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.

Investigating the rates and impacts of near misses and related incidents among UK cyclists

The paper investigates the occurrence of non-injury incidents among cyclists in the UK, seeking to (i) generate a rate that can be compared with injury rates, (ii) analyse factors affecting incident rates, and (iii) analyse factors affecting the impact of incidents on cyclists. We collected data on non-injury cycling ‘incidents’ (near misses and other frightening and/or annoying incidents) from 1692 online diaries of cycle trip stages1 and incidents, participants having signed up in advance for a specific day. Following data cleaning and coding, a dataset was created covering 1532 diary days and 3994 records of incidents occurring within the UK. Incident rates were calculated and compared to injury risks for cyclists. Cross-tabulation and regression were used to identify factors affecting incident rates and the effect an incident has on the cyclist. Frightening or annoying non-injury incidents, unlike slight injuries, are an everyday experience for most people cycling in the UK. For regular cyclists ‘very scary’ incidents (rated as 3 on a 0–3 scale) are on average a weekly experience, with deliberate aggression experienced monthly. Per mile, non-injury incidents were more frequent for people making shorter and slower trips. People aged over 55 were at lower risk, as were those cycling at the weekend and outside the morning peak. Incidents that involved motor vehicles, especially those involving larger vehicles, were more frightening than those that did not. Near miss and other non-injury incidents are widespread in the UK and may have a substantial impact on cycling experience and uptake. Policy and research should initially target the most frightening types of incident, such as very close passes and incidents involving large vehicles. Further attention needs to be paid to the experiences of groups under-represented among cyclists, such as women making shorter trips.