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Fiscal Behaviours in EMU Countries: A Dynamic Approach 欧洲货币联盟国家的财政行为:一种动态方法
Pub Date : 2013-07-16 DOI: 10.2139/ssrn.2294353
C. Schalck
In this paper, we estimate the time-varying reactions of fiscal behaviours, relating the cyclical-adjusted primary balance to the output gap and debt variations for EMU countries for the period 1999o2012 using quarterly data. We estimated these behaviours using a Kalman FilteroMaximum Likelihood approach. Our results showed that the behaviours of fiscal authorities in the euro area have evolved since 1999 at least once in response to both internal targets and external shocks. In particular, most countries pursued a counter-cyclical policy after 2008, while the current period is characterised by an a-cyclical or pro-cyclical policy. Changes in the orientation of fiscal policies are also manifested by changes in the concern for sustainability. The results also show that the fiscal stance is improved by faster credit growth and is worsened in the presence of parliamentary elections.
在本文中,我们使用季度数据估计了财政行为的时变反应,将1999 - 2012年期间经周期调整的基本平衡与产出缺口和债务变化联系起来。我们使用卡尔曼滤波最大似然方法估计这些行为。我们的研究结果表明,自1999年以来,欧元区财政当局的行为至少发生了一次演变,以应对内部目标和外部冲击。特别是,大多数国家在2008年之后采取了逆周期政策,而当前时期的特点是采取了逆周期或顺周期政策。财政政策方向的变化也表现在对可持续性的关注的变化上。结果还表明,信贷增长加快改善了财政状况,而在议会选举期间则恶化了财政状况。
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引用次数: 4
Payments Innovation and the Use of Cash 支付创新与现金使用
Pub Date : 2013-06-03 DOI: 10.2139/SSRN.2273216
David S. Evans, K. Webster, Gloria Knapp Colgan, Scott Murray
Pundits have been predicting the death of cash for as long as the plastic card has been in existence – more than 60 years. This perception has been intensified of late by the rapid acceleration in payments innovation, driven in large part by the mobile phone, in both developed and developing markets. The authors assert that the existing ways of measuring cash are inadequate for measuring cash usage and have devised a new methodology and framework for measuring how much cash is used by consumers to pay for things at merchants. This paper provides an overview of this methodology by applying it to 10 countries: France, Italy, Germany, Poland, Portugal, Spain, Sweden, UK, and US. The authors conclude that although payments innovation will impact the consumers’ use of cash, significant impacts will take at least a decade to be felt.
自从塑料卡出现以来,专家们就一直在预测现金将会消亡——60多年前。最近,在发达市场和发展中市场,支付创新的迅速加速(很大程度上是由移动电话推动的)强化了这种看法。作者认为,现有的现金计量方法不足以衡量现金使用情况,并设计了一种新的方法和框架来衡量消费者在商家购买商品时使用了多少现金。本文通过将该方法应用于法国、意大利、德国、波兰、葡萄牙、西班牙、瑞典、英国和美国等10个国家,概述了该方法。作者得出的结论是,尽管支付创新将影响消费者对现金的使用,但至少需要10年才能感受到重大影响。
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引用次数: 6
Pakistan-India Trade: An Analysis of the Health Sector 巴基斯坦-印度贸易:卫生部门分析
Pub Date : 2013-05-20 DOI: 10.2139/ssrn.2397015
H. Majid, N. Mukhtar
This study explores Pakistan-India trade in commodities and services within the health sector. We investigate existing trading patterns (by calculating a trade intensity index) along with the potential for trade between Pakistan and India (through a trade complementarity index) in three commodities: medical equipment, pharmaceutical products, and surgical instruments.
本研究探讨了巴基斯坦和印度在卫生部门的商品和服务贸易。我们调查了现有的贸易模式(通过计算贸易强度指数)以及巴基斯坦和印度之间的贸易潜力(通过贸易互补性指数),涉及三种商品:医疗设备、医药产品和手术器械。
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引用次数: 1
The Non-Government Organizations in Slovakia and Austria and the Current State of Their Self-Financing 斯洛伐克和奥地利的非政府组织及其自筹资金的现状
Pub Date : 2013-05-05 DOI: 10.2139/ssrn.2260963
Gabriela Vaceková, M. Svidroňová
In this paper we map the development of the NGO sector in Slovakia and Austria. In the context of a common historical development we assess the current state and economic strength of NGOs in both countries. Furthermore, the presented paper deals with the self-financing of non-government organizations and compares the current state and potential of self-financing in Slovakia and Austria. We focus on exploring the self-financing activities of NGOs in the context of maintaining a generally beneficial purpose for which they were founded. We draw on the comparable findings of primary research conducted in Slovakia and Austria, showing that self-financing must be understood in a broader context than a "business" of non-government organizations and that it can be in compliance with the general benefit as the primary purpose of organizations founded on a non-profit basis.
在本文中,我们绘制了斯洛伐克和奥地利非政府组织部门发展的地图。在共同的历史发展背景下,我们评估了两国非政府组织的现状和经济实力。此外,本文件涉及非政府组织的自筹资金问题,并比较了斯洛伐克和奥地利自筹资金的现状和潜力。我们专注于探索非政府组织在维持其普遍有益的宗旨的背景下的自筹资金活动。我们借鉴了在斯洛伐克和奥地利进行的初步研究的可比结果,表明必须在比非政府组织的“业务”更广泛的背景下理解自筹资金,它可以符合一般利益,作为在非营利基础上成立的组织的主要目的。
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引用次数: 1
Technical Note: The LDC TRIPS Transition Extension and the Question of Rollback 技术说明:最不发达国家与贸易有关的知识产权过渡延期和回滚问题
Pub Date : 2013-05-01 DOI: 10.7215/ip_pb_20130529
Frederick M. Abbott
When the WTO TRIPS Agreement entered into force on January 1, 1995, least developed countries (LDCs) were given until January 1, 2006 to bring their legislation into conformity with the agreement (subject to compliance with national treatment and most favored nation (MFN) treatment obligations). Pursuant to Article 66.1, upon presentation of a duly motivated request, the TRIPS Council is obligated to provide extensions of the transition period “In view of the special needs and requirements of least-developed country Members, their economic, financial and administrative constraints, and their need for flexibility to create a viable technological base.” The first LDC extension was granted in 2002 further to Paragraph 7 of the Doha Declaration on the TRIPS Agreement and Public Health in respect to pharmaceutical patents and regulatory data requirements, and included authority to disapply existing protections. That public health-related extension expires on January 1, 2016. A general extension of the LDC transition was adopted by the TRIPS Council in 2005, and is set to expire on July 1, 2013. The 2005 extension included a clause that has become known as the “no-rollback” provision, providing that “Least-developed country Members will ensure that any changes in their laws, regulations and practice made during the additional transitional period do not result in a lesser degree of consistency with the provisions of the TRIPS Agreement”. LDCs have presented a request for an additional extension of the transition arrangement. In this context, they have objected to the inclusion of a “no-rollback” clause. This paper examines whether the WTO TRIPS Council has the authority to establish a no-rollback requirement as a condition of further LDC transition extensions. It considers the terms of the TRIPS Agreement, the negotiating history of the transition arrangements, other WTO Agreement language regarding waivers, ambiguity of terms, prospective options should there not be an agreement, and policies underlying the LDC request and certain objections. This paper was presented and discussed at a meeting organized by ICTSD at the WTO on May 24, 2013.
当WTO《与贸易有关的知识产权协定》于1995年1月1日生效时,最不发达国家(LDCs)被要求在2006年1月1日前使其立法符合该协定(须遵守国民待遇和最惠国待遇义务)。根据第66.1条,在提出正当理由的请求后,TRIPS理事会有义务“考虑到最不发达国家成员的特殊需要和要求,它们在经济、财政和行政方面的限制,以及它们为创造可行的技术基础而需要的灵活性”,延长过渡期。最不发达国家的第一次延期是在2002年批准的,是对《关于与贸易有关的知识产权协定和公共卫生的多哈宣言》第7段关于药品专利和监管数据要求的进一步延期,其中包括取消现有保护的权力。与公共健康相关的延期将于2016年1月1日到期。TRIPS理事会于2005年通过了对最不发达国家过渡期的普遍延长,并将于2013年7月1日到期。2005年的延长包括一项被称为“不回滚”的条款,规定“最不发达国家成员将确保在额外的过渡期内对其法律、法规和实践所作的任何改变不会导致与《TRIPS协定》规定的一致性程度降低”。最不发达国家提出了进一步延长过渡安排的请求。在这方面,他们反对列入“不回滚”条款。本文考察了WTO TRIPS理事会是否有权将不回滚要求作为最不发达国家进一步延长过渡期的条件。它考虑了《与贸易有关的知识产权协定》的条款、过渡安排的谈判历史、《世贸组织协定》关于豁免的其他语言、条款的模糊性、如果没有达成协议的可能选择、最不发达国家请求和某些反对意见所依据的政策。2013年5月24日,ICTSD在WTO组织的一次会议上提出并讨论了本文。
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引用次数: 4
Organizations and Markets 组织和市场
Pub Date : 2013-04-29 DOI: 10.2139/ssrn.2257714
N. Foss, Peter G. Klein, Stefan Linder
Austrian economics focuses on markets, but has much to say about organizations. In particular, Austrian insights on the structure of production, the heterogeneity and subjectivity of resources, the nature of uncertainty, the role of monetary calculation, and the function of the entrepreneur provide solid foundations for a distinctly Austrian theory of organizations. We review these insights, discuss recent literature on Austrian economics and the theory of the firm, and suggest new directions for developing and extending an Austrian approach to organizations.
奥地利学派经济学关注市场,但对组织也有很多看法。特别是,奥地利学派对生产结构、资源的异质性和主观性、不确定性的本质、货币计算的作用以及企业家的功能的见解,为独特的奥地利学派组织理论提供了坚实的基础。我们回顾了这些见解,讨论了奥地利学派经济学和企业理论的最新文献,并提出了发展和扩展奥地利学派方法到组织的新方向。
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引用次数: 89
Internationalization and Environmental Disclosure: The Role of Home and Host Institutions 国际化与环境信息披露:母国和东道国机构的作用
Pub Date : 2013-04-11 DOI: 10.1108/15253831311309500
A. Kolk, F. Fortanier
Purpose – The domestic institutional context has emerged as a key determinant of firms’ environmental disclosure, but studies have hardly addressed the extent to which exposure to foreign institutional contexts plays a role in the occurrence and contents of non-financial disclosure, crucial aspects for understanding multinationals’ accountability. This article therefore investigates the relationship between internationalization (both degree and spread) and environmental disclosure. Design/methodology/approach – It is hypothesized that both home and host country institutional pressures affect the relationship between internationalization and environmental disclosure, and that effects are more prominent in environmentally-sensitive sectors. The proposed relationships are tested using data from the Fortune Global 250. Findings – Results show a significantly negative relationship between the degree of internationalization and environmental disclosure, which is only partly mitigated by environmental governance and institutional quality in home and host countries. Only for firms in high-sensitivity sectors from high-standard countries is the relationship positive. Findings are particularly strong for the degree of internationalization; and non-significant for dispersion/spread. Originality/value – This article moves beyond the predominant focus on country-of-origin effects by adding exposure to foreign institutional contexts, for which it develops a new indicator. It renews attention to non-financial disclosure, a topic underexposed in the IB literature. Viewed from a broader IB perspective, the article provides an empirical illustration of the effect of home and host institutions on firm strategy, and of the use of different metrics to assess internationalization with divergent results for degree versus spread, as well as for sales versus assets, pointing at areas for further research.
目的——国内制度背景已成为企业环境披露的关键决定因素,但研究几乎没有涉及外国制度背景对非财务披露的发生和内容的影响程度,而非财务披露是理解跨国公司问责制的关键方面。因此,本文研究了国际化(程度和传播)与环境信息披露的关系。设计/方法/方法-假设母国和东道国的制度压力都会影响国际化与环境披露之间的关系,这种影响在环境敏感部门更为突出。我们使用《财富》全球250强企业的数据对所提出的关系进行了测试。研究结果-结果表明,国际化程度与环境信息披露之间存在显著的负相关关系,而母国和东道国的环境治理和制度质量只能部分缓解这种关系。只有对来自高标准国家的高敏感行业的公司来说,这种关系才是正的。研究结果在国际化程度方面尤为突出;弥散/扩散不显著。原创性/价值——本文超越了对原产国效应的主要关注,增加了对外国制度背景的了解,并为此开发了一个新的指标。它重新引起了对非财务披露的关注,这是IB文献中未充分暴露的主题。从更广泛的IB角度来看,本文提供了一个实证说明,说明了母国和东道国机构对企业战略的影响,以及使用不同的指标来评估国际化,其结果在程度与传播、销售与资产方面存在差异,并指出了进一步研究的领域。
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引用次数: 48
Consumer Financial Dispute Resolution in a Comparative Context: Principles, Systems and Practice 比较背景下的消费者金融纠纷解决:原则、制度与实践
Pub Date : 2013-03-31 DOI: 10.1017/cbo9781139236829
Shahla F. Ali
Nearly all major global financial centres have developed systems of consumer financial dispute resolution. Such systems aim to assist parties to resolve a growing number of monetary disputes with financial institutions. How governments and self-regulatory organizations design and administer financial dispute resolution mechanisms in the context of increasingly turbulent financial markets is a new area for research and practice. Consumer Financial Dispute Resolution in a Comparative Context presents comparative research about the development and design of these mechanisms in East Asia, North America and Europe. Using a comparative methodology and drawing on empirical findings from a multi-jurisdictional survey, Shahla Ali examines the emergence of global principles that influence the design of financial dispute resolution models, considers the structural variations between the ombuds and arbitration systems and offers practical proposals for reform.
几乎所有主要的全球金融中心都发展了消费者金融纠纷解决机制。此类制度旨在协助各方解决与金融机构之间日益增多的货币纠纷。在日益动荡的金融市场背景下,政府和自律组织如何设计和管理金融纠纷解决机制是一个新的研究和实践领域。《比较背景下的消费者金融纠纷解决》对东亚、北美和欧洲这些机制的发展和设计进行了比较研究。Shahla Ali采用比较方法并借鉴多司法管辖区调查的实证结果,研究了影响金融纠纷解决模式设计的全球原则的出现,考虑了申诉和仲裁制度之间的结构差异,并提出了切实可行的改革建议。
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引用次数: 4
EU and Croatia: Attractiveness of Business Environment 欧盟和克罗地亚:商业环境的吸引力
Pub Date : 2013-03-13 DOI: 10.2139/ssrn.2232763
Dragomir Sundać, Dunja Škalamera Alilović, Heri Bezic
Focus of interest in this paper is the concept of competitiveness as measured by the originally developed index of business environment. Competitiveness is interpreted in the broader meaning of the term: it includes not only cost conditions, but also institutional and system conditions of different national economies that define the attractiveness of their business environment. Methodology of composite index decomposition and analysis is used to evaluate and compare Croatian results with the results of EU15 and EU 12 countries. Composite index is formed on World Economic Forum data collected in 2008. Comparisons are done on three levels: overall index, subindices of four distinct sectors of business environment (political-legal, economic, sociocultural and technological), and 22 pinpointed variables that constitute the index. Results show that Croatia lags behind the EU15 countries and has almost equal quality of business environment as EU 12 countries. Based on the results of the analysis of the specific variables, research implicates that in order to improve attractiveness of its business environment the most Croatia should direct its reforms towards following areas: antimonopoly, government spending, market dominance, tertiary enrollment, railroad infrastructure and Internet usage.
本文关注的焦点是竞争力的概念,这是由最初开发的商业环境指标来衡量的。竞争力从更广泛的意义上解释:它不仅包括成本条件,还包括不同国家经济的制度和制度条件,这些条件决定了其商业环境的吸引力。使用复合指数分解和分析方法来评价和比较克罗地亚的结果与欧盟15国和欧盟12国的结果。综合指数是根据2008年世界经济论坛收集的数据形成的。比较在三个层面上进行:总体指数,商业环境四个不同部门(政治-法律,经济,社会文化和技术)的子指数,以及构成指数的22个确定变量。结果表明,克罗地亚落后于欧盟15个国家,其商业环境质量与欧盟12个国家几乎持平。根据对具体变量的分析结果,研究表明,为了提高其商业环境的吸引力,克罗地亚应该在以下领域进行改革:反垄断、政府支出、市场支配地位、高等教育招生、铁路基础设施和互联网使用。
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引用次数: 0
Estimation of Import Demand Function in Russia 俄罗斯进口需求函数的估计
Pub Date : 2013-03-04 DOI: 10.2139/ssrn.2228255
A. Knobel
Research is devoted to the analysis of the import demand function in Russia. On the basis of the proposed methodology, the econometric model for the full range of imported goods in the last decade (2000–2010) is estimated. Product groups are ranked by the impact of customs duties and the real exchange rate fluctuations on import. The estimation of dynamics of import demand sensitivity to changes in the real effective exchange rate and to fluctuations in import prices is reported and discussed.
对俄罗斯的进口需求函数进行了分析研究。在提出的方法的基础上,对过去十年(2000-2010)进口商品的全部范围的计量经济模型进行了估计。产品组按关税和实际汇率波动对进口的影响排序。报告并讨论了进口需求对实际有效汇率变化和进口价格波动的敏感性动态的估计。
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引用次数: 10
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Global Business Issues eJournal
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