scholarly journals Brexit associated sharp depreciation and implications for UK’s inflation and balance of payments

2018 ◽  
Vol 45 (2) ◽  
pp. 231-246 ◽  
Author(s):  
Muhammad Ali Nasir ◽  
Justine Simpson
Keyword(s):  
Exchange Rate ◽  
Trade Balance ◽  
Inflation Targeting ◽  
Social Implications ◽  
Content Type ◽  
External Balance ◽  
The Future ◽  
Trade Relationships ◽  
The Relationship ◽  
Practical Implications

Purpose The purpose of this paper is to analyse the implications of exchange rate depreciation for inflation targeting and trade balance of UK in the context of the Brexit epoch. Design/methodology/approach The study employed a time-varying structural vector auto-regression (TVSVAR) model framework in which the sources of time variation were both the coefficients and variance-covariance matrix of the innovations on the data from January 1989 to September 2016. Findings The findings suggest that the depreciation of the Stirling has significant effects on inflation and trade balance in UK in context of Brexit epoch. It also showed that such a depreciation can be helpful in the improvement of external balance as well as steering the inflation to its statutory target. Despite, the inflation targeting, there is strong evidence of a pass-through. Research limitations/implications Research has profound implications in terms of the sharp depreciation of GBP associated with the Brexit outcome. The study is very topical and could be very interesting to the readership of JES as well as wider audience. The study has limitations in a context that the significance of the results and association of the under analysis entities is contingent on the future trade relationships and Channel between UK and EU. Therefore, although there is a lot of uncertainty about the future of Britain trade relationships, this study provides guidance on the importance of exchange rate channel if the similar trade arrangements prevails in the post-Brexit era. Practical implications The research has profound practical implications, using a TVSVAR model in which the relationship among the entities varies over time; it has shown the importance of exchange rate in terms of external balance and inflation targeting. Hence, it has appeal for the practitioners as well as academics. Social implications The research has great social implications. The Brexit is the biggest political and economic event of this era for UK and EU. There are big questions about the relationship between UK and EU in the post-Brexit epoch as well as questions about the future of the European integration. In this context, this study has shown that how the exchange rate could play an important role for the UK economy when its contemporary trade channels prevail. Concomitantly, it has social implications particularly for the European society. Originality/value The research is an original piece of work. It has contributed to the debate on the exchange rate deprecation, external balance and inflation targeting in context of the Brexit associated sharp depreciation of Stirling. It has used a framework, i.e. TVSVAR, which also have unique features in terms of testing the associations among under analysis entities against time.

Ninety days convert recruits into hosts at Edwardian Group London

2014 ◽  
Vol 22 (2) ◽  
pp. 15-18
Keyword(s):  
Crucial Role ◽  
Design Methodology ◽  
Training And Development ◽  
Social Implications ◽  
Content Type ◽  
The Future ◽  
First 90 Days ◽  
Practical Implications

Purpose – Describes the various approaches taken to training and development at Edwardian Group London, a group of hotels. Design/methodology/approach – Examines the reasons for the training, the form it takes and the results it has achieved. Findings – Emphasizes the importance the company attaches to training in the first 90 days of an employee's tenure, when recruits receive general induction training plus training specific to their area of operation. Practical implications – Outlines how the company spots and develops its managers of the future. Social implications – Highlights the crucial role of training in ensuring that hotel guests have the best possible stay. Originality/value – Provides a thorough examination of the various forms of training at Edwardian Group London.

Fast fashion and the future

2014 ◽  
Vol 22 (2) ◽  
pp. 157-160 ◽  
Author(s):  
Tom P. Abeles
Keyword(s):  
Design Methodology ◽  
Tipping Point ◽  
Social Implications ◽  
Current Effort ◽  
Fast Fashion ◽  
Content Type ◽  
Science Technology ◽  
The Future ◽  
And Mathematics ◽  
Practical Implications

Purpose – The purpose of this paper is to suggest that all of the systems, education, economic and social, are caught in an ever-increasing pace, tied in large part to a set of beliefs, largely economic, that resemble a religion and for which there appears to not be a rational option to escape. Design/methodology/approach – A study of systems. Findings – It is argued that we are at a tipping point where there are too many holes in the intellectual dike, that a shift in many dimensions may not be preventable. Practical implications – While “techno-futurists” are promoting this increasing evolution pace towards a transformational singularity, there appears to be no serious consideration that humanity may get its “wish” as did King Midas. Social implications – There is a serious question as to whether there can be, and should be, alternatives not cast into the frame of the Neo-Luddites. Originality/value – This is a contrarian view of the current effort to promote the educational focus on STEM, science, technology, engineering and mathematics, almost as a pre-cursor to being able to participate in a technology-driven societal model of the future.

scholarly journals Pre-Brexit

2018 ◽  
Vol 45 (5) ◽  
pp. 910-921 ◽  
Author(s):  
Muhammad Ali Nasir ◽  
Jamie Morgan
Keyword(s):  
Exchange Rate ◽  
Exchange Rates ◽  
Real Effective Exchange Rate ◽  
Social Implications ◽  
Reduced Form ◽  
Government Investment ◽  
Content Type ◽  
The Exchange Rate ◽  
The Uk ◽  
Practical Implications

Purpose The purpose of this paper is to explore the period of uncertainty created by the referendum. The focus is the UK real effective exchange rate (REER). The authors set out to measure the additional impact of the uncertainty surrounding the referendum. The authors distinguish this from the longer trend value of Sterling. Design/methodology/approach The study applies a reduced form exchange rate model, first introduced by Edwards (1994), and makes use of Bank of England daily data for the period November 2015–July 2016. Findings The results indicate a sharp depreciation of Sterling with reference to its long-term trend. The authors set out some of the possible context which may account for fluctuations during the referendum campaigning period. This can be distinguished from other longer-term factors likely to be previously responsible for trend depreciation, and also from the further sharp depreciation effects triggered by the referendum outcome. The principal finding is that during the week of the referendum, up to the declaration of the result, exchange rate depreciation deviated from the long-run trend by approximately 3.5 per cent, but the actual immediate effect on the exchange rate was an 8 per cent depreciation. Over the period from the announcement of the referendum, the exchange rate fluctuated markedly around its trend and one can also identify a larger effect based on the “wrong-footing” of markets at the point when the outcome was announced. Research limitations/implications The research has important implications, as one might further infer that this marks a step change in attitudes to Sterling as Brexit became a real issue rather than a notional concern. One can thus consider the exchange rate as both symptom of and indicator for determinations of the underlying economic strength or weakness of the economy. In essence, it has acted as a litmus test. Practical implications The research has important practical implications in understanding the dynamics of the exchange rate market and the role of uncertainty in its dynamics. Social implications The study has important social implications as the changes to exchange rates are a perennial cause for concern. Exchange rates sit as one among many problems for the contemporary UK economy. Brexit has resulted in a significant subsequent depreciation of Sterling. Inter alia, though the immediate effect of Brexit on growth was muted due to unexpected sustained consumer spending, throughout the latter half of 2016 and the first two quarters of 2017, business investment slowed, the rate of deficit reduction slowed (but without any concomitant meaningfully rise in government investment in infrastructure, etc.) and both main measures of inflation began to rise. Originality/value The study contributes to the existing body of knowledge by exploring the period of uncertainty created by the referendum and its implications for the UK REER. The study differentiates and reflects on the weakness of Sterling due to the weak external position of UK’s economy and the further role played by the uncertainty surrounding Brexit. In this sense, it important contribution to theory as well as practice.

The quintessence of a therapeutic environment: the foundations for the Windsor conference 2014

2015 ◽  
Vol 36 (1) ◽  
pp. 2-11 ◽  
Author(s):  
Rex Haigh
Keyword(s):  
Design Methodology ◽  
Social Implications ◽  
Therapeutic Communities ◽  
Content Type ◽  
Therapeutic Environment ◽  
The Future ◽  
Developmental Experience ◽  
Practical Implications ◽  
Philosophical Underpinning

Purpose – The purpose of this paper is to introduce the “Quintessence” framework and its roots in TC phenomenology; to explain how each of the contributors to the conference is related to it; to pose questions about how the “TC movement” may use the underlying ideas in the future. Design/methodology/approach – Adaptation of theoretical ideas to a conference structure. Findings – As the necessary developmental experience for everybody, the quintessence principles are recreated in well-functioning therapeutic communities, and in the 2014 Windsor Conference. Research limitations/implications – As a theory that is becoming well used in the TC field, it needs more qualitative, quantitative, critical or philosophical underpinning. Practical implications – Widely accepted as useful in TCs. Social implications – Has wider applicability. Originality/value – Derived from condensation of numerous relevant psychological, sociological and systemic theories.

Deloitte University develops the leaders of the future

2014 ◽  
Vol 22 (3) ◽  
pp. 4-6 ◽  
Keyword(s):  
Leadership Development ◽  
Middle East ◽  
Design Methodology ◽  
Social Implications ◽  
Content Type ◽  
Wide Range ◽  
The Future ◽  
Future Leaders ◽  
Global Company ◽  
Practical Implications

Purpose – The purpose of this study is to observes how global financial consultancy Deloitte is training its future leaders. Design/methodology/approach – The background to the various programs, the form they take and the results they are achieving have been explained. Findings – This study describes the functioning of Deloitte University in Texas, USA, and explains that a similar institution recently opened in Belgium for prospective Deloitte managers from Europe, the Middle East and Africa. In addition, it reveals how coaching works at Deloitte and details a number of programs aimed at increasing the chances of women and people from ethnic and other minorities to reach the top jobs. Practical implications – The fact that competition for talent in the coming years will be challenging has been emphasized and that Deloitte University helps the organization to attract and retain talent by distinguishing the company from its competitors. Social implications – This study reveals that Deloitte is keen to develop leaders of the future from a wide range of backgrounds. Originality/value – A range of leadership development initiatives at a key global company has been detailed.

Stars of the future give Bhushan Power and Steel the edge

2015 ◽  
Vol 23 (1) ◽  
pp. 15-17
Author(s):  
Geeta Rana ◽  
Alok Kumar Goel
Keyword(s):  
Design Methodology ◽  
Employee Development ◽  
Social Implications ◽  
Content Type ◽  
The Future ◽  
Development Initiatives ◽  
Employee Competencies ◽  
The Individual ◽  
Practical Implications

Purpose – Consider the various employee-development initiatives at Bhushan Power and Steel Ltd (BPSL), India. Design/methodology/approach – Underlines the key role of employee development at the firm, and explains in particular how it develops its future managers. Findings – Reveals how employee competencies are mapped and how training is designed around these and the skill needs of the company. Practical implications – Details the benefits of this approach for both individual employees and the company. Social implications – Advances the view that BPSL’s managers are more rounded and knowledgeable than those in comparable Indian companies. Originality/value – Highlights the importance of taking into account the skill needs of the individual as well as the organization as a whole.

Are your feet on the ground or is your head in the clouds?

2015 ◽  
Vol 23 (3) ◽  
pp. 32-36
Author(s):  
Mark McKergow
Keyword(s):  
Design Methodology ◽  
Social Implications ◽  
Distant Future ◽  
Content Type ◽  
The Future ◽  
Near Future ◽  
Practical Implications

Purpose – Highlights the importance of looking at both the near and distant future. Design/methodology/approach – Observes that different kinds of people treat and use the future differently and considers how to use the more useful elements of the future. Findings – Charts the approaches taken towards the future by the dreamer, the realist, the business planner and the host and outlines the advantages of leading like a host. Practical implications – Considers how host views the horizon, the area just before the horizon, the future and the very near future. Social implications – Accepts that we do not fully know what is going to happen in the future, but that does not mean people should focus only on the near (and therefore most “knowable”) future. Originality/value – Advances the view that having a good idea of the first signs of progress can be particularly useful in cases where the next steps are not obvious or seem tough or uncertain – rapid feedback will be useful in letting us know that what we are doing.

Ramifications of Covid-19 on management accounting teaching and research

2020 ◽  
Vol 16 (4) ◽  
pp. 593-598
Author(s):  
Gary Spraakman
Keyword(s):  
Qualitative Research ◽  
Design Methodology ◽  
Management Accounting ◽  
Social Implications ◽  
Personal Reflection ◽  
Teaching And Research ◽  
Content Type ◽  
The Future ◽  
Practical Implications

Purpose The purpose of this paper is to explore how COVID-19 has affected the author’s management accounting teaching and research. Design/methodology/approach This paper is a reflection essay on management accounting. Findings The author realized that the textbooks, because of the lack of integration among management accounting techniques, do not prepare the students with the ability to make the quick changes required by COVID-19. The author expects that they will have to introduce integration to the management accounting textbooks and courses. Qualitative research will be helpful in identifying the management accounting techniques now integrated in practice. The author further expects the beneficial practices that were learned from online and remote teaching during the pandemic will be with them into the future. Research limitations/implications This paper is limited as it is a personal reflection. Practical implications COVID-19 has required organizations be increasingly agile, particularly in the use of budgets and other management accounting techniques. Social implications Opportunities are identified for improving the teaching and use of management accounting, especially regarding strategy and budgeting. Originality/value The extreme nature of pandemics intensifies the observations of the functioning of disciplines such as management accounting. Everyone learns from extreme experiences.

scholarly journals An inquiry into exchange rate misalignments as a cause of major global trade imbalances

2019 ◽  
Vol 46 (4) ◽  
pp. 902-924 ◽  
Author(s):  
Muhammad Ali Nasir ◽  
Karen Jackson
Keyword(s):  
Exchange Rate ◽  
Current Account ◽  
Trade Balance ◽  
Trade Deficit ◽  
Global Trade ◽  
Trade Surplus ◽  
Content Type ◽  
Trade Imbalances ◽  
Exchange Rate Misalignment ◽  
Practical Implications

Purpose In the context of debate on competitive devaluation and trade imbalances, the purpose of this paper is to investigate the role of exchange rate misalignment as a determinant of trade imbalances in selected major trade surplus (Germany, China, Japan, Russia and KSA) and major trade deficit countries (USA, UK, France, India and Turkey). Design/methodology/approach The authors used a structural vector auto-regressive model on data from ten countries with the highest trade deficit and surplus. The period of analysis is from 2000 Q1 to 2016 Q1. Findings The key findings suggest that although exchange rate misalignment from equilibrium may have some implications for the current account balance for surplus and deficit countries, the effects observed were rather very mild and transitory. There was a heterogeneity in the response of the current account position to exchange rate misalignment in each country, concomitantly; the exchange rate misalignment shall not be seen as the sole responsible factor in the debate on global trade imbalances. Research limitations/implications The research has profound implications in terms of exploring the notion of competitive devaluation and exchange rate misalignment as a cause of major global trade imbalances. Practical implications This study has important practical implications for the trade policy of major economies in the world. These are twofold. First, this study has analysed and reported on the degree of misalignment of exchange from its equilibrium values in the major trade surplus and deficit countries. Second, it has investigated the implications of any misalignment for the trade balance or respective economies. Social implications There are important social implications as the notion of competitive devaluation and exchange rate–trade balance nexus has been heavily politicised. This study provides an empirical insight and an answer to these claims which have social and political implications. Originality/value There is a significant element of originality and contribution to the existing body of knowledge on the subject. In the context of debate on competitive devaluation this is the first study which has investigated whether the exchange rate has been misaligned from its equilibrium values (competitive devaluation) and whether there is some nexus between the real exchange rate misalignment and trade imbalances in under-analysis economies.

The future of property education in Australia

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
David Parker
Keyword(s):  
Social Environment ◽  
Design Methodology ◽  
The State ◽  
Social Implications ◽  
Content Type ◽  
Dead End ◽  
The Future ◽  
Education Delivery ◽  
Practical Implications

PurposeThe study aims to comment upon the state of property education in Australia.Design/methodology/approachStatement of opinionFindingsProperty education in Australia is heading down a one-way dead-end roadResearch limitations/implicationsThis article is a statement of opinionPractical implicationsHighlights alternative forms of delivery for property education in AustraliaSocial implicationsConsiders property education delivery in context of current social environmentOriginality/valueStatement of opinion based in experience in academia and practice

Sign in / Sign up

Export Citation Format

Share Document