Number,Age Composition and School Achievements of Siblings in Two African Capital Cities

This paper uses biographical data from Dakar and Yaoundé, two large African cities, to study the link between number of siblings and school attainment. The data describe all fertility events experienced by parents and the number of siblings of each child over time. The average family size effect is estimated first. The family size effect at different ages is then estimated. The results show that, in Dakar, both the overall and age-specific effect of family size on education are negative and statistically significant. In Yaoundé, the overall effect is not significant, but negative effects at some schooling ages (between 14 and 17) are observed in this study. Finally, the negative impact of family size on school achievement seems to be driven more by elder siblings than by younger ones.     

Deciding to Peg the Exchange Rate in Developing Countries: The Role of Private-Sector Debt

We argue that a higher share of the private sector in a country’s external debt raises the incentive to stabilize the exchange rate. We present a simple model in which exchange rate volatility does not affect agents’ welfare if all the debt is incurred by the government. Once we introduce private banks who borrow in foreign currency and lend to domestic firms, the monetary authority has an incentive to dampen the distributional consequences of exchange rate fluctuations. Our empirical results support the hypothesis that not only the level, but also the composition of foreign debt matters for exchange-rate policy.     

Wolfgang Donsbach zum Präsidenten der ICA gewählt

Ohne Zusammenfassung     

Funding liquidity risk: Definition and measurement

Funding liquidity risk has played a key role in all historical banking crises. Nevertheless, a measure for funding liquidity risk based on publicly available data remains so far elusive. We address this gap by showing that aggressive bidding at central bank auctions reveals funding liquidity risk. We can extract an insurance premium from banks’ bids which we propose as a measure of funding liquidity risk. Using a unique data set consisting of all bids in all auctions for the main refinancing operation conducted at the ECB between June 2005 and October 2008 we find that funding liquidity risk is typically stable and low, with occasional spikes especially around key events during the recent crisis. We also document downward spirals between funding liquidity risk and market liquidity. As measurement without clear definitions is impossible, we initially provide definitions of funding liquidity and funding liquidity risk.     

A challenge for the G20: Global debt brakes and transnational fiscal supervisory councils

Debt-to-GDP ratios have grown to unprecedented levels in many industrialised economies. To combat this threat, the authors call for a global debt brake following the Swiss or German example. The debt brakes should be incorporated into national constitutions and monitored by independent transnational fiscal councils, which should conduct regular evaluations of national budget plans in order to ensure that they meet the requirements stipulated by the debt brake.     

Giving up the hats? Entrepreneurs' role transitions and venture growth

At the start of a venture, most entrepreneurs wear many hats. However, entrepreneurs often cannot remain involved in every aspect of the venture process, and so they face important decisions about which roles to give up, which roles to retain, and which new roles to adopt. For many, this process is particularly difficult as roles represent more than just something entrepreneurs do but also an important part of who they are (role identities). Through an inductive field study, this research reveals how and why entrepreneurs add, subtract, or retain roles. We find three mechanisms—perceiving the entrepreneur as someone who ‘gives up the hats,’ discovering new meaning (new role identities) within the venture, and role identity imprinting—lead to a narrowing of one's role set, which ultimately influences venture growth.     

Exchange Rate Effects of Central Bank Interventions: An Analysis of Transaction Prices

The impact of sterilised interventions by the Swiss National Bank on the Swiss franc/U.S. dollar exchange rate is examined for the 1986–94 period. The paper extends results from earlier studies by using the actual prices of interventions. Based on the fact that all Swiss National Bank interventions are announced, our test exploits the informational differences between interventions and customer transactions. A key finding is that only initial interventions matter; customer transactions and subsequent interventions have no influence.     

Die LOHAS im Kontext der Sinus-Milieus

Aktuelle Diskussionen im Kontext des nachhaltigen Konsums sind ohne den LOHAS (Lifestyle of Health and Sustainability) als neuartige Zielgruppe kaum noch denkbar. Auch wenn der LOHAS die zentralen Anforderungen an das Lebensstilkonzept erfüllt, so lassen sich die abgeleiteten Implikationen nur schwierig in ein operativ erfolgreiches Nachhaltigkeitsmarketing übertragen. Die Verortung des LOHAS innerhalb der Sinus-Milieus kann die Unsch?rfe dieses Ansatzes reduzieren und so zus?tzlich Informationen für das Marketing bereitstellen.     

Combination of evidence from multiple administrative data sources: quality assessment of the Austrian register‐based Census 2011

This article investigates the quality of register data in the context of a standardized quality framework. The special focus of this work lies on the assessment of census data and how to deal with uncertainty that arises from multiple sources (registers). To take the uncertainty associated with support and conflict between several registers into account, Dempster–Shafer's theory of evidence is applied. This ‘fuzzy’ approach allows us to investigate the quality of databases with multiple underlying sources for a single attribute and to provide both quality measures and plausibility intervals.