Jobs with different wage determination mechanisms, social efficiency and unemployment

The purpose of this paper is to construct a theoretical framework for the labor market, which is composed of a variety of jobs with different wage determination mechanisms. We identify an equilibrium in which some firms post a wage and others bargain with workers. This paper shows that the proportion of firms adopting wage bargaining in a decentralized equilibrium is below the socially optimal level. We identify policies to increase this proportion and to improve social efficiency. Furthermore, we examine the impact of those policies on unemployment. The results of this study will determine the direction of employment policy on the labor market with various employment styles.     

The role of sales beliefs in facilitating experiential learning: An empirical study of Japanese salespeople

The purposes of this research were to examine developmental experience at different career stages and to clarify the role of sales beliefs in promoting experiential learning of salespeople. By applying the theoretical framework of expertise research and cognitive psychology, data from Japanese real estate salespeople were analyzed. Results suggest that (1) experiential learning is activated in the later stage (from 6 to 10 years) of a career, and (2) salespeople who balance customer and goal achievement orientations learn from others in the early stage (from 1 to 5 years) of their careers. A discussion of the theoretical and managerial implications is presented. © 2011 Wiley Periodicals, Inc.     

LIQUIDITY CONSTRAINTS IN A MONETARY ECONOMY*

This article presents a microfounded model of money with a consumption and an investment market. We consider an economy in which only part of the investment returns can be pledged. A liquidity constraint arises when the pledgeable part of the returns are not enough to pay for investment costs. We show that when the liquidity constraint is binding, agents may make a cash downpayment and money can perform two roles—as a provider of liquidity services and exchange services. The liquidity constraint constitutes a channel though which underinvestment occurs even at low inflation rates.     

Competing to Outsource in the South

This paper analyzes foreign direct investment (FDI) competition in a three‐country framework: two Northern countries and one Southern country. We have in mind the competition of Airbus and Boeing in a developing country. The host‐country government endogenizes tariffs, while Airbus and Boeing choose domestic output and FDI. Wages and employment in the home countries are negotiated. We find that in the unique equilibrium, both Airbus and Boeing compete to undertake FDI in the developing country. This arises because the host country can play off the multinationals, which in turn stems from three factors: (a) oligopolistic rivalry; (b) quid pro quo FDI; (c) strategic outsourcing—FDI drives down the union wages at home if the host‐country wage is sufficiently low. However, if the host‐country wage is sufficiently high, the union wage increases under FDI. In such cases, FDI competition benefits the multinationals, the labor unions, as well as the host country.     

Sustainability or Ruin of a Common Resource Economy with Random Jump

We consider a common resource economy in which agents exploit the common resource, and use it to produce goods and consume the goods produced. Also the agents can invest in private and productive capital. The resource extracted from the common resource is non‐renewable and the common pool is under uncertainty in the sense that it could have a sudden increase or decrease in the course of extraction. In this model we shall explore the probability of sustainability or ruin of the economy. We compare and discuss the optimal extraction rules and the probabilities under cooperative and non‐cooperative regimes.     

The role of human capital on the performance of manufacturing firms in Bangladesh

The efficiency determinants of manufacturing firms in developing countries have received increasing attention over the past few decades. This study examines the role of top managers' human capital and other exogenous determinants of the efficiency of manufacturing firms in Bangladesh by using heteroscedastic single‐step stochastic frontier analysis. We find that general human capital represented by educational qualification and specific human capital formed by work specific experience show different ways of impact on firm performance. Specifically, education has both a direct impact on firm outputs and an indirect impact as an efficiency determinant, whereas experience affects only technical efficiency.     

POPULATION AGING AND CONSUMPTION INEQUALITY IN JAPAN

This paper analyses how consumption inequality within a fixed cohort grows with age using Japanese household microdata. Following the method developed by Deaton and Paxson (1994), we obtain the following results. First, consumption inequality starts to increase at the age of 40. Second, younger generations face a more unequal distribution from the beginning of their life-cycle. Third, half of the rapid increase in the economy-wide consumption inequality during the 1980s was caused by population aging, while one-third was due to the increasing cohort effect. The paper compares the above results with those of Deaton and Paxson.     

人民币和中国经济

中国存在着许多结构性问题,如社会保障制度不健全,金融体制不完善等.这些问题的根源都不在汇率制度.要在根本上解决问题,在实行人民币升值和改革人民币汇率制度,提高汇率制度灵活性的同时,还要抑制投资过热,控制银行贷款规模,发展银行存款以外的股票、债券等资本市场,推进国有企业改革,实施消除将来不安的社会保障政策,实现利率自由化,改革金融体制等.只有使这些政策措施互相配合,很好地联动,才能取得卓越的成效.     

Capital Structure and Investment Financing of Small and Medium-Sized Enterprises in Vietnam

Insufficient sources of internal financing and inaccessibility of external financing are acknowledged as crucial constraints on new investment for small and medium-sized enterprises (SMEs). This study examines how capital structure is related to investment decision for SMEs in Vietnam. In particular, we investigate the effect of capital structure on the decision to seek new investment as well as the choice of its financing sources. The main results reveal that SMEs with high financial leverage tend to engage more in seeking new investment. Moreover, empirical results demonstrate that among SMEs seeking new investment, those with higher financial leverage are more likely to choose external financing rather than internal financing. These results confirm the dynamic feature of the pecking order theory in the context of SMEs’ capital structure in Vietnam.     

Human resource development to facilitate experiential learning: the case of Yahoo Japan

Although work experiences are recognized as important mechanisms for developing leaders in organizations, existing research has focused primarily on work assignments rather than on human resource development (HRD) systems that promote experiential learning of managers. The primary goal of this study was to develop an HRD model for facilitating experiential learning by examining the case of Yahoo Japan, which has transformed its HRD system based on experiential learning theory. The results indicate that Yahoo Japan has promoted experiential learning at the individual level by introducing new HRD systems consisting of four elements: reflection support (one‐on‐one meeting and coaching training), assignment support (HRD meeting and job rotation), assessment support (360‐degree appraisal and one‐on‐one meeting assessment) and visionary support (a vision and values). Although these elements are closely associated with each other, reflection support plays a key role in the HRD system. The proposed model is discussed from theoretical and practical viewpoints.