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There is a divergence in the returns of top-performing firms and the rest of the economy, especially in industries that rely on a skilled labor force, raising concerns about their market power. This paper shows that the divergence is explained by the mismeasurement of intangible capital. Compared with other firms, star firms produce more per dollar of invested capital, have higher growth, innovation, and productivity and are not differentially affected by exogenous competitive shocks. Their pricing power supports their high intangible capital investment. Some exceptional firms may pose concerns due to their potential to foreclose competition in the future.

Capital Investment --- Competitiveness --- Firm Productivity --- Market Power --- Private Sector Development --- Private Sector Economics --- Skilled Labor

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The assessment of external positions and exchange rates is a key mandate of the IMF. This paper presents the updated External Balance Assessment (EBA) framework—a key input in the conduct of multilaterally-consistent external sector assessments of 49 advanced and emerging market economies—following the two rounds of refinements adopted since the framework was introduced in 2012 (as described in Phillips et al., 2013). It also presents new complementary tools for shedding light on the role of structural factors in explaining external imbalances and assessing potential biases in the measurement of external positions. Remaining challenges and areas of future work are also discussed.

Balance of payments --- Foreign exchange rates --- Current account balance (International trade) --- International payments, Balance of --- Foreign exchange --- Terms of trade --- Balance of trade --- International liquidity --- Econometric models. --- Exports and Imports --- Foreign Exchange --- International Investment --- Long-term Capital Movements --- Current Account Adjustment --- Short-term Capital Movements --- Open Economy Macroeconomics --- International Policy Coordination and Transmission --- International Financial Markets --- General Financial Markets: Government Policy and Regulation --- Economic Development: Financial Markets --- Saving and Capital Investment --- Corporate Finance and Governance --- Development Planning and Policy: Trade Policy --- Factor Movement --- Foreign Exchange Policy --- International economics --- Currency --- Current account --- Current account balance --- Real effective exchange rates --- Capital controls --- External balance assessment (EBA) --- External position --- Capital movements --- International finance --- United States

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This paper offers empirical evidence that greater financial inclusion of small and medium enterprises (SMEs) can promote higher economic growth and employment, especially in the Middle East and Central Asia regions. First, we show that countries with higher SME financial inclusion exhibit more effective monetary policy transmission and tax collection. Second, we find substantial employment and labor productivity growth gains at the firm level from access to credit, gains that are higher for SMEs. We also obtain evidence of a substantial positive impact on SME employment and labor productivity growth from improved credit bureau coverage and insolvency regimes. Finally, cross-country aggregate evidence confirms the employment and growth gains from SME financial inclusion, which appear larger in the Middle East and Central Asia than in other regions.

Small business --- Businesses, Small --- Medium-sized business --- Micro-businesses --- Microbusinesses --- Microenterprises --- Small and medium-sized business --- Small and medium-sized enterprises --- Small businesses --- SMEs (Small business) --- Business --- Business enterprises --- Industries --- Finance. --- Size --- Corporate Finance --- Finance: General --- Labor --- Production and Operations Management --- Consumer Economics: Empirical Analysis --- Economic Development: Financial Markets --- Saving and Capital Investment --- Corporate Finance and Governance --- Economic Growth and Aggregate Productivity: Other --- Financial Markets and the Macroeconomy --- Corporate Finance and Governance: General --- Human Capital --- Skills --- Occupational Choice --- Labor Productivity --- Macroeconomics: Production --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Finance --- Ownership & organization of enterprises --- Macroeconomics --- Labour --- income economics --- Financial inclusion --- Small and medium enterprises --- Labor productivity --- Productivity --- Financial markets --- Economic sectors --- Production --- Financial services industry --- Industrial productivity --- Economic theory --- Armenia, Republic of

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The evolution of knowledge management theory and the special emphasis on human and social capital sets new challenges for knowledge-driven and technology-enabled innovation. Emerging technologies including big data and analytics have significant implications for sustainability, policy making, and competitiveness. This edited volume promotes scientific research into the potential contributions knowledge management can make to the new era of innovation and social inclusive economic growth. We are grateful to all the contributors of this edition for their intellectual work. The organization of the relevant debate is aligned around three pillars: SECTION A. DATA, KNOWLEDGE, HUMAN AND SOCIAL CAPITAL FOR INNOVATION: We elaborate on the new era of knowledge types and the emerging forms of social capital and their impact on technology-driven innovation. Topics include: Social Networks; Smart Education; Social Capital; Corporate Innovation; Disruptive Innovation; Knowledge integration; Enhanced Decision-Making. SECTION B. KNOWLEDGE MANAGEMENT & BIG DATA ENABLED INNOVATION: In this section, knowledge management and big data applications and systems are presented. Selective topic include: Crowdsourcing Analysis; Natural Language Processing; Data Governance; Knowledge Extraction; Ontology Design Semantic Modeling SECTION C. SUSTAINABLE DEVELOPMENT: In the section, the debate on the impact of knowledge management and big data research to sustainability is promoted with integrative discussion of complementary social and technological factors including: Big Social Networks on Sustainable Economic Development; Business Intelligence

knowledge assets --- social capital --- MTurk --- hybrid neural networks --- education --- knowledge specificity --- innovation capability --- taxonomy --- mechanical patent classification --- patent analysis --- universities --- knowledge mapping --- patent association analysis --- co-citation network --- human capital investment --- cloud data governance --- risk perception --- project-based organization --- corporate sustainability --- crowdsourcing --- Big Data --- smart education --- international technological collaboration --- social network analysis --- big data analysis --- collaboration network --- six sigma --- conceptual maturity model --- NLP --- RDF --- IC manufacturing --- Jordan --- innovation --- human capital --- visualizing --- holistic --- systematic review --- open data --- personalized business mode --- process innovation capability --- sustainable competitive advantage --- knowledge embeddedness --- quality orientation of employees-QOE --- multi-dimensional data model --- knowledge sharing --- keywords analysis --- emerging trends --- intellectual structure --- administrative procedure --- business intelligence --- disruptive innovation --- citizen-scientist --- bibliometric --- communication --- big data --- climate change --- big data environment --- text structure --- P-PLAN --- knowledge creation --- top management team --- sustainability --- transformational training programs-TTP --- sustainable development --- text feature extraction --- technological information --- knowledge creation process --- data governance --- key performance indicators --- technology-enhanced learning process --- PROV-O --- Twitter --- training --- knowledge management --- absorptive capacity --- provenance --- leadership --- strategic decision-making --- text mining --- cloud computing --- technology acceptance model --- linked data --- social media --- structural equation model --- internal social networks --- data analysis --- social networks --- product innovation capability --- innovation performance --- heterogeneous architectures --- administrative file --- new ventures --- competitive advantage --- user acceptance --- employee loyalty-EL --- ontology design