The Politics of Automobile Insurance Reform: Ideas, Institutions, and Public Policy in North America (American Governance and Public Policy)

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This digital document is an article from Journal of Risk and Insurance, published by American Risk and Insurance Association, Inc. on March 1, 2000. The length of the article is 959 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: The Politics of Automobile Insurance Reform: Ideas, Institutions, and Public Policy in North America.(Review) (book review)
Author: William L. Ferguson
Publication: Journal of Risk and Insurance (Refereed)
Date: March 1, 2000
Publisher: American Risk and Insurance Association, Inc.
Volume: 67 Issue: 1 Page: 159

Article Type: Book Review

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Dynamic Modeling for Business Management applies dynamic modeling to business management, using accessible modeling techniques that are demonstrated starting with fundamental processes and advancing to more complex business models. Discussions of modeling emphasize its practical use for decision making and implementing change for measurable results. Readers will learn about both manufacturing and service-oriented business processes using hands-on lessons. They will then be able to manipulate additional models to try out their knowledge and address issues specific to their own businesses and interests. All of the models used in the book along with demo versions of ithink® and Berkeley Madonna™ software are included with the book on a CD-ROM. Some of the topics covered include workflow management, supply-chain management, and business strategy.

Customer Reviews:

Good book but poor choice of modeling software........2007-04-04

Interesting approach to modeling but it's all dependent on ithink, which is an absolutely old software program with a user interface from the Win 3.1 era. You'll be banging your head against the wall at the archaic nature of the program. Would've been a great program ten+ years ago but today I can't imagine anyone seriously wanting to learn this software. And in all honesty, the financial modeling section is hokey, as the manipulations are much easier done with excel.

Great Book on Business Systems and Simulation.......2005-07-20

Dynamic Modeling for Business Management is an excellent reference book for business and industrial engineer students and practitioners. The book provides explanations and examples for adding dynamics to some of the basic business systems and processes. The mathematical models introduced in operations research and management science courses have very restrictive assumptions. Simulation allows exploring more realistic models and enables the reader the appreciation the value of adding more realism of systems by having the capability of more realistic properties and feedback mechanisms. An example is waiting lines. In most real situations, the service rate is affected by the current length of the waiting line. Queuing models ignore this. Using simulation, you can model the results of these interdependencies.

The authors include Little's Law and serial workflow processes along with material flows, supply chains, repair systems, batching and tradeoffs among quality, speed and costs. This is the dynamic example of the old adage: "You can have it good, fast, cheap; pick two."

This book serves as an introduction to the simulation language ithink by iseesystems, formally High Performance Systems. The advantage of using this continuous language is in its simplicity, which also makes it both easy to learn and very adaptable. Good for readers that are not familiar with the language. This book is part of the Springer series on Modeling Dynamic Systems.

Excellent text for applies dynamic modeling.......2005-07-18

This is an excellent textbook for an upper-level undergraduate or graduate course in business simulation modeling. It might also be useful in an engineering course on simulation modeling, especially in more applied areas like industrial engineering.

I find the book more accessible, if not as complete, than Sterman's text. By adopting a "hand's on" approach and using the i-Think modeling software, I believe students will also find the concepts more accessible. For users of i-Think, this text has some excellent examples of how the software can be used to model specific manufacturing and supply chain business problems. Even if you aren't an i-Think user (it isn't my first choice) you will still find a lot of practical modeling advice. The math is solid, and there is an interesting twist on Little's Law. For those new to stochastic modeling, the section on modeling random variation is priceless. It takes the reader through the most useful modeling distributions and is a wonderful blend of mathematics and applied modeling.

My only negative comments relate to the meager section on Economic Value Added (which should have been more fully developed and moved into the main body of the text--in my opinion), and the selection of software (no offense to the i-Think users, but I think there are better tools for general business simulation modeling. Though maybe not for dynamic modeling--so I temper my criticism.)

In short, this is an excellent entry point for the reader who wants a solid introduction to dynamic systems and their specific application to business.

Good Book and Can Easily Be Put into Practice..........2004-05-25

I read this after Sterman's 'Business Dynamics'. While 'Business Dynamics' is a graduate level text book, this book is more aligned to the requirements of practitioners like consultants and managers. MDS have a series of books on use of dynamic modeling, each focusing on a specific area like biological systems, economics, health sciences, environmental systems etc.

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A reader from KL

Introduction To Dynamic Economic Models
Brian S. Ferguson , and G.C. Lim
Manufacturer: Manchester University Press
ProductGroup: Book
Binding: Paperback

Econometrics | Economics | Business & Investing | Subjects | Books

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This book is about economic dynamics--about how the economy adjusts over time. Its focus is on economic analysis rather than mathematics, so unlike many other books in the field which treat mathematics as the core and choose economic examples to suit the requirements of the math, it keeps the focus on the economics, treating mathematics as a tool of economic analysis. The book is example-driven, built around models drawn from a wide range of fields in economics. The focus of the illustrations is qualitative analysis of the sort found in economic journals, and the structure of the models is dictated by the requirements of the economic analysis. Unnecessary complexity has been avoided, yet the models have been presented in the same general form as they appear in the professional literature.

Customer Reviews:

A reader from KL.......2003-07-14

An excellent book for a beginner in dynamic economic models. It is presented in a simpler way that readers could them without much difficulty.

Introduction to Dynamic Macroeconomic Theory: An Overlapping Generations Approach

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Introduction to Dynamic Macroeconomic Theory: An Overlapping Generations Approach
George McCandless , and Neil Wallace
Manufacturer: Harvard University Press
ProductGroup: Book
Binding: Hardcover

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ASIN: 0674461118

The ABCs of RBCs: An Introduction to Dynamic Microeconomic Models

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The ABCs of RBCs: An Introduction to Dynamic Microeconomic Models
George McCandless
Manufacturer: Harvard University Press
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Growth and harvest without cultivation: An introduction to dynamic optimization (Economics research report)

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Growth and harvest without cultivation: An introduction to dynamic optimization (Economics research report)
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Introduction to Mathematical Models in Economic Dynamics

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Introduction to Mathematical Models in Economic Dynamics
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ASIN: 0936428074

Book Description

The management of financial crises in emerging markets is a vital and high-stakes challenge in an increasingly global economy. For this reason, it's also a highly contentious issue in today's public policy circles. In this book, leading economists-many of whom have also participated in policy debates on these issues-consider how best to reduce the frequency and cost of such crises.

The contributions here explore the management process from the beginning of a crisis to the long-term effects of the techniques used to minimize it. The first three chapters focus on the earliest responses and the immediate defense of a currency under attack, exploring whether unnecessary damage to economies can be avoided by adopting the right response within the first few days of a financial crisis. Next, contributors examine the adjustment programs that follow, considering how to design these programs so that they shorten the recovery phase, encourage economic growth, and minimize the probability of future difficulties. Finally, the last four papers analyze the actual effects of adjustment programs, asking whether they accomplish what they are designed to do-and whether, as many critics assert, they impose disproportionate costs on the poorest members of society.

Recent high-profile currency crises have proven not only how harmful they can be to neighboring economies and trading partners, but also how important policy responses can be in determining their duration and severity. Economists and policymakers will welcome the insightful evaluations in this important volume, and those of its companion, Sebastian Edwards and Jeffrey A. Frankel's Preventing Currency Crises in Emerging Markets.

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Currency Crises in Emerging Markets

Manufacturer: Springer
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Binding: Hardcover

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ASIN: 1402071507

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Currency Crises in Emerging Markets, prepared by Warsaw-based Center for Social and Economic Research (CASE), discusses various aspects of currency crises in emerging-market economies: The definitions and theoretical models of currency crises, the causes, management and propagation (contagion effect) of crises, their economic, social and policy consequences, the role of international financial institutions, and crisis prevention. In addition, five case studies of currency crises in Central and Eastern Europe are presented.

Investment, devaluation, and foreign currency exposure: The case of Mexico [An article from: Journal of Development Economics]

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Investment, devaluation, and foreign currency exposure: The case of Mexico [An article from: Journal of Development Economics]
M. Aguiar
Manufacturer: Elsevier
ProductGroup: Book
Binding: Digital
ASIN: B000RR7MTI

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Mexico 1994: Anatomy of an Emerging-Market Crash

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Mexico 1994: Anatomy of an Emerging-Market Crash

Manufacturer: Carnegie Endowment for International Peace
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Binding: Paperback

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ASIN: 0870031546

Book Description

In late December 1994--after having attracted widespread praise as a model of economic reform and become a super-magnet for international investors as well as the United States' partner in the newly consummated NAFTA trade agreement--Mexico seemingly overnight plunged into political and economic crisis. The perceived threat to the global economy was to lead the Clinton administration, against strong congressional criticism, to push through an unprecedented $40-billion international rescue package. What went wrong in Mexico? What role was played by flaws in the design of the Mexican reforms, by political as well as economic decision-making in the context of the crises that shook the country, by external market forces, and by sheer bad luck? What lessons can the peso crisis offer to those grappling with newly unfolding crises in other emerging-market economies around the world? The complex anatomy of this "first economic crisis of the 21st century" is here examined-in sometimes sharply divergent perspectives--by a distinguished international group that includes ex-ministers, financial market participants, leading political scientists and economists, and senior officials from the World Bank, the IMF, and the Inter-American Development Bank. In addition to the editors, the contributors are Robert L. Bartley, Nancy Birdsall, Agustino Carstens, Rudiger Dornbusch, Denise Dresser, Jeffry A. Frieden, Michael Gavin, Francisco Gil-Diaz, David D. Hale, Ricardo Hausmann, Claudio M. Loser, and Peter H. Smith.

Output costs of currency and balance of payments crises in emerging markets.(Statistical Data Included): An article from: Comparative Economic Studies

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Output costs of currency and balance of payments crises in emerging markets.(Statistical Data Included): An article from: Comparative Economic Studies
Michael M. Hutchison , and Ilan Noy
Manufacturer: Association for Comparative Economic Studies
ProductGroup: Book
Binding: Digital

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Book Description

This digital document is an article from Comparative Economic Studies, published by Association for Comparative Economic Studies on June 22, 2002. The length of the article is 6918 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

From the author: We investigate the output effects of severe currency crises in emerging markets. Using a panel data set over the 1975-97 period and covering 24 emerging-market economies, we find that currency and balance of payments crises--even after controlling for other factors--reduce output by about 5-8 percent over a two-three year period. This adverse effect is two- to four times larger than the average output loss in a developing economy. Typically, growth tends to return to trend by the third year following the crisis. The large output costs are likely related to their dependence on private capital markets and abrupt reversals in capital inflows that in turn force substantial real-side adjustment.

Citation Details
Title: Output costs of currency and balance of payments crises in emerging markets.(Statistical Data Included)
Author: Michael M. Hutchison
Publication: Comparative Economic Studies (Refereed)
Date: June 22, 2002
Publisher: Association for Comparative Economic Studies
Page: 27(18)

Article Type: Statistical Data Included

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Preventing Currency Crises in Emerging Markets (National Bureau of Economic Research Conference Report)

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Preventing Currency Crises in Emerging Markets (National Bureau of Economic Research Conference Report)

Manufacturer: University Of Chicago Press
ProductGroup: Book
Binding: Hardcover

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ASIN: 0226184943

Book Description

Economists and policymakers are still trying to understand the lessons recent financial crises in Asia and other emerging market countries hold for the future of the global financial system. In this timely and important volume, distinguished academics, officials in multilateral organizations, and public and private sector economists explore the causes of and effective policy responses to international currency crises.

Topics covered include exchange rate regimes, contagion (transmission of currency crises across countries), the current account of the balance of payments, the role of private sector investors and of speculators, the reaction of the official sector (including the multilaterals), capital controls, bank supervision and weaknesses, and the roles of cronyism, corruption, and large players (including hedge funds).

Ably balancing detailed case studies, cross-country comparisons, and theoretical concerns, this book will make a major contribution to ongoing efforts to understand and prevent international currency crises.

Sudden stops and the Mexican wave: Currency crises, capital flow reversals and output loss in emerging markets [An article from: Journal of Development Economics]

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Sudden stops and the Mexican wave: Currency crises, capital flow reversals and output loss in emerging markets [An article from: Journal of Development Economics]
M.M. Hutchison , and I. Noy
Manufacturer: Elsevier
ProductGroup: Book
Binding: Digital
ASIN: B000RR7MOS

Book Description

This digital document is a journal article from Journal of Development Economics, published by Elsevier in . The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.

Description:
Sudden stops are the simultaneous occurrence of a currency/balance of payments crisis with a reversal in capital flows. We investigate whether sudden-stop crises are a unique phenomenon and whether they entail an especially large and abrupt pattern of output collapse (a ''Mexican wave''). Using a panel data set over 1975-1997 and covering 24 emerging-market economies, we distinguish between the output effects of currency crises, capital inflow reversals, and sudden-stop crises. Sudden-stop crises have a large negative, but short-lived, impact on output growth over and above that found with currency crises. A currency crisis typically reduces output by about 2-3%, while a sudden stop reduces output by an additional 6-8% in the year of the crisis. The cumulative output loss of a sudden stop is even larger, around 13-15% over a 3-year period. Our model estimates correspond closely to the output dynamics of the 'Mexican wave' (such as seen in Mexico in 1995, Turkey in 1994 and elsewhere), and out-of-sample predictions of the model explain well the sudden (and seemingly unexpected) collapse in output associated with the 1997-1998 Asian Crisis.

Towards a new early warning system of financial crises [An article from: Journal of International Money and Finance]

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Towards a new early warning system of financial crises [An article from: Journal of International Money and Finance]
M. Bussiere , and M. Fratzscher
Manufacturer: Elsevier
ProductGroup: Book
Binding: Digital
ASIN: B000PAU6UE

Book Description

This digital document is a journal article from Journal of International Money and Finance, published by Elsevier in 2006. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.

Description:
This paper develops a new early warning system (EWS) model, based on a multinomial logit model, for predicting financial crises. It is shown that commonly used EWS approaches, which use binomial discrete-dependent-variable models, are subject to what we call a post-crisis bias. This bias arises when no distinction is made between tranquil periods, when economic fundamentals are largely sound and sustainable, and crisis/post-crisis periods, when economic variables go through an adjustment process before reaching a more sustainable level or growth path. We show that applying a multinomial logit model, which allows distinguishing between more than two states, is a valid way of solving this problem and constitutes a substantial improvement in the ability to forecast financial crises. The empirical results reveal that, for a set of 20 open emerging markets for the period 1993-2001, the model would have correctly predicted a large majority of crises in emerging markets.

The contribution of domestic and external factors to emerging market devaluation crises: An early warning systems approach (International finance discussion papers)

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The contribution of domestic and external factors to emerging market devaluation crises: An early warning systems approach (International finance discussion papers)
Steven Kamin
Manufacturer: Board of Governors of the Federal Reserve System
ProductGroup: Book
Binding: Unknown Binding
ASIN: B0006RRU0K

Discriminating contagion: An alternative explanation of contagious currency crises in emerging markets (IMF working paper)

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Discriminating contagion: An alternative explanation of contagious currency crises in emerging markets (IMF working paper)
Pavan Ahluwalia
Manufacturer: International Monetary Fund, Research Department
ProductGroup: Book
Binding: Unknown Binding

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ASIN: B0006RC3R0

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A hilarious tongue-in-cheek spoof of the current back-to-country trend, disguised as instructions to wanabe country people. Follow the instructions in this book and look progressively more like the back part of a horse's anatomy.

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