Are nominal exchange rates and price levels co-integrated? new evidence from threshold autoregressive and momentum-threshold autoregressive models

The goal of this paper is to examine evidence for co-integration between nominal exchange rates for Canada, the UK, Japan, Germany, Italy and France (G6) vis-à-vis the US dollar, and the relative price ratios using monthly data over the period 1973:01 to 1997:04. Motivated by the fact that exchange rate adjustment may be asymmetric, we allowed for asymmetric adjustment in exchange rates by using the threshold autoregressive model and the momentum threshold autoregressive model. We do not find any evidence of a co-integrating relationship; hence, we fail to establish long-run purchasing power parity.

Patterns of use and exchange of genetic resources of the striped catfish Pangasianodon hypophthalmus (Sauvage 1878)

The present paper reviews the use and exchange of genetic resources of the migratory freshwater fish Pangasianodon hypophthalmus (Sauvage 1878) (the striped or sutchi catfish). This species is naturally distributed in the Mekong River and Chao Phraya River basins, and is cultured in several countries, but current production occurs predominantly in the Mekong Delta, Vietnam. Catfish aquaculture in Vietnam has evolved from extensive systems using wild-caught seed to an intensified farming system that is entirely dependent on hatchery-produced seed. Genetic improvement programmes on catfish have started in Vietnam, but are still in their infancy. Genetic studies have revealed several subpopulations of the species. Apart from selective breeding and the production of hybrids with closely related species, no other technologies have been applied to improve the performance of catfish. The use and exchange of P. hypophthalmus genetic resources have brought benefits to rural communities. Aquaculture development of catfish has evolved from being seen as an exploitation of natural resources to an activity that can reduce pressure on wild fish populations. Management of aquaculture stocks need to be rationalised to minimise the potential impacts it might cause to wild populations.

Use and exchange of genetic resources of emerging species for aquaculture and other purposes

From a genetic resources viewpoint, emerging aquaculture species and species groups are examined mainly in terms of food use. In addition, we include species that are becoming increasingly important for biodiversity conservation and related ecotourism aspects. Together with ornamental fish species, we argue that these species are facing increasing vulnerability and warrant attention. Our intention is to raise awareness of the potential for increasing production and revenues from emerging species/species groups with an emphasis on an underlying link to biodiversity conservation and ecosystem preservation, and how this information will inform policy on access to the genetic resources and the sharing of benefits derived from their use. For food purposes, the fastest growing aquaculture sector is mariculture, and within this sector groupers and wrasses are considered to be the most important because they cater to the relatively lucrative live food fish restaurant trade (LFFRT), which is rapidly expanding in selected South-East Asian countries. In the Asian region, ecotourism is an emerging sector and a prominent fish group for this purpose is considered to be mahseer. A number of mahseer species are culturally and commercially important and are often seen as a group of indigenous species that are suitable for aquaculture. This review summarizes much of the limited information related to the patterns of use and exchange of genetic resources on emerging aquatic species/species groups, with particular reference to Asia.

Broadening conceptions of curriculum for young people : reports from three student - teachers on exchange

Research reports prepared by three Australian preservice teachers Paula Shaw, Chris Sharp and Scott McDonald undertaking their teacher education practicum in Canada, form the basis of this paper. The reports provide critical insights into three aspects of education for young people in both Canada and Australia. They also provide critical insight into the ways in which a practicum research project, along with the opportunities afforded through an international experience, enabled the preservice teachers to broaden their understanding of the curriculum for young people, of issues relevant to the diverse needs of young people, and of themselves and their priorities as teachers. The preservice teachers investigated three topics: attempts to reduce homophobia in schools; the presence or absence of Aboriginal content in the school curricula in British Columbia and Queensland; and “schools-within-schools” as a means to meet the needs of diverse student populations. Linda Farr Darling from the University of British Columbia provides a response to the three reports.

Confronting the horror of natural evil: An exchange between Peter Coghlan and Nick Trakakis

In this exchange, Peter Coghlan and Nick Trakakis discuss the problem of natural evil in the light of the recent Asian tsunami disaster. The exchange begins with an extract from a newspaper article written by Coghlan on the tsunami, followed by three rounds of replies and counter-replies, and ending with some final comments from Trakakis. While critical of any attempt to show that human life is good overall despite its natural evils, Coghlan argues that instances of natural evil, even horrific ones, can be justified as the unavoidable by-product of a natural system on which human life and culture depends. Trakakis, however, rejects this view, counselling instead a degree of skepticism about our ability to construct a plausible theodicy for horrific evil.

Modelling Fiji-US exchange rate volatility

In this article, we examine the Fiji-US exchange rate volatility using daily data for the period 2000 to 2006. Our modelling framework is based on the EGARCH model. We find robust evidence of conditional shocks having a positive effect on exchange rate volatility, shocks having asymmetric effects on exchange rate volatility and shocks having a transitory effect on exchange rate volatility.

Exchange as a determinant in corporate citizenship : exploratory action research into the social construction of corporate citizenship

This study attempts to achieve two things. Firstly it contextualizes corporate citizenship drawing on scholarly, government, media, legal and business discourses which when viewed as a whole, reveals the importance of exchange as a central determinant in how all the major themes or subfields of corporate citizenship function and subsequently become valued within public discourse. Secondly, it reports on exploratory action research where I as a researcher occupied a central role in understanding and contributing towards how organizational settings socially construct and evolve corporate citizenship in real time through various exchange behaviour, drawing from four years field research within BP and its interactions with the external world. This research contributes to new knowledge by building a rare contextual understanding into how cultural change evolves over time within an organization, from its public face, through policy, down into employee and stakeholder reactions, including identifying the crucial role played by Cultural bridges’ in shifting entrenched organizational culture towards embracing new, more sustainable ways of doing business, and additionally how practitioners can legitimately act as a researcher in facilitating this process by assisting an organization to move from simple, transactional relationships to more sustainable integrated social, financial and environmental exchange between business and its broader context. Importantly, this research develops entirely new theoretical models for understanding the social application and commercial value of corporate citizenship to both business and society.

The impact of ownership structure on corporate debt policy : two stage least square simultaneous model approach for post crisis period : evidence from Kuala Lumpur Stock Exchange

Ownership concentration as a governance mechanism has received considerable attention among academician, practitioners as well as policy makers because large-block shareholders are increasingly active in their demands that corporations adopt effective governance mechanisms to control managerial decisions, which include corporate debt policy. Earlier study on the agency model of the firm widely recognizes that the managerial ownership and external debt play an important role in mitigating agency conflicts and enhancing firm value. They also found that increase in the external monitors, for example the institutional investors, can actually play a useful role in limiting agency problems in the firm. This paper, using 100 Composite Index companies from Brusa Malaysia between 1998 to 2002 explores the impact of institutional holdings on managerial ownership and debt policy in an integrated framework by using a simultaneous equations estimation procedure (2SLS). The findings show that there is a significant impact of institutional ownership which serves effective control mechanism on managerial ownership and corporate debt policy as hypothesized. Findings of such evidence suggest that institutional holding thus have played an important role in managers' strategic management decision and reduce agency conflict. In addition, corporate debt policy too is governed by managerial ownership and exhibited a negative relation.

On the relationship between stock prices and exchange rates for India

In this paper, we apply several variants of the EGARCH model to examine the role of depreciation of the Indian rupee on India's stock market returns using daily data. Our findings suggest that volatility persistence has been high; depreciation of the rupee has increased volatility; and asymmetric volatility confirms that negative shocks generate more volatility than positive shocks. We also find that an appreciation of the Indian rupee over the 2002 to 2006 has generated more returns and less volatility.