US trade policy in an unbalanced world economy

Both the national as well as the international debate on US trade policy are overshadowed, and strongly influenced, by the large external inbalances of major trading nations. What do these disequilibria mean for US trade policy? Moreover, is the USA losing comparative advantage in agriculture and high-technology manufacturing? Do industrial policies in other countries distort American trade?     

The dynamics of fiscal policy in an open economy

This paper extends the work of Blinder and Solow, analyzing the dynamics of fiscal policy, to a small open economy having a fixed exchange rate. The model is developed under the assumption that domestic and foreign bonds are imperfect substitutes. The stationary properties of this system are discussed and it is shown how, in general, equilibrium requires both the government budget to be balanced and the balance of payments on current account to be in equilibrium. The stability of the system is analyzed under two extreme assumptions: zero capital mobility and perfect capital mobility. A significant result of the analysis is to show how the appropriate choice of the policy parameters, describing the mode of deficit financing and sterilization policies, is of central importance to the stability of the model.     

Monetary policy in the transition to a market economy: The case of Hungary

In the centrally planned economies of Eastern Europe, monetary policy played a subordinate role, there were no capital-market institutions and the banking system was single-tier. All this has to be changed in the transition to a market economy. The example of Hungary, which abolished the traditional system of central planning as early as 1968, shows some of the pitfalls to be avoided.     

Trade and competition policies in an increasingly integrated world economy

The traditional boundaries between trade policy and competition policy are becoming fuzzier and less valid because firms increasingly compete at the same time in many different markets and in different ways. The following article examines a number of policy areas in which trade policy has significant effects on competition, and competition policy has significant effects on trade. It concludes that new ways of multilateral cooperation are necessary if trade and competition policies are to complement rather than contradict each other. This article was written while the author was a senior lecturer at the European Institute of Public Administration, Maastricht, the Netherlands. He is now Minister Plenipotentiary at the Ministry of Foreign Affairs, Nicosia, Cyprus. The article is a revised draft of a paper that was presented at a seminar organised by the OECD on 6 July 1993. The author is grateful to participants of the seminar for their comments and suggestions. The views expressed in this paper are the responsibility of the author and should not be attributed to any institution.     

Ethics,public policy,and managing advanced technologies: The case of electronic surveillance

A vigorous debate has developed surrounding electronic surveillance in the workplace. This controversial practice is one element of the more general issues of employee dignity and management control, revolving around the use of polygraph and drug testing, integrity exams, and the like. Managers, under pressure from competitors, are making greater use of technologically advanced employee monitoring methods because they are available, and hold the promise of productivity improvement. In this paper, the context of electronic surveillance is described and analyzed from the perspectives of ethics, public policy, and managerial behavior.The future creeps in on small feet ... We do not awaken suddenly to a brave new world. (Zuboff, 1990) Edward J. Ottensmeyer is Assistant Professor of Management at Clark University's Graduate School of Management, where he conducts research in competitive strategy, technology management, and social issues. His research has been published in journals such as Academy of Management Review, Policy Studies Journal, Growth & Change, and Policy Studies Review, and in edited volumes, the most recent of which is Strategic Management in High Technology Firms from JAI Press. He holds MBA and Ph.D. degrees in Management from Indiana University. Mark A. Heroux is a software engineer at the Locus Computing Corporation, in Burlington, Massachusetts. His research interests include high-level security protocols in large-scale computer networks, and effectiveness in high technogy firms. He holds an undergraduate degree in Computer Science from Anna Maria College and an MBA from Clark University.     

The world economy in the summer of 1990

The global economy continues to show an upward trend—albeit at a slower pace— for the eighth year running, although performance differs considerably from country to country. What is the outlook for 1990 as a whole?     

The role of multinationals in the world economy

Based on trends observed during the ’sixties, a number of forecasts have projected an increasing domination by multinational corporations of the Western economies. By confronting them with the available empirical evidence of the ’seventies, Dr. Winiecki reveals some striking discrepancies between these forecasts and the realities of the past decade, the interpretation of which may contribute to a more realistic assessment of the future role of multinational corporations.     

The core and periphery of the world economy

This paper reviews three models of foreign trade, including the Heckscher-Ohlin model, the new trade theory based on increasing returns to scale, and the model of economic geography and trade with agglomeration effects. It demonstrates that gravity models perform relatively well for differentiated and non-differentiated products. This result supports Hummels' and Levinsohn's () critique of the new theory foundation of the gravity equation. Furthermore, the bilateral trade relations of peripheral countries are often identified as outliers. This pattern of outliers is consistent with the model of geography and trade.     

Consumer complaint handling in an advanced developing economy: An empirical investigation

The purpose of this article is to examine consumer protection, complaint, and statisfaction/dissatisfaction behaviors in developing countries with special reference to an advanced developing country — Turkey. The study was designed to describe consumer complaint handling issues in urban Turkey. It tries to explain consumer behavior differences along five consumer product categories as to the frequency and manner of consumer complaining behavior and suggests insights into the effectiveness of consumer complaint handling policies in Turkey. It is maintained that the study results are also applicable to other developing countries which are at a similar level of socio-economic and technological development.Erdener Kaynak, Ph.D. is currently a Professor of Marketing at the School of Business Administration of The Pennsylvania State University at Harrisburg, Middletown, Pennsylvania. Dr. Kaynak has served as a business consultant and training adviser to a number of Turkish, Canadian, Dutch, American, Peruvian, Yugoslavian, and international organizations. A prolific author, he has published over one hundred articles in refereed scholarly and professional journals as well as being the author or co-author of thirteen books. Dr. Kaynak is also Executive Editor ofInternational Business Press (IBP), an imprint of the Haworth Press Inc. of New York, London, and Sydney. In this capacity, in addition to being responsible for the international business book series, he edits several international marketing journals.Orsay Kucukemiroglu is presently an Assistant Professor of Business Administration at the Pennsylvania State University, York Campus, York, Pennsylvania. He holds a B.S. degree in Economics, an M.A. in Statistics, and an M.Sc. in Business Administartion and Operations Research. He also holds a CPA designation in the Communwealth of Pennsylvania. Mr. Kucukemiroglu has published articles in such journals asDecision Sciences, International Journal of Bank Marketing, Journal of Professional Services Marketing as well as presenting papers before various learned societies in North America and in Europe.Yavuz Odabasi is Professor of Marketing and Director of the Vocational Training School of Anadolu University in Eskisehir, Turkey. A graduate of Turkish and U.S. universities, Dr. Odabasi was a faculty member at Erciyes University before joining his current university. He has published articles in such journals asService Industries Journal, International Journal of Bank Marketing as well as publishing in Turkish academic and professional journals.     

The drugs economy and anti-drug policy in developing countries

The drugs economy has now developed into a major factor in many developing countries. What effects on the economies of the countries concerned do drugs production and the drugs trade have? How should the prospects of success for substitution policies be judged? What strategy to curb the demand for drugs in the industrial countries might carry the promise of success?     

The creation of regional blocs in the world economy

International economic relations today show a rather pessimistic picture, with high non-tariff barriers, international trade frictions and a serious crisis in the GATT. The following article analyses present tendencies towards the creation of regional economic blocs and the threats to the world economy which these involve.     

The consumer information deficit: Assessment and policy implications

This paper reports about a research project financially supported by the Federal Ministry for Research and Technology of the FRG as part of the work of a consortium of consumer research teams from several universities. Using the problem of purchasing an automobile as an example, consumer information need and information supply are analyzed in order to delineate the consumer information deficit. Information need is defined as information suitable for reducing risks of purchase perceived by consumers which were ascertained in two surveys. Information supply was analysed by a content analysis of sales brochures, advertisements, and automotive magazines, as well as a study of the information content of sales talks. It turns out that the information supply is unsatisfactory with regard to the information need.Several studies of attempts to reduce the information deficit are also reported. A lab study indicates that required improvements of the information content of sales brochures may help consumers to make better purchase decisions. A videotex information system, which was also investigated, had no influence on purchase decisions, but was still considered useful by consumers.

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Das Informationsdefizit der Konsumenten: Erhebung und Folgerungen für die Verbraucherpolitik

Zusammenfassung Es wird über eine Untersuchung berichtet, die im Rahmen des vom BMFT geförderten Forschungsverbundes empirische Verbraucherforschung an der Universität Hohenheim durchgeführt wurde. Ziel der Untersuchung war, die weitverbreitete Behauptung, die Konsumenten hätten ein Informationsdefizit, empirisch zu untersuchen, sowie Möglichkeiten zur Verringerung des Informationsdefizites, falls es ein solches gibt, aufzuzeigen. Die Erhebung des Informationsdefizites geschah am Beispiel des Problems eines Automobilkaufes. Zunächst wurde der Informationsbedarf der Konsumenten erhoben, der operationalisiert wurde als die Menge der Informationen die notwendig sind, um die von allen Konsumenten kollektiv empfundenen Kaufrisiken zu reduzieren. Empfundene Kaufrisiken wurden in einer offenen Befragung ermittelt und durch Befragung einer Zufallsstichprobe von 500 Neuwagenkäufern abgesichert und entsprechend ihrer Bedeutung gewichtet. Dem Informationsbedarf wurde das Informationsangebot gegenübergestellt. Alle bedeutsamen institutionellen Informationsquellen wurden daraufhin untersucht, inwieweit sie Informationen enthalten, die zur Reduktion der von den Konsumenten empfunden Kaufrisiken geeignet sind. Werbeanzeigen, Prospekte sowie Automobiltests wurden einer Inhaltsanalyse unterzogen. Ergänzend wurden Redakteure von Automobilzeitschriften befragt sowie Verkaufgespräche simuliert und auf ihren Informationsgehalt untersucht. Es stellte sich heraus, daß es zahlreiche, von Konsumenten empfundene Kaufrisiken gibt, über die keine oder kaum Informationen erhältlich sind, oder wo die Informationen von eingeschränkter Brauchbarkeit sind, da sie entweder nicht nachprüfbar sind oder technisches Vorverständnis beim Konsumenten voraussetzen. Unter den Kaufrisiken, in bezug auf die das Informationsangebot unbefriedigend ist, finden sich etliche, die von den Konsumenten als besonders wichtig eingestuft werden.Anschließend wird über mehrere Studien berichtet, in denen Maßnahmen zur Verringerung des Informationsdefizites untersucht wurden. Ein Laborexperiment zeigte, daß Informationsauflagen, mit deren Hilfe der Informationsgehalt von Prospekten verbessert wurde, die Kaufentscheidungen der Versuchspersonen verbesserten. Parallel wurde ein Informationssystem in Bildschirmtext untersucht, das allerdings keinen meßbaren Einfluß auf die Qualität der gefällten Kaufentscheidungen hatte. Beide Informationsmaßnahmen wurden von den Versuchspersonen allerdings als nützlich beurteilt. Andere Maßnahmen der Verbraucherinformation, wie persönliche Beratung und Aktivinformation in den Massenmedien, werden zur Verringerung des Informationsdefizites im Bereich der Produktinformation als weniger geeignet angesehen, könnten aber im Bereich der Bedarfsreflexion oder im Bereich der Strukturierung von Konsumproblemen sinnvolle Ergänzungen darstellen. Eine ausführliche Darstellung des Forschungsprojektes in deutscher Sprache findet sich bei Dedler et al. (1984).

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Klaus G. Grunert is Assistant Professor of Consumer Economics at the University of Hohenheim, Institute 530, PO Box 700562, D-7000 Stuttgart 70, West Germany. The research project described in this paper was directed by Gerhard Scherhorn with Konrad Dedler, Ingrid Gottschalk, Margot Heiderich, Annemarie L. Hoffmann, and the author as co-workers. A more complete report of the research may be found in Dedler et al. (1984).     

谈对信息经济时代会计的探讨

信息经济时代的到来,对全球经济产生了深刻的影响.文章分析了信息化对会计理论的影响.     

The double deficit of the USA and disequilibria in the world economy

The disequilibria in the world economy, of which the massive trade and current account deficits of the USA are but one manifestation, have reached dangerous proportions. The following article presents a number of scenarios to show how they may develop in future.     

Fiscal policy and the recession: The case of Greece

This paper presents an analysis of the implications of Greece’s intense and long-lasting fiscal and external imbalances for the potential efficacy of a discretionary fiscal policy response to the current recession. It argues that, given recent developments in interest rate spreads and the credit markets’ increased sensitivity to risk, the interest rates applicable to the entire amount of Greece’s external debt would tend to be higher with a fiscal expansion than without one. Moreover, it deduces from a simple model that the leakages associated with increased interest payments to foreign creditors could well cancel out any positive multiplier effects generated by a fiscal expansion, resulting in a failure to stimulate growth. The implications of this finding for policy is that Greece should continue to avoid the adoption of a fiscal stimulus package, not only out of respect to its fiscal obligations as an EU member but, ultimately, because such a package would be ineffective as an economic recovery tool. While the analysis focuses on the Greek economy, it may be of relevance to other EU economies suffering from serious macroeconomic imbalances.