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Ohne Zusammenfassung     

Can We Prevent Boom-Bust Cycles During Euro Area Accession?

Euro-area accession caused boom-bust cycles in several catching-up economies. Declining interest rates and easier financing conditions fuelled spending and borrowing from abroad. Over time inflation deteriorated external competitiveness, turning the boom into a bust. We ask whether such a scenario can be avoided using macroeconomic tools that are available in the period of joining a monetary union: central parity revaluation, fiscal tightening or increased taxation. We find that exchange rate revaluation is the most attractive option. It simultaneously trims the expansion of output and domestic demand, reduces the cost pressure and ranks first in terms of welfare.     

ICT modernization in Central and Eastern Europe: a Schumpeterian catching up perspective

The paper characterizes main trends in ICT implementation and diffusion in the CEE countries in terms of market volume, economic development and ICT trade integration within the EU market. The analysis reveals a gradual closing up of the technology gap in ICT sector between the CEE and the ‘old’ EU countries. The focus is on the relationship between ICT expenditure, NRI index, vs GDP per capita, competitiveness and productivity. The evolution of ICT development trajectory is traced analysing the changing pattern of ICT trade between the CEE countries and the EU. The impact of the current crisis on the structural adjustment of the CEE ICT sector is assessed from the perspective of Schumpeterian technology gap and catching up.     

Depositors Discipline through Interest Costs during Good and Bad Times: the Role of the Guarantor of Last Resort<Superscript>1</Superscript>

We investigate whether the public sector’s ability as the guarantor of last resort (GLR) to help banks or to guarantee banks’ liabilities affects the sensitivity of interest costs to bank fundamentals. We use a global bank sample and find that the sensitivity is an increasing function of GLR risk, regardless of the method applied to describe this risk. Therefore, our results indicate that increased levels of GLR risk might foster market monitoring by depositors.     

Lernstress und Lampenfieber

Zusammenfassung  Endspurt in der Ausbildung — In unz?hligen Unterrichtsstunden und zahlreichen Praxiseins?tzen haben wir eine Menge gelernt. Doch in der Abschlussprüfung bleiben nur wenige Stunden, in denen man das unter Beweis stellen kann. Stunden, die über die Zukunft entscheiden.     

Multi-item scale usage in marketing journals: 1980 to 1989

The use of multi-item scales reported in six marketing journals during the 1980s is analyzed. The analysis replicates some aspects of the Churchill and Peter (1984) study and extends the examination to issues not reviewed previously in marketing. The database for the study is unique in that it attempts to incorporate every instance of scale usage from the defined domain. Among the findings is that the use of multi-item scales increased substantially during the 1980s but the reliability of those scales was not different from earlier periods. A majority of scales have their origins in marketing and nearly half of all scales were used to measure consumer behavior constructs. He is Director of the Office of Scale Research and has written theMarketing Scales Handbook along with Dr. Hensel. His research has been published in theJournal of the Academy of Marketing Science, Journal of Marketing, Journal of Retailing, Journal of Marketing Education, and many other journals and conference proceedings. His research has emphasized measurement and advertising issues as well as ethical and social issues. He has published in journals such as theJournal of the Academy of Marketing Science, Journal of Advertising, Journal of Health Care Marketing, andJournal of Business Ethics. He also co-authored theMarketing Scales Handbook with Dr. Bruner.     

Optimality and efficiency of incomplete split-block designs

In this paper, a balanced incomplete split-block design (BISBD) is shown to be universally optimum for the estimation of the interaction effects with respect to each of the intra-plot stratum estimation and the GLSE. Furthermore, the efficiency factor of an optimal design is investigated.     

Stochastic ordering and schur-convex functions in comparison of linear experiments

The usual ordering of linear experiments is defined by quadratic risk of attainable linear estimators. It is shown that under normality assumption this ordering can be introduced in a risk-free way by stochastic ordering of the estimators. Moreover an application of Schur-convex functions to design of experiments is presented. Partly supported by CPBP 0.1.02.     

On methods of optimal portfolio construction

The transition from a centrally planned economy to a market economy in Poland has caused dynamic changes in the number and structure of potential investors of the stock exchange market. This phenomenon, unknown in the past, needs a new approach to statistical methods of stock market analysis. The paper presents two methods of optimal portfolio construction. The first one leads to the square programming problem. Applying the Lagrange multipliers, we obtain a system of algebraic equations which can be solved by the special algorithm proposed in the paper. The second method reduces the mentioned above square program to the linear programming problem which can be solved using the simplex method.     

Portfolio optimisation under non-linear drawdown constraints in a semimartingale financial model

A drawdown constraint forces the current wealth to remain above a given function of its maximum to date. We consider the portfolio optimisation problem of maximising the long-term growth rate of the expected utility of wealth subject to a drawdown constraint, as in the original setup of Grossman and Zhou (Math. Finance 3:241–276, 1993). We work in an abstract semimartingale financial market model with a general class of utility functions and drawdown constraints. We solve the problem by showing that it is in fact equivalent to an unconstrained problem with a suitably modified utility function. Both the value function and the optimal investment policy for the drawdown problem are given explicitly in terms of their counterparts in the unconstrained problem.