A note on "State characteristics and the Location of Foreign Direct Investment Within the United States." (comment on article by Cletus C. Coughlin, Joseph V. Terza and Vachira Arromdee, Review of Economics and Statistics, vol. 73, Nov. 1991, p. 675)

Article Abstract:

Cletus C. Coughlin, Joseph V. Terza and Vachira Arromdee have calculated conditional logit models to be able to isolate factors that have an impact on the locational choices of foreign direct investors in the production sector in the US. The authors combined five of seven investment categories. An empirical analysis of their work indicates significant variances between the locational selections of investors in new manufacturing plants and investors in consolidations.

Mathematical models, Criticism and interpretation, Logits

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Profit maximization, returns to scale, and measurement error

Article Abstract:

Agricultural production data across 48 US states are analyzed for profit maximization and constant returns to scale. Nonparametric tests of 1956-1982 data show that the profit maximization hypothesis is sound, but the assumption of constant returns to scale is not. However, the test results are inconclusive about alternative untested hypotheses. Nevertheless, there exists strong support for the joint hypothesis of profit maximization across all states.

Research, Economic aspects, Agriculture, Financial management, Agricultural economics, Economies of scale

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A NOTE ON THE MEASUREMENT OF THE HOLDING COST OF INTERNATIONAL RESERVES

Article Abstract:

AS A RESPONSE TO A RECENT ARTICLE, IT IS ARGUED THAT THE HOLDING COST FOR INTERNATIONAL RESERVES DOES NOT VARY FROM COUNTRY TO COUNTRY. ONE CRITICISM OF M. A. IYOHA'S ARTICLE IS THAT HE DOES NOT ALLOW IN HIS REGRESSION ANALYSIS FOR COMPOSITIONAL DIFFERENCES IN THE RESERVE STOCKS OF DIFFERENT COUNTRIES. DIFFERENT COMPONENTS OF INTERNATIONAL RESERVES ARE IDENTIFIED AND ANALYZED.

Finance, Prices and rates, Investments, Foreign exchange, Foreign exchange rates, Reserves (Accounting)

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