The 1997-98 financial crisis has had a profound effect on how East Asian economies the role of the IMF and its strategic interests relative to those of the United States in the…
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The 1997-98 financial crisis has had a profound effect on how East Asian economies the role of the IMF and its strategic interests relative to those of the United States in the international financial regime. It has prompted them to create a regional mechanism for financial and monetary cooperation, ranging from deeper policy dialogue and surveillance, to a system of financial cooperation, and common exchange rate arrangements. This paper analyses the economic and strategic motivations behind this and outlines recent developments in financial cooperation in East Asia to provide possible directions for the future.
A network of bilateral swap arrangements under the Chiang Mai Initiative(CMI) needs stronger policy dialogue and surveillance to develop into a regional financing facility, a sort of East Asian IMF. The facility plays a role as an regional lender of last resort, providing short-term funds to a member country facing a temporary liquidity shortage and for market intervention to stabilize foreign exchange rate. East Asian countries need to achieve regional exchange rate stability. In the long run, the region may develop a common currency arrangement, but it cannot be expected in the very near future because there is no convergence of macroeconomic conditions, economic structure and systems. A realistic approach would be for East Asian developing countries to adopt a currency basket system to minimize the impact of dollar/yen exchange rate volatility on their economies. Strong political will and a vision for regional integration will be required to introduce it.
HARROGATE will be notable as the venue of the Conference in one or two ways that distinctive. The Association Year is now to begin on January 1st and not in September as…
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HARROGATE will be notable as the venue of the Conference in one or two ways that distinctive. The Association Year is now to begin on January 1st and not in September as heretofore; and, in consequence, there will be no election of president or of new council until the end of the year. The Association's annual election is to take place in November, and the advantages of this arrangement must be apparent to everyone who considers the matter. Until now the nominations have been sent out at a time when members have been scattered to all parts of the country on holiday, and committees of the Council have been elected often without the full consideration that could be given in the more suitable winter time. In the circumstances, at Harrogate the Chair will still be occupied by Sir Henry Miers, who has won from all librarians and those interested in libraries a fuller measure of admiration, if that were possible, than he possessed before he undertook the presidency. There will be no presidential address in the ordinary sense, although Sir Henry Miers will make a speech in the nature of an address from the Chair at one of the meetings. What is usually understood by the presidential address will be an inaugural address which it is hoped will be given by Lord Irwin. The new arrangement must bring about a new state of affairs in regard to the inaugural addresses. We take it that in future there will be what will be called a presidential address at the Annual Meeting nine months after the President takes office. He will certainly then be in the position to review the facts of his year with some knowledge of events; he may chronicle as well as prophesy.
The introduction of more flexible lease terms within the structure of commercial leases in the UK generates a number of challenging issues for investors, occupiers and their…
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The introduction of more flexible lease terms within the structure of commercial leases in the UK generates a number of challenging issues for investors, occupiers and their advisers. This emerging structural change requires a new approach to the management and pricing of commercial real estate. This paper examines the factors underpinning the desire for greater corporate agility, including business planning and risk management; globalisation; and existing and proposed changes to accountancy standards. In addition, the paper considers innovation in the supply of space and the substance of space contracts. It is the contention of this research that it is possible for all parties to derive equal utility from greater flexibility by matching occupier and investor requirements. However, any attempt to price the risk reallocation rationally must encapsulate the likelihood of experiencing greater income volatility as well as the probability of a break clause being exercised or, more specifically, the risk of experiencing costs associated with voids and re‐letting.
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We study the relationship between underwriter prestige, family control, and IPO underpricing in an international setting. Data are collected for 5,789 firms that went public…
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We study the relationship between underwriter prestige, family control, and IPO underpricing in an international setting. Data are collected for 5,789 firms that went public across twenty‐five countries between 1995 and 2002. We find that non‐penny‐stock and non‐U.S. IPOs from countries where firms are predominately family‐controlled benefit from associations with well‐known investment bankers; i.e., these firms are less underpriced than similar firms from countries with a low level of family control. At the same time, our findings support prior evidence that suggests that underwriter prestige is positively related to underpricing in the U.S. IPO market. Family‐controlled firms should consider the findings of this study, which identifies factors that are associated with more successful IPO outcomes.
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An analytical rheological‐dynamical visco‐elastic solution of one‐dimensional longitudinal continuous vibration of bars has been developed and used to evaluate the validity of the…
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An analytical rheological‐dynamical visco‐elastic solution of one‐dimensional longitudinal continuous vibration of bars has been developed and used to evaluate the validity of the classical analytical elastic solutions. As it is well known, the resonance occurs only in the continuous or singledegree‐of‐freedom ideal elastic system when the excitation frequency ωP is equal to the one of the natural frequency of the bar. However, owing to the visco‐elastic nature of materials and frequency dependence of the damping factor it is useful to consider separately the situations arising when the is positive (system is stable) and when it is negative. Negative damping factor means that the complementary solution of the response would not die away (system is unstable because of the factor e). Rheologic behavior of the bar can be characterized by one parameter, i.e. dynamic time of retardation TK D=1/ω, like in a single‐degree‐of‐freedom spring mass system. RDA model has the same phase angle as a simple single‐degree‐of‐freedom spring mass system with damping in the steady state vibration and from that the damping factor is obtained. This paper provides description of the dynamic magnification factor and the transmissibility of several metallic materials using RDA similitude and could be concluded that an ideally effective antivibration mount material should satisfy at least two requirements: first, it should posses a relatively large damping factor; and second, it should possess a damping factor that either remains constant or decreases only slowly with frequency.
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This second article in a series of six focuses on leisure as one of the impending waves of economic activity projected to dominate the advanced economies over the course of the…
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This second article in a series of six focuses on leisure as one of the impending waves of economic activity projected to dominate the advanced economies over the course of the new millennium. Leisure will begin to dominate jobs and economic activity in the USA around 2015, the date when “free time” will occupy over half of total individual lifetime activity. Businesses providing goods and services to meet leisure‐time demands that will account for the dominant share of gross domestic product (GDP), jobs and livelihoods during the 21st century include: recreation, hospitality, entertainment, travel and tourism, adventure seeking, to name just a few sectors.
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THERE is to be an international Library Conference in Rome at the end of June, under the Presidency of Dr. Collijn, the Librarian of the Royal Library of Stockholm. This is the…
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THERE is to be an international Library Conference in Rome at the end of June, under the Presidency of Dr. Collijn, the Librarian of the Royal Library of Stockholm. This is the outcome of the Edinburgh and Atlantic City conferences when an international committee was formed. Great Britain is represented on the Committee, and it is hoped that the unique occasion of the Conference will not be passed by British librarians. Our language difficulties are real, but there is sufficient linguistic ability in the profession to provide the right delegates; and the matters to be discussed range over many aspects of librarianship, including personnel, technique and international co‐operation. We are part of the library system of Europe and ought to take our place in it; and not allow Anglo‐Saxon libraries to be represented entirely and invariably by our nevertheless always welcome American colleagues.
Qualitative data analysis requires methodological knowledge and intellectual competence. Analysis is not about adhering to any one correct approach or set of right techniques; it…
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Qualitative data analysis requires methodological knowledge and intellectual competence. Analysis is not about adhering to any one correct approach or set of right techniques; it is imaginative, artful, flexible, and reflexive. It should also be methodical, scholarly, and intellectually rigorous. (Coffey and Atkinson, 1996, p.1.
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The emergence of non‐governmental organisations (NGOs), along with supranational organisations, is probably the most important political development of the post‐Second World War…
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The emergence of non‐governmental organisations (NGOs), along with supranational organisations, is probably the most important political development of the post‐Second World War period. Yet it is not easy to explain why they are so numerous today but relatively rare just 50 years ago. By comparing the internal organisation, diversity, brand building and internationalism of NGOs and corporations, this paper shows that NGOs are far more similar to private corporations than to any existing political institution. Moreover, the corporate model has given NGOs important advantages with which they have “out‐competed” traditional political institutions to win greater public influence, awareness and trust. In the increasingly important arena of supranational politics and treaty organisations, NGOs have exploited the flexibility of their corporate structure to become the sole players apart from governments. Thus NGOs are, in effect, the political analogues of that other highly successful late 20th institution, corporations, sharing not only their strengths, but also their weaknesses.
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Amy Izycky, Louise Braham, Lisa Williams and Todd Hogue
Measures of risk employed in mental health settings in the last 20 years have consisted of clinical scales that comprise both historical and clinical factors. Examples of such…
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Measures of risk employed in mental health settings in the last 20 years have consisted of clinical scales that comprise both historical and clinical factors. Examples of such tools include the widely used HCR‐20 (Webster et al, 1997), SVR‐20 (Boer et al, 1997) and VRS (Wong & Gordon, 2000). Such tools are time‐intensive and, in the main, completed by an independent rater. At present there is a lack of systems to guide teams to investigate salient risk factors related to mental state and violent offending that inform treatment effectiveness, change and, ultimately, risk assessment decisions. This paper describes the application of such a system. The Standard Goal Attainment Scaling for Sex Offenders (GAS‐S) (Hogue, 1994) has been modified for use with violent offenders and is presented herewith. Application of the tool to the Violent Offender Treatment Programme (VOTP) is discussed, alongside its potential usefulness in informing risk assessment and the effectiveness of treatment intervention.