Exchange rate systems and relative prices

The article relaxes one of the assumptions required for exchange-rate-system neutrality, without abandoning flexible prices. It assumes that taxes or restrictions on international transactions are expected to differ under pegged and flexible exchange rates. Governments are more willing to impose restrictions or taxes when they have a low level of international reserves and operate under a system of pegged exchange rates where further losses are possible. Expectations about these policy reactions change the behavior of equilibrium relative prices: they may vary less under pegged than under flexible exchange rates, as they appear to do in the real world.     

邮政特快专递的发展与研究

随着中国加入WTO ,要求中国EMS必须在理论和实践上做好挑战的准备 ,建立在实践基础上的邮政特快专递理论 ,对邮政特快专递的实践具有指导意义 ,同时对丰富和发展关于社会服务行业的社会科学有着深远的意义     

Portfolio stock adjustment and the real exchange rate: The Dollar-Mark (DM) and Mark-Sterling

The advent of “freely floating” exchange rates in the 1970's coincided with the emergence of what is known as “monetary” or “asset” models of exchange rate behavior where exchange ratesmove to equilibrate demand for stocks of monies. The fundamental monetary model assumes purchasing power parity holds in the long-run, and therefore exchange rates are determined by the same factors that determine relative prices, to wit, money stocks, real incomes, and nominal interest rates. Though early proponents of the monetary view clearly emphasized its long-run nature, empirical testing has by and large neglected this caveat. Thus a model developed for long-run equilibrium exchange rates has instead been tested many times over on short-run equilibrium rates. The latter require a distinct model of their own. This paper develops a short-run equilibrium exchange rate model based on deviations of the short-run exchange rate from its long-run equilibrium. The model differs in that all variables are cast in real terms. It also differs in that the monetary and current account exchange rate versions are shown to be subsets of the more general wealth/portfolio framework used here. The present model considers, in addition to stocks of monies, stocks of foreign assets, and stocks of domestic wealth.     

Entry rates and the risks of misalignment in the EU8

New member states will join the EMU in the coming years. Setting the central parity at which they will join has been and will be a challenging task, as there is a considerable amount of uncertainty, both from a theoretical and an empirical perspective, surrounding the determination of the optimal exchange rate. Given the probable difficulty in evaluating the equilibrium rate it is thus advisable to focus on the effects of a misalignment of the entry rate for the economy, as it has implications for countries’ real and nominal convergence. An overvalued exchange rate would have an adverse impact on a country's competitiveness and its growth, while an undervalued currency would contribute to an overheating of the economy and an excessive inflation. The objective of this paper is to better understand the role of the entry rates for short run inflation and GDP developments and their implications for the inflation criterion and the real convergence process. Having estimated equilibrium exchange rates for eight out of ten countries that entered the EU in May 2004: Czech Republic, Estonia, Hungary, Lithuania, Latvia, Poland, Slovenia and Slovakia we conduct simulations showing what their adjustments to equilibrium would be if their entry rates deviated from the optimal ones.     

Like parent,like child? Exploring the association between early maladaptive schemas of adolescents involved with Child Protective Services and their parents

Although early maladaptive schemas (EMS) have been successfully identified in a variety of adult samples and increasing evidence suggests that core maladaptive schemas can also be retrieved in children and adolescents, there is a dearth of research examining the association between maladaptive schemas of parents and their children. We designed the current exploratory study as a first step to investigate similarities and differences in EMS of adolescents (n = 20) involved with Child Protective Services and their parents (n = 20). Results demonstrated that there were some similarities in the specific EMS endorsed by both groups and that most of the significant correlations that were found between parents' and youths' EMS involved parent schemas of the Impaired limits and Disconnection/rejection domains and youths' schemas of the Disconnection/rejection and Impaired autonomy and performance domains. We also found significant positive correlations between several children's EMS and perceived parental rearing styles (i.e., rejection, control/overprotection, anxious rearing) and attachment anxiety.     

Exchange rate and wage policies in Central and Eastern Europe

After the eastern enlargement of the European Union (EU) and due to increasing labor market integration, wage determination in Central and Eastern Europe (CEE) has become a key issue in European economic policy making. In addition, a controversial discussion concerning the monetary integration of CEE countries into the EMU has emerged. Both issues have earned particular academic and political interest because Eastern and Western Europe are at different stages of economic development and volatile international capital flows seem to require either a higher degree of wage or exchange rate flexibility. Based on the Scandinavian model of wage adjustment by Lindbeck (1979), we analyze the role of exchange rates in the wage determination process of the Central and Eastern European countries to identify which exchange rate strategy contributes to faster wage convergence in Europe. Panel estimations suggest that workers in countries with fixed exchange rates are likely to benefit in the long run from higher wage increases.     

The effectiveness of monetary policy in small open economies

This paper examines the relative effectiveness of the use of direct and indirect monetary policy instruments in Barbados, Jamaica and Trinidad and Tobago, by estimating a restricted Vector Autoregressive model with Exogenous Variables (VARX). The model captures the dynamic interaction of the key sectors in the economy and it accounts for the fact that the banking system in those countries is characterized by high levels of excess reserves. Also, the study assumes that the central bank conducts monetary policy using a Taylor-type rule, and it evaluates the effects of a reserve requirement policy. The results show that although a positive shock to the policy interest rate has a direct effect on commercial banks’ interest rates, there is a weak transmission to the real variables. Furthermore, an increase in the required reserve ratio is successful in reducing private sector credit and excess reserves, while at the same time alleviating pressures on the exchange rate. The findings therefore indicate that central banks in small open economies should consider using reserve requirements as a complement to interest rate policy, to achieve their macroeconomic objectives.     

影响我国邮政特快专递业竞争力的因素分析

从市场环境的角度出发,我国的邮政特快专递从现在的垄断竞争阶段发展到完全竞争阶段是大势所趋。我国的速递公司和竞争对手各有优劣势,通过对哈尔滨地区用邮结构的调查分析,可以看到,EWS有其存在的必要性。影响其交换量的因素可概括为:商业因素、经济因素、技术因素、社会、地理因素、法律因素等。     

The real uncovered interest parity: The case of Canada and the USA

The aim of this paper is to re-assess the real uncovered interest parity (RUIP) in the light of including domestic demand shocks as possible determinants of the real exchange rate. We use annual data for two close trading partners, namely Canada and the USA. Using cointegration analysis we find evidence in favour of RUIP. In addition, empirical support is provided to show that discretionary fiscal policy actions have a spillover effect to the real exchange rate via real interest rates.     

Policy modeling of foreign exchange rates

This paper is neither a complete survey of empirical work on exchange rate determination, nor a review of the ballooning volume of theoretical models. It is instead an attempt to classify the main alternative approaches to modeling exchange rates. I shall concentrate on approaches that can be used to assess the effects of alternative policies. There will be four further sections in the paper. The first three sections will each deal withthe structure, empirical support, and policy consequences of three main types of model: purchasing power parity models emphasizing the close and immediate relation of goods markets; interest rate parity models emphasizing the close and immediate international linkage of markets for financial assets; and structural balance-of-payments models that do not assume either of the above linkages to be so strong and immediate as to eliminate the other, and that hence require separate (but interdependent) modeling of trade and capital linkages in the determination of exchange rates. Each of these main categories has many rather distinct models within it, and some models are not easily classified into one of the three categories; I hope that the three-way split will nevertheless serve to make some distinctions that are important for policy modeling.In the final section I shall try to summarize the available model results that pertain to national and international policy choices under a system of more flexible exchange rates, and then to suggest where more or better model building might usefully increase the amount of information available to guide policy decisions.     

A model of the Canadian global exchange rate: A test of the 1970s

A review of the literature indicates that no single exchange rate model has been able to track successfully the movements of the Canadian dollar for both the 1970–1976 period and the period thereafter. The purchasing power parity model, irrespective of whether based on relative wholesale prices, unit labor costs, GNP deflators, or export prices performs very poorly; the monetarist models collapse because of their strict adherence to the purchasing power parity and interest rate parity assumptions; the portfolio demand models require a significant adjustment for the post-1976 period. This paper presents a medium-term eclectic model of the global exchange rate of the Canadian dollar and examines a spectrum of broad issues that reflect on the efficiency of the foreign exchange market of Canada. These issues are basically related to the interest parity assumption, the role of speculation, and the test of rational expectations. The global exchange rate is defined as the value of the Canadian dollar measured in terms of a unit of basket of currencies comprising currencies of France, West Germany, Japan, the U.K., and the USA. The model belongs to the same genre of balance of payments structural models that explain the exchange rates by balancing demand and supply of foreign currencies. The model simultaneously explains both spot and forward rates, and it has been estimated and tested by using the quarterly data for 1971–1981.     

Asset markets and foreign exchange intervention: A model of the Belgo-Luxemburg economic union

In this article a general formulation of government intervention policies in the foreign exchange market is integrated in the framework of an asset market model. The policy reaction function is based on a trade off between exchange rate and reserve stock fluctuations; constant exchange rates and a pure float are derived as limiting cases of the intervention schedule. An exchange rate equation is derived from the short run portfolio equilibrium of the model and is successfully tested using data for the Belgo-Luxemburg Economic Union (1967–1979). Our policy conclusions contrast the European Snake constraints for the Belgian Franc with Artus's findings (IMF Staff Papers XXIII(2), July 1976) for the leading DM.     

Does gold act as a safe haven against exchange rate fluctuations? The case of Pakistan rupee

Investors often look for a refuge to avoid undesirable exposures to risk during period of extreme downturns in currency returns. We investigate daily gold and rupee exchange rates depreciation against set of currencies over the period of 1992–2015. Using wavelets at multiple time horizons; we find that gold act as a consistent short run hedge against exchange rate hence validating the exchange rate destruction hypothesis. This finding is helpful for speculators in their decision making while taking long and short positions accordingly. This finding suggests that central bank also need to keep other safe haven assets in reserves because the hedging ability of gold is only limited to short run. Further, the role of gold in providing protection against currency risks is also confirmed using quantile regression. These results assist portfolio managers and governments in formulating effectual diversification strategy for preserving investment portfolio during extreme event condition. Our results also suggest that gold has a lead relationship with exchange rate; however, this relationship switches over specific time intervals. This finding is of major concern for policy makers in determining the extent of stabilization in gold prices to bring consistency to exchange rate. Finally, the Granger coherence coefficients confirm that the strength of the causal relationship varies across over all frequencies. These conclusions have important implications for policy makers, economic analysts, portfolio managers and institutional investors.     

Country preferences,currency values and policy issues

The paper sketches an approach to exchange rate modeling that links currency values to the prospective income streams associated with claims on physical capital in different countries. This framework represents an alternative to general equilibrium models in which asset preferences are derived essentially from the use of different transactions currencies in different countries. The new framework provides perspectives on: the safe-haven phenomenon; the role for monetary policy and the debate over fixed versus flexible exchange rates; the effectiveness of exchange market intervention; and the dual nature of policies toward capital flows and policies toward tradable goods industries.     

An Analysis of the Determinants of the Changes in China’s Foreign Exchange Reserves’ Nominal and Real Rates of Return

We use decomposition and regression to examine the reasons for the changes in nominal and real rates of return of China’s foreign exchange reserves between 2002 and 2009. The results show that the US financial market risk premium is the most important determinant of changes in the nominal rate of return, while the US dollar exchange rate and the bulk commodity price are the two key determinants of changes in the real rate of return. From empirically based research, one may conclude that the loose monetary policy of the US Federal Reserve increases China’s foreign exchange reserves’ nominal rate of return but decreases the real rate of return and that the European debt crisis has an uncertain impact on China’s foreign exchange reserves’ nominal rate of return but may well raise the real rate of return.     

An Analysis of the Determinants of the Changes in China＇s Foreign Exchange Reserves＇ Nominal and Real Rates of Return

采用分解和回归方法,考察2002-2009年间中国外汇储备名义收益率与真实收益率变动的原因,可以发现：美国金融市场风险溢价是影响中国外汇储备名义收益率变动的最重要因素,美元汇率和大宗商品价格是影响中国外汇储备真实收益率的最重要因素。基于实证的研究还可以推断：美联储宽松货币政策会提高中国外汇储备名义收益率,但降低了真实收益率;欧洲债务危机对中国外汇储备名义收益率的影响不确定,但很可能提高了真实收益率。     

论嗜杀物种

包括黑猩猩在内的很多物种的动物都经常杀害同类。这些事实再次引起了关于进化过程中形成的生物特性是否影响着以及如何影响着人类好战的倾向等问题的讨论。要讨论这方面的问题,需要区分动物的两类暴力行为,即“猎杀”与“斗杀”。猎杀是猎食者对无助的动物的攻击。小群的黑猩猩或游动性的狩猎—采集者有时会杀死邻近社群的竞争对手。现有的资料表明,由这种群间攻击导致的死亡在总的死亡率中所占的比例与人类与黑猩猩这两个物种大致相同。这方面行为的普遍性说明这两个物种都存在进化过程中形成的致命的暴力行为,其认知能力也适应了成功地进行杀戮的需要。     

Global imbalances, exchange rates adjustment and the crisis: Implications from network analysis

The persistence of global imbalances remains a potential source of instability for the international economic system, which ought to be tackled in order to exit from the current crisis in a better position. This paper shows that the complexity of the global network of trade imbalances has increased over time in terms of the number of countries involved and of the heterogeneity of their conditions. These findings imply that orchestrating a global exchange rate adjustment plan, as done in the 1980s to tackle a similar problem, is certainly more difficult than it was 20 years ago. We also show, however, that the uncoordinated movements in bilateral exchange rates occurred since the early 2000s did not go in the direction of reducing bilateral imbalances. Rebalancing the world economy, thus, seems to require a rich set of coordinated policy actions and economic changes, involving adjustments in both exchange rates and real variables, which are heterogeneous at the country level. We argue that, provided some conditions are satisfied, the variegated effects of the ongoing financial crisis, and the policy responses this has induced, may help the global and bilateral rebalancing process.     

中越婚姻制度比较研究

随着中国—东盟自由贸易区的建立,两国的经贸、人员交往日益密切,跨国婚姻迅猛增长。在此背景下,对中越两国婚姻法进行系统的比较研究,概括两国婚姻法异同及借鉴成功的立法经验,着重对不同之处进行析评,以期方便两国人民的交往。