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: Leaf-level coordination principles propagate to the ecosystem scale.

authors: Gomarasca, Ulisse

subjects: Ecosystem

abstract: Fundamental axes of variation in plant traits result from trade-offs between costs and benefits of resource-use strategies at the leaf scale. However, it is unclear whether similar trade-offs propagate to the ecosystem level. Here, we test whether trait correlation patterns predicted by three well-known leaf- and plant-level coordination theories - the leaf economics spectrum, the global spectrum of plant form and function, and the least-cost hypothesis - are also observed between community mean traits and ecosystem processes. We combined ecosystem functional properties from FLUXNET sites, vegetation properties, and community mean plant traits into three corresponding principal component analyses. We find that the leaf economics spectrum (90 sites), the global spectrum of plant form and function (89 sites), and the least-cost hypothesis (82 sites) all propagate at the ecosystem level. However, we also find evidence of additional scale-emergent properties. Evaluating the coordination of ecosystem functional properties may aid the development of more realistic global dynamic vegetation models with critical empirical data, reducing the uncertainty of climate change projections.

text: Leaf-level coordination principles propagate to the ecosystem scale. Fundamental axes of variation in plant traits result from trade-offs between costs and benefits of resource-use strategies at the leaf scale. However, it is unclear whether similar trade-offs propagate to the ecosystem level. Here, we test whether trait correlation patterns predicted by three well-known leaf- and plant-level coordination theories - the leaf economics spectrum, the global spectrum of plant form and function, and the least-cost hypothesis - are also observed between community mean traits and ecosystem processes. We combined ecosystem functional properties from FLUXNET sites, vegetation properties, and community mean plant traits into three corresponding principal component analyses. We find that the leaf economics spectrum (90 sites), the global spectrum of plant form and function (89 sites), and the least-cost hypothesis (82 sites) all propagate at the ecosystem level. However, we also find evidence of additional scale-emergent properties. Evaluating the coordination of ecosystem functional properties may aid the development of more realistic global dynamic vegetation models with critical empirical data, reducing the uncertainty of climate change projections.

year: 2023-07-04

title: Responsive socio-cultural contexts: Supporting five year olds to become literate in a second language.

authors: Berryman, Mere

subjects: bilingual learners

abstract: Learning one's own indigenous language and culture as a second language learner within formal mainstream education settings can pose many challenges, especially for students who have been raised in the dominant first language and who are just beginning school. This paper discusses a Māori language resource used by a Māori immersion teacher to respond to these challenges. This resource utilises community support to develop students' phonological awareness while simultaneously increasing their oral language. This study shows that within a relatively short period of time, students' phonological knowledge improved along with their confidence and ability to speak in Māori. With these skills they were then able to progress more successfully to becoming literate in Māori, their second language.

text: Responsive socio-cultural contexts: Supporting five year olds to become literate in a second language. Learning one's own indigenous language and culture as a second language learner within formal mainstream education settings can pose many challenges, especially for students who have been raised in the dominant first language and who are just beginning school. This paper discusses a Māori language resource used by a Māori immersion teacher to respond to these challenges. This resource utilises community support to develop students' phonological awareness while simultaneously increasing their oral language. This study shows that within a relatively short period of time, students' phonological knowledge improved along with their confidence and ability to speak in Māori. With these skills they were then able to progress more successfully to becoming literate in Māori, their second language.

year: 2012