Sudden stop and trade balance reversal after Asian crisis: Investment drought impact versus exchange rate depreciation

After the Asian crisis in 1997, the respective trade balances of Indonesia, Korea, Malaysia, and Thailand reversed suddenly from deficit to surplus. By particularly addressing the sudden cessation of investment caused by the financial crisis, it is demonstrated that the IS balance adjustment dominates real exchange rate depreciation, indicating that to reform the large external imbalance of Asian countries, which is a major component of global imbalance, policymakers should target domestic absorption. Furthermore, it can be demonstrated that the large trade balance surplus of Asian countries will decrease along with recovery. Finally, policy implications related to the recent Euro crisis are provided.     

An Assessment of the Italian 2007 Complementary Social Security Reform: A Simulation Approach

In this paper we aim at assessing the outcomes of the 2007 Italian reform of the complementary social security scheme and at identifying the determinants behind them. The reform provided workers with relevant incentives to switch the investment of about 7 per cent of their gross yearly wages from a firm‐managed scheme (which took the form of a termination indemnity payment, the Trattamento di Fine Rapporto scheme) to an external pension fund. We provide a theoretical framework to model the workers' problem of choosing between these two different forms of complementary social security schemes and we then perform an agent‐based simulation taking into account all the details of the reform. Differently from previous contributions, we stress the impact that the investment decision has on the financial health of firms and, consequently, on workers' employment stability. Our simulations are able to replicate the Italian data in terms of adhesion rates to complementary social security and also to identify some of the key determinants of that outcome, such as fiscal incentives, individual preferences, the working of both the Italian labour and the financial markets and the productive structure of the Italian economy.     

Remittances,growth and poverty: New evidence from Asian countries

The present study re-examines the effects of remittances on growth of GDP per capita using annual panel data for 24 Asia and Pacific countries. The results generally confirm that remittance flows have been beneficial to economic growth. However, our analysis also shows that the volatility of capital inflows such as remittances and FDI is harmful to economic growth. This means that, while remittances contribute to better economic performance, they are also a source of output shocks. Finally, remittances contribute to poverty reduction – especially through their direct effects. Migration and remittances are thus potentially a valuable complement to broad-based development efforts.     

基于案例的纺织专业单片机原理的教学实践

本文针对目前我校纺织工程专业本科课程《单片机原理与应用》的教学与实验平台的现状和存在的问题,通过改革实验教学内容研究了基于案例的教学模式,进行了纺织专业单片机原理的教学实践探索,使学生能掌握单片机的实用技术．本文所取得的单片机原理的教学的实践经验,在其他像PLC、ARM、FPGA等类似的学科教学中具有一定的推广价值．     

UK macroeconomic volatility: Historical evidence over seven centuries

Breaking ground from all previous studies, we estimate a time-varying Vector Autoregression model that examines the time-period 1270–2016 — the entire economic history of the U.K. Focusing on permanent and transitory shocks in the economy, we study the fluctuation in conditional volatilities and time-varying long-run responses of output growth and inflation. Unlike all previous studies that use time invariant linear models, our approach reveals that the pre 1600 period is a turbulent economic period of high volatility that is only repeated in the 20th century. The repeating patterns in the conditional volatilities follow from aggregate supply shocks, while most of the inflation responses follow from aggregate demand shocks. Thus, we uncover that despite the technological growth and the various changes in the structure of the U.K. economy in the last century, the recurring patterns call for an examination of the true impact of the various policies on the economy.     

零售型企业的供应商分类管理研究

供应链管理是企业在当前日益激烈的竞争环境中为提高核心竞争力而形成发展起来的管理方法。供应商的选择与管理是供应链管理中的研究热点,尤其是在零售领域。一个零售商往往拥有众多的供应商,对这些供应商进行分类管理是降低运营成本、提高管理水平的重要途径。此外,对供应商进行分类管理还能够促进双方在更深层面上的战略性合作,通过互动交流提高整体运作绩效。本文通过对不同类型供应商的比较分析指出,将供应商按产品优势和服务优势进行二元分类最能体现供应商间的本质性区别,并且也是管理成本相对最低的分类方法,我们以其各自的突出优势点将供应商分为产品型供应商与服务型供应商两类。本文根据零售型企业的供应商特点给出了供应商分类的指标集,并利用判别分析给出了相应的定量化分类方法及应用实例。     

供应链管理的发展、问题及第三方管理机制

供应链管理起源于企业降低物流成本、实时营销和横向一体化战略等方面的需要,目前的发展趋势是由追求低成本和顾客反应速度向寻求差异化竞争优势演变。但在此演变过程中,出现了权力复归、产销对立和信任障碍等众多阻碍其发展的问题。根据冲突理论,这些问题属于组织间谋求协同、合作而形成的横向冲突,可以通过第三方供应链管理机制加以解决。     

Towards more resilient economies: The role of well-functioning economic structures

Resilience is essential to better withstand adverse shocks and reduce the economic costs associated with them. We link resilience to the quality of countries’ economic structures. The paper finds robust evidence that sound labour and product markets and conditions for doing business increase the resilience towards adverse shocks and reduce the incidence of crises more generally. In the presence of a common shock, a country with weak economic structures can on average suffer up to twice the output loss in a given year compared to a more adaptable economy. From a policy perspective, this implies the need to push forward structural policies in countries with lower quality economic structures to increase resilience in case of future shocks. We also suggest how a monitoring process towards more resilient economic structures could look like.     

Covid-19 and the euthanasia of interest rates: A critical assessment of central bank policy in our times

We compare the New Keynesian and Austrian explanations for low interest rates in the light of the Corona crisis. From a New Keynesian perspective low interest rates are the result of structural changes in the society and the economy as well as the cyclical downswing triggered by the Corona pandemic. In contrast, from the perspective of Austrian economic theory, interest rates have been pushed down on trend by central banks for a long time to stimulate growth, with the global financial crisis of 2007/08 and the Corona crisis of 2020 acting as powerful accelerators of the euthanasia of interest. New Keynesian theory would suggest that interest rates can be adjusted upward again when conditions change, without creating economic and financial disturbances. Against this, Austrian theory finds that central banks have backed themselves into a corner by creating persistent low-interest expectations.     

Interest rate pass-through in the Euro area during the financial crisis: A multivariate regime-switching approach

In this paper we use a Markov-switching vector autoregressive model to analyse the interest rate pass-through between interbank and retail bank rates in the Euro area. Empirical results, based on monthly data for the period 2003–2011, show that during periods of financial distress bank lending rates to both households and non-financial corporations show a reduction of their degree of pass-through from the money market rate. Significant sectoral heterogeneities characterise the transmission mechanism of monetary policy impulses, with rates on loans to non-financial firms being more affected by changes in the interbank rate than loans to households, both in times of high volatility and in normal market conditions.