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The purpose of this paper is to propose reforms that would establish a credible framework of rules to constrain and guide emergency lending by the Federal Reserve and by fiscal authorities during a future financial crisis.

The authors propose a set of five overarching rules, informed by history, empirical evidence and theory, which would serve as the foundation on which detailed legislation should be constructed.

The authors find that the current framework governing emergency lending – including reforms to Federal Reserve lending enacted after the recent crisis – is inadequate and not credible, and that their proposed framework would constitute a credible balancing of costs and benefits.

Adequate assistance to financial institutions would be provided in systemic crises but would be limited in its form, and by the process that would govern its provision.

This framework would serve as a basis for establishing effective rules that would be credible, and that would properly balance the moral-hazard costs of emergency lending against the gains from avoiding systemic collapse of the financial system.

This research surveys the recent surge of empirical studies on transfer pricing manipulation by multinational enterprises (MNEs), tax-motivated transfer pricing, particularly from the year 1990 to present. The review tackles transfer pricing income shifting behavior of MNEs from three different perspectives: taxation relationship with profitability, intrafirm trade, and foreign direct investment (FDI). There have been significant developments and contributions in this field, despite many limitations, mainly concerning the availability of micro-data in general, (specifically intrafirm trade data which allows capturing much of the heterogeneity which is dangling within inter-sectors), and the tax measurement issue. Yet, this area of study is still developing and promises more achievements.

This paper examined the cointegrating properties of narrow money demand. Results suggest income and interest rate are sufficient for the formulation of a long‐run stable demand for money in Australia, Austria, Finland, Italy, UK, and US. However, for Canada, Germany, and Switzerland, the nominal effective exchange rate should be incorporated.

This paper reviews the singular aspects of the dividend policies pursued by Japanese companies. The most notable feature of this is the customary practice of paying a dividend which is 10 per cent on the par value of the share. The paper begins by discussing some relevant and unique features of Japanese company practices. These may conceivably condition managements' attitudes to shareholders and influence their dividend policies.

A dynamic model of the evolution of health for those over the age of 50 is embedded in a structural, econometric model of retirement and saving. Effects of smoking, obesity, alcohol consumption, depression, and other proclivities on medical conditions are analyzed, including hypertension, diabetes, cancer, lung disease, heart problems, stroke, psychiatric problems, and arthritis. Compared to a population in good health, the current health of the population reduces retirement age by about one year. Including detailed health dynamics in a retirement model does not influence estimates of the marginal effects of economic incentives on retirement.

The purpose of this paper is to investigate to what extent the level of human development affects the relationships between entrepreneurial activities (EAs) and total factor productivity (TFP). The paper's objectives are threefold. First, it seeks to examine the effect of EA on TFP. Second, it attempts to test for the moderating effect of human development on the relation between EA and TFP, using the generalized methods of moments (GMM), in a panel data across two groups of countries based on their human development index during the period 2000-2008. Third, it tests the causality between TFP, EA, research and development (R&D), unemployment and inflation across countries.

Cross-countries study using a panel GMM for two groups of countries based on their human development index during the period 2000-2008.

Empirical evidence provides that EA have a positive significant relation across countries on TFP in the higher human development levels. The outcomes point toward the role of policies supporting EA as a vital tool to accelerate development and growth via channels such as: better education levels, enhancing R&D, creating more jobs, and stable monetary policy.

From the paper limitation is it focusses only on very high human and high human development countries and not studying medium and low-development countries but this limitation is refereed to source of the entrepreneurship data.

This paper provides a comparative analysis of the empirical results and presents prospective explanations for the observed relationships between different groups of countries to study the dynamics of change with relative short time series.

The study is of value for policy makers of the important relation between levels of development among countries as engine to growth via EA. Moreover, the findings provide a set of policies for governments to undertake tenable actions to accelerate the effectiveness of the institutional setting.

This chapter analyzes the dynamics of crises. A crisis typically begins with the emergence of a critical situation, followed by poor leadership and mismanagement that precipitates the crisis itself. The causes of crises may be classified as natural, political, economic, financial, industry-specific and firm-specific. This chapter examines the causes and consequences of poor leadership and management in crises of different kinds. Firm-specific crisis is a surprisingly neglected topic. The failure of a firm may reflect external factors, for example, the decline of an industry, or internal factors, for example, management failures, or a combination of the two. The chapter explains firm-specific crisis in terms of firm-specific disadvantages, which are the opposite of the firm-specific advantages identified in internalization theory.

This article investigates concentration, efficiency, and profitability of commercial banks operating in Saudi Arabia, which is considering acceding to the World Trade Organisation whose rules on financial services liberalisation could pose a competitive challenge to local banks. We use regression analysis to investigate the underlying determinants of Saudi bank concentration, efficiency, and profitability. The significance of the study stems from the conventional premise that highly concentrated banking or credit market introduces inefficiencies that would harm firms’ access to credit thus hindering economic growth. If banks were found to be highly concentrated and hence inefficient, then the relevant policy question that should be addressed by Saudi Arabian policy makers is what should be done to alleviate the situation. Empirical results show that Saudi banking market is highly concentrated, and healthy competition through the Saudi adoption of corrective measures would ease the problem. The Saudi government may like to consider concurrently joining the WTO, and allow non‐banking institutions to enter into brokerage business, offer financial products and services (investment banking, brokerage, and portfolio management), and compete with commercial banks through fair participation in auctioning of government securities.

The purpose of this paper is to document the integration of sustainability into the accounting curriculum. Compared to many disciplines in the social and administrative sciences, the greening of the curriculum in accounting is a recent phenomenon. Nevertheless, there has been a remarkable growth in both the content and the coverage of sustainability topics integrated into the accounting curriculum.

The approach to the paper is multidisciplinary. It has combined organizational sociology and ecological anthropology approaches in the integration of sustainability into the accounting curriculum. In accounting, there is an increasing emphasis on the application of social science perspectives, particularly sociology and anthropology in curriculum development and pedagogical issues. This paper demonstrates that the influence of these two disciplines in accounting education is substantial.

Sustainability in accounting has both theoretical and practical implications. Theoretically, sustainability has integrated social and environmental dimensions into accounting education and research. Sustainability reporting contains information on the economic, social, and environmental activities of business organizations. In practice, sustainability has influenced the accounting standard-setting organizations in developing guidelines on how to integrate sustainability into corporate reports so that the information can be verified and certified by public accounting and regulatory organizations.

The paper is among the first to demonstrate the importance of organizational sociology and ecological anthropology for the integration of sustainability into the accounting curriculum. Both sociology and anthropology have been in the forefront of the study of ecology and natural resources management and conservation in sustainability development. The paper approaches have important implications for sustainability education and framework in accounting theory and research.

The focus of this paper is the economic theory of the plans for the European Monetary Union. Part 1 demonstrates that economists, bankers and policy makers know very little about monetary policy. Part 2 explains the errors of the common practice of defining money by its functions. Because any monetary policy must rest on a definition of money it seems reasonable to conclude that a flawed definition might lead to problems with monetary policy. Part 3 applies this insight to the plans for a common currency in Europe. Because of uncertainties about the timing and details of the implementation, some important considerations are necessarily speculative. They are relegated to appendices. Appendix 1 comments on the timing and authorship and responsibility for the official reports with their unspecified authors. Appendix 2 supplies some grounds for doubting the ultimate durability of the European Monetary Union focusing on reasons that are historical, economic and pragmatic. Because the entire movement is driven by politics, not economics, Appendix 3 considers some of the relevant political issues. The conclusions summarize and speculate on possible reasons for successful outcomes.