Semi-Parametric Weak Instrument Regressions with an Application to the Risk-Return Trade-off

Recent work shows that a low correlation between the instruments and the included variables leads to serious inference problems. We extend the local-to-zero analysis of models with weak instruments to models with estimated instruments and regressors and with higher-order dependence between instruments and disturbances. This makes this framework applicable to linear models with expectation variables that are estimated non-parametrically. Two examples of such models are the risk-return trade-off in finance and the impact of inflation uncertainty on real economic activity. Results show that inference based on Lagrange Multiplier (LM) tests is more robust to weak instruments than Wald-based inference. Using LM confidence intervals leads us to conclude that no statistically significant risk premium is present in returns on the S&P 500 index, excess holding yields between 6-month and 3-month Treasury bills, or in yen-dollar spot returns.

Directed Technical Change and International Trade

Recent changes in comparative advantage in the largest OECD economies differ significantly from the predictions of Heckscher-Ohlin-Vanek theory. Japan's rising share of OECD machinery exports and the improvement in the comparative advantage of the USA and Germany in heavy industry were accompanied by growing scarcities of the factors used intensively in the favored sector of each country. Here we examine Acemoglu's (1998, 2002) hypothesis that technical change may be directed toward raising the marginal productivity of abundant factors. Testing this hypothesis with 1970-1992 export data from 14 OECD countries, we find evidence that international comparative advantage was reshaped by innovation biased toward the abundant factors in the largest economies.

Bundling under the Threat of Parallel Trade

This paper examines the use of bundling by a firm that sells in two national markets and faces entry by parallel traders. The firm can bundle its main product, - a tradable good- with a non-traded service. It chooses between the strategies of pure bundling, mixed bundling and no bundling. The paper shows that in the low-price country the threat of grey trade elicits a move from mixed bundling, or no bundling, towards pure bundling. It encourages a move from pure bundling towards mixes bundling or no bundling in the high-price country. The set of parameter values for which the profit maximizing strategy is not to supply the low price country is smaller than in the absence of bundling. The welfare effects of deterrence of grey trade are not those found in conventional models of price arbitrage. Some consumers in the low-price country may gain from the threat of entry by parallel traders although they pay a higher price. This is due to the fact that the firm responds to the threat of arbitrageurs by increasing the amount of services it puts in the bundle targeted at consumers in that country. Similarly, the threat of parallel trade may affect some consumers in the hight-price country adversely.

Impact of Openness to Trade on Capital Formation in Developed and Emerging Markets: a Comparative Study.

Rapport de recherche

Estimation of Steel Exports & Imports to analyze the Impact of Free Trade on Production in the Steel Industry.

Rapport de recherche

United States and México : commerce, trade, and postal facilities between tha two countries

UANL

L'évolution de la réglementation internationale des investissements directs étrangers dans les Amériques : vers de nouvelles perspectives ?

"Mémoire présenté à la Faculté des études supérieures en vue de l'obtention du grade de LL.M. Droit Dans le cadre du programme de Maîtrise en droit(LL.M.) 2-325-1-0 en option recherche et droit des affaires"

Protective Liberalization : the state and the Mexican petrochemical industry 1958-2000

This thesis follows and analyses the involvement of both social actors and the state in the industrial transformation of Mexico. While these actors have been key associates in the development of the Mexican economy for decades, with the 1982 debt crisis, and especially after the promotion of a structural reform in 1986, the patterns of their involvement changed. However, this change was more limited than expected, and the state did not abandon its participation in some key industrial sectors. This thesis will demonstrate that the role of the state remained important during the process of change towards an Export-Oriented developmental paradigm, although the state continued to participate in fashioning social relations, it did so in new ways that can be termed “protective liberalization.”

Le rôle des organismes communautaires dans le développement économique local : le cas de Côte-des-Neiges/Notre-Dame-de-Grâce

Les changements économiques des dernières décennies telles que la mondialisation et la libéralisation des marchés ont modifié la structure des entreprises et les flux d’échanges, et ce en affectant l’organisation du territoire. Les services gouvernementaux, appuyés des organismes communautaires, ont réagi en développant diverses stratégies à l’échelle locale. Ainsi, ils répondent à une variété de besoins socioéconomiques et s'adaptent aux changements dans les quartiers montréalais. Sur le plan économique, diverses organisations favorisent l'entrepreneuriat local par diverses actions et stratégies. Cette recherche s'intéresse au rôle et aux effets des organismes communautaires dans le développement et la consolidation de petites entreprises via leur rôle sur la viabilité et la vitalité des entreprises dans l’un des arrondissements les plus hétérogènes de Montréal. Spécifiquement, elle s’intéresse à l’effet de ces actions sur le développement entrepreneuriale locale dans l’arrondissement de Côte-des-Neiges/ Notre-Dame-de-Grâce à cause de son caractère hétérogène sur le plan ethnique, sur le plan socio-économique et de ses particularités géographiques. Les résultats obtenus indiquent que la viabilité des entreprises est à la base de la majorité des actions et stratégies déployés par les organismes de soutien. Pour ce qui est de l’enracinement des entreprises, il y a beaucoup d’externalités liées au marché qui influencent les décisions du lieu d’établissement et de relocalisation et qui sont hors de portée des actions des organisations. Globalement, nous pouvons dire que Montréal est une ville résiliente. En effet, l’organisation du milieu communautaire permet, malgré quelques lacunes dans les stratégies de promotions et de répartitions des tâches, un soutien adéquat aux entrepreneurs. Du travail reste à faire afin de valoriser l’entrepreneuriat comme métier auprès de la population et encourager les universitaires à auto-entreprendre.