Suchergebnisse

Using a structural vector autoregression (SVAR) with block exogeneity, this study examines the impacts of external shocks originating from the United States, the European Union, Japan, and the oil market as well as those of the regional shocks, on the oil‐rich countries of the Gulf Cooperation Council (GCC), viewed as a prospective monetary union. It takes into account the implications of the shock impacts for selecting an appropriate common exchange rate arrangement. The SVAR variance decomposition and impulse response analyses strongly underscore the relative impacts of the global shocks over the regional ones. The findings imply that the world's two major currencies, the U.S. dollar and the euro, should figure highly in a GCC's common basket of currencies. Accordingly, a transitional movement to a more flexible exchange rate arrangement such as a basket peg may be desirable for these trade‐dependent economies in the long run, as is argued in the optimal currency literature for developing countries. (JEL E52, O52, C22)

Individuals' creativity and new ideas today are not only essential for firms, agencies or organizations but also indispensable even for a nation. This article analyzes impacts of autonomy, risk taking and, especially, factor of tradition on self-assessment to subjective creativity and attitude to new ideas. Specifically, the article empirically analyzes how those factors affect creativity and new ideas and tests whether tradition is more meaningful than others in explaining creativity or new ideas. Most of previous research has theoretically concluded that, because of rigid and unchangeable norms and rules in tradition, individuals are not easy to generate or do new things, especially in Eastern countries. South Korea, with a long tradition within Asian and Confucian values, it is said that these values may limit creativity and new ideas. However, South Korea has achieved satisfactory outcomes in process of creative development, which could positively be affected by its tradition. Using the data from World Values Survey for South Korea at the latest wave 6th, the results show that tradition has a positive impact on subjective creativity beside significantly positive influence of risk taking, which is not considered to be important from cultural perspective.