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The purpose of this paper is to clarify definitions in economics.

To apply the insights of Austrian economics to terms widely used in the profession.

The authors find that the Austrian approach brings clarification to communication.

The authors know of no other such attempt. Therefore this paper presumably has some originality.

The development of blockchain and cryptocurrency may alleviate the economic strain associated with recession. Economic recessions tend to be aggregate-demand driven, meaning that they are caused by fluctuations in the supply of or demand for money. Holding monetary policy as solution assumes that stability must arise from outside of the economic system. Under a policy regime that allows innovations in blockchain to develop, blockchain technology may promote a money supply that is responsive to changes in demand to hold money. The purpose of this paper is to suggest that cryptocurrencies present an opportunity to profitably implement rules that promote macroeconomic stability. In particular, cryptocurrency that is asset-backed may provide a means for cheaply attaining liquidity during a crisis.

The role of cryptocurrency in promoting macroeconomic equilibrium is approached through the lens of monetary theory. Moves away from macroeconomic equilibrium necessitate either a change in the average price of money or a change in the quantity of money, or a change in portfolio demand for money. Cryptocurrency promotes an increase, however this requires the alignment of policy regulating the use of cryptocurrency, reduction in taxes placed on the use of cryptocurrency and cryptocurrency protocol.

Cryptocurrency is unlikely to become legal tender, but it may alleviate macroeconomic fluctuations as a near money that provides liquidity and whose supply is sensitive to changes in demand to hold money and money-like substitutes. This role might be inhibited if policy stifles the development of cryptocurrencies and blockchain technology.

New financial innovations like cryptocurrencies can be analyzed applying the equation of exchange in light of the mechanics of money creation under conditions of disequilibrium. Monetary disequilibrium may be promoted by policy that causes bottlenecks in financial markets.

Theory of monetary disequilibrium has broad implications for the development and regulation of financial markets. This theory has not been applied to the development of cryptocurrency markets.

The purpose of this paper is to provide and illustrate a framework for the role of governance mechanisms in information sharing among supply chain members. The importance of trust in governing interorganizational relationships is emphasized.

Trust, bargaining power, and contract are three key constructs supporting the governance of information sharing and material flow coordination in supply chains. A conceptual framework showing how these governance mechanisms affect coordination and ultimately, supply chain performance is presented. Four types of trust – calculative, competence, integrity, and predictability – are thought to play an important role in determining the efficacy of information sharing. Three research questions are posed on the relationships among trust, bargaining power, contracts, and information sharing in supply chain coordination. These governance issues are shown to be key factors in the supply chain business model, as illustrated in a case study from the retail distribution industry in the USA where collaborative planning, forecasting and replenishment is used to exchange supply and demand forecasts.

An example from the retail distribution industry shows that the three constructs of the governance framework are intertwined. Trust as a governance mechanism plays a crucial role in sharing information among business partners.

The proposed framework is illustrated with a single case. It will need to be tested empirically for supply chains across different industries.

The paper presents a governance mechanism framework for supply chain information sharing. Knowledge of the role of governance mechanisms in information sharing coordination will help chain members to realign business relationships and contribute to improved overall operational performance of the chain.

Customer‐oriented governments may use marketing tools to match their policy “products” with citizens’ requirements. However, these tools are not based on exchanges since governments, apart from cost recovery, do not demand any reciprocation for their products. The concept of public policy marketing could enable governments to “sell” their policies to citizens, based on non‐commercial marketing exchanges specific to the context of public administration. Then, social behaviour should be considered citizens’ reciprocation contributing to social effects the government has aimed for. Thus public policy marketing, though not yet tested in practise, can be expected to improve the implementation of those governmental policies in which citizen conduct is critical to success.

The development of China's foreign exchange market and the reform of Chinese yuan (hereinafter “CNY”) exchange rate are closely linked with each other. Their respective journey through the past 70 years can both be divided into three historical periods; as follows: China's foreign exchange market underwent a difficult exploration period, a formation and development period and an innovative development period; in the meanwhile, the formation mechanism of CNY exchange rate also witnessed three periods marked successively by a single exchange rate system with administrative pricing, an explorative formation mechanism of CNY exchange rate and a reformed, marketized CNY exchange rate mechanism.

In the present world, the development of almost every country is closely linked to the international community, which is the result of the heterogeneity in system, market, humanity and history, in addition to the differences in natural resource endowments and the diversity in technology, administration, information, experience and diplomacy. International economic exchanges require foreign exchange, which gives rise to the existence and development of the foreign exchange market.

The 70-year history of China's foreign exchange market has proven the need to continue safeguarding national sovereignty and interests of the people, stick to the general direction of serving economic development, adhere to the strategy of steadily and orderly promoting the construction of the foreign exchange market, keep on making innovation in monetary policy operation and unbendingly stay away from any systemic financial risks.

During the 70-year history of the new China, as an indispensable economic resource in China's economic development, the foreign exchange mechanism bolstered each stage of economic development and was always an important manifestation of China's economic sovereignty. It is argued that during the 30-year planned economy that preceded reform and opening-up, China pursued a closed-door policy with few international economic exchanges. The subtext of such argument is that China did not have (or hardly had much of) a foreign exchange mechanism during this period, which is clearly in conflict with historical evidence. In fact, although China did not have an open foreign exchange market before the reform and opening-up, it had a clear foreign exchange management system and exchange rate system.

This chapter analyzes the exchange rate pass-through (ERPT) into different prices for 12 euro area (EA) countries. We provide new up-to-date estimates of ERPT by paying attention to either the time-series properties of data and variables endogeneity. Using VECM framework, we examine the pass-through at different stages along the distribution chain, that is, import prices, producer prices, and consumer prices. When carrying out impulse response functions analysis, we find a higher pass-through to import prices with a complete pass-through (after one year) detected for roughly half of EA countries. These estimates are relatively large compared to single-equation literature. We denote that the magnitude of the pass-through of exchange rate shocks declines along the distribution chain of pricing, with the modest effect recorded for consumer prices. When assessing for the determinant of cross-country differences in the ERPT, we find that inflation level, inflation volatility, and exchange rate persistence are the main macroeconomic factors influencing the pass-through almost along the pricing chain. Thereafter, we have tested for the decline of the response of consumer prices across EA countries. According to multivariate time-series Chow test, the stability of ERPT coefficients was rejected, and the impulse responses of consumer prices over 1990–2010 provide an evidence of general decline in rates of pass-through in most of the EA countries. Finally, using the historical decompositions, our results reveal that external factors, that is, exchange rate and import prices shocks, have had important inflationary impacts on inflation since 1999 compared to the pre-EMU period.

The purpose of this paper is to study the dynamic relationship between foreign exchange and stock returns. Specifically, the authors examine the impact of the 2008 financial crises on the relation between foreign exchange and stock returns in the MENA region.

The authors examine the long-run relation between these two variables using VECM and the authors study the volatility behavior of these two variables using the Dynamic VECH–generalized autoregressive conditional heteroskedasticity (GARCH) model. The sample covers the MENA region over the period 2004–2015.

The results indicate a regime shift in three countries: Egypt, Tunisia and Morocco. In addition, the results assert asymmetric relation between stock returns and changes in exchange rates during pre-crisis and post-crisis periods. Modeling the volatility of the foreign exchange and stock return and their covariance using VECH–GARCH suggests that the persistence in volatility is more prominent in the crisis/post-crisis period as compared with the pre-crisis period. Finally, the authors also find more significant results for the persistence parameter in the covariance between stock return and foreign exchange in the crisis/post-crisis period as compared with the pre-crisis period.

To the best of the authors’ knowledge, the studies by Wong and Li (2010) and Caporale et al. (2014) are the only two that have examined the interaction between stock prices and foreign exchange during the recent financial crisis of 2008. To the authors’ knowledge, none of the previous literature examined the impact of financial 2008 crisis on the relation between foreign exchange and stock prices in the MENA.

Over the last three quarters of a century, the discourse on economic and social policy has oscillated between two polar opposites: an interventionist approach and a free market-oriented one. The former led to the establishment of the Keynesian welfare state and was dominant in the post-war years, but the latter gained much ground beginning in the 1980s, forcing defenders of the welfare state to retreat into a more defensive position. In the wake of the ‘Great Recession’, however, these two visions are once again sustaining vigorous debates in the global public arena. Economists in their role as policy advisers and public intellectuals, in other words as ‘experts’, have participated actively in such debates; the gains made by (what its critics call) ‘neo-liberalism’ were due, in no small measure, to the growing prestige and influence of Austrian economics. The experts’ discourse tends to be a historical and arguments are often phrased in terms of supposedly ‘cutting edge’ theoretical and empirical advances.¹ Yesterday's theories are judged obsolete and irrelevant. I argue that a more historically informed perspective can actually be more rewarding.

The purpose of this paper is to review the post-harvest loss experience of several Asia-Pacific economies to analyse the potential impacts of reduction of such losses using a range of remedial measures.

A conceptual framework has been developed and then applied to a case study based on several Asia-Pacific economies to provide an empirical basis for the analysis in the paper.

Limited access to vital farm inputs and credit, poor infrastructure and lack of technical and market information are some of the critical challenges confronting many small farmers in developing economies including those in the selected case-study countries. The estimated “food savings” are considerable if Asia-Pacific Economic Cooperation’s pledge to reduce food losses and waste by 10 per cent by 2020, relative to the 2011-2012 levels is realised in the case-study economies.

Further work is urgently required to collect more up-to-date data on food losses along the food supply chain, including post-harvest losses, in many economies across the world, including the Asia-Pacific region.

The analysis of post-harvest losses is underpinned by a conceptual framework that has been developed and applied to several Asia-Pacific economies.

The purpose of this paper is to suggest a shift in the tourism marketing paradigm away from economic profit priorities toward sustainability. The sustainability approach adopts a holistic, integrated view of marketing, considering social equity, environmental protection, and economic livability. The paper seeks to examine the evolving model for the tourism marketing environment.

The paradigm shift naturally occurs by tracing the evolution of marketing approaches from production, sales, and a consumer orientation toward marketing alternatives such as societal, causal, green, responsible, and relationship marketing. Adapting a living system theory to tourism marketing, a sustainable tourism marketing model integrates tourism into a larger holistic context and focuses on marketing a quality of life for all stakeholders in the system.

While alternative approaches to tourism marketing include societal consideration such as tourism impacts and environmental segmentation strategies, this paper considers the triple bottom line as more sustainable objectives in tourism marketing and adopts an integrated view on tourism marketing.

The model suggests a paradigm shift that needs to be explored further.

The paper illustrates how tourism marketing can be integrated into more sustainable urban marketing strategies.

Instead of viewing tourism as a separate for profit industry, the model suggests an integration of tourism into a holistic, sustainable, quality of life marketing approach of living communities.