Suchergebnisse

We study the implications of forging stronger political ties with the US on the sensitivities of stock returns around the world to a global common factor - the global financial cycle. Using voting patterns at the United Nations as a measure of political ties with the US along with various measures of the global financial cycle, we document evidence indicating that stronger political ties with the US amplify the sensitivities of stock returns in developing countries to the global financial cycle. We explore several channels and find that a deepening of financial linkages along with a reduction in information asymmetries and an amplification of sentiment are potentially important factors behind this result.

AbstractThis study examines the effect of bilateral political ties on the stability of service exports. The results show that the deterioration of political ties can decrease the stability of service exports by strengthening non‐tariff barriers and weakening immigration networks. A decrease in voting similarity among trading partners in the United Nations General Assembly corresponds to heightened instability in service exports. In particular, political ties have a more pronounced impact on the stability of tourism service exports than on other services. Developing countries, in contrast to developed countries, should pay particular attention to the impact of political ties on the stability of service exports. Moreover, improvements in technological advantages and Internet openness in exporting countries can weaken the impact of political ties.

Producción Científica ; We examine the relationship between firms' political connections and corporate innovation in a European context. We also consider the moderating effect of political connections on the relationship between political uncertainty and firms' innovation. We use two different metrics of innovation: R&D (an input measure), and patent counts (an output measure). We find that firms with former politicians on their board of directors invest less in R&D than their counterpart firms. However, the presence of this type of director on the board is positively associated with the number of a firm's patent applications. It seems that, although political ties reduce the amount of resources devoted to R&D activities, they increase the effectiveness of intellectual rights protection. Results also show that political uncertainty decreases R&D investment but exacerbates the need for legal protection of innovation through patents. According to our results, political connections attenuate the effect of political uncertainty on firm innovation such that the negative (positive) effect of uncertainty on R&D intensity (patents) weakens when the firm is politically connected. ; Ministerio de Economía, Industria y Competitividad (grants ECO2017-84864-P and ECO2017-84132-R)

Ungarn und Polen haben im April 1994 Anträge auf Vollmitgliedschaft in der Europäischen Union (EU) gestellt. Die EU reagierte hierauf positiv und bot eine Ausweitung und Vertiefung der politischen Beziehungen zu ihren assoziierten Mitgliedstaaten an. Hierzu gehören jährliche Gipfeltreffen von EU und Assoziierten sowie eine assoziierte Partnerschaft in der Westeuropäischen Union (WEU). Auch wenn es sich bei der Assoziation der Reformstaaten an die WEU im wesentlichen um einen symbolischen Akt handelt, so bedeutet er doch eine engere Einbeziehung der Assoziierten in die europäische Politik. Angesichts der wirtschaftlichen Hindernisse auf dem Weg zu einer Vollmitgliedschaft werden vor allem die politischen Vorteile einer Osterweiterung der EU ins Gewicht fallen. (BIOst-Wpt)