Intervention in the Foreign Exchange Market: Rationale, Effectiveness, Costs and Benefits

This paper reviews the underlying rationale for intervention in the foreign exchange market and argues that intervention can at times be justified due to the market producing the “wrong rate”, to mitigate the effects of exchange rate overshooting and also to slow down the process of economic adjustment. However, in order to be effective foreign exchange market intervention needs to be of the non-sterilized variety, that is, affect the domestic money supply and short term interest rate. Unfortunately, as the case of the Peoples Bank of China and the recent case of the Swiss National Bank’s attempts to stem the appreciation of their currencies, the side effects have shown the rapid expansion of their money supplies and low interest rates have had imposed significant costs on their economies. The result is that the Cemtral Bank has to continually monitor the costs and benefits of their foreign exchange interventions and be prepared consider a return to floating when the costs become too high

Health Effects of Risky Lifestyles and Adverse Working Conditions: Are Older Individuals More Penalized?

Using unusually rich panel data from Denmark, we investigate differences by age in the health implications of risky lifestyles and adverse working conditions. Accounting for time-invariant unobserved heterogeneity, overall, we find no health penalties for older workers (55 and over) compared to younger ones (18\u201334; 35\u201354). However, the former suffer more from the health consequences of risky lifestyles\u2014especially the lack of consumption of fruit and vegetables and physical inactivity. Working conditions negatively relate with health, but fewer differences across age groups exist. Selection bias, namely the healthy worker effect, does not alter our results

Different patterns of labour market integration by migration motivation in Europe: the role of host country human capital

We study whether individual decisions to invest in the host country, namely obtaining equivalent qualifications, improving language skills, or naturalisation explain differences in labour market integration between migrants depending on their initial motivation. We use cross-national European data from the 2008 ad-hoc module of the Labour Force Survey to analyse migrant gaps in labour market participation, employment, occupational status and precarious employment. We find that different rates of and returns to host country human capital explain a substantial part of the improvements in labour market outcomes with years of residence, particularly for non-economic migrants who experience faster growth on average

Not Quite Right: Representations of Eastern Europeans in ECJ Discourse

Although the increasing responsiveness of the Court of Justice of the European Union (the ‘ECJ’) jurisprudence to western Member States’ concerns regarding Central and Eastern European (‘CEE’) nationals’ mobility has garnered academic attention, ECJ discourse has not been scrutinised for how it approaches the CEE region or CEE movers. Applying postcolonial theory, this article seeks to fill this gap and to explore whether there are any indications that ECJ discourse is in line with the historical western-centric inferiorisation of the CEE region. A critical discourse analysis of a set of ECJ judgments and corresponding Advocate General opinions pertaining to CEE nationals illustrates not only how the ECJ adopts numerous discursive strategies to maintain its authority, but also how it tends to prioritise values of the western Member States, while overlooking interests of CEE movers. Its one-sided approach is further reinforced by referring to irrelevant facts and negative assumptions to create an image of CEE nationals as socially and economically inferior to westerners, as not belonging to the proper EU polity and as not quite deserving of EU law’s protections. By silencing CEE nationals’ voices, while disregarding the background of east/west socio-economic and political power differentials and precariousness experienced by many CEE workers in the west, such racialising discourse normalises ethnicity- and class-based stereotypes. These findings also help to contextualise both EU and western policies targeting CEE movers and evidence of their unequal outcomes in the west, and are in line with today’s nuanced expressions of racisms. By illustrating the ECJ’s role in addressing values pertinent to mobile CEE individuals, this study facilitates a fuller appreciation of the ECJ’s power in shaping and reflecting western-centric EU identity and policies. Engaging with such issues will not only allow us to better appreciate—and question—the ECJ’s legitimacy, but might also facilitate a better understanding of power dynamics within the EU. This study also makes significant theoretical and methodological contributions. It expands (and complicates) the application of postcolonial theory to contemporary intra-EU processes, while illustrating the usefulness of applying critical discourse analysis to exploring differentiation, exclusion, subordination and power within legal language

Formal and Informal Financing Decisions of Small Businesses

This study investigates small businesses’ financing decisions. Drawing upon asymmetric information theory, institutional theory and relevant literature on cognitive financial constraints, human capital and social capital, we propose a theoretical framework in which financing determinants come from three dimensions: entrepreneurs’ individual factors, organisational (firm-level) factors and contextual (institutional) factors. We employ this model to distinguish four types of firms: (1) firms that use no external finance, (2) firms that use informal finance only, (3) firms that use formal finance only and (4) firms that use both formal and informal finance. An empirical test on Vietnamese small businesses shows that factors from all three dimensions are important in understanding small businesses’ financing decisions

Targeted mass spectrometry for Serum Amyloid A (SAA) isoform profiling in sequential blood samples from experimentally Staphylococcus aureus infected pigs

Serum amyloid A (SAA) is a well-described acute phase protein induced during the acute phase response (APR) to infection. Four isoform specific genes are found in most mammals. Depending on species, SAA3 and SAA4 are ge0nerally preferentially expressed extrahepatically whereas SAA1 and SAA2 are hepatic isoforms dominating the SAA serum pool. Little is known about how specific infections affect the serum SAA isoform profile, as SAA isoform discriminating antibodies are not generally available. An antibody independent, quantitative targeted MS method (Selected Reaction Monitoring, SRM) based on available information on porcine SAA isoform genes was developed and used to profile SAA in serum samples from pigs experimentally infected with Staphylococcus aureus (Sa). While results suggest SAA2 as the main circulating porcine SAA isoform, induced around 10 times compared to pre-infection, total SAA serum concentrations reached only around 3 μg/mL, much lower than established previously by immunoassays. This might suggest that SAA isoform variants not detected by the SRM method might be present in porcine serum. The assay allows monitoring host responses to experimental infections, infectious diseases and inflammation states in the pig at an unprecedented level of detail. It can also be used in a non-calibrated (relative quantification) format. SIGNIFICANCE: We developed an SRM MS method which for the first time allowed the specific quantification of each of the circulating porcine SAA isoforms (SAA2, SAA3, SAA4). It was found that SAA2 is the dominating circulating isoform of SAA in the pig and that, during the acute phase response SAA2, SAA3 and SAA4 are induced approx. 10, 15 and 2 times, respectively. Absolute levels of the isoforms as determined by SRM MS were much lower than reported previously for total SAA quantified by immunosassays, suggesting the existence of hitherto non-described SAA variants. SRM MS holds great promise for the study of the basic biology of SAA isoforms with the potential to study an even broader range of SAA variants

Formal and Informal Rural Credit in Four Provinces of Vietnam

This paper uses a survey of 932 rural households to uncover how the rural credit market operates in Vietnam. Households obtain credit through formal and informal lenders. Formal loans are almost entirely for production and asset accumulation, while informal loans are used for consumption smoothening. The determinants of formal and informal credit demand are distinct. While credit rationing depends on education and credit history, in particular, regional differences in the demand for credit are striking. A 'one size fits all' approach to credit policy in Vietnam would be inappropriate.