Topic
Spillover effect
About: Spillover effect is a research topic. Over the lifetime, 7869 publications have been published within this topic receiving 167367 citations.
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TL;DR: The authors consider trade between two countries of unequal size, where the creation of new intermediate inputs occurs in both and find that the knowledge gained from R&D in one country does not spillover to the other.
Abstract: We consider trade between two countries of unequal size, where the creation of new intermediate inputs occurs in both. We assume that the knowledge gained from R&D in one country does not spillover to the other. Under autarky, the larger country would have a higher rate of product creation. When trade occurs in the final goods, we find that the smaller country has its rate of product creation stowed, even in the long run. In contrast, the larger country enjoys a temporary increase in its rate of R&D. We also examine the welfare consequences of trade in the final goods, which depend on whether the intermediate inputs are traded or not.
223 citations
TL;DR: In this article, the authors analyse how restructuring up-and downstream from production is affecting output levels, particularly the impacts of hold-up problems characterised by excessively long payment delays for delivered products.
Abstract: Reform in the transitional economies has been marked by falls in agricultural output and by decapitalisation of the agricultural production system. A key factor is the disruption caused by the break-up of the pre-reform, vertically integrated, centrally planned, contracting system within the agri-food supply chain. This paper analyses how restructuring up- and downstream from production is affecting output levels, particularly the impacts of hold-up problems characterised by excessively long payment delays for delivered products. Standard institutional solutions to the hold-up problem, including supply contracting, cooperatives and vertical integration, have disadvantages in the short-to-medium term. FDI at the processing level is shown to be capable of solving hold-up problems, whilst producing important positive spillover effects within the sector and across adjacent sectors. Empirical evidence indicates strong output, yield, and investment responses when hold-up problems are solved. Copyright 1998 by Oxford University Press.
221 citations
TL;DR: In this article, the authors adopt a systemic time-series approach to study connectedness in both returns and volatility in the carbon-energy system, and a rolling-windows method is used to show the dynamic features.
218 citations
TL;DR: In this paper, the authors analyzed the effects of consumption and production externalities on capital accumulation and showed that the importance of consumption externalities depends upon the elasticity of labor supply.
217 citations
TL;DR: In this paper, an empirical model of multiple asset classes across countries is formulated in a latent factor framework, where financial market linkages during periods of financial crises, including spillover and contagion effects, are formally specified.
Abstract: An empirical model of multiple asset classes across countries is formulated in a latent factor framework. A special feature of the model is that financial market linkages during periods of financial crises, including spillover and contagion effects, are formally specified. The model also captures a range of common factors including global shocks, country and market shocks, and idiosyncratic shocks. The framework is applied to modelling linkages between currency and equity markets during the East Asian financial crisis of 1997-98. The results provide strong evidence that cross-market links are important. Spillovers have a relatively larger effect on volatility than contagion, but both are statistically significant.
215 citations