M. Werner's Books

Human Resource Development

By: Randy L. DeSimone,Jon M. Werner,David M. Harris

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Human Resource Development

By: Randy L. DeSimone,Jon M. Werner,David M. Harris

This book will assist you to understand the fundamentals of HRD and how HRD fits into the broader category of knowledge management. Presented in a clear and accessible style, the book focuses on understanding the essential theoretical concepts and developing practical HRD skills.

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744

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South Western Educational Publishing

Published Date

ISBN 10

0030319323

ISBN 13

9780030319327

Merit Pay

Linking Pay to Performance in a Changing World

By: Robert L. Heneman,Jon M. Werner

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Merit Pay

Linking Pay to Performance in a Changing World

By: Robert L. Heneman,Jon M. Werner

This book was written to bring together a summary of the current knowledge on merit pay and to further advance understanding of this type of incentive pay plan. When the writing of the first edition was begun in 1989, there were no books devoted exclusively to the subject of merit pay. Thus, this book was written to fill a void in the compensation literature. Since then, surveys have shown that merit pay remains a frequently used method of incentive compensation, and research into the merit pay process continues to grow. However, other forms of incentive pay, such as gainsharing, continue to receive the most attention, as evidenced by the number of books and articles on this topic in the popular press. In response to the frequent use of merit pay in organizations and the growing body of research, a book-length treatment of merit pay was needed. What we hope to do with this second edition, beyond updating, is to link merit pay with the many changes going on in total compensation or "reward management" (R. Heneman, 2001a, 2002). We also will argue that, even among all the challenges and changes that organizations currently face, there is still "merit" in appropriately conceived and implemented merit pay plans (Bates, 2003c).

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309

Publisher

IAP

Published Date

ISBN 10

1607529122

ISBN 13

9781607529125

Excerpt: Peru Staying the Course of Economic Success

By: Alejandro M. Werner,Alejandro Santos

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Excerpt: Peru Staying the Course of Economic Success

By: Alejandro M. Werner,Alejandro Santos

Peru stands out among Latin American countries as an example of successful economic reforms over the past decade. This comprehensive look at Peru's economy traces that country's journey from a debt crisis in the 1980s to having buffers in place that allowed it to emerge unscathed from the global financial crisis. The book examines the steps Peru undertook to achieve these results and extracts lessons to be learned. Chapters are written by IMF staff and Peruvian economists.

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International Monetary Fund

Published Date

ISBN 10

1513586920

ISBN 13

9781513586922

Terms-of-Trade Cycles and External Adjustment

By: Gustavo Adler,Mr.Nicolas E Magud,Alejandro M. Werner

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Terms-of-Trade Cycles and External Adjustment

By: Gustavo Adler,Mr.Nicolas E Magud,Alejandro M. Werner

We study the process of external adjustment to large terms-of-trade level shifts—identified with a Markov-switching approach—for a large set of countries during the period 1960–2015. We find that adjustment to these shocks is relatively fast. Current accounts experience, on average, a contemporaneous variation of only about 1⁄2 of the magnitude of the price shock—indicating a significant volume offset—and a full adjustment within 3–4 years. Dynamics are largely symmetric for terms-of-trade booms and busts, as well as for advanced and emerging market economies. External adjustment is driven primarily by offsetting shifts in domestic demand, as opposed to variations in output (also reflected in the response of import rather than export volumes), indicating a strong income channel at play. Exchange rate flexibility appears to have played an important buffering role during booms, but less so during busts; while international reserve holdings have been a key tool for smoothing the adjustment process.

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International Monetary Fund

Published Date

ISBN 10

1475584067

ISBN 13

9781475584066

Stripped

Reading the Erotic Body

By: Maggie M. Werner

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Stripped

Reading the Erotic Body

By: Maggie M. Werner

Stripped examines the ways in which erotic bodies communicate in performance and as cultural figures. Focusing on symbols independent of language, Maggie M. Werner explores the signs and signals of erotic dance, audience responses to these codes, and how this exchange creates embodied rhetoric. Informed by her own ethnographic research conducted in strip clubs and theaters, Werner analyzes the movement, dress, and cosmetic choices of topless dancers and neo-burlesque performers. Drawing on critical methods of analysis, she develops approaches for interpreting embodied erotic rhetoric and the marginal cultural practices that construct women’s public erotic bodies. She follows these bodies out into the streets—into the protest spaces where sex workers and anti-rape activists challenge discourses about morality and victimhood and struggle to remake their own identities. Throughout, Werner showcases the voices of these performers and in the analyses shares her experiences as an audience member, interviewer, and paying customer. The result is a uniquely personal and erudite study that advances conversations about women’s agency and erotic performance, moving beyond the binary that views the erotic body as either oppressed or empowered. Theoretically sophisticated and delightfully intimate, Stripped is an important contribution to the study of the rhetoric of the body and to rhetorical and performance studies more broadly.

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214

Publisher

Penn State Press

Published Date

ISBN 10

0271088346

ISBN 13

9780271088341

Peru

Staying the Course of Economic Success

By: Alejandro M. Werner,Alejandro Santos

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Peru

Staying the Course of Economic Success

By: Alejandro M. Werner,Alejandro Santos

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458

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International Monetary Fund

Published Date

ISBN 10

1513598538

ISBN 13

9781513598536

Financial Liberalization, Credit Constraints, and Collateral

Investment in the Mexican Manufacturing Sector

By: Mr.R. Gelos,Alejandro M. Werner

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Financial Liberalization, Credit Constraints, and Collateral

Investment in the Mexican Manufacturing Sector

By: Mr.R. Gelos,Alejandro M. Werner

This paper examines the impact of financial liberalization on fixed investment in Mexico, using establishment-level data from the manufacturing sector. It analyzes changes in cash-flow sensitivities and uses an innovative approach to explore the role of real estate as collateral and deal with a potential censoring problem. The results suggest that financial constraints were eased for small firms but not for large ones. However, banks’ reliance on collateral in their lending operations increased the importance of real estate. The results provide microeconomic evidence consistent with the role attributed to “financial accelerator” mechanisms during lending booms and during recessions that stem from financial crises.

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International Monetary Fund

Published Date

ISBN 10

1451844247

ISBN 13

9781451844245

Target Zones and Realignment Expectations

The Israeli and Mexican Experience

By: Alejandro M. Werner

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Target Zones and Realignment Expectations

The Israeli and Mexican Experience

By: Alejandro M. Werner

This paper studies the Mexican and Israeli experience with a target zone. The first part of the paper develops a model of exchange rate determination under a target zone regime with stochastic realignments, and examines the conditions under which the adoption of the target zone, instead of a fixed exchange rate, reduces the volatility of the interest rate differential. We conclude that if the variance of the expected realignment is sufficiently large, then the target zone will be useful. The second part of the paper is an empirical study that shows that the target zone regime helped reduce interest rate variability in Israel and Mexico by absorbing part of the shocks to the expected realignment with movements of the exchange rate inside the band.

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International Monetary Fund

Published Date

ISBN 10

1451853769

ISBN 13

9781451853766

Foreign Exchange Intervention in Inflation Targeters in Latin America

By: Mr.Marcos d Chamon,Mr.David J Hofman,Mr.Nicolas E Magud,Alejandro M. Werner

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Foreign Exchange Intervention in Inflation Targeters in Latin America

By: Mr.Marcos d Chamon,Mr.David J Hofman,Mr.Nicolas E Magud,Alejandro M. Werner

Foreign exchange intervention is widely used as a policy tool, particularly in emerging markets, but many facets of this tool remain limited, especially in the context of flexible exchange rate regimes. The Latin American experience can be informative because some of its largest countries adopted floating exchange rate regimes and inflation targeting while continuing to intervene in foreign exchange markets. This edited volume reviews detailed accounts from several Latin American countries’ central banks, and it provides insight into how and with what aim many interventions were decided and implemented. This book documents the effectiveness of intervention and pays special attention to the role of foreign exchange intervention policy within inflation-targeting monetary frameworks. The main lesson from Latin America’s foreign exchange interventions, in the context of inflation targeting, is that the region has had a considerable degree of success. Transparency and a clear communication policy have been key. For economies that are not highly dollarized, rules-based intervention helped contain financial instability and build international reserves while preserving inflation targets. The Latin American experience can help other countries in the design and implementation of their policies.

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320

Publisher

International Monetary Fund

Published Date

ISBN 10

1484393023

ISBN 13

9781484393024

Satellite Systems for Personal and Broadband Communications

By: E. Lutz,M. Werner,A. Jahn

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Satellite Systems for Personal and Broadband Communications

By: E. Lutz,M. Werner,A. Jahn

A scientific overview of current and future satellite systems for mobile and broadband communications. In part I, the fundamentals of geostationary and non-geostationary satellite constellations and the related questions of communications technology are treated. Part II deals with satellite systems for mobile communications and treats several network features as well as their technology, regulation and financing. Part III is devoted to future satellite systems for broadband communications and explains the specialities of satellite communications, particularly on the basis of ATM and TCP/IP. An extensive survey on operating and planned satellite systems completes the book.

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438

Publisher

Springer Science & Business Media

Published Date

ISBN 10

3642597270

ISBN 13

9783642597275

Authorities’ Fiscal Forecasts in Latin America: Are They Optimistic?

By: Metodij Hadzi-Vaskov,Mr. Luca A Ricci,Alejandro M. Werner,Rene Zamarripa

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Authorities’ Fiscal Forecasts in Latin America: Are They Optimistic?

By: Metodij Hadzi-Vaskov,Mr. Luca A Ricci,Alejandro M. Werner,Rene Zamarripa

Do governments in Latin America tend to be optimistic when preparing budgetary projections? We address this question by constructing a novel dataset of the authorities’ fiscal forecasts in six Latin American economies using data from annual budget documents over the period 2000-2018. In turn, we compare such forecasts with the outturns reported in the corresponding budget documents of the following years to understand the evolution of fiscal forecast errors. Our findings suggest that: (i) for most countries, there is no general optimistic bias in the forecasts for the fiscal balance-to-GDP ratio (though there may be for the components); (ii) fiscal forecasts have improved for some countries over time, albeit they have worsened for others; (iii) in terms of drivers, we show that forecast errors for the fiscal balance-to-GDP ratio are positively correlated with GDP growth and terms of trade changes and negatively with GDP deflator surprises; (iv) forecast errors for public debt-to-GDP ratios are negatively associated with surprises to GDP growth; (v) lastly, budget balance rules seem to help contain the size of the fiscal forecast errors.

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International Monetary Fund

Published Date

ISBN 10

1513573403

ISBN 13

9781513573403

Central Banking in Latin America

The Way Forward

By: Mr.Yan Carriere-Swallow,Luis I. Jacome H.,Mr.Nicolas E Magud,Alejandro M. Werner

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Central Banking in Latin America

The Way Forward

By: Mr.Yan Carriere-Swallow,Luis I. Jacome H.,Mr.Nicolas E Magud,Alejandro M. Werner

Latin America’s central banks have made substantial progress towards delivering an environment of price stability that is supportive of sustainable economic growth. We review these achievements, and discuss remaining challenges facing central banking in the region. Where inflation remains high and volatile, achieving durable price stability will require making central banks more independent. Where inflation targeting regimes are well-established, remaining challenges surround assessments of economic slack, the communication of monetary policy, and clarifying the role of the exchange rate. Finally, macroprudential policies must be coordinated with existing objectives, and care taken to preserve the primacy of price stability.

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International Monetary Fund

Published Date

ISBN 10

1475543352

ISBN 13

9781475543353

The Long-Run Impact of Sovereign Yields on Corporate Yields in Emerging Markets

By: Delong Li,Mr. Nicolas E Magud,Alejandro M. Werner,Samantha Witte

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The Long-Run Impact of Sovereign Yields on Corporate Yields in Emerging Markets

By: Delong Li,Mr. Nicolas E Magud,Alejandro M. Werner,Samantha Witte

We analyze the long-run impact of emerging-market sovereign bond yields on corporate bond yields, finding that the average pass-through is around one. The pass-through is larger in countries with greater sovereign risks and where sovereign bonds are more liquid. It is also greater for corporate bonds with lower ratings, shorter maturities, and for those issued by financial companies and government-related firms. Our results support theoretical arguments that corporate and sovereign yields are linked together through credit risks and liquidity premiums. Consequently, high sovereign risks may slowdown growth by persistently increasing private sector borrowing costs.

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International Monetary Fund

Published Date

ISBN 10

1513573411

ISBN 13

9781513573410

Fiscal Policy Challenges for Latin America During the Next Stages of the Pandemic: The Need for a Fiscal Pact

By: International Monetary Fund

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Fiscal Policy Challenges for Latin America During the Next Stages of the Pandemic: The Need for a Fiscal Pact

By: International Monetary Fund

The fiscal policy response to the COVID-19 shock in most LAC countries was much larger than during the GFC, suggesting fiscal space was not as tight as expected. We argue that it is feasible and desirable, though not without risks, to embark in a more gradual consolidation path than currently envisaged by several countries in the region. Avoiding an early withdrawal of support in 2021 and 2022 is important given that countries are still facing high rates of contagion and deaths, vaccination will take place very slowly, the economic recovery is partial, uncertain and not strong enough to help those most affected by the twin public health and economic crisis. At the center of this discussion is our conviction that fiscal space is not set in stone and it is endogenous to the medium-term targets and commitments undertaken by governments and congresses throughout the region. Also, revisions to fiscal responsibility frameworks should help anchor fiscal sustainability, as well as improve their effectiveness and flexibility. In this context, low-for-long interest rates and easy market access is generating a situation that, in spite of higher debt levels, interest cost on public debt will remain contained in the foreseeable future. Especially if, as argued in this paper, a more gradual fiscal consolidation path is accompanied with stronger commitments and institutional frameworks that ensure debt is put on a credible downward trajectory once the pandemic is under control. Catalyzing these changes, as well as initiating the debate to design other fiscal reforms to strengthen social protection and increase the progressivity of public finances, would require a broad social consensus and political cohesion around several crucial dimensions of public finances: a fiscal pact. On the other hand, if this agenda is neglected the continuation of low growth, social discontent, and political polarization could drive Latin America towards a very dangerous path of institutional and economic decay.

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International Monetary Fund

Published Date

ISBN 10

1513574337

ISBN 13

9781513574332

The Price and Welfare Effects of The Value-Added Tax: Evidence from Mexico

By: Rodrigo Mariscal,Alejandro M. Werner

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The Price and Welfare Effects of The Value-Added Tax: Evidence from Mexico

By: Rodrigo Mariscal,Alejandro M. Werner

In this paper we analyze the incidence of the VAT and its effects on the income distribution. To identify these effects, we rely on two tax reforms undertaken in Mexico that increased the VAT rate for a group of cities and left the rest unaffected. We compare the inflation rate of the affected cities with the exempted cities before and after the law changed. We find that the effect on prices is limited and conclude that the burden of the tax is indeed shared between producers and consumers. Regarding welfare, we find that the VAT is progressive in both absolute and relative terms to the overall expenditure. Finally, we show that an identical change in the VAT rate when inflation is high and persistent doubles its pass-through to inflation and its welfare loss for the average household.

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International Monetary Fund

Published Date

ISBN 10

1484384199

ISBN 13

9781484384190

Mexico'S Currency Risk Premia in 1992-1994

A Closer Look At the Interest Rate Differentials

By: Alejandro M. Werner

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Mexico'S Currency Risk Premia in 1992-1994

A Closer Look At the Interest Rate Differentials

By: Alejandro M. Werner

This paper studies the behavior of interest rate differentials in Mexico during the 1992-94 period. It shows that the currency risk premia is positively related to the share of peso denominated debt in total debt and that the magnitude of this effect is considerable. For every 1 percentage point increase in the ratio of peso denominated debt in total debt, the interest rate differential increases between 20 and 30 basis points. In light of this result, and to get a better measure of the expectation of a devaluation during the period, the observed interest rate differential is adjusted for the change in the composition of public debt. In contrast to the behavior of the interest rate differential, the adjusted measure remained at extremely high levels throughout 1994, signalling a low level of confidence in the announced currency band.

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International Monetary Fund

Published Date

ISBN 10

1451846053

ISBN 13

9781451846058

Managing Finance for Quality

Bottom-line Results from Top-level Commitment

By: James Arthur Finch Stoner,Frank M. Werner

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Managing Finance for Quality

Bottom-line Results from Top-level Commitment

By: James Arthur Finch Stoner,Frank M. Werner

Traditionally associated with manufacturing and customer service functions, total quality management (TQM) can also help an organization's finance department perform more effectively. At the same time, finance supports TQM by tracking its contribution to the bottom line. This book shows how to manage both sides of this integral relationship and improve day-to-day operations.

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250

Publisher

ASQ Quality Press

Published Date

ISBN 10

0873892674

ISBN 13

9780873892674

The Sources of Fiscal Fluctuations

By: Antoine Levy,Mr.Luca A Ricci,Alejandro M. Werner

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The Sources of Fiscal Fluctuations

By: Antoine Levy,Mr.Luca A Ricci,Alejandro M. Werner

This paper assesses the dynamic impact of global macroeconomic conditions, commodity price movements, shifts in portfolio preferences, and domestic shocks on fiscal outcomes—notably the budget deficit, its main components, and debt—across a wide range of countries. Heterogeneity is investigated across the level of development and other structural characteristics. Dynamics are explored via panel local projections, while robustness is assessed via dynamic panel and system GMM regressions. World growth, financial risk appetite, political events, and commodity export prices are key determinants of fiscal outcomes in EM, while domestic growth, commodity import prices, and banking crises appear to matter more in AE. Our estimates help quantify the amount of fiscal risk generated by various factors, and thus provide inputs for the design of potential insurance mechanisms or state-contingent debt instruments that could assist in smoothing fiscal fluctuations.

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INTERNATIONAL MONETARY FUND

Published Date

ISBN 10

1513560166

ISBN 13

9781513560168

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