Rose Effect and the Euro: The Magic is Gone

This paper presents an updated meta-analysis of the effect of currency unions on trade, focusing on the Euro area. Using meta-regression methods such as funnel asymmetry test, evidence for strong publication bias is found. The estimated underlying effect for non-Euro studies reaches about 50%. However, the Euro's trade promoting effect corrected for publication bias is insignificant. The Rose effect literature shows signs of the economics research cycle: reported t-statistic is a quadratic function of publication year. Explanatory meta-regression (robust fixed effects and random effects) suggests that some authors produce predictable results. Interestingly, proxies for authors' IT skills were also found significant.Rose effect; Trade; Currency union; Euro; Meta-analysis; Publication bias

How to Stir Up FDI Spillovers: Evidence from a Large Meta-Analysis

The voluminous empirical research on horizontal productivity spillovers from foreign investors to domestic firms has yielded mixed results. In this paper, we collect 1,205 estimates of horizontal spillovers from the literature and examine which factors influence spillover magnitude. To identify the most important determinants of spillovers among 43 collected variables, we employ Bayesian model averaging. Our results suggest that horizontal spillovers are on average zero, but that their sign and magnitude depend systematically on the characteristics of the domestic economy and foreign investors. The most important determinants are the technology gap between domestic and foreign firms and the ownership structure in investment projects. Foreign investors who form joint ventures with domestic firms and who come from countries with a modest technology edge create the largest benefits for the domestic economy.Bayesian model averaging; Foreign direct investment; Productivity spillovers; Determinants; Meta-analysis

Meta-Analysis of Intra-Industry FDI Spillovers: Updated Evidence

Using 67 published and unpublished studies, we conduct a meta-analysis of the literature on intra-industry productivity spillovers from foreign direct investment. The combined significance test of individual t-statistics is inconclusive, but it is apparent that papers published in leading journals tend to report insignificant results. Meta-regression analysis confirms that cross-sectional and industry-level studies are likely to find relatively strong spillover effects and that the choice of the proxy for foreign presence is important. The pattern, however, seems to weaken over time. Evidence for publication selection bias was detected employing the funnel asymmetry test, and the spillover effect corrected for publication bias is not significantly different from zero.meta-analysis, productivity spillovers, foreign direct investment, multinational companies

Intra-Industry Spillovers from Inward FDI: A Meta-Regression Analysis

The present paper conducts a meta-analysis of literature on intra-industry spillovers from foreign direct investment, using 97 different outcomes from 67 empirical studies. Apart from the traditional approach, robust meta-regression, random-effects model, and normal probability regression are employed. Results of combined significance analysis are mixed but it is evident that studies published in leading academic journals tend to report rather insignificant results. Our findings suggest that the outcome of an empirical work is, in general, dependent on its design, although this pattern seems to weaken over time. Contrary to previous studies, evidence for publication bias was not detected.meta-analysis, productivity spillovers, technology transfer, foreign direct investment, multinational companies

Which Foreigners Are Worth Wooing? A Meta-Analysis of Vertical Spillovers from FDI

The principal argument for subsidizing foreign investment is the assumed spillover of technology to local firms. Yet researchers report mixed results on spillovers. To examine the phenomenon in a systematic way, we collected 3,626 estimates from 57 empirical studies on between-sector spillovers and reviewed the literature quantitatively. Our results indicate that model misspecifications reduce the reported estimates, but that journals select rela¬tively large estimates for publication. The underlying spillover to suppliers is positive and economically significant, whereas the spillover to buyers is insignificant. Greater spillovers are generated by investors that come from distant countries and that have only slight tech¬nological advantages over local firms. In addition, greater spillovers are received by countries that have underdeveloped financial systems and that are open to international trade.Foreign direct investment; Productivity; Spillovers; Meta-analysis; Publication selection bias

The Supply of Foreign Direct Investment Incentives: Subsidy Competition in an Oligopolistic Framework / Nabídka pobídek pro zahraniční investory: Soutěž o FDI v rámci oligopolu [available in Czech only]

Jaké motivy vedou vlády k poskytování pobídek zahraničním investorům? Které aspekty nejvíce ovlivňují nabízený objem úlev? Nakolik je mezinárodní „pobídková soutěž“ intenzivní? Jako nástroj zkoumání těchto otázek představíme dva mikroekonomické modely nabídky investičních pobídek — model minimální postačující investiční pobídky, model optimální investiční pobídky — a pokusíme se o jejich integraci do obecnějšího modelu. Soutěž „na ostří nože“, čili volná konkurence mezi producenty investičních pobídek, povede k uplatnění pobídkových schémat podle modelu minimální postačující pobídky. Naopak, je-li jejich nabídka regulována (např. zákazem ad hoc pobídek), rovnovážná úroveň odpovídá modelu optimální investiční pobídky. Toto zjištění implikuje, jak dále ukazujeme, že v prostředí regulace investičních pobídek nepředstavuje sazba DPPO významnou determinantu jejich nabídky. Empirie pak naznačuje, že globální soutěž o FDI probíhá spíše podle modelu optimální investiční pobídky.Investiční pobídky, spillovers, oligopol, FDI, soutěž o FDI, nadnárodní korporace

How to Solve the Price Puzzle? A Meta-Analysis

The short-run increase in prices following an unexpected tightening of monetary policy represents a frequently reported puzzle. Yet the puzzle is easy to explain away when all published models are quantitatively reviewed. We collect and examine about 1,000 point estimates of impulse responses from 70 articles using vector autoregressive models to study monetary transmission in various countries. We find some evidence of publication selection against the price puzzle in the literature, but our results also suggest that the reported puzzle is mostly caused by model misspecifications. Finally, the long-run response of prices to monetary policy shocks depends on the characteristics of the economy.Monetary policy transmission; Price puzzle; Meta-analysis; Publication selection bias

Microcellular injection molding

Tato diplomová práce je zaměřena na popis technologie vstřikovacího lisování mikrocelulárních pěn. V teoretické části jsou popsány polymerní pěny, proces vzniku celulární struktury a technologie vstřikovacího lisování se zaměřením na výrobu součástí s mikrocelulární strukturou. Experimentální část je zaměřena na navržení a provedení experimentu pro nalezení optimálního nastavení parametrů procesu mikrocelulárního vstřikování. Pomocí vstřikovacího lisování a chemického nadouvadla byly vyrobeny vzorky, u kterých byly vyhodnoceny jejich mechanické vlastnosti a následně pomocí Taguchiho analýzy vyhodnoceny vlivy parametrů procesu na výsledné vlastnosti materiálu.This diploma thesis is focused on the characterization of microcellular injection molding technology. Its theoretical part is describing polymer foams, the formation of cellular structures and microcellular injection molding technology. The experimental part concentrates on designing an experiment for finding the optimal setting of the microcellular injection molding process. Samples were created with the help of injection molding technology and chemical blowing agent. The mechanical properties of created samples were measured and the processing parameters and their impact on mechanical properties were evaluated with a Taguchi analysis

Early Warning Indicators of Crisis Incidence: Evidence from a Panel of 40 Developed Countries

We provide a critical review of the literature on early warning indicators of economics crises and propose methods to overcome several pitfalls of the previous contributions. We use a quarterly panel of 40 EU and OECD countries for the period 1970–2010. As the response variable, we construct a continuous index of crisis incidence capturing the real costs for the economy. As the potential warning indicators, we evaluate a wide range of variables, selected according to the previous literature and our own considerations. For each potential indicator we determine the optimal lead employing panel vector autoregression, then we select useful indicators employing Bayesian model averaging. We re-estimate the resulting specification by system GMM to account for potential endogeneity of some indicators. Subsequently, to allow for country heterogeneity, we evaluate the random coefficients estimator and illustrate the stability among endogenous clusters. Our results suggest that global variables rank among the most useful early warning indicators. In addition, housing prices emerge consistently as an important domestic source of risk.Early warning indicators, Bayesian model averaging, panel VAR, dynamic panel, macro-prudential policies.