The relationship between the real exchange rate and balance of payments: empirical evidence for China from cointegration and causality testing

This article examines the relationship between the renminbi real exchange rate and China's foreign exchange reserves using cointegration and Granger causality testing. The main findings are that in the long run foreign exchange reserves Granger cause the real exchange rate. Meanwhile, in the short run there is unidirectional Granger causality running from foreign exchange reserves to the real exchange rate.

The dynamic relationship between real exchange rates, real interest rates and foreign exchange reserves : empirical evidence from China

This article examines the long-run and short-run relationship between China's real exchange rate, foreign exchange reserves and the real interest rate differential between China and the United States using monthly data from 1980 to 2002. Extensive testing for unit roots allowing for up to two structural breaks in the trend indicates that the variables are not integrated of the same order. Thus, the bounds testing approach to cointegration is used, which finds that there is a single long-run relationship between the three variables. In the long run the real exchange rate has a statistically significant positive effect on foreign exchange reserves. The coefficient on the real interest rate differential is also positive, but is statistically insignificant. In the short-run it is found that the relationship between the real exchange rate, real interest rate differential and foreign exchange reserves is non-monotonic.

Bringing Bourdieu to policy sociology : codification, misrecognition and exchange value in the UK context

The task of social scientists is to find ways of investigating and understanding the social, political and economic world, in order to offer insights into everyday and public life in the past, present and future. Bourdieu’s tool kit offers a particular way of theorizing the rules, narratives and self-held truths of social phenomena and of educational policy as a specific object of analysis. In this article I develop a series of propositions about the ways in which field theory might be applied to explain the abrupt public policy shift effected by the Thatcher government and the adjustments made to it by the Blair government. I suggest that a Bourdieuian approach shows policy working as a means of codification, as a doxa of misrecognition and as currency exchange within and across fields. I conclude with some thoughts about the difficulties of explicating interactions between fields.

Portfolio diversification and share price behavior : some evidence from the Taiwan Stock Exchange

This dissertation consists of four separate but closely related studies which investigate different aspects of share price behavior on the Taiwan Stock Exchange over the period 1980-89: 1.The benefits of diversification available to investors using the Markowitz model and the Single Model Index. 2. The applicability of the CAPM to the TSE over the decade. 3. Regularities in proce sequences. 4. Market reaction to the announcements of stock dividends, right issues and combinations of both.

Ion exchange, anisotropic structure and thermal stability of polypyrrole films

The thermal stability of electrochemically prepared polypyrrole (PPy) films with p-toluene sulfonate (pTS) or perchlorate (CIOP₄⁻) counter ion (PPy/pTS and PPy/ClO₄⁻) is improved by simple treatment with aqueous sulfuric acid, sodium sulfate or sodium bisulfate. The degree of stabilization achieved depends on the solution, temperature and duration of treatment. PPy/pTS is easily stabilized and thick films (43μm) retain 90 % of the initial conductivity after long period (300 h) at 150 °C, while thinner films (12 μm) retain slightly less (70 %). A model for the conductivity decay has been proposed. Although the mechanism for improved stability is not yet clear it is apparent that the level of ion exchange and the original polymer microstructure are important. The early stages of ion exchange are not symmetrical and diffusion is facilitated at the electrode side of the film. Furthermore, X-ray diffraction shows no evidence of morphological change after treatment of thick PPy/pTS but in thin PPy/pTS and PPy/ClO₄⁻ films an additional peak is indicative of more ordered structure following treatment. These observation may imply that there is a higher density of crosslinks and branching at the growth side than at the electrode side of the film.

Further observations on optimistic fair exchange protocols in the multi-user setting

Recent research has shown that the single-user security of optimistic fair exchange cannot guarantee the multi-user security. This paper investigates the conditions under which the security of optimistic fair exchange in the single-user setting is preserved in the multi-user setting. We first introduce and define a property called “Strong Resolution-Ambiguity”. Then we prove that in the certified-key model, an optimistic fair exchange protocol is secure in the multi-user setting if it is secure in the single-user setting and has the property of strong resolution-ambiguity. Finally we provide a new construction of optimistic fair exchange with strong resolution-ambiguity. The new protocol is setup-free, stand-alone and multi-user secure without random oracles.

An investigation into the ion-exchange properties of chemically modified wool for use in water treatment and chromatography

This study was undertaken to investigate the suitability of natural and chemically treated wool fibres for use in water treatment and in the separation of constituents for monitoring contaminants in water.

Experimental work was carried out to determine the ability of natural and treated wool fibres to remove these constituents from water,

This study provided information on the characteristics of the wool fibre as a medium in water treatment.

The relationship between exchange rates, interest rates and Australian bank returns

Although there has been significant research on US financial intermediaries' stock returns and sensitivity to interest yields, there has only been limited research on Australian bank stock returns and key macro variables, such as interest rates and exchange rates. The aim of this article is to examine this relationship for four major Australian banks, namely the Australia New Zealand bank (ANZ), the Commonwealth Bank of Australia (CBA), the National Australia Bank (NAB) and the Westpac Banking Corporation (WBC). We use the EGARCH model and examine the relationship using monthly data covering the period 1992 to 2007. The results suggest that for all four banks: (1) there is a similar and statistically significant negative relationship between interest rates and stock returns; and (2) there is evidence of an increase in returns during the period of appreciation of the Australian dollar.

Optimistic fair exchange with strong resolution-ambiguity

Optimistic fair exchange (OFE) allows two parties to exchange their digital items in a fair way. As one of the fundamental problems in secure electronic business and digital rights management, OFE has been studied intensively since its introduction. This paper introduces and defines a new property for OFE: Strong Resolution-Ambiguity. We show that many existing OFE protocols have the new property, but its formal investigation has been missing in those protocols. We prove that in the certified-key model, an OFE protocol is secure in the multi-user setting if it is secure in the single-user setting and has the property of strong resolution-ambiguity. Our result not only simplifies the security analysis of OFE protocols in the multi-user setting but also provides a new approach for the design of multi-user secure OFE protocols. Following this approach, a new OFE protocol with strong resolution-ambiguity is proposed. Our analysis shows that the protocol is setup-free, stand-alone and multi-user secure without random oracles.