The middle way between flexible and fixed exchange rates

This paper addresses Ihe new-orthodox view that the choice of exchange rate regime lias been hollowed out to a choice between the two comer solutions of firmly fixed and more or less freely floating exchange rates. While conceding that both these regimes have an advantage over intermediate regimes in terms of being less vulnerable to crisis, as well as simplifying the policy assignment, it argues that neither a currency board nor a freely floating exchange rate regime is necessarily crisis-free. More important, neither of them offer the potential advantage of a wellmanaged intermediate regime, notably a BBC (basket, band, and crawl) system, of allowing policy to be addressed to limiting exchange rate misalignments. A number of countries with ostensibly floating currencies are revealing by their actions that they prefer an intermediate regime. While such managed floating may be a reasonable compromise given the pressure from the IMF to float, it suffers three potential disadvantages as compared to an articulated BBC regime: it is not transparent, it precludes some types of policy cooperation (such as the use of a common basket peg by a number of countries with strong trade interdependence), and it foregoes the possibility of inducing stabilizing speculation a la Krugman's analysis of target zones. The paper concludes by describing three softer versions of the BBC regime that would be less vulnerable to crises than traditional intermediate regimes: the reference rate proposal, bands with soft margins, and monitoring bands.Fixed; BBC regime; Stabilizing analysis; monitoring bands

How to Reduce the Risk Of Banking Problems

This paper reviews the existing evidence on the origins of banking crises, provides new results on the impact of government bank ownership on financial stability, and discusses policy options that can prevent and mitigate the consequences of banking crises. We find that government ownership of banks increases the likelihood and fiscal cost of crises; albeit the latter result is weak. Among the policies recommended to minimize the occurrence of crises, we highlight the importance of sound macroeconomic policies, adequate financial infrastructure, incentive compatible regulations, and limiting government interference in the banking sector.macroeconomics; financial infrastructure; financial stability

The kinetic analysis of non-isothermal carisoprodol reaction in nitrogen atmosphere using the invariant kinetic parameters method

The non-isothermal kinetic parameters corresponding to the thermal decomposition of carisoprodol under nitrogen atmosphere was investigated at four different heating rates 5, 10, 15 and 20 °C/min. The activation energy was determined using three linear isoconversional methods, Friedman, Flynn-Wall-Ozawa and Kissinger-Akahira-Sunose. Results showed good agreement with each other. Invariant kinetic parameters (IKP) method was applied in the conversion range of 0.2 ≤ α ≤ 0.8 for the determination of the kinetic triplet. Einv= 95.81 kJ/mol, Ainv = 2.275×107 1/min and the decomposition mechanism corresponds to nucleation and growth, following the Avrami-Erofeev model, A1.5, as the kinetic model. The Perez-Maqueda et al. criterion associated with the independence of activation parameters on the heating rate (by means of Coats-Redfern and Flynn-Wall equation) confirmed the model

Novel associations in disorders of sex development: findings from the I-DSD registry

Context: The focus of care in disorders of sex development (DSD) is often directed to issues related to sex and gender development. In addition, the molecular etiology remains unclear in the majority of cases.<p></p> Objective: To report the range of associated conditions identified in the international DSD (I-DSD) Registry.<p></p> Design, Setting, and Patients: Anonymized data were extracted from the I-DSD Registry for diagnosis, karyotype, sex of rearing, genetic investigations, and associated anomalies. If necessary, clarification was sought from the reporting clinician.<p></p> Results: Of 649 accessible cases, associated conditions occurred in 168 (26%); 103 (61%) cases had one condition, 31 (18%) had two conditions, 20 (12%) had three conditions, and 14 (8%) had four or more conditions. Karyotypes with most frequently reported associations included 45,X with 6 of 8 affected cases (75%), 45,X/46,XY with 19 of 42 cases (45%), 46,XY with 112 of 460 cases (24%), and 46,XX with 27 of 121 cases (22%). In the 112 cases of 46,XY DSD, the commonest conditions included small for gestational age in 26 (23%), cardiac anomalies in 22 (20%), and central nervous system disorders in 22 (20%), whereas in the 27 cases of 46,XX DSD, skeletal and renal anomalies were commonest at 12 (44%) and 8 (30%), respectively. Of 170 cases of suspected androgen insensitivity syndrome, 19 (11%) had reported anomalies and 9 of these had confirmed androgen receptor mutations.<p></p> Conclusions: Over a quarter of the cases in the I-DSD Registry have an additional condition. These associations can direct investigators toward novel genetic etiology and also highlight the need for more holistic care of the affected person.<p></p&gt

The middle way between flexible and fixed exchange rates

This paper addresses Ihe new-orthodox view that the choice of exchange rate regime lias been hollowed out to a choice between the two comer solutions of firmly fixed and more or less freely floating exchange rates. While conceding that both these regimes have an advantage over intermediate regimes in terms of being less vulnerable to crisis, as well as simplifying the policy assignment, it argues that neither a currency board nor a freely floating exchange rate regime is necessarily crisis-free. More important, neither of them offer the potential advantage of a wellmanaged intermediate regime, notably a BBC (basket, band, and crawl) system, of allowing policy to be addressed to limiting exchange rate misalignments. A number of countries with ostensibly floating currencies are revealing by their actions that they prefer an intermediate regime. While such managed floating may be a reasonable compromise given the pressure from the IMF to float, it suffers three potential disadvantages as compared to an articulated BBC regime: it is not transparent, it precludes some types of policy cooperation (such as the use of a common basket peg by a number of countries with strong trade interdependence), and it foregoes the possibility of inducing stabilizing speculation a la Krugman's analysis of target zones. The paper concludes by describing three softer versions of the BBC regime that would be less vulnerable to crises than traditional intermediate regimes: the reference rate proposal, bands with soft margins, and monitoring bands

The middle way between flexible and fixed exchange rates

This paper addresses Ihe new-orthodox view that the choice of exchange rate regime lias been hollowed out to a choice between the two comer solutions of firmly fixed and more or less freely floating exchange rates. While conceding that both these regimes have an advantage over intermediate regimes in terms of being less vulnerable to crisis, as well as simplifying the policy assignment, it argues that neither a currency board nor a freely floating exchange rate regime is necessarily crisis-free. More important, neither of them offer the potential advantage of a wellmanaged intermediate regime, notably a BBC (basket, band, and crawl) system, of allowing policy to be addressed to limiting exchange rate misalignments. A number of countries with ostensibly floating currencies are revealing by their actions that they prefer an intermediate regime. While such managed floating may be a reasonable compromise given the pressure from the IMF to float, it suffers three potential disadvantages as compared to an articulated BBC regime: it is not transparent, it precludes some types of policy cooperation (such as the use of a common basket peg by a number of countries with strong trade interdependence), and it foregoes the possibility of inducing stabilizing speculation a la Krugman's analysis of target zones. The paper concludes by describing three softer versions of the BBC regime that would be less vulnerable to crises than traditional intermediate regimes: the reference rate proposal, bands with soft margins, and monitoring bands

How to Reduce the Risk Of Banking Problems

This paper reviews the existing evidence on the origins of banking crises, provides new results on the impact of government bank ownership on financial stability, and discusses policy options that can prevent and mitigate the consequences of banking crises. We find that government ownership of banks increases the likelihood and fiscal cost of crises; albeit the latter result is weak. Among the policies recommended to minimize the occurrence of crises, we highlight the importance of sound macroeconomic policies, adequate financial infrastructure, incentive compatible regulations, and limiting government interference in the banking sector

How to Reduce the Risk Of Banking Problems

This paper reviews the existing evidence on the origins of banking crises, provides new results on the impact of government bank ownership on financial stability, and discusses policy options that can prevent and mitigate the consequences of banking crises. We find that government ownership of banks increases the likelihood and fiscal cost of crises; albeit the latter result is weak. Among the policies recommended to minimize the occurrence of crises, we highlight the importance of sound macroeconomic policies, adequate financial infrastructure, incentive compatible regulations, and limiting government interference in the banking sector

Is TikTok a Public Sphere for Democracy in Egypt? The Application of Habermas’s “Pseudo-Public Sphere”

Purpose: This study explores TikTok’s potential as a new space for engagement within Egypt’s media landscape. This study addresses three core questions: 1) What motivates users to discuss public issues on TikTok? 2) How do Egyptians use TikTok for online civic participation? 3) Does TikTok support the emergence of a public sphere in Egypt?Design/methodology/approach: Using qualitative research approach, this study conducted 30 semi-structured interviews with Egyptian TikTok users aged 18 to 35 from diverse socio-economic backgrounds. Thematic coding was applied to analyze their motivations on TikTok’s role in civic engagement.Practical implications: This research highlights the challenges of using TikTok as a platform for civic engagement in Egypt. Policymakers, media scholars, and digital activists should consider how platform design and algorithmic curation influence political discourse and explore ways to enhance TikTok’s potential for meaningful public debate in Egypt.Results: The study found that while users engage with public issues mainly out of curiosity or entertainment, their involvement is mostly passive, limited to liking and sharing videos. Very few participants create original content or engage in meaningful discussions. TikTok’s algorithm prioritizes entertainment driven content, which limits its effectiveness as a space for substantive political discourse. Reflecting Habermas’s concept of “pseudo-public sphere,” TikTok operates as “limited public sphere,” fostering surface-level discussions that rarely translate into real world democratic engagement.Originality/value: This study fills a gap in the literature by offering empirical insights into TikTok’s role in shaping public discourse in Egypt