The Scout Report for Business & Economics - August 12, 1999

August 12, 1999

A Publication of the Internet Scout Project
Computer Sciences Department, University of Wisconsin-Madison

The target audience of the new Scout Report for Business & Economics is faculty, students, staff, and librarians in business and economics. Each biweekly issue offers a selective collection of Internet resources covering topics in the field that have been chosen by librarians and content specialists in the given area of study.

The Scout Report for Business & Economics is also provided via email once every two weeks. Subscription information is included at the bottom of each issue.

In This Issue


Learning Resources

General Interest

Current Awareness

New Data

In The News


Internet Company Handbook [.pdf]
Published by Morgan Stanley Dean Witter, The Internet Company Handbook is a 243-page report which serves as "a rudimentary one-stop shop for the basics for today's top Internet companies." The report focusses on the leading 90 Internet companies, as defined by market capitalization and Media Metrix ratings which include average length of visit and average number of page views a month. The main body of this study consists of a collection of profiles of these companies including short descriptions and snapshots of their Websites. The publication has been broken into six chapters, and within each chapter, tables and key information are easily accessible from the table of contents. [EM]
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Prosperity and Thrift: The Coolidge Era and the Consumer Economy, 1921-1929 [RealPlayer, .wav, .mpg]
A special presentation from the Library of Congress, Prosperity and Thrift consists of a vast collection of resources about the Calvin Coolidge presidency and the economy of the 1920s, including written materials, photographs, audio files of Calvin Coolidge's speeches, and several volumes of Coolidge's personal papers. The site charts myriad aspects of this time period, offering background, analysis, and historical resources on such topics as Merchandising and Advertising, African Americans and Consumerism, and Poverty in the 20s. Accompanying the collection is the Guide to People, Organizations and Topics in Prosperity and Thrift, an alphabetized resource index. [EM]
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Trade Deficit Permits: Efficient Implementation of the Stability Pact in the European Monetary Union [.pdf]
This 60-page study from the National Bureau of Economic Research illustrates "a system of tradable deficit permits as an efficient mechanism for implementing fiscal constraints in the European Monetary Union." Author Alessandra Casella compares her system of deficit permits to the current Stability Pact, finding that her system seems to have more flexibility among the EMU countries, which would minimize the costs of fiscal target compliance. [EM]
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Emerging Digital Economy II [.pdf]
An update of the 1998 US Department of Commerce document Emerging Digital Economy (reviewed in the April 17, 1998 Scout Report), the second volume of this annual report shows that, although ecommerce remains less than one percent of the retail share of the economy, it continues to grow, "outpacing last year's most optimistic projections." New chapters and analyses include "Contribution of Information Technology to Gross Product Originating Per Worker" and "Labor Markets in the Digital Economy." [EM]
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Learning Resources

Featuring a directory with other 11,000 sites in 141 catagories, invest-o-rama is a comprehensive portal into investment resources online. Users can enter their ticker names and receive quotes on their stocks from six different companies including Moneynet and Advanced Charting. Invest-o-rama also includes featured articles, investor tools, and links to financial news. Users may also sign up for the free Invest-o-rama newsletter or ask Doug Gerlach, author of The Complete Idiot's Guide to Online Investing, an investment question. [EM]
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National Trade Performance [.pdf]
The International Trade Center provides a comprehensive collection of data illustrating the leading exports in terms of markets, unit value, and performances, among other variables. Based on the trade patterns of the 174 countries of the United Nations, as well as Hong Kong, Macau, Switzerland, and Taiwan Province of China, the information is organized in both charts and graphs. An in-depth introduction explaining the data presentation is included to help users navigate this extensive system. [EM]
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Emerging Markets Data Base -- ICF
Touted as the "The World's Leading Source of Information of Stock Markets in the Developing World," Emerging Markets Data Base (EMDB) offers up-to-date market data from countries including Indonesia, Pakistan, Jordon, Greece, and Zimbabwe. The International Finance Corporation (IFC) started collecting data for EMDB in 1975 and data currently cover 51 markets and over 2,000 stocks. Monthly data, organized by region, include IFC price indexes and exchange rates against the dollar. Spread sheets of countries's performances, as well as in-depth summaries, also help to illustrate their market conditions. EMDB also includes a daily feed of IFC Investible Indexes. [EM]
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Accounting Education
Featuring daily accounting news updates, Accounting Education is a British online resource for academic accountants. Interested users may register for the free weekly news wire or read daily updates directly from the Accounting Education Website. Along with some full-text articles, this guide also includes links to financial sites, peer reviews of newly published resources, and job listings for academic accounting positions throughout the UK, Scotland, New Zealand, and Australia. [EM]
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General Interest

The Prague Tribune online
The Prague Tribune, a monthly English-language business magazine from the Czech Republic, features thorough articles for and about the Prague business community, including news and information about technology, finance, and Czech business culture. The Prague Tribune also covers human resources, real estate, and marketing. A searchable index of full-text articles dates back to November 1997. [EM]
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The Relevance of Adam Smith
The Federal Reserve Bank of Richmond explores the relevance of eighteenth-century economist Adam Smith in today's world. Quoting heavily from Smith's famous work The Wealth of Nations, this article summarizes many of Smith's main themes and ideas, and attempts to prove that Smith's "ideas have become so thoroughly absorbed into our intellectual heritage that they are no longer identifiable as having originated with Adam Smith." [EM]
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Sound Money [RealPlayer]
Sound Money is a live call-in radio program dealing with personal finance, hosted by Minnesota Public Radio. The Sound Money Website offers archived articles available in RealAudio and html formats, as well as reviews of new books about finance, columns from the show's hosts, and several bulletin board systems dealing with money and finance. Sound Money can be heard through streaming RealAudio Saturdays 10-11am CT, and Sundays 5-6pm CT. [EM]
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Inflation Calculator
This simple inflation calculator uses the Consumer Price Index to adjust any given amount of money, from 1800 to 1998. Creator S. Morgan Friedman uses data from the Historical Statistics of the United States for statistics predating 1975 and the annual Statistics Abstracts of the United States for data from 1975 to 1998. Links to other online inflation information are also included. [EM]
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Current Awareness
(For links to additional current awareness on tables of contents, abstracts, preprints, new books, data, conferences, etc., visit the The Scout Report for Business & Economics Current Awareness Metapage:

Working Papers

Federal Reserve Board of Governors (FRB BOG)
International Finance Discussion Papers [.pdf]
Uncovering Country Risk in Emerging Market Bond Prices
Why is Productivity Procylical? Why Do We Care?

Federal Reserve System:
FRB Atlanta Working Papers [.pdf]
Expected Stock Returns and Volatility in a Production Economy: A Theory and Some Evidence
Concentrated Shareholdings and the Number of Outside Analysts
FRB Chicago Working Papers [.pdf]
Measurement Errors in Japanese Consumer Price Index
Extracting Market Expectations from Option Prices: Case Studies in Japanese Option Markets

FRB Cleveland Working Papers [.pdf]
The Band Pass Filter
Monetary Policy Regimes and Beliefs

FRB Minneapolis Discussion Papers [.pdf]
Keynesian Conundrum: Multiplicity and Time Consistent Stabilization

FRB San Francisco Working Papers [.pdf]
Fiscal Policy, Increasing Returns and Endogenous Fluctuations

World Bank
Policy Research Working Papers [.pdf]
The Effect of Foreign Entry on Argentina's Domestic Banking Sector
A New Database on Financial Development and Structure

Institute for International Economics
Working Papers
Sovereign Liquidity Crisis: The Strategic Case for A Payments Standstill
Modeling Korean Unification

International Monetary Fund (IMF):
Working Papers [.pdf]
External Vulnerability in Emerging Market Economies - How High Liquidity Can Offset Weak Fundamentals and the Effects of Contagion
Military Spending, the Peace Dividend, and Fiscal Adjustment
Signaling Fiscal Regime Sustainability
Does Mother Nature Corrupt - Natural Resources, Corruption, and Economic Growth
Explaining International Comovements of Output and Asset Returns: The Role of Money and Nominal Rigidities
Real Wage Rigidities, Fiscal Policy, and the Stability of EMU in the Transition Phase
Common Trends and Structural Change: A Dynamic Macro Model for the Pre- and Postrevolution Islamic Republic of Iran
Co-Movements in Long-Term Interest Rates and the Role of PPP-Based Exchange Rate Expectations
How Persistent Are Shocks to World Commodity Prices?
Do Hong Kong SAR and China Constitute An Optimal Currency Area? An Empirical Test of the Generalized Purchasing Power Parity Hypothesis
Price Imputation and Other Techniques for Dealing with Missing Observations, Seasonality and Quality Change in Price Indices
Sources of Economic Growth - An Extensive Growth Accounting Exercise
Price Liberalization, Money Growth, and Inflation During the Transition to a Market Economy
Simple Monetary Policy Rules Under Model Uncertainty

Organisation for Economic Co-operation and Development (OECD)
Working Papers [.pdf]
Technology upgrading with learning cost: A solution for two "Productivity puzzles"$FILE/07E97803.ENG
Testing for a common OECD Phillips curve$FILE/07E97767.ENG
Sustainable economic growth: Natural resources and the environment in Norway$FILE/07E97784.ENG
Coping with population ageing in Australia$FILE/07E97734.ENG

Wharton Financial Institutions Center
Working Papers
What Do Financial Intermediaries Do?
Conglomeration Versus Strategic Focus: Evidence from the Insurance Industry
Corporate Governance and Competition
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Federal Reserve System:
FRB Atlanta EconSouth
FRB Cleveland Economic Review [.pdf]
FRB Dallas Southwest Economy [.pdf]
FRB New York Second District Highlights [.pdf]
FRB San Francisco Economic Research
The current issue of EconSouth from the Federal Reserve Bank of Atlanta features the cover story, "Exterminating the Y2K Bug in Banking." The second quarter 1999 issue of the Federal Reserve Bank of Cleveland's Economic Review includes articles on technology in the Third World, accounting methods, and the technological advances embodied in capitol. The July/ August issue of the Dallas FRB's Southwest Economy consists of articles dealing with biotech opportunities in Texas. "Can New York City Bank on Wall Street" is the lead article from Second District Highlights from the FRB of New York. Economic Research from the Federal Bank of San Francisco focusses on the housing market in San Francisco. [EM]

Federal Deposit Insurance Corporation -- FDIC
Consumer News
The latest installment of Consumer News from the FDIC is a special report about Year 2000 consumer banking issues. Articles include "Beware of Y2K Scams," "What regulators are doing to get banks ready for the Year 2000," and "A Y2K Checklist for Customers." [EM]

United States International Trade Commission -- USITC
Industry, Trade, and Technology [.pdf]
Key articles from the June 1999 issue of Industry, Trade, and Technology include "Energy Services: Recent Trends and Future Prospects," "Market trends affecting the US environmental services sector," and "Health care services." [EM]

Bank for International Settlements (BIS)
BIS Review [.pdf]
Recently released articles and speeches from the BIS Review include the July nineteenth Hong Kong Stock Exchange speech given by Joseph Yam, the Chief Executive of the Hong Kong Monetary Authority. Also included is the July thirteenth speech by Yutaka Yamaguchi, Deputy Governor of the Bank of Japan at the Japan Center for Economic Research in Tokyo, on the role of central banks in international finance. [EM]

Baker & Taylor
Baker & Taylor Latest Books in Business -- August 1999
Baker & Taylor Latest Books in Economics -- August 1999
Baker & Taylor lists business and economics books published in August 1999. [EM]

Econbase -- Elsevier
The abstracts and tables of contents for the following journals are now available online: Mathematical Social Sciences (Vol 38 No 1), Labour Economics (Vol 6 No 2), Journal of Public Economics (Vol 73 No 3), Journal of Multinational Financial Management (Vol 9, No 2), Journal of Monetary Economics (Vol 43 No 1), Pacific-Basin Finance Journal (Vol 7 No 1), Regional Science and Urban Economics (Vol 29 No 5). [EM]
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Inomics Conference Calls:
Email Conference Alert
Conference Search
The economics research service Inomics (described in the June 18, 1998 Scout Report for Business & Economics) includes a conference alert service. Interested parties may specify their interests and receive email notifications of up-coming events, or they may search the Inomics conference database by date, geographic location, or JEL classification. [EM]

Conferences with Econometric Interest
The Royal Economics Society's Econometrics Journal site lists conferences in econometrics at this Econometric Links section. Forthcoming international conferences currently listed include the 53rd Session of the International Statistical Institute (ISI), August 22-30, 2001, Seoul, Korea. This biannual conference's topics will range from mathematical statistics to time series. [EM]
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Job Openings from The Chronicle of Higher Education
Job Openings in Economics
Job Openings in Business and Management

Job Openings for Economists (JOE)

Inomics: Job Openings for Economists
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New Data

Federal Reserve Board of Governors (FRB BOG)
Minority-Owned Banks [.pdf]
The latest installment from this quarterly report from the Federal Reserve Board of Governors lists minority-owned banks by state. Data include assets, deposits, and established dates. The data from this study, from the banks that participate in the Department of the Treasury's Minority Bank Deposit Program, are compiled from "Consolidated Reports of Condition and Income filed quarterly by banks (FFIEC 031 through 034) and from other information in the Board's National Information Center database." [EM]
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Census Bureau
Characteristics of New Housing [.pdf]
This 1998, 91-page report draws on the US Census Bureau's Survey of Construction, Manufactured Homes Survey, and Survey of Market Absorption. Sections include the characteristics of single and multifamily housing, contractor-built houses, and new mobile home placement. There is also a supplement on apartment buildings consisting of five or more units. [EM]
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Bureau of Economic Analysis (BEA)
Personal Income and Outlays: June 1999
According to the Commerce Department's Bureau of Economic Analysis, June saw a $52.0 billion increase in personal income as well as a $42.6 billion increase in disposable personal income, each showing a 0.7 percent increase from May 1999. [EM]
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Bureau of Labor Statistics (BLS)
National Census of Fatal Occupational Injuries
The 1998 National Census of Fatal Occupational Injuries shows that the number of fatal work-related injuries has decreased close to 3 percent from 1997, making it the lowest count since this census commenced in 1992. Highway crashes counted for 24 percent of the 6,024 work-related deaths, followed by work-place homicides and on-the-job falls. [EM]
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United States Department of Agriculture (USDA)
USDA Reports Calendars -- August 1999
USDA Agency Reports Calendar
ERS Calendar
NASS Publications Calendar
USDA summarizes its report releases from various sources (the Economic Research Service, the National Agricultural Statistics Service, the Foreign Agricultural Service, and the World Agricultural Outlook Board) at these three calendar sites. Notable data for August 1999 include "Crop Progress" from the National Agriculture Statistics Service. [EM]
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In The News

Day Traders At Risk
1) Day Trading --
2) "Report of the Day Trading Project Group" -- North American Securities Administrators Association
3) "Regulators: 70% of day traders lose" -- The Boston Globe
4) "State Regulators Have Harsh Words for Some Traders" -- The New York Times
5) Day trading crackdown in US -- BBC [RealPlayer]
6) "Lose Money Fast! Day Trade" -- Wired News
7) "Masters of Their Own Universe" -- Newsweek
8) "The Empires Strike Back - Part I: The War Against Day Trading" -- Electronic Traders Association
On July 29, 1999, Mark Barton, a 44-year old day trader, opened fire at two Atlanta brokerage firms, killing nine people and injuring thirteen before taking his own life. Barton had recently lost an estimated half a million dollars trading, according to The New York Times. Coincidentally, just a week and a half after the tragedy in Atlanta, the North American Securities Administrators Association (NASAA) released a study condemning the practice of day trading, finding that, of the 4,093 trades in 26 accounts analyzed, "seventy percent of the accounts lost money and were traded in a manner that realized a 100% Risk of Ruin (loss of all funds)." The study concluded, "It is absolutely clear that the average public investor should refrain from short-term trading." This week's In the News looks at the day trading industry and its effectiveness. The following eight resources provide studies, recent news, background information, and commentary on day trading.

Written and compiled by Robert Rak, an independent trader and adjunct professor of finance at Seton Hall University,'s Day Trader (1) offers comprehensive information about the day trading industry. Rak's insider's guide to day trading includes a large list of links leading to day trading resources, articles, a newsletter, and Rak's own musings about day trading. "Report of the Day Trading Project Group" (2) from the NASAA is the report that stemmed the recent criticism of day trading. "Regulators: 70% of Day Traders Lose," (3) an article from The Boston Globe, summarizes the NASAA report as well as adding its own commentary. The New York Times's "State Regulators Have Harsh Words for Some Traders" (4) explains the risks of day trading, the NASAA's findings, and responses to that report by day traders. The BBC's "Day Trading comes to the UK" (5) examines the new developments with American day trading company Momentum Securities opening offices in London. The report also includes RealAudio sound files from the experts, including Clive Cooke, of Intercapitol and Danny Bowers, editor of The site's bulletin board allows readers to add their own comments about day trading. Wired News provides a cynical look at day trading in "Lose Money Fast! Day Trade" (6), as does Newsweek's "Masters of Their Own Universe" (7). The Electronic Traders Association responds to the NASAA's findings in "The Empires Strike Back - Part I: The War Against Day Trading" (8). [EM]
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The Scout Report for Business & Economics
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The Scout Report for Business & Economics is published every other Thursday by the Internet Scout Project, located in the University of Wisconsin-Madison's Department of Computer Sciences.

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