This compelling volume re-examines the topic of economic growth in Europe after the Second World War. The contributors approach the subject armed not only with new theoretical ideas, but also with ...the experience of the 1980s on which to draw. The analysis is based on both applied economics and on economic history. Thus, while the volume is greatly informed by insights from growth theory, emphasis is given to the presentation of chronological and institutional detail. The case study approach and the adoption of a longer-run perspective than is normal for economists allow new insights to be obtained. As well as including chapters that consider the experience of individual European countries, the book explores general European institutional arrangements and historical circumstances. The result is a genuinely comparative picture of post-war growth, with insights that do not emerge from standard cross-section regressions based on the post-1960 period.
This article examines the short- and long-run dynamic relationships exhibited between economic growth and growth in the insurance industry for nine OECD countries. This is achieved by conducting a ...cointegration analysis on a unique set of annual data for real GDP and total real premiums issued in each country from 1961 to 1996. Causality tests are also conducted, which account for long-run trends within the data. The results from the tests suggest that in some countries, the insurance industry Granger causes economic growth, and in other countries, the reverse is true. Moreover, the results indicate that these relationships are country specific and any discussion of whether the insurance industry does promote economic growth will be dependent on a number of national circumstances.
Derivatives valuation and risk management involve heavy use of quantitative models. To develop a quantitative assessment of model risk as it affects the basic option writing strategy that might be ...followed by a financial institution, we conduct an empirical simulation, with and without hedging, using data from 1976 to 1996. Results indicate that imperfect models and inaccurate volatility forecasts create sizable risk exposure for option writers. We consider to what extent the damage due to model risk can be limited by pricing options using a higher volatility than the best estimate from historical data.
NORTH D. and SMALLBONE D. (2000) The innovativeness and growth of rural SMEs during the 1990s, Reg Studies 34 , 145-157. The paper summarizes the results of a study of innovation in rural small and ...medium sized enterprises (SMEs) in England over the 1991-96 period. It is based on a survey of 330 firms drawn from 16 sectors and makes a comparison between similar SMEs in remote and accessible rural areas. Using a multi-dimensional index of innovation, relatively little overall difference is found in the level of innovation between SMEs in the different areas. A remote rural location is shown to influence innovation in different aspects of the business in different ways. The most innovative firms are shown to be those that have achieved the fastest growth and best employment creation during the 1990s.
NORTH D. et SMALLBONE D. (2000) L'innovation et la croissance des PME rurales pendant les années 1990, Reg Studies 34 , 145-157. Cet article cherche à faire le résumé d'une étude sur l'innovation des PME rurales en Angleterre de 1991 à 1996. Elle est fondée sur une enquête auprès de 330 entreprises sélectionnées parmi 16 secteurs et les compare à des PME similaires situées dans des zones rurales isolées et accessibles. A partir d'une indice d'innovation multidimensionnelle, il s'avère que l'écart global entre les niveaux d'innovation des PME situées dans des zones différentes est peu importante. On démontre qu'un emplacement rural isolé peut influer sur l'innovation de manière différente suivant les diverses fonctions de l'entreprise. Les entreprises les plus innovatrices sont celles qui ont atteint le taux de croissance et la création d'emplois les plus élevés pendant les années 1990.
NORTH D. und SMALLBONE D. (2000) Ausmaß der Einführung von Innovationen und Wachstum kleiner und mittlerer Unternehmen (SMCs) in den neunziger Jahren, Reg Studies 34 , 145-157. Dieser Aufsatz faßt die Ergebnisse einer Studie der Einführung von Neuerungen in kleinen und mittleren Firmen (SMEs) in ländlichen Gegenden Englands im Zeitraum 1991 - 1996 zusammen. Er stützt sich auf eine Umfrage unter 330 Firmen in 16 Sektoren, und stellt einen Vergleich zwischen SMEs in abgelegenen und leicht zugänglichen ländlichen Gebieten an. Es wird ein mehrdimensionaler Innovationsindex benutzt, und allgemein weniger Unterschied im Umfang der Innovation in SMEs verschiedener Gebiete festgestellt. Es wird gezeigt, daß ein abgelegenes ländliches Gebiet Innovation in verschiedenen Aspekten des Betriebes auf unterschiedliche Art und Weise beeinflußt. Am innovationsfreudigsten waren jene, welche in den neunziger Jahren die größten Wachstumsleistungen und die beste Stellenbeschaffung aufzuweisen hatten.
Using a model of interdependent tax choices, and accounting for equalization entitlements and general transfers, this paper estimates-making use of a spatial econometric framework-corporate income ...tax-setting functions for all Canadian provincial governments. The results show that there is a statistically significant positive fiscal interaction among a subset of provinces and between all provinces and the federal government. Provincial corporate income taxes are also found to be negatively related to equalization entitlements, general federal transfers, and the federal corporate income tax. A robustness check on the fiscal relationship between Ontario and Quebec verifies the existence of significant bi-directional fiscal interdependencies. The paper also introduces U.S state corporate income taxes as covariates and examines their interaction with Canadian provinces.
This paper explores the relationship between agricultural productivity and rural–urban migration by developing an econometric model and applying it to the case of Senegal. Country level data is used ...covering the years 1961–1996. Policy implications of reducing rural–urban migration using agricultural output elasticities are developed. The findings support the hypothesis that rural–urban migration is a positive function of the ratio of urban per capita income to rural per capita income. Moreover, the results support a policy aimed at reducing rural–urban migration flows through increases in per capita earnings derived from increased agricultural investment.
This paper investigates the changing roles played by liquidity constraint and uncertainty in accounting for the dynamism of Chinese household consumption behaviour. Starting from the Euler ...equation-based model of Robert Hall, a framework encompassing an array of consumption models is developed and applied to Chinese data over the period 1961−1998. Empirical results reveal a regime shift in the early 1980s and imply that increases in the proportion of liquidity constrained consumers and increased uncertainty in the post-reform period are responsible for the extremely low consumption or high savings in China. Moreover, it is found that interactions between liquidity constraint and uncertainty reinforce each other's effects and lead to declines in both the level and growth of consumption.
Using two panels of U.S. manufacturing industries, this paper estimates capital adjustment costs from 1961 to 1996. I find that from 1974–1983 adjustment costs rose sharply—they more than doubled ...from about 3% of output to around 7%. Moreover, this increase is specifically associated with a shift to investment in information technology. But such large adoption costs imply that the Solow residual mismeasures productivity growth: Adoption costs are resource costs representing an unmeasured investment. I find that when this investment is included, productivity grew about 0.4% per annum faster than official measures during the 1970's and early 1980's, reducing the size of the productivity “slowdown.” Indeed, estimated productivity growth rates were roughly the same from 1974–1988 as from 1949–1973. Thus technology transitions critically affect productivity growth measurement. Journal of Economic Literature Classification Numbers: O30, O47, E22.
The paper investigates the law of one price (LOP), using 84 Canada/U.S. manufacturing prices over 1961–1996. We find that while there is a long-run relationship between Canadian and U.S. prices, ...industries vary in terms of adherence to the LOP. In industries with higher degree of market competition and integration, the correlation between Canadian and U.S. prices becomes stronger.
In American criminology throughout most of the twentieth century, biological arguments that link biochemistry, genetics, and/or neurophysiology to crime have been viewed as taboo: unthinkable and ...unmentionable. Despite this reputation, biological perspectives have resurged in the last two decades, reshaping theory and research in criminology. This article examines the changes in the taboo image of biological arguments in fifty-five introductory criminology textbooks: twenty published from 1961 to 1970 and thirty-five appearing from 1987 to 1996. The data show that the taboo surrounding biocriminology appears to be diminishing in textbooks: Newer texts devote more coverage to biological perspectives and are more likely to claim that there is at least some empirical evidence supporting these arguments. Furthermore, criminology textbooks that embrace interdisciplinary orientations are less likely to depict biological arguments as taboo than books that endorse sociological, and especially critical sociological, orientations.
PDF
