WorldWideScience

Sample records for currency adjustment factor

  1. Calculation of fuel, currency, and inland freight price adjustment factors for military marine shipping

    Science.gov (United States)

    2013-11-01

    This report describes the refreshing of the USTRANSCOM Economic Price Adjustment (EPA) factors for use in the USC-7 contract. The three EPA factors developed by Volpe in 2009 are the starting point for this update, and these are the Bunker Fuel Adjus...

  2. Assessing the Efficacy of Adjustable Moving Averages Using ASEAN-5 Currencies.

    Directory of Open Access Journals (Sweden)

    Jacinta Chan Phooi M'ng

    Full Text Available The objective of this research is to examine the trends in the exchange rate markets of the ASEAN-5 countries (Indonesia (IDR, Malaysia (MYR, the Philippines (PHP, Singapore (SGD, and Thailand (THB through the application of dynamic moving average trading systems. This research offers evidence of the usefulness of the time-varying volatility technical analysis indicator, Adjustable Moving Average (AMA' in deciphering trends in these ASEAN-5 exchange rate markets. This time-varying volatility factor, referred to as the Efficacy Ratio in this paper, is embedded in AMA'. The Efficacy Ratio adjusts the AMA' to the prevailing market conditions by avoiding whipsaws (losses due, in part, to acting on wrong trading signals, which generally occur when there is no general direction in the market in range trading and by entering early into new trends in trend trading. The efficacy of AMA' is assessed against other popular moving-average rules. Based on the January 2005 to December 2014 dataset, our findings show that the moving averages and AMA' are superior to the passive buy-and-hold strategy. Specifically, AMA' outperforms the other models for the United States Dollar against PHP (USD/PHP and USD/THB currency pairs. The results show that different length moving averages perform better in different periods for the five currencies. This is consistent with our hypothesis that a dynamic adjustable technical indicator is needed to cater for different periods in different markets.

  3. Assessing the Efficacy of Adjustable Moving Averages Using ASEAN-5 Currencies.

    Science.gov (United States)

    Chan Phooi M'ng, Jacinta; Zainudin, Rozaimah

    2016-01-01

    The objective of this research is to examine the trends in the exchange rate markets of the ASEAN-5 countries (Indonesia (IDR), Malaysia (MYR), the Philippines (PHP), Singapore (SGD), and Thailand (THB)) through the application of dynamic moving average trading systems. This research offers evidence of the usefulness of the time-varying volatility technical analysis indicator, Adjustable Moving Average (AMA') in deciphering trends in these ASEAN-5 exchange rate markets. This time-varying volatility factor, referred to as the Efficacy Ratio in this paper, is embedded in AMA'. The Efficacy Ratio adjusts the AMA' to the prevailing market conditions by avoiding whipsaws (losses due, in part, to acting on wrong trading signals, which generally occur when there is no general direction in the market) in range trading and by entering early into new trends in trend trading. The efficacy of AMA' is assessed against other popular moving-average rules. Based on the January 2005 to December 2014 dataset, our findings show that the moving averages and AMA' are superior to the passive buy-and-hold strategy. Specifically, AMA' outperforms the other models for the United States Dollar against PHP (USD/PHP) and USD/THB currency pairs. The results show that different length moving averages perform better in different periods for the five currencies. This is consistent with our hypothesis that a dynamic adjustable technical indicator is needed to cater for different periods in different markets.

  4. Annual Adjustment Factors

    Data.gov (United States)

    Department of Housing and Urban Development — The Department of Housing and Urban Development establishes the rent adjustment factors - called Annual Adjustment Factors (AAFs) - on the basis of Consumer Price...

  5. Influencing Factors of Currency Risk of Deposit Banks in Turkey by Using Probit Method

    Directory of Open Access Journals (Sweden)

    Serhat Yüksel

    2016-12-01

    Full Text Available In this paper, we aimed to analyze the factors that affect currency risk of the banks. Within this scope, annual data of 23 deposit banks for the periods between 2005 and 2015 was evaluated. In addition to this situation, panel probit model was used in order to achieve this objective. Regarding the subject of the currency risk, this model was firstly used in this study. According to the results of the analysis, it was determined that 3 independent variables affect the currency risk of deposit banks in Turkey. Firstly, it was identified that there is a positive relationship between total assets and currency risk. This situation explains that when the size of the banks increases, they tend to take more currency risk. In addition to this variable, it was also defined that there is a direct relationship between economic growth and currency risk of the banks. This result refers that in case of an increment in the market stability; banks think that the market is safer and they increase their currency risk. Moreover, it was also concluded that there is a negative relationship between interest rate and currency risk of the banks. This aspect shows that when interest rate decreases, it will lower uncertainty in the market. Thus, banks would take higher currency risk in such markets.

  6. 26 CFR 1.985-5 - Adjustments required upon change in functional currency.

    Science.gov (United States)

    2010-04-01

    ... LC historical basis) 150,000 100,000 Fixed assets: Property 200,000 400,000 Plant 500,000 1,000,000..., basis of an asset, and amount of a liability, as of the first day of a taxpayer's first taxable year... difference between the branch's total old functional currency basis of its assets and its total old...

  7. THE EVOLUTION OF CURRENCY RELATIONS IN THE LIGHT OF MAJOR EXCHANGE RATE ADJUSTMENT THEORIES

    Directory of Open Access Journals (Sweden)

    Sergiy TKACH

    2014-07-01

    Full Text Available This paper examines the impact of major exchange rate adjustment theories on the global monetary system. The reasons of the previous organization forms of monetary relations collapse at the global level are defined. The main achievements and failures of major exchange rate theories are described.

  8. Currency Manipulation

    OpenAIRE

    Weithing Zhang; Thomas Mertens; Tarek Hassan

    2014-01-01

    Many central banks manage the stochastic behavior of their currencies' exchange rates by imposing pegs relative to a target currency. We study the effects of such currency manipulation in a multi-country model of exchange rate determination with endogenous capital accumulation. We find that the imposition of an exchange rate peg relative to a given target currency increases the volatility of consumption in the target country and decreases the volatility of the target currency's exchange rate ...

  9. Interest in Currency Trading Learning – Preferred Methods and Motivational Factors

    Directory of Open Access Journals (Sweden)

    Pintar Rok

    2016-02-01

    Full Text Available Background and purpose: This paper analyzes the interest of potential users for learning in the field of currency trading or foreign exchange (forex, FX. The purpose of our article is a to present currency trading, b to present different options, methods and learning approaches to educating in forex, c to present the research results discovering the interest of potential users for learning in the field of currency trading.

  10. Currency wars?

    OpenAIRE

    Gros, Daniel

    2010-01-01

    Treball final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs academic 2015-2016 A currency war (also known as the competitive depreciation or a policy of impoverish the neighbor) occurs when a country wants to obtain a competitive advantage which improve its trade balancethrough a series of changes in its currency. With these currency movements exports become cheaper for foreigners while imports become more expensive for residents in the own nation. These advantages produce strong...

  11. The Omitted Factor in Risk Management: Corporate Foreign Debt as an Alternative to Currency Derivatives

    DEFF Research Database (Denmark)

    Aabo, Tom

    Empirical surveys on exchange rate risk management in non-financial companies focus on the use of currency derivatives while omitting the use of corporate debt denominated in foreign currency ("foreign debt") even though the latter in risk management terms is identical to one or a series of forward...

  12. INTERNATIONAL FINANCIAL INSTITUTIONS SYSTEM AS A FACTOR OF TRANSFORMATION OF NATIONAL CURRENCY SYSTEM

    Directory of Open Access Journals (Sweden)

    Andrii Oliinyk

    2016-11-01

    Full Text Available The purpose of the paper is to analyze theoretical and practical aspects of the features of the IFI influence on transformation of national currency systems of such organizations’ member states. Defining features of interaction policy among national economies and IFI in the monetary sphere, considering countries’ socio-economic parameters of development, will allow monetary authorities to achieve the optimum level of development of its economy. Methodology. Theoretical base of the study are the provisions of general scientific theory of knowledge studied phenomena and processes, in particular: methods of induction and deduction (in determining classification criteria of IFIs impact on national currency system, analysis and synthesis (in determining the features and priorities of national currency system, comparisons, associations and analogies (the justification of characteristics of advantages and disadvantages of IFI. The information base for scientific research is scientific papers and publications of domestic and foreign scientists-economists, materials of scientific-practical conferences, legislative and normative documents, the IMF, World Bank and Asian Infrastructure Investment Bank materials. Results. Theoretical approaches to the definition of the national currency system and international financial organizations, including its classification, are proposed. It is proved that the IMF makes active impact on national currency policy formation through regulation and supervision, while the World Bank and AIIB are related in a passive way. The IFI regulation trends are to implement floating exchange regime, liberal currency transactions, cancel currency restrictions in member countries. Although it refers to all countries, some of them with large population, trading, underdeveloped institutions of democracy could avoid some IFI pressure. Practical implications. The study accents attention on the specifics of the IFI activity in terms of

  13. TREE AGE AS ADJUSTMENT FACTOR TO NDVI

    OpenAIRE

    Elias Fernando Berra; Denise Cybis Fontana; Tatiana Mora Kuplich

    2018-01-01

    ABSTRACT This study aimed to increase satellite-derived Normalized Difference Vegetation Index (NDVI) sensitivity to biophysical parameters changes with aid of a forest age-based adjustment factor. This factor is defined as a ratio between stand age and age of rotation, which value multiplied by Landsat-5/TM-derived NDVI generated the so-called adjusted index NDVI_a. Soil Adjusted Vegetation Index (SAVI) was also calculated. The relationship between these vegetation indices (VI) with Eucalypt...

  14. Pricing Currency Risk under Currency Boards

    OpenAIRE

    Schmukler, Sergio L.; Servén, Luis

    2002-01-01

    Currency risk is one of the two components of the total interest rate differential. Hard pegs, such as currency boards, are meant to reduce or even eliminate currency risk, thus, reducing domestic interest rates. This paper investigates the patterns and determinants of the currency risk premium in two currency boards—Argentina and Hong Kong. Despite the presumed rigidity of currency boards, the currency premium is almost always positive and at times very large. Its term structure is usually u...

  15. Currency wars, what drives the wild fluctuations in exchange rates?

    OpenAIRE

    Petridis, George; Πετρίδης, Γεώργιος

    2016-01-01

    Currency wars or competitive devaluation has change dramatically throughout history. The meaning of currency wars is completely different in comparison with that before the change of currency rates system. Firstly, in my thesis, there will be a brief history of currency wars and a reference of quantitative easing in US, Europe and Japan. Then the factors which determine the currency exchange rates and the reasons for the wild fluctuation in currency rates during a currency war will be mention...

  16. SOURCES OF ASIAN CURRENCY CRISIS

    OpenAIRE

    Muhd-Zulkhibri Abdul Majid

    2004-01-01

    This study examines the sources of currency crises in ASEAN. The empirical findings indicate that reserve inadequacy, increase of bank’s claims on private sector, deteriorating trade balance and misalignment of real exchange rate increase the probability of a speculative attack on a currency. The results also suggest that the currency crises could be contagious. The significant variables are closely related to the external factors and thus, indicate the openess of the ASEAN-4 economy. Hence, ...

  17. Currencies, competition, and clans

    Czech Academy of Sciences Publication Activity Database

    Kočenda, Evžen; Hanousek, Jan; Engelmann, D.

    2008-01-01

    Roč. 30, č. 6 (2008), s. 1115-1132 ISSN 0161-8938 R&D Projects: GA MŠk LC542; GA ČR(CZ) GA402/08/1376 Institutional research plan: CEZ:MSM0021620846 Keywords : exchange rates * anchor currency * exchange rate regimes Subject RIV: AH - Economics Impact factor: 0.482, year: 2008

  18. Currencies, competition, and clans

    Czech Academy of Sciences Publication Activity Database

    Kočenda, E.; Hanousek, J.; Engelmann, Dirk

    2008-01-01

    Roč. 30, č. 6 (2008), s. 1115-1132 ISSN 0161-8938 R&D Projects: GA MŠk LC542 Institutional research plan: CEZ:AV0Z70850503 Keywords : exchange rates * anchor currency * exchange rate regimes Subject RIV: AH - Economics Impact factor: 0.482, year: 2008

  19. A Theoretical Overview of Currency Crises

    OpenAIRE

    Hongxia, Guo

    2005-01-01

    In the 1980s and 1990s, currency crises occurred frequently in various parts of the world. This paper provides an overview of the currency crises theories, which investigate the cause of these currency crises, the determinant factors of their depth, and the mechanism of their effects on actual economy. Based on the three-generation classification, this paper surveys currency crises theories with focus on the differences among them.

  20. Gold, currencies and market efficiency

    Science.gov (United States)

    Kristoufek, Ladislav; Vosvrda, Miloslav

    2016-05-01

    Gold and currency markets form a unique pair with specific interactions and dynamics. We focus on the efficiency ranking of gold markets with respect to the currency of purchase. By utilizing the Efficiency Index (EI) based on fractal dimension, approximate entropy and long-term memory on a wide portfolio of 142 gold price series for different currencies, we construct the efficiency ranking based on the extended EI methodology we provide. Rather unexpected results are uncovered as the gold prices in major currencies lay among the least efficient ones whereas very minor currencies are among the most efficient ones. We argue that such counterintuitive results can be partly attributed to a unique period of examination (2011-2014) characteristic by quantitative easing and rather unorthodox monetary policies together with the investigated illegal collusion of major foreign exchange market participants, as well as some other factors discussed in some detail.

  1. Correlation networks among currencies

    Science.gov (United States)

    Mizuno, Takayuki; Takayasu, Hideki; Takayasu, Misako

    2006-05-01

    By analyzing the foreign exchange market data of various currencies, we derive a hierarchical taxonomy of currencies constructing minimal-spanning trees. Clustered structure of the currencies and the key currency in each cluster are found. The clusters match nicely with the geographical regions of corresponding countries in the world such as Asia or East Europe, the key currencies are generally given by major economic countries as expected.

  2. Cross currency swap valuation

    OpenAIRE

    Boenkost, Wolfram; Schmidt, Wolfgang M.

    2004-01-01

    Cross currency swaps are powerful instruments to transfer assets or liabilities from one currency into another. The market charges for this a liquidity premium, the cross currency basis spread, which should be taken into account by the valuation methodology. We describe and compare two valuation methods for cross currency swaps which are based upon using two different discounting curves. The first method is very popular in practice but inconsistent with single currency swap valuation methods....

  3. Towards an expanded role for Asian currencies: Issues and prospects

    OpenAIRE

    Chow, Hwee Kwan

    2011-01-01

    Notwithstanding incumbency advantages and network effects enjoyed by the United States (US) dollar, considerations about the stability of its value have led Asian countries to fear they are holding their foreign exchange reserves in a depreciating currency. At the same time, it pays for the regional countries to adjust their reserve currency composition to match the point of reference of their exchange rate policy. This paper examines empirically which regional currency or currencies seem to ...

  4. Currency Crisis Revisited: A Literature Review

    Directory of Open Access Journals (Sweden)

    Teuta Ismaili Muharremi

    2015-12-01

    Full Text Available This paper elaborates on currency crisis, focusing on the main factors causing the currency crisis. After a brief overview of the main factors driving currency crisis, the paper provides a literature review highlighting that the history of the global economy experienced a number of currency crisis whereas as relates to the triggers of the currency crisis there are three generations of models that have been used to explain currency crisis during the last four decades. Underscoring the role of the government in financial market, in particular the evolution of this role as a result of the recent global financial crisis and highlighting other factors that trigger such crisis, the paper concludes that the potential financial crisis can be addressed using early warning system, which consists of indicators proven to be beneficial in anticipation of the currency crisis, and using the advanced empirical models of currency crisis. In this context the paper reveals that currency crisis are associated with all factors impacting them such as inflation, real exchange rate, import growth, US interest rates, public debt/GDP, and current account/GDP – all with a slightly different time lag.

  5. Currency Unions, Trade Flows, and Capital Flows

    OpenAIRE

    James Yetman

    2003-01-01

    Trade within currency unions has been shown to be much larger than outside of currency unions, even after factoring in many relevant variables. The existing empirical evidence is based on reduced form models of trade, and therefore indicates that there exists a high correlation between currency union membership and trade, but does not indicate the causality, or the mechanism at work. This paper argues that the balance of evidence points to a large and statistically significant causal relation...

  6. 77 FR 17121 - Quarterly Rail Cost Adjustment Factor

    Science.gov (United States)

    2012-03-23

    ... decision may be purchased by contacting the Office of Public Assistance, Governmental Affairs, and...)] Quarterly Rail Cost Adjustment Factor AGENCY: Surface Transportation Board, Department of Transportation. ACTION: Approval of rail cost adjustment factor. [[Page 17122

  7. Country Fundamentals and Currency Excess Returns

    Directory of Open Access Journals (Sweden)

    Daehwan Kim

    2014-06-01

    Full Text Available We examine whether country fundamentals help explain the cross-section of currency excess returns. For this purpose, we consider fundamental variables such as default risk, foreign exchange rate regime, capital control as well as interest rate in the multi-factor model framework. Our empirical results show that fundamental factors explain a large part of the cross-section of currency excess returns. The zero-intercept restriction of the factor model is not rejected for most currencies. They also reveal that our factor model with country fundamentals performs better than a factor model with usual investment-style factors. Our main empirical results are based on 2001-2010 balanced panel data of 19 major currencies. This paper may fill the gap between country fundamentals and practitioners' strategies on currency investment.

  8. 77 FR 58910 - Quarterly Rail Cost Adjustment Factor

    Science.gov (United States)

    2012-09-24

    ..., http://www.stb.dot.gov . Copies of the decision may be purchased by contacting the Office of Public...)] Quarterly Rail Cost Adjustment Factor AGENCY: Surface Transportation Board. ACTION: Approval of rail cost adjustment factor. SUMMARY: The Board has approved the fourth quarter 2012 rail cost adjustment factor (RCAF...

  9. 78 FR 37660 - Quarterly Rail Cost Adjustment Factor

    Science.gov (United States)

    2013-06-21

    ..., http://www.stb.dot.gov . Copies of the decision may be purchased by contacting the Office of Public...)] Quarterly Rail Cost Adjustment Factor AGENCY: Surface Transportation Board, DOT. ACTION: Approval of rail cost adjustment factor. SUMMARY: The Board approves the third quarter 2013 Rail Cost Adjustment Factor...

  10. 42 CFR 412.320 - Disproportionate share adjustment factor.

    Science.gov (United States)

    2010-10-01

    ... 42 Public Health 2 2010-10-01 2010-10-01 false Disproportionate share adjustment factor. 412.320... Capital-Related Costs § 412.320 Disproportionate share adjustment factor. (a) Criteria for classification... adjustment factor. (1) If a hospital meets the criteria in paragraph (a)(1) of this section for a...

  11. 76 FR 80448 - Quarterly Rail Cost Adjustment Factor

    Science.gov (United States)

    2011-12-23

    ... DEPARTMENT OF TRANSPORTATION Surface Transportation Board [Docket No. EP 290 (Sub-No. 5) (2012-1)] Quarterly Rail Cost Adjustment Factor AGENCY: Surface Transportation Board. ACTION: Approval of rail cost adjustment factor. SUMMARY: The Board has approved the first quarter 2012 rail cost adjustment factor (RCAF...

  12. NATIONAL CURRENCY INSTABILITY

    OpenAIRE

    Gherman Anca Maria; Huru Dragos

    2008-01-01

    The concept related to currency stability includes internal currency stability as intern price stability, the money demand and supply stability and the stability of the interest rate. Also it includes external currency stability through exchange rate mechanism. The equilibrium of national economy is determined by the evolution of inflation and by the evolution of nominal exchange rate mechanism as an expression of external stability.

  13. 76 FR 37191 - Quarterly Rail Cost Adjustment Factor

    Science.gov (United States)

    2011-06-24

    ... our Web site, http://www.stb.dot.gov . Copies of the decision may be purchased by contacting the...)] Quarterly Rail Cost Adjustment Factor AGENCY: Surface Transportation Board, DOT. ACTION: Approval of rail cost adjustment factor. SUMMARY: The Board has approved the third quarter 2011 Rail Cost Adjustment...

  14. 75 FR 80895 - Quarterly Rail Cost Adjustment Factor

    Science.gov (United States)

    2010-12-23

    ..., http://www.stb.dot.gov . Copies of the decision may be purchased by contacting the Office of Public...)] Quarterly Rail Cost Adjustment Factor AGENCY: Surface Transportation Board, DOT. ACTION: Approval of rail cost adjustment factor. SUMMARY: The Board has approved the first quarter 2011 Rail Cost Adjustment...

  15. 77 FR 37958 - Quarterly Rail Cost Adjustment Factor

    Science.gov (United States)

    2012-06-25

    ..., http://www.stb.dot.gov . Copies of the decision may be purchased by contacting the Office of Public...)] Quarterly Rail Cost Adjustment Factor AGENCY: Surface Transportation Board, DOT. ACTION: Approval of rail cost adjustment factor. SUMMARY: The Board has approved the third quarter 2012 rail cost adjustment...

  16. 78 FR 17764 - Quarterly Rail Cost Adjustment Factor

    Science.gov (United States)

    2013-03-22

    ..., http://www.stb.dot.gov . Copies of the decision may be purchased by contacting the Office of Public...)] Quarterly Rail Cost Adjustment Factor AGENCY: Surface Transportation Board, DOT. ACTION: Approval of rail cost adjustment factor. SUMMARY: The Board has approved the second quarter 2013 Rail Cost Adjustment...

  17. 76 FR 59483 - Quarterly Rail Cost Adjustment Factor

    Science.gov (United States)

    2011-09-26

    ... the decision may be purchased by contacting the Office of Public Assistance, Governmental Affairs, and...)] Quarterly Rail Cost Adjustment Factor AGENCY: Surface Transportation Board, DOT. ACTION: Approval of rail cost adjustment factor. SUMMARY: The Board has approved the fourth quarter 2011 Rail Cost Adjustment...

  18. 76 FR 16037 - Quarterly Rail Cost Adjustment Factor

    Science.gov (United States)

    2011-03-22

    ..., http://www.stb.dot.gov . Copies of the decision may be purchased by contacting the Office of Public...)] Quarterly Rail Cost Adjustment Factor AGENCY: Surface Transportation Board, DOT. ACTION: Approval of rail cost adjustment factor. SUMMARY: The Board has approved the second quarter 2011 Rail Cost Adjustment...

  19. 75 FR 58019 - Quarterly Rail Cost Adjustment Factor

    Science.gov (United States)

    2010-09-23

    ..., http://www.stb.dot.gov . Copies of the decision may be purchased by contacting the office of Public...)] Quarterly Rail Cost Adjustment Factor AGENCY: Surface Transportation Board, DOT. ACTION: Approval of rail cost adjustment factor. SUMMARY: The Board has approved the fourth quarter 2010 Rail Cost Adjustment...

  20. MANAGING CURRENCY RISKINTERMSOF FLOATINGRATES

    Directory of Open Access Journals (Sweden)

    Carmen SANDU (TODERASCU

    2014-06-01

    Full Text Available Exchange rate fluctuations of a currency generate currency risk to the extent that it isused to make international transactions. These operationsare subject to currency risk, as exchange rates change frequently from one period to another, and on the other hand, speculation in the foreign exchange market affect the exchange rate through interventions they perform. This paper explores a topic of great interest, especially as exchange rate fluctuations and the uncertainty regarding the future of a currency relative to major currencies is a big problem for most economic actors. Regardless of whether they are importers or exporters or have significant debt currency depreciation or appreciation causes significant losses. Proper management and active currency risk is a way to reduce the damage caused by exchange rate fluctuations.

  1. 25 CFR Appendix B to Subpart C - Population Adjustment Factor

    Science.gov (United States)

    2010-04-01

    ... 25 Indians 1 2010-04-01 2010-04-01 false Population Adjustment Factor B Appendix B to Subpart C...—Population Adjustment Factor 1. The Population Adjustment Factor allows for participation in the IRR Program... Distribution factor* Number of tribes** Funding amount per tribe Less than 25 1 N1 MBA*** × 1 25-100 3.5 N2 MBA...

  2. Currency crises: Is Asia different?

    OpenAIRE

    Diehl, Markus; Schweickert, Rainer

    1998-01-01

    International investors' enthusiasm with respect to growth prospects in Southeast Asia has been followed by panic. Both the outstanding economic performance of Southeast Asian economies and their ability to master adjustment challenges had led most observers of these economies to the conclusion that "Asia is different". In comparison with previous currency crises, the macroeconomic fundamentals (GDP growth, inflation, fiscal deficit, external indebtedness, domestic savings, export performance...

  3. Alternative international currencies

    Directory of Open Access Journals (Sweden)

    Rozhentsova Vladimirovna Elena

    2012-01-01

    Full Text Available The modern international monetary system has a number of flaws and therefore needs cardinal change. Hence, economists from all over the world are suggesting alternative international currencies that would make the international monetary system more efficient. However, it is essential when approaching the creation of a new international currency to analyze and take into account the experience of all the past international currencies. Therefore this paper begins with an exploration of the drawbacks of each of the past and present international currencies. Drawing on this analysis a justification will be made for the necessity of introducing a new international currency, pointing to the requirements it should meet. Further on, this paper proposes an alternative theoretically possible variant of the international currency, with a fixed value relative to a commodity basket. An abstract example is used to demonstrate its composition and circulation mechanism.

  4. Virtual currencies : Real opportunities?

    OpenAIRE

    Selldahl, Sara

    2013-01-01

    AbstractThe European Central Bank defines virtual currencies as ”unregulated, digital money, which is issued and usuallycontrolled by its developers, and used and accepted among the members of a specific virtual community.”(European Central Bank, 2012, p. 5) The interest in virtual currencies has increased immensely over the last fewyears as they become increasingly prevalent in our society across many different industries. Up until now, the field ofvirtual currencies has been mainly uncharte...

  5. Virtual currencies- Real opportunities?

    OpenAIRE

    Selldahl, Sara

    2013-01-01

    The European Central Bank defines virtual currencies as ”unregulated, digital money, which is issued and usually controlled by its developers, and used and accepted among the members of a specific virtual community.” (European Central Bank, 2012, p. 5) The interest in virtual currencies has increased immensely over the last few years as they become increasingly prevalent in our society across many different industries. Up until now, the field of virtual currencies has been mainly uncharted ...

  6. Taxation of virtual currency

    OpenAIRE

    Bal, Aleksandra Marta

    2014-01-01

    The Information Age has created a new concept of money – virtual currencies existing solely in the cyberspace in the form of intangible computer code. The most prominent virtual currency scheme, Bitcoin, grabbed the public attention as its value skyrocketed at the beginning of 2012. Whereas Bitcoin has many proper ties that could make it an ideal currency for mainstream consumers and merchants, its main drawback is lack of clarity regarding its legal status and tax treatment. The European Cen...

  7. NATIONAL CURRENCY INSTABILITY

    Directory of Open Access Journals (Sweden)

    Gherman Anca Maria

    2008-05-01

    Full Text Available The concept related to currency stability includes internal currency stability as intern price stability, the money demand and supply stability and the stability of the interest rate. Also it includes external currency stability through exchange rate mechanism. The equilibrium of national economy is determined by the evolution of inflation and by the evolution of nominal exchange rate mechanism as an expression of external stability.

  8. 42 CFR 412.322 - Indirect medical education adjustment factor.

    Science.gov (United States)

    2010-10-01

    ... Payment System for Inpatient Hospital Capital Costs Basic Methodology for Determining the Federal Rate for Capital-Related Costs § 412.322 Indirect medical education adjustment factor. (a) Basic data. CMS.... The indirect teaching adjustment factor equals [e (raised to the power of .2822×the ratio of residents...

  9. 75 FR 35877 - Quarterly Rail Cost Adjustment Factor

    Science.gov (United States)

    2010-06-23

    ... available on our Web site, http://www.stb.dot.gov . Copies of the decision may be purchased by contacting...-3)] Quarterly Rail Cost Adjustment Factor AGENCY: Surface Transportation Board. ACTION: Approval of rail cost adjustment factor. SUMMARY: The Board has approved the third quarter 2010 rail cost...

  10. 77 FR 76169 - Quarterly Rail Cost Adjustment Factor

    Science.gov (United States)

    2012-12-26

    ....stb.dot.gov . Copies of the decision may be purchased by contacting the Office of Public Assistance...)] Quarterly Rail Cost Adjustment Factor AGENCY: Surface Transportation Board, DOT. ACTION: Approval of rail cost adjustment factor. SUMMARY: The Board has approved the AAR's proposed rebasing calculations and...

  11. 75 FR 17462 - Quarterly Rail Cost Adjustment Factor

    Science.gov (United States)

    2010-04-06

    ... decision may be purchased by contacting the office of Public Assistance, Governmental Affairs, and...-2)] Quarterly Rail Cost Adjustment Factor AGENCY: Surface Transportation Board. ACTION: Approval of rail cost adjustment factor. SUMMARY: The Board has approved the second quarter 2010 Rail Cost...

  12. Actual factors to determine cross-currency basis swaps: An empirical study on US dollar/Japanese yen basis swap rates from the late 1990s

    OpenAIRE

    Shinada, Naoki

    2005-01-01

    Cross-currency basis swap rates that exchange US-dollar (USD) and Japanese-yen (JPY) LIBORs have fluctuated since the late 1990s. It is increasingly important for market participants to figure out such swap rates, but there have not been many empirical studies about actual markets. This study addresses factors of USD/JPY swap rates from the late 1990s to the present, and demonstrates that differences in credit risk premiums, forward exchange rates and assets swaps of foreign investors from JP...

  13. Taxation of virtual currency

    NARCIS (Netherlands)

    Bal, Aleksandra Marta

    2014-01-01

    The Information Age has created a new concept of money – virtual currencies existing solely in the cyberspace in the form of intangible computer code. The most prominent virtual currency scheme, Bitcoin, grabbed the public attention as its value skyrocketed at the beginning of 2012. Whereas Bitcoin

  14. It's the Motivation Stupid! : The Influence of Motivation of Secondary Currency Initiators on the Currencies' Success

    NARCIS (Netherlands)

    L. Fesenfeld (Lukas); J. Stuckatz (Jan); I. Summerson (Iona); T. Kiesgen (Thomas); D. Russ (Daniela); M. Klimaschewski (Maja)

    2015-01-01

    textabstractThis paper attempts to explain the success of secondary currencies. Success is defined as the degree to which the initiators of these currencies manage to reach their original goals. In order to do so, we draw on two explanatory factors: the motivation of a currency’s founder and the

  15. FOREIGN CURRENCY RISK HEDGING

    Directory of Open Access Journals (Sweden)

    Mihaela SUDACEVSCHI

    2017-05-01

    Full Text Available This paper presents the traditional types of exchange rate risk faced by firms and some of principal methods of exchange risk management that a company which make foreign currency operations can use. Foreign currency risk management involves both assessing the risk faced by the companies and adopting measures for the risk hedging or reduce the damage it may cause. The damages result from the company’s unfavorable difference between the exchange rates of the currencies in which the transactions are made.

  16. Development of Bioavailability Adjustment Factors: A Feasibility Study

    National Research Council Canada - National Science Library

    Rembish, Steve

    2000-01-01

    The primary purpose of this effort is to investigate the feasibility of developing and using bioavailability adjustment factors to modify intake assumptions used in risk assessments on a site-specific basis...

  17. 42 CFR 412.316 - Geographic adjustment factors.

    Science.gov (United States)

    2010-10-01

    ... Inpatient Hospital Capital Costs Basic Methodology for Determining the Federal Rate for Capital-Related... part. The adjustment factor equals the hospital wage index value applicable to the hospital raised to...

  18. Gold, currencies and market efficiency

    Czech Academy of Sciences Publication Activity Database

    Krištoufek, Ladislav; Vošvrda, Miloslav

    2016-01-01

    Roč. 449, č. 1 (2016), s. 27-34 ISSN 0378-4371 R&D Projects: GA ČR(CZ) GBP402/12/G097 Institutional support: RVO:67985556 Keywords : Efficient market hypothesis, * Gold * Currencies, * Fractal dimension * Entropy * Long-Term memory Subject RIV: AH - Economics Impact factor: 2.243, year: 2016 http://library.utia.cas.cz/separaty/2016/E/kristoufek-0455876.pdf

  19. China's Bilateral Currency Swap Lines

    OpenAIRE

    Zhitao, Lin; Wenjie, Zhan; Cheung, Yin-Wong

    2016-01-01

    We study the determinants of China’s bilateral local currency swap lines that were established since the recent global finance crisis. It is found that economic factors, political considerations, and institutional characteristics including trade intensity, economic size, strategic partnership, free trade agreement, corruption, and stability affect the decision of signing a swap line agreement. Once a swap line agreement decision is made, the size of the swap line is then mainly affected by tr...

  20. Currency union entries and trade

    OpenAIRE

    Nitsch, Volker

    2005-01-01

    Recent research suggests that adopting a common currency increases bilateral trade. In this paper, I explore experiences of currency union entry in the post-war period and find no effect on trade. Previous results derived from a large panel data set (covering more than 200 countries from 1948 through 1997) appear to depend crucially on the assumption of symmetry between currency union exits and entries: While countries leaving a currency union experience significant declines in trade, currenc...

  1. 75 FR 33379 - Railroad Cost Recovery Procedures-Productivity Adjustment; Quarterly Rail Cost Adjustment Factor

    Science.gov (United States)

    2010-06-11

    ... information is contained in the Board's June 14, 2010 decision, which is available on our website at http://www.stb.dot.gov . Copies of the decision may be purchased by contacting the office of Public... Cost Adjustment Factor AGENCY: Surface Transportation Board. [[Page 33380

  2. Analysis of Colonial Currency

    Science.gov (United States)

    Kurkowski, Michael; Cangany, Catherine; Jordan, Louis; Manukyan, Khachatur; Schultz, Zachary; Wiescher, Michael

    2017-09-01

    This project entailed studying the cellulose in paper, the ink, colorants, and other materials used to produce American colonial currency. The technique primarily used in this project was X-Ray Fluorescence Spectroscopy (XRF). XRF mapping was used to provide both elemental analysis of large-scale objects as well as microscopic examination of individual pigment particles in ink, in addition to the inorganic additives used to prepare paper. The combination of elemental mapping with Fourier Transform Infrared (FTIR) and Raman Spectroscopies permits an efficient analysis of the currency. These spectroscopic methods help identify the molecular composition of the pigments. This combination of atomic and molecular analytical techniques provided an in-depth characterization of the paper currency on the macro, micro, and molecular levels. We have identified several of pigments that were used in the preparation of inks and colorants. Also, different inorganic crystals, such as alumina-silicates, have been detected in different papers. The FTIR spectroscopy allowed us to determine the type of cellulose fiber used in the production of paper currency. Our future research will be directed toward revealing important historical relationships between currencies printed throughout the colonies. ISLA Da Vinci Grant.

  3. Dynamic Global Currency Hedging

    DEFF Research Database (Denmark)

    Christensen, Bent Jesper; Varneskov, Rasmus T.

    2016-01-01

    This paper proposes a model for discrete-time hedging based on continuous-time movements in portfolio and foreign currency exchange rate returns. In particular, the vector of optimal currency exposures is shown to be given by the negative realized regression coefficients from a one......-period conditional expectation of the intra-period quadratic covariation matrix for portfolio and foreign exchange rate returns. These are labelled the realized currency betas. The model, hence, facilitates dynamic hedging strategies that depend exclusively on the dynamic evolution of the ex-post quadratic...... covariation matrix. These hedging strategies are suggested implemented using modern, yet simple, non-parametric techniques to accurately measure and dynamically model historical quadratic covariation matrices. The empirical results from an extensive hedging exercise for equity investments illustrate...

  4. Forecasting of Currency Crises in East Asia

    Directory of Open Access Journals (Sweden)

    Chi-Young Song

    2005-06-01

    Full Text Available In this paper, we have developed a forecasting system for currency crisis in East Asia based on a signaling approach. Our system uses 15 monthly indicators of five East Asian countries including Indonesia, Korea, Malaysia, the Philippines and Thailand that were severely hit by the currency crisis in 1997. We investigate the performance of the system through deploying out-of-sample forecasting for the periods both before and after the 1997 East Asian currency crisis. Unlike the existing research based on the signaling approach, our out-of-sample forecasting does not fix the in-sample period. The out-of-sample forecasting between July 1995 and June 1997 shows that prior to breakout of the crisis, several indicators including real exchange rates and exports sent frequent warnings to all crisis-hit East Asian countries except the Philippines. This may indicate that a signaling-based early warning system for currency crisis could have been an useful method of forecasting the East Asian crisis. On the other hand, we also find that our forecasting system often generates warning signals during the out-of-sample period between July 1999 and June 2001. Since we have not observed any currency crisis in this region after 1998, these are all false alarms, indicating that our system may be seriously exposed to the type II error. We can, however, mitigate this problem if we adjust the optimal critical values of indicators depending on the preferences of forecasting system manager.

  5. Factors Influencing Adjustment to Late-Life Divorce.

    Science.gov (United States)

    Wilson, Keren Brown; DeShane, Michael R.

    Although the rate of divorce among older Americans has increased steadily, little attention has been paid to late life divorce. To describe the role of age and other factors which might influence adjustment to divorce in later life, data from a larger pilot study were used: 81 divorced persons over the age of 60 completed in-depth, structured…

  6. Factors That Contribute to the Adjustment of International Students

    Science.gov (United States)

    Mesidor, Jean Kesnold; Sly, Kaye F.

    2016-01-01

    Leaving home to attend college is an important milestone for college students. However, the transition from home to college can be challenging, especially for students studying abroad. In this article, the authors explore factors that contribute to the academic, cultural, social, and psychological adjustments of international students. Adjustment…

  7. General Adjustment Influence Factor of Malaysian Construction Expatriates Executives Abroad

    Directory of Open Access Journals (Sweden)

    Zainol Halmi

    2016-01-01

    Full Text Available The success of Malaysian construction companies creates an opportunity to explore abroad. Past studies have shown that the difficulty of expatriates in adjusting to a new environment is the main aspect that leads to failure of assignments. The success in implementing an overseas assignment does not solely depend on an expatriate’s technical expertise. The adjustment issues such as the interaction with the host nationals, and adaptability to the host country’s culture also exert influence on the assignment. The research was conducted to identify the influence of executive expatriate general adjustment on assignment in host countries. The objective of the study was to identify adjustment influence factors relating to general adjustment abroad. Questionnaires were sent to Malaysian expatriate executives. Sixty four Malaysian expatriate executives from Malaysian construction companies overseas were involved in this study. The findings show interaction, social and living environment influences their adjustment during expatriation. Pre-departure training preparation aspects for expatriates is a good step before their departure to host countries.

  8. Currencies, Competition, and Clans

    Czech Academy of Sciences Publication Activity Database

    Engelmann, D.; Hanousek, Jan; Kočenda, Evžen

    -, č. 18 (2006), s. 1-37 Institutional research plan: CEZ:AV0Z70850503 Keywords : exchange rates * anchor currency * central bank policy Subject RIV: AH - Economics http://deepblue.lib.umich.edu/bitstream/2027.42/41248/1/IPC-working-paper-018-EngelmannHanousekKocenda.pdf

  9. Stochastic Skew in Currency Options

    OpenAIRE

    Peter Carr; Liuren Wu

    2004-01-01

    We document the behavior of over-the-counter currency option prices across moneyness, maturity, and calendar time on two of the most actively traded currency pairs over the past eight years. We find that the risk-neutral distribution of currency returns is relatively symmetric on average. However, on any given date, the conditional currency return distribution can show strong asymmetry. This asymmetry varies greatly over time and often switch directions. We design and estimate a class of mode...

  10. Currency Boards; The Ultimate Fix?

    OpenAIRE

    Atish R. Ghosh

    1998-01-01

    The growing integration of world capital markets has made it fashionable to argue that only extreme exchange rate regimes are sustainable. Short of adopting a common currency, currency board arrangements represent the most extreme form of exchange rate peg. This paper compares the macroeconomic performance of countries with currency boards to those with other forms of pegged exchange rate regime. Currency boards are indeed associated with better inflation performance, even allowing for potent...

  11. NEGATIVE CURRENCY-RISK-EXPOSURE FOR TURKISH EQUITIES

    Directory of Open Access Journals (Sweden)

    Salvatore J. Terregrossa

    2016-04-01

    Full Text Available Currency-risk-exposure is an issue for Turkish equities, from two different angles: internationaltrade and foreign-portfolio-investment. The likely effect is positive for the former, and negative for the latter aspect. Consequently, the overall or net effect on equity value depends on which of these aspects of currency-risk-exposure has the greater impact. The present empirical analysis estimates currency risk of Turkish equities within a multi-factor regression setting, utilizing the framework of the Security Market Plane (SMP model. The SMP model embodies a conditional relation among three variables: beta, realized excess market-return, and expected excess portfolio-return. The SMP empirical framework is extended to include a currency-risk-factor in the present analysis. The currency-risk-factor is specified as the excess return to holding foreign currency (€; $, relative to holding domestic currency (Turkish Lira. The SMP-related factor is the cross-product term of beta and realized excess market-return (β it rMt . A regression of realized excess portfolio-returns against the corresponding currency-risk-factor and cross product-term (β it rMt finds that the Turkish stocks represented in the analysis generally have overall negative currency-risk-exposure; suggesting that unexpected currency depreciation generally leads to lower values for Turkish stocks (and portfolios of Turkish stocks. Thus, after accounting for the SMP-related interaction-effect between beta and realized excess marketreturn, currency risk is found to command a premium for the Turkish stocks represented in the analysis.

  12. EFFICIENCY OF CURRENCY ASSET CLASSES

    Directory of Open Access Journals (Sweden)

    Mohammad R. Safarzadeh

    2013-04-01

    Full Text Available Analyzing the risk and return for the S&P Currency Index Arbitrage and the Merk Absolute Return Currency Fund, this study intends to find whether currency asset classes are worthwhile investments. To determine where the efficient currency portfolios lie in the risk and return spectrum, this paper compares the two portfolios to fixed income and equity asset portfolios. The results lead to a baffling conclusion that, in general, the returns to low-risk currency asset portfolios are higher than the equity asset portfolios of same risk level.

  13. Bitcoin as a decentralized currency

    Directory of Open Access Journals (Sweden)

    Dinić Vladimir

    2014-01-01

    Full Text Available Bitcoin is the first decentralized peer-to-peer crypto-currency founded in 2009. Its main specificity is the fact that there is no issuer of this currency. On the other hand, the supply of this currency is software-programmed and limited. Among other things, its main features are relatively secure payments, low transaction costs, anonymity, inability of counterfeiting, irreversibility of transactions, but also extremely unstable exchange rate. Despite many advantages, the use of this currency is subject of numerous discussions, as this currency offers the possibility of performing various abuses and criminal activities. The future of this and other currencies in this regard depends on both security and privacy of these currencies, and legal regulation of such payments.

  14. An investigation on the effect of central bank money injection on creating currency crisis

    Directory of Open Access Journals (Sweden)

    Nazi Mohamadzadeh Asl

    2014-04-01

    Full Text Available This paper investigates the effects of different factors influencing on supplement of currency in Iran and the likelihood of currency crises. The study implements two methods of Logit and Probit to determine the likelihood of currency crises based on the historical data over the period 1989-2012. In this study, currency crisis is defined in terms of three variables of currency change on market, interest rate and central bank foreign deposits. The results of the study indicate that the ratio of government (non-government liabilities to central bank/Growth domestic product (GDP has positive (negative relationship with currency crises.

  15. Currency flaw severity. [Banknotes

    Energy Technology Data Exchange (ETDEWEB)

    Johnson, C.; Burnett, M.; Goodman, C.; Sherrod, R.; Schmoyer, R.; Harrison, C.; Uppuluri, R.

    1986-01-01

    A survey of currency flaw severity was carried out using 300 banknotes and 37 judges. Each judge assigned each note to one of five flaw severity categories. These categories correspond to severity grades of 1 to 5 with 1 equivalent to ''always accepted'' and 5 ''never accepted.'' An average flaw severity grade for each note was obtained by taking the mean of the severity grades assigned to that note by the 37 judges. Thus, each note has a single numerical real-number flaw grade between 1 and 5. Mathematical modeling of the currency flaw survey results is continuing with some very promising initial results. Our present model handles common excess ink and missing ink flaw types quite well. We plan to extend the model to ink level, mash, setoff and blanket impression flaw types.

  16. Momentum in stock market returns: Implications for risk premia on foreign currencies

    OpenAIRE

    Thomas Nitschka

    2010-01-01

    Momentum in foreign stock market returns is exploitable as signal of currency excess returns. Past stock market winner currencies offer higher returns than past stock market loser currencies. This finding is unrelated to interest rate differentials. Funding liquidity risk explains the time series variation in foreign stock market momentum sorted currency portfolio returns. Their cross-sectional dispersion is hardly rationalized by systematic risk factors in contrast to forward discount and cu...

  17. Stores, Prices, and Currency Substitution

    OpenAIRE

    Gabriele, Camera; Winkler, Johannes

    1999-01-01

    We study endogenous currency substitution in a decentralized trade environment. Sellers maximize profits from sales of imperfectly substitutable goods by posting prices in either one of two currencies. A unique symmetric equilibrium exists where goods are priced only in the local currency. This occurs if foreign trade is sporadic, there is sufficient but not excessive liquidity, and discounting is low. Excess or scarcity of liquidity, however, induces sellers to extract all surplus from bu...

  18. Community Currency in Korea : How do we envision Community Currency?

    NARCIS (Netherlands)

    J. Kang (Joonmo); B.E. Hong (Baeg)

    2015-01-01

    textabstractCommunity currency schemes were first introduced in Korea in 1998. Since then, there have been many efforts to use them but no report or academic research on the topic in Korea. Thus, we conducted a field investigation to identify the scope of community currency schemes in Korea and as

  19. Polish Toxic Currency Options

    Directory of Open Access Journals (Sweden)

    Waldemar Gontarski

    2009-06-01

    Full Text Available Toxic currency options are defined on the basis of the opposition to the nature (essence of an option contract, which is justified in terms of norms founded on the general law clause of characteristics (nature of a relation (which represents an independent premise for imposing restrictions on the freedom of contracts. So-understood toxic currency options are unlawful. Indeed they contravene iuris cogentis regulations. These include for instance option contracts, which are concluded with a bank, if the bank has not informed about option risk before concluding the contract; or the barrier options, which focus only on the protection of bank’s interests. Therefore, such options may appear to be invalid. Therefore, performing contracts for toxic currency options may be qualified as a criminal mismanagement. For the sake of security, the manager should then take into consideration filing a claim for stating invalidity (which can be made in a court verdict. At the same time, if the supervisory board member in a commercial company, who can also be a subject to mismanagement offences, commits an omission involving lack of reaction (for example, if he/she fails to notify of the suspected offence committed by the management board members acting to the company’s detriment when the management board makes the company conclude option contracts which are charged with absolute invalidity the supervisory board member so acting may be considered to act to the company’s detriment. In the most recent Polish jurisprudence and judicature the standard of a “good host” is treated to be the last resort for determining whether the manager’s powers resulting from criminal regulations were performed. The manager of the exporter should not, as a rule, issue any options. Issuing options always means assuming an obligation. In the case of currency put options it is an absolute obligation to purchase a given amount in euro at exchange rate set in advance. On the

  20. Currency substitution in Eastern Europe

    NARCIS (Netherlands)

    van Aarle, B.; Budina, N.

    1995-01-01

    Monetary instability during the transition process from a command economy to a market economy has induced a considerable increase in currency substitution in Eastern Europe. Currency substitution itself affects monetary stability since it reduces the stability of velocity. This paper investigates

  1. Complexity Characteristics of Currency Networks

    Science.gov (United States)

    Gorski, A. Z.; Drozdz, S.; Kwapien, J.; Oswiecimka, P.

    2006-11-01

    A large set of daily FOREX time series is analyzed. The corresponding correlation matrices (CM) are constructed for USD, EUR and PLN used as the base currencies. The triangle rule is interpreted as constraints reducing the number of independent returns. The CM spectrum is computed and compared with the cases of shuffled currencies and a fictitious random currency taken as a base currency. The Minimal Spanning Tree (MST) graphs are calculated and the clustering effects for strong currencies are found. It is shown that for MSTs the node rank has power like, scale free behavior. Finally, the scaling exponents are evaluated and found in the range analogous to those identified recently for various complex networks.

  2. Accounting treatment of currency options

    Directory of Open Access Journals (Sweden)

    Prošić Danica

    2016-01-01

    Full Text Available Currency options are often used to mitigate currency risk resulting from corporate activities. Their implementation can be complex, and there could be problems if the essential elements and principles are not fully understood. Although they are not the simplest financial products, currency options are interesting and useful to those who are trying to make a step forward in the area of currency risk management. This paper aims to present the general principles and specifics of accounting records and valuation of currency options used for hedging against risk. It is a complex process which, in addition to numerous conditions, also involves the implementation of accounting rules that deviate from the generally accepted accounting principles.

  3. Psychological costs of currency transition: evidence from the euro adoption

    Czech Academy of Sciences Publication Activity Database

    Otrachshenko, V.; Popova, Olga; Tavares, J.

    2016-01-01

    Roč. 45, December (2016), s. 89-100 ISSN 0176-2680 Institutional support: RVO:67985998 Keywords : Euro introduction * currency changeover * subjective well-being Subject RIV: AH - Economics Impact factor: 1.098, year: 2016

  4. Is The Euro A Harbinger Of A World Currency?

    OpenAIRE

    William Horton; Hadley Leavell; Balasundram Maniam

    2013-01-01

    This paper speculated on the possibility or potential of a worldwide movement toward a single global currency using a study of the economic impact on the European Union (EU) of its single currency. Using the timeframe of the single currency adoption, three main factors of the EU were analyzed:1) the cost of living (inflation), 2) deficit spending, and 3) unemployment. It was hypothesized, for the sake of this study, that the effects on these three items would be roughly the same for the imple...

  5. 78 FR 56911 - Notice of Certain Operating Cost Adjustment Factors for 2014

    Science.gov (United States)

    2013-09-16

    ... Cost Adjustment Factors for 2014 AGENCY: Office of the Assistant Secretary for Housing--Federal Housing Commissioner, HUD. ACTION: Notice. SUMMARY: This notice establishes operating cost adjustment factors (OCAFs... date on or after February 11, 2014. OCAFs are annual factors used to adjust Section 8 rents renewed...

  6. 78 FR 64496 - Acid Rain Program: Notice of Annual Adjustment Factors for Excess Emissions Penalty

    Science.gov (United States)

    2013-10-29

    ... Factors for Excess Emissions Penalty AGENCY: Environmental Protection Agency (EPA). ACTION: Notice of annual adjustment factors for excess emissions penalty. SUMMARY: The Acid Rain Program under title IV of... excess tons emitted times $2,000 as adjusted by an annual adjustment factor, which must be published in...

  7. Multi-currency Influence Diagrams

    DEFF Research Database (Denmark)

    Nielsen, Søren Holbech; Nielsen, Thomas Dyhre; Jensen, Finn Verner

    2004-01-01

    Solution of decision problems, which involve utilities of several currencies, have traditionally required the problems to be converted into decision problems involving utilities of only one currency. This conversion are carried out using a tacit transformation, under the assumption...... that the converted problem is equivalent to the original one. In this paper we present an extension of the Influence Diagram framework, which allows for these decision problems to be modelled in their original form. We present an algorithm that, given a conversion function between the currencies, discovers...

  8. The theory of an ‘optimum currency area’

    Directory of Open Access Journals (Sweden)

    Jarosław Kundera

    2012-12-01

    Full Text Available The main goal of this paper is to analyse and distinguish the main components of the theory of an ‘Optimum Currency Area’. The theory of an optimum currency area indicates some essential elements as preconditions for the successful introduction of a common currency: high mobility of labour, openness of the economy defined as a high proportion of tradable to non-tradable goods, and high diversification of domestic production before joining the union. The article’s analysis helps to better understanding the reasons of the current crisis in the euro zone. The main problem with a common currency area is the adjustment to imbalances, which cannot take place through exchange rates in conditions of a common currency. The missing elements of the theory are the role of the mobility of capital to correct interregional balance of payments disequilibria and lack of a common budget with sufficient own resources during the occurrence of debt crises in member countries. The theory of an optimum currency area has noticed the importance of coordination between fiscal and monetary policy and the necessity of redistribution of resources among partners. However, it does not say much about the methods applied, how to deal with debt crises and what the cost of a potential breaking up of monetary union would be.

  9. Currency Manipulation versus Current Account Manipulation

    OpenAIRE

    Junning Cai

    2005-01-01

    It is said that a country’s currency peg can become currency manipulation representing protracted government intervention in the foreign exchange market that gives it unfair competitive advantage in international trade yet prevents effective balance of payments in its trade partners. Regarding this widespread fallacy, this paper explains why currency peg is not currency manipulation even when it keeps a country’s currency undervalued. We clarify that 1) government is inherently a major player...

  10. Costs of Adopting a Common European Currency. Analysis in Terms of the Optimum Currency Areas Theory

    Directory of Open Access Journals (Sweden)

    Aura Gabriela SOCOL

    2011-02-01

    Full Text Available This analysis presents a theoretical approach of the possible costs related to a national economy which desires to be part of a monetary union. The analysis is made in terms of the classical optimum currency areas theory, which represents the basis of the monetary union process. The objective of this theory was to make a monetary union possible. This theory shows that the countries can obtain net benefits as a result of having a common currency, thus being able to avoid the possible adjustment problems. As a matter of fact, its great merit is that it identified certain properties of the countries being part of a monetary union, these properties representing real alternative tools for losing the independence of the monetary policy

  11. The euro: an international currency

    International Nuclear Information System (INIS)

    Riley, D.

    2000-01-01

    A number of studies and reports are now readily available on how to come grips the Euro - its calendar, conversion factors, legal, financial and accounting aspects, and so forth. Typically, they point to a fixed-for-ever rate of exchange between participating countries, which of course may have strategic consequences for the location of many types of business. This survey does not seek to be exhaustive, nor to cover what is well documented elsewhere. Rather, it attempts to examine areas where uncertainty, or controversy continue to exist, as well as focus on aspects that are pertinent to the oil and gas industries. Two questions stand out. The first is a general one, concerning how the Euro is likely to fare in international currency markets, notably relative to the US Dollar. The second is closely linked to the first, but is specific to the hydrocarbons business: will European oil and gas prices be quoted in euros and, if so, over what time frame? Finally, this review looks briefly at a selection of other impacts relevant to the energy business

  12. 78 FR 59093 - Quarterly Rail Cost Adjustment Factor

    Science.gov (United States)

    2013-09-25

    ... (ICC) outlined the procedures for calculating the all-inclusive index of railroad input prices and the... American Railroads (AAR) is required to calculate the index on a quarterly basis and submit it to the...--Productivity Adjustment, 5 I.C.C. 2d 434 (1989), aff'd sub nom. Edison Electric Institute v. ICC, 969 F.2d 1221...

  13. 78 FR 78508 - Quarterly Rail Cost Adjustment Factor

    Science.gov (United States)

    2013-12-26

    ... (ICC) outlined the procedures for calculating the all-inclusive index of railroad input prices [[Page... Association of American Railroads (AAR) is required to calculate the index on a quarterly basis and submit it... Procedures--Productivity Adjustment, 5 I.C.C.2d 434 (1989), aff'd sub nom. Edison Electric Institute v. ICC...

  14. Development and Adjustment of Adopted Adolescents : Longitudinal and Concurrent Factors

    NARCIS (Netherlands)

    Jaffari-Bimmel, Nicole

    2005-01-01

    The first study of this thesis (Chapter 2) showed that the majority of the internationally adopted children are well adjusted, although a relatively large minority of adopted children had behavior problems of clinical significance or were referred to mental health services compared with non-adopted

  15. Currency Wars: Myth and Reality

    Directory of Open Access Journals (Sweden)

    Nataliya Bartashuk

    2013-01-01

    Full Text Available This article considers the term "currency war", its meaning and the present situation in the world economy. It also contains research and analysis of HSBC's operations in different countries in the devaluation race grouping them according to the participation in currency wars. Along with the benefits of the devaluation of its own currency the actual disadvantages that may reveal afterwards have been identified. This article highlights the different versions of events put forward by the experts in the global economy and analysts. The authors mention the possible problems of ordinary citizens in case of their country's aggressive policy to reduce their national currency. The behavior of the Russian ruble was also discussed in detail according to which the recommendations were given to depositors of banks about their future action in the circumstances. Devaluation race in any case cannot be completed safely but it is possible to avoid excessive losses if the countries achieve international agreement by establishing a new currency regime.

  16. Persistence and predictability of forward exchange arbitrage in managed rate currencies in comparison to free-floating currencies

    OpenAIRE

    Jayasundera, T. (Thanushka)

    2014-01-01

    Abstract This paper attempts to analyse whether forward exchange arbitrage in currencies of managed rate regimes behave differently from currencies of free floating regimes in the forward exchange market. For this purpose, currencies of Great Britain, the European Union, and Japan are used as proxy currencies for free floating currencies. Proxy currencies for managed rate currencies are the Sri Lankan Rupee, the Indian Rupe...

  17. Multi-currency Influence Diagrams

    DEFF Research Database (Denmark)

    Nielsen, Søren Holbech; Nielsen, Thomas Dyhre; Jensen, Finn V.

    2007-01-01

    When using the influence diagrams framework for solving a decision problem with several different quantitative utilities, the traditional approach has been to convert the utilities into one common currency. This conversion is carried out using a tacit transformation, under the assumption...... that the converted problem is equivalent to the original one. In this paper we present an extension of the influence diagram framework. The extension allows for these decision problems to be modelled in their original form. We present an algorithm that, given a linear conversion function between the currencies...

  18. Sovereign Risk and Currency Returns

    DEFF Research Database (Denmark)

    Della Corte, Pasquale; Sarno, Lucio; Schmeling, Maik

    We empirically investigate the relation between sovereign risk and exchange rates for a broad set of currencies. An increase in the credit default swap (CDS) spread of a country is accompanied by a significant depreciation of the exchange rate. More generally, CDS spread changes have substantial...... explanatory power for currency returns which is largely driven by shocks to global credit risk. Consistent with the notion that sovereign risk is priced, we find that a country's exposure to global credit risk forecasts excess returns to trading exchange rates as well as to trading on the volatility, skewness...

  19. USD and Euro: competitive advantages of reserve currencies and leadership tussle

    Directory of Open Access Journals (Sweden)

    Gordyachkova O. V.

    2017-02-01

    Full Text Available the article describes the factors, affecting exchange rate, competitive advantages of USD and Euro as reserve currencies, the steps of fight of USD and Euro for the status of the “main” world's reserve currency. It was concluded that the main factor, affecting exchange rate, is a political impact.

  20. An Incomplete Optimal Currency Area

    DEFF Research Database (Denmark)

    Dreyer, Johannes Kabderian; Graversen, Mads Byskov

    2014-01-01

    The main objective of this study is to test if the Eurozone a decade after its launch can be considered an optimal currency area (OCA) as defined by Mundell (1961). In an OCA, asymmetric shocks – as the ones experienced by the Eurozone following the recent financial crisis – may be dampened by tw...... on migration rates. We use panel regressions to test these relationships and find out that migration between member states is very low after the Euro’s first decade. Combined with the lack of significant fiscal transfers we conclude that the currency union is still not an OCA.......The main objective of this study is to test if the Eurozone a decade after its launch can be considered an optimal currency area (OCA) as defined by Mundell (1961). In an OCA, asymmetric shocks – as the ones experienced by the Eurozone following the recent financial crisis – may be dampened by two...... instruments: fiscal transfers from one country to another, or migration. As fiscal transfers in the Eurozone are low, we study the economic significance of migration flows as automatic stabilizers of the currency area. We assume that there is a strong relationship between unemployment and relative wealth...

  1. Currency speculation and dollar fluctuations

    Directory of Open Access Journals (Sweden)

    Stephan Schulmeister

    1988-12-01

    Full Text Available In this study the reasons behind the wide fluctuations of the dollar exchange rate following the breakdown of the Bretton Woods system, for the most part unexplained by the prevailing exchange rate theories, are explored. To do so, the author investigates the exchange rate between the two most traded currencies, the dollar and the deutschemark, from 1973 to 1988. In the first part, the pattern of the daily exchange rate movements is examined to show that a sequence of upward and downward trends interrupted by non-directional movements is typical of exchange rate dynamics in the short run. Moreover, this pattern is systemically exploited through currency speculation, particularly through the use of “technical analysis”. In the second part, the author focuses on the medium-term, arguing that fluctuations can be explained as the result of interacting disequilibria in the goods and asset markets. Although currency speculation has been systemically profitable for most currencies, it should be considered to be destabilizing since the sequence of price runs caused large and persistent deviations of exchange rates from their equilibrium values (purchasing power parity.

  2. The Economics of Private Digital Currency

    OpenAIRE

    Dwyer, Gerald P

    2014-01-01

    Recent innovations have made it feasible to transfer private digital currency without the intervention of an institution. A digital currency must prevent users from spending their balances more than once, which is easier said than done with purely digital currencies. Current digital currencies such as Bitcoin use peer-to-peer networks and open-source software to stop double spending and create finality of transactions. This paper explains how the use of these technologies and limitation of th...

  3. Bitcoin – the World-Wide Currency

    OpenAIRE

    Shuba Olena А.; Honcharova Yuliia Yu.; Bulygina Anastasia V.

    2017-01-01

    The article is aimed at researching bitcoin, the digital currency. It has been found that Bitcoin is a cryptocurrency, that is, the virtual money, which has no material equivalent. The history of creation and development of cryptocurrency was reviewed. There is a reduction in volatility, which guarantees the security of currency, as well as the increase in currency volume and the inability to estimate the profitability of bitcoins. The dynamics of the value of digital currency in US dollars o...

  4. European Banking with a Single Currency

    OpenAIRE

    Jean Dermine

    1996-01-01

    At the Madrid summit in December 1995, the EU heads of state or government endorsed a three-phase plan for the introduction of the single currency. The purpose of the paper is to identify how, besides an obvious fall in revenue from intra-European currencies trading, a single currency will alter fundamentally and permanently European banking markets. A common currency will likely change the sources of competitive advantage in various markets such as those of government bonds and their fast gr...

  5. The Pricing of Foreign Currency Futures Options

    OpenAIRE

    Chang Mo Ahn

    1996-01-01

    We derive semi-closed form solutions for the forward and futures exchange rates, European foreign currency options, currency forward options, and currency futures options when the domestic and foreign interest rate movements follow mean reverting diffusion processes. These solutions are consistent with the Black-Scholes option formula so that they can be easily applied. The impact of interest rate uncertainty on theoretical prices of currency futures options is too significant to be neglected.

  6. 78 FR 21008 - Publication of Inflation Adjustment Factor, Nonconventional Source Fuel Credit, and Reference...

    Science.gov (United States)

    2013-04-08

    ... products) for calendar year 2012. DATES: The 2012 inflation adjustment factor, nonconventional source fuel... DEPARTMENT OF THE TREASURY Internal Revenue Service Publication of Inflation Adjustment Factor, Nonconventional Source Fuel Credit, and Reference Price for Calendar Year 2012 AGENCY: Internal Revenue Service...

  7. 76 FR 19524 - Publication of Inflation Adjustment Factor, Nonconventional Source Fuel Credit, and Reference...

    Science.gov (United States)

    2011-04-07

    ... products) for calendar year 2010. DATES: The 2010 inflation adjustment factor, nonconventional source fuel... DEPARTMENT OF THE TREASURY Internal Revenue Service Publication of Inflation Adjustment Factor, Nonconventional Source Fuel Credit, and Reference Price for Calendar Year 2010 AGENCY: Internal Revenue Service...

  8. 77 FR 22067 - Publication of Inflation Adjustment Factor, Nonconventional Source Fuel Credit, and Reference...

    Science.gov (United States)

    2012-04-12

    ... calendar year 2011. DATES: The 2011 inflation adjustment factor and nonconventional source fuel credit... DEPARTMENT OF THE TREASURY Internal Revenue Service Publication of Inflation Adjustment Factor, Nonconventional Source Fuel Credit, and Reference Price for Calendar Year 2011 AGENCY: Internal Revenue Service...

  9. Currency Valuation and Purchasing Power Parity

    OpenAIRE

    Jamal Ibrahim Haidar

    2011-01-01

    This paper aims to highlight key limitations of The Economist magazine’s Big Mac Index (BMI). The Economist markets the BMI as a tool to determine valuation of currencies. This paper shows that the BMI is a misleading measure of currency valuation for economies whose markets are structurally different from the benchmark currency countries.

  10. International portfolio diversification : Currency, industry and country effects revisited

    NARCIS (Netherlands)

    Eiling, E.; Gerard, B.; Hillion, P.; de Roon, F.A.

    2012-01-01

    We examine the relative importance of country, industry, world market and currency risk factors for international stock returns. Our approach focuses on testing the mean-variance efficiency of the various factor portfolios. An unconditional analysis does not show significant differences between

  11. Foreign Currency Borrowing by Small Firms

    OpenAIRE

    Martin Brown; Steven Ongena; Pinar Yesin

    2009-01-01

    We examine the firm- and country-level determinants of the currency denomination of small business loans. We first model the choice of loan currency in a framework which features a trade-off between lower cost of debt and the risk of firm-level distress costs, and also incorporates the impact of information asymmetry between banks and firms. When foreign currency funds come at a lower interest rate, all foreign currency earners as well as those local currency earners with high revenues and lo...

  12. The Determinants of Banking Crises and Currency Crises

    Directory of Open Access Journals (Sweden)

    Young Mok Bae

    2005-06-01

    Full Text Available This paper studies the factors associated with the emergence of banking crises and currency crises and the interrelationship between the two crises in 21 American, European and Asian countries in 1973~2000 using a multivariate logit econometric model. And this analysis attempts to introduce the lag model to solve the causality problems in banking crises and currency crises. In case of the simple binary models without lag, banking crises were associated with economic recession, inflation, depreciation, the rise of real interest rate, lending boom. But in case of lag models, banking crises were caused by economic recession, inflation, the rise of real interest rate, lending boom, the rise of reserve ratio, the liberalization of capital account. Currency crises were associated with economic recession, the larger deficit of current account relative to import in case of the simple binary models without lag, But in case of lag models, currency crises were caused by economic recession, the rapid decrease of net foreign assets of banks, and the larger deficit of current account relative to import. And this analysis shows that currency crises can be a cause of banking crises, not vice versa. Nevertheless the two types of crises have positive correlation with each other.

  13. Trade finance and international currency

    OpenAIRE

    Liu, Tao

    2015-01-01

    The determinants of international currency received a lot of academic attention since great recession, especially given China's intention to internationalize RMB. Recent empirical studies in history and international economics confi�rmed the importance of �nancial market development in this process. To provide micro-foundation for such observation, I built a two-country monetary search model with �nancial friction. Trade takes a long time, and the lack of trust makes importer and exporter rel...

  14. Child, Parent and Family Factors as Predictors of Adjustment for Siblings of Children with a Disability

    Science.gov (United States)

    Giallo, R.; Gavidia-Payne, S.

    2006-01-01

    Background: Siblings adjust to having a brother or sister with a disability in diverse ways. This study investigated a range of child, parent and family factors as predictors of sibling adjustment outcomes. Methods: Forty-nine siblings (aged 7-16 years) and parents provided information about (1) sibling daily hassles and uplifts; (2) sibling…

  15. Modeling wind adjustment factor and midflame wind speed for Rothermel's surface fire spread model

    Science.gov (United States)

    Patricia L. Andrews

    2012-01-01

    Rothermel's surface fire spread model was developed to use a value for the wind speed that affects surface fire, called midflame wind speed. Models have been developed to adjust 20-ft wind speed to midflame wind speed for sheltered and unsheltered surface fuel. In this report, Wind Adjustment Factor (WAF) model equations are given, and the BehavePlus fire modeling...

  16. 5 CFR 591.227 - What adjustment factors does OPM add to the price indexes?

    Science.gov (United States)

    2010-01-01

    ... CIVIL SERVICE REGULATIONS ALLOWANCES AND DIFFERENTIALS Cost-of-Living Allowance and Post Differential-Nonforeign Areas Cost-Of-Living Allowances § 591.227 What adjustment factors does OPM add to the price...

  17. The Global Financial Crisis and currency crises in Latin America

    NARCIS (Netherlands)

    Boonman, Tjeerd M.; Jacobs, Jan P.A.M.; Kuper, Gerard H.

    2012-01-01

    The Global Financial Crisis (GFC) has aected many regions including Latin America. This paper focuses on currency crises in Argentina, Brazil and Mexico. We estimate an Early Warning System, consisting of a dynamic factor model and an ordered logit model, with monthly data for 1990-2007. Ex ante

  18. The Brazilian Currency Turmoil of 2002: A Nonlinear Analysis

    OpenAIRE

    Manuela Goretti

    2005-01-01

    This paper investigates the main sources of instability in Brazil during the currency and financial distress episode of 2002. We test for financial contagion from the Argentine crisis and the impact of factors including IMF intervention and political uncertainty in raising the probability of crisis. The empirical investigation employs a Markov switching model with endogenous transition probabilities.

  19. The `principle of invariance' in currency systems: a comment on Caianiello et al.

    Science.gov (United States)

    Bouhdaoui, Y.; Bounie, D.; Van Hove, L.

    2012-04-01

    In an often-cited article in this journal, Caianiello et al. (1982. International Journal of General Systems, 8 (2), 81-92) formulate a 'principle of invariance' for currency systems. They build on this principle to explain the distribution of the coins and banknotes in circulation over the different denominations, and analyse how a currency system adjusts to inflation. This paper shows that Caianiello et al.'s distribution law is flawed because the principle of invariance is false.

  20. On the World and Regional Currencies

    Directory of Open Access Journals (Sweden)

    Rohach Fedir I.

    2016-05-01

    Full Text Available The problem of pegging currencies of developing countries to the US dollar is that its dynamics determines the economic instability of most of such countries and the world economy as a whole. In this regard there is a need to find alternative variants of the global monetary anchor to ensure the global financial stability. It is proposed to choose an anchor based on the basket of floating national currencies, which will be balanced by counter fluctuations of the basket currencies and be stable with respect to the national currency, as one of the variants. Such basket anchor can potentially perform the function of money and be used as the world and regional currency. The article presents the example of calculating the quotation of national currencies against the baskets based on the data on G-20 and EAEU countries.

  1. Understanding Platform-Based Digital Currencies

    OpenAIRE

    Ben Fung; Hanna Halaburda

    2014-01-01

    Given technological advances and the widespread use of the Internet, various digital currencies have emerged. In most cases, Internet platforms such as Facebook and Amazon restrict the functionality of their digital currencies to enhance the business model and maximize their profits. While platform-based digital currencies could increase the efficiency of retail payments, they could also raise some important policy issues if they were to become widely used outside of the platform. Thus, it is...

  2. Sources of Currency Crisis: An Empirical Analysis

    OpenAIRE

    Weber, Axel A.

    1997-01-01

    Two types of currency crisis models coexist in the literature: first generation models view speculative attacks as being caused by economic fundamentals which are inconsistent with a given parity. Second generation models claim self-fulfilling speculation as the main source of a currency crisis. Recent empirical research in international macroeconomics has attempted to distinguish between the sources of currency crises. This paper adds to this literature by proposing a new empirical approach ...

  3. Determinants of Currency Depreciation in Pakistan

    OpenAIRE

    Malik, Saif Ullah

    2014-01-01

    The loss of value of currency of any country with respect to foreign currencies like US $ is called Currency depreciation. Since 2008, Pakistani Rupee depreciates extensively which created many problems and hinders economic growth of country. The main reason behind this sharp decline is bad economic condition, terrorism, law and order situation, decrease in foreign portfolio investment and bad performance of stock market in Pakistan. The purpose of this research study is to analyze impact of...

  4. Factors influencing adjustment to a colostomy in Chinese patients: a cross-sectional study.

    Science.gov (United States)

    Hu, Ailing; Pan, Yunfeng; Zhang, Meifen; Zhang, June; Zheng, Meichun; Huang, Manrong; Ye, Xinmei; Wu, Xianrong

    2014-01-01

    We evaluated persons living with a colostomy in order to characterize and describe relationships among adjustment, self-care ability, and social support. One hundred twenty-nine colostomy patients from 5 hospitals in Guangzhou, capital city of the Guangdong province, were recruited by convenience sampling. Cross-sectional data were collected from a survey that included demographic and pertinent clinical data related to their ostomy. The survey also incorporated Chinese language versions of the Ostomy Adjustment Scale, Exercise of Self-Care Agency Scale, and Perceived Social Support Scale. These scales were used to measure the levels and degrees of adjustment, self-care ability, and social support of colostomy patients. Respondents completed the survey during outpatient clinics visit after creation of a colostomy. Scores from the Ostomy Adjustment Scale revealed that 96.9% of colostomy patients reported low to moderate adjustment (128.6 ± 19.38) to their stoma. Self-care ability and social support of patients were positively correlated with the adjustment level (R = 0.33, R = 0.21). Several factors, including being a housewife, paying medical expense by oneself, inability to manage the ostomy without assistance, and not participating in an ostomy support group, were associated with a lower level of adjustment (P colostomy was moderate. Self-care ability and social support associated with having a colostomy positively influenced adjustment. Adjustment was also influenced by occupation, health insurance provider, and ability to care for the stoma without requiring assistance.

  5. In Search for a Measure of Currency Misalignment: the Case of the 1997 Asian Currency Crisis

    Directory of Open Access Journals (Sweden)

    Daekeun Park

    2000-03-01

    Full Text Available The paper searches for an appropriate measure of currency misalignment in light of the 1997 Asian currency crisis. A couple of measures of currency misalignment, one based on purchasing power parity and the other based on equilibrium real exchange rate that is consistent with internal and external equilibrium are used to estimate the degree of currency misalignment for Korea, Indonesia, Malaysia, and Thailand before the 1997 currency crisis. The paper finds that the purchasing power parity based methods show that the Asian currencies were not significantly overvalued on the eve of the crisis. On the other hand, measures based on the equilibrium real exchange rate concept demonstrate that the Asian currencies were significantly overvalued. In consequence, the equilibrium real exchange rate based method seems to be a useful candidate for a measure of currency misalignment.

  6. The influence of psychosocial factors in veteran adjustment to civilian life.

    Science.gov (United States)

    Bowes, Margaret A; Ferreira, Nuno; Henderson, Mike

    2018-03-25

    Although most veterans have a successful transition to civilian life when they leave the military, some struggle to cope and adjust to the demands and challenges of civilian life. This study explores how a variety of psychosocial factors influence veteran adjustment to civilian life in Scotland, UK, and which of these factors predict a poor adjustment. One hundred and fifty-four veterans across Scotland completed a set of questionnaires that measured veteran adjustment difficulty, quality of life, mental health, stigma, self-stigma, attitude towards help-seeking, likelihood of help-seeking, experiential avoidance, reappraisal and suppression. Veteran adjustment difficulty and quality of life were significantly correlated to a number of psychosocial factors. Mental health, experiential avoidance and cognitive reappraisal were found to be predictors of veteran adjustment difficulty, and experiential avoidance and cognitive reappraisal partially mediated the relationship between mental health and veteran adjustment, with experiential avoidance being the stronger mediator. Our findings suggest that early assessment of experiential avoidance and cognitive reappraisal and the provision of relevant emotion regulation skills training could potentially reduce the veteran's need for more complex (and costly) psychological interventions in the future. Implications for veterans, as well as the services and professionals involved with veteran transition and health care are discussed. Copyright © 2018 John Wiley & Sons, Ltd.

  7. What currency do bumble bees maximize?

    Directory of Open Access Journals (Sweden)

    Nicholas L Charlton

    2010-08-01

    Full Text Available In modelling bumble bee foraging, net rate of energetic intake has been suggested as the appropriate currency. The foraging behaviour of honey bees is better predicted by using efficiency, the ratio of energetic gain to expenditure, as the currency. We re-analyse several studies of bumble bee foraging and show that efficiency is as good a currency as net rate in terms of predicting behaviour. We suggest that future studies of the foraging of bumble bees should be designed to distinguish between net rate and efficiency maximizing behaviour in an attempt to discover which is the more appropriate currency.

  8. Unemployment Gap in the Currency Board Regime

    OpenAIRE

    Novak Kondić; Borivoje D. Krušković

    2013-01-01

    A currency board combines three elements: a fixed exchange rate between a country’s currency and an “anchor currency,” automatic convertibility, and a long-term commitment to the system, often made explicit in the central bank law. The main reason for countries to consider a currency board is to demonstrate that they are pursuing an anti-inflationary policy. The mechanism works through changes in the money supply, which lead to interest rate changes, which, in turn, encourage funds to move be...

  9. Cognitive processing of currency: Euros and Dollars.

    Science.gov (United States)

    Macizo, Pedro; Morales, Luis

    2015-11-01

    In the current study, we evaluated whether the processing of currency was determined by familiarity of people with banknotes. In Experiment 1, participants who used the Euro currency named sequences of Euro banknotes and Dollar banknotes blocked by category or mixed with exemplars of other categories. The participants showed an interference effect in the blocked context with Dollar banknotes but not with Euro banknotes. In Experiment 2, the interference effect was observed with Euro banknotes when participants were not familiar with the Euro currency. These results suggest that the semantic processing of banknotes depends on the participants' familiarity with currency. © 2015 The British Psychological Society.

  10. A method to adjust radiation dose-response relationships for clinical risk factors

    DEFF Research Database (Denmark)

    Appelt, Ane Lindegaard; Vogelius, Ivan R

    2012-01-01

    Several clinical risk factors for radiation induced toxicity have been identified in the literature. Here, we present a method to quantify the effect of clinical risk factors on radiation dose-response curves and apply the method to adjust the dose-response for radiation pneumonitis for patients...

  11. LENDING IN FOREIGN CURRENCY AND CURRENT CHALLENGES AT EUROPEAN LEVEL

    Directory of Open Access Journals (Sweden)

    ȘARGU Alina Camelia

    2012-12-01

    Full Text Available In recent years, most countries in Central and Eastern Europe, Member States of the EU, that we selected for the analysis (Bulgaria, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania have recorded a significant expansion of lending in foreign currency, which was one of the major factors of the accelerated growth of loans to economy. Such developments have led to an increase of indebtedness in foreign currency of the non-financial private sector, especially of the households and of the accumulation of major macroeconomics and financial imbalances. The issue of lending in foreign currency, the determinants of increasing the share of loans in foreign currency and the risks generated at the level of financial stability are the subject of numerous studies, including: Basso, Calvo-Gonzales and Jurgilas (2007; Rosenberg and Tirpak (2008; Csajbók-Andras et al. (2010; Zettelmeyer, Nagy and Jeffrey (2010. Another significant issue addressed in the specialized literature regarding foreign currency loans refers to the role of monetary policy in limiting growth of these loans. Thus, in addition to those noted studies we remark other studies, such as: Kiss et al. (2006; Sirtaine and Skamnelos (2007; Hilbers et al. (2006; Brzoza-Brzezina et al. (2010. Our paper complements the specialized literature on the approached subject, in particular, by highlighting and discussing current issues of high interest for policymakers, both at national and European level regarding lending in foreign currency. The extremely negative implications of lending in foreign currency on financial stability in most countries under review, outlined clearly in the context of the current crisis, determined the focus of the policymakers concern, both at European and national level, regarding the issue of foreign currency loans, which became one of the most discussed issues on the agenda of the monetary-financial authorities. The aim of our research is to

  12. Factors protecting against the development of adjustment difficulties in young adults exposed to childhood sexual abuse.

    Science.gov (United States)

    Lynskey, M T; Fergusson, D M

    1997-12-01

    The aims of this study were to identify the factors which discriminated young people exposed to childhood sexual abuse (CSA) who developed psychiatric disorder or adjustment difficulties in young adulthood from those young people exposed to CSA who did not develop psychiatric disorder or adjustment difficulties by age 18. Data were gathered on a birth cohort of 1,025 New Zealand children studied from birth to the age of 18 on (a) exposure to CSA; (b) patterns of psychiatric disorder and adjustment difficulties at age 18 years; (c) factors that may have influenced responses to CSA including characteristics of the abuse, parental bonding, parental characteristics, and adolescent peer affiliations. Just over 10% of the cohort reported CSA. Those reporting CSA were at increased risks of a range of difficulties at age 18 (depression, anxiety, conduct disorder, alcohol abuse/dependence, other substance abuse/dependence, post sexual abuse trauma, attempted suicide). However, not all of those exposed to CSA developed difficulties and approximately a quarter of those exposed to CSA did not meet criteria for any adjustment difficulty. Further analysis suggested that the extent of adjustment difficulties in those exposed to CSA was influenced by two additional factors: (a) the extent of affiliations with delinquent or substance using peers in adolescence; and (b) the extent of paternal care or support in childhood. The findings of this study suggest that while young people exposed to CSA are at increased risks of psychiatric disorder and adjustment difficulties in young adulthood, not all individuals exposed to CSA will develop adjustment difficulties. Important factors protecting against the development of adjustment difficulties in young people experiencing CSA appear to be the nature and quality of peer and family relationships.

  13. A New Scale Factor Adjustment Method for Magnetic Force Feedback Accelerometer

    Directory of Open Access Journals (Sweden)

    Xiangqing Huang

    2017-10-01

    Full Text Available A new and simple method to adjust the scale factor of a magnetic force feedback accelerometer is presented, which could be used in developing a rotating accelerometer gravity gradient instrument (GGI. Adjusting and matching the acceleration-to-current transfer function of the four accelerometers automatically is one of the basic and necessary technologies for rejecting the common mode accelerations in the development of GGI. In order to adjust the scale factor of the magnetic force rebalance accelerometer, an external current is injected and combined with the normal feedback current; they are then applied together to the torque coil of the magnetic actuator. The injected current could be varied proportionally according to the external adjustment needs, and the change in the acceleration-to-current transfer function then realized dynamically. The new adjustment method has the advantages of no extra assembly and ease of operation. Changes in the scale factors range from 33% smaller to 100% larger are verified experimentally by adjusting the different external coefficients. The static noise of the used accelerometer is compared under conditions with and without the injecting current, and the experimental results find no change at the current noise level, which further confirms the validity of the presented method.

  14. A New Scale Factor Adjustment Method for Magnetic Force Feedback Accelerometer.

    Science.gov (United States)

    Huang, Xiangqing; Deng, Zhongguang; Xie, Yafei; Li, Zhu; Fan, Ji; Tu, Liangcheng

    2017-10-27

    A new and simple method to adjust the scale factor of a magnetic force feedback accelerometer is presented, which could be used in developing a rotating accelerometer gravity gradient instrument (GGI). Adjusting and matching the acceleration-to-current transfer function of the four accelerometers automatically is one of the basic and necessary technologies for rejecting the common mode accelerations in the development of GGI. In order to adjust the scale factor of the magnetic force rebalance accelerometer, an external current is injected and combined with the normal feedback current; they are then applied together to the torque coil of the magnetic actuator. The injected current could be varied proportionally according to the external adjustment needs, and the change in the acceleration-to-current transfer function then realized dynamically. The new adjustment method has the advantages of no extra assembly and ease of operation. Changes in the scale factors range from 33% smaller to 100% larger are verified experimentally by adjusting the different external coefficients. The static noise of the used accelerometer is compared under conditions with and without the injecting current, and the experimental results find no change at the current noise level, which further confirms the validity of the presented method.

  15. Child, parent and family factors as predictors of adjustment for siblings of children with a disability.

    Science.gov (United States)

    Giallo, R; Gavidia-Payne, S

    2006-12-01

    Siblings adjust to having a brother or sister with a disability in diverse ways. This study investigated a range of child, parent and family factors as predictors of sibling adjustment outcomes. Forty-nine siblings (aged 7-16 years) and parents provided information about (1) sibling daily hassles and uplifts; (2) sibling coping; (3) parent stress; (4) parenting; and (5) family resilience. Multiple regression techniques were used. It was found that parent and family factors were stronger predictors of sibling adjustment difficulties than siblings' own experiences of stress and coping. Specifically, socio-economic status, past attendance at a sibling support group, parent stress, family time and routines, family problem-solving and communication, and family hardiness-predicted sibling adjustment difficulties. Finally, siblings' perceived intensity of daily uplifts significantly predicted sibling prosocial behaviour. The results revealed that the family level of risk and resilience factors were better predictors of sibling adjustment than siblings' own experiences of stress and coping resources, highlighting the importance of familial and parental contributions to the sibling adjustment process. The implications of these results for the design of interventions and supports for siblings are discussed.

  16. Factors Moderating the Relationship Between Childhood Trauma and Premorbid Adjustment in First-Episode Schizophrenia.

    Science.gov (United States)

    Kilian, S; Burns, J K; Seedat, S; Asmal, L; Chiliza, B; Du Plessis, S; Olivier, M R; Kidd, M; Emsley, R

    2017-01-01

    Childhood trauma is a recognised risk factor for schizophrenia. It has been proposed that childhood trauma interferes with normal neurodevelopment, thereby establishing a biological vulnerability to schizophrenia. Poor premorbid adjustment is frequently a precursor to schizophrenia, and may be a manifestation of neurodevelopmental compromise. We investigated the relationship between childhood trauma and premorbid adjustment in 77 patients with first-episode schizophrenia spectrum disorders. We also investigated possible mediating roles for other selected risk factors in the relationship. We found several significant correlations between different trauma types and both social and academic premorbid adjustment from childhood to late adolescence. There were no significant moderating effects for family history of schizophrenia or family history of psychiatric disorder. History of obstetric complications, substance abuse and poor motor coordination weakened some of the associations between childhood trauma and premorbid adjustment, while poor sequencing of motor acts strengthened the association. Our results confirm previous studies indicating an association between childhood trauma and premorbid adjustment. Results indicate a general rather than specific association, apparent with different types of trauma, and affecting both social and academic components of premorbid adjustment across childhood, early and late adolescence. Further, our results suggest a complex interplay of various risk factors, supporting the notion of different pathways to psychosis.

  17. Foreign currency returns and systematic risks

    NARCIS (Netherlands)

    Galsband, V.; Nitschka, T.

    2015-01-01

    We apply an empirical approximation of the intertemporal capital asset pricing model (ICAPM) to show that cross-sectional dispersion in currency returns can be rationalized by differences in currency excess returns' sensitivities to the market return's cash-flow news component. This finding echoes

  18. Fake currency detection using image processing

    Science.gov (United States)

    Agasti, Tushar; Burand, Gajanan; Wade, Pratik; Chitra, P.

    2017-11-01

    The advancement of color printing technology has increased the rate of fake currency note printing and duplicating the notes on a very large scale. Few years back, the printing could be done in a print house, but now anyone can print a currency note with maximum accuracy using a simple laser printer. As a result the issue of fake notes instead of the genuine ones has been increased very largely. India has been unfortunately cursed with the problems like corruption and black money. And counterfeit of currency notes is also a big problem to it. This leads to design of a system that detects the fake currency note in a less time and in a more efficient manner. The proposed system gives an approach to verify the Indian currency notes. Verification of currency note is done by the concepts of image processing. This article describes extraction of various features of Indian currency notes. MATLAB software is used to extract the features of the note. The proposed system has got advantages like simplicity and high performance speed. The result will predict whether the currency note is fake or not.

  19. THE ROLE OF MODERN WORLD CURRENCIES IN PRIVATE SECTOR

    Directory of Open Access Journals (Sweden)

    Inna Kudryashova

    2018-01-01

    Full Text Available The authors compare the factors determining the scale of international world currencies transactions as saving means and means of payment. The change in the role of the US dollar, euro, pound sterling, Japanese Yen and Chinese Yuan in the private sector over the past few decades are also juxtaposed with the previous factors. The conclusion is made about an incomplete correlation of modern conditions determining the international demand for a common European and Chinese national currency, and the demand for the volumes of their use in the world. On the basis of the comparative analysis of the volumes of world currencies transactions in different spheres, the authors demonstrate the top priority of the means of payment function in the process of calling forth the demand for these means on the part of non-residents using them as payment and saving means. It is proved that the main reasons of maintaining the dominant role of the US dollar as a world currency in the private sector are the leading position of the American economy concerning its contribution into the creation of the world product, support of a relatively high level of the development of the national financial market of the USA, long-term period of the American currency being world unit of account, low operation costs concerning the operations with them and also the inertia character of private actors of the world economy. It is shown that in a short-term period in case of a further growth of the economic power of the euro zone and China, provision of a complete convertibility of the Yuan and removal of the restrictions for non-residents in the Chinese financial market and also in case of maintaining a stable economic situation in the USA, the function of the world money will be carried out mainly by the American dollar.

  20. Currency Risk Management under Floating Rates

    Directory of Open Access Journals (Sweden)

    Nicu Duret

    2016-09-01

    Full Text Available As for the research into this subject, we find, therefore, that one of the most important indicators that quantify the international competitiveness is the exchange rate, together with other fundamental macroeconomic variables such as the size of the potential GDP, the equilibrium real exchange rate, gives a certain insight into the functioning of the fundamental macroeconomic mechanisms and their regulation. Commercial and financial operations imply relationships between partners from different currency countries or areas that involve conversion operations, of replacement of a currency to another. Exchange rate fluctuations of one currency create currency risk, to the extent that it is used to carry out international transactions. These operations are subjected to currency risk as exchange rates change frequently from one period to another and, on the other hand, speculations in the forex market influence the exchange rate by the interventions of those who perform them.

  1. DOES CURRENCY SUBSTITUTION AFFECT EXCHANGE RATE VOLATILITY?

    Directory of Open Access Journals (Sweden)

    Hisao Kumamoto

    2014-10-01

    Full Text Available This study investigates the impacts of the degree of currency substitution on nominal exchange rate volatility in seven countries (Indonesia, the Philippines, the Czech Republic, Hungary, Poland, Argentina, and Peru. We use the Threshold ARCH model to consider the ratchet effect of currency substitution and sample periods in the 2000s, during which time the economies of the sample countries stabilized, while the U.S. dollar and euro depreciated against other major currencies following the recent global financial crisis. The presented empirical analyses show that the degree of currency substitution has significant positive effects on the conditional variance of the depreciation rate of the nominal exchange rate in most sample countries. Moreover, a shock to the depreciation rate of the nominal exchange rate has asymmetric effects on the conditional variance, depending on the sign. One possible explanation for these differential effects is the existence of the ratchet effect of currency substitution.

  2. The quest for sound money: currency boards to the rescue

    OpenAIRE

    Norman S. Fieleke

    1992-01-01

    Some countries with high inflation have adopted another nation’s more stable currency: Panama uses the U.S. dollar, gaining price stability and easier trade with its primary partner. But this arrangement grants an interest-free loan to the government whose currency is used. And the nation using the currency forgoes any income on the foreign currency holdings. ; One alternative, a currency board, achieves the other country’s monetary stability without these costs. Currency boards issue a domes...

  3. Essays on Currency Competition, Institutional Restrictions and Exchange Rates

    OpenAIRE

    Bhattacharya, Arghya

    2017-01-01

    This dissertation consists of three essays on currency competition, institutional restrictions and exchange rates. When faced with currency competition, a country's government has two tools at its disposal: reduce the level of inflation or place institutional barriers to the use of foreign currency. In the first chapter, I propose a two-country, two-currency New Monetarist model to study currency competition. I model institutional barriers as a `tax' on the real value of foreign currency hol...

  4. Bitcoin: the currency of cyberspace

    Directory of Open Access Journals (Sweden)

    Hindenburgo Francisco Pires

    2017-10-01

    Full Text Available The recent global expansion of the use of virtual currency became an object of debate at the last three United Nations Internet Governance Forums (IGF for 2014, 2015 and 2016. Capitalization, rapid and geographic expansion of the use of cryptocurrencies drew attention to researchers, mobilized repre- sentatives of civil society, and entrepreneurs in various parts of the world, which showed interest on the development of innovations driven by the ex- pansion of globalized use of this new type of economic activity. This work has as main objectives: to analyze how the recent financial crisis of capital- ism influenced the emergence and the geographical expansion of the uses of cryptocurrencies; reflect on services and activities that use cryptocurrencies, bitcoins and blockchains, and discuss the challenges posed by the growth of the uses of cryptocurrencies.

  5. The USA National Longitudinal Lesbian Family Study (NLLFS): homophobia, psychological adjustment, and protective factors

    NARCIS (Netherlands)

    Bos, H.M.W.; Gartrell, N.K.; Peyser, H.; van Balen, F.

    2008-01-01

    The study assessed the influence of protective factors on the psychological adjustment of children who had experienced homophobia and whose mothers were participants in a longitudinal study of planned lesbian families. Data were collected as part of the National Longitudinal Lesbian Family Study by

  6. School Adjustment of Pupils with ADHD: Cognitive, Emotional and Temperament Risk Factors

    Science.gov (United States)

    Sanchez-Perez, Noelia; Gonzalez-Salinas, Carmen

    2013-01-01

    From different research perspectives, the cognitive and emotional characteristics associated with ADHD in children have been identified as risk factors for the development of diverse adjustment problems in the school context. Research in nonclinical population can additionally help in understanding ADHD deficits, since children with specific…

  7. Factors Moderating Children's Adjustment to Parental Separation: Findings from a Community Study in England

    Science.gov (United States)

    Cheng, Helen; Dunn, Judy; O'Connor, Thomas G.; Golding, Jean

    2006-01-01

    Research findings show that there is marked variability in children's response to parental separation, but few studies identify the sources of this variation. This prospective longitudinal study examines the factors modifying children's adjustment to parental separation in a community sample of 5,635 families in England. Children's…

  8. World currency exchange rate cross-correlations

    Science.gov (United States)

    Droå¼dż, S.; Górski, A. Z.; Kwapień, J.

    2007-08-01

    World currency network constitutes one of the most complex structures that is associated with the contemporary civilization. On a way towards quantifying its characteristics we study the cross correlations in changes of the daily foreign exchange rates within the basket of 60 currencies in the period December 1998 May 2005. Such a dynamics turns out to predominantly involve one outstanding eigenvalue of the correlation matrix. The magnitude of this eigenvalue depends however crucially on which currency is used as a base currency for the remaining ones. Most prominent it looks from the perspective of a peripheral currency. This largest eigenvalue is seen to systematically decrease and thus the structure of correlations becomes more heterogeneous, when more significant currencies are used as reference. An extreme case in this later respect is the USD in the period considered. Besides providing further insight into subtle nature of complexity, these observations point to a formal procedure that in general can be used for practical purposes of measuring the relative currencies significance on various time horizons.

  9. An attempt to categorize Hungarian community currencies

    Directory of Open Access Journals (Sweden)

    Eszter Szemerédi

    2018-04-01

    Full Text Available Since the emergence of complementary currencies in the 1980s there have been numerous attempts to classify them, despite that the terms local currency, community currency and many others describing place-based monetary tools are not considered similarly by scholars. The local currencies take many forms, and local governments play different roles in their emergence and development. In Hungary there has been an increasing attention and discussion around the idea of implementing these alternative monetary tools. There is a growing number of working complementary currencies in Hungary, but academic research focuses mostly on whether these can contribute to the local development and what kind of effects they have. The aim of this paper is to present a possible categorization of Hungarian complementary currencies based on the role local governments played in their implementation. I evaluate whether these community currencies are effective at first, and attempt to categorize them based on their purpose, association form and their relationships with local governments, with the purpose of increasing awareness for these initiatives in the process of policy-making.

  10. What is the New Chinese Currency Regime?

    OpenAIRE

    Shah, Ajay; Zeileis, Achim; Patnaik, Ila

    2005-01-01

    The revaluation of the yuan in July 2005 was described by the Chinese central bank as a change in the currency regime, rather than merely a changed level of the exchange rate. The reform was said to involve a shift away from the fixed exchange rate, a gradual movement towards greater flexibility, and a peg to a basket of currencies. This paper closely examines the post-July Chinese currency regime utilising contemporary ideas in the econometrics of structural change. We find that the yuan has...

  11. The Third Currency War as an Effect of Post-Crisis Changes in the International Currency System. The Risk Aspect - the Case Analyses of Brazil

    Directory of Open Access Journals (Sweden)

    Jacek Pera

    2018-03-01

    Full Text Available Aim/purpose - The objectives of the paper include: identification of factors that influence the directions of fluctuations of foreign exchange rates seen as manifestations of currency wars; description of the most important forms of currency wars conducted in the contemporary global economy (including in particular the currently observed third currency war; analysis of risks to contemporary financial markets and national economies posed by the third currency war. Design/methodology/approach - The paper uses the method of critical analysis of the literature on the subject, as well as US-China and Brazil case analyses. The Propensity Score Matching method was used in the study. Findings - The research findings confirmed the following hypotheses: contemporary fluctuations of foreign exchange rates in the largest economies of the world confirm that the third currency war is ongoing; the risk of consequences of the currency war destabilises the international and local financial markets and trade transactions among them. Research implications/limitations - The limited scope of the research performed is due to the fact that emerging economies have no control of devaluation or revaluation processes in their respective countries. However, large economies, such as China or Japan, are able to create the value of their respective currencies, thus artificially controlling the competitiveness of their products and services. These differences between small and large economies limit and distort the scope of the research done. Originality/value/contribution - Identification, analysis and results of the risks to contemporary financial markets and national economies posed by the third currency war(original abstract

  12. Iranian Version of the Mini-Mental Adjustment to Cancer Scale: Factor Structure and Psychometric Properties.

    Science.gov (United States)

    Patoo, Mozhgan; Allahyari, Abbas Ali; Moradi, Ali Reza; Payandeh, Mehrdad

    2015-01-01

    Mental adjustment to cancer is known as a psychological, physical, and psychological health variable among cancer patients. The present study examines the factor structure and psychometric properties of the Mini-Mental Adjustment to Cancer scale (Mini-MAC) in a sample of Iranian adults who suffer from cancer. The sample consists of 320 cancer patients selected through non-random convenient sampling procedure from the hospitals and clinics in the cities of Kermanshah and Shiraz in Iran, using the Mini-MAC scale. One hundred of these patients also completed the Hospital Anxiety and Depression scale. Statistical methods used to analyze the data included confirmatory and exploratory factor analysis, discriminate validity, and Cronbach alpha coefficients for internal consistency. Factor analysis confirms five factors in the Mini-MAC. The values of fit indices are within the acceptable range. Significant correlations between the Mini-MAC and other measures also show that this scale has discriminate validity. Alpha coefficients for the subscales are Helplessness/Hopelessness,.94; Cognitive Avoidance.76; Anxious Preoccupation,.90; Fatalism,.77; Fighting Spirit.80; and total scale.84, respectively. The results confirm the five-factor structure of the Persian Mini-MAC scale and also prove that it is a reliable and valid scale. They show that this scale has sufficient power to measure different aspects of mental adjustment in patients with cancer.

  13. Currency Integration under Labor Mobility: when Cost is incurred

    OpenAIRE

    Yoshimi, Taiyo

    2014-01-01

    We assess whether renouncing monetary policy autonomy becomes a cost of currency integration under labor mobility in the framework of the New Open Economy Macroeconomics. Assuming Nash equilibrium among central banks of candidate countries, we find that the forfeiture of monetary policy autonomy becomes a cost when country-specific total factor productivity shocks hit them, labor input weights differ between candidate countries, and country specific shocks on marginal disutility of labor occu...

  14. Trading algorithms for high-frequency currency trading

    OpenAIRE

    Garoosi, Shahab

    2018-01-01

    This thesis uses modern portfolio theory together with machine learning techniques to generate stable portfolio returns over eleven currency pairs with spreads included. The backtests show that support vector machine predicted future returns better than neural network and linear regression. Principal component analysis and data smoothing combined with the local outlier factor further improved the performance of the trading algorithm. However, the ensemble of the top performed predictor perfor...

  15. Do co-jumps impact correlations in currency markets?

    Czech Academy of Sciences Publication Activity Database

    Baruník, J.; Vácha, Lukáš

    Roč. 37, č. 1 ( 2018 ), s. 97-119 ISSN 1386-4181 Grant - others:GA ČR GA16-14151S Institutional support: RVO:67985556 Keywords : Co-jumps * Currency markets * Realized covariance * Wavelets * Bootstrap Subject RIV: AH - Economics OBOR OECD: Finance Impact factor: 1.134, year: 2016 http://library.utia.cas.cz/separaty/ 2018 /E/vacha-0487659.pdf

  16. An investigation on important factors influencing on forecasted earnings adjustment: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Fatemeh Babakhani

    2014-01-01

    Full Text Available This paper presents an empirical investigation to detect important factors influencing earning adjustment on firms selected on Tehran Stock Exchange over the period 2006-2011. There are four independent variables associated with the proposed study of this paper including Proportion of shares owned by institutional investors, Return on assets, Profit change and Market value to book value. In addition, Investment restructuring is considered as control variable. The results of the implementation of regression analysis indicate that there was a reverse relationship between earning forecasted adjustment and two independent variables including size of firm as well as the ratio of market value to book value. However, Net profit has a direct and positive relationship with earning forecast adjustment.

  17. 31 CFR 100.8 - Packaging of mutilated currency.

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 1 2010-07-01 2010-07-01 false Packaging of mutilated currency. 100.8 Section 100.8 Money and Finance: Treasury Regulations Relating to Money and Finance EXCHANGE OF PAPER CURRENCY AND COIN Exchange of Mutilated Paper Currency § 100.8 Packaging of mutilated currency...

  18. Information Asymmetry and Foreign Currency Borrowing by Small Firms

    NARCIS (Netherlands)

    Brown, M.; Ongena, S.; Yesin, P.

    2011-01-01

    We model the choice of loan currency in a framework which features a trade-off between lower cost of debt and the risk of firm-level distress costs. Under perfect information foreign currency funds come at a lower interest rate, all foreign currency earners as well as those local currency earners

  19. 31 CFR 100.6 - Destroyed paper currency.

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 1 2010-07-01 2010-07-01 false Destroyed paper currency. 100.6 Section 100.6 Money and Finance: Treasury Regulations Relating to Money and Finance EXCHANGE OF PAPER CURRENCY AND COIN Exchange of Mutilated Paper Currency § 100.6 Destroyed paper currency. No relief will be...

  20. 31 CFR 100.5 - Mutilated paper currency.

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 1 2010-07-01 2010-07-01 false Mutilated paper currency. 100.5 Section 100.5 Money and Finance: Treasury Regulations Relating to Money and Finance EXCHANGE OF PAPER CURRENCY AND COIN Exchange of Mutilated Paper Currency § 100.5 Mutilated paper currency. (a) Lawfully held...

  1. Factors Related to Healthy Siblings' Psychosocial Adjustment to Children With Cancer: An Integrative Review.

    Science.gov (United States)

    Zegaczewski, Tara; Chang, Karen; Coddington, Jennifer; Berg, Abby

    2016-01-01

    To identify factors related to the psychosocial adjustment of healthy siblings of children with cancer (HSCC). An integrative review was conducted. Controlled vocabularies relevant to siblings, pediatrics, children, neoplasms, and psychosocial adaptation were used to search Cumulative Index to Nursing & Allied Health Literature and PubMed. Articles that met inclusion criteria (eg, quantitative studies related to HSCC's psychosocial adjustment; had sample sizes of at least 30; and HSCC age between 1 and 19 years) were reviewed. Key findings of selected articles were analyzed according to sibling characteristics, social support, and contextual factors. Seven nonexperimental and 5 quasi-experimental studies were reviewed. HSCC's characteristics (eg, age, gender), perceived social support from family and summer camp, and perceived contextual factors (eg, role overload, family adaptability) were significant factors that correlated with HSCC's psychosocial adjustment. When caring for a child diagnosed with cancer, nurses need to include HSCC in the assessment of a family unit's adaptation to cancer distress and provide appropriate interventions to promote HSCC's psychosocial well-being. © 2015 by Association of Pediatric Hematology/Oncology Nurses.

  2. Founding Digital Currency on Imprecise Commodity

    OpenAIRE

    Yuan, Zimu; Xu, Zhiwei

    2015-01-01

    Current digital currency schemes provide instantaneous exchange on precise commodity, in which "precise" means a buyer can possibly verify the function of the commodity without error. However, imprecise commodities, e.g. statistical data, with error existing are abundant in digital world. Existing digital currency schemes do not offer a mechanism to help the buyer for payment decision on precision of commodity, which may lead the buyer to a dilemma between having to buy and being unconfident....

  3. Recurrence plots of exchange rates of currencies

    OpenAIRE

    Sparavigna, Amelia Carolina

    2014-01-01

    Used to investigate the presence of distinctive recurrent behaviours in natural processes, the recurrence plots can be applied to the analysis of economic data, and, in particular, to the characterization of exchange rates of currencies too. In this paper, we will show that these plots are able to characterize the periods of oscillation and random walk of currencies and enhance their reply to news and events, by means of texture transitions. The examples of recurrence plots given here are obt...

  4. Currency Substitution and Inflation in Peru

    OpenAIRE

    Liliana Rojas-Suárez

    1992-01-01

    This paper shows that there is a long-run relationship between the expected rate of depreciation in the black-market-exchange rate and the ratio of domestic to foreign money in Peru; that is, the hypothesis of currency substitution can explain the behavior of real holdings of money in Peru. The paper also shows that, while the importance of currency substitution as a transmission mechanism through which domestic policies affected the dynamics of inflation was relatively small during a period ...

  5. Electronic Currency in the Light of Modern Legal and Economic Challenges

    Directory of Open Access Journals (Sweden)

    Olga А. Nikolaychuk

    2017-03-01

    Full Text Available The author gives a brief excursus on the crypto-currency development, the theoretical understanding of a new kind of digital money. Today in the world there is no single interpretation of the crypto-currency, in some sources it is treated as a currency, others as a commodity or raw material. The appearance and use of Bitcoin (the main crypto-currency are considered by some authors as the evolution of the global financial system. The history of the crypto-currency origin, the distinctive features of cryptocurrency from the usual currency, the specifics of their use and relation to these governments are investigated and characterized by their legal status. There are real limitations in Australia, Germany, the Netherlands, New Zealand, Singapore, some US States and various offshore, they might constitute restrictive measures, as in Indonesia, China, Russia, and Ukraine. Many governments chose a wait – for example, the EU, UK, Switzerland, USA, Canada, Japan, countries of South-East Asia. The most significant signs of cryptocurrencies, such as decentralization, anonymity and lack of guarantees are marked. Two possible scenarios of crypto-currency development in Russia are proposed. The first scenario is prohibitive and the second one is regulatory. It is noted that the bitcoin should be banned, and should be studied, and then start to gradually adjust. Its benefits and disadvantages of the scenario use are highlighted. In addition, the author emphases the almost complete lack of a legal framework governing relations between clients of the new information network. As a result the study is focused not only on the necessity a detailed scientific study of crypto-currencies, but also on the need to develop institutional norms. Most of the developed countries adapt their legislation to regulate the new electronic money, which will allow slow to adapt innovation of the financial market - a crypto-currency to modern realities. As in Russia the legal basis

  6. Bitcoin – the World-Wide Currency

    Directory of Open Access Journals (Sweden)

    Shuba Olena А.

    2017-11-01

    Full Text Available The article is aimed at researching bitcoin, the digital currency. It has been found that Bitcoin is a cryptocurrency, that is, the virtual money, which has no material equivalent. The history of creation and development of cryptocurrency was reviewed. There is a reduction in volatility, which guarantees the security of currency, as well as the increase in currency volume and the inability to estimate the profitability of bitcoins. The dynamics of the value of digital currency in US dollars over recent years has been analyzed. Improvement of attitude of many countries to the considered cryptocurrency, in particular the USA, Germany, Spain, Canada, Australia, Israel and Scandinavian countries has been identified. The reasons of Ukraine’s interest in Bitcoin have been considered. Possibilities of creation of cryptocurrency on the territory of Ukraine have been analyzed, i.e. cost of electricity for mining, the legal status of mining firms, and the attitude of the National Bank of Ukraine to the digital currency. It has been concluded that the recognition of Bitcoin by the world countries in the future will allow it to be granted the status of world-wide currency.

  7. A systematic review of psychosocial factors associated with emotional adjustment in in vitro fertilization patients.

    Science.gov (United States)

    Rockliff, Helen E; Lightman, Stafford L; Rhidian, Emily; Buchanan, Heather; Gordon, Uma; Vedhara, Kavita

    2014-01-01

    IVF treatment is usually stressful for patients, but individual differences in emotional response do exist. Differences in the stress response may be related to reproductive outcomes as well as to the development of psychiatric problems. This review collates research exploring which psychosocial factors (e.g. personality traits and coping strategies) are associated with the emotional adjustment of IVF patients. The aim is to reveal what is currently known about risk and protective factors for coping with the stress of IVF treatment and where further enquiry would be most beneficial. The databases, MEDLINE/PUBMED (US National Library of Medicine), PsycINFO (American Psychological Association), Web of Science (Social Sciences Citation Index) and EMbase, were searched from 1978 to September 2012 using relevant key words. All published peer-reviewed studies exploring associations between psychosocial factors and emotional adjustment outcomes were considered for inclusion. There were 23 studies identified for review. One-third of the psychosocial factors explored were found to be significantly related to emotional adjustment outcome measures. Neuroticism and the use of escapist coping strategies were positively associated with distress by multiple studies. Social support was negatively associated with distress by several studies. A number of other psychosocial variables appear to be associated with distress, including self-criticism, dependency, situation appraisals and attachment style, but these have only been explored by one or two studies at most. There is a paucity of research using positive emotional outcome measures (e.g. well-being, positive affect, happiness or life satisfaction) to quantify emotional adjustment. Whilst some psychosocial variables appear to be consistently associated with distress for IVF patients, two-thirds of the variables tested to date do not appear to be associated with emotional adjustment. This review highlights key psychosocial factors

  8. [Family characteristics, organic risk factors, psychopathological picture and premorbid adjustment of hospitalized adolescent patients].

    Science.gov (United States)

    Małkiewicz-Borkowska, M; Namysłowska, I; Siewierska, A; Puzyńska, E; Sredniawa, H; Zechowski, C; Iwanek, A; Ruszkowska, E

    1996-01-01

    The relation of some family characteristics such as cohesion and adaptability with organic risk factors, developmental psychopathology, clinical picture and premorbid adjustment was assessed in the group of 100 hospitalized adolescent patients and families. We found correlation between: some of organic risk factors (pathology of neonatal period, pathology of early childhood), some of indicators of developmental psychopathology (eating disorders, conduct disorders), some of clinical signs (mannerism, grandiosity, hostility, suspciousness, disturbances of content of thinking), premorbid adjustment, and variables related to families, described before. We think that biological variables characterizing child (pathology of neonatal period, pathology of early childhood) have an influence on some family characteristics as independent variable. General system theory and circular thinking support these conclusions. In order to verify them, it is necessary to undertake further investigations, based on other methodology, using this results as preliminary findings.

  9. Adjusting for multiple prognostic factors in the analysis of randomised trials

    Science.gov (United States)

    2013-01-01

    Background When multiple prognostic factors are adjusted for in the analysis of a randomised trial, it is unclear (1) whether it is necessary to account for each of the strata, formed by all combinations of the prognostic factors (stratified analysis), when randomisation has been balanced within each stratum (stratified randomisation), or whether adjusting for the main effects alone will suffice, and (2) the best method of adjustment in terms of type I error rate and power, irrespective of the randomisation method. Methods We used simulation to (1) determine if a stratified analysis is necessary after stratified randomisation, and (2) to compare different methods of adjustment in terms of power and type I error rate. We considered the following methods of analysis: adjusting for covariates in a regression model, adjusting for each stratum using either fixed or random effects, and Mantel-Haenszel or a stratified Cox model depending on outcome. Results Stratified analysis is required after stratified randomisation to maintain correct type I error rates when (a) there are strong interactions between prognostic factors, and (b) there are approximately equal number of patients in each stratum. However, simulations based on real trial data found that type I error rates were unaffected by the method of analysis (stratified vs unstratified), indicating these conditions were not met in real datasets. Comparison of different analysis methods found that with small sample sizes and a binary or time-to-event outcome, most analysis methods lead to either inflated type I error rates or a reduction in power; the lone exception was a stratified analysis using random effects for strata, which gave nominal type I error rates and adequate power. Conclusions It is unlikely that a stratified analysis is necessary after stratified randomisation except in extreme scenarios. Therefore, the method of analysis (accounting for the strata, or adjusting only for the covariates) will not

  10. Dating currency crises with ad hoc and extreme value-based thresholds : East Asia 1970-2002 [dating currency crises

    NARCIS (Netherlands)

    Lestano, L; Jacobs, Jan P. A. M.

    2007-01-01

    Generally a currency crisis is defined to occur if an index of currency pressure exceeds a threshold. This paper compares currency crisis dating methods. For two definitions of currency pressure we contrast ad hoc and extreme value-based thresholds. We illustrate the methods with data of six East

  11. Adjustment of pipe flow explicit friction factor equations for application to tube bundles

    International Nuclear Information System (INIS)

    Wiltz, Christopher L.; Bowen, Mike D.; Von Olnhausen, Wayne A.

    2005-01-01

    Full text of publication follows: The accurate determination of single phase friction losses or friction pressure drop in tube bundles is essential in the thermal-hydraulic analyses of components such as nuclear fuel assemblies, heat exchangers and steam generators. Such friction losses are normally calculated using a friction factor, f, along with the experimental observation that the friction pressure drop in a pipe is proportional to the dynamic pressure (1/2 ρV 2 ) of the flow: ΔP = 1/2 ρV 2 (fL/D). In this equation L is the pipe or tube bundle length and D is the hydraulic diameter of the pipe or tube bundle. The friction factor is normally calculated using one of a number of explicit friction factor equations. A significant amount of work has been accomplished in developing explicit friction factor equations. These explicit equations range from approximations, which were developed for ease of numerical evaluation, to those which are mathematically complex but yield very good fits to the test data. These explicit friction factor equations are based on a large experimental data base, nearly all of which comes from pipe flow geometry information, and have been historically applied to tube bundles. This paper presents an adjustment method which may be applied to various explicit friction factor equations developed for pipe flow to accurately predict the friction factor for tube bundles. The characteristic of the adjustment is based on experimental friction pressure loss data obtained by Framatome ANP through flow testing of a nuclear fuel assembly (tube bundle) at its Richland Test Facility (RTF). Through adjustment of previously developed explicit friction factor equations for pipe flow, the vast amount of historical development and experimentation in the area of single phase pipe flow friction loss may be incorporated into the evaluation of single phase friction losses within tube bundles. Comparisons of the application of one or more of the previously

  12. Local Currency Financing--The Next Frontier for MDBs?

    OpenAIRE

    Hoschka, Tobias C.

    2005-01-01

    This paper surveys the issues involved in local currency financing by multilateral development banks (MDBs). While MDBs have traditionally provided financing in foreign currency to their borrowers, greater sensitivity by borrowers to potential currency mismatches, political decentralization, and the development of local capital markets have recently led MDBs to consider providing financing in local currency. While still small in comparison to MDBs' foreign currency financing, this paper argue...

  13. Environment-adjusted total-factor energy efficiency of Taiwan's service sectors

    International Nuclear Information System (INIS)

    Fang, Chin-Yi; Hu, Jin-Li; Lou, Tze-Kai

    2013-01-01

    This study computes the pure technical efficiency (PTE) and energy-saving target of Taiwan's service sectors during 2001–2008 by using the input-oriented data envelopment analysis (DEA) approach with the assumption of a variable returns-to-scale (VRS) situation. This paper further investigates the effects of industry characteristics on the energy-saving target by applying the four-stage DEA proposed by Fried et al. (1999). We also calculate the pre-adjusted and environment-adjusted total-factor energy efficiency (TFEE) scores in these service sectors. There are three inputs (labor, capital stock, and energy consumption) and a single output (real GDP) in the DEA model. The most energy efficient service sector is finance, insurance and real estate, which has an average TFEE of 0.994 and an environment-adjusted TFEE (EATFEE) of 0.807. The study utilizes the panel-data, random-effects Tobit regression model with the energy-saving target (EST) as the dependent variable. Those service industries with a larger GDP output have greater excess use of energy. The capital–labor ratio has a significantly positive effect while the time trend variable has a significantly negative impact on the EST, suggesting that future new capital investment should also be accompanied with energy-saving technology in the service sectors. - Highlights: • The technical efficiency and energy-saving target of service sectors are assessed. • The pre-adjusted and environment-adjusted total-factor energy efficiency scores in services are assessed. • The industrial characteristic differences are examined by the panel-data, random-effects Tobit regression model. • Labor, capital, and energy and an output (GDP) are included in the DEA model. • Future new capital investment should also be accompanied with energy-saving technology in the service sectors

  14. Four currencies outside the eurozone

    Directory of Open Access Journals (Sweden)

    Imre Vámos

    2015-12-01

    Full Text Available Purpose - In the European Union only a few countries have remained outside the eurozone. Among these countries with independent monetary policies few pursue a floating exchange rate regime: the Czech Republic, Hungary, Poland and Romania (IMF, 2013. The purpose of the paper is to examine whether there is a cointegrating relationship between the same underlying economic fundamentals and the real and nominal exchange rate of these countries against the euro. Design/methodology/approach – The quarterly data used for analysis for the period between 2000 and 2014 were provided by the Eurostat and European economy databases. After testing for unit root in the logarithmised data series Engel-Granger and Johansen tests are applied to discover the existence of longrun equilibrium relationships between the exchange rates and fundamentals explaining balance of payments equilibrium. Findings –Based on a uniform behavioural exchange rate model cointegration can only be revealed in the case of the Polish nominal exchange rate data, though simple OLS estimations indicate a strong relationship between fundamentals and exchange rates in the case of all the four countries. Research limitations/implications – The paper points out that it is difficult to prove the existence of any such relationship: making forecasts of the paths of equilibrium exchange rates is hampered by the lack of an adequate model, the short time series and the strong volatility of these currencies, especially the Hungarian forint and the Romanian leu. Another reason for the low explanatory value of various models can be frequent central bank intervention. Originality/value – As Dick et al. (2015 reveals good exchange rate estimates rely on the forecasters ability to understand the relation between fundamentals and the exchange rates mostly in times when exchange rate more strongly deviate from their PPP value. Therefore, applying more approaches for exchange rate analysis helps us

  15. French Complementary Currency Systems : Exploring Contributions to Promote Social Currency in Argentina

    NARCIS (Netherlands)

    R. Orzi (Ricardo)

    2015-01-01

    textabstractSince 2010 there has been an increasing proliferation of complementary currency systems (CCS) in France and other countries of Europe facing the Euro crisis. These CCS are shaped by the interest in a civic reclaim of the currency and the aspiration for a full-citizenship in which two

  16. Impact of selected risk factors on quality-adjusted life expectancy in Denmark

    DEFF Research Database (Denmark)

    Brønnum-Hansen, Henrik; Juel, Knud; Davidsen, Michael

    2007-01-01

    AIMS: The construct quality-adjusted life years (QALYs) combines mortality and overall health status and can be used to quantify the impact of risk factors on population health. The purpose of the study was to estimate the impact of tobacco smoking, high alcohol consumption, physical inactivity...... Health Survey 2000, and Danish EQ-5D values. RESULTS: The quality-adjusted life expectancy of 25-year-olds was 10-11 QALYs shorter for heavy smokers than for those who never smoke. The difference in life expectancy was 9-10 years. Men and women with high alcohol consumption could expect to lose about 5...... and 3 QALYs, respectively. Sedentary persons could expect to have about 7 fewer QALYs than physically active persons. Obesity shortened QALYs by almost 3 for men and 6 for women. CONCLUSIONS: Smoking, high alcohol consumption, physical inactivity, and obesity strongly reduce life expectancy and health...

  17. Molecular Analysis of Bacterial Microbiota on Brazilian Currency Note Surfaces

    Directory of Open Access Journals (Sweden)

    Tairacan Augusto Pereira da Fonseca

    2015-10-01

    Full Text Available Currency notes have been implicated as a vehicle for transmitting community-acquired bacterial infections. However, the overall diversity of the bacterial population residing on banknotes is still unknown in Brazil. In this study, we aimed to investigate the overall bacterial population from 150 different Brazilian Rial (R$ notes in circulation using a culture-independent Illumina massively parallel sequencing approach of the 16S rRNA genes. Samples were randomly collected from three different street markets or “feiras” in the metropolitan region of São Paulo. Taxonomical composition revealed the abundance of Proteobacteria phyla, followed by Firmicutes and Streptophyta, with a total of 1193 bacterial families and 3310 bacterial genera. Most of these bacterial genera are of human, animal, and environmental origins. Also, our analysis revealed the presence of some potential pathogenic bacterial genera including Salmonella, Staphylococcus, and Klebsiella. The results demonstrate that there is a tremendous diversity of bacterial contamination on currency notes, including organisms known to be opportunistic pathogens. One of the factors that may contribute to the richness of bacterial diversity in currency notes is personal hygiene. Thus, our results underscore the need to increase public awareness of the importance of personal hygiene of money handlers who also handle food.

  18. Molecular Analysis of Bacterial Microbiota on Brazilian Currency Note Surfaces.

    Science.gov (United States)

    Pereira da Fonseca, Tairacan Augusto; Pessôa, Rodrigo; Sanabani, Sabri Saeed

    2015-10-22

    Currency notes have been implicated as a vehicle for transmitting community-acquired bacterial infections. However, the overall diversity of the bacterial population residing on banknotes is still unknown in Brazil. In this study, we aimed to investigate the overall bacterial population from 150 different Brazilian Rial (R$) notes in circulation using a culture-independent Illumina massively parallel sequencing approach of the 16S rRNA genes. Samples were randomly collected from three different street markets or "feiras" in the metropolitan region of São Paulo. Taxonomical composition revealed the abundance of Proteobacteria phyla, followed by Firmicutes and Streptophyta, with a total of 1193 bacterial families and 3310 bacterial genera. Most of these bacterial genera are of human, animal, and environmental origins. Also, our analysis revealed the presence of some potential pathogenic bacterial genera including Salmonella, Staphylococcus, and Klebsiella. The results demonstrate that there is a tremendous diversity of bacterial contamination on currency notes, including organisms known to be opportunistic pathogens. One of the factors that may contribute to the richness of bacterial diversity in currency notes is personal hygiene. Thus, our results underscore the need to increase public awareness of the importance of personal hygiene of money handlers who also handle food.

  19. A Third Moment Adjusted Test Statistic for Small Sample Factor Analysis.

    Science.gov (United States)

    Lin, Johnny; Bentler, Peter M

    2012-01-01

    Goodness of fit testing in factor analysis is based on the assumption that the test statistic is asymptotically chi-square; but this property may not hold in small samples even when the factors and errors are normally distributed in the population. Robust methods such as Browne's asymptotically distribution-free method and Satorra Bentler's mean scaling statistic were developed under the presumption of non-normality in the factors and errors. This paper finds new application to the case where factors and errors are normally distributed in the population but the skewness of the obtained test statistic is still high due to sampling error in the observed indicators. An extension of Satorra Bentler's statistic is proposed that not only scales the mean but also adjusts the degrees of freedom based on the skewness of the obtained test statistic in order to improve its robustness under small samples. A simple simulation study shows that this third moment adjusted statistic asymptotically performs on par with previously proposed methods, and at a very small sample size offers superior Type I error rates under a properly specified model. Data from Mardia, Kent and Bibby's study of students tested for their ability in five content areas that were either open or closed book were used to illustrate the real-world performance of this statistic.

  20. Association between lifestyle factors and quality-adjusted life years in the EPIC-NL cohort.

    Science.gov (United States)

    Fransen, Heidi P; May, Anne M; Beulens, Joline W J; Struijk, Ellen A; de Wit, G Ardine; Boer, Jolanda M A; Onland-Moret, N Charlotte; Hoekstra, Jeljer; van der Schouw, Yvonne T; Bueno-de-Mesquita, H Bas; Peeters, Petra H M

    2014-01-01

    The aim of our study was to relate four modifiable lifestyle factors (smoking status, body mass index, physical activity and diet) to health expectancy, using quality-adjusted life years (QALYs) in a prospective cohort study. Data of the prospective EPIC-NL study were used, including 33,066 healthy men and women aged 20-70 years at baseline (1993-7), followed until 31-12-2007 for occurrence of disease and death. Smoking status, body mass index, physical activity and adherence to a Mediterranean-style diet (excluding alcohol) were investigated separately and combined into a healthy lifestyle score, ranging from 0 to 4. QALYs were used as summary measure of healthy life expectancy, combining a person's life expectancy with a weight for quality of life when having a chronic disease. For lifestyle factors analyzed separately the number of years living longer in good health varied from 0.12 year to 0.84 year, after adjusting for covariates. A combination of the four lifestyle factors was positively associated with higher QALYs (P-trend healthy lifestyle score of 4 compared to a score of 0 was associated with almost a 2 years longer life in good health (1.75 QALYs [95% CI 1.37, 2.14]).

  1. Solar radiation increases suicide rate after adjusting for other climate factors in South Korea.

    Science.gov (United States)

    Jee, Hee-Jung; Cho, Chul-Hyun; Lee, Yu Jin; Choi, Nari; An, Hyonggin; Lee, Heon-Jeong

    2017-03-01

    Previous studies have indicated that suicide rates have significant seasonal variations. There is seasonal discordance between temperature and solar radiation due to the monsoon season in South Korea. We investigated the seasonality of suicide and assessed its association with climate variables in South Korea. Suicide rates were obtained from the National Statistical Office of South Korea, and climatic data were obtained from the Korea Meteorological Administration for the period of 1992-2010. We conducted analyses using a generalized additive model (GAM). First, we explored the seasonality of suicide and climate variables such as mean temperature, daily temperature range, solar radiation, and relative humidity. Next, we identified confounding climate variables associated with suicide rate. To estimate the adjusted effect of solar radiation on the suicide rate, we investigated the confounding variables using a multivariable GAM. Suicide rate showed seasonality with a pattern similar to that of solar radiation. We found that the suicide rate increased 1.008 times when solar radiation increased by 1 MJ/m 2 after adjusting for other confounding climate factors (P Solar radiation has a significant linear relationship with suicide after adjusting for region, other climate variables, and time trends. © 2016 John Wiley & Sons A/S. Published by John Wiley & Sons Ltd.

  2. Optimal Currency Basket Pegs for Developing and Emerging Economies

    OpenAIRE

    Joseph Daniels; Peter G. Toumanoff; Marc von der Ruhr

    2001-01-01

    The exchange rate arrangement represents an important policy choice for emerging and transitional economies as they strive to become stable and market-driven. A wide variety of arrangements have emerged, ranging from currency boards, basket-currency pegs and single-currency pegs to floating rates. Recently the IMF has recommended that, if the exchange value of a currency is to be pegged, it is better to peg to a basket of currencies rather than a single currency. Nonetheless, there has been l...

  3. Adjustable hybrid gas bearing – Influence of piezoelectrically adjusted injection on damping factors and natural frequencies of a flexible rotor operating under critical speeds

    DEFF Research Database (Denmark)

    Pierart, Fabián G.; Santos, Ilmar F.

    2016-01-01

    Damping factors and natural frequencies of a flexible rotor supported by a gas bearing with piezoelectrically adjusted flow, are theoretically determined using a rotor finite element model coupled with the modified Reynolds equation. An extra term is added to the standard formulation of Reynolds...... fourradial injectors equally pressurized. For the two configurations, the theoretical results are experimentally validated as afunction of the piezoactuators input voltage and the journal angular velocity. Results show a good agreement for natural frequencies and damping factors. Theoretical and experimental......,the damping factor associated with the first mode shape can be increased by 10 times when compared to four injectors equally pressurized....

  4. Currency Inconvertibility, Portfolio Balance and Relative Prices

    OpenAIRE

    Jorge Braga de Macedo

    1983-01-01

    This paper analyzes regimes of currency inconvertibility in the frame-work of a simple general equilibrium model where an officially-traded good,a smuggled good and a non-traded good are produced and consumed by residents,who hold domestic and foreign currency in their portfolios. It is shown that stability requires the effect of relative prices on demand for traded and non-traded goods to dominate their effect on asset demands and that a once-and-for-all devaluation does not change the curre...

  5. Currency strategy of constructivism in Kazakhstan

    Directory of Open Access Journals (Sweden)

    Zoryana Lutsyshyn

    2014-08-01

    Full Text Available The strategy of constructivism is one of the most efficient ones for the countries which stand at the intersection of interests of large players in the global economy. The modern currency reformation and principles of positioning of Kazakhstan could be a bright example of how the internal policy should be implemented to ensure the interests of a socially oriented state, including definitions of the currency mechanism. All measures and actions of the central bank and the government have always been weighted, consistent and foreseeable: the logic and economic substantiation have always been adhered to in the exchange rate policy at simultaneous liberalization of the foreign exchange market

  6. Currency hedging with help of derivatives

    Directory of Open Access Journals (Sweden)

    Sylvie Riederová

    2011-01-01

    Full Text Available The high volatility combined with unpredictable fluctuations of CZK had shown one more time to the Czech exporting companies the necessity of currency hedging. This article is focused on finding of suitable currency hedging instrument for exporting company, working with the currency pair of CZK/EUR. In the first part, the time series analysis is made for volatility, interest rates and exchange rate. Based on the real market data – gained from Thomson REUTERS and CNB for the time period starting in 2002 – the detailed analysis is made in graphical form. The main goal is to find out the future trends with help of liner regression analysis, based on the historical data. Several graphs are provided with the trend line end estimated interval (min and max for the each variable. The calculated values are clearly marked, to be separated from the real market data. Exchange rate curve shows the market behaviour in the last years and is to be used as most important indicator for the future trends. Interest rates curves are very important for the calculation of the BIPS (basis points, determining the price of the forwards. The difference between landing and deposit rates for the same period of time and different currencies are showing the market estimation of the future development of each currency. Forward price is to be seen as a benchmark for the all other financial instruments. And finally the volatility (quoted as middle is very important part in the pricing of currency options.The second part is closely connected with the first one. Based on the results of provided analyses, it recommends a suitable hedging product for the next period of time. All of the analyses are taken as an input in different ways. The volatility is important for the decision of selling or purchasing the specific part of currency option. The exchange rate outlook together with the interest rates is the indicator of the future development of the currency pair and is playing

  7. Latino risk-adjusted mortality in the men screened for the Multiple Risk Factor Intervention Trial.

    Science.gov (United States)

    Thomas, Avis J; Eberly, Lynn E; Neaton, James D; Smith, George Davey

    2005-09-15

    Latinos are now the largest minority in the United States, but their distinctive health needs and mortality patterns remain poorly understood. Proportional hazards regressions were used to compare Latino versus White risk- and income-adjusted mortality over 25 years' follow-up from 5,846 Latino and 300,647 White men screened for the Multiple Risk Factor Intervention Trial. Men were aged 35-57 years and residing in 14 states when screened in 1973-1975. Data on coronary heart disease risk factors, self-reported race/ethnicity, and home addresses were obtained at baseline; income was estimated by linking addresses to census data. Mortality follow-up through 1999 was obtained using the National Death Index. The fully adjusted Latino/White hazard ratio for all-cause mortality was 0.82 (95% confidence interval (CI): 0.77, 0.87), based on 1,085 Latino and 73,807 White deaths; this pattern prevailed over time and across states (thus, likely across Latino subgroups). Hazard ratios were significantly greater than one for stroke (hazard ratio = 1.30, 95% CI: 1.01, 1.68), liver cancer (hazard ratio = 2.02, 95% CI: 1.21, 3.37), and infection (hazard ratio = 1.69, 95% CI: 1.24, 2.32). A substudy found only minor racial/ethnic differences in the quality of Social Security numbers, birth dates, soundex-adjusted names, and National Death Index searches. Results were not likely an artifact of return migration or incomplete mortality data.

  8. The Digital Agenda of Virtual Currencies. Can BitCoin Become a Global Currency?

    OpenAIRE

    KANCS D'ARTIS; CIAIAN PAVEL; MIROSLAVA RAJCANIOVA

    2015-01-01

    This paper identifies and analyzes BitCoin features which may facilitate Bitcoin to become a global currency, as well as characteristics which may impede the use of BitCoin as a medium of exchange, a unit of account and a store of value, and compares BitCoin with standard currencies with respect to the main functions of money. Among all analyzed BitCoin features, the extreme price volatility stands out most clearly compared to standard currencies. In order to understand the reasons for such e...

  9. The digital agenda of virtual currencies: Can BitCoin become a global currency?

    OpenAIRE

    CIAIAN PAVEL; RAJCANIOVA MIROSLAVA; KANCS D'ARTIS

    2015-01-01

    This paper identifies and analyzes BitCoin features which may facilitate BitCoin to become a global currency, as well as characteristics which may impede the use of BitCoin as a medium of exchange, a unit of account and a store of value, and compares BitCoin with standard currencies with respect to the main functions of money. Among all analyzed BitCoin features, the extreme price volatility stands out most clearly compared to standard currencies. In order to understand the reasons for such e...

  10. OPPORTUNITIES FOR DECREASING EXCHANGE RISKS OF FOREIGN CURRENCY TRANSACTIONS IN ENTERPRISES WITH A SPECIAL REGARD ON CHANGING-OVER FOREIGN CURRENCY BOOKING

    Directory of Open Access Journals (Sweden)

    ROZSA ATTILA

    2014-07-01

    Full Text Available The profitability of the operation of an enterprise is influenced by several factors. Besides the tendency of market demand and supply, taking the changes of inflation, interest rate and exchange rate into consideration is necessary, as all these are risks. Since the start of the economic crisis in the autumn of 2008, changes in the exchange rate have been more and more emphasized. The article deals with methods for decreasing exchange risks of foreign currency transactions, without the need of completeness. In international trade due to the growth of the number of currency loans the significance of managing financial risks coming from the changes in exchange rates has increased. One of its tools is the currency based booking, which may make the effect of the change more predictable.

  11. On the Need for Legal Regulation of Virtual Currencies

    Directory of Open Access Journals (Sweden)

    Elena V. Voskresenskaya

    2018-06-01

    Full Text Available The scientific article proves the necessity of legal regulation of relations connected with the use of virtual currencies (crypto-currency. The article examines the constituent elements of the definition of “virtual currency” (crypto-currency from the position of the object of civil rights. The Author proposes to carry out the legitimation of virtual currency along the way of the object of civil rights and formulates the conclusion that the virtual currency belongs to other property. To construct a definition of a virtual currency, the following constitutive elements should be used: the assignment of a virtual currency to property, the means of payment by an undefined circle of persons, the main functional feature of a virtual currency is the ability to serve as a means of payment on a certain scale, however, this property is not electronic money. Thus, an author's definition of the considered definition of civil law is offered.

  12. China's Currency: A Summary of the Economic Issues

    National Research Council Canada - National Science Library

    Morrison, Wayne M; Labonte, Marc

    2007-01-01

    ...) to influence the value of its currency constitutes a form of currency manipulation intended to make its exports cheaper and imports into China more expensive than they would be under free market conditions...

  13. China's Currency: A Summary of the Economic Issues

    National Research Council Canada - National Science Library

    Morrison, Wayne M; Labonte, Marc

    2008-01-01

    ...) to influence the value of its currency constitutes a form of currency manipulation intended to make its exports cheaper and imports into China more expensive than they would be under free market conditions...

  14. Currency Hedging for International Stock Portfolios

    NARCIS (Netherlands)

    F.A. de Roon (Frans); T.E. Nijman (Theo); B.J.M. Werker

    2000-01-01

    textabstractThis paper tests whether hedging currency risk improves the performance of international stock portfolios. We use a generalized performance measure which allows for investor-dependencies such as different utility functions and the presence of nontraded risks. In addition we show that an

  15. Community Currencies: An Ideology of Abundance

    Science.gov (United States)

    Winfrey, Nancy

    2017-01-01

    This essay explores the concept of "cultural commons" and provides an illustration of a cultural commons practice from an ethnographic study of a community currency. The following section links cultural commons practices to situated and social cognitive learning theories, and then provides practical application to the higher education…

  16. Currency Wars: Who Gains from the Battle?

    NARCIS (Netherlands)

    P. Cumperayot (Phornchanok); R.R.P. Kouwenberg (Roy)

    2016-01-01

    textabstractWe study the growth effects of currency undervaluation when countries employ active exchange rate management policies or impose capital controls, using a panel dataset of 185 countries. Applying two-stage regressions, we find that changes in undervaluation driven by exchange rate

  17. A Golden Opportunity for Currency Competition.

    Science.gov (United States)

    Cobb, Joe

    1983-01-01

    The Federal Reserve makes mistakes in monetary policy and causes business cycles. A free market solution to the failure of central economic planning is competition in money and banking. A second currency, the "Gold Eagle," should be issued and allowed to compete with the dollar. (SR)

  18. Exploring factors affecting post-divorce adjustment in Iranian women: A qualitative study

    Directory of Open Access Journals (Sweden)

    Faramarz Asanjarani

    2017-03-01

    Full Text Available   Background: Divorce is a complex, multidimensional concept and its direct and indirect impacts affects thousands of people in Iran each year. However, the concept of post-divorce adjustment in Iranian women has not been studied in detail. The aim of the present qualitative study was to determine the factors contributing to post-divorce adjustment in divorced women.  Methods: A qualitative research was carried out using grounded theory approach, followed by three phases of open coding, axial coding, and selective coding. The participants consisted of 21 divorced women who were selected using purposive sampling method. Semi-structured interviews were conducted and then interviews were recorded and transcribed for further analysis.    Results: A total of 21 divorced women participated in the current study. The majority of the participants were between 20-30 years old; they were between 17 to 30 years when they married. Also, most of the participants had bachelor’s degree (11 and most of them had a job (16. In the primary data coding, 35 open concepts were extracted. These concepts were then reduced into 32 secondary concepts. At the final stage, 6 main categories contributing to post-divorce adjustment were extracted including: (a demographics, (b interpersonal, (c attitudinal, (d relational, (e supportive, and (f coping strategies.  Conclusion: The present study emphasizes the value of lived experiences of divorced women. Based on the findings of our study, it is important to develop a solid support network and provide interventions targeting the quality of life in divorced women.

  19. The role of currency swaps in the domestic banking system and the functioning of the swap market during the crisis

    OpenAIRE

    Páles, Judit; Kuti, Zsolt; Csávás, Csaba

    2011-01-01

    The basic purpose of this study is to didactically demonstrate the factors shaping the currency swap stock of domestic banks prior to the crisis and to provide a descriptive analysis of how the structure and the functioning of the market changed during the crisis. The main conclusions of the study are as follows. In addition to the wide ranging applicability of the transaction, the rise in the currency swap stock of domestic credit institutions is also attributable to macroeconomic factors. T...

  20. The role of currency swaps in the domestic banking system and the functioning the swap market during the crisis

    OpenAIRE

    Judit Páles; Zsolt Kuti; Csaba Csávás

    2011-01-01

    The basic purpose of this study is to didactically demonstrate the factors shaping the currency swap stock of domestic banks prior to the crisis and to provide a descriptive analysis of how the structure and the functioning of the market changed during the crisis. The main conclusions of the study are as follows. In addition to the wide ranging applicability of the transaction, the rise in the currency swap stock of domestic credit institutions is also attributable to macroeconomic factors. T...

  1. 19 CFR 351.415 - Conversion of currency.

    Science.gov (United States)

    2010-04-01

    ... 19 Customs Duties 3 2010-04-01 2010-04-01 false Conversion of currency. 351.415 Section 351.415... Conversion of currency. (a) In general. In an antidumping proceeding, the Secretary will convert foreign currencies into United States dollars using the rate of exchange on the date of sale of the subject...

  2. 26 CFR 1.985-1 - Functional currency.

    Science.gov (United States)

    2010-04-01

    ... the currency used in keeping its books and records (as defined in § 1.989(a)-1(d)). The dollar shall... 26 Internal Revenue 10 2010-04-01 2010-04-01 false Functional currency. 1.985-1 Section 1.985-1...) INCOME TAXES Export Trade Corporations § 1.985-1 Functional currency. (a) Applicability and effective...

  3. 48 CFR 25.1002 - Use of foreign currency.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 1 2010-10-01 2010-10-01 false Use of foreign currency... currency. (a) Unless an international agreement or the WTO GPA (see 25.408(a)(4)) requires a specific currency, contracting officers must determine whether solicitations for contracts to be entered into and...

  4. Currency lookback options and observation frequency: A binomial approach

    NARCIS (Netherlands)

    T.H.F. Cheuk; A.C.F. Vorst (Ton)

    1997-01-01

    textabstractIn the last decade, interest in exotic options has been growing, especially in the over-the-counter currency market. In this paper we consider Iookback currency options, which are path-dependent. We show that a one-state variable binomial model for currency Iookback options can

  5. Has the Euro Affected the Choice of Invoicing Currency?

    NARCIS (Netherlands)

    Ligthart, J.E.; Werner, S.E.V.

    2010-01-01

    We present a new approach to study empirically the effect of the introduction of the euro on currency invoicing. Our approach uses a compositional multinomial logit model, in which currency choice depends on the characteristics of both the currency and the country. We use unique quarterly panel data

  6. 19 CFR 152.25 - Conversion of foreign currency.

    Science.gov (United States)

    2010-04-01

    ... 19 Customs Duties 2 2010-04-01 2010-04-01 false Conversion of foreign currency. 152.25 Section 152... Conversion of foreign currency. When foreign currency must be converted for purposes of appraisement, the instructions in subpart C of part 159 of this chapter shall be followed. ...

  7. 31 CFR 103.51 - Dollars as including foreign currency.

    Science.gov (United States)

    2010-07-01

    ... RECORDKEEPING AND REPORTING OF CURRENCY AND FOREIGN TRANSACTIONS General Provisions § 103.51 Dollars as including foreign currency. Wherever in this part an amount is stated in dollars, it shall be deemed to mean... 31 Money and Finance: Treasury 1 2010-07-01 2010-07-01 false Dollars as including foreign currency...

  8. Bitcoin: not a currency-like informational commodity

    NARCIS (Netherlands)

    Bergstra, J.A.

    2014-01-01

    Six assertions concerning the status of Bitcoin are formulated and defended: (i) Bitcoin is not and will not become a currency-like informational commodity, (ii) currency-like informational commodities that aren’t currencies must be frauds, (ii) specific BTC amounts may become monetized and thus may

  9. Currency Substitution and Inflation in Peru Currency Substitution and Inflation in Peru

    OpenAIRE

    Liliana Rojas-Suarez

    1992-01-01

    This paper shows that there is a long-run relationship between the expected rate of depreciation in the black-market-exchange rate and the ratio of domestic to foreign money in Peru: that is, the hypothesis of currency substitution can explain the behavior of real holdings of money in Peru. The paper also shows that, while, the importance of currency substitution as a transmission mechanism through which domestic policies affected the dynamics of inflation was relatively small during a period...

  10. Empiric model for mean generation time adjustment factor for classic point kinetics equations

    Energy Technology Data Exchange (ETDEWEB)

    Goes, David A.B.V. de; Martinez, Aquilino S.; Goncalves, Alessandro da C., E-mail: david.goes@poli.ufrj.br, E-mail: aquilino@lmp.ufrj.br, E-mail: alessandro@con.ufrj.br [Coordenacao de Pos-Graduacao e Pesquisa de Engenharia (COPPE/UFRJ), Rio de Janeiro, RJ (Brazil). Departamento de Engenharia Nuclear

    2017-11-01

    Point reactor kinetics equations are the easiest way to observe the neutron production time behavior in a nuclear reactor. These equations are derived from the neutron transport equation using an approximation called Fick's law leading to a set of first order differential equations. The main objective of this study is to review classic point kinetics equation in order to approximate its results to the case when it is considered the time variation of the neutron currents. The computational modeling used for the calculations is based on the finite difference method. The results obtained with this model are compared with the reference model and then it is determined an empirical adjustment factor that modifies the point reactor kinetics equation to the real scenario. (author)

  11. Empiric model for mean generation time adjustment factor for classic point kinetics equations

    International Nuclear Information System (INIS)

    Goes, David A.B.V. de; Martinez, Aquilino S.; Goncalves, Alessandro da C.

    2017-01-01

    Point reactor kinetics equations are the easiest way to observe the neutron production time behavior in a nuclear reactor. These equations are derived from the neutron transport equation using an approximation called Fick's law leading to a set of first order differential equations. The main objective of this study is to review classic point kinetics equation in order to approximate its results to the case when it is considered the time variation of the neutron currents. The computational modeling used for the calculations is based on the finite difference method. The results obtained with this model are compared with the reference model and then it is determined an empirical adjustment factor that modifies the point reactor kinetics equation to the real scenario. (author)

  12. Adjustment and Prediction of Machine Factors Based on Neural Artificial Intelligence

    International Nuclear Information System (INIS)

    Hussein, A.Z.; Amin, E.S.; Ibrahim, M.S.

    2009-01-01

    Since the discovery of x-ray, it is use in examination has become an integral part of medical diagnostic radiology. The use of X-ray is harmful to human beings but recent technological advances and regulatory constraints have made the medical Xray much safer than they were at the beginning of the 20th century. However, the potential benefits of the engineered safety features can not be fully realized unless the operators are aware of these safety features. The aim of this work is to adjust and predict x-ray machine factors (current and voltage) using neural artificial network in order to obtain effective dose within the range of dose limitation system and assure radiological safety.

  13. Adjustment and Prediction of X-Ray Machine Factors Based on Neural Artificial Inculcating

    International Nuclear Information System (INIS)

    Hussein, A.Z.; Amin, E.S.; Ibrahim, M.S.

    2009-01-01

    Since the discovery of X-rays, their use in examination has become an integral part of medical diagnostic radiology. The use of X-rays is harmful to human beings but recent technological advances and regulatory constraints have made the medical X-rays much safer than they were at the beginning of the 20th century. However, the potential benefits of the engineered safety features can not be fully realized unless the operators are aware of these safety features. The aim of this work is to adjust and predict X-ray machine factors (current and voltage) using neural artificial network in order to obtain effective dose within the range of dose limitation system and assure radiological safety.

  14. Predictive factors of insulin resistance resolution with adjustable gastric band surgery.

    Science.gov (United States)

    Colsa Gutiérrez, Pablo; Kharazmi Taghavi, Mahgol; Sosa Medina, Rocío; Gutiérrez Cabezas, José Manuel; Ovejero Gómez, Víctor Jacinto; Ruiz, José Luis; Ingelmo Setién, Alfredo

    2015-03-01

    The aim of the study was to evaluate preoperative factors associated with remission of diabetes and weight loss after laparoscopic gastric band surgery. A retrospective cohort of 95 patients who had an adjustable gastric band placed were included. A preliminary descriptive study of prognostic factors was performed using the logistic regression model with SPSS 17.0. The independent variables were age, sex, body mass index (BMI), diabetes status and degree of obesity; dependent variables were the proportion of weight loss, change in diabetes status score and percent changes in fasting sugar and glycosylated hemoglobin. The variables that were significantly associated with the percentage of changes in fasting blood sugar and glycated hemoglobin were: the degree of obesity in the first year; preoperative and diabetes status respectively. The analysis of the need for antidiabetic treatment using the modified diabetes status score showed preoperative BMI, age and gender as significant predictors. In patients undergoing gastric band surgery, weight loss is the fundamental mechanism by which insulin sensitivity increases. This improvement in glucose metabolism is influenced by factors such as sex, age, insulin treatment, duration of diabetes and degree of preoperative obesity. Copyright © 2014 AEC. Publicado por Elsevier España, S.L.U. All rights reserved.

  15. China-U.S. Currency Conflict:The Economic and Legal Implications

    Directory of Open Access Journals (Sweden)

    Hani Albasoos

    2016-10-01

    Full Text Available Abstract: For more than a decade, China has a policy of managing its currency exchange rate (RMB to limit its appreciation against other currencies like U.S dollar. This policy has been subjected to many criticisms from United States’ lawmakers as currency manipulation. The U.S. argues that China is gaining an advantage of export and attracting direct foreign investment at the expense of other countries including the United State. The claim also has included that China’s manipulation causes U.S. trade deficit as well as high rate of unemployment. Meanwhile, China’s policy makers argue that its policy of exchange rate is a mechanism tool to enhance the development of the country and attaining market growth to make China rich and powerful. This research paper underlines the root of this argument and how china’s currency policy has affected both economics of U.S. and China. Many economists have emphasized on the appreciation of RMB as an important factor to attain the trade balance. However, this research argues that the appreciation is not going to matter. Pressure has been put on Obama’s Administration to push China to appreciate its currency and to designate China as a "currency manipulator". Several Bills have been introduced to discuss this issue. From a legal perspective, two entities could tackle this issue. They are the World Trade Organization (WTO and the International Monetary Fund (IMF. However, IMF lack legitimacy and leverage and WTO has no jurisdiction over the exchange rate. So, none of these entities could handle the currency issue. Therefore, this paper analyzes some possible solutions such as Omnibus Act, tariffs, import quotas and forming new legislation. Where, it concludes that the best solution could be via forming a new international agency.

  16. The Official Use of International Currencies – Assessments and Implications

    Directory of Open Access Journals (Sweden)

    Orăștean Ramona

    2015-12-01

    Full Text Available The paper analyses the official use of international currencies as reserve currency (store of value and anchor currency (unit of account. Examining the role as a reserve currency we note that the US dollar is the main reserve currency even if it recorded a decline given the decrease of the value of the US dollar reserve holdings and the gradual diversification of the currencies used. Since 2010, the euro's share decreased continuously may be due to the Eurozone crisis and the euro's depreciation against the US dollar. Then we show that the US dollar dominates as an anchor currency, though it was temporary abandoned during crisis time, having more than a regional dimension. At the same time, the use of the euro in exchange rate arrangements appears mainly in the regions that have close links with the euro area. Over the last few years, we have witnessed a gentle orientation towards a multimonetary world, especially regarding the use of the international currencies as reserve currency given the diversification of the currencies in which central banks understand to hold international reserves and the increasing share of the nontraditional currencies in total foreign exchange reserves.

  17. A Comparative Study of CAPM and Seven Factors Risk Adjusted Return Model

    Directory of Open Access Journals (Sweden)

    Madiha Riaz Bhatti

    2014-12-01

    Full Text Available This study is a comparison and contrast of the predictive powers of two asset pricing models: CAPM and seven factor risk-return adjusted model, to explain the cross section of stock rate of returns in the financial sector listed at Karachi Stock Exchange (KSE. To test the models daily returns from January 2013 to February 2014 have been taken and the excess returns of portfolios are regressed on explanatory variables. The results of the tested models indicate that the models are valid and applicable in the financial market of Pakistan during the period under study, as the intercepts are not significantly different from zero. It is consequently established from the findings that all the explanatory variables explain the stock returns in the financial sector of KSE. In addition, the results of this study show that addition of more explanatory variables to the single factor CAPM results in reasonably high values of R2. These results provide substantial support to fund managers, investors and financial analysts in making investment decisions.

  18. Are pound and euro the same currency?

    International Nuclear Information System (INIS)

    Matsushita, Raul; Gleria, Iram; Figueiredo, Annibal; Silva, Sergio da

    2007-01-01

    Based on long-range dependence, some analysts claim that the exchange rate time series of the pound sterling and of an artificially extended euro have been locked together for years despite daily changes [M. Ausloos, K. Ivanova, Physica A 286 (2000) 353; K. Ivanova, M. Ausloos, False EUR exchange rates vs DKK, CHF, JPY and USD. What is a strong currency? in: H. Takayasu (Ed.), Empirical Sciences in Financial Fluctuations: The Advent of Econophysics, Springer-Verlag, Berlin, 2002, pp. 62-76]. They conclude that pound and euro are in practice the same currency. We assess the long-range dependence over time through Hurst exponents of pound-dollar and extended euro-dollar exchange rates employing three alternative techniques, namely rescaled range analysis, detrended fluctuation analysis, and detrended moving average. We find the result above (which is based on detrended fluctuation analysis) not to be robust to the changing techniques and parameterizing

  19. Modeling emotional dynamics : currency versus field.

    Energy Technology Data Exchange (ETDEWEB)

    Sallach, D .L.; Decision and Information Sciences; Univ. of Chicago

    2008-08-01

    Randall Collins has introduced a simplified model of emotional dynamics in which emotional energy, heightened and focused by interaction rituals, serves as a common denominator for social exchange: a generic form of currency, except that it is active in a far broader range of social transactions. While the scope of this theory is attractive, the specifics of the model remain unconvincing. After a critical assessment of the currency theory of emotion, a field model of emotion is introduced that adds expressiveness by locating emotional valence within its cognitive context, thereby creating an integrated orientation field. The result is a model which claims less in the way of motivational specificity, but is more satisfactory in modeling the dynamic interaction between cognitive and emotional orientations at both individual and social levels.

  20. Economic Integration, Currency Areas, and Macroeconomic Policy

    OpenAIRE

    Douglas D. Purvis

    1992-01-01

    In this essay I explore the implications of regional economic integration for the currency arrangements appropriate within and between regions. This topic is motivated by the recent rekindling of interest in fixed exchange rates which, in turn, has been due in part to disappointment in the performance of the flexible exchange rate system that has evolved over the past two decades, and in part to the increased regional economic integration that the world economy has witnessed in the past decad...

  1. THE CARD - CURRENCY WITH AND WITHOUT CASH

    Directory of Open Access Journals (Sweden)

    Nicoara Mihaela

    2012-12-01

    Full Text Available Use by individuals and businesses resulting in reduced cash cards in circulation, the corresponding increase in transfer payments and payments accounts also limit exchange risks and make effective use of currency. As a result, we have the effect of reducing cash in circulation. These advantages are also available for businesses and for banks and leads to favorable effects on import-export business. Following this, banks can diversify our products, so to meet customers' new products.

  2. Currency features for visually impaired people

    Science.gov (United States)

    Hyland, Sandra L.; Legge, Gordon E.; Shannon, Robert R.; Baer, Norbert S.

    1996-03-01

    The estimated 3.7 million Americans with low vision experience a uniquely difficult task in identifying the denominations of U.S. banknotes because the notes are remarkably uniform in size, color, and general design. The National Research Council's Committee on Currency Features Usable by the Visually Impaired assessed features that could be used by people who are visually disabled to distinguish currency from other documents and to denominate and authenticate banknotes using available technology. Variation of length and height, introduction of large numerals on a uniform, high-contrast background, use of different colors for each of the six denominations printed, and the introduction of overt denomination codes that could lead to development of effective, low-cost devices for examining banknotes were all deemed features available now. Issues affecting performance, including the science of visual and tactile perception, were addressed for these features, as well as for those features requiring additional research and development. In this group the committee included durable tactile features such as those printed with transparent ink, and the production of currency with holes to indicate denomination. Among long-range approaches considered were the development of technologically advanced devices and smart money.

  3. Income poverty, poverty co-factors, and the adjustment of children in elementary school.

    Science.gov (United States)

    Ackerman, Brian P; Brown, Eleanor D

    2006-01-01

    relationship instability), which either have not been described by many researchers or have been described in a way that does not fit the ecology of disadvantage (e.g., marital status). We found that income poverty, key contextual co-factors, and endogenous child attributes tend to show independent and selective associations with child academic competence and externalizing behavior, and that co-factor effects tend to be direct rather than mediated by harsh parenting, tend to have effects that are episodic and concurrent, and are easily- and well-represented by multiple risk indexes that bear powerful relations to child problem behaviors. A second core goal has been to better understand the developmental construction of poor outcomes for disadvantaged children, which requires consideration of dynamic aspects of the ecology and the potential importance of the timing of risk experiences. We found that family instability and change in environmental circumstances predict increases in problem behaviors, and that dose of adversity seems to matter for some variables if it is recent, and not for other variables. Through person-centered research, we also are beginning to understand some factors that seem to underlie the convergence of adjustment problems over grade in school. Many of our co-factor findings and many of our developmental findings seem both complex and double-edged. One edge is that they encourage a certain pessimism in showing how environmental adversity progressively constructs poor outcomes for disadvantaged children in school. Overall, for instance, we saw more problems and more multi-dimensional problems in fifth grade than in first grade, and the impact of environmental change was mostly negative. The other edge, however, is more positive in reflecting the possibility of discontinuity in child adjustment problems associated with positive changes in family circumstances. Findings for minimal persistence and for the strength of recent and concurrent effects argue that

  4. The analysis of return on speculative trading with futures contracts of agriculture commodities in the context of the currency risk

    Directory of Open Access Journals (Sweden)

    Oldřich Šoba

    2007-01-01

    Full Text Available The paper is focused on analysis of return on speculative operations with futures contracts from the view of participators not undertaking and undertaking the currency risk. The currency risk is determined by unexpected change of relevant exchange rate (currency denomination of futures contracts / domestic currency of participator. The paper analyses the basic factors influencing the profitability of these operations such as relative change of futures contract value, leverage incidence and relative change of relevant exchange rate. The paper is focused on futures contracts of the world most important agricultural commodities. The conclusion of the paper for participators not undertaking the currency risk is following: The relative change of futures contract is main factor for the calculation of return on speculative operation. This change is multiplied by leverage incidence finally. The conclusion of the paper for participators undertaking the currency risk is following: The relative change of relevant exchange rate is not usually relevant for the calculation of return on speculative operation. Main factor is the relative change of futures contract because this change is multiplied by leverage incidence finally but the relative change of relevant exchange rate isn’t.Neverthless the conclusions of this paper are not valid only for futures contracts of agricultural commodities but generally also for other commodity futures contracts and futures contracts where underlying assets are not commodities but for example financial assets.

  5. Pouch dilatation following laparoscopic adjustable gastric banding: psychobehavioral factors (can psychiatrists predict pouch dilatation?).

    Science.gov (United States)

    Poole, Norman; Al Atar, Ashraf; Bidlake, Louise; Fienness, Alberic; McCluskey, Sara; Nussey, S; Bano, Gal; Morgan, John

    2004-01-01

    Laparoscopic adjustable gastric banding is increasingly being performed in morbidly obese individuals for weight loss. Some patients develop pouch dilatation as a postoperative complication that limits the utility of the procedure. Surgical variables are poor predictors of this complication. 5 patients from a series of 157 who underwent LAGB at a single center developed the condition. Psychiatric and surgical case-notes were analyzed retrospectively for the presence of operationally defined psychiatric disorders and compared to 10 controls from the same population. Cases were significantly more likely to have past or current binge eating, emotionally triggered eating with reduced awareness of the link, a history of affective disorder, reduced sexual functioning and successful preoperative weight loss. No difference between groups was observed for compliance with orlistat, childhood sexual abuse, relationships with parents, history of bulimia nervosa, rate of band inflation or preoperative BMI. Psychological factors may be better predictors of pouch dilatation than biomedical variables. Disordered eating can be an attempt to modulate negative emotions. Pouch dilatation may be a consequence of this eating behavior.

  6. Analysis of Linkage Effects among Currency Networks Using REER Data

    Directory of Open Access Journals (Sweden)

    Haishu Qiao

    2015-01-01

    Full Text Available We modeled the currency networks through the use of REER (real effective exchange rate instead of a bilateral exchange rate in order to overcome the confusion in selecting base currencies. Based on the MST (minimum spanning tree approach and the rolling-window method, we constructed time-varying and correlation-based networks with which we investigate the linkage effects among different currencies. In particular, and as the source of empirical data, we chose the monthly REER data for a set of 61 major currencies during the period from 1994 to 2014. The study demonstrated that obvious linkage effects existed among currency networks and the euro (EUR was confirmed as the predominant world currency. Additionally, we used the rolling-window method to investigate the stability of linkage effects, doing so by calculating the mean correlations and mean distances as well as the normalized tree length and degrees of those currencies. The results showed that financial crises during the study period had a great effect on the currency network’s topology structure and led to more clustered currency networks. Our results suggested that it is more appropriate to estimate the linkage effects among currency networks through the use of REER data.

  7. Factors Influencing Adjustment in Siblings of Children with Autism Spectrum Disorders

    Science.gov (United States)

    Meyer, Katherine A.; Ingersoll, Brooke; Hambrick, David Z.

    2011-01-01

    Siblings of children with autism spectrum disorders (ASD) may be at an increased risk of adjustment problems. To examine possible predictors of adjustment difficulties in siblings, 70 mothers with at least one child with ASD and one typical child completed surveys of symptom severity in the child with ASD, impact of the child with ASD on the…

  8. Development of an extended shift exposure limit adjustment factor for coal mine dusts

    Energy Technology Data Exchange (ETDEWEB)

    Tiernan, G; Van Zanten, D [SIMTARS (Australia)

    1999-12-31

    Four models for adjusting exposure standards for use during altered work shifts are reviewed. These are the absorbed dose adjustment model; the Brief and Scala model; the US Occupational Safety and Health Administration (OSHA) model; and the pharmacokinetic models of Hockey and Reist and of Stan Roach. The most appropriate model is selected for control of coal mine dusts exposure. 14 refs., 3 tabs.

  9. Diet selection of African elephant over time shows changing optimization currency

    NARCIS (Netherlands)

    Pretorius, Y.; Stigter, J.D.; Boer, de W.F.; Wieren, van S.E.; Jong, de C.B.; Knegt, de H.J.; Grant, R.C.; Heitkonig, I.M.A.; Knox, N.; Kohi, E.; Mwakiwa, E.; Peel, M.J.S.; Skidmore, A.K.; Slotow, R.; Waal, van der C.; Langevelde, van F.; Prins, H.H.T.

    2012-01-01

    Multiple factors determine diet selection of herbivores. However, in many diet studies selection of single nutrients is studied or optimization models are developed using only one currency. In this paper, we use linear programming to explain diet selection by African elephant based on plant

  10. Virtual Currencies – monetary policy dilemmas and regulatory challenges

    Directory of Open Access Journals (Sweden)

    Daj Alexis

    2018-01-01

    Full Text Available Although the topic of virtual currencies is not completely new, the current technological developments and the extent of the globalisation process appear to have changed the scope of the research efforts needed to cover not only the advantages and opportunities, but also the disadvantages and threats that the expansion of virtual currencies can pose for monetary policy and the safety of the financial system. This paper comprises a brief presentation of the different types of virtual currencies and identifies some of the most significant implications of large-scale virtual currency adoption for monetary authorities and regulators, while providing an overview of the main trends in the evolution of virtual currencies. In the end, one conclusion is evident: whatever monetary policy or regulatory issues arise from the use of virtual currencies, their consequences are far from virtual.

  11. The optimal currency-peg for an oil exporting country: The case of Saudi Arabia

    International Nuclear Information System (INIS)

    Almasbahi, M.S.

    1990-01-01

    In a world of generalized floating exchange rates, it is not enough to solve the problem of exchange rate policy by determining whether to peg or float the currency under consideration. It is also necessary to choose to what major currency to peg. The main purpose of this study is to investigate and determine empirically the optimum currency peg for the Saudi riyal. To accomplish this goal, a simple conventional trade model, that includes variables found in many other studies of import and export demand, was used. In addition, an exchange rate term was added as a separate independent variable in the import and export demand equations in order to assess the effect of exchange rate on the trade flows. The criteria for the optimal currency peg in this study were based on two factors. First, the error statistics for projected imports and exports using alternative exchange rate regimes. Second, variances of projected imports, exports and trade balance using alternative exchange rate regimes. The exchange rate has a significant impact on the Saudia Arabian trade flows which implies that changes in the riyals value affect the Saudi trade deficit. Moreover, the exchange rate has a more powerful effect on its aggregate imports than on the world demand for its exports. There is also a strong support for the hypothesis that the exchange rate affects the value of the Saudi bilateral trade with its five major trade partners. On the aggregate level, the SDR peg seems to be the best currency peg for the Saudi riyal since it provides the best prediction errors and the lowest variance for the trade balance. Finally, on the disaggregate level, the US dollar provides the best performance and yields the best results among all the six currency pegs considered in this study

  12. The Causes of Currency Crises: Do Fundamentals Really Matter?

    Directory of Open Access Journals (Sweden)

    Seungho Lee

    2000-09-01

    Full Text Available This paper aims to find deterministic factors of recent crisis in East Asia and Latin America by conducting empirical tests for each crisis-hit country instead of analyzing the panel data. In particular, the focus of the study lies in verifying whether economic fundamentals matter as a common factor of crisis and whether the contagion is significant. Through probit estimations and Granger-causality test, strong evidence is found that accumulation of current account deficits and excessive increase in foreign borrowings and lending booms are highly correlated to the outbreak of a crisis in many countries. However, the contagion effect was emphatic in South Korea, Indonesia and Malaysia; currency crisis in these countries can be attributable not only to the deterioration of their fundamentals but largely to the foreign investors' excessively over-reactive panic and herd behavior.

  13. Behavioral Risk Factor Surveillance System (BRFSS) Age-Adjusted Prevalence Data (2011 to present)

    Data.gov (United States)

    U.S. Department of Health & Human Services — 2011 to present. BRFSS combined land line and cell phone age-adjusted prevalence data. The BRFSS is a continuous, state-based surveillance system that collects...

  14. Currency Substitution and The Law of One Price

    OpenAIRE

    Gabriele Camera; Johannes Winkler

    2000-01-01

    We study endogenous currency substitution in a decentralized trade environment. Sellers maximize profits from sales of imperfectly substitutable goods by posting prices in either one of two currencies. A unique symmetric equilibrium exists where goods are priced only in the local currency. This occurs if foreign trade is sporadic, there is sufficient but not excessive liquidity, and discounting is low. Excess or scarcity of liquidity, however, induces sellers to extract all surplus from buyer...

  15. Currency Mismatch, Balance-sheet effect and Monetary Policy

    OpenAIRE

    Nakamura, Chikafumi

    2011-01-01

    This paper analyzes the impact of the currency mismatch between assets and liabilities on monetary policy. The currency mismatch causes macroeconomic instability through balance-sheet effects. To analyze the problem, we apply a small open economy dynamic stochastic general equilibrium model with international credit-market imperfections. As a result, despitethe currency mismatch and high trade openness, a targeting rule to address the terms of trade is not efficient. This result depends on...

  16. Institutional arrangements of Currency Boards - Comparative Macroeconomic Analysis

    OpenAIRE

    Lubomira Anastassova

    1999-01-01

    This paper is concentrated on the comparative macroeconomic analysis of the differences stemming from the extent to which the institutional framework of the currency board arrangement is implemented in the legal and regulatory systems in the different countries. The main objective of taking into consideration and examining the currency board institutional arrangements is to distinguish between the impact that currency board countries and countries with pegged exchange rate have on different m...

  17. Applications in Foreign Currency Prima CV Ellindo Money Changer

    OpenAIRE

    Wisnu Sutrisno; Ire Puspa Wardhani, Skom, MMSI

    2004-01-01

    This explains the scientific writing about the design of application programs forforeign currency transactions by using Visual Basic 6.0 programming language.In scientific writing database is also used by Visual Data Manager (VisData)integrated in Visual Basic 6.0 program itself. Consists of three tables namelyCurrency,Customer and Transaction.In the end application program for foreign currency transactions will be applied to theCV. Prima Ellindo Money Changer for ease in performing activitie...

  18. Public Reporting of Primary Care Clinic Quality: Accounting for Sociodemographic Factors in Risk Adjustment and Performance Comparison.

    Science.gov (United States)

    Wholey, Douglas R; Finch, Michael; Kreiger, Rob; Reeves, David

    2018-01-03

    Performance measurement and public reporting are increasingly being used to compare clinic performance. Intended consequences include quality improvement, value-based payment, and consumer choice. Unintended consequences include reducing access for riskier patients and inappropriately labeling some clinics as poor performers, resulting in tampering with stable care processes. Two analytic steps are used to maximize intended and minimize unintended consequences. First, risk adjustment is used to reduce the impact of factors outside providers' control. Second, performance categorization is used to compare clinic performance using risk-adjusted measures. This paper examines the effects of methodological choices, such as risk adjusting for sociodemographic factors in risk adjustment and accounting for patients clustering by clinics in performance categorization, on clinic performance comparison for diabetes care, vascular care, asthma, and colorectal cancer screening. The population includes all patients with commercial and public insurance served by clinics in Minnesota. Although risk adjusting for sociodemographic factors has a significant effect on quality, it does not explain much of the variation in quality. In contrast, taking into account the nesting of patients within clinics in performance categorization has a substantial effect on performance comparison.

  19. The Fiscal Framework in a Currency Union

    DEFF Research Database (Denmark)

    Hallett, Andrew Hughes; Hougaard Jensen, Svend E.

    2016-01-01

    This paper draws out lessons from the euro area (EA) that are transferable to the Eastern Caribbean Currency Union (ECCU) and other Caribbean economies with fixed exchange rates. Based on observations from both the EA and the ECCU, we present a new policy framework which is capable of imposing...... fiscal discipline, with the aim of avoiding the risk of unsustainable fiscal policies reappearing and of preventing monetary policy from being undermined by undisciplined national governments. In the ECCU case, we find that fiscal deficits are more a result of financial and trade imbalances than fiscal...

  20. A Simple Model of Monetary Policy and Currency Crises

    OpenAIRE

    Philippe AGHION; Philippe BACCHETTA; Abhijit BANERJEE

    1999-01-01

    This paper analyzes the optimal interest rate policy in currency crises. Firms are credit constrained and have debt in domestic and foreign currency, a situation that may easily lead to a currency crisis. An interest rate increase has an ambiguous effect on firms since it both makes more difficult to borrow and may decrease the foreign currency debt burden. In some cases it is actually best to decrease the interest rate. We also show how these issues are related to development of the financia...

  1. A Simple Model of Monetary Pollicy and Currency Crises

    OpenAIRE

    Aghion, Philippe; Bacchetta, Philippe; Banerjee, Abhijit

    1999-01-01

    This paper analyzes the optimal interest rate policy in currency crises. Firms are credit constrained and have debt in domestic and foreign currency, a situation that may easily lead to a currency crisis. An interest rate increase has an ambiguous effect on firms since it both makes more difficult to borrow and may decrease the foreign currency debt burden. In some cases it is actually best to decrase the interest rate. We also show how these issues are related to the development of the finan...

  2. Cross-correlations between Renminbi and four major currencies in the Renminbi currency basket

    Science.gov (United States)

    Wang, Gang-Jin; Xie, Chi

    2013-03-01

    We investigate the cross-correlations between Renminbi (CNY) and four major currencies (USD, EUR, JPY, and KRW) in the Renminbi currency basket, i.e., the cross-correlations of CNY-USD, CNY-EUR, CNY-JPY, and CNY-KRW. Qualitatively, using a statistical test in analogy to the Ljung-Box test, we find that cross-correlations significantly exist in CNY-USD, CNY-EUR, CNY-JPY, and CNY-KRW. Quantitatively, employing the detrended cross-correlation analysis (DCCA) method, we find that the cross-correlations of CNY-USD, CNY-EUR, CNY-JPY, and CNY-KRW are weakly persistent. We use the DCCA cross-correlation coefficient ρ to quantify the level of cross-correlations and find the currency weight in the Renminbi currency basket is arranged in the order of USD>EUR>JPY >KRW. Using the method of rolling windows, which can capture the time-varying cross-correlation scaling exponents, we find that: (i) CNY and USD are positively cross-correlated over time, but the cross-correlations of CNY-USD are anti-persistent during the US sub-prime crisis and the European debt crisis. (ii) The cross-correlation scaling exponents of CNY-EUR have the cyclical fluctuation with a nearly two-year cycle. (iii) CNY-JPY has long-term negative cross-correlations, during the European debt crisis, but CNY and KRW are positively cross-correlated.

  3. Explaining the adjustment of adolescents with type 1 diabetes: Role of diabetes-specific and psychosocial factors

    NARCIS (Netherlands)

    Malik, J.A.; Koot, H.M.

    2009-01-01

    OBJECTIVE - The aim of this study was to explain adjustment (diabetes-related quality of life, general well-being, and psychopathology) in adolescents with type 1 diabetes by testing the direct, mediating, and moderating effects of diabetes-specific and psychosocial factors, using an adapted version

  4. VIRTUAL CURRENCY "BITCOIN" – CHALLENGES AND CONTROVERSIES

    Directory of Open Access Journals (Sweden)

    ȘOAVĂ GEORGETA

    2016-06-01

    Full Text Available In the knowledge society, when there is a rapidly evolving information technology, the virtual markets, namely the online transactions, have created the premises emergence and development of new technologies of using of finances, namely virtual coin (Bitcoin. Use of this coin appears as an alternative to traditional currencies, but they are not under the control of no body, are devoid of inflation and maintain the anonymity of users. Following the evolution of this new type of coin, we proposed in this paper to present some general aspects of this coin focusing on global controversies on using Bitcoin. We have reviewed several myths that have arisen with the development and penetration of its on market and because it is a volatile coin can generate huge gains but and huge losses, we have studied fluctuation and implications for users and investors and the attraction of the drug dealers and criminals for using virtual currency, Bitcoin. At the end of the paper, based on the analysis we have tried to outline the future of this modern payment system. Thus, we found that lately, in that its value has fluctuated strongly, and increased buyer confidence, but appeared and increased cyber attacks, and the fear that if the state has no a role in protecting citizens from fraud, we can assist at the development of financial schemes extremely dangerous. The financial experts believe that if the world banks would jointly solve all the problems, the virtual money will have a real chance of life.

  5. The feminization of foreign currency earnings: women's labor in Sri Lanka.

    Science.gov (United States)

    Samarasinghe, V

    1998-01-01

    This paper considers women's participation in foreign currency earning activities in Sri Lanka. The author first analyzes the structure of women's participation patterns in the major foreign currency earning activities in the country, including consideration of their wage levels and the impact of ethnicity, age, educational levels, and skills upon the different components of those activities in which women participate. She then probes the applicability for Sri Lanka of Guy Standing's argument that structural adjustment policies (SAP) have triggered a change in labor force practices leading to a feminization through flexible labor. Many studies have shown that cutbacks in subsidies mandated by SAPs and initiated in the 1980s among developing countries have adversely affected poor women. Women have adjusted to the new situation in a variety of ways, ranging from cutting their household budgets for basic needs to seeking income-generating work in the informal sector and participating in labor-intensive manufacturing activities. In closing, the author assesses the degree to which the new demands made upon women resulting from the effect of SAPs upon their households have stimulated women's increasing participation in foreign currency earning activities.

  6. The Convergence Criteria and the SAARC Common Currency

    Directory of Open Access Journals (Sweden)

    Farooq Rasheed

    2007-10-01

    Full Text Available These included cross-country standard deviations of call money rates, consumer price indices, real exchange rates, growth rates of foreign exchange reserves, growth rates of real volume of trade, growth rate of real relative volume of trade and the growth rates of real per capita GDP. None of the selected variables show signs for convergence of over the whole period of 1990s through 2000s. However, for the period of 2000s most of the economic indicators show signs of convergence. This suggests emerging signs for the prospects of common currency in SAARC region. The study, however, concludes that non-economic factors must also be considered seriously before making a serious move towards monetary union in the region.

  7. Relative Effects of the Dollar and Yen on East Asian Currency Values: Focusing on the Post-Crisis Period

    Directory of Open Access Journals (Sweden)

    Bonghan Kim

    2007-06-01

    Full Text Available This paper empirically analyzes the relative effects of the dollar and yen on the value of East Asian currencies. We focus especially on countries that have chosen to adopt floating regimes in the post-financial crisis period, such as South Korea, Taiwan, Indonesia, the Philippines and Thailand. First, we calculate a exchange rate flexibility index and carry out a regression using Frankel and Wei's (1994 methodology. The results confirm an increase in the coupling of East Asian currencies vis-a-vis the yen since the 1997 financial crisis. In addition to coupling, we calculate using a non-linear unit root test the exchange rates for four currencies vis-a-vis the yen, excluding the Philippine peso, which has a band-reverting tendency. As a second step, we examine the band-reverting tendency in more detail using the Markov-regime switching model and a three-regime threshold vector error correction model. As the results indicate, band-reverting tendencies are verifiable for all currencies, except for the Philippine peso. In particular, symmetrical band-reverting tendencies are observed whether exchange rates are beyond the upper boundary or below the lower boundary of the band. In the case of the Korean won and Taiwanese dollar, when these two currency exchange rates (measured against the yen deviate from a certain band, an adjustment process takes place in order to return toward the band.

  8. Risk and Protective Factors at Age 16: Psychological Adjustment in Children With a Cleft Lip and/or Palate.

    Science.gov (United States)

    Feragen, Kristin Billaud; Stock, Nicola Marie; Kvalem, Ingela Lundin

    2015-09-01

    Explore psychological functioning in adolescents with a cleft at age 16 from a broad perspective, including cognitive, emotional, behavioral, appearance-related, and psychosocial adjustment. High-risk groups were identified within each area of adjustment to investigate whether vulnerable adolescents were found across domains or whether risk was limited to specific areas of adjustment. Cross-sectional data based on psychological assessments at age 16 (N = 857). The effect of gender, cleft visibility, and the presence of an additional condition were investigated on all outcome variables. Results were compared with large national samples. Hopkins Symptom Checklist, Harter Self-Perception Scale for Adolescents, Child Experience Questionnaire, and Satisfaction With Appearance scale. The main factor influencing psychological adjustment across domains was gender, with girls in general reporting more psychological problems, as seen in reference groups. The presence of an additional condition also negatively affected some of the measures. No support was found for cleft visibility as a risk factor except for dissatisfaction with appearance. Correlation analyses of risk groups seem to point to an association between social and emotional risk and between social risk and dissatisfaction with appearance. Associations between other domains were found to be weak. The results point to areas of both risk and strength in adolescents born with a cleft lip and/or palate. Future research should investigate how protective factors could counteract potential risk in adolescents with a cleft.

  9. Factors of Social Adjustment to School: Child's Personality, Family and Pre-School

    Science.gov (United States)

    Zupancic, Maja; Kavcic, Tina

    2011-01-01

    The role of child's characteristics (gender, cognitive ability, mother-perceived personality traits), family environment (maternal education, self-reported parenting practices) and pre-school experience (at least three years vs. no experience) in social adjustment to school, reflected through teacher reports on social competence and internalising…

  10. Confidence building on euro convergence : Evidence from currency options

    NARCIS (Netherlands)

    Driessen, J.J.A.G.; Perotti, E.

    2011-01-01

    We study the evolution of investor confidence in 1992–1998 over the chance of individual currencies to converge to the Euro, using data on currency option prices. Convergence risk, which may reflect uncertainty over policy commitment as well as exogenous fundamentals, induces a level of implied

  11. Confidence building on Euro convergence: evidence from currency options

    NARCIS (Netherlands)

    Driessen, J.; Perotti, E.

    2011-01-01

    We study the evolution of investor confidence in 1992-1998 over the chance of individual currencies to converge to the Euro, using data on currency option prices. Convergence risk, which may reflect uncertainty over policy commitment as well as exogenous fundamentals, induces a level of implied

  12. Foreign currency exchange network topology across the 2008 credit crisis

    Science.gov (United States)

    Sharif, Shamshuritawati; Ap, Nuraisah Che; Ruslan, Nuraimi

    2017-05-01

    A stable world currency exchange rate is a very important aspect to be considered for a developed country, i.e Malaysia. A better understanding about the currencies itself is needed nowadays. This project is about to understanding the fluctuation and to identify the most influential world currencies in the three different cases; before credit crisis, during credit crisis and after credit crisis. A network topology approach is use to examine the interrelationship between currencies based on correlation analysis. With this point of view, those relationships can be measured by a correlation structure among the currencies. The network can be analyse by filtering the important information using minimum spanning tree (MST) and interpret it using degree centrality as the centrality measure. This topology will give a useful guide to understand the behaviour and determine the most influential currency in the network as a part of a complex system. All currencies are compared among the three different cases; before credit crisis, during credit crisis and after credit crisis period. The result of this project shows that Unites State Dollar (USD), Brazilian Real (BRL), United Kingdom Pound (EUR) and Danish Krone (DKK) are the most influential currencies before the credit crisis period. With respect to during the credit crisis, New Zealand Dollar (NZD) dominates the network and it is followed by Singapore Dollar (SGD) for after the credit crisis period.

  13. Currency Invoicing in International Trade : A Panel Data Approach

    NARCIS (Netherlands)

    Ligthart, J.E.; Da Silva, J.

    2007-01-01

    The paper empirically investigates the determinants of currency invoicing in Dutch goods trade with OECD countries. To this end, a currency-share systems approach is employed, which is applied to quarterly panel data for 1987–1998. One of the key findings is that a country’s share of producer

  14. Currency Crisis, Monetary Policy and Corporate Balance Sheet Vulnerabilities

    NARCIS (Netherlands)

    Eijffinger, S.C.W.; Goderis, B.V.G.

    2005-01-01

    This paper studies how the exposure of a country's corporate sector to interest rate and exchange rate changes affects the probability of a currency crisis.To analyze this question, we present a model that defines currency crisis as situations in which the costs of maintaining a fixed exchange rate

  15. 78 FR 39827 - Office of the Comptroller of the Currency

    Science.gov (United States)

    2013-07-02

    ... DEPARTMENT OF THE TREASURY Office of the Comptroller of the Currency Agency Information Collection... AGENCY: Office of the Comptroller of the Currency (OCC), Treasury. ACTION: Notice and request for comment. SUMMARY: The OCC, as part of its continuing effort to reduce paperwork and respondent burden, invites the...

  16. Foreign currency borrowing by small firms in the transition economies

    NARCIS (Netherlands)

    Brown, M.; Ongena, S.; Yesin, P.

    2011-01-01

    We examine the firm- and country-level determinants of foreign currency borrowing by small firms, using information on the most recent loan extended to 3101 firms in 25 transition countries between 2002 and 2005. Our results suggest that foreign currency borrowing is much stronger related to

  17. The Impact of Central Bank FX Interventions on Currency Components

    NARCIS (Netherlands)

    Beine, M.; Bos, C.S.; Laurent, S.

    2007-01-01

    This article assesses the impact of official FOREX interventions of the three major central banks in terms of the dynamics of the currency components of the major exchange rates over the period 1989-2003. We identify the currency components of the mean and volatility processes of exchange rates

  18. Money Is Essential: Ownership Intuitions Are Linked to Physical Currency

    Science.gov (United States)

    Uhlmann, Eric Luis; Zhu, Luke

    2013-01-01

    Due to basic processes of psychological essentialism and contagion, one particular token of monetary currency is not always interchangeable with another piece of currency of equal economic value. When money loses its physical form it is perceived as "not quite the same" money (i.e., to have partly lost the original essence that distinguished it…

  19. 38 CFR 3.32 - Exchange rates for foreign currencies.

    Science.gov (United States)

    2010-07-01

    ... Exchange rates for foreign currencies. When determining the rates of pension or parents' DIC or the amounts... parents' DIC. (1) Because exchange rates for foreign currencies cannot be determined in advance, rates of... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Exchange rates for...

  20. Impact of Currency Devaluation on Economic Growth of Nigeria ...

    African Journals Online (AJOL)

    The primary aim of the study is to estimate the long run relationship between economic growth (RGDP) and currency devaluation. This study investigated the impact of currency devaluation on economic growth of Nigeria. This was achieved through a review of literature and a test of hypothesis. In order to generate the ...

  1. ANALYSIS OF TIME SERIES FOR THE CURRENCY PAIR CROATIAN KUNA / EURO

    Directory of Open Access Journals (Sweden)

    Marko Martinović

    2017-01-01

    Full Text Available The domestic currency Croatian kuna (HRK was introduced in May 1995. To date, the Croatian National Bank (HNB, as a regulator and formulator of monetary policy in Croatia has operated a policy of stable exchange rate, typically referenced to the formal currency of the European Union euro (EUR. From the date of introduction of the euro 01/01/1999 until 01/01/2016 the value of the currency pair HRK / EUR changed in value by only 4.25% (HNB. Although the value of the Croatian kuna is relatively stable, there are some fluctuations on an annual level (e.g. in ­­­the last few years because of the global crisis as well as  on periodic levels within a year. The aim of this paper is to show the movement of the value of the currency pair since the beginning of 2002 to the present day (the time curve, analyze the correctness, trends and periodicity (seasonal behavior, if any exist.The research will be done using the method of Time Series Analysis, assuming that the external (global economy and internal factors (economic policy remain similar or the same. According to the results, further assessment of price developments in the period followed will be made by using the obtained predicative models. In the event that the curve contains the component of periodicity, the observed patterns will be studied further.

  2. Monetary Romanticism, Currency and Central Banks in the Nineteenth Century

    DEFF Research Database (Denmark)

    Ravn Sørensen, Anders

    How do monetary institutions, such as currencies and central banks, interrelate to the construction of national communities? Using the national conflict between the Danish state and the Duchies of Schleswig-Holstein in the nineteenth century as an exemplary case, this article demonstrates how both...... banks and currencies were mobilized as political symbols to promote an agenda of regional nationalism. In the article I show how the local Schleswig-Holstein currency and the local Schleswig-Holsteinische Landsbank became symbolic antagonists to the Danish central bank and the official state......-sanctioned currency – which by Danish politicians were considers key elements in the attempt to consolidate the Danish nation-state. The article highlights the symbolic qualities of monetary institutions and offers an example of the interrelation between currencies, banks and nations. Through an empirical analysis...

  3. Currency Crisis in Sudan in 2012: An Econometric Analysis

    Directory of Open Access Journals (Sweden)

    Alamedin Bannaga, Dr.

    2015-06-01

    Full Text Available The Sudan currency crisis in 2012 occurred when the Sudanese pound lost 66 percent of its value against the US dollar. In this article we adopt statistical methods such as the signal approach and econometric methods such as the Probit Model for identifying and evaluating the currency crisis. We utilize some economic indicators that have the ability to predict the crisis. We examined the capability of these indicators in generating an early warning system for Sudan currency crisis. The study confirms that the incidence of currency crisis in Sudan increases by increase in inflation rate, increase in import percentage of GDP, rise in claims against the central government, reduction in external reserves and existence of political crisis. Moreover, the study finds that the most important predictor of currency crisis in Sudan is decline in external reserves.

  4. Coexistence of several currencies in presence of increasing returns to adoption

    Science.gov (United States)

    Lamarche-Perrin, Alex; Orléan, André; Jensen, Pablo

    2018-04-01

    We present a simplistic model of the competition between different currencies. Each individual is free to choose the currency that minimizes his transaction costs, which arise whenever his exchanging relations have chosen a different currency. We show that competition between currencies does not necessarily converge to the emergence of a single currency. For large systems, we prove that two distinct communities using different currencies in the initial state will remain forever in this fractionalized state.

  5. Anesthesiologist- and System-Related Risk Factors for Risk-Adjusted Pediatric Anesthesia-Related Cardiac Arrest.

    Science.gov (United States)

    Zgleszewski, Steven E; Graham, Dionne A; Hickey, Paul R; Brustowicz, Robert M; Odegard, Kirsten C; Koka, Rahul; Seefelder, Christian; Navedo, Andres T; Randolph, Adrienne G

    2016-02-01

    Pediatric anesthesia-related cardiac arrest (ARCA) is an uncommon but potentially preventable adverse event. Infants and children with more severe underlying disease are at highest risk. We aimed to identify system- and anesthesiologist-related risk factors for ARCA. We analyzed a prospectively collected patient cohort data set of anesthetics administered from 2000 to 2011 to children at a large tertiary pediatric hospital. Pre-procedure systemic disease level was characterized by ASA physical status (ASA-PS). Two reviewers independently reviewed cardiac arrests and categorized their anesthesia relatedness. Factors associated with ARCA in the univariate analyses were identified for reevaluation after adjustment for patient age and ASA-PS. Cardiac arrest occurred in 142 of 276,209 anesthetics (incidence 5.1/10,000 anesthetics); 72 (2.6/10,000 anesthetics) were classified as anesthesia-related. In the univariate analyses, risk of ARCA was much higher in cardiac patients and for anesthesiologists with lower annual caseload and/or fewer annual days delivering anesthetics (all P risk adjustment for ASA-PS ≥ III and age ≤ 6 months, however, the association with lower annual days delivering anesthetics remained (P = 0.03), but the other factors were no longer significant. Case-mix explained most associations between higher risk of pediatric ARCA and anesthesiologist-related variables at our institution, but the association with fewer annual days delivering anesthetics remained. Our findings highlight the need for rigorous adjustment for patient risk factors in anesthesia patient safety studies.

  6. Factors Impacting the Psychological Adjustment of Saudi Arabian International Students in the United States: Self-Esteem, Social Support, and Discrimination

    Science.gov (United States)

    Rundles, Kyle

    2013-01-01

    International populations face difficulties adjusting to a new culture. This is especially true for international students, who have to adjust to a new country and face academic demands concurrently. Research has explored various factors that impact psychological adjustment of international students and show the influence of self-esteem and social…

  7. Directional variance adjustment: bias reduction in covariance matrices based on factor analysis with an application to portfolio optimization.

    Directory of Open Access Journals (Sweden)

    Daniel Bartz

    Full Text Available Robust and reliable covariance estimates play a decisive role in financial and many other applications. An important class of estimators is based on factor models. Here, we show by extensive Monte Carlo simulations that covariance matrices derived from the statistical Factor Analysis model exhibit a systematic error, which is similar to the well-known systematic error of the spectrum of the sample covariance matrix. Moreover, we introduce the Directional Variance Adjustment (DVA algorithm, which diminishes the systematic error. In a thorough empirical study for the US, European, and Hong Kong stock market we show that our proposed method leads to improved portfolio allocation.

  8. Directional variance adjustment: bias reduction in covariance matrices based on factor analysis with an application to portfolio optimization.

    Science.gov (United States)

    Bartz, Daniel; Hatrick, Kerr; Hesse, Christian W; Müller, Klaus-Robert; Lemm, Steven

    2013-01-01

    Robust and reliable covariance estimates play a decisive role in financial and many other applications. An important class of estimators is based on factor models. Here, we show by extensive Monte Carlo simulations that covariance matrices derived from the statistical Factor Analysis model exhibit a systematic error, which is similar to the well-known systematic error of the spectrum of the sample covariance matrix. Moreover, we introduce the Directional Variance Adjustment (DVA) algorithm, which diminishes the systematic error. In a thorough empirical study for the US, European, and Hong Kong stock market we show that our proposed method leads to improved portfolio allocation.

  9. Directional Variance Adjustment: Bias Reduction in Covariance Matrices Based on Factor Analysis with an Application to Portfolio Optimization

    Science.gov (United States)

    Bartz, Daniel; Hatrick, Kerr; Hesse, Christian W.; Müller, Klaus-Robert; Lemm, Steven

    2013-01-01

    Robust and reliable covariance estimates play a decisive role in financial and many other applications. An important class of estimators is based on factor models. Here, we show by extensive Monte Carlo simulations that covariance matrices derived from the statistical Factor Analysis model exhibit a systematic error, which is similar to the well-known systematic error of the spectrum of the sample covariance matrix. Moreover, we introduce the Directional Variance Adjustment (DVA) algorithm, which diminishes the systematic error. In a thorough empirical study for the US, European, and Hong Kong stock market we show that our proposed method leads to improved portfolio allocation. PMID:23844016

  10. Dollar as the world's reserve currency: Challenges and prospects

    Directory of Open Access Journals (Sweden)

    Kovačević Radovan

    2014-01-01

    Full Text Available The US dollar gained the status of the world's reserve currency in the Bretton Woods system and has preserved it until the present day. Such position in international finance entails both advantages and disadvantages to the USA as the issuer of this currency, and to the rest of the world using it in trading, as store of value, and for the purpose of various financial operations and transactions. After the collapse of the Bretton Woods system, the regime of fixed FX rates was replaced by floating FX rates. Yet, regardless of this change, the dollar kept its role of the world's reserve currency. Numerous banking and currency crises following the transfer to the floating FX rates regime, along with the shifts in international capital flows, forced the developing countries and countries in transition to increase their FX reserves. In the tendency to store their value, central banks usually invest them into US Treasury securities, as liquid and reliable assets. However, due to the risk incurred by the reliance on a single national currency in the role of the world's reserve currency, there have been many proposals to reform the international monetary system. According to the current global tendencies, the most serious candidates for acquiring the status of the world's reserve currency in the future are the dollar, the euro, and the Chinese yuan.

  11. ADOPTING THE SINGLE CURRENCY AND THE CHANGEOVER PROCESS

    Directory of Open Access Journals (Sweden)

    MIMI-FLORINA STANCULESCU

    2012-07-01

    Full Text Available Changeover will be a complex phenomenon which depends not only macroeconomic indicators, but also the social reaction, the way the environment social, consumers, unions, the population in general will be able and willing to adapt to the rigors of the euro. Adapting systems to the changeover is a complicated process that should not be underestimated, all businesses need to prepare a project with all the changes resulting from the changeover: what steps should follow the objectives and those responsible. Legislative adjustments represented an important part of the public sector changeover preparations. Conversion to a common currency, the euro, will not only involve economic issues, like the reduction in exchange rate risks and the increase in price transparency , but also a number of business and technical issues. Will be strategic decisions that will fundamentally affect the way an enterprise conducts its affairs,who can change the functionality that is expected from information systems. The impact of euro conversion on retail systems reflects changes on price displays, labels, pack pricing, bar codes,psychologically sensitive price points,weighing scales, the unit pricing directive,the loss of margin on low-unit-price items,consumer information, personnel training,adapting cash registers, scanning systems,cash office management, security, the use of credit cards, and so on. Sales and purchasing price lists will have to be reviewed. The paper structure consists of the following parts: •Convergence Methods •The Changeover and the Public Sector •The cash changeover •The five main reasons why the euro is still a strong currency The methodology for conducting research involves analysis of the accounting measures adopted by other Member States of the Economic Monetary Union in the pre-stage and after accession, generated, especially by the changes. The research results will have a particular importance for the economic

  12. Currency Invoicing in International Trade : A Panel Data Approach

    OpenAIRE

    Ligthart, J.E.; Da Silva, J.

    2007-01-01

    The paper empirically investigates the determinants of currency invoicing in Dutch goods trade with OECD countries. To this end, a currency-share systems approach is employed, which is applied to quarterly panel data for 1987–1998. One of the key findings is that a country’s share of producer currency pricing falls if demand in the foreign export market falls. In addition, we find that the better developed the partner country’s banking sector and the larger its share in world trade, the lower...

  13. The design value method and adjusted partial factor approach for existing structures

    NARCIS (Netherlands)

    Caspeele, R.; Sykora, M.; Allaix, D.L.; Steenbergen, R.D.J.M.

    2013-01-01

    In contrast to the design of new structures, the assessment of existing structures often relies on the subjective judgement of the investigating engineer. An objective verification format for existing structures based on alternative partial factors is however feasible, enabling a rather simple and

  14. Children in planned lesbian families: Stigmatisation, psychological adjustment and protective factors

    NARCIS (Netherlands)

    Bos, H.M.W.; van Balen, F.

    2008-01-01

    The study assessed the extent to which children between eight and 12 years old in planned lesbian families in the Netherlands experience stigmatization, as well as the influence of protective factors (relationship with parents, social acceptance by peers, contact with children from other families

  15. Influence Factor of Tertiary Students’ Employability Awareness Adjust Industry 4.0

    Directory of Open Access Journals (Sweden)

    Chun-Mei Chou

    2017-09-01

    Full Text Available This study aims to analyze the correlation (N=621 among tertiary students’ career planning, erecruiting adoption acceptance, and employability awareness in Taiwan. Tertiary students’ perceived career planning includes four factors, namely, self-appraisal, job expectancy, goal selection, and problem solving. E-recruiting adoption acceptance includes four factors, namely, playfulness, ease of use, effectiveness, and usefulness. Employability awareness includes four factors, namely, personal adaptability, employability ambition, career identity, and labour market. Participants responded to a 5-point Likert-type scale for each factor. Analysis was conducted using the structural equation modeling (SEM, and a good model fit was found for both the measurement and structural models. Research findings demonstrate that tertiary students’ career planning significantly and directly influences employability awareness. Career planning significantly and indirectly influences employability awareness by e-recruiting adoption acceptance. Tertiary students’ career planning and e-recruiting adoption acceptance fit the influence model and empirical data of employability awareness. Implications of this study, including the value of student self-assessment of their skills and utility of the e-recruiting to underpin personal career development planning and inform graduate recruitment processes, are discussed and recommendations made.

  16. Power Law Distributions in Two Community Currencies

    Science.gov (United States)

    Kichiji, N.; Nishibe, M.

    2007-07-01

    The purpose of this paper is to highlight certain newly discovered social phenomena that accord with Zipf's law, in addition to the famous natural and social phenomena including word frequencies, earthquake magnitude, city size, income1 etc. that are already known to follow it. These phenomena have recently been discovered within the transaction amount (payments or receipts) distributions within two different Community Currencies (CC) that had been initiated as social experiments. One is a local CC circulating in a specific geographical area, such as a town. The other is a virtual CC used among members who belong to a certain community of interest (COI) on the Internet. We conducted two empirical studies to estimate the economic vitalization effects they had on their respective local economies. The results we found were that the amount of transactions (payments and receipts) of the two CCs was distributed according to a power-law distribution with a unity rank exponent. In addition, we found differences between the two CCs with regard to the shapes of their distribution over a low-transaction range. The result may originate from the difference in methods of issuing CCs or in the magnitudes of the minimum-value unit; however, this result calls for further investigation.

  17. BITCOIN - THE CURRENCY OF A NEW ECONOMY?

    Directory of Open Access Journals (Sweden)

    CARINA-ELENA STEGĂROIU

    2017-12-01

    Full Text Available In the knowledge society, a new economy is emerging, New Economy, which also encompasses the Internet economy in the form of e-bussines, which is why the economy is the economy of information society and knowledge. So, in a knowledge-based technology, a new digital coin was also needed in the field of electronic payments, thus creating the virtual currency BITCOIN (BTC, which in a moto translation is the bit of the bit (the unit of measure of the amount of information. It is a decentralized electronic payment system and a digital encrypted opensurce created in 2009 by Satoshi Nakamoto. The need to create Bitcoin (BTC was to ensure investment protection and free business finance, without resorting to financial institutions and beyond any constraints and regulations. The Bitcoin name also refers to the opensource program for using these coins, as well as the peer-to-peer (peer-to peer network it forms. Currently, even if he has many opponents and has gone through several difficult times, Bitcoin seems to survive and offer new technology with revolutionary use possibilities. The concept of the digital coin fits perfectly with the everchanging world, dominated by mobile and omnipresent technology. Compared to Bitcoin or another digital coin, any visit to the bank seems like a trip to another century, an era of time lost at the counter completing dozens of unnecessary papers.

  18. Evolutionary Topology of a Currency Network in Asia

    Science.gov (United States)

    Feng, Xiaobing; Wang, Xiaofan

    Although recently there are extensive research on currency network using minimum spanning trees approach, the knowledge about the actual evolution of a currency web in Asia is still limited. In the paper, we study the structural evolution of an Asian network using daily exchange rate data. It was found that the correlation between Asian currencies and US Dollar, the previous regional key currency has become weaker and the intra-Asia interactions have increased. This becomes more salient after the exchange rate reform of China. Different from the previous studies, we further reveal that it is the trade volume, national wealth gap and countries growth cycle that has contributed to the evolutionary topology of the minimum spanning tree. These findings provide a valuable platform for theoretical modeling and further analysis.

  19. Can producer currency pricing models generate volatile real exchange rates?

    OpenAIRE

    Povoledo, L.

    2012-01-01

    If the elasticities of substitution between traded and nontraded and between Home and Foreign traded goods are sufficiently low, then the real exchange rate generated by a model with full producer currency pricing is as volatile as in the data.

  20. INTEREST RATES AND CURRENCIES EFFECTS ON ISLAMIC AND CONVENTIONAL BONDS

    Directory of Open Access Journals (Sweden)

    Ghazali Syamni

    2011-09-01

    Full Text Available Bond markets have not been well developed in emerging countries. Realizing its important role, especially after the 1997 crises and the islamic economics development, emerging countries have started to develop such markets. This research examines the effect of interest rates and currencies on Islamic and conventional bonds in Bursa Malaysia. The analysis on Islamic bonds shows that interest rates and currencies do not influence Islamic bonds, which supports the prohibition of interest in Islam. The analysis on conventional bonds finds evidence that both interest rates and currencies affect conventional bond. It also finds evidence of a negative association between interest rates and a conventional bond. Keywords: Interest rate, currency, conventional bond, Islamic bond JEL classification numbers: G11, G12, G15

  1. 12 CFR 745.7 - Shares accepted in a foreign currency.

    Science.gov (United States)

    2010-01-01

    ... accepted in a foreign currency. An insured credit union may accept shares denominated in a foreign currency. Shares denominated in a foreign currency will be insured in accordance with this part to the same extent... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Shares accepted in a foreign currency. 745.7...

  2. A comparison of currency crisis dating methods : East Asia 1970-2002

    NARCIS (Netherlands)

    Lestano, [No Value; Jacobs, Jan P.A.M.

    2004-01-01

    Generally, a currency crisis is defined to occur if an index of currency pressure exceeds a threshold. This paper compares several currency crisis dating methods adopting different definitions of currency pressure indexes and ad-hoc and extreme value based thresholds. We illustrate the methods with

  3. Labor productivity adjustment factors. A method for estimating labor construction costs associated with physical modifications to nuclear power plants

    International Nuclear Information System (INIS)

    Riordan, B.J.

    1986-03-01

    This report develops quantitative labor productivity adjustment factors for the performance of regulatory impact analyses (RIAs). These factors will allow analysts to modify ''new construction'' labor costs to account for changes in labor productivity due to differing work environments at operating reactors and at reactors with construction in progress. The technique developed in this paper relies on the Energy Economic Data Base (EEDB) for baseline estimates of the direct labor hours and/or labor costs required to perform specific tasks in a new construction environment. The labor productivity cost factors adjust for constraining conditions such as working in a radiation environment, poor access, congestion and interference, etc., which typically occur on construction tasks at operating reactors and can occur under certain circumstances at reactors under construction. While the results do not portray all aspects of labor productivity, they encompass the major work place conditions generally discernible by the NRC analysts and assign values that appear to be reasonable within the context of industry experience. 18 refs

  4. International projects and cross-cultural adjustments of British expatriates in Middle East: A qualitative investigation of influencing factors

    Directory of Open Access Journals (Sweden)

    Ashwini Konanahalli

    2012-09-01

    Full Text Available  Increased globalisation within the British AEC (Architectural Engineering and Construction sector has increased the need for companies to transfer their staff to manage their overseas operations. To be able to perform abroad, expatriates must harmonise themselves to the conditions prevailing in the host country. These include getting accustomed to living, working and interacting with the host country nationals. The process is commonly referred to as ‘cross-cultural adjustment’. Various factors influence the process of adjustment. In order to identify these issues, a qualitative study was undertaken, which mainly comprised of a comprehensive literature review and interviews with British expatriates working on international AEC assignments in Middle Eastern countries. The current study focuses on exploring the role of the organisation, host country, work related factors and their ability to dictate a British expatriate's adjustment. The findings suggest that success of expatriation does not entirely rest on an expatriate's ability but also on organisational support and assistance that expatriates receive prior to and during the assignment. Organisational factors such as, selection mechanisms, job design, training, logistical and social support, mentoring, etc., influence various aspects of expatriate adjustment. Striking cultural contrasts between British and Arab culture both in work and non work situations also dictate the level of support required by the expatriate, suggesting that expatriate relocation to less developed, remote or politically unstable regions, demands additional support and consideration by the parent company. This study is relevant to the AEC companies employing British expatriates, who need to be cognisant of the issues highlighted above to make rational and informed decisions when handling international assignments in the Middle East.

  5. International projects and cross-cultural adjustments of British expatriates in Middle East: A qualitative investigation of influencing factors

    Directory of Open Access Journals (Sweden)

    Ashwini Konanahalli

    2012-09-01

    Full Text Available Increased globalisation within the British AEC (Architectural Engineering and Construction sector has increased the need for companies to transfer their staff to manage their overseas operations. To be able to perform abroad, expatriates must harmonise themselves to the conditions prevailing in the host country. These include getting accustomed to living, working and interacting with the host country nationals. The process is commonly referred to as ‘cross-cultural adjustment’. Various factors influence the process of adjustment. In order to identify these issues, a qualitative study was undertaken, which mainly comprised of a comprehensive literature review and interviews with British expatriates working on international AEC assignments in Middle Eastern countries. The current study focuses on exploring the role of the organisation, host country, work related factors and their ability to dictate a British expatriate's adjustment. The findings suggest that success of expatriation does not entirely rest on an expatriate's ability but also on organisational support and assistance that expatriates receive prior to and during the assignment. Organisational factors such as, selection mechanisms, job design, training, logistical and social support, mentoring, etc., influence various aspects of expatriate adjustment. Striking cultural contrasts between British and Arab culture both in work and non work situations also dictate the level of support required by the expatriate, suggesting that expatriate relocation to less developed, remote or politically unstable regions, demands additional support and consideration by the parent company. This study is relevant to the AEC companies employing British expatriates, who need to be cognisant of the issues highlighted above to make rational and informed decisions when handling international assignments in the Middle East.

  6. Influence factors and forecast of carbon emission in China: structure adjustment for emission peak

    Science.gov (United States)

    Wang, B.; Cui, C. Q.; Li, Z. P.

    2018-02-01

    This paper introduced Principal Component Analysis and Multivariate Linear Regression Model to verify long-term balance relationships between Carbon Emissions and the impact factors. The integrated model of improved PCA and multivariate regression analysis model is attainable to figure out the pattern of carbon emission sources. Main empirical results indicate that among all selected variables, the role of energy consumption scale was largest. GDP and Population follow and also have significant impacts on carbon emission. Industrialization rate and fossil fuel proportion, which is the indicator of reflecting the economic structure and energy structure, have a higher importance than the factor of urbanization rate and the dweller consumption level of urban areas. In this way, some suggestions are put forward for government to achieve the peak of carbon emissions.

  7. Risk and Resilience Factors for Combat-Related Posttraumatic Psychopathology and Post Combat Adjustment

    Science.gov (United States)

    2012-05-01

    notion that PTSD’s dysphoria is especially related to depression and general emotional distress. While some studies (Elklit, Armour , & Shevlin...Journal of Anxiety Disorders, 25, 849-854. doi: 10.1016/j.janxdis.2011.04.007 Elklit, A., Armour , C., & Shevlin, M. (2010). Testing alternative factor...Cigarette Packages and Advertisements . Federal Register.76. 7. Boden JM, Fergusson DM, Horwood LJ. Cigarette smoking and depression: tests of causal

  8. Currency management system: a distributed banking service for the grid

    OpenAIRE

    León Gutiérrez, Xavier; Navarro Moldes, Leandro

    2007-01-01

    Market based resource allocation mechanisms require mechanisms to regulate and manage the usage of traded resources. One mechanism to control this is the definition of some kind of currency. Within this context, we have implemented a first prototype of our Currency Management System, which stands for a decentralized and scalable banking service for the Grid. Basically, our system stores user accounts within a DHT and its basic operation is the transferFunds which, as its name suggests, transf...

  9. Hard pegs versus intermediate currency arrangements in the Pacific

    OpenAIRE

    Helble, Matthias; Prasetyo, Ahmad; Yoshino, Naoyuki

    2015-01-01

    The 14 Pacific developing member countries (DMCs) of the Asian Development Bank (ADB) have opted for very different exchange rate regimes with varying degrees of flexibility. Whereas several microstates have adopted an external currency as their legal tender, others have decided to use a basket currency and yet others have chosen a managed float. The choice of exchange rate regime can have far reaching economic consequences. In this paper, we first build a simple exchange rate model that illu...

  10. Enhancing transparency regarding the authorities' foreign currency liquidity position

    OpenAIRE

    Bank for International Settlements

    1998-01-01

    Executive Summary The Asian crisis highlighted deficiencies in the availability of information relating to the on and off-balance-sheet foreign currency activities of central banks and other public sector entities. This led the G-10 Governors to ask the Euro-currency Standing Committee to establish a working group to develop a disclosure framework to address these shortcomings. Specifically, the group was asked to identify the statistical information that would enable markets to better assess...

  11. The Bank of Canada's Management of Foreign Currency Reserves

    OpenAIRE

    Jacobo De León

    2001-01-01

    This article describes the Bank's management of the liquid foreign currency portion of the government's official reserves. It broadly outlines the operations of the Exchange Fund Account (EFA), the main account in which Canada's reserves are held. It then briefly reviews the evolution of the objectives and management of the EFA over the past 25 years, particularly in light of the changing level of reserves and developments in financial markets. The EFA is funded by Canada's foreign currency b...

  12. Cross-currency transmission of money market tensions

    OpenAIRE

    Kei Imakubo; Takeshi Kimura; Teppei Nagano

    2008-01-01

    Funding conditions in global money markets have tightened since August 2007. In various currency-denominated money markets, term funding rates have come under upward pressure because of heightened concerns about counterparty credit and liquidity risks. Although the magnitude of upward pressure on interbank rates has differed across markets, the direction of its movements has followed a similar pattern. In this Review, using a vector autoregression model, we analyze the cross-currency transmis...

  13. Do crypto-currencies form a new asset class?

    OpenAIRE

    Mayr, Samuel

    2015-01-01

    This paper examines statistical properties of crypto-currencies' price variations in comparison with statistical properties of price variations in common financial markets. Price data of Bitcoin, ripple and Litecoin have been directly compared with price data of euro currency and stock index S&P500. Additionally, and compared with set of stylized facts of asset returns. The properties in scope of this work include an autocorrelation of day-to-day returns, a shape of return distributions, a vo...

  14. Normalized impact factor (NIF): an adjusted method for calculating the citation rate of biomedical journals.

    Science.gov (United States)

    Owlia, P; Vasei, M; Goliaei, B; Nassiri, I

    2011-04-01

    The interests in journal impact factor (JIF) in scientific communities have grown over the last decades. The JIFs are used to evaluate journals quality and the papers published therein. JIF is a discipline specific measure and the comparison between the JIF dedicated to different disciplines is inadequate, unless a normalization process is performed. In this study, normalized impact factor (NIF) was introduced as a relatively simple method enabling the JIFs to be used when evaluating the quality of journals and research works in different disciplines. The NIF index was established based on the multiplication of JIF by a constant factor. The constants were calculated for all 54 disciplines of biomedical field during 2005, 2006, 2007, 2008 and 2009 years. Also, ranking of 393 journals in different biomedical disciplines according to the NIF and JIF were compared to illustrate how the NIF index can be used for the evaluation of publications in different disciplines. The findings prove that the use of the NIF enhances the equality in assessing the quality of research works produced by researchers who work in different disciplines. Copyright © 2010 Elsevier Inc. All rights reserved.

  15. Psychosocial Adjustment to Illness Scale: Factor structure, reliability, and validity assessment in a sample of Greek breast cancer patients.

    Science.gov (United States)

    Kolokotroni, Philippa; Anagnostopoulos, Fotios; Missitzis, Ioannis

    2017-07-01

    The study and measurement of psychosocial adjustment is important for evaluating patients' well-being, and assessing the illness's course, treatment's success, and patients' recovery. In this study, internal consistency reliability and construct validity of the Greek version of the Psychosocial Adjustment to Illness Scale-Self-Report (PAIS-SR) were examined. Demographic and psychosocial data were collected from a sample of 243 women with breast cancer, recruited from September 2011 to December 2012. With some exceptions in specific items, the original conceptually-derived PAIS-SR subscales emerged in a seven-factor solution. Social Environment, Job and Household Duties, and Psychological Distress accounted for more of the total variance than other subscales. PAIS-SR showed good internal consistency reliability, with Cronbach's alpha coefficients >0.62. Correlations of PAIS-SR domains with measures of quality of life and posttraumatic stress symptoms supported the convergent validity of the PAIS-SR and its significance for cancer research. The Greek version of the PAIS-SR has acceptable internal consistency reliability and construct validity, as well as satisfactory convergent validity. Results provide some suggestions for the development of programs to evaluate adjustment status and implement psychosocial interventions among breast cancer survivors.

  16. Entrepreneurship in Virtual Economy: the Case of Currency One SA

    Directory of Open Access Journals (Sweden)

    Ewa Badzińska

    2017-11-01

    Full Text Available Purpose: The scientifc purpose of the study is an attempted synthesis of interpretation of “the virtual economy” and “the virtual environment” in the Polish and foreign literature on the subject. The cognitive purpose thereof is to offer an identifcation and a qualitative analysis of the factors that determine the development of e-entrepreneurship using an example of business practice. Methodology: The theoretical basis of the study is a scientifc research of leading scholars on the theory of entrepreneurship in the context of virtual economy. An exploratory, qualitative case study methodology has been applied for the purpose thereof. The research has been conducted using the example of Currency One SA, operating on the currency exchange market in virtual economy. The application of the empirical method of a case study has made it possible to characterize the essence of e-entrepreneurship and present the studied phenomenon in business practice. Findings: Research results reveal an existence of interdependencies between the intellectual potential of staff members and the market success of a company. Explanation of the critical success factors, showing the implementation of innovative ICT solutions and stages of company development, illustrates how the existing theory is experienced by practitioners in virtual economy. Furthermore, the paper confrms the positive impact of e-entrepreneurship on the effectiveness of the company subject to analysis, and presents virtual economy as a completely new sphere through which it is possible to offer new products and services. Research implications: The rationale for conducting research on case studies is the need to orient the practice towards a better understanding of modern economic reality. The study may provide a starting point for empirical quantitative research, as well as act as a contribution to the discussion on entrepreneurship in the rapidly changing virtual economy. Originality: This

  17. The legal nature of the contract currency bank account

    Directory of Open Access Journals (Sweden)

    Ольга Олегівна Чорна

    2016-06-01

    Full Text Available The Civil Code of Ukraine there are no specific rules governing contractual relationship currency bank account, and existing norms in the national legislation does not reflect the specificity, complexity bank currency relations; regulations that regulate banking operations in foreign currencies, in some cases inconsistent, uncoordinated and even contradictory; In addition, some based on somewhat outdated today philosophical position, affecting the development bank currency civil relations. Problems about the determination of the legal nature of the contract currency bank account, studied and continue to study the eminent jurist scholars, among which highlight G.F. Shershenevich, C.A. Fleyshyts, I.B. Nowicki, M.N. Agarkova, A.S. Ioffe, N.S. Kuznetsov, I.A. Bezkluboho etc. Purpose of the article – the definition of the legal nature of the contract currency bank account, as well as research and analysis of major scientific debate on the subject. Given the inextricable link between the two elements of a bank account without connectivity relations on the account balance on any loan or of storage, believe that the bank account agreement today is an independent civil - legal contract.

  18. Adjustement of Dancoff factor for calculating the cell of fluidized bed nuclear reactor

    International Nuclear Information System (INIS)

    Borges, V.; Sefidvash, F.

    1988-01-01

    A new nuclear reactor design based on the fluidized bed concept is under reserch and development. It utilized spherical fuel of slightly enriched zircaloy-clad uranium dioxide fluidized by light water under pressure since the Leopard code has been developed for light water reactor analysis, it was necessary to develop a method to determine the dimensions of the hypothetical fuel rod lattice, which are neutronically equivalent to the spherical fuel pellet lattice. This method is shown to calculate the Dancoff factor correctly. (author) [pt

  19. Parent and family factors associated with child adjustment to pediatric cancer.

    Science.gov (United States)

    Robinson, Kristen E; Gerhardt, Cynthia A; Vannatta, Kathryn; Noll, Robert B

    2007-05-01

    To identify factors that influence the association between parent and child distress among families of children with cancer and comparison peers. Parent and child distress, social support, and family environment were assessed among families of 95 children with cancer (94 mothers, 67 fathers) and 98 comparison peers (97 mothers, 77 fathers). Significant associations were found between parent and child distress. For models examining the impact of fathers' distress on children, several moderators were identified (i.e., family environment, child age and gender, a cancer diagnosis, and treatment severity). Family environment also partially mediated father and child distress. Children whose parents were distressed were more likely to be distressed themselves. Subgroups of children were particularly vulnerable, indicating a need to identify further mechanisms of risk and resilience and to develop family-based interventions. Support was found for including fathers as independent sources of information in pediatric psychology research and clinical practice.

  20. Risk and protection factors in the peer context: how do other children contribute to the psychosocial adjustment of the adolescent?

    Directory of Open Access Journals (Sweden)

    Marie-Hélène Véronneau

    2014-03-01

    Full Text Available As children become adolescents, peers assume greater importance in their lives. Peer experiences can either help them thrive or negatively affect their psychosocial adjustment. In this review article definitions for the types of peer experiences are provided followed by an overview of common psychosocial issues encountered by adolescents. Past research that has pointed to risk and protection factors that emerge from peer experiences during adolescence and the role of peer influences in the context of current issues relevant to adolescent education are discussed. Research suggests that friendships with deviant peers, involvement in bullying and the experience of rejection from the overall peer group are related to adjustment problems, whereas friendships with prosocial and academically oriented peers and social acceptance in the peer group are related to healthy development. Friendship quality, popularity among peers, and involvement in friendship cliques cannot be clearly categorized as either positive or negative influences, because they interact with other factors in shaping the development of adolescents. The promotion of social skills and positive youth leadership as an integral part of the student's learning process in school is recommended.

  1. Theoretical Research on Thermal Shock Resistance of Ultra-High Temperature Ceramics Focusing on the Adjustment of Stress Reduction Factor

    Directory of Open Access Journals (Sweden)

    Daining Fang

    2013-02-01

    Full Text Available The thermal shock resistance of ceramics depends on not only the mechanical and thermal properties of materials, but also the external constraint and thermal condition. So, in order to study the actual situation in its service process, a temperature-dependent thermal shock resistance model for ultra-high temperature ceramics considering the effects of the thermal environment and external constraint was established based on the existing theory. The present work mainly focused on the adjustment of the stress reduction factor according to different thermal shock situations. The influences of external constraint on both critical rupture temperature difference and the second thermal shock resistance parameter in either case of rapid heating or cooling conditions had been studied based on this model. The results show the necessity of adjustment of the stress reduction factor in different thermal shock situations and the limitations of the applicable range of the second thermal shock resistance parameter. Furthermore, the model was validated by the finite element method.

  2. Random matrix theory filters and currency portfolio optimisation

    Science.gov (United States)

    Daly, J.; Crane, M.; Ruskin, H. J.

    2010-04-01

    Random matrix theory (RMT) filters have recently been shown to improve the optimisation of financial portfolios. This paper studies the effect of three RMT filters on realised portfolio risk, using bootstrap analysis and out-of-sample testing. We considered the case of a foreign exchange and commodity portfolio, weighted towards foreign exchange, and consisting of 39 assets. This was intended to test the limits of RMT filtering, which is more obviously applicable to portfolios with larger numbers of assets. We considered both equally and exponentially weighted covariance matrices, and observed that, despite the small number of assets involved, RMT filters reduced risk in a way that was consistent with a much larger S&P 500 portfolio. The exponential weightings indicated showed good consistency with the value suggested by Riskmetrics, in contrast to previous results involving stocks. This decay factor, along with the low number of past moves preferred in the filtered, equally weighted case, displayed a trend towards models which were reactive to recent market changes. On testing portfolios with fewer assets, RMT filtering provided less or no overall risk reduction. In particular, no long term out-of-sample risk reduction was observed for a portfolio consisting of 15 major currencies and commodities.

  3. The Norwegian version of the Mini-Mental Adjustment to Cancer Scale: factor structure and psychometric properties.

    Science.gov (United States)

    Bredal, Inger Schou

    2010-02-01

    The object of the study was to examine the factor structure and the psychometric properties of the Mini-Mental Adjustment to Cancer Scale (Mini-MAC) among a large sample of Norwegian breast cancer patients. A total of 402 patients with breast cancer completed the Mini-MAC. Principal component analysis with varimax rotion confirmed four factors. Three had psychometric properties to the original Mini-MAC Helpless-Hopeless (HH), Anxious Preoccupation (AP) and Cognitive Avoidance (CA) subscales. The fourth, named Positive Attitude (PA) combined the Fighting Spirit (FS) and the Fatalism subscales of the original Mini-MAC. Construct validities were assessed by examining the interscale correlations as well as the correlations between the Mini-MAC subscales and the HADS subscales scores. Internal consistency of the five subscales was satisfactory for the original (HH, AP, CA, FA, coefficients=0.60-0.83), except for the FS subscale (coefficient=21). In view of the low internal reliability for the Norwegian Mini-MAC FS subscale coefficient; it appears to be more appropriate to use the Norwegian Mini-MAC as a four-factor model. If researcher or clinicians in Norway use the five-factor model, they should take great care when interpreting the fighting spirit subscale.

  4. Scale free effects in world currency exchange network

    Science.gov (United States)

    Górski, A. Z.; Drożdż, S.; Kwapień, J.

    2008-11-01

    A large collection of daily time series for 60 world currencies' exchange rates is considered. The correlation matrices are calculated and the corresponding Minimal Spanning Tree (MST) graphs are constructed for each of those currencies used as reference for the remaining ones. It is shown that multiplicity of the MST graphs' nodes to a good approximation develops a power like, scale free distribution with the scaling exponent similar as for several other complex systems studied so far. Furthermore, quantitative arguments in favor of the hierarchical organization of the world currency exchange network are provided by relating the structure of the above MST graphs and their scaling exponents to those that are derived from an exactly solvable hierarchical network model. A special status of the USD during the period considered can be attributed to some departures of the MST features, when this currency (or some other tied to it) is used as reference, from characteristics typical to such a hierarchical clustering of nodes towards those that correspond to the random graphs. Even though in general the basic structure of the MST is robust with respect to changing the reference currency some trace of a systematic transition from somewhat dispersed - like the USD case - towards more compact MST topology can be observed when correlations increase.

  5. Invoice currency: Puzzling evidence and new questions from Brazil

    Directory of Open Access Journals (Sweden)

    Daniel Gersten Reiss

    2015-05-01

    Full Text Available This article for the first time uses Brazilian trade data to draw conclusions about the invoice currency choice — both in general and as it pertains to the Brazilian real (BRL. We find that the Brazil-Argentina policy of providing payment orders associated to an exchange transaction between their currencies has had a significant impact on the currency chosen for invoicing, establishing a link between the availability of financial instruments and the invoice currency choice. Moreover, the evidence does not confirm some previous international results. We identify that in Brazil there is no coincidence regarding the use of BRL for invoicing and its use for making payments. Yet we find that the main exports denominated in BRL are homogenous goods — sugar and tobacco — suggesting that some bargaining power might remain even if goods are traded in international markets. From the BRL-specific perspective, we categorically move away from the idea that the BRL is not used in Brazilian international trade. Although it is used at a limited absolute volume, an exceptional ninefold growth between 2007 and 2011 is observed. New intriguing questions about Brazilian currency usage can therefore be proposed.

  6. Soft currencies, cash economies, new monies: past and present.

    Science.gov (United States)

    Guyer, Jane I

    2012-02-14

    Current variation in the forms of money challenges economic anthropologists and historians to review theory and comparative findings on multiple currency systems. There are four main sections to the paper devoted to (i) the present continuum of hard to soft currencies as an instance of multiplicity, including discussion of different combinations of the classic four functions of money, especially the relationship between store of value and medium of exchange; (ii) the logic of anthropological inquiry into multiple currency economies; (iii) the case of the monies of Atlantic Africa, applying the analytics of exchange rates as conversions to African transactions; and (iv) the return to economic life in a present day Nigerian economy lived in soft currency and cash. The paper identifies five findings that suggest foci for future research. (i) The widespread occurrence of conversions, which bring together ranking principles within transactions. (ii) Several types of positional ranking ranging from simple stepwise ordinal scales to iconic ordinality that creates a parabolic curve of value. (iii) Fictional units of account that serve to mediate both the memorization of nonreductive transactions and their nature as conversions. (iv) The importance of the temporal reach of what constitutes wealth: over the short run, the life span, intergenerational succession, and in (legal) perpetuity (as for corporate and sovereign debts and specified assets). (v) The social niches in which these qualities are brought together in transactional regimes. In conclusion, the paper returns to the exchange function of cash, soft currencies, and new money forms.

  7. Methods of currency risk management in foreign trade

    Directory of Open Access Journals (Sweden)

    V.V. Ksendzuk

    2016-03-01

    Full Text Available Development of the country’s market national economy is closely connected with international economic relations. Therefore national business entities are actively involved in foreign trade, and their positive results influence not only on the status and income of owners, but form the economic potential of the country. The survey describes the main indicators of foreign trade and the impact of export and import transactions on economic development of Ukraine, particularly on the gross domestic income of the country. Taking into account also the negative trends in foreign currency exchange rates, the article considers the types of currency risks that accompany international transactions and identifies the limits of the usefulness of currency risk management methods. The methods of currency risk management are also systematized, the benefits of their use for the enterprise are considered and the status and readiness of Ukraine’s financial market to ensure appropriate conditions for the functioning of the currency risk management in domestic enterprises are analyzed.

  8. Impact of Exchange Rate Fluctuation to the Romanian Foreign Currency Reserve

    Directory of Open Access Journals (Sweden)

    Lavinia Diana Vasile

    2006-10-01

    Full Text Available In this article, we intend to indentify the impact of the currency rate of exchange variation of the two main currencies which represent Romania’s foreign currency reserve and the stress test it submits the latter. Up to the present moment there not established a cause-effect relationship or correlation between the foreign currency exchage rate was variation and the foreign currency reserve. In this respect we used an econometrics model based on cointegration analysis of the three series of data corresponding to the period of time 31.01.1995-31.06.2006 (the EURO exchange rate, the USD exchange rate and the foreign currency reserve.

  9. The Predecessors of Bitcoin and Their Implications for the Prospect of Virtual Currencies

    Science.gov (United States)

    Kim, Thomas

    2015-01-01

    To examine whether the recent price patterns and transaction costs of Bitcoin represent a general characteristic of decentralized virtual currencies, we analyze virtual currencies in online games that have been voluntarily managed by individuals since 1990s. We find that matured game currencies have price stability similar to that of small size equities or gold, and their transaction costs are sometimes lower than real currencies. Assuming that virtual currencies with a longer history can provide an estimate for Bitcoin’s prospects, we project that Bitcoin will be less influenced by speculative trades and become a low cost alternative to real currencies. PMID:25919027

  10. The predecessors of bitcoin and their implications for the prospect of virtual currencies.

    Directory of Open Access Journals (Sweden)

    Thomas Kim

    Full Text Available To examine whether the recent price patterns and transaction costs of Bitcoin represent a general characteristic of decentralized virtual currencies, we analyze virtual currencies in online games that have been voluntarily managed by individuals since 1990s. We find that matured game currencies have price stability similar to that of small size equities or gold, and their transaction costs are sometimes lower than real currencies. Assuming that virtual currencies with a longer history can provide an estimate for Bitcoin's prospects, we project that Bitcoin will be less influenced by speculative trades and become a low cost alternative to real currencies.

  11. The predecessors of bitcoin and their implications for the prospect of virtual currencies.

    Science.gov (United States)

    Kim, Thomas

    2014-01-01

    To examine whether the recent price patterns and transaction costs of Bitcoin represent a general characteristic of decentralized virtual currencies, we analyze virtual currencies in online games that have been voluntarily managed by individuals since 1990s. We find that matured game currencies have price stability similar to that of small size equities or gold, and their transaction costs are sometimes lower than real currencies. Assuming that virtual currencies with a longer history can provide an estimate for Bitcoin's prospects, we project that Bitcoin will be less influenced by speculative trades and become a low cost alternative to real currencies.

  12. Global service nature of contemporary crypto-currencies

    Directory of Open Access Journals (Sweden)

    Ellana Molchanova

    2014-01-01

    Full Text Available The article deals with the problem caused by the crisis of the Jamaican currency system, namely, with the search for new forms of money that can replace dollars in international transactions. Alternative currency as the best global option has been searched both by national governments and international organisations, as well as the world’s leading scientists. All current studies, and our research, are based on historical definition of the nature, forms and other aspects of money. The theoretical principles that have been studied helped confirm our hypotheses about the existence of absolutely new forms of money, including electronic. In this study, we proved that there are all necessary prerequisites for existence of electronic money as a new global currency. The key risks and possible directions of their neutralising were analysed. This allowed reviewing the hypothesis of introduction of fiduciary electronic money, studying historical facts of their existence and substantiating their implementation

  13. Statistical Analysis of Pakistani Currency Regime before and after Floatation

    Directory of Open Access Journals (Sweden)

    Shahid ALI

    2011-05-01

    Full Text Available In this paper the trends of exchange rates for the foreign currency are studied yearly for Pakistan rupee. In 2000 State bank of Pakistan officially floated the rupee. In this studies the trends of the exchange rate before floating and after floating and then checks its impact on the GDP per capita of the country. Here we consider the daily data of exchange rates of Pakistani currency from 1995 to 2009. Data was analyzed from 1995 to 2000 in the first step. In the second step data from 2001 to 2009 was analyzed. The result shows that if one wants to fl oat currency he must keep in mind that the political condition or stable and that the economy is also stable so that the system of fl oat can perform its functions completely.

  14. Evaluating public awareness of new currency design features

    Science.gov (United States)

    DiNunzio, Lisa; Church, Sara E.

    2002-04-01

    One of the goals of the 1996 series design was to integrate highly recognizable features that enable the general public to more easily distinguish counterfeit from genuine notes, thereby reducing the chance of counterfeit notes being passed. The purpose of this study is to evaluate how knowledgeable the public is concerning the new currency, to identify the channels through which the public learns about new currency design, and to assess the usefulness of the new currency's authentication features. Also, the study will serve as a baseline measurement for future design studies and in comparative analysis with other countries. The results of the qualitative research will be described in the following sections of this paper. The quantitative research is scheduled to begin in February 2002, at the same time as the Netherlands' opinion poll of the Euro and NLG-notes in an effort to compare results.

  15. Crisis?: What crisis?: currency vs. banking in the financial crisis of 1931

    OpenAIRE

    Albrecht Ritschl; Samad Salferaz

    2010-01-01

    This paper examines the role of currency and banking in the German financial crisis of 1931 for both Germany and the U.S. We specify a structural dynamic factor model to identify financial and monetary factors separately for each of the two economies. We find that monetary transmission through the Gold Standard played only a minor role in causing and propagating the crisis, while financial distress was important. We also find evidence of crisis propagation from Germany to the U.S. via the ban...

  16. International Asset Pricing, Currency Risk and Integration of Markets

    Directory of Open Access Journals (Sweden)

    Sema BAYRAKTAR

    2014-11-01

    Full Text Available This study attempts to test the conditional version of the international asset-pricing model proposed in Bayraktar (2000, 2009 by using a parsimonious multivariate GARCH process. The theoretical model, contrary to previous empirical studies that have used random selection of currency risks, determines which currencies should be included in an empirical test, thus avoids this kind of random selection bias. The results from both full and sub-samples regressions provide some weak evidence for the existence of exchange rate risks, thus partially support the theory. However, exchange rate risks' premia are found considerably smaller than that of market risk.

  17. COMMODITY CURRENCIES: UM FENÔMENO REAL NO BRASIL?

    Directory of Open Access Journals (Sweden)

    Rodrigo Branco

    Full Text Available RESUMO Este trabalho tem por objetivo investigar o possível enquadramento que a moeda brasileira, o real, possa ter no modelo de commodity currencies. As evidências encontradas mostram uma correlação significativa da trajetória percorrida pelo real na última década com o esquema de commodity currencies, em que a taxa de câmbio do país tende a acompanhar a evolução dos preços internacionais das commodities, grupo de produtos básicos advindos principalmente dos setores agrícola e mineral.

  18. Is the ‘EURO’ a Defunct Currency?

    Directory of Open Access Journals (Sweden)

    Constantinos ALEXIOU

    2012-01-01

    Full Text Available In this paper we provide a brief discourse on the theory of optimum currency areas to serve as a basis for constructive criticism of the conceptual framework of the eurozone. With particular reference to the Greek economic crisis, we argue that the very architecture of the EU experiment involving the single currency was inherently flawed from the outset in so far as political pressures to speed up the process towards a politically unified Europe has resulted in what is perceived as the worst economic impasse in the history of modern capitalism.

  19. Student-Teacher Relationships As a Protective Factor for School Adjustment during the Transition from Middle to High School.

    Science.gov (United States)

    Longobardi, Claudio; Prino, Laura E; Marengo, Davide; Settanni, Michele

    2016-01-01

    A robust body of research has identified school transitions during adolescence, and in particular the transition from middle to high school, as one of the riskiest phases for school failure, being characterized by significant social, emotional and behavioral changes. This transition is critical even with respect to academic achievement: in Italy, the highest frequency of school dropout can be observed in the 9th and 10th grades, partly as a consequence of poor adjustment to the new school context. The impact of students' relationships with their teachers may be particularly relevant during critical developmental periods. Indeed, student-teacher relationships have been widely recognized as protective factors in school adjustment and, in case of negative relationships, also as a factor that increases the risk of maladjustment. Positive and affective student-teacher relationships may play an important role in students' adaptation to the school environment, favoring both academic achievement and adaptive behaviors. The aim of this study was to investigate the effects of the quality of teacher-student relationships, as perceived by pupils, on academic achievement, and problem and prosocial behaviors during the relevant school transition. The sample consisted of 122 students (55% female). We employed a self-report questionnaire to collect information on: demographic characteristics, quality of the relationship with teachers, problem and prosocial behaviors, and academic achievement. Students filled in the questionnaires twice: once during the 8th grade and 1 year later, during their first year of high school (9th grade). Regression analyses indicated that both average and varying levels of closeness with teachers significantly predicted changes in academic achievement: A perceived increase in closeness in 9th grade, as well as a higher mean closeness level, was associated with an increase in academic achievement. In turn, an increase in the level of perceived conflict

  20. Adjusting of the power-factor correction. Technical, economic and financial implications; Calculo de correccion del factor de potencia. Implicaciones tecnicas, economicas y financieras

    Energy Technology Data Exchange (ETDEWEB)

    Eficiencia Energetica aplicada (Energiza) [Ciudad Juarez, Chihuahua (Mexico)

    2005-07-01

    A power-factor is a device formed by a dielectric set and electrodes within a container with terminals, able to contribute with capacitance to an electrical circuit, such as: transformers, induction motors, regulators, air conditioning, welding machines, induction furnaces and ballasts. This document also tells us about the location of capacitors in their system, the electrical conductor, the monthly consumption electricity bill, of the benefits when adjusting the power-factor, the liberation of power of the transformer, the reduction of current in feeders, the reduction of losses in feeders, the diminution of the tension fall and the approximate average sale price. [Spanish] Un factor de potencia es un dispositivo formado por un conjunto de dielectrico y electrodos dentro de un recipiente con terminales, capaz de aportar capacitancia a un circuito electrico, como lo son: transformadores, motores de induccion, reguladores, aire acondicionado, maquinas soldadoras, hornos de induccion y balastros. Este documento tambien nos habla acerca de la localizacion de capacitores en su sistema, del conductor electrico, del recibo de consumo mensual de energia, de los beneficios al corregir factor de potencia, la liberacion de potencia del transformador, la reduccion de corriente en alimentadores, la reduccion de perdidas en alimentadores, la disminucion de la caida de tension y el precio de venta promedio aproximado.

  1. Three-factor model of premorbid adjustment in a sample with chronic schizophrenia and first-episode psychosis.

    Science.gov (United States)

    Barajas, Ana; Usall, Judith; Baños, Iris; Dolz, Montserrat; Villalta-Gil, Victoria; Vilaplana, Miriam; Autonell, Jaume; Sánchez, Bernardo; Cervilla, Jorge A; Foix, Alexandrina; Obiols, Jordi E; Haro, Josep Maria; Ochoa, Susana

    2013-12-01

    The dimensionality of premorbid adjustment (PA) has been a debated issue, with attempts to determine whether PA is a unitary construct or composed of several independent domains characterized by a differential deterioration pattern and specific outcome correlates. This study examines the factorial structure of PA, as well as, the course and correlates of its domains. Retrospective study of 84 adult patients experiencing first-episode psychosis (FEP) (n=33) and individuals with schizophrenia (SCH) (n=51). All patients were evaluated with a comprehensive battery of instruments including clinical, functioning and neuropsychological variables. A principal component analysis accompanied by a varimax rotation method was used to examine the factor structure of the PAS-S scale. Paired t tests and Wilcoxon rank tests were used to assess the changes in PAS domains over time. Bivariate correlation analyses were performed to analyse the relationship between PAS factors and clinical, social and cognitive variables. PA was better explained by three factors (71.65% of the variance): Academic PA, Social PA and Socio-sexual PA. The academic domain showed higher scores of PA from childhood. Social and clinical variables were more strongly related to Social PA and Socio-sexual PA domains, and the Academic PA domain was exclusively associated with cognitive variables. This study supports previous evidence, emphasizing the validity of dividing PA into its sub-components. A differential deterioration pattern and specific correlates were observed in each PA domains, suggesting that impairments in each PA domain might predispose individuals to develop different expressions of psychotic dimensions. © 2013.

  2. Ritual use of currency in Laimbwe history, Cameroon | Kah | Lwati: A ...

    African Journals Online (AJOL)

    Ritual use of currency in Laimbwe history, Cameroon. ... exchange and a measurement of value to replace other indigenous currencies, had an impact ... social classes and the re-enforcement of the socio-political order of the Laimbwe people.

  3. Currency option pricing in a credible exchange rate target zone

    NARCIS (Netherlands)

    Veestraeten, D.

    2013-01-01

    This article examines currency option pricing within a credible target zone arrangement where interventions at the boundaries push the exchange rate back into its fluctuation band. Valuation of such options is complicated by the requirement that the reflection mechanism should prevent the arbitrage

  4. Currency option pricing in a credible exchange rate target zone

    NARCIS (Netherlands)

    Veestraeten, D.

    2012-01-01

    This article examines currency option pricing within a credible target zone arrangement where interventions at the boundaries push the exchange rate back into its fluctuation band. Valuation of such options is complicated by the requirement that the reflection mechanism should prevent the arbitrage

  5. 49 CFR 583.14 - Currency conversion rate.

    Science.gov (United States)

    2010-10-01

    ... 49 Transportation 7 2010-10-01 2010-10-01 false Currency conversion rate. 583.14 Section 583.14... conversion rate. For purposes of calculations of content value under this part, manufacturers and suppliers shall calculate exchange rates using the methodology set forth in this section. (a) Manufacturers. (1...

  6. The great China currency debate: for workers or speculators?

    NARCIS (Netherlands)

    A.M. Fischer (Andrew Martín)

    2010-01-01

    textabstractEveryone is talking about China’s currency, it seems. Amidst months of building tension, there is an apparent consensus among most economists, the financial press, and leading economic policy makers in the West that the renminbi is hugely undervalued, making China’s exports unfairly

  7. RITUAL USE OF CURRENCY IN LAIMBWE HISTORY, CAMEROON

    Directory of Open Access Journals (Sweden)

    Henry Kam Kah

    2018-02-01

    Full Text Available The advent of Europeans in Cameroon in the 15th century and the introduction of a western currency as a standard of exchange and a measurement of value to replace other indigenous currencies had an impact on initiation into regulatory and entertainment societies in Cameroonian communities including the Laimbwe of the North West Region. Male and female institutions eventually began using these currencies during initiation rites. These included nwerong, ngiri, ngumba, takembeng, ndofoumgbui, kwifoyn (also kwifo’o, kwifeu, kuiifuai kefa’a, tschong, libah and ikuum in the grasslands and Liengu, male, ahon, muankum, nganya, monekim, ekpe and obasinjom in the forest region of Cameroon. Prior to the introduction of standard money, some local currencies like cowrie shells were used together with the provision of material things like goats, pigs, fowls and bush meat. Money is effectively a measure of value, status and a store of wealth within the Laimbwe traditional milieu. This paper examines how and why the introduction of money in initiation and other ritual activities led to the emergence of new social classes and the re-enforcement of the socio-political order of the Laimbwe people. The study essentially relies on discussions with members of societies, observation and written material.

  8. Governance and sustainability of the Argentine Complementary Currency Systems

    NARCIS (Netherlands)

    G.M. Gómez (Georgina)

    2012-01-01

    textabstractThe Redes de Trueque (RT) thrived during the economic crisis of 2001 – 2002 in Argentina and still stand out as one of the largest Complementary Currency System in the world. These local exchange networks reach a large scale during times of severe economic distress, but as large

  9. Contamination of Ethiopian paper currency notes from various food ...

    African Journals Online (AJOL)

    Contamination rate of Ethiopian paper currency notes handled by various food handlers with E. coli and antimicrobial susceptibility was assessed. A total of 384 Ethiopian Birr (ETB) notes were randomly sampled from meat handlers at butchers, bread and the related food handlers at cafeteria, fruit and vegetables handlers ...

  10. Credit risk exposure with interest and currency swaps

    NARCIS (Netherlands)

    Coppes, R.C.; Stokking, E.J.

    1996-01-01

    The increased use of financial derivatives like interest rate and currency swap contracts has drawn much attention, as it exposes banks to non-performance by their counterparts. This credit risk exposure is of great concern to monetary authorities, e.g. the Bank for International Settlements. Ln

  11. Who Pulls the Trigger? Evidence on Corporate Currency Speculation

    DEFF Research Database (Denmark)

    Aabo, Tom; Hansen, Marianna Andryeyeva; Pantzalis, Christos

    This empirical study of non-financial firms is based on a survey of 186 medium-sized, non-financial Danish firms with operating revenues and/or costs in foreign currency. We find that the involvement of non-finance departments in the management of exchange rate risks has a positive impact...

  12. Currency crises with the threat of an interest rate defence

    NARCIS (Netherlands)

    Daniels, T.R.; Jager, H.; Klaassen, F.

    2011-01-01

    While virtually all currency crisis models recognise that the decision to abandon a peg depends on how tenaciously policy makers defend it, this is seldom modelled explicitly. We add the threat of an interest rate defence to the global game model of Morris and Shin (American Economic Review 88,

  13. Currency Hedging for International Stock Portfolios : A General Approach

    NARCIS (Netherlands)

    de Roon, F.A.; Nijman, T.E.; Werker, B.J.M.

    1999-01-01

    This paper tests whether hedging currency risk improves the performance of international stock portfolios. We use a generalized performance measure which allows for investor-dependencies such as different utility functions and the presence of nontraded risks. In addition we show that an auxiliary

  14. The Financing of Complementary Currencies: Problems and Perspectives

    NARCIS (Netherlands)

    R.F.H. Schroeder (Rolf)

    2015-01-01

    textabstractCosts and cost coverage of complementary currencies has been neglected by researchers so far. This article provides an analysis of the different types of costs incurred and asks for appropriate means of financing such projects. External public and private sources are discussed in a

  15. Partial delegation in a model of currency crisis

    OpenAIRE

    Boinet, V

    2002-01-01

    Stressing the inßuence of expected devaluation on currency crises, this paper shows that, in a Þxed exchange-rate system with an escape clause, partial delegation of exchange-rate policy to an inßation-averse central banker reduces the probability of crisis.

  16. An Assessment of Use and Currency of Information on the ...

    African Journals Online (AJOL)

    In the light of this, this study examined the use and currency of information on the undergraduate students' ... The target population was the University of Ilorin Undergraduate students from which a total of two ... important issues on time regardless of the users location. ... EMAIL FREE FULL TEXT EMAIL FREE FULL TEXT

  17. Exporters’ exposures to currencies: Beyond the loglinear model

    NARCIS (Netherlands)

    Boudt, K.M.R.; Liu, F.; Sercu, P.

    2016-01-01

    We extend the constant-elasticity regression that is the default choice when equities' exposure to currencies is estimated. In a proper real-option-style model for the exporters' equity exposure to the foreign exchange rate, we argue, the convexity of the relationship implies that the elasticity

  18. On the roles of different foreign currencies in European bank lending

    OpenAIRE

    Krogstrup, Signe; Tille, Cedric

    2015-01-01

    We draw on a new data set on the use of Swiss francs and other currencies by European banks to assess the patterns of foreign currency bank lending. We show that the patterns differ sharply across foreign currencies. The Swiss franc is used predominantly for lending to residents, especially households. It is sensitive to the interest rate differential, exchange rate developments, funding availability, and to some extent international trade. Lending in other currencies is more used in lending ...

  19. Currency risk and prices of oil and petroleum products: a simulation with a quantitative model

    International Nuclear Information System (INIS)

    Aniasi, L.; Ottavi, D.; Rubino, E.; Saracino, A.

    1992-01-01

    This paper analyzes the relationship between the exchange rates of the US Dollar against the four major European currencies and the prices of oil and its main products in those countries. In fact, the sensitivity of the prices to the exchange rate movements is of fundamental importance for the refining and distribution industries of importing countries. The result of the analysis shows that in neither free market conditions, as those present in Great Britain, France and Germany, nor in regulated markets, i.e. the italian one, do the variations of petroleum product prices fully absorb the variation of the exchange rates. In order to assess the above relationship, we first tested the order of co-integration of the time series of exchange rates of EMS currencies with those of international prices of oil and its derivative products; then we used a transfer-function model to reproduce the quantitative relationships between those variables. Using these results, we then reproduced domestic price functions with partial adjustment mechanisms. Finally, we used the above model to run a simulation of the deviation from the steady-state pattern caused by exchange-rate exogenous shocks. 21 refs., 5 figs., 3 tabs

  20. 26 CFR 301.6316-5 - Manner of paying tax by foreign currency.

    Science.gov (United States)

    2010-04-01

    ... currency to be deposited shall be that amount which, when converted at the rate of exchange used on the... 26 Internal Revenue 18 2010-04-01 2010-04-01 false Manner of paying tax by foreign currency. 301....6316-5 Manner of paying tax by foreign currency. (a) Time and place to pay. The unpaid tax required to...

  1. Currency Policy Coordination оf Asean Countries: Foreign Trade Effects

    Directory of Open Access Journals (Sweden)

    Yana Valeryevna Dyomina

    2015-12-01

    Full Text Available The study estimates foreign trade effects of currency policy measures in ASEAN countries. On the base of exchange rate dynamics the author concludes that during the period of 2000-2014 ASEAN countries in general used competitive devaluation policy of national currencies to CNY, JPY, KRW and EUR and revaluation to USD. To eliminate negative effects of competitive devaluation policy the paper proposes currency policy coordination of ASEAN countries that could be done by pegging of national currencies to a common basket. Employing the SAC (Stable Aggregate Currency method the author suggests 4 options for a common currency basket. The researcher estimates foreign trade effects of currency policy coordination in ASEAN countries for every option of a currency basket in three following cases: ASEAN as a whole, ASEAN-6 and ASEAN-4. The author concludes that the optimal form of currency policy coordination in ASEAN is pegging of exchange rates of national currencies to a common basket composed of 13 East Asian currencies. This currency basket option has maximum foreign trade effects for the Association as a whole and by sub-groups of ASEAN-6 and ASEAN-4 when it devaluates to the U.S. dollar

  2. 26 CFR 1.988-6 - Nonfunctional currency contingent payment debt instruments.

    Science.gov (United States)

    2010-04-01

    ... accrued but unpaid interest is translated into functional currency at the same rate used, in each of the... 26 Internal Revenue 10 2010-04-01 2010-04-01 false Nonfunctional currency contingent payment debt... (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Export Trade Corporations § 1.988-6 Nonfunctional currency...

  3. 75 FR 28331 - Meaningful Access to United States Currency for Blind and Visually Impaired Persons

    Science.gov (United States)

    2010-05-20

    ... feature is used in some foreign currency, and the Study's data indicated that this feature was more... Currency for Blind and Visually Impaired Persons AGENCY: Bureau of Engraving and Printing, Department of... meaningful access to U.S. currency to people who are blind and visually impaired pursuant to section 504 of...

  4. The Euro Economic Interests and Multi-Level Governance: Examinig Support for the Common Currency

    NARCIS (Netherlands)

    Banducci, S.A.; Karp, J.A.; Loedel, Peter H.

    2003-01-01

    Support for a common currency and the European Monetary Union signifies that European citizens are willing to transfer power from the nation-state to the European Union (EU). Given the symbolic importance of national currencies, this willingness to give up sovereignty over currency has important

  5. 17 CFR 405.4 - Financial recordkeeping and reporting of currency and foreign transactions by registered...

    Science.gov (United States)

    2010-04-01

    ... reporting of currency and foreign transactions by registered government securities brokers and dealers. 405... reporting of currency and foreign transactions by registered government securities brokers and dealers... Currency and Foreign Transactions Reporting Act of 1970 shall comply with the reporting, recordkeeping and...

  6. 48 CFR 28.204-2 - Certified or cashiers checks, bank drafts, money orders, or currency.

    Science.gov (United States)

    2010-10-01

    ... checks, bank drafts, money orders, or currency. 28.204-2 Section 28.204-2 Federal Acquisition Regulations... Other Security for Bonds 28.204-2 Certified or cashiers checks, bank drafts, money orders, or currency... draft, Post Office money order, or currency, in an amount equal to the penal sum of the bond, instead of...

  7. Psychosocial Adjustment and Sibling Relationships in Siblings of Children with Autism Spectrum Disorder: Risk and Protective Factors

    Science.gov (United States)

    Walton, Katherine M.; Ingersoll, Brooke R.

    2015-01-01

    This study compared sibling adjustment and relationships in siblings of children with Autism Spectrum Disorder (ASD-Sibs; n = 69) and siblings of children with typical development (TD-Sibs; n = 93). ASD-Sibs and TD-Sibs demonstrated similar emotional/behavioral adjustment. Older male ASD-Sibs were at increased risk for difficulties. Sibling…

  8. Which currency to set price? A model of multiple countries and risk averse firm

    OpenAIRE

    Jian Wang

    2004-01-01

    A crucial question centering many recent debates in the international macroeconomics is under which currency the price is sticky. This paper provides a microfoundation to study the firm¡¦s choice of price setting currency in the sticky price model. I first prove that the risk preference is a secondary consideration in the choice of the price setting currency. This result questions the claim that the currency forward market can change the currency choice of risk averse firms. Then I extend the...

  9. Electronic Currency in the Light of Modern Legal and Economic Challenges

    OpenAIRE

    Olga А. Nikolaychuk

    2017-01-01

    The author gives a brief excursus on the crypto-currency development, the theoretical understanding of a new kind of digital money. Today in the world there is no single interpretation of the crypto-currency, in some sources it is treated as a currency, others as a commodity or raw material. The appearance and use of Bitcoin (the main crypto-currency) are considered by some authors as the evolution of the global financial system. The history of the crypto-currency origin, the distinctive feat...

  10. Real purchasing power of oil revenues for OPEC Member Countries: a broad currency basket and dynamic trade pattern approach

    International Nuclear Information System (INIS)

    Mazraati, M.

    2005-01-01

    The purpose of this paper is to examine the real purchasing power of OPEC Member Countries' oil revenues, which are subject to 'the value of the US dollar vis-a-vis other major currencies' and 'world imported inflation'. The exponential weighting average formula with a broad basket of currencies is suggested. The basket of currencies is labelled as a broad currency basket and includes the major trading partners of OPEC Member Countries. The weights are normalized OPEC import shares of the countries of the basket and are updated and adjusted every year to incorporate a gradual change in the trade pattern. In other words, the dynamic trade pattern approach is incorporated in the calculations. The nominal dollar oil revenues of OPEC Member Countries are about $5,099 billion during 1970 to 2004, of which $3,725 bn (73 per cent) have been lost due to imported inflation and the dollar's depreciation. Imported inflation and dollar depreciation have had a respective 78.6 per cent and 21.4 per cent contribution to the losses of the purchasing power of OPEC Member Countries. The imported inflation rate approaches a stable low level, but OPEC still has a lot of concerns on dollar swings. The euro offers opportunities for many oil-exporting nations that have extensive trade relations with Euro-zone countries. Payments for oil exports can be invoked in euros at the prevailing dollar-euro rate on the day of a given contract, or any other trigger formula. This would immunize a major portion of OPEC oil revenues from dollar depreciation. (author)

  11. Behavioral Risk Factors: Selected Metropolitan Area Risk Trends (SMART) MMSA Age-adjusted Prevalence Data (2011 to Present)

    Data.gov (United States)

    U.S. Department of Health & Human Services — 2011 to present. BRFSS SMART MMSA age-adjusted prevalence combined land line and cell phone data. The Selected Metropolitan Area Risk Trends (SMART) project uses the...

  12. Convexity Adjustments

    DEFF Research Database (Denmark)

    M. Gaspar, Raquel; Murgoci, Agatha

    2010-01-01

    A convexity adjustment (or convexity correction) in fixed income markets arises when one uses prices of standard (plain vanilla) products plus an adjustment to price nonstandard products. We explain the basic and appealing idea behind the use of convexity adjustments and focus on the situations...

  13. Oil market structure, network effects and the choice of currency for oil invoicing

    International Nuclear Information System (INIS)

    Mileva, Elitza; Siegfried, Nikolaus

    2012-01-01

    Crude oil is a homogeneous good traded on specialised exchanges and quoted and invoiced predominantly in US dollars. Despite the strong case for the use of the US dollar as a vehicle currency in the oil trade, we provide an alternative view. We develop a simple network effects model to identify the conditions under which either a complete switch in the oil invoicing currency or parallel invoicing in different currencies is possible and economically sensible. We calibrate the model using low actual values for the transaction costs of using euro and/or US dollars, as well as a proxy for information costs, which decline with the increase in the use of the new currency. The results show that there will be a switch to parallel invoicing in both currencies when two conditions are met: first, oil exporters expect that a certain minimum number of other oil exporters will also start using the new currency; and second, the information costs associated with quoting oil contracts in two currencies are low. - Highlights: ► The US dollar as the dominant currency in the international trade of crude oil. ► We develop a model that treats currencies as network goods. ► The model predicts multiple equilibria with one or two vehicle currencies. ► Calibration shows that a switch to parallel invoicing in two currencies is possible.

  14. RECENT APPROACHES IN THE OPTIMUM CURRENCY AREAS THEORY

    Directory of Open Access Journals (Sweden)

    AURA SOCOL

    2011-04-01

    Full Text Available This study is dealing with the endogenous characteristic of the OCA criteria, starting from the idea that a higherconformity of the business cycles will result in a better timing of the economic cycles and, thus, in getting closerto the quality of an optimum currency area. Thus, if the classical theory is focused on a static approach of theproblem, the new theories assert that these conditions are dynamic, and they cannot be positively affected evenby the establishment of the Economic and Monetary Union. The consequences are overwhelming, as theendogenous approach shows that a monetary union can be achieved even if all the conditions mentioned inMundell’s optimum currency areas theory are not met, showing that some of them may also be met subsequentto the unification. Thus, a country joining a monetary union, althogh it does not meet the criteria for an optimumcurrency area, will ex post lead to the increase of the integration and business cycle correlation degree.

  15. MACROECONOMIC POLICY OF CURRENCY WAR: METHODS OF INVESTIGATION

    Directory of Open Access Journals (Sweden)

    Bekareva S. V.

    2015-12-01

    Full Text Available The article is devoted to the methods of investigation of a modern international monetary and finance field for some countries which would participate in currency war. Usually currency wars are used in order to achieve some competitive advantages in international trade relations. Real effective exchange rate index was used as the key instrument in our analysis. It reflects a nominal exchange rate and the main trade partners’ structure as well. Moreover, some macroeconomic and finance indices were used. The methods of investigation are cluster and panel data analyses. The period of investigation is 1990-2012. The result of analysis is connected with showing differences in countries’ possibility of implementing monetary policy instruments to improve their competitiveness.

  16. Are EUR and GBP different words for the same currency?

    Science.gov (United States)

    Ivanova, K.; Ausloos, M.

    2002-05-01

    The British Pound (GBP) is not part of the Euro (EUR) monetary system. In order to find out arguments on whether GBP should join the EUR or not correlations are calculated between GBP exchange rates with respect to various currencies: USD, JPY, CHF, DKK, the currencies forming EUR and a reconstructed EUR for the time interval from 1993 till June 30, 2000. The distribution of fluctuations of the exchange rates is Gaussian for the central part of the distribution, but has fat tails for the large size fluctuations. Within the Detrended Fluctuation Analysis (DFA) statistical method the power law behavior describing the root-mean-square deviation from a linear trend of the exchange rate fluctuations is obtained as a function of time for the time interval of interest. The time-dependent exponent evolution of the exchange rate fluctuations is given. Statistical considerations imply that the GBP is already behaving as a true EUR.

  17. Does Misaligned Currency Affect Economic Growth? – Evidence from Croatia

    Directory of Open Access Journals (Sweden)

    Tonći Svilokos

    2014-12-01

    Full Text Available The main objective of this paper is to measure the currency misalignment of the Croatian kuna and to reveal whether it affects economic growth for the period 2001 (Q1 to 2013 (Q3. The estimate relies on recent cointegration techniques, VAR models and Granger causality tests. The findings show that there are two misalignment sub-periods for the Croatian kuna: undervaluation in the period from 2000Q1 to 2007Q4 and overvaluation in the period from 2008Q1 to 2013Q3. The evidence reveals that for the whole sample period, the Granger causality goes from misalignments (MISA to GDP growth under the 10 percent significance level. However, for the two sub-periods no evidence of Granger causality from MISA to GDP growth or vice versa is found. The research also reveals that the currency misalignments in the observed period are relatively small.

  18. The Use of the Yen as a Reserve Currency

    OpenAIRE

    Peter M. Garber

    1996-01-01

    The depreciation of the U.S. dollar in 1995 rekindled discussion about the organization of the international monetary system, including calls to expand the roles of the yen and the deutsche mark as reserve currencies. The yen has not assumed a greater role because sufficient yen instruments are unavailable. The measures that make the yen relatively illiquid result partly from public debt management policy and control over the competitive advantage of the government in securities issuance. Fro...

  19. Depreciation of the Indian Currency: Implications for the Indian Economy.

    OpenAIRE

    Sumanjeet Singh

    2009-01-01

    The Indian currency has depreciated by more than 20 per cent since April 2008 and breached its crucial 50-level against the greenback on sustained dollar purchases by foreign banks and stronger dollar overseas. The fall in the value of Indian rupee has several consequences which could have mixed effects on Indian economy. But, mainly, there are four expected implications of falling rupee. First, it should boost exports; second, it will lead to higher cost of imported goods and make some of th...

  20. Constraints, Trade-offs and the Currency of Fitness.

    Science.gov (United States)

    Acerenza, Luis

    2016-03-01

    Understanding evolutionary trajectories remains a difficult task. This is because natural evolutionary processes are simultaneously affected by various types of constraints acting at the different levels of biological organization. Of particular importance are constraints where correlated changes occur in opposite directions, called trade-offs. Here we review and classify the main evolutionary constraints and trade-offs, operating at all levels of trait hierarchy. Special attention is given to life history trade-offs and the conflict between the survival and reproduction components of fitness. Cellular mechanisms underlying fitness trade-offs are described. At the metabolic level, a linear trade-off between growth and flux variability was found, employing bacterial genome-scale metabolic reconstructions. Its analysis indicates that flux variability can be considered as the currency of fitness. This currency is used for fitness transfer between fitness components during adaptations. Finally, a discussion is made regarding the constraints which limit the increase in the amount of fitness currency during evolution, suggesting that occupancy constraints are probably the main restrictions.

  1. Assessing a Currency Substitution Persistency in the Western Balkan Region

    Directory of Open Access Journals (Sweden)

    Mehmed Ganić

    2017-12-01

    Full Text Available The study aims to examine the euroization phenomenon in seven Western Balkan countries (Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Romania, Serbia and Macedonia between 2000 and 2015 and a number of –specific challenges faced by the region. More precisely, the paper analyzes the impact of the latest global financial crisis on the extent of currency substitution persistency by exploring the trends before, in wake of the financial crisis, and after the financial crisis. The study employed several indicators as a proxy variable for measuring of the overall level of currency substitution or euroization and cross country analysis in selected countries (liability euroization, credit euroization and deposit euroization and asset substitution- overall euroization index. Finally, the study found that deposit euroisation, credit euroization, and liabilities euroization in seven Western Balkan countries is still high with relatively high degree of heterogeneity. In some countries of the Western Balkan region the process of euroisation was further intensified in spite of the consequences of the latest global financial crises, while in the other ones the crisis years were marked by the trend of de-euroisation. In overall, this study does not find any significant evidence on significantly increases or decreases in currency substitution at the region sub-samples. Finally, Student t-test results indicate that there is no significant difference in means of before, in wake and after the financial crises at level of Western Balkan region.

  2. Association between intake of dairy products and short-term memory with and without adjustment for genetic and family environmental factors: A twin study.

    Science.gov (United States)

    Ogata, Soshiro; Tanaka, Haruka; Omura, Kayoko; Honda, Chika; Hayakawa, Kazuo

    2016-04-01

    Previous studies have indicated associations between intake of dairy products and better cognitive function and reduced risk of dementia. However, these studies did not adjust for genetic and family environmental factors that may influence food intake, cognitive function, and metabolism of dairy product nutrients. In the present study, we investigated the association between intake of dairy products and short-term memory with and without adjustment for almost all genetic and family environmental factors using a genetically informative sample of twin pairs. A cross-sectional study was conducted among twin pairs aged between 20 and 74. Short-term memory was assessed as primary outcome variable, intake of dairy products was analyzed as the predictive variable, and sex, age, education level, marital status, current smoking status, body mass index, dietary alcohol intake, and medical history of hypertension or diabetes were included as possible covariates. Generalized estimating equations (GEE) were performed by treating twins as individuals and regression analyses were used to identify within-pair differences of a twin pair to adjust for genetic and family environmental factors. Data are reported as standardized coefficients and 95% confidence intervals (CI). Analyses were performed on data from 78 men and 278 women. Among men, high intake of dairy products was significantly associated with better short-term memory after adjustment for the possible covariates (standardized coefficients = 0.22; 95% CI, 0.06-0.38) and almost all genetic and family environmental factors (standardized coefficients = 0.38; 95% CI, 0.07-0.69). Among women, no significant associations were found between intake of dairy products and short-term memory. Subsequent sensitivity analyses were adjusted for small samples and showed similar results. Intake of dairy product may prevent cognitive declines regardless of genetic and family environmental factors in men. Copyright © 2015 Elsevier Ltd

  3. Currency co-movement and network correlation structure of foreign exchange market

    Science.gov (United States)

    Mai, Yong; Chen, Huan; Zou, Jun-Zhong; Li, Sai-Ping

    2018-02-01

    We study the correlations of exchange rate volatility in the global foreign exchange(FX) market based on complex network graphs. Correlation matrices (CM) and the theoretical information flow method (Infomap) are employed to analyze the modular structure of the global foreign exchange network. The analysis demonstrates that there exist currency modules in the network, which is consistent with the geographical nature of currencies. The European and the East Asian currency modules in the FX network are most significant. We introduce a measure of the impact of individual currency based on its partial correlations with other currencies. We further incorporate an impact elimination method to filter out the impact of core nodes and construct subnetworks after the removal of these core nodes. The result reveals that (i) the US Dollar has prominent global influence on the FX market while the Euro has great impact on European currencies; (ii) the East Asian currency module is more strongly correlated than the European currency module. The strong correlation is a result of the strong co-movement of currencies in the region. The co-movement of currencies is further used to study the formation of international monetary bloc and the result is in good agreement with the consideration based on international trade.

  4. Testing of currency substitution effect on exchange rate volatility in Serbia

    Directory of Open Access Journals (Sweden)

    Petrović Predrag

    2016-01-01

    Full Text Available Despite numerous different definitions existing in the literature, currency substitution is generally understood as a phenomenon when domestic residents prefer to use foreign currency rather than domestic currency. The main reasons for such phenomenon include high and volatile inflation, strong depreciation of national currency and high interest rate differential in favour of foreign currency. Currency substitution, as a monetary phenomenon, is widely spread in Latin American, Eastern European and some Asian countries. This paper is dedicated to the influence of currency substitution on exchange rate volatility in Serbia. The research included testing of three hypotheses: (i currency substitution positively affects depreciation rate volatility, (ii depreciation rate volatility has stronger responses to the past negative than to the past positive depreciation shocks, and (iii currency substitution positively affects expected depreciation rate. The analysis was implemented for the period 2002:m1-2015:m12 (2004:m1- 2015:m12, applying modified EGARCH-M model. Based on the obtained results, all three hypotheses have been supremely rejected regardless of the manner of quantification of currency substitution.

  5. Cross-Cultural Adjustment of Native-Speaking English Teachers (NETs) in Hong Kong: A Factor in Attrition and Retention

    Science.gov (United States)

    Chu, Chau Kan; Morrison, Keith

    2011-01-01

    This paper argues that, despite government support in financial and contractual matters, ongoing problems of retention of Native-speaking English Teachers (NETs) in Hong Kong stem, in part, from problems of cross-cultural adjustment. The paper reports a small-scale qualitative investigation into the experiences of NETS in Hong Kong and finds…

  6. A Review of Electronic Inductor Technique for Power Factor Correction in Three-Phase Adjustable Speed Drives

    DEFF Research Database (Denmark)

    Davari, Pooya; Yang, Yongheng; Zare, Firuz

    2016-01-01

    (SiC) power devices. Moreover, the influence of partial loading on component sizing in Adjustable Speed Drives (ASDs) is studied. Finally the analytical loss modelling of power switches is utilized for efficiency measurement. The theoretical analyses are verified by experimental benchmarking in an ASD...

  7. Adolescent Sibling Relationship Quality and Adjustment: Sibling Trustworthiness and Modeling, as Factors Directly and Indirectly Influencing These Associations

    Science.gov (United States)

    Gamble, Wendy C.; Yu, Jeong Jin; Kuehn, Emily D.

    2011-01-01

    The main goal of this study was to examine the direct and moderating effects of trustworthiness and modeling on adolescent siblings' adjustment. Data were collected from 438 families including a mother, a younger sibling in fifth, sixth, or seventh grade (M = 11.6 years), and an older sibling (M = 14.3 years). Respondents completed Web-based…

  8. Comparison of Methods for Adjusting Incorrect Assignments of Items to Subtests Oblique Multiple Group Method Versus Confirmatory Common Factor Method

    NARCIS (Netherlands)

    Stuive, Ilse; Kiers, Henk A.L.; Timmerman, Marieke E.

    2009-01-01

    A common question in test evaluation is whether an a priori assignment of items to subtests is supported by empirical data. If the analysis results indicate the assignment of items to subtests under study is not supported by data, the assignment is often adjusted. In this study the authors compare

  9. Analysis of the Development and Regulation of Crypto-currency: Foreign and Russian Experience

    Directory of Open Access Journals (Sweden)

    Alexander V. Babkin

    2017-01-01

    Full Text Available Purpose: carrying out the analysis of the regulation of the crypto-currency, its legal provisions and risks, which will allow us to study this phenomenon more deeply for the purpose of Russia's financial security in the modern world financial system, taking into account the essence of the nature of the crypto-currency. Methods: when studying the role of state regulation of electronic money (crypto-currency, a dialectical method of scientific cognition was applied. Calculating and analytical methods of observing, measuring, analyzing and comparing indicators characterizing the state regulation of crypto-currencies in the Russian Federation, strengths and weaknesses, opportunities and threats to use and regulate crypto currency. Results: the authors conducted the analysis of the crypto-currency market, studied the experience and peculiarities of the state regulation of the crypto-currencies, examined and proposed strengths and weaknesses, opportunities and threats to use and regulate crypto-currencies. Conclusions and Relevance: in the process of studying the experience of regulating crypto currency in foreign countries, we found some similar features. First, each country seeks to create a favorable climate for the development of new technologies (detached and sees a high potential for using technology not only in the private sector, but also in the public sector. Secondly, the crypto-currency market is growing at a high pace, and the state, without adapting the tax code to the modern challenges of the digital economy, receives less revenue in the budget, since the crypto-currencies are out of legal jurisdiction. Thirdly, today there are more than 1 thousand different crypto-currencies, therefore, it is necessary to develop common standards for the regulation of crypto-currencies

  10. I cicli valutari e l'economia internazionale. (Currency cycles and the international economy

    Directory of Open Access Journals (Sweden)

    S. BIASCO

    2013-12-01

    Full Text Available Nell'articolo sono analizzati i fattori intrinseci che muovono  una moneta  costantemente in una direzione  , e anche quei fenomeni che si sviluppano come conseguenza endogena del processo di deprezzamento cambiando le caratteristiche e, infine, la direzione del processo . L' autore si riferisce essenzialmente alla relazione del Marchio al dollaro tra il 1975 e oggi , come l'asse attorno al quale l'intera economia mondiale ruota . Il documento si concentra su una serie stilizzata di relazioni causali che possono servire come un quadro analitico e concettuale per la comprensione delle forze che agiscono su una valuta chiave nei periodi di fluttuazione diffusa , senza soffermarsi sulla base statistica descrittiva di ogni asserzione .The intrinsic factors which cause a key currency to move persistently in one direction are analysed, as well as those phenomena which develop as an endogenous consequence of the process of appreciation or depreciation changing the characteristics and ultimately the direction of the process. The author refers essentially to the relationship of the Mark to the dollar between 1975 and present day, as the axis around which the whole world economy has been revolving. The paper focuses on a stylised succession of causal relationships that can serve as an analytical and conceptual framework for understanding the forces that act on a key currency in periods of widespread fluctuation, without dwelling on the descriptive statistical basis of each assertion.JEL: F20, F30

  11. Discrimination and adjustment among Chinese American adolescents: family conflict and family cohesion as vulnerability and protective factors.

    Science.gov (United States)

    Juang, Linda P; Alvarez, Alvin A

    2010-12-01

    We examined racial/ethnic discrimination experiences of Chinese American adolescents to determine how discrimination is linked to poor adjustment (i.e., loneliness, anxiety, and somatization) and how the context of the family can buffer or exacerbate these links. We collected survey data from 181 Chinese American adolescents and their parents in Northern California. We conducted hierarchical regression analyses to examine main effects and 2-way interactions of perceived discrimination with family conflict and family cohesion. Discrimination was related to poorer adjustment in terms of loneliness, anxiety, and somatization, but family conflict and cohesion modified these relations. Greater family conflict exacerbated the negative effects of discrimination, and greater family cohesion buffered the negative effects of discrimination. Our findings highlight the importance of identifying family-level moderators to help adolescents and their families handle experiences of discrimination.

  12. Cumulative socioeconomic status risk, allostatic load, and adjustment: a prospective latent profile analysis with contextual and genetic protective factors.

    Science.gov (United States)

    Brody, Gene H; Yu, Tianyi; Chen, Yi-fu; Kogan, Steven M; Evans, Gary W; Beach, Steven R H; Windle, Michael; Simons, Ronald L; Gerrard, Meg; Gibbons, Frederick X; Philibert, Robert A

    2013-05-01

    The health disparities literature has identified a common pattern among middle-aged African Americans that includes high rates of chronic disease along with low rates of psychiatric disorders despite exposure to high levels of cumulative socioeconomic status (SES) risk. The current study was designed to test hypotheses about the developmental precursors to this pattern. Hypotheses were tested with a representative sample of 443 African American youths living in the rural South. Cumulative SES risk and protective processes were assessed at ages 11-13 years; psychological adjustment was assessed at ages 14-18 years; genotyping at the 5-HTTLPR was conducted at age 16 years; and allostatic load (AL) was assessed at age 19 years. A latent profile analysis identified 5 profiles that evinced distinct patterns of SES risk, AL, and psychological adjustment, with 2 relatively large profiles designated as focal profiles: a physical health vulnerability profile characterized by high SES risk/high AL/low adjustment problems, and a resilient profile characterized by high SES risk/low AL/low adjustment problems. The physical health vulnerability profile mirrored the pattern found in the adult health disparities literature. Multinomial logistic regression analyses indicated that carrying an s allele at the 5-HTTLPR and receiving less peer support distinguished the physical health vulnerability profile from the resilient profile. Protective parenting and planful self-regulation distinguished both focal profiles from the other 3 profiles. The results suggest the public health importance of preventive interventions that enhance coping and reduce the effects of stress across childhood and adolescence.

  13. Student-Teacher Relationships As a Protective Factor for School Adjustment during the Transition from Middle to High School

    OpenAIRE

    Longobardi, Claudio; Prino, Laura E.; Marengo, Davide; Settanni, Michele

    2016-01-01

    A robust body of research has identified school transitions during adolescence, and in particular the transition from middle to high school, as one of the riskiest phases for school failure, being characterized by significant social, emotional and behavioral changes. This transition is critical even with respect to academic achievement: in Italy, the highest frequency of school dropout can be observed in the 9th and 10th grades, partly as a consequence of poor adjustment to the new school con...

  14. Burden of typhoid fever in low-income and middle-income countries: a systematic, literature-based update with risk-factor adjustment.

    Science.gov (United States)

    Mogasale, Vittal; Maskery, Brian; Ochiai, R Leon; Lee, Jung Seok; Mogasale, Vijayalaxmi V; Ramani, Enusa; Kim, Young Eun; Park, Jin Kyung; Wierzba, Thomas F

    2014-10-01

    No access to safe water is an important risk factor for typhoid fever, yet risk-level heterogeneity is unaccounted for in previous global burden estimates. Since WHO has recommended risk-based use of typhoid polysaccharide vaccine, we revisited the burden of typhoid fever in low-income and middle-income countries (LMICs) after adjusting for water-related risk. We estimated the typhoid disease burden from studies done in LMICs based on blood-culture-confirmed incidence rates applied to the 2010 population, after correcting for operational issues related to surveillance, limitations of diagnostic tests, and water-related risk. We derived incidence estimates, correction factors, and mortality estimates from systematic literature reviews. We did scenario analyses for risk factors, diagnostic sensitivity, and case fatality rates, accounting for the uncertainty in these estimates and we compared them with previous disease burden estimates. The estimated number of typhoid fever cases in LMICs in 2010 after adjusting for water-related risk was 11·9 million (95% CI 9·9-14·7) cases with 129 000 (75 000-208 000) deaths. By comparison, the estimated risk-unadjusted burden was 20·6 million (17·5-24·2) cases and 223 000 (131 000-344 000) deaths. Scenario analyses indicated that the risk-factor adjustment and updated diagnostic test correction factor derived from systematic literature reviews were the drivers of differences between the current estimate and past estimates. The risk-adjusted typhoid fever burden estimate was more conservative than previous estimates. However, by distinguishing the risk differences, it will allow assessment of the effect at the population level and will facilitate cost-effectiveness calculations for risk-based vaccination strategies for future typhoid conjugate vaccine. Copyright © 2014 Mogasale et al. Open Access article distributed under the terms of CC BY-NC-SA. Published by .. All rights reserved.

  15. Virtual World Currency Value Fluctuation Prediction System Based on User Sentiment Analysis.

    Directory of Open Access Journals (Sweden)

    Young Bin Kim

    Full Text Available In this paper, we present a method for predicting the value of virtual currencies used in virtual gaming environments that support multiple users, such as massively multiplayer online role-playing games (MMORPGs. Predicting virtual currency values in a virtual gaming environment has rarely been explored; it is difficult to apply real-world methods for predicting fluctuating currency values or shares to the virtual gaming world on account of differences in domains between the two worlds. To address this issue, we herein predict virtual currency value fluctuations by collecting user opinion data from a virtual community and analyzing user sentiments or emotions from the opinion data. The proposed method is straightforward and applicable to predicting virtual currencies as well as to gaming environments, including MMORPGs. We test the proposed method using large-scale MMORPGs and demonstrate that virtual currencies can be effectively and efficiently predicted with it.

  16. Evaluation of foreign currency payment ability of China Nuclear Power Engineering Corporate

    International Nuclear Information System (INIS)

    Jiang Zhiqiong; Lu Gang; Zhang Qibo; Wen Suiru; Wu Weiwei

    2009-01-01

    Through this paper, after making a detailed research into the current foreign currency policy of China and the experience of China Nuclear Power Engineering Corporate(CNPEC) during LA2 project, the author evaluates the current ability of foreign currency settlement ability and defines the applicable process in CNPEC, in order to meet the future needs of CNPEC to make foreign currency payment for the multiple nuclear power projects. To ensure the foreign payment can be settled successfully, CNPEC should pay more attention to the import duty, foreign currency loan, clearing method, remittance after verification, as well as the financial risk management of foreign currency loan. On the premise that CNPEC can also get entitlement of import duty and value added tax preference, the author makes the point about how to enhance the capacity of foreign currency payment of CNPEC. (authors)

  17. Virtual World Currency Value Fluctuation Prediction System Based on User Sentiment Analysis

    Science.gov (United States)

    Kim, Young Bin; Lee, Sang Hyeok; Kang, Shin Jin; Choi, Myung Jin; Lee, Jung; Kim, Chang Hun

    2015-01-01

    In this paper, we present a method for predicting the value of virtual currencies used in virtual gaming environments that support multiple users, such as massively multiplayer online role-playing games (MMORPGs). Predicting virtual currency values in a virtual gaming environment has rarely been explored; it is difficult to apply real-world methods for predicting fluctuating currency values or shares to the virtual gaming world on account of differences in domains between the two worlds. To address this issue, we herein predict virtual currency value fluctuations by collecting user opinion data from a virtual community and analyzing user sentiments or emotions from the opinion data. The proposed method is straightforward and applicable to predicting virtual currencies as well as to gaming environments, including MMORPGs. We test the proposed method using large-scale MMORPGs and demonstrate that virtual currencies can be effectively and efficiently predicted with it. PMID:26241496

  18. Short- and long-term growth effects of exchange rate adjustment

    Czech Academy of Sciences Publication Activity Database

    Kočenda, Evžen; Maurel, M.; Schnabl, G.

    2013-01-01

    Roč. 21, č. 1 (2013), s. 137-150 ISSN 0965-7576 Institutional support: RVO:67985998 Keywords : optimum currency areas * panel-data * volatility Subject RIV: AH - Economics Impact factor: 0.657, year: 2013

  19. Value-at-Risk and Expected Shortfall for the major digital currencies

    OpenAIRE

    Stavroyiannis, Stavros

    2017-01-01

    Digital currencies and cryptocurrencies have hesitantly started to penetrate the investors, and the next step will be the regulatory risk management framework. We examine the Value-at-Risk and Expected Shortfall properties for the major digital currencies, Bitcoin, Ethereum, Litecoin, and Ripple. The methodology used is GARCH modelling followed by Filtered Historical Simulation. We find that digital currencies are subject to a higher risk, therefore, to higher sufficient buffer and risk capit...

  20. The euro as a quotation and invoicing currency in the oil and gas sector

    International Nuclear Information System (INIS)

    Swartenbroekz, C.; Pauwels, J.P.

    1999-01-01

    The impact of the introduction of the euro will not be limited to the European economics, but will also have an influence worldwide. Indeed the new currency is really qualified to become an international currency. Under these circumstances, oil and gas sector participants should consider taking the opportunity to make us of he new currency in their transactions. However, even if new opportunities do exist, some opposition could be expressed for operational and geopolitical reasons. (authors)

  1. Can abnormal returns be earned on bandwidth-bounded currencies? Evidence from a genetic algorithm

    OpenAIRE

    Pedro Godinho

    2012-01-01

    Most of the studies about the Foreign Exchange market (Forex) analyse the behaviour of currencies that are allowed to float freely (or almost freely), but some currencies are still bounded by bandwidths (either disclosed or undisclosed). In this paper, I try to find out whether two bandwidth-bounded currencies, the Hong Kong dollar (HKD) and the Singapore dollar (SGD), present opportunities for abnormal returns. I consider a set of trading rules, and I use a genetic algorithm to optimise both...

  2. Endogeneity of Currency Areas and Trade Blocs: Evidence from the Inter-War Period

    OpenAIRE

    Wolf, Nikolaus; Ritschl, Albrecht

    2003-01-01

    Empirical research on the gravity model of international trade in the wake of Rose (2000) affirms that currency union formation doubles or triples trade. However, currency unions could also be established precisely because trade among their members was already high. In OLS estimation, this would cause endogeneity bias. The present paper employs both fixed effects and binary choice methods to trace endogeneity in the formation of historical currency arrangements. Studying the formation of curr...

  3. In lands of foreign currency credit, bank lending channels run through?

    OpenAIRE

    Ongena, Steven; Schindele, Ibolya; Vonnák, Dzsamila

    2014-01-01

    We analyze the differential impact of domestic and foreign monetary policy on the local supply of bank credit in domestic and foreign currencies. We analyze a novel, supervisory dataset from Hungary that records all bank lending to firms including its currency denomination. Accounting for time-varying firm-specific heterogeneity in loan demand, we find that a lower domestic interest rate expands the supply of credit in the domestic but not in the foreign currency. A lower foreign interest rat...

  4. The Cross-Section of Crypto-Currencies as Financial Assets: An Overview

    OpenAIRE

    Elendner, Hermann; Trimborn, Simon; Ong, Bobby; Lee, Teik Ming

    2016-01-01

    Crypto-currencies have developed a vibrant market since bitcoin, the first crypto-currency, was created in 2009. We look at the properties of cryptocurrencies as financial assets in a broad cross-section. We discuss approaches of altcoins to generate value and their trading and information platforms. Then we investigate crypto-currencies as alternative investment assets, studying their returns and the co-movements of altcoin prices with bitcoin and against each other. We evaluate their additi...

  5. Policy Measures to Alleviate Foreign Currency Liquidity Shortages under Aggregate Risk with Moral Hazard

    OpenAIRE

    Hiroshi Fujiki

    2010-01-01

    During the recent global financial crisis, some central banks introduced two innovative cross-border operations to deal with the problems of foreign currency liquidity shortages: domestic liquidity operations using cross-border collaterals and operations for supplying foreign currency based on standing swap lines among central banks. We show theoretically that central banks improve the efficiency of equilibrium under foreign currency liquidity shortages by those two innovative temporary polic...

  6. Applications in Foreign Currency Money Changer Cv.xyz Using Microsoft Visual Basic 6.0

    OpenAIRE

    Fanny Ramadhan; Hariyanto.,SKom., MMSI Hariyanto.,SKom., MMSI

    2010-01-01

    This explains the scientific writing about the design of application programs forforeign currency transactions by using Visual Basic 6.0 programming languagecoupled with the flow diagram (flowchart).In scientific writing database is used also by using Microsoft software Accsess 2003which have been integrated in Visual Basic 6.0 program itself. Consists of four tablesof Currency, Customer, Transaction, Employee.In the end application program for foreign currency transactions will be applied to...

  7. The Technical Analysis of the Impact of Circuit of Financial Capital on the Currency Stability in Ukraine

    Directory of Open Access Journals (Sweden)

    Iaroshevska Oksana V.

    2018-01-01

    Full Text Available The relevance of the article’s topic is determined by the aggravation of the monetary and financial crisis in Ukraine and the need to overcome imbalances arising from the complications of circuit of financial capital and its involvement by economic entities. The article is aimed at researching on the basis of technical analysis the influence of exchange rate factor on the formation of capital in the country. The general and distinctive features of technical and fundamental analysis of currency markets are defined. It is shown that despite the difference of views, technical analysis is an integral stage of forecasting the exchange rate. The main scientific result of the article is substantiating the temporary lags of fractals, which explain the change in the dynamics of the exchange rate and their impact on the circuit of financial capital. It has been proved that the systemic crisis in the currency market of Ukraine arose during 2012–2014, with its peak at the end of the specified period. To stop devaluation processes and to provide measures on regulation of the foreign exchange market it has been proposed to soften the conditions of doing business, to improve the methodology of quantitative and qualitative forecasting of the NBU exchange rates, to form system of foreign exchange risk insurance instruments, to increase international reserves to a secure level, etc. Prospect for further research is determining the impact of currency fluctuations on the financial performance of the use of capital of Ukrainian economic entities.

  8. A comparative examination of currency risk pricing and market integration in the stock markets of Nigeria and South Africa

    Directory of Open Access Journals (Sweden)

    Odongo Kodongo

    2012-07-01

    Full Text Available We examine the pricing of currency risk and market integration in the equity markets of Nigeria and South Africa. Using the Generalized Method of Moments with a multi-beta asset pricing model and firm-level data, we find that currency risk is partly unconditionally priced in South Africa's stock market, with this market being largely integrated with the world equity markets. Conversely, currency risk is not priced in Nigeria's equity market, which also shows no evidence of integration with the world equity markets. Interestingly, a portfolio analysis of firms reveals a size based return sensitivity to both world equity markets and exchange rate volatility across the two countries. Therefore, while general results suggest that Nigeria, rather than South Africa, would provide greater diversification benefits to international investors with little or no worry about hedging unconditional exchange rate risk, that view must be nuanced when considering large size firms which are consistently sensitive to the two factors across both countries.

  9. Advancing the design of a dynamic petro-dollar currency basket

    International Nuclear Information System (INIS)

    Elbeck, Matt

    2010-01-01

    This study offers Organization of Petroleum Exporting Countries (OPEC) member nations a crude oil pricing currency basket based on currency liquidity, in contrast with prior emphasis on OPEC trading patterns. Motivating the search for an alternative US dollar pricing of crude oil is the significant and inverse relationship (r=-0.82, p<0.01) between the US dollar major currencies index and crude oil price over the period January 1999-March 2009. A dynamically weighted petro-dollar currency basket is proposed based on the five currency claims (US dollar, Euro, British pound, Japanese yen and Swiss franc) and their varying proportions of foreign exchange reserves held by central banks. The major currencies US dollar index is compared against the proposed petro-dollar index to reveal an average US$8.1 billion annual gain in favor of the petro-dollar currency basket, offering OPEC members a revenue stream of diversified and highly liquid currencies to transition away from complete dependence on the US dollar crude oil pricing. The proposed petro-dollar crude oil pricing schema offers OPEC a crude oil price dynamically denominated in currencies reflecting the global use and importance of crude oil. This paper concludes with implementation issues facing a move toward the dynamically weighted petro-dollar crude oil pricing schema. (author)

  10. Considerations Regarding the Possibility of Emphasising the Virtual Currency Transactions in Accounting

    Directory of Open Access Journals (Sweden)

    Riana Iren RADU

    2017-04-01

    Full Text Available The phenomenon of virtual currency, and especially the virtual currency Bitcoin, have managed to draw attention of the population, organizations and governments, from the moment of its appearance, proliferating pro and against attitudes against their use in the day-to-day transactions. The study is a detailed analysis of the virtual currency phenomenon and an attempt to outline a possible status from the accounting point of view of the virtual worlds, starting from the position adopted by the regulating authorities in the countries where the virtual currencies register the highest rate of use.

  11. Currency risk management of non-financial public limited companies listed on WIG30 index

    Directory of Open Access Journals (Sweden)

    Alicja Mikołajewicz-Woźniak

    2013-12-01

    Full Text Available The objects of the study are selected aspects of currency risk management of nonfinancial public limited companies listed on WIG30 index. The estimation of net profit sensitivity to currencies exchange rates was used to determine importance of currency risk management for functioning of analyzed entities. The indication of the methods and tools used in currency risk management process became the basis for evaluation of taken actions. The determination of the relationship between hedging accounting and risk management results enabled the verification to what extent Polish companies exploit existing opportunities.

  12. Odds per adjusted standard deviation: comparing strengths of associations for risk factors measured on different scales and across diseases and populations.

    Science.gov (United States)

    Hopper, John L

    2015-11-15

    How can the "strengths" of risk factors, in the sense of how well they discriminate cases from controls, be compared when they are measured on different scales such as continuous, binary, and integer? Given that risk estimates take into account other fitted and design-related factors-and that is how risk gradients are interpreted-so should the presentation of risk gradients. Therefore, for each risk factor X0, I propose using appropriate regression techniques to derive from appropriate population data the best fitting relationship between the mean of X0 and all the other covariates fitted in the model or adjusted for by design (X1, X2, … , Xn). The odds per adjusted standard deviation (OPERA) presents the risk association for X0 in terms of the change in risk per s = standard deviation of X0 adjusted for X1, X2, … , Xn, rather than the unadjusted standard deviation of X0 itself. If the increased risk is relative risk (RR)-fold over A adjusted standard deviations, then OPERA = exp[ln(RR)/A] = RR(s). This unifying approach is illustrated by considering breast cancer and published risk estimates. OPERA estimates are by definition independent and can be used to compare the predictive strengths of risk factors across diseases and populations. © The Author 2015. Published by Oxford University Press on behalf of the Johns Hopkins Bloomberg School of Public Health. All rights reserved. For permissions, please e-mail: journals.permissions@oup.com.

  13. Environmental factors and social adjustment as predictors of a first psychosis in subjects at ultra high risk

    NARCIS (Netherlands)

    Dragt, Sara; Nieman, Dorien H.; Veltman, Doede; Becker, Hiske E.; van de Fliert, Reinaud; de Haan, Lieuwe; Linszen, Don H.

    2011-01-01

    BACKGROUND: The onset of schizophrenia is associated with genetic, symptomatic, social and environmental risk factors. The aim of the present study was to determine which environmental factors may contribute to a prediction of a first psychotic episode in subjects at Ultra High Risk (UHR) for

  14. GENERAL ASPECTS RELATED TO THE SALE AND PURCHASE OF FOREIGN CURRENCY IN THE FOREX MARKET IN MOLDOVA

    Directory of Open Access Journals (Sweden)

    Tatiana ŞEVCIUC

    2015-04-01

    Full Text Available The buying-selling currency activity is a specific kind of trade within which currency is considered to be a good. The result of this trade is a price (currency rate of exchange that depends on the demand-supply conditions existing on the market; this price may be limited from legal point of view. The purpose of this article is to define various transactions on the currency market including that of the Republic of Moldova and to single out currency transactions within foreign currency accounts of the residents and non-residents.

  15. Causes of the Recent Currency Crises in Developing Economies

    Directory of Open Access Journals (Sweden)

    Haesik Park

    1997-12-01

    Full Text Available This thesis analyzed the reasons of foreign currency crisis which happened in Mid-South America and South East Asia based on the economical structure of developing countries. First, it is illustrated theoretically. Since the developing countries, which maintain the export-oriented economic growth, allocates the sources in the trade area, equilibrium real exchange rate of these countries get relatively higher evaluation. Capital inflows with future exports as its necessary conditions make the foreign exchange market participants expect that the real future exchange rate will be much lower than the current equilibrium exchange rate (so called "devaluation", giving rise to foreign exchange crisis. Negative debts result in the information asymmetry between creditor and debtor, and between adverse selection and moral relaxation, and that cause crisis for foreign currency and reduces their attractiveness, proposed by Mishkin. In fact developing countries in Southeast Asia and Central and South America that has the recent outbreak of a foreign exchange crisis, also have unhealthy banks. When we apply analysis mentioned above to South Korea, we can not find evidence of relatively high evaluation level on the real equilibrium exchange rate and evidence of poor management in the banking sector.

  16. Common Factors in International Bond Returns

    NARCIS (Netherlands)

    Driessen, J.J.A.G.; Melenberg, B.; Nijman, T.E.

    2000-01-01

    In this paper we estimate and interpret the factors that jointly determine bond returns of different maturities in the US, Germany and Japan.We analyze both currency-hedged and unhedged bond returns.For currency-hedged bond returns, we find that five factors explain 96.5% of the variation of bond

  17. I've had a good life, what's left is a bonus: factor analysis of the Mental Adjustment to Cancer Scale in a palliative care population.

    Science.gov (United States)

    Goodwin, Laura; Price, Annabel; Lee, William; Rayner, Lauren; Moorey, Stirling; Monroe, Barbara; Sykes, Nigel; Hansford, Penny; Higginson, Irene J; Hotopf, Matthew

    2014-03-01

    The Mental Adjustment to Cancer Scale is an assessment tool commonly used to measure coping in cancer patients, which characterises adaptive coping under the label of 'fighting spirit'. This study explores adaptation in patients with advanced cancer, by examining the factor structure of the Mental Adjustment to Cancer Scale. Further aims were to examine associations between types of coping and psychological outcomes measured at the same time (time 1) and 4 weeks after referral to palliative care services (time 2). A cross-sectional study with a follow-up assessment 4 weeks later. Factor analysis examined the structure of the Mental Adjustment to Cancer Scale at time 1. A total of 275 patients with advanced cancer receiving palliative care, of whom 193 took part at follow-up. This study provided evidence for the internal consistency and validity of a new scale of 'acceptance and positivity' for use in advanced cancer patients. Patients with a desire for hastened death had lower acceptance and positivity, and patients with higher global quality of life reported a higher level. Social support was positively associated with acceptance and positivity. Higher scores on the acceptance and positivity scale were associated with reduced odds of a desire for hastened death at time 2. Adaptation to advanced cancer differs from adaptation to early stage cancer, comprising a general acceptance of the illness and trying to make the most of the time that is left. Individuals with low social support were less likely to evidence appropriate adaptation to their illness.

  18. Delayed heart rate recovery after exercise as a risk factor of incident type 2 diabetes mellitus after adjusting for glycometabolic parameters in men.

    Science.gov (United States)

    Yu, Tae Yang; Jee, Jae Hwan; Bae, Ji Cheol; Hong, Won-Jung; Jin, Sang-Man; Kim, Jae Hyeon; Lee, Moon-Kyu

    2016-10-15

    Some studies have reported that delayed heart rate recovery (HRR) after exercise is associated with incident type 2 diabetes mellitus (T2DM). This study aimed to investigate the longitudinal association of delayed HRR following a graded exercise treadmill test (GTX) with the development of T2DM including glucose-associated parameters as an adjusting factor in healthy Korean men. Analyses including fasting plasma glucose, HOMA-IR, HOMA-β, and HbA1c as confounding factors and known confounders were performed. HRR was calculated as peak heart rate minus heart rate after a 1-min rest (HRR 1). Cox proportional hazards model was used to quantify the independent association between HRR and incident T2DM. During 9082 person-years of follow-up between 2006 and 2012, there were 180 (10.1%) incident cases of T2DM. After adjustment for age, BMI, systolic BP, diastolic BP, smoking status, peak heart rate, peak oxygen uptake, TG, LDL-C, HDL-C, fasting plasma glucose, HOMA-IR, HOMA-β, and HbA1c, the hazard ratios (HRs) [95% confidence interval (CI)] of incident T2DM comparing the second and third tertiles to the first tertile of HRR 1 were 0.867 (0.609-1.235) and 0.624 (0.426-0.915), respectively (p for trend=0.017). As a continuous variable, in the fully-adjusted model, the HR (95% CI) of incident T2DM associated with each 1 beat increase in HRR 1 was 0.980 (0.960-1.000) (p=0.048). This study demonstrated that delayed HRR after exercise predicts incident T2DM in men, even after adjusting for fasting glucose, HOMA-IR, HOMA-β, and HbA1c. However, only HRR 1 had clinical significance. Copyright © 2016 Elsevier Ireland Ltd. All rights reserved.

  19. Risk Factors in Euro Adoption by Romania

    Directory of Open Access Journals (Sweden)

    Roxana Maria BĂDÎRCEA

    2014-11-01

    Full Text Available The costs and benefits of adopting a unique currency have been studied and outlined by the optimum currency areas theory. This theory of Mundell has suffered modifications, a series of economists identifying and introducing a series of subsequent or additional criteria in the analysis. Starting from the costs indicated by the optimum currency areas theory and its further developments, I have identified a series of factors that I believe to represent future risks for the Romanian economy within the process of adopting the unique euro currency.

  20. Re-examining the factor structure and psychometric properties of the Mini-Mental Adjustment to Cancer Scale in a sample of 364 Chinese cancer patients.

    Science.gov (United States)

    Fong, Ted C T; Ho, Rainbow T H

    2015-02-01

    The Mini-Mental Adjustment to Cancer Scale (Mini-MAC) is widely used to evaluate cancer patients' psychological responses. Validation studies of the scale have shown methodological shortcomings and inconsistency in the factor solutions. The aim of this study was to examine the factor structure and psychometric properties of the Mini-MAC. A large sample of 364 Chinese patients with breast or colorectal cancer completed the Mini-MAC and psychosocial measures (general health, perceived stress, anxiety, and depression). Exploratory factor analyses examined the relative fit of two- to six-factor models using robust weighted least square estimation and oblique target rotation. Convergent validity was evaluated via correlations between the Mini-MAC factor scores and the psychosocial outcomes. The five-factor model showed the best model fit and largely replicated the original Mini-MAC's helpless/hopeless (HH), anxious preoccupation (AP), fighting spirit (FS), fatalism (FA), and cognitive avoidance (CA) subscales. The five factors had acceptable reliability (Cronbach's α = 0.67-0.88) and 4-month test-retest reliability (r = 0.45-0.64). HH, AP, and CA were positively associated with the psychosocial outcomes (r = 0.19-0.60). Modest and negative correlations were found between the psychosocial outcomes and FS and FA. The results support the Mini-MAC's original five-factor structure with satisfactory reliability and convergent validity. The results demonstrate that the Mini-MAC is a valid measure for assessing psychological responses in cancer patients.

  1. Asymmetric adjustment

    NARCIS (Netherlands)

    2010-01-01

    A method of adjusting a signal processing parameter for a first hearing aid and a second hearing aid forming parts of a binaural hearing aid system to be worn by a user is provided. The binaural hearing aid system comprises a user specific model representing a desired asymmetry between a first ear

  2. 12 CFR 4.2 - Office of the Comptroller of the Currency.

    Science.gov (United States)

    2010-01-01

    ... Section 4.2 Banks and Banking COMPTROLLER OF THE CURRENCY, DEPARTMENT OF THE TREASURY ORGANIZATION AND... RESTRICTIONS FOR SENIOR EXAMINERS Organization and Functions § 4.2 Office of the Comptroller of the Currency... denying applications for new charters or for changes in corporate or banking structure; approving or...

  3. Price Setting Mechanisms in Complementary Currencies in Argentina's Redes de Trueque

    NARCIS (Netherlands)

    G.M. Gómez (Georgina)

    2015-01-01

    textabstractComplementary currency systems are based on principles of solidarity and contestation of the regular currency systems, so their prices may differ from those in the regular economy. This study aims to explore that assumption and discusses in what ways and for what reasons some prices are

  4. Confidence building on Euro conversion : theory and evidence from currency options

    NARCIS (Netherlands)

    Driessen, J.J.A.G.; Perotti, E.C.

    2004-01-01

    Using a new dataset of currency option prices, we study the evolution of investor confidence in 1992-98 over the chance of individual currencies to converge to the euro. Convergence risk, which may reflect uncertainty over policy commitment as well as exogenous fundamentals, induces a level of

  5. Confidence building on euro convergence: theory and evidence from currency options

    NARCIS (Netherlands)

    Driessen, J.; Perotti, E.

    2003-01-01

    Using a new dataset of currency option prices, we study the evolution of investor confidence in 1992-1998 over the chance of individual currencies to converge to the Euro. Convergence risk, which may reflect uncertainty over policy commitment as well as exogenous fundamentals, induces a level of

  6. Co-existence of multiple trade-off currencies shapes evolutionary outcomes.

    Directory of Open Access Journals (Sweden)

    Alan A Cohen

    Full Text Available Evolutionary studies often assume that energy is the primary resource (i.e. "currency" at the heart of the survival-reproduction trade-off, despite recent evidence to the contrary. The evolutionary consequences of having a single trade-off currency versus multiple competing currencies are unknown. Using simulations, we modeled the evolution of either a single physiological currency between reproduction and survival, or of multiple such currencies. For a wide array of model specifications varying functional forms and strengths of the trade-offs, we show that the presence of multiple currencies (e.g. nutrients, time generally results in the evolution of higher lifetime reproductive success through partial circumvention of such trade-offs. Evolution of the underlying physiology is also more highly contingent with multiple currencies. These results challenge the paradigm of a single survival-reproduction trade-off as central to life history evolution, suggesting greater roles for physiological constraints and contingency, and implying potential selection for evolution of multiple trade-off currencies.

  7. 14 CFR 133.37 - Crewmember training, currency, and testing requirements.

    Science.gov (United States)

    2010-01-01

    ... 14 Aeronautics and Space 3 2010-01-01 2010-01-01 false Crewmember training, currency, and testing..., currency, and testing requirements. (a) No certificate holder may use, nor may any person serve, as a pilot in operations conducted under this part unless that person— (1) Has successfully demonstrated, to the...

  8. Depiction of Jagannath temple of Puri on the Portuguese paper currency

    Digital Repository Service at National Institute of Oceanography (India)

    Tripati, S.

    by the rulers of India; however Europeans introduced the paper currency in India. Among the Europeans, Portuguese were the first to land on Indian soil for trade and commerce. They had issued paper currencies in India. Many Indian languages and various social...

  9. From silver currency to the gold standard in the Philippine Islands

    NARCIS (Netherlands)

    Wolters, W.G.

    2003-01-01

    In 1903, the United States government introduced a gold standard monetary system in the Philippines, with a theoretical gold peso and a token silver peso in circulation. This currency reform was part of a wider American diplomatic offensive to expand the sphere of gold-based currencies in the world,

  10. Bacterial contamination of Saudi Arabian paper currency: A report from Al-Kharj

    Directory of Open Access Journals (Sweden)

    Mohammad Muqtader Ahmed

    2017-02-01

    Full Text Available Background: Currency is a public support tool for exchange of commodity and services. It’s prevalent practice for acquiring bread to broast and bath to bed has connected all human being together irrespective of race and occupation. Currency notes along with their denomination values also carry pathogens if contaminated and will act as an agent for infection transference. Therefore the objective of this cross-sectional study was to assess the load microbial pathogens of paper currency collected in selected public places of Al-Kharj, Saudi Arabia. Methods: Currency notes under study were assessed through microbiological culture, microscopic and biochemical visualization techniques. Results: The results from this cross-sectional study suggested that lower the currency denominations higher was the microbial contaminations, frequency percentage was lower with higher isolations. Small eateries were the biggest source of contaminated currency from the ten selected centres. Percentage microorganism occurrence for Bacillus spp, Staphylococcus spp, Klebsiella spp and E. coli was 56.84%, 25.03%, 13.40% and 04.71% respectively in all currency notes under study. Conclusions: The outcomes of this study revealed that currency notes can be a source for microbe transmission causing infectious diseases represent public health hazards to the community and individuals.

  11. Theory and relevance of currency substitution with case studies for Canada and the Netherlands Antilles

    NARCIS (Netherlands)

    C.G. de Vries (Casper)

    1988-01-01

    textabstractAbstract--This paper develops the theory of currency substitution from a choice theoretic point of view. The main result offers a simple relationship between the relative amount of currencies held and their opportunity costs, i.e., interest and capital gains. Our hypothesis is tested by

  12. 26 CFR 301.6316-8 - Refunds and credits in foreign currency.

    Science.gov (United States)

    2010-04-01

    ... refund check, at the rate of exchange then used for his official disbursements by the disbursing officer... 26 Internal Revenue 18 2010-04-01 2010-04-01 false Refunds and credits in foreign currency. 301....6316-8 Refunds and credits in foreign currency. (a) Refunds. The refund of any overpayment of tax which...

  13. FX and derivatives markets in emerging economies and the internationalisation of their currencies

    OpenAIRE

    Torsten Ehlers; Frank Packer

    2013-01-01

    Derivatives markets in emerging economies have continued to grow since 2010, driven mostly by very strong growth in the OTC market. Emerging market currencies have become more international as offshore markets are a major contributor to FX turnover. The Chinese renminbi is actively traded within emerging Asia. Trading of emerging market currencies is positively related to the size of cross-border financial flows.

  14. THE LIMITATIONS IN THE APPLICATION OF THE CURRENCY CLAUSE BY THE PRINCIPLES WITH MORALCONTENT

    Directory of Open Access Journals (Sweden)

    Ivan Akrap

    2015-01-01

    Full Text Available The provision, which allows the use of currency clause in the Republic of Croatia is introduced in the Law on Obligations in 1994 with the purpose to realize the principle of equal value of performances, in order to protect creditors from the depreciation of the national currency. At the same time no limitations were prescribed in the application of the currency clause, which can, in the different circumstances, lead to a disproportion in the rights and obligations of the parties, on the damage of the debtor. This paper will analyze the economic, social and legal reasons for the introduction of the foreign currency clause in Law, and the importance of legal rules of business with moral content as the limitations of rights based on currency clause during execution of the contract. For that purpose, the general Civil Law rules will be restricted from the separate fields of law, which seek to protect consumers and traders. Furthermore, the authors will examine the possibilities of the protection by these special branches of law against unfair practice during contractual relations with currency clause in Croatian, European and International Law. The authors will observe the recent case law, which classify contracts with a foreign currency clause as the contract with aleatory elements. In conclusion, it would be given the answer to the question whether the basic principles with moral content limit the application of the currency clause.

  15. Individualized adjustments to reference phantom internal organ dosimetry—scaling factors given knowledge of patient external anatomy

    Science.gov (United States)

    Wayson, Michael B.; Bolch, Wesley E.

    2018-04-01

    Internal radiation dose estimates for diagnostic nuclear medicine procedures are typically calculated for a reference individual. Resultantly, there is uncertainty when determining the organ doses to patients who are not at 50th percentile on either height or weight. This study aims to better personalize internal radiation dose estimates for individual patients by modifying the dose estimates calculated for reference individuals based on easily obtainable morphometric characteristics of the patient. Phantoms of different sitting heights and waist circumferences were constructed based on computational reference phantoms for the newborn, 10 year-old, and adult. Monoenergetic photons and electrons were then simulated separately at 15 energies. Photon and electron specific absorbed fractions (SAFs) were computed for the newly constructed non-reference phantoms and compared to SAFs previously generated for the age-matched reference phantoms. Differences in SAFs were correlated to changes in sitting height and waist circumference to develop scaling factors that could be applied to reference SAFs as morphometry corrections. A further set of arbitrary non-reference phantoms were then constructed and used in validation studies for the SAF scaling factors. Both photon and electron dose scaling methods were found to increase average accuracy when sitting height was used as the scaling parameter (~11%). Photon waist circumference-based scaling factors showed modest increases in average accuracy (~7%) for underweight individuals, but not for overweight individuals. Electron waist circumference-based scaling factors did not show increases in average accuracy. When sitting height and waist circumference scaling factors were combined, modest average gains in accuracy were observed for photons (~6%), but not for electrons. Both photon and electron absorbed doses are more reliably scaled using scaling factors computed in this study. They can be effectively scaled using sitting

  16. Individualized adjustments to reference phantom internal organ dosimetry-scaling factors given knowledge of patient external anatomy.

    Science.gov (United States)

    Wayson, Michael B; Bolch, Wesley E

    2018-04-13

    Internal radiation dose estimates for diagnostic nuclear medicine procedures are typically calculated for a reference individual. Resultantly, there is uncertainty when determining the organ doses to patients who are not at 50th percentile on either height or weight. This study aims to better personalize internal radiation dose estimates for individual patients by modifying the dose estimates calculated for reference individuals based on easily obtainable morphometric characteristics of the patient. Phantoms of different sitting heights and waist circumferences were constructed based on computational reference phantoms for the newborn, 10 year-old, and adult. Monoenergetic photons and electrons were then simulated separately at 15 energies. Photon and electron specific absorbed fractions (SAFs) were computed for the newly constructed non-reference phantoms and compared to SAFs previously generated for the age-matched reference phantoms. Differences in SAFs were correlated to changes in sitting height and waist circumference to develop scaling factors that could be applied to reference SAFs as morphometry corrections. A further set of arbitrary non-reference phantoms were then constructed and used in validation studies for the SAF scaling factors. Both photon and electron dose scaling methods were found to increase average accuracy when sitting height was used as the scaling parameter (~11%). Photon waist circumference-based scaling factors showed modest increases in average accuracy (~7%) for underweight individuals, but not for overweight individuals. Electron waist circumference-based scaling factors did not show increases in average accuracy. When sitting height and waist circumference scaling factors were combined, modest average gains in accuracy were observed for photons (~6%), but not for electrons. Both photon and electron absorbed doses are more reliably scaled using scaling factors computed in this study. They can be effectively scaled using sitting

  17. Effect of Laparoscopic Adjustable Gastric Banding on Metabolic Syndrome and Its Risk Factors in Morbidly Obese Adolescents

    Directory of Open Access Journals (Sweden)

    Rushika Conroy

    2011-01-01

    Full Text Available We examined the effect of laparoscopic adjustable gastric banding (LAGB on weight loss, inflammatory markers, and components of the Metabolic Syndrome (MeS in morbidly obese adolescents and determined if those with MeS lose less weight post-LAGB than those without. Data from 14–18 yr adolescents were obtained at baseline, 6 and 12 months following LAGB. Significant weight loss and improvements in MeS components were observed 6 months and one year following LAGB. The incidence of MeS declined 56.8% after 6 months and 69.6% after 12 months. There was no significant difference in amount of weight lost post-LAGB between those with and without MeS at either timepoint. Correlations between change in weight parameters and components of MeS in those with and without MeS at baseline were examined and found to vary by diagnostic category. LAGB is effective for short-term improvement in weight, inflammatory markers, and components of MeS in morbidly obese adolescents.

  18. Factors that influence consumers' acceptance of future energy systems : the effects of adjustment type, production level, and price

    NARCIS (Netherlands)

    Leijten, Fenna R. M.; Bolderdijk, Jan Willem; Keizer, Kees; Gorsira, Madelijne; van der Werff, Ellen; Steg, Linda

    2014-01-01

    To promote the successful introduction of sustainable energy systems, more insight is needed into factors influencing consumer's acceptance of future energy systems. A questionnaire study among 139 Dutch citizens (aged 18-85) was conducted. Participants rated the acceptability of energy systems made

  19. Perceived Racial/Ethnic Discrimination and Adjustment among Ethnically Diverse College Students: Family and Peer Support as Protective Factors

    Science.gov (United States)

    Juang, Linda; Ittel, Angela; Hoferichter, Frances; Gallarin, Miriam

    2016-01-01

    Adopting a risk and resilience perspective, the current study examined whether family cohesion and peer support functioned as protective factors against the negative effects of racial/ethnic discrimination by peers. The sample included 142 ethnically diverse college students. The results showed that while greater perceived discrimination was…

  20. Acculturation and Adjustment in Latino Adolescents: How Cultural Risk Factors and Assets Influence Multiple Domains of Adolescent Mental Health

    Science.gov (United States)

    Smokowski, Paul; Buchanan, Rachel L.; Bacallao, Martica L.

    2009-01-01

    The purpose of this study was to examine the relationships among risk factors, cultural assets, and Latino adolescent mental health outcomes. We extend past research by using a longitudinal design and evaluating direct and moderated acculturation effects across a range of internalizing, externalizing, and academic engagement outcomes. The sample…

  1. Predicting the Currency Market in Online Gaming via Lexicon-Based Analysis on Its Online Forum

    Directory of Open Access Journals (Sweden)

    Young Bin Kim

    2017-01-01

    Full Text Available Transactions involving virtual currencies are becoming increasingly common, including those in online games. In response, predicting the market price of a virtual currency is an important task for all involved, but it has not yet attracted much attention from researchers. This paper presents user opinions from online forums in a massive multiplayer online game (MMOG setting widely used around the world. We propose a method for predicting the next-day rise and fall of the currency used in an MMOG environment. Based on analysis of online forum users’ opinions, we predict daily fluctuations in the price of a currency used in an MMOG setting. Focusing specifically on the World of Warcraft game, one of the most widely used MMOGs, we demonstrate the feasibility of predicting the fluctuation in value of virtual currencies used in this game community.

  2. The Measurement of Co-Circulation of Currencies and Dollarization in the Republic of Armenia

    Directory of Open Access Journals (Sweden)

    Hakob Zoryan

    2005-06-01

    Full Text Available This paper attempts to estimate the actual (de facto level of dollarization in Armenia. “Co-circulation” involves the regular use of two or more currencies within an economy. The existence of an unknown amount of foreign currency in circulation makes the outcome of domestic monetary policy uncertain. The volume of foreign currency deposits is easily obtained from the official statistics. However, it is very hard to determine the stock of foreign currency in circulation. The effective money supply may be much larger than the domestic money supply and is subject to behavioral responses which are very different than the movements of the presently measured money supply. The purpose of this paper is to assess the level of dollarization, that is, to evaluate the size and/or proportion of foreign currency in the total money stock of Armenia as a highly dollarized country.

  3. Currency crises and the evolution of foreign exchange market: Evidence from minimum spanning tree

    Science.gov (United States)

    Jang, Wooseok; Lee, Junghoon; Chang, Woojin

    2011-02-01

    We examined the time series properties of the foreign exchange market for 1990-2008 in relation to the history of the currency crises using the minimum spanning tree (MST) approach and made several meaningful observations about the MST of currencies. First, around currency crises, the mean correlation coefficient between currencies decreased whereas the normalized tree length increased. The mean correlation coefficient dropped dramatically passing through the Asian crisis and remained at the lowered level after that. Second, the Euro and the US dollar showed a strong negative correlation after 1997, implying that the prices of the two currencies moved in opposite directions. Third, we observed that Asian countries and Latin American countries moved away from the cluster center (USA) passing through the Asian crisis and Argentine crisis, respectively.

  4. On the importance of adjusting for distorting factors in benchmarking analysis, as illustrated by a cost comparison of the different forms of implementation of the EU Packaging Directive.

    Science.gov (United States)

    Baum, Heinz-Georg; Schuch, Dieter

    2017-12-01

    Benchmarking is a proven and widely used business tool for identifying best practice. To produce robust results, the objects of comparison used in benchmarking analysis need to be structurally comparable and distorting factors need to be eliminated. We focus on a specific example - a benchmark study commissioned by the European Commission's Directorate-General for Environment on the implementation of Extended Producer Responsibility (EPR) for packaging at the national level - to discuss potential distorting factors and take them into account in the calculation. The cost of compliance per inhabitant and year, which is used as the key cost efficiency indicator in the study, is adjusted to take account of seven factors. The results clearly show that differences in performance may play a role, but the (legal) implementation of EPR - which is highly heterogeneous across countries - is the single most important cost determinant and must be taken into account to avoid misinterpretation and false conclusions.

  5. Individualized adjustments to reference phantom internal organ dosimetry—scaling factors given knowledge of patient internal anatomy

    Science.gov (United States)

    Wayson, Michael B.; Bolch, Wesley E.

    2018-04-01

    Various computational tools are currently available that facilitate patient organ dosimetry in diagnostic nuclear medicine, yet they are typically restricted to reporting organ doses to ICRP-defined reference phantoms. The present study, while remaining computational phantom based, provides straightforward tools to adjust reference phantom organ dose for both internal photon and electron sources. A wide variety of monoenergetic specific absorbed fractions were computed using radiation transport simulations for tissue spheres of varying size and separation distance. Scaling methods were then constructed for both photon and electron self-dose and cross-dose, with data validation provided from patient-specific voxel phantom simulations, as well as via comparison to the scaling methodology given in MIRD Pamphlet No. 11. Photon and electron self-dose was found to be dependent on both radiation energy and sphere size. Photon cross-dose was found to be mostly independent of sphere size. Electron cross-dose was found to be dependent on sphere size when the spheres were in close proximity, owing to differences in electron range. The validation studies showed that this dataset was more effective than the MIRD 11 method at predicting patient-specific photon doses for at both high and low energies, but gave similar results at photon energies between 100 keV and 1 MeV. The MIRD 11 method for electron self-dose scaling was accurate for lower energies but began to break down at higher energies. The photon cross-dose scaling methodology developed in this study showed gains in accuracy of up to 9% for actual patient studies, and the electron cross-dose scaling methodology showed gains in accuracy up to 9% as well when only the bremsstrahlung component of the cross-dose was scaled. These dose scaling methods are readily available for incorporation into internal dosimetry software for diagnostic phantom-based organ dosimetry.

  6. Salary adjustments

    CERN Multimedia

    HR Department

    2008-01-01

    In accordance with decisions taken by the Finance Committee and Council in December 2007, salaries are adjusted with effect from 1 January 2008. Scale of basic salaries and scale of stipends paid to fellows (Annex R A 5 and R A 6 respectively): increased by 0.71% with effect from 1 January 2008. As a result of the stability of the Geneva consumer price index, following elements do not increase: a) Family Allowance, Child Allowance and Infant Allowance (Annex R A 3). b) Reimbursement of education fees: maximum amounts of reimbursement (Annex R A 4.01) for the academic year 2007/2008. Related adjustments will be implemented, wherever applicable, to Paid Associates and Students. As in the past, the actual percentage increase of each salary position may vary, due to the application of a constant step value and the rounding effects. Human Resources Department Tel. 73566

  7. Salary adjustments

    CERN Multimedia

    HR Department

    2008-01-01

    In accordance with decisions taken by the Finance Committee and Council in December 2007, salaries are adjusted with effect from 1 January 2008. Scale of basic salaries and scale of stipends paid to fellows (Annex R A 5 and R A 6 respectively): increased by 0.71% with effect from 1 January 2008. As a result of the stability of the Geneva consumer price index, the following elements do not increase: a)\tFamily Allowance, Child Allowance and Infant Allowance (Annex R A 3); b)\tReimbursement of education fees: maximum amounts of reimbursement (Annex R A 4.01) for the academic year 2007/2008. Related adjustments will be applied, wherever applicable, to Paid Associates and Students. As in the past, the actual percentage increase of each salary position may vary, due to the application of a constant step value and rounding effects. Human Resources Department Tel. 73566

  8. Narratives of Optimum Currency Area theory and Eurozone Governance

    DEFF Research Database (Denmark)

    Snaith, Holly Grace

    2014-01-01

    is the subject of very significant internal disagreement, to the extent that economists writing within the field do not commonly agree upon the ontological foundations of the theory. This entails that the translation of the theory into political reality has been characterised by a series of often mutually...... contradictory narratives, which build upon schisms in the academic corpus. The political realisation of this can be seen during the negotiations over the 1992 process, where certain aspects of the theory concerning governance (of fiscal policy and preferences for conflict adjudication) have been notably......Optimum Currency Area theory (OCA) is a body of research that has, since its inception in 1961, been highly influential for the discourse and design of Economic and Monetary Union, exercising a significant hermeneutical force. Nonetheless, there has been little acknowledgement that OCA...

  9. Testing EMA Indicator for the Currency Pair EUR / USD

    Directory of Open Access Journals (Sweden)

    Kolková Andrea

    2017-06-01

    Full Text Available The aim of this paper is to verify the effectiveness of EMA indicator according to selected time intervals. The underlying assumption is that, on longer timescales EMA is profitable and provides more relevant signals. The second objective of this paper is to test the signals of indicators in different months. It is believed that in September and January the number of trading signals on this indicator will increase. Testing will be done on the five-minute time frame. The test will be subjected to 65,000 rate values of the EUR / USD currency pair. Effectiveness of the analysis will be evaluated on the basis of digital (binary option. Business strategy is based on EMA crossover indicator of current exchange rate. By the contribution there were confirmed hypotheses about more profitable signals when selecting a greater timeframe breadth of moving average. There was also confirmed an increased amount of signals in September, but not in January.

  10. Convergence and Optimum Currency Area, as Advanced Economic Integration

    Directory of Open Access Journals (Sweden)

    Liviu Catalin Andrei

    2014-08-01

    Full Text Available In 1961, in the earlier stage of the European integration, professor Bela Balassa proposed a five successive phase model. Today, the half century experience on integration and corresponding literature issued lets us see rather two big phases (instead of five. The one would be the incipient integration, that came to enlarge the economic openess and internationalization and shaped: (i free trade area (FTA and (ii customs union; the other would be the advanced integration, in which internationalization would be replaced by the unique-common market and other two commandments would replace or just reshape the older FTA and customs union into: (iii economic convergence and (iv optimal currency area. The last two will be emphasized by our paper, as for their current description-analysis in the literature

  11. VaR Methodology Application for Banking Currency Portfolios

    Directory of Open Access Journals (Sweden)

    Daniel Armeanu

    2007-02-01

    Full Text Available VaR has become the standard measure that financial analysts use to quantify market risk. VaR measures can have many applications, such as in risk management, to evaluate the performance of risk takers and for regulatory requirements, and hence it is very important to develop methodologies that provide accurate estimates. In particular, the Basel Committee on Banking Supervision at the Bank for International Settlements imposes to financial institutions such as banks and investment firms to meet capital requirements based on VaR estimates. In this paper we determine VaR for a banking currency portfolio and respect rules of National Bank of Romania regarding VaR report.

  12. Shaft adjuster

    Science.gov (United States)

    Harry, Herbert H.

    1989-01-01

    Apparatus and method for the adjustment and alignment of shafts in high power devices. A plurality of adjacent rotatable angled cylinders are positioned between a base and the shaft to be aligned which when rotated introduce an axial offset. The apparatus is electrically conductive and constructed of a structurally rigid material. The angled cylinders allow the shaft such as the center conductor in a pulse line machine to be offset in any desired alignment position within the range of the apparatus.

  13. La moneta unica: oggi utopia, realtà in futuro? (A single currency: utopia today? Reality tomorrow?

    Directory of Open Access Journals (Sweden)

    C. DE STRYCKER

    2013-12-01

    Full Text Available Il crollo del sistema monetario internazionale di Bretton Woods nel 1971 ha inaugurato un'era di tassi di cambio altamente fluttuanti . Parte delle ragioni di questa volatilità è stata l'internazionalizzazione pressoché totale dei mercati dei capitali , con le valute nazionali, che restano soggette alle influenze politiche e ai capricci del cambiamento dei modelli commerciali . Una possibile soluzione a questi problemi sarebbe l' adozione di una singola unità di valuta internazionale . Anche se questo non eliminerebbe il problema inerente il disequilibro della bilancia dei pagamenti  , sarvirebbe tuttavia imporre una maggiore disciplina di mercato sulle politiche finanziarie , eliminando la possibilità di adeguamenti monetari .The collapse of the Bretton Woods international monetary system in 1971 inaugurated an era of highly fluctuating exchange rates. Part of the reason for this volatility has been the almost complete internationalisation of capital markets, with national currencies remaining subject to political influences and the vagaries of changing trade patterns. One possible solution to these problems would be the adoption of a single international currency unit. Although this would not remove the problem inherent in balance of payments disequilibrium, it would nevertheless impose greater market discipline on financial policies by removing the option of monetary adjustments.JEL: F31, E42

  14. Adjustable collimator

    International Nuclear Information System (INIS)

    Carlson, R.W.; Covic, J.; Leininger, G.

    1981-01-01

    In a rotating fan beam tomographic scanner there is included an adjustable collimator and shutter assembly. The assembly includes a fan angle collimation cylinder having a plurality of different length slots through which the beam may pass for adjusting the fan angle of the beam. It also includes a beam thickness cylinder having a plurality of slots of different widths for adjusting the thickness of the beam. Further, some of the slots have filter materials mounted therein so that the operator may select from a plurality of filters. Also disclosed is a servo motor system which allows the operator to select the desired fan angle, beam thickness and filter from a remote location. An additional feature is a failsafe shutter assembly which includes a spring biased shutter cylinder mounted in the collimation cylinders. The servo motor control circuit checks several system conditions before the shutter is rendered openable. Further, the circuit cuts off the radiation if the shutter fails to open or close properly. A still further feature is a reference radiation intensity monitor which includes a tuning-fork shaped light conducting element having a scintillation crystal mounted on each tine. The monitor is placed adjacent the collimator between it and the source with the pair of crystals to either side of the fan beam

  15. Increasing the thermoelectric power factor of Ge17Sb2Te20 by adjusting the Ge/Sb ratio

    Science.gov (United States)

    Williams, Jared B.; Mather, Spencer P.; Page, Alexander; Uher, Ctirad; Morelli, Donald T.

    2017-07-01

    We have investigated the thermoelectric properties of Ge17Sb2Te20. This compound is a known phase change material with electronic properties that depend strongly on temperature. The thermoelectric properties of this compound can be tuned by altering the stoichiometry of Ge and Sb without the use of additional foreign elements during synthesis. This tuning results in a 26% increase in the thermoelectric power factor at 723 K. Based on a single parabolic band model we show that the pristine material is optimally doped, and thus, a reduction in the lattice thermal conductivity of pure Ge17Sb2Te20 should result in an enhanced thermoelectric figure of merit.

  16. OPTIMAL SELECTION OF THE CA-CFAR ADJUSTMENT FACTOR FOR K POWER SEA CLUTTER WITH STATISTICAL VARIATIONS

    Directory of Open Access Journals (Sweden)

    José Raúl Machado Fernández

    2017-01-01

    Full Text Available La presencia de la señal interferente de clutter marino establece limitaciones en la calidad de la detección de radar en ambientes costeros y de alta mar. El procesador CA-CFAR es la solución clásica para detectar blancos de radar. Usualmente mantiene su factor de ajuste constante todo el período de operación. Como consecuencia, el esquema no toma en consideración las variaciones estadísticas de la señal de fondo cuando realiza la discriminación del clutter . Para resolver este problema, los autores realizaron un procesamiento intensivo de 40 millones de muestras de clutter de intensidad, generadas en computadora a través de MATLAB. Como resultado, encontraron los valores óptimos del factor de ajuste a ser aplicados para 40 posibles estados estadísticos del clutter , sugiriendo el uso de la arquitectura CA-CFAR con un factor de ajuste variable. Adicionalmente, fue llevado a cabo un ajuste de curvas, obteniéndose expresiones matemáticas que generalizan los resultados en todo el intervalo de considerado de estados estadísticos del clutter . Los experimentos se ejecutaron con un CA-CFAR de 64 celdas y apuntaron a encontrar los valores del factor de ajuste para tres probabilidades de falsa alarma comunes. La distribución K fue elegida como el modelo usado para el clutter , gracias a su amplia popularidad. Este artículo facilita el manejo de la distribución K de intensidad, evitando el uso de funciones Gamma y Bessel, comúnmente encontradas en desarrollos relacionados con el modelo K. Además, fueron cumplidos los requerimientos necesarios para construir un detector adaptativo en clutter de potencia K con conocimiento previo del parámetro de forma. Al mismo tiempo, fueron dadas varias recomendaciones para continuar el desarrollo de una solución más general que también incluirá la estimación del parámetro de forma.

  17. 26 CFR 1.985-2 - Election to use the United States dollar as the functional currency of a QBU.

    Science.gov (United States)

    2010-04-01

    ... functional currency of a QBU. 1.985-2 Section 1.985-2 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT... Election to use the United States dollar as the functional currency of a QBU. (a) Background and scope—(1... currency for taxable years beginning on or before August 24, 1994. An election to use a dollar functional...

  18. Parentally-adjusted deficit of height as a prognostic factor of the effectiveness of growth hormone (GH) therapy in children with GH deficiency.

    Science.gov (United States)

    Hilczer, Maciej; Smyczyńska, Joanna; Lewiński, Andrzej

    2006-01-01

    Parental height is the most important identifiable factor influencing final height (FH) of children with growth hormone (GH) deficiency (GHD), treated with GH. Assessment of FH of patients with GHD--classified into familial short stature (FSS) and non-familial short stature (non-FSS) according to parentally adjusted deficit of height. The analysis comprised 101 patients (76 boys) with childhood-onset GHD. Final height was compared with patients' height before GH therapy, predicted adult height (PAH) and target height (TH). Both GH peak in stimulating tests and height standard deviation score (SDS) before the therapy were significantly lower in non-FSS than in FSS. Target height was significantly lower in FSS than in non-FSS. Parentally-adjusted deficit of height was significantly more profound in non-FSS than in FSS. The prognosis of adult height was very similar in both groups of patients, being significantly worse in non-FSS than in FSS while corrected by TH. The absolute FH was similar in FSS and non-FSS, being, however, significantly lower in non-FSS than in FSS while corrected by TH. Improvement of height was significantly better in non-FSS than in FSS. In both groups, FH SDS was significantly better than height SDS before the therapy (H0SDS). In FSS group, PAH was similar to TH, moreover, FH corresponded to both PAH and TH. In non-FSS group FH was significantly higher than PAH, but both FH and PAH were significantly lower than TH. 1) Growth hormone therapy was more effective in the patients with non-FSS than in those with FSS. 2) Parentally-adjusted deficit of height is an important prognostic factor of GH therapy effectiveness.

  19. A common currency for the computation of motivational values in the human striatum

    Science.gov (United States)

    Li, Yansong; Dreher, Jean-Claude

    2015-01-01

    Reward comparison in the brain is thought to be achieved through the use of a ‘common currency’, implying that reward value representations are computed on a unique scale in the same brain regions regardless of the reward type. Although such a mechanism has been identified in the ventro-medial prefrontal cortex and ventral striatum in the context of decision-making, it is less clear whether it similarly applies to non-choice situations. To answer this question, we scanned 38 participants with fMRI while they were presented with single cues predicting either monetary or erotic rewards, without the need to make a decision. The ventral striatum was the main brain structure to respond to both cues while showing increasing activity with increasing expected reward intensity. Most importantly, the relative response of the striatum to monetary vs erotic cues was correlated with the relative motivational value of these rewards as inferred from reaction times. Similar correlations were observed in a fronto-parietal network known to be involved in attentional focus and motor readiness. Together, our results suggest that striatal reward value signals not only obey to a common currency mechanism in the absence of choice but may also serve as an input to adjust motivated behaviour accordingly. PMID:24837478

  20. The portfolio risk management and diversification benefits from the South African rand currency index (rain

    Directory of Open Access Journals (Sweden)

    F.Y. Jordaan

    2012-12-01

    Full Text Available This study attempts to explain the source of risk management and diversification benefits that investors may gain from the South African Rand Currency Index (RAIN as it relates to an equity portfolio with stock market exposure (locally or international. These diversification benefits may result from the negative correlation between RAIN and the South African All Share Index (ALSI. To explain and fully exploit the benefits of RAIN, the main variables that represent South Africa’s trading partner equity and bond markets movements, were identified. To account for the interaction of RAIN with the ALSI, the latter was firstly decomposed into its economic groups and secondly into its various sub-sectors. Various analyses were carried out to determine which variables describe the relationship between the ALSI and RAIN. The variables that describe the relationship with a high adjusted R2, were identified. The findings suggest that when the ALSI is decomposed into its ten economic groups and thirty-seven sub-groups, the quadratic as opposed to linear models using response surface regressions, explained the majority of the variation in RAIN over the entire period. The linear models, however, explained more of the variation in RAIN during the recent 2008/2009 financial crisis

  1. Hardiness scales in Iranian managers: evidence of incremental validity in relationships with the five factor model and with organizational and psychological adjustment.

    Science.gov (United States)

    Ghorbani, Nima; Watson, P J

    2005-06-01

    This study examined the incremental validity of Hardiness scales in a sample of Iranian managers. Along with measures of the Five Factor Model and of Organizational and Psychological Adjustment, Hardiness scales were administered to 159 male managers (M age = 39.9, SD = 7.5) who had worked in their organizations for 7.9 yr. (SD=5.4). Hardiness predicted greater Job Satisfaction, higher Organization-based Self-esteem, and perceptions of the work environment as being less stressful and constraining. Hardiness also correlated positively with Assertiveness, Emotional Stability, Extraversion, Openness to Experience, Agreeableness, and Conscientiousness and negatively with Depression, Anxiety, Perceived Stress, Chance External Control, and a Powerful Others External Control. Evidence of incremental validity was obtained when the Hardiness scales supplemented the Five Factor Model in predicting organizational and psychological adjustment. These data documented the incremental validity of the Hardiness scales in a non-Western sample and thus confirmed once again that Hardiness has a relevance that extends beyond the culture in which it was developed.

  2. Perceived positive teacher-student relationship as a protective factor for Chinese left-behind children's emotional and behavioural adjustment.

    Science.gov (United States)

    Liu, Yan; Li, Xiaowei; Chen, Li; Qu, Zhiyong

    2015-10-01

    Using cross-sectional data collected in rural communities of two provinces of China, this study examined the protective role of perceived positive teacher-student relationship for Chinese left-behind children. The participants included 1442 children with a mean age of 14.13 classified into two groups: a left-behind group (104 boys and 110 girls) and a comparison group (588 boys and 640 girls). Self-reported questionnaires concerning self-esteem, depression, problem behaviours and the teacher-student relationship were administered. Relative to the comparison group, after controlling for age, gender and family socioeconomic status, the left-behind group was disadvantaged in terms of self-esteem and depression but not in problem behaviours. As hypothesised, the results of regression analyses indicated that teacher-student relationship positively predicted self-esteem and negatively predicted depression and problem behaviours for both groups. Moreover, the association between teacher-student relationship and depression was stronger among the left-behind group, suggesting that left-behind children were more responsive to the positive effect of a desired teacher-student relationship. Taken together, the results of our study support the idea that perceived positive teacher-student relationship may serve as a protective factor for left-behind children. Practical implications and limitations of the present study are discussed. © 2014 International Union of Psychological Science.

  3. TRIPOLARISATION OF THE CURRENCIES IN THE WORLD ECONOMY: US DOLLAR – EURO – YEN

    Directory of Open Access Journals (Sweden)

    Ramona TOMA

    2006-12-01

    Full Text Available At present, the world economy is dominated by three poles – the USA, the European Union and Japan – among which there should be real co-operation to ensure the international stability on all levels. The introduction of the euro was perceived by the experts as the beginning of the competition among the currencies on the international financial markets. The European Monetary Union was conceived to cause an internal, not an external change, with an economic and financial purpose and as a further step of the European integration. Moreover, the international monetary system does not allow the European single currency to make gains that might cause losses to the US dollar. Both currencies have room in the world economy, but the euro has been beneficial to both the euro area and the rest of the world. At present, the euro is stronger than the sum of the twelve former national currencies. The consolidation of the national economies of the euro area becomes stronger due to the impact on liquidities, to the various investment opportunities for the entities that manage the financial portfolios and the central banks that manage the foreign currency reserves. The competition among the currencies means more opportunities in the world economy: the euro is an international currency used along with the US dollar and the yen, not against them.

  4. Topology of the correlation networks among major currencies using hierarchical structure methods

    Science.gov (United States)

    Keskin, Mustafa; Deviren, Bayram; Kocakaplan, Yusuf

    2011-02-01

    We studied the topology of correlation networks among 34 major currencies using the concept of a minimal spanning tree and hierarchical tree for the full years of 2007-2008 when major economic turbulence occurred. We used the USD (US Dollar) and the TL (Turkish Lira) as numeraires in which the USD was the major currency and the TL was the minor currency. We derived a hierarchical organization and constructed minimal spanning trees (MSTs) and hierarchical trees (HTs) for the full years of 2007, 2008 and for the 2007-2008 period. We performed a technique to associate a value of reliability to the links of MSTs and HTs by using bootstrap replicas of data. We also used the average linkage cluster analysis for obtaining the hierarchical trees in the case of the TL as the numeraire. These trees are useful tools for understanding and detecting the global structure, taxonomy and hierarchy in financial data. We illustrated how the minimal spanning trees and their related hierarchical trees developed over a period of time. From these trees we identified different clusters of currencies according to their proximity and economic ties. The clustered structure of the currencies and the key currency in each cluster were obtained and we found that the clusters matched nicely with the geographical regions of corresponding countries in the world such as Asia or Europe. As expected the key currencies were generally those showing major economic activity.

  5. Co-existence of multiple trade-off currencies shapes evolutionary outcomes

    Science.gov (United States)

    Isaksson, Caroline; Salguero-Gómez, Roberto

    2017-01-01

    Evolutionary studies often assume that energy is the primary resource (i.e. “currency”) at the heart of the survival-reproduction trade-off, despite recent evidence to the contrary. The evolutionary consequences of having a single trade-off currency versus multiple competing currencies are unknown. Using simulations, we modeled the evolution of either a single physiological currency between reproduction and survival, or of multiple such currencies. For a wide array of model specifications varying functional forms and strengths of the trade-offs, we show that the presence of multiple currencies (e.g. nutrients, time) generally results in the evolution of higher lifetime reproductive success through partial circumvention of such trade-offs. Evolution of the underlying physiology is also more highly contingent with multiple currencies. These results challenge the paradigm of a single survival-reproduction trade-off as central to life history evolution, suggesting greater roles for physiological constraints and contingency, and implying potential selection for evolution of multiple trade-off currencies. PMID:29216275

  6. Results of a massive experiment on virtual currency endowments and money demand.

    Directory of Open Access Journals (Sweden)

    Nenad Živić

    Full Text Available We use a 575,000-subject, 28-day experiment to investigate monetary policy in a virtual setting. The experiment tests the effect of virtual currency endowments on player retention and virtual currency demand. An increase in endowments of a virtual currency should lower the demand for the currency in the short run. However, in the long run, we would expect money demand to rise in response to inflation in the virtual world. We test for this behavior in a virtual field experiment in the football management game Top11. 575,000 players were selected at random and allocated to different "shards" or versions of the world. The shards differed only in terms of the initial money endowment offered to new players. Money demand was observed for 28 days as players used real money to purchase additional virtual currency. The results indicate that player money purchases were significantly higher in the shards where higher endowments were given. This suggests that a positive change in the money supply in a virtual context leads to inflation and increased money demand, and does so much more quickly than in real-world economies. Differences between virtual and real currency behavior will become more interesting as virtual currency becomes a bigger part of the real economy.

  7. Results of a massive experiment on virtual currency endowments and money demand.

    Science.gov (United States)

    Živić, Nenad; Andjelković, Igor; Özden, Tolga; Dekić, Milovan; Castronova, Edward

    2017-01-01

    We use a 575,000-subject, 28-day experiment to investigate monetary policy in a virtual setting. The experiment tests the effect of virtual currency endowments on player retention and virtual currency demand. An increase in endowments of a virtual currency should lower the demand for the currency in the short run. However, in the long run, we would expect money demand to rise in response to inflation in the virtual world. We test for this behavior in a virtual field experiment in the football management game Top11. 575,000 players were selected at random and allocated to different "shards" or versions of the world. The shards differed only in terms of the initial money endowment offered to new players. Money demand was observed for 28 days as players used real money to purchase additional virtual currency. The results indicate that player money purchases were significantly higher in the shards where higher endowments were given. This suggests that a positive change in the money supply in a virtual context leads to inflation and increased money demand, and does so much more quickly than in real-world economies. Differences between virtual and real currency behavior will become more interesting as virtual currency becomes a bigger part of the real economy.

  8. Bacterial Contamination of Iranian Paper Currency and Their Antibiotic Resistance Patterns

    Directory of Open Access Journals (Sweden)

    Farzaneh Firoozeh

    2017-11-01

    Full Text Available Background: Paper currency is used in exchange for services, and thisis why the circulation of paper currency from person to person expandsmicroorganisms. Objectives:: Paper banknotes would be a vector for transmission of pathogenic microorganisms through handling. This study aimed to determine bacterial contamination of Iranian paper currencies in circulation and their antibiotic resistance patterns. Materials and Methods: In this study, 337 currency notes of different value were collected from markets, shops, restaurants, bus stations and banks in Kashan, Iran during April 2015 to March 2016. The currency notes transferred to microbiology laboratory and were tested for bacterial contamination using standard microbiological methods. Antibiotic resistance patterns of isolated bacteria were determined by disk diffusion method according to CLSI standards. The results and data were analyzed using descriptive statistics. Results: Of 337 currency notes, 262 (77.7% were identified with bacterial contamination. Bacteria isolated from currency notes were as follows: Bacillus spp 113 (43.1%, coagulase-negative Staphylococci 99 (37.7%, Escherichia coli 20 (7.6%, Enterococci species 14 (5.3%, Staphylococcus aureus 8 (3.1%, Klebsiella spp 4 (1.5%, Shigella species 2 (0.8%, Pseudomonas species 2 (0.8%. The most and least contaminated currency notes were 50000 and 500 Rials, respectively. The most resistance rates in gram negative rods were against nalidixicacid, and ampicillin. Also most resistance rates in Staphylococcus aureus, coagulase-negative Staphylococci and Enterococci species were against ampicillin, erythromycin and tetracycline. Conclusion: Our study revealed that the bacterial contamination among Iranian paper currency in circulation especially those obtained from certain sources including shops and bus stations is high and in most cases these bacterial isolates are antibiotic resistant strains.

  9. BMI, Overweight Status and Obesity Adjusted by Various Factors in All Age Groups in the Population of a City in Northeastern Brazil

    Directory of Open Access Journals (Sweden)

    Raquel Patrícia Ataíde Lima

    2015-04-01

    Full Text Available Objective: In Brazil, demographic, socioeconomic and epidemiological changes over time have led to a transition in nutritional standards, resulting in a gradual reduction of malnutrition and an increased prevalence of overweight and obese individuals, similar to the situation in developed countries in previous decades. This study assessed the body mass index (BMI and the prevalence of an overweight status and obesity, adjusted for various factors, in a population in northeastern Brazil including all age groups. Methods: This is a cross-sectional population-based epidemiological study using single sampling procedure composed of levels. Given the heterogeneity of the variable “income” and the relationship between income, prevalence of diseases and nutrition, a stratified sampling on blocks in the first level was used. In this, city districts were classified by income into 10 strata, according to information obtained from IBGE. A systematic sampling was applied on randomly selected blocks in order to choose the residences that would be part of the sample (second level, including 1165 participants from all age groups. Results and Discussion: The prevalence of an overweight status or obesity was adjusted for demographic, socioeconomic and lifestyle variables. When the Chi-square test was applied, a relationship was observed between the prevalence of an overweight status or obesity and the age group, gender, educational level and income of the participants. Regarding lifestyle parameters, only smoking was associated with the prevalence of an overweight status or obesity, in both adults and in the total sample. The results for the following groups were significant (p < 0.05: the age group from 20 to 59 years, when the individual presented an educational level greater than or equal to high school; and the age group ≥ 60 years, when the individual was female. It is noteworthy that educational level and being female were significant in adjusting for

  10. Endogenous Currency of Price Setting in a Dynamic Open Economy Model

    OpenAIRE

    Michael B. Devereux; Charles Engel

    2001-01-01

    Many papers in the recent literature in open economy macroeconomics make different assumptions about the currency in which firms set their export prices when nominal prices must be pre-set. But to date, all of these studies take the currency of price setting as exogenous. This paper sets up a simple two-country general equilibrium model in which exporting firms can choose the currency in which they set prices for sales to foreign markets. We make two alternative assumptions about the structur...

  11. ANALISIS PERBANDINGAN PENGGUNAAN HEDGINGANTARA FORWARD CONTRACT DENGAN CURRENCY SWAP UNTUK MEMINIMASI RISIKO FOREIGN EXCHANGE

    Directory of Open Access Journals (Sweden)

    Ni Wayan Eka Mitariani

    2013-07-01

    Full Text Available This study aims is to identifying the differences between using forward contract hedging or currencyswap hedging. Paired Sample T-Test were used to answer the problems and to test the hypothesis. The findings showthat without paying attention to the time value of money, currency swap hedging generated higher income value than forward contract hedging, whereas by paying attention to the time value of money, forwardcontracthedging generated higher income value than currency swap hedging. Significant differences were foundas far as the use of forward contract hedging and currency swap hedging are concerned, both by paying or noattention to the time value of money.

  12. A SURVEY OF URBAN PEOPLE AWARENESS ABOUT NEW INDIAN CURRENCY SECURITY FEATURES AFTER DEMONETIZATION

    OpenAIRE

    Mr. Rajeev & Mr. Dhirender

    2017-01-01

    Use of currency notes is increasing year by year and so does risk of its holders.It has become need of hour for every country to make its currency difficult to counterfeit.Security features and security printing are the only solution for this problem.Security features not only prevent duplicacyof notes but also save the poor citizens from possible financial loss.This survey work was carried out to understand the awareness level about security features in new currency notes because relevancy o...

  13. Standardization of the Korean version of Mini-Mental Adjustment to Cancer (K-Mini-MAC) scale: factor structure, reliability and validity.

    Science.gov (United States)

    Kang, Jee In; Chung, Hyun Cheol; Kim, Se Joo; Choi, Hye Jin; Ahn, Joong Bae; Jeung, Hei-Cheul; Namkoong, Kee

    2008-06-01

    Mental adjustment and coping affect the physical outcome and survival as well as quality of life in cancer patients. The Mini-Mental Adjustment to Cancer (Mini-MAC) scale is a new refined, economical and reliable self-rating instrument measuring cognitive and behavioral responses to cancer. The aim of this study was to evaluate the psychometric properties of the Mini-MAC in Korean cancer patients. A total of 208 cancer patients recruited from the Yonsei Cancer Center were assessed with the Mini-MAC and the Hospital Anxiety and Depression Scale (HADS). Principal component analysis with varimax rotation for the Korean version of Mini-MAC (K-Mini-MAC) confirmed four factors. Three had psychometric properties similar to Helpless-Hopeless (HH), Anxious Preoccupation (AP) and Cognitive Avoidance (CA) of the original Mini-MAC. A novel factor, named Positive Attitude, included items of both Fatalism (FA) and Fighting Spirit (FS) from the original version. The five subscales from the original version (AP, HH, FS, FA and CA) and Positive Attitude had acceptable internal reliabilities in our sample (Cronbach's alpha coefficient 0.50-0.86; correlation coefficient of test-retest 0.68-0.88). For the validity, significant interscale correlation was observed in the original five subscales and Positive Attitude. Each subscale including Positive Attitude was also significantly related to Depression and Anxiety of HADS. As a whole, the K-Mini-MAC was a reliable, valid and acceptable tool for Korean cancer patients. These findings can provide information about the cross-cultural validity of Mini-MAC scale's factor structure. Cultural differences were also discussed.

  14. Counterfeit detection for new and old currency designs

    Science.gov (United States)

    Hillstrom, Anne P.; Bernstein, Ira H.

    2002-04-01

    To test the effectiveness of counterfeit deterrence features recently introduced in US currency, observers were asked to discriminate genuine from counterfeit bills using a two-alternative forced-choice task. In Experiment 1, observers judged 100s with the new and old designs after receiving training in the deterrence features of each design. The counterfeits were representative of two common print processes: inkjet and offset printing. Judgments were made on whole bills, on individual features with the whole bill unmasked, and on individual features with only that feature visible. In Experiment 2, different observers judged 100s without any training. They then were trained and judged 50s and 20 bills. Taken together, the two experiments indicate that people are good at detecting counterfeits, that inkjet counterfeits are easier to detect than offset counterfeits, and that counterfeits of the newly designed bills are easier to detect than counterfeits of the older series. The design improvement was greatest with 100 bills and, to a lesser extent, 50 bills. Improvement was minimal with 20 bills, very likely because observers were very accurate for both series of 20s. Finally, some deterrence features were more useful than others in aiding discriminations.

  15. PRIVATIZATION OF BRAZILIAN PRISONS: THE TWO SIDES OF THE CURRENCY

    Directory of Open Access Journals (Sweden)

    Hilderline Câmara de Oliveira

    2017-09-01

    Full Text Available Since the beginning of the 1990s, in Brazil, privatization has proved to be an emergency exit to crisis of services that the State cannot offer efficiently, such as Education, Health, Transportation, and more recently Social Security. The agenda in question is now Public Safety. Failing to meet the demand for lawsuits that pass through the Judiciary, Brazilian prisons are becoming increasingly overcrowded; the services lagged; Constant rebellions, high crime rate, denial of human rights and structural violence, glaring. Thus, this article aims to reflect on both sides of the 'currency' of prisons privatizations in the Brazilian scenario. He used the research with a qualitative approach and bibliographical character with the support of theoretical references from the specialized literature in the area, besides the technical documents, official reports from the Government and NGOs that carry out social control works. The research has shown that privatization seems to be the best way out in the short term and can solve a number of social problems, but how can one think of the profitable return that all privatization requires if its main objective is to reduce the target population? So either this alternative will create a market that, if it turns out, will end itself, or we will end up creating an even more perverse logic of incarceration.

  16. Bitcoin Intelligence – Business Intelligence meets Crypto Currency

    Directory of Open Access Journals (Sweden)

    Horia Mircea BOTOŞ

    2017-10-01

    Full Text Available Bitcoin is a decentralized digital currency, which works peer-to-peer without a centralized repository, and is accepted as a form of payment all around the world. The “public ledger”, which registers transactions, is known as the block chain. A conventional ledger records bills and notes which are used by an organization, but in the case of Bitcoin these are simply data “entries” in the Blockchain sequence. Business Intelligence (BI, according to Investpedia, refers to the procedural and technical infrastructure that collect, store and analyses the data produced by a field of activities or by an individual company. BI is meant to take in all the data being generated by a business and present easy to digest performance measures and trends that will inform management decisions. The paper shows the BI steps and procedures that will help a Bitcoin user, owner or broker make the best decision possible in order to maximize their profits and financial security.

  17. Currency System and Its Impact on Economic Stability

    Directory of Open Access Journals (Sweden)

    Desmadi Saharuddin

    2017-05-01

    Full Text Available A number of economic problems that occurred during the power of Mamluk (1250-1517 AD was considered as a result of the change to currency system, namely from the system of commodity-based money (gold and silver into paper-based money (fiat. Instability prices, decrease of trading activities, high of unemployment number were a number of economic indicators that occurred at that time. This issue of macro-economy was considered as a result of changes in the money system. This study analyzes the dynamic relationship between the price of gold as a representation of commodity money system and M2 as a representation of fiat money against the stability of economic indicators such as inflation, economic growth, stock prices, and unemployment and interest rates. This study found that both systems not vary significantly against each other in its influence on macroeconomic variables. It means that the two systems do not have contrast distinction. Indeed, it was found that the commodity-based money system is not free of inflation, as propagated by the supporters of the dinar and dirham (dinarist. DOI: 10.15408/aiq.v9i2.4749

  18. Territorial development and Community currencies : Symbolic meanings in Brazilian Community development banks

    NARCIS (Netherlands)

    M. Fare (Marie); C. de Freitas (Carlos); C. Meyer (Camille)

    2015-01-01

    textabstractBrazilian community development banks (CDBs) have established various coordinated financial mechanisms aiming to restructure poor and peripheral local economies. Their development strategy includes an instrument to facilitate access to microfinance and a community currency, combined with

  19. The U.S. dollar value of gasoline: Currency crisis in Europe

    International Nuclear Information System (INIS)

    Anon.

    1992-01-01

    The recent currency crisis in Europe puts the possibility of European economic union in further jeopardy after the Maastricht Treaty was not approved by the Netherlands earlier this Summer. The increased value of European currencies relative to the US dollar during the past Summer had little effect upon national currency gasoline prices. However, the recent currency devaluations in Italy, Spain, and Portugal, already struggling with weak economies, definitely reduce consumer buying power. Governments may use the high taxes imposed on gasoline as a buffer against higher prices, but still, consumers may buy less gasoline as their money doesn't go as far as it once did. This issue also presents the following: (1) the ED Refining Netback Data Series for the US Gulf and West Coasts, Rotterdam, and Singapore as of Sept. 25, 1992; and (2) the ED Refining Netback Data Series for countries of the Eastern Hemisphere, Sept. 1992 Edition

  20. Long-term impact of changing childhood malnutrition on rotavirus diarrhoea: Two decades of adjusted association with climate and socio-demographic factors from urban Bangladesh.

    Science.gov (United States)

    Das, Sumon Kumar; Chisti, Mohammod Jobayer; Sarker, Mohammad Habibur Rahman; Das, Jui; Ahmed, Shawnawaz; Shahunja, K M; Nahar, Shamsun; Gibbons, Nora; Ahmed, Tahmeed; Faruque, Abu Syed Golam; Rahman, Mustafizur; J Fuchs, George; Al Mamun, Abdullah; John Baker, Peter

    2017-01-01

    There is strong association between childhood rotavirus, diarrhoea, climate factors and malnutrition. Conversely, a significant nutritional transition (reduced under-nutrition) with a concurrent increasing trend of rotavirus infection in last decade was also observed among under 5 children, especially in developing countries including Bangladesh. Considering the pathophysiology of rotavirus, there might be an interaction of this nutrition transition which plays a pivotal role in increasing rotavirus infection in addition to climate and other man-made factors in urban areas such as Dhaka, Bangladesh. Relevant monthly data from 1993-2012 were extracted from the archive of the Diarrhoeal Disease Surveillance System of icddr, b and linked with data collected from the Dhaka station of the Bangladesh Meteorological Department (mean temperature, rainfall, sea level pressure and humidity). Seasonal autoregressive integrated moving average time series models were deployed to determine the association between the monthly proportion of rotavirus infection and underweight, stunting and wasting adjusting for climate, socio-demographic and sanitation factors. The proportion of rotavirus cases among all causes diarrhoea increased from 20% in 1993 to 43% in 2012 (Chi squared for trend p = 0.010). In contrast, underweight, stunting and wasting decreased from 59%-29% (pchildhood malnutrition is significantly associated with increasing rotavirus diarrhoea among under-5 children. Thus mass vaccination in addition to interventions directed at man-made modifiable predictors for prevention and control is warranted.

  1. Impact Of Foreign Currency Hedging On Firm Value Among Indian Corporates

    OpenAIRE

    Gupta, Amit

    2016-01-01

    Indian economy was opened for globalization in 1991 and Indian Rupee was deregulated in 1993 and subjected to market fluctuations. Indian Rupee was very volatile during the past decade due to global events like US subprime crisis (2007-2009), European sovereign debt crisis, Oil prices fluctuations and Fed monetary policy speculations to name few. This volatility has put pressure on Indian firms to manage their foreign currency exposure. Hedging and use of Foreign Currency Derivatives (FCD) is...

  2. Monetary policy under currency board arrangements: An necessary flexibility for transition countries?

    OpenAIRE

    Berensmann, Kathrin

    2003-01-01

    One of the main disadvantages of currency boards is the rule-based character of this system and the resulting inflexibility in case of shocks, a frequently recurring event in transition countries. Accordingly, central banks under currency board arrangements (CBA) are unable to respond to short-term liquidity changes in the money market. To cushion negative effects of economic shocks on interest rates and on the volatility of banks' liquidity the Estonian and Lithuanian central banks have to a...

  3. An Empirical Test of Efficiency of Exchange-Traded Currency Options in India

    OpenAIRE

    Aparna Bhat; Kirti Arekar

    2015-01-01

    The objective of this paper is to examine efficiency of the exchange-traded currency options market in India. Put-call-futures parity for the USD-INR currency options is studied by analyzing daily closing prices of options and futures for thirty two months on the National Stock Exchange. The study reveals frequent violations of the put-call-futures parity creating significant arbitrage opportunities. The pattern of mispricing varies when examined for time to maturity, option moneyness, liquid...

  4. Terrorism Financing with Virtual Currencies: Can Regulatory Technology Solutions Combat This?

    OpenAIRE

    Salami, Iwa

    2017-01-01

    This article considers the terrorism financing risk associated with the growth of Financial Technology innovations and in particular, focuses on virtual currency products and services. The ease with which cross-border payments by virtual currencies are facilitated, the anonymity surrounding their usage, and their potential to be converted into the fiat financial system, make them ideal for terrorism financing and therefore calls for a coordinated global regulatory response. This article consi...

  5. The long or short of it: Determinants of foreign currency exposure in external balance sheets

    OpenAIRE

    LANE, PHILIP RICHARD

    2009-01-01

    Recently, there have been numerous advances in modelling optimal international portfolio allocations in macroeconomic models. A major focus of this literature has been on the role of currency movements in determining portfolio returns that may hedge various macroeconomic shocks. However, there is little empirical evidence on the foreign currency exposures that are embedded in international balance sheets. Using a new database, we provide stylized facts concerning the cross-country and time-se...

  6. The Long or Short of it: Determinants of Foreign Currency Exposure in External Balance Sheets

    OpenAIRE

    Lane, Philip R.; Shambaugh, Jay C

    2008-01-01

    Recently, there have been numerous advances in modelling optimal international portfolio allocations in macroeconomic models. A major focus of this literature has been on the role of currency movements in determining portfolio returns that may hedge various macroeconomic shocks. However, there is little empirical evidence on the foreign currency exposures that are embedded in international balance sheets. Using a new database, we provide stylized facts concerning the cross-country and time-se...

  7. Using internet-based data sources for Crypto-Currency market prediction

    OpenAIRE

    Majerčič, Rok

    2015-01-01

    Forecasting volatility of traditional financial instruments is a well known and widely addressed problem. In the past, researches addressed it by using technical and fundamental analysis. The former looks at the past price movement of a currency or a stock (their market value and trading volumes), while the latter analyses outside information which can cause fluctuations in the currency or stock value (e.g.: introducing a new product in the company can increase the value of company’s stocks, ...

  8. Currency recognition using a smartphone: Comparison between color SIFT and gray scale SIFT algorithms

    OpenAIRE

    Iyad Abu Doush; Sahar AL-Btoush

    2017-01-01

    Banknote recognition means classifying the currency (coin and paper) to the correct class. In this paper, we developed a dataset for Jordanian currency. After that we applied automatic mobile recognition system using a smartphone on the dataset using scale-invariant feature transform (SIFT) algorithm. This is the first attempt, to the best of the authors knowledge, to recognize both coins and paper banknotes on a smartphone using SIFT algorithm. SIFT has been developed to be the most robust a...

  9. Essays on the common currency, real financial market exchange rates and capital flows

    OpenAIRE

    Ozimkovska, Valenetyna

    2016-01-01

    Chapter 1 of this thesis studies the impact of the introduction of the euro on the volatility of industrial production growth and the characteristics of the optimal currency in the EU-12 countries (Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain).Chapter 2 investigates the relationship between cross-border equity flows and relative international asset prices expressed in the same currency which can be considered as the Real F...

  10. Combining Unsupervised and Supervised Statistical Learning Methods for Currency Exchange Rate Forecasting

    OpenAIRE

    Vasiljeva, Polina

    2016-01-01

    In this thesis we revisit the challenging problem of forecasting currency exchange rate. We combine machine learning methods such as agglomerative hierarchical clustering and random forest to construct a two-step approach for predicting movements in currency exchange prices of the Swedish krona and the US dollar. We use a data set with over 200 predictors comprised of different financial and macro-economic time series and their transformations. We perform forecasting for one week ahead with d...

  11. Currency Demand, the Subterranean Economy and Tax Evasion: The Case of Tanzania

    OpenAIRE

    EPAPHRA, Manamba; JILENGA, Moga Tano

    2017-01-01

    Abstract. This paper estimates the magnitude of, and changes to the subterranean economy in Tanzania, as well as its adverse effect on tax revenue during the 1966-2015 period. To achieve this objective, the paper applies currency -ratio due to Gutmann and the traditional currency-demand approach à la Tanzi. Despite their differences, both approaches suggest the existence of a substantial size of the subterranean economy in Tanzania. This persistent large size of the subterranean economy is an...

  12. CORRECTION OF FORECASTS OF INTERRELATED CURRENCY PAIRS IN TERMS OF SYSTEMS OF BALANCE RATIOS

    OpenAIRE

    Gertsekovich D. A.

    2015-01-01

    In this paper the problem of exchange rates forecast is logically considered a) traditionally as a task of forecast on the base of «stand-alone» equations of autoregression for each currency pair and b) as a result of forecast correction of autoregression equations system on the base of boundary conditions of balance ratios systems. As a criterion for quality of forecast constructed with empirical models we take the sum of deficiency quadrates of forecasts estimated for deductive currency pai...

  13. Currency Market Reactions to Good and Bad News During the Asian Crisis

    OpenAIRE

    Gab-Je Jo; Thomas D. Willett

    2000-01-01

    There is considerable disagreement among analysts about the extent to which the spread of the Asian crisis was based on reasonable changes in expectations about fundamentals versus pure contagion effects resulting from imperfections in the behavior of currency and financial markets. In this paper we focus specifically on the behavior of the foreign exchange market for the five Asian countries. We find little support for the hypothesis that the Asian currency crisis was dominated by panic in t...

  14. A COMPARATIVE ANALYSIS OF ASEAN CURRENCIES USING A COPULA APPROACH AND A DYNAMIC COPULA APPROACH

    Directory of Open Access Journals (Sweden)

    CHUKIAT CHAIBOONSRI

    2012-12-01

    Full Text Available The ASEAN Economic Community (AEC will be shaped developing to be a single market and production base in 2015, moving towards regional Economic Integration, 2009. These developments in international financial markets do lead to some adverse cost for AEC country borrowers. The specific objective aims to investigate the dependent measures and the co-movement among selected ASEAN currencies. A Copula Approach was used to examine dependent measures of Thai Baht exchange rate among selected ASEAN currencies during the period of 2008-2011. Also, a Dynamic Copula Approach was tested to investigate the co-movement of Thai Baht exchange rate among selected ASEAN currencies during the period of 2008-2011. The results of the study based on a Pearson linear correlation coefficient confirmed that Thai Baht exchange rate and each of selected ASEAN currencies have a linear correlation during the specific period excluding Vietnam exchange rate. Furthermore, based on empirical Copula Approach, Thai Baht exchange rate had a dependent structure with each of the selected in ASEAN currencies including Brunei exchange rate, Singapore exchange rate, Malaysia exchange rate, Indonesia exchange rate, Philippine exchange rate, and Vietnam exchange rate respectively. The results of Dynamic Copula estimation indicated that Thai Baht exchange rate had a co-movement with selected ASEAN currencies. The research results provide an informative and interactive ASEAN financial market to all users, including Global financial market.

  15. A free-floating currency regime during economic crisis: advantage or disadvantage?

    Directory of Open Access Journals (Sweden)

    Lubor Lacina

    2011-01-01

    Full Text Available The paper deals with the identification of potential disadvantages associated with the existence of national currencies with the floating exchange rate regime during the current financial and economic crisis in countries postponing their entry into the eurozone. The hypothesis is that the advantages of a floating exchange rate may be outweighed by their disadvantages (high volatility of exchange rates. First part of the paper provides evidence about the development of Czech crown exchange rate since transition from fix to free float regime. Special attention will be given to the period during the recent global economic crisis. For the sake of comparison, evolution of other currencies in the region (zloty, forint and Slovak crown, will be taken to consideration. Second part of the paper form case studies identifying impact due to volatility on national currencies. Case studies were used to identify possible negative impacts from volatility in national currencies on export firms in the Czech Republic and holders of mortgage loans denominated in foreign currencies in Hungary. The last part of the paper will formulate recommendations for businesses entering into foreign trade relationships, as well as for policy makers in countries using national currencies which are preparing for membership in the eurozone.

  16. Study on recognition algorithm for paper currency numbers based on neural network

    Science.gov (United States)

    Li, Xiuyan; Liu, Tiegen; Li, Yuanyao; Zhang, Zhongchuan; Deng, Shichao

    2008-12-01

    Based on the unique characteristic, the paper currency numbers can be put into record and the automatic identification equipment for paper currency numbers is supplied to currency circulation market in order to provide convenience for financial sectors to trace the fiduciary circulation socially and provide effective supervision on paper currency. Simultaneously it is favorable for identifying forged notes, blacklisting the forged notes numbers and solving the major social problems, such as armor cash carrier robbery, money laundering. For the purpose of recognizing the paper currency numbers, a recognition algorithm based on neural network is presented in the paper. Number lines in original paper currency images can be draw out through image processing, such as image de-noising, skew correction, segmentation, and image normalization. According to the different characteristics between digits and letters in serial number, two kinds of classifiers are designed. With the characteristics of associative memory, optimization-compute and rapid convergence, the Discrete Hopfield Neural Network (DHNN) is utilized to recognize the letters; with the characteristics of simple structure, quick learning and global optimum, the Radial-Basis Function Neural Network (RBFNN) is adopted to identify the digits. Then the final recognition results are obtained by combining the two kinds of recognition results in regular sequence. Through the simulation tests, it is confirmed by simulation results that the recognition algorithm of combination of two kinds of recognition methods has such advantages as high recognition rate and faster recognition simultaneously, which is worthy of broad application prospect.

  17. An improved shuffled frog leaping algorithm based evolutionary framework for currency exchange rate prediction

    Science.gov (United States)

    Dash, Rajashree

    2017-11-01

    Forecasting purchasing power of one currency with respect to another currency is always an interesting topic in the field of financial time series prediction. Despite the existence of several traditional and computational models for currency exchange rate forecasting, there is always a need for developing simpler and more efficient model, which will produce better prediction capability. In this paper, an evolutionary framework is proposed by using an improved shuffled frog leaping (ISFL) algorithm with a computationally efficient functional link artificial neural network (CEFLANN) for prediction of currency exchange rate. The model is validated by observing the monthly prediction measures obtained for three currency exchange data sets such as USD/CAD, USD/CHF, and USD/JPY accumulated within same period of time. The model performance is also compared with two other evolutionary learning techniques such as Shuffled frog leaping algorithm and Particle Swarm optimization algorithm. Practical analysis of results suggest that, the proposed model developed using the ISFL algorithm with CEFLANN network is a promising predictor model for currency exchange rate prediction compared to other models included in the study.

  18. Time series regression and ARIMAX for forecasting currency flow at Bank Indonesia in Sulawesi region

    Science.gov (United States)

    Suharsono, Agus; Suhartono, Masyitha, Aulia; Anuravega, Arum

    2015-12-01

    The purpose of the study is to forecast the outflow and inflow of currency at Indonesian Central Bank or Bank Indonesia (BI) in Sulawesi Region. The currency outflow and inflow data tend to have a trend pattern which is influenced by calendar variation effects. Therefore, this research focuses to apply some forecasting methods that could handle calendar variation effects, i.e. Time Series Regression (TSR) and ARIMAX models, and compare the forecast accuracy with ARIMA model. The best model is selected based on the lowest of Root Mean Squares Errors (RMSE) at out-sample dataset. The results show that ARIMA is the best model for forecasting the currency outflow and inflow at South Sulawesi. Whereas, the best model for forecasting the currency outflow at Central Sulawesi and Southeast Sulawesi, and for forecasting the currency inflow at South Sulawesi and North Sulawesi is TSR. Additionally, ARIMAX is the best model for forecasting the currency outflow at North Sulawesi. Hence, the results show that more complex models do not neccessary yield more accurate forecast than the simpler one.

  19. Analiyzing Main Determinant of Currency, Debt and Banking Crises and Frag ilities in Turkey

    Directory of Open Access Journals (Sweden)

    Murat Türker

    2015-09-01

    Full Text Available The basic lessons obtained from financial turbulences all over the wor ld are the need to spot main causes, identify the triggering risk factors and consequently develop resolution plans for the potential financial crises, which include the establishment of a sound and strong financial system with strengthened institutional and structural bodies. Accurately and timely detection of the main causes that trigger financial fragilitiesemerging from currency, debt and banking is supposed to guide regulators to find "to the point" solutions to the fragility problems and to isolate their effects. Since in the Turkey case, financial crises were observed to occur in the form of twin crises or triplet crises, in this paper, we put forward Turkey-specific diagnoses and suggestions. Thus, the main factors that triggered financial turmoils in Turkey's last quarter century are low GDP, inadequate equity capital, insufficient bank returns, poor FX reserve, high inflation, short position-hot money policy, capital outflows, manipulative credit ratings and bank inertia, namely a trade off betweencredit transactions and risk-free investment vehicles

  20. THE CHOICE OF THE EXCHANGE RATE REGIMES OF THE EUROPEAN UNION ACCESSION COUNTRIES INFLUENCED BY THE WORLD CURRENCY CONSOLIDATION

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    Marin Frâncu

    2004-05-01

    Full Text Available The pressure of the currency consolidation increased in the years 1990 as the world currency system became obviously too complicated and too costly. There are too many national currencies that generate artificial barriers and avoidable transaction costs, both for the domestic economies and for the world economy. The high costs and great vulnerability of the national currencies determined the financial and economic business of small open economies to move into the major currencies of the world. The world needs fewer national currencies, but does it need fewer central banks too? Or it needs central banks capable to pursuit sound monetary policies? What kind of institutional arrangements and international financial architecture are most suitable for the prospective environment of a greatly reduced multiplicity of currencies? A regional currency consolidation may be a good answer but a regional currency union is a better answer. Though, until membership of the Euro zone, what kind of the exchange rate regime is more suitable for Romania and other European Union accession countries? The hard peg regimes seem not to be a good solution. The best solution lays probable between managed floating regimes and intermediate regimes. This may be because emerging markets have both “fear of floating” and “fear of fixing”. But there is no ideal exchange rate regime”to suit everybody”. Once the exchange rate regime chosen, it evolves in time. So is the case with the exchange rate benchmarks for the national currency.

  1. Long-term impact of changing childhood malnutrition on rotavirus diarrhoea: Two decades of adjusted association with climate and socio-demographic factors from urban Bangladesh.

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    Sumon Kumar Das

    Full Text Available There is strong association between childhood rotavirus, diarrhoea, climate factors and malnutrition. Conversely, a significant nutritional transition (reduced under-nutrition with a concurrent increasing trend of rotavirus infection in last decade was also observed among under 5 children, especially in developing countries including Bangladesh. Considering the pathophysiology of rotavirus, there might be an interaction of this nutrition transition which plays a pivotal role in increasing rotavirus infection in addition to climate and other man-made factors in urban areas such as Dhaka, Bangladesh.Relevant monthly data from 1993-2012 were extracted from the archive of the Diarrhoeal Disease Surveillance System of icddr, b and linked with data collected from the Dhaka station of the Bangladesh Meteorological Department (mean temperature, rainfall, sea level pressure and humidity. Seasonal autoregressive integrated moving average time series models were deployed to determine the association between the monthly proportion of rotavirus infection and underweight, stunting and wasting adjusting for climate, socio-demographic and sanitation factors.The proportion of rotavirus cases among all causes diarrhoea increased from 20% in 1993 to 43% in 2012 (Chi squared for trend p = 0.010. In contrast, underweight, stunting and wasting decreased from 59%-29% (p<0.001; 53%-21% (p<0.001 and 32%-22% (p<0.001 respectively over the same period. Mean ambient temperature increased from 25.76°C-26.62°C (p = 0.07; mean rainfall, sea level pressure and mean humidity decreased from 234.92-111.75 mm (p = 0.5, 1008.30-1006.61 mm of hg (p = 0.02 and 76.63%-70.26% (p<0.001, respectively. In the adjusted model, a decrease in monthly proportion of underweight [coef.: -0.189 (95% CI:-0.376, -0.003] and wasting [-0.265 (-0.455, -0.075] were significantly and inversely associated with rotavirus infection. However, an inverse but insignificant association was observed for

  2. Family function, Parenting Style and Broader Autism Phenotype as Predicting Factors of Psychological Adjustment in Typically Developing Siblings of Children with Autism Spectrum Disorders.

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    Mohammadreza Mohammadi

    2014-06-01

    Full Text Available Siblings of children with autism are at a greater risk of experiencing behavioral and social problems. Previous researches had focused on environmental variables such as family history of autism spectrum disorders (ASDs, behavior problems in the child with an ASD, parental mental health problems, stressful life events and "broader autism phenotype" (BAP, while variables like parenting style and family function that are shown to influence children's behavioral and psychosocial adjustment are overlooked. The aim of the present study was to reveal how parenting style and family function as well as BAP effect psychological adjustment of siblings of children with autism.The Participants included 65 parents who had one child with an Autism Spectrum Disorder and one typically developing child. Of the children with ASDs, 40 were boys and 25 were girls; and they were diagnosed with ASDs by a psychiatrist based on DSM-IV-TR criteria and Autism Diagnostic Interview-Revised (ADI-R. The Persian versions of the six scales were used to collect data from the families. Pearson's correlation test and regression analysis were used to determine which variables were related to the psychological adjustment of sibling of children with ASDs and which variables predicted it better.Significant relationships were found between Strengths and Difficulties Questionnaire (SDQ total difficulties, prosocial behaviors and ASDs symptoms severity, parenting styles and some aspects of family function. In addition, siblings who had more BAP characteristics had more behavior problems and less prosocial behavior. Behavioral problems increased and prosocial behavior decreased with permissive parenting style. Besides, both of authoritarian and authoritative parenting styles led to a decrease in behavioral problems and an increase in prosocial behaviors. Our findings revealed that some aspects of family function (affective responsiveness, roles, problem solving and behavior control were

  3. Family function, Parenting Style and Broader Autism Phenotype as Predicting Factors of Psychological Adjustment in Typically Developing Siblings of Children with Autism Spectrum Disorders.

    Science.gov (United States)

    Mohammadi, Mohammadreza; Zarafshan, Hadi

    2014-04-01

    Siblings of children with autism are at a greater risk of experiencing behavioral and social problems. Previous researches had focused on environmental variables such as family history of autism spectrum disorders (ASDs), behavior problems in the child with an ASD, parental mental health problems, stressful life events and "broader autism phenotype" (BAP), while variables like parenting style and family function that are shown to influence children's behavioral and psychosocial adjustment are overlooked. The aim of the present study was to reveal how parenting style and family function as well as BAP effect psychological adjustment of siblings of children with autism. The Participants included 65 parents who had one child with an Autism Spectrum Disorder and one typically developing child. Of the children with ASDs, 40 were boys and 25 were girls; and they were diagnosed with ASDs by a psychiatrist based on DSM-IV-TR criteria and Autism Diagnostic Interview-Revised (ADI-R). The Persian versions of the six scales were used to collect data from the families. Pearson's correlation test and regression analysis were used to determine which variables were related to the psychological adjustment of sibling of children with ASDs and which variables predicted it better. Significant relationships were found between Strengths and Difficulties Questionnaire (SDQ) total difficulties, prosocial behaviors and ASDs symptoms severity, parenting styles and some aspects of family function. In addition, siblings who had more BAP characteristics had more behavior problems and less prosocial behavior. Behavioral problems increased and prosocial behavior decreased with permissive parenting style. Besides, both of authoritarian and authoritative parenting styles led to a decrease in behavioral problems and an increase in prosocial behaviors. Our findings revealed that some aspects of family function (affective responsiveness, roles, problem solving and behavior control) were significantly

  4. In Lands of Foreign Currency Credit, Bank Lending Channels Run Through? The Effects of Monetary Policy at Home and Abroad on the Currency Denomination of the Supply of Credit

    OpenAIRE

    Steven Ongena; Ibolya Schindele; Dzsamila Vonnak

    2014-01-01

    We analyze the differential impact of domestic and foreign monetary policy on the local supply of bank credit in domestic and foreign currencies. We analyze a novel, supervisory dataset from Hungary that records all bank lending to firms including its currency denomination. Accounting for time-varying firm-specific heterogeneity in loan demand, we find that a lower domestic interest rate expands the supply of credit in the domestic but not in the foreign currency. A lower foreign interest rat...

  5. Contamination of Ethiopian paper currency notes from various food handlers with E. coli.

    Science.gov (United States)

    Hiko, Adem; Abdata, Kasahun; Muktar, Yimer; Woyesa, Mezene; Mohammed, Abdela

    2016-01-01

    Contamination rate of Ethiopian paper currency notes handled by various food handlers with Escherichia coli and antimicrobial susceptibility of the isolates was assessed. A total of 384 Ethiopian Birr (ETB) notes were randomly sampled from meat handlers at butchers, bread and the related food handlers at cafeteria, fruit and vegetables handlers at supermarket, and milk sellers both at open market and dairy station. Fifty control new currencies were also sampled from Commercial Bank of Ethiopia. Both surfaces of the currency were swabbed using wet sterile cotton. The swab was overnight incubated in buffered peptone water. A loop full was streaked on eosin methylene blue agar and followed by biochemical test on presumptive E. coli colonies. Randomly selected isolates were exposed to chloramphenicol (C-30 µg), neomycin (N-30 µg), oxytetracycline (OT-30 µg), polymyxin-B (PB-300 IU) and trimethoprim-sulfamethoxazole (SXT-1.25/23.75/µg) susceptibility using disc diffusion techniques. E. coli was not isolated from currency used as control. A total of 288 (75 %) currency notes were found carrying E. coli. E. coli prevalence was ranges from 67.2 % at open market milk sellers to 87.2 % at dairy station milk sellers; from 64.8 % on ETB 100 to 82.9 % on ETB 1. Differences were not observed in E. coli prevalence on currency notes from among almost all food handlers (P > 0.05). Susceptibility of tested isolates to each chloramphenicol, oxytetracycline and trimethoprim-sulfamethoxazole was 100 %, and to polymyxin-B was 97.3 %. High resistance (83.7 %) was observed to neomycin. The finding indicates, contaminated food can be a source of E. coli for further contamination of currency which again transfer through various foods ready for consumption.

  6. THE MARKET VALUE OF THE REAL ESTATE IN A SIGNIFICANT DEVALUATION OF THE NATIONAL CURRENCY

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    VORONIN V. A.

    2016-02-01

    Full Text Available Raising of problem. The current state of the real estate market is characterized by high inflation and a significant devaluation of national currency. In markets with mixed prices impact of devaluation and inflation against the foreign currency have most complex nature and usually leads to slower growth in prices in local currency and partial de-dollarization of the market. Provided that the value of the real estate market is denominated in local and foreign currency, it is necessary to solve the problem of correspondence between these prices. With this condition must be satisfied that the market prices in local currency correspond to the state of the real estate market on the valuation date. Purpose. Development of the method, which should take into account the particular valuation procedures in determining the market value of the local currency in terms of the existence of high inflation and a significant devaluation. The study of this problem, especially for the markets of emerging economics, is an urgent and important task of applied economic analysis and, in particular, the theory and practice of evaluation as part of this analysis. Conclusion. To achieve this goal have been developed and used techniques and methods of applied economic analysis and, in particular, the theory and practice of evaluation as part of this analysis. Satisfactory agreement obtained values and the market rent rate, which are responsible of the real estate market in a significant devaluation of local currency, confirm the position that the correction in market conditions ("discount on the offer price" and "market conditions" must be done in determining the market value so and the market rent rate.

  7. Variables As Currency: Linking Meta-Analysis Research and Data Paths in Sciences

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    Hua Qin

    2014-11-01

    Full Text Available Meta-analyses are studies that bring together data or results from multiple independent studies to produce new and over-arching findings. Current data curation systems only partially support meta-analytic research. Some important meta-analytic tasks, such as the selection of relevant studies for review and the integration of research datasets or findings, are not well supported in current data curation systems. To design tools and services that more fully support meta-analyses, we need a better understanding of meta-analytic research. This includes an understanding of both the practices of researchers who perform the analyses and the characteristics of the individual studies that are brought together. In this study, we make an initial contribution to filling this gap by developing a conceptual framework linking meta-analyses with data paths represented in published articles selected for the analysis. The framework focuses on key variables that represent primary/secondary datasets or derived socio-ecological data, contexts of use, and the data transformations that are applied. We introduce the notion of using variables and their relevant information (e.g., metadata and variable relationships as a type of currency to facilitate synthesis of findings across individual studies and leverage larger bodies of relevant source data produced in small science research. Handling variables in this manner provides an equalizing factor between data from otherwise disparate data-producing communities. We conclude with implications for exploring data integration and synthesis issues as well as system development.

  8. The value relevance of the foreign currency translation differences : a study of multinational oil and gas companies in Australia

    OpenAIRE

    Svetalna Vlady

    2008-01-01

    This paper investigates the relationship between foreign currency translation differences and changes in firm’s market equity value of the Australian multinational firms in the oil and gas industry. The paper empirically examines this relationship under the former Australian accounting standard AASB 1012 “Foreign Currency Translation”. The paper thereby supports the new accounting standard AASB 121 “The Effects of Changes in Foreign Exchange Rates” that adopted a functional currency approach....

  9. Data on respiratory variables in critically ill patients with acute respiratory failure placed on proportional assist ventilation with load adjustable gain factors (PAV+

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    Dimitris Georgopoulos

    2016-09-01

    Full Text Available The data show respiratory variables in 108 critically ill patients with acute respiratory failure placed on proportional assist ventilation with load adjustable gain factors (PAV+ after at least 36 h on passive mechanical ventilation. PAV+ was continued for 48 h until the patients met pre-defined criteria either for switching to controlled modes or for breathing without ventilator assistance. Data during passive mechanical ventilation and during PAV+ are reported. Data are acquired from the whole population, as well as from patients with and without acute respiratory distress syndrome. The reported variables are tidal volume, driving pressure (ΔP, the difference between static end-inspiratory plateau pressure and positive end-expiratory airway pressure, respiratory system compliance and resistance, and arterial blood gasses. The data are supplemental to our original research article, which described individual ΔP in these patients and examined how it related to ΔP when the same patients were ventilated with passive mechanical ventilation using the currently accepted lung-protective strategy “Driving pressure during assisted mechanical ventilation. Is it controlled by patient brain?” [1]. Keywords: Tidal volume, Compliance, Driving pressure

  10. City-Level Adult Stroke Prevalence in Relation to Remote Sensing Derived PM2.5 Adjusting for Unhealthy Behaviors and Medical Risk Factors

    Science.gov (United States)

    Hu, Z.

    2018-04-01

    This research explores the use of PM2.5 gird derived from remote sensing for assessing the effect of long-term exposure to PM2.5 (ambient air pollution of particulate matter with an aerodynamic diameter of 2.5 μm or less) on stroke, adjusting for unhealthy behaviors and medical risk factors. Health data was obtained from the newly published CDC "500 Cities Project" which provides city- and census tract-level small area estimates for chronic disease risk factors, and clinical preventive service use for the largest 500 cities in the United States. PM2.5 data was acquired from the "The Global Annual PM2.5 Grids from MODIS, MISR and SeaWiFS Aerosol Optical Depth (AOD), V1 (1998-2012)" datasets. Average PM2.5 were calculated for each city using a GIS zonal statistics function. Map data visualization and pattern comparison, univariate linear regression, and a multivariate linear regression model fitted using a generalized linear model via penalized maximum likelihood found that long-term exposure to ambient PM2.5 may increase the risk of stroke. Increasing physical activity, reducing smoking and body weight, enough sleeping, controlling diseases such as blood pressure, coronary heart disease, diabetes, and cholesterol, may mitigate the effect. PM2.5 grids derived from moderate resolution satellite remote sensing imagery may offer a unique opportunity to fill the data gap due to limited ground monitoring at broader scales. The evidence of raised stroke prevalence risk in high PM2.5 areas would support targeting of policy interventions on such areas to reduce pollution levels and protect human health.

  11. CITY-LEVEL ADULT STROKE PREVALENCE IN RELATION TO REMOTE SENSING DERIVED PM2.5 ADJUSTING FOR UNHEALTHY BEHAVIORS AND MEDICAL RISK FACTORS

    Directory of Open Access Journals (Sweden)

    Z. Hu

    2018-04-01

    Full Text Available This research explores the use of PM2.5 gird derived from remote sensing for assessing the effect of long-term exposure to PM2.5 (ambient air pollution of particulate matter with an aerodynamic diameter of 2.5 μm or less on stroke, adjusting for unhealthy behaviors and medical risk factors. Health data was obtained from the newly published CDC “500 Cities Project” which provides city- and census tract-level small area estimates for chronic disease risk factors, and clinical preventive service use for the largest 500 cities in the United States. PM2.5 data was acquired from the “The Global Annual PM2.5 Grids from MODIS, MISR and SeaWiFS Aerosol Optical Depth (AOD, V1 (1998–2012” datasets. Average PM2.5 were calculated for each city using a GIS zonal statistics function. Map data visualization and pattern comparison, univariate linear regression, and a multivariate linear regression model fitted using a generalized linear model via penalized maximum likelihood found that long-term exposure to ambient PM2.5 may increase the risk of stroke. Increasing physical activity, reducing smoking and body weight, enough sleeping, controlling diseases such as blood pressure, coronary heart disease, diabetes, and cholesterol, may mitigate the effect. PM2.5 grids derived from moderate resolution satellite remote sensing imagery may offer a unique opportunity to fill the data gap due to limited ground monitoring at broader scales. The evidence of raised stroke prevalence risk in high PM2.5 areas would support targeting of policy interventions on such areas to reduce pollution levels and protect human health.

  12. The methodology of comparative evaluation of ruble and foreign currency loans in the pre-crisis period

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    Chamov Aleksey Nikolaevich

    2016-04-01

    Full Text Available In the article the author considers a problem of an optimal way of borrowing during the pre-crisis period (deciding between ruble and foreign currency borrowings. It is obvious that during the period of stable economic growth, when currency pair rate (for example, ruble - USA dollar doesn't change significntly, the lower interest rate of foreign currency loans makes them a cheaper way of borrowing. But during a crisis an abrupt growth of currency pair rate can make foreign currency loan a more expensive way of borrowing (as compared to ruble loan. The author suggests a scenario-based method of decision making about an optimal way of borrowing during a pre-crisis period, which affords to calculate a threshold meaning of currency pair rate, after which a foreign currency loan becomes more expensive. Application of the method is illustrated on the example of a situation in a telecommunication sector in Russian Federation during currency crisis of 2014. A detailed analysis if the situation in the sector in the last pre-crisis year (2013 is provided. Structures of debt burdens of the leading companies (Vimpelcom, MTS and Megafon are considered. Percent shares of currency loans, shares of borrowing types and according interest rates are provided. In the conclusion of the article some specific aspects of application of suggested method and potential ways of its improvement are considered.

  13. The impact of currency clause and exchange rate on Serbian economy

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    Popov Đorđe

    2012-01-01

    Full Text Available In nineties Serbia survived the disintegration of the former Yugoslavia, intense UN sanctions, and 1999 78 days of bombing by NATO. This has resulted in a drop in production and hyperinflation. The confidence in the national currency the dinar has been lost. In order to do business in Serbia returned to normal framework the Law on Foreign Exchange imposed the possibility of nomination the loans in foreign currencies. This prompted the business, but it meant a de facto legalization of dual currency system. The logical consequence was the high degree of dollarization. It is important to mention that the dual currency system limited the possibilities of monetary policy of the National Bank of Serbia. Dollarization after the first positive results showed their expected bad sides. Appreciation of the dinar was one of the consequences. The trade deficit and foreign debt grew. Due to the appreciation production rate remained at 40% of its 1989 level, and unemployment has risen to 27%. The benefit of the appreciation had only importers and foreign-owned banks. They take out the capital abroad. Therefore, it is necessary to make changes to the Foreign Exchange Law and abolish foreign currency clause at least for a new loans.

  14. OPTIMIZATION OF EXPORT PORTFOLIO CURRENCY STRUCTURE OF INDUSTRIAL ENTERPRISES IN REPUBLIC OF BELARUS

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    K. A. Коrоbiyna

    2009-01-01

    Full Text Available Optimization of currency portfolio structure of export industrial enterprises in the Republic of Belarus, by which we shall understand a currency structure of export contracts of an international enterprise, is considered as one of the most important problems in the financial management of an enterprise. Statement and analysis of industrial enterprise alternative costs and simultaneous investigation of tendencies pertaining to changes in the exchange rates give the possibility (under other equal status to reduce non-systematic risks in foreign trade. Diversification of industrial enterprise currency portfolios with the purpose to decrease financial risks and with due account of exchange rate correlation can lead to an increase of payments in Russian currency and Eurocurrency under enterprise export contracts. The given changes decrease currency risks in the foreign trade however they entail possible increase of the export share of products to the Russian Federation in total export volume of the Republic of Belarus that increases dependence of the Republic of Belarus on the Russian Federation as the main foreign trade partner.

  15. Demystifying Bitcoin: Sleight of Hand or Major GlobalCurrency Alternative?

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    Marko Malović

    2014-12-01

    Full Text Available Bitcoin, a peculiar crypto-currency has been the loudest buzzword in global finance over the last year or so, both for its spectacular and seemingly robust appreciation trend as well as for more recent equally ostentatious demise. After reviewing the history of bitcoin and specificities of its cyber-construct, this paper adds to the critical analysis of bitcoin as an international currency alternative. Lately, its volatility has been so excessive that it arguably cannot serve as a store of value. In addition, notwithstanding bitcoin's rising if bumpy credibility as a medium of exchange, since it has been immediately converted (by chief vendors in either of the leading world currencies upon payment due to its extraordinary exchange rate volatility, bitcoin's unit of account potential appears to be dubious too. Moreover, bitcoin's next to none correlation with other major currencies' movements renders it unsuitable for managing FX risk or hedging purposes. Finally, having in mind that it lacks formal reserves or deposit-insurance scheme to back it up yet it's also prone to hacking, bitcoin resembles and behaves more like a pyramidal investment vehicle than a global currency alternative. Nevertheless, technology that made it be may still spawn an evolution in the way we posses things, transfer ownership and pay for goods and services in the near IT-ridden future.

  16. Ist der Euro gefährdet? Is the European currency euro put at risk?

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    Armin Rohde

    2012-01-01

    Full Text Available Due to high national debt in several member states of the Euro-Currency-Area which led to huge relief programmes the single European currency Euro seems to be at risk. Bur neither inflation rates nor exchange rate movements of the Euro since 1999 up to 2011 give reasons to believe that an up to now success story of the Euro will come to a sudden end in shortness. On the other hand it often had been argued that increasing national debt will inevitably lead to higher inflation rates and will endanger a currency by permanent devaluation. But the institutional and legal framework of the European monetary policy, if used correctly, will give sufficient protection against inflation pressure due to increasing national debt. The most danger for the European currency or for the European-Currency-Area can be seen in drifting apart of national competiveness between the member states of the Euro- Area, especially due to an existing lack of coordination in wage policy. Different wage policies in the member states of the Euro-Area in the past had led to different national inflation rates and had caused calculated real exchange rate movements which had lasting influence on national competiveness, which hamper international trade in the case of real appreciation or which promote international trade in the case of real depreciation..

  17. Can structural adjustment work for women farmers.

    Science.gov (United States)

    Mehra, R

    1991-12-01

    This article discusses the impact of structural adjustment programs (SAPs) on women farmers in developing countries. SAPs aim to improve economic efficiency and promote more rapid economic growth. SAPs are introduced in two phases. The first phase involves short-term loans with the condition that the country adopt monetary restraints and currency devaluation measures. In the second phase, long-term loans are given with the provision that the country deregulate their economy and open up markets. The agricultural sector is affected by SAPs because of their importance in employment, income generation, and export earnings. SAPs result in lower farm commodity prices due to currency devaluations and in removal of subsidies, which results in market-sensitive pricing or higher food prices. The impact of SAPs on agriculture vary between countries. In Morocco and Algeria, agriculture expanded under SAPs. In Indonesia, Bolivia, Costa Rica, and Mexico, the agriculture stagnated or declined. Agricultural growth was slowest in Africa. SAPs were somewhat successful in increasing agricultural exports. Food production grew slowly in many adjusting countries. Blame for failures of SAPs has been placed on government failure to implement reforms properly and overly optimistic assumptions about the timing of productive gains. Little attention has focused on the constraints facing women farmers, who are a large proportion of farmers, particularly in sub-Saharan Africa. This article focuses on the issues of limited access to resources, credit, agricultural extension and information, land ownership, education, and time as constraints to women farmers. Women also must ensure household food security. For SAPs to work effectively, complementary policies must be implemented that reallocate available productive resources and new technologies to women and that deal with women's constraints.

  18. [Factors affecting in-hospital mortality in patients with sepsis: Development of a risk-adjusted model based on administrative data from German hospitals].

    Science.gov (United States)

    König, Volker; Kolzter, Olaf; Albuszies, Gerd; Thölen, Frank

    2018-05-01

    Inpatient administrative data from hospitals is already used nationally and internationally in many areas of internal and public quality assurance in healthcare. For sepsis as the principal condition, only a few published approaches are available for Germany. The aim of this investigation is to identify factors influencing hospital mortality by employing appropriate analytical methods in order to improve the internal quality management of sepsis. The analysis was based on data from 754,727 DRG cases of the CLINOTEL hospital network charged in 2015. The association then included 45 hospitals of all supply levels with the exception of university hospitals (range of beds: 100 to 1,172 per hospital). Cases of sepsis were identified via the ICD codes of their principal diagnosis. Multiple logistic regression analysis was used to determine the factors influencing in-hospital lethality for this population. The model was developed using sociodemographic and other potential variables that could be derived from the DRG data set, and taking into account current literature data. The model obtained was validated with inpatient administrative data of 2016 (51 hospitals, 850,776 DRG cases). Following the definition of the inclusion criteria, 5,608 cases of sepsis (2016: 6,384 cases) were identified in 2015. A total of 12 significant and, over both years, stable factors were identified, including age, severity of sepsis, reason for hospital admission and various comorbidities. The AUC value of the model, as a measure of predictability, is above 0.8 (H-L test p>0.05, R 2 value=0.27), which is an excellent result. The CLINOTEL model of risk adjustment for in-hospital lethality can be used to determine the mortality probability of patients with sepsis as principal diagnosis with a very high degree of accuracy, taking into account the case mix. Further studies are needed to confirm whether the model presented here will prove its value in the internal quality assurance of hospitals

  19. Value-at-Risk Analysis for the Tunisian Currency Market: A comparative study

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    Aymen Ben Rejeb

    2012-01-01

    Full Text Available The main purpose of this paper is to compare empirically four Value-at-Risk simulation methods, namely, the Variance-Covariance, the Historical Simulation, the Bootstrapping and the Monte Carlo. We tried to estimate the VaR associated to three currencies and four currency portfolios in the Tunisian exchange market. Data covers the period between 01-01-1999 and 31-12-2007. Independently of the used technique, the Japanese Yen seems to be the most risky currency. Moreover, the portfolio diversification reduces the exchange rate risk. Lastly, the number of violations, when they exist, does not generally differ between the simulation methods. Recent evaluation tests were applied to select the most appropriate technique predicting precisely the exchange rate risk. Results based on these tests suggest that the traditional Variance-Covariance is the most appropriate method.

  20. Book reviews: Marsh David, The EURO – The Politics of the New Global Currency

    Directory of Open Access Journals (Sweden)

    Isadora Lazar

    2011-03-01

    Full Text Available The EURO – The Politics of the New Global Currency, written by David Marsh and published in both English and German, is a very thorough chronicle of the birth of the European common currency, from its early days, almost half a century before, and of its development until nowadays and even beyond, as it includes considerations on short term dynamics. David Marsh describes the story of the euro in a very complex manner, through a detailed, comprehensive and up to date analysis of the gathered data, making a substantial contribution to understanding the linkages between the political, historical, economic, financial, monetary, strategic and personal determinants of the evolution of the single currency.