title: Currency interdependence and dollarization

authors: Dutu, Richard

subjects: money

abstract: This paper constructs a search model of currency interdependence, and uses it to examine how in dollarized economies the foreign currency reacts to various shocks to the domestic currency. Currency interdependence is generated by allowing sellers to take into account their outside option of trading with the domestic currency while bargaining with buyers holding the foreign currency. The shocks consist in movements in the domestic interest rate, domestic inflation and the domestic currency’s market power. We show that if the purchasing power of the domestic currency is low, any shock that increases its value, such as a higher domestic interest rate, translates into a depreciation of the foreign currency. However, the result is opposite when the purchasing power of the domestic currency is high. We show that when money is indivisible these shocks can drive in or out the foreign currency. When money is divisible, this currency substitution effect is more limited. We use our results to discuss the opportunity of various de-dollarization policies and show that some can be counterproductive.

text: Currency interdependence and dollarization This paper constructs a search model of currency interdependence, and uses it to examine how in dollarized economies the foreign currency reacts to various shocks to the domestic currency. Currency interdependence is generated by allowing sellers to take into account their outside option of trading with the domestic currency while bargaining with buyers holding the foreign currency. The shocks consist in movements in the domestic interest rate, domestic inflation and the domestic currency’s market power. We show that if the purchasing power of the domestic currency is low, any shock that increases its value, such as a higher domestic interest rate, translates into a depreciation of the foreign currency. However, the result is opposite when the purchasing power of the domestic currency is high. We show that when money is indivisible these shocks can drive in or out the foreign currency. When money is divisible, this currency substitution effect is more limited. We use our results to discuss the opportunity of various de-dollarization policies and show that some can be counterproductive.

year: 2008

title: Industrial heat pump integration in non-continuous processes using thermal energy storages as utility - An NLP enhancement of the graphical approach

authors: Stampfli, Jan A.

abstract: The aim of this paper is to enhance the results of the graphical approach for Heat Pump (HP) integration in noncontinuous processes. A nonlinear programming (NLP) formulation is developed which optimizes temperature levels of condensation, evaporation, and storage temperature layers in order to further reduce total annual cost (TAC) and greenhouse gas (GHG) emissions. In addition, the NLP formulation requires low computation time given the practical approach. By its application on an AMMIX butter production of a large dairy factory, it is shown, that the temperature differences in the condenser and evaporator are reduced sharply which improves the COP of the HP from 2.2 to 3.4. As a result, the TAC can be reduced by an additional 16,721 NZD/y and the GHG emissions by an additional 29 tCO2/y in comparison to the graphical approach.

text: Industrial heat pump integration in non-continuous processes using thermal energy storages as utility - An NLP enhancement of the graphical approach The aim of this paper is to enhance the results of the graphical approach for Heat Pump (HP) integration in noncontinuous processes. A nonlinear programming (NLP) formulation is developed which optimizes temperature levels of condensation, evaporation, and storage temperature layers in order to further reduce total annual cost (TAC) and greenhouse gas (GHG) emissions. In addition, the NLP formulation requires low computation time given the practical approach. By its application on an AMMIX butter production of a large dairy factory, it is shown, that the temperature differences in the condenser and evaporator are reduced sharply which improves the COP of the HP from 2.2 to 3.4. As a result, the TAC can be reduced by an additional 16,721 NZD/y and the GHG emissions by an additional 29 tCO2/y in comparison to the graphical approach.

year: 2018

title: Disrupted spaces: Racism and the lived experience of Maori identity formation

authors: Te Hiwi, Erika

subjects: Maori

abstract: In 2004, when Don Brash –then leader of the National Party, hit the headlines with his controversial ‘Orewa’ speech, so-called ‘mainstream’ New Zealanders, felt that at last they had their hero. Brash articulated what this group felt was the source of trouble in contemporary Aotearoa society – brown privilege. Letters to the editor and talkback lines ran hot with many applauding Brash’s calls for an end to the treaty gravy train and ‘race-based’ funding in health; anecdotes abounded of Māori students up and down the country getting a ‘free-ride’ through education and taking prized positions in training programmes from better qualified Pākehā. It was, according to the writers and callers, an oppressive Apartheid-style system favouring Māori that had to end.

text: Disrupted spaces: Racism and the lived experience of Maori identity formation In 2004, when Don Brash –then leader of the National Party, hit the headlines with his controversial ‘Orewa’ speech, so-called ‘mainstream’ New Zealanders, felt that at last they had their hero. Brash articulated what this group felt was the source of trouble in contemporary Aotearoa society – brown privilege. Letters to the editor and talkback lines ran hot with many applauding Brash’s calls for an end to the treaty gravy train and ‘race-based’ funding in health; anecdotes abounded of Māori students up and down the country getting a ‘free-ride’ through education and taking prized positions in training programmes from better qualified Pākehā. It was, according to the writers and callers, an oppressive Apartheid-style system favouring Māori that had to end.

year: 2008