Kalecki on money and finance

It is argued that Kalecki had a greater appreciation of the role of the monetary sector than has been generally recognized, and that Kalecki presented ideas which can be seen as now embedded in the structuralist post Keynesian analysis of endogenous money and in the circuitist approach. Six key features of Kalecki's monetary analysis are identified. The paper outlines Kalecki's dismissal of the ‘Pigou effect’ and the ‘Keynes effect’, and then discussion the relationship between the ‘principle of increasing risk’ and the nature of the supply of credit. It discusses interest determination in Kalecki's writings and the manner in which he distinguished different types of money.     

论召回制度中缺陷产品认定标准之冲突与对策

根据现行法律,召回制度中的缺陷产品认定存在不合理危险标准的地域冲突、不合理危险标准与技术标准及企业标准之间的冲突。解决冲突的症结在于明确召回制度的价值取向。应采用不合理危险的单一标准来界定产品缺陷;结合有关的国际标准,建立健全我国的法定标准体系;实行产品召回保险制度。     

Central bank transparency and financial market expectations: The case of emerging markets

In this paper, we study how central bank transparency influences the formation of money market expectations in emerging markets. The sample covers 25 countries for the period from January 1998 to December 2009. We find, first, that transparency reduces the bias (the difference between the money market rate and the weighted expected target rate over the contract period) in money market expectations. The effect is larger for countries with no exchange rate peg and countries with low income. Second, an intermediate level of transparency is found to have the most favorable influence on money market expectations: neither complete secrecy nor complete transparency is optimal. Finally, all subcategories of the Eijffinger and Geraats (2006) index lead to a smaller bias in expectations, with political transparency having the largest effect.     

Furthering Organizational Priorities with Less Than Truthful Behavior: A Call for Additional Tools

Though codes of ethics exist in many businesses, employees still view less than truthful behaviors to be a significant ethical problem. The current study examines the related and somewhat counterintuitive issue of less than truthful behaviors intended to further organizational priorities. Such behaviors risk violating one organizational priority (e.g., adhering to a code of ethics) to achieve another. Data indicated four unique though non-mutually exclusive motivations: (1) to avoid confrontation or conflict; (2) to ensure quality in the delivery of a product or service; (3) to buy time for an organization’s strategy to play out; and (4) for self-protection or self-enhancement. The evidence further suggests that enhanced managerial training, particularly in handling confrontation and conflicts, could reduce the contradiction between stated codes of ethics and actual behaviors.     

我国商业银行利率敏感性缺口分析

金融自由化的迅猛发展使得中国银行业正面临着严峻的利率风险,识别和衡量利率风险并提升国内商业银行的利率风险管理能力,是我国商业银行利率风险管理面临的迫切问题。本文针对目前我国商业银行在利率市场化进程中所表现出来的特征,以中国工商银行为例通过利率敏感性缺口的方法实证分析我国商业银行目前所处的风险状态,并给出利率风险的防范和规避措施。     

Marketing Relationship Management: Antecedents to Survival and Dissolution

ABSTRACT

Though investing in relationships in order to continue them seems intuitive, is every relationship worth further investment? For those partnerships in unstable conditions, it is important to know which ones are headed for dissolution and which ones have the potential to survive.

In addition to assessing the economic value of continuing a partnership, this paper argues that the behavioral quality of a relationship should also be considered if relationship management is to be successful. A Partnership Survival Framework (PSF) is offered, wherein conflict response behaviors are shown to be predictive of not only survival but also the quality of a relationship. Here, the PSF is proposed and tested. Support is found for the framework and theoretical and managerial implications are discussed.     

物权法与担保法的立法冲突及适用

我国在《物权法》中对担保物权列为单独一编并做出了许多新的规定,其中很多规定与《担保法》及其司法解释存在冲突,这些冲突优先适用于《物权法》。通过对两部法律进行的初步比较,并对这些不一致之处进行了相应归纳,确信对《物权法》的正确实施有所帮助。     

Development of the ‘Travelcard’ Concept in Urban Public Transport

Traditionally, urban bus operators have collected fares in cash for each trip. Some limited mechanisation has occurred in ticket issue at stations. Partly for reasons of operating convenience, there has recently been a shift to simpler fares and prepayment, notably through the introduction of ‘Travelcards', that is, tickets or passes permitting unlimited use of the network (or zones thereof) for a defined period. These cover both all-bus systems, and bus/rail networks (such as the West Midlands PTE system). They are now used in all main British conurbations, following introduction of the London Transport bus/rail Travelcard in May 1983. The Travelcard in effect redefines the ‘product’ being sold. Instead of the public transport service being perceived as a series of separate journeys, payment is made periodically for use of the network as a whole. Cost perception is thus put on a similar basis to that for the private car. The marginal money cost for each trip becomes zero. Interchange penalties associated with re-booking are eliminated. Payment may be made by cheque or credit card, rather than cash, further changing the perception of costs. Product quality is also enhanced through speeding up of services (one-person- operated buses), and enabling the user to select the quickest and/or most convenient route in a network by removing the interchange penalty.     

Calibration of implied volatility for the exchange rate for the Chinese Yuan from its derivatives

Revised implied volatility curves and surfaces for the Chinese Yuan (CNY) exchange rate are obtained from market quotations for CNY non-deliverable options by solving an inverse problem of foreign exchange option pricing, which is calculated using a regularization approach in an optimal control framework. To take account of the market expectation for the CNY exchange rate, a stochastic adjusted factor is applied that follows a Vasicek model with parameters fitted from market quotations for CNY non-deliverable forwards. A well-posed numerical scheme is implemented.