The purpose of this study is to look at femicide from a different perspective, even though it may seem unrelated at first. Accordingly, it investigated the existence of a link between foreign exchange, which was a major cause of the crises and unemployment, and femicide, which was the outcome of violence against women other than murder. The data were acquired from the We Will Stop Femicide Platform and the Central Bank of the Republic of Turkey in light of (...) the study’s goal. According to the findings of the investigation, there is a long-term cointegrating association between the foreign exchange rate and femicide in Turkey. After 22.6 days, the deviation induced by a 1% change in the currency rate could be balanced. This study is notable for approaching femicide from a hitherto overlooked economic perspective, as well as demonstrating that exchange rate changes are “vital” in terms of non-economic reality and public health. (shrink)

Since the breakdown of the Bretton Woods system in the early 1970s, the foreign exchange market has become an important focus of both academic and practical research. There are many reasons why FX is important, but one of most important aspects is the determination of foreign investment values. Therefore, FX serves as the backbone of international investments and global trading. Additionally, because fluctuations in FX affect the value of imported and exported goods and services, such fluctuations have (...) an important impact on the economic competitiveness of multinational corporations and countries. Therefore, the volatility of FX rates is a major concern for scholars and practitioners. Forecasting FX volatility is a crucial financial problem that is attracting significant attention based on its diverse implications. Recently, various deep learning models based on artificial neural networks have been widely employed in finance and economics, particularly for forecasting volatility. The main goal of this study was to predict FX volatility effectively using ANN models. To this end, we propose a hybrid model that combines the long short-term memory and autoencoder models. These deep learning models are known to perform well in time-series prediction for forecasting FX volatility. Therefore, we expect that our approach will be suitable for FX volatility prediction because it combines the merits of these two models. Methodologically, we employ the Foreign Exchange Volatility Index as a measure of FX volatility. In particular, the three major FXVIX indices from 2010 to 2019 are considered, and we predict future prices using the proposed hybrid model. Our hybrid model utilizes an LSTM model as an encoder and decoder inside an autoencoder network. Additionally, we investigate FXVIX indices through subperiod analysis to examine how the proposed model’s forecasting performance is influenced by data distributions and outliers. Based on the empirical results, we can conclude that the proposed hybrid method, which we call the autoencoder-LSTM model, outperforms the traditional LSTM method. Additionally, the ability to learn the magnitude of data spread and singularities determines the accuracy of predictions made using deep learning models. In summary, this study established that FX volatility can be accurately predicted using a combination of deep learning models. Our findings have important implications for practitioners. Because forecasting volatility is an essential task for financial decision-making, this study will enable traders and policymakers to hedge or invest efficiently and make policy decisions based on volatility forecasting. (shrink)

Using Least Square Residual Minimization techniques, this paper develops an optimal reserve model, known as the OPREM model, which is essential in optimizing the costs of reserve holding. The paper also sets-out to test and compare the relative predictions of economic trends of the OPREM model as well as the predictions of alternative models in literature. Establishing the predictive accuracy of economic trends of these models are crucial for the gradual and cost-effective accumulation of reserves. The research concludes that, the (...) decision to optimize the cost of reserves under a stable currency environment is reliant on the gold impact factor and not on inflation or interest rates. We also found on further analysis of the OPREM that the OPREM model is better positioned to eliminate the procyclicality and perverse rush in reserve build-ups experienced in developing and emerging countries by effectively setting the reserve stock against economic trends. The research fixes the optimal reserves around a benchmark of 0.7–1.2 of previous year's optimal value. However, in the absence of past optimal values, a benchmark between 2 and 6 times of average inflows for short-term analysis or analysis with small data observations. However, for long-term analysis or analysis with large data frequency, the reserve stock should be fixed on a benchmark of 2–9 times of the average inflows. (shrink)

The literature on speculative bubbles in foreign exchange rates is voluminous, with much of it failing to reject the presence of bubbles in many exchange markets.1 Serious testing of this issue began with the work of Meese (1986), Evans (1986), and Woo (1987). Each used a different approach, and each found evidence failing to reject the presence of bubbles in at least some exchange markets.

The paper deals with Forward exchange contracts and Swap exchange contracts, These two types of contracts are among the most prominent types of financial derivative contracts that arose after the collapse of the Bretton Woods system in 1971 or the so-called Nixon shock, where the convertibility of the dollar into gold was stoped, which led to turmoil in the exchange rates of the currencies of many countries and the emergence of the need to stabilize the (...) class='Hi'>exchange rate Currencies in transactions where the delivery of the two exchanges is delayed. This research has studied forward exchange contracts and swap exchange contracts in four sections. The first section defines the Forward exchange contract, which is a contract in which the two parties commit to exchange a specified amount of foreign currencies on a forward date, at a price agreed upon in advance. The elements and elements that must be mentioned in this contract, such as the seller and buyer, the size of the contract, the date of delivery and the forward exchange rate, were mentioned in this section, with an illustrative example of the mechanism of conducting this contract. In addition to addressing the differences between forward exchange contracts and future exchange contracts, the characteristics of forward exchange contracts and the purposes of those dealing with them from hedging and speculation are mentioned in this section. The second section has been devoted to the definition of swap exchange contracts, it is for the two parties to the contract to agree that one of them buys from the other a specific amount of a currency in exchange for a specific amount of another currency and at the current exchange rate, provided that the two exchanges are delivered immediately, and in the same contract, the two parties agree to make a forward reverse exchange contract, at a price determined within Contract, and to clarify the picture of swap exchange contracts, an example has been given to illustrate the mechanism for conducting this type of contract. In the third section, the views of contemporaries scholars regarding the İslamic law of the forward exchange contract were discussed, where the opinion of the objectors was mentioned at all and the evidence they inferred from it. And then the opinion of those who advocate the permissibility of forward exchange contracts that are in the form of a dating that is not binding on both parties together, provided that there is nothing in the dating that indicates that it is a contract of sale and provided that a new contract is delivered independent of the dating. Then I discussed the opinion and evidence of the impediments in four points, and I concluded that the most correct opinion at the first is the impermissibility of the forward exchange contract in the form such as the traditional banks do it because of the deception it contains. But I recanted and permitted this type of contract in two cases, the first: the case of need with the absence of an alternative, and the second: the case that transaction is not binding dating for both parties and on some terms. Some contemporary scholars suggested conducting buying and selling operations in the same currency as an alternative to forward exchange contracts, and some of them suggested that Islamic banks should have a common unit of account to settle accounts between the parties to commercial transactions. But in my opinion two solutions are often not feasible. As for the fourth section, I dealt with the opinions of contemporary scholars in the swap exchange contract. it seems likely to me that swap currency exchange contracts are nothing but a usurious loan that is prohibited by Sharia. Because when examining the mechanism of conducting this type of contract, it turns out that one of the parties lent the other an amount in one currency in exchange for the other lending him an amount in another currency under the name of the spot exchange contract. Since one of the two parties requires the other to increase what he lent - if the exchange rate of the Forward exchange contract is different from the Spot exchange rate, which is predominant - under the name of the Forward exchange contract, then this process is nothing but a usurious loan. I supported the proposal to exchange loans in different currencies as a İslamic alternative to transaction contracts, provided that there is no preference for one party over another, and there is no usurious increase. And in order to solve the problem of the high rate of currency inflation of one of the two loans more than the other, the researcher suggested adding the inflation rate to the two loans when they are performed. (shrink)

Since the “The Belt and Road” initiative was put forward in 2013, China's foreign investment growth rate has been greatly accelerated. In The Belt and Road context, many scholars used models to analyze the relationship between foreign direct investment, trade flows, and import and export trade. From literature reviews, it is found that previous scholars do not conform to reality and cannot be studied dynamically. Therefore, this study used the panel data of China's foreign direct investment and (...) import and export trade in 40 countries along “The Belt and Road” from 2010 to 2019 to focuses on the impact of foreign direct investment on trade flows, import trade and export trade. Regression analysis was carried out with the trade gravity model and Tinbergen's trade gravity model. In addition to model variables and arguments, the following control variables were adopted: exchange rate, natural resource rents, labor force population, differences in consumer ability, trade openness, and trade agreement signing. The results found that: Foreign direct investment has a positive correlation with trade flow and import and export trade. The labor force population has a negative correlation with trade flow, and import and export trade. The expansion of China's economic scale can increase the scale of China's import and export trade, at the same time, the gap in consumption levels between the two countries will restrict the degree of import and export trade. The possession of natural resources can also promote the development of trade. (shrink)

Vietnam’s money and capital markets continue to see dramatic stages in the remaining months of 2011 due to high bank rates and also increasing foreign-exchange exposure faced by domestic enterprises.

To acquaint the student with the problems of open-economy macroeconomics. These include the theory and policy issues related to the international balance of payments, the determination of foreign exchange rates, the functioning of the macroeconomy under different exchange rate regimes, the operation of macroeconomic policy under different exchange rate regimes, and the evolution and future of the international monetary system as a whole.

A slight stabilization of some macroeconomic indicators Ukraine in conditions of long-term preservation of structural imbalances in the domestic economy against the background of global economic recovery, reduce consumer demand in the global markets combined with the devaluation of the hryvnia no reason to conclude that ensure the sustainability of enterprises to the likely financial and economic turmoil. Given this situation, the article identifies the main problems of accounting of foreign exchange transactions in Ukraine through the prism of (...) foreign software security. At present actualized issue integration into the European economic space, which leads to aggravation of the issue of financial payments in foreign currency and their reflection in the accounting business. Stand unstable economic situation in the domestic market of Ukraine leads the majority of domestic enterprises to shift to foreign markets. Foreign trade enterprises directly related to the riskiness and exposure to foreign shocks her, so constantly need to monitor the status of foreign security. Based on empirical research using the software package MS Excel, articles in the research and forecasting of external economic security of Ukraine and brought a further increase of this indicator in a strategic perspective. However, foreign financial and payment transactions engaged in enterprise involving consideration of exchange rate fluctuations, in which there are exchange differences significantly affect the financial results of the company. In order to improve the accounting currency transactions in the context of foreign trade enterprises proposed harmonization of national and international accounting systems using international standards in national accounting system and financial reporting. (shrink)

Since the outbreak of the global financial crisis in 2008, the exchange rate between China and USA has drawn a lot of attention. Because of the balance of payments surplus, China has accumulated a large amount of foreign exchange reserves, and there is much pressure on the Renminbi (RMB) to appreciate. The appreciation of RMB has raised a series of intertwining economic and ethical concerns in China. This paper is an inter-disciplinary study to illustrate the inter-relationship between (...) economics and ethics. We analyze the major economic factors affecting the trend of exchange rate of RMB and the effects of its appreciation. We then discuss the ethical implications of the appreciation and conclude with some policy suggestions to address the economic and the ethical concerns. (shrink)

In this paper, a new FEPA portfolio forecasting model is based on the EMD decomposition method. The model is based on the special empirical modal decomposition of financial time series, principal component analysis, and artificial neural network to model and forecast for nonlinear, nonstationary, multiscale complex financial time series to predict stock market indices and foreign exchange rates and empirically investigate this hot area in financial market research. The combined forecasting model proposed in this paper is based (...) on the idea of decomposition-reconstruction synthesis, which effectively improves the model’s prediction of internal financial time series. In this paper, we select the CSI 300 Index and foreign exchange rate as the empirical market and data and establish seven forecasting models to make predictions about the short-term running trend of the closing price. The interval EMD decomposition algorithm is introduced in this paper, considering both high and low prices to be contained in the input and output. By analyzing the closing price, high and low prices of the stock index at the same time, the volatility of this interval time series of the index and its trend can be better captured. (shrink)

The chosen currency regime places a state within the international economic order. Therefore, the exchange rate is a key to creating an internal financial system and opening it up to foreign participants. In this paper we would like to show the differences between China and the USA and examine their impact on potential changes on the distribution of power in the international system. We will also try to prove that this field is a missing link in preventing the (...) final launching of a symmetrical bipolar system which will finally force China to accept the rules of a Washington Consensus instead of following its own patterns. The case study method will be used in order to compare market data and assess the role of currencies for the given model. (shrink)

This paper explores the relationship between export growth and economic growth in the case of Pakistan by employing time series data for the period 1971- 2013. This study has incorporated variables like GDP exports, imports and Foreign Direct Investment. We have applied ARDL to co-integration and Error Correction Model. The study provides the evidence of stationary time series variables, the existence of the long - run relationship between them, and the result of ECM revealed short rum equilibrium adjustment. Pakistan (...) has many options for enhancing the export of the country. There is a dire need to minimize trade barriers and restrictions such as import and export quotas. Government of Pakistan had introduced Structural Reforms for liberalization, privatization and de-regulation which will actually shifted the trend of trade at a significant level in the end of 1980s. Low levels of interest rate can help exportable industries in which investments are needed to promote and enhance the exports. Stable exchange rate is the first and the best policy option for increasing the export and managing the imports. There is a cause and effect relationship between exchange rate and FDI. Pakistan has to immediately find the policies and processes that support logistics and facilitates trade. (shrink)

Source: Author: Ahamed Lebbe Mohamed Aslam Nowadays, policy makers believe that the tourism is a positive tool for economic growth of nations because which helps to economies of countries by several ways. In Sri Lankan experience it was not statistically confirmed. The aim of this study was to test the nexus between the tourism earnings and the gross domestic product in Sri Lanka. To test this nexus this study used time series data during the period of 1970 to 2014, and (...) employed the multiple regressions model. In this study, the gross domestic product in constant price was used as dependant variable and exchange rate, foreign remittance, tourism earning, and inflation rate were considered as independent variables. Based on the regression outcomes, this study found that the tourism positively maintained the nexus on the gross domestic product in Sri Lanka at five percent significant level. ]]>. (shrink)

Analysts have generally offered two explanations for China's no-devaluation policy during the Asian financial crisis. The first is China's good economic fundamentals and the renminbi is not fully convertible. The second is China's foreign relations' imperative. China was endeavouring to seek favourable entry conditions into the WTO and improve relations with its Asian neighbours. At the same time it sought to exploit the undercurrent of resentment in Asia towards the role played by the US during the crisis. Policy making (...) in China has become more institutionalized in the post-Deng era, but these explanations ignore the role of China's domestic bureaucratic actors in exchange rate policy making. This paper examines the exchange rate regime preferences of China's key economic ministries and their influences in exchange rate policy making and argues that Party leaders were able to adopt a no-devaluation policy throughout the crisis because China's key economic ministries actively supported or acquiesced to that policy. (shrink)

Reasons for the rapid appearance and growth of SWFs is contributed by increase in oil prices and the accumulation of large balance-of-payments surpluses. Purpose of the article is to investigate size of observed Sovereign Wealth Funds in 2013. Moreover, to describe what explain differences in the size of SWFs, on the other hand what determines the amount of foreign exchange reserves. Is the size of observed funds closely related to rate of growth of the countries? Is return of (...) observed funds is closely related to fund value bn USD, GDP growth and inflation rate of the country? Methodology/methods deployed in this paper has been done illustrations by using available data from official websites of funds, Sovereign Wealth Fund Institute, International Monetary Fund, CIA The World Factbook and author’s calculations due the fact that most of funds do not provide data to the public. In addition to this, we present the estimations by using regression analysis, transferring observed data using the least squares method, The two-sample t-test for mean value, ANOVA, TINV. Scientific aim is to examine whether AUM of SWFs, moreover the size of 14 observed funds is closely related to rate of growth of the countries at 90 percent of probability. Second, if return of 14 observed funds is closely related to fund value bn USD, GDP growth and inflation rate of the country at 95 percent of probability. Third, if there are significant differences between return in 2010 and 2013. Findings indicates that paper came to the conclusion that the return of 14 observed funds is closely related to fund value bn USD, GDP growth and inflation rate of the country at 95 percent of probability. Furthermore, there are significant differences between return in 2010 and 2013. Conclusions pointed out that the influence of SWFs has become undeniable, with total assets topping 6,585tn USD in June 2014, these investors have reached a size comparable to that of the entire alternative assets industry. (shrink)

In modern conditions payment systems have an important role in the economy, as they must provide effective economic means of payments. Accordingly, the development of payment systems in Ukraine appears as a relevant theoretical and practical problem. In the article the theoretical basis and features of payment systems in Ukraine were researched. Preconditions of systemically important payment systems development been analyzed, which are performed by the key principles of their organization and functioning. Realization of principles of systemically important payment systems (...) in Ukraine was investigated. The key principles of operation and functioning and their implementation in retail payment systems were determining, such as providing competitive services, security payments from outside interference, territorial and temporal availability, profitability of participation in the payment system, consumer protection, instant calculation of account balance, instant currency conversion and minimize currency risk. Recommendations for improving the procedures for conversion of currencies in the international card payment systems were provided in order to reduce currency risks for end-users and issuing banks, such as introducing restrictions on the period of submission for payment of international trade, as well prohibit use of trade-service enterprises for currency conversion their own exchange rates. The necessity of legislative regulation of the size of interchange fee in card payment systems to create more favorable conditions for the spread of retail electronic payment was determined as well as removal of legal restrictions on the issuance and use of electronic money and foreign exchange restrictions in order to create the conditions for international payment systems based on electronic money to enter the Ukrainian payment market. (shrink)

Nineteen eighty-seven was a year of financial paradox. During the 1980s there was the strong perception that the Americans, the Europeans, and the Japanese were living well, contrasting with the accounting data that suggested the house of cards was about to fall. Three factors dominated the financial economy of 1987: the 25-percent drop in equity prices in mid-October, the apparent collapse of the U.S. dollar in the foreign exchange market, and the formal recognition by the major international banks (...) that their losses on developing country loans would amount to at least $250 billion. The key question at the end of that year was whether the world economy was moving into a period of inflation or deflation. This essay identifies three possible scenarios. First, the decline in the foreign-exchange value of the U.S. dollar would lead to a rapid increase in U.S. net exports, an excessively large increase in demand for U.S. goods, and a run on the U.S. dollar, which would prompt more contractive monetary policies from the Federal Reserve and an increase in interest rates on U.S. dollars. Second, an increase in U.S. net exports would offset the decline in domestic spending from the smaller fiscal deficit and the less rapid growth of consumer spending. Interest rates on U.S. dollar assets would fall, which in turn would facilitate the expansion of income, and the U.S. fiscal deficit would automatically decline. Or, third, a second stock market meltdown might cause consumer and investment spending to decline more than the increase in net exports, resulting in a recession and a decline in the inflation rate and interest rates. (shrink)

A collection of essays on economic policy in the open economy. If a country is opening up its economy, that is, allowing its domestic production to become competitive with that of the rest of the world, how do policy choices critically influence its economic performance? This book highlights the choices that can be made in several areas: monetary policy, exchange-rate policy, financial reform, protection, tax reform, and foreign capital. It includes detailed case-studies of Nigeria and Bolivia.

Statistical decision theory, whether based on Bayesian principles or other concepts such as minimax or admissibility, relies on minimizing expected loss or maximizing expected utility. Loss and utility functions are generally treated as unit-less numerical measures of value for consequences. Here, we address the issue of the units in which loss and utility are settled and the implications that those units have on the rankings of potential decisions. When multiple currencies are available for paying the loss, one must take explicit (...) account of which currency is used as well as the exchange rates between the various available currencies. (shrink)

According to Critical-Level Views in population axiology, an extra life improves a population only if that life’s welfare exceeds some fixed ‘critical level.’ An extra life at the critical level leaves the new population equally good as the original. According to Critical-Range Views, an extra life improves a population only if that life’s welfare exceeds some fixed ‘critical range.’ An extra life within the critical range leaves the new population incommensurable with the original. -/- In this paper, I sharpen some (...) old objections to these views and offer some new ones. Critical-Level Views cannot avoid certain Repugnant and Sadistic Conclusions. Critical-Range Views imply that lives featuring no good or bad components whatsoever can nevertheless swallow up and neutralise goodness or badness. Both classes of view entail that certain small changes in welfare correspond to worryingly large differences in contributive value. -/- I then offer a view that retains much of the appeal of Critical-Level and Critical-Range Views while avoiding the above pitfalls. On the Imprecise Exchange Rates View, the quantity of some good required to outweigh a given unit of some bad is imprecise. This imprecision is the source of incommensurability between lives and populations. (shrink)

It is my hope that the book will be widely read and debated."--Axel Leijonhufvud, UCLA and the University of Trento "This is a major and controversial contribution to macroeconomics that cannot fail to make an impact in several areas.

This study aims to explore the educational foreign exchange and cooperation policy conceptual framework in China’s education system from a historical policy retrospective analysis. Since reform and opening-up, China has issued a total of 151 pieces of educational foreign exchange and cooperation policy documents, including the cultural education policy, the technical educational policy, the overseas educational policy, and the foreign student policy. It is suggested that we need to carry out capacity building and improve the (...) quality of education exchanges and cooperation with other countries; expand forms and paths and expand educational exchange and cooperation resources and optimize the project system and support education exchange and cooperation with foreign countries; enhance the strength of education and enhancing the influence of education on foreign exchange and cooperation. In conclusion, we need build a guaranteed system for educational exchange and cooperation with foreign countries. We will gradually lift the authority of foreign exchange and cooperation projects in education by category, promote the reform of qualification identification and management of institutions opening to the outside world in education, and improve the facilitation and speed of the management and service of opening to the outside world in education. (shrink)

Due to the development of the Chinese economy, the consolidation of national power worldwide, and the increasing frequency of economic and cultural exchanges with foreign countries, the number of people from various countries who travel to China to engage in exchanges has increased significantly. Given the development of economic globalization, the acceleration of the process of educational internationalization represents a general trend in higher education development and a common requirement for universities. In addition to education, international students also experience (...) cross-cultural adaptation, that is, behavioral adaptation or changes that occur in people in response to changes in their home country, whether in the form of external or internal cultural adaptation. For international students, the problem of cross-cultural adaptation not only hinders their learning progress but also affects their psychology and living conditions. This article explains the construction of Habermas’s theory of communication action. According to this theory, the purpose of communication is to coordinate the common actions of actors, and this coordination is achieved through mutual communication, which is mediated by language. The article also discusses the cross-cultural adaptation experienced by international students in Chinese universities and highlights the importance of developing educational services for international students in the context of international education. Studies have shown that female students exhibit slightly worse psychological adaptation than male students and female students have a slightly higher rate of depression rate than male students. An interpersonal study of 120 international students traveling to China found that most of these students were able to adapt in terms of their interpersonal relationships. To solve the problems associated with cross-cultural adaptation of international students in China, some countermeasures have been proposed, mainly including active participation in interpersonal communication, an enhanced understanding of the new culture, and the amplification of cultural identity. (shrink)

We attempt in this paper to tie together several basic insights of praxeology, and several that are not at all that basic. These include the following: that gains from exchange are subjective; that this applies to profits and interest; that credit transactions can occur under barter; that interest arises from time preference even under a pure time preference theory of interest; and that productivity can, under disequilibrium conditions, affect the various rates of interest.

The performance appraisal process is increasingly seen as a key link between employee behaviour and an organization’s strategic objectives. Unfortunately, performance reviews often fail to change how people work, and dissatisfaction with the appraisal process has been associated with general job dissatisfaction, lower organizational commitment, and increased intentions to quit. Recent research has identified a number of factors related to reactions to performance appraisals in general and appraisal satisfaction in particular. Beyond the appraisal outcome itself, researchers have found that appraisal (...) reactions are affected by perceptions of fairness and the relationship between the supervisor and the employee. To explain the relationships among these factors, the present article proposes a moral cognition perspective. We suggest that employees judge a performance appraisal from the perspective of its moral justifiability, and that appraisal reactions will be determined, at least in part, by the perceived moral justifiability of the process. The proposal was supported by results from a survey of government employees using measures of performance ratings, leader–member exchange, perceived utility, and organizational justice. (shrink)

In a large Colombian teaching hospital, a fifty-five-year-old woman complaining of stomach pain is examined by a foreign-exchange medical student from the United States. Speaking in Spanish, the student elicits a medical history that suggests a possible recurrence of gallstones, but nothing further. Upon discussing the patient's case in private with the attending physician, the student is shocked to learn that the patient is suffering from terminal, metastatic gastric cancer but is unaware of her diagnosis. The attending physician (...) explains that the patient's husband instructed the health care providers not to tell the patient what her diagnosis is. The medical student feels uncomfortable withholding the diagnosis from the patient. The thought of disclosure feels equally uncomfortable, however, as it would mean contradicting the instructions of the attending physician at the host hospital as well as violating what the student suspects, but is not sure, may be acceptable medical practice in Colombia. How should the medical student proceed? (shrink)

In this paper two models for movement of respiratory gases in the insect trachea are presented. One model considers the tracheal system as a single flexible compartment while the other model considers the trachea as a single flexible compartment with gas exchange. This work represents an extension of Ben-Tal’s work on compartmental gas exchange in human lungs and is applied to the insect tracheal system. The purpose of the work is to study nonlinear phenomena seen in the insect (...) respiratory system. It is assumed that the flow inside the trachea is laminar, and that the air inside the chamber behaves as an ideal gas. Further, with the isothermal assumption, the expressions for the tracheal partial pressures of oxygen and carbon dioxide, rate of volume change, and the rates of change of oxygen concentration and carbon dioxide concentration are derived. The effects of some flow parameters such as diffusion capacities, reaction rates and air concentrations on net flow are studied. Numerical simulations of the tracheal flow characteristics are performed. The models developed provide a mathematical framework to further investigate gas exchange in insects. (shrink)

ABSTRACTAs a result of intensive mobility and migration over the last twenty-five years, multiculturalism and multilingualism have become a reality in European prisons. This “superdiversity” poses a serious challenge to the various stakeholders who need efficient and reliable communication. Yet this topic has been underresearched. According to statistics for the year 2014 issued by the Council of Europe, Belgium has a high rate of foreign inmates. Against this background, the aim of this exploratory research is to describe how the (...) Flemish penitentiary system tackles this linguistic challenge. Data were gathered through qualitative research methods such as desktop research and in-depth interviews with 8 stakeholders. Due to the scarcity of financial resources and the presence of organizational hurdles, the Ministry of Justice rarely assigns jobs in prison to interpreters; instead, they are replaced by cheaper and immediately available... (shrink)

Foreign language learning anxiety has been the target of many studies in the field of applied linguistics, but, with the dynamics turn in the field, attempts have been recently made to uncover the dynamics of anxiety English as a foreign language learners go through, especially within the moments of their conversational interactions. Within these interactions, dynamics of anxiety might emerge in different patterns under the influence of the status of the participants’ interlocutors and their familiarity with them. This (...) study explores the dynamics of EFL learners’ anxiety while interacting with different interlocutors from an idiodynamic perspective. The participants of this case study were two female freshman students, taking a speaking and listening university course, who were interviewed by four interlocutors with different status and level of familiarity. Following an idiodynamic method, they self-rated their anxiety fluctuations under the influence of each interlocutor throughout each conversation followed by stimulated recall interviews regarding the explanations of the changes in their anxiety during the conversations. The results showed both change and stability in the participants’ anxiety under the influence of the interlocutors’ familiarity with the participants and their status as well their verbal and nonverbal feedback. The explanation of these changes based on the main properties of complex dynamic system theory is discussed. (shrink)

This paper analyzes resource utilization of the Sundarbans in terms of the contradictory issues and pressures generated by foreign assistance and commercial interests in Bangladesh. In the paper, the historical legacy of resource definition and use that shaped the development of forest policy under the British is considered. In addition, the critical role of the state and the interests and pressures on the Government are explored as these shape the larger context in which current natural resource policy is generated (...) and maintained. Three areas of potential conflict between current devlopment policy and resource management control are noted. They are 1) the privatization of production and resource exploitation in contrast to common property resource use, 2) the need to meet foreign exchange requirements versus local user interests, and 3) commercial versus local user interests.The paper argues that national and international fiscal and economic constraints operate to favor commercial interests and natural resource exports at the cost of policies that emphasize an active approach to the generation and preservation of renewable resources such as the Sundarbans. (shrink)

Interest in credit ratings agencies and their role in financial markets is at an all-time high. Concerns about a lack of transparency concerning process, conflicts of interest, and limited competition are frequently discussed by politicians, regulators and other commentators. These issues we term the credit ratings agency trinity of solicitude. We shed some light on this trinity by considering the unique relationship that exists between corporate borrowers and the CRAs they engage to rate their securities. The exchange relationships literature (...) is used to create a model where commitment plays a central role. Technical qualities, relationship qualities and dependence are theorised as antecedents of commitment, which is described by two constructs of affective commitment and calculative commitment. The issuer’s intention to remain with the CRA, their loyalty, is the consequence of commitment. The model is operationalized by means of a survey questionnaire administered to issuers of corporate debt in the United Kingdom. As expected, perceptions of the quality of the relationship and affective commitment play an important role in CRA-issuer relations. However, contrary to expectations, the technical quality of the rating and issuer dependence on the CRA play little role in determining commitment and continuance. The implications of these findings are discussed along with areas for future research. (shrink)

Source: Author: Mohsen Mehrara, Yazdan Gudarzi Farahani, Farzan Faninam, Abbas Rezazadeh Karsalari This paper examines the relationship between stock market index and macroeconomic policies on Iran's economy using quarterly data in the period 1999-2013. This study employed cointegration test and vector autoregressive models to examine relationships between the stock market index and the macroeconomic variables. The empirical results reveal that a positive money shock can increase stocks return. According to impulse responses, the government expenditure had a slight impact on stocks (...) return in the short term. But the government expenditure has a positive effect on exchange index in long run. Also the effect of taxes on the stock's price index is negative, so that it reaches its maximum level after the third lag and then alleviates. The GDP shock has positive effect on the stock's price index. Increase in production level leads to increase in earnings and profitability, leading to a positive response from stocks index. Therefore the results showed that the macroeconomic variables such as inflation, exchange rate and GDP have significant effects on Tehran exchange price index. So the hypothesis that the improving economic factors can have a useful role in the booming capital market is confirmed. Also the effect of fiscal policy factors such as tax revenues and government expenditures is more than monetary policy factors on stock returns. ]]>. (shrink)

Intertemporal choice requires one to decide between smaller sooner and larger later payoffs and is captured by discount rates. Across two preregistered experiments testing three language pairs (Polish vs. English, Spanish, and German; Experiment 1) and with incentivized participants (Experiment 2), we found no evidence that using a foreign language decreased the strength or increased the consistency of intertemporal choices. On the contrary, there was some evidence of stronger discounting when a foreign language was used. We confirmed (...) prior findings that more reflective individuals discount less strongly but observed that they were just as (un)affected by using foreign language as less reflective individuals. Thus, we provide preliminary evidence that the foreign language effect is robust to individual differences in cognitive reflection. (shrink)

ABSTRACTThe major credit rating agencies contributed substantially to the sub‐prime mortgage crisis by giving their highest rating to most of the collateralized debt obligations securities that were backed by these sub‐prime mortgages. Because the rating agencies are compensated by the issuers whose CDO bonds they rate, this relationship creates a prima facie conflict of interest, one that is compounded when the rating agency also consults for the issuers on designing the CDOs. While Congress and the Securities Exchange Commission investigate (...) possible wrongdoing, various reforms have been proposed. This article analyzes these conflicts of interest and the cognate corporate governance issues. It then categorizes and critiques several of the reform proposals—which range in severity from requiring more disclosure to the suspension of the rating agency's license. (shrink)

The selection process for firm participation on foreign trade missions during the Clinton administration has received much attention. Although critics said seats were exchanged for political contributions, government officials argued they selected internationally competitive firms capable of leveraging the contacts the mission provided. This article provides empirical evidence consistent with both claims. Firms with high levels off oreign trade competency were almost six times more likely to be chosen for participation than firms with little international experience, whereas firms making (...) large soft money donations were five times more likely to be chosen for participation than firms making no soft money donations. (shrink)

The Securities and Exchange Commission (SEC) sanctioned investor-paid rating agency Egan-Jones for falsely stating that it did not know its clients’ investment positions. The SEC’s action against Egan-Jones raises the broad question whether knowledge of clients’ investment positions creates a conflict of interest for investor-paid ratings. In an experimental setting, we find that investor-paid rating agencies are likely to assign credit ratings that are biased in favor of their clients’ positions, and that this effect is attenuated when the rated (...) company has a sophisticated investor base that is expected to scrutinize ratings. The effect is not conditional on the risk profile of the rated companies. Taken together, our findings suggest that a conflict of interest stemming from investors’ preferences is likely to bias ratings under investor-pays business models, but scrutiny by the company’s investor base can counteract this bias. (shrink)