Money-price relation in Malaysia: has it disappeared or strengthened?

The paper analyzes empirically the money-price link for the case of Malaysia using quarterly data from 1978 to 2006. Looking at the correlations between cyclical components of monetary aggregates (M1, M2 and M3) and of the price level, we note that the significant correlations documented between money and price during 1978–1987 tend to disappear or become perverse during late 1980s and 1990s. However, for the case of M2 and M3 monetary aggregates, their significant relations with the price level reemerge during 1998–2006. While time series analyses of cointegration and vector autoregressions (VAR) are uncertain in suggesting the pre-1998 relations between broader monetary aggregates (M2 and M3) and the price level, we note the declining role of M1 monetary aggregate in anticipating future variations in the price level for the recent sample. However, the significant causal influences of M2 and M3 are apparent post-1998. Our results further suggest 4–6-quarter lagged effect of monetary aggregates on the price level. We tend to conclude that the broad monetary aggregates especially M3 is useful for the conduct of monetary policy.     

Sultanism and Civil War in Libya

The 2011 Libyan uprising transformed into a civil war in a matter of days—and it has lasted more than a decade. What made this uprising different from others? This article argues that the type of system determined the outcome of the revolt. It posits a relationship between Muammar Qadhafi's sultanistic regime and the fragile political institutions that have allowed the chaos and rivalry to persist without resolution. To demonstrate this, Libyan citizens were surveyed about their perceptions of how Qadhafi shaped the political order responsible for today's institutional vacuum. While the revolution revealed the Qadhafi regime's lack of popular and foreign support, as well as the inadequacies of state institutions, it could not use institutional channels to mobilize the public and organize authority, as in Tunisia and Egypt. The civil war, coupled with the interventions of regional and international powers in support of local actors and militias, has made the Libyan case different. The article also explains how the passive stances of the League of Arab States and the United Nations paved the way for external rivalries.     

Africa's security questions

Most of Sub‐Saharan Africa is unlikely to become a location for radical Islam despite widespread poverty and oppression. But the region is nonetheless increasingly providing the conditions to which terrorism has historically been a response.     

Unification of Dual Foreign Exchange Markets

In this paper I investigate the impact of overnight floating of the official rate and easing foreign exchange restrictions on post-unification domestic inflation rate. After analysing the behaviour of an economy under dual foreign exchange markets, an official market with a crawling foreign exchange rate and a free illegal parallel market. The paper also shows that maintaining a unified free exchange rate depends on the degree of foreign exchange restrictions under dual foreign exchange system and on the level of the official reserve that prompts foreign exchange liberalisation policy.     

Customizing English Language Program for EFL Learners

This paper discusses the importance of having a customized instructional approach specifically for students who are learning English as a Foreign Language （EFL） in the foreign language setting. Most of the innovations introduced by the Education Ministry of Malaysia such as the Communicative Language Teaching （CLT） and phonics are suitable for ESL （English as a second language） learners, while the EFL learners are still left behind. A suitable teaching approach which customizes the needs of the students in EFL setting, especially in the state of Terengganu should be introduced. The main focus of the program exploits reading and writing skills in providing language input since these two skills are more dominant in terms of utility and functions among the EFL students as compared with the ESL students who are enable to exploit speaking and listening skills because of the natural setting. The research investigates the prospect of developing a suitable language teaching program based on 10 basic sentence patterns （10SP） which are exploited through the principles of transformational generative grammar and customized learning experiences focusing on reading as a bridge in acquiring other language skills such as writing, listening, and speaking.     

Management and Mismanagement of Diversity: The Case of Ethnic Conflict and State‐Building in the Arab World

The European Union has a unique opportunity to develop a positive strategy towards Ukraine. A pro-EU government is now in power in Kyiv, there is a revived civil society pressing for democratic reforms and the actions by Russia have both reinforced Ukraine’s pro-West line and led to the priority given Moscow being questioned by some member states. It is therefore essential to grant Ukraine a membership perspective to strengthen this trend and encourage Kyiv to confront and overcome the basic problems that face the country.     

ROSCAs in Urban Ethiopia: Are the Characteristics of the Institutions More Important than those of Members?

Using household data from urban Ethiopia, we provide an empirical test of the economic theory of Rotating Savings and Credit Associations (ROSCAs) and identify the impact of ROSCAs and member characteristics on participation and volume of saving. Unlike other studies, we account for the endogeneity of all ROSCA variables. Muslims, individuals who live in richer households, the self-employed, private sector employees and households with large numbers of women are more likely to join ROSCAs. A robust finding is that the savings are significantly affected by the characteristics of the members but not that of the informal saving institution. Some policy implications are discussed.