Financial Intermediation Modernization in Countries with Transition Economy

During the modern phase of economic reforms directed at the establishment of market economy, many countries with transition economies face the challenge of solving the issue of formation and rational usage of internal sources of financing the real sector of the economy, as well as attracting considerable volume of direct foreign investment. In general, financial market imperfections hold back innovation and growth, and that public policy can complement financial markets. Therefore, the most relevant issue at the present time is the formation of attendant and complex supervision institutions, as well as an exigency of innovative economy governance as mainframe principles for further banking system elaboration and financial sector development in general. We have taken Armenia as a case study for transition economy as far as Armenia is currently in the stage of capital market development through integration into international financial markets.      

The Relationship between Income and Satisfaction: The Effect of Measurement Error and Suppressor Variables

In this paper the author attempts, as far as possible, to explain the subjective variable ``life satisfaction' by the objective variable ``income'. The reason for this is that the effect of the objective living conditions on the subjective feelings of people has been found to be very small. Much to the surprise of the author, a considerable effect of the objective variable has been found in a Russian panel study where it was possible to use lagged variables as suppressor variables and to correct for measurement errors in the different variables. This result lends considerable support for the dynamic equilibrium model as an explanatory theory of satisfaction.     

The Relationship between Subjective Well-being and Domain Satisfactions in South Africa

This paper examines the relationship between subjective well-being and domain satisfactions. In the past different models have been specified. The most commonly applied model is the bottom-up model in which domain satisfactions affect subjective well-being. The more recent top-down model suggests a reversed relationship. Finally there is the supposition that the correlations between these variables can be spurious due to the effect of personality characteristics. Empirical research has shown that different models are found for different domains and in different countries. Focussing on the effects of the domain satisfactions of finances, housing and social contacts it has been found that subjective well-being is mainly affected by satisfaction with social contacts in Western developed countries and by satisfaction with finances in East European countries. The question we should like to answer in this study is whether a similar pattern obtains for the factors which influence subjective well-being among the different race groups in South Africa. Interestingly, coloured people and Asians did indeed show the expected effects but the groups with the most extreme living conditions did not. Evaluation of life circumstances by black and white South Africans was determined by expectations for the future rather than by current living conditions. This surprising result is discussed in the light of the political situation in South Africa.     

关于我省民办高等教育发展的若干问题和建议

近年来,我省民办高校迅猛发展,成为全国民办高教发展的一个观点。本文对浙江民办高校的发展现状、存在问题进行了深入的分析,并对下一代如何发展民办高等教育提出了建议。     

Parental marital disruption and intergenerational transfers: An analysis of lone elderly parents and their children

Although one of the most marked demographic trends observed over the twentieth century is the increased rate of divorce, relatively little research has explored the effects of these changing marital patterns in the context of an aging society. Using a sample of lone elderly parents and their adult children, we analyze the direct and indirect effects of marital disruption on four important dimensions of intergenerational transfers: coresidence, financial assistance, adult children's provision of informal care, and parental purchase of paid care. Our findings suggest that divorce has deleterious effects on intergenerational transfers, particularly for elderly fathers. Remarriage further reduces exchange. Our results reveal that parents engage in lower levels of transfers with stepchildren relative to biological children. Moreover, intergenerational transfers are sensitive to characteristics of biological children but not to those of stepchildren. Taken together, these results suggest that exchange at the end of the life course continues to be adversely affected by marital disruption.     

对中国企业知识产权战略的几点思考

分析知识产权在国家中的地位和作用,指出在经济高度全球化、知识化的今天,知识产权的竞争已成为迄今为止人类社会最高级别的竞争,知识产权的创造水平和保护水平正在成为衡量一个国家综合国力和持续发展力的根本尺度和标志性依据。指出中国企业必须树立强烈的知识产权战略意识,并真正建立起自己的知识产权战略,才能在这场关乎国家和民族的未来、企业的生存与发展的战役中立于不败之地。     

IMPLICIT OPTIMAL AND HEURISTIC LABOR STAFFING IN A MULTIOBJECTIVE,MULTILOCATION ENVIRONMENT*

This paper presents a tractable set of integer programming models for the days-off scheduling of a mix of full- and part-time employees working α to β days/week (cycle) in a multiple-objective, multiple-location environment. Previous models were formulated to specifically schedule part-time employees working either two or three days per week. These models were intractable because they required complete employee schedule information. The new models are deemed implicit optimal since they are required to supply only essential information. While the number of variables in previous models is an exponential increasing function of β-α, the size of three of the new models is independent of α and β. The first three models developed here (as in [18]) deal with the trade-offs between idle time, the number of employees required to work at multiple “locations,” and the size of the total labor pool. The inherent flexibility of the implicit modeling approach is illustrated by the presentation of various modifications of the basic models. These modifications permit the use of preference weights on the number of employee work days/week (cycle) or the minimization of payroll costs where differential pay rates exist. These latter models may also be formulated such that idle time is ignored, constrained or minimized. The execution time for the implicit models (on a CDC CYBER 730 computer with commercially available software) averaged well under five seconds on 1200 trial problems for the type of application considered in [18]. A solution was obtained in less than 46 seconds of CPU time for a trial problem which would have required over 1.4 million integer variables with previous models. The availability of optimal solutions was invaluable in the development of two heuristics designed to deal with the trade-offs of [16]. In an experimental analysis a previous heuristic produced results which averaged from 74 to 508 percent above optimum across six experimental conditions. The comparable new heuristic produced results which averaged from 3 to 8 percent above optimum for the same experimental conditions. The paper concludes by developing a framework to integrate the results of this research with the tour scheduling problem and by identifying several other areas for related research.     

Open Order Rescheduling in Job Shops with Demand Uncertainty: A Simulation Study

This paper addresses the problem of open order rescheduling in a job shop. Results are reported of experiments conducted in a simulation model of an 8-machine job shop. Four different order updating policies are examined. The due-date process is modeled to include several realistic features about the pattern of due-date variability. These features are parameterized and tested at several levels. Tardiness results indicate that open order rescheduling is beneficial only when allowances are loosely set. The results indicate that inventory performance is improved by order rescheduling, particularly in cases when due dates are revised to earlier times than originally forecast.     

DETERMINING THE APPROPRIATE DISCOUNT RATES IN PURE CAPITAL RATIONING

This paper proposes an interpretation of the pure capital rationing problem as it is faced by many managers in decentralized firms in which budgets serve as the principal means of control. It is argued that the appropriate objective for situations such as these is the maximization of either undiscounted earnings over the planning horizon or total value of the investments at the horizon. When either objective function is used in conjunction with the frequently encountered linear programming models for the capital rationing problem, shadow prices result which give rise to discount rates that will reproduce the optimal solution using discounted cash flow as a criterion. These results are then used as a means for clarifying several confusing and misleading statements that have appeared in the literature.