Government Expenditures and Revenues in Italy in a Long-run Perspective

The aim of this study is to investigate the sustainability of Italian public accounts using in a long-run perspective, using empirical tests on sustainability and solvency of the country’s fiscal policies. The results of unit root and stationarity tests show that government expenditures and revenues series are first-differences stationary. The empirical analysis considered both the entire period and two sub-periods (1862–1913, 1947–2013). Furthermore, we conduct tests on cointegration, which evidence that a clear long-run relationship between public expenditure and revenues emerges only for the years 1862–1913. In essence, the paper’s results reveal that Italy have sustainability problems in the republican age.

     

Designing an Enterprise Risk Management Curriculum for Business Studies: Insights From a Pilot Program

The latest financial crises have highlighted the centrality of managing risks across organizations. Internationally, Basel II/III, The Volcker Rule of the Dodd–Frank Act, and Vickers’ Ring‐Fence all propose stronger management of risk across banks and greater oversight of executive compensation to mitigate generic risk. Given this situation, it might be assumed that academia would also view risk as a central concern for its business programs. It seems not. There is a little evidence that academic curricula are being specifically designed to address this issue. This article examines an Enterprise Risk Management curriculum delivered to graduate student cohorts over 3 consecutive years. Four criteria were used to develop the new curriculum. First, it should take a holistic view of risk; second, the theories related to risk needed to be transformed from individual to group level; third, the dynamics of risk due to market factors needed to be understood; and finally, the way firms respond to crises needed to be observed and embedded in the curriculum.     

Producing drama: a comparison of film tax incentives to alternative uses

Incentive packages are popular tools for economic development. However, development projects are often considered in isolation without an analysis of opportunity costs. In this study, we use an intuitive framework for comparing projects and weigh alternate projects against North Carolina’s film incentive programme. The results indicate that there are substantial differences in the economic impact of the projects we consider in this study. Our results suggest that policy decisions by governments and economic development officials should weigh a potential project against alternative uses in order to optimize the use of incentives.     

Relating to marketing? Why relationship marketing works for not-for-profit organisations

Not-for-profit organisations often consider marketing to be inappropriate to their needs. This may well be true if marketing is thought of in its traditional and outdated ‘transactionally’ focused mode. Relationship marketing, with a focus on relationships rather than transactions, and multiple markets, has the ability to meet the unique needs of not-for-profit organisations. Copyright © 1999 Henry Stewart Publications     

The Sustainability of Italian Public Debt and Deficit

In this paper, we analyse the sustainability of Italian public debt using a unique database, reconstructed by Forte (2011), which covers the years 1862–2013. The study focuses on empirical tests for the sustainability and solvency of Italian public finance. The results of unit root and stationarity tests show that public debt and deficit variables are non-stationary at levels, but stationary in first-differences form, or I(1). However, some breaks in the series emerge, given internal and external crises (wars, oil shocks, regime changes, institutional reforms). Therefore, the empirical analysis is conducted for the entire period, as well as two sub-periods (1862–1913 and 1947–2013). In essence, the paper’s results reveal that Italy has sustainability problems in the Republican age (1947-2013). Our Markov-switching dynamic regression model indicates the existence of two distinct states, both for public debt and deficit, with means and standard deviations rather different. Both states are extremely persistent.     

Francesco Forte’s Contributions to <Emphasis Type="Italic">Essentials of Fiscal Sociology</Emphasis>

Francesco Forte has made major contributions to many areas of economics with the result that his theoretical work and applications have opened new areas of inquiry. This paper connects Forte’s work with the work of Jürgen Backhaus on fiscal sociology. Positioned at the crossroads of economics and sociology, the answers to these questions helped fill the void which gave rise to the field of fiscal sociology. Fiscal sociology is primarily a study of taxation and fiscal policies which illuminates core issues in the sociology of contemporary capitalism. It includes the causes of poverty and inequality in rich countries and adds to our understanding the basis for the inequality between rich and poor countries. Our paper reviews several of Forte’s papers on Pareto’s fiscal sociology and the failure of European planning for less-developed regions. The paper highlights Forte’s contributions to economic theory focusing on Pareto’s sociological theory and the influence of the European Union on regional development.     

Ambidexterity and Knowledge Strategy in Major Projects: A Framework and Illustrative Case Study

We develop a framework to analyze the multi‐level knowledge requirements of complex, major projects in terms of ambidexterity—the ability to exploit (refine existing knowledge) and explore (develop new knowledge). This is an important theme within the wider literature, yet practical operationalization methods for managers and researchers are not evident. We demonstrate the ambidexterity view through an illustrative case study of telecommunications delivery for the London 2012 Olympic Games and show how these concepts can be used to create an effective knowledge strategy. We offer a structure for the analysis of knowledge utilization in projects.     

Evaluating Consumer Preferences for Organic Food Production Standards

In 21st century agriculture, standards are increasingly used to define new food products, such as organic food and fair trade. In some cases these standards are privately determined but in other cases they have been established by governments. Indeed, the Government of Canada recently announced its organic food regulations. A key dimension of the policy process involves choosing which standards are to be used to govern the production of organic food. Unfortunately, decision makers faced with these choices know very little about how the public values the various standards that could be used to define organic. This study evaluates Canadian consumers' preferences for different organic standards. Standards pertaining to pesticide‐residue testing, product origin specifications, the standard setting agency, and standard monitoring agency are evaluated using a conjoint method. Key results suggest that consumers place a high value on a pesticide standard that involves regular testing of the end product and that they prefer an organic food standard to include a rule that limits where the good is produced. En agriculture en ce 21^e siècle, des normes sont de plus en plus utilisées pour définir de nouveaux produits alimentaires tels que les aliments biologiques et les aliments issus du commerce équitable. Dans certains cas, ces normes sont établies par des organismes privés, et dans d'autres cas, elles sont établies par les gouvernements. Dernièrement, le gouvernement du Canada a annoncé son Règlement sur les produits biologiques. Un élément clé du processus d'élaboration des politiques consiste à choisir les normes qui s'appliqueront à la production d'aliments biologiques. Malheureusement, les décideurs à qui reviennent ces choix en savent très peu sur les valeurs que le public accorde aux diverses normes qui pourraient être utilisées pour définir le terme «biologique». La présente étude évalue les préférences des consommateurs canadiens concernant les diverses normes sur les produits biologiques. Les normes sur l'analyse des résidus de pesticides, les spécifications sur l'origine du produit, les organismes de normalisation et les organismes de surveillance sont évaluées à l'aide d'une méthode conjointe. Les résultats fondamentaux montrent que les consommateurs accordent une grande importance à une norme sur les pesticides qui exige des analyses régulières du produit final et qu'ils préfèrent une norme sur les aliments biologiques qui inclut un règlement sur l'origine du produit.     

Renters,landlords, and farmland stewardship

Are farmers better stewards of the land they own than the land they rent from others? We answer this question using a data set that identifies Ontario farmers’ conservation practices on their own land as well as the land they rent. Using a fixed‐effects regression approach, we find that the role of tenure varies for different types of conservation practices. Farmers were found to be just as likely to adopt a machinery‐related practice such as conservation tillage on their rented land as that land which they own. On the other hand, farmers were found to be less likely to adopt site‐specific conservation practices such as planting cover crops on rented land. However, this effect diminishes as the expected length of the rental relationship increases when the landlord has a farming background.