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This paper develops a model that highlights the importance of clusters for attracting foreign direct investment. It shows from a game theoretical perspective how the combination of setting up a cluster and implementing policy reforms will be a key engine for attracting FDI. Based on agglomeration externalities, the paper shows that the very emergence of clusters can make investment so profitable that investors can even afford to tolerate more policyinduced distortions than otherwise. With perfect information, it shows the existence of multiple equilibria, in which some countries attract FDI while other do not. An extension to the context of imperfect information refines the analysis to a unique equilibrium, in which some investors respond to reforms. The paper presents case studies to support the findings.
Electronic books. -- local. --- Investments, Foreign. --- Exports and Imports --- Taxation --- Fiscal Policies and Behavior of Economic Agents: General --- International Factor Movements and International Business: General --- International Investment --- Long-term Capital Movements --- Market Structure, Firm Strategy, and Market Performance: General --- Taxation, Subsidies, and Revenue: General --- Finance --- Public finance & taxation --- Foreign direct investment --- Tax incentives --- Balance of payments --- Investments, Foreign --- Mauritius
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This paper considers the effects of trade policy-tariffs and quotas-when importing is done by competitive traders who are identical ex ante but differ ex post. We show that the standard equivalence results no longer hold and the conventional ranking of tariffs and quotas is turned on its head: quotas are not as bad for welfare as previously believed, while tariffs may restrict trade by more than originally intended. Furthermore, the allocation of property rights (quota licenses) has real effects beyond the distribution of rents; this, in turn, has implications for the effects of corruption on welfare.
Exports and Imports --- Taxation --- Trade Policy --- International Trade Organizations --- Market Structure, Firm Strategy, and Market Performance: General --- Trade: General --- International economics --- Public finance & taxation --- Tariffs --- Trade liberalization --- Imports --- Trade policy --- Import quotas --- Taxes --- International trade --- Tariff --- Commercial policy --- Nigeria --- Non-tariff trade barriers --- Econometric models.
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Using a simple model of two-sided markets, we show that, in the social optimum, platform pricing leads to an inherent cost recovery problem. This result is driven by the positive externality of participation that users on either side of the market exert on the opposite side. The contribution of this positive externality to social welfare leads the social planner to increase users' participation by setting prices at both sides of the market such that the total price is below marginal cost. This causes operational losses for the platform. Our result holds for both interior pricing and skewed pricing in two-sided markets.
Competition, International. --- Electronic books. -- local. --- Markets. --- Prices. --- Finance: General --- Macroeconomics --- Economic Theory --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Market Structure, Firm Strategy, and Market Performance: General --- Monopolization --- Horizontal Anticompetitive Practices --- Price Level --- Inflation --- Deflation --- Agriculture: Aggregate Supply and Demand Analysis --- Prices --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Economic theory & philosophy --- Finance --- Price structures --- Demand elasticity --- Price elasticity --- Payment systems --- Elasticity --- Economics --- Clearinghouses --- Banking
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We show empirical evidence that there may not be a tradeoff between market income inequality and high sustained growth, which is key for poverty alleviation. We argue that the economies that achieved high sustained growth and low market income inequality are characterized by dynamism—a drive toward sophisticated export industries, innovation, and creative destruction and a high level of competition. What a country produces and how much it competes domestically and internationally are important for achieving fair and inclusive markets. We explore policy options to steer industrial and market structures toward providing growth opportunities for both workers and firms.
Finance: General --- Macroeconomics --- Equity, Justice, Inequality, and Other Normative Criteria and Measurement --- Economic Growth and Aggregate Productivity: General --- Innovation --- Research and Development --- Technological Change --- Intellectual Property Rights: General --- Industrial Policy --- Market Structure, Firm Strategy, and Market Performance: General --- Market Structure and Pricing: General --- Aggregate Factor Income Distribution --- General Financial Markets: General (includes Measurement and Data) --- Economic growth --- Finance --- Income inequality --- Inclusive growth --- Competition --- Income --- Income distribution --- Economic development --- Taiwan Province of China --- Industrial policy. --- Fiscal policy. --- Economic policy.
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This paper reviews a selection of studies on privatization experiences in transition countries. Empirical studies almost invariably show privatized enterprises outperform state enterprises. Moreover, the literature identifies de novo firms as being clearly the best performers, followed by outsider-dominated firms, while insider-dominated firms are the least efficient among those newly privatized. The importance of de novo firms in enlarging the private sector in transition economies is reviewed, along with the question of whether privatization efforts support or hinder de novo private sector development. Finally, the paper discusses the importance of providing a suitable market environment for successful private-sector development.
Budgeting --- Finance: General --- Macroeconomics --- Environmental Economics --- Market Structure, Firm Strategy, and Market Performance: General --- Public Enterprises --- Public-Private Enterprises --- Comparison of Public and Private Enterprises and Nonprofit Institutions --- Privatization --- Contracting Out --- Socialist Systems and Transitional Economies: General --- Socialist Enterprises and Their Transitions --- General Financial Markets: General (includes Measurement and Data) --- Nonprofit Organizations and Public Enterprise: General --- National Budget --- Budget Systems --- Environmental Economics: General --- Finance --- Public ownership --- nationalization --- Budgeting & financial management --- Environmental economics --- Competition --- Public enterprises --- Budget planning and preparation --- Environment --- Economic sectors --- Financial markets --- Public financial management (PFM) --- Government business enterprises --- Budget --- Environmental sciences --- Czech Republic
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This paper presents a theoretical framework for analyzing pricing structures in debit card schemes featuring cardholders, retailers, their respective banks, and a network routing switch. The network routing switch controls the electronic debit card network and is jointly owned by the banks. In setting its prices, it needs to consider getting both consumers and retailers to participate in the market. In this two-sided market for debit cards, we show that the "double-monopolistic" network routing switch may want to supply consumers with cheap debit cards, deriving profits from charging a high retailer fee per transaction. This theoretic result resembles the current practice in the Netherlands where consumers pay no transaction fee, but retailers do. This corner solution carries over when we analyze socially optimal pricing.
Banks and Banking --- Finance: General --- Macroeconomics --- Economic Theory --- Public Finance --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Market Structure, Firm Strategy, and Market Performance: General --- Monopolization --- Horizontal Anticompetitive Practices --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Agriculture: Aggregate Supply and Demand Analysis --- Prices --- Price Level --- Inflation --- Deflation --- General Financial Markets: General (includes Measurement and Data) --- National Government Expenditures and Related Policies: General --- Finance --- Economic theory & philosophy --- Banking --- Public finance & taxation --- Payment systems --- Demand elasticity --- Price elasticity --- Competition --- Financial markets --- Economic theory --- Public expenditure review --- Expenditure --- Clearinghouses --- Elasticity --- Economics --- Banks and banking --- Expenditures, Public --- Netherlands, The
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This paper examines innovation, deregulation, and firm dynamics over the life cycle of the U.S. ATM and debit card industry. In doing so, we construct a dynamic equilibrium model to study how a major product innovation (introducing the new debit card function) interacted with banking deregulation drove the industry shakeout. Calibrating the model to a novel dataset on ATM network entry, exit, size, and product offerings shows that our theory fits the quantitative pattern of the industry well. The model also allows us to conduct counterfactual analyses to evaluate the respective roles that innovation and deregulation played in the industry evolution.
Banks and Banking --- Industries: Service --- Industries: Financial Services --- Inventions --- Public Finance --- Market Structure, Firm Strategy, and Market Performance: General --- Innovation --- Research and Development --- Technological Change --- Intellectual Property Rights: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Institutions and Services: Government Policy and Regulation --- Industry Studies: Services: General --- National Government Expenditures and Related Policies: General --- Banking --- Inventions & inventors --- Technology --- general issues --- Finance --- Public finance & taxation --- Technological innovation --- Financial services --- Services sector --- Economic sectors --- Public expenditure review --- Expenditure --- Banks and banking --- Technological innovations --- Financial services industry --- Service industries --- Expenditures, Public --- United States
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We document that publicly listed Chinese state-owned enterprises (SOEs) are less productive and profitable than publicly listed firms in which the state has no ownership stake. In particular, Chinese listed SOEs are more capital intensive and have a lower average product of capital than non-SOEs. These productivity differences increased between 2002 and 2009, and remain sizeable in 2019. Using a heterogeneous firm model of resource misallocation, we find that there are large potential productivity gains from reforms which could equalize the marginal products of listed SOEs and listed non-SOEs.
Macroeconomics --- Production and Operations Management --- Market Structure, Firm Strategy, and Market Performance: General --- Comparison of Public and Private Enterprises and Nonprofit Institutions --- Privatization --- Contracting Out --- Macroeconomic Analyses of Economic Development --- One, Two, and Multisector Growth Models --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Nonprofit Organizations and Public Enterprise: General --- Macroeconomics: Production --- Production --- Cost --- Capital and Total Factor Productivity --- Capacity --- Human Capital --- Skills --- Occupational Choice --- Labor Productivity --- Public ownership --- nationalization --- Capital productivity --- Public enterprises --- Productivity --- Total factor productivity --- Labor productivity --- Economic sectors --- Industrial productivity --- Government business enterprises --- China, People's Republic of
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The COVID-19 pandemic has posed a serious threat to the survival of Japanese firms, highlighting the importance of understanding how and why firms exit. In this paper, we use a rich firm-level dataset of Japanese firms to document how firm exit patterns have evolved between 2007 and 2017. Firm exit patterns have been heavily influenced by Japan’s demographic trends, as a majority of exits in recent years were voluntary exits of firms (business closures) owned by CEOs aged 65 years or older without business successors. In contrast to this increase in voluntary exits, other “traditional” firm exits (such as bankruptcies), have declined. These findings underscore the importance of addressing business transition issues in a rapidly aging society.
Corporate Finance --- Exports and Imports --- Industries: Manufacturing --- Demography --- Firm Behavior: Empirical Analysis --- Bankruptcy --- Liquidation --- Market Structure, Firm Strategy, and Market Performance: General --- Transactional Relationships --- Contracts and Reputation --- Networks --- Regional Economic Activity: Growth, Development, and Changes --- Economics of the Elderly --- Economics of the Handicapped --- Non-labor Market Discrimination --- Corporate Finance and Governance: General --- Industry Studies: Manufacturing: General --- International Lending and Debt Problems --- Demographic Trends, Macroeconomic Effects, and Forecasts --- Population & demography --- Ownership & organization of enterprises --- Manufacturing industries --- International economics --- Aging --- Small and medium enterprises --- Manufacturing --- Interest payments --- Demographic change --- Population and demographics --- Economic sectors --- External debt --- Population aging --- Small business --- Debt service --- Demographic transition --- Japan
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The COVID-19 pandemic has posed a serious threat to the survival of Japanese firms, highlighting the importance of understanding how and why firms exit. In this paper, we use a rich firm-level dataset of Japanese firms to document how firm exit patterns have evolved between 2007 and 2017. Firm exit patterns have been heavily influenced by Japan’s demographic trends, as a majority of exits in recent years were voluntary exits of firms (business closures) owned by CEOs aged 65 years or older without business successors. In contrast to this increase in voluntary exits, other “traditional” firm exits (such as bankruptcies), have declined. These findings underscore the importance of addressing business transition issues in a rapidly aging society.
Japan --- Corporate Finance --- Exports and Imports --- Industries: Manufacturing --- Demography --- Firm Behavior: Empirical Analysis --- Bankruptcy --- Liquidation --- Market Structure, Firm Strategy, and Market Performance: General --- Transactional Relationships --- Contracts and Reputation --- Networks --- Regional Economic Activity: Growth, Development, and Changes --- Economics of the Elderly --- Economics of the Handicapped --- Non-labor Market Discrimination --- Corporate Finance and Governance: General --- Industry Studies: Manufacturing: General --- International Lending and Debt Problems --- Demographic Trends, Macroeconomic Effects, and Forecasts --- Population & demography --- Ownership & organization of enterprises --- Manufacturing industries --- International economics --- Aging --- Small and medium enterprises --- Manufacturing --- Interest payments --- Demographic change --- Population and demographics --- Economic sectors --- External debt --- Population aging --- Small business --- Debt service --- Demographic transition
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