Macro Prudential Supervision in the Open Economy,and the Role of Central Banks in Emerging Markets

In this paper we explore lessons from the global liquidity crisis pertaining to the prudential supervision role of central bank in an open economy. The crisis validates the need for external debt management policy in emerging markets. Hoarding international reserves (IR) is a potent self-insurance mechanism. However, it is associated with relatively high costs and is also less efficient in absence of assertive external debt management policies. In the presence of congestion externalities associated with deleveraging, optimal external borrowing-tax-cum-IR-hoarding-subsidy reduces the cost as well as the scale of hoarding IR.     

Trade policy and specialization in developing countries

This paper examines the impact of trade policy on specialization patterns in ten Latin American countries over the period 1985–1998. These countries are natural case studies because in the last decades they implemented comprehensive trade liberalization programs, both generally and preferentially, starting from relatively high tariff protection levels. Our econometric results suggest that reducing own most favored nation tariffs is associated with increasing manufacturing production specialization. Furthermore, we find that preferential trade liberalization and differences in the degree of unilateral openness have resulted in increased dissimilarities in manufacturing production structures across countries. These results are robust across specialization measures and estimation methods.

Trading away what kind of jobs? Globalization,trade and tasks in the US economy

Economists and other social scientists are calling for a reassessment of the impact of international trade on labor markets in developed and developing countries. Classical models of globalization and trade, based upon the international exchange of finished goods, fail to capture the fragmentation of much commodity production and the geographical separation of individual production tasks. This fragmentation, captured in the growing volume of intra-industry trade, prompts investigation of the effects of trade within, rather than between, sectors of the economy. In this paper we examine the relationship between international trade and the task structure of US employment. We link disaggregate US trade data from 1972 to 2006, the NBER manufacturing database, the Decennial Census, and occupational and task data from the Dictionary of Occupational Titles. Within-industry shifts in task characteristics are linked to import competition and technological change. Our results suggest that trade has played a major role in the growth in relative demand for nonroutine tasks, particularly those requiring high levels of interpersonal interaction.     

Regional Comparisons,Spatial Aggregation,and Asymmetry of Price Pass-Through in U.S. Gasoline Markets

Spot to retail price pass-through behavior of the U.S. gasoline market was investigated at the national and regional levels, using weekly wholesale and retail motor gasoline prices from January 2000 to the present. Asymmetric pass-through was found across all regions, with faster pass-through when prices are rising. Pass-through patterns, in terms of speed and time for completion, were found to vary from region to region. Spatial aggregation was investigated at the national level and the East Coast with the aggregated cumulative pass-through being greater than the volume-weighted regional pass-through when spot prices increase. These results are useful to the petroleum industry, consumers, and policy makers by providing a basis to estimate the retail price effects that result from a change in spot price.     

Angst vor der Angst

Den Teufelskreis durchbrechen — Angst zu haben ist normal. Was aber, wenn in allt?glichen Situationen ?ngste und Panikattacken auftreten oder gar allein der Gedanke an erlebte ?ngste ?ngstigt? Wenn die „Alarmanlage“ Angst gest?rt ist und st?ndig „Fehlalarme“ auftreten? Wie k?nnen Angsterkrankte den Teufelskreis durchbrechen und wie k?nnen Pflegende dabei entscheidend weiterhelfen?     

Medikamente: Wohl portioniert

Patientenindividuelle Verblisterung - Eine hohe Arzneimittelsicherheit für Patienten, Bewohner und Pflegende, therapiegerecht und lückenlos dokumentiert – verblisterte Medikamente erleichtern nicht nur die Compliance und verbessern somit die Heilungschancen von Patienten. Das Pflegepersonal profitiert gleicherma?en. Denn es bleibt ihm mehr Zeit für die individuelle Betreuung der Bewohner. Das zumindest versprechen die Blisterzentren.     

Luft zum Atmen

Mehr Sicherheit im Umgang mit Trachealkanülen - Pflegende, die Patienten mit einer Trachealkanüle betreuen, müssen den Kanülenwechsel sicher beherrschen. Denn bei Komplikationen kann das Warten auf den Arzt katastrophale Folgen haben. Daher muss der Umgang mit den Kanülen zur Routine werden.     

Not Roadmaps but Toolboxes: Analysing Pioneering National Programmes for Sustainable Consumption and Production

The profusion of knowledge about the complexity of promoting sustainable consumption has led to calls to address the issue in a cross-cutting manner. This article discusses pioneering national sustainable consumption and production (SCP) programmes as tools for informed decision making. The analysis is based on a theory of three organizing principles for SCP policy: (1) deliberation, (2) efficiency and (3) sufficiency. These organizing principles protect and enact particular values and can be promoted in either a weak or strong manner. A comparison of three SCP programmes from Finland, Sweden, and the UK shows that different programmes emphasize somewhat different principles: programmes in the UK and Finland emphasize the efficiency principle, whereas the Swedish programme places considerable emphasis on promoting sufficiency, as well. Meanwhile, deliberation is well presented in all the programmes, but the countries apply it somewhat differently. On the whole, government commitment to the programmes is limited, and clear targets, timetables, and resources are mentioned only occasionally. Thus, rather than being credible roadmaps towards SCP, the pioneering programmes take the form of mixed toolboxes. The programmes contain many innovative and potentially effective proposals, but in responding to the challenges acknowledged in the programme documents, individual actors must bear heavy responsibilities. From this perspective, the pioneering SCP programmes also provide false reassurance and a means to outsource the promotion of SCP to non-government actors.