964 resultados para Savings and Loan Bailout, 1989-1995.
Resumo:
CIS Microfiche Accession Numbers: CIS 89 S541-19
Resumo:
Mode of access: Internet.
Resumo:
Includes bibliographies.
Resumo:
The purpose of this study is to develop econometric models to better understand the economic factors affecting inbound tourist flows from each of six origin countries that contribute to Hong Kong’s international tourism demand. To this end, we test alternative cointegration and error correction approaches to examine the economic determinants of tourist flows to Hong Kong, and to produce accurate econometric forecasts of inbound tourism demand. Our empirical findings show that permanent income is the most significant determinant of tourism demand in all models. The variables of own price, weighted substitute prices, trade volume, the share price index (as an indicator of changes in wealth in origin countries), and a dummy variable representing the Beijing incident (1989) are also found to be important determinants for some origin countries. The average long-run income and own price elasticity was measured at 2.66 and – 1.02, respectively. It was hypothesised that permanent income is a better explanatory variable of long-haul tourism demand than current income. A novel approach (grid search process) has been used to empirically derive the weights to be attached to the lagged income variable for estimating permanent income. The results indicate that permanent income, estimated with empirically determined relatively small weighting factors, was capable of producing better results than the current income variable in explaining long-haul tourism demand. This finding suggests that the use of current income in previous empirical tourism demand studies may have produced inaccurate results. The share price index, as a measure of wealth, was also found to be significant in two models. Studies of tourism demand rarely include wealth as an explanatory forecasting long-haul tourism demand. However, finding a satisfactory proxy for wealth common to different countries is problematic. This study indicates with the ECM (Error Correction Models) based on the Engle-Granger (1987) approach produce more accurate forecasts than ECM based on Pesaran and Shin (1998) and Johansen (1988, 1991, 1995) approaches for all of the long-haul markets and Japan. Overall, ECM produce better forecasts than the OLS, ARIMA and NAÏVE models, indicating the superiority of the application of a cointegration approach for tourism demand forecasting. The results show that permanent income is the most important explanatory variable for tourism demand from all countries but there are substantial variations between countries with the long-run elasticity ranging between 1.1 for the U.S. and 5.3 for U.K. Price is the next most important variable with the long-run elasticities ranging between -0.8 for Japan and -1.3 for Germany and short-run elasticities ranging between – 0.14 for Germany and -0.7 for Taiwan. The fastest growing market is Mainland China. The findings have implications for policies and strategies on investment, marketing promotion and pricing.
Resumo:
Savings and investments in the American money market by emerging countries, primarily China, financed the excessive consumption of the United States in the early 2000s, which indirectly led to a global financial crisis. The crisis started from the real estate mortgage market. Such balance disrupting processes began on the American financial market which contradicted all previously known equilibrium theories of every school of economics. Economics has yet to come up with models or empirical theories for this new disequilibrium. This is why the outbreak of the crisis could not be prevented or at least predicted. The question is, to what extent can existing market theories, calculation methods and the latest financial products be held responsible for the new situation. This paper studies the influence of the efficient market and modern portfolio theory, as well as Li’s copula function on the American investment market. Naturally, the issues of moral risks and greed, credit ratings and shareholder control, limited liability and market regulations are aspects, which cannot be ignored. In summary, the author outlines the potential alternative measures that could be applied to prevent a new crisis, defines the new directions of economic research and draws the conclusion for the Hungarian economic policy.
Resumo:
This text deals with transnational strategies of social mobility in Ecuadorian migrant households in Spain. We apply the capital accumulation model (Moser, 2009) for this purpose. The main target of this article is, beyond thinking in terms of capital stock and accumulation, the analysis in depth of the dynamics of the different types of capital, that is to say, how they interact with each other in the framework of the social mobility strategies of the migrants and their families. We are bringing into light the way some households adopt investing decisions in capitals that don't translate into any addition or earnings in all cases, on the contrary, concentrating all their efforts on the accumulation of a certain asset they may, in some cases, lead to a loss of another. We will concentrate our analysis primarily on the dynamics between the physical and financial capital and the social and emotional capital, showing the tensions produced between these two types of assets. At the same time, we will highlight how migrants negotiate their family strategies of social mobility in the transnational area. Our study is based in empirical material obtained from qualitative fieldwork (in-depth interviews) with families of migrants in the urban district of Turubamba Bajo -(south of Quito) and in Madrid. A series of households were selected where interviews were carried out in the country of origin as well as in the context of immigration, with different family members, analysing the transnational social and economic strategies of families of migrant members. Family members of migrants established in Spain were interviewed in Quito, as well as key informants in the district (school teachers, nursery members of the staff, etc.). The research was framed within the projects "Impact of migration on the development: gender and transnationalism", Ministry of Science and Innovation (SEJ2007/63179) (Laura Oso, dir. 2007-2010),"Gender, transnationalism and intergenerational strategies of social mobility", Ministry of Economy and Competitiveness (FEM2011/26210) (Laura Oso, dir. 201-1-2015) and “Gender, Crossed Mobilities and Transnational Dynamics”, Ministry of Economy and Competitiveness (FEM2015-67164).
Resumo:
ABSTRACT Microphysical and thermodynamical features of two tropical systems, namely Hurricane Ivan and Typhoon Conson, and one sub-tropical, Catarina, have been analyzed based on space-born radar PR measurements available on the TRMM satellite. The procedure to classify the reflectivity profiles followed the Heymsfield et al (2000) and Steiner et al (1995) methodologies. The water and ice content have been calculated using a relationship obtained with data of the surface SPOL radar and PR in Rondonia State in Brazil. The diabatic heating rate due to latent heat release has been estimated using the methodology developed by Tao et al (1990). A more detailed analysis has been performed for Hurricane Catarina, the first of its kind in South Atlantic. High water content mean value has been found in Conson and Ivan at low levels and close to their centers. Results indicate that hurricane Catarina was shallower than the other two systems, with less water and the water was concentrated closer to its center. The mean ice content in Catarina was about 0.05 g kg-1 while in Conson it was 0.06 g kg-1 and in Ivan 0.08 g kg-1. Conson and Ivan had water content up to 0.3 g kg-1 above the 0ºC layer, while Catarina had less than 0.15 g kg-1. The latent heat released by Catarina showed to be very similar to the other two systems, except in the regions closer to the center.
Resumo:
Through the assessment of three decades of the Alcohol Program in Brazil, the paper shows that adequate public policies regarding biomass production can deliver direct benefits like energy security improvement, foreign exchange savings, and local employment generation, reduced urban air pollution and avoided CO(2) emissions. Moreover, the paper shows that Brazilian produced ethanol has faced economies of scale, technical progress and productivity gains and is no longer dependent on subsidies to be competitive. The paper also examines the potential in Brazil for fostering other biofuels, namely biodiesel obtained from vegetable oils, as well as their implications on sustainable energy development. (C) 2011 Elsevier Ltd. All rights reserved.
Resumo:
In mapping the evolutionary process of online news and the socio-cultural factors determining this development, this paper has a dual purpose. First, in reworking the definition of “online communication”, it argues that despite its seemingly sudden emergence in the 1990s, the history of online news started right in the early days of the telegraphs and spread throughout the development of the telephone and the fax machine before becoming computer-based in the 1980s and Web-based in the 1990s. Second, merging macro-perspectives on the dynamic of media evolution by DeFleur and Ball-Rokeach (1989) and Winston (1998), the paper consolidates a critical point for thinking about new media development: that something technically feasible does not always mean that it will be socially accepted and/or demanded. From a producer-centric perspective, the birth and development of pre-Web online news forms have been more or less generated by the traditional media’s sometimes excessive hype about the power of new technologies. However, placing such an emphasis on technological potentials at the expense of their social conditions not only can be misleading but also can be detrimental to the development of new media, including the potential of today’s online news.
Resumo:
Data mining is the process to identify valid, implicit, previously unknown, potentially useful and understandable information from large databases. It is an important step in the process of knowledge discovery in databases, (Olaru & Wehenkel, 1999). In a data mining process, input data can be structured, seme-structured, or unstructured. Data can be in text, categorical or numerical values. One of the important characteristics of data mining is its ability to deal data with large volume, distributed, time variant, noisy, and high dimensionality. A large number of data mining algorithms have been developed for different applications. For example, association rules mining can be useful for market basket problems, clustering algorithms can be used to discover trends in unsupervised learning problems, classification algorithms can be applied in decision-making problems, and sequential and time series mining algorithms can be used in predicting events, fault detection, and other supervised learning problems (Vapnik, 1999). Classification is among the most important tasks in the data mining, particularly for data mining applications into engineering fields. Together with regression, classification is mainly for predictive modelling. So far, there have been a number of classification algorithms in practice. According to (Sebastiani, 2002), the main classification algorithms can be categorized as: decision tree and rule based approach such as C4.5 (Quinlan, 1996); probability methods such as Bayesian classifier (Lewis, 1998); on-line methods such as Winnow (Littlestone, 1988) and CVFDT (Hulten 2001), neural networks methods (Rumelhart, Hinton & Wiliams, 1986); example-based methods such as k-nearest neighbors (Duda & Hart, 1973), and SVM (Cortes & Vapnik, 1995). Other important techniques for classification tasks include Associative Classification (Liu et al, 1998) and Ensemble Classification (Tumer, 1996).
Resumo:
The high affinity receptor for human granulocyte-macrophage colony-stimulating factor (GM-CSF) consists of a cytokine-specific alpha-subunit (hGMR alpha) and a common signal-transducing beta-subunit (hpc) that is shared with the interleukin-3 and -5 receptors, We have previously identified a constitutively active extracellular point mutant of hpc, I374N, that can confer factor independence on murine FDC-P1 cells but not BAF-B03 or CTLL-2 cells (Jenkins, B. J., D'Andrea, R. J., and Gonda, T. J. (1995) EMBO J. 14, 4276-4287), This restricted activity suggested the involvement of cell type-specific signaling molecules in the activation of this mutant. We report here that one such molecule is the mouse GMR alpha (mGMR alpha) subunit, since introduction of mGMR alpha, but not hGMR alpha, into BAF-B03 or CTLL-2 cells expressing the I374N mutant conferred factor independence, Experiments utilizing mouse/human chimeric GMR alpha subunits indicated that the species specificity lies in the extracellular domain of GMRa. Importantly, the requirement for mGMR alpha correlated with the ability of I374N (but not wild-type hpc) to constitutively associate with mGMRa. Expression of I374N in human factor-dependent UT7 cells also led to factor-independent proliferation, with concomitant up-regulation of hGMR alpha surface expression. Taken together, these findings suggest a critical role for association with GMR alpha in the constitutive activity of I374N.
Resumo:
The development of economical relations increases the interaction between organizations and stakeholders. It is no more acceptable to manage an organization under a transactional perspective where suppliers had a fundamental role. Nowadays organizations are being managed under a relational perspective where relations and relationship management in general have consequences in identity management (Hakansson e Snehota, 1989, 1995). A correct perception and management of identity is necessary to achieve distinctiveness in the competitive environment. This way, identity is influenced by relations with stakeholders in general and particularly with competitors. The ICIG concept states that identity is related with the values of the organization and it helps creating distinctiveness in the competitive environment (Van Riel, Balmer, 1997); Baker and Balmer (1997) state that identity is what the organization is; Suvatjis and de Chernatony (2005) refer that expressing identity is a dynamic process that evolves the use of a management model to face context changes; Kapferer (1991) states that brand identity is the project, the self conception of the brand. After reviewing and confronting literature under the plethora of identities’ concepts and perspectives (He, Balmer, 2007) one can’t find an integrative answer with all the elements that contribute to identity of organizations. The authors are strongly interested to contribute to the elimination of this limitation and to answer to strategic management needs. In a marketing context one can find: - the corporate identity approach that is focused in the distinctive attributes of an organization (Abratt, Balmer, Marwick e Fill, Stuart, Balmer and Gray, Alessandri, Suvatjis and de Chernatony) - the brand identity approach (related with the application of corporate identity studies to brands) - Kapferer, Semprini, Aaker, de Chernatony). Kapferer (1991), one of the most prolific authors in this field was the first author to integrate identity in a brand concept. In his view, identity is an emission concept. This idea is shared also by Aaker (1996). Yet, identity has to be managed in a competitive environment which is constantly changing. After reviewing and confronting literature, authors select concepts that are generally accepted by the investigators in order to design a model to analyze and manage identity: - corporate identity models: personality, image/reputation, culture, philosophy, mission, strategy, structure, communication - some of these concepts derive from identity models and others from identity management models; - brand identity models – Kapferer (1991, 2008) identity prism, witch is basis of literature in this field: culture, physical facet, personality, relationship (between brand and consumer), reflected consumer, consumers` self-concept. After discussion authors decide to include other concept in line with other authors` view: country of origin (Aaker, 1996). A discussion eliminates the twin concepts and the final selection is as follows: personality, image/reputation, culture (including philosophy and mission), strategy, structure, communication, culture, physical facet, relationship (between brand and consumer), reflected consumer, consumers` self-concept and according to authors` reflections “relationships” deriving from competitors` actions in competitive environment. Competitors’ actions and decisions have a stronger influence in the organizations` positioning than any other stakeholder as stated before. This is a work in progress towards a new model in identity analysis and management so an exploratory study will follow inquiring experts on identity in order to evaluate these concepts and correct the theoretical perspectives.
Resumo:
The term “corporate brand” has been widely used in literature since the eighties. According to Balmer (1998) this concept tends to be used as an alternative to the concept of corporate identity. The author argues that the use of branding principles to discuss corporate identity has tended to align the area more closely with marketing. However, the literature on brand management (Aaker, 1991; Kapferer, 1991 and de Chernatony and McDonald, 1992), gives little attention to the corporate brand” (p. 985). Based on the concepts of corporate brand, brand identity and B2B relationship, the authors are interested in eliminating this gap in literature by designing a framework of corporate brand identity management. The aim of this investigation is to investigate the impact of B2B relationships in corporate brand identity management. The methodology used is quantitative analysis of surveys and scale development. The originality of this paper is to investigate the influence of the relationship between brands in corporate brand identity. This investigation is very important to help the decisions of the corporate brand managers and academics. According to literature, namely on corporate brands (Balmer 2002b, Hatch and Schultz, 2001, 2003) and on brand identity (Kapferer, 1991, 2008, Aaker, 1996, de Chernatony, 1999) the authors developed a corporate brand identity management framework considering relationships between brands a context variable with definite impact on identity management as stated by Hakansson and Snehota (1989, 1995). These authors consider that organisations´ identity management is pursued under a relational perspective with impact on identity management. Most researchers on identity and corporate brand emphasise the importance of external influences (Kennedy, 1977; King, 1991; de Chernatony, 1999; Balmer and Gray, 2000; Balmer, 2002a). Those influences concern legislation, concurrence, political issues... and stakeholders’ perceptions and reputations (due to the holistic approach demanded by corporate brands). In this context the authors claim the importance of another influence: B2B relationships. This decision is inspired in sociological studies (Mannheim, 1950; and Tajfel and Turner, 1979) regarding individual identity. These authors claim that individuals form their personality by interacting in the social field. The authors argue that corporate brand identity also develops itself under a relational approach. The relationships selected to pursue this investigation are the ones that are developed by Portuguese universities and investigation centres that cooperate by developing investigation. Those centres are administrative and financially autonomous
Resumo:
Identity is traditionally defined as an emission concept (Kapferer, 2008). Yet, some research points out that there are external factors that that can influence it (Kennedy, 1975; Markwick e Fill, 1997; Balmer e Gray, 2000). This subject is even more interesting if one considers corporate brands. According to Aaker (2004) the number, the power and the credibility of corporate associations are bigger in the case corporate brands. Literature recognizes the influence of relationships between companies in identity management (Hakansson and Snehota, 1989, 1995; Hakansson and Ford, 2002). Yet, given the increasingly important role of corporate brands, it is surprising that to date no attempt to evaluate that influence has been made in corporate brand´s identity management and reputation. Also Keller and Lehman (2006) highlight relationships and costumer experience as two areas requiring more investigation. The authors argue that corporate brand´s identity can be developed under a relational perspective using relationships with other recognised brands in order to generate positive reputations in stakeholders. Based in relationship and corporate brand identity management, a framework is developed to identify how corporate brands select, develop and invest in relationships with other brands. The context of the proposed relationship concept is the services area (Dwyer et al, 1987; Moorman et al, 1992; Rauyruen et al, 2005 and Hennig-Thurau and Klee, 1997). An empirical qualitative research is designed using two reputational technological higher education institutions (two corporate brands) acting in Portuguese public higher education market.
Resumo:
From 1995 to 2010 Portugal has accumulated a negative international asset position of 110 percent of GDP. In a developed and aging economy the number is astonishing and any argument to consider it sustainable must rely on extremely favorable forecasts on growth. Portuguese policy options are reduced in number: no autonomous monetary policy, no currency to devaluate, and limited discretion in changing fiscal deficits and government debt. To start the necessary deleveraging a remaining possible policy is a budget-neutral change of the tax structure that increases private saving and net exports. An increase in the VAT and a decrease in the employer’s social security contribution tax can achieve the desired outcome in the short run if they are complemented with wage moderation. To obtain a substantial improvement in competitiveness and a large decrease in consumption, the changes in the tax rates have to be large. While a precise quantitative assessment is difficult, the initial increase in the effective VAT rate needed to allow the social security tax to decrease by 16 percentage points (pp) is approximately 10 pp. Such a large increase in the effective VAT rate could be obtained by raising most of the reduced VAT rates to the new general VAT rate of 23 percent. The empirical analysis shows that over time the suggested tax swap could generate surpluses and improve the trade balance. A temporary version of the suggested tax-swap has the attractiveness to achieve a sharper increase in the private saving rate maintaining the short run gains in competitiveness. Finally, the temporary version of the fiscal devaluation could be the basis for an automatic stabilizer to external imbalances within a monetary union.Portugal has been running large current account deficits every year since 1995. These deficits have accumulated to an astonishing 110 percent of GDP negative external asset position. The sustainability of such a large external position is questionable and must rely on fantastic productivity growth expectations. The recent global financial crisis appears to have anticipated the international investors reality check on those future expectations with the result of a large increase in the cost of external financing. Today the rebalancing of the current account through an increase in national savings and an improvement in competitiveness must be at the top of the Portuguese authorities “to do” list as the cost of a pull out from international investors is of the order of 10% of GDP. The external rebalancing is difficult as the degrees of freedom of the Portuguese authorities are limited in number: they have no autonomous monetary policy, no currency to devaluate, and little discretion in fiscal policy as deficit limits and debt targets are set by the Stability Growth Pact and the postcrisis consensus on medium-term fiscal consolidation. One possibility that remains is to change the fiscal policy mix for a given budget deficit. The purpose of this paper is to explore the effects of a “fiscal devaluation”1 obtained through a tax swap between employers’ social security contributions and taxes on consumption2. The paper begins by illustrating Portugal’s current account evolution during the euro period. The second section section lays out a model to offer a qualitative assessment of the dynamic outcomes of the the tax swap. I show that the suggested tax swap can in theory achieve the desired outcomes in terms of competitiveness and consumption if complemented with moderation (stickiness) in wages. I also study the effects of a temporary version of the tax swap and show that it achieves a sharper improvement in the current account that accelerate the rebalancing. The third section moves to the empirical analysis and estimates the likely effects of the tax swap for the Portuguese economy. The fourth section concludes.