trades unions market concentration and income distribution in united states manufacturing industry this paper uses three and four digit cross sections of united states manufacturing industries in 1972 in order to test a kaleckian degree of monopoly theory of income distribution various measures of labour share are regressed on the four firm concentration ratio the advertising sales ratio a measure of capital intensity and a unionisation variable in contrast to earlier studies for the u s strong evidence is found of a negative relationship between in particular production worker wage share and concentration and advertising intensity and evidence of a positive relationship between wage share and the level of unionisation

dynamic wage employment bargaining with employment adjustment costs this paper looks at the consequences of introducing employment adjustment costs into two standard models of trade unions the right to manage model and the efficient bargain model the authors look at how unions affect both the speed of adjustment to equilibrium and the long run equilibrium they examine the consequences of the model for the estimation of dynamic labor demand equations and for the testing of trade union models copyright 1989 by royal economic society

vulnerability to a currency crisis lessons from the asian experience are currency crises caused by manias and panics in financial markets or by unsustainable deteriorations in domestic macroeconomic conditions this question is explored in the context of the recent asian currency crisis the theoretical concept of vulnerability is used to identify three early warning indicators of susceptibility to a currency crisis rapid accumulation of mobile capital domestic lending booms and overvalued exchange rates it is shown that the crisis and noncrisis countries of asia may be distinguished empirically using these indicators over the decade preceding the crisis this exercise provides convincing evidence that the crisis emanated largely from domestic macroeconomic conditions

environmental kuznets curve for co2 emissions the case of arctic countries abstract the main new contribution of this paper is to examine the environmental kuznets curve ekc hypothesis using time series data at individual country levels empirical focus is on the assessment of income per capita on co 2 emissions in the arctic countries by taking into account the role of energy consumption an autoregressive distributed lag ardl modeling approach to cointegration is applied to annual data for the period 1960 2010 the results provide little evidence of the existence of the ekc hypothesis for the arctic countries we also find that economic growth has a beneficial effect on the environment only in some arctic countries finally energy consumption is found to have a detrimental effect on the environment in most countries

sources of growth revisited evidence from selected mena countries summary this paper reconsiders the a versus k debate namely which factor is the leading contributor to economic growth productivity gains a or factor accumulation k the growth accounting analysis is conducted for 10 middle eastern and north african mena countries over the period 1960 98 the long run share of capital in income is estimated using cointegration country specific and panel data region specific methods we find that for most of the countries in our sample the share of capital is much higher than the conventional share of 0 3 0 4 the growth accounting exercise conducted with the incorporation of human capital reveals that the contribution of productivity gains to growth is negligible and frequently even detrimental thus we conclude that it is factor accumulation that drives the economic performance of the mena economies

wage pressure bargaining and price cost margins in uk manufacturing to the extent that union employer bargaining is efficient price cost margins in oligopolistic industries are predicted to depend on wage rents and on the elasticity of substitution between wages and employment in union preferences unanticipated wage inflation will also affect margins cross section and time series analysis of price cost margins in u k manufacturing industries finds that margins tend to be eroded by the level of wage rents and are invariant to the rate of wage inflation copyright 1990 by blackwell publishing ltd

is economic growth good or bad for the environment empirical evidence from korea abstract the effects of economic growth on the environment in korea for a given level of energy consumption and fossil fuels and nuclear energy in electricity production are examined in a dynamic cointegration framework to that end the autoregressive distributed lag ardl approach is used we find empirical evidence supporting the existence of the environmental kuznets curve ekc hypothesis for korea that is economic growth indeed plays a favorable role in influencing environmental outcomes it is also found that in both the short and long run nuclear energy has a beneficial effect on environmental quality whereas fossil fuels in electricity production and energy consumption have a detrimental effect on the environment

input contracts market structure and the empirical specification of price cost margins abstract we examine the implications for the empirical specification of the margins concentration relationship of different forms of contracting for intermediate inputs we offer an alternative explanation why the results of profit margin regressions depend on whether the margin is deflated by gross output or net output 1997 elsevier science s a

co2 emissions energy consumption trade and income a comparative analysis of china and india in order to prevent the destabilisation of the earth s biosphere co2 emissions must be reduced quickly and significantly the causes of co2 emissions by individual countries need to be apprehended in order to understand the processes required for reducing emissions around the globe china and india are the two largest transitional countries and growing economies but are in two entirely different categories in terms of structural changes in growth trade and energy use co2 emissions from the burning of fossil fuels have significantly increased in the recent past this paper compares china and india using the bounds testing approach to cointegration and the ardl methodology to test the long and short run relationships between growth trade energy use and endogenously determined structural breaks the co2 emissions in china were influenced by per capita income structural changes and energy consumption a similar causal connection cannot be established for india with regard to structural changes and co2 emissions because india s informal economy is much larger than china s india possesses an extraordinarily large number of micro enterprises that are low energy consumers and not competitive enough to reach international markets understanding these contrasting scenarios is prerequisite to reaching an international agreement on climate change affecting these two countries

shift contagion vulnerability in the mena stock markets as part of a broader financial development reform agenda the middle east and north africa mena countries have successfully expanded and revitalised their stock markets over the last decade whereas previous contributions have investigated efficiency international integration and portfolio diversification opportunities very little is known about these markets vulnerability to external financial crises in this paper we investigate shift contagion to the mena region using a comprehensive battery of econometric tests for a number of different crises episodes the 1997 asian crisis the 1998 russian virus and its brazilian sequel the 2000 turkish collapse the 9 11 turmoil the 2001 argentinean crisis the 2002 enron worldcom scandal and the 2007 09 global financial crisis we found that turkey israel and jordan were the most vulnerable markets over the 1997 2009 period followed by tunisia morocco egypt and lebanon our results also highlight heterogeneous but increasing levels of sensitivity to external financial shocks especially during the recent global financial crisis from a financial point of view this suggests that mena based diversification strategies may be relatively inefficient during periods of global turmoil from an economic point of view our results suggest that stock market development also involves potential destabilisation costs this issue should be acknowledged and addressed by policymakers if these countries are to ensure a smooth transition towards international financial integration

the determination of profit margins in uk manufacturing this paper examines the determinants of profit margins in 91 u k manufacturing industries over the period 1983 86 it considers how the inclusion of labor market characteristics in empirical industrial organization specifications affects the estimated concentration margins relationship the empirical work pays detailed attention to the endogenous nature of variables derived from structural industrial organization models the authors report instrumental variables estimates of margins equations in which there emerges a significant role for labor market characteristics indeed both unionization and industrywide unemployment are found to depress profit margins the impact of concentration is seen to be biased downward when these variables are omitted

rational contagion and the globalization of securities markets this paper argues that globalization may promote contagion by weakening incentives for gathering costly information and by strengthening incentives for imitating arbitrary market portfolios in the presence of short selling constraints the gain of gathering information at a fixed cost may diminish as markets grow moreover if a portfolio manager s marginal cost for yielding below market returns exceeds the marginal gain for above market returns there is a range of optimal portfolios in which all investors imitate arbitrary market portfolios and this range widens as the market grows numerical simulations suggest that these frictions can have significant implications for capital flows in emerging markets

vertical integration input contracts and the margins concentration relationship in recent years it has become common when specifying empirical price cost margins to use net output as opposed to the more usual gross output in the denominator it has been noted that with gross output as the denominator the point estimate on concentration from a regression of margins on concentration is lower than with net output as the denominator and the estimate is frequently insignificant the possible explanations that have been put forward to explain this empirical phenomenon are discussed and evidence is presented using data from the uk census of production and the uk input output tables neither theoretical nor empirical justification is found for the use of the adjusted margin but instead it is suggested that the empirical phenomenon is caused by the omission of appropriate variables to control for contracting relations in purchasing intermediate inputs

reassessing the environmental kuznets curve for co2 emissions a robustness exercise the number of studies seeking to empirically characterize the reduced form relationship between a country economic growth and the quantity of pollutants produced in the process has recently increased significantly in several cases researchers have found evidence pointing to an inverted u benvironmental kuznetsq curve in the case of co2 however the evidence is at best mixed in this paper we reconsider that evidence by assessing how robust it is when the analysis is conducted in a different parametric setup and when using alternative emissions data from the international energy agency relative to the literature our contribution can be viewed as a robustness exercise in these two respects the econometric results lead to two conclusions firstly published evidence on the ekc does not appear to depend upon the source of the data at least as far as carbon dioxide is concerned secondly when an alternative functional form is employed there is evidence of an inverted u pattern for the group of oecd countries with reasonable turning point regardless of the data set employed not so for non oecd countries as the ekc is basically increasing slowly concave according to the iea data and more bellshaped in the case of cdiac data d 2005 elsevier b v all rights reserved

income distribution efficient bargaining and market structure we present an efficient bargaining model in which wage share is negatively associated with product market structure and varies positively with union bargaining strength the model is tested using data from a panel of u k manufacturing industries instrumental variables estimates corroborate a positive negative union bargaining strength concentration effect on labour s income share

margins concentration unions and the business cycle theory and evidence for britain abstract a number of recent studies have examined the cyclical relationship between price cost margins concentration and unions u s data has concluded that unions reduce margins margins vary over the cycle and concentration unionisation and the cycle interact in their effect on margins however there is almost no theory to account for these results we propose a simple theory that assumes only that there is overhead labour present at the firm this produces theoretical predictions that can explain these results and discriminate between existing theories we present results of our own using u k panel data and show similar findings to the u s

some contagion some interdependence more pitfalls in tests of financial contagion this paper develops a test of contagion in financial markets based on bivariate correlation analysis which generalizes existing tests and applies it to the international effects of the hong kong stock market crisis of october 1997 contagion is defined as a structural break in the international transmission of financial shocks for plausible values of the variance of country specific shocks in hong kong our test finds evidence of contagion for 5 countries out of a sample of 17 this is in sharp contrast with the findings of recent literature according to which there is no contagion only interdependence we show that this strong result in the literature is due to arbitrary and unrealistic restrictions on the variance of country specific shocks

the importance of renewable energy consumption and fdi inflows in reducing environmental degradation bootstrap ardl bound test in selected 9 countries abstract this study examines the relationship between renewable energy consumption non renewable energy consumption foreign direct investment economic growth and carbon emissions for the nine countries i e denmark finland france india italy morocco norway portugal sweden identified in the climate change performance index ccpi 2018 report this study mainly aims to demonstrate the role of renewable energy consumption and foreign direct investment on co2 emissions in countries with high scores in the ccpi using the newly developed bootstrap autoregressive distributed lag ardl approach for this purpose the unit root properties of the variables are determined by sharp and smooth structural break unit root test sor shahbaz et al 2018 we then conduct a bootstrap ardl test developed by mcnown et al 2018 to investigate the existence of cointegration we also use granger causality based on the bootstrap ardl approach to identify causal relationships between variables empirical analysis results show only a few cointegration relationships between variables exist however we have identified significant long term relationships between foreign direct investment renewable energy consumption and economic growth in some countries and our study includes important policy implications particularly for relationship among co2 emissions and foreign direct investment inflows

the impact of foreign direct investment on environmental quality a bounds testing and causality analysis for turkey abstract this study aims to investigate the impact of foreign direct investment fdi together with gross domestic product gdp the square of gdp and energy consumption on carbon dioxide co2 emissions in turkey over the period 1974 2010 we employ both the bounds test approach which has superior properties especially in small samples and the hatemi j test which takes structural breaks into consideration in the co integration analysis due to the co integration relationship between co2 emissions and other variables the autoregressive distributed lag ardl model is used in order to investigate short and long run elasticity between the variables the long run coefficients of the ardl model indicate that the effect of fdi on co2 emissions is positive but relatively small while the effects of the gdp and energy consumption on co2 emissions are quite considerable moreover the short run coefficients obtained by the error correction model ecm are found to be similar to those of the long run model the findings support the validity of the environmental kuznets curve ekc hypothesis in both time horizons the vector ecm based granger causality test is also applied to investigate the causal link the causality test results indicate the existence of a causality running from all explanatory variables to co2 emissions in the long run overall the findings suggest that turkey should promote energy efficiency with sustainable growth and encourage more fdi inflows particularly in technology intensive and environment friendly industries to improve environmental quality

is the international propagation of financial shocks non linear evidence from the erm abstract this paper tests for the presence of non linearities in the propagation of devaluation expectations among the countries that were members of the exchange rate mechanism of the ems we show that whenever it is possible to estimate a model for financial interdependence a full information technique to detect such non linearities is more efficient than the limited information estimator proposed in a similar context by rigobon 2000 this happens in particular when the periods of market turbulence are relatively short our evidence suggests that non linearities in the propagation of devaluation expectations were a general phenomenon in the erm normally the non linearity amounts to a stronger effect in the same direction but sometimes as in the dutch case it implies a significant effect in the opposite direction evidence of flight to quality

transmission of shocks and contagion from u s to mena equity markets the role of oil and gas markets abstract using a multifactor model augmented with oil and gas returns this paper examines contagion from the us to mena equity markets and studies the role of energy price fluctuations in amplifying the dependence between the us and mena equity markets we provide empirical evidence of a strong contagion effect originating from the us to mena equity markets the regional oil and gas factors account for the bulk of the variance of the mena equity returns and our findings suggest that the oil and gas markets play an important role in strengthening the dependence between the mena and us markets during episodes of market turmoil we discuss the policymaking importance of our results and propose a strategy to curb the adverse effects of us return shocks on mena equity markets during episodes of stress

trade unions and labor s share in u s manufacturing industries abstract this study assesses the impact of trade unions on labor s share of income it improves on previous tests by accounting for possible alternative explanations of an observed positive relationship between union coverage and labor s share using three digit cross sectional data on united states manufacturing industries from 1973 1975 and 1983 1985 the analysis accounts for both establishment size and worker characteristics and conducts tests across different time periods union density and establishment size are found to have a positive effect on labor s share