International Strategy & Policy eJournal最新文献

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Are Developing Asia’s Foreign Exchange Reserves Excessive? An Empirical Examination 亚洲发展中国家的外汇储备是否过度?实证检验
International Strategy & Policy eJournal Pub Date : 2009-08-01 DOI: 10.2139/ssrn.1616950
Donghyun Park, Gemma Estrada
{"title":"Are Developing Asia’s Foreign Exchange Reserves Excessive? An Empirical Examination","authors":"Donghyun Park, Gemma Estrada","doi":"10.2139/ssrn.1616950","DOIUrl":"https://doi.org/10.2139/ssrn.1616950","url":null,"abstract":"Developing Asian countries have accumulated foreign exchange reserves on an unprecedented scale in recent years. There is a growing consensus that Asia’s reserves now substantially exceed the levels required for precautionary purposes or for self-protection against currency crisis. The central objective of our paper is to informally and formally test whether reserves in developing Asia have in fact reached excessive levels. Informal tests of reserve adequacy based on widely used rules of thumb such as the Greenspan-Guidotti rule unambiguously indicate the presence of sizable excess reserves. To test for excess reserves more formally, we use panel-data econometric analysis based on Edison (2003). Our estimation results indicate the presence of large and growing excess reserves since 2002. The results of both informal and formal tests thus confirm the popular belief that developing Asia now has excessive foreign exchange reserves. Therefore, the short-run policy challenge for Asian governments is to manage the region’s burgeoning excess reserves more actively and use them more productively. One promising area of future research, brought to the fore by the global financial crisis, is to develop more nuanced measures of reserve adequacy that take into account the possibility of severe negative shocks.","PeriodicalId":14435,"journal":{"name":"International Strategy & Policy eJournal","volume":"23 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2009-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81687189","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 47
Portents and Prospects for Mobile Telephone Service: A 3G Philippine Experience 移动电话服务的征兆与前景:3G菲律宾经验
International Strategy & Policy eJournal Pub Date : 2008-12-06 DOI: 10.2139/ssrn.1572287
Villy Buenaventura
{"title":"Portents and Prospects for Mobile Telephone Service: A 3G Philippine Experience","authors":"Villy Buenaventura","doi":"10.2139/ssrn.1572287","DOIUrl":"https://doi.org/10.2139/ssrn.1572287","url":null,"abstract":"Philippine telecommunications has always been an adjunct of the transportation sector. Historically, the essential infrastructure for an archipelago like the Philippines was road construction and highways; communications assumed the back seat. Regulation – thus, the impetus – came from then Ministry of Transportation and Communications (1981-1986) later on, and all the way to the present, the Department of Transportation and Communications. The Martial Law years (1972-1986) gave undue advantage to the sector’s market players who were identified with the political dispensation at that time. This stifled growth. While the surrounding Southeast Asian regional economies were already riding on the telecommunications highway, the Philippines only had one international gateway facility to speak off. The Philippine Long Distance Telephone Company (PLDT) was the only phone company with the network and resources at that time. The small, rural companies were regarded as community intercom services unable to connect with other areas without passing through the PLDT network. To characterize this pathetic state, former Singapore Prime Minister Lee Kwan Yew was said to have remarked “…Ninety percent of the Philippine population was waiting for a telephone line while the other ten percent with phones were waiting for a dial tone.” But all these changed almost overnight when ‘people power’ swept the political landscape.","PeriodicalId":14435,"journal":{"name":"International Strategy & Policy eJournal","volume":"32 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2008-12-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78889005","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Chandler and Business History in Japan 钱德勒和日本的商业史
International Strategy & Policy eJournal Pub Date : 2008-06-01 DOI: 10.1017/S0007680500062796
M. Anchordoguy
{"title":"Chandler and Business History in Japan","authors":"M. Anchordoguy","doi":"10.1017/S0007680500062796","DOIUrl":"https://doi.org/10.1017/S0007680500062796","url":null,"abstract":"The work and ideas of Alfred D. Chandler Jr. have enriched the field of Japanese business history and our understanding of that nation's industrial development. Chandler's studies about the rise of the large, professionally managed, multidivisional firm in the United States highlight factors critical not only to the United States' capitalist system but also to Japan's. Indeed, large firms played a dominant role in Japan's economic takeoff in the late 1800s. As these companies grew, they were transformed into professionally managed corporations. Managers, operating in a clear hierarchical chain of command, built up huge companies, such as Nihon Denki (NEC), Toshiba, Mitsubishi Electric, Hitachi, Nippon Steel, Matsushita, and Toyota. In Japanese as in U.S. firms, the invisible hand of management was critical to controlling the flow of work, from the input of raw materials to the production of finished goods.","PeriodicalId":14435,"journal":{"name":"International Strategy & Policy eJournal","volume":"8 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2008-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90968093","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Individual-Level Determinants of Social Capital in Europe: Differences between Country Groups 欧洲社会资本的个人层面决定因素:国家群体之间的差异
International Strategy & Policy eJournal Pub Date : 2007-09-27 DOI: 10.2139/ssrn.1017757
A. Kaasa, Eve Parts
{"title":"Individual-Level Determinants of Social Capital in Europe: Differences between Country Groups","authors":"A. Kaasa, Eve Parts","doi":"10.2139/ssrn.1017757","DOIUrl":"https://doi.org/10.2139/ssrn.1017757","url":null,"abstract":"This paper investigates the effect of various individual-level determinants on social capital in Europe, in order to find out whether there are differences between the transition and non-transition countries. The novelty lies in more comprehensive sets of both determinants and dimensions of social capital covered. Data from World Values Survey for 31 European countries (including 16 transition countries) are analysed. Based on the estimation results of the measurement and structural model for all countries separately, the countries are clustered into three groups to complement the comparison of transition and non-transition countries. Differently from the previous results, the findings of this study provide support for the argument that the sources of social capital are remarkably different in transition and non-transition countries. Moreover, the results indicate that within both of these country groups subgroups have to be distinguished.","PeriodicalId":14435,"journal":{"name":"International Strategy & Policy eJournal","volume":"62 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2007-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81346688","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 111
Adverse Selection Costs, Sequential Learning, and the Within-Wave Timing of Initial Public Offerings - Evidence from Germany 逆向选择成本、顺序学习和首次公开募股的波内时机——来自德国的证据
International Strategy & Policy eJournal Pub Date : 2007-09-01 DOI: 10.2139/ssrn.1017471
M. Petersen
{"title":"Adverse Selection Costs, Sequential Learning, and the Within-Wave Timing of Initial Public Offerings - Evidence from Germany","authors":"M. Petersen","doi":"10.2139/ssrn.1017471","DOIUrl":"https://doi.org/10.2139/ssrn.1017471","url":null,"abstract":"This paper investigates whether IPO firms' characteristics associated with adverse selection costs, which are in particular proxies for asymmetric information and signaling, differ across the recent German IPO wave from 1996 to 2002. Theoretical research on sequential learning within an IPO wave suggests that issues undertaken late in a wave exhibit larger proxies for information asymmetries and apply less signaling (learning hypothesis). This issue is interesting since previous empirical research focused on explanations of whole IPO waves and \"hot issue\" markets, while dynamics within waves were neglected. In a logistic regression with early and late wave IPOs (within-wave timing) as the dependent variable, the hypothesis is clearly confirmed for asymmetric information and weakly confirmed for signaling mechanisms. The findings in the sample of 315 IPOs are not driven by the occurrence of \"hot issue\" markets, and are robust to a special consideration of industry waves and several versions of the timing variable. Although these results imply a learning process, more research is needed to generalize the findings for more IPO waves and countries.","PeriodicalId":14435,"journal":{"name":"International Strategy & Policy eJournal","volume":"3 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2007-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90161697","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Ownership Competition in the European Transition Arena: Towards a Viable Restructuring? 欧洲转型舞台上的所有权竞争:走向可行的重组?
International Strategy & Policy eJournal Pub Date : 2005-02-01 DOI: 10.2139/ssrn.676366
Diana Pop, Julien Le Maux
{"title":"Ownership Competition in the European Transition Arena: Towards a Viable Restructuring?","authors":"Diana Pop, Julien Le Maux","doi":"10.2139/ssrn.676366","DOIUrl":"https://doi.org/10.2139/ssrn.676366","url":null,"abstract":"One of the main goals of the European authorities is to promote common patterns of corporate restructuring by protecting the interests of holders of the securities of public companies from member States. Within the context of European integration, the new ascending countries have adapted corporate governance principles, including takeover regulation, in order to address both the question of economic growth and that of agency conflicts arisen in fully- or partially-privatized companies. Using data on Croatian and Romanian listed firms over the 2000-2003 period, we show that the ownership concentration has an asymmetrical effect on economic performance, which is conditioned by the initial structural conditions prevailing in those countries. Particularly, the Croatian companies' resources seem better managed if there are many large shareholders comparable in size, while Romanian companies perform better if the holdings of the largest shareholder are important relative to those of remaining shareholders. However, the relation between corporate governance variables and firm performance depends on a firm's characteristics, as well as on macroeconomic environment.","PeriodicalId":14435,"journal":{"name":"International Strategy & Policy eJournal","volume":"61 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2005-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78243834","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
The Insertion of Greek Firms into Globalization: The Dynamics of the Triangle of Strategy, Technology and Management 希腊企业在全球化中的插入:战略、技术和管理三角的动态
International Strategy & Policy eJournal Pub Date : 2005-01-01 DOI: 10.2139/ssrn.3218009
Charis Vlados
{"title":"The Insertion of Greek Firms into Globalization: The Dynamics of the Triangle of Strategy, Technology and Management","authors":"Charis Vlados","doi":"10.2139/ssrn.3218009","DOIUrl":"https://doi.org/10.2139/ssrn.3218009","url":null,"abstract":"Globalization is not a complete state of affairs: it is not a static and finished status quo. On the contrary, it is subject to continuous transformation and restructuring. At the same time, Globalization is not a timeless, unhistorical and automatically homogenizing phenomenon. Globalization Dynamic is unfolding through a complex process by which each socioeconomic part is producing, but also is being produced by, the Globalizing systemic whole. In practice, every attempt of scientific understanding, interpretation and prediction of the separate socioeconomic dynamics and developments is becoming increasingly infertile and disorientating, insofar as the rigid analytic division between the National and the Inter-national is being precipitated: Globalization is a complex dialectic and evolutionary phe-nomenon. From these it follows that the study of Globalization through the examination of the synthesizing and co-evolving incorporation of separate socioeconomic structures (social, economic and sectoral) and corporate subsystems in terms of strategy, technology and management (stra.tech.man triangle) constitutes a new approach for the study of the globalization process.","PeriodicalId":14435,"journal":{"name":"International Strategy & Policy eJournal","volume":"47 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2005-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83257714","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 23
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