世界経済・社会統計 = World development indicators

计量经济分析 = Econometric analysis

NUDGE: IMPROVING DECISIONS ABOUT HEALTH, WEALTH, AND HAPPINESS by Richard H. Thaler and Cass R. Sunstein Penguin Books, 2009, 312 pp, ISBN 978-0-14-311526-7This book is best described formally as a general explanation of and advocacy for libertarian paternalism, a term coined by the authors in earlier publications. Informally, it is about how leaders, systems, organizations, and governments can nudge people to do the things the nudgers want and need done for the betterment of the nudgees, or of society. It is paternalism in the sense that "it is legitimate for choice architects to try to influence people's behavior in order to make their lives longer, healthier, and better", (p. 5) It is libertarian in that "people should be free to do what they like - and to opt out of undesirable arrangements if they want to do so", (p. 5) The built-in possibility of opting out or making a different choice preserves freedom of choice even though people's behavior has been influenced by the nature of the presentation of the information or by the structure of the decisionmaking system. I had never heard of libertarian paternalism before reading this book, and I now find it fascinating.Written for a general audience, this book contains mostly social and behavioral science theory and models, but there is considerable discussion of structure and process that has roots in mathematical and quantitative modeling. One of the main applications of this social system is economic choice in investing, selecting and purchasing products and services, systems of taxes, banking (mortgages, borrowing, savings), and retirement systems. Other quantitative social choice systems discussed include environmental effects, health care plans, gambling, and organ donations. Softer issues that are also subject to a nudge-based approach are marriage, education, eating, drinking, smoking, influence, spread of information, and politics. There is something in this book for everyone.The basis for this libertarian paternalism concept is in the social theory called "science of choice", the study of the design and implementation of influence systems on various kinds of people. The terms Econs and Humans, are used to refer to people with either considerable or little rational decision-making talent, respectively. The various libertarian paternalism concepts and systems presented are tested and compared in light of these two types of people. Two foundational issues that this book has in common with another book, Network of Echoes: Imitation, Innovation and Invisible Leaders, that was also reviewed for this issue of the Journal are that 1 ) there are two modes of thinking (or components of the brain) - an automatic (intuitive) process and a reflective (rational) process and 2) the need for conformity and the desire for imitation are powerful forces in human behavior. …

Nudge: Improving Decisions about Health, Wealth, and Happiness

\"What are your assumptions (implicit as well as explicit) about the most effective way to manage people?\" So began Douglas McGregor in this 1960 management classic. It was a seemingly simple question he asked, yet it led to a fundamental revolution in management. Today, with the rise of the global economy, the information revolution, and the growth of knowledge-driven work, McGregor's simple but provocative question continues to resonate-perhaps more powerfully than ever before. Heralded as one of the most important pieces of management literature ever written, a touchstone for scholars and a handbook for practitioners, The Human Side of Enterprise continues to receive the highest accolades nearly half a century after its initial publication. Influencing such major management gurus such as Peter Drucker and Warren Bennis, McGregor's revolutionary Theory Y-which contends that individuals are self-motivated and self-directed-and Theory X-in which employees must be commanded and controlled-has been widely taught in business schools, industrial relations schools, psychology departments, and professional development seminars for over four decades. In this special annotated edition of the worldwide management classic, Joel Cutcher-Gershenfeld, Senior Research Scientist in MIT's Sloan School of Management and Engineering Systems Division, shows us how today's leaders have successfully incorporated McGregor's methods into modern management styles and practices. The added quotes and commentary bring the content right into today's debates and business models. Now more than ever, the timeless wisdom of Douglas McGregor can light the path towards a management style that nurtures leadership capability, creates effective teams, ensures internal alignment, achieves high performance, and cultivates an authentic, value-driven workplace--lessons we all need to learn as we make our way in this brave new world of the 21st century.

The Human Side of Enterprise.

https://cws.journals.yorku.ca/index.php/cws/article/download/14795/13847

Men and Women of the Corporation

Purpose – The purpose of this study is to examine the relationship between regulation of non‐bank financial institutions and their risk‐taking behaviours in GhanaDesign/methodology/approach – The analysis is performed using data derived from the Bank of Ghana Database during a five‐year period, 2006‐2010 Correlated Panels Corrected Standard Errors model is used to estimate the regression equation Capital adequacy requirements and the restrictions on non‐bank financial institutions' (NBFIs') ability to take deposits are used as proxies for regulatory pressure The study also used the ratio of risks weighted assets‐to‐total assets, the ratio of non‐performing loans‐to‐net loans and the Z‐scores of NBFIs as measures of riskFindings – The results of the study show a negative relationship between minimum capital adequacy requirement and the risks weighted assets of NBFIs This indicates that, asking NBFIs to keep higher minimum capital adequacy ratio results in reducing their risk‐taking The results also 

Non‐bank financial institutions regulation and risk‐taking

Purpose




This study aims to consider the effect of financial (banking) freedom and competition on bank efficiency.




Design/methodology/approach




With data from 11 Sub-Saharan African countries over the period 2006-2012, the study estimates both competition (market power) and bank cost efficiency using the same stochastic frontier framework. Subsequently, Tobit models, including instrumental variable Tobit regression, are used to assess how financial freedom affects the relationship between competition and bank efficiency.




Findings




The results show that increase in market power (less competition) leads to greater bank cost efficiency, but the effect is weaker with higher levels of financial freedom. This is not consistent with the quiet life hypothesis.




Practical implications




Policymakers usually take the view that opening up banking markets to greater competition may lead to higher efficiency. However, the results have shown that allowing banks to maintain some level of market power may be necessary to ensure banking system efficiency.




Originality/value




This study deepens the understanding of the inconsistent relationship between competition and bank efficiency, by using the same framework to measure both competition and efficiency, and by providing new empirical evidence on how the level of financial freedom affects this relationship.

Freedom, competition and bank efficiency in Sub-Saharan Africa

This study examines the effect of foreign direct investment (FDI) on productivity of firms in Ghana. The paper also investigates the effect of FDI spillovers on domestic firms in Ghana. The results indicate that firms with high proportion of foreign capital are more productive than those with low or no foreign capital. This could be attributed to the fact that firms with more foreign capital injection are in a better position to employ advanced forms of technology, employ managers with better international exposure and skills in modern management techniques, adopt good corporate governance and management practices, and may have better access to credit from the international financial markets. We find no significant effect of spillovers from FDI on the productivity of domestic firms. Spillovers from FDI may not be high enough to warrant any significant effect on the productivity of domestic firms. It is also likely that the absorptive capacity of domestic firms in Ghana is not strong enough to generate positive spillovers from FDI. The findings of this study have relevant implications for economic policy.

Foreign direct investment and firm productivity: evidence from firm-level data

Does development finance pose an additional risk to monetary policy

Central Bank Independence (CBI) as a mechanism for achieving lower inflation and effective regulation and supervision of the financial sector should promote financial sector development. Though the...

Joshua Abor

Papers

Non‐bank financial institutions regulation and risk‐taking

Freedom, competition and bank efficiency in Sub-Saharan Africa

Foreign direct investment and firm productivity: evidence from firm-level data

Does development finance pose an additional risk to monetary policy

The Independence of Central Banks, Political Institutional Quality and Financial Sector Development in Africa