Journal article/book/chapter

Targeting migration with limited control: the case of the UK and the EU

Since 2010 the UK Government has aimed to reduce net-migration. The UK Government cannot restrict EEA migration, and it has focused instead on restricting non-EEA migration, including closing routes intended for non-EEA high-skilled workers. We identify a possible substitution effect in this context: restricting one type of migration may lead to an increase in an unrestricted type (i.e., ‘balloon effect’). We present evidence which is consistent with this substitution effect for the case of high-skilled migrant workers in the UK.

Firms’ Leverage and Export Quality: Evidence from France

Does corporate financial structure matter for a firm’s ability to compete in international markets through output quality? This study answers this question by using firm-level export and balance sheet data covering a large sample of French manufacturing exporters over the period 1997–2007. The main result is that there is a negative causal relation between a firm’s leverage and export quality, where quality is inferred from the estimation of a discrete choice model of foreign consumers’ demand. This result is robust across different specifications and estimation techniques.

Financial crisis and Economic Performance

The performance of the UK economy has been poor since the financial crisis that began in 2007. At the end of 2013, UK GDP was still almost 2 per cent lower than it had been at its most recent peak in the beginning of 2008 and GDP per capita was over 6 per cent lower than it had been six years earlier. These outturns were much weaker than could reasonably have been expected taking account of the normal pace of economic growth.

The Financial Crisis, Bank Lending and UK Productivity: Sectoral and Firm-Level Evidence

This paper assesses the evidence and investigates some of the mechanisms by which the most recent banking sector crisis might have affected the supply side of the UK economy. We find clear evidence that the banking sector crisis affected credit supply to businesses and caused bank lending to decline. But we do not find much evidence of the heterogeneity in performance between different industrial sectors that would have been expected if banking sector impairment had been the key factor holding back productivity growth.

Union wage effects What are the economic implications of union wage bargaining for workers, firms, and society?

Despite declining bargaining power, unions continue to generate a wage premium. Some feel collective bargaining has had its day. Politicians on both sides of the Atlantic have recently called for the removal of bargaining rights from workers in the name of wage and employment flexibility, yet unions often work in tandem with employers for mutual gain based on productivity growth. If this is where the premium originates, then firms and workers benefit.

School Mobility and Prospective Pathways to Psychotic-like Symptoms in Early Adolescence: A Prospective Birth Cohort Study

Social adversity and urban upbringing increase the risk of psychosis. We tested
the hypothesis that these risks may be partly attributable to school mobility and examined the
potential pathways linking school mobility to psychotic-like symptoms. Method: A community
sample of 6,448 mothers and their children born between 1991 and 1992 were assessed
for psychosocial adversities (i.e., ethnicity, urbanicity, family adversity) from birth to 2 years,

Closing the US-EU productivity gap: Knowledge assets, absorptive capacity, and institutional reforms

The importance of innovation activities for productivity growth has long been recognised. However, there are significant differences in the level of intangible investments across developed economies. This column describes how the EU can enhance its productivity growth and close the gap with the US. One such main channel is through investing in intangible assets and absorptive capacity. A second one is increasing production efficiency. Relevant policy recommendations are also discussed....

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Same or Different? The CEO Labour Market in China's Public Listed Companies

Using linked employer–employee data for all China's public listed firms over the period 2001–10, we find top executive compensation exhibits many of the traits familiar in the Western literature, although sometimes in a more muted way, and with some clear exceptions. We also find a role for managerial power in executive pay setting which may reflect the recency of the stock market and regulations underpinning corporate governance. Nevertheless, there appear to be some elements of executive compensation which transcend national economic, political and cultural differences.

ICT and Productivity Resurgence: A Growth Model for the Information Age

Since the mid-1990s, extraordinary advances in semiconductors have enhanced the embodied nature of information technology, fuelling efficiency growth in computers and communication equipment industries. The consequent fall in prices has enabled the rapid diffusion of these new technologies, which have reached the critical threshold to foster productivity growth. In light of the recent growth pattern of the United States, this paper presents a model where the endogenous engine of development is the learning-by-doing process stemming from the usage of ICT for investment and consumption.