WHAT IS HAPPENING TO THE IMPACT OF FINANCIAL DEEPENING ON ECONOMIC GROWTH?

Although the finance‐growth relationship is now firmly entrenched in the empirical literature, we show that it is not as strong in more recent data as it was in the original studies with data for the period from 1960 to 1989. We consider several explanations. First, we find that the incidence of financial crises is related to the dampening of the effect of financial deepening on growth. Excessive financial deepening or too rapid a growth of credit may have led to both inflation and weakened banking systems which in turn gave rise to growth‐inhibiting financial crises. Excessive financial deepening may also be a result of widespread financial liberalizations in the late 1980s and early 1990s in countries that lacked the legal or regulatory infrastructure to exploit financial development successfully. However, we find little indication that liberalizations played an important direct role in reducing the effect of finance. Similarly, there is little evidence that the growth of equity markets in recent years has substituted for debt financing and led to a reduced role of financial deepening on growth. (JEL E44, G10, O40)     

Studying multinational migrations,speaking back to migration theory

A growing body of migration scholarship has highlighted the inadequacies of a single‐origin‐single‐destination model for thinking about international migration in our globalizing world. Several terms – onward, stepwise, serial, secondary, triangular, multiple, and transit migration – have been coined to describe these multiple moves within a single migratory lifetime, but the lack of consensus on the terminology to describe these migrations is indicative of the lack of theoretical clarity on this emergent phenomenon. We therefore propose to introduce a new umbrella term, ‘multinational migrations', to capture the varied movements of international migrants across more than one overseas destination with significant time spent in each country. The articles presented here bring together researchers investigating multinational migrations across a range of migrant categories and between various migration hubs. They highlight how individual imaginations, aspirations, capabilities and subjectifications interact with multinational migration infrastructures (in the domains of education, tourism, labour, and citizenship) to lead to the adoption of complex multinational migration trajectories.     

AN INDEX FOR THE MEASUREMENT OF CONSUMER LOYALTY*

The concept of consumer “loyalty” (i.e., preference for a particular store or brand) is intriguing to marketing scholars and practitioners. Research in this area would be enhanced by the acceptance of an operational measure of consumer loyalty. Loyalty appears to be a tri-dimensional concept; per cent of budget, allocated to the store or brand, amount of switching, and number of alternatives explored have been used to measure loyalty. Consequently, the authors propose a “loyalty index” which combines these three measures. An empirical test of the proposed index showed that the index did discriminate among degrees of consumer loyalty, and was related to consumer psychological characteristics in a manner similar to that of the generally used single measures of consumer loyalty.     

Toward a Dialogical Perspective on Agency

The aim of this article is to motivate and outline a dialogical perspective on agency that accommodates centrifugal and centripetal tendencies in current cultural theories of agency. To complement approaches that assume a high degree of integration and clarity, we emphasise the diversity of agency as it is experienced in the open-ended dialogical relationship with a particular other. While these former approaches to agency provide us with the means to examine the influence of social processes such as division of labour and reproduction of community, they tend to underplay the importance of agency as it is embodied and experienced in the lives of particular people. To reflect on this aspect of agency, we will draw extensively on Bakhtin's work, which crosses boundaries between philosophy, psychology and literary criticism, and which is concerned to understand what is personal in activity. In terms of agency, his work draws our attention to the sense of responsibility and potentiality that imbues our dialogues with particular others, the aesthetics and ethics involved in dialoguing with the other, and the sense of dilemmatic choice and intonation that is involved in our dialogue with the other.     

MONEY DEMAND AND QUANTITY CONSTRAINTS: EVIDENCE FROM THE SOVIET INTERVIEW PROJECT

This paper examines the effects of shortages on the demand for money of Soviet citizens. It is the first to examine the demand for money in a centrally planned economy using cross-section data in which alternatives to income and interest rates are used to explain money demand. We find demand for broad money and liquid assets depends on income, illiquid wealth, participation in the underground economy, and the severity of quantity constraints as well as demographic factors. Our findings show that quantity constraints decrease demand for the national currency and increase demand for convertible currencies and barter transactions.     

Team Building, Inter-agency Team Development and Social Work Practice

Correspondence to Paul Iles, Human Resources Strategy Lecturer, Open Business School, Open University School of Management, Walton Hall, Milton Keynes, MK 76A Y Summary The need to improve the effectiveness of working teams in socialwork practice has often been recognized, and a variety of teamdevelopment techniques exist which aim to develop teamwork skills.Some of the more important techniques are reviewed, along withthe evidence for the effectiveness of team development strategies.Such approaches have however primarily been employed with teamsin single autonomous organizations, and their transferabilityto multi-disciplinary or inter-agency teams remains problematic.Drawing on an intervention with a Community Drug Team involvingsocial work, health and other professionals, and an action researchproject designed to promote better collaboration between hospitalsocial workers and nursing staff in a hospital maternity unitante-natal clinic, a framework for inter-agency team developmentis described and its relevance for social work practice discussed.     

ADJUSTMENT TO PRODUCTION UNCERTAINTY AND THE THEORY OF THE FIRM

This paper considers the behavior of the firm which faces uncertainty in its production process but can adjust its output once the uncertainty is resolved. Ex post adjustment, unlike previous treatments, involves a marginal cost penalty if more output is required and a lowering of price if too much is produced. With ex post adjustment allowed in this fashion, it is found that nonlinear risk preferences do not affect the sign of the firm's marginal risk premium at optimum ex ante output. The firm will produce less output than under certainty whether it is risk averse, risk neutral, or prefers risk.     

CONSUMERS ARE NOT RICARDIAN: EVIDENCE FROM NINETEEN COUNTRIES

I develop a model which nests both Ricardian equivalence and an alternative non-Ricardian theory. The alternative is a stochastic variant of Blanchard's [1985] model, and its empirical implications are derived. I then test Ricardian equivalence against this alternative using data from nineteen countries. Ricardian equivalence is resoundingly rejected. Moreover, the estimated deviation from Ricardian equivalence is roughly what one would expect if households faced perfect insurance markets and did no have altruistic bequest motives. For many purposes, however, the estimated deviation from Ricardian equivalence has no practical import.