Government risk premiums in the bond market: EMU and Canada

This paper focuses on risk premiums paid by central governments in Europe and sub-national governments in Germany, Spain, and Canada, using data for bond yield spreads for the period 1991–2005. We find that risk premiums by central governments respond positively to debt and deficits; German states enjoyed a favourable position in financial markets before EMU but not thereafter; Spanish and Canadian provinces risk premiums over the whole period; German and Spanish sub-central governments pay liquidity-related interest rate premiums; Canadian and German provinces/states that benefit from fiscal equalization lower spreads. This is evidence of market discipline at work and of credibility of the EU no-bailout clause.     

Schwaches Produktivitätswachstum — zyklisches oder strukturelles Phänomen?

Labour productivity growth in Germany and in the OECD countries has decelerated significantly in recent years. This observation is astonishing, given the fact that modern digital services can now be found throughout the economy. It may be a statistical artefact, but if it is a realistic observation, it should be investigated. The authors describe many reasons for this development. For example, the services sector, with its traditionally low productivity, makes up an increasingly large part of the economy. Moreover, the cost intensity of innovations is growing, and there are not enough innovative investments. What should be done? Reforms are suggested which aim at exploiting unused potential and create suitable conditions for facilitating sustainable productivity increases. Important policy areas include digitisation, energy transition and demographic change. But reforms must also be thought of as investments into the capacity of employees to work productively.     

The Process of Consumer Reactions to Possession Threats and Losses in a Natural Disaster

This paper examines involuntary possession disposition associated with a natural disaster. Results of a naturalistic investigation involving group and depth interviews with wildfire survivors are consistent with previous research proposing that disposition is a symbolic and meaningful process. Overall, these consumers reactions to possession threats and losses appear to follow a sequence of stages. We also find this process to have some unique characteristics that distinguish it from other types of disposition.This revised version was published online in May 2005 with a corrected cover date.     

Psychometrically and qualitatively validating a cross-national cumulative measure of fear-based xenophobia

The article reports the results of a Mokken Scale Procedure (MSP) developing a hierarchical cross-national scale to measure xenophobia, and a qualitative validation of this scale. A pool of 30 xenophobic scale items were collected from several sources and edited according to established unidimensional criteria. The survey was administered to 608 undergraduate students in the USA, 193 undergraduate students in the Netherlands, and 303 undergraduate students in Norway. Fourteen scale statements measuring perceived threat or fear and meeting the criteria of the Stereotype Content Model (e.g., Fiske et al. in Trends Cogn Sci 11:77–83, 2006) were selected for further analysis. A separate item analysis and subsequently MSP analysis yielded a cumulative scale with the same five items for each of the three samples meeting criteria for homogeneity in all samples with H >.40. The result, a cross-national 5-item scale measuring fear-based xenophobia, was tested by means of the Three-Step Test-Interview (Hak et al. in Surv Res Methods 2:143–150, 2008) with 10 students in The Netherlands and 10 students in Norway. The analysis of these qualitative interviews shows that individual respondents’ criteria for the ranking of the scale items strongly depend on the way immigrants are framed. Ranking according to different levels of fear turned out to be only one criterion out of several possible ones used by individual respondents.     

The political economy of income distribution in South Korea: The impact of the state's industrialization policies

A number of previous studies of economic growth and income distribution in South Korea, based largely on 1960s data, concluded that South Korea was an exception to Kuznets' ‘inverse U-pattern’ of income inequality. Also, it was regarded as an exception to the usual negative consequences predicted by dependency theory for an economy so dependent on foreign capital and world markets. This author presents more recent data — for the 1970s and early 1980s — in order to support his claim that the trend toward income equality that appeared in the 1960s was reversed in the 1970s. The author develops a thesis that stresses the role of the state in shaping the Korean political economy. He argues that it has been the strong South Korean developmentalist state in firm control of both domestic and foreign capital and its export-oriented industrialization policies that have been the principal determinant of the pattern of income distribution. He contests the usual explanation related to the level of economic development or external dependency per se.     

Ambiguity Acceptance as a Function of Project Management: A New Critical Success Factor

This research examines the relationship between ambiguity acceptance and customer and organizational outcomes within the Six Sigma improvement project context. Results find a curvilinear relationship between open communication and customer outcomes for project leaders. Results of multiple regression find a significant positive relationship between open communication and organization outcomes, as well as a significant positive relationship between ambiguity acceptance and customer and organizational outcomes for team leaders, while there is a significant positive relationship between ambiguity acceptance and customer and organizational outcomes for team members. Theoretical and practical implications are examined.