Economy as Instituted Process: Change,Transformation, and Progress

During the past two decades, chronic fiscal deficits have led to elevated and rising ratios of government debt to nominal GDP in Japan. Nevertheless, long-term Japanese government bonds' (JGBs) nominal yields initially declined, and have since stayed remarkably low and stable. This is contrary to the received wisdom which holds that higher government deficits and indebtedness will exert upward pressures on nominal yields. This paper examines the relationship between JGBs' nominal yields and short-term interest rates, as well as other factors, such as low inflation, persistent deflationary pressures, and tepid growth. We also argue that Japan has monetary sovereignty, which gives the Japanese government the ability to service its debt, and enables the Bank of Japan (BOJ) to keep JGBs' nominal yields low by ensuring that short-term interest rates are low, and by using various other tools of monetary policy. The argument that short-term interest rates and monetary policy are the primarily drivers of long-term interest rates follows John Maynard Keynes's (1930) insights.     

“Our five year mission— to boldly go where no man has been before… .”

The paper presents research conducted in New Zealand on the content, creation, use and impact of mission statements. Following a review of the literature the paper goes on to report an empirical study comparing the reality of mission statements with the theory. The paper concludes that practice rarely coincides with theory and that there are a wide variety of types of mission statement in current use. Recommendations are made for creating more actionable mission statements.     

Locating Global Legacies in Tana Toraja,Indonesia

In 2001, the picturesque Toraja village of Ke' te' Kesu' was nominated for candidacy as a UNESCO World Heritage Site. Situated in the South Sulawesi highlands in Indonesia, this hamlet is home to rice farmers, wood carvers, tourist vendors, government workers and sporadically-visiting anthropologists. Drawing on long-term anthropological field research in the village, I suggest that while world heritage sites may entail what UNESCO terms 'genius loci', they are, rarely the unchanging embodiments of tradition they are imagined to be. The paper illustrates how heritage landscapes such as Ke' te' Kesu' are, to some extent, products of local responses and and engagements with regional, national and global political, cultural and economic dynamics. Ultimately, I argue that the emergence of UNESCO world heritage sites is not a 'natural' process, but rather one borne out of complex exchanges, competitions and collaborations between local groups, as well as national and international entities.     

National and Regional Impacts of an Increase in Value-Added Tax: A CGE Analysis for South Africa

The South African National Treasury expected a revenue shortfall of R48.2 billion in 2017/18 and proposed tax policy measures to raise an additional R36 billion in 2018/19. A key component to raise the additional revenue was a 1% point increase in the VAT rate to 15% effective from 1 April 2018. The increase in the VAT rate was not welcomed as it would increase the cost of living, especially for the poor. We investigate the potential economy-wide and regional impacts of raising VAT and increasing public spending on education and health. We do this by developing and applying a multi-regional model of the South African economy that includes detailed tax and spending features. In this model, when we increase VAT, the impacts are driven by the direct shock to the model, accompanied by differences in regional economic activity. We find that effects on GDP vary between regions but are generally negative.     

TM-Link: An Internationally Linked Trademark Database

This article describes a new database—TM-Link—that contains 12 million trademark applications and registrations across six jurisdictions. A feature of the database is the identification of trademark equivalents (or families) within and across national trademark offices. Equivalent trademarks are two, or more, insignias for the same product applied for by the same company. Unlike patents, the incentive to file for global priority is comparatively weak since legal priority for trademarks is territorial. To identify the number of true trademark equivalents we therefore create synthetic links using a neural network-based machine learning algorithm.     

Nie,Norman H., et at. Spss Statistical Package for the Social Sciences,Second Edition. New York: McGraw-Hill Book Co., 1975

Abstract

This paper examines a commonly used indicator of reliability in advertising studies (the test-retest correlation coefficient), and shows that reliability values obtained by this method are not as simple to interpret nor as closely related to the idea of stability or reproducibility as many casual readers in the area might presume them to be. Examples from the advertising literature are provided to demonstrate these points, and several cautions in using test-retest correlations as reliability estimates are offered. It is also suggested that other statistics may prove useful to the researcher as supplements to the limited amount of information contained in the estimated reliability number.