Defending Against Speculative Attacks

While virtually all currency crisismodels recognise that the fate of a currency peg depends on how tenaciously policy makers defend it, they seldom model how this is done. We incorporate themechanics of speculation and the interest rate defence against it in the model ofMorris and Shin (American Economic Review 88, 1998). Our model captures that the interest rate defence reduces speculators’ profits and thus postpones the crisis. It predicts that well before the fall of a currency interest rates are increased to offset the buildup of exchange market pressure, and this then unravels in a sharp depreciation. This pattern is at odds with predictions of standard models, but we show that it fits well with reality.Exchange Market Pressure, Currency Crisis, Interest Rate Defence, Global Game

ACCREDITATION BY PROFESSIONAL BODIES IN SOUTH AFRICA: PERCEPTIONS OF UNIVERSITY ACADEMICS

Published ArticleProfessional bodies have vital roles to fulfil in relation to the regulation and enhancement of concerned professions. Among other reasons, academic programmes are subjected to the accreditation process to ensure that such programmes are of acceptable quality in the higher education system. However, there is a perception that an intensifying influence is exerted on universities by professional bodies focused on disciplines affiliated with the South African construction industry. This has resulted in a concern that the nature and extent of involvement of some professional bodies amounts to undue interference, with possible consequences for academic freedom

Tooth loss in Sjögren?s syndrome patients compared to age and gender matched controls

To analyze the prevalence and location of tooth loss in Sjögren?s syndrome (SS) patients and compare them with an age- and gender-matched control group. Dental charts and x-rays of 108 (SS) patients were retrieved from an academic dental center and special care dentistry department. For each SS patient, an age- and gender-matched non-SS patient was randomly selected. Medication, number of extractions and date and location of extractions were assessed. Differences between SS and non-SS patients were analyzed using Mann-Whitney U tests, Chi-square tests and Fisher?s exact tests. Significantly more SS patients were edentulous compared to the non-SS group (14.8% versus 1.9%, p = 0.001). SS patients had a 61% higher risk to have experienced one or more extractions than control patients. In the SS group, there was a non-significant tendency for more maxillary teeth to have been extracted than mandibular teeth (42:34). In the control group, the number of extractions in the maxilla and mandible were comparable (21:20). When divided into sextants, the number of SS patients with one or more extractions was significantly higher than for non-SS patients for each sextant (p = 0.001 to p = 0.032). The largest difference in the proportion of patients with one or more extractions between the SS and non-SS patients occurred in the upper anterior sextant (3.4 times more frequent). SS patients are more prone to experience dental extractions compared to patients without SS. It could be speculated that this is related to a decreased salivary secretion

De beïnvloedbaarheid van beleggers

In dit artikel onderzoeken we de beïnvloedbaarheid van Nederlandse beleggers. Hiertoe laten we eerst zien dat naast financiële ook intellectuele en sociale behoeften een rol spelen bij beleggen. Daarna maken we onderscheid tussen beleggers die vooral in hun netwerk om informatie zoeken en beleggers die sociale goedkeuring zoeken bij hun beleggingsbeslissingen. Bij de analyse van een enquête onder Nederlandse beleggers blijkt dat beide typen beleggers meer beïnvloedbaar zijn als ze meer sociale behoeften hebben. Bovendien zijn beleggers met minder kennis en ervaring inderdaad meer beïnvloedbaar door informatie van anderen