Feldman M. P., Francis J. and Bercovitz, J. (2005) Creating a cluster while building a firm: entrepreneurs and the formation of industrial clusters, Regional Studies39, 129-141. The objective of the paper is to provide a theoretical model of cluster development that is informed by an appreciative interpretation of case studies. It argues that entrepreneurs are a critical element in the formation of clusters. Entrepreneurs are important actors in the development of clusters as complex adaptive systems, where the external resources associated with clusters are developed over time. Entrepreneurs who adapt to both constructive crises and new opportunities create the factors and conditions that facilitate their business interests and, in turn, contribute to the development of external resources. The paper examines the initial factors that influence the decision to become an entrepreneur and examine how external factors influence the formation and location of high-technology clusters. Feldman M. P., Francis J. et Bercovitz, J. (2005) L'établissment d'un regroupement au fur et à mesure de la création d'entreprise: les entrepreneurs et l'établissement des regroupements industriels, Regional Studies39, 129-141. Cet article cherche à construire un modèle théorique du développement des regroupements guidé par une interprétation sensible des études de cas. On considère que les entrepreneurs constituent un facteur clé dans l'établissement des regroupements. Les entrepreneurs sont des agents importants dans le développement des regroupements en tant que systèmes complexes adaptables, où les ressources externes liées aux regroupements se développent sur le temps. Les entrepreneurs qui s'adaptent et aux crises avantageuses, et aux nouvelles possibilités, créent les facteurs et les conditions qui favorisent leurs affaires et, à leur tour, contribuent au développement des ressources externes. On examine les premiers facteurs qui influencent la décision individuelle de devenir entrepreneur, et on étudie comment les facteurs externes influencent l'établissement et la localisation des regroupements qui sont à la pointe de la technologie. Feldman M. P., Francis J. und Bercovitz, J. (2005) Schaffung eines Clusters in Verbindung mit dem Aufbau einer Firma: Unternehmer und Clusterbildung der Industrie, Regional Studies39, 129-141. Dieser Aufsatz beabsichtigt, ein theoretisches Modell einer Clusterentwicklung vorzustellen, das auf einer bewertenden Interpretation von Fallstudien beruht. Es wird die These aufgestellt, daß Unternehmer bei Clusterbildung ein kritisches Element darstellen. Unternehmer sind wichtige Spieler bei der Entwicklung von Clustern als komplexen Mittlersystemen, in denen die externen, mit Clustern in Verbindung stehenden Resourcen erst im Laufe der Zeit entwickelt werden. Unternehmer, die sich sowohl konstruktiven Krisen als auch neu auftauchenden Gelegenheiten anzupassen verstehen, schaffen Faktoren und Voraussetzungen, die ihren Geschäftsinteressen entgegenkommen, und selbst wiederum zur Entwicklung externer Resource...

The 1980s ushered in a new era in technology and economic development policy as a result of increasing competitive pressure. Start-up companies built around commercializing new technologies developed in public or private labs were seen as a means to reinvigorate economies and renew industrial competitiveness in high-technology fields. This article considers the perspective of the small innovative firm and the question of what small technology-intensive firms want from state economic development programs. Drawing on a review of the literature and a series of case studies of cluster development, this article presents a set of stylized facts and policy recommendations.

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We analyze the second-moment properties of the components of international capital flows and their relationship to business cycle variables (output, investment, and real interest rate) in 22 industrial and emerging countries. Total inward flows are procyclical with respect to all three macro variables. Net outward flows are countercyclical with respect to output and investment in most industrial and emerging countries. Disaggregated inward flows positively comove with output in industrial countries and with investment and the real interest rate in the G7 economies. Inward foreign direct investment is the only non-procyclical type of inward capital flows (with respect to output) in the developing economies. Formal statistical tests based on nonparametric bootstrap techniques detect significant variance increases in all G7 countries' disaggregated capital flows over exogenous and endogenously estimated breaks.

We analyze the second-moment properties of the components of international capital flows and their relationship to business cycle variables (output, investment, and real interest rate) in 22 industrial and emerging countries. Total inward flows are procyclical with respect to all three macro variables. Net outward flows are countercyclical with respect to output and investment in most industrial and emerging countries. Disaggregated inward flows positively comove with output in industrial countries and with investment and the real interest rate in the G7 economies. Inward foreign direct investment is the only non-procyclical type of inward capital flows (with respect to output) in the developing economies. Formal statistical tests based on nonparametric bootstrap techniques detect significant variance increases in all G7 countries' disaggregated capital flows over exogenous and endogenously estimated breaks.