BUSINESS & ECONOMICS SOCIETY INTERNATIONAL

CONFERENCE SUMMARY FRIDAY, JULY 18, 1997 Registration: 10:00 AM - 3:30 PM, Royal Room SESSION [1]: 11:30 AM - 1:00 PM, Mirror Room Workshop: Using Interactive Technology to Strengthen the Teaching of Business Ethics SESSION [2]: 2:00 PM - 3:30 PM, Golden Room Governmental Regulation, Finance and Development Policy SESSION [3]: 2:00 PM - 3:30 PM, Mirror Room Industrial Organization I SESSION [4]: 2:00 PM - 3:30 PM, Athenian Room International Trade I Reception (Cash Bar): 7:00 PM - 9:00 PM, Royal Room

CONFERENCE SUMMARY SATURDAY, JULY 19, 1997 SESSION [5]: 9:00 AM - 10:30 AM, Golden Room Vital Industries and Sectors SESSION [6]: 9:00 AM - 10:30 AM, Mirror Room Development and the Market System SESSION [7]: 9:00 AM - 10:30 AM, Athenian Room Spatial and Quality Concerns SESSION [8]: 11:00 AM - 12:30 PM, Golden Room Old Problems New Explanations SESSION [9]: 11:00 AM - 12:30 PM, Mirror Room International Trade and Foreign Investments SESSION [10]: 11:00 AM - 12:30 PM, Athenian Room Management Science I SESSION [11]: 2:30 PM - 4:00 PM, Golden Room Roundtable: Globalization at the Dawn of the 21st Century SESSION [12]: 2:30 PM - 4:00 PM, Mirror Room Macroeconomics I SESSION [13]: 2:30 PM - 4:00 PM, Athenian Room Governance & Finance Issues

CONFERENCE SUMMARY MONDAY, JULY 21, 1997 SESSION [14]: 9:00 AM - 10:30 AM, Golden Room Statistics/Econometrics SESSION [15]: 9:00 AM - 10:30 AM, Mirror Room Timely Topics & Concerns SESSION [16]: 9:00 AM - 10:30 AM, Athenian Room Finance, Exchange Rates & Capital Flows KEYNOTE ADDRESS: 10:45 AM - 12:30 PM, Mirror Room Globalization and Income Distribution: Across and Within Countries SESSION [17]: 2:00 PM - 3:30 PM, Golden Room Dealing with Uncertainty & Time SESSION [18]: 2:00 PM - 3:30 PM, Mirror Room Panel: Privatization and Deregulation of the Electricity Industry SESSION [19]: 2:00 AM - 3:30 PM, Athenian Room Roundtable: Public Policy and Pharmaceuticals SESSION [20]: 3:45 PM - 5:15 PM, Golden Room Accounting Business Meeting: 5:30 PM - 6:30 PM, Athenian Room (Open to all B&ESI Conference Participants)

CONFERENCE SUMMARY TUESDAY, JULY 22, 1997 SESSION [21]: 9:00 AM - 10:30 AM, Golden Room Industrial Organization II SESSION [22]: 9:00 AM - 10:30 AM, Mirror Room Human Resources SESSION [23]: 9:00 AM - 10:30 AM, Athenian Room Macroeconomics II SESSION [24]: 11:00 AM - 12:30 PM, Golden Room Management Science II SESSION [25]: 11:00 AM - 12:30 PM, Mirror Room Business Education SESSION [26]: 11:00 AM - 12:30 PM, Athenian Room Macroeconomics III

FRIDAY, JULY 18, 1997 11:30 AM - 1:00 PM, Mirror Room

SESSION [1]: Workshop Joel Copeland, Council for Ethics in Economics, USA Using Interactive Technology to Strengthen the Teaching of Business Ethics

FRIDAY, JULY 18, 1997 2:00 PM - 3:30 PM, Golden Room

SESSION [2]: Governmental Regulation, Finance and Development Policy Chair: Louis M. Seagull, Lubin School of Business - Pace University, USA Presenters and Titles: Stephen Connolly, Glasgow Caledonian University, UK The Measurement of Additionality: A Case Study of the UK National Lottery1 Louis M. Seagull, Lubin School of Business - Pace University, USA Airport Privatization in the USA2 Peter Bell, State University of New York, USA The Newly Industrializing Countries of Asia (NIC's): A Model for the Third World?3 Discussants: 1. George A. Petrochilos, Coventry University, UK 2. Peter Bell, State University of New York, USA 3. John Marangos, Monash University, Australia

FRIDAY, JULY 18, 1997 2:00 PM - 3:30 PM, Mirror Room

SESSION [3]: Industrial Organization I Chair: Alan Earl-Slater, Keele University, UK Presenters and Titles: Wan Rohana Ahmad Merican, Kwame Ampofo-Boateng, Azliya Jamil, Mara Institute of Technology, Malaysia Bruce Wiegand, University of Wisconsin-Whitewater, USA Adaptation to Technological Changes: A Case Study on a Multinational Corporation in Malaysia1 Emmanuel Petrakis, Universidad Carlos III de Madrid, Spain Jose Luis Moraga, Universidad Carlos III de Madrid, Spain Promoting Sales Through Coupons in Oligopoly under Imperfect Information2 George M. Korres, University of Crete, Greece National Systems of Innovations and the Effects of Technological Substitution on Industrial Structure of European Union Countries3 Discussants: 1. Jose Luis Moraga-Gonzalez, Universidad Carlos III de Madrid, Spain 2. Alan Earl-Slater, Keele University, UK 3. Irene Kyriakopoulos, National Defense University, USA & Jose Louis Moraga-Gonzalez, Universidad Carlos III de Madrid, Spain

FRIDAY, JULY 18, 1997 2:00 PM - 3:30 PM, Athenian Room

SESSION [4]: International Trade I Chair: Chor Hoy "Charlie" Tan, Government, Malaysia Presenters and Titles: Jon Haveman, Purdue University, USA Usha C. Nair, Georgia Institute of Technology, USA Jerry Thursby, Purdue University, USA The Effects of Protection on the Pattern of Trade: A Disaggregated Analysis1 Christoff Scherrer, Free University of Berlin, Germany & Harvard University, USA Social Clauses in International Trade Agreements: Theoretical Issues and Empirical Evidence2 Triantafyllos G. Flouris, Victoria University of Wellington, New Zealand The WTO against the OECD: The Role of States and Economic IOs in Investment Rules Negotiations3 Discussants: 1. Chor Hoy "Charlie" Tan, Government, Malaysia 2. Triantafyllos G. Flouris, Victoria University of Wellington, New Zealand 3. Christoff Scherrer, Free University of Berlin, Germany & Harvard University, USA

SATURDAY, JULY 19, 1997 9:00 AM - 10:30 AM, Golden Room

SESSION [5]: Vital Industries and Sectors Chair: Triantafyllos G. Flouris, Victoria University of Wellington, New Zealand Presenters and Titles: Alan Earl-Slater, Keele University, UK Pharmaceutical Policies in the EU: Problems and Paradoxes1 Ioanna Reziti, Centre of Planning and Economic Research, Greece Measuring Factor Biased Technological Change in Greek Agriculture2 Henry Grabowski, Duke University, USA Policy and Pharmaceuticals3 Discussants: 1. Henry Grabowski, Duke University, USA 2. Triantafyllos G. Flouris, Victoria University of Wellington, New Zealand 3. Alan Earl-Slater, Keele University, UK

SATURDAY, JULY 19, 1997 9:00 AM - 10:30 AM, Mirror Room

SESSION [6]: Development and the Market System Chair: Glenna Graves, Midway College, USA Presenters and Titles: Glenna Graves, Midway College, USA Cultural Values and Economic Development1 John Marangos, Monash University, Australia The Market and Political Freedom2 Khalid R. Mehdabdin, The College of Saint Rose, USA Donald Dean, The College of Saint Rose, USA A Pancea for East Europeans to Organize their Macroeconomies for a Global Environment3 Discussants: 1. Joel D. Nicholson, San Francisco State University, USA 2. Khalid R. Mehdabdin, The College of Saint Rose, USA 3. Peter F. Bell, State University of New York, USA

SATURDAY, JULY 19, 1997 9:00 AM - 10:30 AM, Athenian Room

SESSION [7]: Spatial and Quality Concerns Chair: George M. Korres, University of Crete, Greece Presenters and Titles: Didier Baudewyns, Universite Libre de Bruxelles, Belgium Spatial Competition within Urban Areas: Revising Hotelling and Bertrand Results1 Kathy Brush, Union Institute, USA The Malcolm Baldridge National Quality Improvement Act: An Examination and Analysis of the Immediate Antecedents, the Congressional Hearings, and the Passage of the Legislation2 Didier Baudewyns, Universite Libre de Bruxelles, Belgium Spatial Agglomeration and Urban Structure: A Model of Price Interactions among Firms, Input Suppliers, Property Developers and Households3 Discussants: 1. A. T. Papathanasis, Central Connecticut State University, USA 2. Christoff Scherrer, Free University of Berlin, Germany & Harvard University, USA 3. Jose Luis Moraga-Gonzalez, Universidad Carlos III, Spain

SATURDAY, JULY 19, 1997 11:00 AM - 12:30 PM, Golden Room

SESSION [8]: Old Problems New Explanations Chair: Tadashi Inoue, Hosei University, Japan Presenters and Titles: Stefan C. Wolter, Swiss Federal Office for Industry and Labor, Switzerland Rainer Helfenstein, Swiss Federal Office for Industry and Labor, Switzerland Unemployment, Consumer Confidence and Private Consumption1 Triantafyllos G. Flouris, Victoria University of Wellington, New Zealand Distortionary Policies and Foreign Direct Aid: The Economics of Harmful Decision Making2 Raquel Insa Ciriza, Universitat de Barcelona, Spain New Forms of Distribution and Regional Development3 Discussants: 1. Tadashi Inoue, Hosei University, Japan 2. Jerry Thursby, Purdue University, USA 3. Louis M. Seagull, Lubin School of Business - Pace University, USA

SATURDAY, JULY 19, 1997 11:00 AM - 12:30 PM, Mirror Room

SESSION [9]: International Trade and Foreign Investments Chair: Warnock Davies, USA Presenters and Titles: Kala Krishna, Pennsylvania State University and NBER, USA Suddhasatwa Roy, University of the West Indies-Mona, Jamaica Marie Thursby, Purdue University, USA Procompetitive Market Access1 Warnock Davies, USA Convergent Evolution in International Business: An Hypothesis Concerning the Relationship between Trade and Foreign Investment2 George A. Petrochilos, Coventry University, UK Theory, Policy and Practice of Greek Outward Foreign Direct Investment3 Discussants: 1. Emmanuel Petrakis, Universidad Carlos III de Madrid, Spain 2. Marie Thursby, Purdue University, USA & Abdol Soofi, University of Wisconsin, USA 3. Warnock Davies, USA

SATURDAY, JULY 19, 1997 11:00 AM - 12:30 PM, Athenian Room

SESSION [10]: Management Science I Chair: Clair Brown, University of California - Berkeley, USA Presenters and Titles: Utz Weitzel, Humboldt - University of Berlin, Germany Global Coordination of Dynamic R&D Networks: A Strategy Toll for the analysis of Parenting Advantages1 Clair Brown, University of California - Berkeley, USA Managing Creativity and Control in Innovation2 Barney J. Erasmus, University of South Africa Delano E. De Witt, Executive - Human Resources Organisation Transformation for the 21st Century: A Human Resource Challenge in a South African Organisation3 Discussants: 1. P.N. Palmer, University of South Africa 2. Ken Stokes, International University of Japan, Japan 3. John Quinn, University of Dayton, USA

SATURDAY, JULY 19, 1997 2:30 PM - 4:00 PM, Golden Room

SESSION [11]: Roundtable Globalization in the Dawn of the 21st Century Moderator: Peter Bell, State University of New York, USA Participants: Laraine Lomax, California State University, USA Ioanna Reziti, Centre of Planning and Economic Research, Greece George A. Petrochilos, Coventry University, UK Joel D. Nicholson, San Francisco State University, USA Abdol Soofi, University of Wisconsin, USA Victor Portougal, University of Auckland, New Zealand Wan Rohana Ahmad Merican, Mara Institute of Technology, Malaysia Patrick N. Palmer, University of South Africa, South Africa Edeltraud Hanappi-Egger, University of Technology, Austria Pedro J. Gutierrez, Universidad de Valladolid, Spain

SATURDAY, JULY 19, 1997 2:30 PM - 4:00 PM, Mirror Room

SESSION [12]: Macroeceonomics I Chair: Alex Kondonassis, University of Oklahoma, USA Presenters and Titles: Alex Kondonassis, University of Oklahoma, USA A.G. Malliaris, Loyola University of Chicago, USA The European Monetary Union in Transition1 Tadashi Inoue, Hosei University, Japan On the Two Sector Growth Model with Adjustment Costs of Investment2 Wynand Grobler, Potchefstroom University, South Africa An Evaluation of Monetary Policy as Applied by Certain Southern African States3 Discussants: 1. Irene Kyriakopoulos, National Defense University, USA & Wynand Grobler, Potchefstroom University, South Africa 2. Hyun-Hoon Lee, Kangwon National University, South Korea 3. Alex Kondonassis, University of Oklahoma, USA

SATURDAY, JULY 19, 1997 2:30 PM - 4:00 PM, Athenian Room

SESSION [13]: Governance & Finance Issues Chair: Kenneth M. Stokes, International University of Japan, Japan Presenters and Titles: Kenneth M. Stokes, International University of Japan, Japan A Dissipative Sysytems Appreciation of Organizational Dynamics1 D.E. Allen, Edith Cowan University, Australia N. Souness, Edith Cowan University, Australia Normal Backwardation on the Sydney Futures Exchange: How Normal is the SFE?2 Inger Boyett, University of Nottingham, UK Donald Finlay, Coventry Univesrity, UK Entrepreneurs and Innovative Organizations: How Economic Theory Can Model the Process of Organizational Innovation3 Discussants: 1. Inger Boyett, University of Nottingham, UK 2. Gerrit J. Sandrock, First National Insurance Co., South Africa 3. Christine Velde, Queensland University of Technology, Australia

MONDAY, JULY 21, 1997 9:00 AM - 10:30 AM, Golden Room

SESSION [14]: Statistics/Econometrics Chair: D.E. Allen, Edith Cowan University, Australia Presenters and Titles: Efthymios Tsionas, University of Toronto, Canada General Bayes Regression with Stable Errors1 Jon Woodroof, Middle Tennessee State University, USA Teaching Students to Understand and Implement the Bootstrap - As Easy as 1-2-32 Efthymios Tsionas, University of Toronto, Canada Posterior Comparison of Leptokurtic Models in Macroeconomic Time Series3 Discussants: 1. Erne Houghton, University of Sydney, Australia 2. Donald Finlay, Coventry Univesrity, UK 3. Tadashi Inoue, Hosei University, Japan

MONDAY, JULY 21, 1997 9:00 AM - 10:30 AM, Mirror Room

SESSION [15]: Timely Topics & Concerns Chair: Laraine Lomax, California State University, USA Presenters and Titles: Adrian Carr, University of Western Sydney, Australia Pekka Pihlanto, University of Western Sydney, Australia Can we turn Government over to the Market?: A Critique of the Marketization of Governemnt Activity1 Laraine Lomax, California State University, USA Economics, Tourism, and Sustainable Development: Assesing the Full Value of Ecosystem Services2 David A. Ralston, University of Connecticut Gunther Vollmer, Fachhochschule Ludwigsburg, Germany Narasimhan Srinvasan, University of Connecticut Joel D. Nicholson, San Francisco State University Strategies of Upward Influence in Different Cultures: A Study of Six Countries from Europe, Asia, and America3 Discussants: 1. Andy Barnett, Auburn University, USA 2. John Marangos, Monash University, Australia 3. Victor Portougal, University of Auckland, New Zealand

MONDAY, JULY 21, 1997 9:00 AM - 10:30 AM, Athenian Room

SESSION [16]: Finance, Exchange Rates & Capital Flows Chair: Gerrit J. Sandrock, First National Insurance Co., South Africa Presenters and Titles: Gerrit J. Sandrock, First National Insurance Co., South Africa G.S. Du Toit, University of South Africa, South Africa Critical Factors for the Financial Success of South African Short Term Insurers1 Abdol Soofi, University of Wisconsin, USA Do Shocks to Exchange Rates Persisit? Evidence from Parallel Market Exchange Rates2 Georgios Chortareas, University of Connecticut, USA Titos Ritsatos, University of Connecticut, USA James Sfiridis, Central Connecticut State University, USA Emerging Stock Market Reaction to the Liberlization of Capital Flows: The Case of Greece3 Discussants: 1. D.E. Allen, Edith Cowan University, Australia 2. Peter Bell, State University of New York, USA 3. George A. Petrochilos, Coventry University, UK

MONDAY, JULY 21, 1997 10:45 AM - 12:30 PM, Mirror Room

Keynote Address Globalization and Income Distribution: Across and Within Countries Henry Thompson Auburn University, USA Henry Thompson received his PhD at the University of Houston in 1981, and is currently a professor of economics at Auburn University. He has published 42 articles, mostly on international trade. His textbook International Economics: A Microeconomic Approach (Longman, 1993) has been adopted around the world. He has presented 45 papers or seminars, taught 17 different economics courses, chaired 6 PhD committees, and has done research associated with NASA, Exxon, various power companies, and the National Energy Lab of Greece. He was on the Founding Board of the International Economics and Finance Society, and is currently Treasurer and editor of its email Newsletter.

MONDAY, JULY 21, 1997 2:00 PM - 3:30 PM, Golden Room

SESSION [17]: Dealing with Uncertainty & Time Chair: Khalid R. Mehdabdin, The College of Saint Rose, USA Presenters and Titles: Pedro J. Gutierrez, Universidad de Valladolid, Spain Technologies, Uncertainty and Investment in a General Equilibrium Model1 Jose Louis Moraga-Gonzalez, Universidad Carlos III, Spain Quality Uncertainty and Informative Advertising2 Evangelia Desli, University of Connecticut, USA Subhash C. Ray, University of Connecticut, USA Frontier Production Function Models with Autoregressively Time-varying Efficiency3 Discussants: 1. Gloria Gonzalez-Rivera, University of California-Riverside, USA 2. Jeong-Yoo Kim, Dongguk University, Korea 3. Pedro J. Gutierrez, Universidad de Valladolid, Spain

MONDAY, JULY 21, 1997 2:00 PM - 3:30 PM, Mirror Room

SESSION [18]: Panel Privatization and Deregulation of the Electricity Industry Panel Chair: Henry Thompson, Auburn University, USA Panelists: Yannis Caloghirou, Polytechnic University of Athens Andy Barnett, Auburn University, USA Alexi Mourelatos, Polytechnic University of Athens National Energy Lab, Greece Henry Thompson, Auburn University, USA

MONDAY, JULY 21, 1997 2:00 AM - 3:30 PM, Athenian Room

SESSION [19]: Roundtable Public Policy and Pharmaceuticals Moderator: Henry Grabowski, Duke University, USA Participants: Helena Brus, Merck Inc., USA Alan Earl-Slater, Keele University, UK Paul Meyer, Pfizer Inc., USA

MONDAY, JULY 21, 1997 3:45 PM - 5:15 PM, Golden Room

SESSION [20]: Accounting Chair: Priscilla R. Reis, Idaho State University, USA Presenters and Titles: John F. Quinn, University of Dayton, USA Rocco Vanasco, National-Louis University, USA Fraud Auditing: An International Perspective1 Priscilla R. Reis, Idaho State University, USA Introduction to the PENTACLE Performance Measurement System2 Panayiota Pastra, University of Strathclyde, UK Benchmarking in Information Systems3 Discussants: 1. Utz Weitzel, Humboldt-University of Berlin, Germany 2. John F. Quinn, University of Dayton, USA 3. Priscilla R. Reis, Idaho State University, USA

MONDAY, JULY 21, 1997 5:30 PM - 6:30 PM, Athenian Room

Business Meeting (Open to all B&ESI Conference Participants)

TUESDAY, JULY 22, 1997 9:00 AM - 10:30 AM, Golden Room

SESSION [21]: Industrial Organization II Chair: Nikolas Vettas, Duke University, USA Presenters and Titles: Nikolas Vettas, Duke University, USA Location and Product Quality1 Jeong-Yoo Kim, Dongguk University, Korea Incentives to Achieve Mutual Compatibility in a Market with Switching Costs2 A. T. Papathanasis, Central Connecticut State University, USA Raising Rivals' Costs through Functional Integration3 Discussants: 1. Didier Baudewyns, Universite Libre de Bruxelles, Belgium 2. Nikolas Vettas, Duke University, USA 3. Jeong-Yoo Kim, Dongguk University, Korea

TUESDAY, JULY 22, 1997 9:00 AM - 10:30 AM, Mirror Room

SESSION [22]: Human Resources Chair: Athina Zervoyianni, University of Patras, Greece Presenters and Titles: Clive Collis, Coventry University, UK Tony Mallier, Coventry University, UK James Smith-Canham, Coventry University, UK Older Worker Employment Training in Britain1 Edeltraud Hanappi-Egger, University of Technology, Austria Hardy Hanappi, Academy of Sciences, Austria Savvas Katsikides, University of Cyprus, Cyprus Transferring Control to (Semi-)Autonomous Working Groups: A Game-theoretic Description2 Vasilis Masoulas, Instituto Technologico y de Estudios Superiores de Monterrey, Mexico The Redisgn of the Higher Education Learning Processes Implemented with ORDIC - A Method for Managing Organizations Intellectual Capital3 Discussants: 1. Edeltraud Hanappi-Egger, University of Technology, Austria 2. Efthymios Tsionas, University of Toronto, Canada 3. James Smith-Canham, Coventry University, UK

TUESDAY, JULY 22, 1997 9:00 AM - 10:30 AM, Athenian Room

SESSION [23]: Macreconomics II Chair: Erne Houghton, University of Sydney, Australia Presenters and Titles: Hyun-Hoon Lee, Kangwon National University, Korea Yongkyun Chung, Hankuk University, Korea Real Output and Inflation in a Small Economy: The Case of Korea1 Ioannis N. Kallianiotis, University of Scranton, USA Joseph Khazzaka, University of Scranton, USA European Union: Productivity, Unemployment, and Educational Expenditure2 Gloria Gonzalez-Rivera, University of California-Riverside, USA Time Series Testing and Endogenous Growth3 Discussants: 1. Ioannis N. Kallianiotis, University of Scranton, USA 2. Wynand Grobler, Potchefstroom University, South Africa 3. Pedro J. Gutierrez, Universidad de Valladolid, Spain

TUESDAY, JULY 22, 1997 11:00 AM - 12:30 PM, Golden Room

SESSION [24]: Management Science II Chair: Victor Portougal, University of Auckland, New Zealand Presenters and Titles: John F. Quinn, University of Dayton, USA Organizational Integrity and Quality: A Mandate for Global Business1 Erne Houghton, University of Sydney, Australia Victor Portougal, University of Auckland, New Zealand Seamless Production2 Patrick N. Palmer, University of South Africa, South Africa Managing Strategic Issues in the Public Sector: Evidence from the New South Africa3 Discussants: 1. Kenneth M. Stokes, International University of Japan, Japan 2. Ioannis N. Kallianiotis, University of Scranton, USA 3. Adrian Carr, University of Western Sydney, Australia

TUESDAY, JULY 22, 1997 11:00 AM - 12:30 PM, Mirror Room

SESSION [25]: Business Education Chair: Khalid R. Mehdabdin, The College of Saint Rose, USA Presenters and Titles: Marilyn Kent, Washburn University, USA Margaret Stewart, Washburn University, USA Gary Baker, Washburn University, USA Writing Across the Curriculum1 Christine Velde, Queensland University of Technology, Australia Redefining Business Education in Australia and Hong Kong: Implications for Marketing2 Peter Ganev, International University, Bulgaria The Use of Advanced Information Technologies in the Training of Business Managers3 Discussants: 1. Laraine Lomax, California State University, USA 2. Vasilis Masoulas, Instituto Technologico y de Estudios Superiores de Monterrey, Mexico 3. Vasilis Masoulas, Instituto Technologico y de Estudios Superiores de Monterrey, Mexico

TUESDAY, JULY 22, 1997 11:00 AM - 12:30 PM, Athenian Room

SESSION [26]: Macroeconomics III Chair: Hyun-Hoon Lee, Kangwon National University, South Korea Presenters and Titles: Demetrios Giannaros, University of Hartford, USA Bharat Kolluri, University of Hartford, USA Michael Panik, University of Hartford, USA Does the Size of Government Determine Private Capital Investment? An International Empirical Investigation George Agiomirgianakis, Southampton Institute, UK Athina Zervoyianni, University of Patras, Greece International Mobility of Labour and Monetary Policy in a Small Open Economy Victor Manuel Montuenga-Gomez, Universitat Autonoma de Barcelona, Spain Convergence in Inflation Rates within the European Union Discussants: 1. George A. Petrochilos, Coventry University, UK 2. Tadashi Inoue, Hosei University, Japan 3. D.E. Allen, Edith Cowan University, Australia

>, University of Toronto, Canada

3. James Smith-Canham, Coventry University, UK