Concentration of Banking Relationships in Switzerland: The Result of Firm Structure or Banking Market Structure?

Switzerland is one of the countries with the highest concentration of bank–customer relationships. The present paper seeks to find out whether this can be explained by the structure of Swiss firms or by the organization of the Swiss banking market. Using survey data from small and medium-sized enterprises in 1996 and 2002, we examine the influence of firm-, loan-, and bank-specific variables on the number of banking relationships. We find that firm and industry structure have the largest explanatory power, while banking market structure and conduct play a minor role. Relationship lending by state-owned cantonal banks and small regional banks tends to enhance the concentration of banking relationships.

Citibank; Citibank,Nader and The Facts

This paper aims to understand how Internet users may improve their social capital by investing in online social activities. We argue that the Internet can be a convenient and efficient means of maintaining existing social ties and/or of creating new ties. We seek to identify the determinants of online investments in social capital and the nature of the interaction with traditional forms of investment in social capital. Using a Luxembourg household survey, the econometric results reveal a significant positive impact of volunteer activities and trust (two measures of social capital) on online investments to maintain social capital, but more ambiguous results are found between online investments and face-to-face contacts with friends. By contrast, online investments to create new ties are poorly related to the Internet users' existing social capital, but depend on the opportunity cost of time.     

An economic order quantity (EOQ) for items with imperfect quality and inspection errors

An approach similar to Salameh and Jaber (2000) has been used in this paper to produce an optimal production/order quantity that takes care of imperfect processes. An imperfect inspection process (Raouf et al., 1983) is utilized to describe the defective proportion of the received lot. That is, the inspector may commit errors while screening. The probability of misclassification errors is assumed to be known. The inspection process would consist of three costs: (a) cost of inspection (b) cost of Type I errors and (c) cost of Type II errors. The defective items, classified by the inspector and the buyer would be salvaged as a single batch that is sold at a lower price. A mathematical model is developed to depict this scenario. Numerical examples are provided to illustrate the solution procedure.     

Does politics make a difference?

Abstract

The concern of this article is the nature of the politics of public expenditure and whether changes in government between the Conservative Governments of Mrs Thatcher and the Blair Governments did reflect differences in policy priorities? The Thatcher Government in 1979 had announced that public expenditure was at the heart of Britain's economic problems. The Blair Governments did not seek to change the expenditure plans outlined by the outgoing Chancellor Kenneth Clarke. This study seeks to show that the analysis of data using long term trends for the post war period that the during the years of the Thatcher Government they government did manage to hold expenditure below its long term grwoth trends which in turn meant reductions in health and education spending while there were additional spending in law and order and defence. By contrast the Blair Government has managed to reverse this trend so that during the years of the Balir Government expenditure on socal provision has been expanding above the trend.     

BUDGET AUDITING IN GOVERNMENTAL ORGANISATIONS FINANCED BY TAXATION

There is some a priori support in the literature for using budgets as external financial reports, both before the financial year and afterwards. There is also some support for having these budgets audited. A questionnaire was sent to six hypothesised user groups in two local authority areas to determine whether there was empirical support for the a priori positions. The responses revealed wide support for making budget figures publicly available, both before and after the fmancial year. Support for auditing these budgets came only from external user groups (excluding members of parliament).     

Organising the Organisers

Reaction against over-government can be seen in the hope for revival in voluntary action. Professor Maurice North shows Norman Fowler the dangers for the public welfare of continuing state control by financing 'voluntary' activity.     

Central bank intervention,the current account,and exchange rates

This paper seeks to explain exchange rate and current account or net foreign assets behavior under central bank foreign exchange rate intervention. To analyze central bank intervention we use the current account-net foreign assets identity, as well as the long-run monetary exchange rate model. The intervention function is one where exchange rate deviations from equilibrium are governed by nonlinear adjustments. That is, exchange rate deviations from their long-run equilibrium are such that the degree of reversion towards equilibrium increases with the size of the deviation from equilibrium. In this type of nonlinear function exchange rates determine the current account, and the current account in turn determines exchange rates. This iterative duality contrasts with several portfolio balance models where exchange rates are a function of trade, but trade is not a function of exchange rates. This two way causality is slightly more complex, but is also analytically richer than assuming that exchange rates change solely in a one step process as targeted by central banks. Managing exchange rates is posited to be an active iterative feedback process where intervention changes the current account, which may in turn make further intervention necessary.     

人民币钉住美元面临重大选择

很高兴参与这个项目,我今天主要和大家讨论一些与汇率相关的问题,提点建议: