Hotel productivity: A robust Luenberger productivity indicator

2019 ◽  
Vol 25 (6) ◽  
pp. 987-996 ◽  
Author(s):  
Nickolaos G Tzeremes
Keyword(s):  
Financial Crisis ◽  
Technological Change ◽  
Canary Islands ◽  
Global Financial Crisis ◽  
Extreme Values ◽  
Productivity Index ◽  
Luenberger Productivity Indicator ◽  
Time Period ◽  
Robust Version ◽  
The Global Financial Crisis

The article presents a robust version of the Luenberger productivity indicator. The proposed productivity indicator is less sensitive to potential outliers and extreme values. We apply the robust productivity index on a sample of 176 hotels operating in the Canary Islands over the period from 2004 to 2013. The results indicate that hotels have increased their productivity levels over the examined time period. In relation to their productivity levels, it is also evident that hotels have demonstrated strong resilience during the global financial crisis. Finally, it is evident that hotels have been recovered quickly from the global financial crisis based mainly on the ability to increase their technological change levels.

Productivity in the Hotel Industry: An Order-α Malmquist Productivity Indicator

2020 ◽  
Vol 45 (1) ◽  
pp. 133-150
Author(s):  
Panayiotis Tzeremes ◽  
Nickolaos G. Tzeremes
Keyword(s):  
Data Envelopment Analysis ◽  
Global Financial Crisis ◽  
Extreme Values ◽  
Empirical Studies ◽  
Malmquist Productivity Index ◽  
Productivity Index ◽  
Data Envelopment ◽  
Robust Version ◽  
Productivity Indices ◽  
The Global Financial Crisis

In the literature, it is highlighted that the deterministic nature of the data envelopment analysis–based productivity measures makes them sensitive to sample characteristics. However, the majority of the related empirical studies ignore the potential bias in their data envelopment analysis–based productivity estimations. This article illustrates how the order-α quantile-type estimators can be applied to construct a robust version of the Malmquist productivity indices. Using the order-α estimators, we construct a Malmquist productivity index alongside with two well-known decompositions. The proposed productivity indicator is less sensitive to potential outliers and extreme values. Then, as an illustrative example, we apply the quantile-type productivity index on a sample of 270 hotels operating in the Balearic Islands over the period 2004-2013. The productivity levels alongside with their components are analyzed during the global financial crisis period.

Equities and Exchanges, 2007–20

2020 ◽  
pp. 481-533
Author(s):  
Ranald C. Michie
Keyword(s):  
Financial Crisis ◽  
Technological Change ◽  
Global Financial Crisis ◽  
The Other ◽  
Stock Exchanges ◽  
The World ◽  
Clearing And Settlement ◽  
Data Provision ◽  
The One ◽  
The Global Financial Crisis

Throughout the Global Financial Crisis and its aftermath the world of equities and stock exchanges operated to its own agenda though it was affected by what was happening to banks and financial markets generally. The focus of those involved in equities and exchanges continued to revolve around the disruptive effects of technological change and globalization, and the actions of regulators motivated by a desire to protect investors and stimulate competition. In response stock exchanges increasingly opted for either the horizontal or vertical model or a combination of both. In the horizontal model exchanges merged to create multiproduct platform, which combined trading in equities with that in derivatives and other financial productsn With the vertical model trading in equities was integrated with the processing and clearing of transactions, providing users with a single venue covering the placing of an order through to its completion. Increasingly it was the combination of equities and derivatives on the one hand and trading, clearing, and settlement on the other that proved to be the winning formula, as it also led exchanges into the lucrative field of data provision. This was despite opposition from regulators because the vertical-silo limited competition between individual exchanges.

On the formation of a New Paradigm of fiscal Policy

2013 ◽  
pp. 152-158 ◽  
Author(s):  
V. Senchagov
Keyword(s):  
Public Finance ◽  
Fiscal Policy ◽  
Financial Crisis ◽  
Global Financial Crisis ◽  
Domestic Demand ◽  
Real Economy ◽  
New Paradigm ◽  
Monetary Aggregate ◽  
The Past ◽  
The Global Financial Crisis

Due to Russia’s exit from the global financial crisis, the fiscal policy of withdrawing windfall spending has exhausted its potential. It is important to refocus public finance to the real economy and the expansion of domestic demand. For this goal there is sufficient, but not realized financial potential. The increase in fiscal spending in these areas is unlikely to lead to higher inflation, given its actual trend in the past decade relative to M2 monetary aggregate, but will directly affect the investment component of many underdeveloped sectors, as well as the volume of domestic production and consumer demand.

ASPEK ETIK DAN SISTEMIK DALAM EKONOMI DAN BISNIS ISLAM

ALQALAM ◽  
2014 ◽  
Vol 31 (1) ◽  
pp. 187
Author(s):  
Budi Harsanto
Keyword(s):  
Financial Crisis ◽  
Business Ethics ◽  
Moral Hazard ◽  
Global Financial Crisis ◽  
Financial Institution ◽  
Research Question ◽  
Academic Journals ◽  
Lehman Brothers ◽  
The World ◽  
The Global Financial Crisis

The fall of Enron, Lehman Brothers and other major financial institution in the world make researchers conduct various studies about crisis. The research question in this study is, from Islamic economics and business standpoint, why the global financial crisis can happen repeatedly. The purpose is to contribute ideas regarding Islamic viewpoint linked with the global financial crisis. The methodology used is a theoretical-reflective to various article published in academic journals and other intellectual resources with relevant themes. There are lots of analyses on the causes of the crisis. For discussion purposes, the causes divide into two big parts namely ethics and systemic. Ethics contributed to the crisis by greed and moral hazard as a theme that almost always arises in the study of the global financial crisis. Systemic means that the crisis can only be overcome with a major restructuring of the system. Islamic perspective on these two aspect is diametrically different. At ethics side, there is exist direction to obtain blessing in economics and business activities. At systemic side, there is rule of halal and haram and a set of mechanism of economics system such as the concept of ownership that will early prevent the seeds of crisis. Keywords: Islamic economics and business, business ethics, financial crisis 

Mobilising resiliency in times of economic hardship: Emerging themes in migrant worker remittance payments

2014 ◽  
Vol 7 (2) ◽  
pp. 159-167
Author(s):  
Kevin Garlan
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Migrant Worker ◽  
Economic Hardship ◽  
Priority Areas ◽  
Mobile Payments ◽  
Payment Methods ◽  
The Future ◽  
Emerging Themes ◽  
The Global Financial Crisis

This paper analyses the nexus of the global financial crisis and the remittance markets of Mexico and India, along with introducing new and emerging payment technologies that will help facilitate the growth of remittances worldwide. Overall resiliency is found in most markets but some are impacted differently by economic hardship. With that we also explore the area of emerging payment methods and how they can help nations weather this economic strife. Mobile payments are highlighted as one of the priority areas for the future of transferring monetary funds, and we assess their ability to further facilitate global remittances.

The Pandemic Exposes an Ailing US Governance Model

2020 ◽  
Vol 119 (820) ◽  
pp. 310-316
Author(s):  
Alasdair Roberts
Keyword(s):  
Financial Crisis ◽  
Developing World ◽  
Global Financial Crisis ◽  
Political Polarization ◽  
Washington Consensus ◽  
The Past ◽  
Governance Model ◽  
Governance Challenges ◽  
The Global Financial Crisis ◽  
Current Governance

Since the 1990s and Bill Clinton’s embrace of key parts of Ronald Reagan’s legacy, mainstream US governance has been guided by a bipartisan consensus around a formula of shrinking the federal government’s responsibilities and deregulating the economy. Hailed as the ultimate solution to the age-old problem of governing well, the formula was exported to the developing world as the Washington Consensus. Yet growing political polarization weakened the consensus, and in a series of three major crises over the past two decades—9/11, the global financial crisis, and the COVID-19 pandemic—US policymakers opted for pragmatism rather than adherence to the old formula, which appears increasingly inadequate to cope with current governance challenges.

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