Convertibility risk: the precautionary demand for foreign currency in a crisis

This paper presents theoretical work linking money demand to the perceptions of households about the risk that domestic currency may become inconvertible or that it may be devalued. An empirical investigation of the size of this effect is carried out using monthly data for Korea to estimate an augmented demand-for-money equation. It is found that the fear of inconvertibility arising from the 1997 Korean currency crisis may have caused broad money demand to fall by 4–5% points,equivalent to the loss of reserves of $6–7.5 billion (or about 30% of reserves as measured at end-November 1997). This is a revised version of IMF Working paper WP/2001/210; it was written while Professor Black was Senior Policy Advisor at the IMF Institute and Christofides and Mourmouras were staff members in the IMF’s Policy Development and Review Department. The views expressed are those of the authors and should not be attributed to the IMF, its Executive Board, or its management. For useful comments and suggestions we thank an anonymous referee, Tim Lane, Ydahlia Metzgen, Roberto Perelli, Tony Richards, Christian Mulder, Steve Russell, as well as seminar participants at the IMF Institute, the IMF’s Asia and Pacific Department, Federal Reserve Board, and Bank of Indonesia. We would also like to note similar (unpublished) empirical results using our approach by Dr. Rino Effendi for Indonesia and Angana Banerji for Russia     

REPORTING GUIDELINES FOR META-ANALYSIS IN ECONOMICS

Meta-analysis has become the conventional approach to synthesizing the results of empirical economics research. To further improve the transparency and replicability of the reported results and to raise the quality of meta-analyses, the Meta-Analysis of Economics Research Network has updated the reporting guidelines that were published by this Journal in 2013. Future meta-analyses in economics will be expected to follow these updated guidelines or give valid reasons why a meta-analysis should deviate from them.     

Climate change adaptation actions by fish farmers: evidence from the Niger Delta Region of Nigeria

This paper examined climate change adaptation strategies in fish farming and the effect of such methods on the profit of fish farmers in the Niger Delta region of Nigeria, Africa’s most populous country. Using cross‐sectional data obtained from 420 fish farmers from the region and applying multivariate probit and instrumental variable regressions, the study found that fish farmers have adopted a broad range of strategies to address climate risk and that these have significantly increased farmers’ profit. Our findings indicated important relationships between certain farm, socio‐economic and institutional characteristics and the adaptation actions. The study provides useful insight into factors that potentially encourage the adoption of livelihood‐enhancing climate risk adaptation strategies by fish farmers in the Niger Delta region and similar contexts.     

Lucky lots and unlucky investors

Review of Quantitative Finance and Accounting - The number 8 is considered lucky under the Chinese culture. This paper tries to examine whether investors hold such superstitious belief in the Hong...     

Business strategy, marketing organization culture, and performance

Drawing on configuration theory, we develop and test a model which posits that overall firm performance will be influenced by how well the marketing organization??s cultural orientation (i.e., market, adhocracy, hierarchy, or clan) complements alternative business strategies (i.e., Prospector, Analyzer, Low-Cost Defender, Differentiated Defender) after controlling for other, key firm-level variables. Responses from a sample of senior marketing managers provide partial support for the model and demonstrate that high-performing businesses of one strategy type have a different cultural orientation than high-performing businesses of the other strategy types. And, contrary to previous research, the results of this study show that each of the cultural orientations may play a role in creating superior performance. We conclude with a discussion of the implications for scholars and for managers.     

On the importance of matching strategic behavior and target market selection to business strategy in high-tech markets

Business strategy is fundamentally concerned with the actions required to create superior customer value in the firm’s target markets with the ultimate goal of achieving superior performance. Marketing theory suggests that two critical marketing activities required to achieve this end are: (1) the adoption of appropriate strategic behaviors (i.e., customer-oriented, competitor-oriented, technology-oriented) and (2) targeting of the appropriate market segments (i.e., innovators, early adopters, early majority, late majority, laggards). This study builds on prior research which demonstrates that the strategic behavior—firm performance relationship is contingent on the firm’s strategy by examining this relationship in high tech markets and by considering the incremental contribution of appropriate target market selection. Responses from 160 senior marketing managers in high-tech firms reveal strong support for our framework. Thus, this study provides useful guidance to executives and managers in high-tech firms regarding the steps that they should take to increase their probability of success.

绿色生态城区运营阶段碳排放量测量、验证与报告管理体制

目前我国对绿色生态城区建设的指标体系与评价标准主要关注的还是项目在规划设计阶段的技术目标,虽然评价内容可以分为规划设计评价、实施运管评价两个阶段,但具体的评价体制并未能提供城区在运营阶段的实际碳排放量值的定量评价。要对绿色生态城区在运营阶段对城市整体低碳发展的碳排放减缓贡献有明确的监控方法,必须要建立我国城市绿色生态城区运营阶段温室气体特别是碳排放量的测量、验证与报告(MVR-Monitoring,Verification,Reporting)管理体制。梳理目前有关城市碳排放量度监控方面提出相关的方法,再通过对城区建设管理流程和责任主体的分析,提出一套运营阶段碳排放量测量、验证与报告体制建议。管理体制包括针对我国城区尺度建设项目的 7个排放板块,提出对每个板块的报告主体、核算物理边界、核算周期、核算气体种类、核算运行边界、数据获取方式以及报告指标等要求。同时,为了保障实施,建议明确执行主体层级结构和报告关系,包括对各主体在项目生命周期不同阶段的要求,建立责任约束效应的测量、验证与报告保障制度。     

Investigation of damage and repair of a 1000 MTD horizontal ammonia converter

An operational upset caused by a diapharagm failure in the high pressure casting of the synthesis gas compressor resulted in major pressure/flow surges in the synthesis loop.