In efficient global labour markets for very high wage workers one might expect wage differentials between migrant and domestic workers to reflect differences in labour productivity. However, using panel data on worker-firm matches in a single industry over a seven year period we find a substantial wage penalty for domestic workers which persists within firms and is only partially accounted for ...

What role does political influence play in access to finance? Using a comprehensive crosscountry dataset, I characterize how and why domestic political connections affect firms’ ability to access all types of finance—exploiting firms’ cross-listing activity as a source of empirical identification. The results extend our understanding from recent single-country studies focused exclusively on dom...

Capital controls can induce large and persistent deviations from the Law of One Price for cross-listed stocks in international capital markets. A considerable literature has explored firm-specific factors which influence ADR pricing when LOP is violated. In this paper, we examine the interlinkages between Indian ADR premiums and macroeconomic time-series. We construct an ADR premium index, wher...

In this paper, analysis is presented relating to the impact of border tax adjustments for climate policy on the international competitiveness of energy-intensive industries, and the related problem of carbon leakage. While many of the economic and legal issues are not particularly new, climate policy does present some possible twists to the analysis of border tax adjustments when vertically-rel...

This paper shows that the effects of financial liberalization on the credit market of a small and capital constrained economy depend on the market structure of domestic banks prior to liberalization. Specifically, under perfect competition in the domestic credit market prior to liberalization, liberalization leads to lower domestic interest rates, in turn leading to increased credit penetration...

Post-transitional labour markets of the Central and East European countries have been characterised by marked regional differences. This paper will concentrate on the spatial pattern of job creation, determined by the allocation decisions of foreign and domestic investors. Regions with the highest employment rates may boast high doses of FDI inflows, while low employment regions have been suffe...

This paper describes the participation of smallholders in commercial horticultural farming in Kenya and identifies constraints and critical factors that influence their decision to participate in this industry by selling their produce. The study employs panel survey data on smallholder producers of both international (export) and domestic market vegetables and controls for unobserved heterogene...

The paper analyses the effects of imports and inward foreign direct investment (FDI) on the innovative activity of domestic firms. The effects are assumed to be positive, since imports and FDI increase the competition on domestic markets and domestic firms have to perform more efficiently to maintain their market position. The hypothesis is tested on the basis of a panel data set containing 127...

This paper applies the mean-variance portfolio optimization (PO) approach and the stochastic dominance (SD) test to examine preferences for international diversification versus domestic diversification from American investors’ viewpoints. Our PO results imply that the domestic diversification strategy dominates the international diversification strategy at a lower risk level and the reverse is ...

Virtually all governments are keen to attract foreign direct investment (FDI). It can generate new jobs, bring in new technologies and, more generally, promote growth and employment. The resulting net increase in domestic income is shared with government through taxation of wages and profits of foreign-owned companies, and possibly other taxes on business (e.g. property tax). FDI may also posit...