Policy Effectiveness in the Post-ERM Era: Evidence from Six Countries

The objective of this paper is to determine whether ERM-participating countries have experienced a change in the effectiveness of monetary and fiscal policies since the establishment of the ERM. Countries which have come to rely more heavily on fiscal policy instruments as the means of output, price and exchange rate stabilization since the establishment of the ERM (and currently exceed the fiscal criteria) are expected to find the Maastricht fiscal criteria restrictive and perhaps destabilizing. We find that Belgium, Italy and Ireland are the countries that are likely to face the most difficulties.     

Selling Australia as ‘clean and green’*

‘Clean and green’ has been used as a marketing tool by Australian governments to promote agricultural products overseas. But how valid are these claims? Is the ‘clean and green’ image campaign effective? And should government be involved? We conclude that Australia may have had a ‘clean and green’ image in some markets, but in the future, concrete proof of environmental and quality credentials will be required to satisfy increasingly better‐informed and more demanding customers. We argue that governments cannot, and should not, continue to promote Australian products based on an undefined ‘clean and green’ image. Rather, more resources should be directed to the development, promotion and wide adoption of integrated, credible and well‐defined environmental management and quality assurance systems if Australia is to compete effectively in export markets, especially in the longer term.     

基于Delphi的EMS后台维护软件

概述了单片机与PC机间串行口通信的基本电路,介绍了在Delphi环境下利用SPComm控件进行串行口通信的设计和利用Raise Components控件进行PC机界面的设计,完成了基于PC机的能量管理系统的开发。通过实验验证了该系统的有效性和可行性。     

EMS的现状与发展对策探讨

目前,中国邮政EMS正面临着重大挑战,速递市场正逐步从一个单一的垄断市场转化为一个自由竞争的市场。本文从优势和劣势两个方面分析EMS如今的现状,从而对促进EMS发展的对策进行探讨。     

能量管理系统 ——EMS应用分析

能量管理系统（EMS）是一套大型计算机应用软件,在传统的垂直一体化的电力系统中,其主要的功能模块有数据采集与监视（SCADA）、负荷预测、自动发电控制（AGC）、网络分析（NA）、在线经济调度、预想事故与潮流分析、发电与输电计划、开断计划等。文章在简要概述能量管理系统（EMs）发展历史及其应用软件的基础上,以SE-9000系统为实例对能量管理系统（EMS）应用进行分析。     

Exchange rate expectations and risk premia in the European Monetary System: 1985–1991

Using a new set of survey data on EMS exchange rates, we investigate exchange rate expectations and risk premia between December 1985 and August 1991 to assess credibility of the system. It appears that the EMS—with the exception of the Italian lira—had become credible since early 1990. Moreover, one of the core predictions of the target zone literature—the inverse correlation between the position of the spot rate in the fluctuation band with its expected change—is corroborated for several currencies in the period after April 1990. Although the system appeared to be more credible, the persistence of interest differentials suggested the existence of risk premia. For four out of six currencies we find a significant relationship between the risk premium and the inflation differential relative to Germany.     

Monetary policy interaction within or without an exchange-rate arrangement

In a simple stochastic two-country model in which each country uses monetary policy to offset shocks that impinge on its national income, the policy rule chosen by each country is affected by the rule chosen by the other. A monetary union emerges as a Nash equilibrium (and is Pareto optimal) if the variance of shocks affecting the real exchange rate is small. An exchange-rate arrangement, and in particular a system of exchange-rate bands such as the European Monetary System (EMS), may create a need for more policy cooperation and may give scope for strategic asymmetries.     

The identification of liquidity effects in the EMS: Italy 1991–1992

We study the impact of liquidity shocks in Italy in the 1991–1992 period, when the lira belonged to the narrow ERM band with no exchange controls. We conduct our analysis by constructing (not simply assuming) predetermined measures of liquidity supply shocks, taking into account the institutional features of the money market and the reserve requirements' average computation system. We find that the supply of liquidity did significantly affect short-term interest rates; however, in contrast to earlier periods, most of the interest rate variations were attributable to foreign-exchange-related factors, as predicted by the asymmetric view of the ERM.     

从制造商到制造服务商——论部分制造厂商的市场功能再定位

根据产业链重组和核心竞争力理论,结合了产业分工细化到企业内部的趋势和电子信息产品行业中方兴未艾的EMS经营模式,笔者认为,我国的部分制造业厂商,特别是那些没有市场知名度品牌的制造厂商,转变经营理念,改制造厂商为制造服务厂商,是将比较优势转为竞争优势,立足市场、赢得竞争的一条合适之路。     

The impact of ISO 14001 on firm environmental and economic performance: The moderating role of size and environmental awareness

This paper analyzes the impact of adopting the ISO 14001 standard on firm environmental and economic performance. In particular, it is argued that the degree of environmental awareness of the society (EAS) and firm size are two factors moderating the effect of ISO 14001 on firm performance. A number of hypotheses are formulated and empirically tested on an international sample of 583 listed companies in 46 countries over the period of 2009–2018. The findings show that (i) ISO 14001 adoption contributes to reducing firm carbon emission intensity and increasing firm profitability; (ii) the impact of ISO14001 on profitability is greater for companies from countries with high EAS and for larger firms; and (iii) the impact of ISO 14001 on carbon intensity is greater for headquartered in countries with low EAS. Managerial and policy implications resulting from the widespread adoption of certifiable environmental standards are also discussed.