Velocity Effects of Increased Variability in Monetary Growth in Egypt: A Test of Friedman's Velocity Hypothesis

Abstract: This paper tests Friedman's hypothesis that increased variability in the growth of money supply causes velocity to decline, using Egyptian data from the period 1960–99. The monetary aggregates M1 and M2 are decomposed into anticipated and unanticipated components and the variability of money growth is computed as the standard deviation of five years of monetary growth rates. Cointegration tests show that there is a statistically significant long‐run relationship between the variability in money growth and velocity, for both M1 and M2. However, while increased variability in the growth of M2 is found to be associated with lower velocity — supporting Friedman's velocity hypothesis — increased variability in the growth of M1 seems to have no influence on velocity, possibly because the definition of M1 has changed over time. The findings also suggest that anticipated movements in M2 volatility are not neutral, in the sense that they do affect velocity. An important implication is that the scope for discretionary monetary policy in Egypt is somewhat circumscribed in the short run. However, if the Central Bank of Egypt were to make its decisions more transparent and pre‐announce its policies, then velocity would be more predictable and monetary policy more potent.     

Production Alimentaire et Environnement au Togo: Une Analyse Econometrique

Résumé: Au Togo, la production alimentaire est en baisse continue et l’état de l’environnement est marqué entre autres par la dégradation des ressources naturelles. La présente étude vise àévaluer la contribution des facteurs environnementaux à la croissance alimentaire. L’hypothèse fondamentale est que la croissance alimentaire au Togo est moins liée aux aléas climatiques qu’aux investissements en capital physique et humain. L’étude aboutit à la conclusion que la variable environnementale n’est pas déterminante dans l’explication de la variation de la production alimentaire ce qui confirme notre hypothèse initiale. En conséquence, les politiques de production alimentaire futures au Togo ne doivent pas privilégier les variables du capital physique au détriement de la variable environnementale. Il convient donc de rechercher à l’avenir la combinaison optimale des facteurs du capital physique et du capital humain et de l’environnement qui garantisse de manière durable la production alimentaire dans le cadre de la formulation de la politique de sécurité alimentaire au Togo.     

Industrial Targeting and Non‐shiftable Capital in the Harris–Todaro Model*

This paper shows that, in the 2 × 3 sector‐specific capital Harris–Todaro model, capital growth owing to either domestic or foreign investment always enhances the welfare of the country (i.e. non‐immiserizing), and this result of non‐immiserizing foreign investment holds regardless of initial holdings of foreign capital; the policy of industrial targeting via capital investment is more effective vis‐à‐vis the (neoclassical) 2 × 2 mobile‐capital Harris–Todaro model or the Heckscher–Ohlin model; in contrast to the recent generalization by Marjit and Beladi (2003 ), capital growth cannot be immiserizing in the present model, even if it destroys the “envelope theorem.”     

家电企业逆向物流的运作模式研究

随着各国纷纷制定更加严格的环境保护法规，加强对环境的保护和管理，家电企业构建绿色供应链已是刻不容缓，这对提高产品竞争力、实施可持续发展具有重大意义，而废旧家电的逆向物流体系的构建是实施绿色供应链管理的关键一环。文章对家电企业逆向物流的基本运作模式做了分析，并提出了相关的对策。     

Creditor Rights, Enforcement, and Bank Loans

We examine whether differences in legal protection affect the size, maturity, and interest rate spread on loans to borrowers in 48 countries. Results show that banks respond to poor enforceability of contracts by reducing loan amounts, shortening loan maturities, and increasing loan spreads. These effects are both statistically significant and economically large. While stronger creditor rights reduce spreads, they do not seem to matter for loan size and maturity. Overall, we show that variation in enforceability of contracts matters a great deal more to how loans are structured and how they are priced.     

The Effect of Multiknowledge Individuals on Performance in Cross‐Functional New Product Development Teams*

This study examines the effect of multiknowledge individuals (especially those possessing both marketing and technological knowledge) on performance in cross‐functional new product development teams. A survey of 62 cross‐functional teams shows that the proportion of multiknowledge individuals has an indirect positive effect through information sharing on product innovativeness and a direct positive effect on time efficiency of new product development teams.     

The Importance of Internal Resources and Capabilities and Destination Resources to Explain Firm Competitive Position in the Spanish Tourism Industry

This study draws on the Resource‐Based View to analyze the effects of distinctive competences in tourism firms and location in a tourism district on competitive position, and explores the moderating effects of the tourism destination. Multiple linear regression was used to test the research hypotheses on a sample of 1019 Spanish tourism firms. Results reveal that financial resources and dynamic and production capabilities favor a better competitive position for tourism firms in general; however, coordination and marketing capabilities are key factors for firms embedded in a tourism district, while dynamic capabilities have a negative effect in this case. Copyright © 2015 John Wiley & Sons, Ltd.     

‘Does it Really Affect Me?’ Tourism Destination Narratives,Destination Image,and the Intention to Visit: Examining the Moderating Effect of Narrative Transportation

The extent to which tourism destination marketing narratives with different themes influence readers by imaginatively ‘transporting’ them is quite varied. This study investigates the different degrees of influence such narratives have on destination image and the intention to visit, exploring how the intensity of readers' experiences of being transported by narratives with different themes can influence their intention to visit the places described. Our results reveal the extent to which different narrative themes affect destination image and significantly influence readers' intention to visit. The extent to which narratives with different themes make readers feel transported also has a significant moderating effect on their intention to visit. Copyright © 2015 John Wiley & Sons, Ltd.     

加快转移农村富余劳动力的探讨

“三农”问题的核心是农民问题 ,解决农民问题的关键是增加农民收入。而农民收入的高低与农民数量的多少密切相关 ,因此 ,要想富裕农民 ,就必须减少农民。在当前农民收入增长缓慢、诸多制约因素明显的情况下 ,必须寻找有效途径和采取相关措施加快农村富余劳动力的转移。     

西部户用沼气系统的社会经济效益评价--以四川、陕西和内蒙古为例

本文旨在从农户角度评估户用沼气系统的使用给农户带来的影响。通过对221个农户在沼气采用前后能源使用状况、生产生活方式的改变、时间配置与收入变动等方面的分析,发现沼气的使用给农户带来了明显的经济效益和社会效益。