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Exchange Rate Regimes and Monetary Policies in Emerging Markets: A Showdown for Few Theoretical Misconceptions
No full textThe purpose of this paper is to challenge couple of dangerous theoretical misconceptions
in open‐economy macro, namely, in respect to desirability or sustainability of available exchange rate regimes
and inflation targeting framework and their mutual compatibility in small open economies with incomplete
(emerging) markets.
First of all, we dismiss the ruling »two corner solution« as dogma in scientific disguise. Furthermore,
all the benefits of more flexible intermediate regimes (sliding currency bands) as well as empirical support of
their wellbeing have been put forward.
As to the monetary policies, majority of transition countries recognised superiority of inflation targeting
over alternative monetary concepts. However, until very recently some emerging market economies
failed to realize the benefits of full‐fledged ‐let alone flexible‐ inflation targeting. In what follows, the article
counters another theoretical dogma: that inflation targeting in emerging market economies must go hand in
hand with fully flexible exchange rate regime.
Having said that, and again contrary to the mainstream literature in the field, paper exposes some serious
weaknesses of the so‐called dirty (or managed) floating as an intermediate regime: in particular, its
potential sub optimality in practice and its hidden incompatibility with widespread inflation targeting
strategies.
Paper concludes by reiterating the inevitability of close relationship between inflation targeting and
exchange rate targeting and hence suggests several possible reaction functions for the monetary authorities
in emerging markets among those already laid out in the related literature
Investing in human resources
No full textInvesting in human resources is a taboo in many countries worldwide. Unlike in undeveloped and transitional economies, in countries with developed economic system there is an open debate about the need to analyse educational policies and investment policies with an aim to increase quality of human
resources. There are few blind spots which can substantially reduce long‐term value of human capital, and
diminish level of investments’ efficiency in educational systems
Joined‐Up Pensions Policy in the UK: An Asset‐Liability Model for Simultaneously Determining the Asset Allocation and Contribution Rate*
No full textThe trustees of funded defined benefit pension schemes must make two vital and interrelated decisions ‐ setting the asset allocation and the contribution rate. While these decisions are usually taken separately, it is argued that they are intimately related and should be taken jointly. The objective of funded pension schemes is taken to be the minimization of both the mean and the variance of the contribution rate, where the asset allocation decision is designed to achieve this objective. This is done by splitting the problem into two main steps. First, the Markowitz mean‐variance model is generalised to include three types of pension scheme liabilities (actives, deferreds and pensioners), and this model is used to generate the efficient set of asset allocations. Second, for each point on the risk‐return efficient set of the asset‐liability portfolio model, the mathematical model of Haberman (1992) is used to compute the corresponding mean and variance of the contribution rate and funding ratio. Since the Haberman model assumes that the discount rate for
computing the present value of liabilities equals the investment return, it is generalised to avoid this restriction. This generalisation removes the trade‐off between contribution rate risk and funding ratio risk for a
fixed spread period. Pension schemes need to choose a spread period, and it is shown how this can be set to minimise the variance of the contribution rate. Finally, using the result that the funding ratio follows an inverted gamma distribution, shortfall risk and expected tail loss are computed for funding below the minimum funding requirement, and funding above the taxation limit. This model is then applied to one of the largest UK pension schemes ‐ the Universities Superannuation Scheme
Liderske sposobnosti žena i njihov položaj u poslovnom svetu
No full textU članku autor iznosi najnovije rezultate istraživanja žena lidera i
njihove pozicije u poslovnom svetu, tj. pokušava da odgovori na pitanje kako se
u društvu gleda na njih i da li im se veruje. Ona upoređuje rezultate dobijene
u Srbiji i Crnoj Gori sa najnovijim rezultatima u SAD. Autorov istraživač-
ki zadatak je bio da utvrdi specifičnosti balkanskog regiona i u skladu sa
tim izvede zaključke. Na kraju rada, autor daje osnovne smernice i očekivanja u
vezi sa položajem žena u poslovnom svetu u budućnosti u kome tradicionalno
dominiraju muškarci
Strategijske alijanse - faktor unapređenja međunarodne konkurentnosti
Get PDFKontunuirana potreba preduzeća da fleksibilno reaguje na promeneglobalne konkurencije itehnologije, afirmiše medjunarodno
poslovno povezivanje, čak i u slučajevima gde su akteri direktni konkurenti. Za razliku od tradicionalnog pristupa koji se uglavnom zasnivao na samostalnoj ekspanziji, pripajanju drugih firmi (Mergers and Acquisition) ili zajedničkim poslovnim ulaganjima (Joint Ventures), u savremenim uslovima globalizacije ekonomskog okruženja, težište se pomera u pravcu afirmisanja onih oblika poslovnog povezivanja gde se zadržava samostalnost ekonomskih aktera, ali se, istovremeno, kombinovanjem snaga i interesa preduzeća maksimiziraju asimetrične prednosti, tj. favorizuju se strategijske alijane kao oblik međukompanijskog povezivanja