In Table we can see that
In Table 2, we can see that starting in 2001, the proportion between China\'s reserve and America\'s deficit became significant. In 2000, a year before China joined the WTO, the variation in its foreign exchange reserves amounted to 3% of the U.S. deficit; in 2004, the variation corresponded to 33% of the U.S. deficit. The SB 239063 between the Chinese reserves’ accumulation and the U.S. deficit increased throughout almost the entire decade following the entry of China into the WTO, becoming 125% of the U.S. deficit in 2009.
Conclusion After performing all the econometric exercises proposed in the methodology, there is evidence that the macroeconomic imbalances between the U.S. and China were actually interconnected, reinforcing the hypothesis that there is an influence on the dynamics of the 2008 crisis. The data presented in the introduction and context suggest an inverse relationship between the current account balance of the U.S. and that of China. This relationship is explored initially in the correlation matrix contained in Table 3.
Introduction The mobility of labor is a means of acquiring technological knowledge to the recipient firm (Song et al., 2003). As part of technological knowledge is tacit in nature, lying embodied in the individual, labor mobility is also a channel of knowledge spillover, from which the receiving firm takes advantage of (Feldman, 1999; Hall et al., 2010; Marilanta et al., 2009). From this viewpoint, the mobility of workers influences the activity of R & D. On the other hand, there is little evidence in the opposite direction, considering the investment in R & D, and technological progress in the sector, as a possible cause of the propensity to mobility of workers between firms, or even between sectors. Based on Magnani (2009), it is assumed the hypothesis that the larger the technological distance between the industries, smaller is the possibility of interindustrial transfer of workers, as the distance of technology between companies and industries is related to the cumulative amount of individual\'s specific human capital. In this sense, once transferred from one job to another, the individual cannot adapt to the requirements in terms of skills, of the new job. Magnani (2009) is one of the few empirical studies that investigate this direction of causality, bringing evidence to the United States. Furthermore, the purpose of this article is to extend this body of evidence for cases related to developing countries such as Brazil, which has peculiarities in its sectoral trajectories of technological development, marked by industrialization for the domestic market, technological dependence on developed countries, imports of capital goods and relatively large weight of multinational firms in more technologically advanced sectors (Viotti, 2002; Viotti et al., 2005; Queiroz and Carvalho, 2005; De Negri et al., 2005.). In this sense, more technologically mature industries have relatively large weight in the industrial structure of countries like Brazil, which is reflected in the indicators of technological effort compared to more developed countries. Thus, the sectors considered as high-tech by OECD classification would present, in emerging countries, lower participation in R & D spending compared to the same sectors in developed countries. At the same time, it is observed in Brazil larger industrial weight and technological efforts in sectors that belong to the metal-mechanical industry (machinery, electrical and automotive equipment, basic metals, metal products) and to the basic chemistry (chemical, refined petroleum products, and rubber and plastics) (Furtado and Carvalho, 2005).
Literature review Based on the theoretical model of Griliches (1979), which relates inputs in the production of economically relevant knowledge to the outcome measures of a firm or industry (profit, productivity, innovation, etc.), it is noted that research and development (R & D) and the measures of human capital, skilled labor, and education are among the most important inputs of technological activity. Such inputs are acquired through direct investment or through the firm\'s acquisition or absorption of the external environment to the firm (spillovers), considering that the technical knowledge assumes properties of non-rivalry and exclusion only partial (Arrow, 1971).