Seal of Approval

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Carol Ukens - One of the best experts on this subject based on the ideXlab platform.

Hugh Rockoff - One of the best experts on this subject based on the ideXlab platform.

  • Was Adherence to the Gold Standard a
    1999
    Co-Authors: Michael D. Bordo, Michael Edelstein, Hugh Rockoff
    Abstract:

    World War I dramatically altered the world's financial landscape. Most countries left the gold standard, and New York replaced London as the major lender in world capital markets. This paper discusses how the gold exchange standard was reconstructed in the 1920s. We show that the U.S. capital market viewed returning to the gold standard as a signal of financial rectitude, what we have referred to in other work as a 'Good Housekeeping Seal of Approval.' When countries returned to gold, especially when they did so at the prewar parity, they were rewarded with the ability to borrow at substantially lower interest rates. Other signals of financial rectitude, such as small fiscal deficits, apparently carried little weight with lenders.

  • the gold standard as a good housekeeping Seal of Approval
    The Journal of Economic History, 1996
    Co-Authors: Michael D. Bordo, Hugh Rockoff
    Abstract:

    In this paper we argue that adherence to the gold standard rule of convertibility of national currencies into a fixed weight of gold served as a `good housekeeping Seal of Approval' which facilitated access by peripheral countries to foreign capital from the core countries of western Europe. We survey the historical background of gold standard adherence in the period 1870-1914 by nine important peripheral countries. The sample includes the full range of commitment to the gold standard from continuous adherence, through intermittent adherence, to non-adherence. Evidence on the pattern of long-term government bond yields suggests that long-term commitment to the gold standard mattered even when bonds were denominated in gold: countries that remained on gold throughout the classical era were charged lower rates than countries that had a mixed record of adherence. Estimation of a model analogous to the CAPM, using the differential between peripheral country rates and UK rates augmented by a list of `fundamentals' and a dummy variable to capture gold standard adherence, reveals that capital markets attached significant weight to gold standard adherence. Countries with poor adherence records were charged considerably more than those with good records, enough to explain the determined effort to stay on gold made by a number of capital importing countries.

  • The Gold Standard as a "Good Housekeeping Seal of Approval>"
    The Journal of Economic History, 1996
    Co-Authors: Michael D. Bordo, Hugh Rockoff
    Abstract:

    In this article we argue that during the period from 1870 to 1914 adherence to the gold standard was a signal of financial rectitude, a "good housekeeping Seal of Approval," that facilitated access by peripheral countries to capital from the core countries of western Europe. Examination of data from nine widely different capital-importing countries, using a model inspired by the Capital Asset Pricing Model, reveals that countries with poor records of adherence were charged considerably more than those with good records, enough to explain the determined effort to stay on gold made by a number of capital-importing countries. T he global economy in its present form emerged in the half century before World War I. That "golden age" was characterized by massive interregional flows of capital, labor, and goods. It was also an era when most nations adhered to (or attempted to adhere to) the gold standard rule of convertibility of national currencies into a fixed weight of gold. Common adherence to gold convertibility in turn linked the world together through fixed exchange rates. In this article we argue that adherence to the gold standard also served as "a good housekeeping Seal of Approval" that facilitated access by peripheral countries to capital vital to their development from the core countries of western Europe. We view the gold standard as a contingent rule or a rule with escape clauses. Members were expected to adhere to convertibility except in the event of a well-understood emergency such as a war, a financial crisis, or a shock to the terms of trade. Under these circumstances, temporary departures from the rule would be tolerated on the assumption that once the emergency passed, convertibility at the original parity would resume.' It is well known that a number of core countries (England, France, and Germany as well as several other developed western European countries) adhered to this rule before 1914. Even a number of developing peripheral countries also did so (Canada, Australia, and the United States), or

Michael D. Bordo - One of the best experts on this subject based on the ideXlab platform.

  • Was Adherence to the Gold Standard a "Good Housekeeping Seal of Approval" During the Interwar Period?
    Finance Intermediaries and Economic Development, 2003
    Co-Authors: Michael D. Bordo, Michael Edelstein
    Abstract:

    World War I dramatically altered the world's financial landscape. Most countries left the gold standard, and New York replaced London as the major lender in world capital markets. This paper discusses how the gold exchange standard was reconstructed in the 1920s. We show that the U.S. capital market viewed returning to the gold standard as a signal of financial rectitude, what we have referred to in other work as a 'Good Housekeeping Seal of Approval.' When countries returned to gold, especially when they did so at the prewar parity, they were rewarded with the ability to borrow at substantially lower interest rates. Other signals of financial rectitude, such as small fiscal deficits, apparently carried little weight with lenders.

  • Was Adherence to the Gold Standard a
    1999
    Co-Authors: Michael D. Bordo, Michael Edelstein, Hugh Rockoff
    Abstract:

    World War I dramatically altered the world's financial landscape. Most countries left the gold standard, and New York replaced London as the major lender in world capital markets. This paper discusses how the gold exchange standard was reconstructed in the 1920s. We show that the U.S. capital market viewed returning to the gold standard as a signal of financial rectitude, what we have referred to in other work as a 'Good Housekeeping Seal of Approval.' When countries returned to gold, especially when they did so at the prewar parity, they were rewarded with the ability to borrow at substantially lower interest rates. Other signals of financial rectitude, such as small fiscal deficits, apparently carried little weight with lenders.

  • the gold standard as a good housekeeping Seal of Approval
    The Journal of Economic History, 1996
    Co-Authors: Michael D. Bordo, Hugh Rockoff
    Abstract:

    In this paper we argue that adherence to the gold standard rule of convertibility of national currencies into a fixed weight of gold served as a `good housekeeping Seal of Approval' which facilitated access by peripheral countries to foreign capital from the core countries of western Europe. We survey the historical background of gold standard adherence in the period 1870-1914 by nine important peripheral countries. The sample includes the full range of commitment to the gold standard from continuous adherence, through intermittent adherence, to non-adherence. Evidence on the pattern of long-term government bond yields suggests that long-term commitment to the gold standard mattered even when bonds were denominated in gold: countries that remained on gold throughout the classical era were charged lower rates than countries that had a mixed record of adherence. Estimation of a model analogous to the CAPM, using the differential between peripheral country rates and UK rates augmented by a list of `fundamentals' and a dummy variable to capture gold standard adherence, reveals that capital markets attached significant weight to gold standard adherence. Countries with poor adherence records were charged considerably more than those with good records, enough to explain the determined effort to stay on gold made by a number of capital importing countries.

  • The Gold Standard as a "Good Housekeeping Seal of Approval>"
    The Journal of Economic History, 1996
    Co-Authors: Michael D. Bordo, Hugh Rockoff
    Abstract:

    In this article we argue that during the period from 1870 to 1914 adherence to the gold standard was a signal of financial rectitude, a "good housekeeping Seal of Approval," that facilitated access by peripheral countries to capital from the core countries of western Europe. Examination of data from nine widely different capital-importing countries, using a model inspired by the Capital Asset Pricing Model, reveals that countries with poor records of adherence were charged considerably more than those with good records, enough to explain the determined effort to stay on gold made by a number of capital-importing countries. T he global economy in its present form emerged in the half century before World War I. That "golden age" was characterized by massive interregional flows of capital, labor, and goods. It was also an era when most nations adhered to (or attempted to adhere to) the gold standard rule of convertibility of national currencies into a fixed weight of gold. Common adherence to gold convertibility in turn linked the world together through fixed exchange rates. In this article we argue that adherence to the gold standard also served as "a good housekeeping Seal of Approval" that facilitated access by peripheral countries to capital vital to their development from the core countries of western Europe. We view the gold standard as a contingent rule or a rule with escape clauses. Members were expected to adhere to convertibility except in the event of a well-understood emergency such as a war, a financial crisis, or a shock to the terms of trade. Under these circumstances, temporary departures from the rule would be tolerated on the assumption that once the emergency passed, convertibility at the original parity would resume.' It is well known that a number of core countries (England, France, and Germany as well as several other developed western European countries) adhered to this rule before 1914. Even a number of developing peripheral countries also did so (Canada, Australia, and the United States), or

  • The Gold Standard as a `Good Housekeeping Seal of Approval'
    National Bureau of Economic Research, 1995
    Co-Authors: Michael D. Bordo
    Abstract:

    In this paper we argue that adherence to the gold standard rule of convertibility of national currencies into a fixed weight of gold served as a `good housekeeping Seal of Approval' which facilitated access by peripheral countries to foreign capital from the core countries of western Europe. We survey the historical background of gold standard adherence in the period 1870-1914 by nine important peripheral countries. The sample includes the full range of commitment to the gold standard from continuous adherence, through intermittent adherence, to non-adherence. Evidence on the pattern of long-term government bond yields suggests that long-term commitment to the gold standard mattered even when bonds were denominated in gold: countries that remained on gold throughout the classical era were charged lower rates than countries that had a mixed record of adherence. Estimation of a model analogous to the CAPM, using the differential between peripheral country rates and UK rates augmented by a list of `fundamentals' and a dummy variable to capture gold standard adherence, reveals that capital markets attached significant weight to gold standard adherence. Countries with poor adherence records were charged considerably more than those with good records, enough to explain the determined effort to stay on gold made by a number of capital importing countries.

Lisa De Leeuw - One of the best experts on this subject based on the ideXlab platform.

  • Ten Years Back, Five Years Forward: The Data Seal of Approval
    International Journal of Digital Curation, 2015
    Co-Authors: Ingrid Dillo, Lisa De Leeuw
    Abstract:

    If we want to share data, the long-term storage of those data in a trustworthy digital archive is an essential condition. Trust is the basis of storing and sharing data. That trust must be present in the various stakeholders involved. Certification of digital archives can make an important contribution to the confidence of these stakeholders in the digital archives. Ten years ago DANS was assigned the task of developing a Seal of Approval for digital data to ensure that archived data can still be found, understood and used in the future. In 2009 this Data Seal of Approval (DSA) was transferred to an international body, the DSA Board, which has managed and further developed the guidelines and the peer review process ever since. The objectives of the DSA are to safeguard data, ensure high quality and guide reliable management of data for the future without requiring implementation of new standards, regulations or heavy investments. The DSA contains 16 guidelines for applying and verifying quality aspects concerning the creation, storage, use and reuse of digital data. Based on feedback from data archives that applied for a DSA and different case studies we have gained some insight into the benefits of DSA. Still, the impact of having the Seal is not easy to measure. Seal holders usually refer to qualitative benefits in the form of increased awareness of the value of their repositories to their communities, funders and publishers. Ten years down the line we can safely state that the Data Seal of Approval has proven its added value. If we try to look five years into the future, what can we expect? There are different developments: a growing interest in DSA among European research infrastructures, the collaboration between DSA and the ISCU World Data System under the umbrella of the RDA (Research Data Alliance) and the European Commission is showing a growing interest in certification services. The success of DSA also provides the challenge to further professionalize the DSA organization in the coming years, this to enable its community to continue to grow. All in all there are promising developments for a bright future for the Data Seal of Approval.

  • Data Seal of Approval: Certification for sustainable and trusted data repositories
    2014
    Co-Authors: Ingrid Dillo, Lisa De Leeuw
    Abstract:

    If we want to share data, the long-term storage of those data in a trustworthy digital archive is an essential condition. Trust is the basis of storing and sharing data. That trust must be present in the various stakeholders involved. Certification of digital archives can make an important contribution to the confidence of these stakeholders in the digital archives. Ten years ago DANS was assigned the task of developing a Seal of Approval for digital data to ensure that archived data can still be found, understood and used in the future. In 2009 this Data Seal of Approval (DSA) was transferred to an international body, the DSA Board, which has managed and further developed the guidelines and the peer review process ever since. The objectives of the DSA are to safeguard data, ensure high quality and guide reliable management of data for the future without requiring implementation of new standards, regulations or heavy investments. The DSA contains 16 guidelines for applying and verifying quality aspects concerning the creation, storage, use and reuse of digital data. Based on feedback from data archives that applied for a DSA and different case studies we have gained some insight into the benefits of DSA. Still, the impact of having the Seal is not easy to measure. Seal holders usually refer to qualitative benefits in the form of increased awareness of the value of their repositories to their communities, funders and publishers. Ten years down the line we can safely state that the Data Seal of Approval has proven its added value. If we try to look five years into the future, what can we expect? There are different developments: a growing interest in DSA among European research infrastructures, the collaboration between DSA and the ISCU World Data System under the umbrella of the RDA (Research Data Alliance) and the European Commission is showing a growing interest in certification services. The success of DSA also provides the challenge to further professionalize the DSA organization in the coming years, this to enable its community to continue to grow.

  • Het Data Seal of Approval: keurmerk voor duurzame en betrouwbare databewaarplaatsen
    2014
    Co-Authors: Ingrid Dillo, Lisa De Leeuw
    Abstract:

    If we want to share data, the long-term storage of those data in a trustworthy digital archive is an essential condition. Trust is the basis of storing and sharing data. That trust must be present in the various stakeholders involved. Certification of digital archives can make an important contribution to the confidence of these stakeholders in the digital archives. Ten years ago DANS was assigned the task of developing a Seal of Approval for digital data to ensure that archived data can still be found, understood and used in the future. In 2009 this Data Seal of Approval (DSA) was transferred to an international body, the DSA Board, which has managed and further developed the guidelines and the peer review process ever since. The objectives of the DSA are to safeguard data, ensure high quality and guide reliable management of data for the future without requiring implementation of new standards, regulations or heavy investments. The DSA contains 16 guidelines for applying and verifying quality aspects concerning the creation, storage, use and reuse of digital data. Based on feedback from data archives that applied for a DSA and different case studies we have gained some insight into the benefits of DSA. Still, the impact of having the Seal is not easy to measure. Seal holders usually refer to qualitative benefits in the form of increased awareness of the value of their repositories to their communities, funders and publishers. Ten years down the line we can safely state that the Data Seal of Approval has proven its added value. If we try to look five years into the future, what can we expect? There are different developments: a growing interest in DSA among European research infrastructures, the collaboration between DSA and the ISCU World Data System under the umbrella of the RDA (Research Data Alliance) and the European Commission is showing a growing interest in certification services. The success of DSA also provides the challenge to further professionalize the DSA organization in the coming years, this to enable its community to continue to grow.

Sandeep Krishnamurthy - One of the best experts on this subject based on the ideXlab platform.

  • Internet Seals of Approval: Effects on Online Privacy Policies and Consumer Perceptions
    2005
    Co-Authors: Anthony D. Miyazaki, Sandeep Krishnamurthy
    Abstract:

    The use of Internet Seal of Approval programs has been touted recently as an alternative to potential legislation concerning consumer-related online privacy practices. Questions have been raised, however, regarding the effectiveness of such programs with respect to maintaining privacy standards and aiding online consumers. The authors examine these issues in a series of four studies, the first of which examines Internet Seal of Approval logo usage in the current marketplace. The next study applies Federal Trade Commission privacy standards to various online privacy policies in an effort to determine the ability of Seal of Approval program participation to act as a valid cue to a firm's state privacy practices. The last two studies are experiments designed to ascertain how online firm participation in Internet Seal of Approval programs affect consumers. Implications for policy and industry are also discussed.

  • Internet Seals of Approval: Effects on Online Privacy Policies and Consumer Perceptions
    Journal of Consumer Affairs, 2002
    Co-Authors: Anthony D. Miyazaki, Sandeep Krishnamurthy
    Abstract:

    The use of Internet Seal of Approval programs has been touted as an alternative to potential legislation concerning consumer-related online privacy practices. Questions have been raised, however, regarding the effectiveness of such programs with respect to maintaining privacy standards and aiding online consumers. The authors examine these issues in a series of three studies, the first of which is an exploratory application of Federal Trade Commission privacy standards to various online privacy policies in an effort to determine the ability of Seal of Approval program participation to act as a valid cue to a firm's stated privacy practices. The second and third studies are experiments designed to ascertain how online firm participation in Internet Seal of Approval programs affects consumers. Implications for consumer policy are discussed.