On the sustainability of currency boards : evidence from Argentina and Hong Kong : [Version: September 2008]

This paper examines the sustainability of the currency board arrangements in Argentina and Hong Kong. We employ a Markov switching model with two regimes to infer the exchange rate pressure due to economic fundamentals and market expectations. The empirical results suggest that economic fundamentals and expectations are key determinants of a currency board’s sustainability. We also show that the government’s credibility played a more important role in Argentina than in Hong Kong. The trade surplus, real exchange rate and inflation rate were more important drivers of the sustainability of the Hong Kong currency board

A Structural Investigation into the Price and Wage Dynamics in Hong Kong

This paper estimates the degree of wage and price flexibility of the Hong Kong economy with the use of a stylised dynamic stochastic general equilibrium (DSGE) model developed for the Hong Kong economy. It also studies the factors contributing to deflation in Hong Kong following the Asian financial crisis (i.e. during the period from 1998 to 2003) and finds that declining import prices were the main culprit. Consistent with earlier studies on the subject and anecdotal evidence, wages and prices in Hong Kong are found to be (relatively) flexible.DSGE, Bayesian Estimation, Nominal Rigidities

Objective Identification of Informative Wavelength Regions in Galaxy Spectra

Understanding the diversity in spectra is the key to determining the physical parameters of galaxies. The optical spectra of galaxies are highly convoluted with continuum and lines which are potentially sensitive to different physical parameters. Defining the wavelength regions of interest is therefore an important question. In this work, we identify informative wavelength regions in a single-burst stellar populations model by using the CUR Matrix Decomposition. Simulating the Lick/IDS spectrograph configuration, we recover the widely used Dn(4000), Hbeta, and HdeltaA to be most informative. Simulating the SDSS spectrograph configuration with a wavelength range 3450-8350 Angstrom and a model-limited spectral resolution of 3 Angstrom, the most informative regions are: first region-the 4000 Angstrom break and the Hdelta line; second region-the Fe-like indices; third region-the Hbeta line; fourth region-the G band and the Hgamma line. A Principal Component Analysis on the first region shows that the first eigenspectrum tells primarily the stellar age, the second eigenspectrum is related to the age-metallicity degeneracy, and the third eigenspectrum shows an anti-correlation between the strengths of the Balmer and the Ca K and H absorptions. The regions can be used to determine the stellar age and metallicity in early-type galaxies which have solar abundance ratios, no dust, and a single-burst star formation history. The region identification method can be applied to any set of spectra of the user's interest, so that we eliminate the need for a common, fixed-resolution index system. We discuss future directions in extending the current analysis to late-type galaxies.Comment: 36 Pages, 13 Figures, 4 Tables. AJ Accepte

Wildlife markets in South China

China is one of the largest consumers of wild animals for food and traditional Chinese medicine in the world. A large volume of illegal trade has been recorded in the primary cities, such as Hong Kong and Guangzhou, but the wildlife markets in secondary Chinese cities have not been investigated. This study was carried out in 7 cities in Guangdong and Guangxi provinces. Wildlife trade data were collected using semi-structured interview, observation, and market survey. The study documented the selling of 97 animal species, \u3e7,000 individuals. The most frequently used animal groups by quantity were reptiles (51%), followed by birds (21%) and mammals (10%). Of the reported species, 23% were threatened, including 1 species critically endangered and 12 species endangered. In this study, there were 19 species observed that are recognized by the Convention on International Trade in Endangered Species (CITES). The results show that the animals originated not only from south China but also Indochina and Southeast Asia. Our survey also verified that Guangzhou and Hong Kong are not the only wildlife markets in South China. A large volume of illegal trade also is occurring in secondary cities in South China

Reality check: Identity struggle and experiences of NESTs living and teaching abroad

Despite the demand for Native English Speaking Teachers (NESTs) by government and private, commercially driven programs worldwide, not much is known about NESTs’ actual lived experiences. We aim to address the gap by exploring some issues faced by teachers living and teaching overseas. Analyses of interview data collected from 9 NESTs (aged 26–40) who taught in Hong Kong, Japan, Romania, Thailand, and Vietnam showed that participants’ experiences are often complex and vary dramatically depending on locations and programs. Common to all are the shock and anxiety experienced when confronted with reality abroad. Socioprofessional otherization emerged as another key theme, alongside inadequate pre-job training and outside-work support. The native identity provides employment opportunities, but at times it also creates tension and led NESTs to be seen as eternally “foreign.” We underscore the complexity of teachers’ ethnic and professional identities. We also hope to provide a reality check and highlight the importance of preservice training and in-service support to better prepare and facilitate teachers considering a career abroad