Regional arrangements for providing liquidity in a financial crisis: developments in East Asia

Abstract

During the last decade three books have had a disproportionate impact on China Studies because of their controversial interpretations: Jenner's The Tyranny of History, which predicts the disintegration of the Chinese state; Menzies' 1421: The Year China Discovered the World, which describes how Chinese sailors circumnavigated the globe well before any Europeans; and Jung Chang and Jon Halliday's biography Mao: The Unknown Story. All are revisionist histories that amongst other (usually controversial) conclusions suggest there has been a conspiracy to keep the information they convey hidden. Considering their arguments and the manner of their enquiry and expression is interesting in more general ways about the construction of narrative and the nature of conspiracy, as well as about the lessons for academic research.     

An inquiry into quasi‐credit contracts: The role of reciprocal credit and interlinked deals in small‐scale fishing communities

The use of currency depreciation as a means of strengthening the balance of payments has long been a contentious issue amongst developing countries, especially in their negotiations with the IMF. This article reviews the various ways in which depreciation might exert its impact. A study of the empirical evidence suggests that it may be both an effective and cost effective instrument in many developing countries, even though exceptions do exist. Compared with alternative balance of payments policies, use of the exchange rate emerges as possessing many advantages. It is concluded that greater emphasis should be placed on the exchange rate in the context of IMF programmes than has perhaps been the case in recent years.     

Integration or separation? Nationality groups in the US and the Republican Party's ethnic politics, 1960s–1980s

Using examples of American Latvians, Estonians and Ukrainians in the states of Minnesota, New Jersey and New York this article explores the ambiguous nature of integration of nationalities groups inside the Republican Party during the 1960s–1980s. Based on the analysis of available archival information, it is shown that the Republican Party intentionally brought in the ethnics during the discussed period and created the Nationalities Sections within specific electoral campaigns, Nationalities Divisions inside the state party organizations and the National Republican Heritage Groups (Nationalities) Council within the Republican National Committee in order to recruit the ethnics and engage in the partisan struggle with the Democrats. Consequently, the nationalities were given a sense of importance, but little real power to actually influence the internal processes inside the party. At the same time, the nationalities eagerly responded to the invitation to join the Republican national and state-level organizations specifically designed for the ethnics. Yet in doing this they perceived themselves primarily as ethnics with a distinct, mainly anti-communist, agenda and only secondarily thought of themselves as Americans dedicated to Republican politics. Consequently, the Republican political strategy of creating Nationalities Sections and Divisions seemed to integrate the ethnics on the surface, while in reality intensifying political separation and even ghettoization of the ethnics in American politics. This research initiates a larger project, which will compare the Republican and Democratic strategies of directly involving ethnic groups and minorities inside the party organizations in the second part of the twentieth century.     

The IMF and the mobilisation of foreign aid

Particularly in the context of the Millennium Development Goals, there has been much discussion of the association between the International Monetary Fund and bilateral aid flows. What role should the Fund be playing in helping to achieve the MDGs? Some observers have suggested that the Fund should seek to reduce its role in poor countries and should be minimising its own lending. They see aid donors taking on a larger role and present the IMF and aid donors as substitutes. Others envisage a much bigger lending role for the Fund. This may hint at complementarities. Although this discussion raises important policy issues there are very few studies that examine the relationship empirically. This paper attempts to help fill this gap. It explores the extent to which the IMF has had a catalytic effect on Official Development Assistance and the potential channels through which catalysis might work. It finds strong evidence of a positive association and suggests that this may have more to do with conditionality than with the provision of IMF resources. But it may not represent catalysis in the conventional sense. There is a synergy between the IMF and bilateral aid that may yet be more fully developed and exploited.     

Democracies only: When do IMF agreements serve as a seal of approval?

Conditional lending by the IMF is predicated, in part, on the belief that IMF programs are associated with increased capital inflows to participating countries. This belief is generally consistent with theoretical arguments in the academic literature (e.g., Bird and Rowlands 1997; Bordo et al. 2004) but the empirical literature often finds otherwise (e.g., Jensen 2004). This paper argues that the effect of IMF agreements on a country’s access to foreign direct investment (FDI) depends on its domestic institutions. Access to FDI depends on a country’s ability to credibly commit to implementation, and this ability varies systematically across regime type. The theory is empirically tested using a treatment effects model with a Markov transition in the treatment equation in a dataset covering 142 countries from 1976 to 2006. We find that in democracies IMF program participation has a strong positive effect on FDI inflows and in autocracies participation has a weak negative effect.     

The relationship of methanol and formate concentrations in fatalities where methanol is detected

An automated headspace gas chromatography method was developed for the determination of formate (formic acid) in postmortem specimens, based on the in situ sulfuric acid-methanol methylation of formic acid to methyl formate. Diisopropyl ether was used as an internal standard. The method was applied to over 150 postmortem cases where methanol was detected. Of the 153 cases presented, 107 deaths were attributed to acute methanol toxicity. In the vast majority of the remaining 46 deaths, the methanol was determined to be present as a postmortem or perimortem artifact, or was otherwise incidental to the cause of death. Of the 76 victims who were found dead and blood was collected by the medical examiner, all but one had a postmortem blood formate concentration greater than 0.50 g/L (mean 0.85 g/L; n = 74). The sole exception involved suicidal ingestion of methanol where the blood methanol concentration was 7.9 g/L (790 mg/100 mL) and blood formate 0.12 g/L. In 97% (72/74) of the cases where blood was available, the blood formate was between 0.60 and 1.40 g/L. In 31 of the 153 cases, the victim was hospitalized and blood obtained on admission or soon after was analyzed for methanol and formate during the subsequent death investigation; the vast majority (27/30) had antemortem blood formate concentrations greater than 0.50 g/L. Cases with samples taken prior to death with blood formate concentrations less than 0.5 g/L can readily be explained by active treatment such as dialysis. The blood formate method has also been useful in confirming probable perimortem or postmortem contamination of one of more fluids or tissues with methanol (e.g., windshield washer fluid or embalming fluid), where methanol ingestion was unlikely.     

National Association of Medical Examiners position paper on the medical examiner release of organs and tissues for transplantation

The medical examiner community plays a key role in the organ and tissue procurement process for transplantation. Since many, if not most, potential organ or tissue donors fall under medicolegal jurisdiction, the medical examiner bears responsibility to authorize or deny the procurement of organs or tissues on a case-by-case basis. This responsibility engenders a basic dichotomy for the medical examiner's decision-making process. In cases falling under his/her jurisdiction, the medical examiner must balance the medicolegal responsibility centered on the decedent with the societal responsibility to respect the wishes of the decedent and/or next of kin to help living patients. Much has been written on this complex issue in both the forensic pathology and the transplantation literature. Several studies and surveys of medical examiner practices, as well as suggested protocols for handling certain types of cases, are available for reference when concerns arise that procurement may potentially hinder medicolegal death investigation. It is the position of the National Association of Medical Examiners (NAME) that the procurement of organs and/or tissues for transplantation can be accomplished in virtually all cases, without detriment to evidence collection, postmortem examination, determination of cause and manner of death, or the conducting of criminal or civil legal proceedings. The purpose of this position paper is to review the available data, the arguments for and against medical examiner release, and to encourage the release of organs and tissues in all but the rarest of circumstances.     

Farm size ‐ farm productivity re‐examined: Evidence from rural Egypt

A major component of the economic rationale for redistributive land reform is the empirically observed inverse relation between farm size and farm productivity. A major policy implication of this statistical relationship, frequently suggested, is for a small farm bias in agricultural development strategy. This article examines the hypothesis that while the above inverse relation may hold in the static context of a relatively backward agriculture, it breaks down with advancing levels of technological innovation, and to show, using primary data from village surveys, that this latter process has indeed been taking place in the context of rural Egypt. The article points out some of the conceptual and methodological confusion of earlier studies.