Derivatives, the Shape of International Capital Flows and the Virtues of Prudential Regulation

derivatives, capital flows, risk management, international finance

UP FROM SIN: A PORTFOLIO APPROACH TO FINANCIAL SALVATION

In this paper, we develop a proposal with the potential to greatly improve the ability of developing countries to reduce their exposure to other countries´ interest rate and exchange rate volatility and to lower their cost of raising capital abroad. The key to achieving these goals is for developing countries to borrow in their own currencies and for investors to lend by creating portfolios of local-currency government debt securities that employ the risk management technique of diversification to generate a return-to-risk that competes favourably with other major capital market security indices. We show, based on data from the early 1990s, that a portfolio of emerging market local currency debt can generate rates of return relative to risk that compete with those of major securities indices in international capital markets. It bears noting that the early 1990s witnessed several severe shocks to international capital markets, including the crises in East Asia, the Russian Federation and Brazil, and the failure of Long-Term Capital Management. We also analyse the implications of deploying such a policy for attracting capital to developing countries, the impact on the stability of their financial systems and on their costs of borrowing, and the implications for future development of local capital markets.

Brazil's derivatives markets: hedging, Central Bank intervention and regulation

Includes bibliograph

A systematic review of current understandings of employability

A theoretical framework is essential for the effective evaluation of employability. However, there are a wide range of definitions of employability coexisting in current literature. A review into existing ways in which employability has been conceptualised is needed to inform a better understanding of the nature of contributions made by various employability development opportunities, and appropriate assessment of these contributions. A systematic review is presented, assessing the similarities and differences between the components of employability conceptualisations, focusing on employability at an individual level. Relevant publications were identified through a sensitive search strategy of eight electronic bibliographic databases from 1960 to 2014. Data were extracted from 16 eligible manuscripts. Capital, career management and contextual dimensions were identified as unifying themes in these components. Findings indicate that success in developing employability needs to be contextualised within a conceptualisation of employability as a multifaceted construct

Notes on Iowa Diatoms IV. : The Diatoms in a Northwest Iowa Fen

The physical features of a fen are discussed including chemical and physical analyses of the water. Diatom samples were taken during the summer of 1962 and a list of 48 species distributed among 20 genera was compiled. A series of photomicrographs of some of the species is presented. Ecological and floristic differences between cold and warm pools are discussed and a comparison with the diatom flora of the Cabin Creek Raised Bog in Indiana (published by C. W. Reimer) is made