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Telecommunications Policies: Determinants and Impact

This paper presents new data, in the form of four indices, on liberalization policies and the independence of regulators for a cross section of countries. These indices are combined with a comprehensive set of performance, institutional and political data to analyze both the determinants and the impact of telecommunications policies. We find that liberalization policies are negatively associated with the degree to which countries have an interventionist tradition, but not with the partisan ideology of reforming countries per se. We also find that countries where the institutional endowment constrains less the behavior of the executive bodies, and countries with a stronger incumbent, are more prone to create truly independent regulatory agencies. There is weak evidence that the creation of independent regulatory agencies has a positive effect on network penetration when we take into account the endogeneity of regulatory independence.
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Public Capital, Growth and Convergence in Spain. A Counterfactual Density

The purpose of this paper is to study the dynamics of growth and convergence in Spain for the period 1965-1995. We analyze the evolution of the per capita income distribution across Spanish provinces and estimate the effects on this evolution of factors such as private, human and public capital, and an industrialization index. We show that after a period of absolute convergence over the 60's and early 70's, the provinces polarized (club convergence) during the 80's. This polarization process preceded a period of divergence among clubs, which began to appear during the 90's. Moreover, by estimating counterfactual densities, we show that private capital accumulation and education at graduate level have an effect on the growth process of rich provinces and can account for a relevant fraction of the actual dispersion and polarization of incomes. In addition, we found that public capital has reduced inequalities, especially in recent years, through redistribution of incomes rather than by increasing productivity. Finally, industrialization explains a smaller fraction of such processes once estimates are controlled for all the other growth determinants.
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FDI Determinant Factors: The Case of Catalan Multinational Manufacturing Firms

In recent years, and for the first time in Spanish economic history, outward direct investment flows outweigh inward flows. Catalan manufacturing not only mirrors this pattern, but also represents a high proportion of all Spanish manufacturing outward direct investment. In this paper, we analyse the factors that determine outward direct investment by Catalan manufacturing firms. We apply Dunning’s eclectic paradigm, which distinguishes between ownership, internalisation and location advantages. In applied studies, these advantages have usually been approximated by variables relating to the investing firm and variables about host countries. Our research endeavours to identify which of these variables determine the probability of a manufacturing Catalan firm to own production subsidiaries overseas.
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Wholly-Owned Subsidiaries Versus Joint Ventures: The Determinant Factors in the Catalan Multinational Manufacturing Case

The aim of this paper is to investigate the factors influencing the choice between establishing a wholly-owned subsidiary (WOS) or entering into a joint venture (JV) as made by Catalan manufacturing firms investing abroad. The validity of certain key transaction-cost hypotheses in this case is tested using binomial logistic regression. Results indicate that a Catalan manufacturing firm is more likely to set up a wholly-owned subsidiary if the firm is sufficiently large, has had substantial experience in the host country geographical region, but is young and possesses little general experience in the international sphere. On the other hand, a Catalan firm is more likely to invest via a WOS if the firm possesses intangible or tacit assets and operates within a technologically advanced sector. Finally, a joint venture is preferred by a Catalan firm if the potential host country is perceived to imply a high degree of instability and risk or has a high rate of growth.
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Regional Distribution of Foreign Manufacturing Investment in Spain. Do Agglomeration Economies Matter?

This paper examines the locational determinants of foreign direct investment (FDI) in manufacturing activities in the regions of Spain, with particular attention to agglomeration factors, and the effect of these determinants on three separate industries. The analysis reveals that agglomeration economies are significant determinants of the regional distribution of manufacturing FDI, and that the nature and importance of locational determinants vary according to the specific needs of each industry.
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La capacidad redistributiva y estabilizadora del presupueto del Gobierno Central Español

El objetivo de este trabajo es estimar los efectos redistributivo y estabilizador del presupuesto de la Administración Pública Central española en el período 1991-1996 a nivel regional. Este análisis se lleva a cabo para el conjunto del presupuesto a través de los saldos fiscales regionales y, separadamente, para el conjunto de ingresos y gastos y sus principales categorías. La metodología empleada es un modelo econométrico de datos de panel. La principal conclusión es que el presupuesto tiene más poder redistributivo que estabilizador, presentando en ambos casos un mayor poder los gastos que los ingresos.
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The location of innovation. Universities and technological infrastructure in Spain

During the last decade, in Spain, there has been important growth and territorial expansion of universities and technological centres in support of the innovative activity in firms. This paper is divided into two parts. Firstly, through a review of the theoretical and empirical studies the main connections between geography and innovation are presented. Secondly, in the framework of a Griliches-Jaffe knowledge production function the relation, at a geographical level, of university research, technological infrastructure and human capital to innovations in Spain is explored.
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The growth of cities: Does agglomeration matter?

Does agglomeration influence the growth capacity of cities? Would an excessive agglomeration diminish this capacity? In the document the factors determining the growth of Spanish cities from 1981 to 2000 are examined. From recent theoretical approaches, these determining factors are the ones that affect the productivity of the firms, the quality of life for the inhabitants and the availability of land. After developing the theoretical model, the results of the empirical analysis applied to the large cities indicate that the initial conditions of 1981 effectively influence the capacity for growth of these cities. The cities that start with higher levels of population, general economic activity, industrial activity and unemployment and lower levels of technology and surface area present lower rates of economic and demographic growth. Reproducing the analysis for sub-periods (the decades of the eighties and the nineties), it has been demonstrated that, in spite of obtaining similar results, the factors that determine the growth of cities change over time.
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Discontinuidades en el crecimiento económico en el periodo 1870-1994: España en perspectiva comparada

La periodización y análisis del proceso de desarrollo de la economía española en el largo plazo es objeto de debate entre un importante grupo de investigadores. En este trabajo se utilizan técnicas de análisis de series temporales con el objeto de aportar nueva evidencia que pueda ayudar a la resolución del mismo. Para ello se analizan dos agregados macroeconómicos (PIB y PIB per cápita) de la economía española para el periodo 1870-1994. Además, el análisis evalúa los cambios acaecidos en la dinámica española de crecimiento atendiendo a sus similitudes y divergencias con un pequeño grupo de países desarrollados: Italia, Francia, Alemania, Gran Bretaña y Estados Unidos.
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The redistributive, stabiliser and insurance effects at territorial level of federal government budgets

The aim of this study is to estimate the redistributive, stabiliser and insurance effects at territorial level of the federal budget of Australia, Spain, the USA and of the European Union. This analysis is carried out for the budget as a whole through regional fiscal balances and, separately for the revenues and expenditures. The methodology used is a panel data econometric model. The main conclusion is that in all the cases considered the expenditures have higher effects, both redistributive and stabiliser/insurance, than the revenues and that the size of the European budget should increase in order to be able to develope redistributive policies.
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