An Interpretation of the Collapsing Process of the Bretton Woods System

This paper attempts to determine the environments that market confidence might play a significant role in the collapse of the Bretton Woods system. We build a game-theoretic model of currency crises where a continuum of small speculators can decide their market confidence and trading positions. In the model, the convertibility of dollar is assumed to exhibit a long-term downtrend due to Triffin’s dilemma. The problem is analyzed on the grounds of both certainty and uncertainty. In the certainty case, we find that if the convertibility of dollar is low enough, a dollar crisis is inevitable, but if the convertibility is in an intermediate range with multiple equilibria, the Bretton Woods system is vulnerable to self-fulfilling speculation. In the uncertainty case, the incidence of the confidence crises will disproportionately increase as the convertibility of dollar falls. Lastly, this paper shows that the Federal Reserve Bank’s secrecy may extend the maximum lifespan of the Bretton Woods system.     

The Doctrine of the Mean: Workplace Relationships and Turnover Intention

The present study examines the curvilinear relationships between LMX/TMX and team members' turnover intention simultaneously. That is, members with high LMX, TMX, or both are more likely to have turnover intention. Hypotheses were tested with a sample of 452 nurses, and we adopted the response surface methodology and polynomial regression to test our theoretical model. The hierarchical regression analysis showed that TMX has a U‐shaped relationship with turnover intention but not with LMX. In addition, the results indicate that both the congruence and incongruence of LMX and TMX result in higher turnover intention, but moderate levels of LMX and TMX have the lowest turnover intention. Strengths, limitations, practical implications, and directions for future research are discussed. Copyright © 2018 ASAC. Published by John Wiley & Sons, Ltd.     

Effect of Participation of Foreign Migrant Workers in Labour Market on Native Workers: Evidence Based on Change Noticed in College Premium in Taiwan ROC

Using Manpower Utilization Survey data for 14 years from 1999 to 2012, we applied the DDDD (Differences–in–differences–in–differences–in–differences) estimation method to check if rising presence of foreign migrant workers in Taiwan’s domestic labour market had any impact on employment opportunities and wages earned by native Taiwanese workers over time. We used the data capturing the effect of college premium (viz., the additional cost to be borne for getting admission into college) paid by the natives on domestic wage rate during this period. College premium is an indicator of demand and supply for educated labour and we intend to see if the premium has grown with time when influx of foreign migrant workers has grown too. From the results, two interesting phenomena caught our attention. First, labour policy adopted by the Government in Taiwan has played an important role in increasing the influx of foreign workers into domestic labour market, which resulted in significant change in college premium paid by the natives. And, this effect lasted even when instances of strikes and reported cases of labour disputes were relatively higher. Second, the effect of the policy has been varying across genders as our data shows that policy on employment of foreign workers has affected job opportunities of native men workers more than it affected job opportunities of their female counterpart.     

Parallel imports and price controls

Price controls create opportunities for international arbitrage. Many have argued that such arbitrage, if tolerated, will undermine intellectual property rights and dull the incentives for investment in research‐intensive industries such as pharmaceuticals. We challenge this orthodox view and show, to the contrary, that the pace of innovation often is faster in a world with international exhaustion of intellectual property rights than in one with national exhaustion. The key to our conclusion is to recognize that governments will make different choices of price controls when parallel imports are allowed by their trade partners than they will when they are not.     

Does Tax Competition Reduce Corruption?

A vast literature asserts that competition among jurisdictions can mitigate corruption. However, empirical studies do not fully support such a conventional view. This paper points out a drawback of the conventional view, that is, it ignores the role played by the owners of immobile factors. Within a standard tax competition model, we amend the conventional view by incorporating the lobbying of the immobile factor owners, and show that fiscal decentralization can aggravate corruption. We also demonstrate that social welfare can be higher under decentralization than under centralization in some cases, whereas the immobile factor owners' lobbying will prevent such a superiority of decentralization from being the outcome. Moreover, we provide an example to show that a better policy outcome and a higher level of corruption can co‐exist, which contrasts with the general belief.     

Independent Directors and Favoritism: When Multiple Board Affiliations Prevail in Mutual Fund Families

I examine whether independent directors with multiple board affiliations (IDMAs) trade off the interests of one fund relative to another (fund favoritism) or whether they benefit fund shareholders by increasing the level of the board's expertise. Using a sample of mutual funds affiliated with the top 55 fund sponsors from 2002 to 2008, I find that the presence of IDMAs is negatively related to performance/resource shifting across funds within fund families. IDMAs appear to decrease fund fees, increase the return gap associated with the unobserved actions of fund managers, and facilitate the transfer of information across funds in a fund family.     

我国药害事件保险救济制度研究

本文通过对国外药害事件救济制度和国内类似责任险险种的立法和实践经验的借鉴,对目前国内几种药害救济制度的构建方案对比分析,在探索归责原则基础之上提出了基于商业保险模式的药害事件救济制度的设计和安排.鉴于我国基本国情和现行法律规制基础,药害事件的商业保险救济制度是当前较为可行的方案之一,是构建全面药害救济机制的一种可行模式.     

江西省大余县国有林股份制改造研究

深化国有林经营管理体制改革,建立国有林经营的现代企业制度,是我国南方国有林经营发展的一个迫切任务。在江西省大余县国有林经营股份制改造实践的基础上,对大余县国有林股份制改造程序、森林资源资产评估、转制职工的安置、股权结构与经营机制及股份制改造后的经营效果进行了分析,探讨了国有林股份制改造模式,为我国南方国有林经营管理提供了有益借鉴。     

在PAM装置上应用气封法兰技术

分析PAM（聚丙烯酰胺）装置水解机、螺杆式预研磨机轴封运行情况,在干粉生产线水解机、螺杆式预研磨机等设备上应用气封法兰技术,可降低水解机轴封氨气漏量,减少螺杆式预研磨机轴承、螺杆损坏次数。