A Multi-Country NOEM Analysis of China with Cross-Country Heterogeneity

This thesis develops a multi-country model for China based on the New Open Economy Macroeconomics to study China's interactions with the United States, the Euro Area and the rest of the world. The model is estimated to identify heterogeneous structural characteristics of these economies using the Bayesian approach. Then the estimated model is simulated to find the international transmission of productivity improvements originated in each area. In particular, the model is applied to the modelling of heterogeneous external asset and liability positions and to analysis of the influences of international investment on the spillover effects of the shocks. Our model provides a comprehensive framework with heterogeneous structural features for open economy analysis between multiple countries, while the scale of the model is moderate and the identification is robust. In addition, our work broadens the family of general equilibrium models designed for the Chinese economy. Our estimation finds large heterogeneity of structural parameter values and policy functions between these economies. China and the US have more distorted consumption patterns than other areas, and the production of the Euro Area is more vulnerable to shocks. The monetary policy of China can be described by both interest rate and money quantity rules with different targets, while other economies generally follow interest rate rules. Simulations show that productivity improvements from the US and the EA have larger spillover effects than the improvements originated in China. The US can promote trade surplus by stimulating growth. For China, productivity increase cannot easily build up her international investment position further, due to the adjustment costs induced by her large net position. The valuation effects are significant under large gross positions. Such effects are caused by interest rate differentials more than by exchange rate movements

The efficacy of macroeconomic policies in resolving financial market disequilibria: A cross-country analysis

This study attempts to evaluate the efficacy of macroeconomic policies in resolving financial market disequilibria and to elucidate the influence of the political landscape and global financial integration on the policymaking process. The current investigation examines three macroeconomic policies (i) government spending, (ii) liquidity provision and (iii) central bank interest rates by analysing 21 countries around the globe. The results suggest that government spending is a suboptimal macroeconomic policy for mitigating imbalances in financial markets, as it may have destabilizing effects. Liquidity provision was found to be ineffective in facilitating financial market stability whereas the adjustment of interest rates was found to be a viable tool for mitigating financial market imbalances. Therefore, an appropriate policy framework would comprise the following: prudent government spending, conditional liquidity provision and a reduction in interest rates following the development of financial market disequilibria. Furthermore, this study found strong evidence against the notion that political orientations influence policy frameworks which were designed to redress financial market disequilibria. This study also found that global financial integration does not influence the policymaking process

Financial Depth, Bank Competition and Economic Performance: A Cross-Country Analysis

Financial sector development has been receiving a great amount of attention in literature over the years. The finance-growth nexus has been revisited several times with the desire to understand the link between the two as available empirical evidence often fails to explain what is observed in practice. Financial development and sophistication have, in more instances than one, failed to propel growth of economies, with the focus now leaning towards the role of the financial sector structure and competition in this relationship. Making use of cross-country data by applying robust panel data analysis techniques, an analysis of the paradox – the nexus between financial depth, competition and economic performance – was undertaken in the study. The findings have implications for both policy and future research

Labour Market Institutions Without Blinders: The Debate over Flexibility and Labour Market Performance

The debate over the influence of labour market flexibility on performance is unlikely to be settled by additional studies using aggregate data and making cross-country comparisons. While this approach holds little promise, micro-analysis of workers and firms and increased use of experimental methods represent a path forward. Steps along this path could help end the current 'lawyer's case' empiricism in which priors dominate evidence.

Enterprise and entrepreneurship education: Towards a comparative analysis

Purpose - This paper states the case for adopting a comparative method of analysis to the study of enterprise education. Adopting a comparative approach can provide fresh insights and opportunities for researching from different perspectives. It develops understanding of the concept by reexamining its origins and history. By default its purpose, development operation and rationale are also briefly discussed through reference to literature and policy. Design/methodology/approach - This paper draws on the literature around enterprise and entrepreneurship education. It argues that comparative analysis of enterprise education is an important methodological tool that can enrich, deepen and inform research processes, findings and outcomes. Comparative analysis can take a number of forms and can include within country, cross-country, historical, temporal, longitudinal, spatial, pedagogical, policy or other types of comparison. Findings - This paper unpacks and teases out some of the points of difference and similarity between enterprise education concepts, policies and practices; and the way they are introduced to, applied and operate in different contexts. The main focus and point for comparison is the UK. Enterprise education is distinct from and should not be confused with business and economics. Teacher training in the techniques of enterprise education and resources designed to suit social and cultural requirements is crucial to achieve successful project outcomes. Originality/value - The comparative analysis of enterprise education programmes and policies advocated here adds value and provides additional insight to these concepts and practices

A comparative analysis of the electricity and telecommunications regulations of the UK and Germany - cross country and cross sectoral lessons

The lack of complete harmonization at EU level during the electricity and telecommunications reforms allowed for regulatory competition between the Member States. The aim of the thesis is to explore what regulatory lessons can be learnt out of the comparison of the different regulations of the UK and Germany. The major differences between these regulations concern: 1) unbundling, 2) regulatory authorities and 3) Significant Market Power (SMP) regulation. Chapter 1 gives a general basis, through the analysis of the specific regulatory outcomes (prices, market shares and consumer satisfaction) then a more qualitative analysis of the separate legal issues above is carried out in Chapters 2, 3 and 4. Chapter 2 focuses primarily on past regulatory differences in vertical separation of the network: in general a more separationist approach in telecommunications than in electricity. We found that this difference is justified since stronger separation correlated with more companies challenging the incumbent in the electricity sector, while we found no evidence for this in the telecommunications sector. Chapter 3 assesses whether the UK could benefit from the creation of a super-regulator similar to Germany’s Bundesnetzagentur, by merging Ofgem (the energy regulator) and Ofcom (telecommunications regulator). We found that since there is no visible convergence yet between the energy and telecommunications sectors, it would only make sense to merge the UK regulators if this would lead to enhanced cost-effectiveness. Chapter 4 assesses the difference between the electricity and the telecommunications regulation in terms of the use of SMP regulation. SMP regulation is an integral part of the telecommunications regulation, but the concept is not applied in the electricity regulations. We assess whether SMP regulation could benefit the electricity regulations. The conclusion is that the introduction of an SMP-style regulation could be a practical, politically feasible and potentially beneficial alternative solution

A further examination of the export-led growth hypothesis

This paper challenges the common view that exports generally contribute more to GDP growth than a mere change in export volume, as the export-led growth hypothesis predicts. Applying heterogeneous panel cointegration techniques to a production function model with non-export GDP as the dependent variable, we find for a sample of 45 developing countries that: (i) exports have a positive short-run effect on non-export GDP in developing countries, (ii) the long-run effect of exports on non-export output, however, is negative on average, and (iii) there are large differences in the long-run effect of exports on non-export GDP across countries. Evidence from a simple regression analysis suggests that these cross-country differences in the long-run effect of exports on non-export GDP are significantly negatively related to cross-country differences in primary export dependence, business regulation, and labour regulation, whereas there is no statistically significant association between the growth effect of exports and the capacity of a country to absorb knowledge.Export-led growth; Developing countries; Panel cointegration

State-of-the-art assessment on the implementations of international core data models for public administrations

Public administrations are often still organised in vertical, closed silos. The lack of common data standards (common data models and reference data) for exchanging information between administrations in a cross-domain and/or cross-border setting stands in the way of digital public services and automated flow of information between public administrations. Core data models address this issue, but are often created within the closed environment of a country or region and within one policy domain. A lack of insight exists in understanding and managing the life-cycle of these initiatives on public administration information systems for data modelling and data exchange. In this paper, we outline state-of-the-art implementations and vocabularies linked to the core data models. In particular we inventoried and selected existing core data models and identified tendencies in current practices based on the criteria creation, use, maintenance and coordination. Based on the analysis, this survey suggest research directions for policy and information management studies pointing to best practices regarding core data model implementations and their role in linking isolated data silos within a cross-country context. Finally we highlight the differences in their coordination and maintenance, depending on the state of creation and use