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In the summer of 2001, Peter Hessler, the long-time Beijing correspondent for the New Yorker, acquired his Chinese drivers licence. For the next seven years he travelled the country, tracking how the automobile and the improved transport system were transforming China. Hessler writes movingly of everyday people farmers, migrant workers and entrepreneurs who have reshaped the country during one of the most critical periods in its history. Country Driving illuminates the vast, shifting landscape of a traditionally rural nation that, having once built walls against outsiders, is building the roads and factory towns that will shape the twenty-first century.
Dark poems struggling to reconcile a haunting loss and troubled present
We develop a simple information-based model of FDI flows. On the one hand, the abundance of "intangible" capital in specialized industries in the source countries, which presumably generates expertise in screening investment projects in the host countries, enhances FDI flows. On the other hand, host-country corporate-transparency diminishes the value of this expertise, thereby reducing the flow of FDI. Empirical evidence (from a sample of 9 source countries and 13 host countries over the 1980s and 1990s), analyzed in a gravity-equation model, provides support for the theoretical hypotheses. The model also demonstrates that the gains for the host country from FDI (over foreign portfolio investment (FPI)) are reflected in a more efficient size of the stock of domestic capital and its allocation across firms. These gains are shown to depend crucially (and positively) on the degree of competition among FDI investors.
The paper analyzes the forces driving inflation in the new EU10 member countries. A significant part of headline inflation in these countries is due to common factors, such as price level convergence and EU integration. However, idiosyncratic factors have also played a role in the inflation process. These factors are related to the country-specific financial conditions, pass-through from foreign prices, and demand-supply situation in each country, although administered price adjustments and increases of indirect taxes associated with EU accession are also likely to have played a role.

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