The anticipated and concurring effects of the EMU: exchange rate volatility, institutions and growth

Reduced exchange rate volatility and higher and less heterogeneous quality of institutional rules and macroeconomic policies are two of the main (anticipated and concurring) effects expected from a currency union.In this paper, we measure the magnitude of these two effects for the Eurozone countries looking at real effective exchange rates (REER) and at different indicators of quality of institutional rules and macroeconomic policies (QIRMP). We find that the first effect is much stronger than the second when we compare relative changes for Eurozone countries and the rest of the world in the relevant period.We further evaluate the impact of both effects on economic growth on a larger sample of countries. Our findings show that both have significant impact on levels (more robust) and on rates of growth (weaker) of per capita GDP.     

指望政府救市，中国股民面临多重风险

【美国《华尔街日报》3月24日】全世界股票投资者正在向中国同行致意：感谢你们，让我们感觉好些了。而此前不久，中国大陆股民还是全世界股票买家深感嫉妒的对象。但目前他们却沦为警示故事的主角，提醒人们现金以及无经验的贪婪可能引发灾难。     

The effect of interfirm dependence structures on governance mechanisms

Despite recent developments regarding the study of interdependence structures, previous research has rarely investigated the simultaneous effect of both interdependence magnitude and interdependence asymmetry on governance mechanisms among exchange parties. A survey of manufacturing companies has been used to test a theory about the interactive effect of buyer dependence and supplier dependence on inter-firm governance. The analysis of the survey supported the proposition that both buyers and suppliers that are highly dependent on each other (high interdependence magnitude and low interdependence asymmetry) may choose to rely on monitoring and the norm of information sharing. However, when a buyer's dependence is low regardless of the supplier's dependence level, the buyer does not rely on the norm of information sharing (buyer's relative interdependence advantage, buyer's relative interdependence disadvantage, and low interdependence magnitude). On the other hand, when the supplier's dependence on the buyer is low, the buyer relies on monitoring regardless of its dependence level (buyer's relative interdependence disadvantage and low interdependence magnitude). However, this study did not empirically measure performance. Further research should be done on the effect of congruence between the governance mechanism and its antecedents on buying performance.     

Reconciling introspective utility with revealed preference: Experimental arguments based on prospect theory

In an experiment, choice-based (revealed-preference) utility of money is derived from choices under risk, and choiceless (non-revealed-preference) utility from introspective strength-of-preference judgments. The well-known inconsistencies of risky utility under expected utility are resolved under prospect theory, yielding one consistent cardinal utility index for risky choice. Remarkably, however, this cardinal index also agrees well with the choiceless utilities, suggesting a relation between a choice-based and a choiceless concept. Such a relation implies that introspective judgments can provide useful data for economics, and can reinforce the revealed-preference paradigm. This finding sheds new light on the classical debate on ordinal versus cardinal utility.     

The impact of (more) enlargement on the European Employment Strategy

The European Union (EU) aspires to be the most competitive, full employment economy in the world and has set a number of ambitious targets to be met by 2010 in order that it can achieve this goal. At the same time, it is pursuing an enlargement policy that will witness the accession of an increasing number of less developed nations. This article explores some of the tensions that exist between these two goals as these are manifest in labour market indicators and finds the likelihood of meeting the deadline set for success remote.     

Consumer ethics: The possible effects of terrorism and civil unrest on the ethical values of consumers

Research investigating the consumer's ethical beliefs, ideologies and orientation has been limited. Additionally, despite the repeated call in the literature for cross cultural research, virtually no studies have examined the ethical beliefs and ideologies of consumers from cultures other than those in North America. This study partially fills this gap in the literature by investigating the ethical beliefs, preferred ethical ideology, and degree of Machiavellianism of consumers from Egypt and Lebanon. The results indicate that consumers in Lebanon, which has been torn by civil unrest and terrorism, tend to be more Machiavellian, less idealistic, and more relativistic than their Egyptian counterparts. Additionally, the Lebanese consumers tend to be more accepting of questionable consumer practices.Mohammed Y. A. Rawwas is Assistant Professor of Marketing at the University of Northern Iowa. His research has appeared in theJournal of Business Ethics, Journal of Hospital Marketing, Health Marketing Quarterly, Medical Marketing & Media, and national proceedings of the American Marketing Association.Scott J. Vitell is Associate Professor of Marketing and holder of the Michael S. Starnes Lecturship in Marketing and Business Ethics at the University of Mississippi. His work has previously appeared in theJournal of Macromarketing, theJournal of Business Ethics, Research in Marketing, theBusiness and Professional Ethics Journal and theJournal of the Academy of Marketing Science as well as various other journals and proceedings.Jamal Al-Khatib is Assistant Professor of Marketing at the University of Wisconsin-Eau Claire. His research has appeared in theJournal of Consumer Marketing, International Marketing Review andResearch in the International Business Disciplines as well as various national and regional proceedings.     

Development and efficiency of the banking sector in a transitional economy: Hungarian experience

The paper analyzes the experiences and developments of Hungarian banking sector during the transitional process from a centralized economy to a market-oriented system. The paper identifies that early reorganization initiatives, flexible approaches to privatization, and liberal policies towards foreign banks’ involvement with the domestic institutions helped to build a relatively stable and increasingly efficient banking system. Foreign banks and banks with higher foreign bank ownership involvement were associated with lower inefficiency.     

High-Performance HR Practices,Work Stress and Quit Intentions in the Public Health Sector: Does person–organization fit matter?

Drawing on the attraction–selection–attrition (ASA) framework, this paper examines a mechanism, namely person–organization (P–O) fit, through which high-performance HR practices (HPHRPs) affect two negative employee outcomes: work-related stress and quit intentions. Using a sample of Egyptian public health sector workers, a mediation model is tested empirically using structural equation modelling. The study results show that HPHRPs positively affected P–O fit, which in turn had significant negative associations with work stress and quit intentions. P–O fit also explained a high proportion of mediation in the relationship between HPHRP and both outcomes.