Blanca Sanchez-Robles | Universidad Nacional de Educación a Distancia (original) (raw)
Uploads
Papers by Blanca Sanchez-Robles
European Journal of Political Economy 19 (3), 529-545, 2003
This paper explores the interplay between economic freedom, foreign direct investment (FDI) and e... more This paper explores the interplay between economic freedom, foreign direct investment (FDI) and economic growth using panel data analysis for a sample of 18 Latin American countries for 1970-1999. We find that economic freedom in the host country is a positive determinant of FDI inflows. Our results also suggest that foreign direct investment is positively correlated with economic growth in the host countries. The host country requires, however, adequate human capital, economic stability and liberalized markets to benefit from long-term capital flows.
Mathematics, 2020
Latin America has experienced a surge in foreign direct investment (FDI) in the last two decades,... more Latin America has experienced a surge in foreign direct investment (FDI) in the last two decades, in parallel with the ratification of major regional trade agreements (RTAs) and bilateral investment treaties (BITs). This paper uses the latest developments in the structural gravity model theory to study if the coexistence of BITs and two major regional agreements, Mercosur and the Latin American Integration Association (ALADI), exerts enhancing or overlapping effects on FDI for eleven countries in Latin America over the period 1995-2018. The study is novel as it accounts for variations in the degree of investment protection across BITs within Latin America by computing a quality index of BITs. It also explores the nature of interactions (enhancing/overlapping effects) between RTAs and BITs. The findings reveal that belonging to a well-established regional trade agreement, such as Mercosur, is significantly more effective than BITs in fostering intra-regional FDI. Phasing-in effects are large and significant and there is evidence of enhancing effects. Results within the bloc are heterogeneous: BITs exert a positive, but small effect, for middle income countries. However, BITs are not effective in attracting FDI in the case of middle to low income countries, unless these countries ratify BITs with a high degree of investment protection.
Mathematics, 2020
Increases in the cost of research, specialization and reductions in public expenditure in health ... more Increases in the cost of research, specialization and reductions in public expenditure in health are changing the economic environment for the pharmaceutical industry. Gains in productivity and efficiency are increasingly important in order for firms to succeed in this environment. We analyze empirically the performance of efficiency in the pharmaceutical industry over the period 2010-2018. We work with microdata from a large sample of European firms of different characteristics regarding size, main activity, country of origin and other idiosyncratic features. We compute efficiency scores for the firms in the sample on a yearly basis by means of non-parametric data envelopment analysis (DEA) techniques. Basic results show a moderate average level of efficiency for the firms which encompass the sample. Efficiency is higher for companies which engage in manufacturing and distribution than for firms focusing on research and development (R&D) activities. Large firms display higher levels of efficiency than medium-size and small firms. Our estimates point to a decreasing pattern of average efficiency over the years 2010-2018. Furthermore, we explore the potential correlation of efficiency with particular aspects of the firms' performance. Profit margins and financial solvency are positively correlated with efficiency, whereas employee costs display a negative correlation. Institutional aspects of the countries of origin also influence efficiency levels.
SSRN working paper, 2021
We examine empirically the path of consumption growth over time by looking at detailed microdata ... more We examine empirically the path of consumption growth over time by looking at detailed microdata for the Spanish economy. We estimate different versions of a Euler equation linking consumption growth to the real interest rate and other socioeconomic and demographic variables. We work with two thorough datasets of microdata which compile rich economic, social and demographic information for households over two periods, 1977-1983 and 1985-1996. We find that consumption growth displays a positive and significant correlation with the interest rate, implying an intertemporal elasticity of substitution in the range 0.30-0.576, consistent with the literature. Our estimations also show that consumption growth is negatively correlated with retirement, thus suggesting a discontinuity in consumption which implies a departure from the standard life cycle model. Policy reforms which increase the level of real pensions have a positive impact on consumption. Results are robust to alternative specifications and control variables, and suggest the presence of precautionary saving over 1977-83.
Drafts by Blanca Sanchez-Robles
SSRN Working Papers, 2021
Outsourcing to Contract Research Organizations (CROs) has become a widespread practice by pharmac... more Outsourcing to Contract Research Organizations (CROs) has become a widespread practice by pharmaceutical and biotechnological firms seeking to reduce risks and costs associated to the development of new products. This paper analyzes empirically the efficiency of the CROs industry by looking at a sample of firms operating in Europe over the years 2010-2019. We compute efficiency scores of the firms in the sample by means of DEA nonparametric techniques. Basic results suggest that the sector achieves large levels of average efficiency, amounting to 0.716. Average efficiency increases over time in the time horizon considered. A second stage Tobit estimation implies that big firms exhibit higher levels of efficiency than medium size and small firms because large sizes facilitate the use of state-of-the-art technology for data collection and analysis and the accession to stable commercial alliances. Efficiency is also positively correlated with sound human resource and financial managements, and with a moderate size of the fixed assets held by the firm. These results suggest that more merges and acquisitions are expected in this sector in the near future.
European Journal of Political Economy 19 (3), 529-545, 2003
This paper explores the interplay between economic freedom, foreign direct investment (FDI) and e... more This paper explores the interplay between economic freedom, foreign direct investment (FDI) and economic growth using panel data analysis for a sample of 18 Latin American countries for 1970-1999. We find that economic freedom in the host country is a positive determinant of FDI inflows. Our results also suggest that foreign direct investment is positively correlated with economic growth in the host countries. The host country requires, however, adequate human capital, economic stability and liberalized markets to benefit from long-term capital flows.
Mathematics, 2020
Latin America has experienced a surge in foreign direct investment (FDI) in the last two decades,... more Latin America has experienced a surge in foreign direct investment (FDI) in the last two decades, in parallel with the ratification of major regional trade agreements (RTAs) and bilateral investment treaties (BITs). This paper uses the latest developments in the structural gravity model theory to study if the coexistence of BITs and two major regional agreements, Mercosur and the Latin American Integration Association (ALADI), exerts enhancing or overlapping effects on FDI for eleven countries in Latin America over the period 1995-2018. The study is novel as it accounts for variations in the degree of investment protection across BITs within Latin America by computing a quality index of BITs. It also explores the nature of interactions (enhancing/overlapping effects) between RTAs and BITs. The findings reveal that belonging to a well-established regional trade agreement, such as Mercosur, is significantly more effective than BITs in fostering intra-regional FDI. Phasing-in effects are large and significant and there is evidence of enhancing effects. Results within the bloc are heterogeneous: BITs exert a positive, but small effect, for middle income countries. However, BITs are not effective in attracting FDI in the case of middle to low income countries, unless these countries ratify BITs with a high degree of investment protection.
Mathematics, 2020
Increases in the cost of research, specialization and reductions in public expenditure in health ... more Increases in the cost of research, specialization and reductions in public expenditure in health are changing the economic environment for the pharmaceutical industry. Gains in productivity and efficiency are increasingly important in order for firms to succeed in this environment. We analyze empirically the performance of efficiency in the pharmaceutical industry over the period 2010-2018. We work with microdata from a large sample of European firms of different characteristics regarding size, main activity, country of origin and other idiosyncratic features. We compute efficiency scores for the firms in the sample on a yearly basis by means of non-parametric data envelopment analysis (DEA) techniques. Basic results show a moderate average level of efficiency for the firms which encompass the sample. Efficiency is higher for companies which engage in manufacturing and distribution than for firms focusing on research and development (R&D) activities. Large firms display higher levels of efficiency than medium-size and small firms. Our estimates point to a decreasing pattern of average efficiency over the years 2010-2018. Furthermore, we explore the potential correlation of efficiency with particular aspects of the firms' performance. Profit margins and financial solvency are positively correlated with efficiency, whereas employee costs display a negative correlation. Institutional aspects of the countries of origin also influence efficiency levels.
SSRN working paper, 2021
We examine empirically the path of consumption growth over time by looking at detailed microdata ... more We examine empirically the path of consumption growth over time by looking at detailed microdata for the Spanish economy. We estimate different versions of a Euler equation linking consumption growth to the real interest rate and other socioeconomic and demographic variables. We work with two thorough datasets of microdata which compile rich economic, social and demographic information for households over two periods, 1977-1983 and 1985-1996. We find that consumption growth displays a positive and significant correlation with the interest rate, implying an intertemporal elasticity of substitution in the range 0.30-0.576, consistent with the literature. Our estimations also show that consumption growth is negatively correlated with retirement, thus suggesting a discontinuity in consumption which implies a departure from the standard life cycle model. Policy reforms which increase the level of real pensions have a positive impact on consumption. Results are robust to alternative specifications and control variables, and suggest the presence of precautionary saving over 1977-83.
SSRN Working Papers, 2021
Outsourcing to Contract Research Organizations (CROs) has become a widespread practice by pharmac... more Outsourcing to Contract Research Organizations (CROs) has become a widespread practice by pharmaceutical and biotechnological firms seeking to reduce risks and costs associated to the development of new products. This paper analyzes empirically the efficiency of the CROs industry by looking at a sample of firms operating in Europe over the years 2010-2019. We compute efficiency scores of the firms in the sample by means of DEA nonparametric techniques. Basic results suggest that the sector achieves large levels of average efficiency, amounting to 0.716. Average efficiency increases over time in the time horizon considered. A second stage Tobit estimation implies that big firms exhibit higher levels of efficiency than medium size and small firms because large sizes facilitate the use of state-of-the-art technology for data collection and analysis and the accession to stable commercial alliances. Efficiency is also positively correlated with sound human resource and financial managements, and with a moderate size of the fixed assets held by the firm. These results suggest that more merges and acquisitions are expected in this sector in the near future.