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A country with well-developed financial intermediaries should tend to specialize in industries highly dependent on external finance. We find that differences in financial systems among OECD-countries have a stronger impact on the pattern of specialization than differences in human or physical capital. Further, the financial system gives rise to comparative(More)
Due to underlying technological and organizational differences, industries differ in their need for external finance. Since services provided by the financial sector are largely immobile across countries, the pattern of industrial specialization should be influenced by the degree of financial development. We find this effect to be strong. In fact, the(More)
In recent years robots have become more adaptive and aware of the surroundings which enables them for use in human-robot collaboration. By introducing robots into the same working cell as the human, then the two can collaborate by letting the robot deal with heavy lifting, repetitive and high accuracy tasks while the human focuses on tasks that needs the(More)
This paper investigates the link between nationality of ownership and wage elasticities of labour demand at the level of the plant. In particular, we examine whether labour demand in multinationals becomes less elastic with respect to the wage if the plant has backward linkages with the local economy. Our empirical evidence, based on a rich plant level(More)
The e®ect of imposing di®erent numbers of unit roots on forecasting accuracy is examined using univariate ARMA models. To see whether additional information improves forecasting accuracy and increases the informative forecast horizon, we crossrelate the time series for inbound tourism in Sweden for di®erent visitor categories and estimate vector ARMA(More)