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1 – 10 of over 45000Exchange rate regime decisively impacts key policy objectives such as financial stability, inflation control, etc. The purpose of this paper is to overview the evolution of…
Abstract
Purpose
Exchange rate regime decisively impacts key policy objectives such as financial stability, inflation control, etc. The purpose of this paper is to overview the evolution of exchange rate regimes spanning 12 nations in the Latin American region over the last two decades and estimate the degrees of influence of other major currencies on each nation.
Design/methodology/approach
Using the methodology developed by Frankel and Wei, the de facto extent of exchange rate flexibility is discerned for these nations and put into perspective with that of the IMF exchange rate regime classifications.
Findings
An increase in flexibility is found from the 1990s to the 2000s, especially for inflation targeting nations. However, the results reveal these nations adopt a policy of “guarded caution” and follow more of a de facto managed floating regime that is far from pure floats. The smaller economies of the region still pursue more fixed regimes. While the results correlate, to an extent, with the IMF's classifications, several areas of discrepancy are noted. The findings are robust to several sensitivity analyses.
Originality/value
A discrepancy between the IMF regime categorization and the true regime a country actually follows may cause IMF financial assistance programs to be less effective. Do countries follow regimes they are classified into? The present study gleans deeper into the issue and discerns this. The comparative analysis includes the relatively larger economies of the region as well as the seldom researched smaller ones.
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Kun‐Huang Huarng and Tiffany Hui‐Kuang Yu
This paper aims to propose a novel model to forecast regime switches in a time series to assist decision making.
Abstract
Purpose
This paper aims to propose a novel model to forecast regime switches in a time series to assist decision making.
Design/methodology/approach
The authors apply the clustering technique to group the data into five states. Then, a model is proposed to formulate the relationships from in‐sample observations, including regime switch relationships. Afterwards, the model uses the relationships to forecast the regime switches in out‐sample observations.
Findings
The study uses daily Taiwan Stock Exchange Capitalization Weighted Stock Index as the forecasting target. Regime switches in in‐sample observations are identified. And a regime switch is successfully forecasted by the proposed model.
Research limitations/implications
The proposed model identifies a regime switch which matches the real event. It implies that the proposed model can be applied to other time series, such as Dow Jones or NASDAQ.
Originality/value
Previous studies contribute to the forecasting of regime switches. The forecasting results are validated with the real event. One of the forecasted regime switches matches the event of Lehman Brothers' declaring of bankruptcy.
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Damien Lambert and Leona Wiegmann
This study investigates how the interrelated elements of organizational roles – activities, motives, resources and relationships – are mobilized to construct a code of conduct for…
Abstract
Purpose
This study investigates how the interrelated elements of organizational roles – activities, motives, resources and relationships – are mobilized to construct a code of conduct for the proxy advisory (PA) industry in Europe.
Design/methodology/approach
This qualitative study uses archival documents from three consecutive regulatory consultations and 16 interviews with key stakeholders. It analyzes how different stakeholder groups (i.e. PA firms, investors, issuers and the regulator) perceive and mobilize the elements of PA firms’ role to construct the accountability regime’s boundaries (accountability problem and action, and users and providers of accounts).
Findings
This study shows how PA firms, investors, issuers and the regulator refer to the perceived motives behind PA firms’ activities to construct an accountability problem. The regulator accepted the motives of an information intermediary for PA firms’ role and required PA firms to develop a corresponding accountability action: a code of conduct. PA firms involved in developing the code of conduct formalized who is accountable to whom by aligning this accepted motive with their activities, relationships, and resources into a common role.
Originality/value
The study highlights how aligning role elements to reflect PA firms’ common roles enables the construction of an accountability regime that stakeholders accept as a means of regulation. Analyzing the role elements offers insights into the development and functioning of accountability regimes that rely on self-regulation. We also highlight the role of smaller regional firms in helping shape transnational accountability regimes.
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Liwen Feng, Xiangyan Ding, Yinghui Zhang, Ning Hu and Xiaoyang Bi
The study delves into the influence of wear cycles on these parameters. The purpose of this paper is to identify characteristic patterns of σRS and εPEEQ that discern varying wear…
Abstract
Purpose
The study delves into the influence of wear cycles on these parameters. The purpose of this paper is to identify characteristic patterns of σRS and εPEEQ that discern varying wear situations, thereby contributing to the enrichment of wear theory. Furthermore, the findings serve as a foundational basis for nondestructive and in situ wear detection methodologies, such as nonlinear ultrasonic detection, known for its sensitivity to σRS and εPEEQ.
Design/methodology/approach
This paper elucidates the wear mechanism through the lens of residual stress (σRS) and plastic deformation within distinct fretting regimes, using a two-dimensional cylindrical/flat contact model. It specifically explores the impact of the displacement amplitude and cycles on the distribution of residual stress and equivalent plastic strain (εPEEQ) in both gross slip regime and partial slip regimes.
Findings
Therefore, when surface observation of wear is challenging, detecting the σRS trend at the center/edge, region width and εPEEQ distribution, as well as the maximum σRS distribution along the depth, proves effective in distinguishing wear situations (partial or gross slip regimes). However, discerning wear situations based on εPEEQ along the depth direction remains challenging. Moreover, in the gross slip regime, using σRS distribution or εPEEQ along the width direction rather than the depth direction can effectively provide feedback on cycles and wear range.
Originality/value
This work introduces a novel perspective for investigating wear theory through the distribution of residual stress (σRS) and equivalent plastic strain (εPEEQ). It presents a feasible detection theory for wear situations using nondestructive and in situ methods, such as nonlinear ultrasonic detection, which is sensitive to σRS and εPEEQ.
Peer review
The peer review history for this article is available at: https://publons.com/publon/10.1108/ILT-01-2024-0005/
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The objective of the study is to investigate the dynamic relationship between fiscal stress (FS) shocks and foreign direct investment (FDI) in moderate FS developing countries…
Abstract
Purpose
The objective of the study is to investigate the dynamic relationship between fiscal stress (FS) shocks and foreign direct investment (FDI) in moderate FS developing countries spanning from 2000 to 2021. The paper seeks to identify dual-regime effects, exploring how FS shocks impact FDI differently in low-stress and high-stress environments.
Design/methodology/approach
This study employs advanced econometric techniques to investigate the dynamic relationship between FS shocks and FDI in a sample of moderate FS developing countries spanning from 2000 to 2021. The analysis utilizes variance decomposition, impulse response functions, and a regime-switching vector autoregressive model to explore the nuanced interactions between FS and FDI attraction. These techniques allow for the identification of dual-regime effects, wherein FS shocks exhibit differing impacts on FDI depending on the prevailing stress environment.
Findings
The analysis reveals a dual-regime effect of FS shocks on FDI in the sample of moderate FS developing countries studied from 2000 to 2021. In low-stress regimes, FS shocks initially have a positive impact on FDI, suggesting potential investment opportunities. However, in high-stress regimes, the effect reverses, resulting in a negative impact on FDI attraction. Moreover, the study highlights the asymmetric nature of this relationship, with the adverse effects of FS on FDI intensifying over time in high-stress environments.
Originality/value
Previous studies focused mainly on a country's fiscal position and its impact on FDI or capital inflows. This is the first study to assess how FS or fiscal pressure affects FDI.
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We examine the rational utility and social–psychological approaches to develop fresh insights into nonviolent civil resistance. Rational utility models provide a useful, even…
Abstract
We examine the rational utility and social–psychological approaches to develop fresh insights into nonviolent civil resistance. Rational utility models provide a useful, even essential, starting point for understanding what movement organizers must do if they are to overcome their movements’ collective action problems. However, the model's spare definition of agency excludes an investigation of regime legitimacy, how it is constructed and the role it plays in regime continuity. Employing a social psychological approach, we introduce the concept of “ideational assault” in which movement organizers challenge the ideas that justify voluntary civic cooperation with the ruling order. Ideational assault seeks “rhetorical coercion” in which the regime is stripped of credible arguments in its own defense and must increasingly rule by sanctions alone. Ideational assaults employ frames that delegitimize the prevailing order and mobilize people to act against it. By examining several frame forms, including, calls to action, symbolic jiu-jitsu, humor, and moral appeal, we cast new light on the ideational battle that rages alongside the fight for control of the streets. We conclude by arguing that students of nonviolent civil resistance should consult both the rational and social–psychological approaches in their analysis.
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Jannis Kallinikos and Hans Hasselbladh
This chapter claims technology to be a principal mode of regulation in formal organizations alongside social structure and culture. Such a claim breaks with the conventional…
Abstract
This chapter claims technology to be a principal mode of regulation in formal organizations alongside social structure and culture. Such a claim breaks with the conventional neo-institutional outlook that considers technology outside the object of institutional analysis of organizations. The distinctive regulative logic of computational technology is manifested in the increasing entanglement of domain-specific practices and their underlying cognitive and normative order with the decontextualized principles and methods that have traditionally been deployed in the management and control of work operations. Such entanglement and the effects it generates reflect the reshuffling of the regulative reach of technology, social structure and culture under the pressures exercised by the dynamics of current technological change and the impressive involvement of computational systems and artefacts in human affairs.
The Rajapaksa regime over the 2005–2022 period promoted a national-popular project based on a militarised Sinhala-Buddhist nationalism promoting a market-driven rentier economy…
Abstract
The Rajapaksa regime over the 2005–2022 period promoted a national-popular project based on a militarised Sinhala-Buddhist nationalism promoting a market-driven rentier economy. It illustrated a form of patrimonial capitalism undermining public accountability and the efficacy of the state bureaucracy. This popular-national project was dependent on strengthening ties with China while distancing relations with India and the Global North (USA and the EU). The ways in which the external relations were coordinated reinforced discrimination against Tamil and Muslim communities, while disregarding their demands for justice and reparations. The increasing integration of the economy with financial markets, driven by the Central Bank, amplified the commercialisation of the state, restraining public revenues and state oversight. Meanwhile, the militarisation of the state involved the commercialisation of the military, opaque military budgets and violent repression of protests. The Rajapaksa regime, which enabled a minority-privileged (leisure) class to culturally flourish in regulated safe spaces, also instigated multiple protests from below demanding democracy as well as justice.
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The Epidemiologic Transition can help us understand a fundamental puzzle about aging. The puzzle stems from two seemingly contradictory facts. The first fact is that death rates…
Abstract
The Epidemiologic Transition can help us understand a fundamental puzzle about aging. The puzzle stems from two seemingly contradictory facts. The first fact is that death rates from noninfectious degenerative maladies – the so-called diseases of aging – increase as people age. It seems to be at odds with the historical fact that for nearly a century in which people were aging more than ever before, the aggregate rates of such diseases have been decreasing. In what sense can both be true? Crucial to resolving the puzzle are the age-profiles of such diseases in cohorts that grew up in the different regimes of the Transition. For each cohort, noninfectious diseases had increased with age, resulting in an upward-sloping age profile, which affirms the first fact. As the regimes were transitioning from the Malthusian to the modern one, however, the profiles of successive cohorts had been shifting downward: death rates from noninfectious diseases were shrinking at each age, signifying the newer cohorts’ greater aging potentials. The shifting profiles had been renewing the cohort mix of the population, shaping the century-long descent of such diseases in aggregate, giving rise to the historical fact. The profiles had shifted early in the cohorts’ adult years, associating closely with the newer epidemiologic conditions in childhood. Those conditions appear to be a circumstance under which aging potentials of cohorts could be misgauged, including in one troubling episode in the first half of the nineteenth century when the potentials had reversed.
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Massimo Guidolin and Carrie Fangzhou Na
We address an interesting case – the predictability of excess US asset returns from macroeconomic factors within a flexible regime-switching VAR framework – in which the presence…
Abstract
We address an interesting case – the predictability of excess US asset returns from macroeconomic factors within a flexible regime-switching VAR framework – in which the presence of regimes may lead to superior forecasting performance from forecast combinations. After documenting that forecast combinations provide gains in predictive accuracy and that these gains are statistically significant, we show that forecast combinations may substantially improve portfolio selection. We find that the best-performing forecast combinations are those that either avoid estimating the pooling weights or that minimize the need for estimation. In practice, we report that the best-performing combination schemes are based on the principle of relative past forecasting performance. The economic gains from combining forecasts in portfolio management applications appear to be large, stable over time, and robust to the introduction of realistic transaction costs.