The Creative Night-Time Leisure Economy of Informal Drinking Venues

In response to debates on emergent and rogue forms of urbanism that are reshaping the African city, this article examines the night-time leisure economy as one particular social context in which the tensions and opposition between regulation/deregulation and informality play out. This article shows how ideas that centre on Northern entertainment spaces and drinking venues (bound with policy initiatives to reposition the city) have come to inform policy initiatives to regulate working-class public spaces in South African cities with the objective of controlling unruliness. Through a case study of informal and illegal drinking venues in Sweet Home Farm, a slum settlement in Cape Town, we provide an insight into the ways in which people seek to reclaim social space and impose their own vision of the creative city. The article demonstrates that while illegal drinking venues can be imagined as ‘unruly, unpredictable, surprising [and] confounding’, they are characterized by a responsive agility to the social, cultural and physical environment. We argue that the capacity and tenacity of informal drinking venues to adapt to regulatory pressures present a range of possibilities for reimaging the night-time leisure economy in ways that are inclusive of the poor and conducive to negotiation.     

Diffusing the Marketing Concept in a Transforming Economy: Class Consultancies for State-Owned Enterprises in Vietnam

ABSTRACT

Modern business education in transitional economies such as Vietnam must provide students with a strong conceptual base, but also give them practical experience in application of concepts. Local companies, used to central planning, likewise badly need marketing know-how to become more competitive. However, relying on new hires from among recent graduates is not going to help companies upgrade very quickly. Building marketing research (MR) courses around consulting projects for local companies helps bring real world marketing into the classroom, upgrading experience for both students and teachers.     

Informal Spaces: The Geography of Informal Economic Activities in Brussels

This paper unravels the relations between different categories of the informal economy and their spatial distribution in the geographical setting of Brussels. Micro perspectives (households as economic agents) and macro perspectives (the informal economy related to economic recession) are combined in order to deal with categories of informal activities which are homogenous in terms of their spatial logic. In the first part we review several classifications of informal economic activities and assess them in terms of their congruence with the distinctions of economic actors and spatial logic. The second part elaborates on the raisons d’être of three large categories of informal economic activities in relation to urban development and on the production environments of these activities in Brussels: the domestic sector and suburban development; economic recession and survival strategies in the inner city; and, finally, flexibility and informalization in urban light industry. Polanyi’s concept of modes of economic integration (market, redistribution and reciprocity) offers a powerful tool to understand informal economic activities as a set of interrelations between households and other economic actors in order to gain access to their living resources — Ce texte analyse les relations entre différentes catégories d’activités économiques informelles et leur répartition spatiale à Bruxelles. Les perspectives micro (les ménages en tant qu’agents économiques) et macro (l’économie informelle liée à la récession économique) sont combinées pour aboutir à des catégories d’activit’és’économiques informelles homogènes en termes de logique spatiale. Dans une première partie nous considérons plusieurs classifications des activités économiques informelles pour évaluer au niveau théorique leur congruence avec les types d’acteurs et les logiques spatiales. La seconde partie décrit les raisons d’? tre de trois grandes catégories d’activités économiques informelles et les met en relation avec le développement urbain et leurs milieux de production à Bruxelles. On distingue ainsi le secteur domestique liéà la péri-urbanisation, les stratégies de survie liées à la récession dans le centre-ville et la flexibilité et l’informalisation de l’industrie urbaine. Le concept de modes d’intégration économique de Polanyi (échange marchand, redistribution et réciprocité) constitue un outil d’analyse efficace pour comprendre ces activités économiques informelles en tant que combinaisons précises d’interrelations entre ménages et autres acteurs économiques permettant aux premiers d’accéder à leurs moyens d’existence.     

The Value Relevance of Financial Accounting Information in a Transition Economy: The Case of the Czech Republic

ABSTRACT

The paper investigates the value relevance of accounting information in the Czech Republic in 1994–2001. Value relevance is understood as the ability of financial statement information to capture or summarise information that affects share values and empirically tested as a statistical association between market values and accounting values. The objective of the study is to investigate the validity of the value relevance methodology by finding an accounting setting where the results of value relevance tests might be predicted unambiguously. If the results of these tests confirm the predicted results, the validity of the value relevance methodology might be assumed. A transition economy represented by the Czech Republic provides such an institutional and accounting setting. It might be assumed that value relevance of accounting information is lower in a transitional economy than in a well-developed market economy. It can also be assumed that the value relevance increases over time as a result of the progress in transition. The results of the study confirm these predicted results and give thus supportive evidence of the validity of the value relevance methodology.     

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.     

我国房地产经济可持续发展的战略对策

首先从环境、资源、金融等角度分析我国房地产经济发展过程中存在的五个问题。根据问题,提出我国房地产经济可持续发展的六条战略对策。     

Transition, the Evolution of Stock Market Efficiency and Entry into EU: The Case of Romania

In this paper we demonstrate that the measurement of stock market efficiency is an important activity in establishing whether eastern European countries satisfy the Copenhagen Criteria for EU membership. Specifically, we argue that developing an efficient stock market should be an important policy focus for countries with aspirations to join the EU as it helps to demonstrate the existence of a functioning market economy. We illustrate this issue by examining the evolution of stock market efficiency in the Bucharest Stock Exchange from mid-1997 to September 2002. We use a GARCH model on daily price data and model the disturbances using the Student-t distribution to allow for ‘fat-tails’. We find strong evidence of inefficiency in the Bucharest Stock Exchange in that the lagged stock price index is a significant predictor of the current price index. This result is robust to the inclusion of variables controlling for calendar effects of the sort that have been observed in more developed stock markets. The level of inefficiency appears to diminish over time and we find evidence consistent with stock market efficiency in Romania after January 2000.     

Factors Associated with the Adoption and Use of Management Accounting Techniques in Developing Countries: The Case of Romania

The purpose of this article is to investigate and analyze through the lens of contingency theory the existence and use of management accounting techniques in Romanian entities, with an in‐depth consideration of the institutional factors characterizing the environment of this country. Using a sample of 109 respondents, we identify factors associated with the existence and use of management accounting techniques in a context where organizational practices are subject to variations, resource and training scarcity, and uncertainty. Our findings indicate that the most important factors are the type of capital and size. The adoption and use of management accounting techniques are mostly associated with the presence of foreign capital as a defining feature of the Romanian environment. However, we find limited statistical support for the importance of the environment and competition, factors usually related to the use of such techniques in other developing countries.     

Large Firms and Catch-up in a Transitional Economy: The Case of Shougang Group in China*

This study examines the possibility of catch-up of the Chinese steel industry, in particular the Shougang Group, with the leading global steel giants. Shougang is one of the four steel companies that have been selected by the Chinese government to constitute the core of the future Chinese steel industry. The contract system at Shougang, which operated from 1979 to 1995, unleashed an extraordinary entrepreneurial energy in the formerly traditional state-run steel plant. In the post-contract system, Shougang's range of decision-making independence in respect to the purchase of inputs, its production structure and product marketing has increased substantially compared to the contract system, when the government still controlled many of the key decisions. As a result of institutional constraint, the low value-added steel products dominate Shougang's portfolio. To challenge the established giants in the steel industry, Shougang has to divest the loss-making non-core businesses, slowly downsize employment in the core business, raise capital on the stock market and generates the resources for continued upgrading of its steel technology and diversifying its product portfolio.     

Corporate Governance and Firm’s Efficiency: The Case of a Transitional Country, Ukraine

In this study, we look for empirical support for the hypothesis that there is a positive relationship between the levels of corporate governance quality across firms and the relative efficiency levels of these firms. This hypothesis is related to Leibenstein’s idea of X-efficiency. We use the data envelopment analysis (DEA) estimator to obtain proxies for X-[in]efficiency of firms in our sample and then analyze them with respect to different ownership structures by comparing distributions and aggregate efficiencies across different groups. We also use truncated regression with bootstrap, following Simar and Wilson Estimation and influence in two stage, semi-parametric models of production process, Simar and Zelenyuk (2003) to infer on relationship of inefficiency to various indicators of quality of corporate governance, ownership variables, as well as industry and year specific dummies. The data is coming from seven industries in Ukraine. “The entrepreneurship structure itself may be critical, with the classic issue of the separation of ownership from control being regarded as one of the earliest and most important sources of X-efficiency” (Button and Weyman-Jones, 1992, American Economic Review). We would like to dedicate this paper to the memory of Christos Panzios—co-editor who handled our paper to almost the very end, whose suggestions and encouragement have helped us substantially improve our paper.     

Forecasting economies in transition: The case of Romania

Structural change is endemic in the Eastern European economies and the newly emerging Commonwealth of Independent States yet conventional econometric modelling techniques proceed under the assumption that there is a structurally stable true economy to be discovered. This paper extends the analysis of Hall (1993) by exploring the consequences of endemic structural change for forecasting and building structural econometric models. We propose a model formulation which makes the econometric model itself able to adjust its parameters in the light of economic change using the Kalman Filter.The paper then illustrates this approach by building a small model of Romania and investigating its forecasting properties.This work was presented at a meeting of the MEET II network funded by the ACE project, Econometric Inference into the Macroeconomic dynamics of East European Economies.