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.

E-Commerce Innovations in the Personal Tax System of the United Kingdom

This study finds evidence that attempts to reduce costs and error rates in the Inland Revenue through the use of e-commerce technology are flawed. While it is technically possible to write software that will record tax data, and then transmit it to the Inland Revenue, there is little demand for this service. The key finding is that the tax system is so complex that many people are unable to complete their own tax returns. This complexity cannot be overcome by well-designed software. The recommendation is to encourage the use of agents to assist taxpayers or simplify the tax system. The Inland Revenue is interested in saving administrative costs and errors by encouraging electronic submission of tax returns. To achieve these objectives, given the raw data it would seem clear that the focus should be on facilitating the work of agents.

Risk assessment of E-Commerce projects using evidential reasoning

The purpose of this study is to develop a decision making system to evaluate the risks in E-Commerce (EC) projects. Competitive software businesses have the critical task of assessing the risk in the software system development life cycle. This can be conducted on the basis of conventional probabilities, but limited appropriate information is available and so a complete set of probabilities is not available. In such problems, where the analysis is highly subjective and related to vague, incomplete, uncertain or inexact information, the Dempster-Shafer (DS) theory of evidence offers a potential advantage. We use a direct way of reasoning in a single step (i.e., extended DS theory) to develop a decision making system to evaluate the risk in EC projects. This consists of five stages 1) establishing knowledge base and setting rule strengths, 2) collecting evidence and data, 3) determining evidence and rule strength to a mass distribution for each rule; i.e., the first half of a single step reasoning process, 4) combining prior mass and different rules; i.e., the second half of the single step reasoning process, 5) finally, evaluating the belief interval for the best support decision of EC project. We test the system by using potential risk factors associated with EC development and the results indicate that the system is promising way of assisting an EC project manager in identifying potential risk factors and the corresponding project risks.

'Foreign' Terror? London Bombings, Resistance and the Failing State

The British government's response to the London bombings sought to make the terror of that day foreign, even though it appeared largely domestic. This helped construct it as unusual, contingent, part of the uncontrollable ‘otherness’ of the ‘foreign’. However, it also drew the response into the arena of British foreign policy, where the ‘failing state’ has been the dominant conceptualisation of insecurity and terrorism, especially since September 11th. When the bombings are examined through the ‘failing state’ disturbing and important problems are uncovered. Primarily, the ‘failing state’ discourse deconstructs under the influence of the terrorism in London, revealing that Britain itself is a ‘failing state’ by its own description and producing a generalisation of state ‘failure’. It thereby reveals several possible sites for responding to and resisting the government's representation.

Textualising British Politics: Deconstructing the subject of British foreign policy

British politics has been described as a sub-discipline crying out for methodological and ideational cross-fertilisation. Where other areas of political science have benefited from new ideas, British politics has remained largely atheoretical and underdeveloped. This has changed recently with the rise of interpretivism but the study of British politics would also benefit from more serious engagement with poststructuralism. With this in mind, I examine how the thought of Jacques Derrida and deconstruction could be useful for thinking through the foundations of British politics, re-examining what appears natural or given and revealing the problematic and contradictory status of these foundations. After suggesting the need to 'textualise' British politics', I illustrate how deconstruction operates in a specific context, that of British foreign policy since 1997. This exploration reveals how certain decisions (such as the invasion of Iraq in 2003) became possible in the first place, and how their basis in an idea of an 'us' and a 'them', a coherent, autonomous subject separate from its object, is deeply problematic. Such a critical reading of British politics is impossible within the dominant interpretivist framework, and opens up new possibilities for thought which form an important supplement to existing ways of studying the field.