Exchange Rate Pass-through to Import Prices,and Monetary Policy in South Africa

Abstract

Understanding how import prices adjust to exchange rates helps anticipate inflation effects and monetary policy responses. This article examines exchange rate pass-through to the monthly import price index in South Africa during 1980–2009. Short-horizon pass-through estimates are calculated using both single equation equilibrium correction models and systems (Johansen) models, controlling for both domestic and foreign costs. Average pass-through is incomplete at about 50 per cent within a year and 30 per cent in six months, and in the long-run, from the Johansen analysis including feedback effects, is about 55 per cent. There is evidence of slower pass-through under inflation targeting; pass-through is found to decline with recent exchange rate volatility and there is evidence for asymmetry, with greater pass-through occurring for small appreciations.     

School Governance in Wales

Abstract

This article focuses on the involvement of governors in the governance of schools in Wales. Set within the context of the devolved education system, school governance has gone from being on the margins of interest to centre stage. This reflects a new focus on pupil performance and outcomes and the need for pupils in Wales to be successful internationally. As new regulations come into place in Wales which demand more from governors in relation to promoting school performance and educational achievement, there is a requirement for governors to undertake particular training. Governors will have to decide whether to federate governor arrangements or not in relation to their leadership of schools. Two key themes emerge in this article. First, there is greater control and direction from the centre over governors in how they undertake their governance roles. Second, there is an expectation that governors will collaborate with each other in the governance of schools. Both of these aspects are different from existing governance arrangements and the extent to which pupil outcomes improve will be fundamental to the success of the new regulations.     

Laughing Medusa: Feminist Intellectuals at the Millennium

The role of the intellectual is traditionally gendered masculine, and women are excluded from consideration. Contemporary discussions of the 'death of the intellectual' noticeably make no reference to feminist intellectuals. On the other hand, women in academia have been reluctant to adopt the role of public intellectual as conventionally defined. There is an anxiety about the contemporary place of the intellectual, and about the necessity for the distinction made by some feminists between theory and practice, the intellectual and the activist, and where this might lead. In exploring the role of feminist intellectuals over the last two centuries, three paradigms of the feminist intellectual are proposed for consideration: Cassandra (the prophetess cursed with disbelief), for example Florence Nightingale; the feminist Messiah (the exceptional female saviour who would sacrifice herself to change women's lives), for whom the exemplar is Margaret Fuller; and the Dark Lady (the token woman in a community of men), such as de Beauvoir, Mary McCarthy and Susan Sontag. Indeed, Camille Paglia's rivalry with Sontag lends itself to being interpreted as evidence of her current desire to occupy this 'dark lady' role. In conclusion, after discussing contemporary, late twentieth-century feminism (Natasha Walter, Elizabeth Wurtzel, gurrl power, 'women behaving badly'), the role of Margaret Thatcher in changing perceptions of women's capacity for political power is proposed for celebration. Finally, there is Cixous's image of the feminist intellectual as the laughing Medusa, who turns men to stone, but turns laughter on herself.     

Democratization in turmoil? Elections in Hong Kong

The first SAR Chief Executive, Tung Chee‐hwa, in his speech at the SAR Establishment Ceremony, said: ‘Democracy is the hallmark of a new era for Hong Kong. The SAR Government will resolutely move forward to a more democratic form of government in accordance with the provisions in the Basic Law’. Butler, Penniman and Ranney, however, cautioned that ‘the critical difference between democratic and nondemocratic regimes is to be found in whether or not they hold elections, and if they do, what kind’. Indeed, electoral changes made to the 1998 LegCo elections are found to be anti‐democratic and retrogressive, as well as unnecessary. The authors conclude that electoral systems matter because they are one of the central mechanisms in modern democracies to give substance and content to democratic governance. If electoral systems are designed in such a manner that they obstruct the exercise of popular sovereignty, ride rough‐shod over the principle of political equality, undermine the extent of representation, complicate relationships of accountability as well as delimit opportunities for participation, then such systems should have little place in genuine democratic reform. To bring Hong Kong's democratization forward, a hard look at the electoral system, which should be more informed by the principles and practices of democracy will be mandatory.