How much inevitable US-Euro Area interdependence is there in monetary policy?

Against the backdrop of the present international financial and economic crisis this article looks into the issue of the interdependence of US monetary policy and monetary policy in the euro area. Is there a significant interdependence? If so, what is the nature and intensity of this interdependence? Has the ECB been infl uenced by the Fed or vice versa and to what degree? Has the relationship changed in recent years, and if so, in what direction?     

A European perspective on public debt

Public debt in Europe has risen continuously over the last two decades. How is the transition to European Economic and Monetary Union, with the increasing economic interdependence between individual member states which it involves, likely to affect this situation? Which policy issues are of particular relevance in this setting?     

Different Folks, Different Strokes -How IBM, AT&T and NEC Segment to Compete

How are large diversified firms like IBM, AT&T, and NEC coping with competition from more narrowly concentrated companies like Intel, Microsoft, Compaq, MCI, and Ericsson? The answer is by increasing the segmentation of their activities in smaller, more autonomous, business units in the hope that this will produce better focus, flexibility, speed of response, and efficiency. But increased segmentation contradicts one of their major potential advantages – their ability to reap benefits from the interdependence – or synergies – of their activities. How are they coping with this contradiction? Will they succeed?     

Peace and Economic Interdependence in the Middle East

Can economic interdependence pacify the Middle East? While Middle Eastern countries have, for the most part, avoided the global trend of regionalism, this study provides empirical evidence that Middle Eastern countries with significant trade ties to other countries in the region do cooperate more and fight less. In addition to confirming the liberal notion of peace through trade, this study shows that several conditions outlined by the selectorate theory of political survival must be fulfilled if economic interdependence in the Middle East is to be achieved. A case study outlining Israeli and Turkish economic cooperation is used to show the selectorate model's regional compatibility. The regional applicability of the selectorate theory leads us to conclude that politically liberal countries are more likely to maintain economic relations with one another than with autocratic ones. Since liberal countries will be more economically interdependent with one another they will also be more peaceful towards one another. Ultimately, then, this study concludes that political liberalisation is one way of enhancing regional economic interdependence and consequently the prospects for a more peaceful Middle East.     

The long-term prospects for world development

The increasing interdependence of the world economy requires the development of new approaches to policy-making. Nineteen OECD member countries and the Commission of the European Communities therefore decided to take part in a three-year (1976–1978) research project on the long-term prospects for world economic development and in the attempt to work out a general framework for the economic and social policies in the industrialised countries. Which are the conclusions and results of this research project, which has come to be known as INTERFUTURES?     

Alliances and Survival of New Biopharmaceutical Ventures in the Wake of the Global Financial Crisis

Engaging in exploration and exploitation is essential to business survival and performance. While firms manage exploration and exploitation alliances for the long‐term, how prepared are they for sudden shocks in the short‐term? We address this question in the context of a unique and opportune natural experiment associated with the 2008 financial crisis. Our analysis of 155 new biopharmaceutical ventures over a seven‐year period suggests that exploration alliances—with a long‐term orientation—make a firm more vulnerable to external shocks. In contrast, exploitation alliances as well as a balance between exploration and exploitation alliances—which underlie short‐term performance—enable the firm to sustain external shocks.     

“Good governance”, democracy and development paradigms

“Good governance” has become a central term in the international discussion on development co-operation. What is actually meant by “good governance”? By which yardstick can it be measured? How is governance related to development, political participation and democracy? What implications does this have for bilateral and multilateral donors?     

The Interdependence between Trade Credit and Bank Lending: Commitment in Intermediary Firm Relationships

This study investigates the interdependence between trade and bank credit among 468 Portuguese small and medium‐sized enterprises (SMEs). The results show that a single bank relationship is prevalent among Portuguese SMEs, indicating that the proprietary borrower information that banks obtain through their relationship results in an information monopoly that creates a holdup problem and leads to high interest rates. Suppliers that can control their customers' credit risk may provide additional credit and thus help alleviate concerns associated with holdup costs. Trade credit is a viable alternative to short‐term debt, especially when firms' main bank is unwilling to increase its exposure to liquidity constraints.     

Objects and Subjects in Technological Interdependence. Towards a Framework to Monitor Innovation

Technology, even more than other aspects of economic life, is characterized by a strong interdependence across both sectors and organizations. However, we still know little about the determinants and impact of technological interdependence. The standard input-output analysis is unable to explain interdependence in technological life since a large proportion of innovations are either untraded or are disembodied from products. Innovations which are not appropriated by the innovators are not signalled by prices. Moreover, input-output tables do not systematically consider exchanges within economic organizations, such as firms. This paper proposes a more complex accounting framework for innovation which would monitor the technological field of the innovation and the product where it is used, as well as the producer-user interrelationship.     

The Role of Firms in Resilient Systems: A Multi‐Level Framework

In this paper, we articulate a multi‐level resilience‐based framework explaining how firms facilitate stronger system‐level resilience. The framework stresses the importance of firm interdependence, describing how pooled versus sequential/reciprocal patterns of interdependence influence the resilience antecedents of diversity, slack, and redundancy. We argue that the inter‐firm practices of self‐governance and supply chain collaboration function to maintain resilience antecedents at more moderate and effective levels. This work builds on prior resilience research that has remained focused on either firm or system levels of analysis by stressing the value of firm interdependence as an important contingency for effective system resilience. Copyright © 2018 ASAC. Published by John Wiley & Sons, Ltd.     

Measuring Global Economic Interdependence: A Hierarchical Network Approach

This paper investigates the business cycle co‐movement across countries and regions since 1950 as a measure for quantifying the economic interdependence in the ongoing globalisation process. Our methodological approach is based on analysis of a correlation matrix and the networks it contains. Such an approach summarises the interaction and interdependence of all elements, and it represents a more accurate measure of the global interdependence involved in an economic system. Our results show (1) the dynamics of interdependence has been driven more by synchronisation in regional growth patterns than by the synchronisation of the world economy, and (2) world crisis periods dramatically increase the global co‐movement in the world economy.     

Interdependence Issues in Analyzing Negotiation Data

This study illustrates the conceptual and statistical issues stemming from the use of nested, interdependent data in negotiation research. To this end, the nature and forms of interdependence are discussed, several models of interdependence are outlined, and methods for analyzing interdependent data are presented. Furthermore, an example using the actor–partner interdependence model is given. This discussion and example may provide an avenue to rethink the modeling and analysis of offline and online negotiation processes, given the interdependent nature of negotiation data.     

Reconciling globalisation and technological change: Growing income inequalities and remedial policies

Since the mid-1970s wage inequality has increased sharply in OECD countries. Among the factors singled out by economists as possible major contributors to this development are economic globalisation processes and skill-biased technological change. Although these are most commonly considered as independent influences, the present authors argue, after critically outlining views about these factors, that strong interdependence exists between them. The article then examines potential policy responses to this growing inequality.     

Emerging Asia: Decoupling or Recoupling

In this paper, we investigate the degree of real economic interdependence between emerging East Asian and major industrial countries to shed light on the heated debate over the ‘decoupling’ of emerging East Asia. We first document the evolution of macroeconomic interdependence for emerging East Asian economies through changing trade and financial linkages at both the regional and global levels. Then, by employing a panel vector autoregression (VAR) model, we estimate the degree of real economic interdependence before and after the 1997/98 Asian financial crisis. Empirical findings show that real economic interdependence increased significantly in the post‐crisis period, suggesting ‘recoupling’, rather than decoupling, in recent years. Output shocks from major industrial countries have a significant positive effect on emerging East Asian economies. More interestingly, the reverse is also true. Output shocks from emerging East Asia (and China) have a significant positive effect on output in major industrial countries. The result suggests that macroeconomic interdependence between emerging East Asia and industrial countries have become ‘bi‐directional’, defying the traditional notion of the ‘North–South relationship’ as one of ‘uni‐directional’ dependence.     

Investigating antecedents of task commitment and task attraction in service learning team projects

The authors investigated the antecedents of team task cohesiveness in service learning classroom environments. Focusing on task commitment and task attraction as key dependent variables representing cohesiveness, and task interdependence as the primary independent variable, the authors position three important task action phase processes as mediators in the analyses. Overall, results provide strong support for hypothesized relationships. Task interdependence in student teams significantly influences task cohesiveness through these action phase processes. The authors highlight important implications for faculty who are interested in how to best structure student teams, particularly when course projects incorporate service learning.     

US–Euro Area Monetary Policy Interdependence: New Evidence from Taylor Rule‐based VECMs

(1227) Ansgar Belke and Yuhua Cui This paper analyses the monetary policy interdependence between the European Central Bank (ECB) and the Federal Reserve (Fed) for the period 1999–2006. Two models are specified: a partial vector error correction model (VECM) and a general VECM. In the partial VECM, we look for a long‐run interdependent relationship between the interest rates of the two currency areas and specify the Taylor Rule terms as exogenous variables. In the general VECM, we regard all variables as endogenous, and look for long‐run equilibrium relationships among them, which may reveal monetary policy interdependence between the two central banks. Weak exogeneity is checked in both models in order to establish a possible leader–follower relationship. The empirical results of both models indicate interdependence between the ECB and the Fed, but only the general VECM testifies a leader–follower pattern between the two central banks. According to this pattern, the ECB does follow the Fed.     

渠道理论中的"相互依赖"新模式--一个跨学科的研究框架

尽管渠道理论研究的焦点在不断转移--从渠道"效率和效益"转向渠道"权力和冲突",再到以渠道"关系和网络"为重心,但"相互依赖"始终都是一个核心的基础性概念.本文在跨学科的视野下,借用相对成熟的国际关系理论,阐明了渠道"相互依赖"关系新模式:渠道中的相互依赖通常都表现出非对称性,这影响着关系规范的安排;相互依赖的脆弱性是影响关系成员采取行动的关键因素;构建和谐的渠道关系的途径是走向"复合相互依赖",即渠道成员之间的多渠道联系、各个问题没有等级之分、(威胁)退出关系不发生作用.     

What is overconsumption? – A step towards a common understanding

Overconsumption is a widely used term in science, media and among concerned consumers. What do we mean by this term? This study is based on the assumption that both the public debate on consumption and consumer research could benefit from better understanding how this term is used and from clarifying the definition. The primary aim of this study was to describe how the term ‘overconsumption’ is being used in the contemporary scientific debate in fields related to consumer studies. This was done by studying the use of the term in scientific journal papers between 2010 and 2012 using qualitative content analysis. It is concluded that overconsumption is often described as consumption of hedonic goods by individuals with undesirable personality traits, low moral or belonging to minority groups. Furthermore, overconsumption is described as having detrimental effects both on the individual consumer, the society and the environment; however, direct individual effects are more frequently mentioned in the studies. The term is seldom defined explicitly. This might lead to confusion and misunderstanding between research fields and between different stakeholders. A structured framework for generating clear and useful definitions is suggested in this study, based on the reviewed papers and a theoretical framework from moral philosophy.     

Spatial Interdependence in US Outward FDI into Africa,Latin America and the Caribbean

The existing literature on spatial interdependence in FDI flows has primarily focused on developed economies as hosts, with these hosts economically tied together via good infrastructure and historically strong/significant trade flows. In contrast, we explicitly test for the presence of spatial interdependence in developing hosts (Africa, Latin American and the Caribbean) where such ties are not as strong. For US outbound FDI between 1995 and 2007, our empirical results confirm third‐country effects do matter even when controlling for spatial and time‐period fixed effects. Based on the signs of the market potential and spatial lag coefficients, we find US FDI strategies into these regions as consistent with complex vertical specialisation.     

Effect of market orientation,network capability and entrepreneurial orientation on international performance of small and medium enterprises (SMEs)

This study contributes to literature on the internationalization of SMEs by analysing the influence of International Market Orientation, Network Capability, and International Entrepreneurial Orientation on the International Performance of this kind of businesses. Particularly, both the direct effects of explanatory variables of International Performance and interdependence relations between them are analysed. Results obtained from a sample of 161 Mexican SMEs using SEM-PLS analysis show that the International Performance of this kind of businesses is favourably influenced by their Network Capability and International Entrepreneurial Orientation, but not by their International Market Orientation. Similarly, it is verified that interdependence relations exist among the explanatory variables of International Performance of SMEs, where positive impact of International Entrepreneurial Orientation is observed on Network Capability and the International Market Orientation of SMEs.