Explaining Women’s Level of Involvement in Nascent Entrepreneurial Activities –The Non-linear Role of R&D Investments in Different OECD Countries

Acknowledging that “There is perhaps no greater initiative a country can take to accelerate its pace of entrepreneurial activity than to encourage more of its women to participate” (Reynolds, Camp, Bygrave, Autio, & Hay, 2001: 5), our study is interested in explaining women’s level of involvement in nascent entrepreneurial activities in different countries. It has been argued, “Institutional theory may be a particularly apt framework for addressing national contexts shaping entrepreneurial activity” (Baughn et al., 2006: 688). Indeed, structural characteristic of a given country could explain why there are consistent differences in the levels of entrepreneurial activity in different countries (Reynolds et al., 2003). While we do not lack empirical studies about the importance of different regulative, normative, and cognitive institutions, we still know relatively little about one important regulatory institution, namely the level of R&D investments, and its role in explaining women’s level of involvement in nascent entrepreneurial activities. Since the first lessons of endogenous growth theory (Aghion and Howitt,1992; Romer, 1994), innovation has been considered as one of the main sources of economic development. Innovation should ensure higher productivity gain, develop new business opportunities and, hence promote self-employment. Yet, findings of empirical studies on the linkages between innovation and levels of entrepreneurial activity remain somewhat ambiguous. In some cases (e.g. Wennekers et al., 2002; Anokhin & Wincent, 2012) scholars have observed a positive relationship between small firms and innovation, while in other cases a negative link (e.g. EIM/ENSR, 1996, 1997; Parker, 2009; Arin et al., 2015). These negative results are usually attributed to important run-up costs of research and development (R&D) related to innovation activities, which, in turn, makes R&D investments an enormous hurdle for entrepreneurial activities. Because relatively less attention has been paid to the constraining or empowering role of R&D investments in explaining women’s level of involvement in nascent entrepreneurial activities, in this study our main objective is to explore conceptual arguments and empirically test them about the effects of R&D investments on the relative rates of female nascent entrepreneurs in different countries

FDI, banking crisis and growth: direct and spill over effects

This study suggests a new decomposition of the effect of Foreign Direct Investment (FDI) on long-term growth in developing countries. It reveals that FDI not only have a positive direct effect on growth, but also increase the latter by reducing the recessionary effect resulting from a banking crisis. Even more, they reduce its occurrence. JEL: F65, F36, G01, G1

DOES FINANCIAL GLOBALIZATION STILL SPUR GROWTH IN DEVELOPING COUNTRIES? CONSIDERING EXCHANGE RATE VOLATILITY

This paper analyses the effects of financial globalization on growth in developing countries, focusing on its interaction with exchange rate volatility. Based on dynamic panel data models and the two-step system Generalized Method of Moments (system GMM) estimator, it replicates the method of Gaies et al. (2019a; 2019b) and extends it by exploring a new spillover effect of financial globalization in terms of exchange rate volatility measured by six different indicators. The findings show the positive influence of investment-globalization on growth through the traditional channel of capital accumulation and by reducing the negative impact of exchange rate volatility. These impacts are not ensured by indebtedness-globalization, thereby shedding light on the government's decision in developing countries on foreign capital control policy. These results are robust to changes in the estimator and variables used

La globalisation financière et ses crises : une continuité de l'Antiquité à nos jours ?

International audienceAfter the global financial crisis of 2008, the rise of nationalism, the Sino-American trade war and the Covid-19 pandemic, questioning the merits of financial globalization and liberalization policies has been put on the agenda. But is financial globalization a modern political construct following the collapse of the Bretton Woods system in the 1970s, meaning that it can be reformed and even reversed? Or is it the result of a process that began in antiquity and is therefore difficult, if not impossible, to reverse? This paper aims to answer these questions using the historical method in the social sciences.Après la crise financière de 2008, la montée des nationalismes dans le monde, la guerre commerciale sino-américaine et la pandémie de Covid-19, la remise en question des bien-fondés de la globalisation financière et des politiques de libéralisation qui en découlent a été mise à l’ordre du jour. Mais la globalisation financière n’est-elle que le produit de l’effondrement du système de Bretton Woods à partir des années 1970, et à ce titre constitue-t-elle une construction politique moderne réformable et même réversible, ou bien est-elle issue d’une marche amorcée dès l’antiquité et, pour ainsidire, coextensive aux sociétés humaines, si bien qu’il serait difficile, voire impossible de l’endiguer ? Cet article vise à apporter quelques éléments de réponse à cette question, en adoptant la méthode historique appliquée aux sciences sociales

Financial globalization and growth in developing countries : evidence on the effects of financial and monetary instability

La présente thèse tente de savoir s’il est opportun pour les pays en développement les moins avancés de s’engager davantage dans le processus de globalisation financière pour promouvoir leur croissance, et si ce processus influence les effets des instabilités, financière et monétaire, sur cette dernière. A cette fin, la thèse se déroule en trois parties. Avant d’examiner le cadre théorique de la globalisation financière, la première partie esquisse sa genèse avec en arrière-fond la recherche d’une réponse au problème de sa régulation. La deuxième partie s’intéresse à la littérature sur les effets de la globalisation financière sur la croissance, afin d’en tirer les enseignements pour une étude de 72 pays en développement à revenu bas de 1972 à 2011. La troisième partie se focalise sur les impacts de la globalisation financière et des deux instabilités considérées isolément, puis en interaction avec la globalisation sur la croissance à travers deux études empiriques basées sur le même cadre spatio-temporel que l’étude précédente. Ces dernières sont précédées par une revue des relations entre la globalisation financière, l’instabilité financière puis monétaire et la croissance, avec une analyse théorique de l’instabilité financière. Il en ressort que les instabilités, financière et monétaire, ont des effets négatifs sur la croissance, tandis que la globalisation financière, et en particulier la globalisation par l’investissement contrairement à celle par l’endettement, promeut les bienfaits des politiques économiques et du commerce extérieur, en plus de son effet positif direct sur la croissance même en présence des deux instabilités dont elle diminue les effets négatifs.This thesis examines whether or not it is beneficial for least developed countries to engage more in the process of financial globalization in pursuit of their economic growth, and if this process influences the effects of financial and monetary instability on the latter. This thesis is divided into three parts. Before examining the theoretical framework of financial globalization, the first part sketches its genesis on a background of the research for an answer to the problem of its regulation. The second part focuses on the literature on the impact of financial globalization on growth. This is done in order to draw lessons for the establishment of a study covering 72 low-income developing countries over the period 1972-2011. The third part centers on the impact on economic growth of financial globalization and the two aforementioned types of instability, discussed both separately and in conjunction. Evidence is provided by two empirical studies based on the same spatio-temporal framework as the previous one. These studies are preceded by a review of the literature on the relationship between financial globalization, financial and then monetary instability and growth, in addition to a theoretical analysis of financial instability. This illustrates that financial and monetary instability have negative effects on growth, while financial globalization and in particular investment-globalization, unlike indebtedness-globalization, promotes the benefits of macroeconomic policies and international trade. This can be find in addition to its direct positive effect on growth, even in the presence of the two instabilities of which it reduces the negative effects

Corporate social responsibility, financial instability and corporate financial performance: Linear, non-linear and spillover effects – The case of the CAC 40 companies

International audienc

What Interactions between Financial Globalization and Instability?-Growth in Developing Countries

International audienc

DOES FINANCIAL GLOBALIZATION STILL SPUR GROWTH IN EMERGING AND DEVELOPING COUNTRIES? CONSIDERING EXCHANGE RATE VOLATILITY'S EFFECTS

We examine the effects of financial globalization and exchange rate volatility on growth in emerging and developing countries. We generate several measures of exchange rate volatility, as well as their interaction terms with indicators of disaggregated financial globalization. Using the two-step GMM system method on dynamic panel data, we find that exchange rate volatility has a negative impact on long-term growth. On the contrary, financial globalization, and particularly investment-globalization, promotes growth not only directly, but also indirectly, by reducing the negative impact of exchange rate volatility. However, the results show that indebtedness-globalization does not produce these benefits. In this way, the results inform the government's decision on the liberalization of the domestic financial market. JEL: E44, F21, F36, O42, G15, G1

Does financial globalization still spur growth in emerging and developing countries? Considering exchange rates

International audienceThis paper analyzes the effects of financial globalization on growth in developing countries, focusing on its interaction with exchange rate volatility. Based on dynamic panel data models and the two-step system generalized method of moments (GMM) estimator, it replicates the method of Gaies et al. (2019a; 2019b) and extends it by exploring a new spillover effect of financial globalization in terms of exchange rate volatility measured by six different indicators. The findings show the positive influence of investment–globalization (foreign direct investment and portfolio investment) on growth through the traditional channel of capital accumulation and by reducing the negative impact of exchange rate volatility. These impacts are not insured by indebtedness–globalization (foreign debt), thereby shedding light on the government’s decision in developing countries on foreign capital control policy. These results are robust to changes in the estimator and variables used