Introduction of a New National Currency; Policy, Institutional, and Technical Issues

OpenAIRE

Hernán Cortés Douglas; Richard K. Abrams

1993-01-01

In the last few years, a number of countries in the Former Soviet Union and Eastern Europe have become independent or regained their independence. Many have chosen to issue their own currencies and more are likely to do so. This paper draws on these and earlier experiences in order to summarize the main policy and institutional arrangements necessary for the introduction of a new currency and to discuss the key features of, and procedures for, the conversion. The paper is designed as a workin...

Origins of misapprehension concerning the purpose of the foreign currency clause

Directory of Open Access Journals (Sweden)

Begović Boris

2017-01-01

Full Text Available The paper identifies a widespread misapprehension concerning the purpose of the foreign currency clause and analyses the various possible reasons behind that misapprehension. The omnipresent dilemmas in domestic legal theory regarding the legal principle of monetary nominalism and valoristic doctrine are deliberated in the first part of the paper. The second part deals with the wider macroeconomic context in which the legislator enabled contractual arrangements containing foreign currency clauses, thus providing a comprehensive explanation as to the origins of factual errors, and thereby misinterpretation and misunderstanding of the law.

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...

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.

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.

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...

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....

Georgia; First Review Under the Stand-By Arrangement-Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Georgia

OpenAIRE

International Monetary Fund

2009-01-01

The staff report for the First Review Under the Stand-By Arrangement with the officials of Georgia highlights economic developments and policies. Sustaining economic growth and maintaining confidence in the currency and the financial system within the constraints of available external financing are the main program priorities. IMF staff recommended a more active role for monetary policy in encouraging market interest rate adjustments. With global markets in distress, the authorities should wo...

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.

Trade Blocs, Currency Blocs and the Disintegration of World Trade in the 1930s

OpenAIRE

Eichengreen, Barry; Irwin, Douglas

1993-01-01

The dramatic implosion and regionalization of international trade during the 1930s has often been blamed on the trade and foreign exchange policies that emerged in the interwar period. We provide new evidence on the impact of trade and currency blocs on trade flows from 1928 1938 that suggests a blanket indictment of interwar trade policies and payments arrangements is not warranted. Discriminatory trade policies and international monetary arrangements had neither a uniformly favorable nor un...

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.

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.

Decision U99113 - Proceeding No. 990277: Board review of the Independent Assessment Team's report of power purchase arrangements and other determinations. Phase two

International Nuclear Information System (INIS)

1999-12-01

On July 9, 1999, pursuant to section 45.9(1)(b) of the Electric Utilities Act, the Independent Assessment Team (IAT) filed for approval with the Alberta Energy and Utilities Board (EUA/the Board) a report setting out its determinations on deregulation of electricity generation in Alberta. Included in the report were copies of the Power Purchase Arrangements (PPAs) for Regulated Generating Units listed in part 1 of the Schedule in the EUA. In filing its report, the IAT also advised the Board that, because of time pressures, the report might contain errors that would have to be corrected. The report did not include the Hydro PPA, which was subsequently filed on August 10,1999. Upon receipt of the IAT's filing, the Board reviewed its legislative authority under section 45.91 of the EUA and concluded that the section lends itself to the consideration of two questions, and, as a result, the Board developed a two phase approach to dealing with a request for variance. In phase 1, the Board would address the question of whether it should have had a variance hearing for the power purchase arrangements or other determinations made by the IAT. The Board considered that at this stage an applicant would need to satisfy the Board that there was a concern about the PPAs of sufficient importance that to require a formal process of review. If the first question was answered affirmatively, then in phase 2 the Board would address the second question of whether it should vary the power purchase arrangements and other determinations made by the ITA. Having regard to the evidence and argument presented and considered and having regard to its own knowledge and findings therein, the Board was not satisfied by those parties making the requests that the ITA did not carry out its duties in accordance with the EUA or that the PPAs and relevant determinations of the ITA are obviously unreasonable, and are not supported adequately by economic analysis, or are not in the public interest. The

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...

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.

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...

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.

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.

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.

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

GOVERNING BOARD OF THE PENSION FUND

CERN Multimedia

2002-01-01

The Governing Board held its hundred-and-tenth and hundred-and-eleventh meetings on 3 September and 2 October respectively. At the first of these meetings, the Governing Board first heard a report presented by B. Strange and F.-X. Douin of JPMorgan Fleming Asset Management on currency overlay. This system has been in operation since 1997 and has fully achieved its objective of allowing the Fund to diversify its investment positions outside Switzerland while reducing portfolio risk. Although the implementation of this currency overlay policy has resulted in substantial disbursements in the first few years, cashflow over the whole period and especially since the weakening of the dollar has been positive. The Governing Board, on the basis of a proposal by the Investment Committee, will have to take a decision on the average level of overlay to be maintained for the Fund's assets. The ordinary meeting held on the afternoon of the same day was mainly devoted to the examination of a number of technical amendments t...

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...

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...

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.

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.

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...

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.

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...

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 ...

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...

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.

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.

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...

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.

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

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...

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...

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.

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

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.

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.

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.

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...

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.

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...

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

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...

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...

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...

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.

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...

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...

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, ...

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.

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.

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.

Mexico; 2013 Review Under the Flexible Credit Line Arrangement

OpenAIRE

International Monetary Fund

2013-01-01

This paper discusses Mexico’ Review Under the Flexible Credit Line (FCL) Arrangement. Significant progress has been made in advancing far-reaching structural reforms, signaling Mexico’s commitment to address deep-rooted impediments to growth. The economy slowed down in early 2013, but is expected to recover starting in the second half of the year. Mexico’s financial markets have functioned reasonably well through the recent global volatility, although with some currency depreciation and a ris...

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...

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.

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.

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.

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.

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...

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

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...

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

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...

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...

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...

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...

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...

European top managers’ support for work-life arrangements

NARCIS (Netherlands)

Been, Wike M.; van der Lippe, Tanja; den Dulk, Laura; Das Dores Horta Guerreiro, Maria; Kanjuo Mrčela, Aleksandra; Niemistö, Charlotta

2017-01-01

Top managers—defined as CEOs, CFOs and members of boards of directors—decide to what degree their organization offers employees work-life arrangements. This study focuses on the conditions under which they support such arrangements. A factorial survey of 202 top managers in five European countries

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...

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

46 CFR 199.245 - Survival craft embarkation and launching arrangements.

Science.gov (United States)

2010-10-01

... 46 Shipping 7 2010-10-01 2010-10-01 false Survival craft embarkation and launching arrangements... Passenger Vessels § 199.245 Survival craft embarkation and launching arrangements. (a) Each davit-launched liferaft must be arranged to be rapidly boarded by its full complement of persons. (b) All survival craft...

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.

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

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.

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. ...

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

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.

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

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...

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

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.

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 ...

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...

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...

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.

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.

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.

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...

GOVERNING BOARD OF THE PENSION FUND

CERN Multimedia

2003-01-01

On 8 October the Governing Board of the Pension Fund held its 119th meeting, at which the members continued discussing the requests of ESO. It was noted that the Governing Board's working group as well as CERN's Legal Service and the Administration of the Pension Fund had already spent much time and effort examining the various possible options. In that context, given the considerable legal and financial consequences the requests could have for the Fund, especially regarding amendments to the Rules and Regulations, the investment costs and even administrative overheads associated with the currency overlay, the Governing Board decided that it was appropriate to invite the ESO Director of Administration to come and present ESO's position. At the same meeting, the Governing Board decided to recommend the Director-General to propose to the CERN Council a pension indexation of 0.7%, which was equivalent to the cost-of-living in Geneva up to August 2003 and would ensure purchasing power was maintained. In its reco...

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.

The Latin Monetary Union: Some evidence on Europe's failed common currency

Directory of Open Access Journals (Sweden)

Kee-Hong Bae

2011-04-01

Full Text Available The Latin Monetary Union was initiated in 1865 by France, Belgium, Italy, and Switzerland. We find that LMU membership or adoption of a gold standard is frequently associated with lower volatility of private bill yields, bond yields, inflation, and deviations from Purchasing Power Parity. However, neither standard induces convergence with LMU leader France or gold standard leader Great Britain. Bond yield spreads indicate that adoption of the gold standard is more credible than membership of the LMU. Italy is an outlier, perhaps due to errant fiscal and monetary policies. A comparison to data from the modern EMS/EMU confirms that the LMU was a weaker and less credible currency arrangement.

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.

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...

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...

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)

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

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.

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

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...

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...

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

46 CFR 199.280 - Survival craft embarkation and launching arrangements.

Science.gov (United States)

2010-10-01

... 46 Shipping 7 2010-10-01 2010-10-01 false Survival craft embarkation and launching arrangements... Cargo Vessels § 199.280 Survival craft embarkation and launching arrangements. (a) Each lifeboat must be.... (d) All survival craft required for abandonment by the total number of persons on board must be...

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...

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...

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...

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

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.

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.

Core arrangement in BWR type reactors

International Nuclear Information System (INIS)

Asano, Masayuki.

1981-01-01

Purpose: To decrease the number of fuel assemblies whose locations are to be changed upon fuel exchange, as well as unify the power distribution in the core by arranging, in a chess board configuration, a plurality pattern of unit reactor lattices each containing fuel assemblies of different burnup degrees in orthogonal positions to each other. Constitution: A first pattern of unit reactor lattice is formed by disposing fuel assemblies of burnup degree 1 and fuel assemblies of burnup degree 3 at orthogonal positions to each other. A second pattern of unit reactor lattice is formed by disposing fuel assemblies of burnup degree 2 and fuel assemblies of burnup degree 1 at orthogonal positions to each other. The unit lattices each in such a dispositions are arranged in a chess board arrangement. Since, the fuel assemblies of the burnup degree 1 in the first pattern unit lattices proceed to the burnup degree 2 and the fuel assemblies of the burnup degree 2 in the second pattern unit lattices proceed to the burnup degree 3 up to the fuel exchange stage, fuel exchange and movement have only to be made, not for those fuel assemblies, but for another half of the fuel assemblies. (Kawakami, Y.)

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 ...

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.

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.

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...

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...

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.

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...

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.

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.

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.

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...

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

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.

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....

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...

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.

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.

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 ...

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...

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 ...

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. 

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.

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.

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...

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...

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...

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.

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.

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

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.

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.

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

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...

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...

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.

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)

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

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

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.

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

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

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

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

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...

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.

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

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

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.

Currency strategy of constructivism in Kazakhstan

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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

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

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...

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...

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

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.

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.

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 ...

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.

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.

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.

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...

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.

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.

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

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.

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...

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...

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...

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

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

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.

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...

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.

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...

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.

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...

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

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...

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

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.

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.

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.

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...

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.

Demystifying Bitcoin: Sleight of Hand or Major GlobalCurrency Alternative?

Directory of Open Access Journals (Sweden)

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.

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…

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.

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

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...

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

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...

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...

The impact of currency clause and exchange rate on Serbian economy

Directory of Open Access Journals (Sweden)

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.

46 CFR 108.540 - Survival craft muster and embarkation arrangements.

Science.gov (United States)

2010-10-01

... 46 Shipping 4 2010-10-01 2010-10-01 false Survival craft muster and embarkation arrangements. 108... OFFSHORE DRILLING UNITS DESIGN AND EQUIPMENT Lifesaving Equipment § 108.540 Survival craft muster and... craft muster station and embarkation station for a survival craft which is boarded before it is launched...

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.

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

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

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

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.

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.

Restructuring the arrangements between government and state enterprises in the oil and mining sectors

International Nuclear Information System (INIS)

Aharoni, Y.; Ascher, W.

1998-01-01

The article analyses the relationship between governments and state-owned enterprises (SOEs) in the oil and minerals sectors. The case is made that SOEs in these sectors have distinct peculiarities of behaviour, and are beset with specific difficulties in addition to typical problems common to SOEs in all sectors. The reasons for the uniqueness of SOEs in the oil and minerals sector stem mainly from their large size, their capacity to earn and borrow foreign currency, their strategic importance and other factors. The key to understanding and reforming state oil and mining enterprises lies in recognizing that their sub-optimal behaviour is often caused by conflicts within government regarding control of the SOE's financial flows, including the natural resource rent. These conflicts are frequently aggravated by the inappropriateness of fiscal arrangements between these SOEs and their governments. Guidelines for reforming these arrangements are offered, which, in some respects, differ considerably from those applicable to conventional state-owned enterprises outside the natural resources sector. (author)

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...

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.

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,

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...

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.

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.

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.

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 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...

Applied Mathematical Optimization Technique on Menu Scheduling for Boarding School Student Using Delete-Reshuffle-Reoptimize Algorithm

Science.gov (United States)

Sufahani, Suliadi; Mohamad, Mahathir; Roslan, Rozaini; Ghazali Kamardan, M.; Che-Him, Norziha; Ali, Maselan; Khalid, Kamal; Nazri, E. M.; Ahmad, Asmala

2018-04-01

Boarding school student needs to eat well balanced nutritious food which includes proper calories, vitality and supplements for legitimate development, keeping in mind the end goal is to repair and support the body tissues and averting undesired ailments and disease. Serving healthier menu is a noteworthy stride towards accomplishing that goal. Be that as it may, arranging a nutritious and adjusted menu physically is confounded, wasteful and tedious. This study intends to build up a scientific mathematical model for eating routine arranging that improves and meets the vital supplement consumption for boarding school student aged 13-18 and in addition saving the financial plan. It likewise gives the adaptability for the cook to change any favoured menu even after the ideal arrangement has been produced. A recalculation procedure will be performed in view of the ideal arrangement. The information was gathered from the the Ministry of Education and boarding schools’ authorities. Menu arranging is a notable enhancement issue and part of well-established optimization problem. The model was fathomed by utilizing Binary Programming and “Delete-Reshuffle-Reoptimize Algortihm (DDRA)”.

Consistency endangered by FASB-GASB (Financial Accounting Standards Board, Government Accounting Standards Board ) dispute.

Science.gov (United States)

Garner, M; Grossman, W

1991-02-01

The Financial Accounting Foundation's (FAF's) November 1989 decision to uphold the 1984 jurisdictional arrangement between the Financial Accounting Standards Board (FASB) and the Government Accounting Standards Board (GASB) leaves little doubt that the healthcare industry will now be subject to two sets of accounting standards. The FAF's decision created a distinction between the accounting practices of government-owned hospitals and non-hospital governmental entities and their adherence to standards set by FASB, GASB, and the American Institute of Certified Public Accountants. A governmental healthcare organization should carefully determine which accounting rules it follows and remain attentive to further GASB developments.

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.

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...

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

The methodology of comparative evaluation of ruble and foreign currency loans in the pre-crisis period

Directory of Open Access Journals (Sweden)

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.

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.

Haiti; Request for Extension of the Arrangement Under the Poverty Reduction and Growth Facility: Staff Report

OpenAIRE

International Monetary Fund

2011-01-01

According to the fifth review of the Poverty Reduction and Growth Facility (PRGF) arrangement, the Haitian authorities remain committed to macroeconomic stability under the program. On completion of the fifth review of the PRGF, they requested a new three-year Extended Credit Facility (ECF) arrangement to help sustain economic growth and to preserve macroeconomic stability. The IMF Board approved a three-year arrangement for Haiti under the PRGF. This will help ensure that endorsement of poli...

OPTIMIZATION OF EXPORT PORTFOLIO CURRENCY STRUCTURE OF INDUSTRIAL ENTERPRISES IN REPUBLIC OF BELARUS

Directory of Open Access Journals (Sweden)

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.

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.

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...

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.

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

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)

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...

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...

5 CFR 1204.11 - Request for access to Board records.

Science.gov (United States)

2010-01-01

...'s knowledge and belief. [64 FR 51039, Sept. 21, 1999, as amended at 65 FR 48886, Aug. 10, 2000] ... “unusual circumstances” exist, the Board may extend the time for deciding the request by no more than 10...) To arrange with the Board a different time frame for processing the request or a changed request. (2...

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.

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…

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, ...

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...

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.

International business of banking: the pricing example of retail currency spreads

Directory of Open Access Journals (Sweden)

Enn Listra

2013-05-01

Full Text Available In this paper the pricing of a specific service of currency exchange based on the retail exchange rate spreads is studied on the example of four international banking groups. The aim of this study is to explore pricing of currency exchange services based on bid-ask differences in some commercial banks and possible price discrimination in this segment of market comparing the behaviour of Western mothers and Eastern daughters in European international banking groups. The retail currency rate spreads in different bank groups and countries are compared with each other. The main results of the study are that statistically significant differences exist in the spreads set by banking groups in different countries. All banking groups in the pilot sample offer more favourable rates in Western countries indicating that the pricing policy of bank groups may be discriminatory. The volatility of spreads over different currencies suggests that different decision making mechanisms may be present in the groups depending on the location of banking unit. The results of this pilot study suggest that further research is needed to understand the extent and the mechanism of findings.

Quantitative analysis of potential currency crisis in the Republic of Serbia

Directory of Open Access Journals (Sweden)

Rađenović Žarko

2015-01-01

Full Text Available The subject of this paper is theoretical and empirical analysis of potential currency crisis in the Republic of Serbia. The main aim of the paper is quantitative analysis of a set of key indicators (index of exchange market pressure, signal-to-noise ratio, misery index, a measure of openness and the monetary measure of openness of the country that indicate the possibility of a currency crisis. The cyclic character of currency and financial crisis is forcing policymakers to conduct thoughtful exchange rate policy. The aim of this is to prevent the scenario with which the countries of Latin America faced in the late 20th century. Although there is no a significant correlation in terms of international trade transactions between Serbia and the countries of Latin America, we should certainly learn from the experience of these countries. It is necessary to continuously monitor the value of indicators which point to possible distortion. In the paper we use some econometric and statistical tools, such as correlation and regression analysis, to point to the values of indicators which can contribute to early detection of a currency crisis.

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.

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...

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.

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...

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.

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)

Currencies of Science: discussing disciplinary “exchange rates” for citations and Mendeley readership

Energy Technology Data Exchange (ETDEWEB)

Costas, R.; Perianes-Rodriguez, A.; Ruiz-Castillo, J.

2016-07-01

In 1998 Garfield stated that “[t]he Mertonian description of normal science describes citations as the currency of science. Scientists make payments, in the form of citations, to their preceptors”. The idea of citations as a currency of science was also discussed by Wouters (1999) who suggested that the “role of the citation might also be compared with that of money, especially if the evaluative use of scientometrics is taken into account. Whenever the value of an article is expressed in its citation frequency, the citation is probably the most important unit of a ‘currency of science’”. Thus, citations have been seen as currency able to reward scientists for their work and scientific merit, being an integral part, together with authorship and acknowledgements, of the so-called “reward triangle” (Cronin & Weaver, 1995)2. This role of citations as main currency in evaluative scientometrics has gone unchallenged until recently. The emergence of new ways of measuring the reception of scientific publications by different audiences in the form of the so-called “altmetrics” (Haustein, et al. 2015a; Priem, et al. 2010) probably represents the most important attempt of expanding the system of currencies of science. However, research on altmetrics suggest that there are critical differences with citations: in coverage (Thelwall, et al. 2013), main characteristics (Haustein, et al., 2015), correlations (Costas, et al. 2015b; Haustein, et al. 2014), and interpretation (Haustein et al., 2016). These results essentially highlight the limited potential of most of these metrics as realistic alternatives to citations. (Author)

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...

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...

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...

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

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

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...

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...

Meeting of the ITER CTA Project Board

International Nuclear Information System (INIS)

Vlasenkov, V.

2001-01-01

The meeting of the ITER CTA Project Board took place in Toronto, Canada on 7 November 2001, on the occasion of the first Negotiations Meeting. Twelve participants, representing PB members and experts from Canada, the EU, Japan, the RF and the international Team (IT), attended the meeting chaired by Acad. E. Velikhov. Discussions on the preliminary work programme for the CTA and organizational arrangements for the IT and PT took most of the time of the meeting. The Project Board approved the preliminary work programme as presented by the IT leader

77 FR 26758 - Sunshine Act Meeting; Farm Credit Administration Board

Science.gov (United States)

2012-05-07

... to the public (limited space available) and parts will be closed to the public. In order to increase the accessibility to Board meetings, persons requiring assistance should make arrangements in [[Page...

77 FR 47068 - Farm Credit Administration Board; Sunshine Act Meeting

Science.gov (United States)

2012-08-07

... to the public (limited space available) and parts will be closed to the public. In order to increase the accessibility to Board meetings, persons requiring assistance should make arrangements in advance...

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...

Segregation in a Galton Board

International Nuclear Information System (INIS)

Benito, J G; Vidales, A M; Ippolito, I

2009-01-01

This work deals with a numerical study of the problem of separation of particles with different elastic properties. The separation procedure uses a Galton Board which consist in a bidimensional system of obstacles arranged in a triangular lattice. Disks of equal diameters but different elastic properties are launched from the top of the device. The Galton Board is commonly used for mixing particles, but here, we intend to find special conditions under which one can use it as a segregating device. We introduce a mixture of particles and generate, through simulations, different conditions to favor the segregation process based on the different elastic coefficients of the particles. We inspect which is the best configuration of size, density of obstacles and wall separation to favor the separations of particles. Our results prove that the Galton Board can be used as a segregation device under certain conditions.

Brand placement on price boards after tobacco display bans: a point-of-sale audit in Melbourne, Australia.

Science.gov (United States)

Wakefield, Melanie; Zacher, Meghan; Scollo, Michelle; Durkin, Sarah

2012-11-01

This study aims to explore how cigarette brands are arranged on boards listing tobacco products and/or prices following the 1 January 2011 ban on point-of-sale tobacco displays in Victoria, Australia. An audit undertaken in late 2011 gathered information on the prevalence and contents of tobacco product information displays ('price boards'). We examined how often all or most of the brands listed at the top of price boards were owned by the same tobacco company, and whether premium, mainstream and value brands were listed in prominent positions more frequently in different store types and socio-economic areas (SES). Of the 281 stores audited, 64% (179) had legible price boards. Of the 178 with factory-made products, 11% arranged brands alphabetically, 2% by price and 87% did so in some other way. In 65% of stores where brands were arranged in some other way, at least three of the top four positions were devoted to brands owned by the same tobacco company. Premium brands were given greater prominence than would be expected by market share. Neighbourhood SES was significantly related to the representation in the most prominent price board positions of brands from the most appropriate market segment. Price boards are being used to target brands to consumers. Jurisdictions should also prohibit price board display when they ban tobacco product display; prices might instead be itemised in alphabetical order on a list only viewable upon customer request.

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.

THE MARKET VALUE OF THE REAL ESTATE IN A SIGNIFICANT DEVALUATION OF THE NATIONAL CURRENCY

Directory of Open Access Journals (Sweden)

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.

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...

The day of the week effect in the crypto currency market

OpenAIRE

Caporale, Guglielmo Maria; Plastun, Alex

2017-01-01

This paper examines the day of the week effect in the crypto currency market using a variety of statistical techniques (average analysis, Student's t-test, ANOVA, the Kruskal- Wallis test, and regression analysis with dummy variables) as well as a trading simulation approach. Most crypto currencies (LiteCoin, Ripple, Dash) are found not to exhibit this anomaly. The only exception is BitCoin, for which returns on Mondays are significantly higher than those on the other days of the week. In thi...

12 CFR 220.127 - Independent broker/dealers arranging credit in connection with the sale of insurance premium...

Science.gov (United States)

2010-01-01

... an independent broker/dealer to sell such a program and to arrange for financing in that connection. In reaching such decision, the Board again relied upon the earlier understanding that independent...

Foreign currency-related translation complexities in cross-border healthcare applications.

Science.gov (United States)

Kumar, Anand; Rodrigues, Jean M

2009-01-01

International cross-border private hospital chains need to apply the standards for foreign currency translation in order to consolidate the balance sheet and income statements. This not only exposes such chains to exchange rate fluctuations in different ways, but also creates added requirements for enterprise-level IT systems especially when they produce parameters which are used to measure the financial and operational performance of the foreign subsidiary or the parent hospital. Such systems would need to come to terms with the complexities involved in such currency-related translations in order to provide the correct data for performance benchmarking.

A structural investigation of third-currency shocks to bilateral exchange rates

OpenAIRE

Melecky, Martin

2007-01-01

An exchange rate between two currencies can be materially affected by shocks emerging from a third country. A US demand shock, for example, can affect the exchange rate between the euro and the yen. Since positive US demand shocks have a greater positive impact on Japanese interest rates than on eurozone rates, the yen appreciates against the euro in response. Using quarterly data on the U.S., the euro area and Japan from 1981 to 2006, this paper shows that the third-currency effects are sign...

76 FR 48161 - Farm Credit Administration Board; Sunshine Act; Regular Meeting

Science.gov (United States)

2011-08-08

... to the public (limited space available), and parts will be closed to the public. In order to increase the accessibility to Board meetings, persons requiring assistance should make arrangements in advance...

75 FR 23761 - Farm Credit Administration Board; Sunshine Act Regular Meeting

Science.gov (United States)

2010-05-04

... to the public (limited space available), and parts will be closed to the public. In order to increase the accessibility to Board meetings, persons requiring assistance should make arrangements in advance...

76 FR 32360 - Farm Credit Administration Board; Sunshine Act; Regular Meeting

Science.gov (United States)

2011-06-06

... to the public (limited space available), and parts will be closed to the public. In order to increase the accessibility to Board meetings, persons requiring assistance should make arrangements in advance...

76 FR 55387 - Farm Credit Administration Board; Sunshine Act; Regular Meeting

Science.gov (United States)

2011-09-07

... to the public (limited space available), and parts will be closed to the public. In order to increase the accessibility to Board meetings, persons requiring assistance should make arrangements in advance...

77 FR 66838 - Farm Credit Administration Board; Sunshine Act; Regular Meeting

Science.gov (United States)

2012-11-07

... public (limited space available) and parts will be closed to the public. In order to increase the accessibility to Board meetings, persons requiring assistance should make arrangements in advance. The matters...

75 FR 75674 - Farm Credit Administration Board; Sunshine Act; Regular Meeting

Science.gov (United States)

2010-12-06

... to the public (limited space available), and parts will be closed to the public. In order to increase the accessibility to Board meetings, persons requiring assistance should make arrangements in advance...

78 FR 55074 - Farm Credit System Insurance Corporation Board; Regular Meeting

Science.gov (United States)

2013-09-09

... public (limited space available) and parts will be closed to the public. In order to increase the accessibility to Board meetings, persons requiring assistance should make arrangements in advance. The matters...

76 FR 69269 - Farm Credit Administration Board; Sunshine Act; Regular Meeting

Science.gov (United States)

2011-11-08

... to the public (limited space available), and parts will be closed to the public. In order to increase the accessibility to Board meetings, persons requiring assistance should make arrangements in advance...

75 FR 17140 - Sunshine Act; Farm Credit Administration Board; Regular Meeting

Science.gov (United States)

2010-04-05

... to the public (limited space available), and parts will be closed to the public. In order to increase the accessibility to Board meetings, persons requiring assistance should make arrangements in advance...

77 FR 74183 - Farm Credit System Insurance Corporation Board; Regular Meeting

Science.gov (United States)

2012-12-13

... public (limited space available) and parts will be closed to the public. In order to increase the accessibility to Board meetings, persons requiring assistance should make arrangements in advance. The matters...

78 FR 19708 - Farm Credit Administration Board; Sunshine Act; Regular Meeting

Science.gov (United States)

2013-04-02

... public (limited space available) and parts will be closed to the public. In order to increase the accessibility to Board meetings, persons requiring assistance should make arrangements in advance. The matters...

77 FR 1066 - Farm Credit Administration Board; Sunshine Act; Regular Meeting

Science.gov (United States)

2012-01-09

... to the public (limited space available) and parts will be closed to the public. In order to increase the accessibility to Board meetings, persons requiring assistance should make arrangements in advance...

76 FR 75878 - Farm Credit Administration Board; Sunshine Act; Regular Meeting

Science.gov (United States)

2011-12-05

... to the public (limited space available), and parts will be closed to the public. In order to increase the accessibility to Board meetings, persons requiring assistance should make arrangements in advance...

76 FR 1156 - Farm Credit Administration Board; Sunshine Act; Regular Meeting

Science.gov (United States)

2011-01-07

... to the public (limited space available), and parts will be closed to the public. In order to increase the accessibility to Board meetings, persons requiring assistance should make arrangements in advance...

Value-at-Risk Analysis for the Tunisian Currency Market: A comparative study

Directory of Open Access Journals (Sweden)

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.

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

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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.

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.

Corporate financing strategies employed by Zimbabwean listed firms in the multiple currency era

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Farai Kwenda

2015-09-01

Full Text Available The aim of this study is to review the corporate financing strategies employed by Zimbabwean listed firms since the adoption of the multiple currency system which set the country on a recovery path after the decade-long political, social and economic crises. The adoption of the multiple currency system necessitated recapitalization and retooling because most firms’ balance sheets were wiped away during the hyperinflation era. The study is based on secondary data of 80 firms listed on the Zimbabwe Stock Exchange. The study found that rights issues and high retention ratios were the main strategies used by firms to recapitalize their operations. The recapitalization efforts have been by liquidity challenges that have characterised the multiple currency era.

ANALISIS PERBANDINGAN PENGGUNAAN HEDGINGANTARA FORWARD CONTRACT DENGAN CURRENCY SWAP UNTUK MEMINIMASI RISIKO FOREIGN EXCHANGE

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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.

Ist der Euro gefährdet? Is the European currency euro put at risk?

Directory of Open Access Journals (Sweden)

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..

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...

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...

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...

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...

Hierarchical structures of correlations networks among Turkey’s exports and imports by currencies

Science.gov (United States)

Kocakaplan, Yusuf; Deviren, Bayram; Keskin, Mustafa

2012-12-01

We have examined the hierarchical structures of correlations networks among Turkey’s exports and imports by currencies for the 1996-2010 periods, using the concept of a minimal spanning tree (MST) and hierarchical tree (HT) which depend on the concept of ultrametricity. These trees are useful tools for understanding and detecting the global structure, taxonomy and hierarchy in financial markets. We derived a hierarchical organization and build the MSTs and HTs during the 1996-2001 and 2002-2010 periods. The reason for studying two different sub-periods, namely 1996-2001 and 2002-2010, is that the Euro (EUR) came into use in 2001, and some countries have made their exports and imports with Turkey via the EUR since 2002, and in order to test various time-windows and observe temporal evolution. We have carried out bootstrap analysis to associate a value of the statistical reliability to the links of the MSTs and HTs. We have also used the average linkage cluster analysis (ALCA) to observe the cluster structure more clearly. Moreover, we have obtained the bidimensional minimal spanning tree (BMST) due to economic trade being a bidimensional problem. From the structural topologies of these trees, we have identified different clusters of currencies according to their proximity and economic ties. Our results show that some currencies are more important within the network, due to a tighter connection with other currencies. We have also found that the obtained currencies play a key role for Turkey’s exports and imports and have important implications for the design of portfolio and investment strategies.

Prediction of Currency Volume Issued in Taiwan Using a Hybrid Artificial Neural Network and Multiple Regression Approach

Directory of Open Access Journals (Sweden)

Yuehjen E. Shao

2013-01-01

Full Text Available Because the volume of currency issued by a country always affects its interest rate, price index, income levels, and many other important macroeconomic variables, the prediction of currency volume issued has attracted considerable attention in recent years. In contrast to the typical single-stage forecast model, this study proposes a hybrid forecasting approach to predict the volume of currency issued in Taiwan. The proposed hybrid models consist of artificial neural network (ANN and multiple regression (MR components. The MR component of the hybrid models is established for a selection of fewer explanatory variables, wherein the selected variables are of higher importance. The ANN component is then designed to generate forecasts based on those important explanatory variables. Subsequently, the model is used to analyze a real dataset of Taiwan's currency from 1996 to 2011 and twenty associated explanatory variables. The prediction results reveal that the proposed hybrid scheme exhibits superior forecasting performance for predicting the volume of currency issued in Taiwan.

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

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.

How banking sanctions influence on performance of foreign currency portfolio management

Directory of Open Access Journals (Sweden)

Mohammad Khodaei Valahzaghard

2013-02-01

Full Text Available A good portfolio optimization on banks’ currency holdings not only helps meet their needs but also it increases banks’ total assets. During the past few months, US sanctions against Iran has influenced profitability banking currency portfolio holding. The proposed model of this paper considers the weekly information of two years before and after sanctions occurred in Iranian banking system. Therefore, the study uses 210 weekly data and proposes a method to analyze the data to measure the performance of banking currency portfolio after sanction happens. The proposed model of this paper provides lost profit and unrealized loss and using the idea of Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS we rank the resulted data. Next, we use some parametric and non-parametric methods to see whether there is any change as a result of sanction on the performance of the portfolio. The results indicate that not only the performance of the portfolio was reduced but also the variance of the return after sanction has been increased.

Single European currency and Monetary Union. Macroeconomic implications for pharmaceutical spending.

Science.gov (United States)

Kanavos, P

1998-01-01

This article examines the potential implications of introducing a single currency among the Member States of the European Union for national pharmaceutical prices and spending. In doing so, it provides a brief account of the direct effects of introducing a single currency on pharmaceutical business. These are static in nature and include the elimination of exchange rate volatility and transaction costs, increased price transparency and limited potential for parallel trade. It subsequently analyses the potential medium and long term macroeconomic policy choices facing the Member States and their impact on pharmaceutical spending following the introduction of a single currency. These include policy directions in order to meet the Maastricht convergence criteria in the run-up to forming an Economic and Monetary Union (EMU) and the implications of EMU on national macroeconomic policy thereafter. This article argues that the necessity for tight fiscal policies across the EU and, in particular, in those Member States facing high budget deficits and overall debt levels, will continue to exert considerable downward pressure on pharmaceutical spending.

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

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.

76 FR 76409 - Meeting of the Farm Credit System Insurance Corporation Board

Science.gov (United States)

2011-12-07

... open to the public (limited space available) and parts will be closed to the public. In order to increase the accessibility to Board meetings, persons requiring assistance should make arrangements in...

The MENA Region - an Optimal Currency Area? Evaluating its Stability by Taylor-Rule derived Stress Tests

OpenAIRE

Mouchera Karara

2013-01-01

The introduction of the European currency union and the EURO as common currency was an unprecedented experiment in monetary history. Not surprisingly, it has attracted a lot of attention to the concept of monetary unions, and it has the potential to be a role model for other parts of the world. This paper aims at identifying potential currency unions in the MENA region. To assess their sustainability, the optimal interest rates of the members of each potential union is estimated and used to c...

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

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

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

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.

Assessment of microbial contamination and oral health risks associated with handling of Indian currency notes circulating in Bengaluru city: A cross-sectional survey

Directory of Open Access Journals (Sweden)

D P Narayan

2015-01-01

Full Text Available Introduction: Accumulated data obtained over the last 20 years on the microbial status and survival of pathogens on currency notes indicate that this could represent a potential cause of sporadic cases of food borne illness. Objectives: To identify the micro-organisms present on the Indian currency notes and the oral health risks due to microbial contamination of Indian currency notes circulating in Bengaluru city. Materials and Methods: A cross-sectional survey was conducted and the Indian currency notes of various denominations (Rs. 10, Rs. 20, Rs. 50, Rs. 100, Rs. 500, and Rs. 1000 were collected from fruit vendors, hawkers, vegetable vendors, bus conductors, railway ticket counters, hotel counters, and butchers. Sample size was determined to be 70 Indian currency notes. Convenience sampling technique was used. Microbiological analysis of the collected currency notes was done. Results: The contamination rate of collected currency notes from the butchers and hawkers were 80% and 60% respectively. Staphylococcus aureus was present on 15 currency notes (21.42% and was found to be higher in Rs. 10 than in other currency denominations. Streptococcus pyogenes was present on four currency notes (5.714% of Rs. 10. Conclusion: The Indian currency notes circulating in Bengaluru city were contaminated with pathogenic bacteria. The oral health risks due to microbial contamination of Indian currency notes are acute pharyngitis, peritonsillar or retropharyngeal abscess, mastoiditis, sinusitis, otitis media, mild cellulitis, angular cheilitis, some endodontic infections, osteomyelitis of the jaw, parotitis, and oral mucositis.

Forecasting Inflow and Outflow of Money Currency in East Java Using a Hybrid Exponential Smoothing and Calendar Variation Model

Science.gov (United States)

Susanti, Ana; Suhartono; Jati Setyadi, Hario; Taruk, Medi; Haviluddin; Pamilih Widagdo, Putut

2018-03-01

Money currency availability in Bank Indonesia can be examined by inflow and outflow of money currency. The objective of this research is to forecast the inflow and outflow of money currency in each Representative Office (RO) of BI in East Java by using a hybrid exponential smoothing based on state space approach and calendar variation model. Hybrid model is expected to generate more accurate forecast. There are two studies that will be discussed in this research. The first studies about hybrid model using simulation data that contain pattern of trends, seasonal and calendar variation. The second studies about the application of a hybrid model for forecasting the inflow and outflow of money currency in each RO of BI in East Java. The first of results indicate that exponential smoothing model can not capture the pattern calendar variation. It results RMSE values 10 times standard deviation of error. The second of results indicate that hybrid model can capture the pattern of trends, seasonal and calendar variation. It results RMSE values approaching the standard deviation of error. In the applied study, the hybrid model give more accurate forecast for five variables : the inflow of money currency in Surabaya, Malang, Jember and outflow of money currency in Surabaya and Kediri. Otherwise, the time series regression model yields better for three variables : outflow of money currency in Malang, Jember and inflow of money currency in Kediri.

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.

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.

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...

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...

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...

Chaoticity in the time evolution of foreign currency exchange rates in Turkey

Science.gov (United States)

Cakar, O.; Aybar, O. O.; Hacinliyan, A. S.; Kusbeyzi, I.

Tools from chaos theory that have found recent use in analysing financial markets have been applied to the US Dollar and Euro buying and selling rates against the Turkish currency. The reason for choosing the foreign exchange rate in this analysis is the fact that foreign currency is an indicator of not only the globalization of economy but also savings and investment. In order to test the globality assumption and to ascertain the degree of involvement of local conditions in Turkey, the Euro and US dollar exchange rates have been subjected to the same analysis.

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.

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

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.

Defusing the Energy Trap: The Potential of Energy-Denominated Currencies to Facilitate a Sustainable Energy Transition

International Nuclear Information System (INIS)

Sgouridis, Sgouris

2014-01-01

The universal adoption of fiat currencies and of the fractional reserve banking system coincided with access to and ability to utilize energy-dense fossil fuels leading to unprecedented rates of economic expansion. The depletion of economically recoverable fossil fuels though sets the stage for systemic crises as it is not adequately priced in the current market system. An energy-based system of exchange can be adopted in parallel to or in place of fiat currencies in order to facilitate a sustainable energy transition (SET) and mitigate the impacts of such crises. Energy-backed and energy-referenced currencies are discussed as two possible variants for their ability to realign the economic system to the thermodynamic limits of the physical world. The primary advantage of an energy-referenced currency over the current mechanisms for SET (like feed-in-tariffs or carbon taxes) is realized with the decoupling of the monetary and credit functions, especially when debt is tied to future energy availability. While energy-backed (credit) systems can be easier to adopt on a regional scale, the full transition to an energy-reference currency system requires significant reform of the financial and monetary system although it would not radically disrupt the current economic valuations given the high degree of correlation between value and embodied energy.

Defusing the Energy Trap: The Potential of Energy-Denominated Currencies to Facilitate a Sustainable Energy Transition

Energy Technology Data Exchange (ETDEWEB)

Sgouridis, Sgouris, E-mail: ssgouridis@alum.mit.edu [Masdar Institute of Science and Technology, Abu Dhabi (United Arab Emirates)

2014-02-26

The universal adoption of fiat currencies and of the fractional reserve banking system coincided with access to and ability to utilize energy-dense fossil fuels leading to unprecedented rates of economic expansion. The depletion of economically recoverable fossil fuels though sets the stage for systemic crises as it is not adequately priced in the current market system. An energy-based system of exchange can be adopted in parallel to or in place of fiat currencies in order to facilitate a sustainable energy transition (SET) and mitigate the impacts of such crises. Energy-backed and energy-referenced currencies are discussed as two possible variants for their ability to realign the economic system to the thermodynamic limits of the physical world. The primary advantage of an energy-referenced currency over the current mechanisms for SET (like feed-in-tariffs or carbon taxes) is realized with the decoupling of the monetary and credit functions, especially when debt is tied to future energy availability. While energy-backed (credit) systems can be easier to adopt on a regional scale, the full transition to an energy-reference currency system requires significant reform of the financial and monetary system although it would not radically disrupt the current economic valuations given the high degree of correlation between value and embodied energy.

The role of nuclear power generation in aspects of the foreign currency outflow

International Nuclear Information System (INIS)

Kim, Seung Su; Lee, Man Ki

2005-01-01

Korea has little domestic energy resources and so imported almost all of the primary energy consumed from the foreign countries, with the foreign energy dependency being about more than 97% in recent years. In the meantime, the import amount of energy together with the rapid economic growth has increased continuously during the past 30 years to be 49.6 billion dollar in 2004 while the Current Account Balance was 27.6 billion dollar in the same year. Especially, the growth rate of electric consumption greatly surpassed ones in GDP and primary energy over the past 20 years. Nuclear power generation has played an important role in Korean society by supporting the industrial development as well as stabilizing downward the electricity price. The steady progress in the localization of nuclear construction has decreased the amount of foreign currency outflow by the nuclear power plant construction. In addition, nuclear fuel cost is the most competitive among those of the other fossil fuel power sources, so that this situation resulted in the large decrease of foreign currency outflow in power sector. In this thesis, we focused on the savings effect in foreign currency outflow by nuclear power generation using the scenario method. We tried to evaluate what amount of foreign currency has been saved by the introduction of nuclear power plant instead of the other fossil fuel power plants

Portugal; Request for a Three-Year Arrangement Under the Extended Fund Facility

OpenAIRE

International Monetary Fund

2011-01-01

Portugal's economy faced severe crisis during the global economic and financial crisis. In this context, Portugal's authorities have put forward an economically well-balanced program that will focus on structural reforms to boost growth and employment, ensure balanced fiscal sustainability, safeguard financial stability, and prevent a credit crunch. The Executive Board of the International Monetary Fund welcomed this step, and approved a three-year arrangement under the Extended Fund Facility...

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

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

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...

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

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

Defusing the Energy Trap: The Potential of Energy-Denominated Currencies to facilitate a Sustainable Energy Transition

Directory of Open Access Journals (Sweden)

Sgouris eSgouridis

2014-02-01

Full Text Available The universal adoption of fiat currencies and of the fractional reserve banking system coincided with access to and ability to utilize energy-dense fossil fuels leading to unprecedented rates of economic expansion. The depletion of economically recoverable fossil fuels though sets the stage for systemic crises as it is not adequately priced in the current market system. An energy-based system of exchange can be adopted in parallel to or in place of fiat currencies in order to facilitate a sustainable energy transition (SET and mitigate the impacts of such crises. Energy-backed and energy-referenced currencies are discussed as two possible variants for their ability to realign the economic system to the thermodynamic limits of the physical world. The primary advantage of an energy-referenced currency over the current mechanisms for SET (like feed-in tariffs or carbon taxes is realized with the decoupling of the monetary and credit functions, especially when debt is tied to future energy availability. While energy-backed (credit systems can be easier to adopt on a regional scale, the full transition to an energy-reference currency system requires significant reform of the financial and monetary system although it would not radically disrupt the current economic valuations given the high degree of correlation between value and embodied energy.

We don't have an energy crisis - we have an energy currency crisis

International Nuclear Information System (INIS)

Scott, D.S.

2009-01-01

'Full text': Contrary to what almost everyone believes, we do not need to find new, non-carbon energy sources. We have plenty, including hydraulic, wind, solar, geothermal, tidal sources - and, most important, nuclear power. The latter holds the most promise for a substantial positive impact world-wide - but it is held back by the deeply imbedded, flawed mythology that nuclear power is dangerous and unsustainable. In order to deploy non-carbon sources at the level they are needed globally, we must build new nuclear plants and refurbish old ones. At the same time, we must, whenever reasonable, install other non-carbon sources, typically renewables like hydraulic and wind, whose attractiveness depends on venue. We will use the graphic of the energy system's architecture, shown above, as a platform to explain why our critical need is for a universal non-carbon energy currency that can allow non-carbon sources to escape the electricity ghetto and move into transportation fuels and chemical commodities. Today's proposals for deflecting climate disruption are not solutions. At best, they are band-aids. Any comprehensive solution must lead to zero CO 2 emissions from our energy system - not just reduced emissions. This requires not only non-carbon sources but also non-carbon currencies. We already have the non-carbon currency - electricity. But electricity can not fly airplanes, or push ships, and is a poor currency for road or rail. For these services, we will need the non-carbon - and renewable - currency, hydrogen. Only hydrogen can allow the energy from non-carbon sources like hydraulic, nuclear, sunlight or wind, to fly airplanes - to fly them further, safer, with larger payloads and without (in principle) the system emitting a drop of CO 2 . In short, hydrogen is the single, non-carbon fuel that can substitute for today's gasoline, diesel and jet-A. On the way to the Hydrogen Age, 'tether' hydrogen must play a vital role in harvesting Canada's heavy oil reserves

Administrative Arrangement between the Atomic Control Board of Canada and le Service central de surete des installations nucleaires du Ministere de l'Industrie et de l'Amenagement du Territoire de la Republique francaise for the Exchange of Technical Information and Cooperation in the Regulation of Nuclear Safety

International Nuclear Information System (INIS)

1991-01-01

This Arrangement between the Atomic Energy Control Board of Canada (AECB) and the French Central Service for the Safety of Nuclear Installations (SCSIN) entered into force on the date of its signature and will remain in effect for five years. The Arrangement provides for the exchange of information between both agencies on the regulation of nuclear facilities and intervention measures in cases of emergency. This includes information on regulatory procedures for the safety of designated nuclear facilities, notification of important events, such as serious operating incidents, reactor shutdowns ordered by the regulatory authorities, etc. (NEA) [fr

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....

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.

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...

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

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 ...

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...

Automated inspection of intaglio plate measurement for U.S. currency

Science.gov (United States)

Grimsley, Max; Hess, James E.; Poulsen, Mark; Rankin, Ken; Curtis, David; Bayer, Donald

2002-04-01

The United States Bureau of Engraving and Printing (BEP) is tasked with the function of producing billions of banknotes each year to be used by the general public throughout the world. Individual notes must maintain uniform consistency for both security features and print quality. The quality control process necessary to assure the uniform nature of United States currency requires a significant multi-tiered approach. Based on innovative opto-electronic techniques, individual security features are examined as a critical element during each phase of the production process. Print quality standards must also be strictly maintained and monitored to assure the uniformity of the most popular printed item in the world. This presentation describes the approach and some of the techniques developed and implemented within the BEP to carry out the necessary monitoring and control of the quality of intaglio currency printing plates.

Trappings of femininity: A test of the "beauty as currency" hypothesis in shaping college women's gender activism.

Science.gov (United States)

Calogero, Rachel M; Tylka, Tracy L; Donnelly, Lois C; McGetrick, Amber; Leger, Andrea Medrano

2017-06-01

This study investigated whether believing beauty is a primary currency for women operates as an antecedent force in the relation between self-objectification and gender activism. Ninety-four ethnically diverse women attending a small liberal arts college in the southeastern United States completed the study questionnaires online for course credit. Preliminary results demonstrated beauty as currency belief, self-objectification, and support for the gender status quo were negatively associated with gender activism. A serial mediation analysis revealed support for the proposed model: Beauty as currency belief was indirectly and inversely linked to gender activism through self-objectification and support for the gender status quo, offering initial evidence for our beauty as currency hypothesis. These findings suggest belief in the notion women will reap more benefits from their bodies than other attributes or pursuits may be an important legitimizing feature of feminine beauty ideology that works through self-objectification against gender social change. Copyright © 2017 Elsevier Ltd. All rights reserved.

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.

Configuring calendar variation based on time series regression method for forecasting of monthly currency inflow and outflow in Central Java

Science.gov (United States)

Setiawan, Suhartono, Ahmad, Imam Safawi; Rahmawati, Noorgam Ika

2015-12-01

Bank Indonesia (BI) as the central bank of Republic Indonesiahas a single overarching objective to establish and maintain rupiah stability. This objective could be achieved by monitoring traffic of inflow and outflow money currency. Inflow and outflow are related to stock and distribution of money currency around Indonesia territory. It will effect of economic activities. Economic activities of Indonesia,as one of Moslem country, absolutely related to Islamic Calendar (lunar calendar), that different with Gregorian calendar. This research aims to forecast the inflow and outflow money currency of Representative Office (RO) of BI Semarang Central Java region. The results of the analysis shows that the characteristics of inflow and outflow money currency influenced by the effects of the calendar variations, that is the day of Eid al-Fitr (moslem holyday) as well as seasonal patterns. In addition, the period of a certain week during Eid al-Fitr also affect the increase of inflow and outflow money currency. The best model based on the value of the smallestRoot Mean Square Error (RMSE) for inflow data is ARIMA model. While the best model for predicting the outflow data in RO of BI Semarang is ARIMAX model or Time Series Regression, because both of them have the same model. The results forecast in a period of 2015 shows an increase of inflow money currency happened in August, while the increase in outflow money currency happened in July.

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.

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...

Meeting of the ITER CTA Project Board

International Nuclear Information System (INIS)

2001-01-01

Full text: A preparatory meeting of the Co-ordinated Technical Activities (CTA) Project Board took place in Vienna on 16 July 2001. The Board Members of Canada, EU, Japan, RF and of the CTA International Team participated in the Meeting, which was chaired by Acad. E. Velikhov. The major item on the Meeting Agenda was the discussion of the scope of the CTA. In this discussion the following comments were expressed: One of the prime objectives during the CTA is to develop technical specifications for procurement of critical items (magnets, vacuum vessel, and buildings). It was noted that the discussions with potential suppliers should confirm manufacturing processes in details in order to explore possible schedule reduction strategies. Safety analysis and licensing preparation should proceed on all proposed sites up to the preferred site designation, to ensure the overall implementation schedule is minimized and to resolve major technical issues needed for licensing. Several R and D issues remain to be further developed during the CTA. Special attention should be given by the Participants to two areas: Diagnostics; Heating and Current Drive Systems. Arrangements for continuation of the ITER Physics Expert Groups activities should be provided. To this end a new framework, called International Tokamak Physics Activity, is being planned. The Board encouraged the Participants' Representatives in the Co-ordinating committee of this activity to support the preparation for urgent Topical Group Meetings. The Board agreed that the Design Authority will be invested in the International Team and that proposals for site specific design changes should be agreed upon by the International Team Leader before being studied in detail. The Meeting agreed on some arrangements which will remain from the EDA, namely the ITER EDA Council Office in Moscow as Office of the PB Chair, and the ITER Office located at the IAEA in Vienna as agreed by the IAEA. The Board recommended that effective

FINANCIAL AND LEGAL CONSIDERATIONS OF THE FOREIGN EXCHANGE RATES ON BANK EXTERNAL TRADING OPERATIONS

Directory of Open Access Journals (Sweden)

Ignat Papazov

2017-06-01

Full Text Available The term "currency" has different meanings but is usually defined as any means of payment that is not in local currency units. The ratio between the foreign currency and local currency units results into exchange rate. When arranging payment transactions abroad, local entities - natural and legal persons must exchange their national currency in advance for the currency of the country in which they are due or in another currency commonly accepted as an international payment. Under this regime, the national currency is quoted in relation to another currency, that is exchange rate.

The Prospects of Creating an Optimum Currency Area among Asean Countries

Directory of Open Access Journals (Sweden)

Yana Valeryevna Dyomina

2016-03-01

Full Text Available The article assesses the prospects of creating an optimum currency area (OCA among ASEAN countries. To ensure sustainability of the creating currency zone, the potential candidate countries should meet the criteria of the OCA theory. At the same time, the present technique of assessing candidate countries implies that they must meet the OCA criteria relative to the «anchor» country. This approach creates the problem of the sensitivity of calculation results to the choice of the anchor country. Thus, the case of the OCA composition with Indonesia as the anchor country is different from the one with Singapore as the anchor country. Author’s modification of the specified technique allows bypassing the mentioned problem. Applying the modified approach to the ASEAN member countries allows concluding that the creation of an optimum currency area in South-East Asia is economically feasible for Singapore, Vietnam, Indonesia, Malaysia, Philippines, Brunei Darussalam and Thailand. The rest of the ASEAN member countries (Cambodia, Lao PDR and Myanmar have not yet reached a high degree of macroeconomic convergence with partners of the integration bloc and even among themselves. Therefore there is a need for a transition period, during which the economies of these three countries can «catch up» the level of the more developed ASEAN member countries

Forward, Forward Option and No Hedging Which One is the Best for Managing Currency Risk?

Directory of Open Access Journals (Sweden)

Riko Hendrawan

2017-07-01

Full Text Available Bank Indonesia Regulation No.18/18/PBI/2016 concerning foreign exchange transactions against rupiah between banks and domestic parties, indicates that the importance of hedging for business actors in Indonesia. Based on the data of the rupiah exchange rate movement against the dollar from January 2006 to December 2016 shows that the fluctuation of the rupiah against the US dollar tends to weaken, although at some point the observation shows the strengthening of the rupiah against the US dollar. The purpose of this research is to assess impact of Forward, Forward Option and No Hedging Strategy for managing currency exposure between IDR to USD. Using data from January 2006–December 2016 taken from website of Bank Indonesia and Federal Reserve. Total 396 simulations,consists of 132 using Forward simulations, 132 using Forward Option simulations and 132 using No Hedging simulations. Findings from this research show that Forward Option was has no positive contribution in managing currency exposure, No Hedging Strategy has 36,36 percent positive contribution and forward contract has 72,73 percent positive contribution in managing currency exposure. Its means Forward Contract was better than Forward Option and No Hedging Strategies in managing currency exposure.

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.

An outline of the cost in foreign currency of France electro-nuclear program

International Nuclear Information System (INIS)

Gouni, L.

1979-01-01

Capital cost and operating cost are compared for different cases of electric power production. For a 1300 MW power plant compared with an equivalent fuel-oil station, the capital overcost in foreign currency is recovered after a one-year operation. Concerning the electronuclear program from 1970 to 1980, the capital expenses in foreign currency will be about device the expenses of an equivalent program based on a fuel-oil solution. However if operating costs are considered, recovering will be total in 1982. In these calculations the price of fuel-oil is assumed to remain at the present level [fr

Determination of cocaine in brazilian paper currency by capillary gas chromatography/mass spectrometry

Directory of Open Access Journals (Sweden)

Enrico Di Donato

2007-01-01

Full Text Available The presence of illicit drugs such as cocaine and marijuana in US paper currency is very well demonstrated. However, there is no published study describing the presence of cocaine and/or other illicit drugs in Brazilian paper currency. In this study, Brazilian banknotes were collected from nine cities, extracted and analyzed by capillary gas chromatography/mass spectrometry, in order to investigate the presence of cocaine. Bills were extracted with deionized water followed by ethyl acetate. Results showed that 93% of the bills presented cocaine in a concentration range of 2.38-275.10 µg/bill.

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...

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...

Book reviews: Marsh David, The EURO – The Politics of the New Global Currency

OpenAIRE

Lazar, Isadora

2011-01-01

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 d...

76 FR 11327 - Technical Amendments to Rule 17a-8: Financial Recordkeeping and Reporting of Currency and Foreign...

Science.gov (United States)

2011-03-02

... Rule 17a-8: Financial Recordkeeping and Reporting of Currency and Foreign Transactions AGENCY... regulations of the Currency and Foreign Transactions Reporting Act of 1970, as amended (commonly referred to... administered by the Financial Crimes Enforcement Network (``FinCEN''), a bureau within the Department of the...

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.

Customs unions, currency crises, and monetary policy coordination: The case of the Eurasian Economic Union

Directory of Open Access Journals (Sweden)

Evgeny Vinokurov

2017-09-01

Full Text Available After achieving substantial progress in establishing a common customs territory and regulations, customs unions face potential disruptions due to a lack of monetary policy coordination. These disruptions might appear in the form of currency shocks and the ensuing trade conflicts. We approach this issue by looking at the case of the Eurasian Economic Union (EAEU. The volatility of national currencies in 2014–2015 resulted in sizable shifts in competitiveness, culminating in a currency crisis in some member states. This raises the questions of how to gradually achieve a more coordinated monetary policy, what monetary policy options are available, and what would be their relative impact on macroeconomic stability. Using a set of modeling tools and econometric models, we review three monetary regimes, which represent moves from fully independent exchange rate policy through increased policy coordination to joint exchange rate setting.

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.

Dynamically Hedging Oil and Currency Futures Using Receding Horizontal Control and Stochastic Programming

Science.gov (United States)

Cottrell, Paul Edward

There is a lack of research in the area of hedging future contracts, especially in illiquid or very volatile market conditions. It is important to understand the volatility of the oil and currency markets because reduced fluctuations in these markets could lead to better hedging performance. This study compared different hedging methods by using a hedging error metric, supplementing the Receding Horizontal Control and Stochastic Programming (RHCSP) method by utilizing the London Interbank Offered Rate with the Levy process. The RHCSP hedging method was investigated to determine if improved hedging error was accomplished compared to the Black-Scholes, Leland, and Whalley and Wilmott methods when applied on simulated, oil, and currency futures markets. A modified RHCSP method was also investigated to determine if this method could significantly reduce hedging error under extreme market illiquidity conditions when applied on simulated, oil, and currency futures markets. This quantitative study used chaos theory and emergence for its theoretical foundation. An experimental research method was utilized for this study with a sample size of 506 hedging errors pertaining to historical and simulation data. The historical data were from January 1, 2005 through December 31, 2012. The modified RHCSP method was found to significantly reduce hedging error for the oil and currency market futures by the use of a 2-way ANOVA with a t test and post hoc Tukey test. This study promotes positive social change by identifying better risk controls for investment portfolios and illustrating how to benefit from high volatility in markets. Economists, professional investment managers, and independent investors could benefit from the findings of this study.

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.

Can yen be the currency for international settlement and foreign reserves; En no kokusaika (kessai junbi tsuka toshite no en no kanosei)

Energy Technology Data Exchange (ETDEWEB)

Hiraki, S. [Niigata University, Niigata (Japan). Faculty of Engineering

1995-11-20

Taking as the first on the list the fall in the status of the U.S. dollar as seen in aiding the Mexican currency liquidity crisis, this paper traces the course of weakening of the U.S. dollar and changes in foreign exchange rates, and explains the internationalization and expectation on the yen as a supplementary key currency. Since the American trade balance had turned into deficit in 1970, the value of the U.S. dollar has declined against that of the Japanese yen and German mark. It is clear from change in the IMF assignment amount that the two latter currencies are taking the role for international settlement and as reserve currencies. The import contracts denominated in yen in Asia during 1991 have stayed as low as at 21.6% based on the prediction of the appreciating trend of yen, while those for the export contracts have exceeded 50%. Although the amount of yen reserved in every country as the reserve currency is still small, it is anticipated that yen will be playing more important role as one of the key currencies in the future. However, it is also a fact that there are several problems for yen to be capable of being used for the international settlement and as the reserve currency. 1 fig., 4 tabs.

31 CFR 535.566 - Unblocking of foreign currency deposits held by U.S.-owned or controlled foreign firms.

Science.gov (United States)

2010-07-01

... Licensing Policy § 535.566 Unblocking of foreign currency deposits held by U.S.-owned or controlled foreign... persons subject to the jurisdiction of the United States are unblocked, provided however that conversions... 31 Money and Finance: Treasury 3 2010-07-01 2010-07-01 false Unblocking of foreign currency...

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

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,

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.

Final Report and Documentation for the PLD11 Multipurpose Programmable Logic VME Board Design

International Nuclear Information System (INIS)

Hutchinson, Robert L.; Pierson, Lyndon G.; Robertson, Perry J.; Tarman, Thomas D.; Witzke, Edward L.

1999-01-01

The PLD11 board is a 9U VME board containing 11 Altera 10K100 Programmable Logic Devices, controlled impedance clock tree, VME interface, programming inteface, 0C3 (155 Mbps) interface and serial port. The 11 Altera 10K100 Programmable Logic Devices arranged to provide four 96 bit wide buses for a total of 384 parallel digital data lines in and out of the board that can operate up to 100 Mhz for a aggrigate throughput of 38.4 Gpbs. The 14.44'' X 15.75'' board has over 1.1 million programmable gates that can be programmed through a serial interace. The board contains a clock reference and 50 ohm clock distribution tree that can drive each of the eleven 10K100 devices with two critically timed clock references. Five external clock references can be used to drive five additional PLD 11 boards for a total of six boards operating all from the same synchronous clock reference. A system of six boards provides just under 7 million programmable gates

75 FR 56628 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing of...

Science.gov (United States)

2010-09-16

... currencies, or options on currencies or currency futures or other currency derivatives or Currency Trust...) interest rate futures or options or derivatives on the foregoing in this subparagraph (b); or (c) CBOE... any of the foregoing; or (b) interest rate futures or options or derivatives on the foregoing in this...

From Petrodollars to Petroeuros: Are the Dollar’s Days as an International Reserve Currency Drawing to an End?

Science.gov (United States)

2003-11-03

price of oil less transparent, require continuous updating to minimize currency arbitrage , and could make the market less liquid as available capital...there are plenty of cheap ways for traders to hedge against currency risk if they are concerned about movements in the dollar. Conclusions

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

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...

We don't have an energy crisis - we have an energy currency crisis

Energy Technology Data Exchange (ETDEWEB)

Scott, D.S. [International Association for Hydrogen Energy, Inst. for Integrated Energy Systems, Univ. of Victoria, Victoria, British Columbia (Canada)

2009-07-01

'Full text': Contrary to what almost everyone believes, we do not need to find new, non-carbon energy sources. We have plenty, including hydraulic, wind, solar, geothermal, tidal sources - and, most important, nuclear power. The latter holds the most promise for a substantial positive impact world-wide - but it is held back by the deeply imbedded, flawed mythology that nuclear power is dangerous and unsustainable. In order to deploy non-carbon sources at the level they are needed globally, we must build new nuclear plants and refurbish old ones. At the same time, we must, whenever reasonable, install other non-carbon sources, typically renewables like hydraulic and wind, whose attractiveness depends on venue. We will use the graphic of the energy system's architecture, shown above, as a platform to explain why our critical need is for a universal non-carbon energy currency that can allow non-carbon sources to escape the electricity ghetto and move into transportation fuels and chemical commodities. Today's proposals for deflecting climate disruption are not solutions. At best, they are band-aids. Any comprehensive solution must lead to zero CO{sub 2} emissions from our energy system - not just reduced emissions. This requires not only non-carbon sources but also non-carbon currencies. We already have the non-carbon currency - electricity. But electricity can not fly airplanes, or push ships, and is a poor currency for road or rail. For these services, we will need the non-carbon - and renewable - currency, hydrogen. Only hydrogen can allow the energy from non-carbon sources like hydraulic, nuclear, sunlight or wind, to fly airplanes - to fly them further, safer, with larger payloads and without (in principle) the system emitting a drop of CO{sub 2}. In short, hydrogen is the single, non-carbon fuel that can substitute for today's gasoline, diesel and jet-A. On the way to the Hydrogen Age, 'tether' hydrogen must play a vital role

The importance of corporate foreign debt as an alternative to currency derivatives in actual management of exchange rate exposures

DEFF Research Database (Denmark)

Aabo, Tom

This empirical study of the exchange rate exposure management of Danish non-financial firms listed on the Copenhagen Stock Exchange shows that debt denominated in foreign currency ("foreign debt") is a very important alternative to the use of currency derivatives. The results show that the relati...

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.

El Salvador; Request for a Stand-By Arrangement and Cancellation of Current Arrangement: Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for El Salvador

OpenAIRE

International Monetary Fund

2010-01-01

This paper discusses El Salvador’s Request for a Stand-By Arrangement and cancellation of the current arrangement. The program seeks to preserve financial stability, safeguard the economic recovery, and strengthen the medium-term fiscal position. Fiscal policy will aim at offsetting the impact of the adverse external environment on domestic activity and the most vulnerable while ensuring debt sustainability over the medium term. IMF financial support would have a catalytic role for official c...

Currency Crises and Monetary Policy in an Economy with Credit Constraints

DEFF Research Database (Denmark)

Bergman, Ulf Michael; Hassan, Shakill

This paper revisits the currency crises model of Aghion, Bacchetta and Banerjee (2000, 2001, 2004), who show that if there exist nominal price rigidities and private sector credit constraints, and the credit multiplier depends on real interest rates, then the optimal monetary policy response...

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

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.

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

On cross-currency models with stochastic volatility and correlated interest rates

NARCIS (Netherlands)

Grzelak, L.A.; Oosterlee, C.W.

2010-01-01

We construct multi-currency models with stochastic volatility and correlated stochastic interest rates with a full matrix of correlations. We first deal with a foreign exchange (FX) model of Heston-type, in which the domestic and foreign interest rates are generated by the short-rate process of

Currency as a potential environmental vehicle for transmitting parasites among food-related workers in Alexandria, Egypt.

Science.gov (United States)

Hassan, Azza; Farouk, Hanan; Hassanein, Faika; Abdul-Ghani, Rashad

2011-09-01

Transmission of parasites may occur indirectly via inanimate objects in the surrounding environment. One of the objects most handled and exchanged by people are currency coins and banknotes, which could be one of the most potential vehicles to transmit parasites, even between countries. However, study of the potential contamination of currency in circulation with intestinal parasites has not been given the interest it deserves and the present study is the first pilot study in Alexandria, Egypt. It was revealed that 60.2% of 103 banknotes and 56.6% of 99 coins obtained from food-related workers had been contaminated with one or more parasitic species. Protozoa were the predominant parasites, with microsporidia and Cryptosporidium spp. being the most prevalent. There was no statistically significant difference between currency types regarding parasitological contamination, but there was a significant (Pbanknotes was with the lower denominations being more contaminated. Copyright © 2011 Royal Society of Tropical Medicine and Hygiene. Published by Elsevier Ltd. All rights reserved.

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.

What shakes the FX tree? Understanding currency dominance, dependence, and dynamics (Keynote Address)

Science.gov (United States)

Johnson, Neil F.; McDonald, Mark; Suleman, Omer; Williams, Stacy; Howison, Sam

2005-05-01

There is intense interest in understanding the stochastic and dynamical properties of the global Foreign Exchange (FX) market, whose daily transactions exceed one trillion US dollars. This is a formidable task since the FX market is characterized by a web of fluctuating exchange rates, with subtle inter-dependencies which may change in time. In practice, traders talk of particular currencies being 'in play' during a particular period of time -- yet there is no established machinery for detecting such important information. Here we apply the construction of Minimum Spanning Trees (MSTs) to the FX market, and show that the MST can capture important features of the global FX dynamics. Moreover, we show that the MST can help identify momentarily dominant and dependent currencies.

The US won the global currency war against Europe and Japan: Their retaliation likely helped elect Trump

Directory of Open Access Journals (Sweden)

Stephen P. Magee

2017-11-01

Full Text Available The United States financial community, lax regulations and the Fed started a global currency war in 2002. The inadvertent cheapening of the US dollar was a by-product of what became the US subprime lending crisis and the financial collapse in 2008. From 2002-2008, the Fed created so much liquidity that the dollar fell 33% relative to the yen and 40% relative to the euro. In response to the 2008 crash, the Fed had to ramp up US money creation again, generating $4 trillion in money creation by 2014. World interest rates fell and raw materials and commodity producers in emerging markets borrowed nearly $5 trillion. Overproduction and the slowdown of China caused a Third World oil and commodity market collapse around 2015. Beginning in 2014, other advanced countries retaliated and declared a global currency war of their own against United States. They created their money with a vengeance. Just as the US had done, this made the currencies of Europe, Japan and Britain 20 to 25% cheaper and their goods became more competitive relative to US goods. As a result, the US became the importer of last resort for cheap foreign goods from 2014 until the election in November of 2016. Only time will tell whether the US currency war that we won from 2002-2014 and the retaliation war we lost from 2014-2016 helped Trump get elected. The parallel is inescapable that the US also started the world tariff and trade war in 1930 with the passage of the Smoot Hawley tariff, which extended the length of the Great Depression. The US currency war pushed Japan even further into recession and weakened Europe. US quantitative easing became a beggar-thy-neighbor policy against our trading partners.

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...

The Economic Value of Fundamental and Technical Information in Emerging Currency Markets

NARCIS (Netherlands)

G.J. de Zwart (Gerben); T.D. Markwat (Thijs); L.A.P. Swinkels (Laurens); D.J.C. van Dijk (Dick)

2007-01-01

textabstractWe measure the economic value of information derived from macroeconomic variables and from technical trading rules for emerging markets currency investments. Our analysis is based on a sample of 21 emerging markets with a floating exchange rate regime over the period 1997-2007 and

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...

Proposed currency composite approach to pricing OPEC oil: problems and possibilities

Energy Technology Data Exchange (ETDEWEB)

Shaaf, M.B.

1982-01-01

The primary purpose of this dissertation was to explore the nature, purposes, benefits, and barriers of establishing a currency basket for OPEC as an alternative to the use the dollar for international trade in oil. The study included the construction and evaluation of three alternative currency baskets and the evaluation of two other baskets for the protection of the real price of OPEC oil from foreign-exchange fluctuations between 1971 and 1980. A secondary objective was to assess the inflationary impact on the real price of oil. Finally, the purpose was to evaluate the changes of the terms of trade of OPEC during the same period. The findings of the research are as follows: During 1971-1980, inflation and the relative weakness of the dollar have reduced the real price of oil to OPEC. In spite of this, the terms of trade of OPEC have substantially improved. This was because OPEC increased its oil prices much more than sufficient to compensate for inflation and the fluctuation of foreign-exchange rates.

CORRECTION OF FORECASTS OF INTERRELATED CURRENCY PAIRS IN TERMS OF SYSTEMS OF BALANCE RATIOS

Directory of Open Access Journals (Sweden)

Gertsekovich D. A.

2015-03-01

Full Text Available 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 pairs. Practical approval confirmed that deductive models meet common requirements, provide accepted precision, show resistance to initial data and are free from series of deficiency of one index. However, extreme forecast errors tell that practical application of the approach offered needs further improvement.

Some stylised facts about the exchange rate behaviour of Central European currencies

Directory of Open Access Journals (Sweden)

Jan Vejmělek

2016-04-01

Full Text Available The paper investigates developments of exchange rate time series of Central European currencies and tries to find evidence of some stylised facts. Statistical methods and an econometric approach to the univariate time series modelling of high-frequency data, i.e., daily, are used. The main conclusions are as follows: (1 All the CE nominal exchange time series are not stationary: nevertheless, stationarity of all the return time series was confirmed. (2 Volatility clustering was proven and the GARCH modelling approach was successfully applied, including asymmetric modelling of volatility. (3 The more flexible an exchange rate regime is, the more volatile the respective currency. This is true for both nominal and real exchange rates. While nominal volatility is lower than real volatility in a system of fixed or less flexible exchange rates, the opposite is true for flexible systems: exchange rate volatility is higher in nominal terms than in real terms.

A Proposed Solution for the Chicken-Egg Dilemma in Pricing Currency Options

Directory of Open Access Journals (Sweden)

Ariful Hoque

2013-06-01

Full Text Available The implied volatility (IV estimation process suffers from an obvious chicken-egg dilemma: obtaining an unbiased IV requires the options to be priced correctly and calculating an accurate option price (OP requires an unbiased IV. We address this critical issue in two steps. First, the Granger causality test is employed, whichconfirms the chicken-and-egg problem in the IV computing process. Secondly, the concept of “moneyness volatility (MV” is introduced as an alternative to IV. MV is modelled based on an option’s moneyness (OM during the life of the option’s contract. The F-test, Granger-Newbold test and Diebold-Mariano test results consistently show that MV outperforms IV in estimating the exchange rate volatility for pricing options. Further, these series of tests across six major currency options substantiate the validity as well as the reliability of the results. We posit that MV offers a unique solution for pricing currency options accurately.

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

OpenAIRE

Bonghan Kim; Seeun Jeong

2007-01-01

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 vi...

IMPACT OF CURRENCY DEVALUATION ON THE EXPORTS: A COMPARATIVE STUDY ON PAKISTAN, BANGLADESH AND INDIA

Directory of Open Access Journals (Sweden)

Imran Shahzad

2013-12-01

Full Text Available In this paper we analyze the impact of currency devaluation on exports of three major economies of South Asian (i.e., Pakistan, Bangladesh and India over the period 1980 to 2012, by implementing the multiple regression models. Results reveales that currency devaluation encourages exports of Pakistan and Bangladesh. Lending interest rate significant negative effect in Pakistan and Bangladesh but insignificant in India. Government expenditure encouraged the export of Pakistan while not significaant in Bangladesh while depress in India. Money supply also enhanced the export of Pakistan, Bangladesh and India. Result suggest that concerned authorities should manage and use the resources properly in such a way which may assist to develop the economies.

Speculazione sulle valute e fluttuazzioni del dollaro. (Currency speculation and dollar fluctuations

Directory of Open Access Journals (Sweden)

S. SCHULMEISTER

2013-12-01

Full Text Available In questo studio i motivi dietro le ampie fluttuazioni del tasso di cambio del dollaro a seguito del crollo del sistema di Bretton Woods, per la maggior parte non spiegata dalle teorie prevalenti del tasso di cambio, sono esplorate. L'autore indaga il tasso di cambio tra le due valute più scambiate, il dollaro e il marco tedesco, dal 1973 al 1988. Nella prima parte, il modello dei movimenti dei tassi di cambio quotidiani viene esaminato per dimostrare che una sequenza di rialzo o al ribasso interrotto da movimenti non direzionali è tipico della dinamica dei tassi di cambio nel breve periodo. Questo modello è sistematicamente sfruttata attraverso speculazione monetaria, in particolare attraverso l'uso di "analisi tecnica". Nella seconda parte, l'autore si concentra sul medio termine, sostenendo che le fluttuazioni possono essere spiegati come il risultato di interagire squilibri dei beni e mercati delle attività. Anche se valuta la speculazione è stata sistematicamente redditizio per la maggior parte delle valute, deve essere considerata destabilizzante in quanto la sequenza delle corse dei prezzi ha causato notevoli e persistenti deviazioni dei tassi di cambio dai loro valori di equilibrio (PIL.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. 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. This pattern is systemically exploited through currency speculation, particularly through the use of “technical analysis”. In the second part, the author focuses on the

Currency Denomination of Bank Loans : Evidence from Small Firms in Transition Countries

NARCIS (Netherlands)

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

2008-01-01

We examine the firm-level and country-level determinants of the currency denomination of small business loans. We introduce an information asymmetry between banks and firms in a model that also features the trade-off between the cost of debt and firm-level distress costs. Banks in our model don’t

Cooperation and Intertrade between Community Currencies : From Fundamentals to Rule-Making and Clearing Systems, including a Case Study of the Zurich Area, Switzerland

NARCIS (Netherlands)

J. Martignoni (Jens)

2015-01-01

textabstractCooperation, interchange or intertrade of complementary currencies is not yet very common, perhaps of because the funding impulse of most complementary currencies does not cover the question of interchange and cooperation yet, or because theoretical aspects are not often studied. The

Competitive devaluations in currency wars: financial projections of neo-protectionism

Directory of Open Access Journals (Sweden)

Zoryana Lutsyshyn

2013-08-01

Full Text Available The article examines the nature of a currency war as signs of neoprotectionism in terms of global challenges the global monetary system which came in yet another transformation period has faced. We analyze a mechanism of performance of competitive devaluations as a tool for improving the competitiveness of national economies. It is given the author's interpretation of the financial instruments of neo-protectionism thorough a thorough study of the latter.

What Drives Bank Lending in Domestic and Foreign Currency Loans in a Small Open Transition Economy with Fixed Exchange Rate? The Case of Macedonia

OpenAIRE

Jane Bogoev

2011-01-01

This paper investigates two different bank loan supply functions and their determinants according to the currency of bank loans in the Republic of Macedonia. There is robust statistical evidence in favour of the existence of a bank lending channel through foreign currency loans and the foreign reference interest rate. This suggests that the impact of domestic monetary policy over the bank lending channel is limited. The most significant bank-specific characteristic for the foreign currency lo...

PARTICULARITIES REGARDING THE REFLECTION OF FOREIGN CURRENCY TRANSACTIONS IN FINANCIAL STATEMENTS

Directory of Open Access Journals (Sweden)

Ionela Cristina Breahna Pravat

2014-07-01

Full Text Available The structure and the constituent parts of financial statements are regulated at a national level, mainly by Accounting regulations compliant with European Directives ̶ O.M.P.F. no. 3055/2009, but also by Accounting regulations compliant with International Financial Reporting Standards applied by the trading companies whose securities are rated on a regulated capital market ̶ O.M.P.F. no. 1286/2012. From this latter point of view, an important role is played by IAS 1 “Presentation of Financial Statements”, respectively IAS 21 “The Effects of Changes in Foreign Exchange Rates”. Therefore, this study aims to describe a series of theoretical and practical aspects regarding the particularities of presenting elements generated by foreign currency transactions in financial statements, which are prepared in compliance with the Romanian accounting regulations ̶ balance sheet, profit and loss account, cash flow statement, statement of changes in equity, explanatory notes. The paper also approaches the effect of changes in foreign exchange rates, respectively the accounting recognition of exchange differences, which are specific to different foreign currency operations, according to national regulations (and implicitly, to European Directives, but also according to international regulations (IFRS.

It's the system, stupid! The architecture, the services, the currencies, the sources and 'why hydrogen'

Energy Technology Data Exchange (ETDEWEB)

Scott, D.S. [International Association for Hydrogen Energy, Victoria, British Columbia (Canada)

2009-07-01

'Full text:' Drawing from Smelling Land: The Hydrogen Defense Against Climate Catastrophe, the talk will introduce a novel view of energy system architecture, to use as a platform from which to better appreciate where we were yesterday, are today and, with luck, will be tomorrow. We will introduce and explain the key concept of energy 'currencies' - whose place in the energy system is seen from the figure below: Services - Services Technologies - Currencies - Transformer Technologies - Sources. The talk will review tragicomic Canadian examples of what happens when we forget the system, to focus only on its bits and piece. Many persist today. The discussion will explain why hydrogen systems are essential if we're to have a chance to escape climate catastrophe. Almost all today's proposals for deflecting climate disruption are, at best, bandaids. Any comprehensive solution must ultimately lead to zero CO{sub 2} emissions. That will require not just non-carbon energy sources but also non-carbon energy currencies. We already have the non-carbon currency electricity. But electricity can't fly airplanes, or push ships, and is a poor currency for road or rail. For these we'll need the non-carbon currency, hydrogen. Only hydrogen can allow the energy from non-carbon sources like hydraulic, nuclear, sunlight or wind, to fly airplanes - further, faster, safer and with larger payloads without the system emitting (in principle) a drop of CO{sub 2}. The synergies apparent with liquid-hydrogen fuelled aircraft exemplify the synergies of all hydrogen-fuelled transportation vehicles. On the way to this brilliant future, 'tether' hydrogen must play a vital role harvesting Canada's heavy oil reserves while minimizing collateral CO{sub 2} emissions. Later, 'neat' hydrogen systems will bring the brilliant future that will be the Hydrogen Age. The 20th century bequeathed us the wonders of the Electricity Age. The 21st

It's the system, stupid! The architecture, the services, the currencies, the sources and 'why hydrogen'

International Nuclear Information System (INIS)

Scott, D.S.

2009-01-01

'Full text:' Drawing from Smelling Land: The Hydrogen Defense Against Climate Catastrophe, the talk will introduce a novel view of energy system architecture, to use as a platform from which to better appreciate where we were yesterday, are today and, with luck, will be tomorrow. We will introduce and explain the key concept of energy 'currencies' - whose place in the energy system is seen from the figure below: Services - Services Technologies - Currencies - Transformer Technologies - Sources. The talk will review tragicomic Canadian examples of what happens when we forget the system, to focus only on its bits and piece. Many persist today. The discussion will explain why hydrogen systems are essential if we're to have a chance to escape climate catastrophe. Almost all today's proposals for deflecting climate disruption are, at best, bandaids. Any comprehensive solution must ultimately lead to zero CO 2 emissions. That will require not just non-carbon energy sources but also non-carbon energy currencies. We already have the non-carbon currency electricity. But electricity can't fly airplanes, or push ships, and is a poor currency for road or rail. For these we'll need the non-carbon currency, hydrogen. Only hydrogen can allow the energy from non-carbon sources like hydraulic, nuclear, sunlight or wind, to fly airplanes - further, faster, safer and with larger payloads without the system emitting (in principle) a drop of CO 2 . The synergies apparent with liquid-hydrogen fuelled aircraft exemplify the synergies of all hydrogen-fuelled transportation vehicles. On the way to this brilliant future, 'tether' hydrogen must play a vital role harvesting Canada's heavy oil reserves while minimizing collateral CO 2 emissions. Later, 'neat' hydrogen systems will bring the brilliant future that will be the Hydrogen Age. The 20th century bequeathed us the wonders of the Electricity Age. The 21st century is filled

The Global Crisis of the Late 2000s and Currency Substitution: A Study of Three Eastern European Economies Russia, Turkey and Ukraine

Directory of Open Access Journals (Sweden)

Akalin Gurkan I.

2015-05-01

Full Text Available For the last two decades, most of Eastern European countries moved towards open economies, including Baltic Countries, Ukraine and Russia. Some of these countries adopted the euro such as the case of Montenegro in 2002, Slovakia in 2009, Estonia in 2011, and finally Latvia in 2014. Adoption of the new currency helped these countries further integrate into a larger market, the Eurozone, and stabilize their economies against heavily fluctuating exchange rates. The governments of Ukraine and Russia, on the other hand, did not show interest to join the Eurozone and followed more independent currency policies along with the limited economic liberalization during the period of the 90s and the early 2000s. Similarly, Turkey, not a former Eastern Bloc country, but located geographically very close to these two countries did not peg its currency to the euro or the US dollar. All of these three economies in Eastern Europe had multiple deep financial crises, inflation, devaluations, and weak governments in the last two decades of the 90s and the 2000s (Lissovolik, 2003. For instance, Turkish lira depreciated from 13 TL/$ in 1973 to 1.5 million TL/$ in 2004 (Bahmani-Oskooee, 1996. As a result, of these negative experiences, local people of these countries developed a tendency to keep at least a portion of their savings in a foreign currency (Civcir, 2003. In the case of Turkey, the ratio of reserves held in the foreign currency over the local currency, which is a de facto measure of US dollarization, showed a steady rise during the period from 1983 to 1993, remained steady high around 50% until 2001 and decreased afterwards (Metin-Özcan, 2009. In short, these countries are examples of highly US dollarized countries (Havrylyshyn & Beddies, 2003; Kaplan, 2008.

The Long-Run Value of Currencies: A Big Mac Perspective

OpenAIRE

Yihui Lan

2001-01-01

Purchasing Power Parity (PPP), the link between exchange rates and prices, is a fundamental building block of international finance, one which has been attracting increasing research interest during the past three decades. The Big Mac Index (BMI), invented by 'The Economist' magazine in 1986, has played a major role in popularising PPP and bringing its practical implications to the attention of financial markets. The aim of this paper is to derive long-run equilibrium values of currencies usi...

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.

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

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...

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...

CURRENCY WARFARE AS PRACTICE OF THE EUROZONE’S EFFILOCHEMENT: THE LOGIC OF GEO–ECONOMY IN LIEU OF THE EUROPEAN INTEGRATION THEORIES

Directory of Open Access Journals (Sweden)

Maria DUNIN-WĄSOWICZ

2013-06-01

Full Text Available Since the Eurozone’s Effilochement has become a fact and European integration theories, as defined in existing theories, falls short of offering a hope for the salvation of EU’s monetary integrity, the logic of geo-economy is prevailing among the European states. In particular, it means that the Eurozone has introduced currency warfare against the currencies of EU states that do not use the euro. The argument is that a paradigm shift away from solidarity towards quite narrow-minded policy has occurred; different from what has been understood by European integration thus far. This paper outlines a two - level geo-economic approach to analyse how and why the current Eurozone’s Effilochement - structural and political - are solved by means of currency wars. On a theoretical level, the paper argues that such behaviour systematically undermines the status of the euro as a currency of public trust and reframes the economic benefits and international importance of the EU. The empirical tier of the work shows that the euro is perceived as a differentiation tool to impede the tempo of the real enlargement process of the EU that began in 2004. The Eurozone’s efforts to adopt its exclusive institutional and governance structure despite the potential risks involved, provide all the elements of this demonstration. The conclusion leads to the thesis that we need to be think more about geo-economics, this specific example being currency wars, to discern whether this paradigm of IPE became either a hindrance or a vehicle of the European integration ‘game’.

On arrangements of pseudohyperplanes

Indian Academy of Sciences (India)

To every realizable oriented matroid there corresponds an arrangement of ... An important object missing in the context of pseudo-arrangements is an analogue ...... to extend this correspondence we use the language of metrical-hemisphere ...

A common currency for the computation of motivational values in the human striatum

NARCIS (Netherlands)

Sescousse, G.T.; Li, Y.; Dreher, J.C.

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

77 FR 42365 - Price for the Making American History Coin and Currency Set

Science.gov (United States)

2012-07-18

... DEPARTMENT OF THE TREASURY United States Mint Price for the Making American History Coin and... States Mint is announcing a price of $72.95 for the Making American History Coin and Currency Set. FOR FURTHER INFORMATION CONTACT: B.B. Craig, Associate Director for Sales and Marketing; United States Mint...

Voluntary Environmental Governance Arrangements

NARCIS (Netherlands)

van der Heijden, J.

2012-01-01

Voluntary environmental governance arrangements have focal attention in studies on environmental policy, regulation and governance. The four major debates in the contemporary literature on voluntary environmental governance arrangements are studied. The literature falls short of sufficiently

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.

The Future of the CEMAC CFA Franc

Directory of Open Access Journals (Sweden)

Julius Agbor Agbor

2013-08-01

Full Text Available A total of 80 currency boards have come into existence at some point since the mid-19th century, but to date only about 15 of them still exist, among which is the CFA franc monetary zone. The future sustainability of the CFA franc zone, to which the CEMAC CFA franc belongs, is increasingly questioned in the light of increasing asymmetries in exposure to external shocks, differential speeds of adjustment of the real exchange rate following shocks, differential impacts in economic fundamentals, and low levels of intra-regional trade and financial flows between CEMAC and WAEMU. For the CEMAC bloc of countries in particular, the future sustainability of the fixed exchange regime depends crucially on continued oil exports, which currently represent about 90percent of export revenues and 40 percent of GDP. Should oil reserves deplete in the near future or oil prices decline significantly, a substantial source of foreign reserves would be lost, thereby exposing the regime to collapse. Even without resource depletion, continued volatility in global financial markets is increasing the risks of collapse of the fixed exchange regime as oil and commodity price swings ignite currency speculation as well as render reserves much more volatile. Against this backdrop, the present study examines the stakes facing the CEMAC CFA franc, discusses the exit options from the currency board and makes recommendations towards a sustainable monetary policy framework for CEMAC countries going forward. The analysis points to the imperative of pursuing a full monetary union with a single CEMAC franc pegged to the U.S. dollar and further suggest that, like the experience of the eurozone, the CEMAC monetary arrangement can be best implemented only by complying with the principle of political union.

PredicForex. A tool for a reliable market. Playing with currencies.

Directory of Open Access Journals (Sweden)

C. Cortés Velasco

2009-12-01

Full Text Available The Forex market is a very interesting market. Finding a suitable tool to forecast currency behavior will be of great interest. It is almost impossible to find a 100 % reliable tool. This market is like any other one, unpredictable. However we developed a very interesting tool that makes use of WebCrawler, data mining and web services to offer and forecast an advice to any user or broker.

Optical Arrangement and Method

DEFF Research Database (Denmark)

2010-01-01

Processing of electromagnetic radiation is described, said incoming electromagnetic radiation comprising radiation in a first wavelength interval and a plurality of spatial frequencies. An arrangement comprises a focusing arrangement for focusing the incoming electromagnetic radiation, a first ca...

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...

Women on the corporate board of directors and corporate sustainability disclosure

Directory of Open Access Journals (Sweden)

Emeldah M. Modiba

2017-09-01

Full Text Available This research examined whether an improved participation of women in the board of directors has any relationship with sustainability disclosure. Accordingly, the objective of this research was to examine the relationship between the number of women on the board of directors and social investment disclosure and energy disclosure in the sample of companies. The paper used a quantitative approach and data were collected from the archives of sustainability reports of five companies that formed the sample. The panel-data regression analysis was used in data arrangement. Five sample of companies over five years produced a (5 x 5 panel resulting in 25 observations. Data was tested at an alpha of 0.05. Results from all the analysis showed a P value below the research alpha (P < 0,05 indicating a significant relationship. Therefore, findings from the panel-data regression analysis disclosed a positive relationship between the number of women on the board of directors and corporate disclosure on social investment and energy consumption. Further analysis also disclosed that women on the board of directors are related with the overall number of women employees in the company. The paper concludes that within the sample of companies, women on the board of directors may influence sustainability disclosure such as energy and social investment. Women on the board of directors might also assist the companies to achieve gender equity employment goals. The research recommends that given the unique social and environmental proclivity of women, the corporate should recruit more women in the boards to enhance accelerated corporate sustainability performance. Further research using expanded number of companies is recommended.

A PDE Pricing Framework for Cross-Currency Interest Rate Derivatives with Target Redemption Features

Science.gov (United States)

Christara, Christina C.; Minh Dang, Duy; Jackson, Kenneth R.; Lakhany, Asif

2010-09-01

We propose a general framework for efficient pricing via a partial differential equation (PDE) approach for exotic cross-currency interest rate (IR) derivatives, with strong emphasis on long-dated foreign exchange (FX) IR hybrids, namely Power Reverse Dual Currency (PRDC) swaps with a FX Target Redemption (FX-TARN) provision. The FX-TARN provision provides a cap on the FX-linked PRDC coupon amounts, and once the accumulated coupon amount reaches this cap, the underlying PRDC swap terminates. Our PDE pricing framework is based on an auxiliary state variable to keep track of the total accumulated PRDC coupon amount. Finite differences on uniform grids and the Alternating Direction Implicit (ADI) method are used for the spatial and time discretizations, respectively, of the model-dependent PDE corresponding to each discretized value of the auxiliary variable. Numerical examples illustrating the convergence properties of the numerical methods are provided.

Comparison of the Effects of SMART Board Technology and Flash Card Instruction on Sight Word Recognition and Observational Learning

Science.gov (United States)

Mechling, Linda C.; Gast, David L.; Thompson, Kimberly L.

2009-01-01

This study compared the effectiveness of SMART Board, interactive whiteboard technology and traditional flash cards in teaching reading in a small-group instructional arrangement. Three students with moderate intellectual disabilities were taught to read grocery store aisle marker words under each condition. Observational learning (students…

Topics in hyperplane arrangements

CERN Document Server

Aguiar, Marcelo

2017-01-01

This monograph studies the interplay between various algebraic, geometric and combinatorial aspects of real hyperplane arrangements. It provides a careful, organized and unified treatment of several recent developments in the field, and brings forth many new ideas and results. It has two parts, each divided into eight chapters, and five appendices with background material. Part I gives a detailed discussion on faces, flats, chambers, cones, gallery intervals, lunes and other geometric notions associated with arrangements. The Tits monoid plays a central role. Another important object is the category of lunes which generalizes the classical associative operad. Also discussed are the descent and lune identities, distance functions on chambers, and the combinatorics of the braid arrangement and related examples. Part II studies the structure and representation theory of the Tits algebra of an arrangement. It gives a detailed analysis of idempotents and Peirce decompositions, and connects them to the classical th...

Design, construction, quality checks and test results of first resistive-Micromegas read-out boards for the ATLAS experiment

CERN Document Server

AUTHOR|(INSPIRE)INSPIRE-00215943; The ATLAS collaboration; Kuger, Fabian

2015-01-01

The development work carried out at CERN to push the Micromegas technology to a new frontier is now coming to an end. The construction of the first read-out boards for the upgrade of the ATLAS muon system will demonstrate in full-scale the feasibility of this ambitious project. The read-out boards, representing the heart of the detector, are manufactured in industries, making the Micromegas for ATLAS the first MPGD for a large experiment with a relevant part industrially produced. The boards are 50 cm wide and up to 220 cm long, carrying copper strips 315 μm wide with 415 μm pitch. Interconnected resistive strips, having the same pattern as the copper strips, provide spark protection. The boards are completed by the creation of cylindrical pillars 128 μm high, 280 μm in diameter and arranged in a triangular array 7 mm aside. The total number of boards to be produced for ATLAS is 2048 of 32 different types. We will review the main design parameters of the read-out boards for the ATLAS Micromegas, following...

A free-floating currency regime during economic crisis: advantage or disadvantage?

OpenAIRE

Lubor Lacina; Petr Toman

2011-01-01

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 ra...

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...

Financial liberalization, currency substitution and savings in Nigeria: Evidence from cointegration and error correction modeling

Directory of Open Access Journals (Sweden)

M Aziakpono

2004-04-01

Full Text Available The study set out to test the McKinnon-Shaw proposition that financial liberalization will significantly increase savings mobilization. The results partly supported the financial liberalization proposition. Variables that capture the effects of currency substitution such as the interest rate differential, a proxy for underground economy, the inflation differential (as a measure of macroeconomic instability and a dummy for political instability were significant in their adverse impacts on the saving mobilization process in Nigeria. We, therefore, advocate for an active monetary policy that will help manage the delicate balance between domestic and foreign interest rates. This should be combined with macroeconomic policies that create a stable economic environment along with appropriate financial and exchange rate policies, in order to discourage economic agents from preferring foreign denominated assets to those held in the domestic currency.

Arrangement for Cooperation and Exchange of Information between the Atomic Energy Control Board of Canada and the Health and Safety Executive of the United Kingdom

International Nuclear Information System (INIS)

1991-01-01

Under this Arrangement which covers the period 31 May 1991 to 1 June 1996, the Parties may exchange information on administrative, regulatory and technical questions as well as on press and public reactions to incidents. The information could concern the nuclear installation itself (siting, decommissioning), or safety (assessments, research and development work) or treatment of radioactive wastes. The Arrangement also covers information concerning any event that has a major radiological significance and the remedial actions undertaken in response. In addition, the Arrangement lists excepted information, for example for national security or commercial reasons. (NEA) [fr

Currency recognition using a smartphone: Comparison between color SIFT and gray scale SIFT algorithms

Directory of Open Access Journals (Sweden)

Iyad Abu Doush

2017-10-01

Full Text Available 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 and efficient local invariant feature descriptor. Color provides significant information and important values in the object description process and matching tasks. Many objects cannot be classified correctly without their color features. We compared between two approaches colored local invariant feature descriptor (color SIFT approach and gray image local invariant feature descriptor (gray SIFT approach. The evaluation results show that the color SIFT approach outperforms the gray SIFT approach in terms of processing time and accuracy.

The Currency Substitution Hypothesis and Relative Money Demand in Mexico and Canada.

OpenAIRE

Rogers, John H

1992-01-01

The author estimates demand for dollars relative to domestic currency in Mexico and Canada using (1) a multivariate model with a relative money demand equation, and (2) single- equation models, including an error-correction representation. He also analyzes the models' encompassing properties. The anomalous correlation between the Mexican dollarization ratio and expected peso depreciation implies that "convertibility risk" was associated with holding Mexidollars. Under this interpretation, hig...

Decentralizing constrained-efficient allocations in the Lagos–Wright pure currency economy

OpenAIRE

Bajaj, Ayushi; Hu, Tai Wei; Rocheteau, Guillaume; Silva, Mario Rafael

2017-01-01

This paper offers two ways to decentralize the constrained-efficient allocation of the Lagos–Wright (2005) pure currency economy. The first way has divisible money, take-it-or-leave-it offers by buyers, and a transfer scheme financed by money creation. If agents are sufficiently patient, the first best is achieved for finite money growth rates. If agents are impatient, the equilibrium allocation approaches the constrained-efficient allocation asymptotically as the money growth rate tends to i...

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)

Optimization Technique With Sensitivity Analysis On Menu Scheduling For Boarding School Student Aged 13-18 Using “Sufahani-Ismail Algorithm”

Science.gov (United States)

Sudin, Azila M.; Sufahani, Suliadi

2018-04-01

Boarding school student aged 13-18 need to eat nutritious meals which contains proper calories, vitality and nutrients for appropriate development with a specific end goal to repair and upkeep the body tissues. Furthermore, it averts undesired diseases and contamination. Serving healthier food is a noteworthy stride towards accomplishing that goal. However, arranging a nutritious and balance menu manually is convoluted, wasteful and tedious. Therefore, the aim of this study is to develop a mathematical model with an optimization technique for menu scheduling that fulfill the whole supplement prerequisite for boarding school student, reduce processing time, minimize the budget and furthermore serve assortment type of food each day. It additionally gives the flexibility for the cook to choose any food to be considered in the beginning of the process and change any favored menu even after the ideal arrangement and optimal solution has been obtained. This is called sensitivity analysis. A recalculation procedure will be performed in light of the ideal arrangement and seven days menu was produced. The data was gathered from the Malaysian Ministry of Education and schools authorities. Menu arranging is a known optimization problem. Therefore Binary Programming alongside optimization technique and “Sufahani-Ismail Algorithm” were utilized to take care of this issue. In future, this model can be implemented to other menu problem, for example, for sports, endless disease patients, militaries, colleges, healing facilities and nursing homes.

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.

Do Indonesian Children's Experiences with Large Currency Units Facilitate Magnitude Estimation of Long Temporal Periods?

Science.gov (United States)

Cheek, Kim A.

2017-08-01

Ideas about temporal (and spatial) scale impact students' understanding across science disciplines. Learners have difficulty comprehending the long time periods associated with natural processes because they have no referent for the magnitudes involved. When people have a good "feel" for quantity, they estimate cardinal number magnitude linearly. Magnitude estimation errors can be explained by confusion about the structure of the decimal number system, particularly in terms of how powers of ten are related to one another. Indonesian children regularly use large currency units. This study investigated if they estimate long time periods accurately and if they estimate those time periods the same way they estimate analogous currency units. Thirty-nine children from a private International Baccalaureate school estimated temporal magnitudes up to 10,000,000,000 years in a two-part study. Artifacts children created were compared to theoretical model predictions previously used in number magnitude estimation studies as reported by Landy et al. (Cognitive Science 37:775-799, 2013). Over one third estimated the magnitude of time periods up to 10,000,000,000 years linearly, exceeding what would be expected based upon prior research with children this age who lack daily experience with large quantities. About half treated successive powers of ten as a count sequence instead of multiplicatively related when estimating magnitudes of time periods. Children generally estimated the magnitudes of long time periods and familiar, analogous currency units the same way. Implications for ways to improve the teaching and learning of this crosscutting concept/overarching idea are discussed.

Rotary kiln arrangements

International Nuclear Information System (INIS)

Hayes, M.R.

1983-01-01

In a rotary kiln arrangement in which a reaction is to occur between counterflowing reactants and material is discharged through a hopper, an injector for at least one reactant extends into a reaction zone of the kiln, means being provided for the reaction zone to be maintained within a desired temperature range. The said means includes heating elements for adjusting the temperature of the injected reactant to a temperature within the desired range while it is in the injector. The arrangement may be used in the production of uranium oxides from uranium hexafluoride. (author)

Price Discovery from Cross-Currency and FX Swaps: A Structural Analysis

OpenAIRE

Yasuaki Amatatsu; Naohiko Baba

2007-01-01

This paper investigates the relative role of price discovery between two long-term swap contracts that exchange between the U.S. dollar and the Japanese yen: cross-currency basis swap and FX (foreign exchange) swap. First, we show that these two swaps should be in a no-arbitrage relationship by allowing for differential risk premiums. Second, we empirically investigate the relative role of price discovery using the structural-form approach based on the state space models. Main finding are as ...

Airline seat inventory control benefiting from currency differentials to enhance revenues

Directory of Open Access Journals (Sweden)

C.E. Love

2003-12-01

Full Text Available The purpose of this paper is to develop an airline seat inventory control model which will capitalise on currency differentials that exist between city pairs. The approach taken here is to maximise Expected Marginal Seat Revenues as proposed by Belobaba for non-nested fare classes. the basic Expected Marginal Seat Revenue model is extended to explicitly include the effects of overbooking. Data from the South African Airways return flight between Cape Town and London is utilised to demonstrate the model.

42 CFR 413.241 - Pharmacy arrangements.

Science.gov (United States)

2010-10-01

... 42 Public Health 2 2010-10-01 2010-10-01 false Pharmacy arrangements. 413.241 Section 413.241... Disease (ESRD) Services and Organ Procurement Costs § 413.241 Pharmacy arrangements. Effective January 1, 2011, an ESRD facility that enters into an arrangement with a pharmacy to furnish renal dialysis...

Process of making decisions on loan currency: Influence of representativeness on information processing and coherence with consumption motives

Directory of Open Access Journals (Sweden)

Anđelković Dragan

2016-01-01

Full Text Available Rationality of decision maker is often reduced by heuristics and biases, and also by different types of external stimuli. In decision-making process individuals simplify phases of information selection and information processing by using heuristics, simple rules which are focused on one aspect of complex problem and ignore other aspects, and in that way 'speed up' decision-making process. This method of making decisions, although efficient in making simple decisions, can lead to mistakes in probability assessment and diminish rationality of decision maker. In that way it can influence drastically on transaction outcome for which decision is being made. The subject of this study is influence of representativeness heuristic on making financial decisions by individuals, and influence of consumption motives on stereotypical elements in information processing phase. Study was conducted by determining attitudes of respondents toward currencies, and then by conducting experiments with aim of analyzing method of making decisions on loan currency. Aim of study was determining whether and to what extent representativeness influence choice of currency in process of making loan decisions. Results of conducted behavioral experiments show that respondents, opposite to rational model, do not asses probability by processing available information and in accordance with their preferences, but by comparing decision objects with other objects which have same attributes, showing in that way moderate positive correlation between stereotypical attitudes and choice of loan currency. Experiments have shown that instrumental motive significantly influence representativeness heuristics, that is, individuals are prone to process information with diminished influence of stereotypical attitudes caused by external stimuli, in situations where there is no so called 'hedonistic decision-making'. Respondents have been making more efficient decisions if they had motive which does

29 CFR 779.229 - Other arrangements.

Science.gov (United States)

2010-07-01

..., Franchise and Other Business Arrangements § 779.229 Other arrangements. With respect to those arrangements...” establishment will be considered a part of the same “enterprise.” For example, whether a franchise, lease, or... the enterprise which grants the franchise, right, or concession. (S. Rept. 145, 87th Cong., 1st Sess...

"An Asymptotic Expansion Approach to Currency Options with a Market Model of Interest Rates under Stochastic Volatility Processes of Spot Exchange Rates"

OpenAIRE

Akihiko Takahashi; Kohta Takehara

2007-01-01

This paper proposes an asymptotic expansion scheme of currency options with a libor market model of interest rates and stochastic volatility models of spot exchange rates. In particular, we derive closed-form approximation formulas for the density functions of the underlying assets and for pricing currency options based on the third order asymptotic expansion scheme; we do not model a foreign exchange rate's variance such as in Heston[1993], but its volatility that follows a general time-inho...

The Shadow Economy of Czech Republic and Tax Evasion: The Currency Demand Approach

Directory of Open Access Journals (Sweden)

Dennis Nchor

2016-01-01

Full Text Available This study investigates the shadow economy of Czech Republic and the associated losses in tax revenue. The presence of a shadow economy may not necessarily be bad for the economies in which they prevail but they could cause huge losses to government revenue and could also constitute serious violation of labour regulations. The study uses the Currency Demand Approach. It measures the size of the shadow economy in two stages: a the econometric estimation of an aggregate money demand equation b the calculation of the value of the shadow economy through the quantity theory of money. The key variables in the study include: the total currency held outside the banking system, the number of automatic teller machines, the deposit interest rate, GDP deflator, the average tax, velocity of money, nominal GDP and nominal money supply. The results from the study show that the shadow economy of Czech Republic on the average is about 20.9 % as at the end of 2013 and the country loses an average tax revenue of about 7.2 % of GDP yearly. The data was obtained from the World Bank country indicators and the International Financial Statistics.

Correlation analysis of fracture arrangement in space

Science.gov (United States)

Marrett, Randall; Gale, Julia F. W.; Gómez, Leonel A.; Laubach, Stephen E.

2018-03-01

We present new techniques that overcome limitations of standard approaches to documenting spatial arrangement. The new techniques directly quantify spatial arrangement by normalizing to expected values for randomly arranged fractures. The techniques differ in terms of computational intensity, robustness of results, ability to detect anti-correlation, and use of fracture size data. Variation of spatial arrangement across a broad range of length scales facilitates distinguishing clustered and periodic arrangements-opposite forms of organization-from random arrangements. Moreover, self-organized arrangements can be distinguished from arrangements due to extrinsic organization. Traditional techniques for analysis of fracture spacing are hamstrung because they account neither for the sequence of fracture spacings nor for possible coordination between fracture size and position, attributes accounted for by our methods. All of the new techniques reveal fractal clustering in a test case of veins, or cement-filled opening-mode fractures, in Pennsylvanian Marble Falls Limestone. The observed arrangement is readily distinguishable from random and periodic arrangements. Comparison of results that account for fracture size with results that ignore fracture size demonstrates that spatial arrangement is dominated by the sequence of fracture spacings, rather than coordination of fracture size with position. Fracture size and position are not completely independent in this example, however, because large fractures are more clustered than small fractures. Both spatial and size organization of veins here probably emerged from fracture interaction during growth. The new approaches described here, along with freely available software to implement the techniques, can be applied with effect to a wide range of structures, or indeed many other phenomena such as drilling response, where spatial heterogeneity is an issue.

Currencies, National Images and National Identities: Public Relations for and against Currencies – Historical Experiences from Germany, the Case of the Euro and the Role of Rating Agencies

Directory of Open Access Journals (Sweden)

Michael Kunczik

2013-06-01

Full Text Available My thesis is that, in the “age of markets” in Europe the Euro is of central importance for creating (or destroying already established structures of European identity (at least in parts of Europe – with Great Britain taking a very remote position. I emphasize the theoretical aspects (Aftalion´s Psychological Theory of Exchange Rates; Simmel: Philosophie des Geldes to emphasize the importance of PR. I concentrate on historical cases – mainly German experiences – e.g. the campaign against the Rubel; the ideas of Ivy Lee; the PR-campaigns of the Nazi-government to fight inflation. The introduction of the German Mark (“die Deutsche Mark”, which became a central aspect of German national identity, and the campaign to give up this currency (“harte Währung” in order to introduce the “weak” Euro. In this context I discuss campaigns against the Euro (“only idiots want the Euro”. In the final remarks I refer to the role of rating agencies and trust in currencies and countries. It is my thesis that the analysts of the rating agencies live in a “world of literary images” and are acting in a completely irresponsible way (but even more incompetent are the politicians accepting the ratings without knowing anything about the problem of commensuration.

THE PROBLEM OF LEGAL REGULATION OF THE OPERATION OF THE OVER-THE-COUNTER (OTC) CURRENCY MARKET (FOREX) IN UKRAINE AND THE EU

OpenAIRE

Eugene Podorozhnyi; Dmytro Sirokha; Pavlo Komirchyi

2017-01-01

The aim of the article is to evaluate the state of legal institutionalization of the OTC foreign exchange market in Ukraine, as well as its comparison with the foreign experience of legal regulation of OTC currency relations in Ukraine and EU countries. The subject of the study is the legal and administrative framework for the functioning of the OTC currency market (Forex) in Ukraine and in the EU countries. The methodology of the study consists of: historical and legal method, which allowed ...

Living Arrangements of Young Adults in Europe

Directory of Open Access Journals (Sweden)

Katrin Schwanitz

2015-12-01

Full Text Available Comparative research suggests that there are great cross-national and cross-temporal differences in living arrangements of young adults aged 18-34 in Europe. In this paper, we examine young adults’ living arrangements (1 across several European countries and different national contexts, and (2 by taking into account cross-time variability. In doing so, we pay careful attention to a comprehensive conceptualisation of living arrangements (including extended and non-family living arrangements. The aim of this paper is to deepen our understanding of family structure and household arrangements in Europe by examining and mapping the cross-national and cross-temporal variety of young adults’ living arrangements. For our analysis we use data from the Integrated Public Use Microdata Series International (IPUMSi for the census rounds 1980, 1990, and 2000 for eight European countries (Austria, France, Greece, Hungary, Ireland, Portugal, Romania, and Switzerland. We employ log-linear models to ascertain the influence of individual and contextual factors on living arrangements. The analyses lend further support to a North/West – South/East divide in living arrangements and general gender differentials in extended family living. Other interesting results are the heterogeneity in the living arrangements of single mothers across geographic areas, and the upward trend of extended household living for young men and women between 1980 and 2000.

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.

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.

Internet finance: Digital currencies and alternative finance liberating the capital markets

Directory of Open Access Journals (Sweden)

Kim Wales

2015-09-01

Full Text Available This article discusses how the sudden shift in policy reform and innovation has the potential to liberate the financial markets. The economic potential of internet finance is beginning to take hold across the capital markets as industries like Peer – to – Peer Lending, Equity and Debt based Crowdfunding and virtual currencies and cryptocurrencies which are types of digital currency are quickly transforming the way businesses are being financed. From borrowing and lending, buying and selling securities, to conducting wire transfers internationally, these innovations are creating a new class and generation of investors will source investments opportunities. Helping institutions and governments assess risks and manage performance in order to determine where to deploy capital; and showing signs of lessening the inequality gap. Following the neolithic agricultural revolution and the industrial revolution, this new revolution will enable more people to access financial services in less traditional ways, especially the unbanked world with its huge potential. These new financial opportunities, such as peer – to - peer (P2P lending, will be discussed and examined, and we will stress how they can allow people to bypass current barriers in the global economy. We conclude by arguing that all these developments, energized by the efforts of innovators and entrepreneurs, have the potential to radically transform the world in which we live, while promoting the core values of industrialized societies including democracy, capital formation, sustainability, and equality without solely relying on tax increases

Price Setting Transactions and the Role of Denominating Currency in FX Markets

OpenAIRE

Friberg, Richard; Wilander, Fredrik

2007-01-01

This report, commissioned by Sveriges Riksbank, examines the role of currency denomination in international trade transactions. It is divided in two parts. The first part consists of a survey of the price setting and payment practices of a large sample of Swedish exporting firms. The second part analyzes payments data from the Swedish settlement reports from 1999-2002. We examine whether invoicing patterns of Swedish and European companies changed following the creation of the EMU and how the...

Board Task Performance

DEFF Research Database (Denmark)

Minichilli, Alessandro; Zattoni, Alessandro; Nielsen, Sabina

2012-01-01

identify three board processes as micro-level determinants of board effectiveness. Specifically, we focus on effort norms, cognitive conflicts and the use of knowledge and skills as determinants of board control and advisory task performance. Further, we consider how two different institutional settings....... The findings show that: (i) Board processes have a larger potential than demographic variables to explain board task performance; (ii) board task performance differs significantly between boards operating in different contexts; and (iii) national context moderates the relationships between board processes...... and board task performance....

National arrangements for radiotherapy

International Nuclear Information System (INIS)

2007-01-01

After a presentation of several letters exchanged between the French health ministry and public agencies in charge of public health or nuclear safety after a radiotherapy accident in Epinal, this report comments the evolution of needs in cancerology care and the place given to radiotherapy. It outlines the technological and organisational evolution of radiotherapy and presents the distribution of radiotherapy equipment, of radio-therapists and other radiotherapy professionals in France. Within the context of radiotherapy accidents which occurred in 2007, it presents the regulatory arrangements which aimed at improving the safety, short term and middle term arrangements which are needed to support and structure radiotherapy practice quality. It stresses the fact that the system will deeply evolve by implementing a radiotherapy vigilance arrangement and a permanent follow-on and adaptation plan based on surveys and the creation of a national committee

75 FR 40005 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Order Granting...

Science.gov (United States)

2010-07-13

... (also referred to herein as exchange traded fund (``ETFs'')) representing (i) interests in registered.... currency deposited with the trust or similar entity when aggregated in some specified minimum number may be surrendered to the trust by the beneficial owner to receive the specified non-U.S. currency and pays the...

75 FR 20649 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Order Granting...

Science.gov (United States)

2010-04-20

... as exchange traded fund (``ETFs'')) representing (i) interests in registered investment companies (or... Instruments), or (ii) interests in a trust or similar entity that holds a specified non-U.S. currency... surrendered to the trust by the beneficial owner to receive the specified non-U.S. currency and pays the...

A theory of managed floating

OpenAIRE

Wollmershäuser, Timo

2004-01-01

After the experience with the currency crises of the 1990s, a broad consensus has emerged among economists that such shocks can only be avoided if countries that decided to maintain unrestricted capital mobility adopt either independently floating exchange rates or very hard pegs (currency boards, dollarisation). As a consequence of this view which has been enshrined in the so-called impossible trinity all intermediate currency regimes are regarded as inherently unstable. As far as the econom...

Risk-premia, Carry-trade Dynamics, and Economic Value of Currency Speculation

DEFF Research Database (Denmark)

Wagner, Christian

2012-01-01

In this paper, we derive the dynamics and assess the economic value of currency speculation by formalizing the concept of a trader inaction range. We show that exchange rate returns comprise a time-varying risk-premium and that uncovered interest parity (UIP) holds in a speculative sense. The often......-cited ‘forward bias puzzle’ originates from the omission of the risk-premium in standard UIP tests. Consistent with its popularity among market professionals, the carry-trade strategy can be rationalized as it systematically collects risk-premia, however, the economic value generated by bilateral carry-trades...

THE IMPACT OF FX (FOREIGN CURRENCY EXCHANGE) ON THE BOTTOM LINE OF TEXTILE/SHOES INDUSTRIES LISTED IN INDONESIA STOCK EXCHANGE 2006-2008

OpenAIRE

Subekti, Hendro

2015-01-01

During 2006-2008, Indonesia has been experiencing depreciation of IDR against world currency US$. The situation was triggered by global crisis October 2008, and IDR currency plunged. Furthermore, 17 textile/shoes industries publicly listed in ISX have been severely hit by depreciation of IDR The “Huge Loss of Bottom Line” in 2008 was recorded (IDR 617 billions) more than half of trillion IDR. To be curious the most of industry are manufacturer-exporter.Year 2007, national textile industry ove...

The spillover of money market turbulence to FX swap and cross-currency swap markets

OpenAIRE

Naohiko Baba; Frank Packer; Teppei Nagano

2008-01-01

We analyse the spillover of the turmoil in money markets in the second half of 2007 to FX swap and long-term cross-currency basis swap markets. We find that the use of swap markets to overcome US dollar funding shortages by non-US financial institutions resulted in marked deviations from covered interest parity conditions and the impairment of liquidity in these markets.

Tangible and fungible energy: Hybrid energy market and currency system for total energy management. A Masdar City case study

International Nuclear Information System (INIS)

Sgouridis, Sgouris; Kennedy, Scott

2010-01-01

We propose the introduction of an energy-based parallel currency as a means to ease the transition to energy-conscious living. Abundant fossil energy resources mask the internal and external energy costs for casual energy consumers. This situation is challenging communities that draw a significant fraction of their primary energy consumption from renewable energy sources. The Masdar Energy Credit (MEC) system is a way of translating the fundamental aspects behind energy generation and usage into a tangible reality for all users with built-in fungibility to incentivize collectively sustainable behavior. The energy credit currency (ergo) corresponds with a chosen unit of energy so that the total amount of ergos issued equals the energy supply of the community. Ergos are distributed to users (residents, commercial entities, employees, and visitors) on a subscription basis and can be surrendered in exchange for the energy content of a service. A spot market pricing mechanism is introduced to relate ergos to 'fiat' currency using a continuously variable exchange rate to prevent depletion of the sustainable energy resource. The MEC system is intended to: (i) meet the sustainable energy balance targets of a community (ii) support peak shaving or load shifting goals, and (iii) raise energy awareness.

Currency Risk and Imperfect Knowledge: Volatility and Long Swings around Benchmark Values

OpenAIRE

Josh Stillwagon

2013-01-01

This study tests several models of the currency risk premium, but does so using survey data on traders' forecasts to directly measure the expected excess return. Among those tested are UIP, CAPM, and the Imperfect Knowledge Economics (IKE) gap model, which respectively imply that the premium is zero, related to the variance of the exchange rate, and related to the deviation between the exchange rate and its benchmark value of Purchasing Power Parity (PPP). The main result is that the p-value ...

Board effectiveness: Investigating payment asymmetry between board members and shareholders

Directory of Open Access Journals (Sweden)

Wuchun Chi

2008-01-01

Full Text Available Board members may well be responsible for dissension between themselves and shareholders since they are simultaneously the setters and receivers of both board remuneration and dividends. They may act out of their own personal interests at the expense of external shareholders. We investigate the impact of ownership structure, board structure and control deviation on payment asymmetry, where excessively high remuneration is paid to board members but considerably lower dividends are distributed to shareholders. We find strong evidence confirming that the smaller the shareholdings of board members and outside blockholders are, the more asymmetric the payments are. With controlling family members on the board and a higher percentage of seats held by independent board members, there is a slight reduction in the likelihood and severity of payment asymmetry. In addition, it is abundantly clear that the larger the board seat-control deviation is, the greater is the likelihood and severity of payment asymmetry. While prior research has primarily focused on board-manager agency issues, the board-shareholder perspective could be even more important in that it is the board that is the most directly delegated agent of shareholders, not the managers

46 CFR 180.150 - Survival craft embarkation arrangements.

Science.gov (United States)

2010-10-01

... 46 Shipping 7 2010-10-01 2010-10-01 false Survival craft embarkation arrangements. 180.150 Section... (UNDER 100 GROSS TONS) LIFESAVING EQUIPMENT AND ARRANGEMENTS Survival Craft Arrangements and Equipment § 180.150 Survival craft embarkation arrangements. (a) A launching appliance approved under approval...

Flexible Working Time Arrangements in Bulgaria

OpenAIRE

Beleva, Iskra

2009-01-01

The objective of this paper is to analyze the flexible working time arrangements in Bulgaria, using a life-course perspective. Two important features have to be outlined, namely: underdeveloped flexible forms of employment in the country, including working time arrangement, and lack of previous analysis on flexible working time arrangements from the angle of life-course perspective. The author describes the regulatory framework, collective agreements at national and company level as a frame w...

48 CFR 28.304 - Risk-pooling arrangements.

Science.gov (United States)

2010-10-01

... CONTRACTING REQUIREMENTS BONDS AND INSURANCE Insurance 28.304 Risk-pooling arrangements. Agencies may establish risk-pooling arrangements. These arrangements are designed to use the services of the insurance industry for safety engineering and the handling of claims at minimum cost to the Government. The agency...

Board of Directors or Supervisory Board

DEFF Research Database (Denmark)

Werlauff, Erik

2009-01-01

The article analyses the legal consequences of the choice now available to Danish public limited companies, which can now opt for a two-tier management structure, in which the management board undertakes both the day-to-day and the overall management, while a supervisory board exercises control...... over the management board, including its appointment and dismissal. The article considers which companies a two-tier structure may be relevant for, and reviews the consequences for the composition, election and functioning of the company organs....

The internationalization of the Renminbi and the rise of a multipolar currency system

OpenAIRE

Campanella, Miriam

2014-01-01

The dollar's steady depreciation has had little impact on the official reserves of central banks. As scholars of the international monetary system debate whether the dollar can continue to play the dominant role in the international monetary system, actual developments in exchange relations already give reason to expect that the world's currency regime is changing. Recent measures taken by China to internationalize its renminbi, including several bilateral swap agreements signed with other ce...

Developing the Market for Local Currency Bonds by Foreign Issuers: Lessons from Asia

OpenAIRE

Hoschka, Tobias C.

2005-01-01

This paper surveys the experience of countries in the East Asian region that have introduced local currency bonds by foreign issuers. The countries that are examined include Australia; Hong Kong, China; Japan; Republic of Korea; and Singapore. It is suggested that there are sound reasons for many countries to develop the market for foreign issuers. Benefits and potential issues are analyzed, development policies are reviewed, and concrete policy options are discussed for those countries that ...

Sealing arrangement for radioactive material

International Nuclear Information System (INIS)

Gray, I.L.S.; Sievwright, R.W.T.; Elliott, J.C.

1993-01-01

A sealing arrangement for hermetically sealing two mating surfaces comprises two seals arranged to lie between the surfaces. Each seal provides hermetic sealing over a respective different temperature range and lie serially along the surfaces between the regions to be isolated. A main seal integrity test arrangement is provided in the form of a port and passage. This allows for the introduction of a fluid into or the evacuation of a region between the two seals to detect a leak. The port is also provided with at least two test port seals which seal with a plug. The plug is also provided with a test port to allow the integrity of the test port seal to be tested. (UK)

Defense Business Board

Science.gov (United States)

Skip to main content (Press Enter). Toggle navigation Defense Business Board Search Search Defense Business Board: Search Search Defense Business Board: Search Defense Business Board Business Excellence in Defense of the Nation Defense Business Board Home Charter Members Meetings Studies Contact Us The Defense

Classic romance in electronic arrangement

Directory of Open Access Journals (Sweden)

Kizin M.M.

2017-03-01

Full Text Available this article analyses the transformation of the performing arts of classical romance in the terms of electronic sound and performance via electronic sounds arrangements. The author focuses on the problem of synthesis of electronic sound arrangements and classical romance, offering to acquire the skills of the creative process in constantly changing conditions of live performances.

22 CFR 92.63 - Arrangement of papers.

Science.gov (United States)

2010-04-01

... 22 Foreign Relations 1 2010-04-01 2010-04-01 false Arrangement of papers. 92.63 Section 92.63... and Letters Rogatory § 92.63 Arrangement of papers. Unless special instructions to the contrary are received, the various papers comprising the completed record of the depositions should usually be arranged...

Filthy lucre: A metagenomic pilot study of microbes found on circulating currency in New York City.

Directory of Open Access Journals (Sweden)

Julia M Maritz

Full Text Available Paper currency by its very nature is frequently transferred from one person to another and represents an important medium for human contact with-and potential exchange of-microbes. In this pilot study, we swabbed circulating $1 bills obtained from a New York City bank in February (Winter and June (Summer 2013 and used shotgun metagenomic sequencing to profile the communities found on their surface. Using basic culture conditions, we also tested whether viable microbes could be recovered from bills.Shotgun metagenomics identified eukaryotes as the most abundant sequences on money, followed by bacteria, viruses and archaea. Eukaryotic assemblages were dominated by human, other metazoan and fungal taxa. The currency investigated harbored a diverse microbial population that was dominated by human skin and oral commensals, including Propionibacterium acnes, Staphylococcus epidermidis and Micrococcus luteus. Other taxa detected not associated with humans included Lactococcus lactis and Streptococcus thermophilus, microbes typically associated with dairy production and fermentation. Culturing results indicated that viable microbes can be isolated from paper currency.We conducted the first metagenomic characterization of the surface of paper money in the United States, establishing a baseline for microbes found on $1 bills circulating in New York City. Our results suggest that money amalgamates DNA from sources inhabiting the human microbiome, food, and other environmental inputs, some of which can be recovered as viable organisms. These monetary communities may be maintained through contact with human skin, and DNA obtained from money may provide a record of human behavior and health. Understanding these microbial profiles is especially relevant to public health as money could potentially mediate interpersonal transfer of microbes.

31 CFR Appendix J to Subpart A of... - Office of the Comptroller of the Currency

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 1 2010-07-01 2010-07-01 false Office of the Comptroller of the Currency J Appendix J to Subpart A of Part 1 Money and Finance: Treasury Office of the Secretary of the Treasury DISCLOSURE OF RECORDS Freedom of Information Act Pt. 1, Subpt. A, App. J Appendix J to Subpart A...

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...

Renewable energy and Scottish trading arrangements

International Nuclear Information System (INIS)

2001-01-01

This report summarises the findings of a project involving the participation of the Scottish Renewables Forum (SRF) in the ongoing Ofgem consultation process concerning the future electricity trading arrangements in Scotland. The present administrative arrangements, the activities of the SRF, the prospects for the British Electricity Trading and Transmission Arrangements (BETTA), generator connection policy, and transmission access are discussed, and an overview of consultations relating to Scotland-England interconnection access is presented. The appendices cover the SRF responses to the Ofgem consultation, a discussion paper in advance of the SRF meeting with Ofgem in April 2001, an SRF trading update, the SRF's responses to Ofgem's Environmental Action Plan, the Scottish Embedded Generators Working Group's terms of reference and draft paper on issues, and a briefing on prices in administered arrangements

Peak load arrangements : Assessment of Nordel guidelines

Energy Technology Data Exchange (ETDEWEB)

2009-07-01

Two Nordic countries, Sweden and Finland, have legislation that empowers the TSO to acquire designated peak load resources to mitigate the risk for shortage situations during the winter. In Denmark, the system operator procures resources to maintain a satisfactory level of security of supply. In Norway the TSO has set up a Regulation Power Option Market (RKOM) to secure a satisfactory level of operational reserves at all times, also in winter with high load demand. Only the arrangements in Finland and Sweden fall under the heading of Peak Load Arrangements defined in Nordel Guidelines. NordREG has been invited by the Electricity Market Group (EMG) to evaluate Nordel's proposal for 'Guidelines for transitional Peak Load Arrangements'. The EMG has also financed a study made by EC Group to support NordREG in the evaluation of the proposal. The study has been taken into account in NordREG's evaluation. In parallel to the EMG task, the Swedish regulator, the Energy Markets Inspectorate, has been given the task by the Swedish government to investigate a long term solution of the peak load issue. The Swedish and Finnish TSOs have together with Nord Pool Spot worked on finding a harmonized solution for activation of the peak load reserves in the market. An agreement accepted by the relevant authorities was reached in early January 2009, and the arrangement has been implemented since 19th January 2009. NordREG views that the proposed Nordel guidelines have served as a starting point for the presently agreed procedure. However, NordREG does not see any need to further develop the Nordel guidelines for peak load arrangements. NordREG agrees with Nordel that the market should be designed to solve peak load problems through proper incentives to market players. NordREG presumes that the relevant authorities in each country will take decisions on the need for any peak load arrangement to ensure security of supply. NordREG proposes that such decisions should be

Patients overwhelmingly prefer inpatient boarding to emergency department boarding.

Science.gov (United States)

Viccellio, Peter; Zito, Joseph A; Sayage, Valerie; Chohan, Jasmine; Garra, Gregory; Santora, Carolyn; Singer, Adam J

2013-12-01

Boarding of admitted patients in the emergency department (ED) is a major cause of crowding. One alternative to boarding in the ED, a full-capacity protocol where boarded patients are redeployed to inpatient units, can reduce crowding and improve overall flow. Our aim was to compare patient satisfaction with boarding in the ED vs. inpatient hallways. We performed a structured telephone survey regarding patient experiences and preferences for boarding among admitted ED patients who experienced boarding in the ED hallway and then were subsequently transferred to inpatient hallways. Demographic and clinical characteristics, as well as patient preferences, including items related to patient comfort and safety using a 5-point scale, were recorded and descriptive statistics were used to summarize the data. Of 110 patients contacted, 105 consented to participate. Mean age was 57 ± 16 years and 52% were female. All patients were initially boarded in the ED in a hallway before their transfer to an inpatient hallway bed. The overall preferred location after admission was the inpatient hallway in 85% (95% confidence interval 75-90) of respondents. In comparing ED vs. inpatient hallway boarding, the following percentages of respondents preferred inpatient boarding with regard to the following 8 items: rest, 85%; safety, 83%; confidentiality, 82%; treatment, 78%; comfort, 79%; quiet, 84%; staff availability, 84%; and privacy, 84%. For no item was there a preference for boarding in the ED. Patients overwhelmingly preferred the inpatient hallway rather than the ED hallway when admitted to the hospital. Copyright © 2013 Elsevier Inc. All rights reserved.

Seal arrangement

International Nuclear Information System (INIS)

Dempsey, J.D.

1978-01-01

A hydraulically balanced face type shaft seal is provided in which the opening and closing seal face areas retain concentricity with each other in the event of lateral shaft displacement. The seal arrangement is for a vertical high pressure pump, indented for use in the cooling system of a nuclear reactor. (Auth.)

Forecasting of magnitude and duration of currency crises based on the analysis of distortions of fractal scaling in exchange rate fluctuations

Science.gov (United States)

Uritskaya, Olga Y.

2005-05-01

Results of fractal stability analysis of daily exchange rate fluctuations of more than 30 floating currencies for a 10-year period are presented. It is shown for the first time that small- and large-scale dynamical instabilities of national monetary systems correlate with deviations of the detrended fluctuation analysis (DFA) exponent from the value 1.5 predicted by the efficient market hypothesis. The observed dependence is used for classification of long-term stability of floating exchange rates as well as for revealing various forms of distortion of stable currency dynamics prior to large-scale crises. A normal range of DFA exponents consistent with crisis-free long-term exchange rate fluctuations is determined, and several typical scenarios of unstable currency dynamics with DFA exponents fluctuating beyond the normal range are identified. It is shown that monetary crashes are usually preceded by prolonged periods of abnormal (decreased or increased) DFA exponent, with the after-crash exponent tending to the value 1.5 indicating a more reliable exchange rate dynamics. Statistically significant regression relations (R=0.99, pcurrency crises and the degree of distortion of monofractal patterns of exchange rate dynamics are found. It is demonstrated that the parameters of these relations characterizing small- and large-scale crises are nearly equal, which implies a common instability mechanism underlying these events. The obtained dependences have been used as a basic ingredient of a forecasting technique which provided correct in-sample predictions of monetary crisis magnitude and duration over various time scales. The developed technique can be recommended for real-time monitoring of dynamical stability of floating exchange rate systems and creating advanced early-warning-system models for currency crisis prevention.

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.