Exchange rate exposure, foreign currency derivatives and the introduction of the euro: French evidence

We investigate the impact of the introduction of the Euro on exchange rate exposures for French corporations and examine the corporate use of foreign currency derivatives to hedge exchange rate exposure post-Euro. Our findings indicate that the introduction of the Euro is associated with both a reduction in the number of firms that have significant exchange rate exposure and the absolute size of exposure. Consistent with these reduced exposures, French firms use foreign currency derivatives less intensively. Furthermore, the use of foreign currency derivatives is found to be associated with lower exchange rate exposure but there is insufficient evidence that these instruments are more effective in the post-Euro environment.

`He hath the French pox` : stigma, social value and social exclusion

Goods and resources are finite, and social forces heavily pattern their distribution. One of the principal mechanisms for shaping the distribution of resources is by regulating entitlement to community membership itself. By restricting groups' membership of community, so access to social goods and resources diminishes, which in turn has a negative impact on the health and wellbeing of the excluded groups. It is argued here that community membership is determined on the basis of the perceived social value of groups and individuals and stigmatisation is the marking of individuals and groups who are 'unworthy' of social investment. Using the notion of reciprocity we show how groups may be stigmatised and socially excluded as a mechanism for protecting limited social resources from exploitation. This perspective provides an empirically testable framework for the understanding of stigma and social exclusion that goes beyond the largely descriptive work that currently populates the field. We illustrate the process of stigmatisation and social exclusion and discuss how this suggests new styles of intervention, as well as new directions for research.

Work choices : evolution or revolution

Never has a form of legislation created such contentious and wide-reaching emotional debate in Australia. It has divided the community and has resulted in extensive media activity. To the forefront are Australian academics who have often been the resource of expert comment and their reports have been prolific. In this book, academics have taken to opportunity to write their own perception of the impact of Work Choices in the workplace.