Monetary policy, exchange rates and stock prices in the Middle East region

A structural vector autoregressive model is employed to investigate the impact of monetary policy and real exchange rate shocks on the stock market performance of Kuwait, Oman, Saudi Arabia, Egypt and Jordan. In order to identify the structural shocks both short run and long run restrictions are applied. Unlike previous literature the contemporaneous interdependence between the financial variables are left unrestricted to give a more accurate depiction of the relationships. The heterogeneity of the results reflect the different monetary policy frameworks and stock market characteristics of these countries. Mainly, monetary policy and the real exchange rate shocks have a significant short run impact on the stock prices of the countries that apply a relatively more independent monetary policy and flexible exchange rates.

The Location of Cultural Authenticity: Identifying the Real and the Fake in Urban Guizhou

This article examines notions of cultural identity and authenticity and how these notions are articulated in the small city of Kaili in Guizhou Province, an ethnically diverse region. Despite its urban status, Kaili has been branded by the local government as a yuanshengtai tourist destination. This Chinese term literally translates as “original ecology” but is used in ordinary conversation to denote a cultural authenticity in which people exist in quiet harmony with nature. Promotional literature uses the term to tout the ethnic cultural practices that mainly occur in the villages of Kaili’s municipal periphery. In contrast, many local urban inhabitants—although amenable to the promotion of Kaili as a tourist destination—have rejected the notion that the city itself could be considered culturally authentic, and proudly declare themselves “fake” ethnic minorities, as against the “genuine” ethnic people of surrounding villages. These small-city inhabitants have also defined themselves against big-city visitors by attributing to the visitors a naïve fascination with cultural authenticity, while themselves remaining aloof from such practices. The cultural authenticity discourse in Kaili has thus facilitated a reordering of social and spatial hierarchies, as blasé small-city residents define themselves against both culturally authentic rural people and authenticity-seeking big-city tourists. In analyzing this, the article draws out the broader implications regarding PRC notions of ethnicity, cultural practices, heritage, and identity.

Exercise Training Reduces Liver Fat and Increases Rates of VLDL Clearance, but not VLDL Production in NAFLD

Context Randomised controlled trials in non-alcoholic fatty liver disease (NAFLD) have shown that regular exercise, even without calorie restriction, reduces liver steatosis. A previous study has shown that 16 weeks supervised exercise training in NAFLD did not affect total VLDL kinetics. Objective To determine the effect of exercise training on intrahepatocellular fat (IHCL) and the kinetics of large triglyceride-(TG)-rich VLDL1 and smaller denser VLDL2 which has a lower TG content. Design A 16 week randomised controlled trial. Patients 27 sedentary patients with NAFLD. Intervention Supervised exercise with moderate-intensity aerobic exercise or conventional lifestyle advice (control). Main outcome Very low density lipoprotein1 (VLDL1) and VLDL2-TG and apolipoproteinB (apoB) kinetics investigated using stable isotopes before and after the intervention. Results In the exercise group VO2max increased by 31±6% (mean±SEM) and IHCL decreased from 19.6% (14.8, 30.0) to 8.9% (5.4, 17.3) (median (IQR)) with no significant change in VO2max or IHCL in the control group (change between groups p<0.001 and p=0.02, respectively). Exercise training increased VLDL1-TG and apoB fractional catabolic rates, a measure of clearance, (change between groups p=0.02 and p=0.01, respectively), and VLDL1-apoB production rate (change between groups p=0.006), with no change in VLDL1 -TG production rate. Plasma TG did not change in either group. Conclusion An increased clearance of VLDL1 may contribute to the significant decrease in liver fat following 16 weeks of exercise in NAFLD. A longer duration or higher intensity exercise interventions may be needed to lower plasma TG and VLDL production rate.