Firms, do you know your currency risk exposure? Survey results

This paper surveys the currency risk management practices of Swiss industrial corporations. We find tha industrials do not quantify their currency risk exposure and investigate possible reasons. One possibility is that firms do not think they need to know because they use on-balance-sheet instruments to protect themselves before and after currency rates reach troublesome levels. This is puzzling because a rough estimate of at least cash flow exposure is not a prohibitive task and could be helpful. It is also puzzling that firms use currency derivatives to hedge/insure individual short-term transactions, without apparently trying to estimate aggregate transaction exposure.

Ignacy Koschembahr-Łyskowski: profesor Uniwersytetu Fryburskiego (1895-1900)

Ignacy Koschembahr-Łyskowski: a professor at the University of Fribourg (1895-1900) Ignacy Koschembahr-Łyskowski (1864-1945) was a Polish legal scholar researching into Roman and Private laws; one of the drafters of Polish unified Private Law in the Interwar era. After having obtained his PhD in Berlin in 1888 and postdoctoral degree in Breslau in 1894, he moved to Fribourg (Switzerland), where he stayed 5 years (1895-1900) as a professor for Roman law. Koschembahr-Łyskowski wrote there his fundamental works on the methodology of Roman law (1898) and its usefulness for modernity, as well as about the codification of Swiss Private Law (1899), demonstrating the usefulness of the Roman law experience for modern legislation. An overview of his works shows a surprising topicality of his ideas. The survey concentrates on his teaching in Fribourg as well as his writings, and is based on many newly discovered documents from the local archives, that have never been published before.

Dependence of Eemian Greenland temperature reconstructions on the ice sheet topography

The influence of a reduced Greenland Ice Sheet (GrIS) on Greenland's surface climate during the Eemian interglacial is studied using a set of simulations with different GrIS realizations performed with a comprehensive climate model. We find a distinct impact of changes in the GrIS topography on Greenland's surface air temperatures (SAT) even when correcting for changes in surface elevation, which influences SAT through the lapse rate effect. The resulting lapse-rate-corrected SAT anomalies are thermodynamically driven by changes in the local surface energy balance rather than dynamically caused through anomalous advection of warm/cold air masses. The large-scale circulation is indeed very stable among all sensitivity experiments and the Northern Hemisphere (NH) flow pattern does not depend on Greenland's topography in the Eemian. In contrast, Greenland's surface energy balance is clearly influenced by changes in the GrIS topography and this impact is seasonally diverse. In winter, the variable reacting strongest to changes in the topography is the sensible heat flux (SHF). The reason is its dependence on surface winds, which themselves are controlled to a large extent by the shape of the GrIS. Hence, regions where a receding GrIS causes higher surface wind velocities also experience anomalous warming through SHF. Vice-versa, regions that become flat and ice-free are characterized by low wind speeds, low SHF, and anomalous low winter temperatures. In summer, we find surface warming induced by a decrease in surface albedo in deglaciated areas and regions which experience surface melting. The Eemian temperature records derived from Greenland proxies, thus, likely include a temperature signal arising from changes in the GrIS topography. For the Eemian ice found in the NEEM core, our model suggests that up to 3.1 °C of the annual mean Eemian warming can be attributed to these topography-related processes and hence is not necessarily linked to large-scale climate variations.

Towards a new balance of trade in agriculture

Trade in agriculture is linked to a whole range of economic, environmental, societal and future interests. For this reason, international regulation of trade in agricultural goods is highly contentious. While mainly directed towards an opening of markets, the WTO Agreement on Agriculture also has some entry points for ‘non trade concerns’. However, the agreement still looks like a casual patchwork that allows rather unsystematic ally for exemptions, without explicitly exposing the grounds that allow for them. The question arises of how the agreement could be drafted in a more structured way, in order to make sure that the economic objectives are efficiently pursued, and at the same time that human rights and environmental concerns are adequately taken account of? The concept of sustainable development provides for a methodical ‘seven step’ framework that gives guidance on integrated decision making processes. In this paper, this framework is partially applied to the Agreement on Agriculture. This working paper served as an introductory note to a brainstorming workshop on the subject that took place on 27 March 2009 at the World Trade Institute, University of Bern.

Prospects in International Investment Law and Policy: World Trade Forum

The negotiation of a patchy but burgeoning network of international investment agreements and the increasing use to which they are put is generating a growing body of jurisprudence which, while still evolving, requires closer analytical scrutiny. Drawing on many of the most distinguished voices in investment law and policy, and offering novel, multidisciplinary perspectives on the rapidly evolving landscape shaping international investment activity and treaty-making, this book explores the most important economic, legal and policy challenges in contemporary international investment law and policy. It also examines the systemic implications flowing from frenetic recent judicial activism in investment matters and advances several innovative propositions for how best to promote greater overall coherence in rule-design, treaty use and policy making and thus offer a better balance between the rights and obligations of international investors and host states.