聚焦2004金融改革：银行业之变

2003年,国内银行业改革不仅范围广,而且力度很大.先有国有银行考核标准的变化,使得上半年的银行信贷超高速增长.这也是几年罕见的情况.而银行业监管委员会的成立、农村金融改革试点启动、央行5号令及121文件的出台,以及利率市场化的深化、国有银行准备上市等都是国内银行改革的大动作.     

MODELS OF BANKING INSTABILITY: A PARTIAL REVIEW OF THE LITERATURE

Abstract. This paper critically examines the theoretical literature on banking instability that has followed Diamond and Dybvig (1983). It explores the extent to which it (a) explains banking instability within a theoretical context in which financial intermediaries improve on unintermediated markets, and (b) justifies government involvement in the financial intermediation industry. It suggests that the literature has yet to provide a satisfactory theoretical basis for banking instability as such since the intermediaries which arise from it are peculiar mutual funds that bear little resemblance to real-world banks. In addition, the paper challenges the widespread belief that this literature provides a sound foundation for government involvement in the industry. It suggests that arguments for government intervention are open to objection on various grounds, the most important one being that they are inconsistent with the existence of properly motivated financial intermediation in these models.     

Charity box collection schemes: The retailers' view

Most UK charities, both national and local, place boxes in outlets such as shops, bars, cafés, filling stations, banks and building societies. Usually the box is placed by a representative of the charity visiting the potential site and inviting whoever is on duty to accept the box. This research sampled 2,308 UK retailers in order to determine their perceptions of the boxes held on their premises, the number of boxes held, their location and security. From the responses to the survey the authors discuss the distribution of boxes over different retail types and analyse retailers perceptions.     

Wage incentives and wage rigidity: A representative view from within

A recent literature has used surveys of those who set wages to learn about the nature of wage incentives and the sources of wage rigidity. Methodologically, we overcome many of the objections that have been raised against this work. Substantively, we find that: (i) the reasons for real wage rigidity differ significantly between large and small firms, and between the high- and low-end of the labor market; (ii) efficiency wage mechanisms reinforce rigidities due to worker bargaining power; (iii) money illusion is a widespread phenomenon across all segments of the labor market; (iv) unions reinforce nominal wage rigidities due to external pay comparisons; (v) there appears to be gender differences in pay bargaining and work morale.     

Subsidiary initiatives and subsidiary autonomy: Evidence from New Zealand and Brazil

The paper uses evidence from a developed and a developing economy (New Zealand and Brazil) to study the consequence of multinational subsidiary initiative taking for subsidiary autonomy. Initiative taking and autonomy are known to increase the likelihood of a subsidiary continuing to grow and develop. Uncertainty remains as to whether subsidiaries acquire or lose autonomy as they engage in initiatives partly as the willingness to pursue initiatives can be viewed positively or negatively by the parent company. By using cross-country data and distinguishing three types of initiative according to the scope of their potential impact (internal, local and global) the study provides a basis for examining this topic that improves on evidence from a single country or single initiative study. Data from 200 multinational subsidiaries in New Zealand and 172 in Brazil are gathered for analysis. As well as examining the overall relationship between initiative taking and autonomy the study presents the first evidence on this topic for subsidiaries in New Zealand and Brazil. The overall conclusion is that subsidiary initiative taking is likely to increase subsidiary autonomy but the affect over autonomy is dependent upon the type of initiative that the subsidiary undertakes: subsidiary autonomy is more likely to increase as a result of a local market initiative than a global or internal market initiative.     

从管理的职能角度谈跨文化管理

跨文化管理正成为现代国际性企业面临的重大现实问题,跨文化管理的成功与否直接关系到企业在国外的生存发展。文章从管理职能角度即计划、组织、指挥和控制四个方面探讨如何进行跨文化管理,并对企业跨文化管理过程提供相关建议。     

At the receiving end of supply network intervention: The view from an automotive first tier supplier

As companies are increasingly responsible for all ingredients that make up their products, the requirement to increase visibility and exert control over the entire supply network has been identified as key imperatives. However, little research to date has examined the consequences of supply network control on the suppliers that are at the receiving end of it. This paper reports on research into the dynamics of supply network intervention and the effects on the companies that are subject to attempts to control a supply network, particularly in the context of new product development. The paper discusses the case of an automotive component supplier and its role in a specific vehicle development project. The case study shows how the supplier was a victim of its customer's attempt to ‘supply chain manage’ the project, giving the supplier little control over key activities such as the choice of suppliers of key components and little influence on commercial and technical agreements. The perspectives of both vehicle manufacturer and supplier are debated to reveal the drivers for and problems associated with supply network intervention. The paper discusses the theoretical and managerial implications of the study and concludes by raising some serious questions about the negative effects of intervention strategies.     

向"跳槽"者取经挖宝

被誉为日本四大经营之圣之一、世界顶级企业松下公司创始人、总经理松下幸之助之名,可谓天下尽知.然而,其门下也有"跳槽"者.那么,他是如何对待"跳槽"员工的呢?惯于听取逆耳之言的松下幸之助认为,"跳槽"的员工总是希望到更好、更强、更能够发挥自己才能的企业就职,这是有进取心的一种表现,而且这些人往往已经发现公司的某些弊端.为此,松下幸之助对主动脱离公司的员工不仅一律热忱欢送表示祝贺,还诚恳请求他们留下批评意见和建议.这项工作一般通过公司召开"跳槽"者欢送会或者话别会来完成.据悉,松下公司的许多决策便是根据"跳槽"者的临别留言改进的.松下公司的做法,很值得我们学习和借鉴.     

The stepwise regression algorithm seen from the statistician’s point of view

Summary The purpose of the paper is expository. The procedure called Stepwise Regression, and much used in computer regression programmes, is presented and explained in statistical terms. The algorithm used is presented and demonstrated to serve its purpose. Certain well-known properties of Least Squares multiple regression are shown to be easily deducible from the algorithm.     

Berlin transformations: another view

Books reviewed in this article: Hartmut Häußermann and Andreas Kapphan, Berlin: von der geteilten zur gespaltenen Stadt? Sozialräumlicher Wandel seit 1990 Stefan Krätke and Renate Borst, Berlin: Metropole zwischen Boom und Krise     

The practical view of employee rights

Advocates of employee rights, relying upon moral and legal perspectives, have used moral appeals and the threat of legal sanctions to persuade managers to act responsibly. Drawing on a behavioral perspective and analyzing interviews and literature about employee complaints, this paper develops the practical view. This view emphasizes employees' perceptions of their rights, as represented by eight broad categories of asserted rights, and the subtle costs that employees can impose when their standards of proper treatment are violated. While important differences between the behavioral, legal, and moral perspectives are identified, a general standards-setting framework is presented that indicates the complementarity of the three perspectives and the advantages of a multidisciplinary combination.     

Psychic distance and the challenges of expatriation from Brazil

The aim of this paper is to explore the extent to which the psychic distance between countries poses challenges to the expatriation process of young multinational companies from emerging countries, such as Brazil. While the concept of psychic distance has been extensively explored in the literature for the analysis of the paths to internationalization of multinational companies, researchers have only recently begun to analyse its influence on expatriation processes. To this end, we reviewed studies of psychic distance and of two fields of expatriation processes that are directly influenced by the challenge of expatriates' cultural integration posed by psychic distance, namely selection and training. We also developed a multidimensional instrument to measure psychic distance and then classified the expats' countries of destination as ‘close’ or ‘distant’ in relation to Brazil. Our results show no predominance of countries that are psychically close to Brazil for the expatriations of professionals from the Brazilian companies studied. When analysing the expats' perceptions of the expatriation process, cultural integration emerged as a great challenge for expats from both ‘close’ and ‘distant’ countries. In spite of this, those companies don't seem to take this into consideration in the management of the selection and training phases of the expatriation process. In addition, we identified some differences between the expatriates and the HR managers' perceptions of the management of expatriation processes that can partially explain the high incidence of problems concerning cultural adaptation that Brazilian companies face as a result of the challenge posed by the psychic distance.     

The bank lending channel of monetary transmission in Brazil: A VECM approach

This paper tests for the existence of a lending channel in the transmission of monetary policy in Brazil using aggregate monthly data for the period 1995:12 through 2008:6. The test is carried out in a VECM setting that allows for multiple cointegrating relationships among the variable of interest. We find evidence of two cointegrating vectors, which we identify as loan demand and supply functions by testing for a number of exclusion and exogeneity restrictions on the cointegrating relationships. Loan supply is found to be negatively related to the interbank deposit certificate rate, suggesting the existence of a lending channel for monetary transmission. The VECM's short-term dynamics show that loan demand is equilibrium-correcting. But short-term disequilibria in the supply of loans are corrected through changes in the interbank deposit certificate rate, suggesting that monetary policy plays a role in restoring equilibrium in the credit market by affecting the borrowing rate faced by banks to raise non-deposit funds.     

The Spatial Structure of Financial Development in Brazil

Abstract

Using a GMM estimator for a spatial panel model with an endogenous spatial lag and spatial moving average errors we investigate the spatial structure of the financial system in Brazil. The results point to a negative spatial association between the Brazilian municipalities' financial system, in the way that a municipality with a more developed financial system tends to be surrounded by municipalities with less developed financial systems.

La structure spatiale du développement financier au Brésil

Rèsumè En utilisant un estimateur GMM pour un modèle à panneau spatial, avec un décalage spatial endogène et des erreurs à moyenne mobile spatiale, nous examinons la structure spatiale du système financier au Brésil. Les résultats semblent indiquer l'existence d'une association spatiale négative entre les municipalités brésiliennes sur le plan de leur système financier, dans le cadre de laquelle une municipalité dotée d'un système financier plus évolué a tendance à être entourée de municipalités possédant des systèmes financiers moins évolués.

La estructura espacial del desarrollo financiero en Brasil

Extracto Utilizando un estimador GMM (Método General de Momentos) para un modelo de panel espacial con un lapso espacial endógeno y errores de promedios móviles espaciales, investigamos la estructura espacial del sistema financiero en Brasil. Los resultados apuntan hacia una asociación espacial negativa entre el sistema financiero de las municipalidades brasileñas, de forma que una municipalidad con un sistema financiero más desarrollado tiende a estar rodeada de municipalidades con sistemas financieros menos desarrollados.