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Article
Publication date: 24 February 2012

Pak‐Hang Wong

The purpose of this paper is to introduce an interpretive approach to examining the relation between information and communication technologies (ICTs) and the good life…

Abstract

Purpose

The purpose of this paper is to introduce an interpretive approach to examining the relation between information and communication technologies (ICTs) and the good life, based on Michael Walzer's view of (connected) social criticism.

Design/methodology/approach

Through a discussion of Michael Walzer's view of social criticism, an interpretive approach to normative analysis of ICTs and the good life is introduced. The paper also offers an additional argument for the indispensability of prudential appraisals of ICTs in normative analysis of ICTs and the good life, which in turn strengthens the basis for the Walzerian approach proposed in the paper.

Findings

It is argued that an interpretive approach to normative analysis of ICTs and the good life, i.e. the Walzerian approach, is as viable as – if not superior to – a theory‐driven approach. It is also argued that actual appraisals of ICTs and the good life must be taken into account in the normative analysis.

Originality/value

It is only recently that “the good life” has become more visible in normative analysis of ICTs. This paper continues this relatively new line of research and proposes an alternative approach – as opposed to a theory‐driven approach – to this research programme.

Details

Journal of Information, Communication and Ethics in Society, vol. 10 no. 1
Type: Research Article
ISSN: 1477-996X

Keywords

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Article
Publication date: 10 June 2019

Hannele Kauppinen-Räisänen, Johanna Gummerus, Catharina von Koskull and Helene Cristini

The purpose of this study was to explore what luxury represents to contemporary consumers in their own life contexts.

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1581

Abstract

Purpose

The purpose of this study was to explore what luxury represents to contemporary consumers in their own life contexts.

Design/methodology/approach

A mixed-methods qualitative approach was adopted that comprised individual, personal interviews and focused interviews with small groups.

Findings

The study contributes to the field of luxury research by highlighting consumers’ interpretations of luxury as highly subjective, relative and contextual; showing that according to consumers, luxury relates to both consumption and non-consumption contexts; illustrating the value of luxury as a multidimensional construct in both contexts; and demonstrating how luxury may relate to a consumer’s desire to be meaningful and genuine, thereby generating prudential value. In these cases, luxury is closely linked to consumers’ perceptions of meaningfulness and well-being.

Practical implications

For marketing managers, the findings suggest that the wave of new luxury – seeking meaningfulness – may serve as a novel means of branding.

Originality/value

This study demonstrates that the significance of the concept of luxury transcends commercial settings and offerings, i.e. the brand, product or service. The findings show that luxury may also be generated in non-commercial contexts and specific activities (e.g. running, gardening). Based on these findings, it is proposed that luxury in non-commercial settings is characteristic of the new wave of luxury, and that in such settings, luxury may contribute to personal well-being, thereby generating prudential value.

Details

Qualitative Market Research: An International Journal, vol. 22 no. 3
Type: Research Article
ISSN: 1352-2752

Keywords

Content available
Article
Publication date: 2 December 2019

Conglai Fan and Gao Jiechao

In recent years, with the gradual differentiation of economic and financial cycles, it has been increasingly difficult for monetary policies to remain balanced in…

Abstract

Purpose

In recent years, with the gradual differentiation of economic and financial cycles, it has been increasingly difficult for monetary policies to remain balanced in stabilizing both economy and finance. Taking the period of 1999–2017 as a sample, the purpose of this paper is to find whether the synergy between the growth cycle and the price cycle is constantly improving in the economic cycle is more appropriate.

Design/methodology/approach

The key to stabilizing the economic cycle lies in the monetary policy and it should abandon the goal of boosting growth in a timely manner and turn into the goal of maintaining steady growth. At present, quantitative monetary policy is still more effective than price-oriented monetary policy in smoothing the economic cycle.

Findings

The impact of quantitative regulation on the financial cycle is more neutral, whereas price regulation will increase the volatility of price and financial cycles in the course of smoothing the growth cycle. In view of the continuous differentiation between the economic and financial cycles, it is realistic and reasonable to accelerate the establishment of a sound dual-pillar regulatory framework of “monetary policy and macro-prudential policy.”

Originality/value

The macro-prudential policy is specially used to smooth the financial cycle, so as to reduce the burden and increase the efficiency of the monetary policy on regulating economic cycle. Moreover, the transformation of monetary policy to price-oriented regulation must keep pace with the construction of the dual-pillar regulation framework and complement each other to prevent undesirable consequences in the financial sector. On the other hand, monetary policy still needs to rely on quantitative regulation in the future. The research in this paper also provides a new perspective for understanding the internal and external reform of China’s monetary policy in recent years.

Details

China Political Economy, vol. 2 no. 2
Type: Research Article
ISSN: 2516-1652

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Article
Publication date: 12 June 2009

Daniel F.C. Crowley, Bruce J. Heiman, R. Charles Miller, Philip J. Morgan, Mark D. Perlow, David K.Y. Tang and Karishma Shah Page

The purpose of this paper is to summarize the Group of Thirty's recommendations and explain how they relate to other concurrent financial market regulatory initiatives in…

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196

Abstract

Purpose

The purpose of this paper is to summarize the Group of Thirty's recommendations and explain how they relate to other concurrent financial market regulatory initiatives in the USA, UK, and Europe.

Design/methodology/approach

The paper summarizes the report's four core recommendations, describes how they relate to recent reports by the US Treasury Department, the US Chamber of Commerce, and Committee on Capital Markets Regulation, and discusses how they may signal the direction of forthcoming domestic and coordinated international regulation.

Findings

Momentum has been building for consolidation, increased oversight, and international coordination of the legal and regulatory framework that governs the financial industry. The report has an unabashedly pro‐regulatory agenda.

Originality/value

The paper provides helpful reference on the current direction of international financial institution regulation

Details

Journal of Investment Compliance, vol. 10 no. 2
Type: Research Article
ISSN: 1528-5812

Keywords

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Article
Publication date: 13 February 2017

Shinya Kobayashi

This paper aims to consider implications of the IMF Global Financial Stability Report (April 2016 edition) for the regulation and supervision of insurers.

Abstract

Purpose

This paper aims to consider implications of the IMF Global Financial Stability Report (April 2016 edition) for the regulation and supervision of insurers.

Design/methodology/approach

This paper first summarises the IMF Report and then discusses possible implications, examining the underlying hypothesis on which the “Tsunami view” has been formulated.

Findings

This paper finds that the Report provides some important implications for the regulation and supervision of insurers, although no commonalities in life insurers’ asset composition, which is the underlying hypothesis of the Tsunami view expressed in the Report, have been observed at a global level. One of the key implications is the importance of monitoring insurers’ exposures at granular levels in a more intensive manner from the perspective of macro-prudential supervision.

Originality/value

This is one of the first papers that try to challenge the findings and recommendations of the IMF Report and, at the same time, consider what implications can be taken for enhanced regulation and supervision of insurers.

Details

Journal of Financial Regulation and Compliance, vol. 25 no. 1
Type: Research Article
ISSN: 1358-1988

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Book part
Publication date: 17 August 2011

Biswa Nath Bhattacharyay

Several developing economies witnessed a large number of systemic financial and currency crises since the 1980s that resulted in severe economic, social, and political…

Abstract

Several developing economies witnessed a large number of systemic financial and currency crises since the 1980s that resulted in severe economic, social, and political problems. The devastating impact of the 1982 and 1994–1995 Mexican crises, the 1997–1998 Asian financial crisis, the 1998 Russian crisis, and the ongoing financial crisis of 2008–2009 suggests that maintaining financial sector stability through reduction in vulnerability is highly crucial. The world is now witnessing an unprecedented systemic financial crisis originated from the USA in September 2008 together with a deep worldwide economic recession, particularly in developed countries of Europe and North America. This calls for devising and using on a regular basis an appropriate and effective monitoring and policy formulation system for detecting and addressing vulnerabilities leading to crisis. This chapter proposes a macroprudential/financial soundness monitoring, analysis, and remedial policy formulation system that can be used by most developing countries with or without crisis experience as well as with limited data. It also discusses a process for identifying and compiling a set of leading macroprudential/financial soundness indicators. An empirical illustration using Philippines data is presented. There is an urgent need for increased coordination, collaboration, and partnership among central banks, banking and financial market supervision agencies, and ministries of finance, economic, and planning for proper macroprudential monitoring. A high-level national financial stability committee under the auspices of the head of the state as well as a ‘‘regional financial stability board’’ needs to be established to complement and support the activities of an “international stability board.”

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Article
Publication date: 24 July 2007

Ingrid Pusey

The purpose of this paper is to examine the evolving role of financial sector regulators in the global effort to combat financial crimes. In particular, it seeks to…

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1364

Abstract

Purpose

The purpose of this paper is to examine the evolving role of financial sector regulators in the global effort to combat financial crimes. In particular, it seeks to address the factors that shaped the role of Caribbean regulators in this effort.

Design/methodology/approach

Case studies, secondary research and analyses of international requirements and domestic legislation.

Findings

Financial sector regulators in the Caribbean face numerous challenges endemic to small economies in meeting international expectations in relation to the fight financial crimes. This is particularly true of states that rely on the provision of off‐shore financial services as the economic mainstay. In spite of this, the region has made significant strides in addressing global demands.

Originality/value

This paper offers a perspective from the Caribbean region. It should be of interest to regulators and practicing lawyers.

Details

Journal of Financial Crime, vol. 14 no. 3
Type: Research Article
ISSN: 1359-0790

Keywords

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Article
Publication date: 18 June 2018

Eila Isotalus and Marja-Liisa Kakkuri-Knuuttila

The purpose of this paper is to demonstrate that creating shared meanings in dialogical communication is a “must” for diversity management if it wants to fulfill the…

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2822

Abstract

Purpose

The purpose of this paper is to demonstrate that creating shared meanings in dialogical communication is a “must” for diversity management if it wants to fulfill the double promise of promoting both business and ethical goals. By way of meeting this challenge, the authors introduce the negotiating reality theory and education program developed by Victor Friedman and Ariane Berthoin Antal, and examine its ethical underpinnings.

Design/methodology/approach

The paper is a theoretical exploration which combines ethical and intercultural communication perspectives in the context of diversity management. Excerpts from ethnographic research data are used to illustrate the deficiency of intuitive processes in negotiating reality in practice.

Findings

The negotiating reality program, originally developed for international business, is equally relevant to diversity management, as it serves to deconstruct value hierarchies embedded in diversity categorizations, and hence enhances seamless and productive cooperation. Learning such communication skills involves personal emotional-cognitive growth, which can be analyzed in terms of Aristotle’s notion of virtue. The authors also argue for the interconnected nature of performance and ethical goals in diversity management.

Research limitations/implications

Since this is a theoretical paper, empirical research is needed to investigate the pedagogical and rhetorical means which inspire people to develop their intercultural communication skills in various diversity contexts.

Practical implications

This paper challenges managers to introduce means to develop negotiating reality skills and practices for the benefit of the staff and the whole organization.

Originality/value

This paper suggests that the focus of diversity management should shift to meanings and intercultural communication, and that ethical considerations are an important part of that.

Details

Equality, Diversity and Inclusion: An International Journal, vol. 37 no. 5
Type: Research Article
ISSN: 2040-7149

Keywords

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Article
Publication date: 8 February 2011

Ana Kundid and Roberto Ercegovac

The purpose of this paper is threefold. The paper aims to explore and present empirical evidence of microeconomical perspective of credit rationing phenomenon with special…

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9513

Abstract

Purpose

The purpose of this paper is threefold. The paper aims to explore and present empirical evidence of microeconomical perspective of credit rationing phenomenon with special emphasis on the small and medium‐sized enterprise (SME) sector in the Republic of Croatia. In addition, the intention of this paper is to discuss SMEs' (ir)relevance in economic recovery and growth. Thus, macroeconomical implications of credit rationing problem are indirectly underlined.

Design/methodology/approach

Empirical analysis of credit rationing in the corporate bank loan market was carried out on a sample from the Croatian financial market which included data on approximately 4,300 small, medium‐sized and large companies in the period from the end of 2008 to the first quarter of 2010. Multiple linear regression model was developed in order to examine enterprise's size and borrowing costs nexus as well as borrowing costs' determinants. Descriptive statistics provided certain evidence on magnitude of credit rationing and pointed out different levels of interest rates after which credit rationing and credit discouraging appears for various sizes of enterprises.

Findings

In comparison to the large enterprises, SMEs continuously encounter higher borrowing costs, upon which this discrepancy enlarges in the aftermath and presence of financial crisis. Credit spread which is used as a proxy of borrowing costs is statistically significantly determined with enterprise's size, collateral and internal credit rating of a borrower, whereas enterprise's size evidenced the highest explanatory power. Descriptive statistics showed that market cleaning of the SMEs credit applications evolves on the level of higher interest rates.

Practical implications

The paper recommends thorough reexamination of economic importance of SMEs in Croatia and calls upon more efficient support strategy and fund allocation. Precisely, government actions should stimulate more inclusive bank finance of creditworthy SMEs.

Social implications

This paper should induce and actualize better understanding of pitfalls, blunders and potentials of SMEs in fostering economic growth. More specifically, conclusions should be helpful to policy makers, national prudential authorities and students of economics.

Originality/value

Inclusion of borrowing costs in the analysis that presents a cut‐off point of demand and supply driven credit rationing could be a useful method for future empirical research on credit rationing.

Details

International Journal of Law and Management, vol. 53 no. 1
Type: Research Article
ISSN: 1754-243X

Keywords

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Book part
Publication date: 22 August 2018

Howard Bodenhorn

Saving is essential to the health of economies and households, yet relatively little scholarship investigates saving behaviors among the urban working class in the…

Abstract

Saving is essential to the health of economies and households, yet relatively little scholarship investigates saving behaviors among the urban working class in the nineteenth century. This chapter uses five surveys of industrial workers in 1880s New Jersey, an analysis of which reveals sophisticated saving behaviors consistent with life-cycle and precautionary theories. The mean saving rate was between 8% and 12% of annual income. Younger households saved less than older households. Householders with longer expected careers, on average, saved less. Life insurance and fraternal societies were the most popular saving vehicles, but workers also used savings banks and building and loan associations, alone and in combination.

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