Suchergebnisse

This article is an exploratory application of exchange theory to selective aspects of the British-lrish relationship as it evolved from 1921 to 1941. Conceptions of national status & their constitutional manifestation were central to both internal governmental authority & external relations with & within the British Empire. We are not suggesting that national status questions regarding full independence & territorial unity were necessarily more powerful than economic & strategic concerns, such as defense costs arising from participation in war, or economic costs associated with Irish unification. Instead, our more modest claim is that conceptions of national status are also decisive & should not be dismissed because they are less easy to quantify. They are important because a precondition for consensual conflict regulation is the recognition of a degree of conceptual status-parity ie, the perceived value & legitimacy of the national status of the other. For intergovernmentalism, relative parity creates potential or mutualist exchanges instead of the debilitating consequences of one-sided exertions of power associated with control regimes & overly rigid, statist, "nationalizing" projects. Adapted from the source document.

We argue that criticism concerning the Chinese dollar peg is misplaced as no predictable link exists between the exchange rate and the trade balance of an international creditor economy. The stable nominal yuan/dollar rate is argued to have stabilized Chinese, East Asian and global growth. However, linked to US low interest rates, Chinese sterilization policies and potentially subsidized capital allocation in China the real yuan/dollar rate is undervalued. This has caused - both in China and the United States - structural distortions and threatens to undermine global growth and stability. We propose Sino-American policy coordination to escape from the policy dilemma, which continues to drive global imbalances.

Since 1992, the Ethiopian government has been liberalizing and reorienting the country's economy through moderate market reforms and the shifting of its role from one of active participation in the productive and service sectors to one of creating an enabling environment for the private sector and providing regulatory oversight. This article assesses Ethiopia's trade and exchange rate relationship, during the period 1990-2002, in the context of the country's economic performance under the liberalized economic policies of the government. It also examines the related issue of the value of the country's currency to determine, through the Purchasing-Power Parity Hypothesis method, whether the country's currency (the Ethiopian Birr) is undervalued or overvalued.

Since 1992, the Ethiopian government has been liberalizing and reorienting the country's economy through moderate market reforms and the shifting of its role from one of active participation in the productive and service sectors to one of creating an enabling environment for the private sector and providing regulatory oversight. This article assesses Ethiopia's trade and exchange rate relationship, during the period 1990-2002, in the context of the country's economic performance under the liberalized economic policies of the government. It also examines the related issue of the value of the country's currency to determine, through the Purchasing-Power Parity Hypothesis method, whether the country's currency (the Ethiopian Birr) is undervalued or overvalued. (AAS/DÜI)

This paper examines the consequences of capital market liberalization, with special reference to its effects under different exchange rate regimes. Capital market liberalization has not lead to faster growth in developing countries, but has led to greater risks. It bated the risks, as a result of the macro-economic response to crises, with bail-out packages that have intensified moral hazard problems. The paper provides a critique of the arguments for capital market liberalization. It argues that capital flows give rise to large externalities, which affect other than the borrower and lender, and whenever there are large externalities, there is potential scope for government interventions, some of which are welfare increasing

Despite the abundance of studies of organizational commitment, there is a need for explaining it with data from non-Western societies. According to exchange theory, there may be reciprocal relationships between an employee's commitment to the employing organization and support
given by the organization. To examine such an hypothesis in a non-Western society, the present study collected data from 927 employees in eight high-technology companies in Taiwan. It found that the employee's organizational commitment and perceived organizational support exhibited strong
reciprocal and positive relationships, with control for a number of background characteristics. In addition, it detected a significant positive effect of organizational support averaged for the job on the employee's organizational commitment.

Since the time of the Enlightenment in Western Europe, discussions of faith and reason have often pitted the believer against the skeptic, the theist against the atheist, and the person of one faith against the person of no professed faith. But the relation of reason to faith has been a matter of debate among believers as well. There are those who hold that religious faith can be proven or supported by rational argument. Others say that to try to give reasons and arguments does violence to religious faith, or opens it to misunderstanding and doubt, or trivializes it. Responses to the Enlightenment: An Exchange on Foundations, Faith, and Community is a dialogue between Hendrik Hart and William Sweet, two philosophers who identify themselves as Christians, and who seek to respond to the challenges of the Enlightenment and its legacy. The authors approach the relation of faith to reason, however, in very different ways: Hart from the perspective of the Calvinian tradition and postmodern philosophy, Sweet from the Catholic tradition and analytic philosophy. Among the topics discussed are the nature of religious faith and of reason, liberalism and orthodoxy in religion, the relation of religious experience and rationality, and building community in a religiously and culturally pluralistic world. This exchange presents two distinctive perspectives to some of the major challenges of the reason to religious belief, but seeks to find common ground between them.

"Since the time of the Enlightenment in Western Europe, discussions of faith and reason have often pitted the believer against the skeptic, the theist against the atheist, and the person of one faith against the person of no professed faith. But the relation of reason to faith has been a matter of debate among believers as well. There are those who hold that religious faith can be proven or supported by rational argument. Others say that to try to give reasons and arguments does violence to religious faith, or opens it to misunderstanding and doubt, or trivializes it. Responses to the Enlightenment: An Exchange on Foundations, Faith, and Community is a dialogue between Hendrik Hart and William Sweet, two philosophers who identify themselves as Christians, and who seek to respond to the challenges of the Enlightenment and its legacy. The authors approach the relation of faith to reason, however, in very different ways: Hart from the perspective of the Calvinian tradition and postmodern philosophy, Sweet from the Catholic tradition and analytic philosophy. Among the topics discussed are the nature of religious faith and of reason, liberalism and orthodoxy in religion, the relation of religious experience and rationality, and building community in a religiously and culturally pluralistic world. This exchange presents two distinctive perspectives to some of the major challenges of the reason to religious belief, but seeks to find common ground between them"--Publisher's description

This paper examines the influence of government ideology, political institutions and globalization on the choice of exchange rate regime via panel multinomial logit approach using annual data over the period of 1974-2004 in a panel of 180 countries: 26 developed and 154 developing. We provide evidence that government ideology, political institutions and globalization are important determinants of the choice of exchange rate regime. In particular, we find that left-wing governments, democratic institutions, central bank independence and financial development increase the likelihood of choosing a flexible regime, whereas more globalized countries have a higher probability of implementing a fixed regime. More importantly, we find that political economy factors have different effects on the choice of exchange rate regime in developed and developing countries. All our results are robust to panel ordered probit model. [Copyright Elsevier B.V.]

The paper estimates a behavioral equilibrium exchange rate model for Ghana. Regression results show that most of the REER's long-run behavior can be explained by real GDP growth, real interest rate differentials (both relative to trading-partner countries), and the real world prices of Ghana's main export commodities. On the basis of these fundamentals, the REER in late 2006 was found to be very close to its estimated equilibrium level. The results also suggest, that deviations from the equilibrium path are eliminated within two to three years

AbstractIn recent years, a sharp divergence of London Stock Exchange equity prices from dividends has been noted. In this paper, we examine whether this divergence can be explained by reference to the existence of a speculative bubble. Three different empirical methodologies are used: variance bounds tests, bubble specification tests, and cointegration tests based on both ex post and ex ante data. We find that, stock prices diverged significantly from their fundamental values during the late 1990's, and that this divergence has all the characteristics of a bubble.