An alternative approach to the construction of multi-regional input–output tables of the Czech Republic: application of the CHARM method

Empirica - The main scope of the paper is to review the construction method of (multi-)regional input–output tables (RIOTs) in the Czech Republic at the NUTS 3 regional level. We compare the...     

Coordination in a skeptical two-group population

Journal of Economic Interaction and Coordination - This paper explores a situation in which a population split into two groups attempts to achieve the socially efficient outcome of a coordination...     

From private label to co-branded credit card: an assessment of the impact of a change in value proposition over customer value perception and company value capture

Journal of Financial Services Marketing - Purpose: The aim of this paper is to evaluate the success of a value proposition over time, considering two aspects: customer’s perceived value and...     

Multigroup validation of the service quality,customer satisfaction and performance links in higher education

The notion of ‘students as customers’ continues to be prominent, yet is insufficiently explored, especially from the standpoint of various stakeholders. To address this inadequacy, the present study employs a multigroup analysis of the service profit chain (SPC) model in higher education (HE). Its purpose is to examine the complete SPC model regarding stakeholder perceptions in order to inform its validation and implementation. A cross-sectional survey was employed in order to enable multigroup comparison of a comprehensive research model on subsamples of employees and students by means of structural equation modeling (SEM). Results provide support for the proposed SPC model within the sample of vocational colleges. Besides strongly linked constructs (quality–satisfaction–loyalty), some notable weaknesses (cracked ‘satisfaction mirror’) are found. Multigroup analysis also indicates some important differences between employees and students. Implications are provided for strategic service management in HE, which should acknowledge the differences among stakeholder perceptions.     

Further Evidence on PPP Adjustment Speeds: the Case of Effective Real Exchange Rates and the EMS*

Two different approaches intend to resolve the ‘puzzling’ slow convergence to purchasing power parity (PPP) reported in the literature [see Rogoff (1996) , Journal of Economic Literature, Vol. 34.] On the one hand, there are models that consider a non‐linear adjustment of real exchange rate to PPP induced by transaction costs. Such costs imply the presence of a certain transaction band where adjustment is too costly to be undertaken. On the other hand, there are models that relax the ‘classical’ PPP assumption of constant equilibrium real exchange rates. A prominent theory put together by Balassa (1964, Journal of Political Economy, Vol. 72) and Samuelson (1964 Review of Economics and Statistics, Vol. 46) , the BS effect, suggests that a non‐constant real exchange rate equilibrium is induced by different productivity growth rates between countries. This paper reconciles those two approaches by considering an exponential smooth transition‐in‐deviation non‐linear adjustment mechanism towards non‐constant equilibrium real exchange rates within the EMS (European Monetary System) and effective rates. The equilibrium is proxied, in a theoretically appealing manner, using deterministic trends and the relative price of non‐tradables to proxy for BS effects. The empirical results provide further support for the hypothesis that real exchange rates are well described by symmetric, nonlinear processes. Furthermore, the half‐life of shocks in such models is found to be dramatically shorter than that obtained in linear models.     

Liquidity, Labels and Medium-Term Notes

We suggest that the medium-term note market provides an excellent laboratory for exploring the relationships between yield, liquidity, and the label affixed to a financial instrument. Crabbe and Turner (1995) examined the liquidity issue and uncovered the counter-intuitive result that issue size is unrelated to liquidity. Their study failed to examine a potential channel for a liquidity effect, however, in the form of multiple issues from a single, typically large, MTN registration filing. We find evidence that file size is significantly related to yield in a number of instances. Several other proxies for liquidity, such as frequency of issue, are also sometimes significantly related to yields. Contrary to Crabbe and Turner (1995) , we find that labeling a security an MTN can have an impact on its yield. The label "note" also appears to matter for yield in some instances.     

Use of Statistics in the Monetary Policy of the Czech National Bank: The Case of a Country in Transition

In the presented text the authors judge the importance of statistics in the monetary policy of the Czech National Bank (CNB) over the course of the economic transformation process, with particular consideration of changing statistical needs and the possibilities and limits of statistical data exploitation in the monetary analyses. The importance of statistics lies on the level of collection and processing of statistical information and on the level of use of statistical methods to analyse data. Since the start of the 1990s the requirements for statistics were significantly influenced by monetary policy. In the period 1990–1997, monetary targeting was the primary influential factor. Since 1998, the monetary policy is influenced by inflation targeting. Statistical priorities switched from monetary data to economy and financial market data. Much progress has been made in the use of statistical methods for analysing data. Statistics available at present cover the CNB's standard monetary-policy requirements and are on par with those in developed countries. Its further development will reflect the standard changes taking place in the more advanced countries.     

“政府-社会合作型”失业保障体系探究

中国现行失业保障面临重重困境,迫切要求探索失业保障的制度创新。针对实践中出现的新型失业保障模式,对政府—社会合作型失业保障体系的构建进行初步探讨,对于建立以政府主导的失业保险为基础,非营利组织失业救助为补充,政府、企业和非营利组织合作促进再就业,以社区作为政府—社会合作的结合部的失业保障体系具有一定的现实意义。     

A welfare analysis of social security in a dynastic framework*

In this article, we study the welfare effects of unfunded social security in a general equilibrium model populated with overlapping generations of altruistic individuals that differ in lifetime expectancy and earnings ability. Contrary to previous research, our results indicate that steady‐state welfare increases with social security for most households, although by very different amounts. This result is mainly due to two factors. First, the presence of two‐sided altruism significantly mitigates the crowding out effect of unfunded social security. Second, ability shocks and uncertain lifetimes generate significant heterogeneity among households to yield different induced preferences for social security.     

OWNERSHIP STRUCTURE AND FIRM EXIT ROUTES

ABSTRACT

Our study presents empirical evidence about the role of ownership structure for firm exit probability by explicitly differentiating between distinct exit routes (bankruptcy and forced liquidation, voluntary liquidation, mergers and acquisitions – M&A, and removal from the court register). Based on the population of Slovenian firms in the 2006–2012 period and using multinomial probit, our findings support the predictions of agency theory. Ownership concentration, share of the largest owner, and the difference in shares between two largest owners all decrease the likelihood of exit for all studied exit routes but M&A. The magnitude of their impact is largest for exits, in which owners play a decisive role, i.e. voluntary liquidation and removal. The link between the number of primary owners and exit likelihood is U-shaped with the lowest exit probability for firms with around two owners.