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Natural Resources, Technology Improvements, and Growth
No full textWe study, analytically and empirically, how technological changes affect the nexus between resource abundance and economic growth. Our two-sector model indicates that capital-augmenting technological improvements can be contemporaneously contractionary in resource-rich economies, and expansionary elsewhere, due to differences in the size of the elasticity of substitution between labor and capital. In addition, such improvements yield relatively steeper expansionary patterns in resource-rich economies in the longer run. We test these predictions using a panel of U.S. states and counties. Our identification strategy rests on geographically-entrenched differences in resource endowments, and the adoption of plausibly exogenous technology shocks at the national level. Our core estimates corroborate our predictions. First, we document persistent differences in the elasticity of substitution between capital and labor across the natural-resource dimension. Second, we find that an increase in TFP is on impact contractionary in resource-rich states, but is non-contractionary (at worst) in resource-poor ones. Third, we illustrate that in the longer term a positive technology shock expands output and inputs in resource-rich economies relatively more strongly. Our results shed light on hitherto overlooked potential adverse effects of natural resource abundance
Development finance institutions in developing countries: A literature review
No full textDevelopment Finance Institutions (DFIs) are government-owned entities that play an increasingly important role in supporting private sector projects in developing countries. This paper synthesizes key findings from the academic and grey literature to provide a comprehensive understanding of DFIs. We structure the discussion around five core questions: the rationale for the existence of DFIs, their operational models, resources and instruments, financial performance, and impact on beneciaries and broader communities. By highlighting both established knowledge and gaps, this synthesis aims to guide policymakers, practitioners, and researchers. The paper concludes by suggesting directions for future research, addressing pressing uncertainties, and advancing the discourse on DFIs' contributions to development finance
Szenarien für den Stahlschrottbedarf der deutschen Stahlindustrie
No full textDer Einsatz von Stahlschrott als Rohstoff der Stahlherstellung vermeidet Treibhausgasemissionen (THG) in erheblichem Umfang. Ambitionierte Klimaziele lassen somit einen steigenden Bedarf an Stahlschrott erwarten. Diese Studie quantifiziert plausible Bandbreiten für den Stahlschrottbedarf der deutschen Stahlindustrie bis 2045 als Zieljahr der angestrebten Klimaneutralität. Der Bedarf wird maßgeblich durch die Rohstahlproduktion, die Zusammensetzung der Verfahrensrouten sowie deren Schrotteinsatzquoten bestimmt. Um den erheblichen Unsicherheiten bei der Entwicklung dieser Faktoren Rechnung zu tragen, werden Szenarien entwickelt. Die Annahmen hinter diesen Szenarien basieren auf der Auswertung von Transformationsstudien und Trends sowie ergänzenden Annahmen. Der mögliche Stahlschrottbedarf wird für die Stichjahre 2030 und 2045 abgeleitet. Die Szenarien suggerieren, dass die Bandbreite des Stahlschrottbedarfs im Jahr 2030 zwischen 17,0 Mio. t und 22,7 Mio. t liegt. 2045 liegt sie zwischen 14,9 Mio. t und 27,6 Mio. t. Zum Vergleich: von 2015 bis 2023 wurden in Deutschland durchschnittlich 17,2 Mio. t Stahlschrott pro Jahr eingesetzt. Der Bedarf an hochwertigem, wenig verunreinigten Schrott für die Primärproduktion von Stahl liegt 2030 zwischen 4,3 Mio. t und 7,7 Mio. t und 2045 zwischen 2,7 Mio. t und 10,1 Mio. t. Von 2015 bis 2023 wurden durchschnittlich 4,8 Mio. t Schrott in der Hochofenroute eingesetzt. Diese Ergebnisse deuten auf einen steigenden Stahlschrottbedarf in Deutschland hin. Knappheit ist primär bei hochwertigem Schrott zu erwarten, sowohl durch einen steigenden Bedarf als auch durch eine fallende Verfügbarkeit. Technischer Fortschritt bei der Sammlung, Sortierung und Aufbereitung von Stahlschrott sowie Importe von hochwertigem Schrott könnten diese (mögliche) Knappheit reduzieren. Die tatsächliche Stahlschrottnachfrage und - knappheit wird ein Marktergebnis sein.The use of scrap as a raw material in steel production reduces CO2 emissions substantially. Ambitious climate goals are expected to lead to an increase in demand for steel scrap, whose availability is limited. Our study (Hartung et al. 2025) quantifies the potential steel scrap demand by the German steel industry until 2045. Nine scenarios take account of the considerable uncertainties that the steel industry faces. The results show that a general shortage of steel scrap is not to be expected in Germany, but high-quality scrap specifically might be in short supply. More investment in processing and imports can reduce the shortage
Rethinking Sino-Japanese competition: the diffusion of economic statecraft
No full textThe Belt and Road Initiative (BRI) has been one of the primary vehicles through which China exports its infrastructure and developmental standards. China's expanding ambitions to become an international standard-setter compelled a Japanese response. Shinzo Abe's government has initiated strategies such as the Partnership for Quality Infrastructure. This paper juxtaposes the Chinese and Japanese approaches to securing their position in the global governance of infrastructure finance, with a particular focus on the high-speed railway industry. It posits that economic statecraft has diffused from Japan to China and then back to Japan. In emulating Chinese economic statecraft, Japan has increased state involvement in infrastructure project exports and centralized authority within the Prime Minister's Office. The permeation of such statecraft and the apparent escalation of Sino-Japanese competition bear significant consequences for regional trade and developmental cooperation regimes. This heightened competition may initially afford South and Southeast Asian nations a broader choice of service and infrastructure providers. In the long run, if the competition solidifies, secondary states might find themselves compelled to integrate into either China's hub-and-spoke model or Japan's reinvigorated production networks. Moreover, such integration could render secondary states dependent on the technology and finance supplied by regional great powers. However, the eventual structure of the region will likely depend on how these two major powers navigate their rivalry. As South and Southeast Asian states and corporations become entwined in both states' geopolitical and geoeconomic networks, we cannot rule out the evolution of a latticework of intersecting relationships
Do not miss this ordonomic reply to our critics: Why social contract theory favors commercial over cooperative platforms in the sharing economy
No full textThis discussion paper responds to the critique of our 2022 article "Ordo-Responsibility in the Sharing Economy: A Social Contracts Perspective" published in Business Ethics Quarterly. Ghirlanda and Sacconi (2024) argue that a properly understood version of constitutional contractarianism would favor platform cooperatives over commercial platforms. We respectfully disagree. Drawing on the ordonomic framework and Buchanan's contractarianism, we argue that commercial platforms provide a more efficient and legitimate governance model. Our reply addresses key methodological misunderstandings of social contract theory and substantiates our position with conceptual reasoning and empirical insights.Dieses Diskussionspapier reagiert auf die Kritik an unserem 2022 veröffentlichten Beitrag "Ordnungsverantwortung in der Sharing Economy - Eine Perspektive der Gesellschaftsvertragstheorie" (Business Ethics Quarterly). Ghirlanda und Sacconi (2024) vertreten die These, dass eine korrekt verstandene Version des konstitutionellen Kontraktualismus Genossenschaftsmodelle gegenüber kommerziellen Plattformen präferieren müsste. Wir halten dagegen: Aus ordonomischer Sicht sind kommerzielle Plattformen in normativer wie funktionaler Hinsicht überlegen. Unsere Erwiderung klärt methodologische Missverständnisse über die Theorie des Gesellschaftsvertrags auf und belegt unsere ordonomische These mit theoretischen und empirischen Argumenten
Switching volatility in a nonlinear open economy
No full textUncertainty about an economy’s regime can change drastically around a crisis. An imported crisis such as the global financial crisis in the euro area highlights the effect of foreign shocks. Estimating an open-economy nonlinear dynamic stochastic general equilibrium model for the euro area and the United States including Markov-switching volatility shocks, we show that these shocks were significant during the global financial crisis compared with periods of calm. We describe how US shocks from both the real economy and financial markets affected the euro area economy and how bond reallocation occurred between short- and long-term maturities during the global financial crisis. Importantly, the estimated nonlinearities when domestic and foreign financial markets influence the economy, should not be neglected. The nonlinear behavior of market-related variables highlights the importance of higher-order estimation for providing additional interpretations to policymakers
Radical novelties in critical technologies and spillovers: How do China, the US and the EU fare?
No full textCritical technologies including artificial intelligence, semiconductors and quantum computing are attracting attention because of their indispensable nature and their role in national security strategies. We compare China, the United States and the European Union in these technologies and their subfields. We use large language models (LLMs) to identify which patents in these technologies can be considered most groundbreaking (not patented before) and worth replicating. These are 'radical novelties.' We find that the US clearly dominates quantum. Chinese and EU progress is similar. The US does slightly better than China in AI with clear dominance in generative AI, but China stands out in some important subfields, such as aerial vehicle technology. China dominates in a larger number of semiconductor fields but not in the highest value added, which is related to design. In a second step we assess how quickly radical novelties in these three technologies are transferred from one economic area to another and within each economic area. We find that the fastest transmission overall is for AI. The EU is by far the slowest in replicating radical novelties from the US and China, while the US and China tend to replicate European novel patents relatively quickly. Radical novelties are also replicated quickly between China and the US which is surprising given US controls on exports of critical technologies to China. Our findings are concerning for Europe because it does not produce enough critical patents in these technologies and because it is slower in replicating patents from the US and China
Double materiality in sustainability reporting: Revealing ESG-SDGs connections for businesses' awareness
No full textThe aim of this research is to investigate the concept of double materiality embedded in sustainability reporting requirements that address both business and society perspectives. In light of stakeholder, legitimacy, and institutional theories, this document explores how environmental, social, and governance (ESG) policies and practices (financial materiality) included in a business strategy may be related to incentives for companies to prioritise Sustainable Development Goals (SDGs) (impact materiality). The data are collected from the Refinitiv Eikon database for nonfinancial international companies, over the 2015-2024 period. Parametric and nonparametric tests for differences in means, correlation analysis, and fixed effects robust regressions are employed to validate three research hypotheses. The results illustrate significant differences on financial and impact perspectives of materiality in European Union (EU) companies, as compared to non-EU companies. Strong associations between ESG scores and SDGs are identified and discussed using the double materiality approach. SDGs prioritisation in general, but also mapped for environmental, social, and governance, is found to have mixed impacts on ESG policies and practices. The findings support the hypothesis that prioritisation of the SDGs may ensure a balance among divergent interests of managers, investors, and other stakeholders. The study has academic and practical contributions to management decisions that integrate sustainable development goals to expand businesses' awareness of sustainability reporting requirements
Re-examining the effect of wage delegation: a replication study of Charness et al. (2012)
No full textExperimental research has explored the effects of wage delegation on employee performance, with the pioneering attempt by (Charness et al., Am Econ Rev 102:2358–2379, 2012) in “The Hidden Advantage of Delegation: Pareto Improvements in a Gift Exchange Game”, published in the American Economic Review. We conducted a replication of their experiment for two main reasons: first, to validate the original findings that have influenced subsequent research, and second, to examine whether these results hold in contexts with reduced social proximity between workers and employers, a relevant issue due to the rise of remote work. Our online experiment, involving 410 participants, followed the original study’s design but used a different sample. We successfully replicated the main finding that wage delegation increases employee effort, though the effect was smaller and largely due to employees granting themselves higher wages. These results support the notion that with decreasing social proximity, formal controls increase in importance
