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AbstractWe estimate the link between exchange rate fluctuations and the labour input of Canadian manufacturing industries. The analysis is based on a dynamic model of labour demand and the econometric strategy employs a panel two‐step approach for cointegrating regressions. Our data are drawn from a panel of 20 manufacturing industries from the KLEMS database and cover a long sample period that includes all cycles of appreciation and depreciation of the Canadian dollar over the last 50 years. Our results indicate that exchange rate fluctuations have significant long‐term effects on the labour input of Canada's manufacturing industries, especially for trade‐oriented industries, but that these long‐term impacts materialize very gradually following shocks.

PurposeThe primary purpose of the present paper is to critically evaluate the extant literature on relational exchange, a fundamental driver of buyer‐seller relationship management in the twenty‐first century. Toward that goal, a meta‐analytic approach is employed to determine specific conditions under which relational exchange may have a greater or lesser impact on B2B relationship outcomes.Design/methodology/approachThe data were extracted from a multitude of effects in the large body of empirical research investigating relational exchange within the business and allied social sciences research. Then, a meta‐analytic methodology using multiple regression was used to assess the in/congruity across relational exchange effects.FindingsThe findings indicate that the association between relational exchange and outcome variables is highly dependent on three factors: how relational exchange is operationally defined, who evaluates the relationship (upstream firm versus downstream firm and high‐status employee versus low‐status employee within the organizational hierarchy), and the data source (from a single industry or from multiple industries).Research limitations/implicationsDespite the extensive attention afforded to relational exchange, an overarching limitation is the paucity of empirical attention as evidenced by the diminutive effects tested in the meta‐analysis. The meta‐analysis is also limited by the selective set of predictor variables that may account for variance in the effect size. Additional effects are needed to assess the conspicuous absence of potentially significant factors underlying B2B relationships (i.e. organization size and relational monitoring by the upstream firm).Practical implicationsThe findings offer insights for researchers and practitioners who deal with dyadic relationships in B2B exchanges. One of the most important implications of this meta‐analysis is the need to clarify the operational definition of relational exchange. The disparity across measures and measurements of relational exchange highlights the need for greater clarity in defining the seminal factors that underlie this important managerial direction.Originality/valueThe findings of this study point to the inconsistencies that exist in the current literature with regard to the operational definition of relational exchange, as well as the study designs employed by different researchers. These inconsistencies have led to inconclusive results across effects. This research challenges B2B researchers and practitioners alike to reconsider the presumed benefits of relational exchange in inter‐organizational relationship management.

Previous studies that assessed the effects of exchange rate volatility on domestic consumption assumed that the effects are symmetric. In this paper, we argue that due to downward price rigidity, exchange rate volatility could have asymmetric effects on consumption. As in previous research assuming symmetric effects, we only found short-run effects in France and the United States. However, when we assumed the effects to be asymmetric and introduced nonlinear adjustment of the volatility measure, we found short-run asymmetric effects in France, Italy, Japan, the United Kingdom, and the United States. No substantial long-run effects were found.

The reasons for the current financial crisis are analysed and a proposal for financing a bad bank is made. In particular, it is proposed to give the banks in trouble government zero bonds rather than cash in exchange for their toxic assets. The term of the zero bonds is determined individually according to the effective failure ratio of the toxic assets. As the latter is yet unknown, this procedure avoids the problem of evaluating them in advance and at the same time ensures that the entire costs of adjustments are lastly borne by the banks themselves rather than by the taxpayer. This solution is suitable for all but the worst cases, where insolvency is inevitable. It is argued that a similar asset exchange approach has already proved to work two times in German History, and that there is no reason to fear that it could hamper the effectiveness of financial markets in future.

Significant reduction of CO2 emissions, the increase of energy production from renewable sources and the increase of energy efficiency are the key priorities of EU's energy and climate policy. All these factors have significant impact on the development of the Polish Power Exchange (PPE), what is reflected among others in the electricity prices volatility. Therefore, in this article the behavior of the CO2 emission allowance prices from ECX and ICE Future Europe is examined and compared to the behavior of electricity prices quoted on the PPE. Empirical analysis is connected with the construction of Markov switching models in order to make a comparison between average duration of each variables in high- and low- volatility regimes. These findings allow toevaluate the synchronization of occurrence of higher price risk periods on the carbon market and on the Polish Power Exchange.

Abstract
This paper discusses some of the intertemporal political economy issues that arise in the pursuit of real undervaluation to achieve more rapid development. Policy makers face a trade-off between achieving a capital stock target in a given amount of time on the one hand and boosting real wages in the short-run, on the other. This generates a trilemma whereby development-focused policy makers can choose to pursue two out of three desirables: (1) use the real exchange rate as an instrument of development policy, (2) meet the development target within a politically relevant time frame, and (3) maintain political stability. The optimal path under a policy with "unambitious" aims will resemble the typical electoral business cycle trajectory whereby policy makers maintain real overvaluation over much of the cycle. By contrast, achieving ambitious capital stock/development targets within a relatively short time requires the potentially unpopular strategy of choosing a highly undervalued real exchange rate at the beginning of the planning horizon and gradually increasing the degree of undervaluation thereafter as wages rise. Relevant structural differences between countries imply different initial levels of real undervaluation, distinct optimal trajectories over time, and hence, varying degrees of trade-offs.

Continuous relational conflicts between market sellers in Russian consumer markets are derived not only from redistribution of value added in the supply chain but also from a lack of legitimacy faced by the new rules of exchange. The paper explains the economic meaning of slotting allowances and other additional contract requirements as viewed by market sellers. A major source of data comes from a series of in-depth interview with retail managers and their suppliers.

AbstractThe Pakistan Stock Exchange (PSX) strategic partnership with the Chinese consortium shifted trends and transition patterns from global to Chinese exchanges. Any substantial changes in these markets created a significant impact on the PSX. After the partnership with the Chinese consortium, Pakistan's mean returns and price volatility dynamics have shifted toward the regional exchanges, connectivity, and alliances, which has increased regional integration. Any systematic change in trading policies and framework of partner exchanges may substantially impact the trading dynamics and volume of the Pakistan stock market and local investors. This changing behavior will enhance financial synergies in the Pakistan stock market's trading capacity by bringing Chinese cross‐listed IPOs and portfolio investment and financial vulnerabilities in exchange rate risk and volatility spillover effects from partner exchanges.

We analyze Milton Friedman's two visits to Chile, in March 1975 and November 1981. We rely on a number of sources, including Friedman's archives, press archives in Chile and the rest of the world, interviews, and the papers and recollections of some of those who accompanied Friedman during his meeting with Pinochet. Although Friedman's 1975 visit has been widely discussed, his 1981 visit has been largely neglected. However, this visit was particularly important as it preceded a severe currency and banking crisis, stemming from an overvalued fixed exchange rate. The crisis put at risk the influence of the "Chicago Boys" and the political and economic liberalization process. We analyze Friedman's views regarding Chile's pegged exchange rate strategy followed between 1979 and 1982, and his position on economic and political freedom.