Optimal Currency Basket Pegs for Developing and Emerging Economies

The exchange rate arrangement represents an important policy choice for emerging and transitional economies as they strive to become stable and market-driven. A wide variety of arrangements have emerged, ranging from currency boards, basket-currency pegs and single-currency pegs to floating rates. Recently the IMF has recommended that, if the exchange value of a currency is to be pegged, it is better to peg to a basket of currencies rather than a single currency. Nonetheless, there has been little theoretical research on the management and optimal design of basket-peg arrangements. In this paper we extend the small-country macroeconomic model of Turnovsky to show that an optimally designed basket-peg arrangement can minimize the variance in domestic consumer prices as well as the variance of foreign reserves. The model highlights the importance of the money and bond markets and, therefore, the importance of various interest rate channels. Additionally we show that a trade-weighted currency basket is not only suboptimal, it is at odds with increasing capital market integration. Further our solutions illustrate that the optimal weights will evolve as the domestic economy integrates with the global market for goods and services, and financial instruments

The Contribution of Natural Resources on Economic Welfare in Indonesia

The objective of this research is to examine the relationship between natural resource abundance and economic welfare at the national level of Indonesia. Four variables of institutional quality, investment level, education level, and industry value added are considered in the study as the moderating variables between economic welfare and natural resource rents. This study found that the results are not robust to conclude that the rent generated from natural resources is contributing to the economic welfare in Indonesia. Nevertheless, this study found there are three moderating variables that can become a support to strengthen the relationship between natural resources and economic welfare, these are institutional quality through improvement in the political stability, strengthening the accountability, stringent the regulations, and enforcing the rule of law; primary completion level; and industry value added

Investigation into the Specificity of Angiotensin II-induced Behavioral Desensitization

Angiotensin II (AngII) plays a key role in maintaining body fluid homeostasis. The physiological and behavioral effects of central AngII include increased blood pressure and fluid intake. In vitro experiments demonstrate that repeated exposure to AngII reduces the efficacy of subsequent AngII, and behavioral studies indicate that prior icv AngII administration reduces the dipsogenic response to AngII administered later. Specifically, rats given a treatment regimen of three icv injections of a large dose of AngII, each separated by 20 min, drink less water in response to a test injection of AngII than do vehicle-treated controls given the same test injection. The present studies were designed to test three potential explanations for the reduced dipsogenic potency of AngII after repeated administration. To this end, we tested for motor impairment caused by repeated injections of AngII, for a possible role of visceral distress or illness, and for differences in the pressor response to the final test injection of AngII.We found that repeated injections of AngII neither affected drinking stimulated by carbachol nor did they produce a conditioned flavor avoidance. Furthermore, we found no evidence that differences in the pressor response to the final test injection of AngII accounted for the difference in intake. In light of these findings, we are able to reject these three explanations for the observed behavioral desensitization, and, we suggest instead that the mechanism for this phenomenon may be at the level of the receptor

Synthesis and characterisation of divalent di(1,3-bis(diphenylphosphano)cyclopentadienyl)lanthanoid and alkaline earth complexes as potential platforms for heterometallic complexes

New divalent lanthanoid and alkaline earth metal complexes bearing the 1,3-bis(diphenylphosphano)cyclopentadienyl ligand have been synthesised using the redox-transmetallation protolysis (RTP) approach. From the reaction of the corresponding metal, diphenylmercury and the proligand C5H4(PPh2)2, the compounds [M(η5-C5H3(PPh2)2-1,3)2(S)] (with M=Yb, S=(thf)2 or M=Yb, Eu, Ca, Sr, Ba, S=dme) were isolated and characterised by X-ray diffraction and multinuclear NMR spectroscopy. These compounds may provide a platform for early-late heterobimetallic complexes

Priority setting for new technologies in medicine: A transdisciplinary study

BACKGROUND: Decision makers in health care organizations struggle with how to set priorities for new technologies in medicine. Traditional approaches to priority setting for new technologies in medicine are insufficient and there is no widely accepted model that can guide decision makers. DISCUSSION: Daniels and Sabin have developed an ethically based account about how priority setting decisions should be made. We have developed an empirically based account of how priority setting decisions are made. In this paper, we integrate these two accounts into a transdisciplinary model of priority setting for new technologies in medicine that is both ethically and empirically based. SUMMARY: We have developed a transdisciplinary model of priority setting that provides guidance to decision makers that they can operationalize to help address priority setting problems in their institution

Seroepidemiologi Nipah Virus Pada Kalong Dan Ternak Babi Di Beberapa Wilayah Di Indonesia

Nipah Virus Seroepidemiology in Flying Fox and Pig Husbandry in Several Areasof Indonesia. Nipah is a dangerous zoonotic disease which was carried by flying fox.The disease had been occurred in Malaysia in 1999 and infect pigs and caused humandeath. Indonesia is adjacent country to Malaysia, hence, a serological study had beenconducted on 156 flying fox (P. vampyrus) sera from North Sumatera, West Java, CentralJava and East Java. Besides that, 2740 pig sera was randomly collected in differentprovinces to detect Nipah infection. Both flying fox and pig sera were tested usingELISA test to detect the presence of Nipah antibody. The results indicated that 37 from156 flying fox sera (23.7%) has antibodies against Nipah virus. Infections were occuredin all sampling sites with the prevalence varied from 18% to 33 %. Meanwhile, no pigsera tested (2740) had antibody against Nipah virus. Based on these results it can beconcluded that Nipah virus infections were occurred in flying fox in some parts inIndonesia, but not in pigs. It was suggested that the presence of Nipah virus in Indonesiashould be anticipated. Hence the distribution of its infection in pigs and human must beanticipated. Monitoring of Nipah infection in areas adjacent to Malaysia must be increasedto detect the entering of the disease in Indonesia

Maternal dental history, child's birth outcome and early cognitive development: Childhood outcomes

Prenatal exposure to high levels of mercury, radiation, and inflammation have been associated with adverse reproductive outcomes such as increases in preterm delivery, low birthweight, and delayed neurodevelopment. Few data are available to evaluate the potential effects of prenatal low-level exposure to these factors as might occur during dental care. We evaluated maternal dental history prior to and during pregnancy in relation to birth outcomes and early communicative development among offspring in a large cohort (n=7375) of British children born in 1991–1992. Dental history was assessed by questionnaire. The child’s communicative development was assessed using the MacArthur Communicative Development Inventory at 15 months of age. Total mercury was measured in umbilical cord tissue for a subset of the children. Overall, dental care, including amalgam fillings, was not associated with birth outcomes or language development. Having x-rays taken during pregnancy was not associated with birthweight measured continuously (β=14.7, p=0.4), but was associated with slightly increased odds of having a term, low birthweight baby (OR 1.9, 95%CI 1.0–3.4). More detailed evaluation of the potential adverse effects of elective dental treatment during pregnancy, particularly dental x-rays, may be warranted

Orthorhombic versus monoclinic symmetry of the charge-ordered state of NaV2O5

High-resolution X-ray diffraction data show that the low-temperature superstructure of alpha-NaV2O5 has an F-centered orthorhombic 2a x 2b x 4c superlattice. A structure model is proposed, that is characterized by layers with zigzag charge order on all ladders and stacking disorder, such that the averaged structure has space group Fmm2. This model is in accordance with both X-ray scattering and NMR data. Variations in the stacking order and disorder offer an explanation for the recently observed devils staircase of the superlattice period along c.Comment: REVTEX, 4 pages including 2 figures, shortened, submitted to PR