This paper draws on theories of new institutionalism to examine the consequences of partnership working for the community sector. Three normative practices which are associated with partnership working -- representativeness; consensus-based decisionmaking; and bureaucratic styles of working --...

This paper tests the portfolio-balance approach to exchange rate determination in a new way. Past work on portfolio balance in foreign exchange falls into two groups: (1) tests using measures of asset supply and (2) tests using measures of central-bank asset demand. We address the demand side,...

Theoretical and empirical studies have treated excess returns as processes with time-varying but temporary disturbances. By contrast, empirical evidence indicates that the behavior of asset price levels can be well-approximated by processes with some permanent disturbances. These two...

This paper describes a new analytical framework for the quantitative assessment of international external positions. The framework links each country’s current net foreign asset position to its current trade flows, forecasts of future trade flows, and expectations concerning future returns on...

This article summarizes exchange-rate research using microstructure models. It first lays out the key features of the foreign exchange market and describes how they are incorporated into a canonical model of currency trading. The empirical implications of the model are then examined. The article...