The effects of inflation on growth: Some international evidence

Zusammenfassung Die Wirkung der Inflation auf das wirtschaftliche Wachstum. Einige internationale Befunde. — Unter Verwendung von Daten für 21 Industriel?nder und 27 Jahre kommt der Autor zu dem Ergebnis, da\ sich die Inflation negativ auf das reale Wachstum auswirkt. Dies ist sogar der Fall, wenn der Einflu\ von Angebotsfaktoren berücksichtigt wird. Im Durchschnitt drückt eine j?hrliche Inflationsrate von 9 vH die j?hrliche Wachstumsrate um sch?tzungsweise 1 Prozentpunkt.

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Résumé L’effet de l’inflation sur la croissance: Quelques preuves internationales. — En utilisant des données de 21 pays industriels pendant une période de 27 ans, l’auteur trouve que l’inflation a une répercussion négative sur les taux d'accroissement réel. C’est même le cas après l’influence des facteurs de l’offre a été permis. En moyenne, on estime qu’un taux d’inflation de 9% par an diminuerait le taux d’accroissement annuel par 1 point de pourcentage.

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Resurnen Los efectos de la inflación sobre el crecimiento: alguna evidencia internacional. — Utilizando datos de 21 países industrials para un periodo de 27 afios en este trabajo se encuentra que la inflation tiene un impacto negativo sobre las tasas de crecimiento del producto real. Este es el caso incluso después de haber llevado a cabo un ajuste por la influencia de los factores de la oferta. En promedio, una tasa de inflation del 9 por ciento anual reduce la tasa de crecimiento anual en un punto de porcentaje.

     

Evaluate the impact of deregulation within the European Union on the airline operations

Since the first major breakthrough of regulation in June 1984 in Europe, many elements such as customer service level have been affected significantly in airline operation. This paper will represent how customer service level has been influenced in the management of airline operation, which will be focus on three scopes. Above all, the quality of customer service level become much more important than before related to the competitive advantage. Beside, due to the market change a lot, the passengers needs become a crucial factor for the measurement and improvement of customer service level. Finally, the improvement and diversification of product symbolize the dramatic changed of customer service level.     

Inflation convergence in the EMS: Some additional evidence. A comment

Conclusions As in Caporale and Pittis, this paper finds significant evidence supporting the hypothesis of long-run equilibrium relationships between inflation rates in countries which participate in the ERM. However, the results differ in several important respects. First, the evidence rejects a dynamic specification in terms of inflation differentials against Germany and in at least one important case, Table 5, it is clear that imposing this restriction may lead to invalid inferences on the role of the ERM as a mechanism to achieve inflation convergence. Second, on the issue of German leadership the results given in Tables 4 and 5 suggest that the German inflation rate cannot be considered weakly exogenous. Rather it shares a long-run relationship with inflation in both ERM and non-ERM economies and responds to deviations from these equilibria. Finally, as these results also hold for a sample period twice the length of that used by Caporale and Pittis they cast considerable doubt on their assertion that cointegrating relationships are unlikely to be detected when “the dynamic process of convergence is still going on”.     

Church attendance,age, and belief in the afterlife: Some additional evidence

Summary and Conclusions This mixed bag of empirical evidence does not resolve the theological and econmic questions raised in conjunction with the “afterlife capital” model of church attendance, including not only afterlife but a mixture of current benefits as well, is present in all of the evidence cited. What evidence we have to offer suggests a decline in the afterlife motivation between 1973 and 1980 and a strengthening of other current consumption motives, but the afterlife motive is clearly still present in varying degrees of strength in some religious groups. What our findings do strongly suggest is that self-reported religious intensity, which undoubtedly contains elements of current consumption benefits, is a more important determinant of church attendance than belief in an afterlife.     

Labor market deregulation and globalization: empirical evidence from OECD countries

This paper empirically investigates the influence of globalization on various aspects of labor market deregulation. I employ the data set by Bassanini and Duval (2006) on labor market institutions in OECD countries and the KOF index of globalization. The data set covers 20 OECD countries in the 1982–2003 period. The results suggest that globalization did neither influence the unemployment replacement rate, the unemployment benefit length, public expenditures on ALMP, the tax wedge, union density nor overall employment protection. In contrast, protection of regular employment contracts was diminished when globalization was proceeding rapidly. In fact, domestic aspects, such as unemployment and government ideology are more important determinants of labor market institutions and deregulation processes in OECD countries than globalization. For this reason, working conditions of unskilled workers are not likely to deteriorate and the jobs of unskilled workers are not likely to disappear in the course of globalization. All this is, of course, not to insinuate that globalization has any benign influence on labor market institutions.     

The effect of financial deepening on inequality: Some international evidence

This paper uses an unbalanced panel data analysis of 126 countries for the period 1963–2002 to analyze the effects of financial deepening on inequality. The principal findings can be summarized as follows: (1) financial deepening reduces inequality; (2) economic growth reduces the equalizing effects of financial deepening; (3) inequality increases with an increase in trade openness; (4) the disequalizing effects of trade openness decrease as a country grows; (5) financial deepening and trade openness therefore have asymmetric effects on inequality; and (6) these effects are robust to the choice of financial variables, inequality measures, and model specifications.     

Real effects of the 1992 financial deregulation

Zusammenfassung Reale Wirkungen der Deregulierung des Finanzsektors im Jahre 1992. - Der Verfasser analysiert die kurzfristigen und dauerhaften Wirkungen der Deregulierung des Finanzsektors für eine offene Volkswirtschaft, die mit Gütern und Wertpapieren handelt. Es wird haupts?chlich untersucht, welchen Einflu? diese Ma?nahmen auf die Sachkapitalbildung, das Gleichgewicht auf den Wertpapierm?rkten, die Auslandsverschuldung und den übergang von der Unterbesch?ftigung zur Vollbesch?ftigung ausüben. Auf dieser Basis werden die potentiellen Wirkungen der 1992 auf dem Finanzsektor vorgenommenen Liberalisierung für fünf europ?ische L?nder beurteilt. Es zeigt sich, da? von der Deregulierung zu Recht günstige Wirkungen erwartet werden.

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Résumé Les effets réels de la libéralisation financière de 1992. - Dans cette étude l’auteur analyse les effets réels à court terme de la libéralisation financière dans une économie ouverte qui échange des marchandises et des titres. On met l’accent sur la question quel r?le ces mesures jouent pour l’accroissement du capital physique, l’équilibre de portefeuille, l’endettement extérieur de l’économie et pour l’approche à plein emploi. Sur cette base l’auteur évalue les effets potentiels de la libéralisation des services financiers en 1992 pour cinq pays européens et conclut qu’on a de bons raisons d'attendre des effets favorables de la libéralisation financière.

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Resumen Los efectos reales de la desregulación financiera de 1992. - En este trabajo se analizan los efectos reales de la desregulación financiera de corto plazo y de “steady state” en una economia abierta que comercia con bienes y bonos. Se enfatiza el papel que juegan estas medidas en el proceso de acumulación de capital tangible, el equilibrio de cartera, la deuda externa y la transition de una positión con desempleo a una positión sin desempleo. Sobre esta base se estiman los efectos potenciales de la liberalizatión de servicios financieres en cinco países europeos y se concluye que los resultados soportan la hipótesis de que el impacto de la desregulación financiera ha sido positivo.

     

新《公司法》下股东大会决议的若干法律问题

召开股东大会,主要涉及其召集人、提案人、出席人、主持人,股东大会的法定人数和股东质询权等法律问题。股东大会的种类是讨论前述诸问题的前提。     

瑕疵出资对股东资格认定的影响

股东资格，又称股东地位，是公司投资人取得和享有股东权利、承担股东义务的资格。这决定了确定股东资格的标致性程序十分重要。一般而言，确定股东资格的因素一般可以分为两类：缴纳出资、取得持股(出资)证明和签署公司章程是确定股东资格的实质要件，在法律纠纷中可以作为实质性证据，而工商行政部门对公司股东的登记、公司章程和股东名册的记载只是确定股东资格的形式要件，也可以作为形式性证据使用。在公司实务中，存在     

Some further international evidence on output-inflation tradeoffs: The lucas variability hypothesis reexamined

Nochmals zur Variabilit?ts-Hypothese von Lucas. — Dieser Aufsatz behandelt nochmals das Modell von Lucas aus dem Jahre 1973 — manchmal als Modell der Fehlinterpretation bekannt — sowie dessen Variabilit?ts-Hypothese, wobei verfeinerte ?konometrische Methoden benutzt und eine l?ngere Untersuchungsperiode gew?hlt werden. Dadurch, da\ die Autoren als entscheidende Erkl?rungsvariable anstelle des nominalen BSP die Geldmenge benutzen, erhalten sie eine Version des Modells mit zwei Gleichungen, wobei der Zusammenhang zwischen den Koeffizienten eine charakteristische Struktur aufweist. Das versetzt sie in die Lage, einen theorienahen Test zu machen, indem die Kosten in Form einer schlechteren Modellanpassung gesch?tzt werden, die sich daraus ergeben, da? die Struktur aufgesetzt wird. Die Verfasser gelangen zu dem Ergebnis, da? die Grundvariante von Lucas’ Makromodell auf schwachen Fü?en steht und da? sie einen (weiteren) Beweis gegen das Fehlinterpretations-Modell des realen Konjunkturzyklus erbracht haben. Une nouvelle révision de l’hypothèse de la variabilité de Lucas. — Cette étude révise encore une fois le modèle de Lucas de l’année 1973 qui est aussi connu comme le modèle de mal-perception ainsi que l’hypothèse de la variabilité de Lucas en utilisant une supérieure méthodologie économétrique et une période d’échantillon plus longue. En rempla?ant le produit national brut nominal comme variable de clé explicative par la quantité de monnaie, on obtient une version du modèle à deux-équations qui a une structure caractéristique des liens entre les coefficients. Cela permet un test près de la théorie en estimant les co?ts en termes d’une réduction de l’aptitude si on impose la structure. Le résultat est que la version principale du macro-modèle de Lucas reste sur un terrain vacillant: on a ajouté une (autre) pièce d’évidence contre le modèle de mal-perception du cycle conjoncturel réel. La hipótesis de variabilidad de Lucas reexaminada. - En este trabajo se examina otra vez el modelo de Lucas de 1973, conocido casualmente como el modelo de la malpercepción, y la hipótesis de variabilidad de Lucas, utilizando una metodología econométrica superior y una muestra para un período más largo. Intercambiando la variable explicativa, el PBI nominal, por el stock de dinero se obtiene una versión biecuacional del modelo que tiene una estructura característica de vínculos entre los coeficientes. Esto posibilita un test cercano a la teoría, através de la estimatión de los costos de la imposición de dicha estructura. El resultado es que la versión básica del macromodelo de Lucas no es muy robusto: esta es una evidencia más en contra del modelo de malpercepción del ciclo económico real.     

Income and wealth transfer effects of discrimination in sentencing

Conclusion There is substantial evidence that African—Americans have been subjected to disparate treatment in the sentencing phase of the criminal justice process. ²⁴ the type, method, and extent of the disparity has varied over time and in different locations. To assess the extent of income and wealth transfers resulting from this disparate treatment will require an extensive examination of detailed data by offense type. The appropriate methodology requires: 1) identification of the offenses where recially discriminatory treatment has occurred; 2) estimates of the numbers of individuals sentenced in a discriminatory fashion; 3) identification of the types and amounts of differential sentencing; 4) valuation of the effect of differential treatment; 5) aggregation of the amounts across offenses and over time (including projections into the future where appropriate); and 6) discounting to present value using an appropriate social discount rate. Although data may not be available that would allow us to conduct a detailed analysis for many jurisdictions prior to the 1960s, adequate data exist to allow preliminary estimates to be made of the magnitude of income and wealth transfers that the African—American community has experienced as a result of racial discrimination in sentencing.²⁵     

Target zones and wealth effects: Current account implications of alternative policy assignments

This paper evaluates the current-account implications of coordinated disinflationary policy in a two-country framework, when fiscal policy is assigned to control inflation and monetary policy is used to hold down the exchange rate at its target zone level. The performance of an alternative regime, where monetary policy controls inflation and fiscal policy is assigned to control the current account is also assessed.