Are Fixed Exchange Rates the Problem and Flexible Exchange Rates the Cure?

This paper explains why once non-probabilistic (i.e., a non-ergodic stochastic system) uncertainty is introduced into an orthodox freely flexible exchange rate model, the concept of the elasticity of expectations explains the open economy system will be extremely unstable except under the most stationary of economic circumstances. Alternative fixed exchange rate systems are proposed which will help stabilize the open economy--even when real economic forces are volatile.Exchange Rates; Fixed Exchange Rate

How To Solve The U.S. Housing Problem and Avoid A Recession: A Revived HOLC and RTC

This paper exlains the cause of the sub prime market failure in the US and suggests policies to copy with the problem.monetary policy, insolvency,

'It'll get worse before it gets better': Local experiences of living in a regeneration area

The negative consequences of living in deprived neighbourhoods for residents’ quality of life are well documented. Area-based regeneration initiatives are invariably concerned with improving local quality of life over the long term. The process of regeneration, however, can itself directly result in immediate and potentially lasting negative effects for local communities. This paper discusses some of the ways in which living in an area undergoing regeneration can adversely affect inhabitants’ quality of life, including problems associated with voids, relocation, demolitions, environmental quality, complexity, funding issues, uncertainty, frustration, fear for the future and consultation fatigue. A case study approach draws examples from a deprived neighbourhood in the North East of England. The conclusion discusses some of the possible implications for future regeneration policy, including: the importance of ongoing communication between professionals and communities; the need to value local people’s experience, judgement and the contribution they can make to local decision-making processes; recognition that successful regeneration can take many years; and the implications of current UK government policy

Swimming against the tide: a study of a neighbourhood trying to rediscover its ‘reason for being’– the case of South Bank, Redcar and Cleveland

Many of the programmes and initiatives to regenerate deprived neighbourhoods appear to have had limited lasting impact. It has been argued that one reason for this is that we still have little real understanding of the nature and scale of the problems some communities face (Bernt, 2009). This paper attempts to add to our knowledge through close study of an area with multiple problems and a history of failed regeneration attempts. An in-depth case study undertaken to explore the current situation and future prospects of South Bank, a small neighbourhood in the North East of England, highlights transferable knowledge which may be applied to other regeneration areas. The analysis considers the nature and consequences of industrial decline; entrenched deprivation; the stigmatization of communities; the value of community consultation and the potential impact of retail-led regeneration. We question whether negative stigma attached to places can be changed and we ask what the future may hold for deprived communities now that public sector funding has largely dried up, and we consider an alternative approach: the potential impacts of private sector retail-led regeneration in the absence of public sector funding

Design of plate panels under biaxial compression, shear and lateral pressure

Imperial Users onl

Information and the Demand for Supplemental Medicare Insurance

While the critical role of imperfect information has become axiomatic in explaining health care market failure, the theory is backed by little empirical evidence. In this paper we use a unique panel data set with explicit measures of information and an educational intervention to investigate the role of imperfect information about health insurance benefits on the demand for supplemental Medicare insurance. We estimate a structural discrete choice model of the demand for supplemental Medicare insurance that allows imperfect information to affect both the mean and the variance of the expected benefits distribution. The empirical specification is a structural panel multinomial probit with an unrestricted variance- covariance, including heteroskedasticity and random effects to control for unobserved heterogeneity. The model is computationally complex and is estimated by simulated maximum likelihood. The empirical results indicate that imperfect information affects the demand for supplemental Medicare insurance by increasing the variance of the expected benefits distribution rather than by systematically shifting the mean of the distribution. We find that the increase in variance due to imperfect information increases the probability of choosing not to purchase supplemental insurance by about 23%. We also found that controlling for unobserved heterogeneity is important. The goodness of fit increased by about 25% and the precision of the estimated effect of information on the variance of the expected benefits distribution improved dramatically.

Oil: Its Time Allocation and Project Independence

macroeconomics, oil

Offenders and E-Learning - a literature review on behalf of Becta

This literature review has been prepared by the Hallam Centre of Community Justice at Sheffield Hallam University, on behalf of Becta. The literature review provides a summary of existing research and knowledge relating to e-learning in the offending learning sector with a view to developing a range of e-maturity indicators across the sector. The review also highlights linkages with current Government policy in relation to offender learning and skills

International law and the role of APEC in the gobernance of economic cooperation within the Asia Pacific region

The cumbersome administrative process of trading in the Asia Pacifi c region has lead to propose the creation of a Free Trade Area of the Asia Pacifi c Region (FTAAP), as part of the governance structure. In this respect, the Asia Pacifi c Economic Cooperation (APEC) would play a major role regarding the setting of guidelines for economic cooperation and a free and open approach to investments. It is also provided that APEC’s legal framework may be applied to the economic activities which have not been regulated by other international agreements, offering advantages as adapting to the real conditions of each state and the standardization of the already existing regulations. However, this non-binding framework, (soft law), does not foreclose, but complements the OMC’s binding legal framework (hard law).Las complicaciones administrativas del proceso comercial en la región Asia Pacífico han conducido a proponer la creación de un Área de Libre Comercio de la región Asia Pacífico, como parte de una estructura de gobierno. En este sentido, el Foro de Cooperación Económica de Asia Pacifico (APEC) puede desempeñar un papel preponderante en cuanto a fijar lineamientos para la cooperación económica y una aproximación libre y abierta para las inversiones. También se sostiene que el marco legal de APEC pueda ser aplicado a actividades económicas que no hayan sido reguladas por otros acuerdos internacionales, lo que ofrecería ventajas tales como la adaptación a las condiciones de cada estado y la estandarización de las regulaciones vigentes. No obstante, este esquema no vinculante, (soft law), no excluye, sino que complementa el esquema legal vinculante (hard law) de la Organización Mundial de Comercio (OMC)

Uniformity in International Trade Law: The Constitutional Obstacle

International trade is the life-blood of the Canadian economy. Exports have become the largest single source of jobs in Canada, providing employment for almost three million Canadians and accounting for approximately 30 per cent of the G.N.P.\u27 It is imperative that everything possible should be done to encourage the growth of this vital sector of the economy and that any impediments to such growth should be removed