Andrew Rose

Documents the lesser-known story of a future Edward VIII's secret 1920s relationship with a Parisian courtesan and the murder of an Arabian playboy whose death was systematically covered up by the Royal family, the government and the British courts, in an account that incorporates previously unpublished Royal Archives documents and photos.

Prince Edward, the Parisian Courtesan, and the Perfect Murder

The Woman Before Wallis

Sandra Rose

The HMAS Nizam Tragedy

'Man Overboard!'

Why Has Trade Grown Faster Than Income?

Olivier Jeanne

Reserve Bank of New Zealand

Both the literature and new empirical evidence show that exchange rate regimes differ primarily by the noisiness of the exchange rate, not be measurable macroeconomic fundamentals. This motivates a theoretical analysis of exchange rate regimes with noise traders. The presence of noise traders can lead to multiple equilibria in the foreign exchange market. The entry of noise traders both create and share the risk associated with exchange rate volatility. In such circumstances, monetary policy can be used to lower exchange rate volatility without altering macroeconomic fundamentals.

Noise Trading and Exchange Rate Regimes

"This paper estimates the effect of sovereign debt renegotiation on international trade. Sovereign default may be associated with a subsequent decline in international trade either because creditors want to deter default by debtors, or because trade finance dries up after default. To estimate the effect, I use an empirical gravity model of bilateral trade and a large panel data set covering fifty years and more than 200 trading partners. The model controls for a host of factors that influence bilateral trade flows, including the incidence of International Monetary Fund programs. Using the dates of sovereign debt renegotiations conducted through the Paris Club as a proxy measure for sovereign default, I find that renegotiation is associated with an economically and statistically significant decline in bilateral trade between a debtor and its creditors. The decline in bilateral trade is approximately 8 percent a year and persists for about fifteen years"--Federal Reserve Bank of New York web site.

Renegotiation and International Trade

One Reason Countries Pay Their Debts

A gravity model is used to assess the separate effects of exchange rate volatility and currency unions on international trade. The panel data set used includes bilateral observations for five years spanning 1970 through 1990 for 186 countries. In this data set, there are over one hundred pairings and three hundred observations, in which both countries use the same currency. I find a large positive effect of a currency union on international trade, and a small negative effect of exchange rate volatility, even after controlling for a host of features, including the endogenous nature of the exchange rate regime. These effects are statistically significant and imply that two countries that share the same currency trade three times as much as they would with different currencies. Currency unions like EMU may thus lead to a large increase in international trade, with all that entails.

Estimating the Effect of Common Currencies on Trade

One Money, One Market

The royal family's darkest secret and the establishment cover-up. Half a century before Dodi and Diana, another Prince of Wales would be involved in a deadly love triangle with a fabulously wealthy Egyptian "prince." Prince Edward was the future King of England, a destiny he would famously forsake over his love for Wallis Simpson. But two decades prior he was involved in another love affair that threatened to jeopardize the royal family. The story took place in maisons de rendezvous, luxurious chateaux in the French countryside providing hospitality for the British upper classes, the richest food, the finest wines and the most beautiful women, the violent and dangerous Paris demi-monde - where many of the women came from - and the Savoy hotel in London, where a murder was committed. This major royal scandal, superbly covered up by the Royal family, the government and the judiciary has remained secret ever since. This is the story of a passionate and deadly love affair set against the dramatic backdrop of the Great War. Edward was enthralled by the 'crazy physical attraction' of Marguerite Alibert, queen of the Paris demi-monde. When he broke off their hidden relationship, Edward thought that he was free of Marguerite. He was wrong. After the war, as a violent thunderstorm raged outside the luxurious Savoy Hotel in London Marguerite fired three shots from a semi-automatic pistol. Her husband, and Egyptian multimillionaire and playboy, was shot dead at point blank range. Marguerite stood trial for murder at the Old Bailey. As Prince Charming and poster boy of the British Empire, Edward now risked exposure as a degenerate wastrel, partying behind the lines while thousands were blown away on the Western Front. Andrew Rose, using his long experience as a barrister and judge, has uncovered a royal scandal carefully airbrushed from history. Edward never quite escaped from Marguerite who had taught the arts of love to a once and future King. The Prince, the Princess and the Perfect Murder is the product of several years' research, accessing unpublished documents held in the Royal Archives and private collections in England and France.

Andrew Rose

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