Trade balance and real exchange rate:new evidence from Mauritius-UK trade

Two main questions are addressed here: is there a long-run relationship between trade balance and real exchange rate for the bilateral trade between Mauritius and UK? Does a J-curve exist for this bilateral trade? Our findings suggest that the real exchange rate is cointegrated with the trade balance and we find evidence of a J-curve effect. We also find bidirectional causality between the trade balance and the real exchange rate in the long-run. The real exchange rate also causes the trade balance in the short-run. In an out-of-sample forecasting experiment, we also find that real exchange rate contains useful information that can explain future movements in the trade balance.

László Csaba, Crisis in economics? Studies in European political economy. Budapest: Akadémiai Kiadó , 2009, 224pp., e35.10 h/b.

Book review

Kinetic and hydraulic studies in high-rate biological filters

Most published work on either low- or high-rate biological filters covers one of three topics: kinetics, microbiology/ecology or hydraulics. These areas have been re-examined together for high-rate filters in order to further integrate them and enable appropriate utilization of low-rate filter experience.

A Kuhnian crisis in neo-Darwinism

Policy issues which receive large inputs of scientific and technical information are frequently marred by acrimonious controversies between contributing experts. There are few if any examples of a public policy decision being based on a firm consensus of scientific and technical experts. Such a consensus is taken for granted by the `Rational' model of decision making and its derivatives. Comparing the dynamics of conflict in policy-relevant issues with those of conflict in `pure' science, one is struck by their great similarity. In both cases we witness examples of rhetorical statements about incompetence, conflicting interpretations of data, and interdisciplinary communication problems. Noting this similarity, this thesis attempts to answer the question, `Is there a similarity of cause: do the same causes lie at the roots of conflict in policy-relevant and policy-irrelevant science?' In answering this question this thesis examines recent controversies in a generally policy-irrelevant science - evolutionary biology. Three episodes of conflict are studied: the `Neutral Allele Theory', `Punctuated Equilibrium', and `Structuralist versus Functionalist approaches to evolution'. These controversies are analysed in terms of both Kuhn's account of scientific `crises' and Collingridge and Reeve's (1986) `Overcritical Model'. Comparing its findings with those of Collingridge and Reeve, this thesis concludes that, (a) there is a Kuhnian crisis in contemporary evolution theory and, (b) that common causes do lie at the roots of conflict in policy-relevant and policy-irrelevant science. Science has an inherent tendency to degenerate into acrimonious conflict but at the same time has mechanisms which eventually resolve such conflicts. Unfortunately, when science is incorporated into the policy arena these mechanisms are prevented from operating. This thesis reinforces Collingridge and Reeve's conclusion that science is of little use to policy.

Surviving the global economic crisis in the automotive industry through sustainable supplier management

This chapter looks at how the current global economic crisis has impacted upon the global automotive industry from an operations and supply chain perspective. It presents an empirical and theoretical background to help long and short term planning for organisations experiencing adverse trading conditions. The empirical research study (conducted between 2004-07 primarily in Germany) revealed that organisations are able to make short term improvements to performance by reducing costs and making process and structural improvements, but in the long term the deeper rooted causes of the industry can in part only be dealt with by improving interfirm R&D collaborations based upon competencies rather than cost related issues. A new approach known as Collaborative Enterprise Governance is presented which supports the design and management of competitive sustainable enterprises; it consists of a data capture tool, a body of knowledge and a dynamic reference grid to show how many part-to-part company relationships can exist simultaneously to make up productprocess focused enterprises. Examples from the German automotive industry are given, impact upon the overall product development lifecycle and the implications for organisational strategists are discussed. © 2010 Nova Science Publishers, Inc. All rights reserved.

Short-horizon excess returns and exchange rate and interest rate effects

stocks. We examine the effects of foreign exchange (FX) and interest rate changes on the excess returns of U.S. stocks, for short-horizons of 1-40 days. Our new evidence shows a tendency for the volatility of both excess returns and FX rate changes to be negatively related with FX rate and interest rate effects. Both the number of firms with significant FX rate and interest rate effects and the magnitude of their exposures increase with the length of the return horizon. Our finding seems inconsistent with the view that firms hedge effectively at short-return horizons.

Changes in heart rate variability associated with moderate alcohol consumption

Technological advances have driven some attempt of vital parameters monitoring in adverse environments; these improvements will make possible to monitor cardiac activity also in automotive environments. In this scenario, heart rate changes associated with alcohol consumption, become of great importance to assess the drivers state during time. This paper presents the results of a first set of experiments aimed to discover heart rate variability modification induced by moderate assumption of alcoholic drink (i.e. single draft beer) as that typically occurs in weekend among some people. In the study, twenty subjects were enrolled and for each of them two electrocardiographic recordings were carried out: the first before alcohol ingestion and the second after 25-30 minutes. Each participant remained fasting until the second ECG acquisition was completed. ECG signal were analyzed by typical timedomain, frequency and non linear analysis. Results showed a small increase in LF/HF ratio which reflects a dominance of the sympathetic system over the parasympathetic system, and an increase in signal complexity as proven by non linear analysis. However, the study highlighted the need to monitor HRV starting from alcohol ingestion until its complete metabolization to allow a more precise description of its variation. © Springer International Publishing Switzerland 2014.