Suchergebnisse

Der Tourismus in der Arabischen Welt sieht sich nach dem 11. September 2001 schweren Krisen und strukturellen Veränderungen gegenüber. Doch mit welchen organisationalen Lernprozessen reagiert die Tourismuswirtschaft hierauf? Aus Perspektive einer Pragmatischen Geographie und anhand empirischer Studien in der transnationalen Hotelwirtschaft zeigt der Autor, wie Lernprozesse durch die sozio-kulturelle Einbettung und Wirklichkeitskonstruktion der Unternehmen gefördert oder begrenzt werden. Das Buch leistet damit einen empirisch fundierten Beitrag zur theoretisch-konzeptionellen Weiterentwicklung der Theorien organisationalen Lernens

This article challenges claims that liberalising state regulated markets in developing countries may induce lasting economic development. The analysis of the rise of tourism in Egypt during the last three decades suggests that the effects of liberalisation and structural adjustment are constrained by the neo-patrimonial character of the Egyptian political system. Since the decline of oil rent revenues during the 1980s tourism development was the optimal strategy to compensate for the resulting fiscal losses. Increasing tourism revenues have helped in coping with macroeconomic imbalances and in avoiding more costly adjustment of traditional economic sectors. Additionally, they provided the private elite with opportunities to generate large profits. Therefore, sectoral transformations due to economic liberalisation in neo-patrimonial Rentier states should be described as a process, which has led to the diversification of external rent revenues, rather than to a general downsizing of the Rentier character of the economy. ; Dieser Artikel stellt den Zusammenhang zwischen nachhaltiger wirtschaftlicher Entwicklung infolge der Liberalisierung staatlich regulierter Märkte in Entwicklungsländern in Frage. Die Analyse des Aufstiegs des Tourismussektors in Ägypten seit Anfang der 1970er Jahre zeigt, dass die Liberalisierung und Diversifizierung der ägyptischen Ökonomie maßgeblich durch den neopatrimonialen Charakter ihres politischen Systems bestimmt war. Infolge des Rückgangs der Erdölpreise seit den frühen 1980er Jahren wurde der Ausbau des Tourismussektors zur optimalen Entwicklungsstrategie, um Einnahmenverlust zu kompensieren. Die steigenden Tourismuseinnahmen halfen dem ägyptischen Staat, makroökonomische Ungleichgewichte auszugleichen und kostspielige Anpassungsprozesse in traditionellen Wirtschaftssektoren zu vermeiden. Darüber hinaus eröffnete die Tourismusentwicklung den privaten Wirtschaftseliten des Landes neue Möglichkeiten, erhebliche Profite zu realisieren. Sektorale Transformationen in neopatrimonialen Rentier-Staaten sollten deswegen vor allem als Rentendiversifizierung verstanden werden und weniger als Prozesse, die den Rentencharakter einer Volkswirtschaft im Allgemeinen verringern.

This article contributes to the literature on macroeconomic announcements and their impact on asset prices by investigating how the 15-second Xetra DAX returns reflect the monthly announcements of the two best known business cycle forecasts for Germany, i.e. the ifo Business Climate Index and the ZEW Indicator of Economic Sentiment. From the methodological point of view, the main innovation lies in disentangling "good" macroeconomics news from "bad" news, and, simultaneously, considering time intervals with and without confounding announcements from other sources. Releases from both institutes lead to an immediate response of returns occurring 15 seconds after the announcements, i.e. within the first possible time interval. Announcements of both institutes are also clearly and immediately reflected in the volatility, which remains at a significantly higher level for approximately two minutes slightly elevated for approximately 15 minutes. Combining returns and volatility in a GARCH(1,1)-model, the paper reveals that significant increases in volatility only show up in the presence of simultaneous news released by other sources, whereas return reactions can be observed irrespective of whether confounding announcements are published or not. -- Event study ; announcement effect ; high-frequency data ; intraday data

This article challenges claims that liberalising state regulated markets in developing countries may induce lasting economic development. The analysis of the rise of tourism in Egypt during the last three decades suggests that the effects of liberalisation and structural adjustment are constrained by the neo-patrimonial character of the Egyptian political system. Since the decline of oil rent revenues during the 1980s tourism development was the optimal strategy to compensate for the resulting fiscal losses. Increasing tourism revenues have helped in coping with macroeconomic imbalances and in avoiding more costly adjustment of traditional economic sectors. Additionally, they provided the private elite with opportunities to generate large profits. Therefore, sectoral transformations due to economic liberalisation in neo-patrimonial Rentier states should be described as a process, which has led to the diversification of external rent revenues, rather than to a general downsizing of the Rentier character of the economy. (GIGA)