The value of the exchange rate and the Dutch disease

This paper revisits the original (2008) paper on the Dutch disease, which defined it by the existence of two exchange rate equilibriums (the current and the industrial exchange rate equilibriums). Its novelty is in claiming that, as we have a value and a market price for each good or service, we also have a value and a market price for foreign money. The value is the cost plus reasonable profit corresponding to the exchange rate that makes competitive the country's competent business enterprises; the nominal exchange rates floats around the value according to the demand and supply of foreign money. This basic distinction of the exchange rate in terms of value and in terms of price allows us to understand that the two equilibriums are defined in value terms, and opens room for a clear distinction of the policies that affect the value from the ones that affect the market price of the exchange rate.

TAKING ADVANTAGE OF THE LOCAL ADVANTAGE? - Investment value of the analyst local advantage in the Finnish stock market in 2006–2014

An investor can either conduct independent analysis or rely on the analyses of others. Stock analysts provide markets with expectations regarding particular securities. However, analysts have different capabilities and resources, of which investors are seldom cognizant. The local advantage refers to the advantage stemming from cultural or geographical proximity to securities analyzed. The research has confirmed that local agents are generally more accurate or produce excess returns. This thesis tests the investment value of the local advantage regarding Finnish stocks via target price data. The empirical section investigates the local advantage from several aspects. It is discovered that local analysts were more focused on certain sectors generally located close to consumer markets. Market reactions to target price revisions were generally insignificant with the exception to local positive target prices. Both local and foreign target prices were overly optimistic and exhibited signs of herding. Neither group could be identified as a leader or follower of new information. Additionally, foreign price change expectations were more in line with the quantitative models and ideas such as beta or return mean reversion. The locals were more accurate than foreign analysts in 5 out of 9 sectors and vice versa in one. These sectors were somewhat in line with coverage decisions and buttressed the idea of local advantage stemming from proximity to markets, not to headquarters. The accuracy advantage was dependent on sample years and on the measure used. Local analysts ranked magnitudes of price changes more accurately in optimistic and foreign analysts in pessimistic target prices. Directional accuracy of both groups was under 50% and target prices held no linear predictive power. Investment value of target prices were tested by forming mean-variance efficient portfolios. Parallel to differing accuracies in the levels of expectations foreign portfolio performed better when short sales were allowed and local better when disallowed. Both local and non-local portfolios performed worse than a passive index fund, albeit not statistically significantly. This was in line with previously reported low overall accuracy and different accuracy profiles. Refraining from estimating individual stock returns altogether produced statistically significantly higher Sharpe ratios compared to local or foreign portfolios. The proposed method of testing the investment value of target prices of different groups suffered from some inconsistencies. Nevertheless, these results are of interest to investors seeking the advice of security analysts.

The "Bodega" Company Price List

A price list for The "Bodega" Company Limited. The company has branches throughout the United Kingdom, including: London, Birmingham, Manchester, Liverpool, Glasgow, Edinburgh, Dundee, Brighton, and Ryde. The final pages of the price list also include a reprinted article from "The Irish Times" concerning a case against the use of the Bodega Company name.

Artists Rendering of Isobel Price

Artist’s rendering in colour of Isobel Price in an oval frame with a hook at the top and a section at the back which contains a lock of hair. This painting was done by Gerald Sinclair Hayward who was a renowned artist whose work was displayed at an exhibition in New York in 1899. He painted Theodore Roosevelt, William K. Vanderbilt and members of the ruling families of Britain, Germany and Russia. The frame is enclosed in a folding case lined with velvet and silk. The silk is quite worn. The outside of the case appears to be leather and has a stand for setting it upright. It closes with a metal latch. This is accompanied by a note by R. Band.

Do Inflation-Targeting Central Banks Implicitly Target the Price Level?

This paper reports graphical and statistical evidence that the inflation targeting regimes in Canada and the UK - but not in Australia, New Zealand, or Sweden - actually resemble price-level targeting. In particular, the price level closely tracks the path implied by the inflation target, and the time-series predictions of the "bygones-are-bygones" version of inflation targeting are rejected by the data in favor of those implied by price-level targeting. These results indicate heterogeneity in the actual application of inflation targeting across countries and, for Canada and the UK, imply that the characterization of inflation targeting as a policy where shocks are accommodated is at odds with the data. Moreover, up to extent that their current policies already resemble price-level targeting, the welfare gains of replacing inflation with (explicit) price-level targeting are likely to be small.

Characterization of the unfolding of a weak focus and modulus of analytic classification

La thèse présente une description géométrique d’un germe de famille générique déployant un champ de vecteurs réel analytique avec un foyer faible à l’origine et son complexifié : le feuilletage holomorphe singulier associé. On montre que deux germes de telles familles sont orbitalement analytiquement équivalents si et seulement si les germes de familles de difféomorphismes déployant la complexification de leurs fonctions de retour de Poincaré sont conjuguées par une conjugaison analytique réelle. Le “caractère réel” de la famille correspond à sa Z2-équivariance dans R^4, et cela s’exprime comme l’invariance du plan réel sous le flot du système laquelle, à son tour, entraîne que l’expansion asymptotique de la fonction de Poincaré est réelle quand le paramètre est réel. Le pullback du plan réel après éclatement par la projection monoidal standard intersecte le feuilletage en une bande de Möbius réelle. La technique d’éclatement des singularités permet aussi de donner une réponse à la question de la “réalisation” d’un germe de famille déployant un germe de difféomorphisme avec un point fixe de multiplicateur égal à −1 et de codimension un comme application de semi-monodromie d’une famille générique déployant un foyer faible d’ordre un. Afin d’étudier l’espace des orbites de l’application de Poincaré, nous utilisons le point de vue de Glutsyuk, puisque la dynamique est linéarisable auprès des points singuliers : pour les valeurs réels du paramètre, notre démarche, classique, utilise une méthode géométrique, soit un changement de coordonée (coordonée “déroulante”) dans lequel la dynamique devient beaucoup plus simple. Mais le prix à payer est que la géométrie locale du plan complexe ambiante devient une surface de Riemann, sur laquelle deux notions de translation sont définies. Après avoir pris le quotient par le relèvement de la dynamique nous obtenons l’espace des orbites, ce qui s’avère être l’union de trois tores complexes plus les points singuliers (l’espace résultant est non-Hausdorff). Les translations, le caractère réel de l’application de Poincaré et le fait que cette application est un carré relient les différentes composantes du “module de Glutsyuk”. Cette propriété implique donc le fait qu’une seule composante de l’invariant Glutsyuk est indépendante.

The Myth of Demonetarization of Gold

The aim of this paper is to discuss the crisis of the international financial system and the necessity of reforming it by new anchor or benchmark for the international currency, a money-commodity. The need for understanding the definition of a numéraire is a first necessity. Although most economists reject any connection between money and a particular commodity (gold) – because of the existence of legal tender money in every country – it will be shown that it is equivalent to reduce the real space to an abstract number (usually assumed 1) in order to postulate that money is neutral. This is sheer nonsense. It will also be shown that the concept of fiat money or state money does not preclude the existence of commodity money. This paper is divided in four sections. The first section analyses the definition and meaning of a numéraire for the international currency and the justification for a variable standard of value. In the second section, the market value of the US dollar is analysed by looking at new forms of value -the derivative products- the dollar as a safe haven, and the role of SDRs in reforming the international monetary system. In the third and fourth sections, empirical evidence concerning the most recent period of the financial crisis is presented and an econometric model is specified to fit those data. After estimating many different specifications of the model –linear stepwise regression, simultaneous regression with GMM estimator, error correction model- the main econometric result is that there is a one to one correspondence between the price of gold and the value of the US dollar. Indeed, the variance of the price of gold is mainly explained by the Euro exchange rate defined with respect to the US dollar, the inflation rate and negatively influenced by the Dow Jones index and the interest rate.

Elucidation of the biological roles of Wnt5a signaling in follicle development

La santé folliculaire est déterminée par un nombre de facteurs endocriniens, paracrines et autocrines. Les gonadotrophines hypophysaires sont les principaux moteurs du développement du follicule, mais leurs actions sont modulées localement par les hormones et des facteurs de croissance. Les glycoprotéines de la famille des WNTs représentent une grande famille de molécules impliquées dans différentes voies de signalisation. Ils sont sécrétés dans le but de moduler et coordonner la réponse des follicules aux gonadotrophines, et leurs activités sont indispensables à la fonction ovarienne et à la fertilité féminine. Les WNTs sont généralement classés en fonction de la (des) voie(s) qu’ils activent. Le rôle des membres de la voie canonique WNT et de ses composants tels que CTNNB1, WNT4, WNT2, FZD1 et FZD4 est bien établi au cours du développement du follicule chez les rongeurs. Un rôle similaire des WNTs dans les espèces mono-ovulatoires demeure essentiellement inconnu. De plus, le rôle des WNT non canoniques dans l'ovaire de rongeurs est méconnu. Les objectifs de cette thèse sont (1) d'élucider la régulation hormonale de l'expression de WNT5A et le rôle physiologique de WNT5A dans les cellules de la granulosa bovine in vitro et (2) d'identifier les rôles physiologiques de WNT5A dans l'ovaire de souris par inactivation génique conditionnelle. Chacun de ces objectifs a mené à la publication d’un article à partir des résultats obtenus au cours de cette thèse. Dans le premier article, le rôle de WNT5A dans les cellules de la granulosa bovine a été étudié in vitro. Nous avons constaté que WNT5A est un régulateur négatif de la stéroïdogenèse stimulée par la FSH issue des cellules de la granulosa, et qu'il agit en supprimant l'activité de signalisation des WNTs canoniques tout en induisant la voie de signalisation MAPK8/JUN. le deuxième article, afin d’examiner le rôle de deux WNTs non-canoniques, WNT5A et WNT11, à différents stades de développement folliculaire, nous avons généré des modèles de souris knock-out conditionnels ciblant les cellules de la granulosa pour chacun de ces WNTs. Les résultats obtenus ont permis de mettre en évidence que WNT5A est nécessaire pour assurer la fertilité normale chez la femelle, le développement folliculaire et la stéroïdogenèse ovarienne. Il est aussi un antagoniste de la réponse aux gonadotrophines, agissant par l’intermédiaire de la suppression de la signalisation canonique des WNTs. Chez les souris knock-out pour WNT11, nous ne constatons aucun défaut important dans la fertilité des femelles. L’ensemble de notre travail met en évidence que WNT5A est essentiel pour le développement normal du follicule et qu’il agit pour inhiber la différenciation des cellules de la granulosa. En résumé, nous avons fourni une étude novatrice et approfondie, utilisant plusieurs modèles et techniques pour déterminer les mécanismes par lesquels WNT5A régule le développement des follicules.

Nonparametric estimation of the leverage effect: a trade-off between robustness and efficiency

We consider two new approaches to nonparametric estimation of the leverage effect. The first approach uses stock prices alone. The second approach uses the data on stock prices as well as a certain volatility instrument, such as the CBOE volatility index (VIX) or the Black-Scholes implied volatility. The theoretical justification for the instrument-based estimator relies on a certain invariance property, which can be exploited when high frequency data is available. The price-only estimator is more robust since it is valid under weaker assumptions. However, in the presence of a valid volatility instrument, the price-only estimator is inefficient as the instrument-based estimator has a faster rate of convergence. We consider two empirical applications, in which we study the relationship between the leverage effect and the debt-to-equity ratio, credit risk, and illiquidity.

A study of the cost structure of the cashew industry in kerala, karnataka and tamilnadu

Since the world demand for cashew kernels has been rising steadily for several years in the past, conferring significant price increase the processing of cashew remains a highly profitable lndustry. India being the earliest and largest supplier of cashew kernels in the world market it is our prestigious obligations to reestablish her pristine monopoly. Further the added importance ot the indutry in the Socio economic context of the State of Kerala makes various measures impervative in order to bring back to the industry its pristine glory at the late sixties to give a face lift and to stabilize the industry. This present study adopts a comprehensive frame work of analysis compassing the major issues involved in the cultivation, distribution, import, processing and marketing of cashew undcr the private and public sector, migration of the industry and the financial requirements of the industry.

A Comparative Study Of The Organisation And Management Of Notihed Markets In Bangladesh With The Organisation And Management Of Regulated Markets In West Bengal India

For improving agricultural marketing, which has been discussed in the previous chapter, the Government has intervened in different ways. The direct regulatory role through the regulation of markets and market practices is one of the ways in which governmental intervention can improve agricultural marketing. This study is an enquiry of the direct regulatory role of the government through regulation of markets and market practices. By restructuring the operational methods and redesigning the existing physical markets, this system gives direct benefit to the cultivating class and protects them from the market manipulations of organised and powerful private traders. If traders do not continue their trade for the time being they will not be affected financially, because they are resourceful or financially solvent. On the other hand, Cultivators must sell their produce immediately after harvesting for the lack of additional facilities or to satisfy other needs for which finance is required. Another important reason is that Cultivators/farmers are not organised and because of lack of their organisation, they sell their produces individually. In this situation, a farmer is helpless when astute traders indulge in manipulations at the time of purchase of the produces. So it is the government's obligation to protect the interest of the farmers. Protection of the farmer/cultivator is necessary not only from the point of social justice but also from that of economic growth. If the farmers are assured of a remunerative or incentive price for their produce, they will get the inspiration to produce more and through more production, economy will be developed and the nation as a whole will be benefitted. This study will examine the management system of the markets through the direct regulatory role played by the governments to control markets and market practices in West Bengal and Bangladesh.

Thermohaline variability in the upper layers of the Arabian Sea

The Arabian Sea is an area of complex air-sea interaction processes with seasonal reversing monsoons. The associated thermohaline variability in the upper layers appears to control the large scale monsoon flow which is not yet completely understood. The variability in the thermohaline fields is known to occur in temporal domain ranging from intra-diurnal to inter-annual time scales and on spatial domains of few tens of kilometers to few thousands of kilometers. In the Arabian Sea though the surface temperature was routinely measured by both conventional measurements and satellites, the corresponding information on the subsurface thermohaline field is very sparse due to the lack cw adequate measurements. In such cases the numerical models offer promise in providing information on the subsurface features given an initial thermohaline field and surface heat flux boundary conditions. This thesis is an outcome of investigations carried out on the various aspects of the thermohaline variability on different time scales. In addition to the description of the mean annual cycle. the one dimensional numerical models of Miller (1976) and Price et a1 (1986) are utilised to simulate the observed mixed layer characteristics at selected locations in the Arabian Sea on time scales ranging from intra-diurnal to synoptic scales under variable atmospheric forcing.

Fishery Commodity Chain Trap vis-à-vis Global Quality Standards: An Analysis of the Kerala Marine Fishery

The article examines the commodity chain trap of marine fishery in Kerala, at both material and value terms, and its ramifications in the globalised fishery chains. The marketing chains both material and value, are very complex in nature since they involve many types of markets and large number of intermediaries and participants. The article also scrutinizes the sensitivity of consumers’ and country’s responses in terms of dietary and hygienic standards relating to seafood trade. In addition, it discusses the devastating effect about the recent stipulations like the US Bio- Terrorism Act and Shrimp anti-dumping duty on the Kerala fishery products

Smallholder pig production systems along a periurban-rural gradient in the Western provinces of the Democratic Republic of the Congo

In the Democratic Republic of the Congo (DRC), pigs are raised almost exclusively by smallholders either in periurban areas of major cities such as Kinshasa or in rural villages. Unfortunately, little information is available regarding pig production in the Western part of the DRC, wherefore a survey was carried out to characterize and compare 319 pig production systems in their management and feeding strategies, along a periurban - rural gradient inWestern provinces of the DRC. Pig breeding was the main source of income (43%) and half of respondents were active in mixed pig and crop production, mainly vegetable garden. Depending on the location, smallholders owned on average 18 pigs, including four sows. Piglet mortality rate varied from 9.5 to 21.8% while average weaned age ranged between 2.2 and 2.8 months. The major causes of mortality reported by the farmers were African swine fever 98 %, swine erysipelas (60 %), erysipelas trypanosomiasis (31 %), swine worm infection (17 %), and diarrhoea (12 %). The majority of the pigs were reared in pens without free roaming and fed essentially with locally available by-products and forage plants whose nature varied according with the location of the farm. The pig production systems depended on the local environment; particularly in terms of workforces, herd structure and characteristics, production parameters, pig building materials, selling price and in feed resources. It can be concluded that an improvement of Congolese pig production systems should consider (1) a reduction of inbreeding, (2) an improvement in biosafety to reduce the incidence of African swine fever and the spread of other diseases, and (3) an improvement in feeding practices.

Functional studies of the deubiquitinating enzymes USP19, USP4 and UCH-L1

El marcaje de proteínas con ubiquitina, conocido como ubiquitinación, cumple diferentes funciones que incluyen la regulación de varios procesos celulares, tales como: la degradación de proteínas por medio del proteosoma, la reparación del ADN, la señalización mediada por receptores de membrana, y la endocitosis, entre otras (1). Las moléculas de ubiquitina pueden ser removidas de sus sustratos gracias a la acción de un gran grupo de proteasas, llamadas enzimas deubiquitinizantes (DUBs) (2). Las DUBs son esenciales para la manutención de la homeostasis de la ubiquitina y para la regulación del estado de ubiquitinación de diferentes sustratos. El gran número y la diversidad de DUBs descritas refleja tanto su especificidad como su utilización para regular un amplio espectro de sustratos y vías celulares. Aunque muchas DUBs han sido estudiadas a profundidad, actualmente se desconocen los sustratos y las funciones biológicas de la mayoría de ellas. En este trabajo se investigaron las funciones de las DUBs: USP19, USP4 y UCH-L1. Utilizando varias técnicas de biología molecular y celular se encontró que: i) USP19 es regulada por las ubiquitin ligasas SIAH1 y SIAH2 ii) USP19 es importante para regular HIF-1α, un factor de transcripción clave en la respuesta celular a hipoxia, iii) USP4 interactúa con el proteosoma, iv) La quimera mCherry-UCH-L1 reproduce parcialmente los fenotipos que nuestro grupo ha descrito previamente al usar otros constructos de la misma enzima, y v) UCH-L1 promueve la internalización de la bacteria Yersinia pseudotuberculosis.