GREAT BRITAIN

C harles G ross
A rthur R aistrick and B ernard J ennings
H. E. H allam
A lan R ogers (Ed.)
G. S. P ryde
B arbara F. H arvey (Ed.)
A. C. C hibnall
J oan S imon
M. A. H avinden (Ed.)
C. G. C ruickshank
D avid O wen
D aniel A. B augh
K ustaa H autala
D. M. S mith
D avid G rigg
F rances C ollier
A. T emple P atterson (Ed.)
S idney P ollard
H enry P arris
A ngus M acintyre
H enry C ollins and C himen A bramsky
J. P arry L ewis
E.J. C leary
W. H. B. C ourt
A ntony B abel
R aymond D e R oover
H arry R oy M errens
R anajit G uha
P asquale V illani
D onald W inch
D harma K umar
P eter T emin
W illiam J. G riffith
W alter L a F eber
C. D. C owan (Ed.)
G iorgio M ori
G arth L. M angum
W. J appe A lberts and H. P. H. J ansen
H. van W erveke
I. H. van E eghen
Y ves S chmitz
J oh . D e V ries
G. J. M entink and A. M. van der W oude
J. F. R. P hilips , J. C. G. M. J ansen and T h . J. A. H. C laessens
R obert D evleeshouwer
H. B althazar , J. de B elder , J. H annes , J. V erhelst
S olange V ervaeck
J. de B elder and J. H annes
J. D. D orgelo
G. J acquemyns
J. C. V leggeert     

Relative productivity and factor-intensity in the manufacturing sectors of the U.S. and the U.K. during the nineteenth century

Summary The main objective of the paper is to examine the relationship between relative factor-costs and relative factor-intensity in the American and British textile sectors during the nineteenth century. The empirical attempt is made within an explicit theoretical framework (a model). This framework is based primarily onimplicit analytical arguments made by E. Rothbarth and H. J. Habakkuk while explaining the causes for the superiority of American industrial efficiency as compared with the British. It is shown that various indicators for the textile sectors during most of the second half of the nineteenth century favor a higher capitalintensity in the U.S.This work is part of a Ph.D. thesis written for the University of Rochester Department of Economics. The author is deeply indebted to S. Engerman for his valuable help and comments. He has also benefited from comments by E. Drandakis, G. S. Maddala, F. J. de Jong and T. K. Kumar. Needless to say, the author takes full responsibility for the content of this paper. Currently the author is an Assistant Professor at Florida State University, Tallahassee, Florida, U.S.A.     

Geschiedenis van het Antwerpsche Diamantslypersambacht (1582–1797). By D. Schlugleit.

The Economics of Consumers' Credit . B y D r . F erdynand Z weig
Twenty-first Abstract of Labour Statistics of the United Kingdom
Transvaal Gold and Base Metals Law .
Agricultural Research: Scope and Method Series: Bulletins 1–14. Edited by J. D. B lack .
Manchester Merchants and Foreign Trade , 1794–1858. By S tudents in the H onours S chool of H istory in the U niversity of M anchester and A rthur R edford .
(1) Studies on Industrial Relations. III . International Labour Office. Studies and Reports:
Business Rationalization . Three lectures given at the London School of Economics, under the Heath Clark Bequest to the National Institute of Industrial Psychology. By C harles S. M yers , Principal of the National Institute of Industrial Psychology
National Income of the United States , 1929–32.
The Banking Crisis: The End of an Epoch . By M. N adler and J. I. B ogen . (George Allen & Unwin, Ltd., London, Pp. 207. 6 s .)
Railways and Customs Policies in South Africa , 1885–1910. By J. van der P oel .
The Economics of Advertising . B y F. W. T aylor .
The Rise and Fall of the Gold Standard . By S ir C harles M organ -W ebb .
The Agricultural Situation in 1932–33 (Economic Tendencies in Agriculture—Markets and Prices—International Conferences—Action taken by the Governments and by Voluntary Organizations—Economic Conditions of the Farmers).     

The Life and Times of J. Neville Keynes: A Beacon in the Tempest

Book reviewed
Phyllis Deane, The Life and Times of J. Neville Keynes: A Beacon in the Tempest. Cheltenham: Edward Elgar, 2001. Pp. xvii + 313. ISBN: 1 84064 534 2. Hardback £69.00. Reviewed by Athol Fitzgibbons Griffith University     

International trade and the U.S. automobile industry: Current research, issues, and questions

This paper has dual goals. On the one hand, it attempts a review of recent econometric work on the U.S. automobile industry. Three studies of this industry are reviewed, compared, and contrasted. These are studies by Koujianou Goldberg [Koujianou Goldberg, P., 1993, U.S. trade policy implications of a new approach to modelling the demand for automobiles, mimeo (Princeton University)], Feenstra and Levinsohn [Feenstra, R. and J. Levinsohn, 1994, Estimating markups and market conduct with multidimensional product attributes, Review of Economic Studies, forthcoming] and Berry et al. [Berry, S., J. Levinsohn and A. Pakes, 1994, Automobile prices in market equilibrium, Econometrica, forthcoming]. On the other hand, a number of current policy issues facing the industry are also reviewed. These issues include the Voluntary Export Restraint applying to exports from Japan, the NAFTA, anti-dumping law, and industry globalization. The paper provides a broad overview, then, of econometric and policy issues as they relate to the U.S. automobile industry.     

Book Reviews

Book reviews in this article:
BAILEY, E.E. (ed.) Selected Economic Writings of William J. Baumol P.D.F.Strydom BITROS, G. C. (ed.)
Tregenna-Piggott RIJNVOS, C.J. A New Approach to the Theory of International Trade . P.D.F.Strydom SCHOTTER, A. (ed.)
TISDELL, C. A. and McDONALD, P. W. Economics of Fibre Markets . D. P. Veldsman
BAILEY, E.E. (ed.). Selected Economic Writings of William J. Baumol.
BITROS, G. C. (ed.). Selected Economic Writings of Fritz Machlup.
HANNAH, L. and KAY, J. Concentration in Modern Industry .
RIJNVOS C.J. A New Approach to the Theory of International Trade .
SCHOTTER, A. (ed.). Selected Economic Writings of Oskar Morgenstern .
TISDELL, C. A. and MCDONALD, P. W. Economics of Fibre Markets .     

摩根大通复杂衍生品巨亏事件的案例分析

2012年5月,摩根大通在合成信贷资产组合仓位上出现20亿美元的巨额亏损,对冲基金以至整个华尔街都试图探究摩根大通巨亏的成因;另一方面,监管当局对摩根大通的交易也抱有怀疑态度,这一事件有可能加速"沃尔克规则"的推进实施。基于此,本文首先描述导致摩根大通亏损的复杂衍生品及交易策略,然后对导致亏损的合成信贷资产组合进行风险分析,并依据事件和风险量化的结果总结了亏损原因。本文试图通过已有资料及分析推理还原事件的真相,为我国未来衍生品交易风险管理提供案例借鉴。     

Book Reviews

Book reviews in this article:
DENNISON, S. R. Choice in Education (Hobart Paperback 19) M. A. Marais
EICHNER, A. S. (ed.). Why Economics is Not Yet a Science J. H. Runde
HERRING, R. J. (ed.). Managing International Risk R. M. Gidlow
JONES, S. R. G. The Economics of Conformism B. J. Bloch
KOSTECKI, M. M. (ed.). The Soviet Impact on Commodity Markets N. J. Barnardt
MORGAN, E. V. Choice in Pensions (IEA Hobart Paper 100) W. A. Pringle
VIENNA INSTITUTE FOR COMPARATIVE ECONOMIC STUDIES. Comecon Data 1983 A. L. Muller     

Book Reviews

Book reviews in this article:
BRENNER, Y. S. Capitalism, Competition and Economic Crises: Structural Change in Advanced Industrial Countries P. D. F. Strydorr
CURWEN, P. Public Enterprise - A -Modern Approach D. Mahadea
KLAMER. A. The New Classical Macroeconomics: Conversations with New Classical Economists and their Opponents J Runde
LEYTON-BROWN, D. (ed.). The Utility o f International Economic Sanctions J. H. Cooper
SCOTT, J. Capitalist Property and Financial Power R. J. Grant
BRENNER, Y. S. Capitalism, Competition and Economic Crises: Structural Changes in Advanced Industrial Countries     

REVIEWS

Western Civilization and the Natives of South Africa: Studies in Culture Contact . By Professor I. S chapera
The Portuguese Bank Note Case . By S ir
Unbalanced Budgets. A Study of the Financial Crisis in Fifteen Countries . By H ugh D alton , B rinley T homas , J. N. R eedman , T. J. H ughes and W. J. L eaning .
Studies in World Economics . By G. D. H. C ole .
Social and Economic Reconstruction in the United States .
Strategic Factors in Business Cycles . With an Introduction by The Committee on Recent Economic Changes. By J ohn M aurice C lark .
British Public Utilities and National Development . By M arshall E. D imock .
The Foundation of Agricultural Economics . By J. A. V enn .
German Business Cycles , 1924–1933. By C arl T. S chmidt .
The Nemesis of Economic Nationalism . By J oseph J ohnston , M.A.
The Foundation of Industrial Stability . By E. M. D altroff .
Promise to Pay . By R. M c N air W ilson .     

Debt Financing and the Failure of Innovation Companies: The Application of the CHS Model in U.S. Stock Markets

This study aims to determine whether increasing a firm’s leverage significantly changes its level of bankruptcy risk in the innovative industry by using the CHS model [Campbell, J. Y., J. Hilscher, and J. Szilagyi. 2008. “In Search of Distress Risk.” The Journal of Finance 63 (6): 2899–2939] to test 395 American innovation companies. These companies are categorised into four groups based on their debt ratios and their performance on the NYSE and NASDAQ stock exchanges is analysed in three separate periods. The findings reveal that innovation companies with a higher debt level are no riskier than those with a lower debt level.     

Mr. W. P. J. Bok. De Belastingen in het Nederlandsehe Parlement (1848–1888). Inleiding. De Nederlandsche belastingen en hare hervorming,in het bijzonder met het oog op de invoering eener Rijks-inkomstenbelasting (acad. proefschr.) Haarlem,de Erven F. Bohn. 1888. Door Mr. M. W. F. Treub

Mr. W. P. J. Bok. De belastingen in het Nederlandsche Parlement van 1848–1888. Inleiding. De Nederlandsche belastingen en hare hervorming, in het bijzonder met het oog op de invoering eeuer Rijks-Inkemsten-belasting. (acad. proefschr.) Haarlem, de erven F. Bohn, 1888.     

BOOK REVIEWS

Book reviewed in this article:
Banking. By W. J. T horne .
Law and Practice of South African Income Tax. By A dvocate I. I saacs , Q.C., B.A., L.L.B., and W. D. F ielding , C.A.(S.A.), F.S.A.A. in collaboration with A dvocate . L. L azar , B.A., L.L.B.
Principles of Marketing (1962), by R. D. T ousley , E. C lark , and F. E. C lark .
Henochsberg on the Companies Act. With Appendices on Company and Secretarial Practice and other Matters By T he H on . M r. J ustice H enochsberq , assisted by P rofessor W. J. G. F airburn .     

Book Reviews

Book Reviewed in this article:
BEECHAM, B. J. Monetary Economics
HARRISON, H. Economics B. Block
GIERSCH, H. Liberalization for Faster Economic Growth P. D. F. Strydom
GREEN, D. G. Challenge to the NHS: A Study of Competition in American Health Care and the Lessons for Britain S. H. High
HARVEY, C. Macroeconomics in Africa A. R Donaldson
LAWSON, T. andPESARAN, H. (eds). Keynes's Economics: Methodological Issues J.H, Runde
LEWIS, J. Industrialization and Trade Union Organization in South Africa Jenifer Dagut
TIMBRELL, M. Mathematics for Economists M. Scerri
WALTON, G. M. and WYKOFF, F. C. Understanding Economics Today B. Block
BEECHAM, B. J. Monetary Economics, and HARRISON, H. Economics     

Causes of labour supply and demand mismatches in the Dutch building trades

Summary In this paper the significance of some hypotheses on possible causes of labour supply and demand mismatches is tested on data of the Dutch building trades by means of a UV analysis. In contrast with most other UV research this study does not refer to a search-theoretical framework, but focuses on skill differences between labour supply and demand. Three significant causes of labour market frictions appear to be: the development of the skill composition of labour demand, the apprenticeship possibilities and the relatively high wages of older workers. Some other hypotheses show weakly significant results: bumping-down processes, reschooling of unemployed older workers and the development of secondary labour market segments.At the moment of writing this paper the author was working at the Department of Economics, Free University, Amsterdam, The Netherlands.The author would like to thank Professor J.A.M. Heijke, dr. N. van Hulst, Professor J.G. Knot, Professor J.J.M. Theeuwes and Professor A.J. Vermaat for their helpful comments on an earlier draft of this paper and G.A. van Pruissen for his assistance in computer work.     

GREAT BRITAIN

R. A. L eeson . Travelling Brothers: The Six Centuries'Road from Craft Fellowship to Trade Unionism
A ndrew B. A ppleby
N. K. B uxton , The Economic Development of the British Coal Industry
E ric P awson
C. G. O wen . The Development of Industry in Burton upon Trent
N orman M c C ord . North-East England: An Economic and Social History.
U rsula R. Q. H enriques
R.J. M orris
D. A. F arnie
R. W. R ennison
F. B. S mith
J. H. T reble
W. J. R eader
R obert C urrie
W. A. T homas
T. C. S mout (Ed.)
P. A. U selding (Ed.)
R. S. L opez
G raeme Q uick and W esley B ochele
C enter FOR M edieval AND R enaissance S tudies , U niversity OF C alifornia , L os A ngeles
C arla R ahn P hillips
K enneth R. A ndrews
R. W. J astram
J ean -L ouis F landrin
H erve H asquin
R einhard S pree
L. H. L ees
P eter G ran
C harles W. B ergquist
P. M athias and M. M. P ostan (Eds.)
M ichael J. P iore
V era Z amagni
B. R. T omlinson
T om T raves     

Book Reviews

HARCOURT G. C. (ed.). The Microeconomic Foundations of Macroeconomics. London: Macmillan
MEADE, J. E. The Structure and Reform of Direct Taxation. London; George Allen & Unwin
SAUNDERs, R. J. and WARFORD, J. J., Village Water Supply: Economics and Policy in the Developing World
WALLMAN, Sandra (ed.). Perceptions of Development. Cambridge, U.K.: Cambridge University Press
WILSON, F., KOOY, A., and HENDRIE, D. (eds). Farm Labour in South Africa. Cape Town: David Philip     

Book Reviews/Compte rendu de livres

Book reviewed in this article: L.R. Amey, A Conceptual Approach to Management H. Dauderis, Financial Accounting, An Introduction to Decision Making D. Shaw, J. Hatch, J. Humphrey, and L. Wynant, Canadian Cases in Financial Management J.D. Spiceland, Directory of Dissertations in Accounting Daniel B. Thornton and Murray J. Bryant, GAAP vs. TAP in Lending Agreements: Canadian Evidence     

Book Reviews

Book reviewed in this article:
BLAUG, M Economics through the Looking Glass
JOHN EATWELL, MURRAY MILGATE and PETER NEWMAN (eds). The New Palgrave: A Dictionary of Economics, 4 Vols
HEATHFIELD, D. Modern Economics.
LEVACIC, R. Economic Policy Making: Its Theory and Practice
MCKENNA, C.J. The Economics of Uncertainty
FORD, J. L. Economic Choice Under Uncertainty: A Perspective Theory Approach