The Euro as an International Currency: explaining puzzling first evidence from the foreign exchange markets

This paper presents evidence that the bid-ask spreads in euro rates increased relative to the corresponding bid-ask spreads in the German mark (DM) prior to the creation of the currency union. This comes with a decrease in transaction volume in the euro rates relative to the previous DM rates. The starkest example is the DM(euro)/yen rate in which the spread has risen by almost two-thirds while the volume decreased by more than one third. This outcome is surprising because the common currency concentrated market liquidity in fewer external euro rates and higher volume tends to be associated with lower spreads. We propose a microstructure explanation based on a change in the information environment of the FX market. The elimination of many cross currency pairs increased the market transparency for order flow imbalances in the dealership market. It is argued that higher market transparency adversely affects the inventory risk sharing efficiency of the dealership market and induces the observed euro spread increase and transaction volume shortfall.

An information approach to international currencies

Models of currency competition focus on the 5% of trading attributable to balance-of-payments flows. We introduce an information approach that focuses on the other 95%. Important departures from traditional models arise when transactions convey information. First, prices reveal different information depending on whether trades are direct or though vehicle currencies. Second, missing markets arise due to insufficiently symmetric information, rather than insufficient transactions scale. Third, the indeterminacy of equilibrium that arises in traditional models is resolved: currency trade patterns no longer concentrate arbitrarily on market size. Empirically, we provide a first analysis of transactions across a full market triangle: the euro, yen and US dollar. The estimated transaction effects on prices support the information approach.

Recent policy initiatives in early childhood and the challenges for the social work profession

The Labour Government in the UK has announced, as part of its launch of The Children's Plan, that it 'wants to make this country the best place in the world for children and young people to grow up' in. This latest Plan is further evidence of the surge of interest that there has been in children (and, in particular, early childhood) over the last ten years in the UK and indeed elsewhere. Many of the recent policy and practice initiatives have implications for social workers working with young children. Yet, social work as a profession, in comparison with education, has remained relatively silent on these initiatives and it is hard to find any critical analysis of these developments in terms of either their underlying discourses or their implications for social workers. This article sets out to address these gaps by providing a critical analysis of: what types of knowledge regarding the early years have gained political currency; why and how this is the case; and what the implications are for the role and practices of social workers. The article proposes that discourses of 'need' and 'provision' mask more powerful discourses of economics, social control and risk avoidance, and it concludes by advocating more critically reflexive social work practice with young children and their families.

Wino's vanitas:Ivresse transgressive et affirmation littéraire dans les romans noirs de Ken Bruen

Based on a theoretical framework owing to Bourdieu, Viala and Meizoz successive adjustments of the notion of literary posturing, and on Maingueneau's concept of auctorial scenography, this chapter probes the writer's ethos of Irish crime fiction author Ken Bruen and its impact on his reception in the French literary field. It studies in particular the double transgression characteristic of his ethos as a pioneer of the Irish noir : a cultural transgression attacking relentlessly the international currency of myths and stereotypes of Ireland, and a generic transgression, which thrives in the tension between codes and constraints of the noir novel.

The German Federal Constitutional Court's Ruling on Outright Monetary Transactions (OMT) - Another Step Towards National Closure?

The German Federal Constitutional Court (FCC) ruling of 14 January 2014 deserves a thorough evaluation on several accounts: It is the first ever reference by the FCC to the Court of Justice of the European Union (CJEU), it represents a continuation of FCC case law aimed at restricting the impact of European Union law as interpreted by the Court of Justices of the European Union (CJEU) on German law as well as questioning Germany’s participation in an ever closer European Union, and it has the potential to dictate the future course of the EU’s Economic and Monetary Union (EMU).

This case note discusses three aspects of this decision. First, it considers the aims of challenging the youngest measures to contain the euro currency crisis before the FCC, focusing on the question in how far the claims are based on national closure as opposed to an ever closer union of the peoples of Europe. Secondly it analyzes in how far the aims the claims pursue are reflected in the FCC’s response. Thirdly, it considers the substantive relevance of this reference, highlighting the surprisingly vague consequences the FCC envisages should the CJEU not re-interpret the OMT decision as the FCC suggests, and illuminating the strategic aims of the reference without deference. In conclusion, it sketches the remaining scope for the EU to engage in or at least facilitate transnational solidarity.

Transitional Justice: Origins, Boundaries and Methods in Transitional Justice

Scholars and practitioners working in ‘transitional justice’ are concerned with remedies of accountability and redress in the aftermath of conflict and state repression. Transitional justice, it is argued, provides recognition of the rights of victims, promotes civic trust, and strengthens the democratic rule of law. As serious scholarship flourishes around this critical concept as never before, this new collection from Routledge meets the need for an authoritative reference work to map a vibrant site of research and reflection. In four volumes, Transitional Justice brings together foundational and the best and most influential cutting-edge materials, including key works produced before the term ‘transitional justice’ gained wide currency but which anticipate approaches now included under that rubric.

The collection covers themes such as: truth and history; acknowledgement, reconciliation, and forgiveness; retribution, restorative justice and reparations; and democracy, state-building, identity, and civil society

Transitional Justice: Conceptualising 'Transition'

Scholars and practitioners working in ‘transitional justice’ are concerned with remedies of accountability and redress in the aftermath of conflict and state repression. Transitional justice, it is argued, provides recognition of the rights of victims, promotes civic trust, and strengthens the democratic rule of law. As serious scholarship flourishes around this critical concept as never before, this new collection from Routledge meets the need for an authoritative reference work to map a vibrant site of research and reflection. In four volumes, Transitional Justice brings together foundational and the best and most influential cutting-edge materials, including key works produced before the term ‘transitional justice’ gained wide currency but which anticipate approaches now included under that rubric.

The collection covers themes such as: truth and history; acknowledgement, reconciliation, and forgiveness; retribution, restorative justice and reparations; and democracy, state-building, identity, and civil society

Are People Changing Address Less? An Analysis of Migration within England and Wales, 1971–2011, by Distance of Move

Expectations of migration and mobility steadily increasing in the longer term, which have a long currency in migration theory and related social science, are at odds with the latest US research showing a marked decline in internal migration rates. This paper reports the results of research that investigates whether England and Wales have experienced any similar change in recent decades. Using the Office for National Statistics Longitudinal Study (ONS-LS) of linked census records, it examines the evidence provided by its 10-year migration indicator, with particular attention to a comparison of the first and latest decades available, 1971-1981 and 2001-2011. This suggests that, as in the USA, there has been a marked reduction in the level of shorter-distance (less than 10km) moving that has involved almost all types of people. In contrast to this and to US experience, however, the propensity of people to make longer-distance address changes between decennial censuses has declined much less, largely corroborating the results of a companion study tracking the annual trend in rates of between-area migration since the 1970s (Champion and Shuttleworth, 2016).

US Dollar Carry Trades in the Era of 'Cheap Money'

In this paper, we employ a unique dataset of actual US dollar (USD) forward positions against a number of currencies taken by so-called Commodity Trading Advisors (CTAs). We investigate to what extent these positions exhibit a pattern of USD carry trading or other patterns of currency trading over the recent period of the ultra-loose US monetary policy. Our analysis indeed shows that USD positions against emerging market currencies are characterised by a pattern of carry trading. That is, the USD, as the lower yielding currency, is associated with short positions. The payoff distributions of these positions, moreover, are found to have positive Sharpe ratios, negative skewness and high kurtosis. On the other hand, we find that USD positions against other advanced country currencies have a pattern completely opposite to carry trading which is in line with uncovered interest parity trading; that is, the lower (higher) yielding currency is associated with long (short) positions.