The level of international trade in services is relatively low. This can be the consequence of policy barriers and regulations or it may be due to the nature of products produced in the services sector. To understand the relative importance of both factors, this article uses data for Scottish bilateral services exports and imports to the UK to estimate theory-based trade costs for a wide range of sectors for two economic regions that are almost perfectly integrated. The results of this analysis provide important insights for future trade policy by identifying those narrowly defined industries which are more tradable by nature and have the potential to expand internationally.
The authors expand upon the literature that considers how characteristics of undergraduate schools affect non-income outcomes by considering Nobel Prize winners and full professors at Top 25 universities. The authors introduce National Merit Scholars as a percentage of 1960-61 class as a time-appropriate measure of student quality, and show how this measure largely matches up with prior expectations and observed outcomes. The authors conclude with discussion of the convex relation between National Merit Scholars and these professional outcomes.
This article investigates how the combination of positions between the Board of Directors and the management affects bank’s profitability. We use the 2010 bank-level data from 112 countries (Bankscope). Our results suggest that the positions combination reduce both banks’ ROA and ROE. We also show that the higher is the proportion of the Board members, who also hold a managerial position, the lower is the profitability of a bank. Thus, the corporate governance regulation should go beyond a simple restriction on holding simultaneously the CEO and the head of Board of Directors positions.
In this article, we analyse the differences in the perception of the poverty line between rural and urban settlements in the Russian Federation. We show that although the level of absolute poverty increases as the size of the settlement decreases, the level of subjective poverty moves in the opposite direction. These results have potential implications for targeting poverty in urban and rural areas.
A dynamic model of migration developed by Hatton (1995) has been applied to the panel of 23 OECD countries observed during 1984-2001. Migration flows have been found to have a tendency to overreact to changes in economic conditions. Thus, simulations have shown that in the Anglo-American group of countries (Australia, Canada, Ireland, UK and USA) a given relative improvement in economic circumstances which brings an extra 0.840 immigrants per 1000 population per year (334 800 in total) in the short run, brings somewhat fewer (288 700 in total) in the long-run.