The Taylor principle in a medium-scale macroeconomic model

We consider a medium-scale New-Keynesian model which combines features that have been shown to explain fairly well postwar U.S. business cycles. Our main result demonstrates that the determinacy properties of forward-looking interest rate rules resemble, at least qualitatively, the corresponding outcomes under current-looking rules. We explain how and why the empiri-cally relevant features of our model generate this novel result.     

MACROPRUDENTIAL POLICY – A LITERATURE REVIEW

The recent financial crisis has highlighted the need to go beyond a purely micro approach to financial regulation and supervision. As a consequence, the number of policy speeches, research papers and conferences that discuss a macro perspective on financial regulation has grown considerably. The policy debate is focusing in particular on macroprudential tools and their usage, their relationship with monetary policy, their implementation and their effectiveness. Macroprudential policy has recently also attracted considerable attention among researchers. This paper provides an overview of research on this topic. We also identify important future research questions that emerge from both the literature and the current policy debate.     

International dimensions of management: The trans-national efficacy of a venture development model

Entrepreneurship is commonly held to be a vital force in the US and other economies. Yet, little is known regarding the efficacy of entrepreneurial efforts developed in one country but attempted elsewhere. In response to calls for testable theoretical models, scholars have begun to investigate empirically the attendant phenomena associated with the venture development process. This article describes efforts to test in another nation a nine-stage entrepreneurial process model of venture development derived and validated in the USA. While some development stages appear to exist similarly across borders, others may not be present. Further, the sequence of stages in the US-derived model may differ when compared internationally.     

Conditions and intervention strategies for the deliberate acceleration of socio-technical transitions: lessons from a comparative multi-level analysis of two historical case studies in Dutch and Danish heating

ABSTRACT

Policy-oriented transition frameworks such as Strategic Niche Management, Transition Management, and Technological Innovation Systems offer limited analytical traction on deliberately accelerated socio-technical transitions. Using the Multi-Level Perspective as guiding framework, we therefore inductively explore the political acceleration of socio-technical transitions by investigating two deliberately accelerated heating transitions: the transition from coal and oil to natural gas in the Netherlands (1948–1973), and the transition from oil to district heating in Denmark (1945–1990), to draw lessons about the conditions and intervention strategies that facilitate rapid socio-technical change. We find that both cases were characterised by weakened regimes, stabilised niche-innovations, focusing events, and consensus between policymakers and business actors. User resistance was also low in both cases, partly because of public policies. Different focusing events in each case produced problem-driven versus opportunity-driven transition pathways; the former destabilised existing regimes but generated future-oriented uncertainty, while the latter facilitated rapid closure.     

Fiscal deficits,monetary reform and inflation stabilization in romania

Developing countries have witnessed an increase in foreign bank participation during the last decade. Using bank level data for the period 1991–2001, we examine the influence of foreign banks on the financing of small firms in Tanzania. Despite dominating the banking sector, results suggest that the financing of small firms by foreign banks is insignificant compared to domestic banks. Clearly, there is a need for a new approach to policy that will encourage significant foreign bank lending to small firms.     

New development: All change? Performance assessment regimes in UK local government

Contrasting approaches to assessing the performance of public services highlight important issues for policy-makers and future research. We need systematic comparisons between countries. We should use a broader range of evidence. The public ought to have a greater role in designing performance criteria, and we need to know more about the impacts of assessments.     

Planning Discourse versus Land Discourse: The 2009–12 Reforms in Land‐Use Planning Policy and Land Policy in Israel

Land policy and land‐use planning policy are two types of public policy pertaining to space. In general, land‐use planning policy deals with land‐use allocation and property rights, whereas land policy defines the land regime of a society. These differences have shaped a unique discourse for each of these policy types. The purpose of this article is to examine the differences and similarities between the land discourse and the planning discourse by analyzing two public campaigns conducted in Israel against two proposed reforms: the 2009 reform of the Israel Land Administration and the 2010–12 reform of the Planning and Building Law. The findings reveal substantive differences between the two campaigns, manifested in the nature of the leading players, the types of public activities they chose, and most notably in the discourses and the hierarchy of considerations they addressed. The findings raise profound questions regarding universal trends in spatial policy reforms; their influence on the activities of public coalitions and the discourses they adopted; possible future effects of these trends on the differences between the land discourse and the planning discourse; and the impact of these trends on the ability of groups and individuals elsewhere to influence spatial policies (such as planning and land policies).     

Lone Mothers: What is to be done?

This Dialogue presents the views of four authors, from the US, the UK, and Norway, on the best policies to help lone mothers. Lone mothers face an inevitable dilemma in allocating their time between earning income and caring for their children. The low-earning capacity of women in an unequal labor market exacerbates the problem, causing material hardship for many lone mothers and their families. The policy solutions proposed lie along a spectrum, ranging from those that seek to enable all lone mothers to take employment to those that aim to let mothers choose whether to take employment or care for their children themselves. Other policies discussed concern ways to value and support caregiving, improve the low-wage labor market for women, and provide a set of income supports that would both boost income and provide time to care for children.     

Singapore's Regionalization Blueprint: A Case of Strategic Management,State Enterprise Network and Selective Intervention

ABSTRACT

Strategic management for economic development has been the hallmark of the Singapore ‘success story.’ State-led, market-driven intervention underscored the city-state's development strategies. This paper revisits this development blueprint in the context of Singapore's efforts at regionalization. The paper takes a closer look at Singapore's state enterprise strategy, and the ‘portability’ of the strat-egy–in the framework of Regionalization 2000–beyond the city-state. It concludes that the calculated, schematised efforts, though remarkable, have been overly optimistic and have failed to engender equally compelling results, more often than not frustrated by the intricacies of socio-political realities in the host economies.     

The new exchange rate policy in the Asian emerging economies – goodbye trouble,hello comfort?

In this paper, we discuss new aspects of exchange rate policy that can be observed in the Asian emerging economies. In the first place, we show the alternative regimes they may choose and their respective pros and cons. Secondly, we concentrate on the recent strategy of systematic undervaluation of one's currency – figuring prominently among ‘big’ Asian players such as China and India – and the most likely implications of such a strategy for domestic allocation, distribution and stabilization goals. With the background of Germany's experiences in 1969, almost on the eve of the Bretton Woods' system collapse, we model a speculative attack on an undervalued currency in the vein of the Flood–Garber seminal paper from 1984. Now, however, the country in concern (just like India and China) possesses strong rather than weak fundamentals. The continuous accumulation of international reserves, in addition, leads to the question of an ‘optimal management’ of foreign exchange reserves in Asian emerging economies with regard to size and composition. We finally propose a sequence of reforms/policies that should be implemented in those Asian emerging economies on their still long journey to a regime featured by autonomous monetary policy, flexible exchange rate and capital mobility. A brief summary and an outlook for future research close the paper.