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Full-Text Articles in Economics
Transportation Costs And U.S. Manufacturing Fdi, Joseph Daniels, Marc Ruhr
Transportation Costs And U.S. Manufacturing Fdi, Joseph Daniels, Marc Ruhr
Joseph P Daniels
In empirical models of foreign direct investment (FDI), distance is most often used to proxy for transportation costs and other pure-trade costs. Given that distance is time invariant but transportation costs are not, this approach is less than satisfactory when actual transportation costs rise and fall over time.The contribution of this work is to explicitly control for transportation costs and thereby better understand their impact on FDI. We explore the impact of shipping costs on total US FDI stocks abroad, manufacturing stocks and service stocks using measures of sea-shipping and air-shipping costs in a Hausman–Taylor model that controls for endogeneity …
Testing The Fisher Effect As A Long-Run Equilibrium Relationship, Joseph Daniels, Farrokh Nourzad, Robert Toutkoushian
Testing The Fisher Effect As A Long-Run Equilibrium Relationship, Joseph Daniels, Farrokh Nourzad, Robert Toutkoushian
Joseph P Daniels
The recent advances in the econometrics of integrated time series by Johansen are applied to the much examined Fisher effect. While the existing literature is concerned with whether there is a stable long-run equilibrium relation between the nominal rate of interest and inflation, the existence of a one-to-one relation along this path is also tested. Moreover, it is found that in the long run there is a unidirectional causality from the inflation rate to the rate of interest. However, in the short-run there is a feedback (bi-directional causality) between the two variables.
Shaping A New International Financial System: Challenges Of Governance In A Globalising World, Karl Kaiser, John Kirton, Joseph Daniels
Shaping A New International Financial System: Challenges Of Governance In A Globalising World, Karl Kaiser, John Kirton, Joseph Daniels
Joseph P Daniels
An examination of the professional economic merits, practical feasibility, and underlying politics of the hotly contested competing initiatives for strengthening the international financial system. Challenging much of the conventional wisdom, it offers a comprehensive account of the traditional enduring financial issues facing the G7 and the fundamental architectural elements of the new systemic design. The text contains an array of contributions from experts from all G7 countries and from emerging markets outside.
The G8’S Role In The New Millennium, Michael Hodges, John Kirton, Joseph Daniels
The G8’S Role In The New Millennium, Michael Hodges, John Kirton, Joseph Daniels
Joseph P Daniels
This collection of papers from two conferences on the role of the G8 provides a critical, scholarly assessment of the G's prospects in addressing challenges of the post Cold War world of globalization and deepening integration. The text explores and challenges the logic of contemporary critics to offer improved explanations of the circumstances under which G7/G8 is effective in addressing its traditional agenda, the new financial challenges of the modern era, and the broader once domestic issues of employability and crime that now occupy a central place on the international agenda.
U.S. Corporations In Globalization, John Davis, Joseph Daniels
U.S. Corporations In Globalization, John Davis, Joseph Daniels
Joseph P Daniels
No abstract provided.
The Nonstationarity Of Money And Prices In Interdependent Economies, Joseph Daniels, David Vanhoose
The Nonstationarity Of Money And Prices In Interdependent Economies, Joseph Daniels, David Vanhoose
Joseph P Daniels
In most nations, paths of monetary aggregates and prices consistently depart from stationary trends. This paper shows that this is a fundamental implication when monetary authorities of interdependent countries seek to smooth their home output and prices in the presence of incomplete world output-market integration and structural asymmetries. Using a two-country model with interdependent output supply schedules, we show that this conclusion holds whether the exchange rate floats or is fixed. It also holds if monetary policies are coordinated. Therefore, optimal monetary policy choices by central banks yield stationary paths for money and prices only under very specific conditions.
Policy Undertakings By The Seven ‘Summit’ Countries: Ascertaining The Degree Of Compliance, George Von Furstenberg, Joseph Daniels
Policy Undertakings By The Seven ‘Summit’ Countries: Ascertaining The Degree Of Compliance, George Von Furstenberg, Joseph Daniels
Joseph P Daniels
This paper sifts through the economic-summit declarations, issued annually since 1975, to determine how credible the announced government commitments would have deserved to be, judging by the degree to which they have been fulfilled. Measuring compliance with fuzzy undertakings imposing imprecise obligations was assisted by fitting nonlinear membership functions to allow partial credit. The average scores assigned to the 203 undertakings that could be evaluated through 1989 were so low that the joint null hypothesis of “no summit ambition” and “no summit effect” could barely be rejected. However, there were notable differences by summit, country, and type of issue.
Openness, Central Bank Independence, And The Sacrifice Ratio, Joseph Daniels, Farrokh Nourzad, David Vanhoose
Openness, Central Bank Independence, And The Sacrifice Ratio, Joseph Daniels, Farrokh Nourzad, David Vanhoose
Joseph P Daniels
Traditional explanations of the negative correlation between openness and inflation presume that an inverse relationship between the degree of openness and the sacrifice ratio reduces the inflation bias of discretionary monetary policy. Temple (2002) concludes, however, that such a relationship fails to emerge in cross-country data. Our analysis of the same cross-country data considered by Temple indicates that once the degree of central bank independence and its interaction with greater openness is considered, there is an unambiguous positive relationship between openness and the sacrifice ratio. In addition, increased openness lessens the positive effect of central bank independence on the sacrifice …
The Determinants Of Immigration-Policy Preferences In Advanced Economies: A Cross-Country Study, Joseph Daniels, Marc Von Der Ruhr
The Determinants Of Immigration-Policy Preferences In Advanced Economies: A Cross-Country Study, Joseph Daniels, Marc Von Der Ruhr
Joseph P Daniels
This paper employs survey data to examine the determinants of immigration-policy preferences among ten advanced economies. Ordered probit specifications suggest that skill level is a robust determinant of immigration-policy preferences and that less-skilled workers are more likely to express a preference for policies that restrict immigration. The results also suggest that older individuals, members of trade unions, and those who classify their political ideology as conservative are more likely to favor limiting immigration while non-citizens are less likely to favor such policies. Individual country-level regression results vary, in particular with regard to the influence of trade union member- ship, which …
Economic Summit Declarations, 1975-1989: Examining The Written Record Of International Cooperation, George Von Furstenberg, Joseph Daniels
Economic Summit Declarations, 1975-1989: Examining The Written Record Of International Cooperation, George Von Furstenberg, Joseph Daniels
Joseph P Daniels
This study audits commitments contained in economic declarations made following fifteen annual economic summit meetings of the United States, Japan, Germany, France, the United Kingdom, Italy, and Canada from 1975 to 1989. It concludes that country executives make commitments in good faith but that subsequent compliance is impeded domestically by lack of control over the instruments of implementation and internationally by the absence of specified supporting policies or acts of international coordination. In addition, the language used in the declarations necessarily reflects the exigencies of diplomacy and is therefore usually imprecise. Even though the credibility of summit undertakings is generally …
Regional Vs. Global Financing Strategies For U.S. Mnes, Joseph Daniels, Walid Hejazi, Marc Ruhr
Regional Vs. Global Financing Strategies For U.S. Mnes, Joseph Daniels, Walid Hejazi, Marc Ruhr
Joseph P Daniels
Despite declining in 2001, foreign direct investment (FDI) surged during the 1990s. As a result, current levels of FDI flows are triple their 1990 levels. It is well documented in the literature that FDI occurs in large part among countries that are geographically close. It is also well established that the NAFTA had a significant impact on both U.S. FDI flows and hence FDI stocks. In addition, tax policies and tax treaties have been shown to be important drivers of U.S. FDI. The analysis presented in this paper confirms these earlier results. We extend the analysis, however, to show that …
Challenges And Contributions To The Conventional Wisdom, Karl Kaiser, John Kirton, Joseph Daniels
Challenges And Contributions To The Conventional Wisdom, Karl Kaiser, John Kirton, Joseph Daniels
Joseph P Daniels
No abstract provided.
American Macromanagement Issues And Policy, Joseph Daniels, John Davis
American Macromanagement Issues And Policy, Joseph Daniels, John Davis
Joseph P Daniels
No abstract provided.