Transaction Costs and Nonlinear Adjustment Towards Equilibrium in the US Treasury Bill Market

This paper uses nonlinear error correction models to study yield movements in the US Treasury Bill Market. Nonlinear error correction arises because portfolio adjustment is an ‘on-off’ process, which occurs only when disequilibrium in the bill market is large enough to induce investors to incur the transaction costs associated with buying/selling bills. This, together with heterogeneity of transaction costs, implies that the strength of aggregate error correction depends on both the distribution of costs and the extent of disequilibrium in the market. Smooth transition models are used to describe an aggregate adjustment process which is strong when the market is distant from equilibrium, but becomes weaker as the market approaches equilibrium. Linearity tests indicate that the types of nonlinearities that would be induced by transactions costs are statistically significant, and estimated models which incororate these nonlinearities outperform their linear counterparts, both in sample and out of sample.     

Skill, deskilling and new technology in the non-manual labour process

This article discusses the concept of skill and, using material from case studies on non-manual work, suggests that the microelectronic technology may have implications for work and skills that in each case will depend on a combination of social and technological factors.     

BILATERALISM AND FREE TRADE*

We study a setting with many countries; in each country there are firms that can sell in the domestic as well as foreign markets. Countries can sign bilateral free‐trade agreements that lower import tariffs and thereby facilitate trade. We allow a country to sign any number of bilateral free‐trade agreements. A profile of free‐trade agreements defines the trading regime. Our principal finding is that, in symmetric settings, bilateralism is consistent with global free trade. We also explore the effects of asymmetries across countries and political economy considerations on the incentives to form trade agreements.     

A Macroeconomic Analysis of Publicly Funded Health Care

In a general equilibrium, overlapping generations framework this paper examines how the tax-benefit system that underlies the U.S. health care system affects the well-being of different age groups, and the lifetime well-being of different socioeconomic groups, as well as society as a whole. We find that the optimal set and generosity of publicly funded health care programs is sensitive to the social welfare function and to the prices that various agents in society pay for medical care. Social welfare under the current financing system is also compared to alternative financing mechanisms such as Medical Savings Accounts.     

Principles and Influence in Codes of Ethics: A Centering Resonance Analysis Comparing Pre- and Post-Sarbanes-Oxley Codes of Ethics

This study examines the similarities and differences in pre- and post-Sarbanes-Oxley corporate ethics codes and codes of conduct using the framework of structuration theory. Following the passage of the Sarbanes-Oxley (SOX) legislation in 2002 in the United States, publicly traded companies there undertook development and revision of their codes of ethics in response to new regulatory requirements as well as incentives under the U.S. Corporate Sentencing Guidelines, which were also revised as part of the SOX mandates. Questions that remain are whether these new or revised codes are effective means of communicating changed ethical foci and attitudes in organizations. Centering resonance analysis (CRA) is used to identify differences and similarities across time and industries by analyzing word networks of 46 pre- and post-SOX corporate codes of ethics. Analyses focus on content and structure of generated word networks as well as resulting factors that emerged from the texts. Results are interpreted from the structuration perspective that content and structure of codes are constrained and enabled by system structures while they function to produce and reproduce those structures. Results indicate that corporate codes of ethics are formal discourses of ethics, laws, and control. Code structure has changed across time, with an increased emphasis on compliance in post-SOX codes. Implications for research and practice are discussed in light of findings.     

Econometric Analysis of the India–Sri Lanka Free Trade Agreement*

This paper investigates whether the India–Sri Lanka Free Trade Agreement (ISLFTA) has had trade creation or trade diversion effects on the rest of the world. Using data on tariffs at the six‐digit level of the Harmonized System classification for the period 1996 to 2006, the methodology of the present paper follows a study on the North American Free Trade Agreement by Romalis (2005 ) We use the commodity and time variation in the tariff preferences allowed under ISLFTA to identify its effect on sourcing of different products from the ‘control country’ to the ISLFTA region. Using a fixed effects model, we find that the ISLFTA has had small trade creation effects in the control countries.     

From Territory to Rights: New Foundations for Conceptualising Indigenous Sovereignty

Recognising how the concept of sovereignty has been affected by an indigenous and human rights agenda, this article explores the potential outcomes of the United Nations Declaration on the Rights of Indigenous Peoples (UNDRIP) in terms of its challenge to Westphalian notions of sovereignty in Canada’s North. It argues that the UNDRIP, adopted by the United Nations in 2007, is now playing a significant role in giving Canada’s Indigenous Peoples a voice in international affairs and for reframing the relationship between state and non-state actors in ways which privilege collective rights rather than territorial imperatives.     

Adoption of improved chickpea varieties: KRIBHCO experience in tribal region of Gujarat, India

The study aims to track adoption of improved chickpea varieties, and assess their on‐farm benefits in some remote and backward tribal villages in Gujarat, India, where few newly developed varieties were introduced by a non‐government organization. It also determines key factors which were influencing their adoption. The study found that adoption of improved chickpea varieties was gradually increasing by replacing a prominent local variety. Duration of crop maturity, farm size, yield risk, and farmers' experience of growing chickpea crop were significantly influencing their adoption. The on‐farm benefits as a result of improved varieties were realized in terms of increased yield levels, higher income and labor productivity, more marketable surplus, price premium and stabilized yields in fluctuating weather. Breeding short duration varieties with stable yield levels under varying weather, and organizing seed multiplication and dissemination in regions, where moisture stress is a problem during maturity of chickpea, are the major suggestions.