Financial dollarization and systemic risks: New empirical evidence

This paper explores the persistence of financial dollarization in a group of 79 economies with different levels of development. Our main hypothesis is that a high level of domestic debt combined with default risk explains this persistence, even after a decline in inflation rates. Using the generalized method of moments (GMM) in a panel data analysis, our results show that inflation risks caused by increasing probability of default account for financial dollarization more than inflation rate itself. After the decrease in inflation rates, the foreign currency-denominated deposits remain large because of the high debt-to-GDP ratios, particularly in speculative-grade economies. High public indebtedness leads to expectations of default. Dollarization is a rational response to the future inflation associated with investors' expectations of default observed in highly indebted economies.     

为什么世界上最富有的女人是中国女人？

在一份世界女富豪的榜单上，看到著名美国脱口秀主持人Oprah Winfrey、哈利波特的作者JK罗琳的名字，你肯定不会惊讶。而你肯定预测不到的全球女富豪来自最多的国家却是——中国。     

Initial Public Offerings on the Unlisted Securities Market: The Impact of Professional Advisers

This paper tests two hypotheses developed in the context of information asymmetry between companies making initial public offerings (IPO) on the Unlisted Securities Market and potential investors. It is argued that the status of the sponsor and audit firm are interpreted by potential investors as signals of an IPO's quality. The results indicate that for IPOs made during 1986–87 the level of discount and the status of the associated auditing firm are significantly related. Higher quality auditing firms are associated with lower levels of discount. A similar relationship for IPOs made during the period 1988–89 is not detected. The paper suggests that there were significant changes in the IPO market between these two periods. No relationship in either period is detected between the level of discount and the status of the sponsor.     

The effect of transitional employment on search duration: A selectivity approach

This paper presents an analysis of the impact of transitional employment (employment fully contained within a search spell) on search duration. Log-linear duration equations, which are derived from an accelerated time-life specification, are estimated separately for those who take and do not take a transitional job. Selectivity terms are included as additional regressors in the specification in order to control for the endogeneity of the decision to take a transitional job. The presence of right-censored search spells is controlled for and the standard errors are corrected to account for the inclusion of generated regressors. A searcher who takes a transitional job can expect to be searching for permanent employment almost eight months longer and has a substantially different escape pattern than a searcher who does not take a transitional job.The author has benefitted from discussions with and comments from many colleagues. Special thanks are extended to Insan Tunali for making his error-correction formulas available. Support from the Research Council of the College of Business Administration, Georgia State University, is gratefully acknowledged.     

Do citizenship behaviors matter more for managers than for salespeople?

This research was designed to investigate the effects of organizational citizenship behaviors (OCBs) and objective sales productivity on sales managers’ evaluations of their sales personnel’s performance and to examine whether the impact of OCBs on performance evaluations is greater at higher levels of the sales organization hierarchy. Two samples were obtained from the same organization: a sample of 987 multiline insurance agents and a sample of 161 agency managers. Objective measures of sales productivity were obtained for both samples along with evaluations of three dimensions of OCBs and an assessment of overall performance. The results indicate that managers’ evaluations are determined at least as much by OCBs as they are by objective measures of performance. After partialing out common method variance, the results also indicate that OCBs account for a greater proportion of a sales manager’s evaluation than of a sales representative’s evaluation. The implications of these findings are discussed. Scott B. MacKenzie (Ph.D., UCLA, 1983) is a professor of marketing and the Edgar G. Williams Faculty Fellow at the Kelley School of Business at Indiana University. His research on advertising effectiveness, organizational citizenship behavior, and leadership issues can be found in theJournal of marketing Research, Journal of Marketing, Journal of Consumer Research, Journal of Applied Psychology, Organizational Behavior and Human Decision Processes, Personnel Psychology, Journal of Management, andThe Leadership Quarterly. Currently, he serves on the editorial boards of theJournal of Marketing Research, Journal of Marketing, Journal of Consumer Research, andJournal of Consumer Psychology. Philip M. Podsakoff (D.B.A., Indiana University, 1980) is the John F. Mee Professor of Organizational Behavior and Human Resources at the Kelley School of Business at Indiana University. He is the author or coauthor of more than 60 articles and/or scholarly book chapters that have appeared in such journals as theJournal of Marketing, Journal of Marketing Research, Academy of Management Journal, Psychological Bulletin, Organizational Behavior and Human Decision Processes, Journal of Applied Psychology, The Leadership Quarterly, Organizational Dynamics, Research in Organizational Behavior, Journal of International Business Studies, andJournal of Occupational and Organizational Psychology. He serves on the Board of Editors of theJournal of Applied Psychology, Organizational Behavior and Human Decision Processes, andThe Leadership Quarterly. Julie Beth Paine is a doctoral student in management at the Kelley School of Business at Indiana University. Her research interests include competence in performance, performance evaluation processes, and reward systems.     

Sinking Ships? Liberal Theorists on the American Economy

In the Asia-Pacific region, the conditions and consequences of East Asian success have understandably attracted more attention than the causes and implications of North American failure. In the American case, any failure must be relative when the US remains a bloc-sized market and the only surviving superpower. Thus, for Asians the US figures economically as an export opportunity and socially, for puritans like Lee Kuan Yew, as a warning about decadence. The discussion among Americans is altogether more interesting. This article analyses the debate about national competitiveness among American liberal democrats like Magaziner, Reich, Tyson and Krugman and looks behind the differences of position that separate these protagonists, with two conclusions. First, as the old 1980s problem of national uncompetitivencss is jettisoned in the 1990s; all the liberals now agree that Americans are no longer in the same boat, that while some are becoming increasingly successful, others are sinking fast. Second; the protagonists have moved from an industrial policy fix in the 1980s to an end of policy era in the 1990s where the question for American liberals is whether and how the political system can absorb the stresses createted by increasing inequality.     

The diary of a charity donor: an exploration of research information from the Royal Mail Consumer Panel and Mail Characteristics Survey

This paper looks at direct mail in the United Kingdom across all market sectors and in detail at the charity sector. It uses the research information that Royal Mail has been collecting foroveradecadetoshowthegrowthofthe medium. The diary system used by the Consumer Panel gives an insight into the typical donor and their relationship with charities. This paper looks only at direct mail: ‘personally addressed advertising material that is delivered through the post’. This definition means that leaflets put through the letterbox are excluded. Copyright © 1999 Henry Stewart Publications