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Horizontal Differentiation and the survival of Train and Coach modes in medium range passenger transport, a welfare analysis comprising economies of scope and scale

Fortunato, Adelino; Murta, Daniel
Fonte: FEUC. Grupo de Estudos Monetários e Financeiros Publicador: FEUC. Grupo de Estudos Monetários e Financeiros
Tipo: workingpaper
Português
Relevância na Pesquisa
36.47%
The Portuguese transport system as a whole suffers from the dominance of personal transportation, this being generally less efficient. Coaches and trains struggle to stay in the business. This model explains the markets’ performance beyond price differentials, bundling the transport modes’ appeal in one index for each. The differentiated transport cost approach accounts for product differentiation, economies of scope accruing to the consumer, and allows for economies of scale, in the form of fixed costs, to be weighted in, as well as tax policies towards motoring. It goes further by building a general welfare function that permits all factors and competition regimes to be properly compared. These are a monopoly by cars, duopolies with cars and each of the public transports, and oligopolies with public transports either competing or colluding. Simulations are carried out, and discussed in light of swings in market share and changes in welfare, with a reasonable claim to plausibility. Both public transports make the public better off by staying in the market, although the coaches’ contribution is more decisive. Trains results are weighted down by heavy fixed costs, and the far reaching coach network of destinations offers the second best service (behind that of cars). Collusion in the public transports is a price worth paying...

Inflation targeting in emerging economies: What do the data say?

GONCALVES, Carlos Eduardo S.; SALLES, Joao M.
Fonte: ELSEVIER SCIENCE BV Publicador: ELSEVIER SCIENCE BV
Tipo: Artigo de Revista Científica
Português
Relevância na Pesquisa
36.5%
In a recent thought-provoking paper, Ball and Sheridan [Ball, L., Sheridan, N., 2005. Does inflation targeting matter? In: Bernanke, B.S., Woodford, M. (Eds.), The Inflation-Targeting Debate, University of Chicago Press] show that the available evidence for a group of developed economies does not lend credence to the belief that adopting an inflation targeting regime (IT) was instrumental in bringing inflation and inflation volatility down. Here, we extend Ball and Sheridan`s analysis for a subset of 36 emerging market economies and find that, for them, the story is quite different. Compared to non-targeters, developing countries adopting the IT regime not only experienced greater drops in inflation, but also in growth volatility, thus corroborating the view that the regime`s ""constrained flexibility"" to deal with adverse shocks delivered concrete welfare gains. (c) 2006 Elsevier B.V. All rights reserved.

Ethical Cultures in Large Business Organizations in Brazil, Russia, India, and China

Ardichvili, Alexandre; Jondle, Douglas; Kowske, Brenda; Cornachione, Edgard; Li, Jessica; Thakadipuram, Thomas
Fonte: SPRINGER; DORDRECHT Publicador: SPRINGER; DORDRECHT
Tipo: Artigo de Revista Científica
Português
Relevância na Pesquisa
46.38%
This study focuses on comparison of perceptions of ethical business cultures in large business organizations from four largest emerging economies, commonly referred to as the BRICs (Brazil, Russia, India, and China), and from the US. The data were collected from more than 13,000 managers and employees of business organizations in five countries. The study found significant differences among BRIC countries, with respondents from India and Brazil providing more favorable assessments of ethical cultures of their organizations than respondents from China and Russia. Overall, highest mean scores were provided by respondents from India, the US, and Brazil. There were significant similarities in ratings between the US and Brazil.

Media piracy in emerging economies

Karaganis, Joe; Flynn, Sean; Primo, Natasha; Lloyd, Libby; Sezneva, Olga; Mizukami, Pedro Nicoletti; Castro, Oona; Moncau, Luiz Fernando; Lemos, Ronaldo; Cross, John C.; Stobart, Henry; Liang, Lawrence; Sundaram, Ravi; Balázs, Bodó
Fonte: Social Science Research Council Publicador: Social Science Research Council
Português
Relevância na Pesquisa
46.38%
Media Piracy in Emerging Economies is the first independent, large-scale study of music, film and software piracy in the developing world, with a focus on Brazil, India, Russia, South Africa, Mexico and Bolivia. Based on three years of work by some thirty-five researchers, the study tells two overarching stories: one tracing the explosive growth of piracy as digital technologies became cheap and ubiquitous around the world, and another following the growth of industry lobbies that have reshaped laws and law enforcement around copyright protection. The report argues that enforcement efforts have largely failed, and that the problem of piracy is better addressed as a failure of affordable access to media in legal markets.; The International Development Research Center (IDRC), The Ford Foundation

US real interest rates and default risk in emerging economies

Foley-Fisher, Nathan; Guimarães, Bernardo
Português
Relevância na Pesquisa
46.58%
This paper empirically investigates the impact of changes in US real interest rates on sovereign default risk in emerging economies using the method of identification through heteroskedasticity. Policy-induced increases in US interest rates starkly raise default risk in emerging market economies. However, the overall correlation between US real interest rates and the risk of default is negative, demonstrating that the effects of other variables dominate the anterior relationship

DSGE model with banking sector for emerging economies : estimated using Bayesian methodology for Brazil

Arruda, Gustavo
Tipo: dissertation
Português
Relevância na Pesquisa
46.75%
Economias emergentes sofrem importantes restrições de crédito quando comparadas com economias desenvolvidas, entretanto, modelos estocásticos de equilíbrio geral (DSGE) desenhados para economias emergentes ainda precisam avançar nessa discussão. Nós propomos um modelo DSGE que pretende representar uma economia emergente com setor bancário baseado em Gerali et al. (2010). Nossa contribuição é considerar uma parcela da renda esperada como colateral para empréstimos das famílias. Nós estimamos o modelo proposto para o Brasil utilizando estimação Bayesiana e encontramos que economias que sofrem restrição de colateral por parte das famílias tendem a sentir o impacto de choques monetários mais rapidamente devido a exposição do setor bancário a mudanças no salário esperado.; Emerging economies suffer important credit constraint when compared to advanced economies, although, Dynamic Stochastic General Equilibrium models (DSGE models) for emerging economies still needs to advance on this discuss. We propose a DSGE model that intend to represent an emerging economy with a banking sector based on Gerali et al. (2010). Our contribution is to consider the share of expected annual earnings as collateral for the impatient household loans. We estimate the proposed model for Brazil using Bayesian technique and we found that economies with this type of collateral restrictions tend to suffer more rapid to monetary policy shocks due to the exposure of the banking sector to changes in the expected wage.

Business cycles in emerging economies : the role of interest rates

Neumeyer, Pablo Andrés
Fonte: Escola de Pós-Graduação em Economia da FGV Publicador: Escola de Pós-Graduação em Economia da FGV
Tipo: technical report
Português
Relevância na Pesquisa
46.58%
This paper documents the empirical relation between the interest rates that emerging economies face in international capital markets and their business cycles. It shows that the patterns observed in the data can be interpreted as the equilibrium of a dynamic general equilibrium model of a small open economy, in which (i) firms have to pay for a fraction of the input bill before production takes place, and (ii) preferences generate a labor supply that is independent of the interest rate. In our sample, interest rates are strongly countercyclical, strongly positively correlated with net exports, and they lead the cycle. Output is very volatile and consumption is more volatile than output. The sample includes data for Argentina during 1983-2000 and for four other large emerging economies, Brazil, Mexico, Korea, and Philippines, during 1994-2000. The model is calibrated to Argentina’s economy for the period 1983-1999. When the model is fed with actual US interest rates and the actual default spreads of Argentine sovereign interest rates, interest rates alone can explain forty percent of output fluctuations. When simulated technology shocks are added to the model, it can account for the main empirical regularities of Argentina’s economy during the period. A 1% increase in country risk causes a contemporaneous fall in output of 0.5 ’subsequent recovery. An increase in US rates causes output to fall by the same on impact and by almost 2% two years after the shock. The asymetry in the effect of shocks to US rates and country risk is due to the fact that US interest rates are more persistent than country risk and that there is a significant spillover effect from US interest rates to country risk.

Household Borrowing Constraints and Monetary Policy in Emerging Economies

ARRUDA, Gustavo; LIMA, Daniela; TELES, Vladimir K.
Tipo: report
Português
Relevância na Pesquisa
56.62%
Credit markets in emerging economies can be distinguished from those in advanced economies in many respects, including the collateral required for households to borrow. This work proposes a DSGE framework to analyze one peculiarity that characterizes the credit markets of some emerging markets: payroll-deducted personal loans. We add the possibility for households to contract long-term debt and compare two different types of credit constraints with one another, one based on housing and the other based on future income. We estimate the model for Brazil using a Bayesian technique. The model is able to solve a puzzle of the Brazilian economy: responses to monetary shocks at first appear to be strong but dissipate quickly. This occurs because income – and the amount available for loans – responds more rapidly to monetary shocks than housing prices. To smooth consumption, agents (borrowers) compensate for lower income and for borrowing by working more hours to repay loans and erase debt in a shorter time. Therefore, in addition to the income and substitution effects, workers consider the effects on their credit constraints when deciding how much labor to supply, which becomes an additional channel through which financial frictions affect the economy.

Metas de inflação em economias emergentes : uma avaliação empírica dos seus efeitos sobre o desempenho macroeconômico

Silva, Kellen Fraga da
Tipo: dissertação Formato: application/pdf
Português
Relevância na Pesquisa
46.86%
As modificações geradas no âmbito das decisões de políticas econômicas nacionais das últimas décadas atentaram para o papel da estabilidade macroeconômica no desempenho das economias de mercado. O controle da inflação constitui-se no objetivo primordial das autoridades monetárias que, a partir dos anos 1990, encontraram na adoção de metas de inflação um modo mais eficiente para atingir a estabilidade de preços. Segundo a literatura convencional contemporânea, os resultados do regime de metas de inflação em economias avançadas e emergentes garantem, diretamente, uma redução dos níveis e da volatilidade das taxas de inflação, uma ancoragem das expectativas inflacionárias e menores custos da desinflação em termos do produto. Entretanto, acredita-se que a intensidade e os impactos desses efeitos podem ser diferenciados ou comprometidos quando aplicados à realidade dos países emergentes. Fundamentadas nas visões críticas das implicações do regime de metas de inflação à evolução das economias emergentes, as discussões teóricas visaram expor as definições gerais do regime de metas de inflação e as questões estruturais da dinâmica macroeconômica dos mercados emergentes. Constatou-se que a preponderância dos mecanismos de transmissão da taxa de câmbio sobre a inflação...

Atividade de inovação em firmas de economias emergentes : proposta de um conjunto de novos indicadores

Marins, Luciana Manhães
Tipo: Tese de Doutorado Formato: application/pdf
Português
Relevância na Pesquisa
36.5%
Os indicadores tradicionais de atividades inovativas, dentre os quais se destacam as estatísticas de pesquisa e desenvolvimento e patentes, se apoiam no argumento linear de que a pesquisa leva à comercialização de novas tecnologias. Baseados nos indicadores tradicionais, estudos recentes focados no processo de inovação industrial em economias emergentes afirmam que hoje em dia as firmas latino-americanas desempenham um papel passivo nas atividades inovadoras mundiais, caracterizado pela ausência de capacidades inovadoras. Esses indicadores, entretanto, não parecem ser os mais adequados para se medir a inovação, em especial em firmas dessa natureza. Isso porque eles se mostram limitados para captar como o processo de inovação ocorre no interior das firmas. O fato de que o comprometimento empresarial deliberado com a atividade de inovação seja relativamente menor em firmas localizadas em economias emergentes não necessariamente implica a ausência de atividades inovadoras nas mesmas. Possivelmente, atividades inovadoras se desdobram de maneira diferente. Sua avaliação, portanto, requer o uso de outras medidas. Este estudo tem como objetivo desenvolver um conjunto de novos indicadores de atividades inovativas que ampliem o escopo de análise dos indicadores tradicionais no interior das firmas e testá-los em um grupo de firmas da economia brasileira. Para se garantir a acurácia dos novos indicadores de atividades inovativas...

A inserção das economias emergentes e a distribuição de poder no cenário político internacional

Salvo, Mauro
Tipo: dissertação Formato: application/pdf
Português
Relevância na Pesquisa
46.73%
O objetivo central da tese é analisar se e como as economias emergentes ganharam poder no cenário político internacional, através do aumento de seus recursos de poder econômico. Como o foco do trabalho foi direcionado para a evolução do poder econômico das economias emergentes e suas implicações para o sistema de nações, a atenção maior foi dada às movimentações da economia política internacional, que não estão restritas aos organismos financeiros internacionais. Buscou-se mostrar que o jogo de poder se dá, preponderantemente, entre os Estados-nacionais. Neste trabalho foi analisado o funcionamento do sistema internacional contemporâneo, abordando-o através das principais correntes teóricas das relações internacionais. O tema em foco foi a distribuição de poder econômico no cenário político internacional. A hipótese considerada foi que alguns países emergentes têm aumentado seu poder global e desta forma impactado a organização do sistema e as relações econômicas internacionais. No capítulo 2 defende-se que o poder econômico, atualmente, pode ser considerado a principal fonte de poder tendo em vista os temas da agenda das relações internacionais. Defende-se que mesmo os EUA não sendo mais a nação hegemônica que garante a estabilidade do sistema...

Fiscal policy in the BRICs

Jawadi, Fredj; Mallick, Sushanta K.; Sousa, Ricardo M.
Fonte: Universidade do Minho. Núcleo de Investigação em Políticas Económicas Publicador: Universidade do Minho. Núcleo de Investigação em Políticas Económicas
Tipo: info:eu-repo/semantics/workingpaper
Publicado em 12/07/2011 Português
Relevância na Pesquisa
36.5%
This paper assesses the macroeconomic impact of fiscal policy shocks for four key emerging market economies - Brazil, Russia, India and China (BRICs) – using a Bayesian Structural Vector Auto-Regressive (BSVAR) approach, a Sign-Restrictions Vector Auto-Regressive framework and a Panel Vector Auto-Regressive (PVAR) model. To get a deeper understanding of the government’s behaviour, we also estimate fiscal policy rules using a Fully Simultaneous System of Equations and analyze the mportance of nonlinearity using a smooth transition (STAR) model. Drawing on quarterly frequency data, we find that government spending shocks have strong Keynesian effects for this group of countries while, in the case of government revenue shocks, a tax hike is harmful for output. This suggests that there is no evidence in favour of ‘expansionary fiscal contraction’ in the context of emerging economies where spending policies are largely pro-cyclical. Our findings also show that considerations about growth (in the case of China), exchange rate and inflation (for Brazil and Russia) and commodity prices (in India) drive the nonlinear response of fiscal policy to the dynamics of the economy. All in all, our results are consistent with the idea that fiscal policy can be a powerful stabilization tool and can provide an important short-term economic boost for emerging markets...

Consumption, wealth, stock and housing returns : evidence from emerging markets

Caporale, Guglielmo Maria; Sousa, Ricardo M.
Fonte: Universidade do Minho. Núcleo de Investigação em Políticas Económicas Publicador: Universidade do Minho. Núcleo de Investigação em Políticas Económicas
Tipo: info:eu-repo/semantics/workingpaper
Publicado em //2011 Português
Relevância na Pesquisa
46.23%
In this paper, we show, using the consumer’s budget constraint, that the residuals of the trend relationship among consumption, aggregate wealth, and labour income should predict both stock returns and housing returns. We use quarterly data for a panel of 31 emerging economies and find that, when agents expect future stock returns to be higher, they will temporarily allow consumption to rise. Regarding housing returns, if housing assets are complementary to stocks, then investors react in the same way. If, however, the increase in the exposure through risky assets is achieved by lowering the share of wealth held in the form of housing (i.e., when stock and housing assets are substitutes), then they will temporarily reduce their consumption.; Fundação para a Ciência e a Tecnologia (FCT)

Value creation for emerging acquirers in other emerging economies : a comparison with developed market firms

Lobato, Maria Teresa Fernandes Guimarães
Tipo: info:eu-repo/semantics/masterthesis
Publicado em 05/06/2012 Português
Relevância na Pesquisa
46.39%
Over the past few years, emerging markets have been reinforcing their presence in the worldwide M&A activity. In fact, emerging acquirers are now targeting companies in order to tap into their fast economic growth and increasingly wealthy populations. As a consequence, we have to ask: Do cross-border acquisitions in emerging markets create positive and significant returns to their emerging acquirers? Are these higher than those of developed countries? We perform an event study on 657 deals involving emerging acquirers between 2002 and 2011 and compare with 1936 deals performed by developed country firms both in emerging markets. We find that emerging acquirers earn significantly higher returns than developed markets especially in the case of acquisition of control. Lastly, emerging companies of smaller size, who finance their transactions with cash and acquire control of the target, are more likely to incur higher value creation.

Drivers of long-term growth? Assessing the impacts of emerging countries on Sub-Saharan african economies

Sindzingre, Alice N.
Fonte: Centro de Estudos Internacionais do Instituto Universitário de Lisboa (ISCTE-IUL) Publicador: Centro de Estudos Internacionais do Instituto Universitário de Lisboa (ISCTE-IUL)
Tipo: info:eu-repo/semantics/bookpart
Publicado em //2014 Português
Relevância na Pesquisa
36.68%
After the ‘lost decades’ Sub-Saharan African economies have exhibited positive growth rates due to emerging countries. The paper shows the complexity of causalities, which depend on: i) channels (trade, investment); ii) the emerging country (especially China); and iii) African countries’ market structures. On the one hand, this growth relies on structural asymmetries and is generated by distorted export structures that are based on commodities. It falls if prices decline and increases the specialisation of African economies in commodities. On the other hand, emerging countries have positive impacts via their investments in infrastructure, which fosters industrialisation. Finally, developed countries’ aid, due to the detrimental effects of conditionality, induces far greater asymmetries than does the aid of emerging countries.

The ethical dilemma of expatriates in emerging economies: A liminal perspective

Guimarães-Costa, Nuno; Cunha, Miguel Pina e
Fonte: Nova SBE Publicador: Nova SBE
Tipo: info:eu-repo/semantics/other
Publicado em //2008 Português
Relevância na Pesquisa
66.58%
Adjustment to emerging economies is benefited if Western expatriates recognise they are experiencing a liminal situation, which can lead to the instrumental utilisation of coping strategies as equivalent to rites of passage between distinct ethical frameworks. Given the characteristics ascribed to rites, the ethical dilemma resulting from the simultaneous demand to abide by local rules and to respect Western ethical principles is more easily solved. Consequently, effective and sustainable adjustment is favoured. Implications for organisations and individuals are discussed.

Benefits and success factors of open-source web services development platforms for small software houses

Moreno Junior,Valter de Assis; Gomes,Josir Cardoso
Fonte: TECSI Laboratório de Tecnologia e Sistemas de Informação - FEA/USP Publicador: TECSI Laboratório de Tecnologia e Sistemas de Informação - FEA/USP
Tipo: Artigo de Revista Científica Formato: text/html
Publicado em 01/12/2012 Português
Relevância na Pesquisa
46.58%
It is usually difficult for companies to keep up with the development of new information technologies and adapt to them in face of the opportunities and threats their advances may represent. This is especially true for small and medium enterprises (SME) in emerging economies, where resources tend to be scarce and markets more volatile. This paper describes an action research conducted in a small Brazilian software house that adopted an open-source Web Services development platform in order to improve its software development process. Data analysis revealed critical success factors (CSF) in the adoption process, as well as specific benefits and barriers prone to be faced by small software houses in their adoption efforts. In the process of overcoming such barriers, SME may acquire intellectual capital that represents an essential resource to ensure their competitiveness and survival in emerging economies.

Food allergies in developing and emerging economies: need for comprehensive data on prevalence rates

Boye, Joyce Irene
Fonte: BioMed Central Publicador: BioMed Central
Tipo: text
Publicado em 20/12/2012 Português
Relevância na Pesquisa
46.38%
Although much is known today about the prevalence of food allergy in the developed world, there are serious knowledge gaps about the prevalence rates of food allergy in developing countries. Food allergy affects up to 6% of children and 4% of adults. Symptoms include urticaria, gastrointestinal distress, failure to thrive, anaphylaxis and even death. There are over 170 foods known to provoke allergic reactions. Of these, the most common foods responsible for inducing 90% of reported allergic reactions are peanuts, milk, eggs, wheat, nuts (e.g., hazelnuts, walnuts, almonds, cashews, pecans, etc.), soybeans, fish, crustaceans and shellfish. Current assumptions are that prevalence rates are lower in developing countries and emerging economies such as China, Brazil and India which raises questions about potential health impacts should the assumptions not be supported by evidence. As the health and social burden of food allergy can be significant, national and international efforts focusing on food security, food safety, food quality and dietary diversity need to pay special attention to the role of food allergy in order to avoid marginalization of sub-populations in the community. More importantly, as the major food sources used in international food aid programs are frequently priority allergens (e.g....

The Automotive Industry in Emerging Economies: A Comparison of Korea, Brazil, China and India

Mukherjee, Avinandan; Sastry, Trilochan
Formato: 34900 bytes; application/pdf
Português
Relevância na Pesquisa
46.38%
The automotive industry in Korea, Brazil, China and India is currently going through impressive growth. Governments have played a key role in the evolution of the industry in all these countries. The Korean industry has made the most significant progress, and is now exporting cars to developed markets. It is the only country that invested in R&D for product development, retained management control in joint ventures with multinational companies (MNCs), and had ambitious export targets. The industry in Brazil is controlled entirely by MNCs. Although this has led to growth and adoption of lean production, indigenous product development is lacking. Tariff barriers have come down, forcing domestic production to become more market responsive. Fluctuating tariffs and taxes, and cyclical demand have characterized the industry. Indian industry is experiencing a revolution with rapid growth and the entry of 9 MNCs and plans for 3 more to enter in the next two years. The Chinese industry is also growing very rapidly although it is still highly fragmented. Passenger cars are only 15% of total vehicle production in China. Demand in Brazil, India and China is highly price sensitive and growth is led by the demand for a small car. Higher taxes on mid and large size cars give the small car a big price advantage. Import duties for components imply that the supplier base in these countries needs to develop fast. The supplier industry could become a bottleneck for growth.

Framework for developing and deploying location-based services in emerging economies

Katchy, Ifeanyi
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: thesis Formato: 98 p.
Português
Relevância na Pesquisa
46.78%
The general belief is that Location-Based Services (LBS) in emerging economies does not make much sense until there is widespread availability of geographic information system (GIS) data, broadband internet access, payment methods, infrastructure such as power, well developed advertising platform, etc. There is also the belief that these deficiencies make it next to impossible to realize revenues from the existing revenue models such as mobile adverts, online adverts, subscription, etc. This study shows how LBS services can be developed and deployed in emerging economies within these given set of constraints. It also adduces methods for overcoming some of the identified hindrances such as ways for creating effective and sufficient revenues from online and mobile adverts. The central hypothesis for this work is encapsulated in a "change of mindset" from developing products comparable to those in developed world (United States, Western Europe) to developing products which meet the immediate needs of the local environment in emerging economies/developing economies (however crude these solutions may appear initially from the POV of the developed world) and make use of not only locally available technologies but locally available phenomena. These solutions are then refined as they are consumed by the populace and the populace becomes more "sophisticated". This hypothesis is developed and fleshed out in a methodical manner using data and examples from developing countries - Nigeria (Africa)...