Consumption and Wealth in Australia

This paper examines the relationship between consumption and wealth in Australia. We find a steady-state relationship between non-durables consumption, labour income and aggregate household wealth for the period 1988–1999. We also find that changes in both non-financial and financial assets have significant but different short-run and long-run effects in dynamic consumption models. Finally, we place our results within the broader empirical literature and examine whether they are consistent with standard theories of consumption.     

Corporate characteristics and the corporate socialization of local (Mexican) managers of U.S. multinational corporations

This paper examines the proposition that local nationals employed as (local) managers by foreign subsidiaries of multinational corporations have managerial attitutes which are generally between those of indigenous managers employed by domestic firms in both the parent and host countries. The evidence strongly suggests that the concept has validity, and that the organization attributes of capital, R&D, and marketing intensity influence the managerial attitudes of the three groups of managers and the differences among these attitudes.     

A Preliminary Investigation into the Effects of the Federal Override of State Usury Ceilings on the Supply of Mortgage Funds by FSLIC-Insured S&Ls in New York and New Jersey

Examined is the economic theory that restrictive usury ceilings reduce the supply of residential mortgage funds and tighten terms of the mortgage instrument. Studied are the mortgage policies adopted by New York and New Jersey FSLIC-insured S&Ls during periods when there were restrictive usury ceilings and when these usury ceilings were removed. The results clearly confirm the theory that effective elimination of usury ceilings increases the supply of mortgage funds and also liberalizes the terms of the mortgage instrument.     

Separate Crop Accounts for the Western Grain Stabilization Program

Payouts from the Western Grain Stabilization Program are determined on the basis of prairie-wide net cash flow from grains. Of particular importance is what happens to the returns to wheat – the predominant crop. Thus while wheat producers in aggregate can be expected to benefit from the current program, producers of nonwheat crops may not. This paper examines the economics of separate crop accounts as a way of providing greater sensitivity to such producers. It is concluded that the gains are not large enough to warrant such a program change. Les paiements versés en vertu du Programme de stabilisation des grains de ?Ouest sont déterminés à partir des fonds autogénérés par la production céréalière à ?échelle des Prairies. Or, il est particulièrement important de savoir ce qu'il advient des revenus provenant de la production du blé, la culture prédominante dans cette région. Ainsi, même si on peut s'attendre que dans ?ensemble, les producteurs de blé tirent avantage du programme actuel, tel n'est peut-être pas le cas pour les producteurs ?autres céréales. Dans le présent article, nous examinons les aspects économiques ?un traitement séparé du blé et des autres céréales en guise de moyen pour mieux tenir compte des besoins de ces producteurs. Nous concluons que les avantages ainsi obtenus ne sont pas suffisamment importants pour justifier un tel changement du programme.     

Forecasting Market Size and Market Growth Rates for New Products

How many times is a forecast of a technological development correct? According to many experienced managers, it almost never is. Then what good is a forecast? A forecast helps make important innovation decisions, according to Brian C. Twiss. He argues that precision in forecasting a technological development is seldom needed for purposes of long-term planning and that any innovation so marginal that small errors in forecasting will make a big difference should not be considered anyway. Twiss suggests that technology forecasting can be of real value once it is accepted that it is essentially concerned with modeling human behavior. This is the unexpected viewpoint that Twiss presents in this article. He explains how to develop and how to use a technology forecast in long-range planning.     

The language of Japanese tourism

This paper discusses the way in which language is used in contemporary Japanese travel brochures. What concepts do travel agencies use to attract tourists? What themes continually recur in the advertising literature? Many of these concepts and themes are the same as those important to tourism in the Western world, but there are certain cultural themes or ways of treating tourist attractions which are peculiar to Japanese tourism. A second aim is to consider the “keywords” of Japanese tourism: those stressed in the advertising for domestic tourism and those stressed for international tourism. The relation between these two possibly antagonistic sets of keywords is discussed in terms of the ideological principles around which Japanese society is organized, and it is hypothesized that keywords for international tourism portend great and long-term changes in the fabric of Japanese society.