Economics Commons^™

Foreign Private Investment In Nigeria 2001, Statistical Survey Office

Economic and Financial Review

The netflow of foreign investment into the Nigerian economy rose by 0.9

per cent from N3,347.0 million in 2000 to N3,376.4 million in 2001.

Companies of United Kingdom origin accounted/or the bulk of the flow in the

review period. The cumulative level of foreign direct investment in the country,

mainly in Mining and Quarrying as well as Manufacturing and Processing

sub-sectors was N160,882.2 million. The proportion of paid-up capital plus

reserves in total investment in the Manufacturing and processing sub-sectors

was 91 per cent in the review period. The value of total stock of fixed assets in

the review period …

End-Of-Sample Cointegration Breakdown Tests, Donald W.K. Andrews, Jae-Young Kim

Cowles Foundation Discussion Papers

This paper introduces tests for cointegration breakdown that may occur over a relatively short time period, such as at the end of the sample. The breakdown may be due to a shift in the cointegrating vector or due to a shift in the errors from being I (0) to being I (1). Tests are introduced based on the post-breakdown sum of squared residuals and the post-breakdown sum of squared reverse partial sums of residuals. Critical values are provided using a parametric subsampling method. The regressors in the model are taken to be arbitrary linear combinations of deterministic, stationary, and integrated …

Ceo Turnover And Foreign Market Participation, Bruce A. Blonigen, Rossitza B. Wooster

Economics Faculty Publications and Presentations

Anecdotal evidence suggests that new CEOs with foreign backgrounds direct their firms to become more international in their operations. We examine this hypothesis formally using data on U.S. S&P-500 manufacturing firms from1992 through 1997 and biographical information on CEOs’ birth and education locations that allow us to identify changes from U.S.- to foreign-connected CEOs. Robust to a variety of specifications, we find that a U.S. firm’s switch from a U.S. to a foreign CEO leads to substantial increases in the firm’s proportion of its foreign assets and foreign affiliate sales. In fact, our preferred specification indicates that foreign asset and …

Review Of Japan's Economic Dilemma: The Institutional Origins Of Prosperity And Stagnation, New York: Cambridge University Press, 2001. $ 54.95 Hardcover, $ 19.95 Papercover. Bai Gao. Reviewed By Christian Aspalter., Christian Aspalter

The Journal of Sociology & Social Welfare

Book review of Bai Gao, Japan's Economic Dilemma: The Institutional Origins of Prosperity and Stagnation, New York: Cambridge University Press, 2001. $54.95 hardcover, $19.95 papercover.

Attraction Visitors In Glacier Country Travel Region, Norma P. Nickerson, Bethany Sutton

Institute for Tourism and Recreation Research Publications

The analysis of visitors to attractions in Glacier Country provides reasons for visiting the region, activities engaged in, attractions visited, information sources, and demographic profiles of the travel group. Marketing suggestions are provided based on visitor profiles.

Attraction Visitors In Yellowstone Country Travel Region, Norma P. Nickerson, Bethany Sutton

Institute for Tourism and Recreation Research Publications

The analysis of visitors to attractions in Yellowstone Country provides reasons for visiting the region, activities engaged in, attractions visited, information sources, and demographic profiles of the travel group. Marketing suggestions are provided based on visitor profiles.

Markov Switching Garch Models Of Currency Crises In Southeast Asia, Celso Brunetti, Roberto S. Mariano, Chiara Scotti, Augustine H. H. Tan

Research Collection School Of Economics

This paper develops a model which is able to forecast exchange rate turmoil. Our starting point relies on the empirical evidence that exchange rate volatility is not constant. In fact, the modeling strategy adopted refers to the vast literature of the GARCH class of models, where the variance process is explicitly modeled. Further empirical evidence shows that it is possible to distinguish between two different regimes: îordinaryî versus îturbulenceî. Low exchange rate changes are associated with low volatility (ordinary regime) and high exchange rate devaluations go together with high volatility. This calls for a regime switching approach. In our model …

Market Structure And Performance: An Anti-Trust Story Of Endogenous Growth, Hing-Man Leung

Research Collection School Of Economics

Since Schumpeter, a major concern has been: what monopoly does to growth? Monopoly’s static, allocative inefficiency is well established. How much this is offset by its dynamic progressiveness is unclear. First, using the empirical literature, we argue that the presumed progressiveness of monopoly must be rejected. Second, we extend the endogenous growth model to obtain a full Pareto ranking of competition, monopoly, Cournot and Bertrand. Competition beats Cournot, which in turn beats monopoly. Growth rate is invariant with structures, which accords well with empirical evidence. Bertrand happens to share the ranking with competition. The findings have a strong anti-trust overtone.

Risk Management Update For Crops, Matthew A. Diersen

Economics Commentator (1972- 2016)

No abstract provided.

New Mexico Labor Market Review 02-28-2003, New Mexico Department Of Labor

Historic Publications

The New Mexico Labor Market Review is a monthly publication presenting statistical data and analysis on labor market conditions throughout New Mexico. Issues examine statewide and regional trends in employment, unemployment, labor force estimates, industry activity, wages, occupational demand, and related economic conditions, often accompanied by feature articles on topics affecting the state’s economy. This issue covers January 2003.

Strategy For Development Of Microfinance In Pakistan, Ishrat Husain Dr.

Faculty Research - Talks, Speeches, & Discourse

I would like to commend the Swiss Government and the Swiss Agency for Development and Cooperation (SDC) for launching the Financial Sector Strengthening Program (FSSP). I believe that the lack of adequate human and institutional capacity, shortage of local expertise and weak coordination among the various stakeholders are indeed the factors inhibiting the growth of microfinance sector in Pakistan. The initiative taken by SDC to overcome these constraints is therefore both timely and appropriate. But I do expect that once the FSSP has successfully demonstrated the business model for capacity building it will be adapted and internalized by our own …

Evolutions Of Institutions In China, Sun He, John Sondey

Economics Staff Paper Series (1969 - 2017)

Economic reforms in rural development are of special significance to the future of agriculture in China and hence the Chinese economy. This paper follows the trend of changes in agricultural institutions in China, and explains the reasons why those reforms should occur and the direction they would give the Chinese economy. Unlike many articles which have described China's reforms as a process of the government's self-selection, this paper considers the variety of forces pushing Chinese reforms in agriculture forward; not only government's policies but also farmers' reactions to and their interactions with farm policy. Since 1978, many policies directed at …

El Paso's Digital Divide: A Multivariate Analysis Of Computer Ownership And Internet Access From Home In El Paso County, Mathew Mcelroy, Dennis L. Soden

IPED Technical Reports

No abstract provided.

Do Differences Exist? Technology Benchmarking In El Paso County, Texas, Mathew Mcelroy, Dennis L. Soden

IPED Technical Reports

No abstract provided.

Survey Of Technology Use In El Paso County, Mathew Mcelroy, Dennis L. Soden

IPED Technical Reports

No abstract provided.

Trends. National Security And The United States Government 2004 Federal Budget: Is It Good For Security?, Ibpp Editor

International Bulletin of Political Psychology

This Trends article discusses the (under)funding of homeland security and defense in an Executive Branch proposal for the United States Government 2004 federal budget.

Trends. Personalities, Motivations, And Capabilities: The Iraq-North Korea Distinction, Ibpp Editor

International Bulletin of Political Psychology

This Trends article discusses and evaluates the handling of public affairs and justifications for military intervention in Iraq by the United States Secretary of State.

Comparative Standards For Intensive Livestock Operations In Canada, Mexico, And The United States, Jerry Speir, Marie-Ann Bowden, David E. Ervin, Jim Mcelfish, Rosario P. Espejo, Tim Whitehouse, Chantal L. Carpentier

Economics Faculty Publications and Presentations

Livestock farming has been transformed in the past twenty years from a business dominated by relatively small producers to one dominated by large facilities raising thousands of animals. A side effect of this development has been a new set of environmental concerns unique to this industry. While regulation of livestock agriculture has historically been a state/provincial and local matter, governments from the local to the federal level have found themselves grappling with the issues created by these new, concentrated facilities. This Report surveys the current environmental requirements for "intensive livestock operations" (ILOs) in the United States, Mexico and Canada. The …

Class Distinctions For The Global Economy, Aaron W. Hughey

Counseling & Student Affairs Faculty Publications

No abstract provided.

The Impact Of Base Expansion And Contraction Scenarios For Fort Bliss, Texas On The Regional Economy, Dennis L. Soden, David A. Schauer, Brent Mccune

IPED Technical Reports

No abstract provided.

Convention And Visitors Data Assessment, Alejandro R. Almanzán, Dennis L. Soden

IPED Technical Reports

No abstract provided.

The Strong Law Of Demand, Donald J. Brown, Caterina Calsamiglia

Cowles Foundation Discussion Papers

We show that a demand function is derived from maximizing a quasilinear utility function subject to a budget constraint if and only if the demand function is cyclically monotone. On finite data sets consisting of pairs of market prices and consumption vectors, this result is equivalent to a solution of the Afriat inequalities where all the marginal utilities of income are equal. We explore the implications of these results for maximization of a random quasilinear utility function subject to a budget constraint and for representative agent general equilibrium models. The duality theory for cyclically monotone demand is developed using the …

Laws And Limits Of Econometrics, Peter C.B. Phillips

Cowles Foundation Discussion Papers

We start by discussing some general weaknesses and limitations of the econometric approach. A template from sociology is used to formulate six laws that characterize mainstream activities of econometrics and the scientific limits of those activities., we discuss some proximity theorems that quantify by means of explicit bounds how close we can get to the generating mechanism of the data and the optimal forecasts of next period observations using a finite number of observations. The magnitude of the bound depends on the characteristics of the model and the trajectory of the observed data. The results show that trends are more …

Catalytic Finance: When Does It Work?, Stephen Morris, Hyun Song Shin

Cowles Foundation Discussion Papers

In a simple model of currency crises caused by creditor coordination failure, we show that bailouts that reduce ex post inefficiency will sometimes create ex ante moral hazard but will sometimes enhance the incentives for governments to take preventative actions. This model helps us understand a debate about the role of the IMF in catalyzing lending to developing countries.

Heterogeneity And Uniqueness In Interaction Games, Stephen Morris, Hyun Song Shin

Cowles Foundation Discussion Papers

Incomplete information games, local interaction games and random matching games are all special cases of a general class of interaction games (Morris (1997)). In this paper, we use this equivalence to present a unified treatment of arguments generating uniqueness in games with strategic complementarities by introducing heterogeneity in these different settings. We also report on the relation between local and global heterogeneity, on the role of strategic multipliers and on purification in the three types of interaction game.

Bonds Or Loans? The Effect Of Macroeconomic Fundamentals, Galina Hale

Cowles Foundation Discussion Papers

The costs of debt crises are not invariant to the foreign debt instrument composition: bank loans or bonds. The lending boom of the 1990s witnessed considerable variation over time and across countries in the debt instrument used by emerging market (EM) borrowers. This paper tests how macroeconomic fundamentals affect the composition of international debt instruments used by EM borrowers. Analysis of micro-level data using ordered probability model shows that macroeconomic fundamentals explain a significant share of variation in the ratio of bonds to loans for private borrowers, but not for the sovereigns.

A Tractable Approach To The Firm Location Decision Problem, Octávio Figueiredo, Paulo Guimaraes, Douglas P. Woodward

Faculty Publications

The conditional logit model based on random utility maximization has provided an adequate framework to model firm location decisions. However, in practice, the implementation of this methodology presents problems when one has to handle complex choice scenarios with a large number of spatial alternatives. We posit the Poisson regression as a tractable solution to these problems. We demonstrate that by taking advantage of an equivalence relation between the likelihood function of the conditional logit and the Poisson regression we can, under certain circumstances, easily estimate a conditional logit model regardless of the number of choices. This insight should be particularly …

The Elusive Empirical Shadow Of Growth Convergence, Peter C.B. Phillips, Donggyu Sul

Cowles Foundation Discussion Papers

Two groups of applied econometricians have figured prominently in empirical studies of growth convergence. In terms of a popular caricature, one group believes it has found a black hat of convergence (evidence for growth convergence) in the dark room of economic growth, even though the hat may not exist (the task may be futile). A second group believes it has found a black coat of divergence (evidence against growth convergence) even though this object also may not exist (empirical reality, including the nature of growth divergence, is ever more complex than the models used to characterize it). The present paper …

Coordination, Communication And Common Knowledge: A Retrospective On The Electronic Mail Game, Stephen Morris

Cowles Foundation Discussion Papers

Common knowledge plays an important role in coordination problems and coordination problems are central to many areas of economic policy. In this paper, I review some common knowledge puzzles culminating in the electronic mail game. These puzzles may seem distant from practical concerns. However, I then argue why insights derived from this literature are useful in interpreting empirical evidence of how people coordinate under uncertainty and in understanding the role of communication in coordinating behaviour.

Considerations For States Planning Personal Reemployment Accounts, Christopher J. O'Leary

Conference Papers

No abstract provided.