1,720,954 research outputs found
Redicovering Mises-Hayek monetary and business cycle theory in light of the current crisis: Credit expansion as a source of economic boom and bust
No full textThe article starts with a brief description of Mises' monetary theory, with emphasis on the Misesian differentiation of two kinds of credit: commodity and circulation credit, and with the description of the impact of circulation credit expansion on the business cycle. Further on it is described how Mises' insights constituted the kernel of Austrian Business Cycle Theory, and how the same observations on the nature of credit constituted the kernel of the Chicago Plan (though Mises' views on the nature of credit led him to different conculsions than it led the authors of the Chicago Plan), and how this plan is being 'rediscovered' now. The following sections deal with observations of one of the preeminent current macroeconomic researches, Mr. Claudio Borio, on the elasticity of credit as the source of the current crisis, and on the importance of the financial cycle in analysing the current economic crisis. The author of this text demonstrates that Austrian Business Cycle Theory gave the same answer regarding the sources of economic crises that now modern macroeconomic theory seems to be approaching, and that the postulates for successful financial cycle modeling are already included in the ABCT. Finally, some observations on the current crisis, as well as proposals of avenues of further research are proposed
Economics as praxeology. The paradigm of the austrian school of economics and the critique of keynesian economics and monetarism
No full textThe article presents key assumptions of the research paradigm of the Austrian School of Economics (ASE), pointing to their logical cohesion and interdependence, and then highlights the key differences between ASE and Keynesian economics and monetarism. The article starts with methodological considerations; in ASE approach economics is praxeology, a science of purposeful human action, and methodological individualism – looking at economic actions from the point of view of the acting man – is a basic feature of the Austrian method. The axiom of purposeful action is extended using verbal deduction, which allows to build a whole system of economic statements. The ASE approach to economic goods, and their role in the economic system is highlighted then, which leads to the conclusion that in
a free, unhampered market economy the key determinant of allocation of resources and income in the economy are decisions of the consumer. The key elements of the Mises monetary theory are then discussed, including the regulatory role of interest rate. These considerations lead to displaying of mechanics of Austrian Business Cycle Theory (ABCT), where the key driving force behind business fluctuations are interventions into the regulatory mechanism of interest rate via credit expansion. The following part of the text highlights the key similarities and differences between ASE and economics of Keynes and monetarism. The key critique of ASE vs. Keynes’ theory regards the interest rate mechanism (concept of liquidity preference), which – in his theory - was devoid of its role of intertemporal coordination. Another point of critique is too high a level of aggregation (of economic data), which – according to Hayek (as well as many other members of ASE) does not allow to see critically important interdependencies in economic phenomena. The critique of monetarism is based on Bellante and Garrison, who pointed to numerous similarities between the two approaches, which stem from putting monetary considerations in the center of attention. When it comes to the differences, monetarism puts different mechanism of monetary impulse’s impact on the economy. It is hard for conclusive, quantitative verdict on the merits of these methodologies, due to lack of relevant statistical data. The article concludes with pointing out to the elements of ASE paradigm that could be especially interesting in the context of the current economic crisis, as well as in the context of crisis in ”mainstream” economic theory. According to the author of this article, methodological individualism of ASE could be a very interesting concept. One example of that could be the development of “economics of complexity”, which perceives acting agents in a way which is very similar to ASE, and at the same time shares several other key methodological assumptions
Going Beyond Counting First Authors in Author Co-citation Analysis
Get PDFThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Variations on the Author
Get PDF“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Get PDFWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
Dispelling the Myths Behind First-author Citation Counts
Get PDFWe conducted a full-scale evaluative citation analysis study of scholars in the XML research field to explore just how different from each other author rankings resulting from different citation counting methods actually are, and to demonstrate the capability of emerging data and tools on the Web in supporting more realistic citation counting methods. Our results contest some common arguments for the continued
use of first-author citation counts in the evaluation of scholars, such as high correlations between author rankings by first-author citation counts and other citation
counting methods, and high costs of using more realistic citation counting methods that are not well-supported by the ISI databases. It is argued that increasingly available digital full text research papers make it possible for citation analysis studies to go beyond what the ISI databases have directly supported and to employ more
sophisticated methods
koamabayili/VECTRON-author-checklist: VECTRON author checklist
No full textWe have done our best to complete the author checklist relating to the use of animals in the hut study. Note that the objective for the hut study was to evaluate the IRS treatment applications for residual efficacy against Anopheles mosquitoes, including the local An. coluzzii mosquito population. Cows were only used to attract mosquitoes into the huts and no tests were carried out directly on the cows. The author checklist is intended for use with studies where experiments are carried out on animals, which is why we have had such difficulty in completing this for the hut study, as many of the questions do not relate to how the cows were used
Zarządzanie ryzykiem walutowym przez spółki z branży gamingowej notowane na Giełdzie Papierów Wartościowych w Warszawie w latach 2021-2022
Get PDFAim: The main objective of the article is to verify the quality of currency risk management in the gaming industry and determine whether the use of derivative instruments allows for a more effective mitigation of this risk.
Methodology: To achieve this goal, the theoretical part introduces the concept of risk, with particular emphasis on currency risk. Subsequently, the Polish gaming industry is characterized. The last section provides an analysis of the net currency positions of the 15 largest companies in this industry listed on the Warsaw Stock Exchange. It is examined whether these companies use derivative instruments in managing currency risk and how large their open currency positions are.
Results: Based on the conducted analysis, it can be observed that despite the strong exposure to exchange rate risk resulting from the export of most production by gaming industry manufacturers, many of them do not utilize derivative instruments to manage this risk. A deeper verification of currency risk arising from open currency positions demonstrates that the use of derivative instruments in risk management can have a significant impact on reducing companies\u27 exposure to currency risk, reducing it by several times.
Implications and recommendations: These conclusions may be useful for export companies looking for ways to mitigate currency risk.
Originality/value: This area yields interesting results and may be a compelling field for a further analysis in sectors with a larger number of entities or in other industries.Cel: Głównym celem artykułu jest ocena zarządzania ryzykiem walutowym w branży gamingowej oraz sprawdzenie, czy wykorzystanie instrumentów pochodnych skutecznie ogranicza to ryzyko.
Metodyka: W części teoretycznej omówiono koncepcję ryzyka, ze szczególnym uwzględnieniem ryzyka walutowego. Następnie opisano specyfikę branży gamingowej w Polsce. W ostatniej części przeanalizowano pozycje walutowe netto 15 największych firm z tej branży, notowanych na Giełdzie Papierów Wartościowych w Warszawie. Sprawdzono, czy te firmy stosują instrumenty pochodne w zarządzaniu ryzykiem walutowym oraz jak duże mają otwarte pozycje walutowe.
Wyniki: Analiza wykazała, że mimo silnej ekspozycji na ryzyko kursowe związane z eksportem w branży gamingowej, wiele firm nie korzysta z instrumentów pochodnych do zarządzania tym ryzykiem. Dokładna analiza otwartych pozycji walutowych pokazuje, że stosowanie instrumentów pochodnych może znacząco zmniejszyć ryzyko walutowe, redukując je kilkukrotnie.
Implikacje i rekomendacje: Wnioski te mogą być przydatne dla firm eksportowych szukających sposobów na ograniczenie ryzyka walutowego.
Oryginalność/wartość: Temat ten jest obiecujący i może być interesującym obszarem do dalszych badań w kontekście większej liczby firm zarówno w tym sektorze, jak i w innych branżach
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