Foreign Direct Investment (FDI) is not only a transfer of capital, but a complex bundle of capital and firm-specific assets like production and management know-how. In particular, the transfer of production know-how improves overall productivity of FDI-receiving firms and to some extent also...

For high wage countries, such as Austria, employment growth in foreign affiliates abroad is commonly expected to substitute for jobs at home. Estimates from bilateral data on the foreign and domestic activities of Austrian manufacturing firms over the period 1990-1996, covering the 10 most...

Foreign Direct Investment (FDI) is not only a transfer of capital, but a complex bundle of capital and firm-specific assets like production and management know-how. In particular, the transfer of production know-how improves overall productivity of FDI-receiving firms and to some extent also...

For high wage countries, such as Austria, employment growth in foreign affiliates abroad is commonly expected to substitute for jobs at home. Estimates from bilateral data on the foreign and domestic activities of Austrian manufacturing firms over the period 1990-1996, covering the 10 most...

Since the revival of the gravity literature in the early nineties most work has been done with cross-section data. Just a few more recent contributions made use of panel data. So far that research left open the question whether to treat time and country effects as random or fixed. This note...

This paper assesses the biases of four different estimators with respect to the short run and the long run parameters if a static panel model is used, although the data generating process is a dynamic error components model. We analytically derive the associated biases and provide a discussion...

The increased importance of fragmentation in world trade has created an interest among trade economists to explain the determinants of trade in intermediate goods. A significant portion of trade in intermediates between Turkey and OECD countries takes the form of intra-industry (IIT)....

As part of the monetary transmission studies of the Magyar Nemzeti Bank, this paper attempts to analyse the role of the housing market in the monetary transmission mechanism of Hungary. The housing market can influence monetary transmission through three channels, namely, the nature of the...

This article analyses value changes of German stock market companies in response to movements of the US dollar. The approach followed in this work extends the standard means of measuring exchange rate exposure in several ways, e.g. by us-ing multi-factor modelling instead of augmented CAPM,...