Foreign direct investment and corruption

In the last few decades, the world has witnessed an enormous growth in the volume of foreign direct investment (FDI). The global stock of FDI reached US$ 7.5 trillion in 2003 and accounted for 11% of world Gross Domestic Product, up from 7% in 1990. The sales of multinational enterprises at around US$ 19 trillion were more than double the level of world exports. Substantial FDI inflows went into transition countries. Inflows into one of the region's largest recipient, the Russian Federation, almost doubled, enabling Russia to become one of the five top FDI destinations in 2005-2006. FDI inflows in Russia have increased almost threefold from 13.6% in 2003 to 35% in 2007. In 2003, these flows were twice greater than those into China; whilst in 2007 they were six times larger. Russia's FDI inflows were also about 2.5 times greater than those of Brazil. Efficient government institutions are argued by many economists to foster FDI and growth as a result. However, the magnitude of this effect has yet to be measured. This thesis takes a Political Economy approach to explore, empirically, the potential impact of malfunctioning governmental institutions, proxied by three indices of perceived corruption, on FDI stocks accumulation/distribution within Russia over the period of 2002-2004. Using a regional data-set it concentrates on three areas relating to FDI. Firstly, it considers the significance, the size and the sign of the impact of perceived corruption on accumulation of FDI stocks within Russia. Secondly, it quantifies the impact of perceived corruption on the volume of FDI stocks simultaneously estimating the impact of the investment in public capital such as telecommunications and transportation networks on FDI in the presence of corruption. In particular, it addresses the question whether more corrupt regions in Russia are also those that could have accumulated more of FDI stocks, and investigates whether those 'more corrupt' regions would have had lower level of public capital investment. Finally, it examines whether decentralisation increases or decreases corruption and whether a larger extent of decentralisation has a positive or negative impact on FDI (stocks). The results of three studies are as follows. Firstly, along with market potential, corruption is found to be one of the key factors in explaining FDI distribution within Russia between 2002 and 2004. Secondly, corruption on average is found to be related to FDI positively suggesting that it may act as speed money: to save their time foreign direct investors might be willing to bribe the regional authorities so to move in front of the bureaucratic lines. Thirdly, although when corruption is controlled for, the impact of the latter on unobservable FDI is found to be on average positive, no association between FDI and public investment is observed with the only exception of transportation infrastructure (i.e., railway). The results might suggest therefore that it is possible that not only regions with high levels of perceived corruption attract more FDI but also that expansions in public capital investments are not accompanied by an increase of the volume of FDI (stocks) in regions with high levels of corruption. This casts some doubt on the productivity of the investment in public capital in these regions as it might be that bureaucrats may prefer to use these infrastructural projects for rent extraction. Finally, we find decentralisation to have a significant and positive impact on both FDI stock accumulation and corruption, suggesting that local governments may spend more on public goods to make the area more attractive to foreign investors but at the same time they may be interested into extracting rents from foreign investors. These results support the idea that the regulation of FDI is associated with and facilitated by a larger public sector, which distorts competition and introduces opportunities for rent-seeking by particular economic and political factors.

Business cycles, long waves, and company langevity in Birmingham area metal industries 1780-1980

This doctoral thesis originates from an observational incongruence between the perennial aims and aspirations of economic endeavour and actually recorded outcomes, which frequently seem contrary to those intended and of a recurrent, cyclical type. The research hypothesizes parallel movement between unstable business environments through time, as expressed by periodically fluctuating levels of economic activity, and the precipitation rates of industrial production companies. A major problem arose from the need to provide theoretical and empirical cohesion from the conflicting, partial and fragmented interpretations of several hundred historians and economists, without which the research question would remain unanswerable. An attempt to discover a master cycle, or superimposition theorem, failed, but was replaced by minute analysis of both the concept of cycles and their underlying data-bases. A novel technique of congregational analysis emerged, resulting in an integrated matrix of numerical history. Two centuries of industrial revolution history in England and Wales was then explored and recomposed for the first time in a single account of change, thereby providing a factual basis for the matrix. The accompanying history of the Birmingham area provided the context of research into the failure rates and longevities of firms in the city's staple metal industries. Sample specific results are obtained for company longevities in the Birmingham area. Some novel presentational forms are deployed for results of a postal questionnaire to surviving firms. Practical demonstration of the new index of national economic activity (INEA) in relation to company insolvencies leads to conclusions and suggestions for further applications of research into the tempo of change, substantial Appendices support the thesis and provide a compendium of information covering immediately contiguous domains.

The evaluation of marketing strategies for the sale of sports goods in Europe

The objectives of this thesis are to examine and evaluate the process of marketing as practiced by an established and successful company in the sports trade, Dunlop Sports Company Ltd. (D.S.C.). In particular the field of strategy formulation for exporting is considered in an operational context, and compared with existing literature and theory on the subject. Market intelligence has been gathered by visiting European territories and pursuing available sources in the United Kingdom. The data now available is intended to act as a base for developing a more effective market research function within D.S.C. At various stages reports have been submitted on specific topics to the Company and this thesis represents the culmination of these reports and an outline for future policies which are open to D.S.C. The thesis chooses certain aspects of marketing and examines the way in which the marketing strategy of the Company appears to act upon these. In particular the topics of Pricing, Distribution and Market Research are considered. Initially a series of alternative market postures are postulated and assessed within the European strategy of D.S.C. Where no explicit strategy is available an implied strategy is identified and evaluated. In chapters on Pricing and Distribution some of the problems being encountered are given detailed consideration and preferred policies arc suggested. In the final chapter the major strengths and weaknesses of of the Company are brought together and the various recommendations summarised in the context of a marketing strategy which would meet some o:f the current difficulties. The emphasis tliroughout is on the effect of strategy formulation, whether or not this appears adequate, and how each of the various operational elements of the marketing mix depend upon this.

Intercultural transfer and artistic innovation:German musicians in Victorian Britain

Throughout the nineteenth century, German classical music production was an aesthetic point of reference for British concert audiences. As a consequence, a sizeable number of German musicians were to be found in Britain as performers, conductors, teachers, musicologists and managers. They acted as agents of intercultural transfer, disseminating performance and organisational practices which had a transformative effect on British musical life. This article moves away from a focus on high-profile visiting artists such as Mendelssohn Bartholdy or Wagner and argues that the extent to which transfer took place can be better assessed by concentrating on the cohort of those artists who remained permanently. Some of these are all but forgotten today, but were household names in Victorian Britain. The case studies have been selected for the range of genres they represent and include Joseph Mainzer (choral singing), Carl Rosa (opera), August Manns, Carl Hallé and Julius Seligmann (orchestral music), and Friedrich Niecks (musicology). On a theoretical level, the concept of ‘intercultural transfer’ is applied in order to determine aspects such as diffusion, adaptation or sustainability of artistic elements within the new cultural context. The approach confirms that ‘national’ cultures do not develop indigenously but always through cross-national interaction. Während des neunzehnten Jahrhunderts war die klassische Musikszene Deutschlands ästhetischer Bezugpunkt für das britische Konzertpublikum. Dies hatte zur Folge, dass vermehrt Deutsche als Musiker, Dirigenten, Lehrer, Musikwissenschaftler und Manager in Großbritannien tätig wurden. Sie fungierten als Vermittler interkulturellen Transfers, indem sie aufführungs- und organisationstechnische Praktiken verbreiteten und damit zu einer Transformation des britischen Musiklebens beitrugen. Vorliegender Artikel konzentriert sich weniger auf bekannte Künstler mit kurzfristigen Engagements (z. B. Mendelssohn Bartholdy, Wagner), und argumentiert vielmehr, dass sich das Ausmaß des Transfers besser über solche Musiker feststellen lässt, die sich längerfristig ansiedelten. Einige davon waren allgemein bekannte Persönlichkeiten im Königreich, sind heute aber vergessen. Die Auswahl der Fallstudien gibt einen Überblick über verschiedene Gattungen und beinhaltet Joseph Mainzer (Chorgesang), Carl Rosa (Oper), August Manns, Carl Hallé und Julius Seligmann (Orchestermusik), sowie Friedrich Niecks (Musikwissenschaft). Auf der Theorieebene wird das Konzept des ‘interkulturellen Transfers’ herangezogen, um Aspekte wie Diffusion, Anpassung oder Nachhaltigkeit künstlerischer Elemente im neuen kulturellen Kontext zu beleuchten. Der Ansatz bestätigt, dass sich ‘nationale’ Kulturen nicht indigen entwickeln sondern immer im Austausch mit anderen Kulturen

An analysis of food demand in Peru:implications for food-feed competition

In their policy proposals on how best to stimulate economic growth, economists have been increasingly emphasizing free markets. It is, however, possible that free-market-led economic growth can lead to increased income inequity which can further increase poverty. One of the more interesting but thus far insufficiently explored mechanisms for the latter is food–feed competition. Using Peruvian Living Standard Survey (PLSS) data for 1985–86 and 1990, the paper examines the demand patterns of households and concludes that the empirical evidence is in agreement with the hypotheses underlying the theory of food–feed competition.

The management of ocular allergy in community pharmacies in the United Kingdom

Background Ocular allergies frequently present in pharmacy practices. However, research into the actual management of ocular allergy in pharmacies is lacking. Objective To determine and quantify history and symptom questioning of a patient with presumed allergic conjunctivitis and management strategies employed by pharmacy staff in the UK. Method A mystery shopper technique was used to simulate an episode of allergic conjunctivitis in 100 community pharmacies across the UK. Results The mean number of questions asked by pharmacy staff to the patient was 3.5 ± 2.6, with a range of 0-10. The most common question was whether the patient had a history of allergies (45 %).Ninety-one percent advised on treatment, with the remaining 9 % directly referring to the patient's general practitioner (n = 4) or pharmacist(n = 4), but only two to their optometrist. The most common treatment suggested was sodium cromoglycate 2 % (50 %). However, many pharmacies advising treatment did not ask the patient's age (37 %), if they wore contact lenses (43 %), or gave dosage advice (43 %). Only 5 % of pharmacies advised follow up and 14 % suggested visiting a general practitioner and 1 % an optometrist if symptoms did not resolve with treatment. Conclusion There is a need for improved ophthalmological training for pharmacy staff with respect to the management of allergic conjunctivitis. © Springer Science+Business Media Dordrecht 2012.

Impact of suspected food allergy on emotional distress and family life of parents prior to allergy diagnosis

Background: Food allergy is associated with psychological distress in both child and parent. It is unknown whether parental distress is present prior to clinical diagnosis or whether experiences at clinic can reduce any distress present. This study aimed to assess anxiety and depression in parents and the impact of suspected food allergy on the lives of families before and after a visit to an allergy clinic. Methods: One hundred and twenty-four parents visiting an allergy clinic for the first time to have their child assessed for food allergy completed a study-specific questionnaire and the Hospital Anxiety and Depression Scale; 50 parents completed these 4-6 wk later in their own home. Results: Most parents (86.4%) reported suspected food allergy had an impact on their family life prior to clinic attendance; 76% had made changes to their child's diet. 32.5% of parents had mild-to-severe anxiety before their clinic visit; 17.5% had mild-to-moderate depression. Post-clinic, 40% had mild-to-severe anxiety; 13.1% had mild-to-moderate depression. There were no significant differences in anxiety (p = 0.34) or depression scores (p = 0.09) before and after the clinic visit. Conclusions: Anxiety and depression is present in a small proportion of parents prior to diagnosis of food allergy in their child and this does not reduce in the short term after the clinic visit. Identification of parents at risk of suffering from distress is needed and ways in which we communicate allergy information before and at clinic should be investigated to see if we can reduce distress. © 2013 John Wiley & Sons A/S. Published by John Wiley & Sons Ltd.

Perceived risks in cross-border transactions in agri-food chains

Nowadays, agri-food chains are more global than ever and are characterized by increased imports and exports and global sourcing of products, resulting in increased cross-border transaction risks. The objective of this paper is to identify the typical risks regarding agri-food supply chains involved in cross-border transactions and to assess their importance as perceived by agri-food managers. The analysis takes into consideration four different agrifood value chains (meat, grain, olive oil, fresh vegetables and fruits). Following an explorative approach and a qualitative technique, a series of face to face in-depth interviews was conducted. Results indicate that risk perception may be quite different across countries, value chains, tiers of the supply chain, as well as across respondents. The prevalence of Market dynamics risks was pointed out in most of the interviews, yielding the impression that many operators identify the market as the most difficult environment. Differences in risk perception between fresh produce (fruit/vegetables and meat) and processed food chains (grain and olive oil) are probably interrelated to the different degree of integration within these supply chains, the different level of standardization achieved and the different causes of risks that are inherent to the nature of the product.

The value of intellectual property to firms and society

Economists view intellectual property rights (IPRs) as policy tools for encouraging innovation, but they recognize that they can also inhibit competition. There are many types of IPRs and institutions concerned with their administration. We begin by outlining how these complex and varied rights are supposed to work and how they interact with other characteristics of firms and markets. We then survey the available literature on patents, trade marks, and copyright to assess the value of these IPRs to firms and the costs to firms of acquiring and defending their rights. The paper concludes with suggestions for topics requiring further research to inform public policy better.

Editorial

Welcome to the latest issue of Contact Lens and Anterior Eye. In this issue, Kuldeep Razaida provides a fascinating look at fitting prosthetic lenses to patients in India. I had the good fortune of visiting his clinic in August 2006 at the LV Prasad Eye Institute in Hyderabad, India and was humbled by the vast expertise within the one building. The institute started in 1987 and is the brainchild of the infamous Professor Rao. I think there are few such places in the world where the clinicians work so passionately in treating such interesting patients (for details regarding the LV Prasad Eye Institute see www.lvpei.org). I was in Hyderabad courtesy of IACLE (see issue 29:5 for an editorial by Judith Morris and Sonja Cronje about IACLE) and was able to share ideas with contact lens educators from across the world (for more information on IACLE see www.iacle.org). The issue contains some regular contact lens type papers too; with our aging population readers will be particularly interested in a paper by Mike Freeman and Neil Charman looking at modified monovision with diffractive bifocal lenses. There is an article looking at visual problems with video display terminal use and a study looking at the effects of surface treatment of silicone hydrogel contact lenses. There is an interesting piece from Dr Aisling Mann of Aston University looking at tear protein analysis; this article contains one CET point too for readers who complete the attached multiple choice questions before the relevant deadline. Also, congratulations to the BCLA members who successfully undertook the Fellowship of the BCLA at this year's BCLA conference in Manchester. If you are interested in undertaking the Fellowship please look at the details on the BCLA web page (http://www.bcla.org.uk/fellowship.asp). Amongst the case reports in this issue of CLAE you will notice one from Andrew Elder-Smith, this particular case report was presented as part of his successful Fellowship submission in 2006 and was thought to be of particular good quality by the examiners who asked Andrew to kindly submit it for publication to Contact Lens and Anterior Eye as an example for potential candidates. Finally, it is my sad duty to report the death of Howard Gee earlier this year, a past council member of the BCLA. Our thoughts and prayers are with his family and friends.

A survey of economic growth

Understanding the process of economic growth has been called the ultimate objective of economics. It has also been likened to an elusive quest – like the Holy Grail or the Elixir of Life (Easterly 2001). Taking on such a quest requires ingenuity and perseverance. Even small insights along the way can have major benefits to millions of people; small mistakes can do the reverse. Economies which achieve large increases in output over extended periods of time, not only enable rapid increases in standards of living, but also have dramatic changes in the economic, political and social landscape. For example, the USA is estimated to produce approximately 30 times as much in 1999 as it did in 1899. This sustained economic growth means that in 1999 the USA had an average income per capita of US$34 100. In contrast, sub-Saharan Africa had an average income of $490. Understanding these vast income differences, produced over many decades, is the elusive quest. The aim of this survey is to explain how economists try to understand the process of economic growth. To make the task manageable, the focus is on major issues and current debates. Models and conceptual frameworks are discussed in section III. Section IV summarises empirical studies, with a particular focus on econometric studies of groups of countries. This is not to say that case studies of single countries are not valuable, but space precludes covering everything. The following section sets out some facts about economic growth and, hopefully, motivates the further effort needed to tackle the theory and econometrics.

Stability of Supporting and Exposing Elements of Convex Sets in Banach Spaces

* This work was supported by the CNR while the author was visiting the University of Milan.

Sufficient Conditions of Optimality for Control Pproblem Governed by Variational Inequalities

* This work was completed while the author was visiting the University of Limoges. Support from the laboratoire “Analyse non-linéaire et Optimisation” is gratefully acknowledged.

Paronyms for Accelerated Correction of Semantic Errors

* Work done under partial support of Mexican Government (CONACyT, SNI), IPN (CGPI, COFAA) and Korean Government (KIPA Professorship for Visiting Faculty Positions). The second author is currently on Sabbatical leave at Chung-Ang University.

Work placements in doctoral research training in the humanities:eight cases from translation studies

Research cooperation between academic and nonacademic institutions tends not to concern the humanities, where mutual financial rewards are mostly not in evidence. The study of eight nonacademic placements of doctoral researchers working on interlingual translation nevertheless indicates some degree of success. It is found that the placements lead to ongoing cooperation when the following conditions are met: 1) the nature of the placement is understood and relations of trust are established; 2) mutual benefits are envisaged; and 3) there are prior arrangements for receiving visiting researchers. A placement can be successful even when one of the last two factors is missing. Further, the measure of success for placements in the humanities should concern social and symbolic benefits, in addition to financial profits.