Capital inflows led to instability in the currency markets, therefore, this paper examines capital flows to emerging market economies, exchange rate destabilisation and the role played by speculative runs. The paper also explores possible defence strategies to mitigate the effects of speculative attacks. Sources of welfare gains and losses in forming a preferential trade area, Yongzheng Yang, 25pp. Together with the homogenous product assumption, this tends to bias the assessment of the terms of trade impact of PTAs and omit their general equilibrium effect. In this paper, the GTAP global general equilibrium model is used to address these shortcomings.
Decomposition is undertaken to reveal the sources of welfare changes.
By taking advantage of the rich details of economic structure and trade policy underlying the model, this approach to the analysis of PTAs provides some useful insights into the determinants of their welfare effects, including potentially important second-best outcomes. The controversy surrounding eucalypts in social forestry programs of Asia, Anne Casson, 44pp. Social forestry emerged amidst important changes in thinking about the role of forestry in rural development and a growing need for fuelwood. In an attempt to alleviate the fuelwood crisis, the World Bank encouraged the planting of Eucalyptus species in its social forestry programs in the 1980s. Eucalypts were the chosen tree species for the majority of social forestry projects because they survive on difficult sites and out-perform indigenous species and most other exotics in height and girth increment, producing wood for poles, pulp and fuel more rapidly.