Theory and practice in the field of foresight

Purpose – The paper aims to explore the gap between theory and practice in foresight and to give some suggestions on how to reduce it. Design/methodology/approach – Analysis of practical foresight activities and suggestions are based on a literature review, the author's own research and practice in the field of foresight and futures studies, and her participation in the work of a European project (COST A22). Findings – Two different types of practical foresight activities have developed. One of them, the practice of foresight of critical futures studies (FCFS) is an application of a theory of futures studies. The other, termed here as praxis foresight (PF), has no theoretical basis and responds directly to practical needs. At present a gap can be perceived between theory and practice. PF distinguishes itself from the practice and theory of FCFS and narrows the construction space of futures. Neither FCFS nor PF deals with content issues of the outer world. Reducing the gap depends on renewal of joint discourses and research about experience of different practical foresight activities and manageability of complex dynamics in foresight. Production and feedback of self-reflective and reflective foresight knowledge could improve theory and practice. Originality/value – Contemporary practical foresight activities are analysed and suggestions to reduce the gap are developed in the context of the linkage between theory and practice. This paper is thought provoking for futurists, foresight managers and university researchers.

Az árfolyamsávok empirikus modelljei és a devizaárfolyam sávon belüli előrejelezhetetlensége = Empirical models of exchange rate target zones

A sávosan rögzített devizaárfolyamok elméleti és gyakorlati vizsgálatai a nemzetközi közgazdaságtan egyik legnépszerűbb témaköre volt a kilencvenes évek elején. A gyakorlati módszerek közül az alkalmazások és hivatkozások száma tekintetében az úgynevezett eltolódással igazítás módszere emelkedett ki. A módszert alkalmazó szerzők szerint amíg a lebegő árfolyamú devizák előrejelzése céltalan feladatnak tűnik, addig sávos árfolyam esetén az árfolyam sávon belüli helyzetének előrejelzése sikeresen végezhető. E tanulmány bemutatja, hogy az Európai Monetáris Rendszer és az északeurópai államok sávos árfolyamrendszereinél e módszer alkalmazásával adódott eredmények például a lebegő árfolyamú amerikai dollárra és az egységgyökfolyamatok többségére is érvényesek. A tanulmány feltárja e látszólagos ellentmondás okait, és bemutat egy olyan, a sávos árfolyamrendszerek főbb megfigyelt jellemzőire épülő modellt, amelynek keretei között a sávon belüli árfolyam előrejelzése nem feltétlenül lehetséges, mert a leértékelés előtti időszakban a sávon belüli árfolyam alakulása kaotikus lehet. / === / Following the development of the first exchange rate target zone model at the end of the eighties dozens of papers analyzed theoretical and empirical topics of currency bands. This paper reviews different empirical methods to analyze the credibility of the band and lays special emphasis on the most widely used method, the so-called drift-adjustment method. Papers applying that method claim that while forecasting a freely floating currency is hopeless, predicting an exchange rate within the future band is successful. This paper shows that the results achieved by applications to EMS and Nordic currencies are not specific to data of target zone currencies. For example, application to US dollar and even to most unit root processes leads qualitatively to the same. This paper explores the solutions of this puzzle and shows a model of target zones in which the exchange rate within the band is not necessarily predictable since the process might follow chaotic dynamics before devaluation.

Type of actors, objects of exchange, type of original transactions in the coverage of corruption

In the following analysis we deal with only specific corruption cases within our seven-country sample for content analysis (France, Hungary, Italy, Latvia, Romania, Slovakia, and the UK). Only 5,212 relevant articles dealt with such cases within the total sample (12,742). We focus here on providing a descriptive comparative analysis of the actors, types of transactions and country specifics. The second part of the analysis describes the actors involved in the corrupt transactions, while in the third section we deal with the object of exchange in corrupt transactions. The fourth section focuses on the type of transaction which is linked to the corruption. Finally, a summary of the results of our preliminary findings is provided.