Sterilization and interest rates

In this note, the effect of a rise in the foreign interest rate on the home rate is considered in a small economy model with a fixed exchange rate. The cases of sterilization annd non-sterilization are considered. The effect of the degree of substitutability beteen domestic and foreign bonds is outlined.     

Hawker centres as tourist attractions: The case of Singapore

Cooked food hawkers are a sometimes neglected part of the tourism and hospitality industries, yet can play a significant role as a visitor attraction which offers both inexpensive food and insights into the contemporary society and heritage of the destination. Hawking is ubiquitous in much of South East Asia where it is integral to the life of local residents and this includes Singapore, the focus of the paper which also comments on the relationship between food and tourism in general. The cooked food hawker sector in the city state is described and the results of a survey of tourists about their experiences of dining at hawker centres are presented. Responses appear favourable on the whole, but some concerns are identified. It seems that hawkers may have unrealised potential as an amenity for tourists, although widening their appeal and use is a challenging task compounded by the threat to the survival of hawker centres from urban development pressures.     

Household Determinants of the Adoption of Improved Cassava Varieties using DNA Fingerprinting to Identify Varieties in Farmer Fields: A Case Study in Colombia

We examine factors affecting the adoption of improved cassava varieties of 217 households in the Cauca Department in southwest Colombia. Using DNA fingerprinting through Single Nucleotide Polymorphisms (SNPs), we identified different cultivars in farmers fields. We also used this information to remove possible bias in the adoption model that could have resulted from a misclassification of improved varieties (IVs). As a result, we found that farmers substantially overestimate their use of IVs and there are important differences in the determinants of adoption between farmer self‐identification and DNA fingerprinting. This finding implies that the incorporation of DNA fingerprinting in IV adoption studies is important to ensure the accuracy of future agricultural economic research and the relevance of subsequent policy recommendations.     

The nutrition transition and agricultural transformation: a Preston curve approach

The nutrition transition in diets and health is closely tied to other aspects of economic development, including agricultural transformation and urbanization as well as demographic change and epidemiological transition from infectious to noncommunicable disease. Over time, dietary patterns typically shift from widespread inadequacy of many foods and nutrients, especially for children and mothers, into surplus energy intake and rising obesity with continued inadequacy of healthier foods. Diet‐related diseases remain the largest single cause of premature death and disability in all regions. This article combines food availability and dietary intake data from more than 100 countries over 30 years with a wide range of other evidence to characterize the nutrition transition and its association with changes in agricultural production and the food environment, asking how future dietary patterns might be steered toward healthier outcomes as national incomes grow.     

Christian Ethics and Spirituality in Leading Business Organizations: Editorial Introduction

Christian ethics applied to economics and business has a long tradition. This dates back at least to the thirteenth century, with noteworthy developments in the four following centuries and again in the last century. Christian faith and reason intertwine to bring about principles, criteria, and guidelines for action and a set of virtues with relevance for economic activity. Christian spirituality, with 2000 years of history, has been embedded in Christianity from its beginning, but the application to modern business activity is relatively recent. This article introduces a special issue which, we hope, will make its own small contribution to the developments of both Christian ethics and spirituality in the leading business organizations. After a short historical overview and a consideration of the current situation of Christian ethics and spirituality in business, we introduce the papers selected for this issue.     

Ethics in Finance and Accounting: Editorial Introduction

In light of the recent crisis and its aftershocks, it becomes crucial to reflect on the relationship between finance and accounting and on how to integrate ethics and efficiency, as well as on how to motivate and empower practitioners in the world of finance to commit to justice, fairness and enhanced understanding, and to improving their personal integrity. This article, written as an editorial introduction to a special issue includes works related to control measurement and ethical behavior, misbehaviors in finances and accounting, professionalism in accounting, ethical investing and corporate reporting. We conclude by suggesting further research for a better integration of technical aspects of accounting and finances into business activity—human activity actually—and an for understanding of ethics not limited to rules, but as a mutual and interdependent system of values (human goods), virtues and principles.     

Globalization and trade union strategy: industrial restructuring and human resource management in the international civil aviation industry

For trade unions, the central problematic of globalization is the growing disparity between the mobility of capital and labour. The ability of capital to operate on a trans-national basis is widely perceived to have precipitated a process of cost cutting as international companies seek to cut workers' remuneration and other conditions of employment. However, systematic empirical evidence on the impact of globalization on human resource management is hard to find, as is any assessment of the differential impact of globalization on different occupational groups or the response of trade unions to any deterioration in their members' terms and conditions of employment. Focusing on the international civil aviation industry, we examine the effects of globalization on human resource management and the national and international strategies developed by organized labour in response. Although the evidence suggests that there is indeed a concerted effort by major airlines to cut costs, trade unions have been able to retard the pace of change and effectively defend the interests of some occupational groups. Moreover, the future course of globalization will be contested through new international strategies and repertoires of collective action developed by the trade union movement.     

From waste to hydrogen: An optimal design of energy production and distribution network

This paper focuses on evaluating the economic potential and infrastructure requirements of hydrogen production from agricultural residues, a representative green energy pathway. A mixed-integer nonlinear programming model is constructed for finding the most efficient and economical configuration of the whole pathway. Using northern California case studies, we found that hydrogen from agricultural wastes can be delivered at costs similar to producing hydrogen from natural gas, a non-renewable energy source. The potential impact of this energy pathway on local freight transport is also discussed depending on the choice of hydrogen delivery mode.     

Quantitative properties of sovereign default models: Solution methods matter

We study the sovereign default model that has been used to account for the cyclical behavior of interest rates in emerging market economies. This model is often solved using the discrete state space technique with evenly spaced grid points. We show that this method necessitates a large number of grid points to avoid generating spurious interest rate movements. This makes the discrete state technique significantly more inefficient than using Chebyshev polynomials or cubic spline interpolation to approximate the value functions. We show that the inefficiency of the discrete state space technique is more severe for parameterizations that feature a high sensitivity of the bond price to the borrowing level for the borrowing levels that are observed more frequently in the simulations. In addition, we find that the efficiency of the discrete state space technique can be greatly improved by (i) finding the equilibrium as the limit of the equilibrium of the finite-horizon version of the model, instead of iterating separately on the value and bond price functions and (ii) concentrating grid points in asset levels at which the bond price is more sensitive to the borrowing level and in levels that are observed more often in the model simulations. Our analysis is also relevant for the study of other credit markets.