An information approach to international currencies

Models of currency competition focus on the 5% of trading attributable to balance-of-payments flows. We introduce an information approach that focuses on the other 95%. Important departures from traditional models arise when transactions convey information. First, prices reveal different information depending on whether trades are direct or though vehicle currencies. Second, missing markets arise due to insufficiently symmetric information, rather than insufficient transactions scale. Third, the indeterminacy of equilibrium that arises in traditional models is resolved: currency trade patterns no longer concentrate arbitrarily on market size. Empirically, we provide a first analysis of transactions across a full market triangle: the euro, yen and US dollar. The estimated transaction effects on prices support the information approach.

Cue Competition Effects and Young Children's Causal and Counterfactual Inferences

The authors examined cue competition effects in young children using the blicket detector paradigm, in which objects are placed either singly or in pairs on a novel machine and children must judge which objects have the causal power to make the machine work. Cue competition effects were found in a 5- to 6-year-old group but not in a 4-year-old group. Equivalent levels of forward and backward blocking were found in the former group. Children's counterfactual judgments were subsequently examined by asking whether or not the machine would have gone off in the absence of I of 2 objects that had been placed on it as a pair. Cue competition effects were demonstrated only in 5- to 6-year-olds using this mode of assessing causal reasoning.

Horowitz’s Theory of Ethnic Party Competition and the Case of the SDLP, 1970-79

Donald Horowitz's theory of ethnic conflict suggests that a political party operating in a deeply divided society can be effected by a centrifugal pull even when it is not subject to formal electoral competition. This idea can be applied to Northern Ireland's SDLP in the 1970s, when the party faced no credible electoral rival within its primary political constituency. Doing so helps to explain why the SDLP failed in its original objective of mobilizing a cross-community constituency, and instead became what Horowitz terms an “ethnically based party,” representing the interests of only one side of the political divide in Northern Ireland.

Affinity of divalent mercury towards nitrogen donor ligands

As with gold, relativistic effects are important in the chemistry of mercury Together with the closed-shell d(10) configuration of Hg2+ they account for the special bonding schemes as preferred linear coordination with highly covalent contributions to chemical bonding or special affinities to nitrogen and sulfur that are so prominent in mercuric chemistry This research report summarizes recent research on coordination compounds with halogen, oxygen and, especially, nitrogen as direct bonding partners of di-valent mercury and their competition with each other. In a rather systematic way N-donor ligands with one, two and more than two nitrogen atoms have been inspected in order to elucidate the influences that lead to the special bonding schemes of Hg-II-N compounds.