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Economic Geography and Public Policy
Research on the spatial aspects of economic activity has flourished over the past decade due to the emergence of new theory, new data, and an intense interest on the part of policymakers, especially in Europe but increasingly in North America and elsewhere as well. However, these efforts--collectively known as the "new economic geography"--have devoted little attention to the policy implications of the new theory. Economic Geography and Public Policy fills the gap by illustrating many new policy insights economic geography models can offer to the realm of theoretical policy analysis. Focusing primarily on trade policy, tax policy, and regional policy, Richard Baldwin and coauthors show how t...
The Impact of Trade on Intraindustry Reallocations and Aggregate Industry Productivity
"Melitz (2003) demonstrates that greater trade openness raises industry productivity via a selection effect and via a production re-allocation effect. Our comment points out that the set-up assumed in the Melitz model displays a trade off between static and dynamic efficiency gains. That is, although freer trade improves industry productivity in a level sense, it harms it in a growth sense. To make this point as simply as possible, we introduce a slight modification to the model that endogenises the growth rate of industry productivity and we show that liberalisation slows growth"--NBER website
Book Reviews
Books reviewed: Economic Geography and Public Policy, by Richard Baldwin, Rikard Forslid, Philippe Martin, Gianmarco Ottaviano, and Frederic Robert-Nicoud, Yannis M. Ioannides, author A Primer on U.S. Housing Markets and Housing Policy, by Richard K. Green and Stephen Malpezzi, Edward Coulson, author A Social Philosophy of Housing, by Peter King, Thomas N. Nesslein, author Paris: Capital of Modernity, by David Harvey, Paul M. Hohenberg, author The Urban Revolution, by Henri Lefebvre, translated by Robert Bononno, Katherine Jones, author Modelling Geographical Systems: Statistical and Computational Applications, by Barry Boots, Atsuyuki Okabe, and Richard Thomas, Michael F. Goodchild, author ...
The Structure of Simple `New Economic Geography` Models (or, on Identical Twins).
This paper shows that the mathematical structure of the most widely used New Economic Geography models is identical, irrespective of the underlying agglomeration mechanism assumed (factor migration, input-output linkages, endogenous capital accumulation). This enables us to provide analytical proofs to four important and related results in the field. First, standard models display at most two interior steady states beyond the symmetric one. Second, when interior, asymmetric steady-states exist they are unstable. Third, location displays hysteresis. Finally, with forward looking agents a shock to expectations might trigger an equilibrium switch. This paper also stresses the empirical implications of the most important results derived in this study.
The Monopolistic Competition Revolution in Retrospect
Avinash Dixit and Joseph Stiglitz revolutionized the modelling of imperfectly competitive markets and launched "the second monopolistic competition revolution". Experts in the areas of macroeconomics, international trade theory, economic geography, and international growth theory examine the success of the second revolution in this collection of papers. They reveal what appears to be "missing" and look forward to the next step in the modelling of imperfectly competitive markets. The text includes a comprehensive survey of the two monopolistic competition revolutions, and previously unpublished working papers by Dixit and Stiglitz that led to their famous 1977 paper.
The Oxford Handbook of Venture Capital
Venture capital (VC) refers to investments provided to early-stage, innovative, and high growth start-up companies. A common characteristic of all venture capital investments is that investee companies do not have cash flows to pay interest on debt or dividends on equity. Rather, investments are made with a view towards capital gain on exit. The most sought after exit routes are an initial public offering (IPO), where a company lists on a stock exchange for the first time, and an acquisition exit (trade sale), where the company is sold in entirety to another company. However, VCs often exit their investments by secondary sales, wherein the entrepreneur retains his or her share but the VC sells to another company or investor buybacks, where the entrepreneur repurchases the VC`s interest and write-offs (liquidations). The Oxford Handbook of Venture Capital provides a comprehensive picture of all the issues dealing with the structure, governance, and performance of venture capital from a global perspective. The handbook comprises contributions from 55 authors currently based in 12 different countries.
Beyond Eureka!
"This tour-de-force of the history of the implementation of innovation seeks to address one of the biggest problems faced by entrepreneurs and corporate executives alike: the conflation of entrepreneurship with innovation. They are not the same, and they each come with their own challenges and opportunities. Starting a business is not the same as innovating a new product or service. Many books explain how to pitch, start and scale a company, as well as how to structure engineering, product, sales, marketing, and financial departments. It's implied that the company has a product or a service that has enough differentiators for the organization to succeed in the marketplace and that its founde...
European Integration, Regional Policy, and Growth
This publication contains a number of papers presented by leading academics, policy-makers and practitioners from existing and new EU member countries at a conference in Barcelona in October 2002. These papers discuss key issues regarding the effectiveness of attempts to reduce regional disparities with the EU and the implications of current enlargement including: the trade-offs between promoting national growth and reducing relative disparities; the role of growth poles; the investment climate and labour market flexibility; the role of the EU and regional policy overall.
Democracies in Peril
Explains the political factors behind the failure of many developing country democracies to benefit from globalization.
