{"title":"Outward Foreign Direct Investment from India","authors":"Dilip Saikia","doi":"10.2139/ssrn.1766262","DOIUrl":"https://doi.org/10.2139/ssrn.1766262","url":null,"abstract":"India has been continually attracting massive foreign investments since the opening up of its economy with a series of liberalization policies in the early 1990s. This inward FDI plays an important role in the Indian economy as a financier of her BOP. However in recent years, India has been fast emerging as an exporter of large foreign direct investment. An increasing number of Indian firms are resorting to outward investment in order to access new technologies, skills and managerial expertise etc. from the developed countries. This is a bit of an anomaly. What explains this boom in FDI from India? What have been the motivations to invest abroad? What could be its economic implications? These are the questions that generally come into mind. A large number of strategic factors and motivations along with a series of policies liberalization and financial deregulation those are undertaken since the early 1990s are supposed to be the driving forces for this outflow of FDI from India. The present article tries to address some of these issues.","PeriodicalId":221813,"journal":{"name":"Harvard Economics Department Working Paper Series","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127520336","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Basic Market Acess Rights on Air Transport","authors":"Andre Luis Dias Soutelino","doi":"10.2139/ssrn.1273909","DOIUrl":"https://doi.org/10.2139/ssrn.1273909","url":null,"abstract":"This paper makes a short history of Air Law before explaning how the economic regulation works on air transport and its going to focus on the basic market access rights. The economic regulation on air transport is shared on three kinds of regulation: national, bilateral and multilateral. At the national level, the regulation is organized by a civil aviation authority. This authority is responsible to organize the civil aviation within a State and make international agreements to regulate the market access rights. While the bilateral regulation there is gap to determinate who is the regulation authority. So, it is regulates by the practice. The multilateral regulation has two important authorities - ICAO (International Civil Aviation Organization) and IATA (International Air Transport Association) - that makes the basic rules of regulation to be followed by the States that signed the International Civil Aviation Conference. About the economic regulation of air transport, ICAO stipulates 10 principles. Being the basic market acess rights the main one. The basic market acess rights are responsible to determinate the level international competition within a State through route and traffic and exploration rights by a foreign airline.","PeriodicalId":221813,"journal":{"name":"Harvard Economics Department Working Paper Series","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116703090","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Time-Constraint and Socio-Demographic Characteristics of Population in Romania","authors":"N. Caragea, G. Istrate","doi":"10.2139/SSRN.1876576","DOIUrl":"https://doi.org/10.2139/SSRN.1876576","url":null,"abstract":"Even though you are not an economist or perhaps a psychologist, you surely thought that all the tasks you have to arisen in a single day you must use only twenty-four hour day or just lower. The objective of this study is to measure the time used by Romanian people, in correlation to social and demographic characteristics (age groups, gender, residence area, education attainment, professional status etc.).1 Time constraint is an economical issue reflecting the scarcity of resources. In this approach, time could be considered an economical resource. The twenty-four hour day is the length of time for all people; the difference consists in how we use this time. The available time is insufficient to carry out the desired activities either they paid or non-paid activities. From the point of economists view, time - like any economical resources - is always insufficient, because the time is limited. One of the questions we try to answer in this study is if the social and demographic characteristics of Romanian people are related to a specific structure of activities for they allotted their available time.","PeriodicalId":221813,"journal":{"name":"Harvard Economics Department Working Paper Series","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132458892","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The World Energy Consumption Dictates the Earth Climate","authors":"J. Bennewitz","doi":"10.2139/ssrn.1092127","DOIUrl":"https://doi.org/10.2139/ssrn.1092127","url":null,"abstract":"Basic thermodynamic calculations lead to the reliable result that the primary energy consumption (PEC) is the main origin of the observed temperature increase of the earth climate. The CO2 greenhouse gas influence plays comparably no decisive role. Based on the second law of thermodynamics the entropy changes since 1750 were calculated up to 2100 considering the exponential increase of the world primary energy consumption PEC and the exponential growth of the world population, taking into account the so called greenhouse factor Beta for the radiation equilibrium earth atmosphere/outer space and the energetic efficiency Zeta. The calculations result in an exceptional increase of world temperature. A revision of the world temperature and sea level prognoses etc. published so far by the IPCC is absolutely necessary. It is pointed out that this temperature increase is entirely independent of the fuel type, i.e. fossil oder renewable. Based on the thermodynamic results and the relaxation time of the CO2 it is almost impossible to reduce the earth surface temperature with the so far planned mitigation measures for reducing CO2 within the time given for man. The only possible measures to save live on earth will be a radical cut down of the consumption of primary energy of the world, both fossil energy as well as renewable energy. A method to limit the use of primary energy could be the introduction of an entropy tax on the basis of a world wide philosophy of an Entropy Identity.","PeriodicalId":221813,"journal":{"name":"Harvard Economics Department Working Paper Series","volume":"38 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117314097","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Arbitrage in Housing Markets","authors":"E. Glaeser, Joseph Gyourko","doi":"10.2139/ssrn.1081627","DOIUrl":"https://doi.org/10.2139/ssrn.1081627","url":null,"abstract":"Urban economists understand housing prices with a spatial equilibrium approach that assumes people must be indifferent across locations. Since the spatial no arbitrage condition is inherently imprecise, other economists have turned to different no arbitrage conditions, such as the prediction that individuals must be indifferent between owning and renting. This paper argues the predictions from these non-spatial, financial no arbitrage conditions are also quite imprecise. Owned homes are extremely different from rental units and owners are quite different from renters. The unobserved costs of home owning such as maintenance are also quite large. Furthermore, risk aversion and the high volatility of housing prices compromise short-term attempts to arbitrage by delaying home buying. We conclude that housing cannot be understood with a narrowly financial approach that ignores space any more than it can be understood with a narrowly spatial approach that ignores asset markets.","PeriodicalId":221813,"journal":{"name":"Harvard Economics Department Working Paper Series","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115206259","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Monotone Imitation Dynamics in Large Populations","authors":"D. Fudenberg, L. Imhof","doi":"10.2139/ssrn.1029691","DOIUrl":"https://doi.org/10.2139/ssrn.1029691","url":null,"abstract":"We analyze a class of imitation dynamics with mutations for games with any finite number of actions, and give conditions for the selection of a unique equilibrium as the mutation rate becomes small and the population becomes large. Our results cover the multiple-action extensions of the aspiration-and-imitation process of Binmore and Samuelson [Muddling through: noisy equilibrium selection, J. Econ. Theory 74 (1997) 235-265] and the related processes proposed by BenaI¨m and Weibull [Deterministic approximation of stochastic evolution in games, Econometrica 71 (2003) 873-903] and Traulsen et al. [Coevolutionary dynamics: from finite to infinite populations, Phys. Rev. Lett. 95 (2005) 238701], as well as the frequency-dependent Moran process studied by Fudenberg et al. [Evolutionary game dynamics in finite populations with strong selection and weak mutation, Theoretical Population Biol. 70 (2006) 352-363]. We illustrate our results by considering the effect of the number of periods of repetition on the selected equilibrium in repeated play of the prisoner's dilemma when players are restricted to a small set of simple strategies.","PeriodicalId":221813,"journal":{"name":"Harvard Economics Department Working Paper Series","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129075461","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Political Economy of Warfare","authors":"E. Glaeser","doi":"10.2139/ssrn.948460","DOIUrl":"https://doi.org/10.2139/ssrn.948460","url":null,"abstract":"Warfare is enormously destructive, and yet countries regularly initiate armed conflict against one another. Even more surprisingly, wars are often quite popular with citizens who stand to gain little materially and may lose much more. This paper presents a model of warfare as the result of domestic political calculations. When incumbents have an edge in fighting wars, they may start wars even if those wars run counter to their country's interests. Challengers are particularly likely to urge aggression when they are unlikely to come into power and when the gains from coming to power are large. Leaders who start wars will naturally try to create hatred by emphasizing the threat and despicable character of the rival country. Wars will be more common in dictatorships than in democracies both because dictators have stronger incentives to stay in power and because they have greater control over the media.","PeriodicalId":221813,"journal":{"name":"Harvard Economics Department Working Paper Series","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129955836","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Trade, FDI, and the Organization of Firms","authors":"E. Helpman","doi":"10.2139/ssrn.901426","DOIUrl":"https://doi.org/10.2139/ssrn.901426","url":null,"abstract":"New developments in the world economy have triggered research designed to better understand the changes in trade and investment patterns, and the reorganization of production across national borders. Although traditional trade theory has much to offer in explaining parts of this puzzle, other parts required new approaches. Particularly acute has been the need to model alternative forms of involvement of business firms in foreign activities, because organizational change has been central in the transformation of the world economy. This paper reviews the literature that has emerged from these efforts. The theoretical refinements have focused on the individual firm, studying its choices in response to its own characteristics, the nature of the industry in which it operates, and the opportunities afforded by foreign trade and investment. Important among these choices are organizational features, such as sourcing strategies. But the theory has gone beyond the individual firm, studying the implications of firm behavior for the structure of industries. It provides new explanations for trade structure and patterns of FDI, both within and across industries, and has identified new sources of comparative advantage.","PeriodicalId":221813,"journal":{"name":"Harvard Economics Department Working Paper Series","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120952690","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Pervasive Stickiness","authors":"N. Mankiw, R. Reis","doi":"10.2139/ssrn.887302","DOIUrl":"https://doi.org/10.2139/ssrn.887302","url":null,"abstract":"This paper explores a macroeconomic model of the business cycle in which stickiness of information is pervasive. We start from a familiar benchmark classical model and add to it the assumption that there is sticky information on the part of consumers, workers, and firms. We evaluate the model against three key facts that describe shortrun fluctuations: the acceleration phenomenon, the smoothness of real wages, and the gradual response of real variables to shocks. We find that pervasive stickiness is required to fit the facts. We conclude that models based on stickiness of information offer the promise of fitting the facts on business cycles while adding only one new plausible ingredient to the classical benchmark.","PeriodicalId":221813,"journal":{"name":"Harvard Economics Department Working Paper Series","volume":"119 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123474164","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Limits of Diversification When Losses May Be Large","authors":"R. Ibragimov, J. Waldén","doi":"10.2139/ssrn.880081","DOIUrl":"https://doi.org/10.2139/ssrn.880081","url":null,"abstract":"Recent results in value at risk analysis show that, for extremely heavy-tailed risks with unbounded distribution support, diversification may increase value at risk, and that, generally, it is difficult to construct an appropriate risk measure for such distributions. We further analyze the limitations of diversification for heavy-tailed risks. We provide additional insight in two ways. First, we show that similar nondiversification results are valid for a large class of risks with bounded support, as long as the risks are concentrated on a sufficiently large interval. The required length of the support depends on the number of risks available and on the degree of heavy-tailedness. Second, we relate the value at risk approach to more general risk frameworks. We argue that in financial markets where the number of assets is limited compared with the (bounded) distributional support of the risks, unbounded heavy-tailed risks may provide a reasonable approximation. We suggest that this type of analysis may have a role in explaining various types of market failures in markets for assets with possibly large negative outcomes.","PeriodicalId":221813,"journal":{"name":"Harvard Economics Department Working Paper Series","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124094689","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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