Macro and Micro Perspectives of Growth and Poverty in Africa

This article reviews trends in poverty, economic policies, andgrowth in a sample of African countries during the 1990s, drawingon the better household data now available. Experiences havevaried. Some countries have seen sharp drops in income poverty,whereas others have witnessed marked increases. In some countriesoverall economic growth has been pro-poor and in others not.But the aggregate numbers hide systematic distributional effects.Taking both macro and micro perspectives of growth and povertyin Africa, the article draws four key conclusions. First, economicpolicy reforms (improving macroeconomic balances and liberalizingmarkets) appear conducive to reducing poverty. Second, marketconnectedness is crucial to enable participation in the gainsfrom economic growth. Some regions and households by virtueof their remoteness were left behind when growth picked up.Third, education and access to land emerge as key private endowmentsto help households benefit from new economic opportunities.Finally, rainfall variations and ill health have profound effectson poverty outcomes, underscoring the significance of socialrisk management in poverty reduction strategies in Africa.     

Asymmetric ACD models: Introducing price information in ACD models

This paper proposes an asymmetric autoregressive conditional duration (ACD) model, which extends the ACD model of Engle and Russell (1998). The asymmetry consists of letting the duration process depend on the state of the price process. If the price has increased, the parameters of the ACD model can differ from what they are if the price has decreased. The model is applied to the bid-ask quotes of two stocks traded on the NYSE and the evidence in favour of asymmetry is strong. Information effects (Easley and O'Hara 1992) are also empirically relevant. As the model is a transition model for the price process, it delivers `market forecasts' of where prices are heading. A trading strategy based on the model is implemented using tick-by-tick data.While remaining responsible for any error in this paper, the authors would like to thank R. Anderson, G. Le Fol, C. Gouriéroux, J. Jasiak, W. Pohlmeier, A. Roell, O. Scaillet, S. Wei and three anonymous referees for useful remarks and suggestions on previous versions. The authors would also like to thank A. Ruttiens from KBC-CBC for useful discussions on practical issues related to trading. Support of the European Commission Human Capital and Mobility Program through the network `Econometric inference using simulation methods' is gratefully acknowledged. This paper presents research results of the Belgian Program on Interuniversity Poles of Attraction initiated by the Belgian State, Prime Minister's Office, Science Policy Programming. The scientific responsibility is assumed by the authors.     

Measurement of Quality of Life and Well‐Being in France: The Drivers of Subjective Well‐Being

Ever since the publication of the Stiglitz Report, France has been heavily involved in the measurement of well‐being. The French Statistical Institute (INSEE) has expanded the scope of its existing surveys. It has also launched an innovative experimental survey which, drawing upon a single statistical source, aims for the first time to explore the different dimensions of both objective and subjective quality of life, as highlighted in the Stiglitz Report. It allows us to study, at the individual level, correlations between these dimensions and the accumulation of deprivations. It has enabled us to better understand the links between determinants generally referred to as objective dimensions of quality of life (such as health or education) and subjective well‐being. This information is of paramount importance for policy makers who cannot act directly on the level of people's satisfaction but can only act upon the levers of objective dimensions. This paper presents the main findings of the experimental survey.     

Cultural Tourism And Flamenco In The City Of Cordoba (Spain)

Flamenco is a tourist product that can attract many visitors from around the world, and the city of Cordoba (Spain) has an important role in the origins of flamenco. This work studies whether the satisfaction of cultural tourists who visit the city can be influenced by cultural offers related to flamenco. To achieve this objective, fieldwork was carried out based on 709 surveys conducted in the most important flamenco “tablaos” (stages) of the city. The techniques of factorial analysis and linear adjustment were used. The results show that flamenco can be a product that complements the satisfaction of cultural tourists.     

Linking HRM and Small Business Performance: An Examination of the Impact of HRM Intensity on the Productivity and Financial Performance of Small Businesses

Attempts to explore empirically the link between HRM and firm performance are numerous. Yet, research on this link remains restricted to large companies. Little is known about the extent to which the existing results extend to small businesses. The purpose of the present study is to develop and test a conceptual framework linking HRM to financial performance that fits small businesses. The central question is whether the development of an intensive HRM is profitable for smaller organizations. For the development and optimization of the conceptual framework, we rely on human capital theory and bankruptcy prediction models. Using structural equation modeling, we study the mediating effect of voluntary turnover and productivity on the relationship between HRM intensity and one year lagged financial performance. The results show both productivity and profitability enhancing effects as well as a cost increasing impact of HRM intensity.     

From Industrial to Innovation Policy

Industrial policy has been a cornerstone of economic policy in Europe after the world war and the transformation of basic industries like coal and steel were key issues at the beginning of European integration. In the 1970s and 1990s industrial policy shifted toward support of high-tech industries. In the seventies the importance of a more systemic view came up, policy had to address the specific weaknesses of the innovation system. The Lisbon agenda finally combines competitiveness with social and environmental goals. Industry plays an important role in generating welfare and industrial policy is in different forms and sorts back, high on the agenda.     

'More is not necessarily better': the relationship between the quantity and quality of training efforts

International comparisons indicate that, on average, Belgian companies spend less on training than their French, German and Dutch counterparts. Encouraging companies to commit to training has consequently been an important policy goal over the last few years. One notable aspect of the policy to encourage training efforts by companies is that the effort is always represented in terms of the resources invested (input), not in terms of the learning achieved (output) or the quality of training programmes (throughput). Government policy is aimed at increasing the level of investment in company training. One of the questions we wish to investigate is whether this input-oriented approach to the training issue is actually effective. Whether companies will succeed in raising human capital to ever-increasing levels may depend not only (and maybe not even chiefly) on the extent of financial investment in training. The investment level does not necessarily determine the quality of the training processes developed by companies. Therefore, this paper focuses on the following research questions: (1) to what extent do companies monitor the systematic development of sufficiently effective training processes? In other words, is qualitative under-investment an issue, alongside financial under-investment? (2) Is the level of financial investment in company training correlated to the quality of training processes? The empirical data confirm that a kind of 'qualitative' under-investment can be reported and that the relationship between the level of investment in training and the quality of the training programmes is weak.