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.     

Einbindung des Finanzbereichs in das Beteiligungscontrolling

Zusammenfassung Auf der Grundlage einer umfassenden empirischen Bestandsaufnahme und L?ngsschnittsanalyse der Finanzorganisation befasst sich dieser Beitrag mit der Einbindung des Finanzbereichs in das Beteiligungscontrolling. Die zentralen Befunde dieser Organisationsproblematik lauten: a) für die Beziehungen zwischen Finanzzentrale und Verbundmitgliedern: Zentrale Finanzhoheit beruht in der Regel auf dem Vertrauen der Verbundglieder in die Leistungsf?higkeit und den Leistungswillen einer konzernweiten finanziellen Führungsinstanz. Dieses Vertrauen wird durch marktnahe, transparente Regelung der Konditionen im konzernweiten Liquidit?tsausgleich gef?rdert, durch autonomes Ertragsstreben seitens der Zentrale jedoch oftmals beeintr?chtigt; b) für die Beziehungen zwischen finanzieller Führung und Beteiligungscontrolling: Voraussetzung für die konstruktive Zusammenarbeit dieser Instanzen ist eine reibungslose Kommunikation auf gleicher Hierarchiestufe. Das Beteiligungscontrolling fungiert dabei als Informationsknotenpunkt für repetitive Informationen der Verbundglieder und leitet diese an die finanzielle Führung weiter. Unsere Daten geben Hinweise darauf, dass die Finanzplanung und -kontrolle im Team aus Treasurer und Controller besonders geeignet ist, Synergien freizusetzen. Die bewusste Einschaltung der finanziellen Führung w?hrend des laufenden Entscheidungsprozesses über langfristige Sachinvestitionen kann als Indikator einer dialog- und konfliktf?higen Führungsorganisationen dienen und pr?destiniert eine Integration der finanziellen Führung in das Beteiligungscontrolling.

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Summary Based on data from 29 German industrial multinational corporations we analyze the considerations between treasuring and controlling. Successful leading of subsidiaries depends on confidential cooperation between these both departments, equal in rang within the top of the whole corporation. In this cooperation, treasuring is focused on the liquidity-goal and controlling on the profit-goal. To reach these goals, it is necessary to implement a powerful central treasuring with financial market oriented regulations which are transparent and equal for all subsidiaries. On the other hand it is not recommended that the central treasuring strive for own profit of the subsidiaries’ costs.

     

Family versus Non‐Family Firm Franchisors: Behavioural and Performance Differences

Drawing from resource‐based theory, we argue that family firm franchisors behave and perform differently compared to non‐family firm franchisors. Our theorizing suggests that compared to a non‐family firm franchisor, a family firm franchisor cultivates stronger relationships with franchisees and provides them with more training. Yet, we predict that a family firm franchisor achieves lower performance than a non‐family firm franchisor. We argue, however, that this performance relationship reverses itself when family firm franchisors are older and larger. We test our hypotheses with a longitudinal dataset including a matched‐pair sample of private U.S. family and non‐family firm franchisors.     

Globalisierung in Beratungsunternehmen — Eine Fallstudie

Auch für Unternehmensberatungen entstehen neue Gesch?ftspotenziale, wenn etablierte Kunden in neue M?rkte eintreten und dabei auf die Fortführung langj?hriger und vertrauensvoller Gesch?ftsbeziehungen setzen. Zentrale Herausforderung für die Beratungsunternehmen ist dann die Globalisierung der Führung und die Schaffung einer globalen Unternehmenskultur.     

Luxury patient experience (LPX): review,conceptualization, and future research directions

ABSTRACT

The article offers a much-needed definition and conceptualization of the luxury patient experience (LPX) through applying customer experience (CX) theory to the patient experience (PX). The author highlights the important differences between the luxury patient, regular patient, and/or patient on the bottom of the service pyramid. The article proposes the implications these differences have for successfully managing the luxury patient experience. Based upon an investigation of prior customer experience and patient experience research, the article submits a definition of both, patient experience and luxury patient experience. The luxury patient experience conceptualization will influence service providers and their experience design and implementation practices. The article outlines fruitful avenues for future research in the patient luxury experience domain by proposing a shift from healthcare to wealthcare.     

The role of the exchange rate in Canadian monetary policy: evidence from a TVP-BVAR model

A time-varying parameters Bayesian structural vector autoregression (TVP-BVAR) model with stochastic volatility is employed to characterize the monetary policy stance of the Bank of Canada (BoC) in terms of an interest rate rule linking the policy rate to the output gap, inflation and the exchange rate. Using quarterly bilateral Canadian–US data, we find such an interest rate rule to have little explanatory power for the early part of our sample starting in the mid-1980s, but to become more suitable to explain interest rate dynamics from the mid-1990s onwards. Whereas the exchange rate turns out to be the major determinant of the policy rate in the 1980s, its importance declines throughout the 1990s and 2000s, although it continues to be influential even towards the end of the sample period ending in 2015Q2. We also find interest rate shocks to have become more effective in influencing the macroeconomy over time, indicating that the BoC has continually gained monetary policy credibility. We associate this development with the BoC successively de-emphasizing the role of the exchange rate in informing interest rate decisions, thereby alleviating the potential monetary policy conflict between targeting the exchange rate and maintaining the price stability goal.     

Fiskalpolitik nach der Krise

Die ?ffentlichen Haushalte sind durch die Wirtschafts- und Finanzkrise stark in Anspruch genommen. Au?erdem wurde, noch bevor der Ausgang der Krise absehbar war, in Deutschland die Schuldenbremse beschlossen. Bei den Autoren besteht Einigkeit darüber, dass die Nachkrisenzeit einer sensiblen Fiskalpolitik bedarf. über deren Ausgestaltung gehen die Auffassungen jedoch auseinander.     

Management strategies of multinationals in developing countries

To what extent do American, Japanese and European multinationals follow different management strategies in developing countries? What effects do these strategies have on the developing countries involved? The free trade zones in Malaysia offer a seldom opportunity to compare companies from all three geographical areas operating under homogeneous conditions.