Evaluating Asian Swap Arrangements

Motivated by the unprecedented rise of swap agreements between the central banks of developed economies and their developing economy counterparts, this paper evaluates Asian swap arrangements and their association with the build-up of foreign reserves prior to the 2008–2009 global financial crisis. The evidence suggests that there is a limited scope for swaps to substitute for reserves. Furthermore, the selectivity of the swap lines indicates that only countries with significant trade and financial linkages can expect access to such ad hoc arrangements, on a case by case basis. Moral hazard concerns suggest that the applicability of these arrangements will remain limited. However, deepening swap agreements and regional reserve pooling arrangements may weaken the precautionary motive for reserve accumulation.reserves; swaps; dollar standard; asia; trade and financial linkages

Folk moral relativism

It has often been suggested that people’s ordinary folk understanding of morality involves a rejection of moral relativism and a belief in objective moral truths. The results of six studies call this claim into question. Participants did offer apparently objectivist intuitions when confronted with questions about individuals from their own culture, but they offered increasingly relativist intuitions as they were confronted with questions about individuals from increasingly different cultures or ways of life. In light of these data, the authors hypothesize that people do not have a fixed commitment to moral objectivism but instead tend to adopt different views depending on the degree to which they consider radically different perspectives on moral questions. [NOTE: This is a reprint of Sarkissian et al 2011

Folk Moral Relativism

It has often been suggested that people's ordinary understanding of morality involves a belief in objective moral truths and a rejection of moral relativism. The results of six studies call this claim into question. Participants did offer apparently objectivist moral intuitions when considering individuals from their own culture, but they offered increasingly relativist intuitions considering individuals from increasingly different cultures or ways of life. The authors hypothesize that people do not have a fixed commitment to moral objectivism but instead tend to adopt different views depending on the degree to which they consider radically different perspectives on moral questions

The Social Ecology of Hurricane Katrina Re-Writing the Discourse of “Natural” Disasters

It is increasingly difficult to distinguish natural events from those influenced by human actions. Furthermore, researchers in various fields have established that the level of devastation and the predicted likelihood of recovery of neighborhoods and communities correspond with the amount of political and socioeconomic capital held by neighborhoods and communities prior to disasters such as the Hurricane Katrina. In this paper we analyze the significance of the discourse of “natural disasters” through the framework of social ecology. We contest the neutralist discourse of “natural disasters” by underscoring the numerous interdependent sociopolitical forces, which shape the context in which disasters occur

Passion and Compassion: Psychology of Kin Relations within and Beyond the Family

Family is special. People avoid sexual contact with close relatives, but at the same time are highly beneficent toward them. Such discriminatory behavior is guided by a set of psychological mechanisms, heuristics that facilitate evolutionarily adaptive behavior most of the time but may lead to overperception of kinship under specific circumstances. In this chapter, we describe psychological mechanisms of kin recognition in sexual and altruistic contexts, and we discuss the extent to which these mechanisms may influence close relationships between unrelated individuals, resulting in an experience of “psychological kinship.” We suggest that friendship may provide a context within which overinclusive kin recognition is especially likely to occur, especially among women. We also identify questions for future research, including when men might be especially prone to overperceiving kinship

International reserves and swap lines: Substitutes or complements?

Developing Asia experienced a sharp surge in foreign currency reserves prior to the 2008-9 crisis. The global crisis has been associated with an unprecedented rise of swap agreements between central banks of larger economies and their counterparts in smaller economies. We explore whether such swap lines can reduce the need for reserve accumulation. The evidence suggests that there is only a limited scope for swaps to substitute for reserves. The selectivity of the swap lines indicates that only countries with significant trade and financial linkages can expect access to such ad hoc arrangements, on a case by case basis. Moral hazard concerns suggest that the applicability of these arrangements will remain limited. However, deepening swap agreements and regional reserve pooling arrangements may weaken the precautionary motive for reserve accumulation