origins of the developing countries debt crisis 1970 to 1982 abstract this paper reports on an attempt to quantify the relative contribution of global conditions and domestic policies to the origins of individual countries debt difficulties the need for systematic quantification is beyond doubt but there is no satisfactory methodology for estimation on a comparable basis across countries this paper provides some preliminary results and highlights some of the methodological difficulties that must be confronted in such an effort the results for 19 countries must be interpreted with care but nonetheless underscore the significant differences among developing countries in the origins of and response to debt difficulties recognition of this diversity is important for understanding the present positions of many developing countries and assessing the needed shifts in policy if there is to be an acceptable resolution to the difficulties

consumer environmental concern and green product purchase in malaysia structural effects of consumption values this study examines the effects of consumption values i e functional value social value emotional value conditional value and epistemic value on malaysian consumers environmental concern as expressed in their purchase of green products it also investigates the differences between three usage groups light average and heavy users and the signi cant factors that promote those differences the study applies a quantitative method in which a structured self administered questionnaire is used data is analysed using the structural equation modelling sem technique via the analysis of moment structure amos computer programme version 21 and one way analysis of variance anova using the statistical package for social sciences spss computer programme version 21 empirical results confirm that social value has the paramount impact on consumers environmental concern as expressed by their purchase of green products and that epistemic value and functional value quality rank behind functional value price emotional value and conditional value have no significant effects statistically significant differences were observed when comparing the light users with average users and with heavy users p 0 05 the findings of this study introduce a new momentum for the preceding discoveries on consumer environmental concern as shown in the purchase of green products which is inadequately covered in the malaysian context they also provide important information for companies and encourage them to place more emphasis on social value epistemic value and functional value quality in their manufacturing in order both to boost environmental concern among consumers in their purchasing decision making and to produce green goods that will be readily liked by consumers

pricing and green level decisions of a green supply chain with governmental interventions under fuzzy uncertainties abstract environmental issues make green manufacturing become inevitable and fuzzy uncertainty prevails in supply chain management in order to further promote the development of green supply chain according to channel leadership scenario we develop three game models of a green supply chain with governmental interventions under fuzzy uncertainties of both manufacturing cost and consumer demand we study how prices green levels and expected profits are influenced by channel leadership and governmental interventions green level sensitivity and fuzzy degree of parameters are considered analytical results indicate that manufacturer stackelberg scenario is the inferior structure than other scenarios and retailer stackelberg scenario is superior to other scenarios for all players under the strong governmental interventions then when governmental interventions increase the green level will increase but the tendency of retail price depends on channel leadership governmental interventions are not always beneficial to the green supply chain and the manufacturer further although the government s subsidy is offered to the manufacturer the retailer benefits from it ultimately and further becomes the main puller of the development of green products in addition a relatively high green level floor for subsidy results in the manufacturer s first mover disadvantage

the influence factors on choice behavior regarding green products based on the theory of consumption values abstract this study applies the theory of consumption values to determine the influence factors on consumer choice behavior regarding green products and examines whether there are significant differences in consumption values and choice behavior between consumers with different outlooks on environmental concerns one way analysis of variance and multiple regression is used to assess data collected by a questionnaire survey the results indicate that consumers with high environmental concern support green products more and show greater readiness to choose them this study concludes that the main influence factors on consumer choice behavior regarding green products include psychological benefit desire for knowledge novelty seeking and specific conditions and do not include functional values price and quality this study contributes to preliminary but vital insights in effective promotion of green products

narrowing the gap factors driving organic food consumption in the recent years organic food has gained a great attention from researchers yet the consumption amount and growth in the market share is relatively low compared to conventional food the most consistent findings from previous studies have been the inconsistency between consumers claims and their actual behavior the so called intention behavior or attitude behavior gap the majority of past studies focused on investigating the motivational factors to purchase organic food as a proxy to foster organic food consumption however it is argued that preceding studies focus does not readily embrace the consumption itself where purchasing may come secondary to consumption decision motivation the objective of this paper is to propose a new approach to determine factors influencing organic food consumption by focusing on those who are consuming and not those considering purchasing organic food indeed consumption is a more appropriate measure not confounded with shopping habits consumption also reflects high involvement with the product and the barriers and motivations are as real as the product itself which makes it an ideal moment to examine the motivation a model that was developed was tested using the partial least square statistical analysis of an empirical sample of 133 consumers the results indicated that product specific attitude psa sensory appeal sa and health orientation ho had a significant positive influence on individuals organic food consumption the moderating role of future orientation between psa ho and consumption were examined and found to be significant the result suggests that psa and ho are stronger when future orientation is high the research provides a significant insight and better understanding of narrowing the attitude behavior gap it also adds a new momentum to the growing literature and prior findings on consumer behavior towards organic foods

optimal advertising and pricing for new green products in the circular economy abstract in the circular economy era environmental sustainability is critical and both green and non green products with similar functions co exist in practice there is little doubt that these two types of products are competing and may substitute one another even though one is more environmental friendly than the other in this paper we build analytical models to explore the optimal advertising and pricing decisions for a green product in the presence of a non green product substitute we investigate both simultaneous and sequential pricing strategies under which there are three possible pricing scenarios namely 1 both prices of green and non green products are determined simultaneously strategy ip 2 the green product s price is decided first and then the non green product s price is determined strategy gl and 3 the non green product s price is decided first and then the green product s price is determined strategy nl we find that the sequential pricing strategy is more profitable than the simultaneous pricing strategy for both green and non green supply chains it is interesting to prove the existence of second mover advantage in the pricing game moreover we identify that if the green supply chain uses strategy nl it could achieve a better performance in profit and minimize the corresponding environmental impact if the green supply chain is truly socially responsible it should design a product with low substitutability so that the environmental impact can be enhanced furthermore our numerical results indicate that strategy ip never performs the best in terms of consumer surplus and social welfare when the product substitution level is sufficiently high findings of this paper contribute to the literature on cleaner production systems in the circular economy era

financial liberalization in africa abstract recent evidence has shown that african economies are financially repressed and the underlying motives for perpetuating repressive policies still exist increasing real deposit rates mainly through lower inflation promotes financial savings investment and growth financial liberalization in africa has recorded limited success owing to a high and unstable inflation rate the high cost of financial intermediation low bank demand for deposits and persistent government interference in credit markets chronically high fiscal deficits and their adverse impacts on the balance of payments also constitute hurdles for financial deepening in africa

green products an exploratory study on the consumer behaviour in emerging economies of the east abstract the recent years have witnessed a phenomenal change in quantum and pattern of consumption in the developing nations of the east ever increasing consumption is putting a strain on the environment the present work delves into understanding the relationship between environmental concerns and consumer choice behaviour in purchasing green products in the context of india being a large emerging economy in south east asia attempt has been made to examine the influence of consumption values on sustainable consumer behaviour across consumer segments with preferential green choice approach difference multiple linear regression analysis one way analysis of variance and other standard statistical analysis of the data collected through questionnaire survey have been done results indicate that price sensitivity is high regardless of their choice preference social value parameter being the dominant factor influences sustainable consumption behaviour adoption among the green preferential cluster consumption values differ significantly across consumers exhibiting different preference for products with and without green credentials being higher for those with green purchase or consumption experience or notion

beyond ecolabels what green marketing can learn from conventional marketing ecolabels have emerged as one of the main tools of green marketing although a great deal of effort has been invested in making them more effective and efficient the market share of ecolabelled products is still low partly because they have been addressed mainly to green consumers in a theoretical exposition of marketing theory we find that green marketing could learn from conventional marketing in discovering other means than labelling to promote green products examples include addressing a wider range of consumers working with the positioning strategies of price place and promotion and actively engaging in market creation

spillover effect between the regional and the national housing markets in the uk tsai i c spillover effect between the regional and the national housing markets in the uk regional studies this study uses regional and national data from the uk housing market to analyse the spillovers between these markets and to test whether a ripple effect exists in uk housing prices cross market return spillovers are determined by performing spillover indices an analysis of the direction and magnitude of return spillovers can be used to discriminate the transmission mechanism of information between the regional and the national housing markets over different areas and different time spans empirical findings indicate that the difference in housing prices between the northern and southern regions of the uk will increase each time a new financial crisis occurs

overview and summary this symposium analyzes the recent liberalization and stabilization attempts in chile argentina and uruguay attempts remarkable for their speed and coverage to bring these analyses together in one volume seems natural because the three experiences were so similar all three countries started with highly protected economies inflation balance of payments crises widespread government intervention and production systems in considerable disarray all three countries launched liberalization policies that spanned commodity and factor markets and all three followed the same path toward stabilization the battle against inflation was first based on control of the money supply then the exchange rate was used to reduce inflationary expectations the initial results were as remarkable as the reforms inflation was reduced fiscal deficits were controlled and growth was restored but in the early 1980s all three countries were again in crisis the objective of the reforms was to realize the gains from better allocations of resources and investment this objective was to be achieved by moving to market regulated economies one intention was to eliminate the traditional bias against exports and thus to spur the growth of exports which required an increase in the effective exchange rate for exportables and a decrease in that for import competing sectors a second intention was to deregulate interest rates and foreign capital inflows and thus to provide more credit to activities with the highest returns the motive here is to draw the lessons for other developing countries confronting liberalization and stabilization problems why did these unusual experiments fail to what extent did various parts of the packages succeed or fail was the failure due to external events or to bad policies were the institutional arrangements for deregulation appropriate the introduction to part i presents some analytical issues that arise from the experiences of the three countries it addresses the general issue of opening an economy to trade and to flows of foreign capital and the related issues of sequencing and policy coordination it also explores differences in the speed of adjustment in labor and commodity markets and the implications of these differences for the design of macroeconomic policy the other papers in part i explain and evaluate the macroeconomic performance of the liberalization and stabilization policies in each country first each paper describes the reforms and in an appendix provides a chronology of the many reforms perhaps the place to start for the uninitiated reader the descriptions are accompanied by summaries of the authorities intentions when the reforms were launched the approach to implementation is also addressed when it gave rise to policy reversals and conflicting signals second the papers construct stylized analytical frameworks to help interpret the macroeconomic outcome of the liberalization and stabilization policies in each country these frameworks help to draw the stylized outcomes of the reforms the papers in part ii rely on financial statements to analyze the adjustments by firms the data span the period covered by the reforms in each country and provide the basis for simple statistical models groups of firms exporters vs

the political economy of financial internationalization in the developing world in the last decade a growing number of developing countries have opened their financial systems by liberalizing capital flows and the rules governing the international operations of financial intermediaries one explanation of this rush toward greater financial internationalization is that increasing interdependence generates domestic and foreign political pressures for capital account liberalization while we find evidence for that hypothesis we find that the proximate cause in developing countries more frequently is found in balance of payments crises politicians perceive that financial openness in the face of crisis can increase capital inflows by indicating to foreign investors that they will be able to liquidate their investments and by signaling government intentions to maintain fiscal and monetary discipline the argument is explored through case studies of chile indonesia mexico and south korea

tariffs terms of trade unemployment and the real exchange rate the less developed countries ldcs have been subjected to major exogenous shocks and drastic domestic policy changes in recent years these shocks include changes in the terms of trade and or a policy shift away from the pervasive protectionism of the previous decades the implementation of trade liberalization programs is likely to follow in many more developing countries a large body of theoretical and empirical literature has developed which attempts to analyze the consequences of these changes utilizing models which explicitly incorporate the main structural and institutional characteristics of the ldc economies the behavior of the real exchange rate defined in various ways but most commonly as the relative price of tradeables to non tradeables has been identified as being of central analytical and policy importance while the literature on this subject recognizes the key link between the real exchange rate and domestic wages the analytical models used generally suffer from serious limitations in terms of their characterization of the labor markets the models used in the literature can be categorized into two groups a flex price models that give rise to full employment and b models that assume full or partial wage rigidity thereby generating some form of unemployment conventional wisdom suggests that a rise in import tariffs or an improvement in the terms of trade would always lead to an appreciation of the real exchange rate however it is shown by clague 3 and edwards and van wijnbergen 11 that the above result does not necessarily hold in more general models however these analyses were restricted to models with flexible wages wage rigidity is often ascribed to the existence of some form of wage indexation or other forms of government inter

a model proposal for green supply chain network design based on consumer segmentation the consumption based economy has created enormous ecological footprint of product and service life cycles therefore the environmental sustainability has become one of the major concerns of today s society and sparked tremendous amount of research according to the related literature analysis there is no specific study to design the green supply chain network based on consumers green expectations this study aims to contribute to the fulfillment of this research gap by proposing a goal programming model considering three consumer segments i e green inconsistent and red consumers a hypothetical real life like example problem is solved to demonstrate clearly the value and applicability of the proposed model a set of scenarios is also studied to offer an insight on how the consumer determination level of greenness affects the green supply network the findings of the study present a way to measure the relations between green supply chains and consumer behavior

the no exit economy soft budget constraints and the fate of economic reforms in developing countries abstract the paper investigates the general issues of the costs and sustainability of economic reforms in the light of the current economic transformation of central and eastern europe using the conceptual framework of kornai s soft budget constraint macro and microeconomic indicators of budget softness are derived with the help of factor analysis budget softness may be represented as a linear combination of these indicators in a three factor model the role of soft budget constraints is tested to substantiate two hypotheses first macroeconomic stabilization is only credible and sustainable if appropriate microeconomic incentives in the form of hard budget constraints for enterprises exist second the costs of economic adjustment to exogenous price shocks in terms of short run growth and investment performance are related to the speed with which budget constraints can be hardened while the first two hypotheses are supported by the evidence the paper does not settle a third issue raised by the conceptual framework namely whether no exit economies also grow slower in the long run

incentives for promoting agricultural clean production technologies in china abstract since the start of this century chinese agricultural priorities have greatly changed food security is no longer the sole target of agricultural development and increased attention is now focused on environmental protection and stable growth of farmers incomes however implementation of agricultural clean production practices has been slow despite their official promotion at least partly because of farmers hesitancy to adopt them due to fears that they would lose income in various countries subsidies have successfully countered such hesitation therefore we have surveyed chinese farmers willingness to pay for environmental protection and accept compensation for potential losses of net income in relation to identified characteristics subsidies and other incentives to encourage agricultural clean production in china the results indicate that financial support from government at all levels is essential for its effective promotion in the long term although farmers are willing to adopt environmental protection measures and make some contribution to their costs as responsible citizens subsidizing farmers who voluntarily participate in agricultural insurance and adopt cleaner production practices is regarded as fair and equitable to avoid unacceptable reductions in their profits and life quality the results also show that reasonable and targeted incentives could make broad contributions to cleaner agricultural production in china

the origins of financial openness a study of current and capital account liberalization theory we assess the determinants of the national regulation of international finance or the comparative degree of national financial openness or closure hypotheses partisanship interacts with a nation s factor endowments to account in part for different international financial policies by governments of the same partisan hue methods we offer a quantitative measure of international financial openness or current and capital account regulation for 21 member countries of the organization for economic cooperation and development for 1950 88 we use regression analysis employing panel corrected standard errors to discover the determinants of financial openness results our main finding is that political partisanship substantially explains openness but does so in complex ways differences in both political institutional arrangements and types of political economy also account for part of the differences in international financial regulation

optimal control for transboundary pollution under ecological compensation a stochastic differential game approach abstract to account for previously ignored yet widely observed uncertainty in nature s capability to replenish the natural environment in ways that should inform ideal design of ecological compensation ec regimes this study constructs a stochastic differential game sdg model to analyze transboundary pollution control options between a compensating and compensated region equilibrium strategies in the stochastic two player game inform optimal control theory and reveal a welfare distribution mechanism to form the basis of an improved cooperative game contract a case based numerical example serves to verify the theoretical results and supports three key insights first accounting for various random disturbance factors the probabilistic pollutant stock in stackelberg non cooperative game exceeds that of a cooperative game situation second the ec mechanism provides long term effective incentives only when the marginal losses of environmental damage in the compensating region are more than twice that of the compensated region achieving a pareto optimal equilibrium relies upon the attainment of a dynamic allocation ratio derived from the analysis of a robust welfare allocation mechanism third cross region cooperation reliably outperforms stackelberg non cooperation due to either overwhelming incumbent economic interests or high abatement costs this study illuminates the importance of balancing both parties interests within an ec agreement while reducing uncertainty around unobserved environmental factors during ex ante negotiations

exchange rate based stabilisation durables consumption and the stylised facts in this article we show that a model featuring durable consumer goods imperfect substitution between domestic and foreign assets and weak credibility can explain the qualitative and quantitative aspects of the stylised facts associated with exchange rate based stabilisation including the tremendous increase in real interest rates following a temporary reduction in the crawl total consumption spending rises 14 26 the real exchange rate appreciates 20 37 and the current account deficit swells to 10 15 of gross domestic product despite large capital inflows the real interest rate increases from 10 to 20 100