The management perception of the strategic outsourcing of services: An empirical examination in the hotel sector

This work will analyse the strategy of outsourcing, or the predisposition on the part of a firm to entrust some of its services to a third party. The research will focus on discovering empirically the role that this strategy plays in hotels, and in order to do this we will carry out an analysis of hotel managers' perceptions regarding outsourcing based on the main advantages as well as the drawbacks and barriers which using the strategy can involve, with a view to determining which of these are related to a predisposition to outsource. The results of the research suggest that the main reasons which determine outsourcing are of a strategic rather that cost-reducing nature. Despite the fact that although current outsourcing is conditioned by the cost factor alone, any future increase in the use of the strategy will be determined exclusively by factors of a strategic nature. With respect to the disadvantages of outsourcing which tend to limit the use of the strategy, we will see that these are related to loss of control and autonomy together with a distrust of external suppliers. This work will enable us to assess the extent of the existing demand for outsourcing main services as well as those factors which determine and limit the outsourcing strategy and which have prevented a large number of services where outsourcing would be applicable from being outsourced to the present date. Finally we will present our main conclusions and recommendations.     

Motives for Corporate Philanthropy in El Salvador: Altruism and Political Legitimacy

This paper discusses how Salvadoran companies practice corporate philanthropy in El Salvador, and what might motivate it. First, I briefly discuss three principal theories of corporate philanthropy, and explore some current trends in international corporate philanthropy to highlight some of the motives Salvadoran companies may have to participate in charitable activities. Then, I discuss the history of the Salvadoran private sector to help us understand philanthropic activity today. Next, I suggest that philanthropic acts by Salvadoran firms are driven by altruistic and politically strategic motives, and reflect individualistic and paternalistic attitudes. In the discussion, I include examples of Salvadoran corporate philanthropy as it is practiced today, based on recent field research in El Salvador.     

What Drives Clarity of Central Bank Communication About Inflation?

This paper examines whether the clarity of central bank communication about inflation varies with the economic environment. Using readability statistics and content analysis, we study the clarity of communication on the inflation outlook by seven central banks across three continents during the recent decade. We uncover significant and persistent differences in clarity over time and across countries. However, identifying determinants of clarity that are robustly relevant across our sample of central banks proves elusive. Overall, our findings suggest that a single model for clarity of central bank communication is not appropriate. Rather, when studying clarity of communication, country-specific and institution-specific factors are highly relevant.     

Integrated energy systems: Challenges,trends, philosophy

The creation of an energy metasystem that combines electrical, heat, cooling, and gas supply systems on an intellectual framework is a manifestation of a new energy paradigm. Integrated intelligent power supply systems combine complexity, intelligence, efficiency, reliability, controllability, flexibility of energy conversion, transmission, storage technologies and assume an active consumer.     

A cointegration approach to capital mobility: Evidence for Belgium

This paper provides a method for measuring capital mobility through the analysis of causality direction between the exchange rate and the interest rate. Empirical evidence is provided for Belgium. Cointegration and Granger causality tests show that the direction of causality between both variables reverses in 1979 when an increase in the degree of European financial integration took place.     

Finance and credit in the strategy for the economic development and structured investment policy of the Russian Federation

The article discusses the role and place of finance and credit in the structured investment policy and substantiates possible directions of measures in the sphere of money and finance aimed at accelerating economic growth in Russia.     

Characteristics of agricultural input package users in communal clubs serviced by Acat in KwaZulu: A note

Characteristics of communal club members who use input packages are studied using a survey of communal clubs serviced by Africa Co‐operative Action Trust (Acat) in KwaZulu during 1989. Discriminant analysis shows that full input package adopters tend to belong to older clubs, have less formal savings and receive more visits each year from KwaZulu Department of Agriculture (KDA) extension officers. They also have a greater proportion of land under sugar‐cane, larger farm sizes and a higher rand monetary value of livestock.

Members of older clubs benefit from greater club experience in ordering inputs and liquidity for securing discounts on bulk orders. Clubs also enable scarce KDA extension manpower resources to be used more effectively by focusing extension efforts on groups rather than individual farmers. Sugar‐cane production probably indicates member willingness to innovate and the availability of funds to buy complete input packages for other crops. Increased access to land promotes input package adoption which can raise agricultural productivity. Development of institutional arrangements for a land rental market in KwaZulu should be considered. Higher monetary values of livestock reflect Increased ability to bear risk associated with technology adoption and that adopters have the means to purchase input packages     

Rose effect and the euro: is the magic gone?

This paper presents an updated meta-analysis of the effect of currency unions on trade, focusing on the euro area. Using meta-regression methods such as the funnel asymmetry test, evidence for strong publication bias is found. The estimated underlying effect for currency unions other than the eurozone reaches more than 60%. However, according to the meta-regression analysis, the euro’s trade promoting effect corrected for publication bias is insignificant. The Rose effect literature shows signs of the economics research cycle: reported t-statistic is a quadratic concave function of the publication year. Explanatory meta-regression (robust fixed effects and random effects), that can explain about 70% of the heterogeneity in the literature, suggests that results published by some authors might consistently differ from the mainstream output and that study outcomes are systematically dependent on study design (usage of panel data, short- or long-run nature, number of countries in the data set).