FEERs and the ERM∗

1991 ◽  
Vol 137 ◽  
pp. 45-50 ◽  
Author(s):  
John Williamson
Keyword(s):  
Exchange Rates ◽  
Final Section ◽  
Policy Implications ◽  
The Other ◽  
Equilibrium Exchange ◽  
The Right

A number of economists, including the author, were critical of the central rate that was chosen when sterling entered the ERM in October 1990, on the ground that it overvalued the pound. Specifically, the central rate against the other ERM currencies implied a higher value for the pound than that yielded by calculations of ‘fundamental equilibrium exchange rates’ (FEERs).The present paper aims to explain the concept of the FEER, introduced by the author in Williamson (1983), and argues that it provides the right criterion for assessing whether a currency is correctly valued. It also sketches the evidence for believing the pound's ERM central rate to be above the FEER. A final section considers the policy implications of the finding that sterling is overvalued.

Policy Implications

2019 ◽  
pp. 271-294
Author(s):  
Vera Mironova
Keyword(s):  
Civil Wars ◽  
Policy Implications ◽  
The Other ◽  
Armed Group ◽  
Civil Conflicts ◽  
Rebel Groups ◽  
Foreign Government ◽  
Foreign Actor ◽  
Sphere Of Influence ◽  
The Right

Although today’s civil conflicts are very different from those of previous generations, it is not a foregone conclusion that today’s Western-affiliated rebel groups will suffer defeat. While with any new conflict the task becomes more and more difficult, it is still possible to outcompete other groups in the rebel bloc, at least right now. On the other hand, it is hard to imagine a victory of a Western-oriented, startup armed group without significant outside support, because they lack experience and resources. At the same time, international actors with a different agenda also don’t want to miss a chance to use their money, experience, and knowledge to increase their sphere of influence through proxy groups in war-torn countries. That, in sum, makes this generation’s civil wars a highly competitive market for outside supporters. I this chapter the author discusses how this knowledge can be used to terminate a conflict more quickly by making foreign government intervention more effective—in particular, how a foreign actor could (1) choose a group in the rebel bloc to support; (2) persuade the group to accept support; and (3) provide the proper help at the right time in order to empower one group at the expense of others within the rebel camp.

scholarly journals Valuation of Financial Synergies in Mergers and Acquisitions: A Case Study of Multiple Indian Entities

2018 ◽  
Vol 4 (02) ◽  
Author(s):  
Anjala Kalsie ◽  
Aishwarya Nagpal
Keyword(s):  
Mergers And Acquisitions ◽  
Performance Indicators ◽  
Lower Cost ◽  
Cost Of Capital ◽  
Policy Implications ◽  
The Other ◽  
Acquisition Period ◽  
Basic Parameters ◽  
The Right

Mergers and acquisitions are broadly undertaken to have extraneous advantages for the combined entity vis-à-vis standalone entities. The objective of the study is to evaluate the actual financial synergy realisations in case of four recent and significant MandA deals in three different sectors in India: automobile, banking, and pharmaceuticals. These are: Amtek Auto and JMT Auto; Kotak Mahindra and ING Vysya Bank; Sun Pharmaceuticals Industries Ltd and Ranbaxy Laboratories; and Express Scripts and Medco Health Solutions. Synergies are calculated for few basic parameters including revenue, expenditure, and PAT in all the four deals and also for industry-specific elementary performance indicators for proper evaluation of the industry. The results suggest Kotak Mahindra -ING Vysya Bank and Sun Pharma-Ranbaxy deals were able to realise most of the synergies that were estimated and were on the right track towards synergy realisation in the post-acquisition period. However, the Amtek Auto-JMT Auto deal couldn’t realise cost synergies as their expenditures elevated to high levels after the merger but it managed to attain lower cost of capital financial synergies. On the other hand, Express Scripts-Medco deal badly failed because it couldn’t attain revenue synergies after the merger. The study concludes with the relevant policy implications.

scholarly journals Technocratic Populism in Italy after Berlusconi: The Trendsetter and his Disciples

2020 ◽  
Vol 8 (4) ◽  
pp. 485-495 ◽  
Author(s):  
Antonino Castaldo ◽  
Luca Verzichelli
Keyword(s):  
Final Section ◽  
Chief Executive ◽  
Executive Leadership ◽  
The Other ◽  
Right Wing ◽  
Ordinary People ◽  
Italian Case ◽  
The One ◽  
The Right

Notwithstanding the speculations from the literature, the empirical analyses still neglect the convergence between populism and technocracy. The Italian case can be of some interest in this perspective, given the rise of technocratic populism since Silvio Berlusconi’s rise to power in 1994. By analyzing the style of leadership and the processes of ministerial appointment and delegation, we argue that Berlusconi has been a trendsetter, more than a coherent example of technocratic populist leader. On the one hand, he played the role of the entrepreneur in politics, promising to run the state as a firm. Moreover, he adopted an anti-establishment appeal, delegitimizing political opponents and stressing the divide between ‘us’ (hardworking ordinary people) and ‘them’ (incompetent politicians). On the other hand, however, his anti-elite approach was mainly directed towards the ‘post-communist elite.’ Extending the analysis to the following two decades, we introduce a diachronic comparison involving three examples of leadership somehow influenced by Berlusconi. Mario Monti represents the paradox of the impossible hero: A pure technocrat unable to take a genuinely populist semblance. Matteo Renzi represents the attempt to mix a populist party leadership with a technocratic chief executive style. Finally, Salvini represents the pure nativist heir of Berlusconi, as the new leader of the right-wing camp. The latest developments of executive leadership in Italy, and the re-emergence of other residual hints of technocratic populism, will be discussed in the final section of the article, also in the light of the evident impact of the 2020 pandemic outbreak on the practices of government.

Assessment of knowledge of oral health hygiene among coastal guards in the port trust of south Tamil Nadu - A public health awareness survey

2020 ◽  
Vol 11 (SPL3) ◽  
pp. 1861-1868
Author(s):  
Bianca Princeton ◽  
Abilasha R ◽  
Preetha S
Keyword(s):  
Lung Cancer ◽  
Oral Health ◽  
Oral Hygiene ◽  
Tamil Nadu ◽  
Asbestos Exposure ◽  
The Other ◽  
Oral Manifestations ◽  
Illegal Activities ◽  
The Right ◽  
Oral Hygiene Habits

Oral hygiene is defined as the practice of keeping the mouth clean and healthy, by brushing and flossing to prevent the occurrence of any gum diseases like periodontitis or gingivitis. The main aim of oral health hygiene is to prevent the buildup of plaque, which is defined as a sticky film of bacteria and food formed on the teeth. The coastal guard is an official who is employed to watch the sea near a coast for ships that are in danger or involved with illegal activities. Coastal guards have high possibilities of being affected by mesothelioma or lung cancer due to asbestos exposure. So, a questionnaire consisting of 20 questions was created and circulated among a hundred participants who were coastal guards, through Google forms. The responses were recorded and tabulated in the form of bar graphs. Out of a hundred participants, 52.4% were not aware of the fact that coastal guards have high chances of developing lung cancer and Mesothelioma. 53.7% were aware of the other oral manifestations of lung cancer other than bleeding gums. Majority of the coastal guards feel that they are given enough information about dental hygiene protocols. Hence, to conclude, oral hygiene habits have to be elaborated using various tools in the right manner to ensure better health of teeth and gums.

JUAL BELI TANAH YANG DILAKUKAN TANPA AKTA PPAT

2018 ◽  
Vol 4 (1) ◽  
pp. 89-107
Author(s):  
Cheri Bayuni Budjang
Keyword(s):  
Everyday Life ◽  
Government Regulation ◽  
Land Rights ◽  
The Other ◽  
Legal Certainty ◽  
Land Registration ◽  
The Future ◽  
The Right ◽  
Laws And Regulations

Buying and selling is a way to transfer land rights according to the provisions in Article 37 paragraph (1) of Government Regulation Number 24 of 1997 concerning Land Registration which must include the deed of the Land Deed Making Official to register the right of land rights (behind the name) to the Land Office to create legal certainty and minimize the risks that occur in the future. However, in everyday life there is still a lot of buying and selling land that is not based on the laws and regulations that apply, namely only by using receipts and trust in each other. This is certainly very detrimental to both parties in the transfer of rights (behind the name), especially if the other party is not known to exist like the Case in Decision Number 42 / Pdt.G / 2010 / PN.Mtp

Visual asymmetries during face encoding Increased dwell time and fixations in the upper and left hemifields

2018 ◽  
Author(s):  
Fatima Maria Felisberti
Keyword(s):  
Face Recognition ◽  
Eye Movements ◽  
Visual Field ◽  
Face Processing ◽  
Dwell Time ◽  
The Other ◽  
Environmental Cues ◽  
Reading Habits ◽  
The Right

Visual field asymmetries (VFA) in the encoding of groups rather than individual faces has been rarely investigated. Here, eye movements (dwell time (DT) and fixations (Fix)) were recorded during the encoding of three groups of four faces tagged with cheating, cooperative, or neutral behaviours. Faces in each of the three groups were placed in the upper left (UL), upper right (UR), lower left (LL), or lower right (LR) quadrants. Face recognition was equally high in the three groups. In contrast, the proportion of DT and Fix were higher for faces in the left than the right hemifield and in the upper rather than the lower hemifield. The overall time spent looking at the UL was higher than in the other quadrants. The findings are relevant to the understanding of VFA in face processing, especially groups of faces, and might be linked to environmental cues and/or reading habits.

Challenges of Media Education Standards in Georgia

2017 ◽  
Vol 2 (2) ◽  
Author(s):  
Marine Vekua
Keyword(s):  
Working Conditions ◽  
Teaching Methods ◽  
International Standards ◽  
The Other ◽  
Historical Background ◽  
Journalism Education ◽  
Education Standards ◽  
Modern Media ◽  
The One ◽  
The Right

The main goal of this research is to determine whether the journalism education of the leading media schools inGeorgia is adequate to modern media market’s demands and challenges. The right answer to this main questionwas found after analyzing Georgian media market’s demands, on the one hand, and, on the other hand, differentaspects of journalism education in Georgia: the historical background, development trends, evaluation ofeducational programs and curricula designs, reflection of international standards in teaching methods, studyingand working conditions.

The Taubman/Golandsky Approach to the Violin

Public Voices ◽  
2016 ◽  
Vol 12 (2) ◽  
pp. 7
Author(s):  
Sophie Till
Keyword(s):  
The Other ◽  
Technical Approach ◽  
Piano Technique ◽  
Pedagogical Approach ◽  
New Developments ◽  
Body Of Knowledge ◽  
Music Making ◽  
Helping Others ◽  
The One ◽  
The Right

Three years ago Sophie Till started working with pianist Edna Golandsky, the leading exponent of the Taubman Piano Technique, an internationally acclaimed approach that is well known to pianists, on the one hand, for allowing pianists to attain a phenomenal level of virtuosity and on the other, for solving very serious piano-related injuries. Till, a violinist, quickly realized that here was a unique technical approach that could not only identify and itemize the minute movements that underlie a virtuoso technique but could show how these movements interact and go into music making at the highest level. Furthermore, through the work of the Golandsky Institute, she saw a pedagogical approach that had been developed to a remarkable depth and level of clarity. It was an approach that had the power to communicate in a way she had never seen before, despite her own first class violin training from the earliest age. While the geography and “look” on the violin are different from the piano, the laws governing coordinate motion specifically in playing the instrument are the same for pianists and violinists. As a result of Till’s work translating the technique for violin, a new pedagogical approach for violinists of all ages is emerging; the Taubman/Golandsky Approach to the Violin. In reflecting on these new developments, Edna Golandsky wrote, “I have been working with the Taubman Approach for more than 30 years and have worked regularly with other instrumentalists. However, Sophie Till was the first violinist who asked me to teach her with the same depth that I do with pianists. With her conceptual and intellectual agility as well as complete dedication to helping others, she has been the perfect partner to translate this body of knowledge for violinists. Through this collaboration, Sophie is helping develop a new ‘language’ for violinist that will prevent future problems, solve present ones and start beginners on the right road to becoming the best they can be. The implications of this new work for violinists are enormous.”

A utopia do direito à cidade: Possibilidades de superação da dicotomia favela-bairro no Rio de Janeiro

GEOgraphia ◽  
2010 ◽  
Vol 7 (14) ◽  
Author(s):  
Márcio Piñon de Oliveira
Keyword(s):  
Rio De Janeiro ◽  
The Other ◽  
Right To The City ◽  
Other Hand ◽  
The Right ◽  
The City

A utopia do direito à cidade,  no  caso específico do Rio de Janeiro, começa, obrigatoriamente, pela  superação da visão dicotômica favela-cidade. Para isso, é preciso que os moradores da favela possam sentir-se tão cidadãos quanto os que têm moradias fora das favelas. A utopia do direito à cidade tem de levar a favela a própria utopia da cidade. Uma cidade que não se fragmente em oposições asfalto-favela, norte-sul, praia-subúrbio e onde todos tenham direito ao(s) seu(s) centro(s). Oposições que expressam muito mais do que diferenças de  localização e que  se apresentam recheadas de  segregação, estereótipos e  ideologias. Por outro  lado, o direito a cidade, como possibilidade histórica, não pode ser pensado exclusivamente a partir da  favela. Mas as populações  que aí habitam guardam uma contribuição inestimável para  a  construção prática  desse direito. Isso porque,  das  experiências vividas, emergem aprendizados e frutificam esperanças e soluções. Para que a favela seja pólo de um desejo que impulsione a busca do direito a cidade, é necessário que ela  se  pense como  parte da história da própria cidade  e sua transformação  em metrópole.Abstract The right  to the city's  utopy  specifically  in Rio de Janeiro, begins by surpassing  the dichotomy approach between favela and the city. For this purpose, it is necessary, for the favela dwellers, the feeling of citizens as well as those with home outside the favelas. The right to the city's utopy must bring to the favela  the utopy to the city in itself- a non-fragmented city in terms of oppositions like "asphalt"-favela, north-south, beach-suburb and where everybody has right to their center(s). These oppositions express much more the differences of location and present  themselves full of segregation, stereotypes and ideologies. On  the other  hand, the right to  the city, as historical possibility, can not be thought  just from the favela. People that live there have a contribution for a practical construction of this right. 

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