‘Ruins of Modernity’: The Critical Implications of Unfinished Public Works in Italy

Since the 1950s, the construction of public works has been a significant element of Italy's focus on modernization. Numerous instances of malpractice have resulted in frequent failures of this form of development, with the result that many projects have remained unfinished for decades. In 2007, a group of artists called Alterazioni Video declared these ‘ruins of modernity’ to be a romanticized architectural style; in doing so, their aim is to imbue the sites with new value and dignity. This article uses the artists’ argument as a point of departure to theorize about unfinished public works within the framework of interdisciplinary literatures on modern ruins. In addition, since modern ruins by definition hold a critical meaning––which the artists deliberately excluded from their narrative––the article takes into account the obscure political and economic circumstances causing this phenomenon. After remarking upon specificities and similarities to unfinished neoliberal topographies generated by the 2008 financial crisis, it is concluded that unfinished public works in Italy represent an interesting case serving to enrich debates on incompletion.     

Regulating the banking industry in transition economies: Exploring interactions between capital and reserve requirements

This paper examines the ‘prudential' role of reserve requirements in transition economies using a general-equilibrium banking model. The analysis stresses the role that reserve requirements may play in enforcing an adequate level of bank capitalization in a context in which it is difficult to assess the true value of bank assets. The paper also explores the interactions that exist between capital and reserve requirements and the effect of these regulations on the financial structure of banks and on the level of credit and interest rates.     

On Firms and the Next Generations: Difficulties and Possibilities for Business Ethics Inquiry

Despite the centrality of the topic for the debate on sustainability, future generations have largely been ignored by business ethics. This neglect is in part due to the enormous philosophical challenges posed by the concepts of future generations and intergenerational duties. This article reviews some of these difficulties and defends that much clarity would be gained from making a distinction between future generations and the next generations. It also argues that the concept of next generations offers a better starting point for business ethics to incorporate the topic in its research agenda. We then suggest four potential pathways to explore this territory. The four approaches build on the notion of organizations as communities with memory and vision, on the narrative shape of organizational life, on the affinity of stakeholders with the next generation, and on systems of indirect reciprocity. These first two approaches are connected to communitarian approaches to business ethics, and the last two engage in a dialog with contractarian views and stakeholder theory. The article ends with some implications for theory and practice.     

Transformations in Spanish trade union membership

Trade union membership in Spain has undergone several transformations during the long employment boom (1994–2007) and the following crisis. New generations of workers with different attitudes towards trade unionism, the incorporation of female workers and immigrants have changed the forms and contents of the workers' organisations in Spain.     

Macroeconomic Policy Making,Exchange Rate Adjustment and Current Account Imbalances in Emerging Markets

Given a series of crisis events after 2007 the discussion about the adjustment channels of current account imbalances has been revived. We examine the role of exchange rates vs macroeconomic policies as determinants of current accounts for a set of 86 mainly emerging market economies between 1990 and 2013 to identify adjustment channels for global imbalances. We find that nominal exchange rates are not the main determinant of current account positions. Instead, depending on the region, monetary and/or fiscal policies are identified as the main driving force of current accounts. For East Asia and the oil exporting countries sterilization policies, i.e. relatively tight monetary policies, are the main determinants. In contrast for many European periphery countries fiscal policy stances are at the core of current account positions. Only for the Latin American countries does the exchange rate play a significant role as determinant of current account positions.     

Trip Cultural Activities and Tourism Expenditure in Emerging Urban‐cultural Destinations

Although tourism expenditure is determined by different factors, the literature has not analysed the extent to which trip cultural activities affect tourism expenditure in the destination. The focus of this paper is a microeconomic analysis performed in 14 emerging urban‐cultural destinations in Andalusia (Spain). The results confirm that there are activities related to cultural visits, attendance at events or gastronomic activities that determine tourism expenditure. These results guide the implementation of specific actions by the policy‐makers in these destinations aimed at increasing the economic impact of tourism, based on the creation of high value‐added tourism products to overcome their mere dependence on built heritage. Copyright © 2015 John Wiley & Sons, Ltd.     

Determinants of cross-border M&As in Latin America

This article analyzes the determinants of cross-border M&As in the Latin American region during the period 1998-2004. Using a unique dataset of 868 Mergers and Acquisitions (M&A) events, the study focuses attention on the effect of macroeconomic and investor protection conditions in the countries where the companies reside over the likelihood of these companies participating in a cross-border M&A transaction. The study considers the effect of company-specific variables in the likelihood of going cross-border. Univariate analysis and logistic regressions strongly support the idea that better economic and business-friendly conditions in the countries where the target operates, increase the likelihood of cross-border merger. Results show that not only is the business environment in the target country important but also in the bidder country. Lower levels of property rights protection in the acquirer country negatively affect the likelihood of a cross-border deal. Finally, the likelihood of a cross-border merger increases when the target faces higher cost of funding than the acquirer's.     

Liberalisation,Exports and Growth in Mexico 1978‐94: A structural analysis

In this paper, the results of an exports led growth strategy accompanied by a trade liberalisation policy, implemented in Mexico, are analysed for three periods 1978-82, 1983-87 and 1988-94. The input-output analysis is utilised, to determine the effects of manufacturing exports on gross output, to measure the degree of the global integration of the economy and, in particular, to measure the integration of the leading exporting manufacturing industries to domestic industries. The effects of liberalisation on increasing imports and the displacement of domestic production by imports, in manufacturing, are also measured and analysed. The general results of this analysis allowed us to conclude that the positive effect of increasing manufacturing exports on expanding production is limited and offset by the increasing manufacturing imports displacing domestic production. The increasing imports are mainly inputs demanded by growing exports.     

Promotion dynamics the Peter Principle: Incumbents vs. external hires

The “Peter Principle” (Peter and Hull, 1969; Fairburn and Malcomson, 2001; Lazear, 2004) suggests that individuals are “promoted to their level of incompetence”. A corollary of the “Peter Principle” prediction is that external hires should have an advantage when competing with incumbents for a higher position. Using five years of personnel records from a single large U.S. corporation, this paper contributes to the literature on internal labor markets and intra-firm job mobility by testing this prediction for career advancement. Results support the idea of differences in promotion dynamics among incumbents and external hires, since past career advancement within the firm result in a lower probability of subsequent promotion, even after controlling for workers' heterogeneity and tenure on the current job. The advantage for external hires does not hold once other job changes (lateral transfers, task reorganizations) are considered, highlighting that promotions are a very different job placement mechanism than transfers. Overall, the evidence points out towards declining performance following promotion, as opposed to alternative competing hypothesis of probation placement or “handicapping” external candidates.