Another Theory is Possible: Dissident Voices in Theorising Europe

The article argues that dissident voices which attempt to theorise Europe differently and advocate another European trajectory have been largely excluded and left unheard in mainstream discussions over the past decade of scholarship and analysis. Dissident voices in European Union studies are those that seek to actively challenge the mainstream of the study of Europe. As all the contributors to the special issue make clear, there is a rich diversity of alternatives to mainstream thinking and theorising the EU on which to draw for different ways of theorising Europe. The introductory article briefly examines the discipline of mainstreaming, then surveys extent of polyphonic engagement in EU studies before setting out how the special issue contributors move beyond the mainstream. The article will argue the merits of more polyphonic engagement with dissident voices and differing disciplinary approach for the health and vitality of EU studies and the EU policy field itself. The article sets out the wide range of contributions which the special issue articles make to theorising the EU. It summarises the special issue argument that by allowing for dissident voices in theorising Europe another Europe, and another theory, is possible indeed probable

The Impact of Monetary Policy on the Exchange Rate: A Study Using Intraday Data

This paper uses intraday data to estimate the effect of changes in monetary policy on the exchange rate. We use an event study with carefully selected sample periods for four countries (Australia, Canada, New Zealand and the United Kingdom) to ensure that the change in monetary policy is exogenous to the exchange rate. Intraday data allow us to use a short event window, which improves the accuracy of estimates, and demonstrates that the change in policy is rapidly incorporated into the exchange rate. On average, an unanticipated tightening of 25 basis points is found to appreciate the exchange rate by around 0.35 per cent, with estimates for the individual countries ranging from ¼–½ of a per cent. The estimation indicates that monetary policy changes account for only a small part of the observed variability of exchange rates in these countries. We also find that changes in monetary policy have substantially different effects on the exchange rate depending on how they alter expectations regarding future policy. Surprises that cause expectations of future policy to be revised by the full amount of the surprise are found to have a larger impact on the exchange rate (around 0.4 per cent) than surprises that only bring forward an anticipated change in policy and do not change expectations of future policy (around 0.2 per cent).exchange rates; monetary policy; intraday data

Logistics and Exports

Drawing on a new and comprehensive measure of logistics quality, our gravity model suggests logistics in the exporting and partner-country can have an important impact on bilateral exports. A one standard deviation improvement in the exporter’s logistics quality, which for example would improve Gabon to the level of Guinea, would raise exports by almost 60%. Landlocked countries’ exports depend on their neighbours’ logistics, but their own logistics quality is not as important as for other countries. We also find that logistics act to reduce the trade effects of distance, but without eliminating them.Logistics, exports, gravity models