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Growth expectations, capital flows and international risk sharing

Over the past decades, cross-border financial flows have increased in importance and have in many occasions exceeded the underlying current account positions. This phenomenon has been accompanied by an increase in the volume of international equity transactions that accentuate the role of international risk sharing as a factor for the macroeconomic response to shocks. We use a stylised two-bloc, two-period model of the global economy, with a simple stochastic productivity shock affecting only one country. Efficient global risk-sharing imply that expected productivity gains in one country will attract equity inflows in excess of those needed to finance the current account. Upward-biased expectations about prospects for the productivity gains can further increase the risk exposure of foreign shareholders. The model is calibrated to show how ex post market losses ­ whether due to "normal" stock market downturn or ex ante over-optimism ­ are distributed and how they affect global consumption and current account positions. The results suggest that international spillover effects of stock market bubbles can contribute to business cycle synchronisation across economic areas. JEL Classification: F41, F32, G15Capital flows, consumption smoothing, international business cycle synchronisation, international risk –sharing, risk aversion

Les formes d’organisation dans l’industrie de la construction

L'auteur étudie les variables techniques et économiques qui influencent la structure et les stratégies des entreprises de construction. Des interviews auprès de quinze dirigeants d'entreprises de construction ont indiqué que la stratégie porte non seulement sur le choix d'une mission économique spécialisée mais surtout sur la confection d'une structure organisationnelle qui permet le retranchement, l'expansion, la formalisation et la contraction en fonction du contexte économique. À l'exception du noyau permanent, les ingénieurs et les ouvriers absorbent la variabilité de la demande

Computer Viruses

In this paper, I plan to discuss viruses and related problems, take a look at one virus attack in particular, and examine what the future holds for computer security

Analysis of the Function of Seventeen Selected Nebraska Class III School Boards

the job of the school board is to provide all children in its district with an education that meets their needs and those of society. It is never easy to do and becomes more difficult with the rapid growth of knowledge and the increasing complexity of the modern world. Education cannot stand still in the face of exploding knowledge, increasing dependence on science and technology, almost instant communication throughout a shrinking world, and the rise of new ideas and experimental methods of instruction. The school board must be alert to the changing situation and grow with it