The price elasticity of the Euro to movements in foreign reserves through European Central Bank intevention

The Euro has been used as the largest weighting element in a basket of currencies for forex arrangements adopted by several Central European countries outside the European Union (EU). The paper uses a new time-series approach to examine the relationship between the Euro exchange rate and the level of foreign reserves. It employs Zero-no-zero (ZNZ) patterned vector error-correction (VECM) modelling to investigate Granger causal relations among foreign reserves, the European Monetary Union money supply and the Euro exchange rate. The findings confirm that foreign reserves may influence movements in the Euro's exchange rate. Further, ZNZ patterned VECM modelling with exogenous variables is used to estimate the amount of foreign reserves currently required in order to again achieve a targetted Euro exchange rate

Motivation of Chinese investment in Vietnam

China attracted a record of US$52.7×109 in foreign direct investment (FDI) in the year 2002, surpassing the United States to become the world’s largest FDI recipient. China’s success in attracting FDI has received significant attention from academics. Several theoretical approaches have been developed to explain the determinants of FDI in China. However, it seems to be ignored that China has also become a growing provider of significant FDI to the rest the world. According to United Nations Conference on Trade and Development (UNCTAD)’s 2004 report, as a developing country, replacing Japan, China has made the list of the expected top five home countries worldwide for the first time in terms of geographical coverage (2004–2005). Vietnam is second largest market and another emerging transition tiger in Southeast Asia. Both China and Vietnam were and are experiencing transitions from centrally planned economy to free market economy. This paper, therefore, attempts to explore the development of Chinese investment in Vietnam, analysing the main motives for, and characteristics of, Chinese Multinational Enterprises’ (MNEs) investment in Vietnam.

Do migrants' remittances decline over time? Evidence from Tongans and Western Samoans in Australia

There is concern that Pacific Island economies dependent on remittances of migrants will endure foreign exchange shortages and falling living standards as remittance levels fall because of lower migration rates and the belief that migrants' willingness to remit declines over time. The empirical validity of the remittance-decay hypothesis has never been tested. From survey data on Tongan and Western Samoan migrants in Sydney, this paper estimates remittance functions using multivariate regression analysis. It is found that the remittance-decay hypothesis has no empirical validity, and migrants are motivated by factors other than altruistic family support, including asset accumulation and investment back home.

The secondary vascular system of Actinopterygii: interspecific variation in origins and investment

Vascular casts of 3 species of Chondrichthyes, 1 of Dipnoi, 1 of Chondrostei and 14 species of the Teleostei were examined by light and scanning electron microscopy in order to give a qualitative and quantitative analysis of interarterial anastomoses (iaas) that indicate the presence (or absence) of a secondary vascular system (SVS). Anastomoses were found to originate from a variety of different primary blood vessels, many of which have not been previously identified as giving rise to secondary vessels. Segmental arteries derived from the dorsal aorta and supplying body musculature were major sites of origin of the SVS, although there was considerable variation in where, in the hierarchy of arterial branching, the anastomoses occurred. The degree of investment in a SVS was species specific, with more active species having a higher degree of secondary vascularisation. This difference was quantified using an absolute count of iaas between Anguilla reinhardtii and Trachinotus baillonii. A range of general features of the SVS is also described. No evidence of iaas was found on the coeliac, mesenteric or renal circulation in any species. Evidence of iaas was lacking in the dipnoan and chondrichthyan species examined, suggesting that a SVS is restricted to Actinopterygii. The presence and distribution of a SVS does not appear to be exclusively linked to phylogenetic position, but rather to the physiological adaptation of the species.

Investment prioritization based on broadscale spatial budgeting to meet downstream targets for suspended sediment loads

On the basis of a spatially distributed sediment budget across a large basin, costs of achieving certain sediment reduction targets in rivers were estimated. A range of investment prioritization scenarios were tested to identify the most cost-effective strategy to control suspended sediment loads. The scenarios were based on successively introducing more information from the sediment budget. The relationship between spatial heterogeneity of contributing sediment sources on cost effectiveness of prioritization was investigated. Cost effectiveness was shown to increase with sequential introduction of sediment budget terms. The solution which most decreased cost was achieved by including spatial information linking sediment sources to the downstream target location. This solution produced cost curves similar to those derived using a genetic algorithm formulation. Appropriate investment prioritization can offer large cost savings because the magnitude of the costs can vary by several times depending on what type of erosion source or sediment delivery mechanism is targeted. Target settings which only consider the erosion source rates can potentially result in spending more money than random management intervention for achieving downstream targets. Coherent spatial patterns of contributing sediment emerge from the budget model and its many inputs. The heterogeneity in these patterns can be summarized in a succinct form. This summary was shown to be consistent with the cost difference between local and regional prioritization for three of four test catchments. To explain the effect for the fourth catchment, the detail of the individual sediment sources needed to be taken into account.

Darwinian grandparenting: Preferential investment in more certain kin

Studies on grandparental investment have revealed that mothers fathers are emotionally closer to their grandchildren than are fathers' mothers. In the current study, it was hypothesized that this difference is caused by the fact that fathers' mothers often have the potential to invest in genetically more certain kin (children through their daughters). To test this hypothesis, 787 participants rated their emotional closeness and exposure to their grandparents and indicated whether they had cousins through paternal and maternal aunts and uncles. Results indicated that participants felt closer to mothers' fathers than fathers' mothers only when alternate investment outlets for fathers' mothers were available. Closeness ratings to fathers fathers also were reduced when they had grandchildren through their daughters. Exposure to grandparents revealed a similar pattern of findings but did not show the same sensitivity to the presence of more certain kin and did not appear to account for the closeness ratings.