Dieser Artikel zeigt, dass eine Subvention der heimischen Kreditzinsen zu einem
Rückgang der Auslandsverschuldung führen kann. Ausgehend von der Mittelwert-
Varianz- und der Erwartungsnutzentheorie wurde ein Modell entwickelt, in dessen
Rahmen der Wirtschaftsakteur sein internationales Kreditportfolio optimiert.
Eine Einbeziehung der Zinsparitätenbedingung war in der Analyse jedoch nicht
zielführend. In den Modellrahmen wird eine staatliche Zinssubvention eingeführt
und ihre theoretische Wirkung auf die Fremdwährungsverschuldung der Haushalte
The market structure can be described by concentration ratios based on the
oligopoly theory or the structure – conduct – performance paradigm. Measures of
concentration and also competition are essential for banks conduction in the
banking industry. Several researchers have proved concentration level to be major
determinants of banking system efficiency. Theoretical characteristics of market
concentration measures are illustrated with empirical evidence. The market
structure of the Albanian Banking Sector has changed dramatically in recent years.
On 1990s, our country has experienced deregulation, foreign bank penetration, and
an accelerated process of consolidation and competition in the banking sector.
Particularly, the working paper examines the nature and the extent of changes in
market concentration of Albanian banking sector. It focused primarily on a
descriptive and dynamic analysis of change in the concentration indices in banking
sector from year to year. Also it examines how the inherited structure of the
banking system affects the way of the distribution of market shares amongst the
different banks that comprise on the banking sector.
The economic crisis has brought a new situation also for the Hungarian economic
policy, as neoliberalism as the main trend in economic thought is no
longer valid. This phenomenon cannot be reduced to be a mere macroeconomic
course shift, as an entire economic philosophy and approach has lost its relevance.
One consequence of this is the need for a thorough revision of the theory
and practice of business management, along with the re-evaluation of the notion
and position of the corporation.
Our study aims to contribute to this theoretical reformation, presenting that social
values derived from psychological and sociological findings such as human
motivational theories or trust are fundamental elements of the 21st century corporate
model. To point to this, we use the ideological correspondences, while
proving that our national research on corporate theory and even rather its application
are far behind the 21st century requirements and lack even the Western
view of the 20th century.
A growing body of literature reports evidence of social interaction effects in survey expectations. In this note, we argue that evidence in favor of social interaction effects should be treated with caution, or could even be spurious. Utilizing a parsimonious stochastic model of expectation formation and dy- namics, we show that the existing sample sizes of survey expectations are about two orders of magnitude too small to reasonably distinguish between noise and interaction effects. Moreover, we argue that the problem is com- pounded by the fact that highly correlated responses among agents might not be caused by interaction effects at all, but instead by model-consistent beliefs. Ultimately, these results suggest that existing survey data cannot facilitate our understanding of the process of expectations formation.
The employment period is of central importance in the life course and therefore ensuring job stability, whether internally or between firms, is essential for workers. In considering this, it is worthwhile to note from the outset that employees act within a particular framework. Employment trajectories are affected by firm-specific opportunity structures and diverse regional heterogeneities. Furthermore, the role of the business cycle is also an important factor to be addressed. This article is to contribute to existing research on employment trajectories and particularly towards addressing more fully structural factors that frame action, which remain under investigated.
In order to gain a fuller picture of structural and cyclical determinants, a German linked employer-employee dataset as well as data on regional economic characteristics using the ‘Spatial Planning Regions’ (German statistical units) were merged. The hierarchically clustered data was explored through multilevel models of analysis. Firstly, the key factors of influence on employment stability were identified, followed by the determinants of upward, lateral and downward inter-firm mobility as well as those transitions that lead to unemployment.
This article shows that during an economic upswing inter-firm promotions are more frequently achieved, whereas in an economic downswing the risks of unemployment increase. Moreover, it was found that investment in further training and internal infrastructure has a positive effect on employment trajectories. In addition, work councils increase employment stability, especially during periods of economic growth. In contrast to this, employment trajectories are destabilised through a disadvantageous firm demography as well as the intensive use of fixed-term employment. Densely populated areas offer better employment opportunities, whereas unemployment risks dominate in rural areas during an economic downswing. Furthermore, differences in levels of productivity as well as the particular labour market environment accentuate unequal employment opportunities. Regardless of qualification level, all employees within a region during an economic upswing benefit from the accumulation of a higher level of human capital, whereas during an economic downturn, skill segregation prevails, where it is only the highly qualified that benefit.
Der Beitrag untersucht anhand einer Intourist-Reisebroschüre aus der Sowjetzeit, wie seinerzeit Armenien präsentiert wurde - mit welchen Städten und Stätten, und mit welcher Interpretation. Der Artikel ist reichhaltig illustriert, und die komplette Broschüre ist als Anhang beigefügt.
Das Controlling im Mittelstand erfüllt sich in Theorie und Praxis wachsender Beliebtheit. Gleichwohl gibt es bisher nur wenig gesicherte empirische Erkenntnisse. Der vorliegende Beitrag stellt die Ergebnisse einer Online-Umfrage aus dem Jahr 2010/2011 dar.
We develop a novel financial market model in which the stock markets of two countries
are linked via and with the foreign exchange market. To be precise, there are domestic
and foreign speculators in each of the two stock markets which rely either on linear
technical or linear fundamental trading strategies to determine their orders. Since
foreign stock market speculators require foreign currency to conduct their trades, all
three markets are connected. Our setup entails a natural nonlinearity which may cause
persistent endogenous price dynamics. Moreover, we analytically show that market
interactions can destabilize the model’s fundamental steady state.
In the framework of small-scale agent-based financial market models, the paper starts
out from the concept of structural stochastic volatility, which derives from different noise
levels in the demand of fundamentalists and chartists and the time-varying market shares
of the two groups. It advances several different specifications of the endogenous switching
between the trading strategies and then estimates these models by the method of simulated
moments (MSM), where the choice of the moments reflects the basic stylized facts
of the daily returns of a stock market index. In addition to the standard version of MSM
with a quadratic loss function, we also take into account how often a great number of
Monte Carlo simulation runs happen to yield moments that are all contained within their
empirical confidence intervals. The model contest along these lines reveals a strong role
for a (tamed) herding component. The quantitative performance of the winner model is
so good that it may provide a standard for future research.