Economic Integration and Endogenous Growth

In a world with two similar, developed economies, economic integration can cause a permanent increase in the worldwide rate of growth. Starting from a position of isolation, closer integration can be achieved by increasing trade in goods or by increasing flows of ideas. We consider two models with different specifications of the research and development sector that is the source of growth. Either form of integration can increase the long-run rate of growth if it encourages the worldwide exploitation of increasing returns to scale in the research and development sector.

International Trade with Endogenous Technological Change

To explain why trade restrictions sometimes speed up worldwide growth and sometimes slow it down, we exploit an analogy with the theory of consumer behavior. substitution effects make demand curves slope down, but income effects can increase or decrease the slope, and can sometimes overwhelm the substitution effect. We decompose changes in the worldwide growth rate into two effects (integration and redundancy) that unambiguously slow down growth, and a third effect (allocation) that can either speed it up or slow it down. We study two types of trade restrictions to illustrate the use of this decomposition. The first is across the board restrictions on traded goods in an otherwise perfect market. The second is selective protection of knowledge-intensive goods in a world with imperfect intellectual property rights. In both examples, we show that for trade between similar regions such as Europe and North America, the first two effects dominate; starting from free trade, restrictions unambiguously reduce worldwide growth.

A model of conglomeration and synergy traps

We present a model of conglomeration motivated by technology synergies and strategic reductions in variable costs in the face of competitive pressures. The resulting firm integration is neither horizontal nor vertical but rather congeneric integration of firms in related industries. We endogenize the industrial conglomeration structure and examine the effects of competition between conglomerates, and between a conglomerate and independent firms. We show that there is an equilibrium synergy trap in which conglomerates are formed to exploit economies of scope, but resulting profits are lower than under the status quo. We also show that strategic firm integration can occur even in the presence of diseconomies of scope. The model helps to explain features of recent mergers and acquisitions experience.Conglomerate, integration, synergy, strategy

Multinationals, technology networks and international takeovers

We formulate a knowlegde--based model of direct investment through mergers and acquisitions. M&As are realized to create comparative advantages by exploiting international synergies and appropriating local technology spillovers requiring geographical proximity, but can also represent a strategic response to the presence of a multinational rival. The takeover fee paid tends to increase with the strength of local spillovers which can thus work against multinationalization. Seller's bargaining power increases the takeover fee, but does not influence the investment decision. We characterize losers and winners from multinationalization, and show that foreign investment stimulates research but could result in a synergy trap reducing multinationals' profits.multinationals, spillovers, networks, mergers and acquisitions

Internal and relative motions of the Taurus and Ophiuchus star-forming regions

We investigate the internal and relative motions of the Taurus and Ophiuchus star-forming regions using a sample of young stars with accurately measured radial velocities and proper motions. We find no evidence for expansion or contraction of the Taurus complex, but a clear indication for a global rotation, resulting in velocity gradients, this suggests a common origin, possibly related to that of Gould's Belt.Comment: 2 figure

Empirical evidence on the relationships between concentration and profitability in Latin American banking

There has been growth in globalization as a result of increased liberalization. This has also resulted in an increase in the role of financial institutions, such as banks. It is the purpose of this study to test Classen’s (2001) hypothesis that increase foreign bank presence has positive welfare implications and that the functioning of national banking markets are improved as a result. Using financial data for 2003 this paper will examine the influence of foreign bank entry on Latin American domestic markets.Latin American banking; Concentration and Profitability; Foreign Bank Influence

Information Quality in Latin American Digital Native Media: Analysis Based on Structured Dimensions and Indicators

The current communicative ecosystem has profoundly transformed journalistic work and the media, generating with great eagerness the emergence of digital native media that do not follow the logic of their conventional peers. Although the advent of these media is not entirely negative, as they create multiple voices that contribute to pluralism, their quality has undoubtedly been questioned on several academic fronts. This work analyzes the most important Latin American digital native media by number of accesses (traffic), using a taxonomy of evaluation of dimensions of the informative quality, in which aspects such as informative sources, uses of international news agencies, correction of contents and factuality levels, ideological plurality in their opinion contents, among others, are taken into consideration. Of the emerging results, the ‘use of statistical indicators’ was the least rated (32.5%), mainly due to a lack of data journalism in the media studied. It is also worth noting that the indicator ‘comments and monitoring’ obtained the second-lowest rating, indicating an absence of conversation between the media and its audience through the comments section of each content

Readings on L2 reading: Publications in other venues 2021-2022

This feature offers an archive of articles published in other venues during the past year and serves as a valuable tool to readers of Reading in a Foreign Language (RFL). It treats any topic within the scope of RFL and second language reading. The articles are listed in alphabetical order, each with a complete reference as well as a brief summary. The editors of this feature attempt to include all related articles that appear in other venues. However, undoubtedly, this list is not exhaustive

Isolamento e detecção de Escherichia coli e Campylobacter jejuni potencialmente patogênicos em pombos selvagens de uma área urbana na cidade de Lima, Perú

Os pombos selvagens (Columbia livia) vivem em estreito contato com os seres humanos e outros animais. Podem transmitir agentes potencialmente patogênicos e zoonóticos. Os objetivos deste estudo foram isolar e detectar cepas de Escherichia coli diarreiogênica e Campylobacter jejuni de pombos selvagens urbanos de uma área de Lima, Peru. Amostras de fezes frescas foram coletadas em parques urbanos para o isolamento microbiológico para cepas de E. coli em ágar seletivo e Campylobacterpor método de filtração. Identificação molecular de patótipos diarreiogênicos de E. coli e Campylobacter jejuni foi realizado por PCR. Vinte e dois parques foram amostrados e 16 colônias de Campylobacter spp. foram isolados. O 100% dos isolados foram identificados como Campylobacter jejuni. Além disso, 102 colônias de E. coli foram isoladas e 5,88% resultaram como tipo enteropatogênico (EPEC) e 0,98% como produtora de toxina Shiga (STEC). Os pombos selvagens urbanos de Lima no Peru podem atuar como reservatório ou ser portador de agentes zoonóticos entéricos potencialmente patogênicos.Feral pigeons (Columbia livia) live in close contact with humans and other animals. They can transmit potentially pathogenic and zoonotic agents. The objective of this study was to isolate and detect strains of diarrheagenic Escherichia coli and Campylobacter jejuniof urban feral pigeons from an area of Lima, Peru. Fresh dropping samples from urban parks were collected for microbiological isolation of E. coli strains in selective agar, and Campylobacterby filtration method. Molecular identification of diarrheagenic pathotypes of E.coliand Campylobacter jejuni was performed by PCR. Twenty-two parks were sampled and 16 colonies of Campylobacter spp. were isolated. The 100% of isolates were identified as Campylobacter jejuni. Furthermore, 102 colonies of E. coli were isolated and the 5.88% resulted as Enteropathogenic (EPEC) type and 0.98% as Shiga toxin-producing E. coli (STEC). The urban feral pigeons of Lima in Peru can act as a reservoir or carriers of zoonotic potentially pathogenic enteric agents