Economic development implies that the efficiency of firms in developing countries is approaching that of firms in … privatization, competition and foreign investment. We also test hypotheses positing that only firms near the efficiency frontier … find that privatization to domestic owners did not markedly improve the efficiency of firms; domestic firms are not …

firm’s “absorptive capacity” we find: i) distance from the efficiency frontier tends to dampen horizontal spillovers in … existing hypotheses about the impact of foreign direct investment (FDI) on the efficiency of domestic firms in the host country … hypothesis that spillovers are greater for FDI with more advanced technology. While efficiency of domestic firms’ is affected by …

distribution into three main components: efficiency, amenities, and frictions. Higher efficiency and better amenities lead to … MSAs in the United States, we parametrize the model and empirically estimate efficiency, amenities and frictions …

and existing hypotheses about the impact of foreign direct investment (FDI) on the efficiency of domestic firms in the …

an attempt to manipulate security prices to their benefit. This leads to incomplete risk-sharing, despite the existence … of complete markets and the absence of aggregate risk. When a fiscal union centralizes fiscal policy, security prices can …