The answer seems affirmative. We compare currency carry trades with an investment strategy based on currency fundamentals: taking a long (short) position in undervalued (overvalued) currencies. Carry trades have high risk-adjusted returns, but are subject to ""crash risk."" In contrast, the fundamental strategy has lower risk-adjusted returns, but is less prone to crash risk, because the realization of crash risk coincides with corrections towards fundamentals. In particular, the fundamental strategy outperformed carry trades during the recent global financial crisis. Building on these results
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Japans defeat, educational reform, and the Japanese national narrative and identity in the early postwar years, 1945-1965 -- The politics over education: oppositional forces and Ienaga Saburo's first and second textbook lawsuits, 1950s-1970s -- Counter memories of the Asia-Pcific War: the struggle for recognition, the history controversy, and school textbooks in the 1970s -- Ienaga Saburo's third lawsuit and strategic conjunctures: changing intra- and inter-national relations and the textbook controversy in the 1980s -- What is historical fact? Dispute over historical research and education in court -- Court decisions on Ienaga Saburo's lawsuits and critical trends in history textbooks, the late 1980s-1997 -- Nationalism, democracy, and the textbook market: right-wing nationalist history textbook projects, 1982-2007 -- The Japanese history textbook controversy and the significance of Ienaga Saburo's textbook lawsuits
Purpose – The Greater Mekong Sub-region (GMS) is noted as an investment destination recently. However, there are few surveys about this region. In particular, direction of the regional disparity and economic linkage cannot be found, although it is inevitable to formulate economic or business policies. The paper aims to discuss these issues.
Design/methodology/approach – First, the author calculated the regional GINI coefficient of the GMS, converting the per capita GDP using the purchasing power parity. Then, the trend of intra-regional trade was calculated by using the data of Direction of Trade Statistics of IMF. In addition to that, to consider the trade structures, bilateral trades of Thailand with Vietnam, Laos and Myanmar were analyzed.
Findings – This paper made clear that the regional disparity of the GMS has been gradually shrinking from serious level to moderate in recent years, although it is still larger than the disparity of ASEAN original members. Two Chinese districts and Vietnam played an important role to improve the disparity. As for the intra-regional trade, it used to be very poor in the early 1990s, but is increasing in these years. There may be some signs of starting of the intra-industrial trade between Thailand and Vietnam, although trades with lower developed countries such as Laos and Myanmar are led by natural resources-related products.
Originality/value – This paper is the first survey to calculate the regional disparity of the GMS with time series data. The analysis of the intra-trade among the GMS members expresses the current situation of the economic linkage of this area.
<p>Este artigo tem como objetivo analisar o recente debate marxista a respeito da editoração de Engels feita nos livros de <em>O Capital</em>, em particular sobre aquela concernente a uma possível teoria da crise em Marx a partir da lei da queda tendencial da taxa de lucro. Os recentes estudos filológicos demonstram um caráter de incompletude, sobretudo no que se refere aos Livros 2 e 3 de <em>O Capital</em>, assim como intervenções significativas de Engels em sua editoração final. Apresenta-se, assim, um debate marxista que argumenta de um lado a não existência de uma teoria da crise em Marx e de outro a sua existência a partir da queda tendencial da taxa de lucro como fundamento da crise.</p>
