When the dragon awakes: Internationalisation of SMEs in China and implications for Europe

Klein- und Mittelunternehmen, Wirtschaftsstruktur, Branchenentwicklun, China, Small and medium-sized enterprises, Economic structure, Sectoral development

A Comparison of the Performance of SMEs in Korea and Taiwan: Policy Implications for Turbulent Times

A comparison of the role and performance of SMEs in Korea and Taiwan during the 1990s and early 2000s shows that the reputation for SMEs to be flexible in the face of adversity is well deserved, but should not be take for granted. Both Taiwan and Korea have built much of their economic success on SMEs. Both economies are very open to external shocks; both were affected by the 1997 Asian Crisis, and to a lesser extent, the "tech wreck" of 2001. Both economies have faced the need to restructure their industrial competitiveness, and both have active policies to support entrepreneurship and SMEs. Within this broad context of similarities, there are also some differences in approach and structure. All of this can give a better understanding of how managers and policy makers can help to create jobs and build a more competitive economy. SMEs provide about 80 percent of private sector employment in both economies, so SME performance is an important economic and social issue. The paper shows, for example, that Korean SMEs were subject to rather bigger devaluation shocks and currency volatility than their Taiwanese counterparts. However SME exporters in both economies showed considerable resilience in the face of shocks and SMEs in both economies have significantly improved their liquidity and debt ratios since 1997, suggesting they are better prepared now than before. They have done so in the face of a sharp decline in bank lending to SMEs. Over the decade there has been a steady structural decline in the importance of manufacturing SMEs in both economies. The paper examines the relative performance of SMEs in Taiwan and Korea over a turbulent decade, and it examines the SME policies and initiatives adopted. It seeks to extract some lessons for other economies seeking to develop an entrepreneurial and resilient SME sector in the face of global turbulence.small and medium enterprises, Taiwan, Korea, performance

Forecasting the PSBR outside government: the IFS perspective

Expectations regarding the future state of the public finances are vital for public policy formation. The UK experience has been that forecasts of the PSBR have been beset with problems since the mid-1980s. Independent assessments of the accuracy and plausibility of public finance forecasts are an important check on government forecasts and serve to increase public debate over government finance issues. We examine the success of various possible methods available to those outside government.

Ramanujan Coverings of Graphs

Let $G$ be a finite connected graph, and let $\rho$ be the spectral radius of its universal cover. For example, if $G$ is $k$-regular then $\rho=2\sqrt{k-1}$. We show that for every $r$, there is an $r$-covering (a.k.a. an $r$-lift) of $G$ where all the new eigenvalues are bounded from above by $\rho$. It follows that a bipartite Ramanujan graph has a Ramanujan $r$-covering for every $r$. This generalizes the $r=2$ case due to Marcus, Spielman and Srivastava (2013). Every $r$-covering of $G$ corresponds to a labeling of the edges of $G$ by elements of the symmetric group $S_{r}$. We generalize this notion to labeling the edges by elements of various groups and present a broader scenario where Ramanujan coverings are guaranteed to exist. In particular, this shows the existence of richer families of bipartite Ramanujan graphs than was known before. Inspired by Marcus-Spielman-Srivastava, a crucial component of our proof is the existence of interlacing families of polynomials for complex reflection groups. The core argument of this component is taken from a recent paper of them (2015). Another important ingredient of our proof is a new generalization of the matching polynomial of a graph. We define the $r$-th matching polynomial of $G$ to be the average matching polynomial of all $r$-coverings of $G$. We show this polynomial shares many properties with the original matching polynomial. For example, it is real rooted with all its roots inside $\left[-\rho,\rho\right]$.Comment: 38 pages, 4 figures, journal version (minor changes from previous arXiv version). Shortened version appeared in STOC 201

Exploring the episodic structure of algebra story problem solving

This paper analyzes the quantitative and situational structure of algebra story problems, uses these materials to propose an interpretive framework for written problem-solving protocols, and then presents an exploratory study of the episodic structure of algebra story problem solving in a sizable group of mathematically competent subjects. Analyses of written protocols compare the strategic, tactical, and conceptual content of solution attempts, looking within these attempts at the interplay between problem comprehension and solution. Comprehension and solution of algebra story problems are complimentary activities, giving rise to a succession of problem solving episodes. While direct algebraic problem solving is sometimes effective, results suggest that the algebraic formalism may be of little help in comprehending the quantitative constraints posed in a problem text. Instead, competent problem solvers often reason within the situational context presented by a story problem, using various forms of "model-based reasoning" to identify, pursue, and verify quantitative constraints required for solution. The paper concludes by discussing the implications of these findings for acquiring mathematical concepts (e.g., related linear functions) and for supporting their acquisition through instruction

Exploring the episodic structure of algebra story problem solving

This paper analyzes the quantitative and situational structure of algebra story problems, uses these materials to propose an interpretive framework for written problem-solving protocols, and then presents an exploratory study of the episodic structure of algebra story problem solving in a sizable group of mathematically competent subjects. Analyses of written protocols compare the strategic, tactical, and conceptual content of solution attampts, looking within these attempts at the interplay between problem comprehension and solution. Comprehension and solution of algebra story problems are complimentary activities, giving rise to a succession of problem solving episodes. While direct algebraic problem solving is sometimes effective, results suggest that the algebraic formalism may be of little help in comprehending the quantitative constraints posed in a problem text. Instead, competent problem solvers often reason within the situational context presented by a story problem, using various forms of "model-based reasoning" to identify, pursue, and verify quantitative constraints required for solution. The paper concludes by discussing the implications of these findings for acquiring mathematical concepts (e.g., related linear functions) and for supporting their acquisition through instruction