Black-market exchange-rate expectations and the domestic demand for money: Some empirical results

This paper analyzes the effects of expectations about future exchange-rate adjustments on the demand for money. These effects are studied empirically for the case of countries which have imposed foreign-exchange restrictions. The results obtained for Brazil, Chile, and Colombia indicate that the demand for money is significantly reduced when expectations of black-market depreciation intensify; and that when this variable (for which the proxy used is the divergence of the black-market exchange rate from purchasing power parity) is omitted from the demand-for-money function, the response of the demand for money to changes in the expected rate of domestic inflation tends to be overestimated.     

Organisatorische Planung des Asset-Liability-Managements von Versicherungsunternehmen

How to organize an insurance company’s asset-liability-Management? To answer this question a decision model is constructed which can support decisionmakers in practice. To operate the model it is assumed that the utility produced by different organizational solutions depend on the relevance of savings the insurance company manages on behalf of the insured. The relevance is (a) lower in casualty related branches and it is (b) higher in life or life related branches. The model’s outcome is that an organizational solution which gives the units more autonomy is best in situation (a). In Situation (b), however, a more centralised coordination is favourable.     

Intra-firm trade and Swedish multinationals

Zusammenfassung Firmeninterner Handel und schwedische multinationale Unternehmen. — In diesem Aufsatz werden verschiedene Hypothesen zu den Bestimmungsgründen des firmeninternen Handels getestet, wobei einmalige Firmendaten schwedischer multinationaler Unternehmen benutzt werden. Die Ergebnisse zeigen, da\ die Neigung ausl?ndischer Filialen, von den Mutterfirmen zu importieren, positiv mit der Forschungsintensit?t des gesamten multinationalen Unternehmens korreliert ist. Einfuhrbeschr?nkungen des Gastlandes haben eine erhebliche negative Wirkung auf die Importe der Filiale von der Mutterfirma. Diese scheinen auch mit dem ProKopf-Einkommen im Gastland zuzunehmen. Die internationalen Reserven des Gastlandes schlie\lich, die herangezogen werden, um m?gliche Anreize für eine Manipulation der Transferpreise zu erfassen, führen zu keinen eindeutigen Ergebnissen.

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Résumé Commerce intra-entreprise et les entreprises multinationales suédoises. — Les auteurs testent plusieurs hypothèses concernant les déterminants du commerce intra-entreprise en utilisant des données uniques du niveau d’entreprise pour des firmes multinationales suédoises. Les résultats suggèrent qu’il y a une relation positive entre les tendances des sociétés affiliées étrangères à importer les biens des sociétés mère et l’intensité de recherche de l’entière entreprise multinationale. Les politiques des gouvernements d’h?te qui visent à restreindre les importations ont un effet significatif et négatif sur les importations des sociétés affiliées. Ces importations semblent accro?tre avec le revenu par capita du pays d’h?te. Finalement, les réserves internationales du pays d’h?te qui sont introduites comme variable approximative des incitations possibles à une manipulation des prix de transfert ne produisent pas de résultats conclusifs.

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Resumen Comercio intracompa?ía y las multinationales suecas. — Varias hipótesis sobre las determinantes del comercio intracompa?ía son sometidas a un test empírico utilizando datos a nivel de empresa para multinationales suecas. Los resultados sugieren que la propensidad de las filiales de importar de sus casas matrices está positivamente correlacionada con la intensidad de investigatión de la empresa multinational. Las políticas de importaciones restrictivas por parte de los gobiernos de los países donde operan las filiales tienen un impacto negativo significativo sobre las importaciones de la filial provenientes de la casa matriz. Las importaciones parecen aumentar con el ingreso per capita del país donde operan las filiales. Finalmente, las reservas internationales del país donde operan la filial, variable introducida para captar posibles incentivos para manipulaciones en los precios del comercio intracompania, arrojan resultados no concluyentes.

     

There is nothing permanent except change—analyzing individual price dynamics in “pay-what-you-want” situations

This study is examines the dynamics in prices paid in “pay-what-you-want” situations over multiple customer–seller transactions on an individual customer level. The analysis of potential dynamism in prices paid allows for an assessment of the profitability of pay-what-you-want pricing for sellers of frequently bought products and services. To empirically validate the framework, the authors conduct a field study that focuses on the aggregate and individual dynamics in prices paid over customers’ multiple purchases. Using latent growth modeling, the authors find significant but declining decreases in prices paid. Further, they identify stable individual and relational difference factors which predict steeper or more gradual declines in prices paid. Customers’ individual preferences for fairness and price consciousness as well as their overall satisfaction with the seller alleviate price declines. The authors discuss the practical and theoretical implications of these findings.     

Corporate communication management: A framework based on decision-making with reference to communication resources

This paper proposes a conceptual framework for corporate communication management, based on the creation and utilisation of communication resources. The aim is to address a gap in the literature in that to date, communication tools have been identified as communication resources in very few studies, nor have communication decisions been linked to the creation and use of such resources. The paper draws on some basic resource-based view assumptions to identify firm-specific communication resources. The study also draws on Parsons' sociological approach with reference to the classification of organisational decisions (policy, allocation and coordination) and contextualises this approach to the decision-making within corporate communication function/department. The framework also takes into account some elements of the postmodernism. According to this tendency in contemporary culture, internal and external stakeholders play a proactive role in the creation and utilisation of communication resources. The study contributes to the development of corporate communication as an autonomous area of management.     

Examining How Country Image Influences Destination Image in a Behavioral Intentions Model: The Cases of Lloret De Mar (Spain) and Cancun (Mexico)

Understanding the importance of a country’s image in the behavioral intentions of tourists is essential for sun-and-sand destinations. This study examines an integrated model of behavioral intentions regarding two international tourist destinations, namely Cancun (Mexico) and Lloret de Mar (Spain). The results indicate that country image influences destination image; destination image influences value, satisfaction, and behavioral intentions; value influences satisfaction; and satisfaction influences behavioral intentions. These findings confirm that the country and destination images are different constructs, and that destination image is the key to attracting tourists. Additionally, there are some differences in the relationships hypothesized in the model among the destinations.     

Inflation,interest rate policy,and currency substitutions in developing economies: A discussion of some major issues

This paper deals with the management of interest rates in an open economy under rapid inflation and reviews the links between interest and exchange rate policies.To prevent current substitution the rate of interest paid to lenders must equal the equivalent rate after adjusting for differential taxation and intermediation costs. This would probably induce capital inflows and consequent monetary growth. Exchange risks are also considered in this context.The paper concludes that under inflationary conditions it is difficult to use only interest rates to achieve both proper resource allocation and prevention of currency substitution. Some policy measures to cope with this problem are discussed.     

Funzioni di utilità di gruppo ed avversione al rischio multivariata

In questo lavoro si studia l'impatto che l'avversione al rischio multivariata ha in un problema di decisione di gruppo, note le misure di avversione al rischio relative alle funzioni di utilità dei singoli individui. Supponendo che tali funzioni siano aggregate in accordo al principio di Pareto e che ad ogni decisione di gruppo sia associato un profitto che deve essere suddiviso tra gli individui del gruppo stesso, si analizzazo i legami tra l'avversione al rischio degli individui e quella del gruppo, soprattutto nei casi in cui le funzioni di utilità sono additive e multilineari.

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In this paper, a methodology for modeling group decision-making problem is presented and links between group and individual multivariate risk aversion are studied.After a decision, a group will recive a payoff which must be devided among the members of the group itself: properties of the group utility functions and the sharing rule are investigated in connection with individual and collective risk aversion, under different assumptions concerning the form of the group utility function.

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Versione definitiva pervenuta il 27-7-1981

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Lavoro eseguito nell'ambito del GNAFA-CNR.     

A note on the specification of the fisher equation under inflation uncertainty

The effect of uncertainty on the relationship between the nominal interest rate and the expected rate of inflation, the Fisher equation, is examined both theoretically and empirically. It is found that the coefficient of the expected rate of inflation is significantly below unity. Variable rates of inflation tend to effect the nominal rate of interest positively, but real yields are apparently effected only by expected inflation, but not its variance.