweden)

Joel M. Shulman

2010-12-01

Full Text Available Do U.S. publicly-traded companies led by entrepreneurs perform better than nonentrepreneur-led U.S. public companies? Our data suggests they do. We analyze monthly stock returns of U.S. publicly traded companies over the time period 1998-2010 and find compelling evidence demonstrating that irrespective of market capitalization and time period, companies led by U.S. entrepreneurs provide better stock performance than several stock market indices primarily comprised of non-entrepreneur-led U.S. companies.

Investigation of the environmental Kuznets curve for carbon emissions in Malaysia: Do foreign direct investment and trade matter?

International Nuclear Information System (INIS)

Lau, Lin-Sea; Choong, Chee-Keong; Eng, Yoke-Kee

2014-01-01

Environmental degradation has become a central issue of discussion among the economists and environmentalists. In view of Malaysia's position as one of the main contributors to CO 2 emissions in Asia and its status as a fast growing economy, it is vital, therefore, to conduct a study to identify the relationship between economic growth and CO 2 emissions for Malaysia. This study attempts to examine empirically the environmental Kuznets curve hypothesis for Malaysia in the presence of foreign direct investment and trade openness both in the short- and long-run for the period 1970 to 2008.The bounds testing approach and Granger causality methodology are applied to test the interrelationships of the variables. The results of our study indicate that the inverted-U shaped relationship does exist between economic growth and CO 2 emission in both the short- and long-run for Malaysia after controlling for two additional explanatory variables, namely FDI and trade. Importantly, the results of the study also provide some crucial policy recommendations to the policy makers. - Highlights: • Examining environmental Kuznets curve hypothesis by incorporating FDI and trade. • FDI promotes higher economic growth and leads to higher environmental degradation. • Both FDI and trade directly influence CO 2 emission and economic growth. • Attraction of technology-oriented FDI is crucial for the quality of environment

The Transatlantic Trade and Investment Partnership - A View from America's Trenches

Directory of Open Access Journals (Sweden)

Bledowski Krzysztof

2014-11-01

Full Text Available Expectations run high about the cornucopia of riches which are supposed to fow from the Transatlantic Trade and Investment Partnership (TTIP. TTIP is a proposed free trade agreement between the United States and the European Union. It aims to build upon the already sweeping scope of the North American Free Trade Agreement concluded two decades earlier and the 2013 Comprehensive Economic and Trade Agreement (CETA, which removes 99 % of tariffs between the EU and Canada.1 Te TTIP negotiations were launched in July 2013 with an initial time frame of completion within two years.

Outward foreign direct investments and home country's economic growth

Science.gov (United States)

Ciesielska, Dorota; Kołtuniak, Marcin

2017-09-01

The study examines the time stability of the causality direction and cross-correlations between the home country's economic growth and pace of growth of its outward foreign direct investment (OFDI) stocks within the complex system of the Polish national economy. The research has been performed in order to verify, using both the time and frequency domains time series analyses, if economic agents' long term decisions on outward foreign direct investments, leading to cross-border value chains and production fragmentation processes, are of adaptive or predictive character. Consequently, the aim was to check if the home country's economic growth leads the internationalization processes of domestic enterprises, which stays in line with Dunning's Investment Development Path (IDP) paradigm, or if these complex processes, thanks to entrepreneurs' ability to formulate relevant rational expectations, precede the home country's economic growth, which would be supported with the introduction of the policy on reinforcing the internationalization processes of domestic enterprises. The presence of the unidirectional economic growth-led internationalization, consistent with the IDP concept's base assumptions, has been ascertained by the results of the short term Granger causality tests. Nevertheless, the results of the wavelet analyses, supported with the results of the econometric block exogeneity long term causality Wald tests, have revealed that in the long term the OFDI stocks' growth permanently precedes the home country's economic growth, which stays in the unequivocal contrast with the IDP paradigm's premises, as well as with the indicated above short term Granger causality tests' outcomes and indicates that economic agents' choices are not strictly of adaptive but also of predictive character, which influences the current state of knowledge on economic complex systems' characteristics. Such a result is of a great importance in the light of the existence of the significant

76 FR 66692 - Executive-Led Trade Mission to Afghanistan

Science.gov (United States)

2011-10-27

... business development trade mission to Kabul, Afghanistan in February 2012. This mission will be led by a..., architecture, transportation and logistics, and infrastructure); mining (including equipment, technology, and.... companies explore long-term business opportunities in Afghanistan and enhance U.S.--Afghan commercial...

Linking investment spikes and productivity growth

NARCIS (Netherlands)

Geylani, P.C.; Stefanou, S.E.

2013-01-01

We investigate the relationship between productivity growth and investment spikes using Census Bureau’s plant-level dataset for the U.S. food manufacturing industry. There are differences in productivity growth and investment spike patterns across different sub-industries and food manufacturing

Review of capital investment in economic growth cycle

Science.gov (United States)

Shaffie, Siti Salihah; Jaaman, Saiful Hafizah; Mohamad, Daud

2016-11-01

The study of linkages of macroeconomics factors is prominent in order to understand how the economic cycle affects one another. These factors include interest rate, growth rate, saving and capital investment which are mutually correlated to stabilize the GDP. Part of this study, it will look upon the impact of investment which emphasize the efficiency of capital investment to the economic growth. Capital investment is one investment appraisal that gives impact to the economic growth. It is a long term investment and involve with large amount of capital to incorporate the development of private and public capital investment.

77 FR 60966 - Executive-Led Trade Mission to South Africa and Zambia

Science.gov (United States)

2012-10-05

... Africa and Zambia AGENCY: International Trade Administration, Department of Commerce. ACTION: Notice...- Led Trade Mission to South Africa and Zambia scheduled for November 26- 30, 2012, to revise the dates... and scheduling constraints permit), interested U.S. agriculture, mining, transportation, water, energy...

76 FR 14904 - Executive-Led Trade Mission to Afghanistan

Science.gov (United States)

2011-03-18

... would enhance development of Afghanistan's industrial sector and lead to increased productivity and... business development trade mission to Kabul, Afghanistan in September 2011. This mission will be led by a.... companies explore long-term business opportunities in Afghanistan and enhance U.S.-Afghan commercial...

European Accounting Harmonisation: Consequences of IFRS Adoption on Trade in Goods and Foreign Direct Investments

OpenAIRE

Laura Márquez-Ramos

2011-01-01

This paper focuses on the importance of accounting harmonisation in foreign activities at country level. The adoption of International Financial Reporting Standards (IFRS) is considered to reduce information costs among countries and, therefore, encourage international trade in goods and investment. The results provide evidence that benefits exist in terms of trade in goods and foreign direct investments (FDI) when IFRS are adopted.

Disentangling regional trade agreements, trade flows and tobacco affordability in sub-Saharan Africa.

Science.gov (United States)

Appau, Adriana; Drope, Jeffrey; Labonté, Ronald; Stoklosa, Michal; Lencucha, Raphael

2017-11-14

In principle, trade and investment agreements are meant to boost economic growth. However, the removal of trade barriers and the provision of investment incentives to attract foreign direct investments may facilitate increased trade in and/or more efficient production of commodities considered harmful to health such as tobacco. We analyze existing evidence on trade and investment liberalization and its relationship to tobacco trade in Sub-Saharan African countries. We compare tobacco trading patterns to foreign direct investments made by tobacco companies. We estimate and compare changes in the Konjunkturforschungsstelle (KOF) Economic Globalization measure, relative price measure and cigarette prices. Preferential regional trade agreements appear to have encouraged the consolidation of cigarette production, which has shaped trading patterns of tobacco leaf. Since 2002, British American Tobacco has invested in tobacco manufacturing facilities in Nigeria, Kenya and South Africa strategically located to serve different regions in Africa. Following this, British America Tobacco closed factories in Ghana, Rwanda, Uganda, Mauritius and Angola. At the same time, Malawi and Tanzania exported a large percentage of tobacco leaf to European countries. After 2010, there was an increase in tobacco exports from Malawi and Zambia to China, which may be a result of preferential trade agreements the EU and China have with these countries. Economic liberalization has been accompanied by greater cigarette affordability for the countries included in our analysis. However, only excise taxes and income have an effect on cigarette prices within the region. These results suggest that the changing economic structures of international trade and investment are likely heightening the efficiency and effectiveness of the tobacco industry. As tobacco control advocates consider supply-side tobacco control interventions, they must consider carefully the effects of these economic agreements and

Trade, Foreign Direct Investment and R&D Spillovers

Directory of Open Access Journals (Sweden)

Jaehwa Lee

2004-06-01

Full Text Available The paper examines the evidence of R & D spillovers through trade and foreign direct investment at the industrial sectoral level. Specifically, it focuses on the appropriate measure of foreign R&D stocks embodied in imports, and proposes an alternative measure to the traditional measure. With a new measure of foreign technology, this paper then empirically distinguishes between R&D spillovers from import volume and from import variety. Panel estimations with fixed effects use a data set comprised of eight sectors in the manufacturing industry of thirteen OECD countries from 1981 to 1999. This empirical work at disaggregated level has shown the evidence to generally support the role of manufacturing imports in the international diffusion of technology. In particular, the results imply that the impact of import variety proves stronger and more significant in investigating trade-related R&D spillovers. The evidence indicates the variety effect dominates the volume effect, and hence import variety proves more important in explaining trade-related technological diffusion. This paper also investigates R&D spillovers occurring simultaneously through trade and non-trade (i.e., FDI channels, Empirical results provide no strong evidence on R&D spillovers through FDI, although FDI is often considered as an important channel for technological diffusion. The evidence implies that the effect of trade channel dominates that of the FDI channel and finds that FDI only weakly affects domestic productivity.

The Risk-Return Trade-Off in Human Capital Investment

DEFF Research Database (Denmark)

Christiansen, Charlotte; Joensen, Juanna Schrøter; Nielsen, Helena Skyt

In this paper we analyze investments in human capital assets in a way which is standard for financial assets, but not (yet) for human capital assets. We study mean-variance plots of human capital assets. We compare the properties of human capital returns using a performance measure and by sing...... tests for mean-variance spanning. A risk-return trade-off is revealed, hich is not only related to the length of education but also to the type of education. We identify a range of educations that are efficient in terms of investment goods, and a range of educations that are inefficient, and may...

The health impact of trade and investment agreements: a quantitative systematic review and network co-citation analysis.

Science.gov (United States)

Barlow, Pepita; McKee, Martin; Basu, Sanjay; Stuckler, David

2017-03-08

Regional trade agreements are major international policy instruments that shape macro-economic and political systems. There is widespread debate as to whether and how these agreements pose risks to public health. Here we perform a comprehensive systematic review of quantitative studies of the health impact of trade and investment agreements. We identified studies from searches in PubMed, Web of Science, EMBASE, and Global Health Online. Research articles were eligible for inclusion if they were quantitative studies of the health impacts of trade and investment agreements or policy. We systematically reviewed study findings, evaluated quality using the Quality Assessment Tool from the Effective Public Health Practice Project, and performed network citation analysis to study disciplinary siloes. Seventeen quantitative studies met our inclusion criteria. There was consistent evidence that implementing trade agreements was associated with increased consumption of processed foods and sugar-sweetened beverages. Granting import licenses for patented drugs was associated with increased access to pharmaceuticals. Implementing trade agreements and associated policies was also correlated with higher cardiovascular disease incidence and higher Body Mass Index (BMI), whilst correlations with tobacco consumption, under-five mortality, maternal mortality, and life expectancy were inconclusive. Overall, the quality of studies is weak or moderately weak, and co-citation analysis revealed a relative isolation of public health from economics. We identified limitations in existing studies which preclude definitive conclusions of the health impacts of regional trade and investment agreements. Few address unobserved confounding, and many possible consequences and mechanisms linking trade and investment agreements to health remain poorly understood. Results from our co-citation analysis suggest scope for greater interdisciplinary collaboration. Notwithstanding these limitations, our

26 CFR 1.1031(a)-1 - Property held for productive use in trade or business or for investment.

Science.gov (United States)

2010-04-01

....1031(a)-1 Property held for productive use in trade or business or for investment. (a) In general—(1... business or for investment is exchanged solely for property of a like kind to be held either for productive use in a trade or business or for investment. Under section 1031(a)(1), property held for productive...

The Impact of Swedish Investment and Trade on Labour Conditions in Vietnam : A Case-Study of ABB, Ericsson and IKEA in Vietnam

OpenAIRE

Eriksson, Annika; Przedpelska, Margareta

2001-01-01

This thesis examines labour conditions in Vietnam, and the impact of Swedish investments and trade on these conditions. The thesis is a qualitative investigation that includes a theoretical and an empirical part. The theories we use are international trade theory, focusing on comparative advantage and the Heckscher-Ohlin theory. We also utilise Solow’s growth model and the theory about FDI. The concept of social dumping and the effect of imposing a social clause is also discussed. We are usin...

Strategic Investment and Trade in an Oligopolistic Setting

Directory of Open Access Journals (Sweden)

Ioana Veronica ALEXA

2013-08-01

Full Text Available This paper analyses the international trade dynamics between two countries as a two-player, non-zero sum, cooperative game. The reason behind this type of approach is that we consider game theory as an important instrument for the analysis of international trade dynamics. The model that we develop in this paper follows the multi-sectorial general-equilibrium model of oligopoly and trade. We will analyze the case where trade takes place because of oligopolistic interaction and comparative advantage. Even though we follow the general framework, the main departure from the existing models on the subject is that in our model both labor and capital are used in production and that the firms have a choice between specializing in labor or capital-intensive goods by choosing weather or not to invest in capital and therefore use two factors of production. As required by a general equilibrium model, we will try to establish an equilibrium on both labor and capital markets and we will try to determine the labor and capital intensity in both countries as well as the equilibrium level of the wage and rental rate.

The Trans-Atlantic Trade and Investment Partnership – A Challenge for the European Union?

Directory of Open Access Journals (Sweden)

Oana–Antonia Colibășanu

2015-06-01

Full Text Available Since the early 2000s, the United States and European Union have discussed the development of bilateral and regional trade agreements. The TTIP – Trans-Atlantic Trade and Investment Partnership was announced in February 2013 and is currently under negotiation. The initiative aims at establishing a trade agreement between the two blocs, removing all trade barriers, including the non-tariff ones, in a wide range of economic sectors. The paper looks at several key elements that the bilateral negotiations are set to challenge from the European Union perspective. We focus on the main causes for resistance within the EU towards establishing the agreement, seeking to understand the future framework for international trade for the European states. While the EU continues integration to establish a functioning internal market, still continuing the process of diminishing and eliminating non-tariff barriers among the member states, we examine whether liberalisation of trade and investment between the US and the EU will benefit the EU as a whole, considering the current socio-economic trends at the Union’s level.

77 FR 63289 - Foreign-Trade Zone 61-San Juan, PR, Application for Subzone, Coamo Property & Investments, LLC...

Science.gov (United States)

2012-10-16

... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [S-107-2012] Foreign-Trade Zone 61--San Juan, PR, Application for Subzone, Coamo Property & Investments, LLC, Coamo, PR An application has been submitted to the..., requesting special-purpose subzone status for the facility of Coamo Property & Investments, LLC, located in...

Accounting Fundamentals and the Variation of Stock Price: Factoring in the Investment Scalability

Directory of Open Access Journals (Sweden)

Sumiyana Sumiyana

2010-05-01

Full Text Available This study develops a new return model with respect to accounting fundamentals. The new return model is based on Chen and Zhang (2007. This study takes into account theinvestment scalability information. Specifically, this study splitsthe scale of firm’s operations into short-run and long-runinvestment scalabilities. We document that five accounting fun-damentals explain the variation of annual stock return. Thefactors, comprised book value, earnings yield, short-run andlong-run investment scalabilities, and growth opportunities, co associate positively with stock price. The remaining factor,which is the pure interest rate, is negatively related to annualstock return. This study finds that inducing short-run and long-run investment scalabilities into the model could improve the degree of association. In other words, they have value rel-evance. Finally, this study suggests that basic trading strategieswill improve if investors revert to the accounting fundamentals. Keywords: accounting fundamentals; book value; earnings yield; growth opportuni­ties; short­run and long­run investment scalabilities; trading strategy;value relevance

Emissions trading and investment decisions in the power sector-a case study in Finland

International Nuclear Information System (INIS)

Laurikka, Harri; Koljonen, Tiina

2006-01-01

Organizations, which consider investment in or divestment of power production licences/capacity within the European Community, are exposed to the impacts of the European Union Emission allowance Trading Scheme (EU ETS). In this paper, the consequences of the EU ETS on investment decisions are explored in a country-specific setting in Finland. First, we review the general mechanisms through which the EU ETS influences size, timing and cashflows of an investment. Next, we discuss the projected changes in Finnish power producers' investment environment and examine the financial impacts due to the EU ETS on a case investment decision, a hypothetical condensing power plant (250 MW e ). The standard discounted cash flow (DCF) analysis is extended to take into account the value of two real options: the option to wait and the option to alter operating scale. In a quantitative investment appraisal, the impact of emissions trading not only depends on the expected level of allowance prices, but also on their volatility and correlation with electricity and fuel prices. The case study shows that the uncertainty regarding the allocation of emission allowances is critical in a quantitative investment appraisal of fossil fuel-fired power plants

The Potential Impact of the Transatlantic Trade and Investment Partnership (TTIP) on public health.

Science.gov (United States)

De Vogli, Roberto; Renzetti, Noemi

2016-01-01

This article aims to examine the potential health effects of the Transatlantic Trade and Investment partnership (TTIP). Our review indicates that, although proponents of the TTIP claim that the treaty will produce benefits to health-enhancing determinants such as economic growth and employment, evidence shows that previous trade liberalization policies are associated with increasing economic inequities. By reducing Technical Barriers to Trade (TBT) and by promoting increased cooperation between US and EU governmental agencies in the pharmaceutical sector, the TTIP could result in improved research cooperation and reduced duplication of processes. However, the TTIP chapter on Intellectual Property (IP) and Trade-Related Aspects of Intellectual Property Rights (TRIPS) that expand and extend patent monopolies, and delay the availability of generic drugs, are likely to cause underutilization of needed medications among vulnerable populations. The TTIP's Investor to State Dispute Settlement (ISDS) arbitration system, a mechanism that allows transnational companies (TNCs) to sue governments when a policy or law reduces the value of their investment, is likely to generate a negative impact on regulations aimed at increasing access to healthcare, and reducing tobacco, alcohol consumption, and diet-related diseases. The Sanitary and Phytosanitary Standards (SPS) of the TTIP is expected to weaken regulations in the food and agricultural sectors especially in the EU, with potentially negative effects on food safety and foodborne diseases. Finally, the ISDS is likely to infringe the ability of governments to tackle environmental problems such as climate change deemed to be the most important global health threat of the century. Our review concludes by discussing policy implications and the effect of the TTIP on democracy, national sovereignty and the balance of power between large TNCs and governments. It also discusses the adoption of an evidence-based precautionary principle

Chinese investment in the EU renewable energy sector: Motives, synergies and policy implications

International Nuclear Information System (INIS)

Curran, Louise; Lv, Ping; Spigarelli, Francesca

2017-01-01

This paper addresses three questions: how have trade and investment in wind and solar sectors evolved between the EU and China in recent years? Is there a link between rising trade conflicts and trade and investment trends? And what wider motivations and synergies can be identified in Chinese investments in the EU's RE sector? To address these questions we analyze trade and investment data, as well as qualitative data, including information from media and company reports. Large increases in trade and investment were followed by rapid falls since 2012–13. Trade tensions have not led to increases in investment, rather the inverse. We find that Chinese investment in these two sectors is very concentrated in Germany. The key motivation for investment is market seeking, although R+D is also important, especially for wind. Most investments are greenfield, a preference that has persisted over time. Our qualitative analysis of several key acquisitions indicates that technology integration and the consolidation of capacities across the supply chain were key motivations in most of the cases studied. We conclude with some policy orientations. - Highlights: • Chinese investments in solar and wind in Europe are concentrated in Germany. • Large increases in trade and investment were followed by rapid falls since 2012–13. • These falls seem to be related to market difficulties. • Key investment entry mode is greenfield and motivation is market seeking. • In acquisitions, technology seeking plays a key role.

Trade Growth and Poverty: A Case of Pakistan

Directory of Open Access Journals (Sweden)

Rana Ejaz Ali Khan

2010-08-01

Full Text Available It is generally argued that open trade is crucial for economic growth and development. The economic literature also argues that growth is an important option for reducing poverty in developing countries. The paper analyzed the causality between the trade, growth and poverty for Pakistan using annual time series data from 1973-2009. Granger causality results based on Error-Correction Models have shown that in the case of Pakistan there exists two way relationship between trade and growth in the long-run but for the short-run growth enhance the trade. For the growth and poverty, there exists long-run relation from growth to poverty while for the short-run there exists no relationship. It may be concluded that international trade can play an important role towards growth and ultimately alleviation of poverty. From the policy perspective government should focus on trade.

78 FR 69128 - Trade, Investment, and Industrial Policies in India: Effects on the U.S. Economy; Proposed...

Science.gov (United States)

2013-11-18

... documents may also be downloaded from the Commission Web site at http://www.usitc.gov/research_and_analysis...) Description of respondents: Companies in industries particularly affected by Indian trade, investment, or.... trade and investment and estimates the effects these barriers have on the U.S. economy and U.S. jobs...

India-Africa: trade, investments and humanitarian projects

Directory of Open Access Journals (Sweden)

Alim Vidadievich Suleymanov

2016-12-01

Full Text Available Active growth of trade volume between India and Africa which has increased in twenty times since the beginning of the twenty-first century or in seventy times since 1991, certainly actualized a question of features of the modern Indo-African relations. In this regard the purpose of article is consideration of features of policy of India to the African countries. The author does the short historical review of the Indo-African relations, and considers key spheres of realization of modern regional strategy of India on the African continent - humanitarian projects, foreign trade and investments. The main methods of research are the comparative-historical approach and the statistical analysis, being used for identification of positive or negative dynamics of development of the Indo-African cooperation. Now the African region takes strategic significance for India. Rapid economic development of the African countries and increase in a standard of living of the population turn the continent into a perspective sales market of the Indian goods and services. Besides, India actively develops humanitarian projects and renders the financial help to many African countries. However, India faces set of problems and factors - geographical remoteness, the discrimination and racism, instability of political systems of many African countries and the African policy of China. The active economic policy of China on the African continent has compelled India to develop cooperation with the countries of Africa more actively. In recent years India also as well as China tries to make active and modernize the economic and humanitarian policy in Africa. Struggle for commodity markets of the goods and services in Africa makes Africa by strategic region not only in the Indo-Chinese relations, but in foreign policy of India as a whole.

The impact of Chinese carbon emission trading scheme (ETS) on low carbon energy (LCE) investment

International Nuclear Information System (INIS)

Mo, Jian-Lei; Agnolucci, Paolo; Jiang, Mao-Rong; Fan, Ying

2016-01-01

China is planning to introduce emission trading scheme (ETS) to decrease CO_2 emission. As low carbon energy (LCE) will play a pivotal role in reducing CO_2 emissions, our paper is to assess the extent and the conditions under which a carbon ETS can deliver LCE investment in China. We chose wind technology as a case study and a real-option based model was built to explore the impact of a number of variables and design features on investment decisions, e.g. carbon and electricity price, carbon market risk, carbon price floor and ceiling and on-grid ratio. We compute critical values of these variables and features and explore trade-offs among them. According to our work, a carbon ETS has a significant effect on wind power plant investment although it cannot support investment in wind power on its own. Carbon price stabilization mechanisms such as carbon price floor can significantly improve the effect of carbon ETS but the critical floor to support investment is still much higher than the carbon price in China pilot ETSs. Our results show that other policy measures will be needed to promote low-carbon energy development in China. - Highlights: • The impact of Chinese emission trading scheme on low carbon energy investment is assessed. • A real-option based investment decision model under uncertainty is built and employed. • Key variables and features of ETS influencing wind power investment are explored. • Chinese carbon ETS cannot support low carbon energy investment on its own. • Other policy measures complementing ETS are still needed and should be coordinated.

Human Capital Investment and Economic Growth in Nigeria ...

African Journals Online (AJOL)

Human Capital Investment and Economic Growth in Nigeria. ... relationship between investment in education, health and economic growth in Nigeria, ... in order to accelerate growth and liberate Nigerians from the vicious cycle of poverty, the ...

78 FR 77489 - Trade, Investment, and Industrial Policies in India: Effects on the U.S. Economy Submission of...

Science.gov (United States)

2013-12-23

... INTERNATIONAL TRADE COMMISSION [Investigation No. 332-543] Trade, Investment, and Industrial Policies in India: Effects on the U.S. Economy Submission of Questionnaire for OMB Review AGENCY: United..., Investment, and Industrial Policies in India: Effects on the U.S. Economy. The investigation was instituted...

Analysis of investment factors which are influencing the growth of the Republic of Serbia

Directory of Open Access Journals (Sweden)

Milojević Ivan

2016-01-01

Full Text Available The subject of this research is empirical analysis of the factors which have influence on economic growth, whereas the main aim is to suggest adequate ways to overcome problems. We have analyzed the influence of budget deficit, personal consumption, inflation, real exchange rate, foreign trade balance and foreign direct investments (FDI on economic growth. Furthermore, we measured the influence factors on the presence and movement of the budget deficit. Research paper uses the data obtained from the Statistical Office of the Republic of Serbia, World Bank and the IMF for the time period 2001-2011 and has been applied regression analysis method. Research results indicate that the real exchange rate, personal consumption and foreign trade balance are statistically significant for anticipating economic growth developments. Contrary to our expectations, the empirical analysis showed that FDI have a negative influence on the economic growth. The coefficient 'public debt' is statistically significant and has a positive influence on the increase of budget deficit, whereas the increase of SDI and trade openness triggers a decrease in budget deficit. This research starts from the hypothesis that financing deficit limits economic growth and the inflow of FDI can't provide long-term economic growth. In the coming period Serbia needs to take advantage of the available resources and managing public finances, obeying laws and regulations and continuing with reforms are fundamental for achieving a stable business environment.

The Foreign Direct Investment and Economic Growth - Case Study for Kosovo

Directory of Open Access Journals (Sweden)

Dr.Sc. Myrvete Badivuku - Pantina

2015-12-01

Full Text Available This research paper will explain the impact and relationship between the Foreign Direct Investment (FDI and economic growth, Kosovo case. The used data in research are secondary data and cover a period of time between 2008 and 2013. By using STATA program for calculation and by various regression analyses (descriptive statistics, linear regression and correlation relationships have been identified between involved variables in research, where economic growth is defined as dependent variable, whereas FDI, interest rate and real effective and exchange rate (REER are defined as independent variables. The main results in this research paper indicate that FDI has a positive relation (0.011 but non-significant effect (T2 on economic growth in Kosovo. The real effective exchange rate has a negative (-0.347 and non-significant relation (T<2 with economic growth. The main activities of FDI in overall Kosovo's economy are: real estate, transport and telecommunication, financial and manufacture services, construction, etc. The main conclusion is that the Kosovo institutions should create a favorable environment, such as: political stability, enforcement of justice, reduction of trade barriers, Kosovo should also create appropriate policy for protection of foreign investors, investment security, fair competition and institutional support. This will impact the drastic improvement and increase of FDI. In 2013 Kosovo had an FDI percentage of 5% of GDP while in 2007 it was over 13% of Kosovo's GDP.

A search for distinctive features of demand-led growth models

Directory of Open Access Journals (Sweden)

Sergio Parrinello

2014-09-01

Full Text Available This paper aims at a critical and constructive assessment of some extensions of Keynes’s analysis of effective demand to the long period and growth. A criticism is addressed to a single-cause interpretation of the demand-led growth models and to the notion of normal capacity utilization adopted in such models. A positive argument tries to find a distinctive characterization of those extensions in the productive and financial conditions that make effective the autonomous changes in aggregate demand. It suggests a notion of normal capacity utilization as a range of distributions of normal utilization, related to the cost minimizing choice of techniques and to the persistence of the long term expectations of normal prices underlying the investment decisions. In such a context a long-period analysis with normal prices should avoid a dual steady growth where constant relative prices of capital goods correspond to constant proportions among the stocks of fixed capital.

A conceptual framework for investigating the impacts of international trade and investment agreements on noncommunicable disease risk factors.

Science.gov (United States)

Schram, Ashley; Ruckert, Arne; VanDuzer, J Anthony; Friel, Sharon; Gleeson, Deborah; Thow, Anne-Marie; Stuckler, David; Labonte, Ronald

2018-01-01

We developed a conceptual framework exploring pathways between trade and investment and noncommunicable disease (NCD) outcomes. Despite increased knowledge of the relevance of social and structural determinants of health, the discourse on NCD prevention has been dominated by individualizing paradigms targeted at lifestyle interventions. We situate individual risk factors, alongside key social determinants of health, as being conditioned and constrained by trade and investment policy, with the aim of creating a more comprehensive approach to investigations of the health impacts of trade and investment agreements, and to encourage upstream approaches to combating rising rates of NCDs. To develop the framework we employed causal chain analysis, a technique which sequences the immediate causes, underlying causes, and root causes of an outcome; and realist review, a type of literature review focussed on explaining the underlying mechanisms connecting two events. The results explore how facilitating trade in goods can increase flows of affordable unhealthy imports; while potentially altering revenues for public service provision and reshaping domestic economies and labour markets-both of which distribute and redistribute resources for healthy lifestyles. The facilitation of cross-border trade in services and investment can drive foreign investment in unhealthy commodities, which in turn, influences consumption of these products; while altering accessibility to pharmaceuticals that may mediate NCDs outcomes that result from increased consumption. Furthermore, trade and investment provisions that influence the policy-making process, set international standards, and restrict policy-space, may alter a state's propensity for regulating unhealthy commodities and the efficacy of those regulations. It is the hope that the development of this conceptual framework will encourage capacity and inclination among a greater number of researchers to investigate a more comprehensive

"Trade creep" and implications of the Transatlantic Trade and Investment Partnership Agreement for the United Kingdom National Health Service.

Science.gov (United States)

Koivusalo, Meri; Tritter, Jonathan

2014-01-01

The ambitious and comprehensive Transatlantic Trade and Investment Partnership Agreement (TTIP/TAFTA) agreement between the European Union and United States is now being negotiated and may have far-reaching consequences for health services. The agreement extends to government procurement, investment, and further regulatory cooperation. In this article, we focus on the United Kingdom National Health Service and how these negotiations can limit policy space to change policies and to regulate in relation to health services, pharmaceuticals, medical devices, and health industries. The negotiation of TTIP/TAFTA has the potential to "harmonize" more corporate-friendly regulation, resulting in higher costs and loss of policy space, an example of "trade creep" that potentially compromises health equity, public health, and safety concerns across the Atlantic.

BUSINESS DEVELOPMENT, FOREIGN DIRECT INVESTMENT AND INTERNATIONAL TRADE: A policy and economic comparative analysis for Canada

Directory of Open Access Journals (Sweden)

Isabel Husid

2015-01-01

Full Text Available The present work aims to achieve an overall view of Foreign Direct Investment and International Trade in Canada, analyzing both the current situation and the actions and policies being implemented by several provinces to promote this subject. This study will be valuable to companies and governments to understand what has been done and to support strategic planning to invest and trade with Canada, especially for the Brazilian market.

Foreign Direct Investment from China in the Regions of Russia: Are They Substitutes or Compliments of Foreign Trade?

Directory of Open Access Journals (Sweden)

Alina Nikolaevna Novopashina

2012-12-01

Full Text Available The study summarizes theoretical approaches explaining the conditions under which foreign direct investment (FDI can complement or substitute foreign trade depending on investment incentives. The author examines the example of investment and trade cooperation between cross-border and internal regions of Russia and China. Using regression analysis of China’s FDI impact on the foreign trade of Russian regions with China the author concludes that cross-border regions can attract China’s FDI because of their comparative advantages. The paper also employs FDI localization ratios in cross-border and internal regions and the structure of China’s FDI by different activities. The study shows that FDI from China can complement foreign trade with China in cross-border regions. However internal regions attract FDI from China mostly because of access to their home markets, and in this case FDI are substitutes of foreign trade with China

DETERMINANTS OF FOREIGN DIRECT INVESTMENT DEVELOPMENT

Directory of Open Access Journals (Sweden)

Elena Chirila - Donciu

2013-12-01

Full Text Available FDI had a strong impact in the last three decades on economic growth, foreign trade and production structures in almost all countries. The purpose of this paper is to analyze the main factors that contribute to attracting foreign direct investment flows and also the competitiveness of the business environment in Romania and its implications on investment decisions and economic growth. Research results show that the presence of FDI goes to those areas that can provide efficiencies investment factors: skilled and qualified labor, educational and research institutions etc..

The End of Trade and Investment Law as We Know it

DEFF Research Database (Denmark)

Kjær, Poul F.

Trade and investment law (TIL) does not operate in a vacuum. A rethinking of TIL can only be done on the basis of an understanding of the structural composition and direction world society is taking. Both orthodox and heterodox TIL relies on assumptions concerning the state of the world and the d......Trade and investment law (TIL) does not operate in a vacuum. A rethinking of TIL can only be done on the basis of an understanding of the structural composition and direction world society is taking. Both orthodox and heterodox TIL relies on assumptions concerning the state of the world...... the control of lawyers. The hegemony of the legal discipline has been broken and the economics discipline now rules the world. Without a fundamental change to the status and internal composition of the economics discipline the endeavor to rethink TIL is likely to be futile....

Europe's global responsibility to govern trade and investment sustainability: climate, capital, CAP and Cotonou

International Nuclear Information System (INIS)

Ruddy, T.F.

2005-01-01

This paper examines the progress made towards forging a Sustainable Development Strategy of the European Union on the basis of three structures of the global economy: Trade, Investment and Knowledge Generation. It identifies deficits in all three, and cites alternatives for improvement such as acknowledging ecological debt and setting up a Global Marshall Plan. It outlines how, over the medium term, compatibility with trade law could be maintained, and how Sustainability Impact Assessments (SIA) could cushion the effects of the current governance regimes. It then considers alternatives such as encouraging the EU's African, Caribbean and Pacific (ACP) partners to form Regional Trade Areas among themselves. Guidance is given regarding reform of the Common Agricultural Policy and the question as to whether the investment regime can be governed multilaterally and, if so, at which venue. (author)

International trade and investment law: a new framework for public health and the common good.

Science.gov (United States)

Delany, Louise; Signal, Louise; Thomson, George

2018-05-08

International trade and investment agreements can have positive outcomes, but also have negative consequences that affect global health and influence fundamental health determinants: poverty, inequality and the environment. This article proposes principles and strategies for designing future international law to attain health and common good objectives. Basic principles are needed for international trade and investment agreements that are consistent with the common good, public health, and human rights. These principles should reflect the importance of reducing inequalities, along with social and environmental sustainability. Economic growth should be recognised as a means to common good objectives, rather than an end in itself. Our favoured approach is both radical and comprehensive: we describe what this approach would include and outline the strategies for its implementation, the processes and capacity building necessary for its achievement, and related governance and corporate issues. The comprehensive approach includes significant changes to current models for trade and investment agreements, in particular (i) health, social and environmental objectives would be recognised as legitimate in their own right and implemented accordingly; (ii) changes to dispute-resolution processes, both state-to-state and investor-state; (iii) greater deference to international legal frameworks for health, environmental protection, and human rights; (iv) greater coherence across the international law framework; (v) limitations on investor privileges, and (vi) enforceable corporate responsibilities for contributing to health, environmental, human rights and other common good objectives. We also identify some limited changes that could be considered as an alternative to the proposed comprehensive approach. Future research is needed to develop a range of model treaties, and on the means by which such treaties and reforms might be achieved. Such research would focus also on

Government Investment, Growth and Employment in South Africa ...

African Journals Online (AJOL)

This paper focuses on the impact of government investment on growth and employment in South Africa. As a prelude to the analysis, the paper refers to theory and practical evidence which indicates the way investment can influence growth and employment. Also, a review of investment patterns in South Africa in the past ...

Industrial Employment, Investment Equipment and Economic Growth

OpenAIRE

Dellas, Harris

2000-01-01

The industrialization of labour is the main engine of growth during the early stages of economic development. In less developed countries, equipment investment has played a less important role than non-equipment investment; and it has only proved growth enhancing when it either encountered a substantial industrial labour force or fostered a large increase in the share of industrial employment. These findings draw attention to the effects of investment on the composition of the labour force; a...

Policy space for health and trade and investment agreements.

Science.gov (United States)

Koivusalo, Meri

2014-06-01

New trade agreements affect how governments can regulate for health both within health systems and in addressing health protection, promotion and social determinants of health in other policies. It is essential that those responsible for health understand the impacts of these trade negotiations and agreements on policy space for health at a national and local level. While we know more about implications from negotiations concerning intellectual property rights and trade in goods, this paper provides a screening checklist for less-discussed areas of domestic regulation, services, investment and government procurement. As implications are likely to differ on the basis of the organization and structures of national health systems and policy priorities, the emphasis is on finding out key provisions as well as on how exemptions and exclusions can be used to ensure policy space for health. © The Author 2014. Published by Oxford University Press. All rights reserved. For Permissions, please email: journals.permissions@oup.com.

Plant growth regulation by the light of LEDs; LED ko wo tsukatta shokubutsu saibai gijutsu

Energy Technology Data Exchange (ETDEWEB)

Watanabe, H. [Mitsubishi Chemical Co., Tokyo (Japan). Yokohama Research Center

1996-03-01

Light Emitting Diode (LED) has not only an excellent display function for the luminescent device but also a superior feature without other lamps as light source for plant growth. It was National Aeronautics and Space Administration (NASA) to find out such merit for this light source for plant growth and try at first to use for plant growth at the space. They began to examine the LED application to the light source for the plant growth at the space since a stage at high cost of the LED, to develop some researches centered at cultivation of lettuce, wheat, and others. Finding out future possibility of cost-down of the LEDs on the cost/performance and large merits of the LEDs for control of the plant growth and plant physiology, authors have conducted some cultivation experiments of the plants using the LEDs for light source some years ago. In this papers, characterizations, actual possibility, and future developments of the LEDs for the light sources of the plant growth, are introduced. 5 refs., 4 figs.

Parents face quantity-quality trade-offs between reproduction and investment in offspring in Iceland.

Science.gov (United States)

Lynch, Robert Francis

2016-05-01

How to optimally allocate time, energy and investment in an effort to maximize one's reproductive success is a fundamental problem faced by all organisms. This effort is complicated when the production of each additional offspring dilutes the total resources available for parental investment. Although a quantity-quality trade-off between producing and investing in offspring has long been assumed in evolutionary biology, testing it directly in humans is difficult, partly owing to the long generation time of our species. Using data from an Icelandic genealogy (Íslendingabók) over two centuries, I address this issue and analyse the quantity-quality trade-off in humans. I demonstrate that the primary impact of parents on the fitness of their children is the result of resources and or investment, but not genes. This effect changes significantly across time, in response to environmental conditions. Overall, increasing reproduction has negative fitness consequences on offspring, such that each additional sibling reduces an individual's average lifespan and lifetime reproductive success. This analysis provides insights into the evolutionary conflict between producing and investing in children while also shedding light on some of the causes of the demographic transition.

The Position of Suitcase Trading in Turkey’s Foreign Trade and Growth-Suitcase Trading Connection

Directory of Open Access Journals (Sweden)

Sinem YAPAR SAÇIK

2013-12-01

Full Text Available Suitcase trading which is defined as a purchasing process of merchandises in a country that is implemented by travelers (nonresidents to sell those merchandises in their own country; it has started to take place in balance of payments of Turkey since 1996. After the collapse of USSR in 1991 Turkey became a net exporter in suitcase trading so the country reached significant figures occasionally. In this paper the position of suitcase trading in Turkey’s foreign trade is analyzed in consideration of statistical indicators. According to the findings acquired from the study, suitcase trading is a significant variable for Turkey to have currency and to close foreign deficits. Suitcase trading and growth connection is also analyzed by econometric method which is co-integration test and the result is affirmative. And also it is found that this connection is unilateral causation from growth towards suitcase trading according to the findings of Granger causality test

Focal points 2010. Mobility with future - correct investment today. Environmental protection - investment restraint for agriculture? Engine for the climate policy: emission trading; Schwerpunkte 2010. Mobilitaet mit Zukunft - heute richtig investieren. Umweltschutz - Investitionshemmnis fuer die Landwirtschaft? Motor fuer die Klimapolitik: Der Emissionshandel

Energy Technology Data Exchange (ETDEWEB)

Ittershagen, Martin; Mavromati, Fotini (comps.)

2010-04-14

The publication of the German Federal environmental agency on the focal points 2010 covers the following topics: impetus for an ecological-economic policy; mobility with future -best investment for today: more environmentally compatible investments in traffic infrastructure, better technology - more efficiency, missing charging of environmental cost induces wrong stimuli; environmental protection - investment restraints for agriculture? Engine for climate policy: emission trading; the Federal environmental agency: bridge between science and politics, the Federal environmental agency for mankind and environment; data and facts; publications of the employees.

Turkey’s Foreign Trade as a Driver of Economic Development

Directory of Open Access Journals (Sweden)

Nigyar R. Masumova

2016-01-01

Full Text Available Turkey now is a regional leader due to economic success story of the past decade, changes in the economy's structure and dynamic. Since 1980th foreign trade has become the main driver of the economic growth. Due to liberalization policy Turkey was able to overcome the system crisis. The negative economic trends had contributed to the political instability. That's why it will be interesting to highlight some aspects of Turkish foreign trade policy, which influence the value, geographical and product orientation of foreign trade. Negative balance of trade is the result of its oil import dependence. But the export of goods with more value added has the trend to growth - 30% of exports come to machineries and transport equipments. After the collapse of the USSR Turkish-Russian economic relationship was facing revival. Trade and investment cooperation was developing rapidly. But the conflict of interest during the war in Syria led to growing differences between Russia and Turkey. 24th of November 2015 became a turning point for the Russian-Turkish relations, when Turkish fighter jet F-16 shot down a Russian military jet along the Syrian border. This tragedy had serious consequences for the bilateral economic relations. Huge investment pipeline project "Turkish stream" is freezed, the work of intergovernmental authorities is stopped, certain agricultural goods originated from Turkey is banned to the territory of the Russian Federation. Russia also suspended the visa-free regime for Turkish citizens, all charter flights to Turkey are prohibited. Nevertheless economic sanctions inevitable affect both the Turkish and Russian economies, but Russia is still one of the main partners of Turkey.

HUNGARY, POLAND, THE CZECH REPUBLIC AND RUSSIA: ECONOMIC GROWTH AND FOREIGN DIRECT INVESTMENTS

Directory of Open Access Journals (Sweden)

Dementiev N. P.

2017-06-01

Full Text Available The article examines the role of foreign direct investment (FDI in the economic development of Hungary, Poland and the Czech Republic in recent decades. It is shown that the high rates of economic growth achieved by these countries in the pre-crisis years were closely linked to large foreign loans. The governments placed special emphasis on the attraction of FDI in high-tech export industries having very high growth rates (motor vehicles, machinery, equipment, computers, electronics and optics. For this purpose, central banks maintained an undervalued exchange rate of national currencies. As a result, adverse foreign trade balance in each of the three countries has shown a surplus in recent years. Furthermore, the disadvantages of excessive foreign loans are listed: high interest and dividend payments to foreign investors, reduction of national and economic sovereignty. For example, more than half of the Czech economy is under the control of foreign investors. Foreign direct investment in the Russian economy is also briefly discussed. It is shown by comparing the data of the Bank of Russia and the Eurostat that more than half of FDI in Russia is made through so-called special purpose entities (SPE and would be only formally considered a direct investment.

Technology Transfer, Foreign Direct Investment and Economic ...

African Journals Online (AJOL)

2015-05-29

May 29, 2015 ... Investment and Economic Growth in Nigeria. Omojola ... view of FDI and trade, towards a more friendly view, by using FDI and trade as ..... the automatically selected Schwarz Info Criterion and the maximum lags, in ..... National Bureau of Statistics [NBS], 2007, 'National account of Nigeria: 1981-. 2006' ...

GREEN INVESTMENT: A STRATEGY FOR SUSTAINABLE ECONOMIC GROWTH AND INVESTMENT

Directory of Open Access Journals (Sweden)

Jaya Shukla

2014-01-01

Full Text Available Sustainable economic development has become an important area of concern due to climatic change with its long term effects. Climatic change has posed several challenges for economic sustainability of economies. Now major development projects have to comply with international environmental norms. Failure to do so may result in the delay of a project, fines including penalties for environmental damage or charges for remedial action, that affect the viability of a project or the value of any security taken. This paper investigates with help of secondary date using descriptive statistical technique opportunities and challenges of green investment. Here it is developed into suitable model for developing economies for successfully adopting green investment without much cost to their economies. The paper concludes that green investment involving direct investment and portfolio investment in firms adopting and following environmental protection norms will lead to sustainable growth and investment for economy.

Leverage, Investment, and Firm Growth

OpenAIRE

Larry Lang; Eli Ofek; Rene M. Stulz

1995-01-01

We show that there is a negative relation between leverage and future growth at the firm level and, for diversified firms, at the segment level. Further, this negative relation between leverage and growth holds for firms with low Tobin's q, but not for high-q firms or firms in high-q industries. Therefore, leverage does not reduce growth for firms known to have good investment opportunities, but is negatively related to growth for firms whose growth opportunities are either not recognized by ...

Trade in Services and Investment Flows in South Asia

OpenAIRE

Rajesh Chadha; Geethanjali Nataraj

2008-01-01

Despite being a group of contiguous countries South Asia is one of the least integrated regions in terms of intra-regional investment and trade relations. The share of services in GDP of South Asian countries has increased substantially with South Asia exhibiting a high revealed comparative advantage in commercial services and more particularly in other services including computer and information technology enabled services. Analysis of the FDI inflows in South Asia reveals that the number of...

78 FR 69438 - AGOA: Trade and Investment Performance Overview; AGOA: Economic Effects of Providing Duty-Free...

Science.gov (United States)

2013-11-19

... INTERNATIONAL TRADE COMMISSION [Investigation No. 332-542, Investigation No. 332-544, Investigation No. 332-545, Investigation No. 332-546] AGOA: Trade and Investment Performance Overview; AGOA... To Promote Regional Integration and Increase Exports to the United States; EU-South Africa FTA...

Trade Liberalisation and Economic Growth in Macedonia

Directory of Open Access Journals (Sweden)

Mano-Bakalinov Viktorija

2016-12-01

Full Text Available The objective of this paper is to explore the effects of trade on Macedonian economic growth. The autoregressive distributed lag (ARDL model is applied on yearly data over the period of 1993-2014. Empirical investigation reveals that an increase of population and openness demonstrate a positive and significant effect on Macedonian economic growth. Given other diverging findings, this suggests that the relationship between trade reforms and growth through the productivity function may vary across transition economies. Nevertheless, the findings of this paper indicate that policies focusing on market liberalisation and opening the economy to trade have a positive effect on Macedonian economic growth, both in the short run and the long run.

Inequality, Economic Growth and Trade Openness: a Study Case for Central and Eastern Countries (ECE

Directory of Open Access Journals (Sweden)

Olimpia Neagu

2016-08-01

Full Text Available The paper analyzes the phenomenon of income inequality in ten countries from Eastern and Central Europe (ECE, by highlighting two aspects: (1 the link between growth and income inequality; (2 the effects of trade openess and other key factors on income inequality, such as: foreign direct investment (FDI, market capitalization and educational level of labour force. The method used was the Panel Data Analysis with statistical data from the period of 2000-2014. An increasing effect in income inequality was identified due to the trade openess, the inward stock of ISD and the market capitalization and an equalizing effect in the income distribution generated by the educational level of labour force. A positive association was also found between the growth of PIB per capita level and the increase of income inequality in the examined countries.

POTENTIAL TRADE EFFECTS OF TARIFF LIBERALIZATION UNDER THE TRANSATLANTIC TRADE AND INVESTMENT PARTNERSHIP (TTIP FOR THE EU AGRI-FOOD SECTOR

Directory of Open Access Journals (Sweden)

Agnieszka Poczta-Wajda

2017-06-01

Full Text Available  The aim of this article is to determine the potential trade effects of Transatlantic Trade and Investment Partnership (TTIP for the EU agri-food sector. The ex post analysis covered the characteristics of agri-food trade between the EU and the US in the years 2004–2014 on the basis of statistical data from the database of the World Bank WITS. The ex ante evaluation was carried out using SMART – a partial equilibrium model. The results of the study indicate that although bilateral agri-food trade relations of the EU–US have relatively little importance, but it is significant at the individual industries level. TTIP agreement, which includes the reduction of tariff barriers to agri-food trade between the EU and the US, will contribute to boosting bilateral agri-food trade to a greater extent for the US. The creation of a free trade produces mostly creation effect, whereby it will be asymmetric – concentrated in a few product groups.

The Growth Points of Regional Economy and Regression Estimation for Branch Investment Multipliers

Directory of Open Access Journals (Sweden)

Nina Pavlovna Goridko

2018-03-01

Full Text Available The article develops the methodology of using investment multipliers to identify growth points for a regional economy. The paper discusses various options for the assessment of multiplicative effects caused by investments in certain sectors of the economy. All calculations are carried out on the example of economy of the Republic of Tatarstan for the period 2005–2015. The instrument of regression modeling using the method of least squares, permits to estimate sectoral and cross-sectoral investment multipliers in the economy of the Republic of Tatarstan. Moreover, this method allows to assess the elasticity of gross output of regional economy and its individual sectors depending on investment in various sectors of the economy. Calculations results allowed to identify three growth points of the economy of the Republic of Tatarstan. They are mining industry, manufacturing industry and construction. The success of a particular industry or sub-industry in a country or a region should be measured not only by its share in macro-system’s gross output or value added, but also by the multiplicative effect that investments in the industry have on the development of other industries, on employment and on general national or regional product. In recent years, the growth of the Russian was close to zero. Thus, it is crucial to understand the structural consequences of the increasing investments in various sectors of the Russian economy. In this regard, the problems solved in the article are relevant for a number of countries and regions with a similar economic situation. The obtained results can be applied for similar estimations of investment multipliers as well as multipliers of government spending, and other components of aggregate demand in various countries and regions to identify growth points. Investments in these growth points will induce the greatest and the most evident increment of the outcome from the macro-system’s economic activities.

Protecting the autonomy of states to enact tobacco control measures under trade and investment agreements.

Science.gov (United States)

Mitchell, Andrew; Sheargold, Elizabeth

2015-06-01

Since the adoption of the WHO's WHO Framework Convention on Tobacco Control, governments have been pursuing progressively stronger and more wide-reaching tobacco control measures. In response, tobacco companies are frequently using international trade and investment agreements as tools to challenge domestic tobacco control measures. Several significant new trade and investment agreements that some fear may provide new legal avenues to the tobacco industry to challenge health measures are currently under negotiation, including the Trans-Pacific Partnership (a 12 party agreement of Asia-Pacific regional countries) and the Transatlantic Trade and Investment Partnership (an agreement between the USA and the European Union). This commentary examines different options for treaty provisions that the parties could employ in these agreements to minimise legal risks relating to tobacco control measures. It recommends that parties take a comprehensive approach, combining provisions that minimise the potential costs of litigation with provisions that increase the likelihood of a state successfully defending tobacco control measures in such litigation. Published by the BMJ Publishing Group Limited. For permission to use (where not already granted under a licence) please go to http://group.bmj.com/group/rights-licensing/permissions.

Historical Evidence on the Finance-Trade-Growth Nexus

OpenAIRE

Michael D. Bordo; Peter L. Rousseau

2011-01-01

We study linkages between financial development, international trade, and long-run growth using data since 1880 for seventeen now-developed "Atlantic" economies and a set of cross-country and dynamic panel data models. We find that finance and trade reinforced each other before 1930, but that these effects did not persist after the Second World War. Financial development has positive effects on growth throughout the sample period, while trade affects growth strongly and independently after 19...

Foreign direct investment and trade in health services: a review of the literature.

Science.gov (United States)

Smith, Richard D

2004-12-01

Globalization is a key challenge facing health policy-makers. A significant aspect of this is direct trade in health services, a result of the rise of transnational corporations, challenges in health care financing, porous borders and improved technology creating the scope for increased 'foreign direct investment' (FDI) in health care. This has gathered momentum with the General Agreement on Trade in Services (GATS), which aims to further liberalize trade in services, and within which FDI has been noted as perhaps the most critical area for trade negotiation. Given the rapid development of this area, there are little empirical data. This paper therefore seeks to provide the first comprehensive and systematic review of evidence concerning FDI and health services. This process included electronic bibliographic database searches, website searches and correspondence with experts in the area of trade in health services, from which 76 papers, books and reports were reviewed. Perhaps due to the rapid developments in this area, most of the literature is speculative, polarized between those arguing for the benefits of liberalization and those arguing against. However, there seem to be three issues which emerge as of most importance: (i) the extent to which a national health system is commercialized per se is of more significance than whether investment in it is foreign or domestic; (ii) the national regulatory environment and its 'strength' will significantly determine the economic and health impact of FDI, the effectiveness of safeguard measures, and the stability of GATS commitments; and (iii) any negotiations will depend upon parties having a common understanding of what is being negotiated, and the interpretation of key definitions is thus critical. Each of these issues is explored in some depth, with the overall conclusion that countries should take a step back and first think through the risks and benefits of commercialization of their health sector, rather than being

International Standards: Past Free Trade Agreements and the Prospects in the Transatlantic Trade and Investment Partnership

Directory of Open Access Journals (Sweden)

Eliasson Leif Johan

2015-02-01

Full Text Available The Transatlantic Trade and Investment Partnership represents a strategic vision of transatlantic relations, including job creation, global leadership, and establishing high international standards. This paper discusses how three recent bi-lateral and regional agreements, along with positions adopted in transatlantic negotiations, convey respective side's acceptable parameters, and how international standards are emerging from and disseminated through agreements involving the European Union and the United States

Financial Frictions, Foreign Direct Investment, and Growth

OpenAIRE

Luis San Vicente Portes

2010-01-01

This paper assesses the role of financial frictions and Foreign Direct Investment (FDI) on an economy´s growth rate, business cycle volatility, and firm´s capital structure. We gauge these effects within the Financial Accelerator framework, where entrepreneurs can establish affiliates of local firms abroad through Foreign Direct Investment. Model simulations suggest that in the presence of credit market imperfections FDI is associated with faster growth, less leverage, and lower aggregate vol...

Impacts of Seaport Investment on the Economic Growth

Directory of Open Access Journals (Sweden)

Tahar Ammar Jouili

2016-08-01

Full Text Available The aim of this paper is to estimate the impact of seaports investment on the economic growth. Seaports are seen by many governments as an important factor in the strengthening of the economies. During the last two decades, the Tunisian succeeding governments have been allocating a great amount of money to develop seaport infrastructures. However, the Tunisian economy witnessed fluctuations in the economic growth rates and decrease in the rate of employment during the same period of time. This study used an econometric model by employing the Cobb-Douglas production function. The sample was composed of Tunisia's economic sectors (manufacturing, services and agriculture over the period 1983-2011. The results of the study show that the public investment in seaport infrastructures has apositive influence on Tunisian economic growth. The study also revealed that the biggest beneficiary from the seaport investment infrastructure is the service sector.This paper aims to estimate the impact of seaports investment on the economic growth. The seaports are seen by many governments as an important factor in the strengthening of the economies. During the last two decades, the Tunisian succeeding governments were allocating a great amount of money to develop seaports' infrastructures. However, the Tunisian economy witnessed fluctuating in the economic growth rates and decreased in the rate of employment during the same period of time. This study used an econometric model by employing the Cobb-Douglas production function. The sample composed of Tunisia's economic sectors (manufacturing, services and agriculture over the period 1983-2011. The results of the study show that the public investment in seaports' infrastructures has a positive influence on Tunisian economic growth. The study also revealed that the biggest beneficiary from the seaports investment infrastructure is the services sector.

Enhancing SMEs’ Growth by Investing in Organizational Capital

Directory of Open Access Journals (Sweden)

Urban Pauli

2016-09-01

Full Text Available Objective: The objective of this paper is to verify the relationship between the share of investments in organizational capital (OC within the total amount of investments and key performance indicators of SMEs. Research Design & Methods: Quantitative research based on the author’s theoretical model and was conducted on a group of 180 Polish SMEs with the use of a structured questionnaire. To verify the hypothesis measures of dispersion as well as correlation were used. Findings: The share of investments in OC vary at particular growth stages and the highest is in decline stage. Investigated firms invest mostly in 'brand' and 'IT systems'. Investing in OC seems to be important mostly for SMEs that are in the prime stage. In this stage the share of investments in OC is correlated with almost all performance indicators. It suggests that OC can be treated as a source of competitive advantage and firms’ performance. Implications & Recommendations: The appropriate share of investments in particular resources positively impact the effectiveness of decisions aimed at enhancing SMEs growth. Guidelines in what to invest help managers to plan their activities, especially while operating in a rapidly changing environment. Contribution & Value Added: The study contributes to the stream of research devoted to SME growth factors. Despite the fact that there already are publications on the impact of particular resources on organisations’ success or failure, complex studies, including those concerning Polish SMEs, are much needed.

Potential of Sharia-compliant investments

OpenAIRE

Ishuayed, Mohamed; Ruiz, Frédéric

2016-01-01

Islamic finance and Sharia-compliant investing has seen substantial growth over the years. As more investors are interested in becoming fully Sharia-compliant, the question of what may they be giving up in exchange arises. This has led us to analyze the potential of Sharia-compliant investments. It is well known that having a Sharia-compliant investment portfolio could be rather restrictive as some sectors and investment instruments are forbidden such as tobacco, alcohol, gambling, pork produ...

Bringing EU-Turkey trade and investment relations up to date?

OpenAIRE

Dawar, Kamala; Sübidey, Togan

2016-01-01

The case is made that the EU-Turkey CU of 1995 covering industrial goods should be modernised and modified to take into account the various and growing criticisms of the original CU. Furthermore, economic integration between the EU and Turkey should be strengthened by signing a complementary deep integration regional trade agreement (RTA) between the EU and Turkey, covering agriculture, SPS measures, services, government procurement, investment, and dispute settlement. For Turkey, the objecti...

Sex-biased terminal investment in offspring induced by maternal immune challenge in the house wren (Troglodytes aedon).

Science.gov (United States)

Bowers, E Keith; Smith, Rebecca A; Hodges, Christine J; Zimmerman, Laura M; Thompson, Charles F; Sakaluk, Scott K

2012-07-22

The reproductive costs associated with the upregulation of immunity have been well-documented and constitute a fundamental trade-off between reproduction and self-maintenance. However, recent experimental work suggests that parents may increase their reproductive effort following immunostimulation as a form of terminal parental investment as prospects for future reproduction decline. We tested the trade-off and terminal investment hypotheses in a wild population of house wrens (Troglodytes aedon) by challenging the immune system of breeding females with lipopolysaccharide, a potent but non-lethal antigen. Immunized females showed no evidence of reproductive costs; instead, they produced offspring of higher phenotypic quality, but in a sex-specific manner. Relative to control offspring, sons of immunized females had increased body mass and their sisters exhibited higher cutaneous immune responsiveness to phytohaemagglutinin injection, constituting an adaptive strategy of sex-biased allocation by immune-challenged females to enhance the reproductive value of their offspring. Thus, our results are consistent with the terminal investment hypothesis, and suggest that maternal immunization can induce pronounced transgenerational effects on offspring phenotypes.

A Duopoly Manufacturers’ Game Model Considering Green Technology Investment under a Cap-and-Trade System

Directory of Open Access Journals (Sweden)

Yi Zheng

2018-03-01

Full Text Available This research studied the duopoly manufacturers’ decision-making considering green technology investment and under a cap-and-trade system. It was assumed there were two manufacturers producing products which were substitutable for one another. On the basis of this assumption, the optimal production capacity, price, and green technology investment of the duopoly manufacturers under a cap-and-trade system were obtained. The increase or decrease of the optimal production quantity of the duopoly manufacturers under a cap-and-trade system was decided by their green technology level. The increase of the optimal price as well as the increase or decrease of the maximum expected profits were decided by the initial carbon emission quota granted by the government. Our research indicates that the carbon emission of unit product is inversely proportional to the market share of an enterprise and becomes an important index to measure the core competitiveness of an enterprise.

Investment appraisal of heat and power plants within an emissions trading scheme. Final Report of the INVIS Project

International Nuclear Information System (INIS)

Laurikka, H.; Pirilae, P.

2005-04-01

The opportunity cost for carbon dioxide (CO 2 ) emissions has become a new factor influencing investments in heat and power production capacity globally, and in particular in countries with a greenhouse gas emissions trading system, such as the European Union Emissions Trading Scheme (EU ETS). There is a considerable power capacity investment need in the coming decades in Finland, in Europe and globally. As the economic lifetime of an investment in heat and power capacity typically ranges from 20-40 years, 'carbon finance' and the EU ETS therefore introduce a considerable and fundamental price risk to the investment problem. In Europe, the price risk is present in all investments and divestments of power production licences or capacity, be it a green-field plant, a retrofit of an existing plant or an acquisition. The objective of the INVIS research project was to extend the knowledge on strategic implications of emissions trading in investments into heat and power generation. This report gives an overview on the main findings of the project. The focus of INVIS project was on (1) quantitative investment appraisal and (2) methods rather than tools or parameter values. Particular attention in the INVIS project was paid to the incorporation of emissions trading in new methods of investment appraisal, which aim at taking into account the value of real options, rights to postpone or revise decisions. The EU ETS modifies the quantitative investment appraisal of heat and power plants directly through the emission allowance price and the number of free allowances and indirectly through impacts on output prices, input prices, taxation, and subsidies. From the risk perspective, the most problematic impact seems to be the regulatory uncertainty in the number of free allowances, which can turn out to be a barrier for investment in fossil-fuel-fired thermal power plants - even combined-cycle gas turbines. The emission allowance price is a stochastic variable, which implies it is

SUSTAINABLE ECONOMIC GROWTH THROUGH EXTERNAL TRADE

Directory of Open Access Journals (Sweden)

Valentina Vasile

2016-12-01

Full Text Available A country’s economic growth is directly influenced by the external trade activity, which is considered by the majority of economists as one of the main engines of a country. How international trade can contributes to a sustainable development of a country depends broadly on the economic policies as well as on global and regional strategies to support the actions for this objective. The high level political meeting of United Nations Organization’s Member States in September 2015 has as aim the adoption of 2030 Agenda for Sustainable Development, which includes global economic, social and environmental goals. Any strategy or global policy influences, of course, in a direct way the international trade activities, by how these measures affect or determine relations between states to achieve the sustainable development objectives. Being involved in all sectors of economic and social life to achieve these noble goals, foreign trade is of course on the list of key areas as well as on the list of the domains being influenced by the global strategy adopted in the framework of the largest summit of its kind in the history of the United Nations. The aim of this paper is to provide an overview of external trade activity of Romania, taking into account the characteristics of companies involved in exports and imports of goods in Romania as well as to identify the key areas to be further developed for a sustainable development of national economy based on export activity. Romania's sustainable development can be achieved in the medium and long term by complementary and converging actions such as increased expenditure on research and development field, attracting as a priority the Greenfield investments, increasing productivity of national capital (human, natural, technological or ensure the efficiency at microeconomic and macroeconomic level. Increasing the share of products and activities using a small amount of energy and material resources but which

Costs and benefits of experimentally induced changes in the allocation of growth versus immune function under differential exposure to ectoparasites.

Directory of Open Access Journals (Sweden)

Natalia Pitala

2010-05-01

Full Text Available Ecological immunology has focused on the costs of investment in immunocompetence. However, understanding optimal resource allocation to immune defence requires also identification of its benefits, which are likely to occur only when parasites are abundant.We manipulated the abundance of parasitic hen fleas in blue tit (Cyanistes caeruleus nests, and supplemented their hosts, the nestlings, with methionine (a sulphur amino acid enhancing cell-mediated immunity during day 3-6. We found a significant interaction between these two experimental factors on the development of immune defences and growth rates. Only in parasitized nests did methionine supplementation boost immune (PHA response, and did nestling with experimentally increased immunocompetence show a relatively faster growth rate than control nestlings between days 6-9. Hence, the allocation of resources into immune defence and its growth-benefits are apparent only in presence of parasites. The main cost of methionine-induced increased allocation to the immune system was an increase in mortality, independently of ectoparasites. Nestlings in all treatments compensated initial growth reduction and all reached equal body size at day 16 (just prior to fledging, indicating a lack of long-term benefits. In addition, methionine treatment tended (P = 0.09 to lower circulating plasma immunoglobulin levels, possibly indicating a trade-off between the cell-mediated and humoral components of the immune system.We found no strong benefits of an increased investment in immunocompetence in a parasite-rich environment. Any deviation from the growth trajectory (due to changes in allocation induced by methionine is largely detrimental for survival. Hence, while costs are apparent identifying the benefits of investment in immunocompetence during ontogeny is challenging.

Economic growth: trade, public finance, and the paradox of thrift

OpenAIRE

John Smithin

2014-01-01

The classical argument for free trade stressed the possibilities of economic growth by exploiting the gains from trade. A trade surplus per se was not the main objective; presumably the argument was that trade would be balanced at the new higher growth rate. Moreover, the arguments for free trade were made against the background of an assumed hard peg (the gold standard) which would enforce balance of payments equilibrium. This means that contemporary free trade agreements (FTAs), with floati...

Smallish foreign direct investment, sluggish growth: Can ...

International Development Research Centre (IDRC) Digital Library (Canada)

Smallish foreign direct investment, sluggish growth: Can MERCOSUR do better? 08 décembre 2010. Edgard Rodriguez. GGP One-pager series. Since the 1990s, foreign direct investment (FDI) has been on the rise worldwide. By 2008, the world's FDI flows amounted to about $1.7 trillion (although they are expected to go ...

Public Debt, Public Investment and Economic Growth in Mexico

Directory of Open Access Journals (Sweden)

Isaac Sánchez-Juárez

2016-03-01

Full Text Available The primary objective of this article is to answer the following two research questions: has the growing public debt of state governments promoted increased public investment? If the answer is yes, then does any increase in public investment lead to more growth in the Mexican states? Dynamic Models of panel data and the Generalized Method of Moments, with information for 32 states from 1993 to 2012, were used for this purpose. The econometric results confirmed that public debt is positively correlated with public investment and that this in turn generates economic growth. This does not mean that a good economic policy strategy has been followed, since the marginal positive impact of public investment, and therefore the public debt on the production per person, is reduced (1% increase in the interaction between public investment and public debt variable causes a 0.0005% increase in economic growth. This suggests deviations from the debt contracted for purposes other than production, which could lead to a situation of unsustainability of state public finances in the medium term.

The Role of Regional Innovation Systems (RIS in Translating R&D Investments into Economic and Employment Growth

Directory of Open Access Journals (Sweden)

Ricardo Filipe Ferreira Moutinho

2015-07-01

Full Text Available The emergence of the so-called “European Paradox” shows that increasing Governmental R&D Investment is far from being a ‘panacea’ for stagnant growth. It is worth noting that Governmental R&D Investment does not have a statistically significant impact on employment, indicating the need to assess the trade-offs of policies that could lead to significant increases in government expenditure. Surprisingly, Governmental R&D Employment does not contribute to ‘mass-market’ employment, despite its quite important role in reducing Youth-Unemployment. Despite the negative side-effects of Governmental R&D Employment on both GVA and GDP, University R&D Employment appears to have a quite important role in reducing Unemployment, especially Youth-Unemployment, while it also does not have a downside in terms of economic growth. Technological Capacity enhancement is the most effective instrument for reducing Unemployment and is a policy without any downside regarding sustainable economic development.

Biomass Power Generation Investment in China: A Real Options Evaluation

Directory of Open Access Journals (Sweden)

Mingming Zhang

2016-06-01

Full Text Available This paper proposes a real options model for evaluating the biomass power generation investment in China. The uncertainties in the market price of electricity, CO2 price and straw price are considered. Meanwhile the dynamic relationship between installed capacity and fuel cost, as well as the long-term reduction of subsidy are described. Two scenarios, i.e., with the carbon emission trading scheme existent and non-existent, respectively, is built to empirically analyze the investment of a 25-MW straw-based power generation project. The results show that investors should undertake the investment in 2030 under two scenarios. Investment values are 14,869,254.8 and 37,608,727 Chinese Yuan (RMB, respectively. The implementation of the carbon emission trading scheme theoretically helps improve investment value and advance the most likely optimal investment time. However, the current CO2 price is not sufficient to advance the most likely optimal investment time. The impacts of several factors, including subsidy policy, CO2 price, straw price, installed capacity, correlation structure and the validity period of investment, on the optimal investment strategy are also examined. It is suggested that governments take some measures, including increasing subsidy, setting the growth pattern of subsidy and establishing and perfecting a nationwide carbon trading market, to improve the investment environment and attract more investments.

High power blue LED development using different growth modes

Energy Technology Data Exchange (ETDEWEB)

Lee, Dong S.; Florescu, Doru I.; Ramer, Jeff C.; Merai, Vinod; Parekh, Aniruddh; Begarney, Michael J.; Armour, Eric A. [Veeco TurboDisc Operations, 394 Elizabeth Avenue, Somerset, NJ 08873 (United States); Lu Dong [Veeco TurboDisc Operations, 394 Elizabeth Avenue, Somerset, NJ 08873 (United States); School of Engineering, Rutgers University, Piscataway, NJ 08854 (United States)

2004-09-01

Blue high brightness light emitting diodes (HB-LEDs) have been developed using different growth modes in the active layers. Piezoelectric field engineering improves the optical output power in multiple quantum well (MQW) LEDs by inserting an optimized transitional superlattice (TSL) before the active MQW layers. Within single quantum well (SQW) LEDs, quasi-Quantum Dot (QD) growth for Indium localization has been realized. The SQW LED output power exceeds the strain engineered MQW LEDs. The experimental data indicates that Indium localization enhances overall quantum efficiency and results in increased output power for HB-LEDs. (copyright 2004 WILEY-VCH Verlag GmbH and Co. KGaA, Weinheim) (orig.)

The Effect of Exchange Rate and Inflation on Foreign Direct Investment and Its Relationship with Economic Growth in Nigeria

Directory of Open Access Journals (Sweden)

Alex Ehimare OMANKHANLEN

2011-03-01

Full Text Available This study is on the effect of exchange rate and inflation on foreign direct investment and its relationship with economic growth. Its main objective is to find the effect of inflation and exchange rate and the bidirectional influences between FDI and economic growth in Nigeria. A thirty year period was studied. A linear regression analysis was used on the thirty year data to determine the relationship between inflation, exchange rate, FDI inflows and economic growth. The study reveals that FDI follow economic growth occasioned by trade openness which saw the entry of some major companies especially the telecommunication companies, while Inflation has no effect on FDI. However exchange rate has effect on FDI.

THE UKRAINE AND CHINA INTERNATIONAL TRADE COOPERATION: IMPACT ON THE UKRAINE TRADE DEFICIT

Directory of Open Access Journals (Sweden)

Oleksii O. KIM

2014-10-01

Full Text Available The research is dedicated to uncover the reasons of Ukrainian international trade inefficiency, measuring of the China’s role in current account imbalance. The analysis of current account and net exports are compared with the GDP growth and the structure of savings and investments in Ukraine.

Weaknesses of 'wage-led growth'

OpenAIRE

Skott, Peter

2016-01-01

The emphasis in post-Keynesian macroeconomics on wage- versus profit- led growth may not have been helpful. The profit share is not an exogenous variable, and the correlations between the pro.t share and economic growth can be positive for some exogenous shocks but negative for others. The terminology, second, suggests a unidirectional causality from distribution to aggregate demand while in fact distribution can itself be directly affected by shifts in aggregate demand. The reduced form corr...

Trade and investment liberalization and Asia's noncommunicable disease epidemic: a synthesis of data and existing literature.

Science.gov (United States)

Baker, Phillip; Kay, Adrian; Walls, Helen

2014-09-12

Trade and investment liberalization (trade liberalization) can promote or harm health. Undoubtedly it has contributed, although unevenly, to Asia's social and economic development over recent decades with resultant gains in life expectancy and living standards. In the absence of public health protections, however, it is also a significant upstream driver of non-communicable diseases (NCDs) including cardiovascular disease, cancer and diabetes through facilitating increased consumption of the 'risk commodities' tobacco, alcohol and ultra-processed foods, and by constraining access to NCD medicines. In this paper we describe the NCD burden in Asian countries, trends in risk commodity consumption and the processes by which trade liberalization has occurred in the region and contributed to these trends. We further establish pressing questions for future research on strengthening regulatory capacity to address trade liberalization impacts on risk commodity consumption and health. A semi-structured search of scholarly databases, institutional websites and internet sources for academic and grey literature. Data for descriptive statistics were sourced from Euromonitor International, the World Bank, the World Health Organization, and the World Trade Organization. Consumption of tobacco, alcohol and ultra-processed foods was prevalent in the region and increasing in many countries. We find that trade liberalization can facilitate increased trade in goods, services and investments in ways that can promote risk commodity consumption, as well as constrain the available resources and capacities of governments to enact policies and programmes to mitigate such consumption. Intellectual property provisions of trade agreements may also constrain access to NCD medicines. Successive layers of the evolving global and regional trade regimes including structural adjustment, multilateral trade agreements, and preferential trade agreements have enabled transnational corporations that

U.S.-UK Relations And Transatlantic Trade And Investment Partnership Negotiations (2013-2016

Directory of Open Access Journals (Sweden)

A. O. Mamedova

2017-01-01

Full Text Available The article compares U.S. and UK approaches to concluding the Transatlantic Trade and Investment Partnership, given the special relationship between Washington and London. The article is based on official statements and reports as well as the debate in the media. Concluding TTIP was a priority for both U.S. President B. Obama and British Prime Minister D. Cameron. The trade agreement is both economic and political in nature. Geopolitically, the agreement may strengthen the role of the West in setting standards in global trade. U.S. and UK approaches were close when it came to the elimination of tariffs and further liberalization of non-tariff barriers. The U.S. was interested in accessing the EU procurement market; nevertheless, the British were more cautious in estimating the possibility of gaining access to U.S. procurement. Initially, the countries diverged on financial services regulation, with the U.S. being against its inclusion in TTIP. Officially, both countries supported including the ISDS mechanism in TTIP. The Brexit victory in the UK and Donald Trump’s election in the U.S. have made the prospects of TTIP even more uncertain. Thus, it is necessary to continue exploring the U.S.-UK approaches to a Transatlantic FTA. If concluded, a future bilateral agreement between the UK and the U.S. might inherit some features of TTIP regarding trade liberalization, eliminating non-tariff barriers and the investment protection mechanism, as the interests of the U.S. and the UK elites converge on many of these issues.

Investment practices in Australian coal: the practice and profit of quasi-integration in the Australia-Japan coal trade

International Nuclear Information System (INIS)

Colley, Peter

1997-01-01

The Australian coal industry has frequently been described as a perpetual case of 'profitless prosperity'. Industry literature on the subject usually sources this problem to government charges on the industry and to labour costs. However, these alleged problems do not appear to have diminished the enthusiasm for new investment in the industry. This study argues that a more complete explanation must look at who is investing in the Australian coal industry, what the rationale for those investments is, how they are financed and what their specific profitability is. The particular examination made here is of the quasi-integration investment practices of Japanese trading, steel and power companies -easily the largest group of buyers in the international coal trade. The close co-operation between Japanese government and business in this strategic raw materials industry is documented, as are the methods of subsidised investment. An examination of the financial performance of these companies' Australian coal investments shows that the profitability of their investments is significantly below that of most other investors in Australian mining over a recent 5-year period. Taken together, there is significant support for the conclusion that a process of co-ordinated quasi-integration has taken place and that the principal aim of such investments has not been to make profits from coal-mining. (author)

GLOBALIZATION & REGIONALIZATION IN INTERNATIONAL TRADE

Directory of Open Access Journals (Sweden)

Ramona Frunză

2009-12-01

Full Text Available The concept of globalization refers to the growing interdependence of countries, resulting from the increasing integration of trade, finance, investments, labor markets and ideas in one globalmarketplace. The most important elements of this process are the international trade and the cross-border investment flows. Economic globalization has increased the specialization of workers, while the companies compete in global markets. Even globalization has recently become a common topic in academic discourse, many economists focused, from the 1980s and 1990s, in addition to globalization, on regionalization - the growth of networks of interdependence within multinational regions of the world. The recent decades arecharacterized by the fact that the world trade grew faster than world output, which implies that an increasing share of world GDP crosses international borders. The trend is explained, mostly, by thesubstantially declining of the trade barriers during the same period, as a result of successive trade negotiation rounds under the auspices of the GATT/WTO, unilateral trade liberalization and regional tradeagreements. Even there are global connections between all the countries, the strongest political and economic integration is being created within a few specific regions of the world: Europe, North America and East Asia.

Optimizing time and resource allocation trade-offs for investment into morphological and behavioral defense

DEFF Research Database (Denmark)

Steiner, Uli; Pfeiffer, Thomas

2007-01-01

pronounced at intermediate environmental conditions. Optimizing single traits generally leads to a more pronounced response of the defense traits, which implies that studying single traits leads to an overestimation of their response to predation. Behavioral defense and morphological defense compensate......Prey organisms are confronted with time and resource allocation trade-offs. Time allocation trade-offs partition time, for example, between foraging effort to acquire resources and behavioral defense. Resource allocation trade-offs partition the acquired resources between multiple traits...... for and augment each other depending on predator densities and the effectiveness of the defense mechanisms. In the presence of time constraints, the model shows peak investment into morphological and behavioral defense at intermediate resource levels....

Sea Global Containerized Trade. Present and Future

Directory of Open Access Journals (Sweden)

Romeo Boşneagu

2015-05-01

Full Text Available The global economy, global trade and maritime transport show a trend of development in the next period of time, remaining still some serious risks with the potential to reduce the positive trend, including: modest economic recovery of developed economies, difficulties in emerging growth and development of increasing geopolitical tensions in many parts of the world. Stimulating measures are presently applied in order to achieve the world economic growth, the international trade, the investment and profit growth in consumer’s demand, especially in Western Asia and Africa, as well as increased exports of mineral resources.

Catch-up Growth Followed by Stagnation: Mexico, 1950-2010

OpenAIRE

Timothy J. Kehoe; Felipe Meza

2011-01-01

In 1950 Mexico entered an economic takeoff and grew rapidly for more than 30 years. Growth stopped during the crises of 1982-1995, despite major reforms, including liberalization of foreign trade and investment. Since then growth has been modest. We analyze the economic history of Mexico 1877-2010. We conclude that the growth 1950-1981 was driven by urbanization, industrialization, and education and that Mexico would have grown even more rapidly if trade and investment had been liberalized so...

The Model of Optimum Economic Growth with the Induced Scientific-Technological Progress

Directory of Open Access Journals (Sweden)

Dilenko Viktor A.

2017-07-01

Full Text Available On the basis of the economic dynamics of the Harrod – Domar model, a model of optimum economic growth in line with the induced scientific-technological progress (STP has been built. In order to reflect the induced scientific-technological progress, with this model is proposed to further allocate the income element that is specially used for the investment of innovation activity, implementation of which reduces the capital intensity in development of the discussed economy. For the simplest way of presenting an economic mechanism for the investment of induced STP, analytical solutions of an appropriate task in optimum management have been obtained. Studying these decisions allowed to reveal the characteristics of the impact of parameters of scientific-technological progress and the analyzed economic system on choosing the best trajectory for its evolution. Possible directions for further developing the results presented can be considered the tasks in building and analyzing models of optimum economic growth that implement different investment options for the induced STP, as well as the models in which this investment mechanism is not exogenouslyed, but rather the result of the corresponding economic-mathematical research.

International Trade as an Engine of Growth in Developing Countries ...

African Journals Online (AJOL)

This study examines international trade as an engine of growth in developing countries, a case study of Nigeria. A review of the literature reveals that countries that are more open to international trade tends to experience higher growth rate and per-capital income than countries who do not trade or closed economy.

Influence of Foreign Direct Investments on Commodity Exchange of the Republic of Croatia

Directory of Open Access Journals (Sweden)

Goran Marijanović

2009-12-01

Full Text Available Almost all countries of the world try to ensure accelerated development of their economies with the help of foreign direct investments. Since the foreign direct investments, in addition to capital, potentially ensure the transfer of contemporary technology, management and marketing knowledge and skills respectively, they can be a signifcant growth factor of competitive abilities of national economies and involvement of countries into international exchange. Trough the RCA method and “Trade Overlap” index, this paper analyzes the infuence of foreign direct investments on the comparative advantages and specialization degree in international commodity exchange for the selected group of transition countries and the Republic of Croatia. The paper tries to determine how much the foreign direct investments have infuenced the structure change of the foreign trade exchange and whether they have contributed to export growth of more complex groups of products in the observed period.

Trade Openness and its Effects on Economic Growth in selected Asian Countries

OpenAIRE

Ganbold, Delgermaa

2014-01-01

This bachelor thesis examines the effect of international trade on economic growth in China, Kazakhstan and Mongolia. The determinants of international trade and their impact on economic development are reviewed in the Theoretical background. Subsequently, the countries' major trading factors and trade strategies which contribute to their economic growth are also analysed in this thesis. The main aim - the quantification of relationship between international trade and economic growth is appli...

The Spatial Dimension of Trade- and FDI-driven Productivity Growth in Chinese Provinces

DEFF Research Database (Denmark)

Mitze, T.; Ozyurt, S.

2014-01-01

This paper analyses the major determinants of long- and short-run labour productivity evolution for Chinese provinces between 1978 and 2010. The role played by openness to trade and foreign direct investment (FDI) constitutes the main focus of this analysis. From a methodological perspective, our...... main contribution is the inclusion of spatial effects into a dynamic error correction modelling framework. The results show that, in addition to domestic factors such as investment intensity and infrastructure use, trade openness and inward FDI also exert a direct impact on labour productivity...

Gender inequality and economic growth: a time series analysis for Pakistan

OpenAIRE

Pervaiz, Zahid; Chani, Muhammad Irfan; Jan, Sajjad Ahmad; Chaudhary, Amatul R.

2011-01-01

This paper attempts to analyze the impact of gender inequality on economic growth of Pakistan. An annual time series data for the period of 1972-2009 has been used in this study. We have regressed growth rate of real gross domestic product (GDP) per capita on labour force growth, investment, trade openness and a composite index of gender inequality. The results reveal that labour force growth, investment and trade openness have statistically significant and positive impact whereas gender ineq...

Does the internet generate economic growth, international trade, or both?

OpenAIRE

Meijers, Huub

2012-01-01

Recent cross country panel data studies find a positive impact of internet use on economic growth and a positive impact of internet use on trade. The present study challenges the first finding by showing that internet use does not explain economic growth directly in a fully specified growth model. In particular openness to international trade variables seems to be highly correlated with internet use and the findings in the literature that internet use causes trade is confirmed here, suggestin...

IMPACT OF FOREIGN DIRECT INVESTMENTS ON CROATIAN FINANCIAL GROWTH

Directory of Open Access Journals (Sweden)

Zoran Ivanovic

2014-12-01

Full Text Available Foreign direct investments are for the transition and less developed countries very important source of capital. Such investments have very positive impact on country’s economy in terms of employment growth, industrial production growth, gross domestic product growth, favorable effects on the balance of payments and many other positive impacts for country economy, so it’s not strange that countries in the absence of its domestic investors, are trying to attract foreign investors. Foreign investors analyze in detail possibilities and risks of each country, and if the risks exceed the opportunities there will be no inflow of foreign capital. Therefore every country which is trying to attract foreign direct investments must take care about the policy and its economy and try to be most attractive as it can be.

Determinants of Economic Growth in Malaysia 1970-2010

OpenAIRE

Fauzi HUSSIN; Norazrul Mat ROS; Mohd Saifoul Zamzuri NOOR

2013-01-01

This paper investigates the determinants of economic growth in Malaysia. Trade openness, foreign direct investment, government development expenditure and gross fixed capital formation are used as indicators of economic growth. The study used time series data for the period 1970 to 2010. The Johansen and Juselius cointegration approach was applied to determine the long-run relationship between the variables. The study found that trade openness and foreign direct investment have significant bu...

Trade, Foreign Direct Investment or Acquisition: Optimal Entry Modes for Multinationals

OpenAIRE

Theo Eicher; Jong Woo Kang

2004-01-01

We examine multinationals’ optimal entry modes into foreign markets as a function of market size, FDI fixed costs, tariffs and transport costs. Our results highlight why large countries are more likely to attract acquisition investment, while intermediate-sized countries may be served predominantly through trade, even in the presence of high tariffs. Small countries are most likely to experience either FDI or no entry. We also show how these results vary with the competition intensity in th...

Quantification of growth-defense trade-offs in a common currency: nitrogen required for phenolamide biosynthesis is not derived from ribulose-1,5-bisphosphate carboxylase/oxygenase turnover.

Science.gov (United States)

Ullmann-Zeunert, Lynn; Stanton, Mariana A; Wielsch, Nathalie; Bartram, Stefan; Hummert, Christian; Svatoš, Aleš; Baldwin, Ian T; Groten, Karin

2013-08-01

Induced defenses are thought to be economical: growth and fitness-limiting resources are only invested into defenses when needed. To date, this putative growth-defense trade-off has not been quantified in a common currency at the level of individual compounds. Here, a quantification method for ¹⁵N-labeled proteins enabled a direct comparison of nitrogen (N) allocation to proteins, specifically, ribulose-1,5-bisposphate carboxylase/oxygenase (RuBisCO), as proxy for growth, with that to small N-containing defense metabolites (nicotine and phenolamides), as proxies for defense after herbivory. After repeated simulated herbivory, total N decreased in the shoots of wild-type (WT) Nicotiana attenuata plants, but not in two transgenic lines impaired in jasmonate defense signaling (irLOX3) and phenolamide biosynthesis (irMYB8). N was reallocated among different compounds within elicited rosette leaves: in the WT, a strong decrease in total soluble protein (TSP) and RuBisCO was accompanied by an increase in defense metabolites, irLOX3 showed a similar, albeit attenuated, pattern, whereas irMYB8 rosette leaves were the least responsive to elicitation, with overall higher levels of RuBisCO. Induced defenses were higher in the older compared with the younger rosette leaves, supporting the hypothesis that tissue developmental stage influences defense investments. We propose that MYB8, probably by regulating the production of phenolamides, indirectly mediates protein pool sizes after herbivory. Although the decrease in absolute N invested in TSP and RuBisCO elicited by simulated herbivory was much larger than the N-requirements of nicotine and phenolamide biosynthesis, ¹⁵N flux studies revealed that N for phenolamide synthesis originates from recently assimilated N, rather than from RuBisCO turnover. © 2013 The Authors The Plant Journal © 2013 John Wiley & Sons Ltd.

A prospect theory explanation of the disposition to trade losing investments for less than market price.

Science.gov (United States)

Johnstone, D J

2002-06-01

Investors have a proven general reluctance to realize losses. The theory of "mental accounting" suggests that losses are easier to accept when mentally integrated with either preceding losses or with compensatory gains. Mental integration is made easier when a failed asset is exchanged against a new, apparently profitable, acquisition. The alternative is to sell the existing asset on the open market before re-investing the proceeds as desired. This is emotionally less appealing than "rolling over" a losing investment into a new venture by way of an asset trade. The psychological benefits of exchanging rather than selling a failed asset come at a cost. It is typical of trade-in arrangements, e.g., where one trades an old car against a new one, that the effective sale price of the existing asset is less than current market value. Acceptance of this low price adds to the investor's total monetary loss on the existing asset but is essential to an overall package deal apart from which that asset would often remain belatedly unsold.

Derailed locomotive? Petrobras investments and economic growth in Brazil

Directory of Open Access Journals (Sweden)

Raíssa Fernandes Yabiko

2018-01-01

Full Text Available Petrobras is the largest firm in Brazil and one of the largest in the world. Its investment plans are among the biggest in the oil and gas industry, focused in Brazil and on E&P. Petrobras is responsible for a large share of gross capital formation and gross domestic product (GDP growth in the country. The correlation between its investments and the country investment and GDP growth is above 0.8 and shows the dependency of the economy to Petrobras activity. At the same time, as a state enterprise it has been a tool of macroeconomic policy. In the 2010´s its gasoline and diesel prices were frozen to keep inflation down. The recent crisis in the company, including corruption scandals and oil price slump increased debt levels and reduced its capital expenditures. The sale of assets directive since 2016 is required to reduce its net debt. While a medium to long term survival strategy, the change in Petrobras’ investment profile may decrease the prospects of GDP growth in the Brazilian economy.

Catch-up Growth Followed by Stagnation: Mexico 1950–2008

OpenAIRE

Timothy Kehoe; Felipe Meza

2011-01-01

In 1950 Mexico entered an economic takeoff and grew rapidly for more than 30 years. Growth stopped during the crises of 1982-1995, despite major reforms, including liberalization of foreign trade and investment. Since then growth has been modest. We analyze the economic history of Mexico 1877-2010. We conclude that the growth 1950-1981 was driven by urbanization, industrialization, and education and that Mexico would have grown even more rapidly if trade and investment had been liberalized so...

Does the global economy mean more sweat? Trade, investment, migration and working hours in Europe

NARCIS (Netherlands)

Burgoon, B.; Raess, D.

2011-01-01

This paper investigates how international trade, investment and migration affect establishment-level standard weekly hours in Europe. These aspects of globalization have offsetting implications that make it unclear whether they spur, reduce or have little effect on standard hours. To explore these

THE IMPACT OF DOMESTIC INVESTMENT ON ECONOMIC GROWTH: NEW EVIDENCE FROM MALAYSIA

Directory of Open Access Journals (Sweden)

Sayef Bakari

2017-08-01

Full Text Available This paper investigates the relationship between domestic investment and economic growth in Malaysia. In order to achieve this purpose, annual data for the periods between 1960 and 2015 was tested by using Correlation analysis, Johansen co-integration analysis of Vector Error Correction Model and the Granger-Causality tests. According to the result of the analysis, it was determined that there is a positive effect of domestic investment, exports and labors on economic growth in the long run term, however, there is no  relationship between domestic investment and economic growth in the short run term. These results provide en evidence that domestic investment, exports and labors are seen as a source of economic growth in Malaysia

Optimal lag in dynamical investments

OpenAIRE

Serva, M.

1998-01-01

A portfolio of different stocks and a risk-less security whose composition is dynamically maintained stable by trading shares at any time step leads to a growth of the capital with a nonrandom rate. This is the key for the theory of optimal-growth investment formulated by Kelly. In presence of transaction costs, the optimal composition changes and, more important, it turns out that the frequency of transactions must be reduced. This simple observation leads to the definition of an optimal lag...

76 FR 55456 - The Trade and Investment Partnership for the Middle East and North Africa

Science.gov (United States)

2011-09-07

... Africa (MENA) region, the President called for a Trade and Investment Partnership Initiative to explore ways to further strengthen economic ties both between the United States and MENA countries and among the MENA countries themselves. Over the coming months, the United States, partnering where possible...

Employment Growth and International Trade

DEFF Research Database (Denmark)

Ibsen, Rikke; Warzynski, Frederic; Westergård-Nielsen, Niels Chr.

In this paper, we use a detailed dataset containing information about all international trade transactions of the population of Danish ?rms over more than a decade to analyze the relationship between export and import decisions and employment growth. We further distinguish between imports of ?nal...

PUBLIC TRANSPORTATION INVESTMENTS AND ECONOMIC GROWTH IN TURKEY

Directory of Open Access Journals (Sweden)

Merter Mert

2017-06-01

Full Text Available This study calculates the public transportation capital stock for Turkey for the 1980-2003 period. Then those series are used to estimate the effect of public transportation investments on gross domestic product. A similar attempt is made to formulate public capital stock series for various transportation subsystems and I use them to estimate the effect of subsystem investments on the value-added (so, economic growth of the transportation sector. Estimations indicate a positive relationship between public transportation investments and gross domestic product. At the subsystem levels, it is estimated that railway, highway, maritime, airline and pipeline investments have various effects on the value-added of the transportation sector.

BENEFITS AND DRAWBACKS OF ONLINE TRADING VERSUS TRADITIONAL TRADING. EDUCATIONAL FACTORS IN ONLINE TRADING

Directory of Open Access Journals (Sweden)

Petric (Iancu Ioana Ancuta

2015-07-01

Full Text Available In terms of marketing, online trading is a new distribution channel and trading platforms are products of Investment and Financial Services Companies. Internet shortens the connection between the investor and the products they wish to purchase (shares, futures, CFDs, government securities, bonds, etc., and in some cases it no longer needs a security broker. Increasing use of the Internet and increasing competitiveness between Investment and Financial Services Companies do the latter, to seek new distribution channels to specific products. The purpose of this paper is to examine to what extent the investor education level affects the decision to move from traditional trading to online trading and the benefits and disadvantages of these types of transactions. To whom should the Investment and Financial Services Companies guide their marketing campaign to attract more investors for online platforms? The work presented is part of a larger project that will be part of author thesis, studying other factors that influence the decision to move from traditional to online trading: cost factor, time factor, psychological and social attributes of investors, yield portfolios and technological capacities of Investment and Financial Services Companies. Starting from the idea that with the increase of experience in stock investments the investors will want to make their own decisions, Investment and Financial Services Companies should provide new products. Compared to competitors, an Investment and Financial Services Company must innovate, and information technology currently offers the tools for innovation facilities. At the same time, the existence and development of the Internet has made the transaction without assistance or with minimal human intervention possible (Voss, 2000. The difference is in the knowledge about stock market, the speed the transaction orders arrive in the stock market, direct access to multiple markets, transaction costs and the level

Evaluation of trade influence on economic growth rate by computational intelligence approach

Science.gov (United States)

Sokolov-Mladenović, Svetlana; Milovančević, Milos; Mladenović, Igor

2017-01-01

In this study was analyzed the influence of trade parameters on the economic growth forecasting accuracy. Computational intelligence method was used for the analyzing since the method can handle highly nonlinear data. It is known that the economic growth could be modeled based on the different trade parameters. In this study five input parameters were considered. These input parameters were: trade in services, exports of goods and services, imports of goods and services, trade and merchandise trade. All these parameters were calculated as added percentages in gross domestic product (GDP). The main goal was to select which parameters are the most impactful on the economic growth percentage. GDP was used as economic growth indicator. Results show that the imports of goods and services has the highest influence on the economic growth forecasting accuracy.

Foreign direct investment vs domestic investment across the European Union. Case study: Romania

Directory of Open Access Journals (Sweden)

Romeo Victor IONESCU

2015-11-01

Full Text Available The paper deals with the idea that investment process is important not only for the economic growth, but for the global integration. There is a powerful connection between FDI and domestic investments. As a result, the analysis is focused on FDI flows in EU28 and Euro area. The comparative analysis is followed by regression, in order to point out the disparities between Member States and their trend. The average value of inward and outward FDI flows is analysed using FDI intensity. A distinct part of the paper is focused on domestic investment process and analyses total investment, investment in construction and investment in equipment. The analysis is supported by the latest official statistical data, pertinent diagrams and tables. The main conclusion of the paper is that the economic crisis in Europe led to a decrease in FDI and domestic investment flows.

Growth, exchange rates and trade in Brazil: a structuralist post-Keynesian approach

Directory of Open Access Journals (Sweden)

Nelson H. Barbosa Filho

2004-01-01

Full Text Available This paper presents a structuralist post-Keynesian analysis of trade adjustment in Brazil. Based on the concept of the balance-of-payments (BoP constraint on growth, the paper investigates the relationship between income growth and real-exchange-rate devaluation necessary to adjust trade to a foreign-exchange constraint. The main result is that, with price-inelastic and income-elastic imports and based on its trade structure in 2002, Brazil may have to compensate an additional 1% of income growth with approximately 7% of real-exchange-rate devaluation in order to keep its trade balance stable in relation to GDP in the near future. Moreover, the trade parameters of Brazil seem to be unfavorable to growth with stable trade, that is, even moderate rates of GDP expansion lead to a substantial increase of imports and, therefore, require an also substantial devaluation of the real exchange rate to avoid a deterioration of the trade balance.

Growth, exchange rates and trade in Brazil: a structuralist post Keynesian approach

Directory of Open Access Journals (Sweden)

Nelson H. Barbosa Filho

2009-06-01

Full Text Available This paper presents a structuralist post-Keynesian analysis of trade adjustment in Brazil. Based on the concept of the balance-of-payments (BoP constraint on growth, the paper investigates the relationship between income growth and real-exchange-rate devaluation necessary to adjust trade to a foreign-exchange constraint. The main result is that, with price-inelastic and income-elastic imports and based on its trade structure in 2002, Brazil may have to compensate an additional 1% of income growth with approximately 7% of real-exchange-rate devaluation in order to keep its trade balance stable in relation to GDP in the near future. Moreover, the trade parameters of Brazil seem to be unfavorable to growth with stable trade, that is, even moderate rates of GDP expansion lead to a substantial increase of imports and, therefore, require an also substantial devaluation of the real exchange rate to avoid a deterioration of the trade balance.

EU Emissions Trading Scheme and Investments in the power sector

Energy Technology Data Exchange (ETDEWEB)

Sapienza, M.D.; Stefanoni, S.

2007-07-01

How environmental regulation affects electricity players' investment decisions? Should policy makers look beyond for alternative mechanisms - such as energy efficiency, capture and storage of carbon dioxide, and incentives for renewables - to fulfill the environmental objectives set by Kyoto Protocol? This paper suggests - through a Real Option approach - how the efficacy of the EU Emission Trading Scheme on technological innovation, emissions reduction and energy price dynamics, is strongly affected by the 'hysteresis' emerging from the capital budgeting process of main utilities. As a matter of fact, long-term substitutions between coal-fired units and Combined Cycle Gas Turbine plants production only take place under quite restrictive conditions. (auth)

Terminal investment in multiple sexual signals

DEFF Research Database (Denmark)

Nielsen, Mattias Lange; Holman, Luke

2012-01-01

1. Trade-offs between current and future resource allocation can select for elevated reproductive effort in individuals facing mortality. Males are predicted to benefit from increasing investment in costly sexually selected signals after experiencing an acute life span reduction, although few...... immune challenge in a fashion that made them more attractive to females. 4. The results suggest that males terminally invest in both short- and medium-range pheromones when they perceive reduced future survival. Moreover, the constitutive and inducible aspects of male and female CHC production...

The effect of counter-trading on competition in electricity markets

International Nuclear Information System (INIS)

Dijk, Justin; Willems, Bert

2011-01-01

In a competitive electricity market, nodal pricing is the most efficient way to manage congestion. Counter-trading is inefficient as it gives the wrong long term signals for entry and exit of power plants. However, in a non-competitive market, additional entry will improve the competitiveness of the market, and will increase social benefit by reducing price-cost margins. This paper studies whether the potential pro-competitive entry effects could make counter-trading more efficient than nodal pricing. We find that this is unlikely to be the case, and expect counter-trading to have a negative effect on overall welfare. The potential benefits of additional competition (more competitive prices and lower production cost) do not outweigh the distortions (additional investment cost for the entrant, and socialization of the congestion cost to final consumers). - Research highlights: → 'Counter-trading' and 'nodal pricing' manage congestion in electric grids. → Nodal pricing gives superior locational prices. → Counter-trading induces extra investments in regions with a production surplus. → Extra investments improve competition, but are expected to be socially inefficient.

Urbanization and international trade and investment policies as determinants of noncommunicable diseases in Sub-Saharan Africa.

Science.gov (United States)

Schram, Ashley; Labonté, Ronald; Sanders, David

2013-01-01

There are three dominant globalization pathways affecting noncommunicable diseases in Sub-Saharan Africa (SSA): urbanization, trade liberalization, and investment liberalization. Urbanization carries potential health benefits due to improved access to an increased variety of food imports, although for the growing number of urban poor, this has often meant increased reliance on cheap, highly processed food commodities. Reduced barriers to trade have eased the importation of such commodities, while investment liberalization has increased corporate consolidation over global and domestic food chains. Higher profit margins on processed foods have promoted the creation of 'obesogenic' environments, which through progressively integrated global food systems have been increasingly 'exported' to developing nations. This article explores globalization processes, the food environment, and dietary health outcomes in SSA through the use of trend analyses and structural equation modelling. The findings are considered in the context of global barriers and facilitators for healthy public policy. © 2013.

MODELING THE RELATIONSHIP BETWEEN FOREIGN DIRECT INVESTMENTS AND ECONOMIC GROWTH – EVIDENCE FROM CENTRAL AND EASTERN EUROPEAN COUNTRIES

Directory of Open Access Journals (Sweden)

Florin Cornel Dumiter

2014-10-01

Full Text Available The internationalization and globalization of economical problems, industrial manufacturing, and the movement of financial capital, determine the investment activities to become a global one, with implications for all the national and world wide economies. As a result, the foreign direct investments, throughout their economical constitution and substance, form a part of the economical relationships and international cooperation, which bring an essential contribution to the economical growth, creating work places, optimize the allocation of resources, enabling technology transfer and stimulate trading. Foreign Direct Investments have presently become the most important source of external funding for all the countries, regardless of their level of development. This kind of investments proved to be a more stable and used source of funding than the portfolio investments or the bank loans, as they are less affected by the financial crisis. Against this background, global direct financial investments flows remain one of the main manifestations of globalization, which is easily demonstrated if we reflect on the fact that currently over 50% of everything that happens in the world, be it product or services, is carried out by subsidiaries of transnational corporations, namely companies resulting from direct financial investments. It is estimated that the volume, structure and geographical distribution of foreign direct investments will be "patterned" in the proportion of 50% by the international economic situation, the implications of the crisis on the global financial system.

Growth of the firm and foreign trade: Adrian Wood's theory revisited

OpenAIRE

Catermol, Fabrício

2006-01-01

This paper analyzes the growth of the firm by foreign trade. The theory of Adrian Wood is revisited for the analysis of growth and profit trade-off and improved to cope with growth by exports. The main outcome of this paper is that low domestic demand can be a very important factor to firm choices growth by foreign market. However, the growth of domestic demand does not necessarily reduce exports.

Attracting Foreign Direct Investment for Growth and Development in ...

African Journals Online (AJOL)

Foreign Direct Investment (FDI) plays an important role in fostering economic growth ... growth and development efforts, it also brings with it skills and new technology. ... Malaysia, Thailand and China, FDI inflows into sub-Saharan Africa pale.

CONSIDERATIONS ON TRANSACTIONS OF FOREIGN TRADE

Directory of Open Access Journals (Sweden)

Paliu-Popa Lucia

2009-05-01

Full Text Available In the complex connection process of national economies to global economy flows, an important role has the foreign trade, which in recent decades has become, in the market economy conditions, one of the factors determining for economic growth. Foreign trade, as a separate branch of the national economy is an important factor of economic growth, caused by the internationalization of business and determining for the process of globalization. For Romania, a country still in transition and recent member of the European Union is particularly important to enhance the participation to international trade in goods and services, but also attracting foreign investments in the economy as the main possibilities for the re-industry and restructuring the national economy in order to creation and maintenance of sustainable competitive advantages. Starting from these considerations, in this article I addressed/aproached the theoretical aspects of foreign trade, without omitting intracomunity purchases and deliveries of goods.

A trade-off between precopulatory and postcopulatory trait investment in male cetaceans.

Science.gov (United States)

Dines, James P; Mesnick, Sarah L; Ralls, Katherine; May-Collado, Laura; Agnarsson, Ingi; Dean, Matthew D

2015-06-01

Mating with multiple partners is common across species, and understanding how individual males secure fertilization in the face of competition remains a fundamental goal of evolutionary biology. Game theory stipulates that males have a fixed budget for reproduction that can lead to a trade-off between investment in precopulatory traits such as body size, armaments, and ornaments, and postcopulatory traits such as testis size and spermatogenic efficiency. Recent theoretical and empirical studies have shown that if males can monopolize access to multiple females, they will invest disproportionately in precopulatory traits and less in postcopulatory traits. Using phylogenetically controlled comparative methods, we demonstrate that across 58 cetacean species with the most prominent sexual dimorphism in size, shape, teeth, tusks, and singing invest significantly less in relative testes mass. In support of theoretical predictions, these species tend to show evidence of male contests, suggesting there is opportunity for winners to monopolize access to multiple females. Our approach provides a robust dataset with which to make predictions about male mating strategies for the many cetacean species for which adequate behavioral observations do not exist. © 2015 The Author(s). Evolution © 2015 The Society for the Study of Evolution.

PUBLIC TRANSPORTATION INVESTMENTS AND ECONOMIC GROWTH IN TURKEY

OpenAIRE

Merter Mert

2017-01-01

This study calculates the public transportation capital stock for Turkey for the 1980-2003 period. Then those series are used to estimate the effect of public transportation investments on gross domestic product. A similar attempt is made to formulate public capital stock series for various transportation subsystems and I use them to estimate the effect of subsystem investments on the value-added (so, economic growth) of the transportation sector. Estimations indicate a positiv...

Evolution of the global virtual water trade network.

Science.gov (United States)

Dalin, Carole; Konar, Megan; Hanasaki, Naota; Rinaldo, Andrea; Rodriguez-Iturbe, Ignacio

2012-04-17

Global freshwater resources are under increasing pressure from economic development, population growth, and climate change. The international trade of water-intensive products (e.g., agricultural commodities) or virtual water trade has been suggested as a way to save water globally. We focus on the virtual water trade network associated with international food trade built with annual trade data and annual modeled virtual water content. The evolution of this network from 1986 to 2007 is analyzed and linked to trade policies, socioeconomic circumstances, and agricultural efficiency. We find that the number of trade connections and the volume of water associated with global food trade more than doubled in 22 years. Despite this growth, constant organizational features were observed in the network. However, both regional and national virtual water trade patterns significantly changed. Indeed, Asia increased its virtual water imports by more than 170%, switching from North America to South America as its main partner, whereas North America oriented to a growing intraregional trade. A dramatic rise in China's virtual water imports is associated with its increased soy imports after a domestic policy shift in 2000. Significantly, this shift has led the global soy market to save water on a global scale, but it also relies on expanding soy production in Brazil, which contributes to deforestation in the Amazon. We find that the international food trade has led to enhanced savings in global water resources over time, indicating its growing efficiency in terms of global water use.

Export-Led Growth Hypothesis: Evidence from Agricultural Exports ...

African Journals Online (AJOL)

This study examines the nature and direction of causality in Tanzania between economic growth and agricultural exports along with some selected variables such as labour force and domestic investment. The analysis for this study was carried out using time series data for the period of 1980 to 2013. The data series were ...

Confronting New Demands : Inclusive Growth, Inclusive Trade ...

International Development Research Centre (IDRC) Digital Library (Canada)

Confronting New Demands : Inclusive Growth, Inclusive Trade. Policymakers, businesspeople and civil society advocates need evidence-based research to react ... understood implications, such as labour standards and intellectual property; ...

Foreign Direct Investment, Linkage Formation and Supplier Development in Thailand during the 1990s

DEFF Research Database (Denmark)

Lauridsen, Laurids Sandager

2004-01-01

in Thailand. This led in turn to the formulation of TNC-SME linkage policies as well as a set of broader SME and supporting industry policies to supplement unfolding liberalisation of trade- and investment policies. The article is concerned with the extent to which the Thai government was able to formulate...

Services and investment in the EU-South Korea free-trade area: implications of a new approach for GATS V agreements and for bilateral investment treaties

NARCIS (Netherlands)

Mathis, J.; Laurenza, E.

2012-01-01

This paper focuses on the services and investment features of the recently concluded free trade agreement between the European Union and its Member States, of the one part, and the Republic of Korea, of the other part. This agreement is an early example of a new scheduling approach adopted by the

Transatlantic Trade and Investment Partnership (TTIP: The Devil in Disguise or a Golden Opportunity to Build a Transatlantic Marketplace?

Directory of Open Access Journals (Sweden)

Pitschas Christian

2016-12-01

Full Text Available The European Union (EU and the United States are currently negotiating a free-trade agreement, the so-called Transatlantic Trade and Investment Partnership (TTIP. These negotiations have to be seen in perspective, since a number of other - bilateral and plurilateral - trade deals are being pursued at the same time. All these negotiations point to a worrisome aspect: the World Trade Organisation’s failure to come to a meaningful agreement in the Doha-round negotiations, in terms of market access, new rules and development. Like the Trans-Pacific Partnership (TPP, TTIP would stand out among the crowd of trade agreements because of the sheer volume of trade and investment flows across the Atlantic and the declared intention to boost regulatory cooperation and compatibility which is expected to bring the bulk of TTIP’s economic benefits. However, the prospect of concluding such a transatlantic agreement raises many concerns; the public in the European Union and the United States fears that TTIP could undermine existing levels of protection in areas such as health and the environment and impinge on either side’s “right to regulate”. Moreover, questions are being posed as to what TTIP would mean for the multilateral trading system and how it would affect third countries, especially developing countries. Against this backdrop, this article addresses the following issues in relation to TTIP: the vision underlying the negotiations; the European Commission’s negotiating mandate; the structure of the negotiations and their state of play; the Union’s competence for concluding TTIP and whether it is shared with EU Member States; and finally TTIP’s impact on the multilateral trading system and developing countries.

The impact of foreign capital inflows and trade expansion on integrated pollutant discharge from China: Regional differences

Directory of Open Access Journals (Sweden)

Fan Xiufeng

2015-04-01

Full Text Available This article is based on the years from 1991 to 2012 of the nine categories of the provincial pollutant discharge indexes of China, uses the „vertical and horizontal method“ to calculate the comprehensive indexes that can fully measure the provincial pollutant discharge situation of China, establishes a dynamic inter-provincial panel data regression model and makes an empirical test on the relationship among foreign direct investments, foreign trade and pollutant discharge these three factors. The results show that foreign direct investment and foreign trade in different regions have a different impact on pollutant discharge. Therefore, local governments should at all levels be based on local conditions to attract foreign investment and develop foreign trade for the targeted optimization of the structure of introducing foreign investment and improving the quality of foreign trade growth, thus improving the overall situation of China’s pollutant discharge.

Capital Markets, Infrastructure Investment and Growth in the Asia Pacific Region

Directory of Open Access Journals (Sweden)

Michael Regan

2017-02-01

Full Text Available This paper examines the relationship between infrastructure investment activity, capital market development, the role of public institutions and economic development in the Asia Pacific. It adopts a review approach drawing on empirical evidence over recent decades. Infrastructure is shown to be an important asset class playing a central role in a nation’s output, growth, productivity and microeconomic performance. Infrastructure investment also requires investment and predictions of a widening gap in the future supply of infrastructure in the Asia Pacific will require new forms of capital from both traditional and new sources including wider use of private participation, institutional investment, asset recycling and revenue bonds. Capital market development is also necessary to raise long-term local currency finance and evidence suggests that progress with regional capital market integration is slow and a continuing reform agenda is required. The dividend for regional countries is the prospect of higher levels of economic growth with infrastructure investment, capital market development, and foreign direct investment shown to have a strong and positive association with growth. A crucial link in this association identified in the review is the part played by national and regional institutions in improving the efficiency with which infrastructure is managed and providing promising ground for further research where the importance of these links can be researched in greater depth.

Risks in global natural gas markets: Investment, hedging and trade

International Nuclear Information System (INIS)

Egging, Ruud; Holz, Franziska

2016-01-01

Recent supply security concerns in Europe have revived interest into the natural gas market. We investigate infrastructure investment and trade in an imperfect market structure for various possible risks for both supply and demand. We focus on three possible scenarios in a stochastic global gas market model: (i) transit of Russian gas via Ukraine that may be disrupted from 2020 on; (ii) natural gas intensity of electricity generation in OECD countries that may lead to higher or lower natural gas demand after 2025; and (iii) availability of shale gas around the globe after 2030. We illustrate how the timing of investments is affected by inter-temporal hedging behavior of market agents, such as when LNG capacity provides ex-ante flexibility or an ex-post fallback option if domestic or nearby pipeline supply sources are low. Moreover, we find that investment in LNG capacities is more determined by demand side pull – due to higher needs in electric power generation – than by supply side push, e.g. higher shale gas supplies needing an outlet. We focus on Europe, North America, and China that are the world's most important gas consuming and supplying regions. - Highlights: •We use the stochastic variant of the multi-period Global Gas Model. •We investigate the effects of uncertainty in Russian exports, demand, and shale gas. •We find that LNG is preferred as hedging option in anticipation of uncertain events. •Pipelines may be chosen as recourse decision after uncertain events realized. •China will dominate the global natural gas market regardless the scenario.

Current Trends in Foreign Trade Theory and Policy

Directory of Open Access Journals (Sweden)

Zdzisław W. Puślecki

2017-12-01

Full Text Available In this research work, Author focus on the current analysis trends in foreign trade theory and policy. Accordance with the foreign trade policy theory further trade liberalisation and improved framework policies would increase trade and promote growth. It must be emphasized that openness to trade is associated with higher incomes and growth and there is the need for new approaches to trade cooperation in light of the forces that are currently re-shaping international business. What indicates the importance and innovativeness of the research is the presentation of the new models of the foreign trade policy and trade interests. First of all, it must underline that in the new theoretical terms in demand for trade policy very important is factor specificity. The low specificity of factors means that factor returns are equalized throughout a region’s economy. On the other hand, some factors are stuck in their present uses; therefore, factor returns are not equalized throughout a region’s economy but are industry specific. The main objective of the research task is to give a comprehensive analysis of current trends in foreign trade theory and policy and in particular models of foreign trade policy, trade interests indicated by export orientation and import sensitivity, foreign trade policy in different types of authoritarian regimes, protectionist pressures in different political system, the level of protectionist pressures, the tendencies to bilateralism in the foreign trade policy. It should be stressed that free trade in itself is not responsible for economic growth, but more significant are the determining macroeconomic stability and increasing investment.

Economic reform in Vietnam - the role of foreign direct investment and trade policy

International Nuclear Information System (INIS)

Tran, D.L.

1998-11-01

Vietnam was one of the five poorest countries in the world in the 1980's. Since then, Vietnam has adopted a market economic policy, and she has made substantial economic progress. In the last 10 years Meanwhile Vietnam's per capita income has increased by 3 times, the volume of export doubled very two years, and the inflation rate was reduced to 4.5 % in 1997 from 775 % in 1986. The GDP also has increased, the exchange rate with the US$ was stabilized and foreign direct investment (FDI) and trade has increased. There was about US$35 billion were invested by the foreign investors between 1987 to the middle of June 1998. However, the current crisis in the economies of Southeast Asian countries has put pressure on Vietnam to rethink seriously her future reform program with respect to stabilization and sustainable current economic policies. Since FDI is an imperative for the development of a country like Vietnam, it is necessary to use this capital very careful for her economy. Thus, the main objective of this dissertation is to study the role of FDI in the development of Vietnam. To examine this objective, various investigations were made, especially focusing on development dimensions such as reforming state enterprises, foreign trade policy, foreign investment and so on. Therefore, in the future, FDI and privatization policies should be strengthened to maintain and create an international market. Moreover, there are some major reforms required to transform the state sector into a private sector with appropriate policy measures, such as improving management of financial companies, developing the agricultural sector and minimizing bureaucracy and red tapism of the government. This dissertation provides a set of recommendations how to strengthen Vietnams economic and market situation in the 21st century. (author)

THE IMPACT OF LIBERALIZED FINANCIAL SYSTEM ON SAVINGS, INVESTMENT AND GROWTH IN NIGERIA

Directory of Open Access Journals (Sweden)

MATTHEW, A. Oluwatoyin

2011-12-01

Full Text Available For the past twenty years, an enhanced financial sectoral deregulation has been a major economic tool in the agenda of most less developed economies and Nigeria is no exception. The discouraging level of growth with reference to the savings and investment culture of the people and government involvement in these economies has call to question whether financial sector liberalization have an impact on savings and investment in the economy and by extension on the level of growth and development of such economies. This study attempted to take a cursory look at the issue by examining the impact of financial system liberalization on savings and investment and by extension growth and development in Nigeria between 1997 and 2008. Some of the policy recommendations centred on the government creating an enabling environment for private investment to thrive. This will go a long way in helping to promote private investment with significant benefits in the long run for growth and development to the advantage of the citizenry and the economy at large.

Monetary-Fiscal-Trade Policy and Economic Growth in Pakistan: Time Series Empirical Investigation

Directory of Open Access Journals (Sweden)

Syed Tehseen Jawaid

2011-01-01

Full Text Available This study empirically examines the effect of monetary, fiscal and trade policy on economic growth in Pakistan using annual time series data from 1981 to 2009. Money supply, government expenditure and trade openness are used as proxies of monetary, fiscal and trade policy respectively. Cointegration and error correction model indicate the existence of positive significant long run and short run relationship of monetary and fiscal policy with economic growth. Result also indicates that monetary policy is more effective than fiscal policy in Pakistan. In contrast, trade policy has insignificant effect on economic growth both in the short run and in the long run. In light of the findings, it is suggested that the policy makers should focus more on monetary policy in order to ensure economic growth in the country. It is also recommended that further research should be conducted to find out such components of exports and imports which lead to the ineffectiveness of trade policy to enhance economic growth in Pakistan.

North-South Trades and Growth Miracles

OpenAIRE

Seung Mo Choi

2005-01-01

This paper proposes a two-country 'economic' model (in the sense that it contains utility and profit maximization motives), in which a low-income economy enjoys a high growth rate relative to a high-income economy, thanks to importing technologies (or 'machines') invented in the high- income economy. Following Romer (1990), the growth of an economy is sustained by increasing varieties of inputs; while a high-income economy (and a closed economy) should invest in R&D to invent new inputs (or '...

Foreign Direct Investment versus Portfolio Investment : A Global Games Approach

OpenAIRE

Yamin Ahmad; Pietro Cova; Rodrigo Harrison

2004-01-01

We present a model of investment under uncertainty about fundamentals, using a global games approach. Goldstein & Razin (2003) show that there is an information based trade-off between foreign direct investment (FDI) and portfolio investment (PI) which rationalizes some well known stylised facts in the literature - the relative volatility and reversibility of foreign direct investment versus portfolio investment. We extend their result and show that uncertainty about fundamentals does not imp...

Improving “color rendering” of LED lighting for the growth of lettuce

Science.gov (United States)

Han, Tao; Vaganov, Vitaliy; Cao, Shixiu; Li, Qiang; Ling, Lili; Cheng, Xiaoyao; Peng, Lingling; Zhang, Congzhi; Yakovlev, Alexey N.; Zhong, Yang; Tu, Mingjing

2017-04-01

Light plays a vital role on the growth and development of plant. On the base of white light with high color rendering to the benefit of human survival and life, we proposed to improve “color rendering” of LED lighting for accelerating the growth of lettuce. Seven spectral LED lights were adopted to irradiate the lettuces under 150 μmol·m-2·s-1 for a 16 hd-1 photoperiod. The leaf area and number profiles, plant biomass, and photosynthetic rate under the as-prepared LED light treatments were investigated. We let the absorption spectrum of fresh leaf be the emission spectrum of ideal light and then evaluate the “color rendering” of as-prepared LED lights by the Pearson product-moment correlation coefficient and CIE chromaticity coordinates. Under the irradiation of red-yellow-blue light with high correlation coefficient of 0.587, the dry weights and leaf growth rate are 2-3 times as high as the sharp red-blue light. The optimized LED light for lettuce growth can be presumed to be limited to the angle (about 75°) between the vectors passed through the ideal light in the CIE chromaticity coordinates. These findings open up a new idea to assess and find the optimized LED light for plant growth.

Exploring future hydrogen development and the impact of policy: A novel investment-led approach

International Nuclear Information System (INIS)

Houghton, T.; Cruden, A.

2011-01-01

It is generally recognised that the primary tools being utilised today for hydrogen energy forecasting and policy development take a least-cost approach. While useful for comparing the viability of different technologies from a cost perspective, it is argued that these models fail to capture the potential value contribution such technologies could offer companies and, in consequence, the likelihood of their receiving investment. The authors propose a novel model for forecasting the deployment of hydrogen energy systems based on a company value maximisation approach designed to assist governments in the development of appropriate policy instruments. In this paper a theoretical relationship between market sector valuations and investment activity is presented using 3 value metrics, namely net present value (NPV), earnings per share (EPS) and sum of the parts (SOP). It is shown that, as the electricity and transport fuel markets begin to converge, examination of the effects of different policy measures through the value-led model can highlight otherwise hidden counter incentives. The model further recognises that the propensity to invest in hydrogen differs according to the characteristics of the company looking to make the investment and the implications for policy-makers regarding levels of support are also discussed in the paper. - Research highlights: → A novel approach to forecasting energy market development is proposed. → Approach based on analysis of value contribution of investment opportunities. → Model applied to the potential hydrogen energy market in Scotland. → Reveals potential inadequacy of assessing market development based on levelised cost alone. → Highlights relevance of investor company performance in assessing market development.

The Effect of Government Expenditures, Private Investment and Labor on Economic Growth in Pidie District

Directory of Open Access Journals (Sweden)

Munzir AG

2018-02-01

Full Text Available This study aims to determine the effect of government spending, private investment, and labor on economic growth in Pidie District, Data analyzed from 2000-2016, using multiple linear regression model. The results of research on government spending, private investment and labor both simultaneously and partially have a positive and significant impact on economic growth in Pidie District. Variations of government expenditure variables, private investment and labor are able to explain the variation of economic growth in Pidie District by 48,7 percent and the rest of 51,3 percent influenced by other variables. Labor is the most dominant variable of influence on economic growth in Pidie District. Private investment is the least influence variable to economic growth in Pidie District. The need for a policy that could make private government investment spending, and labor increases simultaneously so it is likely to have a positive impact on improving economic growth in Pidie District.

Investment in Education and Economic Growth in Nigeria: 1981-2012

African Journals Online (AJOL)

This study examines the impact of government investments in education on economic growth in Nigeria over the period 1981-2012. Economic growth proxy by growth rate of GDP is the dependent variable while government capital expenditure on social services, recurrent expenditure on education, primary school total pupil ...

CETA Without Blinders : How Cutting ‘Trade Costs and More’ Will Cause Unemployment, Inequality and Welfare Losses

NARCIS (Netherlands)

Storm, S.T.H.; Kohler, P

2016-01-01

Proponents of the Comprehensive Economic and Trade Agreement (CETA) emphasize its prospective economic benefits, with economic growth increasing due to rising trade volumes and investment. Widely cited official projections suggest modest GDP gains after about a decade, varying from between 0.003% to

Does Reproductive Investment Decrease Telomere Length in Menidia menidia?

Directory of Open Access Journals (Sweden)

Jin Gao

Full Text Available Given finite resources, intense investment in one life history trait is expected to reduce investment in others. Although telomere length appears to be strongly tied to age in many taxa, telomere maintenance requires energy. We therefore hypothesize that telomere maintenance may trade off against other life history characters. We used natural variation in laboratory populations of Atlantic silversides (Menidia menidia to study the relationship between growth, fecundity, life expectancy, and relative telomere length. In keeping with several other studies on fishes, we found no clear dependence of telomere length on age. However, we did find that more fecund fish tended to have both reduced life expectancy and shorter telomeres. This result is consistent with the hypothesis that there is a trade-off between telomere maintenance and reproductive output.

State Investment in Universities: Rethinking the Impact on Economic Growth

Science.gov (United States)

Schalin, Jay

2010-01-01

Does investing taxpayer money in higher education lead to major payoffs in economic growth? State legislators and policy makers say yes. They routinely advocate massive appropriations for university education and research, even in poor economic times, on the grounds that taxpayers will be rewarded many times over. The investment of federal funds…

ASEAN economic growth, trade openness and banking-sector depth: The nexus

Directory of Open Access Journals (Sweden)

Rudra P. Pradhan

2017-09-01

Full Text Available This paper investigated the linkages between banking sector depth, trade openness, and economic growth using a panel data set covering the ASEAN regional forum countries for the period 1961–2012. Using our multivariate framework, we first found that all the variables were integrated of order one and were cointegrated. Our panel-data estimation procedures offered more robust estimates than previous studies by utilizing variations between countries as well as variations over time. The results of this study indicated a general long-run equilibrium relationship among trade openness, banking sector depth and economic growth as well as a short-run relationship between these variables. Policy recommendations include those that will promote greater banking sector development as well as increased trade openness. JEL classification: O16, O43, E44, E31, Keywords: Trade openness, Banking sector depth, Economic growth, Granger causality, ASEAN regional forum countries

Costs and trade-offs of grazer-induced defenses in Scenedesmus under deficient resource

Science.gov (United States)

Zhu, Xuexia; Wang, Jun; Chen, Qinwen; Chen, Ge; Huang, Yuan; Yang, Zhou

2016-01-01

The green alga Scenedesmus obliquus can form inducible defensive morphs under grazing threat. Costs and trade-offs of inducible defense are expected to accompany the benefits of defensive morphs, but are hard to detect under nutrient-sufficient experimental conditions. To test the existence of costs associated with inducible defense, we cultured S. obliquus along resource availability gradients in the presence or absence of infochemical cues from Daphnia, and measured the strength of defensive colony formation and fitness characters. Under the lowest phosphorous concentration, the expression of inducible defensive colony resulted in decreased growth rate, which provides direct evidence for physiological costs. Along the gradient reduction of phosphorous concentration or light intensity, inducible defense in S. obliquus showed a decreasing trend. However, the photosynthetic efficiency of S. obliquus was barely affected by its defense responses, suggesting that the negative correlations between resource availability and colony formation of this alga may be due to resource-based trade-offs in the allocation of limited resources. Thus, our results indicated that expression of inducible defense of S. obliquus was impaired under insufficient phosphorus or light. Furthermore, under severe phosphate deficiency, obvious physiological costs of inducible defense could be detected even though defensive colony formation also decreased significantly. PMID:26932369

Does the internet generate growth, international trade, or both?

NARCIS (Netherlands)

Meijers, H.H.M.

2014-01-01

Recent cross country panel data studies find a positive impact of internet use on economic growth and a positive impact of internet use on trade. The present study challenges the first finding by showing that internet use does not explain economic growth directly in a fully specified growth model.

Critiquing the Transatlantic Trade and Investment Partnership (TTIP) : Systemic Consequences for Global Governance and the Rule of Law

NARCIS (Netherlands)

Larik, J.E.

2016-01-01

Considering the implications of the Transatlantic Trade and Investment Partnership (TTIP) for the architecture of global (economic) governance, including the international rule of law, the article addresses some of the most pertinent systemic consequences TTIP is likely to produce, based on the

Impact of the Trans-Atlantic Trade and Investment Partnership upon U.S. Beef Exports

Directory of Open Access Journals (Sweden)

Christopher Daniel Watson

2017-06-01

Full Text Available With the on-going negotiation of the Trans-Atlantic Trade and Investment Partnership (TTIP between the United States (US and the European Union (EU, there are many issues in which both governments are having difficulty in reaching adequate and fruitful compromise. In regards to market access, specifically involving EU imports of US Non-Hormone Treated Cattle (NHTC beef, the EU has not yet committed to the specifics for this particular issue. This paper presents a potential TTIP proposal with respect to EU imports of US beef. Basing the framework of the primary policy initiative off a similar concession that was granted to Canada by the EU in the Canada – European Union: Comprehensive Trade and Economic Agreement (CETA. This policy proposal will be demonstrated and illustrated utilizing economic, quantitative, and qualitative analysis

Investing in Port Infrastructure to Lower Trade Costs in East Asia

Directory of Open Access Journals (Sweden)

Kazutomo Abe

2011-06-01

Full Text Available We examine how port infrastructure affects trade and role of transport costs in driving exports and imports for East Asia. Existing studies use survey indexes to explain transport costs. These do not link investment in port infrastructure to transport costs. We include in our estimates a variable to represent the congestion of the ports to explain the transport costs. We find that the port congestion has significantly increased the transport costs from East Asia to the United States. Our analysis suggests that increase in port capacity by 10 percent could cut transport cost in East Asia by up to three percent. This translates into a 0.3 to 0.5 percent across-the-board tariff cut.

A Dynamic Growth Model for Flows of Foreign Direct Investment

OpenAIRE

Yi-Hui Chiang; Yiming Li; Chih-Young Hung

2007-01-01

In this work, we for the first time study the dynamic flows of the foreign direct investment (FDI) with a dynamic growth theory. We define the FDI flow as a process which transmits throughout a given social system by way of diverse communication channels. In model formulation, seven assumptions are thus proposed and the foreign capital policy of the host country is considered as an external influence; in addition, the investment policy of the investing country is modeled as an internal influe...

Gas demand growth and trade in South-East Europe: What perspectives for Bulgaria?

International Nuclear Information System (INIS)

Brendow, K.

2002-01-01

Gas demand and trade are said to grow in South-East Europe, and inter-regional gas transit is believed to gain importance. Despite a 5 to 10 year delay in economics and energy reforms compared to EU accession countries, prospects for economic recovery and a sustained growth of gas demand around 3.9%/year to 2020 in the region and 6.7% in Bulgaria appear real. Growth is contained by investment needs, vested interests in, and competition from, coal and nuclear as well as concerns about future gas prices, and import dependence. The densification of national and regional gas systems will proceed. Inter-regional (North-South and East-West) high-capacity gas pipeline will emerge as a tempting business perspective. While these perspectives are medium- and long-term, competition among pipeline projects is already waging at present. Bulgaria, Romania and Greece position themselves so as to safeguard future transit revenues, the latter country, in cooperation with Turkey, appearing to move fast with the support of the EU. A region wide optimisation of infrastructure projects appears desirable, however national strategic interests may conflict. (author)

Investment in Education and Economic Growth in Nigeria: 1981 ...

African Journals Online (AJOL)

PROF. O. E. OSUAGWU

2013-12-01

Dec 1, 2013 ... Keywords: Education, Government Investments, Economic growth, Health, Government ..... poor countries, using agricultural output as .... expectancy takes into account mortality, but .... (Akaike Information Criterion) and SBC.

Export-led growth hypothesis : new evidence from Thirlwall's idea

OpenAIRE

Chee-Keong Choong; Zulkornain Yusop; Siong-Hook Law

2007-01-01

This study reexamines the relationship between exports and economic growth in ten East Asian and Pacific economies by building upon Verdoorn's [1941] idea. The cointegration tests indicate the existence of long-run and stable relationships between economic growth, exports, imports, capital, and labor in each economy. Granger-causality tests indicate short-run in causality (either export-led growth or growth-driven exports) in most economies. Besides, among the long-run estimated coefficients ...

The Determinants of Foreign Investment in Pakistan: A gravity model analysis

Directory of Open Access Journals (Sweden)

Syed Waqar Azeem

2012-06-01

Full Text Available Background: During the last two decades Pakistan was one of the most attractive countries that received Foreign Direct Investment (FDI among developing economies, and especially in first half of the last decade the growth was so rapid and sustainable in different industries as well as in agriculture.  In Pakistani economy the role of Foreign Direct Investment is very important. Policies are clear about the foreign investment even then adjustments are made according to the time, objective, needs and economic circumstances in the country.  Methods: The present study aims to investigate the determinants of foreign investment in Pakistan by using Gravity model. By using panel data of FDI which is used as dependent variable and Gross domestic product, Gross domestic product per capita, Gross domestic product growth rate, Inflation rate, Trade, Total government expenditure, Population growth and Distance used as independent variable from 1999 to 2009 for empirical consequences, the study encompasses the examination of Foreign Direct Investment inflows from different countries and their geographical distance from Pakistan. Results:  Two type of test is used (1 fixed and (2 random effect to check the relationship among foreign direct investment and independent variables. In our both models distance shows a negative impact on the decision to make an investment by investing partner while GDP and GDP growth have a positive and significant impact. Gravity in this regards does not effect that much for foreign direct investment attraction because results are negatively significant in this case that shows higher distance is a hurdle for the inflow of foreign investment but rest of the variables are significantly positive and related to the inflow of foreign investment except population growth which is negatively correlated.   Conclusion: This research concludes that there is a strong evidence of existence of gravity between Pakistan and its investing

Financial Sector Competition, Service Trade, and Growth

NARCIS (Netherlands)

J.F. François (Joseph); F.W. Eschenbach

2002-01-01

textabstractWe explore dynamic linkages between financial/banking sector openness, financial sector competition, and growth. We first develop an analytical model, highlighting links between long-run economic performance and services trade, through scale economies and market and cost structures in

Venture capital: Generator of growth of SME investment activities

Directory of Open Access Journals (Sweden)

Dželetović Milenko

2017-01-01

Full Text Available The aim of the paper is to point out the importance and role of venture capital in creation of new values based on the knowledge economy. By reviewing relevant literature about venture capital, this paper presents the importance of the venture capital investments in innovative activities of SMEs that have an impact on economic growth. Pointing to the importance and quantifying the overall effects of venture capital investments, will be used the overview and trends in venture capital investments in the sectors of economy in Europe which generate a larger number of patents. According to data during the period of 2007 - 2015 will be defined venture capital investments and number of registered patents in the sectors of the knowledge economy. Empirical analysis indicated that the venture investments in the sectors of the knowledge economy generated more patents in those sectors. In addition, the paper analyzes the venture capital investment and innovation activities of SMEs, which are reflected in patent activities, where the result is a correlation between these activities in the European economies.

AN ANALYSIS OF THE DYNAMICS OF INVESTMENT SAVING AND ECONOMIC GROWTH IN TURKEY: 1950-2004

OpenAIRE

SARIDOĞAN, Ercan; ŞENER, Sefer; ŞÜKRÜOĞLU, Deniz

2007-01-01

Main aim of this study is to investigate the interaction among the saving, investment and growth in order to find out which variable is the key in terms of the causality, impulse-response from one to another. If we find out this relationship among the saving, investment and growth then we can design efficient economic policies in order to achieve an economy in which saving, investment and growth affect one to another positively. We mainly focused on Turkey which has been erratic growth perfor...

Stimulation of investment in international energy through Nigerian tax exemption laws

International Nuclear Information System (INIS)

Osimiri, U.J.

2002-01-01

This article assesses the impact of recent tax exemption legislation as a vehicle for the attraction of investment in the quest for the development of international energy in Nigeria, particularly oil and gas. It seeks to argue that generous tax incentives are the most successful method of inducement of foreign investors, judging from the rising profile in the expansion of investment in the gas sector and the attendant increase in world trade. It attempts to assert that tax incentives alone, without the combination of other favourable factors, like political stability, observance of the rule of law and deregulation or trade liberalisation, cannot produce the desired result of local industrialisation and integration into the world economy. (author)

The Logistics Performance Effect in International Trade

Directory of Open Access Journals (Sweden)

Azmat Gani

2017-12-01

Full Text Available The continuous growth in world trade depends on the efficiency of trade support structures such as the logistics services. Despite logistics integral role in supporting commercial activities, there has generally been a low level of analysis and trade policy research focus from trade practitioners. This paper explores the effect of logistics performance in international trade. The analysis draws on overall logistics performance as well as disaggregated measures of logistics specificities data for a large sample of countries. The empirical analysis involved the estimation of standard export and import equations incorporating measures of logistics performance. The findings show that the overall logistics performance is positively and statistically significantly correlated with exports and imports. The analysis is also extended by investigating if logistics specificities mattered for international trade. The findings reveal that several dimensions capturing logistics performance have statistically significant and positive effect, mostly on exports. The main policy implication is that continuous investment in logistics infrastructure and services can positively impact international trade.

Public infrastructure investment: A bridge to productivity growth?

OpenAIRE

Jerome Levy Economics Institute of Bard College

1993-01-01

Table of Contents: Preface, by Dimitri B. Papadimitriou; Public Capital and Economic Growth, by David Alan Aschauer; New Federal Spending for Infrastructure: Should We Let This Genie Out of the Bottle?, by Douglas Holtz-Eakin. Abstract: This brief presents contrasting views on the effects of public infrastructure investment on private sector productivity. David Alan Aschauer states that the slower rate of productivity growth since the early 1970s-coupled with an aging population, the declinin...

Characterization of investment in infrastructure in Colombia 12 Years of Analysis

Directory of Open Access Journals (Sweden)

Oscar Torres Yarzagaray

2018-05-01

Full Text Available This research article seeks to confirm the effects of the relationship between the state investment in infrastructure and trade growth. A detailed research is made of the main investments made by the Colombian state in the different infrastructures that the country requires to improve its logistics performance. The relationship between investment in infrastructure and the growth of the economy is also evident. The previous one is very important to know since it derives the main explanations in relation to an issue as important for Colombia as it is to know if there is a relationship between the variables which have been studied and raised in this research article, in addition to comparing with other economics to find out how we are in a competitive and globalized context.

Towards nanorod LEDs: Numerical predictions and controlled growth

Energy Technology Data Exchange (ETDEWEB)

Koelper, Christopher [Osram Opto Semiconductors GmbH, Leibnizstr. 4, 93055 Regensburg (Germany); Computational Electronics and Photonics, Universitaet Kassel, Wilhelmshoeher Allee 71, 34121 Kassel (Germany); Bergbauer, Werner [Osram Opto Semiconductors GmbH, Leibnizstr. 4, 93055 Regensburg (Germany); Institut fuer Halbleitertechnik, TU Braunschweig, Hans-Sommer-Strasse 66, 38106 Braunschweig (Germany); Drechsel, Philipp; Sabathil, Matthias; Strassburg, Martin; Lugauer, Hans-Juergen [Osram Opto Semiconductors GmbH, Leibnizstr. 4, 93055 Regensburg (Germany); Witzigmann, Bernd [Computational Electronics and Photonics, Universitaet Kassel, Wilhelmshoeher Allee 71, 34121 Kassel (Germany); Fuendling, Soenke; Li, Shunfeng; Wehmann, Hergo-Heinrich; Waag, Andreas [Institut fuer Halbleitertechnik, TU Braunschweig, Hans-Sommer-Strasse 66, 38106 Braunschweig (Germany)

2011-07-15

We present a numerical optimization of nanorod geometries with respect to the optical properties of an electrically driven LED emitting in the green spectral range. It is shown that an overall Purcell enhancement as well as directional emission can be achieved at an emission wavelength of 550 nm with nanorods of 110 nm radius. Position-controlled growth on patterned substrates demonstrates that the required dimensions are accessible by varying growth parameters and growth time in a large volume MOVPE reactor. (copyright 2011 WILEY-VCH Verlag GmbH and Co. KGaA, Weinheim) (orig.)

Investment in secreted enzymes during nutrient-limited growth is utility dependent.

Science.gov (United States)

Cezairliyan, Brent; Ausubel, Frederick M

2017-09-12

Pathogenic bacteria secrete toxins and degradative enzymes that facilitate their growth by liberating nutrients from the environment. To understand bacterial growth under nutrient-limited conditions, we studied resource allocation between cellular and secreted components by the pathogenic bacterium Pseudomonas aeruginosa during growth on a protein substrate that requires extracellular digestion by secreted proteases. We identified a quantitative relationship between the rate of increase of cellular biomass under nutrient-limiting growth conditions and the rate of increase in investment in secreted proteases. Production of secreted proteases is stimulated by secreted signals that convey information about the utility of secreted proteins during nutrient-limited growth. Growth modeling using this relationship recapitulated the observed kinetics of bacterial growth on a protein substrate. The proposed regulatory strategy suggests a rationale for quorum-sensing-dependent stimulation of the production of secreted enzymes whereby investment in secreted enzymes occurs in proportion to the utility they confer. Our model provides a framework that can be applied toward understanding bacterial growth in many environments where growth rate is limited by the availability of nutrients.

Experimental manipulation reveals a trade-off between weapons and testes.

Science.gov (United States)

Somjee, U; Miller, C W; Tatarnic, N J; Simmons, L W

2018-01-01

Theory predicts a trade-off between sexually selected weapons used to secure mates and post-copulatory traits used to maximize fertilization success. However, individuals that have a greater capacity to acquire resources from the environment may invest more in both pre- and post-copulatory traits, and trade-offs may not be readily apparent. Here, we manipulate the phenotype of developing individuals to examine allocation trade-offs between weapons and testes in Mictis profana (Hemiptera: Coreidae), a species where the hind legs are sexually selected weapons used in contests over access to females. We experimentally prevented males from developing weapons by inducing them to autotomize their hind legs before the final moult to adulthood. We compared trait expression in this group to males where autotomy was induced in the mid-legs, which are presumably not under sexual selection to the same extent. We found males without weapons invested proportionally more in testes mass than those with their mid-legs removed. Males that developed to adulthood without weapons did not differ from the mid-leg removal group in other traits potentially under precopulatory sexual selection, other post-copulatory traits or naturally selected traits. In addition, a sample of adult males from the same population in the wild revealed a positive correlation between investment in testes and weapons. Our study presents a critical contribution to a growing body of literature suggesting the allocation of resources to pre- and post-copulatory sexual traits is influenced by a resource allocation trade-off and that this trade-off may only be revealed with experimental manipulation. © 2017 European Society For Evolutionary Biology. Journal of Evolutionary Biology © 2017 European Society For Evolutionary Biology.

Throwing Sand in the Wheels: How Foreign Trade Distortions Slowed LDC Export-Led Growth

OpenAIRE

Evenett, Simon J.; Fritz, Johannes

2015-01-01

This new eBook argues that least developed countries were hard hit by these barriers. Drawing on Global Trade Alert data, it argues that these barriers reduced these nations’ exports by 30% during the period 2009 to 2013 – over a quarter of a trillion US dollars in total.

IMPACT OF TRADE OPENNESS ON OUTPUT GROWTH: CO INTEGRATION AND ERROR CORRECTION MODEL APPROACH

Directory of Open Access Journals (Sweden)

Asma Arif

2012-01-01

Full Text Available This study analyzed the long run relationship between trade openness and output growth for Pakistan using annual time series data for 1972-2010. This study follows the Engle and Granger co integration analysis and error correction approach to analyze the long run relationship between the two variables. The Error Correction Term (ECT for output growth and trade openness is significant at 5% level of significance and indicates a positive long run relation between the variables. This study has also analyzed the causality between trade openness and output growth by using granger causality test. The results of granger causality show that there is a bi-directional significant relationship between trade openness and economic growth.

How applicable is export-led growth and import-led growth hypotheses to South African economy? The VECM and causality approach

Directory of Open Access Journals (Sweden)

Ntebogang Dinah Moroke

2015-04-01

Full Text Available This paper investigated exports, imports and the economic growth nexus in the context of South Africa. The paper sets out to examine if long-run and causal relationships exist between these variables. Quarterly time series data ranging between 1998 and 2013 obtained from the South African Reserve Bank and Quantec databases was employed. Initial data analysis proved that the variables are integrated at their levels. The results further indicated that exports, imports and economic growth are co-integrated, confirming an existence of a long-run equilibrium relationship. Granger causal results were shown running from exports and imports to GDP and from imports to exports, validating export-led and import-led growth hypotheses in South Africa. A significant causality running from imports to exports, suggests that South Africa imported finished goods in excess. If this is not avoided, lots of problems could be caused. A suggestion was made to avoid such problematic issues as they may lead to replaced domestic output and displacement of employees. Another dreadful ramification may be an adverse effect on the economy which may further be experienced in the long-run

State investments in high-technology job growth.

Science.gov (United States)

Leicht, Kevin T; Jenkins, J Craig

2017-07-01

Since the early 1970's state and local governments have launched an array of economic development programs designed to promote high-technology development. The question our analysis addresses is whether these programs promote long-term high-technology employment growth net of state location and agglomeration advantages. Proponents talk about an infrastructure strategy that promotes investment in public research and specialized infrastructure to attract and grow new high technology industries in specific locations, and a more decentralized entrepreneurial strategy that reinforces local agglomeration capacities by investing in new enterprises and products, promoting the development of local networks and partnerships. Our results support the entrepreneurial strategy, suggesting that state governments can accelerate high technology development by adopting market-supportive programs that complement private sector initiatives. In addition to positive direct benefits of technology deployment/transfer programs and SBIR programs, entrepreneurial programs affect change in high-technology employment in concert with existing locational and agglomeration advantages. Rural (i.e. low population density) states tend to benefit by technology development programs. Infrastructure strategy programs also facilitate high technology job growth in places where local advantages already exist. Our results suggest that critics of industrial policy are correct that high technology growth is organic and endogenous, yet state governments are able to "pick winners and losers" in ways that grow their local economy. Copyright © 2017 Elsevier Inc. All rights reserved.

The dynamic relationship between health expenditure and economic growth: is the health-led growth hypothesis valid for Turkey?

Science.gov (United States)

Atilgan, Emre; Kilic, Dilek; Ertugrul, Hasan Murat

2017-06-01

The well-known health-led growth hypothesis claims a positive correlation between health expenditure and economic growth. The aim of this paper is to empirically investigate the health-led growth hypothesis for the Turkish economy. The bound test approach, autoregressive-distributed lag approach (ARDL) and Kalman filter modeling are employed for the 1975-2013 period to examine the co-integration relationship between economic growth and health expenditure. The ARDL model is employed in order to investigate the long-term and short-term static relationship between health expenditure and economic growth. The results show that a 1 % increase in per-capita health expenditure will lead to a 0.434 % increase in per-capita gross domestic product. These findings are also supported by the Kalman filter model's results. Our findings show that the health-led growth hypothesis is supported for Turkey.

The mating brain: early maturing sneaker males maintain investment into the brain also under fast body growth in Atlantic salmon (Salmo salar).

Science.gov (United States)

Kotrschal, Alexander; Trombley, Susanne; Rogell, Björn; Brannström, Ioana; Foconi, Eric; Schmitz, Monika; Kolm, Niclas

It has been suggested that mating behaviours require high levels of cognitive ability. However, since investment into mating and the brain both are costly features, their relationship is likely characterized by energetic trade-offs. Empirical data on the subject remains equivocal. We investigated if early sexual maturation was associated with brain development in Atlantic salmon ( Salmo salar ), in which males can either stay in the river and sexually mature at a small size (sneaker males) or migrate to the sea and delay sexual maturation until they have grown much larger (anadromous males). Specifically, we tested how sexual maturation may induce plastic changes in brain development by rearing juveniles on either natural or ad libitum feeding levels. After their first season we compared brain size and brain region volumes across both types of male mating tactics and females. Body growth increased greatly across both male mating tactics and females during ad libitum feeding as compared to natural feeding levels. However, despite similar relative increases in body size, early maturing sneaker males maintained larger relative brain size during ad libitum feeding levels as compared to anadromous males and females. We also detected several differences in the relative size of separate brain regions across feeding treatments, sexes and mating strategies. For instance, the relative size of the cognitive centre of the brain, the telencephalon, was largest in sneaker males. Our data support that a large relative brain size is maintained in individuals that start reproduction early also during fast body growth. We propose that the cognitive demands during complex mating behaviours maintain a high level of investment into brain development in reproducing individuals.

INVESTMENT FUNDS’ PERFORMANCE AND ECONOMIC GROWTH

Directory of Open Access Journals (Sweden)

Apolzan Carmen Maria

2012-07-01

Full Text Available In this paper we examine the performance of investment funds during the period 2006-2010, intending to comprise the portfolio performance’s dynamics before, during and after the present economic and financial crises climax. We categorize investment funds according to their investment strategy and geographical focus and distinguish a number of 11 classes. In order to analyze their returns’ dynamics, we create a fund performance index for each category using principal components method. The instability created in financial system in 2007 had a direct impact on institutional investors’ portfolios regardless of investment strategy, effects that have rapidly propagated on real economy. Analyzing index’s dynamics correlated with economic growth we conclude that financial and economic environment react in the same direction, but with a certain time delay, to instability factors. We also underline the major impact of boom and bust evolution of financial markets on real economy, cause of the current economic and financial crises.

Is trade liberalization, economic growth, energy consumption good for the environment?

OpenAIRE

Jabeen, Asma

2015-01-01

The study attempts to identify the dynamic relationship between trade, income growth, energy consumption and CO2 emissions for Pakistan. Johansen's Cointegration procedure has been employed to estimate the coefficients of the Cointegrated Vector Autoregressive model. The results reveal that trade has a favorable effect on environmental quality for Pakistan economy, while income growth, energy consumption tends to worsen the environmental quality thus supporting the existence of Environmental ...

78 FR 50481 - Request for Public Comments Regarding the National Trade Estimate Report on Foreign Trade Barriers

Science.gov (United States)

2013-08-19

... barriers to U.S. exports of goods, services, and U.S. foreign direct investment for inclusion in the NTE... affecting U.S. exports of goods and services, U.S. foreign direct investment, and protection of intellectual... National Trade Estimate Report on Foreign Trade Barriers AGENCY: Office of the United States Trade...

Markets, trade and the role of institutions in African development

Directory of Open Access Journals (Sweden)

T Roe

2004-11-01

Full Text Available This paper focuses on the interdependence between international trade and institutional reform and suggests that the trade barriers erected by advanced countries on the agricultural exports of poor countries, in particular sub-Saharan agriculture serve as an impediment to economic growth and development.  Drawing upon recent literature, the suggestion is that trade barriers inhibit institutional reform that is a major factor affecting economic growth. An empirical analysis of trade reform and economic growth shows that sub-Saharan economies can reciprocate potential gains from increased trade, which are larger when an integration with world markets induces institutional reform.

The Impact of Foreign Direct Investments on Economic Growth in Romania

Directory of Open Access Journals (Sweden)

Adrian Petre

2015-12-01

Full Text Available One of the current priority objectives for Romania is the integration into euro zone. To achieve this objective, Romania must record progress on economic growth. Various empirical studies have analyzed the influence of foreign direct investment (FDI on economic growth to see whether investment flows positively influence the economic development. The results revealed that positive connection depends on certain features of the economy at a time. The purpose of this research is to highlight the impact of the FDIs on the Romanian economic development because the debates on capital flows, both in the political and academic environment, associate these flows with a number of benefits for beneficiary states. In order to fulfill the objective of this research is analyzed, mainly, the relationship between foreign direct investment (FDI and gross domestic product (GDP.

Asia-Pacific Research and Training Network on Trade (ARTNET ...

International Development Research Centre (IDRC) Digital Library (Canada)

During Phase II, ARTNET will continue its training and capacity building efforts, focusing on trade facilitation, preferential trade agreements (PTAs) and other trade agreements. Given the complexity of the trade and investment environment in the region, ARTNET will explore the interaction between trade, investment, ...

Foreign direct investment and economic growth in developing ...

African Journals Online (AJOL)

It has been widely claimed that foreign direct investment (FDI) stimulates economic growth. In this study, an attempt is made to verify this for ten selected Sub-Saharan African (SSA) countries using data spanning from 2008 to 2013 obtained from world development indicators. Preliminary analysis conducted indicates that ...

Energy investment and trade opportunities emerging in Central Asia, Northwest China

International Nuclear Information System (INIS)

Dorian, J.P.; Abbasovich, T.U.; Tonkopy, M.S.; Jumabekovich, O.A.; Qiu Daxiong

1998-01-01

Cooperation in the business of oil and natural gas among governments of Central Asia and Northwest China could help the countries overcome obstacles to development of their vast petroleum resources. The most important obstacle facing these countries is also the one most widely discussed: limited infrastructure for transporting energy. But there are other problems holding back oil and gas development. They include poor communications infrastructure, unstable government structures, political conflict, payments difficulties, and inadequate energy policies. For countries analyzed in a recent Asian Development Bank (ADB) study of economic cooperation in the region--Uzbekistan, Kazakhstan, the Kyrgyz Republic, and the Xinjiang autonomous region of the People's Republic of China (Xinjiang PRC)--oil and gas are the most abundant and valuable natural resources. While Central Asia is poised to become a major world supplier of energy, especially oil and gas, countries in the region emphasize energy self-sufficiency at the expense of developing new trading linkages. Governments thus tend to ignore the benefits of regional cooperation and remain reluctant to commit to area-wide trade and other forms of cooperation. The paper discusses oil and gas sectors; major energy trends, including restructuring, foreign investment, and energy diversification; opportunities for cooperation; impediments to cooperation; and models of cooperation

Investment age and dynamic productivity growth in the Spanish food processing industry

NARCIS (Netherlands)

Kapelko, Magda; Oude Lansink, A.G.J.M.; Stefanou, S.E.

2016-01-01

This article analyzes the relation between investment age, measured as the number of years since investment spike, and dynamic productivity growth and its components, which include dynamic technical change, dynamic inefficiency change, and dynamic scale inefficiency change. The empirical application

The effects of local government investment on economic growth and employment: evidence from transitional China

Institute of Scientific and Technical Information of China (English)

Zhang Weiguo; Hou Yongjian

2009-01-01

Based on the panel data of 28 provinces in the year of 1987-2001,this paper examines the effects of the local government investment on economic growth and employment.The empirical result shows that the local government investment plays a significant positive role in economic growth and emplovment.However,while the proportion of local government investment to GDP had a remarkable rise after 1998.the elasticity of local government investment on economic growth declined,which shows that there is a hig room for raising the efficiency of local government mvestment.Moreover,the empirical examination shows that although local government investment had positive effect on employment,the elasticity had a decrease after 1994 when the tax-sharing system reform was put into practice.This shows that the positive role of local government investment on emplovment is also limited.This paper argues that the role of local governments as investors must be weakened,and local governments of different levels should lessen direct economic intervention and concentrate on public regulation.

77 FR 24373 - International Services Surveys and Direct Investment Surveys Reporting

Science.gov (United States)

2012-04-24

... regulations governing the procurement of information on international trade in services and direct investment...) revises its rules to establish general guidelines for how BEA will collect data on international trade in services and direct investment surveys, which are provided for by the International Investment and Trade in...

78 FR 54677 - Trade, Investment, and Industrial Policies in India: Effects on the U.S. Economy; Institution of...

Science.gov (United States)

2013-09-05

... Policies in India: Effects on the U.S. Economy; Institution of Investigation and Scheduling of Hearing... investigation No. 332-543, Trade, Investment, and Industrial Policies in India: Effects on the U.S. Economy... supporting Indian domestic industries, and the effect that those barriers have on the U.S. economy and U.S...

Growth and reproductive investment of introduced Pacific oysters

NARCIS (Netherlands)

Cardoso, J.F.M.F.; Peralta, N.R.E.; Machado, J.P.; van der Veer, H.W.

2013-01-01

Growth and reproductive investment of cultured Pacific oysters Crassostrea gigas were studied in two south-western European estuaries: the Ria de Ribadeo in Spain and the Ria Formosa in Portugal. Developing gonads were found in individuals >23.5 mm shell length in the Ria Formosa and >27.5 mm shell

Competitiveness and Economic Growth through Education and Investments: The Case of Moldova

Directory of Open Access Journals (Sweden)

Tatiana PÎŞCHINA

2017-12-01

Full Text Available This article explores and emphasizes the importance of education and innovation activity for competitiveness, and qualitative economic growth, using the case study of the Republic of Moldova. Specifically in context of globalization, when developing nations experience pressures of economic and societal imbalances, the importance of basic cornerstones of the economy cannot be overestimated. Starting with education, an economy builds the platform to nurture and hopefully retain talent. Entrepreneurs create new business streams, new products and services, and new areas for investment. Investments, in their turn, can be used as another powerful mechanism to obtain quality in economic growth. Besides necessary investments in infrastructure and healthcare, investments into science, technology and various R&D activities that lead up to the increased share of high-technology in the GDP structure of countries like Moldova are necessary, as well as possible due to high potential of Moldova’s skilled population making up for the lack of other resources available to the developed economies. In this context, economic competitiveness and qualitative growth by importing, adapting, implementing and developing new technologies, can be reached by the industrializing economies sooner than expected.

Why Have Economic Reforms in Mexico Not Generated Growth?

OpenAIRE

Timothy J. Kehoe; Kim J. Ruhl

2010-01-01

Following its opening to trade and foreign investment in the mid-1980s, Mexico's economic growth has been modest at best, particularly in comparison with that of China. Comparing these countries and reviewing the literature, we conclude that the relation between openness and growth is not a simple one. Using standard trade theory, we find that Mexico has gained from trade, and by some measures, more so than China. We sketch out a theory in which developing countries can grow faster than the U...

The Impact of Education Investment on Sri Lankan Economic Growth

Science.gov (United States)

Ganegodage, K. Renuka; Rambaldi, Alicia N.

2011-01-01

We evaluate the contribution of investment on education to Sri Lanka's economic growth during the period 1959-2008. Physical capital, economic policy changes and the ethnic war are also evaluated due to their substantial importance. This study uses a framework encompassing both the neoclassical and endogenous growth model. The impact of education…

Fisheries-induced evolution in growth, maturation and reproductive investment of the sexually dimorphic North Sea plaice (Pleuronectes platessa L.)

NARCIS (Netherlands)

van Walraven, L.; Mollet, F. M.; van Damme, C. J. G.; Rijnsdorp, A. D.

2010-01-01

Changes in the onset of sexual maturation, reproductive investment and growth of North Sea plaice are studied between three periods: 1900s, 1980s and 2000s. Probabilistic maturation reaction norms of both males and females, describing the probability of becoming mature conditional on age and size,

FOREIGN DIRECT INVESTMENTS – AN ESSENTIAL FACTOR FOR ECONOMIC GROWTH IN TRANSITION ECONOMIES

Directory of Open Access Journals (Sweden)

Carmen BOGHEAN

2015-06-01

Full Text Available The purpose of this analysis is to analyse the connection between foreign direct investments and economic growth in transition economies during a period of increased integration of financial systems in the global financial system. The research focuses on the relationship between foreign direct investments and economic growth during 1970-2013, by means of methods such as the graphic, the regression and the correlation ones. The research findings show that there is a direct and strong connection between the inward financial flows of foreign direct investments and the GDP during the period under analysis in transition economies. In transition economies, a high inward flow of foreign direct investments leads to an increase of the Gross Domestic Product per capita, while a positive development of the standard of living will attract new inward FDI flows, since transition economies are seen as attractive recipients/hosts for foreign direct investments.

Macroeconomic Determinants of Economic Growth: A Review of International Literature

Directory of Open Access Journals (Sweden)

Chirwa Themba G.

2016-12-01

Full Text Available The paper conducts a qualitative narrative appraisal of the existing empirical literature on the key macroeconomic determinants of economic growth in developing and developed countries. Much as other empirical studies have investigated the determinants of economic growth using various econometric methods, the majority of these studies have not distinguished what drives or hinders economic growth in developing or developed countries. The study finds that the determinants of economic growth are different when this distinction is used. It reveals that in developing countries the key macroeconomic determinants of economic growth include foreign aid, foreign direct investment, fiscal policy, investment, trade, human capital development, demographics, monetary policy, natural resources, reforms and geographic, regional, political and financial factors. In developed countries, the study reveals that the key macroeconomic determinants that are associated with economic growth include physical capital, fiscal policy, human capital, trade, demographics, monetary policy and financial and technological factors.

Individual heterogeneity and offspring sex affect the growth-reproduction trade-off in a mammal with indeterminate growth.

Science.gov (United States)

Gélin, Uriel; Wilson, Michelle E; Cripps, Jemma; Coulson, Graeme; Festa-Bianchet, Marco

2016-04-01

Reproduction can lead to a trade-off with growth, particularly when individuals reproduce before completing body growth. Kangaroos have indeterminate growth and may always face this trade-off. We combined an experimental manipulation of reproductive effort and multi-year monitoring of a large sample size of marked individuals in two populations of eastern grey kangaroos to test the predictions (1) that reproduction decreases skeletal growth and mass gain and (2) that mass loss leads to reproductive failure. We also tested if sex-allocation strategies influenced these trade-offs. Experimental reproductive suppression revealed negative effects of reproduction on mass gain and leg growth from 1 year to the next. Unmanipulated females, however, showed a positive correlation between number of days lactating and leg growth over periods of 2 years and longer, suggesting that over the long term, reproductive costs were masked by individual heterogeneity in resource acquisition. Mass gain was necessary for reproductive success the subsequent year. Although mothers of daughters generally lost more mass than females nursing sons, mothers in poor condition experienced greater mass gain and arm growth if they had daughters than if they had sons. The strong links between individual mass changes and reproduction suggest that reproductive tactics are strongly resource-dependent.

The Effect of Foreign Direct Investment in Economic Growth from the Perspective of Nonlinear Dynamics

Directory of Open Access Journals (Sweden)

Ch. K. Volos

2015-09-01

Full Text Available In today’s globalized economy one of the most crucial factors for the economic growth of a country, especially of a developing country, is the foreign direct investment, not only because of the transfer of capital but also of technology. In this work, the effect of foreign direct investments in a county’s economic growth by using tools of nonlinear dynamics is studied. As a model of the economic growth of a country, a well-known nonlinear discrete-time dynamical system, the Logistic map, is used. The system under study consists of two countries with a strong economic relationship. The source country of foreign direct investments is an industrialized, economically powerful and technologically advanced country that makes significant investments in the host country, which is a developing country and strong dependent from the source country. Simulation results of system’s behavior and especially the bifurcation diagrams reveal the strong connection between the countries of the proposed system and the effect of foreign direct investments in the economic growth of the host country.

Dynamic Determinants of Korean Productivity Changes: with Emphasis on Trade

Directory of Open Access Journals (Sweden)

Sangho Kim

2005-12-01

Full Text Available This study investigates the relationship between trade and economic growth in Korea during the period 1980~2003. The empirical results suggest the existence of Granger causality running from imports to total factor productivity (TFP growth, and the relatively weak causal relationship between exports and TFP. In light of this causal relationship between imports and TFP growth, TFP growth is regressed on various trade variables, along with R&D investments and government size. The results indicate that imports have significant positive effects on TFP but that exports do not. The results also indicate that the salutary impact of imports on TFP growth stems not only from competitive pressure and new knowledge acquired from foreign rivals in the context of increased imports of final goods but also from technological transfers embodied by imports from developed countries. Most of the empirical results still hold when TFP growth is replaced with GDP growth.

Combined heat and power in the Swedish district heating sector-impact of green certificates and CO2 trading on new investments

International Nuclear Information System (INIS)

Knutsson, David; Werner, Sven; Ahlgren, Erik O.

2006-01-01

Combined heat and power (CHP) has been identified by the EU administration as an important means of reducing CO 2 -emissions and increasing the energy efficiency. In Sweden, only about one third of the demand for district heat (DH) is supplied from CHP. This share could be significantly larger if the profitability of CHP generation increased. The objective of this study was to analyse the extent to which the profitability for investments in new CHP plants in the Swedish DH sector have changed thanks to the recently implemented trading schemes for green certificates (TGCs) and CO 2 emissions (TEPs). The analysis was carried out using a simulation model of the Swedish DH sector in which the profitability of CHP investments for all DH systems, with and without the two trading schemes applied, is compared. In addition, a comparison was made of the changes in CHP generation, CO 2 emissions, and operation costs if investments are made in the CHP plant shown to be most profitable in each system according to the model. The study shows that the profitability of investments in CHP plants increased significantly with the introductions of TGC and TEP schemes. If all DH utilities also undertook their most profitable CHP investments, the results indicate a major increase in power generation which, in turn, would reduce the CO 2 emissions from the European power sector by up to 13 Mton/year, assuming that coal condensing power is displaced

LEDs light spectrum effect on the success of fragmentation and growth of the leather coral Sarcophyton spp.

Directory of Open Access Journals (Sweden)

João Chambel

2014-06-01

Full Text Available The increasing demand for soft corals is reflected on the high attention of the scientific community during the last decades, with several studies focus on production techniques and optimization of coral husbandry (Schlacher et al., 2007;Sella and Benayahu, 2010. However, coral culture success is influenced by the interaction of different factors, such as water movement, temperature, nutrients, heterotrophic feeding and light conditions (Rocha et al., 2013a. Light plays a key role in the growth, reproduction and physiology of scleractinian corals that host phototrophic symbionts and it has been found that the photoresponse of corals is species-specific. Several studies have already focused on the effects of irradiance on coral and its algal symbionts (Osinga et al., 2011. Although, only a few works have investigated the role of the spectral quality of light on coral photobiology, physiology and growth (Rocha et al., 2013b. In the present study, we hypothesize that light spectrum can influence the growth performance of scleractinian corals when exposed at identical intensities of photosynthetically active radiation (PAR. To test our hypothesis we evaluated the effect of contrasting light spectra with an identical PAR of 70 ± 10 μmol quantam−2.s−1emitted by T8 fluorescent lamps (used as a control treatment and three different colours of Light Emitting Diode (LED, white, blue and red. It was evaluated survival and growth rates of Sarcophyton spp., an important scleractinian coral in the marine aquarium trade and for the bioprospecting of marine natural compounds. Replicated coral fragments were obtained from two mother colonies and were exposed to the four types of light spectrum for a period of 30 days. At the end of the experiment period, the results showed 100% of survival in coral fragments, and specific growth rate (SGR of 0,055 ± 0,09 %/day in control group and 0,091 ± 0,019 %/day, 0,210 ± 0,031 %/day and 0,380 ± 0,245 %/day in

THE MAIN FEATURES OF THE FLOWS OF FOREIGN DIRECT INVESTMENTS IN ROMANIA

Directory of Open Access Journals (Sweden)

Elena Chirilă-Donciu

2012-10-01

Full Text Available A distinctive characteristic of The Global Economy over the last few decades has been the rising rate and the impressive increase in the Foreign Direct Investment (FDI globally. Due to the potential role that foreign direct investments may play in accelerating the growth rate and re-shaping the economy, many developing countries are seeking such types of investments that can multiply the efforts being made towards the growth of their economy. The purpose of this research is to analyze the flows of foreign direct investments in Romania between 2003 and 2010. The results of the research highlight the negative balance between the trade balance and the enterprises with FDI in 2007-2010, due to the financial crisis, to the fragile budget balance, due to the low competitiveness of the imports, the low quality of the Romanian products and the macroeconomic risk determined by the rate of inflation, the unemployment and the instability in the exchange rate.

Trade liberalization in the south east Europe: Effects and controversial issues

Directory of Open Access Journals (Sweden)

Pjerotić Ljiljana

2008-01-01

Full Text Available Included in the regional cooperation of SEE countries, trade liberalization is considered the most important factor of a sustainable economic growth which should contribute to the mutual trade among SEE countries, growth of the foreign direct investments, further production specialization and export structure change. Countries of the region have accepted liberalization as one of the conditions of the Stabilization and Association Process (SAP, hoping, each of them individually, that in that way they would improve proper position. Creating a free trade area will contribute to a further increase of intra-regional trade flows, but it shouldn't be expected that the relative importance of mutual exchange will prevail the importance which EU has for the SEE countries, except Moldova. Paper is divided into five sections. After the introduction, the trade liberalization process in the SEE region is explained in the second part (section 2. The third section analyses actual intra-regional trade flows and SEE countries trade relations with the EU (section 3. Some controversial issues raised in recent debates on trade liberalization in SEE are also discussed (section 4. The main conclusions are given at the end (section 5. .

NOx emissions trading: Precursor to future growth

International Nuclear Information System (INIS)

Colella, A.

1993-01-01

Title I of the Clean Air Act Amendments (CAAA) of 1990 specified the framework for enhanced regulation in ozone non-attainment areas with increasingly stringent requirements dependent on the area classification - marginal, moderate, serious, severe or extreme. Before the CAAA were passed, only volatile organic compounds (VOCs) were regulated as precursors to ozone formation, Now, by statute, emissions of nitrogen oxides (NO x ) are also regulated as ozone precursor. Under the CAAA, new sources and modifications of existing sources are subject to Title I permitting requirements in ozone non-attainment areas if emissions of NO x and/or VOCs exceed certain triggering levels. For many new or facility expansion projects, especially power generation, the NO x thresholds are easily exceeded thus triggering Title I non-attainment new source review which requires application of control technology to new equipment which results in the Lowest Achievable Emission Rate (LAER), and securing emission reductions either internally or from other major sources to offset the increased emission from the new or modified source. The selection of a LAER technology is generally within an applicant's control. An applicant can determine up-front the engineering and cost considerations associated with LAER technology is assessing a project's viability. However, without a clear source of emission offsets of a means to secure them, assessing project viability could be difficult if not impossible. No available emission offsets means no industrial growth. For sources of NO x undergoing Title I new source review, a regional or state banking system that facilitates NO x emissions trading is needed as a precursor to future growth. This paper presents an overview of EPA's Emissions Trading Policy and Title I new source review offset provisions. Industry's concerns about emissions trading and recommendations for future trading programs are presented

COMPANY SIZE, TRADING ACTIVITY AND LIQUIDITY AS A DETERMINANTS OF CROSS-SECTIONAL MOMENTUM TRADING STRATEGY ON RUSSIAN STOCK MARKET

Directory of Open Access Journals (Sweden)

Teplova T. V.

2014-06-01

Full Text Available Momentum-effect has many interpretations in the practice of investing and in understanding of anomalies in asset prices. We consider a Cross-Sectional momentum effects and the corresponding two medium-term (3 months or more trading strategies that are different from the trend following rules for individual assets. We tested four hypothesis deals with cross-sectional momentum effect on the Russian stock market and the possibility of building a self-financing (long-short trading strategy at three time horizon (stock market growth from 2004 until mid 2008, financial crisis and post-crisis periods. It is shown that for the Russian market cross-sectional momentum strategy with partly rebalanced portfolio maximizing portfolio return (134 stocks listed from 2004 to 2014 in the few Russian stock exchanges should be based on the three-month formation period and three-month holding period periods (3/1/3. We have identified elements of profit-maximizing momentum strategy: three time windows and determinants of assets. Monthly average return of arbitrage strategy is estimated at 1.5 % for 134 common shares. Implementation of the strategy for the post-crisis period does not allow to maximize profit. For 6-month and more investment windows it gets the advantage of reverse strategy (opening long positions in stocks with low investment results and short position for assets with high relative returns. Fundamental parameters of the issuer (size of companies like market capitalization and two measures of liquidity (trading activity and transaction costs like bid-ask spread are significant to maximize portfolio performance (we prove the growth of monthly average return ranging from 1.5 to 2.5 %. We find that size and liquidity control momentum strategy can earn positive profits in Russian stock market, larger than naïve momentum.

Influence of corruption on economic growth rate and foreign investment

Science.gov (United States)

Podobnik, Boris; Shao, Jia; Njavro, Djuro; Ivanov, Plamen Ch.; Stanley, H. E.

2008-06-01

We analyze the dependence of the Gross Domestic Product ( GDP) per capita growth rates on changes in the Corruption Perceptions Index ( CPI). For the period 1999 2004 for all countries in the world, we find on average that an increase of CPI by one unit leads to an increase of the annual GDP per capita growth rate by 1.7%. By regressing only the European countries with transition economies, we find that an increase of CPI by one unit generates an increase of the annual GDP per capita growth rate by 2.4%. We also analyze the relation between foreign direct investments received by different countries and CPI, and we find a statistically significant power-law functional dependence between foreign direct investment per capita and the country corruption level measured by the CPI. We introduce a new measure to quantify the relative corruption between countries based on their respective wealth as measured by GDP per capita.

Trade and investment rules for energy

Energy Technology Data Exchange (ETDEWEB)

NONE

2009-09-15

Rules that govern energy trade is an issue that has generated increasing concern everywhere, from the standpoint of both the security of supply for consumers and security of demand for suppliers. This concern reflects the importance of rules that comprehensively address the needs from supply and demand point of view and integrate the international fabric of energy trade. The GATT and the WTO Agreement define trans-border movement of energy but leave many aspects unclear, particularly as efforts accelerate to control carbon emissions. This timely report by a WEC Task Force of experts with legal standing in the energy business identifies the most pressing issues relating to energy trade and suggests actions and measures which, if implemented, would provide clarity and answer many questions. More importantly, these measures would strengthen the WTO and coming rounds of negotiations.

Trade Liberalization, Economic Growth, Energy Consumption and the Environment: Time Series Evidence from G-20 Economies

Directory of Open Access Journals (Sweden)

Jungho Baek

2011-03-01

Full Text Available This study examines the dynamic interrelationships between trade, income growth, energy consumption and CO2 emissions for G-20 economies in a framework of cointegrated vector autoregression (CVAR. Johansen's maximum likelihood procedure is used to estimate the coefficients of the cointegrated VAR. The results show that trade and income growth have a favorable effect on environmental quality for the developed G-20 member countries, while they have an adverse effect on the environment for the developing member countries. We also find that energy con- sumption tends to worsen environmental quality for both the developed and developing countries. Finally, it is found that trade and income to emission and energy causality holds for the developed countries; changes in degree of trade openness and income growth lead to corresponding changes in the rates of growth in emission and energy consumption. Emission and energy to trade and income causality, on the other hand, is found to hold for the developing countries; any shocks in emission and energy consumption cause corresponding fluctuations in income growth and trade openness.

Foreign Direct Investment and China’s Productivity Growth during the 1997 Asian Financial Crisis

Directory of Open Access Journals (Sweden)

Fulgence Dominick Waryoba

2017-09-01

Full Text Available The study estimates the fixed effect model using cross–section weights to estimate panel EGLS for 7 years in 29 regions of China. Though for the sample period, foreign direct investment influences productivity positively, the effect is very lower compared to other factors in the model. Conversely, labor has a very high influence on productivity for the period under consideration. Nevertheless, the years after 1997 have shown more productivity growth compared to the years before 1997. This is probably due to the fact that the government acted quickly to recover by boosting the external demand. Consequently, the contribution of export on productivity growth is significantly large. As long as China’s productivity keeps growing, high technological foreign direct investments will continue to flow into the economy. Chinese government should continue to invest in human capital to match with high technology embodied in foreign direct investments for the economy to continue experiencing high productivity growth.

Are stricter investment rules contagious? Host country competition for foreign direct investment through international agreements

OpenAIRE

Neumayer, Eric; Nunnenkamp, Peter; Roy, Martin

2014-01-01

We argue that the trend toward international investment agreements (IIAs) with stricter investment rules is driven by competitive diffusion, namely defensive moves of developing countries concerned about foreign direct investment (FDI) diversion in favor of competing host countries. Accounting for spatial dependence in the formation of bilateral investment treaties (BITs) and preferential trade agreements (PTAs) that contain investment provisions, we find that the increase in agreements with ...

International Trade and Foreign Direct Investment as Innovation Factors of the U.S. Economy

Directory of Open Access Journals (Sweden)

Napiórkowski1 Tomasz M.

2014-10-01

Full Text Available The aim of this research is to asses the hypothesis that foreign direct investment (FDI and international trade have had a positive impact on innovation in one of the most significant economies in the world, the United States (U.S.. To do so, the author used annual data from 1995 to 2010 to build a set of econometric models. In each model, 11 in total the number of patent applications by U.S. residents is regressed on inward FDI stock, exports and imports of the economy as a collective, and in each of the 10 SITC groups separately.

Investment in Infrastructure and the Growth of Entrepreneurship in ...

African Journals Online (AJOL)

This article was designed to examine the link between investment in infrastructure and the growth of entrepreneurship in Nigeria. The primary objectives of the work include to assess the relevance of infrastructure in promoting entrepreneurship and entrepreneurial activities, the stock and quality of infrastructure in the ...

Foreign direct investment and economic growth in Nigeria: a ...

African Journals Online (AJOL)

The paper examines the causal relationship between foreign direct investment ( FDI) and economic growth, measured by the gross domestic product (GDP). Augumented Dickey-Fuller (ADF) test was used for the unit root test, Johansen Cointegration test was conducted to establish short and long run relationship between ...

Revisiting the role of financial development for energy-growth-trade nexus in BRICS economies

International Nuclear Information System (INIS)

Ahmed, Khalid

2017-01-01

The paper explores the energy-growth nexus by incorporating the key financial indicators in case of newly industrializing, BRICS countries. Considering the heterogeneity across the panel, the combined panel cointegration results confirm the long-run association between all the underlying variables. The overall findings suggest that despite sustainable development measures-financial indicators, economic growth and trade openness spur energy intensity in BRICS countries. The results also validate the Kuznets curve hypothesis between energy consumption and financial development and, energy consumption and trade openness. It implies that financial development and capital accumulation contribute to energy efficiency after the threshold income level. The causality analysis corroborate the regression results. In the end some policy recommendations are made. - Highlights: • Combine cointegration approach to explore the energy-growth-trade-finance nexus. • All variables found to have long-run association evident from cointegration test. • The results confirm the existence of EKC hypothesis. • BRICS′ economic growth spurs demand for energy. • Financial development and trade provides sustainable development path.

Offshore Investment Funds

Directory of Open Access Journals (Sweden)

Shang-Jin Wei

1999-12-01

Full Text Available Offshore investment funds are alleged to have engaged in trading behavior that is different from their onshore counterparts because they may be subject to less supervision and regulation. In particular, they may trade more intensely. They could also pursue more aggressively certain trading strategies such as positive feedback trading or herding that could contribute to a greater volatility in the market. Using a unique data set, this chapter compares the trading behavior in the Korean stock market between offshore investment funds with their onshore counterparts registered in the US and UK. There are a number of interesting findings. First, there is indeed evidence suggesting that the offshore funds trade more intensely than their onshore counterparts. Second, however, there is no evidence that the offshore funds engage in positive feedback trading. In contrast, there is strong evidence that the funds from the U.S. and U.K. do. Third, while offshore funds do herd, they do so far less than onshore funds in the U.S. or UK. Fourth, offshore funds hold less glamour stocks (e.g. stocks with high P/E in their portfolio than funds in the U.S. or U.K. do. Moreover, flight to glamour stocks during the in-crisis period is less evident in the case of offshore funds. In sum, offshore funds are no especially worrisome monsters.

Foreign Remittances, Foreign Direct Investment, Foreign Imports and Economic Growth in Pakistan: A Time Series Analysis

Directory of Open Access Journals (Sweden)

Muhammad Tahir

2015-10-01

Full Text Available This empirical research paper focuses on establishing a relationship between external determinants and economic growth of Pakistan economy. Empirical analyses are carried out with time series econometric techniques using data over the period of 1977-2013. The main finding is that external determinants such as foreign remittances, foreign direct investment, and foreign imports matter from a growth perspective. Foreign remittances and foreign direct investment have a significant positive role in the growth process of Pakistan economy. Furthermore, it is found that foreign imports have adversely influenced the economic growth of Pakistan. The study recommends that policy makers shall take appropriate steps to increase the inflow of both foreign remittances and foreign direct investment in order to achieve the long run economic growth.

Carbon Trading. Literature Overview

International Nuclear Information System (INIS)

Kerste, M.; Weda, J.; Rosenboom, N.

2010-12-01

From Pigou and Coase to the Kyoto Protocol, carbon trading has resulted in pricing of the negative externalities emanating from pollution. This report highlights leading literature and empirical findings on carbon trading, amongst others addressing the relevant carbon and related markets, the (lack of) success of carbon trading so far and room for improvement as well as its impact on investments in emission reduction. This report is part of a set of SEO-reports on finance and sustainability. The other reports deal with: Financing the Transition to Sustainable Energy; Innovations in financing environmental and social sustainability; and Sustainable investment.

The roles of the trading time risks on stock investment return and risks in stock price crashes

Science.gov (United States)

Li, Jiang-Cheng; Dong, Zhi-Wei; Yang, Guo-Hui; Long, Chao

2017-03-01

The roles of the trading time risks (TTRs) on stock investment return and risks are investigated in the condition of stock price crashes with Hushen300 data (CSI300) and Dow Jones Industrial Average (ˆDJI), respectively. In order to describe the TTR, we employ the escape time that the stock price drops from the maximum to minimum value in a data window length (DWL). After theoretical and empirical research on probability density function of return, the results in both ˆDJI and CSI300 indicate that: (i) As increasing DWL, the expectation of returns and its stability are weakened. (ii) An optimal TTR is related to a maximum return and minimum risk of stock investment in stock price crashes.

Dynamics of investment in fixed capital in the economy of the Northern regions

Directory of Open Access Journals (Sweden)

Yusif Alimovich Gadzhiev

2015-03-01

Full Text Available The article describes characteristics and trends of investment in fixed capital of the Northern regions. It singles out phases of rapid pre-crisis growth, crisis, post-crisis growth and stagnation. Stagnation and decline in recent years are caused by completed major investment projects, reduced own funds of enterprises, limited availability of investment resources and increased capital outflow. The article reveals that the growth of investment in fixed capital of the North in the post-crisis period is provided by the regions, carrying out major investment in oil and gas pipeline transport, oil extraction, production and distribution of electricity, gas and water. The changes in the sectoral structure of investment in fixed capital of the Northern regions are barely visible; the share of investment in the traded sector is still high, especially in mining, due to the Northern regions’ specialization in the extractive industries. The share of investment in the public sector and social services remains low. The specific structure of investment in fixed capital has changed: the share of investment in buildings (excluding housing and structures has increased greatly; the share of investment in machinery, equipment, vehicles has decreased due to insufficient investment in mining enterprises and financial shortages in manufacturing. In most regions the structure of investment in fixed capital by directions is characterized by the increase in the share of investment in machinery, equipment, vehicles in new construction, investment in buildings and structures and the decline in the proportion of investment in machinery, equipment, vehicles modernization and reconstruction and acquisition of new fixed assets. The dynamics and the inefficient structure of investment in fixed assets and directions testify the shortage of investment in innovation in the Northern regions

The Estimation of the Cointegration Relationship between the Economic Growth, Investments and Exports. The Romanian Case

Directory of Open Access Journals (Sweden)

Marius-Corneliu Marinas

2007-07-01

Full Text Available This paper attempts to analyze the relationship between exports, investments and economic growth in Romania. For the search of this relationship I use a multivariate autoregressive VAR model. The results of cointegration analysis showed that there is one cointegrated vector among exports, investments and economic growth. Granger causality tests based on error correction models (ECM have indicated that investment and export influences the steady-state level of GDP.

China’s Strategic Investments and Its Relations with Developing Economies

Directory of Open Access Journals (Sweden)

Radu-Marcel Joia

2011-05-01

Full Text Available 2010 brings news regarding China's economic strategy. It has strengthened its trade relations withemerging economies, making significant investments, plus significant imports and exports, proving again thatit is the first commercial power in the world. China, considered being "the manufacturer of the world", alongwith Brazil and Russia, major exporters of raw materials, and India, the country which offers the cheapesttechnology services, has made the world organization, named as BRIC. In 2009, China has consolidated itsposition as the main trading partner with Brazil, a position that enabled it in 2010 to become the largestinvestor in the Brazilian territory. One of the most important Chinese strategies is the monetary one, throughwhich China is trying to grow internationally Yuan’s importance, reducing the dependence on the dollar bydriving autonomous trade flows. It is expected that Yuan will become the main currency in Asia, main goalthat will be achieved by the constitution of large reserves of Yuan on the Asian territory. Knowledge ofChinese economic policy and relations with emerging economies is essential, since 2010 shows the economicpower of this nation, the largest trading power in the world, which has led the economists to study China'seconomic situation. We used for this study, data extracted from UNCTAD and ASEAN’s reports from 2010,plus various U.S. studies on China's geostrategic position. China’s geostrategic position is an important one,especially compared with the other BRIC countries, making energy investments in the Middle East, strategythat was adopted also by India and Russia; so Russia and China created ESPO project, Eastern Siberia -Pacific - Ocean, through which China is making huge investments in energy and Russia is trying to stand outfor European markets. Through this paper, we tried to evidence China’s financial and trade relations withUSA, European Union and emerging economies, in the context of a severe

COMPANY SIZE, TRADING ACTIVITY AND LIQUIDITY AS A DETERMINANTS OF CROSS-SECTIONAL MOMENTUM TRADING STRATEGY ON RUSSIAN STOCK MARKET. PART 2

Directory of Open Access Journals (Sweden)

Teplova T. V.

2014-09-01

Full Text Available Momentum-effect has many interpretations in the practice of investing and in understanding of anomalies in asset prices. We consider a Cross-Sectional momentum effects and the corresponding two medium-term (3 months or more trading strategies that are different from the trend following rules for individual assets. We tested four hypothesis deals with cross-sectional momentum effect on the Russian stock market and the possibility of building a self-financing (long-short trading strategy at three time horizon (stock market growth from 2004 until mid-2008, financial crisis and post-crisis periods. It is shown that for the Russian market cross-sectional momentum strategy with partly rebalanced portfolio maximizing portfolio return (134 stocks listed from 2004 to 2014 in the few Russian stock exchanges should be based on the three-month formation period and three-month holding period periods (3/1/3. We have identified elements of profit-maximizing momentum strategy: three time windows and determinants of assets. Monthly average return of arbitrage strategy is estimated at 1.5 % for 134 common shares. Implementation of the strategy for the post-crisis period does not allow to maximize profit. For 6 month and more investment windows it gets the advantage of reverse strategy (opening long positions in stocks with low investment results and short position for assets with high relative returns. Fundamental parameters of the issuer (size of companies like market capitalization and two measures of liquidity (trading activity and transaction costs like bid-ask spread are significant to maximize portfolio performance (we prove the growth of monthly average return ranging from 1.5 to 2.5 %. We find that size and liquidity control momentum strategy can earn positive profits in Russian stock market, larger than naïve momentum.

Causal relationship between trade openness, economic growth and energy consumption: A panel data analysis of Asian countries

International Nuclear Information System (INIS)

Nasreen, Samia; Anwar, Sofia

2014-01-01

This paper explores the causal relationship between economic growth, trade openness and energy consumption using data of 15 Asian countries. The study covers the period of 1980–2011. We have applied panel cointegration and causality approaches to examine the long-run and causal relationship between variables. Empirical results confirm the presence of cointegration between variables. The impact of economic growth and trade openness on energy consumption is found to be positive. The panel Granger causality analysis reveals the bidirectional causality between economic growth and energy consumption, trade openness and energy consumption. - Highlights: • This study analyzes causality between energy, growth and trade in the Asian region. • Empirical results supported cointegrating relationship between variables. • Positive impact of growth and trade openness on energy usage is found in the long run. • Bidirectional Granger causality is observed between selected variables in the long run

Role of Educational Investment on Economic Growth and Development in Kenya

Science.gov (United States)

Otieno, Ojala Daphen

2016-01-01

The Government of Kenya spends 30% of its budget on education. It is commonly assumed that education has an important positive effect on economic growth, but to date the evidence for this assumption has been surprisingly weak. This study aimed at exploring the relationships between the amount of investments in education and economic growth. It was…

15 CFR 806.15 - Foreign direct investment in the United States.

Science.gov (United States)

2010-01-01

... 15 Commerce and Foreign Trade 3 2010-01-01 2010-01-01 false Foreign direct investment in the... Foreign Trade (Continued) BUREAU OF ECONOMIC ANALYSIS, DEPARTMENT OF COMMERCE DIRECT INVESTMENT SURVEYS § 806.15 Foreign direct investment in the United States. (a) Specific definitions—(1) Foreign direct...

Integrated LED/Imaging Illumination Panels Demonstrated within a Small Plant Growth Chamber Project

Data.gov (United States)

National Aeronautics and Space Administration — LED light sources are ideal for plant growth systems. However, commercially available multi-color LED illumination panels are designed and manufactured to produce a...

Balancing ecosystem services with energy and food security - Assessing trade-offs from reservoir operation and irrigation investments in Kenya's Tana Basin

Science.gov (United States)

Hurford, A. P.; Harou, J. J.

2014-08-01

Competition for water between key economic sectors and the environment means agreeing allocations is challenging. Managing releases from the three major dams in Kenya's Tana River basin with its 4.4 million inhabitants, 567 MW of installed hydropower capacity, 33 000 ha of irrigation and ecologically important wetlands and forests is a pertinent example. This research seeks firstly to identify and help decision-makers visualise reservoir management strategies which result in the best possible (Pareto-optimal) allocation of benefits between sectors. Secondly, it seeks to show how trade-offs between achievable benefits shift with the implementation of proposed new rice, cotton and biofuel irrigation projects. To approximate the Pareto-optimal trade-offs we link a water resources management simulation model to a multi-criteria search algorithm. The decisions or "levers" of the management problem are volume-dependent release rules for the three major dams and extent of investment in new irrigation schemes. These decisions are optimised for eight objectives covering the provision of water supply and irrigation, energy generation and maintenance of ecosystem services. Trade-off plots allow decision-makers to assess multi-reservoir rule-sets and irrigation investment options by visualising their impacts on different beneficiaries. Results quantify how economic gains from proposed irrigation schemes trade-off against the disturbance of ecosystems and local livelihoods that depend on them. Full implementation of the proposed schemes is shown to come at a high environmental and social cost. The clarity and comprehensiveness of "best-case" trade-off analysis is a useful vantage point from which to tackle the interdependence and complexity of "water-energy-food nexus" resource security issues.

Commentary: Moving towards policy coherence in trade and health.

Science.gov (United States)

Walls, Helen; Baker, Phillip; Smith, Richard

2015-11-01

International trade has brought economic benefits to many countries, but the association of trade and investment liberalisation with poor health outcomes concerns the public health community. The need to secure more 'healthy' trade is a recognised priority, especially as countries move from global to regional/bilateral trade agreements - with greater public health risks. However, a transition towards 'healthier trade' may be hindered by worldview differences between the trade and health communities. There is a tendency for health actors to perceive trade as a threat to population health, and for trade actors to view health as a constraint to trade objectives of reducing barriers to cross-border commercial flows and economic growth. Unless such differing worldviews can be aligned, finding ways forward for addressing public health in trade policy is likely to be difficult. Moving forward will involve understanding the values and drivers of the respective groups, and developing solutions palatable to their various interests. Given the power imbalances between the two areas, it is likely that the health community will have to make the first moves in this respect. This article outlines the key issues involved and suggests areas where such moves have been, and may be made.

Investment in defense and cost of predator-induced defense along a resource gradient

DEFF Research Database (Denmark)

Steiner, Uli

2007-01-01

An organism's investment in different traits to reduce predation is determined by the fitness benefit of the defense relative to the fitness costs associated with the allocation of time and resources to the defense. Inherent tradeoffs in time and resource allocation should result in differential...... investment in defense along a resource gradient, but competing models predict different patterns of investment. There are currently insufficient empirical data on changes in investment in defensive traits or their costs along resource gradients to differentiate between the competing allocation models....... In this study, I exposed tadpoles to caged predators along a resource gradient in order to estimate investment in defense and costs of defense by assessing predator-induced plasticity. Induced defenses included increased tail depth, reduced feeding, and reduced swimming activity; costs associated...

Understanding the effect of an emissions trading scheme on electricity generator investment and retirement behaviour: the proposed carbon pollution reduction scheme

Energy Technology Data Exchange (ETDEWEB)

Lambie, N.R. [Australian National University, Canberra, ACT (Australia). Crawford School of Economics & Government

2010-04-15

The objective of a greenhouse gas (GHG) emissions trading scheme (ETS) is to reduce emissions by transitioning the economy away from the production and consumption of goods and services that are GHG intensive. A GHG ETS has been a public policy issue in Australia for over a decade. The latest policy initiative on an ETS is the proposed Carbon Pollution Reduction Scheme (CPRS). A substantial share of Australia's total GHG reduction under the CPRS is expected to come from the electricity generation sector. This paper surveys the literature on investment behaviour under an ETS. It specifically focuses on the relationship between the design of an ETS and a generator's decisions to invest in low emissions plant and retire high emissions plant. The proposed CPRS provides the context for presenting key findings along with the implications for the electricity generation sector's transition to lower emissions plant. The literature shows that design features such as the method of allocating permits, the stringency of the emissions cap along with permit price uncertainty, provisions for banking, borrowing and internationally trading permits, and the credibility of emissions caps and policy uncertainty may all significantly impact on the investment and retirement behaviour of generators.

Trade liberalisation in Mexico: rhetoric and reality

Directory of Open Access Journals (Sweden)

Pennelope Pacheco-Lopez

2004-06-01

Full Text Available Trade liberalisation in Mexico started in a significant way in 1985/86, and was consolidated by the NAFTA agreement 1994. Mexico was expected to benefit in terms of increased export growth, employment, real wages, and above all, a faster rate of economic growth. In practice, there has been a divorce between rhetoric and reality. The growth of GDP post-liberalisation has been only one-half that pre-liberalisation. This paper gives three explanations. Firstly, export growth has hardly changed. Secondly, there has been a sharp increase in the propensity to import (partly related to US direct foreign investment which has reduced the growth of GDP consistent with a sustainable balance of payments equilibrium on current account. Thirdly, liberalisation has been used as a substitute for a development strategy.

The health of nations: A transatlantic trade and investment agenda for better healthcare

OpenAIRE

Erixon, Fredrik; Ferracane, Martina Francesca; Van der Marel, Erik

2015-01-01

Today, increases in the demand for healthcare are driving European governments to look for ways to control growth in healthcare expenditures and at the same time improve health outcomes. Consideration of ways to enhance trade in healthcare goods and services is important for governments as they struggle to find resources to finance this increasing demand for healthcare.

Redirecting International Trade

DEFF Research Database (Denmark)

Kokko, Ari; Söderlund, Bengt; Tingvall, Patrik Gustavsson

2014-01-01

The global financial crisis has contributed to the redirection of trade towards new markets outside the OECD area, where both demand patterns and the institutional environment differ from those in the OECD. This study provides an empirical examination of the consequences of this shift, based......-specific investments are particularly difficult to redirect towards markets with weak institutions....... on Swedish firm-level trade data. Results suggest that weak institutions hamper trade and reduce the length of trade relations, especially for small firms. Trade in industries that are characterized by a high frequency of trade conflicts and where transactions require extensive relationship...

Redirecting International Trade

DEFF Research Database (Denmark)

Kokko, Ari; Söderlund, Bengt; Tingvall, Patrik Gustavsson

The global financial crisis has accelerated the redirection of trade towards new markets, outside the OECD area, where both demand patterns and the institutional environment differ from those in the OECD. This study provides an empirical examination of the consequences of this shift. Results...... difficult to redirect towards markets with weak institutions....... suggest that weak institutions hamper trade and reduces the length of trade relations, especially for small firms. Furthermore, trade in industries that are characterized by a high degree of trade conflicts and that requires extensive relationship specific investments for trade to occur are comparatively...

Action Investment Energy Games

DEFF Research Database (Denmark)

Larsen, Kim Guldstrand; Laursen, Simon; Srba, Jiri

2012-01-01

We introduce the formalism of action investment energy games where we study the trade-off between investments limited by given budgets and resource constrained (energy) behavior of the underlying system. More specifically, we consider energy games extended with costs of enabling actions and fixed...... budgets for each player. We ask the question whether for any Player 2 investment there exists a Player 1 investment such that Player 1 wins the resulting energy game. We study the action investment energy game for energy intervals with both upper and lower bounds, and with a lower bound only, and give...

REGIONALIZATION AND INTRA-INDUSTRY TRADE. AN ANALYSIS OF AUTOMOBILE INDUSTRY TRADE IN NAFTA

OpenAIRE

Sylvie MONTOUT; Jean-Louis MUCCHIELLI; Soledad ZIGNAGO

2002-01-01

As was shown in some previous studies, the creation of the North American Free Trade American (NAFTA) has significantly increased trade and investment flows between member countries. Consequently, it seems appropriate to analyze the incidences of the free trade agreement on the nature of trade. In this paper, we study the intra-industry trade in the automobile industry within the NAFTA area. Our results highlight an increase in intra-industry trade since the beginning of the 1990s. The import...

Life-history constraints in grassland plant species: a growth-defence trade-off is the norm

Science.gov (United States)

E.M. Lind; E.T. Borer; E.W. Seabloom; P.B. Adler; J.D. Bakker; D.M. Blumenthal; M. Crawley; K.F. Davies; J. Firn; D.S. Gruner; S. Harpole; Y. Hautier; H. Hillebrand; J.M.H. Knops; B.A. Melbourne; B. Mortensen; A.C. Risch; M. Schuetz; C.J. Stevens; P.D. Wragg

2013-01-01

Plant growth can be limited by resource acquisition and defence against consumers, leading to contrasting trade-off possibilities. The competition-defence hypothesis posits a trade-off between competitive ability and defence against enemies (e.g. herbivores and pathogens). The growth-defence hypothesis suggests that strong competitors for nutrients are also defended...

The contribution of international trade to economic growth through human capital accumulation: Evidence from nine Asian countries

Directory of Open Access Journals (Sweden)

Mirajul Haq

2014-12-01

Full Text Available This study is an attempt to test the hypothesis “international trade contributes to economic growth through its effects on human capital accumulation.” To assess the hypothesis empirically, we employed the extended Neo-Classical growth model that reflects some features of the endogenous growth models. We thus ended up with a model in which the change in human capital is sensitive to change in trade policies. Unlike conventional approaches, the model serves to assess and determine the impact of international trade on the accumulation of human capital. The empirical analysis estimates dynamic panel growth equations by using a data-set of nine Asian countries, over the period 1972–2012. The overall evidence substantiates the fact that in countries under consideration, international trade enhances the accumulation of human capital and contributes to economic growth positively through human capital accumulation.

Asset liquidity, corporate investment, and endogenous financing costs

DEFF Research Database (Denmark)

Flor, Christian Riis; Hirth, Stefan

2013-01-01

We analyze how the liquidity of real and financial assets affects corporate investment. The trade-off between liquidation costs and underinvestment costs implies that low-liquidity firms exhibit negative investment sensitivities to liquid funds, whereas high-liquidity firms have positive sensitiv......We analyze how the liquidity of real and financial assets affects corporate investment. The trade-off between liquidation costs and underinvestment costs implies that low-liquidity firms exhibit negative investment sensitivities to liquid funds, whereas high-liquidity firms have positive...... sensitivities. If real assets are not divisible in liquidation, firms with high financial liquidity optimally avoid external financing and instead cut new investment. If real assets are divisible, firms use external financing, which implies a lower sensitivity. In addition, asset redeployability decreases...... the investment sensitivity. Our findings demonstrate that asset liquidity is an important determinant of corporate investment....

Growth of capital investments for nuclear power plaut building in the USA

International Nuclear Information System (INIS)

Gitlevich, A.D.

1985-01-01

Data concerning the growth of capital investments for building NPPs in the USA are presented. Experts are explaining a considerable growth of NPP building cost by changes in standards and regulations approved earlier, long terms of licensing procedures and building period delay caused by the necessity to meet increased safety and environment requirements. Nonetheless the American experts suppose that in the eighties and subsequent +ears the main types of power plants in the USA will remain the nuclear Uower plants along with the thermal ones, although according to predictions the capital investments for the NPP planned to be put in operation in 1992 will exceed those for the thermal ones by 61%

Growth in emission transfers via international trade from 1990 to 2008.

Science.gov (United States)

Peters, Glen P; Minx, Jan C; Weber, Christopher L; Edenhofer, Ottmar

2011-05-24

Despite the emergence of regional climate policies, growth in global CO(2) emissions has remained strong. From 1990 to 2008 CO(2) emissions in developed countries (defined as countries with emission-reduction commitments in the Kyoto Protocol, Annex B) have stabilized, but emissions in developing countries (non-Annex B) have doubled. Some studies suggest that the stabilization of emissions in developed countries was partially because of growing imports from developing countries. To quantify the growth in emission transfers via international trade, we developed a trade-linked global database for CO(2) emissions covering 113 countries and 57 economic sectors from 1990 to 2008. We find that the emissions from the production of traded goods and services have increased from 4.3 Gt CO(2) in 1990 (20% of global emissions) to 7.8 Gt CO(2) in 2008 (26%). Most developed countries have increased their consumption-based emissions faster than their territorial emissions, and non-energy-intensive manufacturing had a key role in the emission transfers. The net emission transfers via international trade from developing to developed countries increased from 0.4 Gt CO(2) in 1990 to 1.6 Gt CO(2) in 2008, which exceeds the Kyoto Protocol emission reductions. Our results indicate that international trade is a significant factor in explaining the change in emissions in many countries, from both a production and consumption perspective. We suggest that countries monitor emission transfers via international trade, in addition to territorial emissions, to ensure progress toward stabilization of global greenhouse gas emissions.

Impact of Foreign Direct Investment and Economic Growth in Ghana: A Cointegration Analysis

Directory of Open Access Journals (Sweden)

Samuel Antwi

2013-07-01

Full Text Available Foreign direct investment (FDI has been an important source of economic growth for Ghana, bringing in capital investment, technology and management knowledge needed for economic growth. This paper aims to study the relationship between FDI and economic growth in Ghana for the period 1980-2010 using time series data. The data used in this study was mainly secondary data collected from the period, 1980 to 2010 consisting of yearly observations for each variable. The real GDP growth and foreign direct investment net inflows as percent of GDP (FDI ratio data were taken from the World Banks World Development Indicators 2011 CD Rom. Yearly time series data covering the period 1980-2010 for which data was available was used. The cointegration methodology is applied on yearly data of FDI, GDP and GNI to determine the extent to which these variables are related. The study establishes that a long-run equilibrium and causal relationship exists between the dependent variable; FDI and the two independent variables under consideration namely, GDP and GNI. It was determined that in the short-run, effects of GDP and GNI volatility on FDI are nearly imaginary. These findings hold practical implications for policy makers, government and investors.

Gas trade and investments

International Nuclear Information System (INIS)

Chabrelie, M.F.

2000-01-01

The WOC 9 workshop of the CMG 2000 world gas congress was devoted to gas projects and economics. One round table chaired by G. Bouchard (Gaz de France) and T.H. Thorn (Enron) was devoted to the commercial and financial challenges the gas industry will have to face in the context of inter-region markets and investments. This article summarizes the discussion that took place during this round table: towards a progressive un-partitioning of regional markets, the strategic changes in the European gas market, the LNG industry: new actors and new markets, the gas producers at the crossroads. (J.S.)

EXPANSIONARY MONETARY POLICY AND THE OPPORTUNITIES FOR RESURGENCE OF INVESTMENT GROWTH IN UKRAINE

Directory of Open Access Journals (Sweden)

A. Ignatyuk

2014-12-01

Full Text Available This article is analyzed the basic tools of the expansionary monetary policy and its impact on investment growth. It is proposed transformation of monetary policy to activate the innovation processes, in particular by introducing macro-prudential limitations of investment alternatives for the population and strengthening the role of banks with state capital. In article is suggested the methods of National bank, together with the Government to stimulate investment by the use of the allocation of funds through the instruments of monetary expansion.

Causal Links between Foreign Direct Investments and Trade: A Comparative Study of India and China

Directory of Open Access Journals (Sweden)

Renu SHARMA

2013-05-01

Full Text Available Global economic environment is changing rapidly during the last two decades. This change is reflected in widening and intensifying international linkages in trade and FDI. Various countries are now favouring economic reforms for attaining rapid and sustained growth. The scope for transnational production has expended due to reduction of the barriers to international trade and the various regional integration agreements between the different countries. This paper examines the causal relationships between FDI and trade (i.e Exports and Imports in India and China. Granger causality test has been employed to examine the causal relation between FDI and trade by using the data over the period of 1976-2011.The results for China show unidirectional causality running from FDI to imports and FDI to exports, however, there exist bidirectional causality between imports and exports. India gives the results which are not similar to China where bidirectional causality between FDI and imports; FDI and exports; and exports and imports have been found.

A Diversified Investment Strategy Using Autonomous Agents

Science.gov (United States)

Barbosa, Rui Pedro; Belo, Orlando

In a previously published article, we presented an architecture for implementing agents with the ability to trade autonomously in the Forex market. At the core of this architecture is an ensemble of classification and regression models that is used to predict the direction of the price of a currency pair. In this paper, we will describe a diversified investment strategy consisting of five agents which were implemented using that architecture. By simulating trades with 18 months of out-of-sample data, we will demonstrate that data mining models can produce profitable predictions, and that the trading risk can be diminished through investment diversification.

U.S. Trade and Investment Policy Making Process

Science.gov (United States)

Overall, EPA’s trade and environment policy organization is designed to create a flexible and collaborative mechanism so that EPA can participate fully and effectively in the development and implementation of U.S. trade and environment policy.

Symposium on the Trans-Pacific Partnership and Beyond: Advancing Canadian Trade and Investment in Asia

Directory of Open Access Journals (Sweden)

Randolph Mank

2015-08-01

Full Text Available On June 18, 2015 the University of Calgary’s School of Public Policy hosted the symposium The Trans-Pacific Partnership and Beyond: Advancing Canadian Trade and Investment in Asia, at the Canadian War Museum. The School was honoured to have Dr. Randolph Mank present the keynote address at this event who brings over thirty years of public and private sector experience in Asia to his analysis of Canadian relations in Asia. A three-time Canadian Ambassador in the Asian region, having served in Indonesia, Malaysia and Pakistan, Mank also held the position of Senior Advisor and Vice President Asia for Blackberry and currently lives in Singapore. Presenting a policy prescription for Canadian-Asian relations over the next five years or so, Mank shares a personal “Top 10” list of specific things Canada should do to advance national and business interests in Asia. Although expanding trade linkages in the region is obviously crucial for Canada, Mank’s recommendations are positioned within the broader framework of strengthening our diplomatic platform and development assistance in the region. Mank concludes that if Canada does not increase its engagement and investment in Asia, we won’t be an influential player in the evolving and highly integrated new world order. One might agree with every recommendation, or once might quibble with the government-centered focus of his prescriptions; most certainly, some Canadian firms have been successful in Asia and we could learn from their experiences. That said, Dr. Mank speaks from authority and we are pleased to publish his speech as a valuable contribution to a more informed and public debate on Canada’s future role in Asia.

A search for distinctive features of demand-led growth models

OpenAIRE

Sergio Parrinello

2014-01-01

This paper aims at a critical and constructive assessment of some extensions of Keynes’s analysis of effective demand to the long period and growth. A criticism is addressed to a single-cause interpretation of the demand-led growth models and to the notion of normal capacity utilization adopted in such models. A positive argument tries to find a distinctive characterization of those extensions in the productive and financial conditions that make effective the autonomous changes in aggregate d...

Size, Leverage, Concentration, and R&D Investment in Generating Growth Opportunities

OpenAIRE

Yew Kee Ho; Mira Tjahjapranata; Chee Meng Yap

2006-01-01

We show that a firm's ability to reap growth opportunities from R&D investments depends on its size, leverage, and the industry concentration. While the direct effects of these factors are significant, the size-leverage interaction reveals further important insights. Large firms' advantages over small firms disappear as their leverage increases. Specifically, small firms with high leverage reap the greatest growth opportunities. Our results provide explanations for inconsistent findings obser...

INTERACTION OF TRADE AND FINANCIAL LINKAGES IN THE FREE TRADE ZONES

Directory of Open Access Journals (Sweden)

V. Shevchenko

2014-09-01

Full Text Available Different models of free trade agreements (FTA and free trade zones (FTZ are considered in the article, argued the complex approach to their structures and results under unstable global economic environment. The typology of the free trade zones models and financial linkages types between countries have been developed. Approaches to the results of the free trade zones have been argued. It has been discovered that for the free trade zones of transitional countries the prevailing are tarde flows concentration whereas financial and investment linkages are acting with developed countries. The main directions of increasing of the financial linkages results in the free trade zones have been discovered.

Forecasting market impact costs and identifying expensive trades

NARCIS (Netherlands)

Bikker, Jacob A.; Spierdijk, L.; Hoevenaars, Roy P.M.M.; van der Sluis, Pieter Jelle

Often, a relatively small group of trades causes the major part of the trading costs on an investment portfolio. Consequently, reducing the trading costs of comparatively few expensive trades would already result in substantial savings on total trading costs. Since trading costs depend to some

Trade in health services.

Science.gov (United States)

Chanda, Rupa

2002-01-01

In light of the increasing globalization of the health sector, this article examines ways in which health services can be traded, using the mode-wise characterization of trade defined in the General Agreement on Trade in Services. The trade modes include cross- border delivery of health services via physical and electronic means, and cross-border movement of consumers, professionals, and capital. An examination of the positive and negative implications of trade in health services for equity, efficiency, quality, and access to health care indicates that health services trade has brought mixed benefits and that there is a clear role for policy measures to mitigate the adverse consequences and facilitate the gains. Some policy measures and priority areas for action are outlined, including steps to address the "brain drain"; increasing investment in the health sector and prioritizing this investment better; and promoting linkages between private and public health care services to ensure equity. Data collection, measures, and studies on health services trade all need to be improved, to assess better the magnitude and potential implications of this trade. In this context, the potential costs and benefits of trade in health services are shaped by the underlying structural conditions and existing regulatory, policy, and infrastructure in the health sector. Thus, appropriate policies and safeguard measures are required to take advantage of globalization in health services. PMID:11953795

Carbon dioxide emission and economic growth of China-the role of international trade.

Science.gov (United States)

Boamah, Kofi Baah; Du, Jianguo; Bediako, Isaac Asare; Boamah, Angela Jacinta; Abdul-Rasheed, Alhassan Alolo; Owusu, Samuel Mensah

2017-05-01

This study investigates the role of international trade in mitigating carbon dioxide emission as a nation economically advances. This study disaggregated the international trade into total exports and total imports. A multivariate model framework was estimated for the time series data for the period of 1970-2014. The quantile regression detected all the essential relationship, which hitherto, the traditional ordinary least squares could not capture. A cointegration relationship was confirmed using the Johansen cointegration model. The findings of the Granger causality revealed the presence of a uni-directional Granger causality running from energy consumption to economic growth; from import to economic growth; from imports to exports; and from urbanisation to economic growth, exports and imports. Our study established the presence of long-run relationships amongst carbon dioxide emission, economic growth, energy consumption, imports, exports and urbanisation. A bootstrap method was further utilised to reassess the evidence of the Granger causality, of which the results affirmed the Granger causality in the long run. This study confirmed a long-run N-shaped relationship between economic growth and carbon emission, under the estimated cubic environmental Kuznet curve framework, from the perspective of China. The recommendation therefore is that China as export leader should transform its trade growth mode by reducing the level of carbon dioxide emission and strengthening its international cooperation as it embraces more environmental protectionisms.

ARDL Approach to Trade Libralisation and Economic Growth in the ...

African Journals Online (AJOL)

Nneka Umera-Okeke

the long and short run impact of trade liberalization to economic growth suggested that ..... To ensure the goodness of fit of the model, diagnostic and stability tests are conducted. .... The results indicate the absence of any instability of the.

Cap-and-trade policy: The influence on investments in carbon dioxide reducing technologies in Indiana

Science.gov (United States)

Fahie, Monique

With most of the energy produced in the state of Indiana coming from coal, the implementation of policy instruments such as cap-and-trade, which is included in the most recent climate bill, will have significant effects. This thesis provides an analysis of the effects that a cap-and-trade policy might have on the investment decisions for alternative technologies in the power plant sector in Indiana. Two economic models of representative coal-fired power plants, Gallagher (600MW) and Rockport (2600MW), are selected and used to evaluate the repowering decision of a plant for several technologies: integrated gasification combined cycle (IGCC), wind farm combined with natural gas combined cycle (NGCC) and supercritical pulverized coal (SCPC). The firm will make its decisions based on the net present value (NPV) of cost estimates for these CO2 reducing technologies, the cost of purchasing offsets and CO 2 allowances. This model is applied to a base case and three American Clean Energy and Security Act of 2009 cases derived from the Energy Information Administration (EIA, 2009b). A sensitivity analysis is done on the discount rate and capital costs. The results of the study indicate that a SCPC plant without carbon capture and storage (CCS) is the least costly compliance option for both plants under all of the cases while retrofitting the existing plant with CCS is the most expensive. Gallagher's three least expensive options across most scenarios were SCPC without CCS, the operation of the existing plant as is and investment in wind plus NGCC. Rockport's three least expensive compliance options across most scenarios were SCPC without CCS, the operation of the existing plant as is and IGCC without CCS. For both plants, when a 12% discount rate is utilized, NPV of costs are generally lower and the operation of the existing plant technology with the aid of allowances and offsets to be in compliance is the cheapest option. If capital costs were to decrease by 30%, a SCPC

Chinese outward foreign direct investment: Is ASEAN a new destination?

OpenAIRE

Nguyen, Thi Tuong Anh; Doan, Quang Hung

2016-01-01

The paper re-investigates the determinants of China’s outward foreign direct investment (OFDI) employing panel data analysis collecting between 2003 and 2014. The results highlight that the market-seeking variables as GDP, GDP Per Capita, and openness to trade have a positive impact on China’s OFDI. In addition, Chinese investors are likely to be not associated with economic growth of host countries. Importantly, the previous studies confirmed that only the rich natural resources and the weak...

Financial analysis of foreign direct investment on economic growth of developing countries

Directory of Open Access Journals (Sweden)

Raičević Božidar

2016-01-01

Full Text Available The object of the research paper is to perform an empirical analysis of foreign direct investment (FDI influence on economic growth with the aim of establishing factors that will contribute to overcoming the problem. The research results imply that realistic exchange rate, export and import as well as state expenditures are statistically significant for predicting economic growth movement and they have a positive influence on FDI movement. Empirical analysis, contrary to expectations, has shown that FDI, public debt and openness have a negative impact on economic growth in the case of Republic of Serbia. In the following period Serbia has to decrease the share of budget deficit in GDP and control public debt. Serbia has to pay special attention to improving investment environment and encourage export oriented production, whereas finance management and continuation of reform processes are the basis for establishing sustainable development of country, with sustainable use of available resources.

The effect of employment, economic growth, and investment on HDI: In provinces in Indonesia

Directory of Open Access Journals (Sweden)

Nur Feriyanto

2016-07-01

Full Text Available This study aims to analyze the effect of Number of Working People (Employment, Economic Growth Rate (EGR, and Investment on Human Development Index (HDI in Indonesia, partially and simultaneously. This study used investments consisting of Domestic Investment (DI and Foreign Direct Investment (FDI. It used the method of analysis of panel data regression analysis with the data from thirty-three provinces in Indonesia from 2006 to 2013. The results indicate that the employment variables have positive and significant impact to HDI in Indonesia. It shows that EGR does not affect HDI in Indonesia. However, Domestic and foreign direct investments partially have positive and significant effect on HDI in Indonesia. Simultaneously, the variables employment, EGR, domestic and foreign direct investments have a significant effect on the HDI in Indonesia.

Evolution of plant growth and defense in a continental introduction.

Science.gov (United States)

Agrawal, Anurag A; Hastings, Amy P; Bradburd, Gideon S; Woods, Ellen C; Züst, Tobias; Harvey, Jeffrey A; Bukovinszky, Tibor

2015-07-01

Substantial research has addressed adaptation of nonnative biota to novel environments, yet surprisingly little work has integrated population genetic structure and the mechanisms underlying phenotypic differentiation in ecologically important traits. We report on studies of the common milkweed Asclepias syriaca, which was introduced from North America to Europe over the past 400 years and which lacks most of its specialized herbivores in the introduced range. Using 10 populations from each continent grown in a common environment, we identified several growth and defense traits that have diverged, despite low neutral genetic differentiation between continents. We next developed a Bayesian modeling approach to account for relationships between molecular and phenotypic differences, confirming that continental trait differentiation was greater than expected from neutral genetic differentiation. We found evidence that growth-related traits adaptively diverged within and between continents. Inducible defenses triggered by monarch butterfly herbivory were substantially reduced in European populations, and this reduction in inducibility was concordant with altered phytohormonal dynamics, reduced plant growth, and a trade-off with constitutive investment. Freedom from the community of native and specialized herbivores may have favored constitutive over induced defense. Our replicated analysis of plant growth and defense, including phenotypically plastic traits, suggests adaptive evolution following a continental introduction.

China's Exports Overtake Those of Japan%中国的出口超过日本

Institute of Scientific and Technical Information of China (English)

Frances Williams; 殷光文

2005-01-01

@@ China has overtaken Japan as the world's third largest exporter, the World Trade Organization said, after a surge1 in demand for its electronic goods led to a 35 per cent jump in the country's overseas sales. However, a slackening2 of the pace of investment by China and the US was likely to moderate3 economic activity and thus trade growth this year, the WTO said.

Option trading and individual investor performance

NARCIS (Netherlands)

Bauer, R.; Cosemans, M.; Eichholtz, P.

2009-01-01

This paper examines the impact of option trading on individual investor performance. The results show that most investors incur substantial losses on their option investments, which are much larger than the losses from equity trading. We attribute the detrimental impact of option trading on investor

Dynamic inter-relationship between trade, economic growth and tourism in Malaysia

OpenAIRE

Sarmidi, Tamat; Salleh, Norlida H

2010-01-01

This study aims to test a hypothesis that postulate a positive inter-relationship between international flows of tourist, trade and economic growth. Although tourism is one of the major components in the trade of services, and it has been certified by large number of literatures on the strong correlation between tourism industry and economic development, yet not much is known on the dynamic inter-relationship between these three variables. Closing-up this gaping hole, this study employs the c...

Brazilian economic performance since the emergence of the great recession: The effects of income distribution on consumption

Directory of Open Access Journals (Sweden)

Arestis Philip

2016-01-01

Full Text Available After a long period of unstable and low economic activity, Brazil achieved a relatively high economic growth with low inflation from 2004 to 2008, when the world scenario was favourable for the Brazilian trade balance. An incomes policy, focused on real increases in the minimum wage along with a credit boom, led to a decade of high consumption growth rates. High levels of consumption and exports, in turn, induced investment and stimulated manufacturing production, despite the real appreciation of the national currency. However, the Great Recession that emerged after the global financial crisis of 2007/2008 brought challenges to the Brazilian economic performance, with unpleasant consequences for the country’s GDP growth. Consumption, investment and exports have decelerated, despite anti-cyclical macroeconomic policies. In this setting, manufacturing production stagnated and GDP growth slowed down substantially, while imports continued rising considerably. The aim of this paper is to provide an explanation to the slowdown of Brazilian growth rates after the Great Recession. The main hypothesis is that consumption was the main source of effective demand in the country since 2003. However, Brazil has not yet been able to sustain manufacturing and economic growth without a more active government policy to stimulate productive investment.

Considerations on Optimal Financial Invest ment into Infrastructural Facilities

Institute of Scientific and Technical Information of China (English)

无

2002-01-01

The enlargement of government's investment into infrastructural construction is both a help medicine curing economic contraction and an effective measure to accumulate long-term economic growth.. However, the investment by finance into infrastructure also has a problem of optimization and reasonable selection. In view of market economic requirements, the policy direction of financial investment into infrastructural industries must be doing something at the expense of some other things. In the process of the adjustment and optimization of economic structure, state financial investment into infrastructural facilities has to first of all solve the problem of delimitating the best fields and selecting trades. As to the infrastructure facilities producing and selling pure public products, the development must be made by financial investment;As to the production fields of subpublic products, finance should ensure reasonable investment; As to the infrastructural facilities of pure privite production, finance should completely, in principle, pull out and let market supply. On this basis, selections should be made on best capital soureces and investment ways. The capital sources should be mainly from tax and regulational income and direct investment may be made. As to the production fields of most subpublic production, the best capital sources are national debt income and indirect investment may be made. In addition, the optimization of financial investment into infrastructural facilities must reform the managerial system of infrastructural facilities and raise investment efficiency. Only by scientifically selecting and arranging the financing ways and managerial system in investment fields,can the maximum economic efficiency and social welfare results be realized in carrying out financial investment into infrastructural facilities.

IMPACTS OF AFRICA'S TOTAL AND COMMODITY-BASED TRADE WITH CHINA AND OECD COUNTRIES

Directory of Open Access Journals (Sweden)

Nihal Bayraktar

2017-02-01

Full Text Available This paper studies the changes in the pattern of Africa’s trade with China and OECD countries, and the impacts of these changes on sub-Saharan Africa’s economic growth. In the study, the country-level total exports and imports, as well as the commodity-based exports and imports are considered for 42 sub-Saharan African countries between 1980 and 2014. The results show that as the share of China in sub-Saharan Africa’s trade has significantly increased, a declining trend is observed for OECD countries, traditional trading partners. Despite changing trade links, the investigation of the commodity-based exports and imports indicate that the types of imported and exported commodities have not changed much for Africa. However, a strong link is observed between economic growth in SSA and its changing trade links from the OECD countries towards China at the total level as well as at the commodity level. The study concludes that there is an increase in the international competition for Africa’s commodities, and resulting in improvements in the terms of trade has led to higher income growth in the region.

FOREIGN INVESTMENTS IN RUSSIA IN 2013

OpenAIRE

Ekaterina Ilyukhina

2014-01-01

Foreign investment in the Russian economy in 2013 increased 10.1% year-o-year. The increase was triggered by the results achieved in Q1 2013. Foreign investment was concentrated in the industrial sector, trade, and financial sector. Manufacturing industry was leading in the industrial sector. Cyprus, Switzerland, and Great Britain were leading in volumes of investment in the Russian Federation.

GLOBAL TRADE. THE KEY TO TRANSATLANTIC COMPETITIVENESS

Directory of Open Access Journals (Sweden)

Mădălina Laura CUCIURIANU

2015-04-01

Full Text Available Global trade has an important characteristic in terms of open global markets by means of eliminating barriers to trade and investment. The United States and the European Union, two major international actors and competitors in the economic field, have both the opportunity to change the global trade by concluding the negotiations of the Transatlantic Trade and Investment Partnership. For this reason, this paper tries to find the connections between global trade and transatlantic competitiveness in the way that the global trade can be considered a key to transatlantic competitiveness. The United States and the European Union are global actors and competitors in the global economy and the play field is the global trade. In order to be aware of the importance ofglobal trade in the transatlantic competitiveness, this paper includes also an analysis of the concrete actions that both economic powers are taking in key-sectors of the transatlantic economy.

The Impact of the African Growth and Opportunity Act (AGOA): An Empirical Analysis of Sub-Saharan African Agricultural Exports

OpenAIRE

Zenebe, Addisalem; Peterson, Wesley; Wamisho, Kassu

2014-01-01

The African Growth and Opportunities Act (AGOA) which was signed into law in 2000 as part of U.S. trade legislation has the objectives of increasing trade and investment between the U.S. and eligible Sub-Saharan African (SSA) countries, by reducing or eliminating tariffs applied to African exports of different products. This Act represents a promising approach to economic growth and development in SSA through international trade. This research paper examines the impact of AGOA on African agri...

Trade-off between growth and immune function : a meta-analysis of selection experiments

NARCIS (Netherlands)

van der Most, Peter; de Jong, Berber; Parmentier, Henk K.; Verhulst, Simon

P>1. Evidence suggests that developing and maintaining an effective immune system may be costly and that an organism has to make a trade-off between immune function and other fitness-enhancing traits. To test for a trade-off between growth and immune function we carried out a meta-analysis of data

EXTENSIVE ROLE OF FOREIGN DIRECT INVESTMENT IN DEVELOPMENT OF INDIAN ECONOMY

Directory of Open Access Journals (Sweden)

Amit Saini

2016-12-01

Full Text Available Since 2001, the extensive growth in domestic economy were potentially associated with the scale of foreign direct inflows that were largely interconnected with industrial growth, re-shuffling investment policies, and availability of large market size in India. However, the government remained much restrictive earlier in these issues to protect the domestic entrepreneurs along with to promote the self-efficacy among individuals. Within this framework, this paper is being prepared to observe the degree of effect of foreign direct investment inflow over successive economic parameters such as gross domestic product and Export. Moreover, to define such interconnection, the generalized linear model econometric model has been developed to analyze the overall effect and uni-variate effect over three categorical factors i.e. country, year and foreign direct investment itself. Finally, the results shown, the consistent foreign direct investment inflows is the result of successive years that led to increase the prestige of gross domestic products and Export in many folds during a period from 2000 to 2012.

Ontario's intertie capacity and electricity trade in the interconnected system

International Nuclear Information System (INIS)

Dorey, S.

2002-01-01

Hydro One's capacity of existing interconnections were described. The Ontario utility is within reach of about 320 GW electricity markets in neighbouring Quebec, New York, Michigan, Minnesota, and Manitoba. It is also within reach of 50 million customers, and 30 per cent of total U.S. energy consumption. The author emphasized the need for expanded interties and new interconnections. The status of new interconnections was described along with the rules regarding electric power import, export and wheeling. It was noted that compared to the United States, Canada has a higher proportion of clean hydro and nuclear power plants in its mix of power generation. Markets across North America are adopting electricity restructuring and open competition. However, the transmission grids were not designed to support market-driven electricity trading. Most transmission grids were built when utilities were tightly regulated and provided service only within their assigned regions. The current energy infrastructure is not equipped for large-scale swapping of power in competitive markets. It was also noted that growth in US power flows is outpacing transmission investment. This paper addressed the issue of license requirements, transmitter proposals for regulated investments, and non-rate base transmitter investments. It was concluded that while market rules are flexible enough to encourage inter-jurisdictional trade, the rules have to facilitate and encourage transmission investment. 8 figs

International Trade and Productivity Growth: Exploring the Sectoral Effects for Developing Countries

OpenAIRE

Ehsan U. Choudhri; Dalia S. Hakura

2000-01-01

The paper estimates an empirical relation based on Krugman's "technological gap" model to explore the influence of the pattern of international trade and production on the overall productivity growth of a developing country. A key result is that increased import competition in medium-growth (but not in low- or high-growth) manufacturing sectors enhances overall productivity growth. The authors also find that a production-share weighted average of (technological leaders') sectoral productivity...

India welcomes foreign investment in power

International Nuclear Information System (INIS)

Kishewitsch, S.

1993-01-01

India's electricity supply capacity is 72 GW, and there are plans to add 48 GW every five years for the next 15 years. Economic growth is about 6% and new policies have been implemented to encourage foreign investment in the electric power sector, since state electricity boards lack funds for expansion. Ceilings on foreign ownership have been removed, tariffs are being reduced, rupees are made convertible on trade accounts, and licenses now have 30-year terms. To ensure investor interest, the national parliament has guaranteed a 16% return on equity. Power system developers interested in the Indian market will have to overcome problems associated with bureaucratic inefficiency, low load factors, a high percentage of rural population, lack of local financing, uneven quality of coal supplies, cumbersome regulations, poor maintenance of equipment, transportation delays, and widespread theft of power. In some areas of India, investments in improving the efficiency of the transmission or generation system, or improving efficiency of end-use industrial processes, could be more cost-effective than building new power plants. Recommendations are made for Canadian firms interested in investing in India's electric power sector

Financing Investment

DEFF Research Database (Denmark)

Hirth, Stefan; Flor, Christian Riis

Intuition suggests that corporate investment should be decreasing in financing constraints. We show that even when financing is obtained using a standard debt contract and there is symmetric information between the firm and outside investors, the relation is actually U-shaped. We thus provide a new...... theoretical explanation for the recent empirical findings of Cleary et al. (2007). We split up the endogenously implied financing costs and propose a trade-off between expected liquidation costs and second-best investment costs. For rather unconstrained firms, the risk of costly liquidation dominates the cost...

U.S.-China trade growth and America’s transportation system

Science.gov (United States)

2008-04-01

The growth in U.S.- China trade over the last two decades has impacted the U.S. transportation system by increasing traffic at air cargo hubs and seaports. The highway and rail infrastructure that supports the movement of cargo to and from these faci...

The Effect of Government Debt and Other Determinants on Economic Growth: The Greek Experience

Directory of Open Access Journals (Sweden)

Panagiotis Pegkas

2018-02-01

Full Text Available This study empirically investigates the relationship between economic growth and several factors (investment, private and government consumption, trade openness, population growth and government debt in Greece, where imbalances persist several years after the financial crisis. The results reveal a long-run relationship between variables. Investment as private and government consumption and trade openness affect positively growth. On the other hand, there is a negative long-run effect of government debt and population growth on growth. Furthermore, the study addresses the issue of break effects between government debt and economic growth. The results indicate that the relationship between debt and growth depends on the debt breaks. Specifically, at debt levels before 2000, increases in the government debt-to-GDP ratio are associated with insignificant effects on economic growth. However, as government debt rises after 2000, the effect on economic growth diminishes rapidly and the growth impacts become negative. The challenge for policy makers in Greece is to halt the rising of government debt by keeping a sustainable growth path. Fiscal discipline should be combined with the implementation of coherent, consistent and sequential growth-enhancing structural reforms.

Los giros del comercio exterior y la inversión extranjera directa en Cuba. The turns of foreign trade and direct foreign investment in cuba

OpenAIRE

Quintero Santos, Jose

2013-01-01

Cuban economy has a high dependence on foreign trade. In this way, Cuban economy is very vulnerable to changes occurring in the international economy. The changes in domestic economic policy and in the international economic have a great influence in the structure of the trade balance and the positioning of the various products and services in the composition of exports and imports that Cuba needs for economic development. Hence, external financing and the foreign direct invest...

The effects of return on investment, sales growth rate, volatility of investment, cash flow and structure of institutional shareholders on the ratio of debt to equities

Directory of Open Access Journals (Sweden)

Jalal Golmohammadi

2015-12-01

Full Text Available This paper presents a study to measure the effects of return on investment, sales growth rate, volatility investment, cash flow and structure of institutional shareholders on the ratio of debt to equities. The study selects 102 firms listed on Tehran Stock Exchange and, using regression technique with Panel data, examines five different hypotheses over the period 2008-2012. The results indicate that there was a negative and meaningful relationship between return of investment and the ratio of debt to equities and a positive and meaningful relationship between sales growth and the ratio of debt to equities. Moreover, there were positive and meaningful relationships between volatility of investment as well as cash flow and the ratio of debt to equities. Finally, the survey has indicated that there was a negative and meaningful relationship between the structure of institutional shareholders and the ratio of debt to equities.

A major trade-off between structural and photosynthetic investments operative across plant and needle ages in three Mediterranean pines.

Science.gov (United States)

Kuusk, Vivian; Niinemets, Ülo; Valladares, Fernando

2018-04-01

Pine (Pinus) species exhibit extensive variation in needle shape and size between juvenile (primary) and adult (secondary) needles (heteroblasty), but few studies have quantified the changes in needle morphological, anatomical and chemical traits upon juvenile-to-adult transition. Mediterranean pines keep juvenile needles longer than most other pines, implying that juvenile needles play a particularly significant role in seedling and sapling establishment in this environment. We studied needle anatomical, morphological and chemical characteristics in juvenile and different-aged adult needles in Mediterranean pines Pinus halepensis Mill., Pinus pinea L. and Pinus nigra J. F. Arnold subsp. salzmannii (Dunal) Franco hypothesizing that needle anatomical modifications upon juvenile-to-adult transition lead to a trade-off between investments in support and photosynthetic tissues, and that analogous changes occur with needle aging albeit to a lower degree. Compared with adult needles, juvenile needles of all species were narrower with 1.6- to 2.4-fold lower leaf dry mass per unit area, and had ~1.4-fold thinner cell walls, but needle nitrogen content per dry mass was similar among plant ages. Juvenile needles also had ~1.5-fold greater mesophyll volume fraction, ~3-fold greater chloroplast volume fraction and ~1.7-fold greater chloroplast exposed to mesophyll exposed surface area ratio, suggesting overall greater photosynthetic activity. Changes in needle traits were similar in aging adult needles, but the magnitude was generally less than the changes upon juvenile to adult transition. In adult needles, the fraction in support tissues scaled positively with known ranking of species tolerance of drought (P. halepensis > P. pinea > P. nigra). Across all species, and needle and plant ages, a negative correlation between volume fractions of mesophyll and structural tissues was observed, manifesting a trade-off between biomass investments in different needle functions. These

RELATIVECONTRIBUTIONS OF THE NIGERIAN CAPITALMARKETTO THE GROWTH OF EXTERNAL RESERVES (2005-2014

Directory of Open Access Journals (Sweden)

Akaninyene Udo Akpan

2015-01-01

Full Text Available Virtually all aspects of human endeavour entail the use of money either selfgenerated or borrowed. In capital market, the stock in trade is money which couldbe raised through various instruments under well governed rules and regulationscarefully administered and followed by different institutions or market operators.External reserves constitute an integral part of the wealth of the nation such thatthe lack of it brings worry to most nations and can limit the ability of the countryto make foreign currency denominated payments and limits its spending abroad.Hence,countries are induced to hold reserves to allow monetary authorities tointervene in markets to control the exchange rate and inflation. Adequate reservesalso allow the country to borrow from abroad and to hedge against instability anduncertainty of external capital flows.Therefore, the objective of this paper is toaccess the relative contribution of the Nigerian capital market if any to the growthof her external reserve.The methodology used is purely descriptive and narrative and the data used is secondary. The evidence provided in the study based on thestatistical analysis, revealed that the Nigerian capital market can induce thegrowthof external reserve but it has not contributed to the growth of externalreserve in Nigeria. Furthermore, the study recommendedamong otherstheneedfor availability of more investment instruments such as derivatives, futures,swaps, options in the market and theexpansion of the Nigerian capital Market bythe government creating an enabling investable environment that will increaseboth the volume of transactions and number of securities traded in the market.This will improve their ability to mobilize resources and efficiently allocate themto the most productive sectors of the economy hence, contributing its portion tothe growth of her external reserve.

26 CFR 1.1445-8 - Special rules regarding publicly traded partnerships, publicly traded trusts and real estate...

Science.gov (United States)

2010-04-01

... partnerships, publicly traded trusts and real estate investment trusts (REITs). 1.1445-8 Section 1.1445-8... estates upon the disposition of U.S. real property interests. Except as otherwise provided in this... Bonds § 1.1445-8 Special rules regarding publicly traded partnerships, publicly traded trusts and real...

Dancing with the Dragon: Canadian Investment in China and Chinese Investment in Canada

Directory of Open Access Journals (Sweden)

Josephine Smart

2012-09-01

Full Text Available While Canadian trade and investment with China is today relatively modest, with China well on track to displace the United States as the world’s largest economy, Canada must make it a priority to prepare for a future characterized by dramatically increased trade and investment between our two countries. This paper sheds light on some the issues and measures Canadian governments will have to consider as they look to establish safe and prosperous relationships with China. To begin with, Canadians choosing to invest in China must be prepared for the risk inherent in that country’s peculiar “capitalism with socialist characteristics.” The Chinese state continues to play an interventionist role in many significant sectors in the economy, and the strategy behind China’s overseas investment in countries such as Canada is specifically aimed at furthering China’s own national security goals and geopolitical influence. Canadians wishing to do business in China will also require great cultural competency. The cultural institution known as guanxi — in which gifts to sway influence are considered an acceptable, even desirable practice — persists in China, with even native Chinese unclear on where to draw the line between “good” guanxi and “bad” corruption. At home, Canadians may soon be forced to confront questions about how much of our own land security and natural resource security we are willing to compromise by permitting Chinese investment to gather up our farmland and key industries. Canadians should decide sooner, not later, how well our own strategic interests are served by permitting unrestricted Chinese investment in our economy. In anticipation of these issues, Canada’s federal and provincial governments should provide increased support for a more comprehensive training and research infrastructure that better prepares Canadians for the growing bilateral trade between our countries. They should also reinvest in the

Endogenous Population Dynamics and Economic Growth with Free Trade between Countries

Directory of Open Access Journals (Sweden)

Wei-Bin Zhang

2016-05-01

Full Text Available This paper builds a model to deal with dynamic interdependence between different countries' birth rates, mortality rates, populations, wealth accumulation, and time distributions between working, leisure and children caring. The model shows the role of human capital, technological and preference changes on national differences in birth rates, mortality rates, time distributions, population change, and wealth accumulation. The economic mechanisms of wealth accumulation, production and trade are based the Solow growth model and the Oniki-Uzawa trade model. We use the utility function proposed by Zhang to describe the behavior of households. We model national and gender differences in human capital, propensity to have children, propensity to use leisure time, and children caring efficiency. We describe the dynamics of global economic growth, trade patterns, national differences in wealth, income, birth rates, mortality rates, and populations with differential equations. We simulate the model to show the motion of the system and identify the existence of equilibrium point. We also examine the effects of changes in the propensity to have children, the propensity to save, woman's propensity to use leisure, woman's human capital, and woman's emotional involvement in children caring on the dynamics of the global and national economies.

The downside of emissions trading

International Nuclear Information System (INIS)

Viialainen, M.

2004-01-01

High unemployment and redundancies are a major problem in Finland today, and the economic downturn has only intensified as a result of the weak dollar and low investments. The growth of the global economy and the expansion of the EU are likely to see the shift in production and jobs away from Finland to low- cost countries, such as China or the countries of Eastern Central Europe, only intensily. The cost burden imposed by emissions trading will be an added problem. The disproportionally high emission reduction demands placed on Finland within the EU could lead to the loss of as many as 15,000 jobs, according to some estimates

Savings, Investment & FDI Contribution To Malaysian Economic Growth In The Globalization Era

OpenAIRE

Kasim Mansur; Markos Mamalakis; Sidah Idris

2011-01-01

What are the prospects and future of Foreign Direct Investment (FDI) in Malaysia now? Malaysia is undoubtedly a development success story. Throughout the post-independence period since 1957, Malaysia has enjoyed rapid economic growth with rising per capita income and price stability. Rising living standards, greater urbanization and access to health and education, and an improvement in the distribution of income have accompanied economic growth. Malaysian performance has been particularly rem...

18 Growth Perspective via Trade in Nigeria: A Co-integration ...

African Journals Online (AJOL)

User

2012-01-24

Jan 24, 2012 ... government should look beyond petroleum product as major ... These include the terms of trade a country faces vis-à-vis its ... different channels (economic growth, price changes, market and ... in any poverty-reducing strategy. ... cost and reduce the availability of imported inputs which enter the production.

The Impact of Foreign Direct Investment on Economic Growth in the ...

African Journals Online (AJOL)

The main objective of this study is to determine the impact of Foreign Direct Investment (FDI) on the economic growth of the countries of the Economic Community of West African States (ECOWAS). The study utilised the fixed effects model to estimate regression coefficients of all ECOWAS countries between 2000 and 2009.

How are investment decisions in the steam coal market affected by demand uncertainty and buyer-side market power?

Energy Technology Data Exchange (ETDEWEB)

Paulus, Moritz

2012-02-15

During the last decade, China has evolved into the largest consumer by far and one of the largest importers of coal. The main driver for the increase in coal demand in China has been economic growth. Future Chinese growth rates, and therefore coal consumption and coal imports, are highly uncertain, which may affect profitability of new investments of international mining companies. Furthermore, China has actively employed an array of instruments to control coal trade flows in the last years. In this paper, we analyse the potential impact of increased Chinese coal import volatility and of potential exertion of Chinese market power on global mining investment decisions. For this purpose, we develop a multi-stage stochastic equilibrium model which is able to simulate investments under uncertainty and a monopolistic player in addition to a competitive fringe. We find that accounting for Chinese demand uncertainty yields significant costs for investors and also leads to a delay in investments. Additionally, the exertion of Chinese market power further reduces overall investment activity.

How are investment decisions in the steam coal market affected by demand uncertainty and buyer-side market power?

International Nuclear Information System (INIS)

Paulus, Moritz

2012-01-01

During the last decade, China has evolved into the largest consumer by far and one of the largest importers of coal. The main driver for the increase in coal demand in China has been economic growth. Future Chinese growth rates, and therefore coal consumption and coal imports, are highly uncertain, which may affect profitability of new investments of international mining companies. Furthermore, China has actively employed an array of instruments to control coal trade flows in the last years. In this paper, we analyse the potential impact of increased Chinese coal import volatility and of potential exertion of Chinese market power on global mining investment decisions. For this purpose, we develop a multi-stage stochastic equilibrium model which is able to simulate investments under uncertainty and a monopolistic player in addition to a competitive fringe. We find that accounting for Chinese demand uncertainty yields significant costs for investors and also leads to a delay in investments. Additionally, the exertion of Chinese market power further reduces overall investment activity.

Foreign Direct Investment, Host Country Factors and Economic Growth

OpenAIRE

Edna Maeyen Solomon

2011-01-01

This paper analyses how the levels of economic development, human capital, financial development and the qualities of the economic and political environments in host countries simultaneously affects the impact of aggregate inflows of Foreign Direct Investment (FDI) on economic growth. Multiple interaction terms are employed between inward FDI and each of the host country factors mentioned above. The System GMM estimator is applied to a panel of 111 countries from 1981 to 2005. The results sho...

Investment guidelines based on future growth indicators / Christo Vorster

OpenAIRE

Vorster, Christo

2008-01-01

The stock market is cited to be one of the greatest tools ever invented for building wealth. The relative small size of the ideal portfolio, consisting of 10 to 12 shares, reiterates the fact that share selection is absolutely crucial to portfolio success and ultimately the creation of personal financial independence. The main objective of this study is to research, identify and develop investment guidelines based on possible future growth indicators of organisations listed on the JSE. ...

The Real Contours and Targets for the BRICS Monetary Partnership to Facilitate Trade and Investments

Directory of Open Access Journals (Sweden)

Natalia Khmelevskaya

2015-05-01

Full Text Available The article focuses on the evolution of monetary cooperation among BRICS members and on testing the bilateral trade andexchange rate indicators to target transaction costs as they drive export growth. It starts with the formal arrangements toensure the settlement of trade among BRICS in local currencies. An analysis of the export structures of BRICS membersreveals benefits from shifts in export structure from 2009 to 2013, first from China’s role in vertical trade integration andthen, second, as a growing source of demand for BRICS economies. With regard to the exchange rate indicators, mosttrade responses to exchange rate deviations were found to depend on the overall structure of exports. Some BRICS currencydevaluations that anticipate inflation are attributed to exchange rate discrepancies and dumping. With regard to thedivergent effects on export, Russia’s export grew largely through mineral fuel and Brazil has gained from its deepened traderelationships. Therefore, transaction costs may be reduced via common trade settlement arrangements and trade facilitation.The author introduces ideas for designing BRICS payment and settlement mechanisms. One suggestion is to build aclearing union on the platform of BRICS conditional currency reserves similar to the reserve tranche mechanism used by theInternational Monetary Fund. Another addresses cross border local currency payment systems with fine-tuning transac -tions among national clearing systems and banks.

Performance of Exchange-traded Fund in the Nordic Market

OpenAIRE

Huynh, Son

2016-01-01

Exchange-traded Fund (ETF) is one of the newer financial derivative products, yet its growth and popularity have been expansive at a remarkable rate. As a fund, it offers a convenient way to diversify the portfolio and gain exposure to foreign markets. As a stock, it holds the simplicity of being tradable on an exchange. In recent years, ETF has gained increasing interest as the next investment tool. The performance of this financial instrument is therefore worthy of discussion. The aim of th...

Host plant invests in growth rather than chemical defense when attacked by a specialist herbivore.

Science.gov (United States)

Arab, Alberto; Trigo, José Roberto

2011-05-01

Plant defensive compounds may be a cost rather than a benefit when plants are attacked by specialist insects that may overcome chemical barriers by strategies such as sequestering plant compounds. Plants may respond to specialist herbivores by compensatory growth rather than chemical defense. To explore the use of defensive chemistry vs. compensatory growth we studied Brugmansia suaveolens (Solanaceae) and the specialist larvae of the ithomiine butterfly Placidina euryanassa, which sequester defensive tropane alkaloids (TAs) from this host plant. We investigated whether the concentration of TAs in B. suaveolens was changed by P. euryanassa damage, and whether plants invest in growth, when damaged by the specialist. Larvae feeding during 24 hr significantly decreased TAs in damaged plants, but they returned to control levels after 15 days without damage. Damaged and undamaged plants did not differ significantly in leaf area after 15 days, indicating compensatory growth. Our results suggest that B. suaveolens responds to herbivory by the specialist P. euryanassa by investing in growth rather than chemical defense.

Age-dependent trade-offs between immunity and male, but not female, reproduction.

Science.gov (United States)

McNamara, Kathryn B; van Lieshout, Emile; Jones, Therésa M; Simmons, Leigh W

2013-01-01

Immune function is costly and must be traded off against other life-history traits, such as gamete production. Studies of immune trade-offs typically focus on adult individuals, yet the juvenile stage can be a highly protracted period when reproductive resources are acquired and immune challenges are ubiquitous. Trade-offs during development are likely to be important, yet no studies have considered changes in adult responses to immune challenges imposed at different stages of juvenile development. By manipulating the timing of a bacterial immune challenge to the larvae of the cotton bollworm moth, we examined potential trade-offs between investment into immunity at different stages of juvenile development (early or late) and subsequent adult reproductive investment into sperm or egg production. Our data reveal an age-dependent trade-off between juvenile immune function and adult male reproductive investment. Activation of the immune response during late development resulted in a reduced allocation of resources to eupyrene (fertilizing) sperm production. Immune activation from the injection procedure itself (irrespective of whether individuals were injected with an immune elicitor or a control solution) also caused reproductive trade-offs; males injected early in development produced fewer apyrene (nonfertilizing) sperm. Contrary to many other studies, our study demonstrates these immune trade-offs under ad libitum nutritional conditions. No trade-offs were observed between female immune activation and adult reproductive investment. We suggest the differences in trade-offs observed between male sperm types and the absence of reproductive trade-offs in females may be the result of ontogenetic differences in gamete production in this species. Our data reveal developmental windows when trade-offs between immune function and gametic investment are made, and highlight the importance of considering multiple developmental periods when making inferences regarding the

Deregulation and growth in China's energy sector: a review of recent development

International Nuclear Information System (INIS)

Wu, Yanrui.

2003-01-01

Dramatic changes have taken place in China's energy sector over the past decade. These changes have important implications for energy consumption, trade, production and regulatory policies in China and beyond. The objective of this paper is to review some of the key issues associated with deregulation and growth in China's energy sector. Specifically, the paper presents a survey of recent reforms in this sector; it also analyses the impact of deregulation on energy policy, ownership, foreign investment and trade, and sheds some lights on the sources of growth in China's energy sector

Trading Fees and Slow-Moving Capital

OpenAIRE

Buss, Adrian; Dumas, Bernard J

2015-01-01

In some situations, investment capital seems to move slowly towards profitable trades. We develop a model of a financial market in which capital moves slowly simply because there is a proportional cost to moving capital. We incorporate trading fees in an infinite-horizon dynamic general-equilibrium model in which investors optimally and endogenously decide when and how much to trade. We determine the steady-state equilibrium no-trade zone, study the dynamics of equilibrium trades and prices a...

Plant growth with Led lighting systems

International Nuclear Information System (INIS)

Campiotti, C.A.; Bernardini, A.; Di Carlo, F.; Scoccianti, M.; Alonzo, G.; Carlino, M.; Dondi, F.; Bibbiani, C.

2009-01-01

Leds lighting is highly relevant for the horticultural industry. Compared to other light sources used for plant production, leds have several properties which are potentially useful in relation to horticulture. However, although LEDs technology has raised strong interest in research for extraterrestrial agriculture, current LEDs panel costs are still too high for commercial adoption in greenhouse sector, and their electrical efficacies do not compete with those of high-pressure sodium lamps, but several manufactures are working to address these issues. When LEDs become practical, their ability to based light sources specifically suitable for photosynthesis and other horticulturally relevant plant properties (i.e. low radiated heat; lighting from within the canopy) will render the narrow band spectrum of LEDs of particular interest for providing light to greenhouse horticulture. A general description of LEDs application and their technical characteristics is briefly reported. [it

Optimal Time to Invest Energy Storage System under Uncertainty Conditions

Directory of Open Access Journals (Sweden)

Yongma Moon

2014-04-01

Full Text Available This paper proposes a model to determine the optimal investment time for energy storage systems (ESSs in a price arbitrage trade application under conditions of uncertainty over future profits. The adoption of ESSs can generate profits from price arbitrage trade, which are uncertain because the future marginal prices of electricity will change depending on supply and demand. In addition, since the investment is optional, an investor can delay adopting an ESS until it becomes profitable, and can decide the optimal time. Thus, when we evaluate this investment, we need to incorporate the investor’s option which is not captured by traditional evaluation methods. In order to incorporate these aspects, we applied real option theory to our proposed model, which provides an optimal investment threshold. Our results concerning the optimal time to invest show that if future profits that are expected to be obtained from arbitrage trade become more uncertain, an investor needs to wait longer to invest. Also, improvement in efficiency of ESSs can reduce the uncertainty of arbitrage profit and, consequently, the reduced uncertainty enables earlier ESS investment, even for the same power capacity. Besides, when a higher rate of profits is expected and ESS costs are higher, an investor needs to wait longer. Also, by comparing a widely used net present value model to our real option model, we show that the net present value method underestimates the value for ESS investment and misleads the investor to make an investment earlier.

Forecasting market impact costs and identifying expensive trades

NARCIS (Netherlands)

Bikker, J.A.; Spierdijk, L.; Hoevenaars, R.P.M.M.; van der Sluis, P.J.

Often, a relatively small group of trades causes the major part of the trading costs on an investment portfolio. For the equity trades studied in this paper, executed by the world's second largest pension fund, we find that only 10% of all trades determines 75% of total market impact costs.

Protection against methanol-induced retinal toxicity by LED photostimulation

Science.gov (United States)

Whelan, Harry T.; Wong-Riley, Margaret T. T.; Eells, Janis T.

2002-06-01

We have initiated experiments designed to test the hypothesis that 670-nm Light-Emitting Diode (LED) exposure will attenuate formate-induced retinal dysfunction in a rodent model of methanol toxicity. Methanol intoxication produces toxic injury to the retina. The toxic metabolite formed in methanol intoxication is formic acid, a mitochondrial toxin known to inhibit cytochrome oxidase activity. 670-nm LED light has been hypothesized to act by stimulating cytochrome oxidase activity. To test this hypothesis, one group of animals was intoxicated with methanol, a second group was intoxicated with methanol and LED-treated and a third group was untreated. LED treatment (670 nm for 1 min 45 seconds equals 50 mW/cm2, 4 joules/cm2) was administered at 5, 25, and 50 hours after the initial dose of methanol. At 72 hours of methanol intoxication, retinal function was assessed by measurement of ERG responses and retinas were prepared for histologic analysis. ERG responses recorded in methanol-intoxicated animals revealed profound attenuation of both rod-dominated and UV-cone mediated responses. In contrast, methanol- intoxicated animals exposed to LED treatment exhibited a nearly complete recovery of rod-dominated ERG responses and a slight improvement of UV-cone mediated ERG responses. LED treatment also protected the retina against the histopathologic changes produced by formate in methanol intoxication. These data provide evidence that LED phototherapy protects the retina against the cytotoxic actions of formate and are consistent with the hypothesis that LED photostimulation improves mitochondrial respiratory chain function.

EU-Korea FTA and Its Impact on V4 Economies. A Comparative Analysis of Trade Sophistication and Intra-Industry Trade

Directory of Open Access Journals (Sweden)

Michalski Bartosz

2018-03-01

Full Text Available This paper investigates selected short- and mid-term effects in trade in goods between the Visegrad countries (V4: the Czech Republic, Hungary, Poland and the Slovak Republic and the Republic of Korea under the framework of the Free Trade Agreement between the European Union and the Republic of Korea. This Agreement is described in the “Trade for All” (2015: 9 strategy as the most ambitious trade deal ever implemented by the EU. The primary purpose of our analysis is to identify, compare, and evaluate the evolution of the technological sophistication of bilateral exports and imports. Another dimension of the paper concentrates on the developments within intra-industry trade. Moreover, these objectives are approached taking into account the context of the South Korean direct investment inflow to the V4. The evaluation of technological sophistication is based on UNCTAD’s methodology, while the intensity of intra-industry trade is measured by the GL-index and identification of its subcategories (horizontal and vertical trade. The analysis covers the timespan 2001–2015. The novelty of the paper lies in the fact that the study of South Korean-V4 trade relations has not so far been carried out from this perspective. Thus this paper investigates interesting phenomena identified in the trade between the Republic of Korea (ROK and V4 economies. The main findings imply an impact of South Korean direct investments on trade. This is represented by the trade deficit of the V4 with ROK and the structure of bilateral trade in terms of its technological sophistication. South Korean investments might also have had positive consequences for the evolution of IIT, particularly in the machinery sector. The political interpretation indicates that they may strengthen common threats associated with the middle-income trap, particularly the technological gap and the emphasis placed on lower costs of production.

A trade-off between reproduction and feather growth in the barn swallow (Hirundo rustica.

Directory of Open Access Journals (Sweden)

Nicola Saino

Full Text Available Physiological trade-offs mediated by limiting energy, resources or time constrain the simultaneous expression of major functions and can lead to the evolution of temporal separation between demanding activities. In birds, plumage renewal is a demanding activity, which accomplishes fundamental functions, such as allowing thermal insulation, aerodynamics and socio-sexual signaling. Feather renewal is a very expensive and disabling process, and molt is often partitioned from breeding and migration. However, trade-offs between feather renewal and breeding have been only sparsely studied. In barn swallows (Hirundo rustica breeding in Italy and undergoing molt during wintering in sub-Saharan Africa, we studied this trade-off by removing a tail feather from a large sample of individuals and analyzing growth bar width, reflecting feather growth rate, and length of the growing replacement feather in relation to the stage in the breeding cycle at removal and clutch size. Growth bar width of females and length of the growing replacement feather of both sexes were smaller when the original feather had been removed after clutch initiation. Importantly, in females both growth bar width and replacement feather length were negatively predicted by clutch size, and more strongly so for large clutches and when feather removal occurred immediately after clutch completion. Hence, we found strong, coherent evidence for a trade-off between reproduction, and laying effort in particular, and the ability to generate new feathers. These results support the hypothesis that the derived condition of molting during wintering in long-distance migrants is maintained by the costs of overlapping breeding and molt.

Investment Activities within the Legal Framework of the World Trade Organization

Directory of Open Access Journals (Sweden)

Gulnara Ruchkina

2015-01-01

Full Text Available This article contains an analysis of legal regulation of investment activities within the framework of the WTO. It considers factors that promote the establishment of a favorable investment climate, including the availability of special legislation, an efficient law enforcement practice and, as noted by many experts, availability and clarity of the judicial mechanism for the protection of violated rights. Recent foreign experience is analyzed and some issues of investment dispute settlement are considered. The article also deals with issues concerning the formation of competitive relations that, in their turn, also constitute an important factor of a state’s investment appeal.Investment activities constitute a popular type of entrepreneurial activity. Every state, regardless of where it is located or its level of economic development, aims to increase its investment activities and raise foreign investment inflow. To do this they adopt national regulatory acts and sign bilateral agreements, multilateral agreements, and execute international legal acts in the area of investment activities. This results in the need for examination of legal regulation in this area. Russia joining the WTO has resulted in regular revisions of current legal regulation, in particular in the law on foreign investments.

Corruption, public investment and growth

OpenAIRE

Tanzi, Vito; 中村, まづる

1998-01-01

Corruption, particularly political or “grand” corruption, distorts the entire decision-making process connected with public investment projects. The degree of distortions is higher with weaker auditing institutions. The evidence presented shows that higher corruption is associated with (i) higher public investment; (ii) lower government revenues; (iii) lower expenditures on operations and maintenance; and (iv) lower quality of public infrastructure. The evidence also shows that corruption inc...

DIFFERENT ARGUMENTS FOR AND AGAINST THE ROLE AND IMPACT OF FOREIGN INVESTMENT ON THE DEVELOPMENT POTENTIALS OF DEVELOPING COUNTRIES: AN OVERVIEW

Directory of Open Access Journals (Sweden)

HÜSEYİN ŞEN

2013-05-01

Full Text Available This study explores different arguments for and against the role of foreign investment on the development potentials of developing countries. Generally, foreign investment comes to host countries through transnational corporatios (TNCs. These corporations are global profit-seeking organisations, investing in more than one country and supplying financial capital, management, technology and marketing enterprise. The arguments for and against the role and impact of foreign investment focus mainly on the following areas: economic growth, technology transfer, balance of payments, export performance, employment, environment, and transfer pricing as well as socio-cultural aspects of TNCs. The study concludes that with the appropriate government policies, such as unbiased trade regime, market reform and cooperation, developing countries could provide more benefits from foreign investment.

On the Economic Consequences of Index-Linked Investing

OpenAIRE

Jeffrey Wurgler

2010-01-01

Trillions of dollars are invested through index funds, exchange-traded funds, and other index derivatives. The benefits of index-linked investing are well-known, but the possible broader economic consequences are unstudied. I review research which suggests that index-linked investing is distorting stock prices and risk-return tradeoffs, which in turn may be distorting corporate investment and financing decisions, investor portfolio allocation decisions, fund manager skill assessments, and oth...

78 FR 4124 - Approval of Subzone Status, Coamo Property & Investments, LLC, Coamo, PR

Science.gov (United States)

2013-01-18

... DEPARTMENT OF COMMERCE Foreign-Trade Zones Board [S-107-2012] Approval of Subzone Status, Coamo Property & Investments, LLC, Coamo, PR On October 9, 2012, the Executive Secretary of the Foreign-Trade... the proposed operator, Coamo Property & Investments, LLC, in Coamo, Puerto Rico. The application was...

The Balance-of-Payments-Constrained Growth Model and the Limits to Export-Led Growth

Directory of Open Access Journals (Sweden)

Robert A. Blecker

2000-12-01

Full Text Available This paper discusses how A. P. Thirlwall's model of balance-of-payments-constrained growth can be adapted to analyze the idea of a "fallacy of composition" in the export-led growth strategy of many developing countries. The Deaton-Muellbauer model of the Almost Ideal Demand System (AIDS is used to represent the adding-up constraints on individual countries' exports, when they are all trying to export competing products to the same foreign markets (i.e. newly industrializing countries are exporting similar types of manufactured goods to the OECD countries. The relevance of the model to the recent financial crises in developing countries and policy alternatives for redirecting development strategies are also discussed.

Fiscal Sustainability, Public Investment, and Growth in Natural Resource-Rich, Low-Income Countries; The Case of Cameroon

OpenAIRE

Issouf Samaké; Priscilla S Muthoora; Bruno Versailles

2013-01-01

This paper assesses the implications of the use of oil revenue for public investment on growth and fiscal sustainability in Cameroon. We develop a dynamic stochastic general equilibrium model to analyze the effects of such investment on growth and on the path of key fiscal indicators, such as the non-oil primary deficit and public debt. Policy scenarios show that Cameroon’s large infrastructural needs and relatively low current debt levels could justify a temporary deviation from traditional ...

Will the next generation of preferential trade and investment agreements undermine prevention of noncommunicable diseases? A prospective policy analysis of the Trans Pacific Partnership Agreement.

Science.gov (United States)

Thow, Anne Marie; Snowdon, Wendy; Labonté, Ronald; Gleeson, Deborah; Stuckler, David; Hattersley, Libby; Schram, Ashley; Kay, Adrian; Friel, Sharon

2015-01-01

The Trans Pacific Partnership Agreement (TPPA) is one of a new generation of 'deep' preferential trade and investment agreements that will extend many of the provisions seen in previous agreements. This paper presents a prospective policy analysis of the likely text of the TPPA, with reference to nutrition policy space. Specifically, we analyse how the TPPA may constrain governments' policy space to implement the 'policy options for promoting a healthy diet' in the World Health Organization's Global Action Plan for Prevention and Control of Noncommunicable Diseases (NCDs) 2013-2020. This policy analysis suggests that if certain binding commitments are made under the TPPA, they could constrain the ability of governments to protect nutrition policy from the influence of vested interests, reduce the range of interventions available to actively discourage consumption of less healthy food (and to promote healthy food) and limit governments' capacity to implement these interventions, and reduce resources available for nutrition education initiatives. There is scope to protect policy space by including specific exclusions and/or exceptions during negotiation of trade and investment agreements like the TPPA, and by strengthening global health frameworks for nutrition to enable them to be used as reference during disputes in trade fora. Copyright © 2014 Elsevier Ireland Ltd. All rights reserved.

Age-dependent variation in the terminal investment threshold in male crickets.

Science.gov (United States)

Duffield, Kristin R; Hampton, Kylie J; Houslay, Thomas M; Hunt, John; Rapkin, James; Sakaluk, Scott K; Sadd, Ben M

2018-03-01

The terminal investment hypothesis proposes that decreased expectation of future reproduction (e.g., arising from a threat to survival) should precipitate increased investment in current reproduction. The level at which a cue of decreased survival is sufficient to trigger terminal investment (i.e., the terminal investment threshold) may vary according to other factors that influence expectation for future reproduction. We test whether the terminal investment threshold varies with age in male crickets, using heat-killed bacteria to simulate an immune-inducing infection. We measured calling effort (a behavior essential for mating) and hemolymph antimicrobial activity in young and old males across a gradient of increasing infection cue intensity. There was a significant interaction between the infection cue and age in their effect on calling effort, confirming the existence of a dynamic terminal investment threshold: young males reduced effort at all infection levels, whereas old males increased effort at the highest levels relative to naïve individuals. A lack of a corresponding decrease in antibacterial activity suggests that altered reproductive effort is not traded against investment in this component of immunity. Collectively, these results support the existence of a dynamic terminal investment threshold, perhaps accounting for some of the conflicting evidence in support of terminal investment. © 2018 The Author(s). Evolution © 2018 The Society for the Study of Evolution.

Foreicn Trade of Capital Goods in the United States: A Persistent Deterioration

OpenAIRE

Goicoechea, Julio

2017-01-01

Foreign trade of capital goods in the United States from 1994 to 2016 is specifically examined. A lagging performance of exports vis-à-vis imports in terms of magnitude, growth rate as well as price reductions has led to the current deficit. Domestic industrial output is a determining factor in the extent of foreign trade of capital goods. It exposes very large coefficients in the long term for exports (2.89), as well as for imports (4.34). Concerning the effective exchange rate, coefficients...

Short/Medium-Term Macroeconomic Impact of Investment Associated with 'Grenelle de l'Environnement' Investments on Growth and Employment

International Nuclear Information System (INIS)

Guillerminet, Marie-Laure; Briard, Philippe; Fery, Pierre; Galko, Elodie; Klein, Caroline; Ollivier, Timothee

2016-01-01

The 'Grenelle de l'Environnement' is a French policy aimed at achieving the objectives defined in the EU climate and energy package. This study evaluates the short- to medium-term impact of the main economic measures of 'Grenelle' on employment and growth. The simulations run with the macro-econometric model Mesange show a positive impact of these measures on GDP and employment in the short run, mainly via the investment multiplier. The impact turns negative from 2020 on because investment slows and taxes increase to finance the latter. These results are robust to different assumptions on oil prices, household saving behaviour, public funding, and productivity gains associated with new transport projects. However, they do not factor in the impact of 'Grenelle' on the environment, competitiveness, and well-being

Reverse Importing and Asymmetric Trade and FDI: A Networks Explanation

OpenAIRE

Theresa Greaney

2002-01-01

This paper considers the impact of business and social networks on international trade and foreign direct investment (FDI). I propose that differences in the strength of network effects across countries can produce asymmetric trade and investment flows that may lead to trade friction. This proposition is examined using a model of multi-product producers of a differentiated product. A firm from a country with strong network effects has a cost advantage in selling to buyers from its own country...

Trade between China and the Netherlands: a case study of trade in tasks

NARCIS (Netherlands)

den Butter, F.A.G.; Hayat, R.

2013-01-01

Purpose - This paper argues that the recent rise in China Dutch trade is a typical example of two nations trading tasks rather than goods. Design/methodology/approach - China Dutch trade growth between 1996 and 2010 is compared with China’s trade growth with its main partners. In addition, the

High Efficacy Green LEDs by Polarization Controlled MOVPE

Energy Technology Data Exchange (ETDEWEB)

Wetzel, Christian [Rensselaer Polytechnic Inst., Troy, NY (United States)

2013-03-31

Amazing performance in GaInN/GaN based LEDs has become possible by advanced epitaxial growth on a wide variety of substrates over the last decade. An immediate push towards product development and worldwide competition for market share have effectively reduced production cost and generated substantial primary energy savings on a worldwide scale. At all times of the development, this economic pressure forced very fundamental decisions that would shape huge industrial investment. One of those major aspects is the choice of epitaxial growth substrate. The natural questions are to what extend a decision for a certain substrate will limit the ultimate performance and to what extent, the choice of a currently more expensive substrate such as native GaN could overcome any of the remaining performance limitations. Therefore, this project has set out to explore what performance characteristic could be achieved under the utilization of bulk GaN substrate. Our work was guided by the hypotheses that line defects such as threading dislocations in the active region should be avoided and the huge piezoelectric polarization needs to be attenuated – if not turned off – for higher performing LEDs, particularly in the longer wavelength green and deep green portions of the visible spectrum. At their relatively lower performance level, deep green LEDs are a stronger indicator of relative performance improvements and seem particular sensitive to the challenges at hand.

Does foreign direct investment cause higher levels of productivity or do higher levels of productivity attract foreign direct investment? A study in transforming brazilian industry

Directory of Open Access Journals (Sweden)

Nádia Campos Pereira

2013-04-01

Full Text Available DOI: http://dx.doi.org/10.5007/2175-8077.2013v15n35p82   With this research, it was aimed to investigate the factors that determine the investment decision of foreign investors in the Brazilian industry. Evidence shows that foreign investors are attracted not only by more productive and best performing sectors, but depending on the adopted strategy, they may choose investment projects in sectors that have lower performance levels which offer the potential for growth and the and improvement of efficiency levels and capacity. Granger causality test indicated that not only foreign investment gives more productivity gains, but also this productivity induces more foreign investment inputs. Foreign investors are also attracted by those sectors, which use their assets in an inefficient way in order to generate profits. These sectors may be attractive to foreign investors that want to invest in a more aggressive growth policy in order to get advantages on the availability of inefficiently used assets. These sectors may be also attractive targets to investors who seek to compete directly in relatively less competitive sectors.

Foreign direct investment and liberalization policies in Pakistan: An empirical analysis

Directory of Open Access Journals (Sweden)

Rana Ejaz Ali Khan

2014-12-01

Full Text Available To enhance the inflow of foreign direct investment (FDI and ultimately to increase the economic growth, the countries have implemented a variety of financial and trade liberalization policies in the last three decades. Pakistan also initiated such type of policies. This study makes an analysis of the impact of liberalization (financial and trade in Pakistan, on the inflow of FDI using the time series data of 1971–2009. The DF-GLS test is used to determine the level of integration, and autoregressive distributed lag model to examine the long-run relationship. The results indicate that liberalization indicators, like financial liberalization index and trade openness along with real interest rate, negatively affect the inflow of FDI in Pakistan. Tax revenue of product also negatively affects the FDI. On the other hand, the gross fixed capital formation, infrastructure, and inflation positively influence the FDI in Pakistan. The market size (proxied by real gross domestic product has shown insignificant effect on FDI.

Exploring the impact of foreign direct investment on tobacco consumption in the former Soviet Union.

Science.gov (United States)

Gilmore, A B; McKee, M

2005-02-01

Tobacco is the single largest cause of morbidity and mortality in the developed world; in the former socialist bloc tobacco kills twice as many men as in the west. Although evidence shows that liberalisation of the cigarette trade through the elimination of import barriers leads to significant increases in consumption, far less is known about the impact of foreign direct investment on cigarette consumption. This paper seeks to explore the impact that the substantial transnational tobacco company investments have had on patterns of tobacco trade and consumption in the former Soviet Union. Routine data were used to explore trends in cigarette trade and consumption in the 15 countries of the former Soviet Union from the 1960s to the present day. Comparisons were made between trends in countries that have received substantial investment from the tobacco transnationals and countries that have not. Between 1991 and 2000 cigarette production increased by 96% in countries receiving industry investment and by 11% in countries that did not. Over the same period cigarette consumption increased by 40%; the increase was concentrated in countries receiving investments. Despite these investments, cigarette imports still outweigh exports and no trade surplus has yet to result. The findings suggest that liberalisation of inward investment has a significant and positive impact on cigarette consumption and that without appropriate safeguards, market liberalisation may have long term negative impacts on health. Specific trade rules are needed to govern trade and investment in this uniquely harmful product. Implementation of effective tobacco control policies should precede tobacco industry privatisation. International financial organisations pressing for privatisation should ensure this occurs.

Korean Investments in Latin America: Current Status and Prospects

Directory of Open Access Journals (Sweden)

Taik-Hwan Jyoung

1998-06-01

Full Text Available This thesis first took an overall look at the relationship between Asia and Central and South America. Meanwhile, this thesis studied the growth potential of these two continents and the rapid growth trend compared with other areas. Based on these, this thesis emphasized the necessity of the cooperation between Asia and Central and South America, which has been alienated for a long period. Upon studying of this thesis, the reader will track the connection of the overseas investment strategy of Korea to the domestic and overseas economic factors while analyzing its motivation and feature, etc. Also, it analyzes Korea's future investment in Central and South America as comparing with the strategies of Japan and Taiwan. Besides, in this thesis the author is trying to get future-oriented experiences from the analyses in areas such as trade, investment experience, culture difference and personnel exchange, and the prospect of the relationship between Korea and Central and South America. This thesis brought forward the 'blueprint' about promoting the cooperation between Asia and Central and South America, such as to organize the meeting for the new setting summit conference of Asian and Central American leaders, to add members from Central and South America countries to the MERCOSUR of APEC, to expand items in order to promote mutual-communication.

77 FR 49721 - International Services Surveys and Direct Investment Surveys Reporting

Science.gov (United States)

2012-08-17

.... See, e.g., Direct Investment Surveys: BE-12, Benchmark Survey of Foreign Direct Investment in the...] RIN 0691-AA81 International Services Surveys and Direct Investment Surveys Reporting AGENCY: Bureau of... BEA will follow to collect data on international trade in services and direct investment surveys. The...

77 FR 772 - International Services Surveys and Direct Investment Surveys Reporting

Science.gov (United States)

2012-01-06

... and publish in the Federal Register notices of future surveys of foreign and direct investment in the....: 111012619-1619-01] RIN 0691-AA81 International Services Surveys and Direct Investment Surveys Reporting... international trade in services and direct investment surveys provided for by the International Investment and...

Diacylglycerol production induced by growth hormone in Ob1771 preadipocytes arises from phosphatidylcholine breakdown

International Nuclear Information System (INIS)

Catalioto, R.M.; Ailhaud, G.; Negrel, R.

1990-01-01

Growth Hormone has recently been shown to stimulate the formation of diacylglycerol in Ob1771 mouse preadipocyte cells without increasing inositol lipid turnover. Addition of growth hormone to Ob1771 cells prelabelled with [ 3 H]glycerol or [ 3 H]choline led to a rapid, transient and stoechiometric formation of labelled diacylglycerol and phosphocholine, respectively. In contrast, no change was observed in the level of choline and phosphatidic acid whereas the release of water-soluble metabolites in [ 3 H]ethanolamine prelabelled cells exposed to growth hormone was hardly detectable. Stimulation by growth hormone of cells prelabelled with (2-palmitoyl 9, 10 [ 3 H])phosphatidylcholine also induced the production of labelled diacyglycerol. Pertussis toxin abolished both diacylglycerol and phosphocholine formation induced by growth hormone. It is concluded that growth hormone mediates diacylglycerol production in Ob1771 cells by means of phosphatidylcholine breakdown involving a phospholipase C which is likely coupled to the growth hormone receptor via a pertussis toxin-sensitive G-protein

Diacylglycerol production induced by growth hormone in Ob1771 preadipocytes arises from phosphatidylcholine breakdown

Energy Technology Data Exchange (ETDEWEB)

Catalioto, R.M.; Ailhaud, G.; Negrel, R. (Universite de Nice-Sophia Antipolis (France))

1990-12-31

Growth Hormone has recently been shown to stimulate the formation of diacylglycerol in Ob1771 mouse preadipocyte cells without increasing inositol lipid turnover. Addition of growth hormone to Ob1771 cells prelabelled with ({sup 3}H)glycerol or ({sup 3}H)choline led to a rapid, transient and stoechiometric formation of labelled diacylglycerol and phosphocholine, respectively. In contrast, no change was observed in the level of choline and phosphatidic acid whereas the release of water-soluble metabolites in ({sup 3}H)ethanolamine prelabelled cells exposed to growth hormone was hardly detectable. Stimulation by growth hormone of cells prelabelled with (2-palmitoyl 9, 10 ({sup 3}H))phosphatidylcholine also induced the production of labelled diacyglycerol. Pertussis toxin abolished both diacylglycerol and phosphocholine formation induced by growth hormone. It is concluded that growth hormone mediates diacylglycerol production in Ob1771 cells by means of phosphatidylcholine breakdown involving a phospholipase C which is likely coupled to the growth hormone receptor via a pertussis toxin-sensitive G-protein.

Revisiting the emissions-energy-trade nexus: evidence from the newly industrializing countries.

Science.gov (United States)

Ahmed, Khalid; Shahbaz, Muhammad; Kyophilavong, Phouphet

2016-04-01

This paper applies Pedroni's panel cointegration approach to explore the causal relationship between trade openness, carbon dioxide emissions, energy consumption, and economic growth for the panel of newly industrialized economies (i.e., Brazil, India, China, and South Africa) over the period of 1970-2013. Our panel cointegration estimation results found majority of the variables cointegrated and confirm the long-run association among the variables. The Granger causality test indicates bidirectional causality between carbon dioxide emissions and energy consumption. A unidirectional causality is found running from trade openness to carbon dioxide emission and energy consumption and economic growth to carbon dioxide emissions. The results of causality analysis suggest that the trade liberalization in newly industrialized economies induces higher energy consumption and carbon dioxide emissions. Furthermore, the causality results are checked using an innovative accounting approach which includes forecast-error variance decomposition test and impulse response function. The long-run coefficients are estimated using fully modified ordinary least square (FMOLS) method, and results conclude that the trade openness and economic growth reduce carbon dioxide emissions in the long run. The results of FMOLS test sound the existence of environmental Kuznets curve hypothesis. It means that trade liberalization induces carbon dioxide emission with increased national output, but it offsets that impact in the long run with reduced level of carbon dioxide emissions.

Resource investments in reproductive growth proportionately limit investments in whole-tree vegetative growth in young olive trees with varying crop loads.

Science.gov (United States)

Rosati, Adolfo; Paoletti, Andrea; Al Hariri, Raeed; Morelli, Alessio; Famiani, Franco

2018-02-21

It has long been debated whether tree growth is source limited, or whether photosynthesis is adjusted to the actual sink demand, directly regulated by internal and environmental factors. Many studies support both possibilities, but no studies have provided quantitative data at the whole-tree level, across different cultivars and fruit load treatments. This study investigated the effect of different levels of reproductive growth on whole-tree biomass growth across two olive cultivars with different growth rates (i.e., Arbequina, slow-growing and Frantoio, fast-growing), over 2 years. Young trees of both cultivars were completely deflowered either in 2014, 2015, both years or never, providing a range of levels of cumulated reproductive growth over the 2 years. Total vegetative dry matter growth over the 2 years was assessed by destructive sampling (whole tree). Vegetative growth increased significantly less in fruiting trees, however, the total of vegetative and reproductive growth did not differ significantly for any treatment or cultivar. Vegetative growth over the 2 years was closely (R2 = 0.89) and inversely related to reproductive growth across all treatments and cultivars. When using data from 2015 only, the regression improved further (i.e., R2 = 0.99). When biomass was converted into grams of glucose equivalents, based on the chemical composition of the different parts, the results indicated that for every gram of glucose equivalent invested in reproductive growth, vegetative growth was reduced by 0.73-0.78 g of glucose equivalent. This indicates that competition for resources played a major role in determining tree growth, but also that photosynthesis was probably also enhanced at increasing fruit load (or downregulated at decreasing fruit load). The leaf area per unit of trunk cross sectional area increased with deflowering (i.e., decreased with reproductive growth), suggesting that water relations might have limited photosynthesis in deflowered plants

Growth of monolithic full-color GaN-based LED with intermediate carrier blocking layers

Energy Technology Data Exchange (ETDEWEB)

El-Ghoroury, Hussein S.; Yeh, Milton; Chen, J. C., E-mail: jc.chen@ostendo.com; Li, X.; Chuang, Chih-Li [EPI Lab, Ostendo Technologies, Inc., 679 Brea Canyon Rd, Walnut, CA 91789 (United States)

2016-07-15

Specially designed intermediate carrier blocking layers (ICBLs) in multi-active regions of III-nitride LEDs were shown to be effective in controlling the carrier injection distribution across the active regions. In principle, the majority of carriers, both holes and electrons, can be guided into targeted quantum wells and recombine to generate light of specific wavelengths at controlled current-densities. Accordingly we proposed and demonstrated a novel monolithic InGaN-based LED to achieve three primary colors of light from one device at selected current densities. This LED structure, which has three different sets of quantum wells separated with ICBLs for three primary red-green-blue (RGB) colors, was grown by metal-organic chemical vapor deposition (MOCVD). Results show that this LED can emit light ranging from 460 to 650 nm to cover the entire visible spectrum. The emission wavelength starts at 650 nm and then decreases to 460 nm or lower as the injection current increases. In addition to three primary colors, many other colors can be obtained by color mixing techniques. To the best of our knowledge, this is the first demonstration of monolithic full-color LED grown by a simple growth technique without using re-growth process.

Growth of monolithic full-color GaN-based LED with intermediate carrier blocking layers

International Nuclear Information System (INIS)

El-Ghoroury, Hussein S.; Yeh, Milton; Chen, J. C.; Li, X.; Chuang, Chih-Li

2016-01-01

Specially designed intermediate carrier blocking layers (ICBLs) in multi-active regions of III-nitride LEDs were shown to be effective in controlling the carrier injection distribution across the active regions. In principle, the majority of carriers, both holes and electrons, can be guided into targeted quantum wells and recombine to generate light of specific wavelengths at controlled current-densities. Accordingly we proposed and demonstrated a novel monolithic InGaN-based LED to achieve three primary colors of light from one device at selected current densities. This LED structure, which has three different sets of quantum wells separated with ICBLs for three primary red-green-blue (RGB) colors, was grown by metal-organic chemical vapor deposition (MOCVD). Results show that this LED can emit light ranging from 460 to 650 nm to cover the entire visible spectrum. The emission wavelength starts at 650 nm and then decreases to 460 nm or lower as the injection current increases. In addition to three primary colors, many other colors can be obtained by color mixing techniques. To the best of our knowledge, this is the first demonstration of monolithic full-color LED grown by a simple growth technique without using re-growth process.

Trade creation and trade diversion in the Canada - United States Free Trade Agreement

OpenAIRE

Kimberly A. Clausing

2001-01-01

In this paper the changes in trade patterns introduced by the Canada-United States Free Trade Agreement are examined. Variation in the extent of tariff liberalization under the agreement is used to identify the impact of tariff liberalization on the growth of trade both with member countries and non-member countries. Data at the commodity level are used, and the results indicate that the Canada-United States Free Trade Agreement had substantial trade creation effects, with little evidence of ...

Energy use for economic growth: A trivariate analysis from Tunisian agriculture sector

International Nuclear Information System (INIS)

Sebri, Maamar; Abid, Mehdi

2012-01-01

Following the importance of energy in the agrarian economies, the investigation of the causal relationship between energy consumption in agriculture sector and economic growth has a fundamental role in implementing suitable policies. This paper examines the causal relationship between energy consumption and agricultural value added, controlling for trade openness, in Tunisia from 1980 to 2007. The relationship is investigated at aggregated as well as disaggregated components of energy consumption, including oil and electricity. Using Granger's technique, it is shown that various results are obtained regarding the direction of causality between competing variables. Nevertheless, the most common finding suggest that trade openness and both aggregated and disaggregated energy consumption Granger causes agricultural value added. Therefore, the energy-led growth and trade-led growth hypotheses are supported in the Tunisian agriculture sector. An important policy implication resulting from this study is that energy can be considered as a limiting factor to agriculture value added and, therefore, shocks to energy supply would have a negative impact onto agriculture performance. Furthermore, trade liberalization seems to be a stimulus factor to the Tunisian agriculture development. - Highlights: ► We study the energy consumption-economic growth nexus of Tunisian agriculture sector. ► We use Johansen's cointegration approach and Granger causality. ► Energy consumption can be considered as limiting factor to agricultural performance. ► Electrical energy will represent an important input to agricultural production growth.

The trading relationship between the EU and Mercosur: the mediatory role of Brazil

OpenAIRE

Santos, Filipa Daniela Gomes dos

2015-01-01

Dissertação de mestrado em European and Transglobal Business Law The global multilateralism has been the option for the expansion of trade and economic investments. The objectives of free trade exceeded the traditional notion of trade in goods liberalization to include contemporary topics such as services, investment and intellectual property and to be consistent with the rules established by the World Trade Organization (WTO). The interest of developing countries to impleme...

The Taming of the Skew: Facts On Canada’s Energy Trade

Directory of Open Access Journals (Sweden)

Trevor Tombe

2014-03-01

Full Text Available Public perception of Canada’s energy trade is skewed towards Alberta’s oilsands and pipeline projects; a look at the facts reveals a more complex picture. Over the last decade, growth in Canada’s energy trade has been nothing short of historic. Energy exports have become so significant that the revenue is now equivalent to nearly $9,000 for every Canadian household. And it is only projected to grow much, much larger. While Western Canada leads the industry, every region — including Ontario, Quebec and Atlantic Canada — plays a key role. Today, nearly every province is a net energy exporter. The energy sector also adds much to Canada’s economy, with valueadded and productivity higher than nearly every other sector. When it comes to labour compensation, oil and gas extraction is the highest-paying sector in the country, at more than three times the average hourly earnings in the Canadian economy generally, and nearly 50 per cent higher than manufacturing. It is vital that policy debates rely on accurate information; unfortunately, this is not always the case. The often heated rhetoric neglects important aspects of Canada’s energy trade. For example, the type of energy that Canada trades has undergone a dramatic transformation. Ten years ago, natural gas was the largest energy export but today accounts for less than one-tenth of the total. Meanwhile, crude oil exports have more than quadrupled. Even more surprising to many Canadians, and perhaps even policy-makers, is how much energy Canada imports. Even Alberta, with its vast energy reserves, imports a considerable amount of energy. Alberta’s energy imports have grown faster than any other province and will soon exceed Ontario’s, a province more than three times larger with very little of its own oil production. Trade in energy is also intimately tied with Canada’s foreign investment policies. The majority of Canada’s energy trade is in the form of related-party transactions

GROWTH AND VENTURE CAPITAL INVESTMENT IN TECHNOLOGY-BASED SMALL FIRMS THE CASE OF HUNGARY

Directory of Open Access Journals (Sweden)

Becsky Nagy Patricia

2014-07-01

Full Text Available Venture capital backed enterprises represent a low proportion of companies, even of innovative ones. The research question was, whether these companies have an important role in innovation and economic growth in Hungary compared to other countries. In the first part of the article I present the theoretical background of technology-based small firms, highlighting the most important models and theories of the economic impact and the special development of innovative technology-oriented small firms. In the second part of the article I present the status of the most important indicators of innovation in connection with entrepreneurship, than I elaborate on the measures of start-ups, mainly the high-tech ones with high-growth potential. I describe the current position of venture capital industry, detailing the venture capital investments, with particular emphasis on classical venture capital investments that points out the number and the amount of venture capital investments financing early stage firms with high-growth potential. At the end I summarize the status of Hungarian technology-based small firms and their possibilities to get financial sources form venture capital investors, with regards to the status and the prospects of the JEREMIE program. In Hungary the number of internationally competitive firms, ready and willing to obtain venture capital, is much lower than in the US or Western European countries. Hungary could take advantage of its competitive edges in some special fields of innovation. The efficiency of information flow would reduce the information gap between the demand and the supply side of the venture capital market and more Hungarian firms could be internationally successful through venture capital financing. The recent years’ policy and special programs like JEREMIE generated more transactions, that helped to inform the entrepreneurs about venture capital and helped to co-invest public resources with private equity more

Competition in investment banking

Directory of Open Access Journals (Sweden)

Katrina Ellis

2011-01-01

Full Text Available We construct a comprehensive measure of overall investment banking competitiveness for follow-on offerings that aggregates the various dimensions of competition such as fees, pricing accuracy, analyst recommendations, distributional abilities, market making prowess, debt offering capabilities, and overall reputation. The measure allows us to incorporate trade-offs that investment banks may use in competing for new or established clients. We find that firms who switch to similar-quality underwriters enjoy more intense competition among investment banks which manifests in lower fees and more optimistic recommendations. Investment banks do compete vigorously for some clients, with the level of competition related to the likelihood of gaining or losing clients. Finally, investment banks not performing up to market norms are more likely to be dropped in the follow-on offering. In contrast, firms who seek a higher reputation underwriter face relatively non-competitive markets.

Changes in the Mg profile and in dislocations induced by high temperature annealing of blue LEDs

Science.gov (United States)

Meneghini, M.; Trivellin, N.; Berti, M.; Cesca, T.; Gasparotto, A.; Vinattieri, A.; Bogani, F.; Zhu, D.; Humphreys, C. J.; Meneghesso, G.; Zanoni, E.

2013-03-01

The efficiency of the injection and recombination processes in InGaN/GaN LEDs is governed by the properties of the active region of the devices, which strongly depend on the conditions used for the growth of the epitaxial material. To improve device quality, it is very important to understand how the high temperatures used during the growth process can modify the quality of the epitaxial material. With this paper we present a study of the modifications in the properties of InGaN/GaN LED structures induced by high temperature annealing: thermal stress tests were carried out at 900 °C, in nitrogen atmosphere, on selected samples. The efficiency and the recombination dynamics were evaluated by photoluminescence measurements (both integrated and time-resolved), while the properties of the epitaxial material were studied by Secondary Ion Mass Spectroscopy (SIMS) and Rutherford Backscattering (RBS) channeling measurements. Results indicate that exposure to high temperatures may lead to: (i) a significant increase in the photoluminescence efficiency of the devices; (ii) a decrease in the parasitic emission bands located between 380 nm and 400 nm; (iii) an increase in carrier lifetime, as detected by time-resolved photoluminescence measurements. The increase in device efficiency is tentatively ascribed to an improvement in the crystallographic quality of the samples.

Trade-facilitated technology spillovers in energy productivity convergence processes across EU countries

International Nuclear Information System (INIS)

Wan, Jun; Baylis, Kathy; Mulder, Peter

2015-01-01

This empirical paper tests for trade-facilitated spillovers in the convergence of energy productivity across 16 European Union (EU) countries from 1995 to 2005. One might anticipate that by inducing specialization, trade limits the potential for convergence in energy productivity. Conversely, by inducing competition and knowledge diffusion, trade may spur sectors to greater energy productivity. Unlike most previous work on convergence, we explain productivity dynamics from cross-country interactions at a detailed sector level and apply a spatial panel data approach to explicitly account for trade-flow related spatial effects in the convergence analysis. Our study confirms the existence of convergence in manufacturing energy productivity, caused by efficiency improvements in lagging countries, while undermined by increasing international differences in sector structure. Further, we find that trade flows explain 30 to 40% of the unobserved variation in energy productivity. Trade continues to explain the unobserved variation in energy productivity even after accounting for geographic proximity. Last, we find that those countries and sectors with higher dependence on trade both have higher energy productivity growth and a higher rate of convergence, further implying that trade can enhance energy productivity. Thus, unlike concerns that trade may spur a ‘race to the bottom’, we find that promoting trade may help stimulate energy efficiency improvements across countries. - Highlights: • We test for trade-facilitated spillovers in cross-country energy productivity convergence. • We use a spatial panel-data approach and data for 16 European Union countries. • Efficiency improvements in lagging countries cause energy productivity convergence. • Trade flows explain 30 to 40% of unobserved variation in energy productivity. • Higher dependence on trade means higher rates of energy productivity growth

An investment-led approach to analysing the hydrogen energy economy in the UK

International Nuclear Information System (INIS)

Houghton, T.; Cruden, A.

2009-01-01

The authors propose an alternative, investment-led approach to analysing the potential for the development of hydrogen energy in the UK. The UK economy is relatively sensitive to movements in world fossil fuels markets since the energy sector contributes at least 5% of UK GDP and represents an asset pool of at least pound 230 billion. Much of the ongoing research to assess possible scenarios for the development of alternatives to existing energy systems, including hydrogen energy, in the UK is built around the cost-optimising MARKAL model. The authors believe that this approach offers an incomplete picture of hydrogen energy deployment since it ignores the mechanisms dictating the flow of commercial capital to the sector and they suggest an alternative model based on the risk-adjusted value proposition. Initial analysis shows that valuation differentials already exist between companies in the fossil fuel, utilities and fuel cell sectors and that this might be exploited to the advantage of investors thus affecting the speed of development in hydrogen energy. It should be noted that the following represents work in progress and the authors intend to publish an extended analysis in due course. (author)

Exa mining The Measurement Methods of Investment Properties of Real Estate Investment Trusts According to Turkish Accounting Standard 40: Investment Properties Standard

Directory of Open Access Journals (Sweden)

Emine Çına Bal

2015-03-01

Full Text Available Recently, the real estate industry has developed rapidly in Turkey. As an investment tool,investment in real estate became essential. Within the framework of the Capital Markets Law, organized by the Capital Markets Board of Turkey real estate investment trusts, real estate, real estate-based projects, and real estate capital market instruments by investing in a portfolio management company operating in the specific type. In this study, measurement methods of investment properties after recogn 31 real estate investment trust companies that traded in Borsa Istanbul is analyzed in order to examine the effect of policy selection on return on equity, return on asset and market to book value ratio of the companies’ financial statements and disclosures by using the nonparametric test of Mann-Whitney U Test. Non-consolidated financial statements and disclosures for 2013 of 21 real estate investment trust companies is included to the examination. Results of the test that is individually applied for each ratio show that the effect of policy selection on the ratios is statistically insignificant.

Renewable energy investments under different support schemes: A real options approach

DEFF Research Database (Denmark)

Boomsma, Trine Krogh; Meade, Nigel; Fleten, Stein-Erik

2012-01-01

-in tariff encourages earlier investment. Nevertheless, as investment has been undertaken, renewable energy certificate trading creates incentives for larger projects. In our baseline scenario and taking the fixed feed-in tariff as a base, the revenue required to trigger investments is 61% higher......This paper adopts a real options approach to analyze investment timing and capacity choice for renewable energy projects under different support schemes. The main purpose is to examine investment behavior under the most extensively employed support schemes, namely, feed-in tariffs and renewable...... energy certificate trading. We consider both multiple sources of uncertainty under each support scheme and uncertainty with respect to any change of support scheme, and we obtain both analytical (when possible) and numerical solutions. In a Nordic case study based on wind power, we find that the feed...

Investment in new product reliability

International Nuclear Information System (INIS)

Murthy, D.N.P.; Rausand, M.; Virtanen, S.

2009-01-01

Product reliability is of great importance to both manufacturers and customers. Building reliability into a new product is costly, but the consequences of inadequate product reliability can be costlier. This implies that manufacturers need to decide on the optimal investment in new product reliability by achieving a suitable trade-off between the two costs. This paper develops a framework and proposes an approach to help manufacturers decide on the investment in new product reliability.

Foreign Direct Investment and Electronics Exports: Exploratory Empirical Evidence from Malaysia's Top Five Electronics Exports

OpenAIRE

Tuck Cheong Tang; Koi Nyen Wong

2007-01-01

The foreign direct investment (FDI) has contributed significantly to Malaysia's electronics exports as well as the growth and development of the electronics industry as a result of the export-oriented industrialization initiatives undertaken since 1970s. The aim of this study is to explore the causation between FDI and electronics exports by using Malaysia''s top five electronics exports by SITC (Standard International Trade Classification) product groups. The findings show a bi-directional c...

TILMA: The Impact of Domestic Trade Pacts on Learning Environments

Science.gov (United States)

Frampton, Caelie

2008-01-01

When U.S. presidential hopeful Barack Obama suggested he would reopen the North American Free Trade Agreement (NAFTA) for negotiation, the ensuing debate demonstrated that international trade agreements are controversial. A new interprovincial trade agreement between British Columbia and Alberta, the Trade, Investment and Labour Mobility Agreement…

The Principles and the Specifics of Trading in Commodities

Science.gov (United States)

Baran, Dušan; Herbacsková, Anita

2012-12-01

In the present period of instability on financial markets, investments in commodities are the solution for elimination of the consequences of inflation and ensure the yield. When investing in commodities, the use of specifics of commodities compared to other assets. The distribution of commodities we can interpret for agricultural commodities, commodities of energy, precious and other metals, and weather. Therefore, in the framework of the investment portfolio are the commodities. This is the reason why one of the most popular types of investment assets now become commodities. In the interpretation of particular commodities we talk about commodity futures. The reason is that the spot market with commodities is limited storage facilities. The growth of the popularity, which allows a wide range of commodities, has caused that in addition to from institutional investors and speculators for trade may involve even small investors. This development will be supplemented by interpretation of the charts and figers, which will be commented and used for generalization of knowledge. Finally, the article will be interpreted by the further development of the market for commodities as it by article assumes from the results of research.

Stock returns and foreign investment in Brazil

OpenAIRE

Reis, Luciana; Meurer, Roberto; Da Silva, Sergio

2008-01-01

We examine the relationship between stock returns and foreign investment in Brazil, and find that the inflows of foreign investment boosted the returns from 1995 to 2005. There was a strong contemporaneous correlation, although not Granger-causality. Foreign investment along with the exchange rate, the influence of the world stock markets, and country risk can explain 73 percent of the changes that occurred in the stock returns over the period. We also find that positive feedback trading play...

The place of foreign direct investment in the global economy

Directory of Open Access Journals (Sweden)

Tomasz Gutowski

2011-06-01

Full Text Available Foreign direct investment (FDI plays an extraordinary and growing role in global business. It can provide a firm with new markets and marketing channels, cheaper production facilities, access to new technology, products, skills and financing. For a host country or the foreign firm which receives the investment, it can provide a source of new technologies, capital, processes, products, organizational technologies and management skills and as such can provide a strong impetus to economic development. The sea change in trade and investment policies and the regulatory environment globally in the past decade, including trade policy and tariff liberalization, easing of restrictions on foreign investment and acquisition in many nations, and the deregulation and privitazation of many industries, has probably been been the most significant catalyst for FDI’s expanded role.

Benefits of trade facilitation as a simpler procedure for world trade growth

OpenAIRE

Miteva-Kacarski, Emilija; Gorgieva-Trajkovska, Olivera

2011-01-01

“The simplification and harmonisation of international trade procedures” where trade procedures are the “activities, practices and formalities involved in collecting, presenting, communicating and processing data required for the movement of goods in international trade” is trade facilitation according the WTO. Trade facilitation initiatives benefit both the business community and governments. The business community benefits by obtaining enhanced competitiveness in national and international ...

Enabling factors for the improvement of nitride-based LED efficiency

International Nuclear Information System (INIS)

Laubsch, Ansgar; Bergbauer, Werner; Sabathil, Matthias; Peter, Matthias; Meyer, Tobias; Bruederl, Georg; Linder, Norbert; Streubel, Klaus; Oberschmid, Raimund; Hahn, Berthold; Wagner, Joachim

2008-01-01

Recent progress in the epitaxial growth of LEDs with InGaN/GaN quantum-well heterostructures has led to a significant enhancement of output power. In this talk, we will discuss the mechanisms limiting the devices' internal efficiency and identify enabling factors for further improvements. We compare samples with different Indium content as well as different design of the active layer. Although heteroepitaxial growth of GaN on sapphire generates high defect densities, non-radiative defect-related Shockley-Read-Hall recombination does not seem to substantially limit the efficiency of standard InGaN/GaN LED structures. We rather discuss a supplemental Auger-like non-radiative path for carrier recombination that becomes dominant at quantum-well carrier densities typical for LED operation. Additionally, the piezo-field induced reduced overlap of electron and hole wavefunction in standard c-plane grown InGaN quantum wells reduces the radiative recombination rate

Reasons Why it is Beneficial to Invest in Republic of Kosovo

Directory of Open Access Journals (Sweden)

Nakije Kida

2014-06-01

Full Text Available The purpose of this paper is to examine the role of Foreign Direct Investment (FDI in economic development through the development of the country that has the potential sectors. The effect of technology in these sectors had risen sector and area that until then had remained neglected. The paper investigates the impact of foreign direct investment (FDI in economic growth using detailed sectoral FDI in Kosovo during the period 2000-2013. Sectors considered are: Agribusiness, Tourism, forestry, services, manufacturing, mining, energy, construction, wholesale and retail trade, hotels and restaurants, transport, telecommunications and other sectors. The negative effect of extractive industries in creating income and environmental pollution in Kosovo is not surprising. FDI in manufacturing industries by stimulating exports generate more income. FDI are likely to repatriate their profits but are likely to increase employment. To ensure legal protection for foreign investors, have signed an agreement with the Agency Multilateral Investment Guarantee (MIGA, the avoidance of double taxation, taxes are the lowest in Europe. Investment Promotion Agency of Kosovo (IPAK, the level of government makes the promotion of Kosovo. As a developing country taking the time information is more difficult but efforts in this direction are great.

Spatial Policy оf Exporting Direct Investments: Features оf China

Directory of Open Access Journals (Sweden)

Alina Nikolaevna Novopashina

2014-03-01

Full Text Available In recent years, China has shown rapid growth in volumes of foreign direct investment (FDI, which is the consequence of implementing policy. However, the structure of FDI does not correspond to the government-supported areas. Existing theoretical and empirical studies don’t reveal the causes of China’s FDI. Results of the regression analysis (based on panel data for 2003-2010 prove that the most attractive for Chinese investors were countries with following features: 1 rich in mineral resources, 2 possessing advanced technologies, 3 higher than in China income levels, 4 geographic proximity to China and 5 foreign trade openness. Furthermore, features of the current institutional environment in China affect the directions of foreign direct investment. Investors from PRC direct FDI in developing countries which have low quality of institutions as well as China. Investing in these countries is primarily aimed at getting access to their mineral resources and consumer markets. As for investing in developed countries, the reason is acquisition of advanced technologies which they possess. Directions of FDI in these countries, on the contrary, are determined by the high quality of institutions

Economic institutions and economic growth: Empirical evidence from the Economic Community of West African States

Directory of Open Access Journals (Sweden)

Lazarus Z. Wanjuu

2017-12-01

Background: Economic institutions are considered as the fundamental cause of economic growth. Economic institutions affect economic growth through allocation of resources like physical and human capital. Unfortunately, there is dearth of empirical studies showing the impact of economic institutions on growth of the Economic Community of West African States (ECOWAS. Aim: This study investigates the impact of economic institutions on economic growth of the ECOWAS. Setting and method: The study applied cause and effect relationship. The study used econometric research techniques of unit root and co-integration tests to establish the time series properties of the data; the vector error correction and co-integration regression models to estimate the population parameters. The research data comprised data obtained from the United Nations Conference on Trade and Development (UNCTAD, the Transparency International (TI and Heritage Foundation databases. The variables employed were the real gross domestic product (GDP per capita (RGDPPC, corruption perception index (CPI, property rights protection (PROPRGT, private investment per capita (INVESPC, government expenditure per capita (GOEXPPC and trade openness (TRAOPN. Results: The results of the data analysed showed that economic institutions represented by the property rights index engender RGDPPC growth in ECOWAS. The CPI could not stimulate RGDPPC growth in ECOWAS. The results also show that all the other variables stimulated growth except trade openness. Conclusion: The study concludes that good economic institutions, private investments, and government intervention by providing security, economic and social infrastructural facilities are conducive for economic growth in the ECOWAS region. The study recommended that more efforts be made at curbing corruption in the region

Economic impacts of higher oil and gas prices. The role of international trade for Germany

International Nuclear Information System (INIS)

Lutz, Christian; Meyer, Bernd

2009-01-01

The analysis concentrates on direct and indirect price increases, induced shifts in international trade and structural changes in the oil importing economies. The paper at hand asks, whether a stabilizing effect via international trade and domestic structural change on the GDP of oil importing countries can be observed, if a permanent oil price increase occurs. At least for Germany, structural change from consumer goods to investment goods industry and an improvement of international competitiveness limit negative impacts of increased energy prices. Analysis is based on the extensive and disaggregated global GINFORS model and the detailed INFORGE model for the German economy. (author)

Trade credit: Elusive insurance of firm growth

NARCIS (Netherlands)

Bams, Dennis; Bos, Jaap; Pisa, Magdalena

2016-01-01

Firms depend heavily on trade credit. This paper introduces a trade credit network into a structural model of the economy. In an empirical analysis of the model, we find that trade credit is an elusive insurance: as long as a firm is financially unconstrained and times are good, more trade credit

R&D INVESTMENT AND PRODUCTIVITY GROWTH IN U.S. AND CANADIAN FOOD MANUFACTURING

OpenAIRE

Chan-Kang, Connie; Buccola, Steven T.

1998-01-01

Productivity growth in the Canadian processed food industry has lagged behind that in the United States because of a relatively low rate of R&D investment. Although U.S. firms generally have a technological advantage over Canadian firms, marginal rates of return to R&D are higher in Canada.

Does Foreign Direct Investment Affect Green Growth? Evidence from China’s Experience

Directory of Open Access Journals (Sweden)

Shujing Yue

2016-02-01

Full Text Available Foreign Direct Investment (FDI not only affects the economic growth but also affects the environmental protection of the host country. With China’s background of pursuing green growth, we need to consider the performance of FDI from the economic and environmental benefit aspects. On this basis, using slacks-based measure directional distance function (SBMDDF to build up green growth efficiency, economic efficiency and environmental efficiency indexes, empirical research on FDI in 104 Chinese cities from 2004 to 2011 has shown that: (1 Different cities have differences in their green growth efficiency. Shenzhen city is always efficient in green economic growth. (2 Overall, FDI is positive on Chinese cities’ green growth. (3 When the green growth efficiency is broken down into economic efficiency and environmental efficiency, FDI promotes China’s economic green growth through both environmental benefits and economic benefits. (4 The effect of FDI differs in different sectors. FDI in the emission-intensive sector promotes green efficiency mainly through the improvement of economic efficiency. FDI in the non-emission-intensive sector promotes economic efficiency, environmental efficiency and green efficiency.

Learning to trade via direct reinforcement.

Science.gov (United States)

Moody, J; Saffell, M

2001-01-01

We present methods for optimizing portfolios, asset allocations, and trading systems based on direct reinforcement (DR). In this approach, investment decision-making is viewed as a stochastic control problem, and strategies are discovered directly. We present an adaptive algorithm called recurrent reinforcement learning (RRL) for discovering investment policies. The need to build forecasting models is eliminated, and better trading performance is obtained. The direct reinforcement approach differs from dynamic programming and reinforcement algorithms such as TD-learning and Q-learning, which attempt to estimate a value function for the control problem. We find that the RRL direct reinforcement framework enables a simpler problem representation, avoids Bellman's curse of dimensionality and offers compelling advantages in efficiency. We demonstrate how direct reinforcement can be used to optimize risk-adjusted investment returns (including the differential Sharpe ratio), while accounting for the effects of transaction costs. In extensive simulation work using real financial data, we find that our approach based on RRL produces better trading strategies than systems utilizing Q-learning (a value function method). Real-world applications include an intra-daily currency trader and a monthly asset allocation system for the S&P 500 Stock Index and T-Bills.

Comparative empirical analysis of temporal relationships between construction investment and economic growth in the United States

Directory of Open Access Journals (Sweden)

Navid Ahmadi

2017-09-01

Full Text Available The majority of policymakers believe that investments in construction infrastructure would boost the economy of the United States (U.S.. They also assume that construction investment in infrastructure has similar impact on the economies of different U.S. states. In contrast, there have been studies showing the negative impact of construction activities on the economy. However, there has not been any research attempt to empirically test the temporal relationships between construction investment and economic growth in the U.S. states, to determine the longitudinal impact of construction investment on the economy of each state. The objective of this study is to investigate whether Construction Value Added (CVA is the leading (or lagging indicator of real Gross Domestic Product (real GDP for every individual state of the U.S. using empirical time series tests. The results of Granger causality tests showed that CVA is a leading indicator of state real GDP in 18 states and the District of Columbia; real GDP is a leading indicator of CVA in 10 states and the District of Columbia. There is a bidirectional relationship between CVA and real GDP in 5 states and the District of Columbia. In 8 states and the District of Columbia, not only do CVA and real GDP have leading/lagging relationships, but they are also cointegrated. These results highlight the important role of the construction industry in these states. The results also show that leading (or lagging lengths vary for different states. The results of the comparative empirical analysis reject the hypothesis that CVA is a leading indicator of real GDP in the states with the highest shares of construction in the real GDP. The findings of this research contribute to the state of knowledge by quantifying the temporal relationships between construction investment and economic growth in the U.S. states. It is expected that the results help policymakers better understand the impact of construction investment

The Effect of Corruption on Investment Growth: Evidence from Firms in Latin America, Sub-Saharan Africa and Transition Countries.

OpenAIRE

Elizabeth Asiedu; James Freeman

2008-01-01

Many of the empirical studies that analyze the impact of corruption on investment have three common features: they employ aggregate (country-level) data on investment, corruption is measured at the country-level, and data for countries from several regions are pooled together. This paper uses firm-level data on investment and measures corruption at the firm and country-level, and allows the effect of corruption to vary by region. Our dependent variable is firms’ investment growth and we emplo...

EUROPEAN UNION PARTICIPATION IN NEGOTIATIONS ON TRANSATLANTIC TRADE AND INVESTMENT PARTNERSHIP

Directory of Open Access Journals (Sweden)

D. E. Rudenkova

2016-01-01

Full Text Available This article contributes to the discussion surrounding involvement of interest groups in the political process on the European and global level. My purpose here is to examine how groups of interest can affect EU’s role as a global actor and find out which mode of lobbying regulation could strengthen Europe’s position in global governance. In this article, I am trying to bind concepts which at first glance might seem quite remote: groups of interests and global governance. By analyzing Europe’s position on the Transatlantic Trade and Investment Partnership (TTIP and the Trans-Pacifi c Partnership (TPP, I argue that European ambitions on international arena are undermined by innertensions. These tensions are mainly caused by discrepancy in positions of different groups of interest who try to infl uence the outcome of the political process and, thus, make it less stable and predictable. At the same time, adequate lobbying regulation could increase accountability and transparency and, therefore, help to overcome inconsistencies in EU’s position in global governance system. The results suggest that without proper backing from inside actors like business groups and civil society associations the EU will constantly wobble and will not be able to fully achieve its global goals.

THE IMPACT OF THE ECONOMIC CRISIS ON FOREIGN DIRECT INVESTMENT IN ROMANIA

Directory of Open Access Journals (Sweden)

CIURLĂU LOREDANA

2014-05-01

Full Text Available Foreign Direct Investment (FDI bring an essential contribution to economic growth. They create jobs, optimize the allocation of resources, technology transfer and stimulate trade. Doing business in Romania needs friendly taxation and economic freedom for entrepreneurs, including to foreign investors, creating a favourable economic environment framework by promoting conditions conducive to attracting foreign investors, such as: fair treatment, fair and non-discriminatory manner; protection from illegal situated between kilometeres; the appeal directly to international arbitration, as well as the transformation of Romania into an attractive environment in terms of taxation.

The ASEAN Free Trade Agreement: impact on trade flows and external trade barriers

OpenAIRE

Hector Calvo-Pardo; Caroline Freund; Emanuel Ornelas

2009-01-01

Using detailed data on trade and tariffs from 1992-2007, the authors examine how the ASEAN Free Trade Agreement has affected trade with nonmembers and external tariffs facing nonmembers. First, the paper examines the effect of preferential and external tariff reduction on import growth from ASEAN insiders and outsiders across HS 6-digit industries. The analysis finds no evidence that prefe...

Panel estimation for CO2 emissions, energy consumption, economic growth, trade openness and urbanization of newly industrialized countries

International Nuclear Information System (INIS)

Sharif Hossain, Md.

2011-01-01

This paper empirically examines the dynamic causal relationships between carbon dioxide emissions, energy consumption, economic growth, trade openness and urbanization for the panel of newly industrialized countries (NIC) using the time series data for the period 1971-2007. Using four different panel unit root tests it is found that all panel variables are integrated of order 1. From the Johansen Fisher panel cointegration test it is found that there is a cointegration vector among the variables. The Granger causality test results support that there is no evidence of long-run causal relationship, but there is unidirectional short-run causal relationship from economic growth and trade openness to carbon dioxide emissions, from economic growth to energy consumption, from trade openness to economic growth, from urbanization to economic growth and from trade openness to urbanization. It is found that the long-run elasticity of carbon dioxide emissions with respect to energy consumption (1.2189) is higher than short run elasticity of 0.5984. This indicates that over time higher energy consumption in the newly industrialized countries gives rise to more carbon dioxide emissions as a result our environment will be polluted more. But in respect of economic growth, trade openness and urbanization the environmental quality is found to be normal good in the long-run. - Highlights: → Dynamic causal relationships are conducted for different panel variables of NIC. → Test results support only existence of unidirectional short-run causal relationships. → Environment will be polluted more due to energy consumption in the long-run. → But environmental quality is found to be normally good in respect of other variables. → NIC should use solar energy as the substitute of oil to control CO 2 emissions.

Public Investment and Economic Growth in The European Union Member States

Directory of Open Access Journals (Sweden)

Liliana DONATH

2009-06-01

Full Text Available The issue of public investments becamea very challenging subject for public decisionmakerssince it incorporates the question of stateperformance, the quality of public finance and theireffects on growth. The quality of public finance is amultidimensional concept. It may be regarded asrepresenting all the arrangements and operationsregarding the financial politics that sustain themacroeconomic objectives, particularly the longtermeconomic growth. Financial policies atEuropean level highlight the fact that a concentrationof the public expenses in areas that stimulate theeconomic growth and a more efficient use of thepublic resources are key methods for sustainingthe economic growth. The empirical proofs seem tosupport the assumption according to which certaintypes of public expenses can supply incentivesand other can negatively influence the economicgrowth. The paper tries to reveal the effects ofcapital spending on economic growth (GDP percapita for the European Union member states.The GDP per capita and the capital expenses(functional classification of public expenses -“COFOG” have been obtained by consideringthe Eurostat statistics, the measurement unit forboth variables is Euro, while the period of analysisis of 7 years (2000-2006.

Evolving dynamics of trading behavior based on coordination game in complex networks

Science.gov (United States)

Bian, Yue-tang; Xu, Lu; Li, Jin-sheng

2016-05-01

This work concerns the modeling of evolvement of trading behavior in stock markets. Based on the assumption of the investors' limited rationality, the evolution mechanism of trading behavior is modeled according to the investment strategy of coordination game in network, that investors are prone to imitate their neighbors' activity through comprehensive analysis on the risk dominance degree of certain investment behavior, the network topology of their relationship and its heterogeneity. We investigate by mean-field analysis and extensive simulations the evolution of investors' trading behavior in various typical networks under different risk dominance degree of investment behavior. Our results indicate that the evolution of investors' behavior is affected by the network structure of stock market and the effect of risk dominance degree of investment behavior; the stability of equilibrium states of investors' behavior dynamics is directly related with the risk dominance degree of some behavior; connectivity and heterogeneity of the network plays an important role in the evolution of the investment behavior in stock market.

Summaries of the thirteenth annual Canadian independent power conference and trade show : From theory to action: bringing fresh investment to the sector

International Nuclear Information System (INIS)

Eggertson, W.; McArthur, D.; Kishewitsch, S.

2002-05-01

This conference hosted by the Independent Power Producers' Society of Ontario, acquired an added impetus with the preparations under way for the opening of the Ontario electricity market to competition, scheduled for 2002. The speakers, over 30 of them, discussed the various aspects related to investment in the Ontario sector. The topics discussed were as follows: (1) what is needed to really get Ontario's market moving, (2) the regulator's role in facilitating competition and investment, (3) the regulator's role and the status of major capacity, (4) tax reforms proposed by the Canadian Electricity Association (CEA) and the Independent Power Producers' Society of Ontario to encourage investment, (5) achieving healthy competition, (6) addressing market behaviour: compliance and enforcement, (7) workshop on the new emission trading system, (8) improving environmental performance, (9) power purchasers' panel, (10) transmission within Ontario and at its borders, and (11) the shape of the future: maximizing on promise and opportunity. This conference provided an ideal forum for all independent producers to discuss issues and share ideas. refs., tabs., figs

Green investment: Trends and determinants

International Nuclear Information System (INIS)

Eyraud, Luc; Clements, Benedict; Wane, Abdoul

2013-01-01

This paper fills a gap in the macroeconomic literature on renewable sources of energy. It offers a definition of green investment and analyzes the trends and determinants of this investment over the last decade for 35 advanced and emerging countries. We use a new multi-country historical dataset and find that green investment has become a key driver of the energy sector and that its rapid growth is now mostly driven by China. Our econometric results suggest that green investment is boosted by economic growth, a sound financial system conducive to low interest rates, and high fuel prices. We also find that some policy interventions, such as the introduction of carbon pricing schemes or “feed-in-tariffs,” which require use of “green” energy, have a positive and significant impact on green investment. Other interventions, such as biofuel support, do not appear to be associated with higher green investment. - Highlights: • We offer a definition of green investment and review its trend since 2000. • We analyze its determinants from both theoretical and empirical perspectives. • Green investment is boosted by economic growth, interest rates, and fuel prices. • Feed-in-tariffs and carbon pricing schemes impact positively green investment

Monitoring the impacts of trade agreements on food environments.

Science.gov (United States)

Friel, S; Hattersley, L; Snowdon, W; Thow, A-M; Lobstein, T; Sanders, D; Barquera, S; Mohan, S; Hawkes, C; Kelly, B; Kumanyika, S; L'Abbe, M; Lee, A; Ma, J; Macmullan, J; Monteiro, C; Neal, B; Rayner, M; Sacks, G; Swinburn, B; Vandevijvere, S; Walker, C

2013-10-01

The liberalization of international trade and foreign direct investment through multilateral, regional and bilateral agreements has had profound implications for the structure and nature of food systems, and therefore, for the availability, nutritional quality, accessibility, price and promotion of foods in different locations. Public health attention has only relatively recently turned to the links between trade and investment agreements, diets and health, and there is currently no systematic monitoring of this area. This paper reviews the available evidence on the links between trade agreements, food environments and diets from an obesity and non-communicable disease (NCD) perspective. Based on the key issues identified through the review, the paper outlines an approach for monitoring the potential impact of trade agreements on food environments and obesity/NCD risks. The proposed monitoring approach encompasses a set of guiding principles, recommended procedures for data collection and analysis, and quantifiable 'minimal', 'expanded' and 'optimal' measurement indicators to be tailored to national priorities, capacity and resources. Formal risk assessment processes of existing and evolving trade and investment agreements, which focus on their impacts on food environments will help inform the development of healthy trade policy, strengthen domestic nutrition and health policy space and ultimately protect population nutrition. © 2013 The Authors. Obesity Reviews published by John Wiley & Sons Ltd on behalf of the International Association for the Study of Obesity.

ANALISIS BELANJA MODAL, INVESTASI, DAN TENAGA KERJA TERHADAP PERTUMBUHAN EKONOMI SULAWESI SELATAN (CAPITAL EXPENDITURES ANALYSIS, INVESTMENTS, AND EMPLOYMENT ON ECONOMIC GROWTH SOUTH SULAWESI

Directory of Open Access Journals (Sweden)

Basri Bado

2015-08-01

Full Text Available The aim of this study was to determine the influence of Capital Expenditure and Investment, and Employment on economic growth in South Sulawesi. This study uses time series data (time series in 2001-2013. Data collected through observation and documentation. Data were analyzed using multiple linear regression analysis by the method of ordinary least squares (OLS. The results showed that the variable Capital Expenditures, Investment, and Labour significant effect on economic growth in South Sulawesi. Capital Expenditure Partially variables, and variables of Labor has a significant influence on the economic growth of South Sulawesi. While variable investments significantly negative effect on economic growth in South Sulawesi.

THE IMPACT OF FOREIGN DIRECT INVESTMENT (FDI ON AGRICULTURAL GROWTH IN NIGERIA (1979-2014

Directory of Open Access Journals (Sweden)

Zechariahs Benapugha OWUTUAMOR

2018-03-01

Full Text Available This study examining the impact of foreign direct investment (FDI and other macroeconomic variables on agricultural growth in Nigeria from 1981 to 2014, using annual time series data from Central Bank of Nigeria (CBN, World Bank and the United States of America (US Federal Reserve System. Data was analysed using trend analyses, unit root tests, co-integration tests, ordinary least squares (OLS regression and Granger causality tests, while the hypothesis was tested with F-test. Results revealed very low FDI inflow into agriculture, not commensurate with the share of agriculture to GDP. All significance were taken at the 5% probability level, i.e. p<0.05. There was positive non-significant relationship between agricultural growth and FDI in agriculture, meaning that FDI in agriculture has no direct impact on agricultural growth or the impact on agricultural growth is masked by other macroeconomic variables. Significant positive relationship exists between agricultural growth and macroeconomic instability, while interest rate differential had a significant negative relationship. There was unidirectional causality running from FDI in agriculture, stock of gross external debts, and variability of consumers’ price index to agricultural growth, while agricultural growth was significant in granger causing macroeconomic instability. Recommendations are government should not involve itself in business, but seek for and encourage more FDI for the agricultural sector, encourage joint ventures between foreign and domestic investors/entrepreneurs, ensure stability and consistency in its macroeconomic policies, while monetary policy rates should be fixed in such a way that it would attract the right amount of investments in agriculture.

International Trade and Economic Growth in the Polish Economy

Directory of Open Access Journals (Sweden)

Henryk Gurgul

2010-01-01

Full Text Available The paper presents the results of examinations of linear and nonlinear causalities performed for international trade involving the Polish economy and its economic growth. In order to infer the impact of the world crisis on the Polish economy, two samples have been studied (containing quarterly data – a full sample (Q1 1996–Q3 2009 and pre-crisis sample (Q1 1996–Q3 2008. The results of linear causality tests support the existence of feedback between the growth rate of exports and growth in gross domestic product (GDP irrespectively of the time period chosen. For both the samples examined, no direct causal links between the growth rates of GDP and imports were detected. One can only suppose the existence of indirect links before the crisis. Bidirectional causality was found for growth rates of exports and imports only for the pre-crisis sample. Some weak evidence of a causal link running from the growth rate of imports to the growth rate of exports was also found for the period that covers the crisis, which may be interpreted as a confirmation of the fact that growth in imports also precedes growth in exports in bullish periods. It results from our computations that, at the time of the financial crisis of 2008, the main factor that caused Polish GDP growth to remain positive was domestic demand. The results of nonlinear causality analysis provided only weak evidence for causality running from GDP to exports, from GDP to imports and from imports to exports. (original abstract

Another look at trading costs and short-term reversal profits

NARCIS (Netherlands)

W.A. de Groot (Wilma); J.J. Huij (Joop); W. Zhou (Weili)

2012-01-01

textabstractSeveral studies report that abnormal returns associated with short-term reversal investment strategies diminish once trading costs are taken into account. We show that the impact of trading costs on the strategies' profitability can largely be attributed to excessively trading in small

Effects of Deployment Investment on the Growth of the Biofuels Industry. 2016 Update

Energy Technology Data Exchange (ETDEWEB)

Vimmerstedt, Laura J. [National Renewable Energy Lab. (NREL), Golden, CO (United States); Warner, Ethan S. [National Renewable Energy Lab. (NREL), Golden, CO (United States); Stright, Dana [National Renewable Energy Lab. (NREL), Golden, CO (United States)

2016-03-01

This report updates the 2013 report of the same title. Some text originally published in that report is retained and indicated in gray. In support of the national goals for biofuel use in the United States, numerous technologies have been developed that convert biomass to biofuels. Some of these biomass to biofuel conversion technology pathways are operating at commercial scales, while others are in earlier stages of development. The advancement of a new pathway toward commercialization involves various types of progress, including yield improvements, process engineering, and financial performance. Actions of private investors and public programs can accelerate the demonstration and deployment of new conversion technology pathways. These investors (both private and public) will pursue a range of pilot, demonstration, and pioneer scale biorefinery investments; the most cost-effective set of investments for advancing the maturity of any given biomass to biofuel conversion technology pathway is unknown. In some cases, whether or not the pathway itself will ultimately be technically and financially successful is also unknown. This report presents results from the Biomass Scenario Model--a system dynamics model of the biomass to biofuels system--that estimate effects of investments in biorefineries at different maturity levels and operational scales. The report discusses challenges in estimating effects of such investments and explores the interaction between this deployment investment and a volumetric production incentive. Model results show that investments in demonstration and deployment have a substantial growth impact on the development of the biofuels industry. Results also show that other conditions, such as accompanying incentives, have major impacts on the effectiveness of such investments. Results from the 2013 report are compared to new results. This report does not advocate for or against investments, incentives, or policies, but analyzes simulations of

Research of relationship between uncertainty and investment

Institute of Scientific and Technical Information of China (English)

MENG Li; WANG Ding-wei

2005-01-01

This study focuses on revealing the relationship between uncertainty and investment probability through real option model involving investment critical trigger and project earning. Use of Matlab software on the experimental results showing that project earning volatility influences investment probability, led the authors to conclude that this notion is not always correct, as increasing uncertainty should have an inhibiting effect on investment, and that in certain situation, increasing uncertainty actually increases the investment probability and so, should have positive impact on investment.

The impact of agricultural extension and roads on poverty and consumption growth in fifteen Ethiopian villages

NARCIS (Netherlands)

Dercon, S.; Gilligan, D.O.; Hoddinott, J.; Woldehanna, T.

2009-01-01

This article investigates whether public investments that led to improvements in road quality and increased access to agricultural extension services led to faster consumption growth and lower rates of poverty in rural Ethiopia. Estimating an Instrumental Variables model using Generalized Methods of

Analysis of international negotiations and trade agreements

OpenAIRE

Górriz Gonzalo, Verónica

2014-01-01

This study aims to analyze international trade agreements and negotiations. For that purpose, two agreements made by the United States are chosen to be analyzed. In the first place, the North America Free Trade Agreement (NAFTA) agreement, that was signed by the United States, Canada and Mexico in 1994 in order to create a free trade area. In addition, the Transatlantic Trade and Investment Partnership (TTIP) will be analyze, an agreement that is still being negotiated between the United Stat...

Reforming the IMF to Increase FDI Led Economic Growth: The Case of Latin American and Caribbean Countries

Directory of Open Access Journals (Sweden)

Ashraf Mahate

2018-01-01

Full Text Available There is a strong body of literature that finds a direct connection between inward foreign direct investment and economic growth in the host country. At the same time, economic growth in the host country attracts additional Foreign Direct Investment (FDI. This bidirectional relationship can be supported by the IMF through its lending program to countries to assist in dealing with short-term shocks as well as managing more long-term structural issues. In fact, the IMF programs in theory should provide an indicator to potential investors that the country is committed to making a change and opening its economy, which are typical requirements under IMF conditions. IMF intervention should lead to a positive impact on inward FDI. This study examines the impact of IMF-support programs on inward FDI for a sample of Latin American and Caribbean Countries. The results from this study reveal that being on an IMF borrowing program has a negative impact on inward FDI in the second and third year. We argue that being on an IMF borrowing program does not provide inward FDI with the seal of approval that it requires in making an investment.

The Nexus between FDI and Growth in the SAARC Member Countries

Directory of Open Access Journals (Sweden)

Sangjoon Jun

2015-03-01

Full Text Available This paper examines the effects of foreign direct investment (FDI on South Asian economies' output growth, utilizing recent panel cointegration testing and estimation techniques. Annual panel data on eight SAARC (South Asian Association for Regional Cooperation member countries' macroeconomic variables over the period 1960- 2013 are employed in empirical analysis. Using various heterogeneous panel cointegration and panel causality tests, a bi-directional relationship between FDI and growth is found. We find evidence for both FDI-led growth and growth-induced FDI hypotheses for the South Asian economies over the sample period. Individual member countries exhibit heterogeneity in terms of the direction or existence of causality subject to their idiosyncratic economic conditions. Among various regressors, FDI, financial development, human capital, and government consumption show the most significant positive effects on output growth. As determinants of FDI, GDP, financial development, human capital, and government consumption are found significant in the region. The bi-directional causality between FDI and growth is found robust to the inclusion of other control variables and using different estimation techniques.

Protectionism, free trade and preferential trade: the Mexican experience 1970-2005

Directory of Open Access Journals (Sweden)

2007-03-01

Full Text Available This paper is a theoretical and applied analysis of free trade policies and protectionism. First, the evolution of free trade theories, vis-à-vis protectionist ideas, is described, starting from the classical economists, their assumptions and implications for attaining welfare Pareto optimality, full employment and growth. Secondly, a structural analysis of the Mexican economy’s performance in three successive but different periods, regarding trade policies for the last thirty-five years is presented. I conclude that extreme free-trade policies have not been good for economic stability, growth and employment creation in Mexico.