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Abstract

Details

Central Bank Policy: Theory and Practice
Type: Book
ISBN: 978-1-78973-751-6

Book part
Publication date: 18 March 2014

Jari Eloranta, Svetlozar Andreev and Pavel Osinsky

Did the expansion of democratic institutions play a role in determining central government spending behavior in the 19th and 20th centuries? The link between democracy and…

Abstract

Did the expansion of democratic institutions play a role in determining central government spending behavior in the 19th and 20th centuries? The link between democracy and increased central government spending is well established for the post-Second World War period, but has never been explored during the first “wave of democracy” and its subsequent reversal, that is 1870–1938. The main contribution of this paper is the compilation of a dataset covering 24 countries over this period to begin to address this question. Utilizing various descriptive techniques, including panel data regressions, we explore correlations between central government spending and the institutional characteristics of regimes. We find that the data are consistent with the hypothesis that democracies have a broader need for legitimization than autocracies as various measures of democracy are associated with higher central government spending. Our results indicate that the extension of franchise had a slight positive impact on central government spending levels, as did a few of the other democracy variables. We also find that early liberal democracies spent less and monarchies more than other regimes; debt increases spending; and participation in the Gold Standard reduced government spending substantially.

Book part
Publication date: 24 June 2017

Luísa Augusto

This chapter aims to understand the communication practices of CSR in technological environments, specifically corporate websites. It is important to know what are the dimensions…

Abstract

This chapter aims to understand the communication practices of CSR in technological environments, specifically corporate websites. It is important to know what are the dimensions of CSR most valued in online communication, what content is more widespread, and if there is dialogic communication between organizations and different stakeholders. It was used a quantitative method of analysis, using the expanded web content analysis. It was based on the study results of the 1,000 largest Portuguese companies published by the Economic Journal in 2014. The chapter includes the analysis of the best companies from 24 sectors of activity of Portugal. Portuguese organizations use their websites to communicate about CSR practices. A large majority of companies dedicate to these subjects a higher number of pages. The findings indicate that the issues disseminated are various, but the predominance content is related to environmental dimension. Results suggest a low level of dialogic dimension adoption. It is proposed a theoretical framework of online communication of CSR that integrates a set of indicators from three interlinked dimensions: the technical dimension, the informational dimension and dialogical dimension, considering the different kind of publics and the different practice areas inherent to CSR. This framework is a contribution to the deepening of knowledge and understanding of online communication of CSR practices, on the perspective of public relations theory. It has practical implications to communication, because it proposes guidelines that should be considered in an effective online communication of CSR in organizations of various sectors of activity in Portugal. It is proposed a theoretical framework of an effective online communication of CSR that integrates a set of indicators from three interlinked dimensions that are part of the dialogical capacity of organizations.

Details

Corporate Social Responsibility and Corporate Governance
Type: Book
ISBN: 978-1-78714-411-8

Keywords

Open Access
Article
Publication date: 30 January 2024

Christina Anderl and Guglielmo Maria Caporale

The article aims to establish whether the degree of aversion to inflation and the responsiveness to deviations from potential output have changed over time.

Abstract

Purpose

The article aims to establish whether the degree of aversion to inflation and the responsiveness to deviations from potential output have changed over time.

Design/methodology/approach

This paper assesses time variation in monetary policy rules by applying a time-varying parameter generalised methods of moments (TVP-GMM) framework.

Findings

Using monthly data until December 2022 for five inflation targeting countries (the UK, Canada, Australia, New Zealand, Sweden) and five countries with alternative monetary regimes (the US, Japan, Denmark, the Euro Area, Switzerland), we find that monetary policy has become more averse to inflation and more responsive to the output gap in both sets of countries over time. In particular, there has been a clear shift in inflation targeting countries towards a more hawkish stance on inflation since the adoption of this regime and a greater response to both inflation and the output gap in most countries after the global financial crisis, which indicates a stronger reliance on monetary rules to stabilise the economy in recent years. It also appears that inflation targeting countries pay greater attention to the exchange rate pass-through channel when setting interest rates. Finally, monetary surprises do not seem to be an important determinant of the evolution over time of the Taylor rule parameters, which suggests a high degree of monetary policy transparency in the countries under examination.

Originality/value

It provides new evidence on changes over time in monetary policy rules.

Details

Journal of Economic Studies, vol. 51 no. 9
Type: Research Article
ISSN: 0144-3585

Keywords

Abstract

Details

The Impacts of Monetary Policy in the 21st Century: Perspectives from Emerging Economies
Type: Book
ISBN: 978-1-78973-319-8

Book part
Publication date: 8 May 2003

G M D'Este and M A P Taylor

The importance of the adverse impacts of network degradation has stimulated substantial international research interest in transport network reliability, that is, the ability of…

Abstract

The importance of the adverse impacts of network degradation has stimulated substantial international research interest in transport network reliability, that is, the ability of degraded transport networks to cope with travel demand. Most of the recent research effort has focused on the reliability of urban passenger transport networks, in terms of the probability that the network will deliver a required standard of performance. This situation is characterised by high levels of congestion, a dense road network, and quantifiable probability of degradation of the network. Outside major urban centres, the situation is very different. The main dominant consideration in transport network infrastructure provision is accessibility - linking urban centres, providing regional coverage, and basic levels of accessibility for the non-urban community and economy. The network is sparse, congestion is not a significant issue, and access to essential community services and to markets is the major driving force underlying network development. In this context, the vulnerability of the network is perhaps more important than ‘reliability’. This paper develops the concept of network vulnerability. It begins by reviewing the current state of research into network reliability, then proposes extensions and adaptations to the reliability concepts that are more appropriate for strategic-level multi-modal transport systems. Several alternative definitions for vulnerability are proposed. The paper also discusses the development of algorithmic and visualisation tools that may be used to identify specific ‘weak spots’ in a network, where failure of some part of the transport infrastructure would have the most serious effects on access to specific locations and on overall system performance. Finally, the paper describes potential applications of network vulnerability concepts, and proposes directions for further research.

Details

The Network Reliability of Transport
Type: Book
ISBN: 978-0-08-044109-2

Article
Publication date: 1 February 2004

Winnifred R. Louis, Donald M. Taylor and Tyson Neil

Two studies in the context of English‐French relations in Québec suggest that individuals who strongly identify with a group derive the individual‐level costs and benefits that…

Abstract

Two studies in the context of English‐French relations in Québec suggest that individuals who strongly identify with a group derive the individual‐level costs and benefits that drive expectancy‐value processes (rational decision‐making) from group‐level costs and benefits. In Study 1, high identifiers linked group‐ and individual‐level outcomes of conflict choices whereas low identifiers did not. Group‐level expectancy‐value processes, in Study 2, mediated the relationship between social identity and perceptions that collective action benefits the individual actor and between social identity and intentions to act. These findings suggest the rational underpinnings of identity‐driven political behavior, a relationship sometimes obscured in intergroup theory that focuses on cognitive processes of self‐stereotyping. But the results also challenge the view that individuals' cost‐benefit analyses are independent of identity processes. The findings suggest the importance of modeling the relationship of group and individual levels of expectancy‐value processes as both hierarchical and contingent on social identity processes.

Details

International Journal of Conflict Management, vol. 15 no. 2
Type: Research Article
ISSN: 1044-4068

Keywords

Content available
Book part
Publication date: 19 December 2016

Radha R. Sharma and Sir Cary Cooper

Abstract

Details

Executive Burnout
Type: Book
ISBN: 978-1-78635-285-9

Article
Publication date: 1 May 1993

Lewis E. Hill and István Magas

Attempts to specify and to explicate some of the most importantreasons for the failure of communism or state socialism. Analyses thegeneral case of Eastern Europe, then applies…

Abstract

Attempts to specify and to explicate some of the most important reasons for the failure of communism or state socialism. Analyses the general case of Eastern Europe, then applies the analysis to the specific case of Hungary. Second, deduces a model of market socialism from the theories of Fred M. Taylor and Oskar Lange. Argues that the Taylor‐Lange model of market socialism certainly could be and probably would be a completely valid and viable economic system. Proposes, moreover, that this system of market socialism may prove a better alternative economic system than capitalism for the Eastern European nations that have abandoned communism.

Details

International Journal of Social Economics, vol. 20 no. 5/6/7
Type: Research Article
ISSN: 0306-8293

Keywords

Book part
Publication date: 26 April 2014

Michael D. Bordo and John Landon-Lane

In this paper we investigate the relationship between loose monetary policy, low inflation, and easy bank credit and house price booms.

Abstract

Purpose

In this paper we investigate the relationship between loose monetary policy, low inflation, and easy bank credit and house price booms.

Method

Using a panel of 11 OECD countries from 1920 to 2011 we estimate a panel VAR in order to identify loose monetary policy shocks, low inflation shocks, bank credit shocks, and house price shocks.

Findings

We show that during boom periods there is a heightened impact of all three “policy” shocks with the bank credit shock playing an important role. However, when we look at individual house price boom episodes the cause of the price boom is not so clear. The evidence suggests that the house price boom that occurred in the United States during the 1990s and 2000s was not due to easy bank credit.

Research limitations/implications

Shocks from the shadow banking system are not separately identified. These are incorporated into the fourth “catch-all” shock.

Practical implications

Our evidence on housing price booms that expansionary monetary policy is a significant trigger buttresses the case for central banks following stable monetary policies based on well understood and credible rules.

Originality/value of paper

This paper uses historical evidence to evaluate the relative importance of three main causes of house price booms. Our results bring into question the commonly held view that loose bank credit was to blame for the U.S. house price bubble of the later 1990s.

Details

Macroeconomic Analysis and International Finance
Type: Book
ISBN: 978-1-78350-756-6

Keywords

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