Are rules and boundaries sufficient to limit harmful central bank discretion? Lessons from Europe

Marvin Goodfriend׳s (2014) insightful, informative and provocative work explains concisely and convincingly why the Fed needs rules and boundaries. This paper reviews the broader institutional design problem regarding the effectiveness of the central bank in practice and confirms the need for rules and boundaries. The framework proposed for improving the Fed incorporates key elements that have already been adopted in the European Union. The case of ELA provision by the ECB and the Central Bank of Cyprus to Marfin-Laiki Bank during the crisis, however, suggests that the existence of rules and boundaries may not be enough to limit harmful discretion. During a crisis, novel interpretations of the legal authority of the central bank may be introduced to create a grey area that might be exploited to justify harmful discretionary decisions even in the presence of rules and boundaries. This raises the question how to ensure that rules and boundaries are respected in practice.     

The non-inclusive nature of ‘all inclusive’ economics: Paradoxes and possibilities of the resort complex

The ‘All Inclusive’ (AI) concept has revolutionized package hospitality services and captured the attention of many industry stakeholders. Scholars have mostly investigated AI from the marketing perspective, whereas the economic ramifications of this type of product, for both hospitality operators and local communities, are still a barren landscape. Using a mixture of quantitative analysis techniques, including a two-step cluster analysis and econometric modeling, the study aims to enhance our conceptual capital pertaining to the economic impact of AI for local communities. The study focuses on overall tourists' spending, both within and outside their accommodation, with expenditure segmented into seven study-specific categories that highlight the economic specificities of AI. Findings, of interest to industry stakeholders, revealed the problematic and ambiguous status of AI provision in Cyprus, whereas actions, espousing the principles of cluster theories, that could maximize the economic contribution of AI to local economies are suggested.     

Ethical Behaviour of Tertiary Education Students in Cyprus

The purpose of this research was to investigate, for the first time, tertiary education students’ ethical judgements in the Republic of Cyprus academic environment. The authors developed and administered a quantitative questionnaire to a sample of 1,000 individuals currently pursuing accredited degrees at two tertiary institutions. Statistical analysis revealed four factors, named violation of school regulations, selfishness, cheating, and computer ethics that describe students’ ethical judgements in the academic environment. The results indicate that students exhibit the lowest tolerance with ethical issues relevant with selfishness and highest with issues relevant with computer ethics. In addition, a number of differences were revealed when the authors investigated the relationship between the four retained factors and variables such as gender, year of study, type of academic discipline, and religion. Finally, reflecting on the research findings, a number of practical recommendations are made mainly to educational institutions that wish to redefine their policies and procedures regarding ethics within their academic environment.     

“捣衣砧上拂还来”释疑

《春江花月夜》中“捣衣砧上拂还来”写的是庭院内之景而非江边之景。捣衣非洗衣、捶衣,而是捣帛或捣 素;捣衣砧非洗衣、捶衣石,而是捣衣时的垫石,它不在水边而在庭院;以捣衣入诗表现的是闺怨闺思,对本诗相思离 别的主题起着一定的暗示作用。     

Patterns of power distribution in managerial decision making in Chinese and British industrial organizations

This article is one of three reports about the results of a Sino-British joint research project on managerial decision making in eleven Chinese companies and ten British companies. Forty managers and twenty trade union leaders from both manufacturing and service industries participated in the study. Data about decision-making patterns in eighteen different decision tasks in the organizations were collected. The results showed that there were interesting organizational and cultural differences in decision-making patterns in the two countries between manufacturing and service industries, between management and trade union groups, among short-, medium- and long-term decisions and across organizational levels. There were clear shifts of the decision-making power across organizational levels depending upon the type of decision tasks. A model of decision power shift was proposed in terms of the effects of organizational and cultural factors on patterns of organizational decision making. The implications of the decision power shift model to the management practice in the international context were highlighted.     

国际金本位时期英镑的空间分布及其成因

国际金本位时期国际主导货币英镑在全球有着广泛的空间分布,形成其空间分布的原因在于：实物贸易与资本流动相互匹配的国际贸易和资本流动格局、以英格兰银行为核心的各国中央银行间协同合作体系以及英国在国际贸易中的领导地位。     

Conflict,exhaustion, and motivation: A study of frontline employees in Northern Cyprus hotels

This study develops and tests a model that investigates the effects of work-family conflict, emotional exhaustion, and intrinsic motivation on affective job outcomes using data from frontline employees in Northern Cyprus hotels. Results show that work-family conflict is positively related to emotional exhaustion. Work-family conflict was found to be negatively associated with job satisfaction. However, the study results demonstrate that work-family conflict did not depict any significant relationships with affective organizational commitment and intention to leave. Results indicate that emotional exhaustion leads to job dissatisfaction, decreased affective organizational commitment, and high levels of intention to leave. Results reveal that intrinsic motivation is significantly related to emotional exhaustion, job satisfaction, and affective organizational commitment. In addition, the study results provide empirical support for the positive impact of job satisfaction on affective organizational commitment and the negative effects of job satisfaction and affective commitment to the organization on intention to leave. Discussion and implications of the results are presented in the study.     

Tourism climate insurance: implications and prospects

This paper investigates the intentions of tourists to purchase climate insurance as part of their holiday packages. A research model, based on Bagozzi’s reformulation of attitude theory designed to examine the relationships between climate expectation-disconfirmation and the behavioral intentions of tourists in purchasing tourism climate insurance, with destination loyalty as an outcome. The model hypothesizes and tests whether expectation-disconfirmation can be resolved by insuring the product-climate. A structural equation modeling is utilized. The results reveal that the expectation-disconfirmation of tourists in relation to climate is positively associated with their intentions to purchase insurance and negatively affects loyalty.