Does the choice of interest rate data matter for the results of tests of the expectations hypothesis - some results for the UK

Using UK data for the period 1997:3 to 2005:5, this paper examines whether the expectations hypothesis is supported by recent UK data when the short-end of the term structure of interest rates is considered and whether the results of the tests of the expectations hypothesis are sensitive to the choice of data. The main results can be nicely summarized by considering five virtual researchers who test the expectations hypothesis using five different data sets for the 1997:3 to 2005:5 period for the 1 to 12-month maturity spectrum and who get quite different results. The main conclusion to be drawn from the analysis in this paper is thus that robustness check may be very important when testing the expectations hypothesis using the 1 to 12-month maturity spectrum of the term structure. Furthermore, the results suggest that the specific data set used in tests of the expectations hypothesis may be a candidate explanation of a rejection of the expectations hypothesis - along with the possibility that a time-varying term premium and/or a structural break are responsible for the rejectionExpectations hypothesis

Firm Size Distribution and Performance of Maize and Fertilizer Traders After Market Liberalisation: Evidence from Kenya

Improvement in the performance of agricultural markets was the ultimate goal of market liberalisation. In this paper, firm (trader) size distribution as a factor influencing market performance is analyzed using maize and fertilizer traders from Kenya. Firm size distribution was assessed by analyzing the normality of the distribution on volume traded. Performance was assessed by the level of competition (using Hirschman-Herfindahl index), marketing margins and marketing costs. Results show that firm size distribution for both commodities is log-normally distributed but positively skewed indicating a tendency towards smaller than larger firms. A plausible explanation is that faced with inadequate financial resources and inadequate business experience, new entrants opt to start small. These younger traders relative to time of market liberalisation still trade in small quantities compared to preliberalisation entrants, possibly implying difficulties still faced in firm expansion. The Hirschman-Herfindahl index of 0.11 for fertilizer traders and 0.20 for maize traders shows that there is fair competition among traders, implying increased market performance. This is further supported by low marketing margins and low marketing costs for marketing maize and fertilizer, as envisaged by proponents of market liberalisation. Both marketing margins and costs decrease with increasing trader size signifying economies of scale enjoyed by large traders. Place of purchase, pack size and distance from fertilizer-purchasing centres explain the observed spatial fertilizer prices.liberalisation, firm size distribution, costs, margins, Agribusiness, International Relations/Trade, D4, L1, Q12, Q13, Q18,

the Example of Catalonia against the Background of Spanish and European Identity

At present, Spain is a good example of a state between sep- aratism and transnationalization. Spain is taking part in the European integration process, while doubt is being cast on its national unity by various peripheral nationalisms like, for example, Catalanism. In this context Catalan, Spanish and European identities are becoming increasingly contested and ideologized. Maps have a central function in the discursive (re-)construction of these spatial identities, because they are the most important way to perceive larger spaces. This arti- cle illustrates how maps of an everyday context (in school- books, weather forecasts etc.) contribute to forming several geographical and territorial images of Europe, Spain and Cat- alonia

Fertilizer Trade under Market Liberalization: Preliminary Evidence from Kenya

This paper reports results of a countrywide survey of fertilizer traders undertaken in late September 1997 with the aim of identifying broad supply-side and demand-side factors influencing trade in inorganic fertilizers in Kenya. The next two sections describe the sampling and econometric procedures followed. Regression results are then reported. Implications of the results for policy and research round-out the analysis.International Relations/Trade,

Memories for the Future? An Ecocritical Reading of Andri Snær Magnason’s On Time and Water. A History of Our Future (2019)

Andri Snær Magnason’s On Time and Water. A History of Our Future, categorized as a novel when nominated for the Nordic Literary Prize in 2020, is a unique contribution to cli-fi literature and the understanding of climate change. A generic hybrid of autobiography, stories, myths, family- and Icelandic history and culture interwoven with references to international cultures, scientific discussions and evidence-based material, the novel spans times and places and addresses the future. Applying theories from ecocriticism and memory studies, the article explores how the compositional complexity of the book, including its mental time travels, contributes to the production of images of the future

A Stylistic Analysis of the Language of Kenyan Dramedies

This paper investigates the stylistic features, contexts and choices made in  the language of Kenyan dramedies with specific focus on the interpersonall functions. One   episode from each of two dramedies aired weekly on two different television stations in Kenya is purposively selected. The clause, the group and the word which are the entry conditions for the mood; person, comment and attitude, and lexical register respectively are studied to find out the choices made between the terms of the system. The findings reveal that the style of Kenyan dramedy is conversational, informal, has simple syntax, overt ungrammaticality, exaggerated mispronunciation, malapropism, register borrowing and register mixing among others and serves the purpose of entertaining, informing and educating. Keywords: Dramedy, language, style, select and system

Texas Needs To Prepare For A 'Megadrought,' State Climatologist Warns

You are viewing an article about Planet Texas 2050 from July 2020.Office of the VP for Researc