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Organization, Performance and Equity: Perspectives on the Japanese Economy provides an analysis of key components of the Japanese economy and business structures, edited by two leading American-based Japan scholars. The contributions to this book are grouped into four major categories: organizations; income distributions; technological progress; and macro performance. The first section examines the retail sector, the role of information in evaluating distribution systems, and ownership structures and their effect on welfare, all in the context of the Japanese economy. The second section concerns issues of Japanese tax structures, growth, and income transfers, while the third section focuses on technology and productivity. The concluding section addresses major macro issues like trade and the value of the yen.
Public Technology Procurement and Innovation studies public technology procurement as an instrument of innovation policy. In the past few years, public technology procurement has been a relatively neglected topic in the theoretical and research literature on the economics of innovation. Similarly, preoccupation with 'supply-side' measures has led policy-makers to avoid making very extensive use of this important 'demand-side' instrument. These trends have been especially pronounced in the European Union. There, as this book will argue, existing legislation governing public procurement presents obstacles to the use of public technology procurement as a means of stimulating and supporting technological innovation. Recently, however, there has been a gradual re-awakening of practical interest in such measures among policy-makers in the EU and elsewhere. For these and other related measures, this volume aims to contribute to a serious reconsideration of public technology procurement from the complementary standpoints of innovation theory and innovation policy.
In the future, as our society becomes older and older, an increasing number of people will be confronted with Alzheimer's disease. Some will suffer from the illness themselves, others will see parents, relatives, their spouse or a close friend afflicted by it. Even now, the psychological and financial burden caused by Alzheimer's disease is substantial, most of it borne by the patient and her family. Improving the situation for the patients and their caregivers presents a challenge for societies and decision makers. Our work contributes to improving the in decision making situation con cerning Alzheimer's disease. At a fundamental level, it addresses methodo logical aspects of the contingent valuation method and gives a holistic view of applying the contingent valuation method for use in policy. We show all stages of a contingent valuation study beginning with the design, the choice of elicitation techniques and estimation methods for willingness-to-pay, the use of the results in a cost-benefit analysis, and finally, the policy implica tions resulting from our findings. We do this by evaluating three possible programs dealing with Alzheimer's disease. The intended audience of this book are health economists interested in methodological problems of contin gent valuation studies, people involved in health care decision making, plan ning, and priority setting, as well as people interested in Alzheimer's disease. We would like to thank the many people and institutions who have pro vided their help with this project.
This book is based on a conference on 'Regulation and the Evolving Nature of Postal and Delivery Services: 1992 and Beyond' held at Village PTT, La Londe les Maures, France, on March 18, 1992. Leading practitioners, worldwide postal administrations, and the express delivery industry, as well as a number of regulators, academic economists, and lawyers examine the important policy and regulatory issues facing the postal and delivery industries. This includes such issues as: international postal policy and the role of the Universal Postal Union; regulation and terminal dues; competition, entry and the role of scale and scope economies; the nature and role of costs analysis in postal service; productivity; and service standards.
In today's globalized international system, international and regional organizations can only function effectively within the context of a larger social partnership with governments, the private sectors, and a plethora of increasingly influential interest groups. Regionalism Versus Multilateralism seeks to illustrate these new roles by tracing the way the Organization of American States (OAS), the oldest regional organization, has pursued its objectives in the context of evolving hemispheric and international circumstances. It analyzes the impact of these circumstances on the operations, programs and activities of the Organization, and the adjustments and direction which `metamorphosed' the regional membership at certain crucial junctures of hemispheric and international evolution. The book does so in three parts: through an historic examination of the objectives of the Organization; a critical analysis of its response over time to the forces of growth, transformation and change; and the projection of what continuing developments might dictate on the future characteristics of the Organization if it is to respond effectively to the needs and aspirations of member states. This book is a collaboration between Christopher R. Thomas and Julian T. Magloire, with both parties contributing equally to its content and preparation.
For many countries tourism is an industry of great economic significance; it is seen as a main instrument for regional development, as it stimulates new economic activities. Tourism may have a positive economic impact on the balance of payments, on employment, on gross income and production, but it may also have negative effects, particularly on the environment. Questions arise as to whether it is possible to keep on developing tourism in a certain area without negative or irreversible influences on the environment. Tourism and Sustainable Economic Development provides a theoretical framework for these problems, as well as practical illustrations on the following topics: * the conditions under which specialization in tourism is not harmful for economic growth; * the trade-offs, if any, between tourism development and economic growth; * the need for government intervention and the various policy options and instruments available to policy makers. The book comprises two parts. The first part presents general views on tourism and sustainable economic development, and some opinions on the relationship between tourism and the environment.Some of the basic concepts implicit in sustainability are examined in relation to regional development, urban tourism, art cities, and rural tourism. The second part of the book concentrates on strategies and policy instruments. The purpose is to concisely define and bring together some policies which appear to be necessary, and whose implementation is required if we are to reconcile tourism development with the protection and conservation of the environment. Some analytical tools for policy making with regard to tourism and the environment are developed. As will become clear, there are many gaps in our knowledge that need to be filled if we are to be successful in controlling tourism in a way that puts this important industry onto a sustainable development path.
Economic Development is but one facet of Human Development. This forces us to ask - how do humans develop? Man is a social animal and the growth of our humanity requires various social institutions, such as bureaucracy. The paradox of capitalism is that it is a system ostensibly based on self-interest yet wholly dependent on non-market values for its success. These non-market values are shaped by two much-neglected factors, religion and ethnicity. Economic Development is an applied field; whatever it claims as a conclusion should be an applicable conclusion. This requires attention to all those non-economic factors which translate economic decisions into practice - such as the forces of nationalism versus the pressures of such global powers as US foreign policy and the advice of the IMF/IBRD. Since policy is our goal, theory whose intellectual basis is inaccessible to policy makers or which fails to have application should be minimized. Mathematical models are best avoided and, if they are to be used, the burden of proof must be placed upon their proponents. As insights about the market are limited neither by time nor space, poor countries can learn from rich ones, and vice versa. It is most fruitful to focus on examples of success, such as the East Asian economies. They are the clearest illustration of the fact that rapid economic development is possible even to those who have suffered through imperialism, and possess few natural resources, but have their work and their determination intact. `One good example is enough.'
Contemporary Issues in Accounting Regulation looks at accounting regulation in a different way. The opening chapters explore the tension between the power of the state and the forces of the market, and other aspects of the political dimension to accounting regulation. The book also examines the process of setting accounting standards, highlighting the crucial role of standard setters in assessing the level of public support for an issue in the face of opposing positions taken by powerful interest groups. In addition, the book provides an introduction to the theoretical framework of accounting regulation, looking at choices between controversial accounting methods and at markets that are characterized by asymmetry of information and beliefs. The final chapters of the book are concerned with creative accounting, deregulation of financial reporting by smaller companies, and the link between price regulation and accounting policy choices.
It is difficult to overstate the importance of personal consumption both to individual consumers and to the economy. While consumer&, are recognized as valuing market goods and services for the activities they can construct from them in the frameworks of several disciplines, consequences of the characteristics of goods and services they use in these activities have not been well studied. In the discourse to follow, I will contrast knowledge-yielding and conventional goods and services as factors in the construction of activities that consumers engage in when they are not in the workplace. Consumers will be seen as deciding on non-work activities and the inputs to these activities according to their objectives, and the values and cumulated skills they hold. I will suggest that knowledge content in these activities can be efficient for consumer objectives and also have important externalities through its effect on productivity at work and economic growth. The exposition will seek to elaborate these points and contribute to multi disciplinal dialogue on consumption. It takes as its starting point the contention that consumption is simultaneously an economic and social psychological process and that integration of content can contribute to explanation."
Equal treatment in access to credit has long been a fundamental social goal in the United States. However, despite the passage of several laws in the U.S. prohibiting discrimination in the provision of financial services on the basis of race, gender, and marital status, among other factors, questions concerning the existence of racial discrimination in such areas as home mortgage loans and small business credit continue, and confound public policy makers. This book is composed of nine articles and a panel discussion, originally published as a special issue of the Journal of Financial Services Research. These contributions explore the complex issue of discrimination in financial services.
Setting the issue "Most economists consider the marked increase in automatic stabilizers a highly favorable development with respect to maintenance of economic stability". Besides the rare privilege of having being signed by both Milton Friedman and Paul Samuelson (Depres,Friedman, Hart, Samuelson, and Wallace ), among others, this sentence expressed as soon as 1950 the consensus view on the stabilizing effect of fiscal rules governing tax revenue and public expendi tures and transfers. This positive ex ante assessment will have been confirmed ex post as part of the explanation for post war stabilization (Burns , de Long and Summers , Moore and Zarnovitz ). However, it becomes disputed in both its positive and normative aspects. Many institutional changes since the eighties point at curbing back the transfer mechanisms underlying automatic stabilizers, and legal restraints on deficits such as the US balanced budget amendment or the European Maastricht criteria would involve serious risks for the future of stabilizers. Under such rules "the government would become, almost inevitally, a destabilizer rather than a stabilizer" said Joseph Stiglitz, quoted by the New York Times (April 1995)). "Built-in stabilizers are automatic fiscal adjustments that reduce the national income multiplier and thus cushion the effects of changes in autonomous spend ing on the level of income" (Pechman ). Early analyses of the automatic fiscal stabilizers include the contributions of A. G. Hart , R. Musgrave and M. Miller (1948) and E. C. Brown (1955).
The dramatic growth of international capital flow has provided unprecedented opportunities and risks in emerging markets. This book is the result of a conference exploring this phenomenon, sponsored by the Federal Reserve Bank of Dallas. The issues explored include direct versus portfolio investment; exchange rates and economic growth; and optimal exchange rate policy for stabilizing inflation in developing countries. It concludes with a panel discussion on central bank coordination in the midst of exchange rate instability.
Deterrence of market manipulation is central to the entire regulatory and legal framework governing the operation of American commodity futures markets. However, despite all of the regulatory, scholarly, and legal scrutiny of market manipulation, the subject is widely misunderstood. Federal commodity and securities laws prohibit manipulation, but do not define it. Scholarly research has failed to analyze adequately the causes or effects of manipulation, and the relevant judicial decisions are confused, confusing, and contradictory. The aim of this book is to illuminate the process of market manipulation by presenting a rigorous economic analysis of this phenomenon, including the conditions that facilitate it and its effects on market users and others. The conclusions of this analysis are used to examine critically some legal and regulatory anti-manipulation policies. The Economics, Law and Public Policy of Market Power Manipulation concludes with a set of robust and realistic tests that regulators and jurists can apply to detect and deter manipulation.
Evidence-Based Health Care Management introduces the principles and methods for drawing sound causal inferences in research on health services management. The emphasis is on the application of structural equation modeling techniques and other analytical methods to develop causal models in health care management. Topics include causality, theoretical model building, and model verification. Multivariate modeling approaches and their applications in health care management are illustrated. The primary goals of the book are to present advanced principles of health services management research and to familiarize students with the multivariate analytic methods and procedures now in use in scientific research on health care management. The hope is to help health care managers become better equipped to use causal modeling techniques for problem solving and decision making. Evidence-based knowledge is derived from scientific replication and verification of facts. Used consistently and appropriately, it enables a health care manager to improve organizational performance. Causal inference in health care management is a highly feasible approach to establishing evidence-based knowledge that can help navigate an organization to high performance. This book introduces the principles and methods for drawing causal inferences in research on health services management.
I. Until about a dozen years ago, the economic analysis of the relationship between political preferences and political demands was a rather straightforward, if dull, subject. The most common assumption was that the only political instrument available to citizens was the vote. Given this assumption, the analyst could express the outcome of the voting process in one of two ways. One possibility was to make the heroic assumptions necessary to obtain the median voter theorem, in which case, the political demands of the citizenry are simply the preferences of the median voter. The alternative was to make Arrow's Impossibility Theorem in which case even though individual preferences are well ordered, no collective preference function exists. On either of these approaches, institutions such as interest groups, political parties, or the structures ofpolitical representation played no role in the analysis. The work of "Chicago" scholars especially George Stigler, Gary Becker and Sam Peltzman took a different approach and emphasized the importanceoforganizationinmakingpoliticaldemandseffective, shifting thefocus from voting topolitical "pressure" byinterestgroups. However, in these models, voting as an instrument of political action simply disappears and the relationship between interest group pressures and electoral processes has never been clarified.
This volume is the result of a collective effort made by its authors to reason and write about environmental policy from an empirical, rather than from a prescriptive perspective. Since the authors, like most people, care about the environment and, as professional economists or political scientists, have some expertise to offer in the area of policy-design, it was not always easy for them to keep on the intended track. Whereas they knew that it is unusual to follow a strictly empirical approach in such a 'practical' field as environmental policy, they discovered only during the effort what kind of difficulties would be encountered. Moreover, they learned that it is sometimes necessary to reason normatively in order to catch essential features of empirical reality. As it turns out, moral notions cannot entirely be neglected in political life. The predominance of homo economicus is not absolute. We feel that the effort has been worthwile and deserves to be repeated and expanded. It has been a truly co-operative project and we are very grateful to all authors for their willingness to contribute. Special gratitude we owe to Frans van Nispen and Annemarie Rima. Frans van Nispen has assisted us in every conceivable way during the preparation of this book.
Three major challenges confront European policymakers and financial systems; (1) to preserve and strengthen policy coordination between the countries participating and the European Monetary System; (2) to design the future structure of the Economic and Monetary Union; (3) to implement constructive economic and financial responses to the major economic and political reform in Eastern Europe. The purpose of this book is to present a comprehensive analysis of these challenges, focusing on the relationships between fiscal policies on the one hand and financial systems on the other. The basis for the work is formed by the discussions, which took place at the 16th Colloquium of the Societe Universitaire Europeenne de Recherches Financieres (SUERF). Private savings and the taxation of income from capital, imbalances in public sector budgets and their impact on financial systems, international resource transfers and the respective roles of governments and private capital flows, and the policy mix in the transition to Economic and Monetary Union are central themes of the book. This collection of papers, authored by members of the university, private financial sector and national and international policymaking communities, is of central importance to policymakers, bankers, financial executives, and academics. "
Tommy Bengtsson Population ageing, the shift in age distribution towards older ages, is of immense global concern. It is taking place to a varying degree all over the world, more in Europe and some Asian countries, less on the African continent. The worldwide share of people aged 65 years and above is predicted to increase from 7. 5% in 2005 to 16. 1% in 2050 (UN 2007, p. 11). The corresponding ?gures for developed countries are 15. 5 and 26. 2% and for developing countries 5. 5 and 14. 6%. While population ageing has been going on for some time in the developed world, and will continue to do so, most of the change is yet to come for the developing world. The change in developing countries, however, is going to be much faster than it has been in the developed world. For example, while it took more than 100 years in France and more than 80 years in Sweden for the population group aged 65 and above to increase from 7 to 14% of the population, the same change in Japan took place over a 25-year period (UN 2007, p. 13). The scenario for the future is very similar for most developing countries, including highly populated countries like China, India and Brazil. While the start and the speed differ, the shift in age structure towards older ages is a worldwide phenomenon, stressing the signi?cance of the concept global ageing.
The aim of this book is to document, on a solid and convincing foundation, two public policy mistakes of the United States Government that have been extremely costly. First, the failure to combine stocks with long-term government bonds in the Social Security Trust Fund, the way other nations do, has resulted not only in an investment shortfall well into the trillions of dollars, but has also reduced US and global economic growth and increased the national debt. Second, by employing the Unified Budget concept beginning in 1970, the US Government has since then understated its financial deficits by more than $4 trillion and in doing so it has shielded the increase in the debt owed to the public by roughly half.This study puts forth the notion of Social Security as a minimal safety net is consistent with the views of both Adam Smith and Friedrich Hayek and that private social security accounts are inefficient and subject to moral hazard and huge productivity losses. It also introduces a novel approach to long-term investing suitable for perpetual funds consistent with the empirical phenomena of risk premia and mean reversion, including no asset sales and the use of short-term borrowing on a rollover basis to cover negative net inflows.The study also proposes that payroll taxes be re-labeled Social Security Contributions and that the Social Security System be made independent and professionally managed based on the Federal Reserve System model.
Recent innovations in finance, while increasing the capacity to borrow and lend, resulted in a large volume of banking transactions occurring outside of traditional banking institutions. Also, even though existing regulators supervise individual banks for safety and soundness, there are risks that do not reside with those institutions but may still adversely affect the banking system as a whole. Macroprudential policy refers to a variety of tasks designed to defend the broad financial system against threats to its stability. This book provides background and discusses the potential benefits and limitations of macroprudential policy efforts with a focus on systemic risk oversight and reform considerations.
This volume contains the papers, along with the discussant's re marks, presented at a conference on 'Federal Fiscal Responsibility', held at The Homestead, Hot Springs, Virginia, on 26-27 March 1976. Additionally, we, the editors, have included an introductory essay which sets forth some of our background thoughts that in formed our organization of the conference and which also de scribes some of our reactions to the conference. This conference was sponsored by the Liberty Fund, Inc. of Indianapolis, Indiana, which incorporated this conference into its overall program directed toward the study of the ideals of a free society of responsible individuals. Related to this effort, the Liberty Fund also assisted in supporting research on Democracy in Deficit: The Political Legacy of Lord Keynes, by James M. Buchanan and Richard E. Wagner (New York: Academic Press, 1977). Both Democracy in Deficit and the conference were de signed to examine one important aspect of the Liberty Fund's general set of concerns, namely the' way in which political con siderations influence the macroeconomic aspects of budgetary policy, thereby, in turn, influencing the future of American liberty and prosperity. We are most grateful to the Liberty Fund for their efforts, and we are pleased that Enid Goodrich, William Fletcher, Neil McLeod, and Helen Schultz of the Liberty Fund were able to attend the conference."
Contributors discuss the Alaska Permanent Fund (APF) and Permanent Fund Dividend (PFD) as a model both for resource policy and for social policy. This book explores whether other states, nations, or regions would benefit from an Alaskan-style dividend. The book also looks at possible ways that the model might be altered and improved.
Basic income is one the most innovative, powerful and controversial proposals for addressing poverty and growing inequalities. This book examines the arguments for and against basic income from the point of view of economic and social justice.
Advances in Pacific Basin Business, Economics and Finance is an annual publication designed to focus on interdisciplinary research in finance, economics, and management among Pacific Rim countries. All articles published are reviewed and recommended by at least two members of the editorial board. Topics of interest include, but are not limited to, the following: 1. Policy and management on financial markets and financial institutions; 2. Options, futures and other derivatives markets; 3. Corporate finance and investment decisions; 4. Insurance and risk management; 5. Accounting, auditing and taxation; 6. Marketing, supply chain management, and business policies; 7. Artificial intelligence and new technology in finance; 8. Monetary and foreign exchange policy; 9. Income, employment and education; 10. Other economic policies among the Pacific Rim countries.
China's emerging financial markets reflect the usual contrast between the country's measured approach toward policy, regulatory, and market reform, and the dynamic pace of rapid economic growth and development. But they also offer unusual challenges and opportunities. In the past five years, the pace of opening and reform has accelerated sharply. Recapitalization and partial privatization of the largest banks, and the allowance of some joint venture and branch operations for foreign financial institutions, are making rapid headway in developing and expanding financial services and improving access to domestic business and households. This book provides the most extensive look available at the evolving Chinese financial system. It begins with alternative perspectives on the evolution of the financial system and the broad outlines of its prospects and potential contribution to economic growth. Three articles review broad aspects of the financial system. Franklin Allen, Jun ''QJ'' Qian, Meijun Qian, and Mengxin Zhao lead off with overviews of the banking system and performance of the equity market and other institutions.
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