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.     

The Broader Context of Relational Aggression in Adolescent Romantic Relationships: Predictions from Peer Pressure and Links to Psychosocial Functioning

The broader context of relational aggression in adolescent romantic relationships was assessed by considering the ways such aggression emerged from prior experiences of peer pressure and was linked to concurrent difficulties in psychosocial functioning. Longitudinal, multi-reporter data were obtained from 97 adolescents and their best friends at age 15 and from adolescents and their romantic partners at age 18. Teens’ relational aggression and romantic partners’ victimization were predicted from levels of best friends’ pressuring behaviors toward teens in an observed interaction as well as from best friends’ ratings of how much pressure teens experienced from their peer group. Romantic partner relational aggression and teen victimization were predicted by pressure from teens’ peer group only. Adolescents’ romantic relational aggression and victimization were also associated with elevated levels of depressive symptoms and increased alcohol use. Results are discussed in terms of the connection of relational aggression in romantic relationships to the broader task of establishing autonomy with peers in psychosocial development.

The North down under: antinomies of conflict and intervention in Solomon Islands

Drawing upon recent critiques of the ways in which organised political violence in the global ‘South’ is interpreted and responded to, this paper examines the recent conflict and intervention in Solomon Islands. We argue that standardised liberal templates have served to frame both the aetiology of the Solomons conflict and the manner of its proposed resolution. Australia's intervention in Solomon Islands can be said to represent the ‘local North’ as it seeks to impose a liberal peace over a ‘deviant’ and ‘unruly’ neighbour. We draw upon published material to highlight the social, cultural and historical contexts of the conflict. We then demonstrate how the ‘off-the-shelf’ intervention, with its emphasis on asserting a liberal peace, fails to account for these complex social dimensions of the conflict. The antinomies of conflict and intervention in Solomon Islands demonstrate how both the liberal interpretation of developing-country conflict and its bedfellow, the liberal peace, attempt to divorce conflicts from their social contexts. In doing so, the demonstrable potential for violent intrastate conflict to result in positive social transformation is reduced.     

Climate change adaptation in the Alpine Shire of Australia: a decision process appraisal

This study aims to integrate scientific knowledge from a variety of disciplines with local experience to describe, contextually and in detail, the impact of flood events on the community of the Alpine Shire and current mitigation efforts to alleviate and reduce these impacts. The Myrtleford Floodplain Management Study was the cornerstone of the strategy to address the goal of reducing flood damage in the community. It was found that the most consequential deficiencies in the Myrtleford flood mitigation scheme decision process are related to flaws in four elements of the process: the articulation of goals; the development of appropriate knowledge support; the effectiveness of promotion; and the ability to move from invocation to application. The Alpine Shire can be used as a microcosm that can represent adaptation challenges in other communities to climate change and extreme events. This research contributes to the development of the conceptual and analytical framework of integrated assessments, while making concrete contributions to the development of adaptive policies in Alpine Shire.