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We investigate fluctuations in the nominal effective exchange rates (NEERs) of East Asian currencies and the Asian monetary unit (AMU), which is computed as a weighted average of East Asian currencies during the global financial crisis. We find that NEERs were more stable for countries that continued to follow a currency basket system during the global financial crisis.

Furthermore, we investigate the relationships among NEERs, AMU, and AMU deviation indicators, which indicate the extent of the deviation in the exchange rate of each East Asian currency from a benchmark rate given in terms of the AMU. By comparing NEERs with a combination of AMU and AMU deviation indicators, we find that there is a strong relationship between them, both before and after the global financial crisis. These results indicate that a coordinated exchange rate policy aimed at stabilizing the AMU deviation indicators will be effective in stabilizing the NEERs of East Asian currencies. In this respect, the AMU deviation indicators, which indicate intraregional exchange rates among East Asian currencies, play a crucial role.

Because NEER trade weights are widely similar among East Asian currencies, a policy aimed at stabilizing a home currency against its NEER may lead to a coordinated exchange rate policy without a common consensus among East Asian countries. In the future, however, coordinated monetary policies should be considered along with coordinated exchange rate policies.

The renminbi (RMB) has evolved in four phases since its mid-2005 unpegging from the US dollar. After a year's transition, the RMB's effective exchange rate traded for two years within narrow bands around an appreciating trend. That is, the RMB behaved as if it were managed to strengthen gradually against trading partners’ currencies. This experiment was interrupted in mid-2008 and the RMB stabilized against a strong dollar amidst the global financial crisis. If Chinese policy were to return to effective currency stability and other East Asian countries were to pursue similar policies, regional currency stability would be enhanced. That would create more favorable conditions for an evolution towards monetary cooperation.

This chapter examines exchange rate options for East Asian countries, taking into account their real economic linkages as well as their international financial relations. Particular consideration is given to possible exchange rate cooperation within the region. For this purpose, the literature on the optimal peg is reconsidered and subsequently extended to include a country's international financial asset and liability situation. That is, instead of focusing solely on nominal or real effective exchange rates, the chapter proposes a blend of “real” and “financial” exchange rates for analyzing “optimal” exchange rate policy.

This paper aims to assess the effect of vocational training on employability for immigrant groups.

Cognitive test results were computed as factor scores on broad ability variables, and group means were calculated. The effects of cognitive factors and training on employment were investigated in a series of regression equations. The development of employment was estimated in a growth curve model.

There were considerable group differences in mean cognitive estimates. The influence of training on employment was beneficial for all groups. Training courses at different levels of complexity had different long term effects.

A replication with information on grades or other training outcome measures should be useful. Replication studies with other groups should be conducted, such as replication with a more balanced proportion of male and female participants.

Immigrant groups benefit from vocational training despite entering with lower skills. Different long term influence on employment rates could influence choice of course.

This paper contributes information on cognitive achievements and training outcomes for immigrants in working life, an area where much more knowledge is needed. It provides support for the praxis of granting vocational training to immigrants with language skills considerably below those of comparable native groups. It also shows that courses at different levels of complexity have different long‐term impact, which can be useful information in a cost‐benefit perspective.

The mechanical characterization of selective laser melting (SLM) parts is an industrial challenge. This paper aims to propose a methodology to control the fatigue life of 17-4Ph stainless steel by selecting the most relevant manufacturing parameters: i.e. laser power, laser travel speed, hatch spacing and laser defocusing.

A rough and refined design of experiment (DOE) is carried out to target the best combination of process parameters. A response surface model is then constructed to predict the parameter combination that optimizes the fatigue performance.

This study results show that the fatigue limit of the specimens manufactured by SLM (471.7 MPa at 107 cycles) has reached near 90% of the value found in samples machined from a bar. This demonstrates the applicability of the method proposed to optimize the SLM process and control the fatigue life of 17-4Ph stainless steel. The study results are compared with other research works and provide an increase of 18% to the fatigue limit.

This study showcases a DOE methodology to optimize the SLM parameters to achieve fatigue performance as great as that of solid 17-4Ph stainless steel.

This study aims to analyze exchange rate risks and the choice of exchange rate policies in a small open economy indebted in foreign currency, incorporating the financial accelerator mechanism.

To examine discussions on the fear of floating, this study develops a dynamic stochastic general equilibrium model in which a small open economy model has an open economy financial accelerator mechanism as the external borrowing restriction. The author then compares and analyzes the macroeconomic dynamics in response to an exchange rate shock under different exchange rate systems.

The most interesting finding is that the currency peg for a foreign currency used in borrowing is more efficient than the trade-weighted currency basket policy, regardless of trade openness or trade share.

The result implies that in discussions on the fear of floating, more attention needs to be paid to exchange rate risks in finance. It also suggests that exchange rate policy used to mitigate exchange rate risks in finance stabilizes macroeconomic volatility more efficiently.

The paper provides an answer to the question: which is the more serious problem in the fear of floating and to what would the regime be anchored.

The purpose of this paper is to demonstrate the potential of the resource-infrastructure-environment (RIE) index as a supplementary tool to assist policy makers.

This study undertakes a sensitivity analysis (SA) to assess the responsiveness of the RIE index to potential policy actions on three countries: Australia (mid-industrialised nation), Mexico (emerging economy) and the USA (highly industrialised nation).

The results show that the RIE framework is capable of accommodating SA to guide the policymakers on the directional changes of the index to measurable changes to its component parts.

Although the initial results seem promising, further refinement of the indicator is required before it can be practically implemented. For instance, the RIE framework has yet to incorporate dimensions to represent distribution and effects of substitution.

The paper undertakes a SA to assess the responsiveness of the RIE index which is an alternative measure of progress for nations that has the capability to capture more aspects important to progress.

This paper aims to investigate the role of corporate governance on the bank profitability of Indian banks vis-à-vis South Asian Association for Regional Cooperation (SAARC) nations.

For the Corporate Governance Index, the authors examined board accountability, transparency and disclosure and audit committee, while Tobin’s Q, return on equity and return on assets are used to measure the bank’s profitability. The study used a two-stage analysis based on balanced panel data for robust findings. Sample of this study consists of 60 commercial banks from India and 60 banks from SAARC nations for the period of 2009–2021. This study used panel regression and a generalized method of moment approach using the CAMELS framework on banking industry-specific variables to determine their respective impacts.

The findings of this study suggest that board accountability is positive and significantly affects the profitability of banks as indicated by return on assets, return on equity and Tobin’s Q. In contrast, the audit committee has a positive and insignificant impact on return on assets, return on equity and Tobin’s Q, while transparency and disclosure have a negative and significant impact on these metrics. Furthermore, the country dummy result shows a significant positive impact on all the bank performance parameters, implying that Indian banks have the highest degree of convergence with corporate governance as compared to other SAARC nations.

This study provides insight to the regulators, policymakers and financial institutions to evaluate the role of corporate governance in emerging economies. However, the findings of the study should be interpreted with caution, as the results are sensitive to the disparity between India and other SAARC nations' government policies, climatic circumstances and cultural or religious traditions.

To the best of the authors’ knowledge, this is the first attempt to gauge the performance of Indian banks vis-à-vis SAARC nations using the CAMELS framework approach. Further, findings of this study suggest some novel evidence tying corporate governance quality with the profitability of banks among SAARC nations.

The purpose of this paper is to elucidate the main determinants of foreign direct investment (FDI) in the case of the Arab Maghreb countries.

We employ a dynamic panel analysis using the General Method of Moments for a sample composed of 105 countries over the period 1985–2018.

We show that FDI stability, market size, higher education enrolment, quality of institutions, distance, sharing of common border, and bilateral investment and integration agreements are the main determinants of FDI location. These determinants are neither general. The potential for attracting FDI from AMU countries is poorly exploited. FDI to the AMU is lower than estimated stock. The observed FDI to potential FDI ratio does not exceed 87%. France and Spain are the main investors in the AMU region thanks to historical and cultural links. The FDI from the United States, Canada, Germany, Belgium, and Japan are below what is expected.

The contribution of this paper is observed on the examining oh the determinants of the FDI in the Arab Maghreb countries. Our study demonstrate that the political stability can decrease investment risk in these countries. The administrations correspondingly require expanding their rules and strategies with union demonstrations which were at the beginning of the departure and closing of several foreign companies.