This paper explores the question of whether the market process is capable of bringing about a spontaneous monetary switch to a new currency in the presence of strong network effects of the incumbent currency as well as the absence of contingencies such as extreme inflation or political instability. It does so by examining current happenings around Bitcoin. It finds that two mechanisms stand out: the coordinating efforts of the profit-maximizing entrepreneur as well as the ability to use the old and the new currency simultaneously. Specifically, it finds that marginal decisions made by rational agents merely seeking to maximize net private benefit irrespective of the network effect, be it entrepreneurs or users of the new currency, are capable of setting in motion a switch to a new currency. Whether or not these mechanisms play out fully in the case of Bitcoin still remains to be seen. 相似文献
This paper investigates the Keynesian view and the Wagner’s Law on the role of public expenditure on economic growth for Malaysia
(1970–2004). The empirical results using the Auto-Regression Distributed Lag (ARDL) model and the ‘bounds test’ (Pesaran et
al. in J Appl Econ 16:289–326, 2001) showed evidence of a long run relationship between total expenditures (including expenditures
on defense, education, development and agriculture) and Gross National Product. The results also show that with the structural
break in 1998, the long run causality is bi-directional for GNP and expenditures on administration and health, supporting
both Keynes view and Wagner’s Law. For all other expenditure categories the long run causality runs from GNP to the expenditures,
which supports Wagner’s Law.
An erratum to this article can be found at 相似文献
Social interactions occur when agents in a network affect other agents’ choices directly, as opposed to via the intermediation of markets. The study of such interactions and the resultant outcomes has long been an area of interest across a wide variety of social sciences. With the advent of electronic media that facilitate and record such interactions, this interest has grown sharply in the business world as well. In this paper, we provide a brief summary of what is known so far, discuss the main challenges for researchers interested in this area, and provide a common vocabulary that will hopefully engender future (cross disciplinary) research. The paper considers the challenges of distinguishing actual causal social interactions from other phenomena that may lead to a false inference of causality. Further, we distinguish between two broadly defined types of social interactions that relate to how strongly interactions spread through a network. We also provide a very selective review of how insights from other disciplines can improve and inform modeling choices. Finally, we discuss how models of social interaction can be used to provide guidelines for marketing policy and conclude with thoughts on future research directions. 相似文献
Quality & Quantity - Over the last 5 decades, the economic landscape in Europe has been transformed rapidly due to innovation, digitisation of the economy, and emergence of new sources of... 相似文献
The banking sector and the stock market in Europe have been adversely impacted by a series of global financial crises over the last two decades. Major financial reforms were implemented to enhance the stability and competition within the banking sector. Measures were also implemented to create a vibrant stock market in Europe to stimulate economic growth in Europe. This study examines the interactions between stock market development, banking competition, and banking stability in European countries from 1996 to 2016. The purpose of the study is to understand the inter-linkages between these variables to ascertain the spillover impact of policy reforms in the banking sector on the stock market and vice-versa. Using a vector error-correction model, the study finds long-run and short-run inter-linkages between banking competition, banking stability, and stock market development in European countries. The study’s most robust result is that banking competition and banking stability stimulate stock market development in the long run. There is also some evidence that healthy competition in the banking sector and stock market development instils greater stability in the banking sector. The results suggest that policy measures put in place to create a vibrant stock market must include elevating banking competition and banking stability, with policymakers being cognizant that causality may be bidirectional. 相似文献
We propose a computationally efficient and statistically principled method for kernel smoothing of point pattern data on a linear network. The point locations, and the network itself, are convolved with a two‐dimensional kernel and then combined into an intensity function on the network. This can be computed rapidly using the fast Fourier transform, even on large networks and for large bandwidths, and is robust against errors in network geometry. The estimator is consistent, and its statistical efficiency is only slightly suboptimal. We discuss bias, variance, asymptotics, bandwidth selection, variance estimation, relative risk estimation and adaptive smoothing. The methods are used to analyse spatially varying frequency of traffic accidents in Western Australia and the relative risk of different types of traffic accidents in Medellín, Colombia. 相似文献
Ethical considerations in today’s businesses are manifold and range from human rights issues and the well-being of employees to income inequality and environmental sustainability. Regardless of the specific topic being investigated, an integral part of business ethics research consists of deeply comprehending the personal meanings, intentions, behaviors, judgements, and attitudes that people possess. To this end, researchers are often encouraged to use more qualitative methods to understand the dynamic and fuzzy field of business ethics, which involves collecting in-depth information in real time. Qualitative methods in business ethics research, however, raise the two-fold responsibility of not only conducting such investigations fairly and appropriately, but also clearly communicating the research processes and outcomes to readers. Especially leading journals in the field such as Journal of Business Ethics have a responsibility to conduct their business (i.e., the business of high standard publishing) ethically, by making sure that their content represents clear and honest communications of research concerning a wide range of business systems. Unfortunately, the question of how to effectively facilitate transparent insight into the research process of qualitative business ethics studies is still unresolved. Both the lack of a clear communication of methods and results and the iterative nature of qualitative methods often make it difficult for the readers to properly assess a qualitative business ethics study and understand its results. We propose the use of narratives to remedy this situation. Specifically, we suggest a new classification of audits, named second-party audits, to facilitate a better understanding of research procedures ex-post for the readers. To illustrate this new narrative-based reconceptualization of audits, we use Agatha Christie’s detective novel The Murder on the Links as a frame of reference.
The enforcement of financial and banking contracts is commonly thought to lie within the domain of government law provision. This paper analyzes a case of self-enforcing financial contracts within a banking system in nineteenth century South India. The Chettiars, a merchant-banking caste, relied on religious homogeneity as well as an endogamous marriage rule, whereby members only married others from within the community, to enforce banking contracts within their system. Widely acknowledged to have been an important source of credit locally and throughout South East Asia, this paper describes and analyzes the enforcement mechanisms at work, in the absence of government involvement. Apart from presenting a new case of self-enforced financial contracts, this paper also represents a novel approach to interpreting the social institution of caste, as seen through the rational choice framework. 相似文献