The role of macroeconomic policy in rebalancing growth

The aftermath of the global financial crisis of 2007–2009 has called the export-led growth model of many Asian economies into question. This paper describes the contribution that macroeconomic policy can make to promote a rebalancing of growth away from dependence on exports to developed economies to a more sustainable pattern of growth centered on domestic and regional demand. This represents a significant departure from the traditional uses of macroeconomic policy to stabilize the economic cycle and achieve stable and low inflation. The evidence suggests that macroeconomic policy can successfully contribute to growth rebalancing. Policy measures not only can affect aggregate demand directly, but can also affect it indirectly via their “microeconomic” impacts on private sector behavior such as the household savings rate. Although in the long-term fiscal policy should be balanced to maintain government debt stability and avoid crowding out of private investment, there may be substantial scope to expand monetary and fiscal policy in the medium-term to offset the deflationary effects of an appreciating currency during periods of current account reversal. Previous experience suggests that most of the needed stimulus can be provided by monetary policy, with only a supplementary role to be played by fiscal policy. Moreover, Asian economies with large current account surpluses tend to have sufficient fiscal space.     

Marketing strategy and the efficacy of procedural justice: The mid-level marketing manager in industrial service firms

A principal challenge confronting the senior marketing team in B2B firms is how to ensure that the marketing strategies they develop are implemented effectively. The literature indicates that mid-level marketing managers' perceptions of the procedural justice within the firm may be critical in this respect. However, there has been little empirical research on this issue. The authors develop and test a conceptual model of the key drivers and consequences of marketing managers' procedural justice perceptions. The findings show that if mid-level marketing managers trust their senior marketing colleagues and simultaneously operate within moderately organic structures, then procedural justice will thrive. A consequence of this is more effective implementation of marketing strategy which, in turn, leads to increased market performance.     

Marketing Performance and Business Risk in Acutecare Health Trusts - A New Comparative Approach

The introduction of an internal market to the NHS in April 1991 has created a vastly different structure for the delivery of healthcare throughout the UK. This paper investigates the relationship between the changing income structure of acute care Trusts and their use of marketing as a tool to manage an increasingly complex operating environment. Primary data from a postal questionnaire to Trust Chief Executives (or their representatives) has been used to classify the 51 responding Trusts according to their performance within an acute care market that accounts for some £3.57 billion of the annual NHS spend.This is the first time that this type of marketing risk analysis as been attempted within the UK Health Service.

An innovativepositional matrix has been developed, categorising all the acute healthcare Trusts into four categories according to theirMarketing Index (MI) and Perceived Future Income Instability (INS) scores. The study suggests that about 24 per cent of all the Trusts are excessively exposed to future business risk as evident by their rather high income instability scores and low useof marketing tools and therefore more attention to marketing has to be given by these Trusts. Closer analysis of the results ofthe data indicates that those Trusts with a high marketing index (i.e. those more likely to be able to handle income instability),place market analysis, marketing strategy, demand forecasting and personal contact with purchasers, as top priorities. ThoseTrusts with low marketing indexes give priority to pricing analysis and personal contact with purchasers only.     

Value in business and industrial marketing: Past,present, and future

This article offers an overview of research on the ‘value’ that businesses and industrial marketers analyze, create, and deliver. First, value literature (up to and around 2005 and post 2005) is discussed. This review highlights the changes in our notions of value and helps to identify seven areas for consideration that should drive future research: value proposition, relationship form, capabilities management, value metrics, temporal horizon, innovation imperative, and tactical focus. Following this depiction of value analysis, value creation, and value delivery, we present a process model for value orchestration in business and industrial marketing. Three activities collectively form the basis of value orchestration, namely structuring activities, bundling activities, and leveraging of resources.     

New Labour and the Modernisation of British Local Government: A Critique

The modernisation agenda for local government is based on questionable political assumptions. It has the attributes of a theological concept. This paper examines the concept of modernisation of local government by focusing on three dimensions (1) governance, (2) management and (3) finance. This analysis suggests the modernisation agenda is limited in scope and vision.     

Innovation and Merger Decisions in the Pharmaceutical Industry

There is increasing public policy concern about the potentialeffects of mergers on innovation. This paper provides acomparative analysis of approaches to innovational competitiontaken by the E.U. and U.S. merger authorities in a sample of threerecent, major, pharmaceutical mergers. The European Commission'sapproach appears lighter handed and places more explicit emphasison effects in downstream markets. The uncertainties in the analysisof dynamic effects of mergers on innovation, even in pharmaceuticals,suggest the need for a cautious approach and for careful framingof any merger remedies where R & D projects and components, ratherthan approved drugs, are involved.     

Urban structure,gas prices,and the demand for transportation

This paper investigates how the characteristics of demand for space help determine the response of aggregate automobile mileage to increased gasoline prices. A typical monocentric model is considered in which household heads commute to work at the center of city. Precise results are derived under the assumption that all households have the same income and that transportation is a small item in the typical budget. Finally, a numerical projection is made based on estimates of the relevant parameters.