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Mark J. Holmes 《Journal of Economics and Finance》2006,30(3):285-296
The substitutability of private and public savings has implications for the effectiveness of fiscal policy. Using annual data
for the period 1970–2004, this study re-examines long-run relationships between OECD private and public savings rates. However,
unlike previous work, panel data unit root and cointegration tests are employed. The results confirm substitutability where
strong Ricardian Equivalence is rejected for the entire OECD panel. There is support for weak Ricardian Equivalence with less
than perfect substitutability. Indeed, it is argued that existing studies most likely overstate the extent of long-run substitutability
particularly with regard to EU countries.
I am very grateful for the helpful comments provided by the Editor and an anonymous referee. Any remaining errors are my own. 相似文献
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英国失业率的迅速升高和信贷持续紧缩并未令楼市跌入低谷,反而渐从疲态中走出,缘由何在?楼市会由出人意料进而演变成反弹吗? 相似文献
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客户不仅是邮政储蓄的利润之源,也是发展之基。加强客户资源管理,不仅是竞争形势所迫,而且是生存发展所需。因此客户资源管理是客户经济时代下邮政储蓄发展的核心理念,认真研究邮政储蓄客户管理现状,并找出问题所在,针对问题制定切实可行的策略,培育并提升邮储客户忠诚度,对于提高邮储的市场竞争力是至关重要的。 相似文献
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组织愿景导航基业长青 总被引:3,自引:0,他引:3
本文回顾了理论界对一个组织或企业基业长青的探索过程 ,论述愿景与基业长青的关系 ,提出构建一个组织构建愿景的方法体系 ,内容包括“三个主题”、“四方面构架”和“五步骤操作”等。 相似文献
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A nonparametric linear programming approach is adopted to measure the productive efficiency of thrift financial institutions. The methodology is applied to a sample of California thrifts in 1989, yielding high mean efficiency scores. High efficiency scores correspond to high levels of operating efficiency. Estimation of a truncated regression model indicates that the major determinants of thrift efficiency are organization form, management style, risk, and firm size. Applying the methodology to a subset of thrifts from 1986 which had failed by 1989 shows technical inefficiency to be a significant indicator of a high probability of failure. 相似文献
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Ira S. Saltz 《Journal of Economics and Finance》1999,23(1):90-98
Past studies reveal a correlation between savings and GDP growth in the Third World. Those studies hypothesize that higher rates of savings cause higher growth rates of real GDP. This paper explores an alternative hypothesis: that higher growth rates of GDP cause increased savings. Higher growth rates of income boost the rate of savings and attract more foreign savings. The difference between these two hypotheses is the direction of causality. This study investigates the direction of causality using the Engle-Granger error-correction model or the Granger causality test, whichever is appropriate. The findings support the latter hypothesis in more cases. 相似文献
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为何罗孚品牌依然光鲜,而企业却要重组。罗孚汽车集团(MGRoverGroupLtd.,RVR.YY),这一象征着尊贵与荣耀的百年企业,不得不面临一个严酷的现实,进入破产管理程序。而来自中国的两家汽车集团,上汽和南汽,竞相将成为罗孚的白衣骑士,拯救罗孚的工人失业问题。北京时间7月23日,负责英国罗孚汽车公司破产托管事务的普华永道会计师事务所宣布,南京汽车集团击败上海汽车集团,成功中标英国百年汽车企业。在这一收购悬案结束之际,我们能从罗孚失败的教训中得到什么呢? 相似文献
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马春礼 《北京市经济管理干部学院学报》2002,17(2):44-47
星光集团的创建和发展靠的是"能人经济"和人才战略.凭借"好带头人"的善于管理与精于技术的专业人才,使得星光集团由一个落后的村办企业脱胎换骨为高科技公司.本案例对星光集团的创建,发展和企业的改制做了论述,此期给读者启示与思考. 相似文献
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PATRICK MINFORD 《Economic Outlook》1992,16(5):31-34
The 'liverpool Six'have called again on the government to leave the Exchange Rate Mechanism and return to monetarism with flexible exchange rates. Our reason is simple. Monetary conditions here have been tightened more than dangerously by the need to support the pound within the ERM, just as in late 1987 and early 1988 they were loosened excessively by the need to hold the pound down in the attempted 'shadow' phase of the ERM. The has repeatedly undermined monetary stability, and has caused first renewed inflation and now severe and protracted recession. It has also tended to produce sterling overvaluation and so chronic balance of payments difficulties; to correct these, recession will need to be prolonged. In the havoc it has wreaked, it risks fuelling demands for a return to the government intervention of he past. As a source of counter inflationary discipline it is therefore flawed. We advocate a return to monetary targeting under floating rates. This would in the short term permit interest rates to fall sharply to stimulate recovery in money supply growth and hence the economy; the exchange rate would fall to a properly valued level, removing the threat to our balance of payments. In the longer term this policy shift would recreate a framework of counter-inflation discipline in which there could still be reasonable domestic responses to cyclical and other UK shocks. 相似文献
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Manuel Illueca José M. Pastor Emili Tortosa-Ausina 《Journal of Productivity Analysis》2009,32(2):119-143
This article analyzes the effects of geographic expansion on the productivity of Spanish savings banks. The study uses data
from 1992 to 2004, the period when most savings banks expanded geographically. We consider an alternative approach to most
multi-stage studies, which uses nonparametric methods both to measure productivity growth and to analyze its relationship
with branch office expansion. Specifically, we use nonparametric regression techniques and their natural complement, conditional
density estimation. Results indicate that savings banks that expand geographically outside their natural markets achieve greater
productivity gains. However, there are some firms for which this result is more moderate. In contrast, lower increases in
productivity are found in savings banks that expand on a nationwide basis, or that confine their territorial expansions to
their traditional markets. 相似文献
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In this study, we analyze the costs incurred by French commercial banks and savings institutions. One of the main distinctions between these two types of financial entities concerns management costs, which are higher for commercial bank demand deposits than for the savings institutions' tax-free livret A passbook accounts. Taking this differential into consideration by constructing separate models based on different principles, we find that the average overall and operating costs of the savings institutions are half those of commercial banks. As regards operating costs, small savings institutions enjoy a significant cost advantage over small commercial banks, but this cost advantage is smaller when one compares the performance of large savings institutions to the large banks. The results of our econometric estimates suggest a possible explanation, as we find increasing returns to scale for the banks and diminishing returns for the savings institutions. The value of the returns-to-scope parameter at the mean point appears to indicate a complementarity between certain pairs of outputs. Therefore, ouptut diversification appears to have a positive impact on cost levels for both savings institutions and commercial banks; while institution size, measured by the total assets, has a different impact in these two industries. 相似文献
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近几年,一些外资商业企业陆续涌入我国,而且生意红红火火.据大连有关资料显示,2001年1月份,国有、股份制、外商及港澳台投资的商业在大连市社会消费品零售额的比重分别为8%、11.4%、8.6%,这组数字令人深思. 相似文献
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An investigation is reported of the potential for reducing aggregate medical costs by the introduction of nurse practitioners into the Canadian health care system to an extent consistent with demonstrated safety and effectiveness. A cost model is developed for this purpose and estimates of its parameters are provided. The cost model is coupled with a demographic projection model and potential cost reductions are simulated over the period 1980-2050, under alternative assumptions. Results suggest that savings could have been in the range 10-15% in 1980 for medical services as a whole, and 16-24% for ambulatory services. The estimated savings percentages are quite insensitive to projected changes in the age structure of the Canadian population. 相似文献