While cities understandably want oversight over some aspects of installing this infrastructure, such as digging up neighborhood streets, there is no economic rationale for local franchising of video services. The need to obtain a franchise represents little more than a barrier to entry. Franchise reform is one of the few policies almost guaranteed to increase competition. The FCC is now grappling with the sticky question of how to apply the order to incumbents. If franchise reforms increase efficiency - and by removing regulations not targeted at a market failure they should - then any reforms should apply to all firms in the market, regardless of their historic franchise benefits and obligations. Any franchise reforms granted to the telephone companies should immediately be granted to the cable operators as well. Video franchise reform would not only increase competition for cable TV services, but would also increase the supply of broadband services and demand for it, thus further increasing broadband competition and benefiting consumers.
{"title":"Need. More. TV.","authors":"S. Wallsten","doi":"10.2139/SSRN.976737","DOIUrl":"https://doi.org/10.2139/SSRN.976737","url":null,"abstract":"While cities understandably want oversight over some aspects of installing this infrastructure, such as digging up neighborhood streets, there is no economic rationale for local franchising of video services. The need to obtain a franchise represents little more than a barrier to entry. Franchise reform is one of the few policies almost guaranteed to increase competition. The FCC is now grappling with the sticky question of how to apply the order to incumbents. If franchise reforms increase efficiency - and by removing regulations not targeted at a market failure they should - then any reforms should apply to all firms in the market, regardless of their historic franchise benefits and obligations. Any franchise reforms granted to the telephone companies should immediately be granted to the cable operators as well. Video franchise reform would not only increase competition for cable TV services, but would also increase the supply of broadband services and demand for it, thus further increasing broadband competition and benefiting consumers.","PeriodicalId":163698,"journal":{"name":"Institutional & Transition Economics eJournal","volume":"182 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-02-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133642651","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2007-02-01DOI: 10.1111/j.1467-9701.2007.00885.x
J. Dunning, Changsung Kim
This paper first describes the cultural roots and characteristics of guanxi in Chinese society. It then goes on to test some propositions about the perceived relationship between these characteristics and (i) Hofstede's conceptualisation of collectivism and power distance and (ii) the content and quality of formal institutions. The sampling frame used consisted of three groups of students -viz. Chinese Singaporeans, Non-Chinese Singaporeans and Mainland Chinese, studying in tertiary institutions in Singapore. Our findings suggest that, while the perceptions of guanxi were positively and significantly related to Hofstede's culturally related variables, this was not so in the case of formal institutions. This latter result suggests that, in East Asian countries, guanxi may well be regarded as, at least, a partial substitute for formal institutions. Copyright 2007 The Authors Journal compilation 2007 Blackwell Publishing Ltd .
{"title":"The Cultural Roots of Guanxi: An Exploratory Study","authors":"J. Dunning, Changsung Kim","doi":"10.1111/j.1467-9701.2007.00885.x","DOIUrl":"https://doi.org/10.1111/j.1467-9701.2007.00885.x","url":null,"abstract":"This paper first describes the cultural roots and characteristics of guanxi in Chinese society. It then goes on to test some propositions about the perceived relationship between these characteristics and (i) Hofstede's conceptualisation of collectivism and power distance and (ii) the content and quality of formal institutions. The sampling frame used consisted of three groups of students -viz. Chinese Singaporeans, Non-Chinese Singaporeans and Mainland Chinese, studying in tertiary institutions in Singapore. Our findings suggest that, while the perceptions of guanxi were positively and significantly related to Hofstede's culturally related variables, this was not so in the case of formal institutions. This latter result suggests that, in East Asian countries, guanxi may well be regarded as, at least, a partial substitute for formal institutions. Copyright 2007 The Authors Journal compilation 2007 Blackwell Publishing Ltd .","PeriodicalId":163698,"journal":{"name":"Institutional & Transition Economics eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131053724","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
K. Hornik, Manuel Lingo, Rainer Jankowitsch, Stefan Pichler, G. Winkler
The validation of credit rating systems has recently attracted particular interest both from banks and their supervisors as well as from academic research. Whereas the main interest has been focused on backtesting methods, alternative approaches such as benchmarking are of growing importance. Benchmarking methods make use of available multi-rater information, i.e. rating assignments about identical obligors stemming from different rating sources. Employing a unique data set provided by the Austrian central bank with rating information on European corporate obligors by nine major Austrian banks, we conduct a benchmarking analysis based on the framework suggested by Hornik et al. (2005) on both market specific and bank specific levels. It turns out that overall similarity among rating systems is remarkably lower for foreign markets compared to the domestic market. Transition economies and markets with a generally low involvement of Austrian banks show particularly dissimilar results. Differences in the overall similarity of rating systems are partly explained by different performance of some individual rating systems in the domestic and foreign markets.
{"title":"Benchmarking Credit Rating Systems","authors":"K. Hornik, Manuel Lingo, Rainer Jankowitsch, Stefan Pichler, G. Winkler","doi":"10.2139/ssrn.930376","DOIUrl":"https://doi.org/10.2139/ssrn.930376","url":null,"abstract":"The validation of credit rating systems has recently attracted particular interest both from banks and their supervisors as well as from academic research. Whereas the main interest has been focused on backtesting methods, alternative approaches such as benchmarking are of growing importance. Benchmarking methods make use of available multi-rater information, i.e. rating assignments about identical obligors stemming from different rating sources. Employing a unique data set provided by the Austrian central bank with rating information on European corporate obligors by nine major Austrian banks, we conduct a benchmarking analysis based on the framework suggested by Hornik et al. (2005) on both market specific and bank specific levels. It turns out that overall similarity among rating systems is remarkably lower for foreign markets compared to the domestic market. Transition economies and markets with a generally low involvement of Austrian banks show particularly dissimilar results. Differences in the overall similarity of rating systems are partly explained by different performance of some individual rating systems in the domestic and foreign markets.","PeriodicalId":163698,"journal":{"name":"Institutional & Transition Economics eJournal","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117109969","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In a world in which the supply of oil is limited both by geology and politics, China's determination to fuel its rapidly growing economy is seen by many as a looming source of conflict. It is not simply the geographic breadth of China's initiatives that cause anxiety in western capitals, but also its willingness to enter into economic arrangements with "rogue" states. Unfettered by concerns about human rights and willing to link oil investments with foreign policy goals, critics believe that China has been able to gain an unfair advantage in the competition for both oil and regional influence. They point to China's budding relationship with nations such as Angola, Sudan, and Venezuela. Is this concern warranted? Do China's recent initiatives augur a future replete with tensions over access to oil? What motivates Chinese oil policy and are its policies inevitably in conflict with long term western interests? Unfortunately the answers are complicated and are clouded by incomplete data and conflicting signals. One can find evidence to support almost any particular argument. A number of factors influence Chinese policy, and these are often uncoordinated and sometimes in conflict. This paper attempts to identify and unravel several of these and to explore how they have manifested themselves in China's relationship with one region: the Middle East. Definitive conclusions and simple paradigms may be beyond our reach given the evidence, information and data that we have at our disposal, but we have attempted to provide a more nuanced assessment of China's past oil investments in the hope that a better understanding of these initiatives will broaden and enhance the debate.
{"title":"Searching for Oil: China's Oil Initiatives in the Middle East","authors":"Henry Lee, Dan A. Shalmon","doi":"10.2139/SSRN.976536","DOIUrl":"https://doi.org/10.2139/SSRN.976536","url":null,"abstract":"In a world in which the supply of oil is limited both by geology and politics, China's determination to fuel its rapidly growing economy is seen by many as a looming source of conflict. It is not simply the geographic breadth of China's initiatives that cause anxiety in western capitals, but also its willingness to enter into economic arrangements with \"rogue\" states. Unfettered by concerns about human rights and willing to link oil investments with foreign policy goals, critics believe that China has been able to gain an unfair advantage in the competition for both oil and regional influence. They point to China's budding relationship with nations such as Angola, Sudan, and Venezuela. Is this concern warranted? Do China's recent initiatives augur a future replete with tensions over access to oil? What motivates Chinese oil policy and are its policies inevitably in conflict with long term western interests? Unfortunately the answers are complicated and are clouded by incomplete data and conflicting signals. One can find evidence to support almost any particular argument. A number of factors influence Chinese policy, and these are often uncoordinated and sometimes in conflict. This paper attempts to identify and unravel several of these and to explore how they have manifested themselves in China's relationship with one region: the Middle East. Definitive conclusions and simple paradigms may be beyond our reach given the evidence, information and data that we have at our disposal, but we have attempted to provide a more nuanced assessment of China's past oil investments in the hope that a better understanding of these initiatives will broaden and enhance the debate.","PeriodicalId":163698,"journal":{"name":"Institutional & Transition Economics eJournal","volume":"96 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125197676","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We show that countries that take on more international risk are rewarded with higher expected consumption growth. International risk is defined as the beta of a country's consumption growth with world consumption growth. High-beta countries hold more foreign assets, as predicted by the theory. Despite the positive effects of beta, a country's idiosyncratic volatility is negatively correlated with expected consumption growth. Therefore, uninsured shocks affect not only current growth, but also future consumption growth. High-volatility countries have worse net foreign asset positions, suggesting that solvency constraints limit their future growth.
{"title":"International Risk-Taking, Volatility, and Consumption Growth","authors":"Maria Giduskova, B. Larrain","doi":"10.2139/ssrn.951749","DOIUrl":"https://doi.org/10.2139/ssrn.951749","url":null,"abstract":"We show that countries that take on more international risk are rewarded with higher expected consumption growth. International risk is defined as the beta of a country's consumption growth with world consumption growth. High-beta countries hold more foreign assets, as predicted by the theory. Despite the positive effects of beta, a country's idiosyncratic volatility is negatively correlated with expected consumption growth. Therefore, uninsured shocks affect not only current growth, but also future consumption growth. High-volatility countries have worse net foreign asset positions, suggesting that solvency constraints limit their future growth.","PeriodicalId":163698,"journal":{"name":"Institutional & Transition Economics eJournal","volume":"312 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133818368","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The paper examines a financial accelerator mechanism in analyzing determinants of corporate interest rates. Using a panel of the financial statements of 448 Czech firms from 1996–2002, we find that balance sheet indicators matter interest rates paid by firms. Market access is particularly important in this regard. The strength of corporate balance sheets seem to vary with firm size. There is also evidence that monetary policy has a stronger effect on smaller than on larger firms. On the other hand, we find no asymmetry in the monetary policy effects over the business cycle.
{"title":"Financial Accelerator Effects in the Balance Sheets Of Czech Firms","authors":"R. Horvath","doi":"10.2139/ssrn.945635","DOIUrl":"https://doi.org/10.2139/ssrn.945635","url":null,"abstract":"The paper examines a financial accelerator mechanism in analyzing determinants of corporate interest rates. Using a panel of the financial statements of 448 Czech firms from 1996–2002, we find that balance sheet indicators matter interest rates paid by firms. Market access is particularly important in this regard. The strength of corporate balance sheets seem to vary with firm size. There is also evidence that monetary policy has a stronger effect on smaller than on larger firms. On the other hand, we find no asymmetry in the monetary policy effects over the business cycle.","PeriodicalId":163698,"journal":{"name":"Institutional & Transition Economics eJournal","volume":"56 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128480667","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2006-11-01DOI: 10.5089/9781451865066.001.A001
R. Maino, B. Horváth
We explore monetary policy transmission by estimating VAR impulse response functions to illustrate the Belarusian economy's response to unexpected changes in policy and exogenous variables. We find a significant exchange rate pass-through to prices, and interest rate policy following, rather than leading, financial market developments. Our estimated monetary policy reaction function shows the central bank striking a balance between real exchange rate stability and containing inflation. We discuss dollarization, administrative interventions, and other features complicating monetary policy transmission, review specific constraints and vulnerabilities, and conclude with observations on possible measures that could raise the effectiveness of monetary policy in Belarus.
{"title":"Monetary Transmission Mechanisms in Belarus","authors":"R. Maino, B. Horváth","doi":"10.5089/9781451865066.001.A001","DOIUrl":"https://doi.org/10.5089/9781451865066.001.A001","url":null,"abstract":"We explore monetary policy transmission by estimating VAR impulse response functions to illustrate the Belarusian economy's response to unexpected changes in policy and exogenous variables. We find a significant exchange rate pass-through to prices, and interest rate policy following, rather than leading, financial market developments. Our estimated monetary policy reaction function shows the central bank striking a balance between real exchange rate stability and containing inflation. We discuss dollarization, administrative interventions, and other features complicating monetary policy transmission, review specific constraints and vulnerabilities, and conclude with observations on possible measures that could raise the effectiveness of monetary policy in Belarus.","PeriodicalId":163698,"journal":{"name":"Institutional & Transition Economics eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130957454","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2006-10-01DOI: 10.1111/j.1467-9701.2006.00842.x
P. Tharakan
Trade Policy Review of the European Communities 2004 provides greater transparency, and better understanding of the trade policies of the EC. The WTO Secretariat's Report and the Comments of the Representatives rightly warn of the possibility of major problems arising because of the shortcomings of the Common Agricultural Policy of the EC, and the systematic back-loading in the implementation of the WTO Agreement on Textiles and Clothing. The discrepancy between the simultaneous allegiance to multilateralism and preferential trade arrangements is another difficulty which the EC and some other members of the WTO are facing. As a major player on the international trade scene, the EC's policy decisions will have a crucial effect on multilateral trade negotiations.
{"title":"Storm Signals: An Analysis of the Trade Policy Review of the European Communities","authors":"P. Tharakan","doi":"10.1111/j.1467-9701.2006.00842.x","DOIUrl":"https://doi.org/10.1111/j.1467-9701.2006.00842.x","url":null,"abstract":"Trade Policy Review of the European Communities 2004 provides greater transparency, and better understanding of the trade policies of the EC. The WTO Secretariat's Report and the Comments of the Representatives rightly warn of the possibility of major problems arising because of the shortcomings of the Common Agricultural Policy of the EC, and the systematic back-loading in the implementation of the WTO Agreement on Textiles and Clothing. The discrepancy between the simultaneous allegiance to multilateralism and preferential trade arrangements is another difficulty which the EC and some other members of the WTO are facing. As a major player on the international trade scene, the EC's policy decisions will have a crucial effect on multilateral trade negotiations.","PeriodicalId":163698,"journal":{"name":"Institutional & Transition Economics eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129986375","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2006-10-01DOI: 10.5089/9781451865004.001
William J. Crandall, Maureen Kidd
Revenue authorities (RAs) have been adopted by some countries as an alternative delivery model for improved revenue administration. They are sometimes seen as a possible solution to problems such as low rates of tax compliance, ineffective tax administration staff, and corruption. The paper discusses RAs as a governance model, from the perspective of revenue administration and the almost universal desire to improve performance and compliance with the law. It compiles and analyses features of the model, examines reasons why revenue authorities were established, and explores the extent to which countries have evaluated the success of the model. It also assesses countries' own perceptions about how this model may have contributed to tax administration reform. Further, the paper discusses data collection difficulties in carrying out an assessment using econometric analysis, and the problem of attributing changes in performance to a particular governance model. The paper concludes that while there are subjective perceptions among countries with revenue authorities that their model has led to improved revenue administration and has spurred modernization, there is no objective analysis that countries with RAs have performed better in this regard than countries without RAs.
{"title":"Revenue Authorities: Issues and Problems in Evaluating Their Success","authors":"William J. Crandall, Maureen Kidd","doi":"10.5089/9781451865004.001","DOIUrl":"https://doi.org/10.5089/9781451865004.001","url":null,"abstract":"Revenue authorities (RAs) have been adopted by some countries as an alternative delivery model for improved revenue administration. They are sometimes seen as a possible solution to problems such as low rates of tax compliance, ineffective tax administration staff, and corruption. The paper discusses RAs as a governance model, from the perspective of revenue administration and the almost universal desire to improve performance and compliance with the law. It compiles and analyses features of the model, examines reasons why revenue authorities were established, and explores the extent to which countries have evaluated the success of the model. It also assesses countries' own perceptions about how this model may have contributed to tax administration reform. Further, the paper discusses data collection difficulties in carrying out an assessment using econometric analysis, and the problem of attributing changes in performance to a particular governance model. The paper concludes that while there are subjective perceptions among countries with revenue authorities that their model has led to improved revenue administration and has spurred modernization, there is no objective analysis that countries with RAs have performed better in this regard than countries without RAs.","PeriodicalId":163698,"journal":{"name":"Institutional & Transition Economics eJournal","volume":"54 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126814526","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Transition countries provide a natural experiment to study the development of land markets. This paper provides survey-evidence of the variation in the development of land markets, identifies a series of patterns, and provides a set of hypotheses to explain these variations in land market development.
{"title":"Patterns of Land Market Developments in Transition","authors":"J. Swinnen, L. Vranken","doi":"10.2139/ssrn.958028","DOIUrl":"https://doi.org/10.2139/ssrn.958028","url":null,"abstract":"Transition countries provide a natural experiment to study the development of land markets. This paper provides survey-evidence of the variation in the development of land markets, identifies a series of patterns, and provides a set of hypotheses to explain these variations in land market development.","PeriodicalId":163698,"journal":{"name":"Institutional & Transition Economics eJournal","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126910973","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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