A New Method for Constructing a Cyclically Adjusted Budget Balance: the Case of Sweden

In this paper, we discuss a new method for constructing a cyclically adjusted budget balance. We use the method to evaluate the budget balance for Sweden during the period 1991–2005. Traditionally, methods for cyclical adjustment have focused on the output gap. In this paper we also adjust for deviations of tax bases from their trend levels. Furthermore, we adjust for effects of the unemployment gap on government spending. For Sweden, we find that these additional adjustments have a significant impact on the cyclically adjusted budget balance, especially for the periods 1992–1995 and 2000–2001.Fiscal Policy; Cyclically Adjusted Budget Balance

Foreign Direct Investment in Central and Eastern Europe: Employment Effects in the EU

We use firm-level data on Swedish multinationals to analyze how the recent expansion of affiliate employment in Central and Eastern Europe (CEE) has affected affiliate employment elsewhere. According to our results, employment in affiliates located in other low-wage countries in Europe decreased substantially as a consequence of the expansion in CEE. Furthermore, affiliate activities in these countries have become more sensitive to changes in labor costs as firms have set up production in CEE. We find that employment in Sweden and other high-wage European countries has also been affected, but these effects seem to be much smaller.Foreign Direct Investment, multinational enterprises, Central and Eastern Europe

Vertical FDI Reviseted

This study explores how relative skilled-wage premia affect FDI. Contrary to previous studies based on factor endowment differences, we find strong support for vertical FDI, in the sense that more FDI is conducted in countries where unskilled labor is relatively cheap. In addition, we find that relative skill-premia also affect FDI activities that have previously been associated with horizontal FDI, i.e. local affiliate sales. Consequently, the potential effects of changes in the relative wage costs on international production reallocation within MNEs are large. In fact, if not for the 8% rise in the US skilled wage premium relative to the average host country between 1986-1994, annual US affiliate sales abroad in relation to US GDP would have been half a percentage point higher.multinational firms, wage differentials

Vertical FDI Revisited

This study explores how relative skilled-wage premia affect FDI. Contrary to previous studies based on factor endowment differences, we find strong support for vertical FDI, in the sense that more FDI is conducted in countries where unskilled labor is relatively cheap. In addition, we find t hat relative skill-premia also affect FDI activities that have previously been associated with horizontal FDI, i.e. local affiliate sales. Consequently, the potential effects of changes in the relative wage costs on international production reallocation within MNEs are large. In fact, if not for the 8% rise in the US skilled wage premium relative to the average host country between 1986-1994, annual US affiliate sales abroad in relation to US GDP would have been half a percentage point higher. Multinational Firms; Skilled-Wage Premium; New Trade Theory

Does FDI Work as a Channel for R&D Spillovers? Evidence Based on Swedish Data

Multinational enterprises (MNEs) are important in transmitting technology across national borders. Not only do they allow for transfer of technology within the firm, but it is also believed that they are important channels for international R&D spillovers as well. This paper analyzes empirically whether inward and outward foreign direct investment (FDI) work as channels for international R&D spillovers. We utilize firm-level as well as industry-level data for Swedish manufacturing in the analysis. We find no evidence of FDI-related R&D spillovers - neither at the firm-level nor at the industry-level in Swedish manufacturing. The only variable that consistently affects total factor productivity is own investment in R&D.Multinational enterprises; Foreign direct investment; Spillovers; Research and development

Antinuclear antibodies (ANA) in chronic hepatitis C virus infection: correlates of positivity and clinical relevance.

We examined correlates of antinuclear antibody (ANA) positivity (ANA+) in individuals with chronic hepatitis C virus (HCV) infection and the effect of positivity on clinical outcome of HCV. Pretreatment sera from 645 patients from three centres in Sweden (n = 225), the UK (n = 207) and Italy (n = 213) were evaluated by indirect immunofluorescence on Hep-2 cells for ANA pattern and titre by a single laboratory. Liver biopsies were all scored by one pathologist. A total of 258 patients were subsequently treated with interferon monotherapy. There was a significant difference in the prevalence of ANA (1:40) by geographic location: Lund 4.4%, London 8.7%, Padova 10.3% [odds ratio (OR) = 0.66; 95% CI: 0.46-0.94; P = 0.023]. Duration of HCV infection, age at infection, current age, route of infection, viral genotype, alcohol consumption, fibrosis stage and inflammatory score were not correlated with ANA+ or ANA pattern. Female gender was correlated with ANA+ and this association persisted in multivariable analyses (OR = 3.0; P = 0.002). Increased plasma cells were observed in the liver biopsies of ANA-positive individuals compared with ANA-negative individuals, while a trend towards decreased lymphoid aggregates was observed [hazard ratio (HR) = 9.0, P = 0.037; HR = 0.291, P = 0.118, respectively]. No correlations were observed between ANA positivity and nonresponse to therapy (OR = 1.4; P = 0.513), although ANA+ was correlated with faster rates of liver fibrosis, this was not statistically significant (OR = 1.8; P = 0.1452). Low titre ANA+ should not be a contraindication for interferon treatment. Our observation of increased plasma cells in ANA+ biopsies might suggest B-cell polyclonal activity with a secondary clinical manifestation of increased serum immunoglobulins

THE PARADOXES OF DEPRESSION IN ADOLESCENCE

A clinical-built of depression concerning an adolescent requires a case to case interpretation so as to adapt the therapeutic answer to each individual situation. Same symptoms, even very dangerous ones, can be caused by many different etiologies

Affärssystem i molnet: För- och nackdelar för mikroföretag

Mycket av den litteratur som finns inom området molnbaserade affärssystem beskriver de fördelar samt nackdelar små och medelstora företag får av att använda denna modell jämfört med ett lokalt. Bland annat säger leverantörerna att det finns stora pengar att spara på molnbaserade system medan kritikerna nämner exempelvis säkerhet som en nackdel. Med vår studie ville vi undersöka om de fördelar och nackdelar vi fann i litteraturen även var applicerbara på företag i mikrostorlek. Vi har i denna studie utfört sex telefonintervjuer på sex olika företag. Samtliga använder tre eller fler molnbaserade ERP-moduler från leverantörerna Fortnox eller Specter. För att skapa oss en bred kunskap inom ämnet samt forskningsfrågan sökte vi relevant information i befintlig litteratur och artiklar inom molnet, affärssystem och molnbaserade affärssystem. Utifrån denna teori skapade vi ett eget teoretiskt ramverk med huvudområden och underområden som låg till grund för vår intervjuguide för att säkerställa att alla frågor grundade sig i relevant information inom ämnet. Vi fann att mikroföretag som väljer att placera sitt affärssystem i molnet kan se fördelar inom områdena kostnader, teknisk tillgänglighet, användbarhet, implementation, tillgänglighet överallt, och kompatibilitet. De två resterande punkterna, säkerhet och flexibilitet, kunde inte författarna härleda till varken fördelar eller nackdelar

Foreign direct investment and macroeconomic risk

Motivated by the macroeconomic fluctuations and policy regime switches frequently observed in developing countries, this paper provides cross country-industry evidence on the links between a host country's macro risks and foreign direct investment (FDI) activities. For each industry I measure vertical FDI share as a ratio of exports to a parent country relative to local sales by foreign affiliates. Using a panel sample from 1989 to 1999, 1 find that FDI activities of US multinationals in industries with higher share of vertical FDI respond disproportionately more to negative effects of macro-level demand, supply, and sovereign risks. However, when institutional quality and total FDI share of the host country are sufficiently low, the merits of cross-industry vertical versus horizontal FDI in response to macro risks disappear