Showing papers on "Spillover effect published in 2012"
TL;DR: Findings suggest that spillover in the managed to natural direction has been largely underestimated, and that as habitat modification continues, resulting in increasingly fragmented landscapes, the likelihood and size of any spillover effect will only increase.
415 citations
TL;DR: In this paper, the authors identify entrepreneurship as one such mechanism facilitating the spillover of knowledge facilitating economic growth, and provide empirical evidence that entrepreneurial activity also serves to promote economic growth.
Abstract: In this paper we suggest that the spillover of knowledge may not occur automatically as typically assumed in models of endogenous growth. Rather, a mechanism is required to serve as a conduit for the spillover and commercialization of knowledge from the source creating it, to the firms actually commercializing the new ideas. In this paper, entrepreneurship is identified as one such mechanism facilitating the spillover of knowledge. Using a panel of entrepreneurship data from 18 countries, we provide empirical evidence that, in addition to measures of Research & Development and human capital, entrepreneurial activity also serves to promote economic growth.
283 citations
TL;DR: Wang et al. as mentioned in this paper investigated and estimated the spillover effects in inbound and domestic tourism flows to 341 cities in mainland China and studied the key determinants of tourism flows in the spatial econometric model.
Abstract: The main purpose of this research is to investigate and estimate the spillover effects in inbound and domestic tourism flows to 341 cities in mainland China. In conjunction with this, the key determinants of tourism flows are also studied in the spatial econometric model. The results confirm the existence of spillover effects in both inbound and domestic tourism flows, and suggest that physical infrastructure factors, tourist attractions, and the SARS outbreak are significant determinants of inbound and domestic tourism flows. In addition, it is found that although the degree of openness to inbound tourists is important for inbound tourism flows, a city’s income is the key to enhancing domestic tourism flows. Significant differences in spillover effects and determinants of tourism flows are also discovered between cities in different regions.
201 citations
TL;DR: In this article, a more integrative approach toward channel choice was proposed by considering all stages of the buying process (search, purchase, and after-sales), and by taking channel attributes, experience, and spillover effects into account when examining consumers' channel choice intentions.
Abstract: This article provides a more integrative approach toward channel choice than previous research by considering all stages of the buying process (search, purchase, and after-sales), and by taking channel attributes, experience, and spillover effects into account when examining consumers’ channel choice intentions. The authors show that such an integrative perspective is important as channel attributes, experience, and spillover matter for consumers’ channel choices in all stages of the buying process. Notably, the study stresses the importance of channel experience and spillover effects for explaining consumers’ channel choice intentions in the different stages of the buying process. Channel experience effects occur when using the channel increases the likelihood that the consumer will use the very same channel on the next occasion. Spillover effects result when the likelihood of using a channel in one stage of the buying process affects the likelihood of choosing that channel in another stage. The results show that both effects influence consumers’ channel choice intentions over and above channel attributes. Importantly, the model results strongly pledge for studying attribute, experience, and spillover effects simultaneously.
179 citations
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TL;DR: In this paper, the authors examined co-movements and volatility spillovers in the returns of the euro, the British pound, the Swiss franc and the Japanese yen vis-a-vis the US dollar before and after the introduction of the Euro.
Abstract: This paper examines co-movements and volatility spillovers in the returns of the euro, the British pound, the Swiss franc and the Japanese yen vis-a-vis the US dollar before and after the introduction of the euro. Based on dynamic correlations, variance decompositions, generalized VAR analysis, and a newly introduced spillover index, the results suggest significant co-movements and volatility spillovers across the four exchange returns, but their extend is, on average, lower in the latter period. Return co-movements and volatility spillovers show large variability though, and are positively associated with extreme economic episodes and, to a lower extend, with appreciations of the US dollar. Moreover, the euro (Deutsche mark) is the dominant currency in volatility transmission with a net volatility spillover of 8% (15%) to all other markets, while the British pound is the dominant net receiver of volatility with a net volatility spillover of -11% (-13%), in the post- (pre-) euro period. The nature of crossmarket volatility spillovers is found to be bidirectional though, with the highest volatility spillovers occurring between the European markets. The economic implications of these findings for central bank interventions, international portfolio diversification and currency risk management are then discussed.
175 citations
TL;DR: This paper examined the spillover effects of foreign direct investment (FDI) on domestic firms in the Chinese manufacturing industry between 2000 and 2003, taking into account the endogeniety of input choices, simultaneity bias and clustering errors that are known to cause biased and inefficient estimations.
160 citations
TL;DR: In this paper, the authors explored the regional imbalance of China's provincial energy intensity and the spatially correlation of energy intensity among provinces using spatial panel data models, and found that GDP per capita, transportation infrastructure, the level of marketization, and scientific and technological input significantly reduce the energy intensity; the ratio of heavy industries to total industries and the proportion of coal consumption to total energy consumption significantly expand the energy consumption.
129 citations
TL;DR: In this article, the authors examined whether and to what extent emerging-market multinational enterprises (EM MNEs) use outward foreign direct investment (FDI) in a developed market to capture knowledge spillovers so as to improve their technological capabilities at home.
127 citations
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TL;DR: Christchurch has been reasonably resilient to the impact of the earthquakes, and the spillover to other regions in New Zealand has been limited as mentioned in this paper, and goods exports and manufacturing activity appear to have held up well.
Abstract: In late 2010 and in 2011, Canterbury endured a series of major earthquakes. Overall, the Canterbury economy has been reasonably resilient to the impact of the earthquakes, and the spillover to other regions in New Zealand has been limited. Goods exports and manufacturing activity appear to have held up well. Conversely, some sectors, notably retail, accommodation and hospitality, have been hard hit. International visitor numbers are sharply down, and there appears to have been some population loss from Christchurch. Repair and rebuild activity is under way and expected to accelerate from here, peaking in the next few years, but will take at least a decade to complete.
126 citations
TL;DR: In this article, the authors developed a state-dependent sensitivity value-at-risk (SDSVaR) approach that enables them to quantify the direction, size, and duration of risk spillovers among financial institutions as a function of the state of financial markets.
Abstract: In this paper, we develop a state-dependent sensitivity value-at-risk (SDSVaR) approach that enables us to quantify the direction, size, and duration of risk spillovers among financial institutions as a function of the state of financial markets (tranquil, normal, and volatile). Within a system of quantile regressions for four sets of major financial institutions (commercial banks, investment banks, hedge funds, and insurance companies) we show that while small during normal times, equivalent shocks lead to considerable spillover effects in volatile market periods. Commercial banks and, especially, hedge funds appear to play a major role in the transmission of shocks to other financial institutions. Using daily data, we can trace out the spillover effects over time in a set of impulse response functions and find that they reach their peak after 10 to 15 days.
101 citations
TL;DR: In this paper, the influence of human capital, labour force, and absorptive capacity, physical capital as a control variable, foreign direct investment (FDI) inflows and gross domestic product (GDP) on Malaysia's productivity growth was inspected.
TL;DR: In this article, a wide-ranging socio-economic literature on the nexus between labor migration and economic development at origin is reviewed, with a special focus on out-migration from poor rural regions of developing countries.
Abstract: A major feature of the current ‘mass migration’ process is its strong linkages to countries of origin. Migrants belong to spatially extended families and play a crucial role in shaping economic development in home regions. This paper reviews the wide-ranging socio-economic literature on the nexus between labor migration, both domestic and international, and economic development at origin, with a special focus on out-migration from poor rural regions of developing countries. We disentangle direct effects on migrant-sending households from spillover effects on the rest of the economy, highlighting some key knowledge gaps and policy concerns related to the complex and intimate relation between rural labour mobility and economic behaviour of people left behind. Copyright © 2010 John Wiley & Sons, Ltd.
TL;DR: In this paper, the authors introduce a spillover effect from the number of exporters to the fixed costs of exporting into a trade model with heterogeneous firms, which creates an additional effect of distance on aggregate trade flows.
TL;DR: This article explored the extent to which these countries benefit from foreign technology, the diffusion mechanisms involved, and the factors that shape their absorption capabilities, concluding that developing countries that enjoy larger benefits tend to exhibit larger stock of human capital, more openness to trade and foreign activities, and stronger institutions.
TL;DR: In this article, the authors examined the environmental effects of foreign direct investment from less-developed countries (LDC) and found that LDC firms find it increasing financially advantageous to signal to consumers, investors, and potential business partners their commitment to environmental protection by adopting sound environmental practices.
TL;DR: The authors investigated the permanent and transitory effects of sovereign credit ratings on time-varying stock and bond market correlations with their respective regional markets for a sample of up to nineteen emerging countries over the period from 1 January 1994 to 1 July 2007.
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TL;DR: The authors quantifies potential global spillovers from an investment slowdown in China and finds that a one percentage point slowdown in investment in China is associated with a reduction of global growth of just under one-tenth of a percentage point.
Abstract: Over the past decade, China's growth model has become more reliant on investment and its footprint in global imports has widened substantially. Several economies within China's supply chain are increasingly exposed to its investment-led growth and face growing risks from a deceleration in investment in China. This note quantifies potential global spillovers from an investment slowdown in China. It finds that a one percentage point slowdown in investment in China is associated with a reduction of global growth of just under one-tenth of a percentage point. The impact is about five times larger than in 2002. Regional supply chain economies and commodity exporters with relatively less diversified economies are most vulnerable to an investment slowdown in China. The spillover effects also register strongly across a range of macroeconomic, trade, and financial variables among G20 trading partners.
TL;DR: In this paper, a structural vector autoregression (SVAR) model along with a direct acyclic graph is employed to decompose how supply/demand structural shocks affect food and fuel markets.
TL;DR: In this article, the authors evaluate the effects of the FAMEX export promotion program in Tunisia on the performance of beneficiary firms and find that after three years after the intervention, the growth rates and the export levels of beneficiaries are not significantly different from those of non-beneficiary firms.
TL;DR: This paper found that banks with larger investments in opaque assets benefitted more from intra-industry revaluations associated with announcements of mergers in the period 2000-2006, and that non-merger banks that gained most from merger activities also experienced the largest price declines during the subsequent 2007-2008 financial crisis.
TL;DR: The authors examined the effect of US and European news announcements on the spillover of volatility across US and Europe stock markets using synchronously observed international implied volatility indices at a daily frequency, and found significant spillovers of implied volatility between U.S. and European markets as well as within European markets.
Abstract: We examine the effect of US and European news announcements on the spillover of volatility across US and European stock markets. Using synchronously observed international implied volatility indices at a daily frequency, we find significant spillovers of implied volatility between US and European markets as well as within European markets. We observe a stark contrast in the effect of scheduled versus unscheduled news releases. Scheduled (unscheduled) news releases resolve (create) information uncertainty, leading to a decrease (increase) in implied volatility. Nevertheless, news announcements do not fully explain the volatility spillovers, although they do affect the magnitude of volatility spillovers. Our results are robust to extreme market events such as the recent financial crisis and provide evidence of volatility contagion across markets.
TL;DR: This paper examined whether a party to a strategic alliance or joint venture suffers from spillover effects when the other partner files for bankruptcy and found that non-bankrupt strategic alliance partners, on average, experience a negative stock price reaction around their partner firm's bankruptcy filing announcement.
TL;DR: In this article, the authors investigate the mechanisms underlying growth in Hsinchu high-tech clusters and find that knowledge spillovers are one of the potential factors contributing to agglomeration benefits.
TL;DR: HuHuang et al. as mentioned in this paper established a threshold model to analyse the relationship between spillover effects of foreign direct investment (FDI) and regional innovation in China, and showed that the positive productivity spillovers from FDI will be substantial only when the level of regional innovation attains a higher threshold.
Abstract: Huang L., Liu X. and Xu L. Regional innovation and spillover effects of foreign direct investment in China: a threshold approach, Regional Studies. Using a data set on twenty-nine Chinese provinces for the period 1985–2008, this paper establishes a threshold model to analyse the relationship between spillover effects of foreign direct investment (FDI) and regional innovation in China. There is clear evidence of double-threshold effects of regional innovation on productivity spillovers from FDI. Specifically, only when the level of regional innovation reaches the minimum innovation threshold will FDI in the region begin to produce positive productivity spillovers. Furthermore, positive productivity spillovers from FDI will be substantial only when the level of regional innovation attains a higher threshold. The double threshold divides Chinese provinces into three super-regions in terms of innovation, with most provinces positioned within the middle-level innovation super-region. Policy implications are di...
TL;DR: This article examined the co-movements of several macro-variables in the world economy over a period of more than twenty years by tracking the cointegration, common trend factor and the spiller index over these variables (gold price, stock price, real exchange rate for dollar and the oil price of crude oil).
Abstract: This paper examines the comovements of several macro-variables in the world economy over a period of more than twenty years. Long-term co movements are examined by tracking the cointegration, common trend factor and the spiller index over these variables (gold price, stock price, real exchange rate for dollar and the oil price of crude oil). Preminary examination suggests the possibility of cointegration among these variables indicating comovements, although the spillover indices are found to be very small.
TL;DR: In this article, the authors find evidence that civic participation in one domain of public life can lead to more participation elsewhere, what they call spillover effects, and conclude that participation can engender further participation.
Abstract: In contrast to more pessimistic studies, the authors find evidence that civic participation in one domain of public life can lead to more participation elsewhere, what they call spillover effects. The authors’ findings are based on a large survey—among the broadest in its class—of participants in community-managed schools throughout rural Honduras and Alta Verapaz, Guatemala. Despite various obstacles to spillovers, once initiated, participation can engender further participation. Many participants acquire and apply new skills, and some join new organizations. These spillover effects are stronger if participants receive state support and perceive the participatory arena to be democratic. The authors’ optimism, however, remains guarded: Even where spillovers abound, new groups’ autonomy and scope of action remain limited. In short, participatory governance is not a dead-end affair, but its capacity to strengthen civil society locally is not guaranteed.
TL;DR: In this paper, the authors synthesize the pertinent emerging literature and assesses dynamics of the lags involved between self-employment shocks and subsequent employment growth, concluding that self-employed has tangible positive economic impacts not only on wage and salary employment but also on per capita income growth and poverty reduction.
Abstract: Even as self-employment continues to increase, policymakers remain largely unaware of this trend and fail to see it as an opportunity for addressing enduring joblessness. In part, this is explained by limited data on the self-employed and by widespread perceptions that returns to self-employment are low; that the self-employed are merely patching together piecemeal work opportunities requiring limited skills; and that there are no local economic impacts or spillover benefits into other sectors. Contrary to these perceptions, recent studies suggest that self-employment has tangible positive economic impacts not only on wage and salary employment but also on per capita income growth and poverty reduction. This article synthesizes the pertinent emerging literature and assesses dynamics of the lags involved between self-employment shocks and subsequent employment growth.
TL;DR: The results shed light on the existence and sources of IT-related spillovers and on their important role in shaping the long-run returns to IT investment and help explain the findings of excess returns toIT investment in the IT productivity literature.
Abstract: This paper examines the effects of IT-related spillovers on firm-level productivity improvements over a long-term horizon. In contrast, prior research has largely focused on the direct and contemporaneous impacts of IT investments. As a result, we do not fully understand how IT investments are associated with ongoing productivity improvements in future periods and how spillovers influence these gains. In this paper, we examine whether firms receive incremental benefits from IT-related spillovers and whether these spillovers lead to more persistent returns. We focus on the spillovers that accrue to firms from their interindustry transactions, especially the IT services industry. We model and estimate the impact of spillovers on long-run productivity using firm-level data from the manufacturing, transportation, trade, and services sectors. We find that spillover impacts are highly significant, but that the magnitude and persistence of the impacts vary. Firms with high IT intensity receive greater spillover benefits from the IT services industry. Moreover, these benefits are sustained over a long-term horizon. However, the impact of IT-related spillovers does not persist in low IT intensity firms regardless of the source. Overall, our results shed light on the existence and sources of IT-related spillovers and on their important role in shaping the long-run returns to IT investment. Our results also help explain the findings of excess returns to IT investment in the IT productivity literature.
TL;DR: In this article, the authors develop the constructs of pace and irregularity of foreign entry, and demonstrate that they negatively moderate the relationship between the level of foreign presence and the productivity of host-country firms.