Megtakarítások és külső finanszírozás az amerikai gazdaságban. A hitelpiaci válság háttere (1997-2007) (Savings and external financing in the American economy. The background to the credit-market crisis (1997–2007))

A tanulmány nem az aktuális hitelpiaci válság enyhítésének kérdésével foglalkozik, hanem az amerikai gazdaság elmúlt négy évtizedének általános és az utolsó tíz évének konkrét beruházási-megtakarítási és növekedési tendenciáit igyekszik feltárni. Azt vizsgálja, hogy milyen mélyebb, belföldi eredetű szerkezeti okai vannak a nemzetközivé dagadt jelzáloghitel-válságnak. A cikk a nyitott gazdaság külső finanszírozással összefüggő mérlegazonosságainak alapján arra a következtetésre jut, hogy az ingatlanpiaci visszaesés és a kibocsátás zsugorodása az Egyesült Államok gazdaságában már több mint másfél évtizede kialakult kedvezőtlen, de még tovább romló belföldi megtakarítási folyamatok következménye. A jelzálogpiac krízise és a lakásépítés drámai visszaesése a túlfogyasztásra és túlhitelezésre ösztönző pénzügyi környezet eredménye. A lakáspiaci és a hitelezési ciklusok pénzügyi innovációkkal történő megnyújtása inkább növelte, mint csökkentette a kibocsátásingadozás érzékenységét. A legfőbb hitelezők Kína, Japán, Németország inkább dolláralapú amerikai vállalati felvásárlásokkal ellensúlyozták a dollárgyengülésből elszenvedett veszteségeiket. 1997-2007 között az Amerikából külföldön befektetett dolláraktívák - javarészt a valuta leértékelődése nyomán - jelentős hozamemelkedést élveztek, és számottevően tompították a belföldön képződött jövedelmek csökkenését. A dollárleértékelődés az eszköz- (és nemcsak az áruexport) oldalon is előnyöket hozott számos nagyvállalatnak. / === / Rather than dealing with the immediate policy steps to dampen the crisis, this paper attempts to reveal the worsening savings/consumption pattern of the US economy over the last ten years. Based on the closed logic of open-economy GDP-accounting, it argues that the current crisis is deeply rooted in shrinking public and private savings trends discernible as early as 1997. The current mortgage-market crisis and deep fall in new residential housing are products of a distorted financial environment that encourages over-borrowing and over-consumption. Expansion of the credit cycle through successive financial innovations has increased, not decreased output volatility. But the main foreign lenders to the US—Japan, China and Germany—have managed to offset their losses on US securities by buying into US companies. Large US firms have also benefited from rapid dollar depreciation as USD-denominated yields on their foreign assets experienced strong run-ups. The weak dollar has also helped American firms with large assets on foreign markets. So there were strong benefits for the US, not just on the goods-export side, but on the asset side, an aspect rarely emphasized.

Fogyasztási szokások és trendek vizsgálata Európában és az USA-ban

A tanulmány célja, hogy bemutassa milyen fogyasztási szerkezettel rendelkeznek a európai kontinens országai, különös tekintettel a nyugat- és közép-kelet-európai fogyasztási mintákra és szokásokra vonatkozóan. A tanulmány elemzi az EU-15 és EU-10 országainak fogyasztási szerkezetét, kiemelve azokat a szektorokat, ahol nagymértékű átrendeződés illetve környezeti hatásjellemző. Részletesebben megvizsgáljuk a közép-európai fogyasztási szokásokat, majd a tanulmány befejező részében a magyar háztartások fogyasztási szokásait is elemezzük, valamint a megfigyelhető fogyasztási trendeket és azok jövőbeli lehetőségeit. Ahhoz, hogy a nemzetközi kontextusban értékeljük az európai fogyasztási mintákat az Egyesült Államok fogyasztási szerkezetét is röviden megvizsgáljuk.

A puha költségvetési korlát szindrómája a kórházi szektorban = The soft budget constraint syndrome in the hospital sector

A kutatások eddig főképpen azt vizsgálták, hogyan jelenik meg a puha költségvetési korlát szindrómája a vállalati szférában és a hitelrendszerben. A jelen cikk a kórházi szektorra összpontosítja a figyelmet. Leírja az események öt főszereplőjének, a betegnek, az orvosnak, a kórházigazgatónak, a politikusnak és a kórház tulajdonosának motivációit és magatartásuk ellentmondásos jellegét. A motivációk magyarázzák, miért olyan erőteljes a túlköltési hajlam és a költségvetési korlát felpuhulásának tendenciája. A döntési és finanszírozási folyamatok minden szintjén felfelé hárítják a túlköltés és eladósodás terheit. A cikk kitér a különböző tulajdonformák (állami, nonprofit és forprofit nem állami tulajdonformák) és a puha költségvetési korlát szindrómájának kapcsolatára. Végül normatív szempontból vizsgálja a jelenséget: melyek a költségvetési korlát megkeményítésének kedvező és kedvezőtlen következményei, és hogyan tükröződnek a normatív dilemmák az események résztvevőinek tudatában. ___________ Researches so far have examined mainly how the soft budget constraint syndrome appears in the corporate sphere and the credit system. This article concentrates on the hospital sector. It describes the motivations and the contradictory behaviour of the five main types of participant in the events: patients, doctors, hospital managers, politicians, and hospital owners. The motivations explain why the propensity to overspend and the tendency to soften the budget constraint are so strong. The burdens of overspending and indebtedness are pushed upwards at every level of the decision-making and funding processes. The article considers the connection between the soft budget constraint syn-drome and the various forms of ownership (state ownership and the non-profit and for-profit forms of non-state ownership). Finally, the phenomenon is examined from the normative point of view: what are the favourable and unfavourable consequences of hardening the budget constraint and how these are reflected in the consciousness of the participants in the normative dilemmas and events.

Fogyasztási szokások és trendek vizsgálata Európában és az USA-ban

A tanulmány célja, hogy bemutassa milyen fogyasztási szerkezettel rendelkeznek a európai kontinens országai, különös tekintettel a nyugat- és közép-kelet-európai fogyasztási mintákra és szokásokra vonatkozóan. A tanulmány elemzi az EU-15 és EU-10 országainak fogyasztási szerkezetét, kiemelve azokat a szektorokat, ahol nagymértékű átrendeződés, illetve környezeti hatás a jellemző. Részletesebben megvizsgáljuk a közép-európai fogyasztási szokásokat, majd a tanulmány befejező részében a magyar háztartások fogyasztási szokásait is, valamint a megfigyelhető fogyasztási trendeket és azok jövőbeli lehetőségeit elemezzük. Ahhoz, hogy nemzetközi kontextusban értékeljük az európai fogyasztási mintákat, az Egyesült Államok fogyasztási szerkezetét is röviden megvizsgáljuk.

Catalog (Florida International University). [1975-1976]

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Spatio-temporal patterns and nutrient status of macroalgae in a heavily managed region of Biscayne Bay, Florida, USA

The coastal bays of South Florida are located downstream of the Florida Everglades, where a comprehensive restoration plan will strongly impact the hydrology of the region. Submerged aquatic vegetation communities are common components of benthic habitats of Biscayne Bay, and will be directly affected by changes in water quality. This study explores community structure, spatio-temporal dynamics, and tissue nutrient content of macroalgae to detect and describe relationships with water quality. The macroalgal community responded to strong variability in salinity; three distinctive macroalgal assemblages were correlated with salinity as follows: (1) low-salinity, dominated by Chara hornemannii and a mix of filamentous algae; (2) brackish, dominated by Penicillus capitatus, Batophora oerstedii, and Acetabularia schenckii; and (3) marine, dominated by Halimeda incrassata and Anadyomene stellata. Tissue-nutrient content was variable in space and time but tissues at all sites had high nitrogen and N:P values, demonstrating high nitrogen availability and phosphorus limitation in this region. This study clearly shows that distinct macroalgal assemblages are related to specific water quality conditions, and that macroalgal assemblages can be used as community-level indicators within an adaptive management framework to evaluate performance and restoration impacts in Biscayne Bay and other regions where both freshwater and nutrient inputs are modified by water management decisions.

Color Portrait of Charles Perry

Charles Edward Perry (Chuck), 1937-1999, was the founding president of Florida International University in Miami. He grew up in Logan County, West Virginia and graduated from Bowling Green State University. He married his wife, Betty Laird in 1960. In 1969, at the age of 32, Perry was the youngest president of any university in the nation. The name of the university reflects Perry’s desire for a title that would not limit the scope of the institution and would support his vision of having close ties to Latin America. Perry and a founding corps opened FIU to 5,667 students in 1972 with only one large building housing six different schools. Perry left the office of President of FIU in 1976 when the student body had grown to 10,000 students and the university had six buildings, offered 134 different degrees and was fully accredited. Charles Perry died on August 30, 1999 at his home in Rockwall, Texas. He is buried on the FIU campus in front of the Graham Center entrance.

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Photo from the Wolfsonian ArtBasel event on 12/2/2066

Medical School Donor Recognition Reception Photo 51

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Overcoming The Impotency Of Marketing

In his dialogue titled - Overcoming The Impotency Of Marketing - K. Michael Haywood, Assistant Professor, School of Hotel and Food Administration, University of Guelph, originally reveals: “Many accommodation businesses have discovered that their marketing activities are becoming increasingly impotent. To overcome this evolutionary stage in the life cycle of marketing, this article outlines six principles that will re-establish marketing's vitality.” “The opinion of general managers and senior marketing, financial, and food and beverage managers is that the marketing is not producing the results it once did and is not working as it should,” Haywood advises. Haywood points to price as the primary component hospitality managers use to favor/adjust their marketability. Although this is an effective tool, the practice can also erode profitability and margin he says. Haywood also points at recession as a major factor in exposing the failures of marketing plans. He adds that the hotel manager cannot afford to let this rationale go unchallenged; managers must take measures to mitigate circumstances that they might not have any control over. Managers must attempt to maintain profitability. “In many hotels, large corporate accounts or convention business generates a significant proportion of occupancy. Often these big buyers dictate their terms to the hotels, especially the price they are prepared to pay and the service they expect,” Haywood warns. This dynamic is just another significant pitfall that challenges marketing strategy. The savvy marketing technician must be aware of changes that occur in his or her marketplace, Haywood stresses. He offers three specific, real changes, which should be responded to. “To cope with the problems and uncertainties of the hotel business during the remainder of the decade, six components need to be developed if marketing impotency is to be overcome,” says Haywood in outlining his six-step approach to the problem. Additionally, forward thinking cannot be over-emphasized. “A high market share is helpful in general, but an even more crucial factor is careful consideration of the market sectors in which the company wants to operate,” your author advises. “Taking tactical initiatives is essential. Successful hotels act; unsuccessful ones react. The less successful marketing operations tend to be a hive of frantic activity. Fire-fighting is the normal way of life in such organizations, Haywood observes. “By contrast, successful firms plan and execute their tactical marketing activity with careful timing and precision so as to create the maximum impact,” he extends in describing his fruitful marketing arabesque.

Grandparents: “The New Parents”

Over the course of the past decade, the number of grandchildren under the custody of their grandparents is steadily increasing. The majority of these grandparents lack the necessary skills to successfully attend to the academic needs of their grandchildren. The purpose of this action research is to provide viable answers for the following questions: Will grandparents feel more comfortable addressing school related issues after participating in programs geared towards their grandchildren’s academic success? Do programs geared towards their grandchildren’s academic success influence the grandparent’s level of participation in school related issues? As a result of the program, will grandchildren feel more confident seeking and receiving assistance from their grandparents?

Could Relatedness Help Explain Why Individuals Lead in Bottlenose Dolphin Groups?

In many species, particular individuals consistently lead group travel. While benefits to followers often are relatively obvious, including access to resources, benefits to leaders are often less obvious. This is especially true for species that feed on patchy mobile resources where all group members may locate prey simultaneously and food intake likely decreases with increasing group size. Leaders in highly complex habitats, however, could provide access to foraging resources for less informed relatives, thereby gaining indirect benefits by helping kin. Recently, leadership has been documented in a population of bottlenose dolphins (Tursiops truncatus) where direct benefits to leaders appear unlikely. To test whether leaders could benefit indirectly we examined relatedness between leader-follower pairs and compared these levels to pairs who associated but did not have leader-follower relationship (neither ever led the other). We found the average relatedness value for leader-follower pairs was greater than expected based on chance. The same was not found when examining non leader-follower pairs. Additionally, relatedness for leader-follower pairs was positively correlated with association index values, but no correlation was found for this measure in non leader-follower pairs. Interestingly, haplotypes were not frequently shared between leader-follower pairs (25%). Together, these results suggest that bottlenose dolphin leaders have the opportunity to gain indirect benefits by leading relatives. These findings provide a potential mechanism for the maintenance of leadership in a highly dynamic fission-fusion population with few obvious direct benefits to leaders.