WorldWideScience

Sample records for currency conversion rate

  1. 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....

  2. Currency Exchange Rates.

    Science.gov (United States)

    Siler, Carl R.

    This curriculum unit of the Muncie (Indiana) Southside High School is to simulate the dynamics of foreign currency exchange rates from the perspectives of: (1) a major U.S. corporation, ABB Power T & D Company, Inc., of Muncie, Indiana, a manufacturer of large power transformers for the domestic and foreign markets; and (2) individual…

  3. 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.

  4. 19 CFR 351.415 - Conversion of currency.

    Science.gov (United States)

    2010-04-01

    ... Conversion of currency. (a) In general. In an antidumping proceeding, the Secretary will convert foreign... with respect to such foreign currency in the forward sale agreement to convert the foreign currency. (c... movement in foreign currency value. In an antidumping investigation, if there is a sustained...

  5. 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 152.25 Customs Duties U.S. CUSTOMS AND BORDER PROTECTION, DEPARTMENT OF HOMELAND SECURITY; DEPARTMENT OF... Conversion of foreign currency. When foreign currency must be converted for purposes of appraisement,...

  6. 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.

  7. 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.

  8. 38 CFR 3.32 - Exchange rates for foreign currencies.

    Science.gov (United States)

    2010-07-01

    ... foreign currencies. 3.32 Section 3.32 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS... Exchange rates for foreign currencies. When determining the rates of pension or parents' DIC or the amounts... entitled, income received or expenses paid in a foreign currency shall be converted into U.S....

  9. Wave function method to forecast foreign currencies exchange rates at ultra high frequency electronic trading in foreign currencies exchange markets

    OpenAIRE

    Ledenyov, Dimitri O.; Ledenyov, Viktor O.

    2015-01-01

    The accurate forecast of the foreign currencies exchange rates at the ultra high frequency electronic trading in the foreign currencies exchange markets is a main topic of our research: 1) the present state of the foreign currencies exchange markets in Asia, Europe and North America; 2) the research review on the classic forecast techniques of the foreign currencies exchange rates dynamics in the foreign currencies exchange markets in the classic finances theory; 3) the description on the qua...

  10. Forecasting Foreign Currency Exchange Rates for Air Force Budgeting

    Science.gov (United States)

    2015-03-26

    Corte et al., 2008). Artificial neural networks (self- learning algorithms trained on historical data) show robust exchange rate predictions in midst...original study. Auction theory provides another method of forecasting exchange rates. The international exchange market for currencies acts as an... auction , and the future options on currencies may give insight into forecasting the exchange rate. If there are many traders for the currency, the

  11. MODELING THE CURRENCY EXCHANGE RATE. METHODS AND PRINCIPLES

    OpenAIRE

    Suslov, Mark; Tregub, Ilona

    2015-01-01

    Since currency market is strongly and rapidly developing then it becomes more attractive area for investments, but, also, economic conditions force almost everyone be more financially educated and ready for changes in economic conditions. Currency is the money we pay for the goods and services in our country, but some of them are importing to our country or expressed in foreign currency values. Unfortunately, nobody can predict exact exchange rate, but there is a possibility to get ready for ...

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

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    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

  13. Inhomogeneous scaling behaviors in Malaysian foreign currency exchange rates

    Science.gov (United States)

    Muniandy, S. V.; Lim, S. C.; Murugan, R.

    2001-12-01

    In this paper, we investigate the fractal scaling behaviors of foreign currency exchange rates with respect to Malaysian currency, Ringgit Malaysia. These time series are examined piecewise before and after the currency control imposed in 1st September 1998 using the monofractal model based on fractional Brownian motion. The global Hurst exponents are determined using the R/ S analysis, the detrended fluctuation analysis and the method of second moment using the correlation coefficients. The limitation of these monofractal analyses is discussed. The usual multifractal analysis reveals that there exists a wide range of Hurst exponents in each of the time series. A new method of modelling the multifractal time series based on multifractional Brownian motion with time-varying Hurst exponents is studied.

  14. Forecasting of Foreign Currency Exchange Rate Using Neural Network

    Directory of Open Access Journals (Sweden)

    Dr. S. Kumar Chandar

    2015-02-01

    Full Text Available Foreign exchange market is the largest and the most important one in the world. Foreign exchange transaction is the simultaneous selling of one currency and buying of another currency. It is essential for currency trading in the international market. In this paper, we have investigated Artificial Neural Networks based prediction modelling of foreign exchange rates using five different training algorithms. The model was trained using historical data to predict four foreign currency exchange rates against Indian Rupee. The forecasting performance of the proposed system is evaluated by using statistical metric and compared. From the results, it is confirmed that the new approach provided an improve technique to forecast foreign exchange rate. It is also an effective tool and significantly close prediction can be made using simple structure. Among the five models, Levenberg-Marquardt based model outperforms than other models and attains comparable results. It also demonstrates the power of the proposed approach and produces more accurate prediction. In conclusion, the proposed scheme can improve the forecasting performance significantly when measured on three commonly used metrics.

  15. The Interaction between Technical Currency Trading and Exchange Rate Fluctuations

    OpenAIRE

    Schulmeister, Stephan

    2005-01-01

    This paper examines the mutually reinforcing interactions between exchange rate dynamics and technical trading strategies. I first show that technical trading systems have been quite profitable during the floating rate period. This profitability stems from the successful exploitation of exchange-rate trends and not from taking winning positions relatively frequently. I then show that technical models exert an excess demand pressure on currency markets. When these models produce trading signal...

  16. 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.

  17. Foreign currency rate forecasting using neural networks

    Science.gov (United States)

    Pandya, Abhijit S.; Kondo, Tadashi; Talati, Amit; Jayadevappa, Suryaprasad

    2000-03-01

    Neural networks are increasingly being used as a forecasting tool in many forecasting problems. This paper discusses the application of neural networks in predicting daily foreign exchange rates between the USD, GBP as well as DEM. We approach the problem from a time-series analysis framework - where future exchange rates are forecasted solely using past exchange rates. This relies on the belief that the past prices and future prices are very close related, and interdependent. We present the result of training a neural network with historical USD-GBP data. The methodology used in explained, as well as the training process. We discuss the selection of inputs to the network, and present a comparison of using the actual exchange rates and the exchange rate differences as inputs. Price and rate differences are the preferred way of training neural network in financial applications. Results of both approaches are present together for comparison. We show that the network is able to learn the trends in the exchange rate movements correctly, and present the results of the prediction over several periods of time.

  18. Commodity Currencies and the Real Exchange Rate

    OpenAIRE

    Paul Cashin; Luis Felipe Céspedes; Ratna Sahay

    2003-01-01

    This paper examines whether the real exchange rates of commodity-exporting countries and the real prices of their commodity exports move together over time. Using IMF data on the world prices of 44 commodities and national commodity export shares, we construct new monthly indices of national commodity export prices for 58 commodity-exporting countries over 1980-2002. Evidence of a longrun relationship between national real exchange rate and real commodity prices is found for about onethird of...

  19. Neural Network Based Forecasting of Foreign Currency Exchange Rates

    Directory of Open Access Journals (Sweden)

    S. Kumar Chandar

    2014-06-01

    Full Text Available The foreign currency exchange market is the highest and most liquid of the financial markets, with an estimated $1 trillion traded every day. Foreign exchange rates are the most important economic indices in the international financial markets. The prediction of them poses many theoretical and experimental challenges. This paper reports empirical proof that a neural network model is applicable to the prediction of foreign exchange rates. The exchange rates between Indian Rupee and four other major currencies, Pound Sterling, US Dollar, Euro and Japanese Yen are forecast by the trained neural networks. The neural network was trained by three different learning algorithms using historical data to find the suitable algorithm for prediction. The forecasting performance of the proposed system is evaluated using three statistical metrics and compared. The results presented here demonstrate that significantly close prediction can be made without extensive knowledge of market data.

  20. 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.

  1. Currency Allocation of Public External Debt and Synchronization Indicators of Exchange Rate Volatility

    OpenAIRE

    Martin Melecky

    2010-01-01

    This paper uses synchronization indicators of domestic and foreign fundamentals to choose suitable currency allocation of public external debt. The selection of explanatory variables for exchange rate volatility is motivated using a New Keynesian Policy model that predicts that not only traditional optimum currency area (OCA) variables, but also variables considered by the literature on currency preferences, such as money velocity, should be relevant for explaining exchange rate volatility. I...

  2. 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

  3. 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 Hull

  4. 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.

  5. THE CHOICE OF THE EXCHANGE RATE REGIMES OF THE EUROPEAN UNION ACCESSION COUNTRIES INFLUENCED BY THE WORLD CURRENCY CONSOLIDATION

    Directory of Open Access Journals (Sweden)

    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.

  6. 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.

  7. 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 impli

  8. 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.

  9. 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...

  10. 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.

  11. THE INFLUENCE OF THE CURRENCIES RATE ON THE COUNTRY’S ECONOMICS

    Directory of Open Access Journals (Sweden)

    Saprunova E. A.

    2015-06-01

    Full Text Available The main aspects of the financial market influencing the country’s economy are considered in the article. In this field certain historical facts connected with the financial market are outlined. These facts show the USA economy influence on the world’s economics space determining the countries’ ability to resist financial expansion and insure their economies securities. Sustainable economic system capable to reserve the country’s sovereignty and to resist outer economic and political pressure is required for this activity. The basic aspects of the world currency system are given, the essence of some of them is revealed, some proposals are made that could stabilize the economies of the dollar-dependent countries. Besides, the article highlights the necessity to own gold reserve which means some extent secures to the country’s sovereignty. The agriculture investing perspective in case of inflation rate alignment is highlighted. The factors that influence the rate of the currency are given. Competitive ability of domestic products that have great influence on the country’s foreign trade is pointed out as the main factor in the relevance of the topic. To confirm some ideas of the article the opinions of scholars, known throughout the world as economists and philosophers are given. The topic of the welfare of the citizens of the country in periods of currency fluctuations has been considered and the recommendations for the improvement of their own position have been made

  12. MANAGING CURRENCY RISKINTERMSOF FLOATINGRATES

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    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.

  13. 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.

  14. NATIONAL CURRENCY INSTABILITY

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    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.

  15. Does implied volatility of currency futures option imply volatility of exchange rates?

    Science.gov (United States)

    Wang, Alan T.

    2007-02-01

    By investigating currency futures options, this paper provides an alternative economic implication for the result reported by Stein [Overreactions in the options market, Journal of Finance 44 (1989) 1011-1023] that long-maturity options tend to overreact to changes in the implied volatility of short-maturity options. When a GARCH process is assumed for exchange rates, a continuous-time relationship is developed. We provide evidence that implied volatilities may not be the simple average of future expected volatilities. By comparing the term-structure relationship of implied volatilities with the process of the underlying exchange rates, we find that long-maturity options are more consistent with the exchange rates process. In sum, short-maturity options overreact to the dynamics of underlying assets rather than long-maturity options overreacting to short-maturity options.

  16. The Effect of Monetary Policy on Exchange Rates During Currency Crises : The Role of Debt, Institutions and Financial Openness

    NARCIS (Netherlands)

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

    2007-01-01

    This paper examines the effect of monetary policy on the exchange rate during currency crises. Using data for a number of crisis episodes between 1986 and 2004, we find strong evidence that raising the interest rate: (i) has larger adverse balance sheet effects and is therefore less effective in cou

  17. The Effect of Monetary Policy on Exchange Rates during Currency Crises; The Role of Debt, Institutions and Financial Openness

    NARCIS (Netherlands)

    S.C.W. Eijffinger (Sylvester); B. Goderis

    2007-01-01

    textabstractThis paper examines the effect of monetary policy on the exchange rate during currency crises. Using data for a number of crisis episodes between 1986 and 2004, we find strong evidence that raising the interest rate: (i) has larger adverse balance sheet effects and is therefore less effe

  18. The Effect of Monetary Policy on Exchange Rates During Currency Crises : The Role of Debt, Institutions and Financial Openness

    NARCIS (Netherlands)

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

    2007-01-01

    This paper examines the effect of monetary policy on the exchange rate during currency crises. Using data for a number of crisis episodes between 1986 and 2004, we find strong evidence that raising the interest rate: (i) has larger adverse balance sheet effects and is therefore less effective in

  19. 19 CFR 159.33 - Proclaimed rate.

    Science.gov (United States)

    2010-04-01

    ... (CONTINUED) LIQUIDATION OF DUTIES Conversion of Foreign Currency § 159.33 Proclaimed rate. If a rate of... currency involved, such proclaimed rate shall be used unless it varies by 5 percent or more from...

  20. 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 relative...... importance of foreign debt is positively related to (1) the extent of foreign subsidiaries, (2) the relative value of assets in place, (3) the size of the firm, and (4) the debt ratio. The pivotal role of time horizon is emphasized. These findings are important to firms in other countries with open economies....

  1. From the currency rate quotations onto strings and brane world scenarios

    Science.gov (United States)

    Horváth, D.; Pincak, R.

    2012-11-01

    In the paper, we study the projections of the real exchange rate dynamics onto the string-like topology. Our approach is inspired by the contemporary movements in the string theory. The string map of data is defined here by the boundary conditions, characteristic length, real valued and the method of redistribution of information. As a practical matter, this map represents the detrending and data standardization procedure. We introduced maps onto 1-end-point and 2-end-point open strings that satisfy the Dirichlet and Neumann boundary conditions. The questions of the choice of extra-dimensions, symmetries, duality and ways to the partial compactification are discussed. Subsequently, we pass to higher dimensional and more complex objects. The 2D-Brane was suggested which incorporated bid-ask spreads. Polarization by the spread was considered which admitted analyzing arbitrage opportunities on the market where transaction costs are taken into account. The model of the rotating string which naturally yields calculation of angular momentum is suitable for tracking of several currency pairs. The systematic way which allows one suggest more structured maps suitable for a simultaneous study of several currency pairs was analyzed by means of the Gâteaux generalized differential calculus. The effect of the string and brane maps on test data was studied by comparing their mean statistical characteristics. The study revealed notable differences between topologies. We review the dependence on the characteristic string length, mean fluctuations and properties of the intra-string statistics. The study explores the coupling of the string amplitude and volatility. The possible utilizations of the string theory approach in financial markets are slight.

  2. Nonlinear time series and neural-network models of exchange rates between the US dollar and major currencies

    NARCIS (Netherlands)

    D.E. Allen (David); M.J. McAleer (Michael); S. Peiris (Shelton); A.K. Singh (Abhay)

    2015-01-01

    textabstractThis paper features an analysis of major currency exchange rate movements in relation to the US dollar, as constituted in US dollar terms. Euro, British pound, Chinese yuan, and Japanese yen are modelled using a variety of non- linear models, including smooth transition regression models

  3. 19 CFR 159.35 - Certified daily rate.

    Science.gov (United States)

    2010-04-01

    ... TREASURY (CONTINUED) LIQUIDATION OF DUTIES Conversion of Foreign Currency § 159.35 Certified daily rate. The daily buying rate of foreign currency which is determined by the Federal Reserve Bank of New York... the conversion of foreign currency whenever a proclaimed rate or certified quarterly rate is...

  4. Currency Substitution in Turkey

    Directory of Open Access Journals (Sweden)

    Ismail H. Genc

    2005-01-01

    Full Text Available We investigated whether the recent depreciations in the Turkish currency (Lira resulted in the currency substitution away from Lira by using quarterly data over the period from 1987:1 to 2000: 2 with M1 and M2 monetary aggregates and income, interest rate and exchange rate. Other than the variety of monetary aggregates, we tried different ways of including the interest rate into the models to ensure the robustness of our results. Our analysis shows that the currency substitution in fact happened with Lira.

  5. Nonlinear Time Series and Neural-Network Models of Exchange Rates between the US Dollar and Major Currencies

    Directory of Open Access Journals (Sweden)

    David E. Allen

    2016-03-01

    Full Text Available This paper features an analysis of major currency exchange rate movements in relation to the US dollar, as constituted in US dollar terms. Euro, British pound, Chinese yuan, and Japanese yen are modelled using a variety of non-linear models, including smooth transition regression models, logistic smooth transition regressions models, threshold autoregressive models, nonlinear autoregressive models, and additive nonlinear autoregressive models, plus Neural Network models. The models are evaluated on the basis of error metrics for twenty day out-of-sample forecasts using the mean average percentage errors (MAPE. The results suggest that there is no dominating class of time series models, and the different currency pairs relationships with the US dollar are captured best by neural net regression models, over the ten year sample of daily exchange rate returns data, from August 2005 to August 2015.

  6. 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...

  7. 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.

  8. 19 CFR 159.36 - Multiple certified rates.

    Science.gov (United States)

    2010-04-01

    ... TREASURY (CONTINUED) LIQUIDATION OF DUTIES Conversion of Foreign Currency § 159.36 Multiple certified rates... rates of exchange (e.g., official and free) for a foreign currency: (a) Rates to be published. When the... multiple rates have been certified for a foreign currency, the rate to be used for Customs purposes...

  9. CURRENCY LINKAGES AMONG ASEAN

    OpenAIRE

    CHIN LEE; M. Azali

    2010-01-01

    The purpose of this study is to examine the potential linkages among ASEAN-5 currencies, in particular the possibility of a Singapore dollar bloc during the pre- and post-crisis periods by using the Johansen multivariate cointegration test and the Granger causality test. Significant nonstationarity and the presence of unit roots were documented for each currency under both study periods. Using ASEAN-4 exchange rates against the Singapore dollar, the Johansen cointegration test showed that the...

  10. EXCHANGE RATE VS. INTEREST RATE: HOW MUCH DOES UIP WORK FOR ROMANIA? (STUDY CASE ON THE EUR/RON CURRENCY

    Directory of Open Access Journals (Sweden)

    Haulica Dana

    2015-07-01

    Full Text Available This paper is part of a larger research that aims to analyze the deviation between the Real Exchange Rate and the Equilibrium Exchange Rate in Romania (EUR/RON currency and to come up with conclusions regarding this deviation and with solutions to minimize it, if the case. Because this is the most important discussion after having the empirical results: what do emergent markets like Romania need to do to keep up with the EU trend? Which are the concessions they have to make in order to maintain a sustainable growth? Do these concessions include breaking the present equilibrium for a future BETTER? Starting with the most well-known methods to calculate the Equilibrium Exchange Rate, this article`s purpose is to create an accurate overview on the UIP model in Romania (the interest rate differential, to verify, using the latest data if the economic environment has brought any changes on the results of this model in the latest years. Is the UIP model a trustworthy equation to establish the Equilibrium Exchange Rate? In order to verify if the UIP model was more reliable in returning a value for the Equilibrium Exchange rate in the latest years on the Romanian market, this paper presents an empirical study containing recent compiled data from the last 10 years, analyzing the 2005 – 2014 period. The NEW in this article is that the used data is very fresh, currently, most probably the only study that verifies the UIP model in Romania for this specific period of time. Why is it useful? Why is it important? Because it doesn`t only bring a confirmation of weather the UIP works for Romania or not but comes up with hints and conclusions regarding the current economic situation of Romania. We can see what has been changed in the local market in the last ten years in terms of monetary policy and what has this change brought with it – if the results are those expected or not and also, what would be the direction for the next years – to most suitable

  11. Effects of Synchronisation of Dynamics of Stock Indices and Currency Rates during Multifactor Analysis with the Use of Wavelet Technologies

    Directory of Open Access Journals (Sweden)

    Kravets Tetyana V.

    2014-02-01

    Full Text Available The article conducts analysis of behaviour of stock indices and currency rates before and after the crisis phenomena with the aim of detection of key features of the pre-crisis state, localisation and description of crisis effects by time and scale using methods of multifractal analysis and wavelet transformation. The article checks the method of allocation of intervals of self-similar behaviour of financial series in practice. For Dow Jones and Sand P 500 indices the article detects in the time interval of 2001 – 2013 fractality spans and also moments of time when behaviour of series was determined with the chaotic component. The article offers the measure of synchronous behaviour of stock indices and currency rates, value of which allows assessment of the degree of propagation of crisis phenomena and forecasting them. This measure is calculated for EUR/GBP, EUR/USD, FTSE 100, S and P 500, Dow Jones, DAX and CAC 40 series. The article observes a close connection between values of the introduced measure and volume of crisis phenomena, which took place in relevant period of time. It gives a characteristics of main economic crises for the period 2001 – 2003 with the aim of comparison of real events and specific features of dynamics of the measure of synchronisation as a precursor of crisis phenomena.

  12. Overview and Analysis of the Concept and Applications of Virtual Currencies

    OpenAIRE

    MUFTIC Sead

    2016-01-01

    This Report is dealing with virtual currencies – their concept and applications. The report starts with the description of different types of virtual currencies, first Bitcoin, then some other types of crypto currencies, followed by description of virtual currencies that are created by conversion of real–world currencies, and finally, virtual currencies based on different types of non–financial assets. The common characteristic of all types of virtual currencies and applications based on them...

  13. 19 CFR 159.37 - Suspension of certification of rates.

    Science.gov (United States)

    2010-04-01

    ...; DEPARTMENT OF THE TREASURY (CONTINUED) LIQUIDATION OF DUTIES Conversion of Foreign Currency § 159.37... certification of rates for a currency is being suspended pending determination of the question whether it will certify multiple rates for that currency, the following procedures shall apply: (a) Notification...

  14. Currency substitution, portfolio diversification, and money demand

    OpenAIRE

    Freitas, Miguel Lebre de; Veiga, Francisco José

    2006-01-01

    We extend the Thomas (1985) dynamic optimising model of money demand and currency substitution to the case in which the individual has restricted or no access to foreign currency denominated bonds. In this case Currency Substitution decisions and Asset Substitution decisions are not separable. The results obtained suggest that the significance of an expected exchange rate depreciation term in the demand for domestic money provides a valid test for the presence of currency subst...

  15. 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, p<0.01) between duration and magnitude of currency 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.

  16. Exchange Rate Expectations, Currency Crises, and the Pricing of American Depositary Receipts

    OpenAIRE

    Eichler, Stefan

    2012-01-01

    I.1 Motivation Exchange rates are a key issue in international economics and politics. While the determinants of exchange rates have been extensively studied in previous works, this dissertation contributes to the literature by deriving exchange rate expectations from stock market (ADR) data and analyzing their determinants. This exercise is done for three cases where one has to resort to exchange rate expectations since the national exchange rate is either manipulated by the central bank...

  17. Tassi di cambio fluttuanti, deprezzamento valutario e domanda effettiva (Floating exchange rates, currency depreciation and actual demand

    Directory of Open Access Journals (Sweden)

    Julio López

    2012-04-01

    Full Text Available Il presente articolo esamina i vantaggi relativi dei tassi di cambio fluttuanti nei confronti di un regime di tassi di cambio a parità rigidamente ancorate (hard peg, ponendo particolare enfasi sulle implicazioni per la domanda effettiva. In particolare, esso valuta se un deprezzamento della valuta abbia un effetto benefico sulla domanda aggregata e dunque sull’occupazione. Si sostiene che tale questione è centrale per il principio della domanda effettiva, e che l’idea che un deprezzamento valutario sia in grado di stabilizzare la domanda effettiva, equivale in larga misura a sostenere che la flessibilità (verso il basso dei salari nominali (e reali possa assicurare la piena occupazione. Coerentemente con ciò, viene analizzata la relazione tra la flessibilità verso il basso dei salari e la domanda effettiva, e viene valutata criticamente (dal punto di vista sia teorico sia empirico l’ipotesi che la flessibilità del tasso di cambio possa avere proprietà stabilizzanti quando si tenga conto di shock esogeni di varia natura. L’articolo si chiude con brevi deduzioni di teoria e di politica economiche.   This paper examines the relative advantages of floating exchange rates against a system of exchange rates for the same rigidly anchored (hard peg, with particular emphasis on the implications for effective demand. In particular, it will assess whether a currency depreciation has a beneficial effect on aggregate demand and hence employment. It is argued that this issue is central to the principle of effective demand, and that the idea that a currency depreciation is able to stabilize the effective demand, is equivalent to a large extent to support that flexibility (down in nominal wages (and real to ensure full employment. Consistent with this, we analyze the relationship between the downward flexibility of wages and effective demand, and is critically evaluated (in terms of both theoretical and empirical hypothesis that the flexibility

  18. 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.

  19. 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 wi

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

    Directory of Open Access Journals (Sweden)

    Sergiy TKACH

    2014-07-01

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

  1. Currency Substitution and the Fluctuations of Foreign-Exchange Reserves with Credibly Fixed Exchange Rates

    OpenAIRE

    Alberto Giovannini

    1991-01-01

    A fixed-exchange-rate system is characterized by two pillars: monetary policy coordination and foreign exchange reserves. This paper concentrates on the fluctuation of foreign exchange reserves by taking monetary policy coordination as given: the sustainability of the fixed exchange rate regime is insured via a cointegration restriction on the path of money supplies. The paper considers three types of cash-in-advance models of money demand. The first two types are more traditional models wher...

  2. Forecasting of currency exchange rates using an adaptive ARMA model with differential evolution based training

    Directory of Open Access Journals (Sweden)

    Minakhi Rout

    2014-01-01

    Full Text Available To alleviate the limitations of statistical based methods of forecasting of exchange rates, soft and evolutionary computing based techniques have been introduced in the literature. To further the research in this direction this paper proposes a simple but promising hybrid prediction model by suitably combining an adaptive autoregressive moving average (ARMA architecture and differential evolution (DE based training of its feed-forward and feed-back parameters. Simple statistical features are extracted for each exchange rate using a sliding window of past data and are employed as input to the prediction model for training its internal coefficients using DE optimization strategy. The prediction efficiency is validated using past exchange rates not used for training purpose. Simulation results using real life data are presented for three different exchange rates for one–fifteen months’ ahead predictions. The results of the developed model are compared with other four competitive methods such as ARMA-particle swarm optimization (PSO, ARMA-cat swarm optimization (CSO, ARMA-bacterial foraging optimization (BFO and ARMA-forward backward least mean square (FBLMS. The derivative based ARMA-FBLMS forecasting model exhibits worst prediction performance of the exchange rates. Comparisons of different performance measures including the training time of the all three evolutionary computing based models demonstrate that the proposed ARMA-DE exchange rate prediction model possesses superior short and long range prediction potentiality compared to others.

  3. 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...

  4. Multi-currency Influence Diagrams

    DEFF Research Database (Denmark)

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

    2004-01-01

    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...

  5. Forecasting of Indian Rupee (INR) / US Dollar (USD) Currency Exchange Rate Using Artificial Neural Network

    CERN Document Server

    Perwej, Yusuf; 10.5121/ijcsea.2012.2204

    2012-01-01

    A large part of the workforce, and growing every day, is originally from India. India one of the second largest populations in the world, they have a lot to offer in terms of jobs. The sheer number of IT workers makes them a formidable travelling force as well, easily picking up employment in English speaking countries. The beginning of the economic crises since 2008 September, many Indians have return homeland, and this has had a substantial impression on the Indian Rupee (INR) as liken to the US Dollar (USD). We are using numerational knowledge based techniques for forecasting has been proved highly successful in present time. The purpose of this paper is to examine the effects of several important neural network factors on model fitting and forecasting the behaviours. In this paper, Artificial Neural Network has successfully been used for exchange rate forecasting. This paper examines the effects of the number of inputs and hidden nodes and the size of the training sample on the in-sample and out-of-sample...

  6. Correlation Networks Among Currencies

    CERN Document Server

    Mizuno, T; Takayasu, M

    2005-01-01

    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.

  7. 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.

  8. Ters Para İkamesi Süreci ve Döviz Kuru Oynaklığı: Türkiye Örneği = Reverse Currency Substitution Process and Exchange Rate Volatility: The Turkish Case

    Directory of Open Access Journals (Sweden)

    Burak DARICI

    2009-01-01

    Full Text Available Theoretical and empirical literature shows that there is a significant relation between currency substitution and exchange rate volatility, and this volatility affects money demand significantly. This study examines the relation between reverse currency substitution and the volatility in exchange rate as well as the effects of this volatility on the demand for money. We used monthly data covering the period of 2001/04-2006/12, which started with the implementation of Program for Transition to a Strong Economy. Following the literature, we employed E-GARCH method in exchange rate volatility modeling and Pesaran et al (2001 bounds test approach in the estimation of money demand function. In accordance with the theoretical expectations, we found that with the increase in reverse currency substitution the exchange rate volatility decreased. Moreover, the decline in the volatility of exchange rate increased the money demand, i.e. accelerated the reverse currency substitution process.

  9. 我国货币供给内生性研究--基于现金漏损率的分析%On the Endogencity of Currency Supply in China:Based on the Analysis of Cash Leakage Rate

    Institute of Scientific and Technical Information of China (English)

    谷建伟

    2015-01-01

    The endogencity and exoyeneity of currency supply is an important theory and reality problem, right judgment of endogencity and exoyeneity of currency supply of a economic body has important significance for understanding the operation mechanism of currency supply, developing right currency policy and improving the effectiveness of currency policy. This article analyzes the effect of cash leakage rate on currency multiplier and currency supply, and draws conclusions that the endogencity of currency supply has increased in China. Finally, in the guidance of the conclusion, suggestions to choose the right currency policy and improve the effectiveness of currency policy in China are put forward.%货币供给内生性与外生性问题是一个重要的理论和现实问题,正确判断一个经济体的货币供给内外生性对于认识货币供给运行机制、制定正确的货币政策以及提高货币政策的有效性都具有重要意义。本文以现金漏损率为切入点,深入分析其对货币乘数、进而对货币供给量的影响,并得出我国货币供给内生性增强的结论。最后,在该结论的指导下,为我国选择正确的货币政策以及如何提高货币政策的有效性提出了若干建议。

  10. The Impact of Currency Exchange Rates and Canadian and U.S. Unemployment Rates on Non-Immigrant Visas from Canada to the U.S.

    Directory of Open Access Journals (Sweden)

    Boisvert, Jennifer A.

    2009-01-01

    Full Text Available AbstractChanges in immigration rates by Canadians from 1989 to 2006 were examinedfor three non-immigrant visa categories. Cross correlation functions (CCFwere calculated relating changes in numbers of visas to changes in Canada-U.S.currency exchange and unemployment rates. Regression analyses tested Han-Ibbott’s (2005 model of immigration decision-making and a variation ofHerrnstein’s (1961 matching law. CCF analysis found that currency exchangeand unemployment rates were predictive of changes in immigration rates.Regression analyses indicated that a devalued Canadian dollar discouragedmigration to the U.S. These findings have implications for Canada-U.S.inequities in bilateral immigration under NAFTA, with Canada experiencing agreater drain in human capital.RésuméNous avons examiné les changements dans les taux d’immigration chez lesCanadiens entre 1989 et 2006 dans trois catégories de visas de non-immigrant.Les fonctions de corrélation croisée (FCC ont étés calculées en reliant lesnombres de changements de visas aux changements dans les taux d’échangecanado-américains et le taux de chômage. Nous nous sommes servis d’analysesde régression pour tester le modèle de décision des politiques d’immigration deHan-Ibbott (2005 ainsi qu’une variation de la loi correspondante de Herrnstein(1961. L’analyse FCC a trouvé que le taux d’échange et le taux de chômagepouvaient prédire les changements de taux d’immigration. Les analyses derégression indiquent qu’un dollar canadien dévalué décourage la migrationvers les États-Unis. Ces constatations ont des implications pour les iniquitésdans les immigrations bilatérales canado-américaines sous l’ALENA, avec le

  11. Laparoscopic cholecystectomy: Rate and predictors for conversion

    Directory of Open Access Journals (Sweden)

    Merdad Adnan

    1999-01-01

    Full Text Available Laparoscopic cholecystectomy (LC was attempted in 847 patients, 823 (97.2% were completed laparoscopically and 24 (2.8% had to be converted to open cholecystectomy (OC. Acute cholecystitis was the commonest reason for conversion (13 out of 24 patients. Patients who had acute cholecystitis are five times at risk for conversion to open than other patients with non-acute cholecystitis (p< 0.00I . Age and sex were not statistically significant predictors for conversion. There were no mortalities and no major bile duct injuries in our series. These data confirms the safety of LC, identify factors which predicts conversion to OC and may be helpful in selecting patients for day care ambulatory LC.

  12. The Characteristics and Heterogeneity of the Conduction on the Exchange Rate and Foreign Currency Liabilities to Currency Mismatch:Empirical Test of China and ASEAN Countries%汇率和外币负债对货币错配传导特征及其异质性——中国和东盟各国的经验实证

    Institute of Scientific and Technical Information of China (English)

    王中昭; 易扬

    2012-01-01

    文章在分析中国和东盟各国汇率对货币错配传导特征、差异性和金融危机与货币错配风险的关联性的基础上,通过构建动态面板模型和面板VAR模型,对传导的边际效应、敏感程度的异质性作了深入分析,考察了货币错配对汇率和外币负债冲击的响应程度,并提出了我国汇率机制选择的建议。研究表明:大规模外币负债、外汇储备不足和本币汇率的大幅贬值触发了债务型货币错配风险;货币错配对汇率变动的敏感性的强弱和波动幅度取决于汇率制度的改革和国家的经济发展水平;货币错配受汇率冲击响应的方向和持续的时间与该国汇率是否稳定和激烈波动密切相关;扩张性的外币负债对货币错配积累起到加重的作用,外币负债对货币错配的影响和解释能力持续时间较长。%Based on the analysis of the characteristics and heterogeneity of the conduction on the exchange rate to currency mismatch in China and ASEAN countries and the relevance between financial crisis and the currency mismatch risk, the article analyzes the marginal effects of conduction and the heterogeneity of sensitive degree through building a dynamic panel model and the panel VAR model, and reviews the response degree of impact from currency mismatch to ex- change rates and foreign currency liabilities, and finally puts forward the propos- al of Chinas exchange rate mechanism options. Research shows that: large-scale foreign currency debt, the shortage of foreign exchange reserves and the sharp de- preciation of local currency exchange rate trigger the risk of debt type currency mismatch; the sensitivity and fluctuated range of the conduction from currency mismatch to the exchange rate change depend on the reform of exchange rate system and development of national economy level; the direction and duration of impact on currency mismatch from the exchange rate is closely related to the

  13. Rate Modelling of Alkali Gelatinization at Low Conversions

    Directory of Open Access Journals (Sweden)

    Osoka Emmanuel CHIBUIKE

    2010-12-01

    Full Text Available The rate of starch gelatinisation under strong alkali conditions was modeled at low conversion (x < 0.4, with the degree of gelatinisation (conversion defined in terms of sample viscosity. Experimental data at low conversion were fit to eleven rate models based on the mechanism of the unreacted-core model and the rate controlling steps determined. Film diffusion (stokes regime plus Product layer diffusion steps control the rate of reaction for all sodium hydroxide concentrations and at low conversion (x < 0.4, with the dominance shifting from Film diffusion to Product layer diffusion as sodium hydroxide concentration is increased.

  14. Detection of counterfeit currency

    Science.gov (United States)

    Burns, D.A.

    1998-05-26

    A method is disclosed of detecting counterfeit currency by contacting the currency to be tested with near infrared beams in the spectrum below 1,250 nanometers, measuring reflectance of the near infrared beams and comparing the reflectance values with those from genuine currency. 18 figs.

  15. Rate and predictors of conversion from unipolar to bipolar disorder

    DEFF Research Database (Denmark)

    Kessing, Lars Vedel; Willer, Inge Stoel; Andersen, Per Kragh

    2017-01-01

    OBJECTIVES: For the first time to present a systematic review and meta-analysis of the conversion rate and predictors of conversion from unipolar disorder to bipolar disorder. METHODS: A systematic literature search up to October 2016 was performed. For the meta-analysis, we only included studies...... that used survival analysis to estimate the conversion rate. RESULTS: A total of 31 studies were identified, among which 11 used survival analyses, including two register-based studies. The yearly rate of conversion to bipolar disorder decreased with time from 3.9% in the first year after study entry......, the prevalence of psychotic depression, the prevalence of chronic depression, and severity of depression. It was not possible to identify risk factors that were consistently or mainly confirmed to predict conversion across studies. CONCLUSIONS: The conversion rate from unipolar to bipolar disorder decreases...

  16. 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...

  17. Estimating forest conversion rates with annual forest inventory data

    Science.gov (United States)

    Paul C. Van Deusen; Francis A. Roesch

    2009-01-01

    The rate of land-use conversion from forest to nonforest or natural forest to forest plantation is of interest for forest certification purposes and also as part of the process of assessing forest sustainability. Conversion rates can be estimated from remeasured inventory plots in general, but the emphasis here is on annual inventory data. A new estimator is proposed...

  18. Currency speculation and dollar fluctuations

    Directory of Open Access Journals (Sweden)

    S. SCHULMEISTER

    2013-12-01

    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. 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 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 destabilising since the sequence of price runs caused large and persistent deviations of exchange rates from their equilibrium values (purchasing power parity.  

  19. 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.

  20. An Incomplete Optimal Currency Area

    DEFF Research Database (Denmark)

    Dreyer, Johannes Kabderian; Graversen, Mads Byskov

    2014-01-01

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

  1. 19 CFR 159.31 - Rates to be used.

    Science.gov (United States)

    2010-04-01

    ... (CONTINUED) LIQUIDATION OF DUTIES Conversion of Foreign Currency § 159.31 Rates to be used. Except as otherwise specified in this subpart, no rate or rates of exchange shall be used to convert foreign...

  2. Polish Toxic Currency Options

    Directory of Open Access Journals (Sweden)

    Waldemar Gontarski

    2009-04-01

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

  3. 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 ...

  4. 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...

  5. 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...

  6. Preventing a Currency War

    Institute of Scientific and Technical Information of China (English)

    YU SHUJUN

    2010-01-01

    @@ On the global economic recovery's already unpredictable road, the latest threat comes from the possibility of a currency war. Although worries about the war have recently been alleviated,as G20 financial officials vowed to "refrain from competitive devaluation of currencies" at their meeting in Gyeongju, South Korea, on October 21-23, more than just words and promises are necessary to avert a currency showdown.

  7. 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

  8. 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

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

    Directory of Open Access Journals (Sweden)

    Orăștean Ramona

    2015-12-01

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

  10. Signatures of Currency Vertices

    Science.gov (United States)

    Holme, Petter

    2009-03-01

    Many real-world networks have broad degree distributions. For some systems, this means that the functional significance of the vertices is also broadly distributed, in other cases the vertices are equally significant, but in different ways. One example of the latter case is metabolic networks, where the high-degree vertices — the currency metabolites — supply the molecular groups to the low-degree metabolites, and the latter are responsible for the higher-order biological function, of vital importance to the organism. In this paper, we propose a generalization of currency metabolites to currency vertices. We investigate the network structural characteristics of such systems, both in model networks and in some empirical systems. In addition to metabolic networks, we find that a network of music collaborations and a network of e-mail exchange could be described by a division of the vertices into currency vertices and others.

  11. Methanol conversion in high-rate anaerobic reactors

    NARCIS (Netherlands)

    Weijma, J.; Stams, A.J.M.

    2001-01-01

    An overview on methanol conversion in high-rate anaerobic reactors is presented, with the focus on technological as well as microbiological aspects. The simple C1-compound methanol can be degraded anaerobically in a complex way, in which methanogens, sulfate reducing bacteria and homoacetogens

  12. 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...

  13. Cross - Currency Hedging Using Options

    OpenAIRE

    Suri, Akshay

    2006-01-01

    In today's competitive global markets, most firms are vulnerable to increasing fluctuation in foreign exchange, which is leading them to make use of Currency Derivatives to hedge their risks. Among the several derivatives available, Currency Options are the second most popular instrument used to hedge currency risk. Options are a very distinctive set of instruments that are available to hedge Currency risk. This study provides empirical evidence on why companies employ Currency Options to hed...

  14. Currency Substitution and Government Revenue from Inflation Currency Substitution and Government Revenue from Inflation

    Directory of Open Access Journals (Sweden)

    C. Luis Ramírez-Rojas

    1986-03-01

    Full Text Available Currency Substitution and Government Revenue from Inflation The purpose of this paper is to show that in the case of an open economy the calculations of revenue-maximing rates of inflation have been made using a restrictive model that assumes that domestic residents can only substitute between domestic money and goods (and real assets. The paper demonstrates that once the effects of currency substitution, so common in developing countries, are taken into account, the inflation rate that maximizes the proceeds of the inflation tax can be quite lower than would be the case when currency substitution is ignored.

  15. The Effects of Interest Rate on the Optimal Consumption Path in a Bewley Model with the Co-existence of Currency and Credit

    Directory of Open Access Journals (Sweden)

    Seyyed Aqil Hoseiny

    2013-08-01

    Full Text Available In the Bewley models, the endowment is faced to idiosyncratic risks. But contingent claims markets is restricted or completely excluded by assumption and so households couldn’t insure themselves against these risks. Consequently, households will have strong motive to precautionary saving for self-insurance. Households’ only option is to “self-insure” by managing a stock of a single asset to buffer their consumption against adverse shocks. The bewley models differ mainly with respect to the particular asset that is the instrument for self-insurance: fiat currency, credit (such as IOU's, bank deposits, government bonds and so on or capital. In these models if the interest rate would be equal to the rate of the time preference then asset and consumption diverge to infinity and so monetary equilibrium doesn't exist. Therefore these models conclude that the use of Friedman rule can be misleading in an incomplete market setup. Therefore these models reduce the interest rate so that asset and consumption converge and consequently the monetary equilibrium exists.In this paper we extend the bewley models and construct a heterogeneous model with idiosyncratic risks and borrowing constraint where agents hold money and bearing interest assets as government bonds for precautionary motives and self-insurance. We show that the consequences of bewley models in this condition are still true: There should be the interest rate lower than time preference to insure the existence of monetary equilibrium. With sufficient uncertainty in the income and interest rate sequences, consumption will grow without bound even if the rate of interest is equal to or greater than the discount rate.

  16. 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.

  17. 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

  18. 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

  19. Adaptive predictions of the euro/złoty currency exchange rate using state space wavelet networks and forecast combinations

    Directory of Open Access Journals (Sweden)

    Brdyś Mietek A.

    2016-03-01

    Full Text Available The paper considers the forecasting of the euro/Polish złoty (EUR/PLN spot exchange rate by applying state space wavelet network and econometric forecast combination models. Both prediction methods are applied to produce one-trading-day-ahead forecasts of the EUR/PLN exchange rate. The paper presents the general state space wavelet network and forecast combination models as well as their underlying principles. The state space wavelet network model is, in contrast to econometric forecast combinations, a non-parametric prediction technique which does not make any distributional assumptions regarding the underlying input variables. Both methods can be used as forecasting tools in portfolio investment management, asset valuation, IT security and integrated business risk intelligence in volatile market conditions.

  20. Recent Rates of Forest Harvest and Conversion in North America

    Science.gov (United States)

    Masek, Jeffrey G.; Cohen, Warren B.; Leckie, Donald; Wulder, Michael A.; Vargas, Rodrigo; de Jong, Ben; Healey, Sean; Law, Beverly; Birdsey, Richard; Houghton, R. A.; Mildrexler, David; Goward, Samuel; Smith, W. Brad

    2011-01-01

    Incorporating ecological disturbance into biogeochemical models is critical for estimating current and future carbon stocks and fluxes. In particular, anthropogenic disturbances, such as forest conversion and wood harvest, strongly affect forest carbon dynamics within North America. This paper summarizes recent (2000.2008) rates of extraction, including both conversion and harvest, derived from national forest inventories for North America (the United States, Canada, and Mexico). During the 2000s, 6.1 million ha/yr were affected by harvest, another 1.0 million ha/yr were converted to other land uses through gross deforestation, and 0.4 million ha/yr were degraded. Thus about 1.0% of North America fs forests experienced some form of anthropogenic disturbance each year. However, due to harvest recovery, afforestation, and reforestation, the total forest area on the continent has been roughly stable during the decade. On average, about 110 m3 of roundwood volume was extracted per hectare harvested across the continent. Patterns of extraction vary among the three countries, with U.S. and Canadian activity dominated by partial and clear ]cut harvest, respectively, and activity in Mexico dominated by conversion (deforestation) for agriculture. Temporal trends in harvest and clearing may be affected by economic variables, technology, and forest policy decisions. While overall rates of extraction appear fairly stable in all three countries since the 1980s, harvest within the United States has shifted toward the southern United States and away from the Pacific Northwest.

  1. The Benefit of Currency Substitution during High Inflation and Stabilization The Benefit of Currency Substitution during High Inflation and Stabilization

    Directory of Open Access Journals (Sweden)

    Jacek Rostowski

    1992-03-01

    Full Text Available Allowing currency substitution in a very high inflation helps to maintain the level of output, as, the distortion of the information carried by prices is mitigated. The total (primary plus secondary money supply may increase if currency substitution is permitted. Currency substitution does not even necessarily reduce the real primary money stock. Moreover, the demand for the primary money fragments at very high rates of inflation, which means that the authorities may loose little when they give up the attempt to obtain inflation tax revenue. Currency substitution need be no more expensive, in term of the real resources it consumes, than is indexation. Finally the availability of a second stable currency may reduce the severity of post-stabilization recessions. The Benefit of Currency Substitution during High Inflation and Stabilization

  2. Cash Currencies Recognition Using k-Nearest Neighbor Classifier

    Directory of Open Access Journals (Sweden)

    Ghazi Ibrahim Raho

    2015-10-01

    Full Text Available The appearance of the currency is part of this development and it is affected directly, where there is exploited in incorrect form by copying the currency in a manner similar to the reality. Therefore, it became necessary to implement a proposal for being a suitable as solution not inconsistent with the different cultures, time and place, to reduce the risk of problem that represented in distinguish between real and fake currency. This clear through add the watermarks inside currency, which is difficult to be copied. At the same time, this watermarks may be visible to the naked eye so can easily inferred or it is invisible. However the high resolution imaging devices can copy these additions. In this research, we have proposed a system to distinguish the currencies by the program that working a submission inferred to the watermark by feature extraction determined the type of currency and its reality. In addition to, the algorithm (k-NN determined category of the currency. Benefit of it, is reducing as much as possible the spread of counterfeit currency and this system can be used by any user wants to make sure of the currency reality. The proposed model applied on 100 banknote, the success rate was 91% and the failure rate was 9%.

  3. External effects of currency unions

    OpenAIRE

    2004-01-01

    Argument: The paper argues that the introduction of the Euro has considerably reduced de facto monetary policy autonomy in non-ECU members. We start from a simple Mundellian model, in which currency unions raise economic efficiency but reduce monetary policy autonomy. Our main argument holds that governments in countries that did not join the currency union lose monetary policy autonomy if the establishment of a currency union increases the size of the key currency area. The increase in the s...

  4. 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.

  5. Cooperation and Inspiration on Exchange Rate Changes of Main International Currencies Internationalization%主要国际货币国际化期间汇率变化的比较及启示

    Institute of Scientific and Technical Information of China (English)

    卜国军

    2015-01-01

    This paper selects the dollar,Deutsche Mark,yen three international currency and analyses the chang-es of their exchange rate. From the international experience,the main international currency in the world in the process of internationalization has experienced the process of currency appreciation. The appreciation is the result of the country ’s more rapid economic growth,and it is a necessary condition for the currency internationalization. During the interna-tionalization, the exchange rate of RMB should keep rise steadily, the current account should maintain surplus, the impact of US monetary policy should be pay close attention and in order to make a reference to manage the exchange rate of RMB.%本文选取美元、德国马克、日元三种国际货币,分析、比较三种货币国际化进程中汇率变化的特点,发现从国际经验来看,世界主要国际货币在其国际化进程中都经历了升值过程,货币升值是该国货币国际化的必要条件。人民币国际化进程中应保持汇率稳中有升、维持经常项目顺差、关注美国货币政策影响,并根据国际化的不同阶段灵活实施汇率管理政策。

  6. The Analysis on the Dynamic Correlation of the Foreign Exchange Rate of RMB and Currencies of ASEAN Countries%人民币与东盟国家货币汇率动态关联性分析

    Institute of Scientific and Technical Information of China (English)

    陈文慧

    2014-01-01

    Using VAR-MGARCH-BEKK model, from the perspective of rewards spillover and volatility spillover, the paper makes the empirical research on the dynamic correlation of the foreign exchange rate of RMB and currencies of ASEAN countries. The paper finds that compared with the secondary foreign exchange reform, there exists the bidirectional volatility spillover effect be-tween RMB and Philippine peso and Thai baht, while there doesn’t exist the volatility spillover effect with currencies of other ASEAN countries. That is to say, the correlation of the foreign exchange rate of RMB and currencies of ASEAN countries is obviously strengthened after the secondary foreign exchange reform. At last, the paper puts forward corresponding policy recommendations on attempting to deepen the foreign exchange rate cooperation of RMB with currencies of ASEAN countries to promote the process of re-gionalization of RMB in ASEAN countries.%本文运用VAR-MGARCH-BEKK模型,从报酬溢出和波动溢出的角度,对人民币与东盟国家货币汇率间动态关联性进行实证研究,发现相比二次汇改前,人民币与菲律宾比索、泰铢之间存在双向波动溢出效应而对东盟其他国家货币汇率不存在波动溢出效应,二次汇改后人民币与大部分东盟国家货币汇率之间联动有明显增强。最后,本文尝试对人民币深化与东盟国家货币汇率合作,提出相应的政策建议以推动人民币在东盟国家的区域化进程。

  7. Foraging currencies, metabolism and behavioural routines.

    Science.gov (United States)

    Houston, Alasdair I; McNamara, John M

    2014-01-01

    A fundamental issue in foraging theory is whether it is possible to find a simple currency that characterizes foraging behaviour. If such a currency exists, then it is tempting to argue that the selective forces that have shaped the evolution of foraging behaviour have been understood. We review previous work on currencies for the foraging behaviour of an animal that maximizes total energy gained. In many circumstances, it is optimal to maximize a suitably modified form of efficiency. We show how energy gain, predation and damage can be combined in a single currency based on reproductive value. We draw attention to the idea that hard work may have an adverse effect on an animal's condition. We develop a model of optimal foraging over a day when a forager's state consists of its energy reserves and its condition. Optimal foraging behaviour in our model depends on energy reserves, condition and time of day. The pattern of optimal behaviour depends strongly on assumptions about the probability that the forager is killed by a predator. If condition is important, no simple currency characterizes foraging behaviour, but behaviour can be understood in terms of the maximization of reproductive value. It may be optimal to adopt a foraging option that results in a rate of energy expenditure that is less than the rate associated with maximizing efficiency.

  8. GLOBAI CURRENCY WAR?

    Institute of Scientific and Technical Information of China (English)

    Li Zhen

    2010-01-01

    @@ Economic theory has it that,in a fragile economy,every country wants to expand its exports,and low currency values can help make products cheaper to international buyers.A country's trade balance is simply an accounting identity that by definition matches the flow of goods and capital.

  9. Simulating currency substitution bias

    NARCIS (Netherlands)

    M. Boon (Martin); C.J.M. Kool (Clemens); C.G. de Vries (Casper)

    1989-01-01

    textabstractThe sign and size of estimates of the elasticity of currency substitution critically depend on the definition of the oppurtunity costs of holding money. We investigate possible biases by means of Monte Carlo experiments, as sufficient real data are not available.

  10. 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

  11. Application of a conversion factor to estimate the adenoma detection rate from the polyp detection rate.

    LENUS (Irish Health Repository)

    Francis, Dawn L

    2011-03-01

    The adenoma detection rate (ADR) is a quality benchmark for colonoscopy. Many practices find it difficult to determine the ADR because it requires a combination of endoscopic and histologic findings. It may be possible to apply a conversion factor to estimate the ADR from the polyp detection rate (PDR).

  12. 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.

  13. The Art of Crypto Currencies

    Directory of Open Access Journals (Sweden)

    Sufian Hameed

    2016-12-01

    Full Text Available Crypto Currencies have recently gained enormous popularity amongst the general public. With each passing day, more and more companies are radically accepting crypto cur-rencies in their payment systems, paving way for an economic revolution. Currently more than 700 crypto-currencies are avail-able at Coindesk alone for trade purposes. As of November 2016, the Crypto currencies hold a total market share of over 14 Billion USD1 [5]. With no centralized institution to monitor the movement of funds, Crypto currencies and their users are susceptible to multiple threats. In this paper we present an effort to explain the functionality of some of the most popular crypto currencies available in the online market. We present an analysis of the mining methodologies employed by these currencies to induce new currency into the market and how they compete with each other to provide fast, decentralized transactions to the users. We also share, some of the most dangerous attacks that can be placed on these crypto currencies and how the overall model of the crypto currencies mitigates these attacks. Towards the end, we will present taxonomy of the five highly popular crypto currencies and compare their features.

  14. CONVERSION RATES OF SURFACE HOx RADICALS IN BEIJING CITY

    Institute of Scientific and Technical Information of China (English)

    REN Xin-rong; WANG Li-xin; WANG Hui-xiang; MIAO Guo-fang

    2004-01-01

    Surface OH radical concentration in Beijing City was measured by impregnated filter trapping technique-high performance liquid chromatography (IFT-HPLC). The observed concentration of OH radical showed obvious diurnal and seasonal variations, with maximum readings at noon or afternoon, ~80×106OH/cm3 in summer and ~20×106-40×106OH/cm3 in fall. On the basis of measured data, the reaction rates related to the photochemical process of Hox (OH+HO2) were derived and characteristics of atmospheric chemical processes in the city were analyzed. The results showed that conversion rates of atmospheric OH and HO2 in the summer of Beijing City were air of the city mainly originated from the photolysis of the gaseous HNO2, and the main sink of OH were the photochemical reactions with VOCs, NO2, HCHO and CO. It was different from the clean area.

  15. Currency strategy of constructivism in Kazakhstan

    Directory of Open Access Journals (Sweden)

    Zoryana Lutsyshyn

    2014-08-01

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

  16. A single currency: utopia today? Reality tomorrow?

    Directory of Open Access Journals (Sweden)

    C. DE STRYCKER

    2013-12-01

    Full Text Available The collapse of the Bretton Woods international monetary system in 1971 inaugurated an era of highly fluctuating exchange rates. Part of the reason for this volatility has been the almost complete internationalisation of capital markets, with national currencies remaining subject to political influences and the vagaries of changing trade patterns. One possible solution to these problems would be the adoption of a single international currency unit. Although this would not remove the problem inherent in balance of payments disequilibrium, it would nevertheless impose greater market discipline on financial policies by removing the option of monetary adjustments.

  17. Virtual Currencies like Bitcoins as a Paradigm Shift in the Field of Transactions

    OpenAIRE

    Chris Richter; Sascha Kraus; RICARDA B. BOUNCKEN

    2015-01-01

    Virtual currencies have been well-cited and well-discussed in the near past. Due to the loss of trust in the banking sector and the fear of loss of capital, low interest rates and uncertainty of existing currencies, the ground for a virtual currency was given. Virtual currencies and the money flows are controlled only online by the anonymous group of volunteers (also called peer); every single transaction is documented. Approximately 10,000 businesses worldwide accept payments with virtual cu...

  18. The Pattern of Currency Substitution in Latin American: An Overview The Pattern of Currency Substitution in Latin American: An Overview

    Directory of Open Access Journals (Sweden)

    Miguel A. Savastano

    1992-03-01

    Full Text Available The Pattern of Currency Substitution in Latin American: An Overview This paper identifies the stylized facts and common features of recent currency substitution episodes in Bolivia, Mexico, Peru and Uruguay. It discusses the relationship between macroeconomic policies and the pattern of currency substitution in these countries and investigates the effects that the presence of foreign currency deposits had on their demand for domestic money and on their ability to conduct monetary and exchangh rate policy. The paper argues that the decision to allow foreign currency deposits in the domestic financial system tends to increase the inflationary impact of fiscal imbalances and exchange role adjustments and jeopardizes the susfainability of a managed exchange rate regime.

  19. Hospital revisit rate after a diagnosis of conversion disorder.

    Science.gov (United States)

    Merkler, Alexander E; Parikh, Neal S; Chaudhry, Simriti; Chait, Alanna; Allen, Nicole C; Navi, Babak B; Kamel, Hooman

    2016-04-01

    To estimate the hospital revisit rate of patients diagnosed with conversion disorder (CD). Using administrative data, we identified all patients discharged from California, Florida and New York emergency departments (EDs) and acute care hospitals between 2005 and 2011 with a primary discharge diagnosis of CD. Patients discharged with a primary diagnosis of seizure or transient global amnesia (TGA) served as control groups. Our primary outcome was the rate of repeat ED visits and hospital admissions after initial presentation. Poisson regression was used to compare rates between diagnosis groups while adjusting for demographic characteristics. We identified 7946 patients discharged with a primary diagnosis of CD. During a mean follow-up of 3.0 (±1.6) years, patients with CD had a median of three (IQR, 1-9) ED or inpatient revisits, compared with 0 (IQR, 0-2) in patients with TGA and 3 (IQR, 1-7) in those with seizures. Revisit rates were 18.25 (95% CI, 18.10 to 18.40) visits per 100 patients per month in those with CD, 3.90 (95% CI, 3.84 to 3.95) in those with TGA and 17.78 (95% CI, 17.75 to 17.81) in those with seizures. As compared to CD, the incidence rate ratio for repeat ED visits or hospitalisations was 0.89 (95% CI, 0.86 to 0.93) for seizure disorder and 0.32 (95% CI 0.31 to 0.34) for TGA. CD is associated with a substantial hospital revisit rate. Our findings suggest that CD is not an acute, time-limited response to stress, but rather that CD is a manifestation of a broader pattern of chronic neuropsychiatric disease. Published by the BMJ Publishing Group Limited. For permission to use (where not already granted under a licence) please go to http://www.bmj.com/company/products-services/rights-and-licensing/

  20. 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.

  1. 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.

  2. The European Currency Unit: An Economical, Financial, and Political Currency.

    Science.gov (United States)

    Strysick, Pam

    Intended to provide a basic understanding of the history and complexity of a relatively new foreign currency measure, this paper briefly describes the history leading to the formation of the European Economic Community (EEC), its objectives, its governance structure, and its development of the European Currency Unit (ECU) as a means of stabilizing…

  3. 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 o

  4. Currency Substitution and Inflation in Peru Currency Substitution and Inflation in Peru

    Directory of Open Access Journals (Sweden)

    Liliana Rojas-Suarez

    1992-03-01

    Full Text Available 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 of high but relatively stable inflation (January 1978-85, it became an important factor in the inflation process during the recent hyperinflation episode. Currency Substitution and Inflation in Peru

  5. The US Wages A Currency War against China

    Institute of Scientific and Technical Information of China (English)

    Song Hongbing

    2010-01-01

    @@ What is exactly on behind the currency war that greatly makes the headlines of world media coverage?A race for exchange rates or trade protectionism?Rebalance of the world economy or internationalization of the US internal politics?

  6. Does an undervalued currency merit economic growth?: Evidence from Taiwan

    Directory of Open Access Journals (Sweden)

    Yan Ho-Don

    2012-01-01

    Full Text Available Whether an undervalued currency is an attainable industrial policy for developing countries’ sustained development has recently invoked many discussions. This paper studies the case of Taiwan after first determining the misalignment of Taiwan’s currency by estimating the fundamental equilibrium real exchange rate. Three sub-periods for Taiwan’s currency exchange rate misalignment are identified: undervaluation in the periods 1981-1986 and 1998- 2008 and overvaluation during 1987-1997. Second, we use a vector autoregression (VAR model to examine the Granger causality between exchange rate misalignment and GDP, by incorporating export and investment variables. The evidence shows that exchange rate misalignment does Granger cause GDP and it mainly comes from the third sub-period when the Taiwan dollar was undervalued. From past experience and the current economic doldrums of the last resort of global exports - the United States - currency undervaluation is not a validated strategy upon which emerging markets can wishfully impinge.

  7. 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 cu

  8. No Winner in Currency War

    Institute of Scientific and Technical Information of China (English)

    Zhang Maorong

    2010-01-01

    @@ Recently,the weakening US dollar has forced many economies into measures for intervening in the foreign reserve market to curb a fast appreciation of their own currencies.A great clamor has arisen around currency war amidst hype from western media.

  9. 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...

  10. 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.

  11. 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.

  12. 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.

  13. Is Asian Currency Unit Attractive to East Asian Economies?

    Institute of Scientific and Technical Information of China (English)

    Bin Zhang; Fan He

    2007-01-01

    Pegging the RMB exchange rate to the Asian currency unit (ACU) has not, at least in the short term, been proved a better solution than pegging to the US dollar or pegging to a G-3 (US$, Japaneseyen and euro) currency basket. Although the Asian currency unit can help Asian economies to keep the relative price of regional currencies stable, the cost of joining a formal regional monetary cooperation is the relinquishment of the autonomy of their domestic policies. Asian monetary cooperation needs to provide more potential benefits if it is to attract Asian economies. We argue that Asian monetary cooperation should be designed to solve the problem of regional trade imbalance, and regional exchange rate policy coordination should be adopted as the first step towards exchange rate cooperation.

  14. 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...... on currency speculation whether in the form of selective hedging or active speculation. This result adds to the literature and is important given the increasing focus on an integrated perspective on risk management in non-financial firms. We furthermore find and confirm previous studies that currency...

  15. Are pound and euro the same currency?

    Energy Technology Data Exchange (ETDEWEB)

    Matsushita, Raul [Department of Statistics, University of Brasilia, 70910900 Brasilia DF (Brazil); Gleria, Iram [Department of Physics, Federal University of Alagoas, 57072970 Maceio (Brazil); Figueiredo, Annibal [Department of Physics, University of Brasilia, 70910900 Brasilia DF (Brazil); Silva, Sergio da [Department of Economics, Federal University of Santa Catarina, 88049970 Florianopolis (Brazil)], E-mail: professorsergiodasilva@gmail.com

    2007-08-20

    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.

  16. 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.

  17. Bitcoin as a virtual currency

    OpenAIRE

    Anna Wisniewska

    2015-01-01

    The aim of this article is to show the position of Bitcoin among virtual currencies. On the basis of the reports published by the European Central Bank and The Financial Action Task Force, as well as the available Internet and primary sources, there have been presented the types and the history of virtual currencies, the way in which Bitcoin functions and the methods of acquiring it. The article is based on the assumption that an in-depth knowledge of virtual currencies, their classification ...

  18. An Overview of Foreign Currency Exposure

    OpenAIRE

    Harris, Peter; Kaur, Simran

    2013-01-01

    Foreign exchange exposure is defined as the assessment of potential of a firm’s profitability, net cash flow, and market value to change due to unpredictable changes of foreign exchange rates, which can be financially unfavorable to the global firm. This paper discusses the three various types of major foreign exchange exposure which are, translation, transaction, and economic; the risks associated with each exposure, and how to minimize specific currency risks.

  19. Currency hedging for international portfolios

    OpenAIRE

    Jochen M. Schmittmann

    2012-01-01

    This paper examines the benefits from hedging the currency exposure of international investments in single- and multi-country equity and bond portfolios from the perspectives of German, Japanese, British and American investors. Over the period 1975 to 2009, hedging of currency risk substantially reduced the volatility of foreign investments at a quarterly investment horizon. Contrary to previous studies, the paper finds that at longer investment horizons of up to five years the case for hedgi...

  20. Evaluation of the Bacterial Contamination of the Iranian Currency Notes

    Directory of Open Access Journals (Sweden)

    E Khajeh Ali

    2009-03-01

    Full Text Available "n "nBackground and Objectives: In many countries, there is a popular belief that the simultaneous "nhandling of food and money contributes to the incidence of food-related public health incidents. "nThe objective of this study was to determine the total bacterial count and the presence of food borne "nbacterial pathogens on Iranian currency notes, collected from food-related shops. "n "nMaterials and Methods: A total of 120 Iranian currency notes, comprising notes in four  denomination (2000, 5000, 10000 and 20000 R were collected from various food-related shops including, butchery, bakery, confectionary, fast food, ice cream and poultry meat shop. The currency notes were categorized into three groups according to their physical conditions. All currency notes were examined for total bacterial count, Escherichia coli, Staphylococcus aureus, Bacillus cereus, Salmonella and Listeria according to the standard techniques."nResults: The average number of total bacterial count in four denomination of currency notes (2000,  5000, 10000 and 20000 R were 118.49, 106.32, 69.44 and 220.81 CFU/cm2, respectively. The association between total bacterial count and denomination of the currency was not statistically significant. Of the 120 currency notes on which bacteriological analysis was conducted 13.3 %, 32.5% and 10.8 % were contaminated with E. coli, S. aureus and B. cereus, respectively. Salmonella and Listeria were not isolated from samples. Currency notes collected from butchery, bakery, confectionary, fast food, ice cream and poultry meat shop were contaminated with E. coli at the rate of 60, 0, 5, 5, 0 and 10 %; with S. aureus at the rate of 55, 30, 10, 25, 40 and 35 %; with B. cereus at the rate of 0, 10, 20, 5, 20 and 10 %, respectively. There was not a statistically significant association between physical condition and bacterial contamination of the currency notes. The effect of presence or absence of cashier in food-related shops on bacterial

  1. Why Do Countries Peg the Way They Peg? The Determinants of Anchor Currency Choice

    OpenAIRE

    Christopher M. Meissner; Oomes, Nienke

    2006-01-01

    Conditional on choosing a pegged exchange rate regime, what determines the currency to which countries peg or “anchor” their exchange rate? This paper aims to answer this question using a panel multinomial logit framework, covering more than 100 countries for the period 1980-1998. We find that trade network externalities are a key determinant of anchor currency choice, implying that there are multiple steady states for the distribution of anchor currencies in the international monetary system...

  2. Currency Crises and Monetary Policy in an Economy with Credit Constraints

    DEFF Research Database (Denmark)

    Bergman, Ulf Michael; Hassan, Shakill

    to the threat of a currency crisis is restrictive. We demonstrate that this result is primarily due to the uncovered interest parity assumption. Assuming that the exchange rate is a martingale restores the case for expansionary reaction - even with foreign-currency debt in firms' balance sheets. The effect...... of lower interest rates on output can help restore the value of the currency due to increased money demand...

  3. 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...

  4. Analysis of the Exchange Rate and Pricing Foreign Currency Options on the Croatian Market: the NGARCH Model as an Alternative to the Black-Scholes Model

    Directory of Open Access Journals (Sweden)

    Petra Posedel

    2006-12-01

    Full Text Available The interest of professional investors in financial derivatives on the Croatian market is steadily increasing and trading is expected to start after the establishment of the legal framework. The quantification of the fair price of such financial instruments is therefore becoming increasingly important. Once the derivatives market is formed, the use of the Black-Scholes option pricing model is also expected. However, contrary to the assumptions of the Black-Scholes model, research in the field of option markets worldwide suggests that the volatility of the time-series returns is not constant over time. The present study analyzes the implications of volatility that changes over time for option pricing. The nonlinear-in-mean asymmetric GARCH model that reflects asymmetry in the distribution of returns and the correlation between returns and variance is recommended. For the purpose of illustration, we use the NGARCH model for the pricing of foreign currency options. Possible prices for such options having different strikes and maturities are then determined using Monte Carlo simulations. The improvement provided by the NGARCH model is that the option price is a function of the risk premium embedded in the underlying asset. This contrasts with the standard preference-free option pricing result that is obtained in the Black-Scholes model.

  5. An Optimum Currency Crisis

    Directory of Open Access Journals (Sweden)

    Paolo Pasimeni

    2014-12-01

    Full Text Available This paper presents an ex-post assessment of the current situation of the EMU in light of the conditions prescribed by the theory of Optimum Currency Areas (OCA. The analysis shows that some of those conditions were satisfied at the inception of the EMU, others were missing at the beginning, but improved over time as expected by the endogenous approach to the OCA theory. The common fiscal capacity was the main missing element of the initial construction of the Eurozone, and still is. The common budget is so exiguous that its effectiveness as shock absorption mechanism is negligible. The analysis then shows how some of the concerns raised on the eve of the euro did actually materialize, even if not immediately. First, in its first decade the Eurozone did not experience major turbulences, because growing financial integration was compensating the need for fiscal transfers, channelling the excess of saving from the ‘core’ to the ‘periphery’. Second, the mechanism generated record-high private indebtedness in the ‘periphery’ and exposure of the banks in the ‘core’, making the whole system more fragile as it relied upon financial markets’ stability. Third, once the long-feared shock hit, the mechanism proved weak and non-resilient. The inherent weaknesses of the EMU became evident. Fourth, as it had been foreseen, the cost of the adjustment after the shock fell mainly on labour, with much higher and longer unemployment in the Eurozone than both non-Eurozone EU and the US. Fifth, as the theory suggested, the lack of common mechanisms of adjustment dramatically increased the socio-economic divergences within the EMU. The paper finally presents a simulation for a common budget of the Eurozone, linked to the relative current account positions of the member states.

  6. 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.

  7. 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.

  8. DIGITAL FLOOD INSURANCE RATE MAP DATABASE, CONVERSE COUNTY, WYOMING, USA.

    Data.gov (United States)

    Federal Emergency Management Agency, Department of Homeland Security — The Digital Flood Insurance Rate Map (DFIRM) Database depicts flood risk information and supporting data used to develop the risk data. The primary risk...

  9. 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.

  10. 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.

  11. External dose-rate conversion factors for calculation of dose to the public

    Energy Technology Data Exchange (ETDEWEB)

    1988-07-01

    This report presents a tabulation of dose-rate conversion factors for external exposure to photons and electrons emitted by radionuclides in the environment. This report was prepared in conjunction with criteria for limiting dose equivalents to members of the public from operations of the US Department of Energy (DOE). The dose-rate conversion factors are provided for use by the DOE and its contractors in performing calculations of external dose equivalents to members of the public. The dose-rate conversion factors for external exposure to photons and electrons presented in this report are based on a methodology developed at Oak Ridge National Laboratory. However, some adjustments of the previously documented methodology have been made in obtaining the dose-rate conversion factors in this report. 42 refs., 1 fig., 4 tabs.

  12. Studies on Catalyst Deactivation Rate and Byproducts Yield during Conversion of Methanol to Olefins

    Institute of Scientific and Technical Information of China (English)

    Yan Dengchao; Munib Shahda; Weng Huixin

    2006-01-01

    The conversion of methanol to olefins (MTO) over the SAPO-34 catalyst in fixed-bed microreactor was studied. The effect of reaction temperatures for methanol conversion to olefins and byproducts was investigated. A temperature of 425 ℃ appeared to be the optimum one suitable for conversion of methanol to olefins. Since the presence of water could increase the olefins selectivity, the methanol conversion reactions with mixed water/methanol feed were also studied. The effect of weight hourly space velocity on conversion of methanol was also studied. The results indicated that the olefins selectivity was significantly increased as WHSV increased till approximately 7.69 h-1 then it began to level off. Different factors affecting the catalyst deactivation rate was studied, showing that the catalyst deactivation time was dependent on reaction conditions, and temperatures higher and lower than the optimal one made the catalyst deactivation faster.Adding water to methanol could slow down the catalyst deactivation rate.

  13. Conversing Rate from Morphine to Continuous Infusion of Fentanyl in Patients Suffering Cancer Pain

    Institute of Scientific and Technical Information of China (English)

    2007-01-01

    Objective: To investigate the proper conversing rate from morphine to continuous infusion of fentanyl in patients suffering cancer pain. Methods: A retrospective study was carried on in 20 patients with cancer pain in Shizuoka Cancer Center from Sep. 2002 to Nov. 2003. Pain intensity, adverse reactions, and satisfaction index of patients were evaluated. Results: The pain intensity was stable in 17 patients indicating good pain-control within 1 week after conversion and unstable in 3 patients after conversion suggesting poor pain-control. Fentanyl injection could alleviate side effects and increase the satisfaction index of patients. Conclusion: The equipotent ratio for ratio less than 72:1 was proposed to get stable pain-relieving effect. But the equipotent ratio for conversion of morphine to continuous infusion of fentanyl could not be determined. We must consider the morphine dose before the confirmation of the conversing rate.

  14. Safe haven currencies: a portfolio perspective

    OpenAIRE

    Cenedese, Gino

    2015-01-01

    Currency portfolios exhibit asymmetric correlations: during periods of bear, volatile world equity markets, currency portfolios provide different hedging benefits than in bull markets. I show how these time-varying hedging benefits depend on currency characteristics. This paper also illustrates how the presence of regime shifts in financial markets affects optimal portfolio choice across currency portfolios: during bear markets, investors are better off by unwinding carry trade positions, and...

  15. Foreign Currency Loans - Demand or Supply Driven?

    NARCIS (Netherlands)

    Brown, M.; Kirschenmann, K.; Ongena, S.

    2009-01-01

    Motivated by current concerns over foreign currency exposures in emerging economies, we examine the currency denomination of business loans made in Bulgaria prior to the current crisis. We analyze information on the requested and granted currency for more than hundred thousand loans granted by one b

  16. 14 CFR 221.50 - Currency.

    Science.gov (United States)

    2010-01-01

    ... States and foreign currencies permitted. Fares and charges applying between points in the United States... foreign countries, may also be stated in the currencies of foreign countries in addition to being stated... 14 Aeronautics and Space 4 2010-01-01 2010-01-01 false Currency. 221.50 Section 221.50...

  17. Multipurpose Platform for Electronic Currency System

    Directory of Open Access Journals (Sweden)

    Andreea Magdalena Dae

    2014-12-01

    Full Text Available Nowadays, there are multiple solutions for exchanging electronic currencies which will most probably replace physical money. This paper presents a platform for electronic currency system implemented within a Java smart card for accessing different types of products or services. The user interacts with an “electronic currency bank” and with a merchant through a secure protocol.

  18. Body mass index, conversion rate and complications among patients undergoing robotic surgery for endometrial carcinoma.

    Science.gov (United States)

    Cunningham, Mary J; Dorzin, Esther; Nguyen, Loan; Anderson, Elizabeth; Bunn, W Douglas

    2015-12-01

    A retrospective cohort study was performed to evaluate the relationship of BMI to conversion rate in patients undergoing robotic surgery for endometrial cancer. Secondary outcomes were operative times, number of lymph nodes retrieved, and complications. Women with endometrial cancer scheduled for robotic surgery from September 2008 to September 2012 were included. Women were divided into three groups based on BMI, and conversion rates to laparotomy were compared. Descriptive and comparative analyses were performed among non-obese, obese, and morbidly obese women who completed robotic surgery. 298 women were scheduled for robotic surgery for endometrial carcinoma: 87 non-obese (BMI 19-29, μ 25.23), 110 obese (BMI 30-39, μ 34.21), and 101 morbidly obese (BMI 40-71, μ 47.38). Conversion to laparotomy occurred in 18 patients (6%), with no difference in conversion rate between BMI categories. Direct comparison between converted and completed robotic patients showed no significant differences in preoperative characteristics, except that patients who required conversion had a higher number of previous abdominal surgeries. Patients completing robotic surgery underwent node dissections at similar rates in all three BMI categories. Operating room time, but not surgical time, was increased in morbidly obese patients. There were no significant differences in complications, performance of lymphadenectomy, or lymph node yields between BMI categories. Increase in BMI was not associated with an increase in rate of conversion to laparotomy or complication rate in patients undergoing robotic surgery for endometrial carcinoma. Node dissections were pathologically equivalent between BMI categories.

  19. Redesigning U.S. currency

    Science.gov (United States)

    Ferguson, Thomas A.; Church, Sara E.

    1996-03-01

    The first new design of United States currency in over 60 years will soon be issued. Its issuance will be the culmination of a 6-year effort to make U.S. currency more secure against widely available advanced reprographic technology. The cooperative effort was directed by the Advanced Counterfeit Deterrence (ACD) Steering Committee, with executive representatives from the Federal Reserve System (FRS), U.S. Secret Service (USSS), Bureau of Engraving and Printing (BEP) and Treasury Department. A task force of technical experts from each agency carried out the necessary evaluations. The overall strategy to determine the new design and new features applied a comprehensive, synergistic approach to target each type of currency user and each type of counterfeiting. To maximize objectivity yet expedite final selection, deterrent and detection technologies were evaluated through several parallel channels. These efforts included an open request for feature samples through the Commerce Business Daily, in-house testing of each feature, independent evaluation by the National Research Council, in-house design development and survey of world currencies. Recommendations were submitted by the Steering Committee to the Treasury Secretary for concept approval, announced in July 1994. Beginning in 1996, new designs will be issued by denomination approximately one per year, starting with the $100 bill. Future new design efforts will include input from the recently founded Securities Technology Institute (STI) at Johns Hopkins Applied Physics Laboratory. Input will include evaluation of existing features, development of new techniques and adversarial analysis.

  20. 50 CFR Table 3 to Part 679 - Product Recovery Rates for Groundfish Species and Conversion Rates for Pacific Halibut

    Science.gov (United States)

    2010-10-01

    ... 50 Wildlife and Fisheries 9 2010-10-01 2010-10-01 false Product Recovery Rates for Groundfish Species and Conversion Rates for Pacific Halibut 3 Table 3 to Part 679 Wildlife and Fisheries FISHERY...) FISHERIES OF THE EXCLUSIVE ECONOMIC ZONE OFF ALASKA Pt. 679, Table 3 Table 3 to Part 679—Product...

  1. Studies on Increasing RMB Exchange Rate Flexibility and RMB Exchange Rate Formation Mechanism with Reference to a Basket of Currencies%人民币汇率增加弹性和参考一篮子货币汇率形成机制研究

    Institute of Scientific and Technical Information of China (English)

    陆前进

    2011-01-01

    在央行货币政策目标下,可以确定最优汇率水平及汇率水平的调整。我国外汇体制改革要建立以市场供求为基础的,参考一篮子货币的有管理的浮动汇率制度,央行的汇率目标应由人民币对美元稳定转变为参考人民币有效汇率目标,确保人民币币值的总体水平稳定。实际上,参考篮子货币,人民币对美元汇率的弹性将显著增加。央行应逐步放宽人民币对美元和非美元货币的波动幅度,人民币汇率最终将由市场供求来决定,发挥汇率配置资源的基础作用。%Under the monetary policy goal of the central bank, the optimal ex- change rate level and adjustment process can be determined. The target of China's foreign exchange system reform is to establish the managed floating exchange rate system on the basis of market supply and demand with reference to a basket of currencies. The exchange rate target of the central bank should be transferred from pegging to US Dollar to referring to RMB effective exchange rate, ensuring the overall currency level stability of RMB. In fact, RMB exchange rate flexibility will increase remarkably against US Dollar with reference to a basket of currencies. The central bank should gradually relax RMB exchange rate fluctuation range against US Dollar and non-dollar currencies. RMB exchange rate will be finally determined by market supply and demand, and will play an important role on the allocation of resources.

  2. Silicon chip based wavelength conversion of ultra-high repetition rate data signals

    DEFF Research Database (Denmark)

    Hu, Hao; Ji, Hua; Galili, Michael

    2011-01-01

    We report on all-optical wavelength conversion of 160, 320 and 640 Gbit/s line-rate data signals using four-wave mixing in a 3.6 mm long silicon waveguide. Bit error rate measurements validate the performance within FEC limits.......We report on all-optical wavelength conversion of 160, 320 and 640 Gbit/s line-rate data signals using four-wave mixing in a 3.6 mm long silicon waveguide. Bit error rate measurements validate the performance within FEC limits....

  3. A Review on Different Currency Recognition System for Bangladesh India China and Euro Currency

    Directory of Open Access Journals (Sweden)

    Ahmed Ali Abbasi

    2014-02-01

    Full Text Available Paper currency recognition is one of the important applications of pattern recognition. This application is used to recognize the currency of different countries. Currency recognition system can be used in many places like Hotels, Shops and Automated Teller Machines etc. The currency recognition system should be able to classify this paper currency to the correct class of paper currencies to which it belongs. This paper represents currency recognition system of different countries using different techniques. The paper represents recognition system of different countries like Bangladesh, China, India and recognition system for Euro currency. Different techniques are used to develop these systems like Bangladeshi Currency Recognition System using Negatively Correlated Neural Network, Bangladeshi Currency Recognition System Using Neural Network with Axis Symmetrical Masks and Chinese Currency Recognition System based on BP (Back Propagation Neural Network Improved by Gene Algorithm, Chinese Currency Recognition by Neural Network, Chinese Currency Recognition based on LBP (Local Binary Pattern. Indian Currency Recognition System based on Heuristic Analysis and Recognition System for Euro using New Recognition Method. This paper represents currency recognition system of different countries and method used to develop these systems.

  4. 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...

  5. 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.

  6. 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.

  7. The rate of handedness conversion and related factors in left-handed children.

    Science.gov (United States)

    Meng, Ling-fu

    2007-03-01

    The rate of handedness conversion was 2.7% to 11.8% in prior studies based on the total population including innately right-handed people. However, the conversion rate of innately left-handed people has not been reported. The purpose of this study was to investigate the percentage of handedness conversion in children who are innately left-handed. The data in the present study showed that 59.3% (121/211) of left-handed children had been forced to convert to right-handedness. Current handedness was also reported by 114 of the 121 informants, and the rates of right-, left-, and mixed-handedness were 56.1% (64/114), 26.3% (30/114), and 17.5% (20/114) respectively. More than half had successfully changed from left to right. Some variables, especially the educational level of the parents and the child's grade level, were related to this conversion intention. The children whose parents had less education were more likely to be forced to change handedness. Additionally, the rate of handedness conversion in younger children was lower than in older children. However, even for the children whose parents had higher education, or for the children who were younger, there was a high percentage (45.7% and 41.8% respectively) who had changed their handedness. Therefore, preventing the possible side effects for children who have undergone hand conversion should be emphasised in the future.

  8. Strong converse rates for classical communication over thermal and additive noise bosonic channels

    Science.gov (United States)

    Roy Bardhan, Bhaskar; Wilde, Mark M.

    2014-02-01

    We prove that several known upper bounds on the classical capacity of thermal and additive noise bosonic channels are actually strong converse rates. Our results strengthen the interpretation of these upper bounds, in the sense that we now know that the probability of correctly decoding a classical message rapidly converges to 0 in the limit of many channel uses if the communication rate exceeds these upper bounds. In order for these theorems to hold, we need to impose a maximum photon number constraint on the states input to the channel (the strong converse property need not hold if there is only a mean photon number constraint). Our first theorem demonstrates that Koenig and Smith's upper bound on the classical capacity of the thermal bosonic channel is a strong converse rate, and we prove this result by utilizing the structural decomposition of a thermal channel into a pure-loss channel followed by an amplifier channel. Our second theorem demonstrates that Giovannetti et al.'s upper bound on the classical capacity of a thermal bosonic channel corresponds to a strong converse rate, and we prove this result by relating the success probability to the rate, the effective dimension of the output space, and the purity of the channel as measured by the Rényi collision entropy. Finally, we use similar techniques to prove that similar previously known upper bounds on the classical capacity of an additive noise bosonic channel correspond to strong converse rates.

  9. ADOPTING THE SINGLE CURRENCY AND THE CHANGEOVER PROCESS

    Directory of Open Access Journals (Sweden)

    MIMI-FLORINA STANCULESCU

    2012-07-01

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

  10. Selecting and applying cesium-137 conversion models to estimate soil erosion rates in cultivated fields.

    Science.gov (United States)

    Li, Sheng; Lobb, David A; Tiessen, Kevin H D; McConkey, Brian G

    2010-01-01

    The fallout radionuclide cesium-137 ((137)Cs) has been successfully used in soil erosion studies worldwide. However, discrepancies often exist between the erosion rates estimated using various conversion models. As a result, there is often confusion in the use of the various models and in the interpretation of the data. Therefore, the objective of this study was to test the structural and parametrical uncertainties associated with four conversion models typically used in cultivated agricultural landscapes. For the structural uncertainties, the Soil Constituent Redistribution by Erosion Model (SCREM) was developed and used to simulate the redistribution of fallout (137)Cs due to tillage and water erosion along a simple two-dimensional (horizontal and vertical) transect. The SCREM-predicted (137)Cs inventories were then imported into the conversion models to estimate the erosion rates. The structural uncertainties of the conversion models were assessed based on the comparisons between the conversion-model-estimated erosion rates and the erosion rates determined or used in the SCREM. For the parametrical uncertainties, test runs were conducted by varying the values of the parameters used in the model, and the parametrical uncertainties were assessed based on the responsive changes of the estimated erosion rates. Our results suggest that: (i) the performance/accuracy of the conversion models was largely dependent on the relative contributions of water vs. tillage erosion; and (ii) the estimated erosion rates were highly sensitive to the input values of the reference (137)Cs level, particle size correction factors and tillage depth. Guidelines were proposed to aid researchers in selecting and applying the conversion models under various situations common to agricultural landscapes.

  11. 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

  12. 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...

  13. 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 thi

  14. The method of estimating bisulfite conversion rate in DNA methylation analysis.

    Science.gov (United States)

    Yangyang, Liu; Hengmi, Cui

    2015-09-01

    To establish an effective method to estimate the conversion rate of bisulfite-treated genomic DNA, TaqMan qPCR assay was performed using probes and primers that are specific for bisulfite-converted or -unconverted DNA standard samples separately. Then two linear standard curves were generated by plotting Ct values against logarithm of absolute DNA amount with serial dilutions of the bisulfite-converted or unconverted DNA samples. Based on two standard curves, the unknown bisulfite-treated genomic DNA sample was analyzed using the same TaqMan probes and the bisulfite conversion rate was precisely estimated. This method was further verified to be reliable using known mixed bisulfite-converted and -unconverted DNA templates as well as DNA samples treated with different bisulfite kits. These results showed that this method can effectively estimate bisulfite conversion rate of genomic DNA and thus provides a reliable and quick method for accurate analyses of DNA methylation.

  15. Speech rate effects on the processing of conversational speech across the adult life span.

    Science.gov (United States)

    Koch, Xaver; Janse, Esther

    2016-04-01

    This study investigates the effect of speech rate on spoken word recognition across the adult life span. Contrary to previous studies, conversational materials with a natural variation in speech rate were used rather than lab-recorded stimuli that are subsequently artificially time-compressed. It was investigated whether older adults' speech recognition is more adversely affected by increased speech rate compared to younger and middle-aged adults, and which individual listener characteristics (e.g., hearing, fluid cognitive processing ability) predict the size of the speech rate effect on recognition performance. In an eye-tracking experiment, participants indicated with a mouse-click which visually presented words they recognized in a conversational fragment. Click response times, gaze, and pupil size data were analyzed. As expected, click response times and gaze behavior were affected by speech rate, indicating that word recognition is more difficult if speech rate is faster. Contrary to earlier findings, increased speech rate affected the age groups to the same extent. Fluid cognitive processing ability predicted general recognition performance, but did not modulate the speech rate effect. These findings emphasize that earlier results of age by speech rate interactions mainly obtained with artificially speeded materials may not generalize to speech rate variation as encountered in conversational speech.

  16. Tassi di cambio fluttuanti, deprezzamento valutario e domanda effettiva: un commento (Floating exchange rates, currency depreciation and effective demand: a review

    Directory of Open Access Journals (Sweden)

    Mario Sarcinelli

    2012-04-01

    Full Text Available Concordo certamente con gli autori sul punto principale, cioè che i tassi di cambio flessibili non danno luogo a un aggiustamento automatico che riporta all’equilibrio di piena occupazione. Ciò che vorrei sostenere è che i cambi flessibili, nondimeno, possono essere più vantaggiosi di quelli fissi e che la gestione del tasso di cambio per il conseguimento di obiettivi di politica economica interni, sebbene utile in alcune circostanze, non dovrebbe diventare la regola in un mondo in cui eventi finanziari influiscono di frequente sulle variabili reali.A mio avviso, l’intervento sul mercato dei cambi da parte della banca centrale dovrebbe avere una scarsa frequenza ed essere usato come segnale per bloccare una tendenza all’ingiù o all’insù, il che ovviamente richiede cooperazione e sostegno da parte di altre banche centrali. Quanto alle misure compatibili col mercato relative ai movimenti di capitale, il ricorso a esse dovrebbe essere ancora più cauto. Comunque, una gestione per (rara eccezione del tasso di cambio è certamente possibile.   I certainly agree with the authors on the main point, which is that flexible exchange rates do not result in an automatic adjustment that brings equilibrium with full employment. What I would argue is that flexible exchange rates, however, may be more advantageous than those fixed and that the management of the exchange rate to achieve domestic policy objectives, although useful in some circumstances, it should become the norm in a world in which financial events affect frequently on real variables.In my view, the intervention on the foreign exchange market by the central bank should have a low frequency and used as a signal to prevent upward or downward trend, which of course requires the cooperation and support from other banks central. With regard to the measures compatible with the market on the movement of capital, the use of them should be even more cautious. However, a management for (rare

  17. Rate of Conversion from Prodromal Alzheimer's Disease to Alzheimer's Dementia: A Systematic Review of the Literature

    Directory of Open Access Journals (Sweden)

    Alex Ward

    2013-09-01

    Full Text Available Background: The purpose of this study was to summarize published estimates for conversion from mild cognitive impairment or amnestic mild cognitive impairment to Alzheimer's dementia. We carried out a systematic review of English language publications to identify cohort studies published since January 2006 that reported the risk or rate of conversion. Summary: Thirty-two cohort studies were identified, of which 14 reported annualized conversion rates (ACRs. Conversions over 1 year ranged from 10.2 to 33.6% (5 studies, median: 19.0%, and over 2 years from 9.8 to 36.3% (7 studies, median: 18.6%. ACRs ranged from 7.5 to 16.5% (7 studies, median: 11.0% per person-year for studies recruiting from clinics, and from 5.4 to 11.5% (7 studies, median: 7.1% for community samples. Key Message: Extensive variation was observed in conversion rates due to the population sampled, diagnostic criteria, and duration, and because many studies did not account for loss to follow-up.

  18. An "inverse square law" for the currency market: Uncovering hidden universality in heterogeneous complex systems

    CERN Document Server

    Chakraborty, Abhijit; Sinha, Sitabhra

    2016-01-01

    Identifying universal behavior is a challenging task for far-from-equilibrium complex systems. Here we investigate the collective dynamics of the international currency exchange market and show the existence of a semi-invariant signature masked by the high degree of heterogeneity in this complex system. The cumulative fluctuation distribution in the exchange rates of different currencies possess heavy tails characterized by exponents varying around a median value of 2. The systematic deviation of individual currencies from this putative universal form (the "inverse square law") can be partly ascribed to the differences in their economic prosperity and diversity of export products. The distinct nature of the fluctuation dynamics for currencies of developed, emerging and frontier economies are characterized in detail by detrended fluctuation analysis and variance-ratio tests, which shows that less developed economies are associated with sub-diffusive random walk processes. We hierarchically cluster the currenci...

  19. 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.

  20. 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.

  1. Hemiarthroplasty for Displaced Femoral Neck Fractures in the Elderly Has a Low Conversion Rate.

    Science.gov (United States)

    Grosso, Matthew J; Danoff, Jonathan R; Murtaugh, Taylor S; Trofa, David P; Sawires, Andrew N; Macaulay, William B

    2017-01-01

    Hemiarthroplasty (HA) has been a mainstay treatment for displaced femoral neck fractures for many years. The purpose of this study was to report the conversion rate of HA to total hip arthroplasty (THA) for displaced femoral neck fractures and compare outcomes between implant constructs (bipolar vs unipolar), fixation options (cemented vs cementless stems), and age groups (fractures at our institution between 1999 and 2013 with a minimum of 2-year follow-up. The overall component revision rate, including conversion to THA, revision HA, revision with open reduction internal fixation, and Girdlestone procedure, was 5.6% (39/686). Seventeen patients (2.5%) were converted from HA to THA at an average of 1.9 years after index procedure. A significantly lower conversion rate of 1.4% (7/499 patients) was found in the older patient cohort (≥75 years old) compared to 5.3% (11/187) in the younger cohort. The most common causes for conversion surgery to THA were acetabular wear (5 patients), aseptic loosening (4 patients), and periprosthetic fracture (3 patients). There was a significantly lower rate of periprosthetic fracture (0.4% vs 2.5%, P value .025) in the cemented implant group compared to the cementless group. We observed a higher rate of dislocations in the bipolar vs unipolar group (3.8% vs 1%, P value .02) and no other significant differences between these groups. We observed a low reoperation rate for this cohort of patients, relatively higher conversion rates for the younger population, fewer periprosthetic fractures with the use of cemented stems, and no advantage of bipolar over unipolar prostheses. Copyright © 2016 Elsevier Inc. All rights reserved.

  2. A PROSPECTIVE STUDY OF SPUTUM CONVERSION RATE AND CURE RATE IN SMEAR POSITIVE RETREATMENT PATIENTS UNDER RNTCP IN RURAL POPULATION

    Directory of Open Access Journals (Sweden)

    Prasanna Kumar

    2015-06-01

    Full Text Available BACKGROUND AND OBJECTIVES : Directly Observed Treatment , Short course (DOTS is the name of the World Health Organization (WHO recommended TB (Tuberculosis control strategy. It is vital for the success of the TB control program. This study has been taken up to assess the compliance , bacteriological sputum conversion and cure rates in retreatment smear positive pulmonary tuberculosis patients. M ETHODS : A prospective study which included one hundred and twenty four smear positive retreatment pulmonary tuberculosis patients. Baseline data from patients was collected. Subsequent follow up was done at 3rd , 4th , 5 th , 6th , 8th and 9th month. On follow up repeat sputum sample was taken and patients were assessed for sputum conversion and cure rate. RESULTS : The most affected group was 45 - 54(29.8% years , followed by 35 - 44yrs (27.4%.The overall sputum conversion rate at the end of 3rd /4th month was 55.6 %. The cure rate for patients with sputum 3+ , 2+ , 1+ were 33.96% , 22.64% and 37.74% respectively. There is no association between outcome and sputum grading (p=0.607. The overall cure rate was 42.7% and the default rate was 33.04%. The failure rate was 12 .09% and the death rate was 11.29%. The commonest cause for default was illiteracy , smoking and alcohol intake. CONCLUSION : Patient education and counseling regarding the importance of giving up addictions , providing drugs to the doorsteps , involving famil y members in the treatment and treating failure group of patients with appropriate drugs based on DST will improve cure rates and reduce default rates.

  3. On central banks, currency boards and dollarization

    OpenAIRE

    Ferro, Gustavo

    2001-01-01

    The objective of this article is to present in a systematic war elements to debate the persistence of the option for central banks, against its replacement by currency boards or by a foreign currency in unstable environments. Both, currency boards or "dollarization" could be desirable since the point of view of stability and growth with respect to a traditional central bank agreement. But they entail a loss of degrees of freedom before crisis and they are not time consistent.

  4. CORPORATE STRATEGIES FOR CURRENCY RISK MANAGEMENT

    OpenAIRE

    Sarkis, Sumbat; Shu, Chang

    2008-01-01

    Title: Corporate Strategies for Currency Risk Management ackground:Currency fluctuations are a global phenomenon, and can affect multinational companies directly through their cash flow, financial result and company valuation. The exposure to currency risks might however be covered against or ‘hedged’, as it is called, by different external and internal corporate strategies. However, some of these strategies might include a risk themselves as they can be expensive and uncertain. It is therefo...

  5. Leveraging Distant Relatedness to Quantify Human Mutation and Gene-Conversion Rates.

    Science.gov (United States)

    Palamara, Pier Francesco; Francioli, Laurent C; Wilton, Peter R; Genovese, Giulio; Gusev, Alexander; Finucane, Hilary K; Sankararaman, Sriram; Sunyaev, Shamil R; de Bakker, Paul I W; Wakeley, John; Pe'er, Itsik; Price, Alkes L

    2015-12-01

    The rate at which human genomes mutate is a central biological parameter that has many implications for our ability to understand demographic and evolutionary phenomena. We present a method for inferring mutation and gene-conversion rates by using the number of sequence differences observed in identical-by-descent (IBD) segments together with a reconstructed model of recent population-size history. This approach is robust to, and can quantify, the presence of substantial genotyping error, as validated in coalescent simulations. We applied the method to 498 trio-phased sequenced Dutch individuals and inferred a point mutation rate of 1.66 × 10(-8) per base per generation and a rate of 1.26 × 10(-9) for conversion as 5.99 × 10(-6). We found that recombination does not have observable mutagenic effects after gene conversion is accounted for and that local gene-conversion rates reflect recombination rates. We detected a strong enrichment of recent deleterious variation among mismatching variants found within IBD regions and observed summary statistics of local sharing of IBD segments to closely match previously proposed metrics of background selection; however, we found no significant effects of selection on our mutation-rate estimates. We detected no evidence of strong variation of mutation rates in a number of genomic annotations obtained from several recent studies. Our analysis suggests that a mutation-rate estimate higher than that reported by recent pedigree-based studies should be adopted in the context of DNA-based demographic reconstruction.

  6. Conversational Rate of a Non-Vocal Person with Motor Neurone Disease Using the 'TALK' System.

    Science.gov (United States)

    Todman, J.; Lewins, E.

    1996-01-01

    This study evaluated the use of TALK, a computer-based augmentative and alternative communication (AAC) system, in the social communications of a nonvocal woman with motor neurone disease. She was able to achieve an average conversational rate of 42 words per minute (wpm) using TALK, compared with 2 to 10 wpm with other AAC systems using…

  7. Rate-distortion optimized frame dropping and scheduling for multi-user conversational and streaming video

    Institute of Scientific and Technical Information of China (English)

    TU Wei; CHAKARESKI Jacob; STEINBACH Eckehard

    2006-01-01

    We propose a Rate-Distortion (RD) optimized strategy for frame-dropping and scheduling of multi-user conversational and streaming videos. We consider a scenario where conversational and streaming videos share the forwarding resources at a network node. Two buffers are setup on the node to temporarily store the packets for these two types of video applications. For streaming video, a big buffer is used as the associated delay constraint of the application is moderate and a very small buffer is used for conversational video to ensure that the forwarding delay of every packet is limited. A scheduler is located behind these two buffers that dynamically assigns transmission slots on the outgoing link to the two buffers. Rate-distortion side information is used to perform RD-optimized frame dropping in case of node overload. Sharing the data rate on the outgoing link between the conversational and the streaming videos is done either based on the fullness of the two associated buffers or on the mean incoming rates of the respective videos. Simulation results showed that our proposed RD-optimized frame dropping and scheduling approach provides significant improvements in performance over the popular priority-based random dropping (PRD) technique.

  8. Donor conversion rates depend on the assessment tools used in the evaluation of potential organ donors

    NARCIS (Netherlands)

    Y.J. de Groot (Yorick); E.F.M. Wijdicks (Eelco); M. van der Jagt (Mathieu); J. Bakker (Jan); B. Roozenbeek (Bob); J.N.M. IJzermans (Jan); E.J.O. Kompanje (Erwin)

    2011-01-01

    textabstractPurpose: It is desirable to identify a potential organ donor (POD) as early as possible to achieve a donor conversion rate (DCR) as high as possible which is defined as the actual number of organ donors divided by the number of patients who are regarded as a potential organ donor. The DC

  9. REASONS OF CURRENCY FLUCTUATIONS AND THEIR INFLUENCE ON ECONOMIC CHANGES

    Directory of Open Access Journals (Sweden)

    Klimova N. V.

    2015-11-01

    Full Text Available The exchange rate has direct impact on economy of any state. Without competent management, it is impossible to achieve successful functioning of national economy, which causes the need of studying of the matter. Fluctuations of an exchange rate depend on market condition. Therefore, the exchange rate is under influence of a condition of the balance of payments, a difference of interest rates in various countries, extent of use of currency in international payments, speculative currency transactions and activity of the currency markets, inflation and many others, considered in this article. Possible consequences of their influence on exchange rate are specified, examples are given. Dependence of growth of the money supply, the monetary base and inflation in Russia is reflected. The analysis of economic aspects on which exchange rate renders direct influence, namely, foreign trade, capital streams, interest rates, business development, purchasing power of the population, growth of economy is carried out. The assessment of an exchange rate of the Russian Federation is carried out. The following factors have the greatest impact on it: floating rate of ruble, increase of a rate of refinancing, oil depreciation, and lack of possibility of refinancing of external debts. Measures for stabilization of ruble, among which fixation of currency positions of banks, increase of control of target use of earlier issued credits, differentiation of speculative operations from the others, introduction of a tax of Tobin and introduction of indispensable conditions of sale of a certain part of revenue are offered. Realization of these measures will have positive impact on stabilization of ruble exchange rate and an economic situation of Russia in general

  10. 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.

  11. Bacterial Contamination of Iranian Paper Currency

    Directory of Open Access Journals (Sweden)

    Mir-Hassan Moosavy

    2013-09-01

    Full Text Available Background: Transmission of human pathogens can be occurred via inert objects. Paper currency is a further common contact surface whereby pathogens can be transferred within a population although the significance remains unknown. Hence, the aim of the present study was to investigate microbial populations associated with Iranian paper currency.Methods: This study was carried out by getting 108 samples of the Iranian currency notes (1000, 2000, 5000, 10000, 20000 and 50000 RIALS from food-related shops that included food service outlets, greengrocery, supermarket, bakery, confectionary and poultry meat retail outlets. All currency notes were examined for total bacterial count and identification of pathogenic bacteria.Results: The average total bacterial count that was recovered from currency notes was found to be 3.27±0.31 colony forming unites. 2000R had the highest total bacterial count, followed by 5000R, 10000R and the lowest in 50000R. In this study, the isolated bacteria recovered were Bacillus cereus (8.33%, E. coli (48.14%, Staphylococcus aureus (28.7%, Salmonella (0.92%, Listeria monocytogenes (0.92%, Yersinia entrocolitica (6.48%. It was revealed that all the pathogens screened for where encountered on currency notes were recovered from one sample. There were no significant (P>0.05 correlations between the carriage of pathogens/fecal indicator bacteria and currency note condition.Conclusion: Our findings demonstrate that Iranian currency notes represent a significant vehicle for human pathogens.

  12. Be Fully Prepared for A Currency War

    Institute of Scientific and Technical Information of China (English)

    Zhang Monan

    2010-01-01

    @@ By launching a currency war against China,the U.S.aims to prompt a diversion in global wealth allocation.With RMB in the center of the global currency war,Chinas economy is dancing on the rope in striving to strike an internal and external balance.

  13. A conversion formula for comparing pulse oximeter desaturation rates obtained with different averaging times.

    Directory of Open Access Journals (Sweden)

    Jan Vagedes

    Full Text Available OBJECTIVE: The number of desaturations determined in recordings of pulse oximeter saturation (SpO2 primarily depends on the time over which values are averaged. As the averaging time in pulse oximeters is not standardized, it varies considerably between centers. To make SpO2 data comparable, it is thus desirable to have a formula that allows conversion between desaturation rates obtained using different averaging times for various desaturation levels and minimal durations. METHODS: Oxygen saturation was measured for 170 hours in 12 preterm infants with a mean number of 65 desaturations <90% per hour of arbitrary duration by using a pulse oximeter in a 2-4 s averaging mode. Using 7 different averaging times between 3 and 16 seconds, the raw red-to-infrared data were reprocessed to determine the number of desaturations (D. The whole procedure was carried out for 7 different minimal desaturation durations (≥ 1, ≥ 5, ≥ 10, ≥ 15, ≥ 20, ≥ 25, ≥ 30 s below SpO2 threshold values of 80%, 85% or 90% to finally reach a conversion formula. The formula was validated by splitting the infants into two groups of six children each and using one group each as a training set and the other one as a test set. RESULTS: Based on the linear relationship found between the logarithm of the desaturation rate and the logarithm of the averaging time, the conversion formula is: D2 = D1 (T2/T1(c, where D2 is the desaturation rate for the desired averaging time T2, and D1 is the desaturation rate for the original averaging time T1, with the exponent c depending on the desaturation threshold and the minimal desaturation duration. The median error when applying this formula was 2.6%. CONCLUSION: This formula enables the conversion of desaturation rates between different averaging times for various desaturation thresholds and minimal desaturation durations.

  14. The Unexpected Influence of Precursor Conversion Rate in the Synthesis of III-V Quantum Dots.

    Science.gov (United States)

    Franke, Daniel; Harris, Daniel K; Xie, Lisi; Jensen, Klavs F; Bawendi, Moungi G

    2015-11-23

    Control of quantum dot (QD) precursor chemistry has been expected to help improve the size control and uniformity of III-V QDs such as indium phosphide and indium arsenide. Indeed, experimental results for other QD systems are consistent with the theoretical prediction that the rate of precursor conversion is an important factor controlling QD size and size distribution. We synthesized and characterized the reactivity of a variety of group-V precursors in order to determine if precursor chemistry could be used to improve the quality of III-V QDs. Despite slowing down precursor conversion rate by multiple orders of magnitude, the less reactive precursors do not yield the expected increase in size and improvement in size distribution. This result disproves the widely accepted explanation for the shortcoming of current III-V QD syntheses and points to the need for a new generalizable theoretical picture for the mechanism of QD formation and growth.

  15. Influence of curing rate on softening in ethanol, degree of conversion, and wear of resin composite

    DEFF Research Database (Denmark)

    Benetti, Ana Raquel; Peutzfeldt, Anne; Asmussen, Erik

    2011-01-01

    PURPOSE: To investigate the effect of curing rate on softening in ethanol, degree of conversion, and wear of resin composites. METHOD: With a given energy density and for each of two different light-curing units (QTH or LED), the curing rate was reduced by modulating the curing mode. Thus......, the irradiation of resin composite specimens (Filtek Z250, Tetric Ceram, Esthet-X) was performed in a continuous curing mode and in a pulse-delay curing mode. Wallace hardness was used to determine the softening of resin composite after storage in ethanol. Degree of conversion was determined by infrared...... spectroscopy (FTIR). Wear was assessed by a three-body test. Data were submitted to Levene's test, one and three-way ANOVA, and Tukey HSD test (alpha = 0.05). Results: Immersion in ethanol, curing mode, and material all had significant effects on Wallace hardness. After ethanol storage, resin composites...

  16. Monitoring forest/non-forest land use conversion rates with annual inventory data

    Science.gov (United States)

    Francis A. Roesch; Paul C. Van Deusen

    2012-01-01

    The transitioning of land from forest to other uses is of increasing interest as urban areas expand and the world’s population continues to grow. Also of interest, but less recognized, is the transitioning of land from other uses into forest. In this paper, we show how rates of conversion from forest to non-forest and non-forest to forest can be estimated in the US...

  17. Effect of Agricultural Feedstock to Energy Conversion Rate on Bioenergy and GHG Emissions

    Directory of Open Access Journals (Sweden)

    Chih-Chun Kung

    2015-05-01

    Full Text Available Taiwan is eager to develop renewable energy because it is vulnerable to energy price distortion and ocean level rise. Previous studies show bioenergy technologies can be applied mutually, but pay little attention on feedstocks to energy conversion rate, which has potential influences on policy making in renewable energy and environment. This study employs a price endogenous mathematical programming model to simultaneously simulate the market operations under various feedstocks to energy conversion rates, energy prices, and greenhouse gas (GHG prices. The result shows pyrolysis-based electricity can reach up to 2.75 billion kWh annually, but it will be driven out at low conversion rate and high GHG price. Pyrolysis plus biochar application will be the optimal option in terms of carbon sequestration. Market valuation on potential threats of extreme weather could have substantial influences on ethanol and renewable electricity generation. To achieve aimed GHG emission reduction and/or bioenergy production, government intervention may be involved to align the market operation with Taiwan’s environmental policy.

  18. 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.

  19. WORLD FINANCIAL STABILITY AND DIVERSIFICATION OF CURRENCIES

    Directory of Open Access Journals (Sweden)

    Bernard Lietaer

    2011-01-01

    Full Text Available Fundamental laws govern all complex flow systems, including natural ecosystems, economic and financial systems. Natural ecosystems are practical examples of sustainability: enduring, vital, adaptive. The sustainability of any complex flow system can be measured with a single metric as emergent property of its structural diversity and interconnectivity; it requires a balance in emphasis between efficiency and resilience. The urgent message for economics from nature is that the monoculture of national currencies, justified on the basis of market efficiency, generates structural instability in our global financial system. Economic sustainability therefore requires differentiation in types of currencies, specifically through complementary currencies.

  20. Are on-line currencies virtual banknotes?

    OpenAIRE

    Stephen F. Quinn; William Roberds

    2003-01-01

    The history of money is marked by innovations that have expanded the role of "inside money"-money created by the private sector. For instance, the past few years have seen the development of several types of on-line payment arrangements, some of which have been dubbed "on-line currencies." ; This article examines the likely success or failure of on-line currencies by means of a historical analogy. The discussion compares the introduction of on-line currencies to the debut of the bearer bankno...

  1. Monetary policy under currency board arrangements: An necessary flexibility for transition countries?

    OpenAIRE

    Berensmann, Kathrin

    2003-01-01

    One of the main disadvantages of currency boards is the rule-based character of this system and the resulting inflexibility in case of shocks, a frequently recurring event in transition countries. Accordingly, central banks under currency board arrangements (CBA) are unable to respond to short-term liquidity changes in the money market. To cushion negative effects of economic shocks on interest rates and on the volatility of banks' liquidity the Estonian and Lithuanian central banks have to a...

  2. A machine learning-based automatic currency trading system

    OpenAIRE

    Brvar, Anže

    2012-01-01

    The main goal of this thesis was to develop an automated trading system for Forex trading, which would use machine learning methods and their prediction models for deciding about trading actions. A training data set was obtained from exchange rates and values of technical indicators, which describe conditions on currency market. We estimated selected machine learning algorithms and their parameters with validation with sampling. We have prepared a set of automated trading systems with various...

  3. Temperature responses of substrate carbon conversion efficiencies and growth rates of plant tissues.

    Science.gov (United States)

    Hansen, Lee D; Thomas, Nathan R; Arnholdt-Schmitt, Birgit

    2009-12-01

    Growth rates of plant tissues depend on both the respiration rate and the efficiency with which carbon is incorporated into new structural biomass. Calorespirometric measurement of respiratory heat and CO2 rates, from which both efficiency and growth rate can be calculated, is a well established method for determining the effects of rapid temperature changes on the respiratory and growth properties of plant tissues. The effect of the alternative oxidase/cytochrome oxidase activity ratio on efficiency is calculated from first principles. Data on the temperature dependence of the substrate carbon conversion efficiency are tabulated. These data show that epsilon is maximum and approximately constant through the optimum growth temperature range and decreases rapidly as temperatures approach temperature limits to growth. The width of the maximum and the slopes of decreasing epsilon at high and low temperatures vary greatly with species, cultivars and accessions.

  4. 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... foreign currency. In unusual circumstances, the contracting officer may permit submission of offers in... foreign currency, the agency must ensure that adequate funds are available to cover currency...

  5. 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...

  6. 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...

  7. 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.

  8. Currency Substitution and the Regressivity of Inflationary Taxation Currency Substitution and the Regressivity of Inflationary Taxation

    Directory of Open Access Journals (Sweden)

    Federico A. Sturzeneger

    1992-03-01

    Full Text Available Currency Substitution and the Regressivity of Inflationary Taxation The purpose of this paper is to show that in the presence of financial adaptation or currency substitution. the inflation tax is extremely regressive. This regressivity arises from the existence of a fixed cost of switching to inflation-proof transactions technologies. This fixed cost makes it optimal only for those agents with sufficiently high incomes to switch out of domestic currency. The effects are illustrated and quantified for a particular case.

  9. VIRTUAL CURRENCY "BITCOIN" – CHALLENGES AND CONTROVERSIES

    National Research Council Canada - National Science Library

    ȘOAVĂ GEORGETA; MEHEDINȚU ANCA; SITNIKOV CĂTĂLINA

    2016-01-01

    ... 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...

  10. Dose-rate conversion factors for external exposure to photons and electrons

    Energy Technology Data Exchange (ETDEWEB)

    Kocher, D.C.

    1981-08-01

    Dose-rate conversion factors for external exposure to photons and electrons have been calculated for approximately 500 radionuclides of potential importance in environmental radiological assessments. The dose-rate factors were obtained using the DOSFACTER computer code. The results given in this report incorporate calculation of electron dose-rate factors for radiosensitive tissues of the skin, improved estimates of organ dose-rate factors for photons, based on organ doses for monoenergetic sources at the body surface of an exposed individual, and the spectra of scattered photons in air from monoenergetic sources in an infinite, uniformly contaminated atmospheric cloud, calculation of dose-rate factors for other radionuclides in addition to those of interest in the nuclear fuel cycle, and incorporation of updated radioactive decay data for all radionuclides. Dose-rate factors are calculated for three exposure modes - immersion in contaminated air, immersion in contaminated water, and exposure at a height of 1 m above a contaminated ground surface. The report presents the equations used to calculate the external dose-rate factors for photons and electrons, documentation of the revised DOSFACTER computer code, and a complete tabulation of the calculated dose-rate factors. 30 refs., 12 figs.

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

    DEFF Research Database (Denmark)

    Aabo, Tom

    Empirical surveys on exchange rate risk management in non-financial companies focus on the use of currency derivatives while omitting the use of corporate debt denominated in foreign currency ("foreign debt") even though the latter in risk management terms is identical to one or a series of forward...... contracts. This empirical study of the risk management practices of non-financial companies shows (1) that foreign debt is an important alternative to the use of currency derivatives, (2) that the relative importance of foreign debt compared to currency derivatives increases the longer the hedging horizon...... and the higher the uncertainty, and (3) that companies with a low solvency ratio and stable earnings attribute an especially high importance to the use of foreign debt. The study further suggests that the relative importance attributed to foreign debt differs between companies in various economic sectors....

  12. Money and Credit Under Currency Substitution

    OpenAIRE

    Rodriguez, Carlos A.

    1992-01-01

    This paper examines the effects on the supply of money and credit of a repatriation of foreign assets in an economy subject to currency substitution. In the absence of 100 percent reserve requirements, such a change in the location of deposits, which is not compensated by an increase in money demand, induces a credit boom that works itself out through a transitory current account deficit and real currency appreciation. These results are illustrated with data from the recent experience in Arge...

  13. Study of frame-rate up conversion based on H.264

    Institute of Scientific and Technical Information of China (English)

    GAN Zong-liang; ZHU Xiu-chang

    2007-01-01

    In this study, a low complexity frame-rate up conversion method using compressed domain information for H.264 decoder is proposed. In the proposed scheme, the motion vectors (MVs) are estimated using constant acceleration motion model, and the MVs regarded as no credibility are corrected, and the interpolation method is applied on the basis of the macroblock (MB) coded types.Applied to the H.264 decoder, the proposed method provides high quality interpolation frames and an obvious decrease of the block artifacts.

  14. Effect of concurrent walking and interlocutor distance on conversational speech intensity and rate in Parkinson's disease.

    Science.gov (United States)

    McCaig, Cassandra M; Adams, Scott G; Dykstra, Allyson D; Jog, Mandar

    2016-01-01

    Previous studies have demonstrated a negative effect of concurrent walking and talking on gait in Parkinson's disease (PD) but there is limited information about the effect of concurrent walking on speech production. The present study examined the effect of sitting, standing, and three concurrent walking tasks (slow, normal, fast) on conversational speech intensity and speech rate in fifteen individuals with hypophonia related to idiopathic Parkinson's disease (PD) and fourteen age-equivalent controls. Interlocuter (talker-to-talker) distance effects and walking speed were also examined. Concurrent walking was found to produce a significant increase in speech intensity, relative to standing and sitting, in both the control and PD groups. Faster walking produced significantly greater speech intensity than slower walking. Concurrent walking had no effect on speech rate. Concurrent walking and talking produced significant reductions in walking speed in both the control and PD groups. In general, the results of the present study indicate that concurrent walking tasks and the speed of concurrent walking can have a significant positive effect on conversational speech intensity. These positive, "energizing" effects need to be given consideration in future attempts to develop a comprehensive model of speech intensity regulation and they may have important implications for the development of new evaluation and treatment procedures for individuals with hypophonia related to PD.

  15. Enhancing Heralding Efficiency and Biphoton Rate in Type-I Spontaneous Parametric Down-Conversion

    CERN Document Server

    Guilbert, Hannah E

    2014-01-01

    The nonlinear optical process of spontaneous parametric down-conversion (SPDC) is widely studied for applications in quantum information science due to its ability to produce two photons that can be entangled in many degrees of freedom. For applications in quantum communication, two metrics of this process are particularly important: heralding efficiency and total joint rate. Here, we derive expressions for both quantities for a variety of different beam geometries and frequencies. We pay specific attention to the spectrum of both biphotons and individual photons. We reveal the underlying mechanisms responsible for the spectral shape and show they differ for different geometries and frequencies. We then use these spectra to calculate heralding efficiency and joint count rate and examine how each of these metrics changes with different geometries, frequencies, and spectral filtering and beam parameters. Interestingly, we find very high heralding efficiencies are achievable for collinear geometries, while nonco...

  16. Currency competition in the Eurozone: an answer to the crisis

    Directory of Open Access Journals (Sweden)

    Krzysztof Spirzewski

    2016-07-01

    Full Text Available The common currency was created as a result of theoreti cal considerati ons regarding the functi oning of opti mum currency areas. This theory refers to a number of benefi ts as well as costs. It imposes a number of requirements that are necessary for the newly created structure to be considered opti mum. The economies of Eurozone countries did not meet these requirements. In consequence, the present functi oning of the Eurozone encounters many disturbances – the strong differentiation of the balance of payments is a signifi cant example. The reforms initi ated in the European Union and undertaken in response to the fi nancial crisis encompassed the Eurozone countries, yet they only concern fi nancial policy. The adopted strategy of action arouses questions as to its effectiveness. The aim of this arti cle is to present one of the reasons for the Eurozone crisis and a proposal for changing the monetary policy, in particular the exchange rate. In view of this objecti ve, the main hypothesis reads as follows: one of the methods of counteracting the crisis is to introduce currency competition within the Eurozone.

  17. 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.

  18. Correlation Pattern among “Asian Paper Tigers” Currencies: A Dynamic Conditional Correlation Approach

    Directory of Open Access Journals (Sweden)

    Rozaimah Zainudin

    2014-05-01

    Full Text Available This study attempts to investigate the Dynamic Conditional Correlation (DCC for eight currencies in the East Asia region, known as Asian Paper Tigers from the period of July 2002 to July 2012. The estimation results generated from DCC model verify that each tested exchange rate's volatility is determined by its own previous volatility shock, however failed to find any evidence with its own residual shock. While for correlation estimation results, we support the evidence that the conditional correlations for all tested pairs currencies are highly affected by their previous correlation. Most of the Asian Paper Tigers currencies recorded a low conditional correlation over the tested sampling period except for CNYJPY, MYRCNY, MYRIDR, MYRTHB, JPYTHB and PHPKRW. The findings further verify that mixing the currencies within different monetary regime plays a significant role in enhancing the currency portfolio diversification results. Although in unstable period, both JPYTHB and MYRJPY are the most promising combinations to be included in the optimal currency investment basket where both pairs have small and stable correlations either during the global recession period or European liquidity crisis period.

  19. Genetic variation for growth rate, feed conversion efficiency, and disease resistance exists within a farmed population of rainbow trout

    DEFF Research Database (Denmark)

    Henryon, Mark; Jokumsen, Alfred; Berg, Peer

    2002-01-01

    The objective of this study was to test that additive genetic (co)variation for survival, growth rate, feed conversion efficiency, and resistance to viral haemorrhagic septicaemia (VHS) exists within a farmed population of rainbow trout. Thirty sires and 30 dams were mated by a partly factorial...... the predicted breeding values for VHS resistance and the predicted breeding values for the body weights, body length, and feed conversion efficiencies. These results demonstrate that additive genetic (co)variation for growth rate, feed conversion efficiency, and VHS resistance does exist within the farmed...

  20. Rate and predictors of conversion from unipolar to bipolar disorder: A systematic review and meta-analysis.

    Science.gov (United States)

    Kessing, Lars Vedel; Willer, Inge; Andersen, Per Kragh; Bukh, Jens Drachman

    2017-08-01

    For the first time to present a systematic review and meta-analysis of the conversion rate and predictors of conversion from unipolar disorder to bipolar disorder. A systematic literature search up to October 2016 was performed. For the meta-analysis, we only included studies that used survival analysis to estimate the conversion rate. A total of 31 studies were identified, among which 11 used survival analyses, including two register-based studies. The yearly rate of conversion to bipolar disorder decreased with time from 3.9% in the first year after study entry with a diagnosis of unipolar disorder to 3.1% in years 1-2, 1.0% in years 2-5 and 0.8% in years 5-10. A total of eight risk factors were evaluated comprising gender, age at onset of unipolar disorder, number of depressive episodes, treatment resistance to antidepressants, family history of bipolar disorder, the prevalence of psychotic depression, the prevalence of chronic depression, and severity of depression. It was not possible to identify risk factors that were consistently or mainly confirmed to predict conversion across studies. The conversion rate from unipolar to bipolar disorder decreases with time. It was not possible to identify predictors of conversion that were consistently or mainly confirmed across studies, which may be due to variations in methodology across studies. © 2017 John Wiley & Sons A/S. Published by John Wiley & Sons Ltd.

  1. 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..

  2. Stochastic and equilibrium pictures of the ultracold FFR molecular conversion rate

    CERN Document Server

    Yamakoshi, Tomotake; Zhang, Chen; Greene, Chris H

    2013-01-01

    The ultracold molecular conversion rate occurring in an adiabatic ramp through a Fano-Feshbach resonance is studied and compared in two statistical models. One model, the so-called stochastic phase space sampling (SPSS)[E.Hodby et al., PRL.94 120402(2005)] evaluates the overlap of two atomic distributions in phase space by sampling atomic pairs according to a phase-space criterion. The other model, the chemical equilibrium theory(ChET)[S.Watabe and T.Nikuni, PRA.77 013616(2008)] considers atomic and molecular distributions in the limit of the chemical and thermal equilibrium. The present study applies SPSS and ChET to a prototypical system of K+K K2 in all the symmetry combinations, namely Fermi-Fermi, Bose-Bose, and Bose-Fermi cases. To examine implications of the phase-space criterion for SPSS, the behavior of molecular conversion is analyzed using four distinct geometrical constraints. Our comparison of the results of SPSS with those of ChET shows that while they appear similar in most situations, the two ...

  3. Stochastic and equilibrium pictures of the ultracold Fano-Feshbach-resonance molecular conversion rate

    Science.gov (United States)

    Yamakoshi, Tomotake; Watanabe, Shinichi; Zhang, Chen; Greene, Chris H.

    2013-05-01

    The ultracold molecular conversion rate occurring in an adiabatic ramp through a Fano-Feshbach resonance is studied and compared in two statistical models. One model, the so-called stochastic phase-space sampling (SPSS) [Hodby , Phys. Rev. Lett.PRLTAO0031-900710.1103/PhysRevLett.94.120402 94, 120402 (2005)] evaluates the overlap of two atomic distributions in phase space by sampling atomic pairs according to a phase-space criterion. The other model, the chemical equilibrium theory (ChET) [Watabe and Nikuni, Phys. Rev. APLRAAN1050-294710.1103/PhysRevA.77.013616 77, 013616 (2008)] considers atomic and molecular distributions in the limit of the chemical and thermal equilibrium. The present study applies SPSS and ChET to a prototypical system of K+K→ K2 in all the symmetry combinations, namely Fermi-Fermi, Bose-Bose, and Bose-Fermi cases. To examine implications of the phase-space criterion for SPSS, the behavior of molecular conversion is analyzed using four distinct geometrical constraints. Our comparison of the results of SPSS with those of ChET shows that while they appear similar in most situations, the two models give rise to rather dissimilar behaviors when the presence of a Bose-Einstein condensate strongly affects the molecule formation.

  4. Currency Recognition System Using Image Processing

    Directory of Open Access Journals (Sweden)

    S. M. Saifullah

    2015-11-01

    Full Text Available In the last few years a great technological advances in color printing, duplicating and scanning, counterfeiting problems have become more serious. In past only authorized printing house has the ability to make currency paper, but now a days it is possible for anyone to print fake bank note with the help of modern technology such as computer, laser printer. Fake notes are burning questions in almost every country. Like others country Bangladesh has also hit really heard and has become a very acute problem. Therefore there is a need to design a currency recognition system that can easily make a difference between real and fake banknote and the process will time consuming. Our system describes an approach for verification of Bangladeshi currency banknotes. The currency will be verified by using image processing techniques. The approach consists of a number of components including image processing, image segmentation, feature extraction, comparing images. The system is designed by MATLAB. Image processing involves changing the nature of an image in order to improve its pictorial information for human interpretation. The image processing software is a collection of functions that extends the capability of the MATLAB numeric computing environment. The result will be whether currency is real or fake.

  5. Theoretical Standard Model Rates of Proton to Neutron Conversions Near Metallic Hydride Surfaces

    CERN Document Server

    Widom, A

    2006-01-01

    The process of radiation induced electron capture by protons or deuterons producing new ultra low momentum neutrons and neutrinos may be theoretically described within the standard field theoretical model of electroweak interactions. For protons or deuterons in the neighborhoods of surfaces of condensed matter metallic hydride cathodes, such conversions are determined in part by the collective plasma modes of the participating charged particles, e.g. electrons and protons. The radiation energy required for such low energy nuclear reactions may be supplied by the applied voltage required to push a strong charged current across a metallic hydride surface employed as a cathode within a chemical cell. The electroweak rates of the resulting ultra low momentum neutron production are computed from these considerations.

  6. Motion-compensated coding and frame rate up-conversion: models and analysis.

    Science.gov (United States)

    Dar, Yehuda; Bruckstein, Alfred M

    2015-07-01

    Block-based motion estimation (ME) and motion compensation (MC) techniques are widely used in modern video processing algorithms and compression systems. The great variety of video applications and devices results in diverse compression specifications, such as frame rates and bit rates. In this paper, we study the effect of frame rate and compression bit rate on block-based ME and MC as commonly utilized in inter-frame coding and frame rate up-conversion (FRUC). This joint examination yields a theoretical foundation for comparing MC procedures in coding and FRUC. First, the video signal is locally modeled as a noisy translational motion of an image. Then, we theoretically model the motion-compensated prediction of available and absent frames as in coding and FRUC applications, respectively. The theoretic MC-prediction error is studied further and its autocorrelation function is calculated, yielding useful separable-simplifications for the coding application. We argue that a linear relation exists between the variance of the MC-prediction error and temporal distance. While the relevant distance in MC coding is between the predicted and reference frames, MC-FRUC is affected by the distance between the frames available for interpolation. We compare our estimates with experimental results and show that the theory explains qualitatively the empirical behavior. Then, we use the models proposed to analyze a system for improving of video coding at low bit rates, using a spatio-temporal scaling. Although this concept is practically employed in various forms, so far it lacked a theoretical justification. We here harness the proposed MC models and present a comprehensive analysis of the system, to qualitatively predict the experimental results.

  7. An absolute measure for a key currency

    Science.gov (United States)

    Oya, Shunsuke; Aihara, Kazuyuki; Hirata, Yoshito

    It is generally considered that the US dollar and the euro are the key currencies in the world and in Europe, respectively. However, there is no absolute general measure for a key currency. Here, we investigate the 24-hour periodicity of foreign exchange markets using a recurrence plot, and define an absolute measure for a key currency based on the strength of the periodicity. Moreover, we analyze the time evolution of this measure. The results show that the credibility of the US dollar has not decreased significantly since the Lehman shock, when the Lehman Brothers bankrupted and influenced the economic markets, and has increased even relatively better than that of the euro and that of the Japanese yen.

  8. Monte Carlo calculation of dose rate conversion factors for external exposure to photon emitters in soil

    CERN Document Server

    Clouvas, A; Antonopoulos-Domis, M; Silva, J

    2000-01-01

    The dose rate conversion factors D/sub CF/ (absorbed dose rate in air per unit activity per unit of soil mass, nGy h/sup -1/ per Bq kg/sup -1/) are calculated 1 m above ground for photon emitters of natural radionuclides uniformly distributed in the soil. Three Monte Carlo codes are used: 1) The MCNP code of Los Alamos; 2) The GEANT code of CERN; and 3) a Monte Carlo code developed in the Nuclear Technology Laboratory of the Aristotle University of Thessaloniki. The accuracy of the Monte Carlo results is tested by the comparison of the unscattered flux obtained by the three Monte Carlo codes with an independent straightforward calculation. All codes and particularly the MCNP calculate accurately the absorbed dose rate in air due to the unscattered radiation. For the total radiation (unscattered plus scattered) the D/sub CF/ values calculated from the three codes are in very good agreement between them. The comparison between these results and the results deduced previously by other authors indicates a good ag...

  9. The Crux of the Currency Dispute

    Institute of Scientific and Technical Information of China (English)

    YU ZUYAO

    2010-01-01

    @@ The worst financial disaster since World War II has certainly taken its toll globally, but even with recovery in full swing the catastrophe has not been totally alleviated as economic worries still abound.Claims that the recession has gone or the world has entered a "post-crisis era" are premature.But while many countries around the world reflect on what has been and should be done to facilitate recovery, the United States seems bent on hindering those efforts by instigating a trade and currency war with China, accusing China of being a "currency manipulator."This move is obviously unfair and irrational.

  10. 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.

  11. Simulating an Optimizing Model of Currency Substitution Simulating an Optimizing Model of Currency Substitution

    Directory of Open Access Journals (Sweden)

    Leonardo Leiderman

    1992-03-01

    Full Text Available Simulating an Optimizing Model of Currency Substitution This paper reports simulations based on the parameter estimates of an intertemporal model of currency substitution under nonexpected utility obtained by Bufman and Leiderman (1991. Here we first study the quantitative impact of changes in the degree of dollarization and in the elasticity of currency substitution on government seigniorage. Then, when examine whether the model can account for the comovement of consumption growth and assets' returnr after the 1985 stabilization program, and in particular for the consumption boom of 1986-87. The results are generally encouraging for future applications of optimizing models of currencysubstitution to policy and practical issues.

  12. 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...

  13. 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...

  14. 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...

  15. China No Longer Pegging Currency to US Dollar

    Institute of Scientific and Technical Information of China (English)

    2005-01-01

    @@ China scrapped the yuan's peg to the U.S. dollar and tied it to a basket of currencies, the naton's central bank said, the first steps in highly anticipated reforms aimed at letting the currency float freely.

  16. Foreign Currency Exchange Problems Relating to the Book Trade

    Science.gov (United States)

    Moran, Michael

    1973-01-01

    In the purchase of books from foreign countries, the basic problem with regard to currency is to decide which currency will be used in these transactions, and how to reach agreement with vendors on this point. (11 references) (Author)

  17. Rapid assessment of malaria transmission using age-specific sero-conversion rates.

    Directory of Open Access Journals (Sweden)

    Laveta Stewart

    Full Text Available BACKGROUND: Malaria transmission intensity is a crucial determinant of malarial disease burden and its measurement can help to define health priorities. Rapid, local estimates of transmission are required to focus resources better but current entomological and parasitological methods for estimating transmission intensity are limited in this respect. An alternative is determination of antimalarial antibody age-specific sero-prevalence to estimate sero-conversion rates (SCR, which have been shown to correlate with transmission intensity. This study evaluated SCR generated from samples collected from health facility attendees as a tool for a rapid assessment of malaria transmission intensity. METHODOLOGY AND PRINCIPAL FINDINGS: The study was conducted in north east Tanzania. Antibodies to Plasmodium falciparum merozoite antigens MSP-1(19 and AMA-1 were measured by indirect ELISA. Age-specific antibody prevalence was analysed using a catalytic conversion model based on maximum likelihood to generate SCR. A pilot study, conducted near Moshi, found SCRs for AMA-1 were highly comparable between samples collected from individuals in a conventional cross-sectional survey and those collected from attendees at a local health facility. For the main study, 3885 individuals attending village health facilities in Korogwe and Same districts were recruited. Both malaria parasite prevalence and sero-positivity were higher in Korogwe than in Same. MSP-1(19 and AMA-1 SCR rates for Korogwe villages ranged from 0.03 to 0.06 and 0.07 to 0.21 respectively. In Same district there was evidence of a recent reduction in transmission, with SCR among those born since 1998 [MSP-1(19 0.002 to 0.008 and AMA-1 0.005 to 0.014 ] being 5 to 10 fold lower than among individuals born prior to 1998 [MSP-1(19 0.02 to 0.04 and AMA-1 0.04 to 0.13]. Current health facility specific estimates of SCR showed good correlations with malaria incidence rates in infants in a contemporaneous

  18. Changes in the Relationship between Currencies and Commodities

    OpenAIRE

    Haruko Kato

    2012-01-01

    This paper examines the relationship between so-called commodity currencies and commodity prices in recent years. Commodity prices have fluctuated significantly during this time period. Commodity currencies -- the currencies of large commodity exporters such as Australia, Canada, Chile, and South Africa -- have experienced large swings together with commodity prices. The paper identifies the basis of the co-movements between commodity currencies and commodity prices, and checks the statistica...

  19. Has the euro affected the choice of invoicing currency?

    NARCIS (Netherlands)

    Ligthart, Jenny E.; Werner, Sebastian E. V.

    2012-01-01

    We present a new approach to study empirically the effect of the introduction of the euro on the pattern of currency invoicing. Our approach uses a compositional multinomial logit model, in which currency choice is explained by both currency-specific and country-specific determinants. We use unique

  20. 31 CFR 103.51 - Dollars as including foreign currency.

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 1 2010-07-01 2010-07-01 false Dollars as including foreign currency... 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...

  1. 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

  2. Rethinking virtual currency regulation in the bitcoin age

    National Research Council Canada - National Science Library

    Tu, Kevin V; Meredith, Michael W

    2015-01-01

    ... the issuance of currency, section 107 of California's Corporations Code, would prohibit the use or acceptance of virtual currencies not issued by a government entity. (226) However, in order to "accommodate the growing use of alternative payment methods such as bitcoin," Governor Jerry Brown signed into law "AB-129 Lawful Money: Alternative Currenc...

  3. 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...

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

    NARCIS (Netherlands)

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

    1997-01-01

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

  5. Averting Currency Crises: The Pros and Cons of Financial Openness

    NARCIS (Netherlands)

    G.A. Garita (Gus); C. Zhou (Chen)

    2011-01-01

    textabstractWe identify the benefits and costs of financial openness in terms of currency crises based on a novel quantification of the systemic impact of currency (financial) crises. We find that systemic currency crises mainly exist regionally, and that financial openness helps diminish the probab

  6. 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.

  7. 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

  8. Differences in beliefs and currency risk premiums

    NARCIS (Netherlands)

    Beber, A.; Breedon, F.; Buraschi, A.

    2010-01-01

    This paper studies the importance of heterogeneous beliefs for the dynamics of asset prices. We focus on currency markets, where the absence of short-selling constraints allows us to perform sharper tests of theoretical predictions. Using a unique data set with detailed information on foreign-exchan

  9. Differences in beliefs and currency risk premia

    NARCIS (Netherlands)

    Beber, A.; Breedon, F.; Buraschi, A.

    2008-01-01

    This paper investigates how heterogeneous beliefs of professional investors impact on the currency options market. Using a unique data set with detailed information on the foreign-exchange forecasts of about 50 market participants over more than ten years, we construct an empirical proxy for differe

  10. Badges: A Common Currency for Learning

    Science.gov (United States)

    Bowen, Kyle; Thomas, Andrea

    2014-01-01

    Digital Badges--icons that can represent skills and achievements at a more fine-grained level than a degree--give colleges and universities a new way to document learning outcomes and to map the pathways students follow to earn a degree. They also provide a common currency to denote learning outcomes and give employers a visual representation and…

  11. Transactions between Foreign Currencies Debut on Mainland

    Institute of Scientific and Technical Information of China (English)

    2005-01-01

    @@ At the trading system of the Shanghai-based China Foreign Exchange Swap Center on May 25, the Bank of China and Fujian Industrial Bank finished the Center's first trading between the greenback and the HK currency at HK$7.7993 against US$1, with a turnover of one million US dollars.

  12. Transactions between Foreign Currencies Debut on Mainland

    Institute of Scientific and Technical Information of China (English)

    2005-01-01

      At the trading system of the Shanghai-based China Foreign Exchange Swap Center on May 25, the Bank of China and Fujian Industrial Bank finished the Center's first trading between the greenback and the HK currency at HK$7.7993 against US$1, with a turnover of one million US dollars.……

  13. 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…

  14. 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.

  15. The new conversion model MODERN to derive erosion rates from inventories of fallout radionuclides

    Science.gov (United States)

    Arata, Laura; Meusburger, Katrin; Frenkel, Elena; A'Campo-Neuen, Annette; Iurian, Andra-Rada; Ketterer, Michael E.; Mabit, Lionel; Alewell, Christine

    2016-04-01

    The measurement of fallout radionuclides (FRNs) has become one of the most commonly used methods to quantify soil erosion and depositional processes. FRNs include anthropogenic radionuclides (e.g. 137Cs, 239+240Pu) released into the atmosphere during nuclear bomb tests and power plant accidents (e.g Chernobyl, Fukushima-Daiichi), as well as natural radiotracers such as 210Pbex and 7Be. FRNs reach the land surface by dry and wet fallouts from the atmosphere. Once deposited, FRNs are tightly adsorbed by fine soil particles and their subsequent redistribution is mostly associated with soil erosion processes. FRNs methods are based on a qualitative comparison: the inventory (total radionuclide activity per unit area) at a given sampling site is compared to that of a so called reference site. The conversion of FRN inventories into soil erosion and deposition rates is done with a variety of models, which suitability is dependent on the selected FRN, soil cultivation (ploughed or unploughed) and movement (erosion or deposition). The authors propose a new conversion model, which can be easily and comprehensively used for different FRNs, land uses and soil redistribution processes. This new model i.e. MODERN (MOdelling Deposition and Erosion rates with RadioNuclides) considers the precise depth distribution of a given FRN at a reference site, and allows adapting it for any specific site conditions. MODERN adaptability and performance has been tested on two published case studies: (i) a 137Cs study in an alpine and unploughed area in the Aosta valley (Italy) and (ii) a 210Pbex study on a ploughed area located in Romania. The results show a good agreement and a significant correlation (r= 0.91, p<0.0001) between the results of MODERN and the published models currently used by the FRN scientific community (i.e. the Profile Distribution Model and the Mass Balance Model). The open access code and the cost free accessibility of MODERN will ensure the promotion of a wider

  16. 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.

  17. 26 CFR 301.6316-5 - Manner of paying tax by foreign currency.

    Science.gov (United States)

    2010-04-01

    ... open market rate, or any other appropriate rate. With respect to amounts described in paragraph (b) of... foreign currency, is due and payable to the Director of International Operations, Internal Revenue Service... disbursing officer and shall pay to the Director of International Operations in U.S. dollars the balance,...

  18. Frame rate up-conversion using multiresolution critical point filters with occlusion refinement

    Institute of Scientific and Technical Information of China (English)

    Yi-xiong ZHANG; Wei-dong WANG; Peng LIU; Qing-dong YAO

    2008-01-01

    In this paper,multiresolution critical-point filters (CPFs) are employed to image matching for frame rate up-conversion (FRUC). By CPF matching,the dense motion field can be obtained for representing object motions accurately. However,the elastic motion model does not hold in the areas of occlusion,thus resulting in blur artifacts in the interpolated frame. To tackle this problem,we propose a new FRUC scheme using an occlusion refined CPF matching interpolation (ORCMI). In the proposed approach,the occlusion refinement is based on a bidirectional CPF mapping. And the intermediate frames are generated by the bidirectional interpolation for non-occlusion pixels combined with unidirectional projection for the occlusion pixeis. Ex-perimental results show that ORCMI improves the visual quality of the interpolated frames,especially at the occlusion regions. Compared to the block matching based FRUC algorithm,ORCMI can achieve 1~2 dB PSNR gain for standard video sequences.

  19. 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.

  20. Does the IMF Help or Hurt? The Effect of IMF programs on the likelihood and outcome of currency crises

    OpenAIRE

    Dreher, Axel; Walter, Stefanie

    2008-01-01

    Using panel data for 68 countries over the period 1975-2002 this paper examines how IMF programs, disbursed loans, and compliance with conditionality affect the risk of currency crises and the outcome of such crises. Specifically, we investigate whether countries with previous IMF intervention are more likely to experience currency crises. In a second step, we analyze the IMF's impact on a country's decision to adjust the exchange rate, once a crisis occurred. We find that IMF involvement red...

  1. 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.

  2. Positive Steady States of a Prey-predator Model with Diffusion and Non-monotone Conversion Rate

    Institute of Scientific and Technical Information of China (English)

    Rui PENG; Ming Xin WANG; Wen Yan CHEN

    2007-01-01

    In this paper,we study the positive steady states of a prey-predator model with di .usion throughout and a non-monotone conversion rate under the homogeneous Dirichlet boundary condition. We obtain some results of the existence and non-existence of positive steady states.The stability and uniqueness of positive steady states are also discussed.

  3. Effect of substrate and cation requirement on anaerobic volatile fatty acid conversion rates at elevated biogas pressure

    NARCIS (Netherlands)

    Lindeboom, R.E.F.; Ferrer, I.; Weijma, J.; Lier, van J.B.

    2013-01-01

    This work studied the anaerobic conversion of neutralized volatile fatty acids (VFA) into biogas under Autogenerative High Pressure Digestion (AHPD) conditions. The effects of the operating conditions on the biogas quality, and the substrate utilisation rates were evaluated using 3 AHPD reactors (0.

  4. Currency cycles and the international economy

    Directory of Open Access Journals (Sweden)

    S. BIASCO

    2013-12-01

    Full Text Available The intrinsic factors which cause a key currency to move persistently in one direction are analysed, as well as those phenomena which develop as an endogenous consequence of the process of appreciation or depreciation changing the characteristics and ultimately the direction of the process. The author refers essentially to the relationship of the Mark to the dollar between 1975 and present day, as the axis around which the whole world economy has been revolving. The paper focuses on a stylised succession of causal relationships that can serve as an analytical and conceptual framework for understanding the forces that act on a key currency in periods of widespread fluctuation, without dwelling on the descriptive statistical basis of each assertion.

  5. 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.

  6. Currency Regimes, Capital Flows, and Crises

    OpenAIRE

    Paul Krugman

    2014-01-01

    Ever since Greece experienced its debt crisis, fiscal discussion has been “Hellenized” — that is, there are constant warnings that other countries, including the United States, are on the verge of a similar crisis. But can countries that borrow in their own currency experience Greek-type crises? I argue, based both on evidence and on simple modeling, that the answer is no.

  7. The Euro as a Reserve Currency

    OpenAIRE

    Adamczyk, Marzena

    2010-01-01

    There has been an unusual accumulation of foreign exchange reserves in recent years. Central banks have to diversify their reserves away from the US dollar, especially towards the euro. The same situation is in a private sector, where investors reduce the share of dollar denominated assets. This process has progressed gradually, but it is possible that the euro’s role as a reserve currency will continue to increase. The purpose of ...

  8. 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.

  9. 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.

  10. All-optical wavelength conversion at bit rates above 10 Gb/s using semiconductor optical amplifiers

    DEFF Research Database (Denmark)

    Jørgensen, Carsten; Danielsen, Søren Lykke; Stubkjær, Kristian

    1997-01-01

    This work assesses the prospects for high-speed all-optical wavelength conversion using the simple optical interaction with the gain in semiconductor optical amplifiers (SOAs) via the interband carrier recombination. Operation and design guidelines for conversion speeds above 10 Gb/s are described...... and the various tradeoffs are discussed. Experiments at bit rates up to 40 Gb/s are presented for both cross-gain modulation (XGM) and cross-phase modulation (XPM) in SOAs demonstrating the high-speed capability of these techniques...

  11. A Poor Job Market and a Steady Currency Feed "Overseas-Study Fever" in China

    Science.gov (United States)

    Hvistendahl, Mara

    2009-01-01

    The Chinese news media have a name for the craze that has gripped students here in the past few years: "overseas-study fever." And despite the worsening global financial crisis and a slowing domestic economy, it shows little sign of letting up. Recruiters say a high household savings rate, a difficult job market, and a steady currency,…

  12. 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...

  13. 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

  14. 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 explic

  15. Rates and predictors of remission, recurrence and conversion to bipolar disorder after the first lifetime episode of depression

    DEFF Research Database (Denmark)

    Bukh, J. D.; Andersen, P. K.; Kessing, L. V.

    2016-01-01

    to 2013. Cumulative incidences and the influence of clinical variables on the rates of remission, recurrence and conversion to bipolar disorder, respectively, were estimated by survival analysis techniques. RESULTS: Within 5 years, 83.3% obtained remission, 31.5% experienced recurrence of depression and 8......BACKGROUND: In depression, non-remission, recurrence of depressive episodes after remission and conversion to bipolar disorder are crucial determinants of poor outcome. The present study aimed to determine the cumulative incidences and clinical predictors of these long-term outcomes after the first.......6% converted to bipolar disorder (6.3% within the first 2 years). Non-remission increased with younger age, co-morbid anxiety and suicidal ideations. Recurrence increased with severity and treatment resistance of the first depression, and conversion to bipolar disorder with treatment resistance, a family...

  16. 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.

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

    Directory of Open Access Journals (Sweden)

    Kolková Andrea

    2017-06-01

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

  18. The Foreign Currency Regime and Policy in Romania

    OpenAIRE

    Dobrota, Gabriela

    2007-01-01

    The increase of connections between national economies generated an enhance of foreign currency activities, thus being necessary a continous arrangement /adaptation both for foreign currency policy and course policy to market mechanisms/devices. In Romania were registered frequently modifications of foreign currency policy, thank to the need to create a legal frame appropriate to the market economy and the financial tools evolution. In this work I have presented the main features of for...

  19. A comparison of radical and non-radical conversion rates of SVOCs in the tropospheric condensed phase

    Science.gov (United States)

    Tilgner, Andreas; Herrmann, Hartmut

    2010-05-01

    Secondary formation pathways of organic compounds are currently intensely discussed including conversions in tropospheric aqueous particles as well as cloud droplets. Particularly, SVOCs (Semivolatile Organic Compounds) and their reaction products are expected to be potential precursors for the formation of higher molecular organic compounds. In the aqueous phase, such compounds can undergo both various oxidative processes (radical and non-radical oxidants reactions) and non oxidative processes (aldol, acetal, dimerisation and ester formation reactions). These chemical aqueous phase processes are expected to be very efficient proceeding on short timescales and produce multifunctional organic compounds of less volatility. However, the importance of non-radical reactions compared to currently known radical oxidations under different conditions has not yet been assessed .Current aqueous phase mechanisms such as CAPRAM (Chemical Aqueous Phase RAdical Mechanism; Herrmann et al., 2005) do consider radical oxidation processes of organic compounds. In the present study, a comparison of radical and non-radical conversion rates of organics in cloud droplet and aqueous particles is performed for both urban and remote environmental conditions. For the comparison, available reaction rate constants have been used together with outcome of recent model simulations (Tilgner and Herrmann, 2010) using the CAPRAM 3.0i mechanism. First order-conversion rate constants in the aqueous phase for cloud and aqueous particle conditions, for (i) OH, (ii) NO3, (iii) H2O2, (iv) the aldol condensation, (v) the dimerisation and (vi) the ammonium-catalysed accretion reactions were calculated with the available, at current quite restricted data set. From the comparison, it is concluded that organic accretion reactions might be of interest in some cases but generally do by far not reach the oxidative conversion rates of radical and non-radical oxidants. Particularly, the adol condensation reactions

  20. Diabetes Reduces the Rate of Sputum Culture Conversion in Patients With Newly Diagnosed Multidrug-Resistant Tuberculosis.

    Science.gov (United States)

    Salindri, Argita D; Kipiani, Maia; Kempker, Russell R; Gandhi, Neel R; Darchia, Lasha; Tukvadze, Nestani; Blumberg, Henry M; Magee, Matthew J

    2016-09-01

    Background.  Diabetes is a risk factor for active tuberculosis (TB), but little is known about the relationship between diabetes and multidrug-resistant (MDR) TB. We aimed to assess risk factors for primary MDR TB, including diabetes, and determine whether diabetes reduced the rate of sputum culture conversion among patients with MDR TB. Methods.  From 2011 to 2014, we conducted a cohort study at the National Center for Tuberculosis and Lung Diseases in Tbilisi, Georgia. Adult (≥35 years) patients with primary TB were eligible. Multidrug-resistant TB was defined as resistance to at least rifampicin and isoniazid. Patients with capillary glycosylated hemoglobin (HbA1c) ≥ 6.5% or previous diagnosis were defined to have diabetes. Polytomous regression was used to estimate the association of patient characteristics with drug resistance. Cox regression was used to compare rates of sputum culture conversion in patients with and without diabetes. Results.  Among 318 patients with TB, 268 had drug-susceptibility test (DST) results. Among patients with DST results, 19.4% (52 of 268) had primary MDR TB and 13.4% (36 of 268) had diabetes. In multivariable analyses, diabetes (adjusted odds ratio [aOR], 2.51; 95% confidence interval [CI], 1.00-6.31) and lower socioeconomic status (aOR, 3.51; 95% CI, 1.56-8.20) were associated with primary MDR TB. Among patients with primary MDR TB, 44 (84.6%) converted sputum cultures to negative. The rate of sputum culture conversion was lower among patients with diabetes (adjusted hazard ratio [aHR], 0.34; 95% CI, .13-.87) and among smokers (aHR, 0.16; 95% CI, .04-.61). Conclusions.  We found diabetes was associated with an increased risk of primary MDR TB; both diabetes and smoking were associated with a longer time to sputum culture conversion.

  1. 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.

  2. 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.

  3. 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.

  4. Decomposing the Riskiness of Corporate Foreign Currency Lending: the Case of Hungary

    OpenAIRE

    Vonnák, Dzsamila

    2015-01-01

    I decompose the factors contributing to the riskiness of foreign currency borrowers. I compare counterfactual default probabilities of local and foreign currency borrowers estimated on disaggregated data. My results suggest that the currency mismatch with the depreciation of the local currency is the most important factor contributing to the riskiness of foreign currency borrowers, though boom-period excessive risk taking of banks is also concentrated in foreign currency lending.

  5. Torrefaction of invasive alien plants: Influence of heating rate and other conversion parameters on mass yield and higher heating value.

    Science.gov (United States)

    Mundike, Jhonnah; Collard, François-Xavier; Görgens, Johann F

    2016-06-01

    With the aim of controlling their proliferation, two invasive alien plants, Lantana camara (LC) and Mimosa pigra (MP), both widespread in Africa, were considered for torrefaction for renewable energy applications. Using thermogravimetric analysis, the influence of heating rate (HR: 2.18-19.82°Cmin(-1)) together with variable temperature and hold time on char yield and HHV (in a bomb calorimeter) were determined. Statistically significant effects of HR on HHV with optima at 10.5°Cmin(-1) for LC and 20°Cmin(-1) for MP were obtained. Increases of HHV up to 0.8MJkg(-1) or energy yield greater than 10%, together with a 3-fold reduction in torrefaction conversion time could be achieved by optimisation of HR. Analysis of the torrefaction volatiles by TG-MS showed that not only hemicelluloses, but also lignin conversion, could influence the optimum HR value.

  6. Bacterial contaminations of Iraqi Currencies collected from Duhok City, Iraq

    Directory of Open Access Journals (Sweden)

    Siham Noori Jafer

    2015-07-01

    Conclusion: Study revealed that Iraqi currencies circulating in Duhok city was contaminated with different pathogenic and potential pathogenic bacteria including multi drug resistant strains. So the need to improve health consciousness among people while handling currency is an urgent issue. [Int J Res Med Sci 2015; 3(7.000: 1712-1716

  7. The War of Currency vs.Buy American

    Institute of Scientific and Technical Information of China (English)

    Dennis K.Xhao

    2009-01-01

    @@ War of Words- "Currency Manipulation" Just on the second day of the new Administration in USA, this on-and-off disputed currency issue was refreshed again with a rich assortment of spicy tastes from a new Secretary of Treasury, Timothy F. Geithner, who was eagerto recapitalize the point in his written response to questions from senators debating his confirmation for the new post.

  8. 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 curren

  9. Rethinking virtual currency regulation in the bitcoin age

    National Research Council Canada - National Science Library

    Tu, Kevin V; Meredith, Michael W

    2015-01-01

    ... widespread use, Bitcoin (and other virtual currencies) have largely operated without the burden of regulation. Why? Like the potentially transformative innovations that preceded Bitcoin, virtual currency raises unique challenges for which existing legal models may be unprepared. As policymakers struggle to catch-up, the effort to develop a...

  10. 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…

  11. 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…

  12. OSEAS/ADEC Blocked Currency Survey. NAFSA Working Paper #12.

    Science.gov (United States)

    National Association for Foreign Student Affairs, Washington, DC. Field Service Program.

    Recognizing the need to fill the gap of knowledge concerning currency restrictions, a survey was conducted with the aim of creating a database and directory listing currency restrictions in the world, and also to alert overseas advisers and their U.S. counterparts to the difficulties international students may encounter when trying to obtain funds…

  13. 26 CFR 1.985-1 - Functional currency.

    Science.gov (United States)

    2010-04-01

    ... trades or businesses. (3) Books and records presumption. A QBU shall be presumed to keep books and...) INCOME TAXES Export Trade Corporations § 1.985-1 Functional currency. (a) Applicability and effective... the currency used in keeping its books and records (as defined in § 1.989(a)-1(d)). The dollar...

  14. 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 vola

  15. 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

  16. Laparotomy conversion rate of laparoscopic radical hysterectomy for early-stage cervical cancer in a consecutive series without case selection.

    Science.gov (United States)

    Park, Jeong-Yeol; Nam, Joo-Hyun

    2014-09-01

    To estimate the feasibility and conversion rate of laparoscopic radical hysterectomy (LRH) in early-stage cervical cancer. Data were collected from the medical records of 260 consecutive patients with stage IA2 to IIA2 cervical cancer who had undergone LRH, regardless of age, body mass index, prior abdominal surgery, uterus size, or tumor size. The median patient age was 48 years (range, 26-78 years), 11.9 % of whom were elderly (≥65 years), 11.2 % were obese (≥30 kg/m(2)), 15.4 % had undergone previous abdominal surgery, and 13.1 % had a tumor larger than 4 cm. Negative-margin resection was feasible in all patients except one. The median operative time and estimated blood loss were 253 min (range, 111-438 min) and 300 mL (range, 80-2000 mL), respectively. Intraoperative and postoperative complications occurred in seven (2.7 %) and 10 patients (3.8 %), respectively. Four patients (1.5 %) required intraoperative conversion to laparotomy, three of which were due to conglomerated metastatic lymph nodes surrounding the aorta (n = 2), the left external iliac vein (n = 1) or the left ureter (n = 1). LRH was still completed in the four conversion patients, and a laparotomy was required for the removal of the conglomerated metastatic lymph nodes and the repair of the injured vessels. The conversion rate to laparotomy among patients undergoing LRH for early-stage cervical cancer was 1.5 % when performed exclusively in consecutive patients. LRH showed comparable feasibility and effectiveness to open radical hysterectomy in the treatment of early-stage cervical cancer.

  17. 73 Impact of Exchange Rate on Balance of Payment in Nigeria (Pp ...

    African Journals Online (AJOL)

    User

    2011-07-21

    Jul 21, 2011 ... Introduction. Exchange rate refers to the price of one currency (the domestic currency) in ... instrument is that our foreign trade structure did not satisfy the condition for ..... "Real response association with exchange rate action.

  18. The Impact of Consumers Currency Perception on Price Sensitivity

    Directory of Open Access Journals (Sweden)

    Mohsen Nazari

    2013-01-01

    Full Text Available Customers are increasingly confronting with foreign markets through internet and tourism. Sothey are challenged to evaluate prices in different currencies. They are familiar with theproducts prices but they are engaged in a perceptual process while they are evaluating pricesin different currencies. In this research customer currency perception and the price sensitivityare considered. The customer price sensitivity in different currencies would be measuredthrough a pricing model. Questionnaire was applied as data gathering tool. The resultsshowed customers experience perceptual bias when evaluating prices same in real value anddifferent in nominal value and nominal value affects the customers purchase attitude. Thisbias reflects as the customer price sensitivity is less in low denomination currency. Findingshave important implications for pricing in regional markets, internet market, and also intourism industry for customers and international companies

  19. The Impact of Consumer Currency Perception on Price Sensitivity

    Directory of Open Access Journals (Sweden)

    Mohsen Nazari

    2013-08-01

    Full Text Available Customers are increasingly confronting with foreign market through internet and tourism. So they are challenged to evaluate prices in different currencies. They are familiar with the product price but they are engaged in a perceptual process while they are evaluating prices in different currencies. In this research customer currency perception and the price sensitivity is considered. The customer price sensitivity in different currencies would be measured through a pricing model. Questionnaire was applied as data gathering tool. The result showed customers experience perceptual bias when evaluating prices same in real value and different in nominal value and nominal value affects the customer purchase attitude. This bias reflects as the customer price sensitivity is less in low denomination currency. Findings have important implications for pricing in regional markets, internet market and also in tourism industry for customers and international companies.

  20. The Predecessors of Bitcoin and Their Implications for the Prospect of Virtual Currencies: e0123071

    National Research Council Canada - National Science Library

    Thomas Kim

    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...

  1. 我国CPI、利率与实际货币供应的关系研究%Study on the Relationship between Interest Rate,CPI and Real Currency Supply in China

    Institute of Scientific and Technical Information of China (English)

    刘懿增

    2015-01-01

    文章通过建立CPI变动率与真实货币供应量以及真实利率等变量之间的回归模型,发掘CPI与真实货币供应量、真实利率之间的隐藏关系,并通过数学分析结合经济理论揭示了CPI同名义货币供应量和名义利率之间的深层关系。%Through the regression model established between the change rate of CPI and the real money supply and real interest rates and other variables,the paper explores the hidden relationships between CPI and real money supply and real interest rate. And by combining mathematical analysis and economic theory,the paper reveals the deeper relationship between CPI and nominal money supply and nominal inte rate rest.

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

    Directory of Open Access Journals (Sweden)

    M Aziakpono

    2015-04-01

    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.

  3. Small protease sensitive oligomers of PrPSc in distinct human prions determine conversion rate of PrP(C.

    Directory of Open Access Journals (Sweden)

    Chae Kim

    Full Text Available The mammalian prions replicate by converting cellular prion protein (PrP(C into pathogenic conformational isoform (PrP(Sc. Variations in prions, which cause different disease phenotypes, are referred to as strains. The mechanism of high-fidelity replication of prion strains in the absence of nucleic acid remains unsolved. We investigated the impact of different conformational characteristics of PrP(Sc on conversion of PrP(C in vitro using PrP(Sc seeds from the most frequent human prion disease worldwide, the Creutzfeldt-Jakob disease (sCJD. The conversion potency of a broad spectrum of distinct sCJD prions was governed by the level, conformation, and stability of small oligomers of the protease-sensitive (s PrP(Sc. The smallest most potent prions present in sCJD brains were composed only of∼20 monomers of PrP(Sc. The tight correlation between conversion potency of small oligomers of human sPrP(Sc observed in vitro and duration of the disease suggests that sPrP(Sc conformers are an important determinant of prion strain characteristics that control the progression rate of the disease.

  4. The modified gait abnormality rating scale in patients with a conversion disorder: a reliability and responsiveness study.

    Science.gov (United States)

    Vandenberg, Justin M; George, Deanna R; O'Leary, Andrea J; Olson, Lindsay C; Strassburg, Kaitlyn R; Hollman, John H

    2015-01-01

    Individuals with conversion disorder have neurologic symptoms that are not identified by an underlying organic cause. Often the symptoms manifest as gait disturbances. The modified gait abnormality rating scale (GARS-M) may be useful for quantifying gait abnormalities in these individuals. The purpose of this study was to examine the reliability, responsiveness and concurrent validity of GARS-M scores in individuals with conversion disorder. Data from 27 individuals who completed a rehabilitation program were included in this study. Pre- and post-intervention videos were obtained and walking speed was measured. Five examiners independently evaluated gait performance according to the GARS-M criteria. Inter- and intrarater reliability of GARS-M scores were estimated with intraclass correlation coefficients (ICCs). Responsiveness was estimated with the minimum detectable change (MDC). Pre- to post-treatment changes in GARS-M scores were analyzed with a dependent t-test. The correlation between GARS-M scores and walking speed was analyzed to assess concurrent validity. GARS-M scores were quantified with good-to-excellent inter- (ICC = 0.878) and intrarater reliability (ICC = 0.989). The MDC was 2 points. Mean GARS-M scores decreased from 7 ± 5 at baseline to 1 ± 2 at discharge (t26 = 7.411, p conversion disorder. GARS-M scores provide objective measures upon which treatment effects can be assessed. Copyright © 2014 Elsevier B.V. All rights reserved.

  5. 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

  6. Conversion of Airborne Gamma ray Spectra to Ground Level Air Kerma Rates

    DEFF Research Database (Denmark)

    Bargholz, Kim; Korsbech, Uffe C C

    1997-01-01

    A new method for relating airborne gamma-ray spectra to dose rates and kerma rates at ground level is presented. Dependent on flying altitude 50 m to 125 m the method gives correct results for gamma energies above 250 keV respective 350 keV. At lower energies the method underestimate the dose...... or kerma rates; by having a large fraction of the ground level gamma-rays at energies below 350 keV special care should be taken at an interpretation of the results....

  7. Simultaneous high bit-rate format and mode conversion with a single tilted apodized few-mode fiber Bragg grating

    Science.gov (United States)

    Gao, Ya; Sun, Junqiang; Sima, Chaotan

    2016-10-01

    We propose an all-optical approach for simultaneous high bit-rate return-to-zero (RZ) to non-return-to-zero (NRZ) format and LP01 to LP11 mode conversion using a weakly tilted apodized few-mode fiber Bragg grating (TA-FM-FBG) with specific linear spectral response. The grating apodization profile is designed by utilizing an efficient inverse scattering algorithm and the maximum refractive index modulation is adjusted based on the grating tilt angle, according to Coupled-Mode Theory. The temporal performance and operation bandwidth of the converter are discussed. The approach provides potential favorable device for the connection of various communication systems.

  8. EXCHANGE RATE - REGIMES AND POLICIES

    Directory of Open Access Journals (Sweden)

    Novak Lučić

    2014-12-01

    Full Text Available Exchange rate of one currency is the price of the currency expressed in units of other currency. It is formed by the interaction of supply and demand in the foreign exchange market. Given that the exchange rate has a direct impact on the competitiveness of a country in terms of features of its exports and imports, in its balance of payments, and indirectly the overall economic and social development, in addition to acting in market principles - supply and demand in the formation of the equilibrium exchange rate, exchange rate is subject to different, stronger or weaker, more or less, forms of intervention. In the search for the optimal exchange rate policy of the national currency, the monetary authorities are positioned between the two extremes - the complete abandonment of the exchange rate to the market laws of supply and demand, or fixing the exchange rate for any of the selected anchor currency.

  9. Restructuring fundamental predator-prey models by recognising prey-dependent conversion efficiency and mortality rates.

    Science.gov (United States)

    Li, Jiqiu; Montagnes, David J S

    2015-05-01

    Incorporating protozoa into population models (from simple predator-prey explorations to complex food web simulations) is of conceptual, ecological, and economic importance. From theoretical and empirical perspectives, we expose unappreciated complexity in the traditional predator-prey model structure and provide a parsimonious solution, especially for protistologists. We focus on how prey abundance alters two key components of models: predator conversion efficiency (e, the proportion of prey converted to predator, before mortality loss) and predator mortality (δ, the portion of the population lost though death). Using a well-established model system (Paramecium and Didinium), we collect data to parameterize a range of existing and novel population models that differ in the functional forms of e and δ. We then compare model simulations to an empirically obtained time-series of predator-prey population dynamics. The analysis indicates that prey-dependent e and δ should be considered when structuring population models and that both prey and predator biomass also vary with prey abundance. Both of these impact the ability of the model to predict population dynamics and, therefore, should be included in theoretical model evaluations and assessment of ecosystem dynamics associated with biomass flux.

  10. Theory of Optimal Currency Zones: from Classics until Today

    Directory of Open Access Journals (Sweden)

    Pinchuk Anastasiya K.

    2013-12-01

    Full Text Available The article analyses evolution of the theory of optimal currency zones (OCZ, starting from its classical provisions until moder developments. Based on the critical analysis of classical criteria of OCZ, the article develops a scheme of selection of the currency mode by the Robert Mundell theory. It considers achievements of the alternative OCZ theory, the main provisions of which are shown schematically in the form of illustrations of evolution of the theory of optimal currency zones. In the result of analysis of classical criteria of optimal currency zones and generalisation of developments of the new OCZ theory, the article develops a universal algorithm of identification of optimal conditions for an efficient currency zone. Using this algorithm allows identification of a system of quantitative indicators of expediency of regional joining the OCZ, on the basis of which one can build an economic model of an optimal currency zone, which reflects the degree of readiness of any country to join or develop the OCZ. Development of this model is necessary for many countries that face the need to select the currency integration. This model is of special importance for Ukraine, for which it is important to select the course of external integration, since various directions of foreign policy significantly influence efficiency of the domestic economic policy in the country.

  11. Modelling Deposition and Erosion rates with RadioNuclides (MODERN) - Part 1: A new conversion model to derive soil redistribution rates from inventories of fallout radionuclides.

    Science.gov (United States)

    Arata, Laura; Meusburger, Katrin; Frenkel, Elena; A'Campo-Neuen, Annette; Iurian, Andra-Rada; Ketterer, Michael E; Mabit, Lionel; Alewell, Christine

    2016-10-01

    The measurement of fallout radionuclides (FRN) has become one of the most commonly used tools to quantify sediment erosion or depositional processes. The conversion of FRN inventories into soil erosion and deposition rates is done with a variety of models, which suitability is dependent on the selected FRN, soil cultivation (ploughed or unploughed) and movement (erosion or deposition). The authors propose a new conversion model, which can be easily and comprehensively used for different FRN, land uses and soil redistribution processes. The new model MODERN (Modelling Deposition and Erosion rates with RadioNuclides) considers the precise depth distribution of any FRN at the reference site, and allows adapting it for any specific site conditions. MODERN adaptability and performance in converting different FRN inventories is discussed for a theoretical case as well as for two already published case studies i.e. a (137)Cs study in an alpine and unploughed area in the Aosta valley (Italy) and a (210)Pbex study on a ploughed area located in the Transylvanian Plain (Romania). The tests highlight a highly significant correspondence (i.e. correlation factor of 0.91) between the results of MODERN and the published results of other models currently used by the FRN scientific community (i.e. the Profile Distribution Model and the Mass Balance Model). The development and the cost free accessibility of MODERN (see modern.umweltgeo.unibas.ch) will ensure the promotion of wider application of FRNs for tracing soil erosion and sedimentation.

  12. Effect of substrate and cation requirement on anaerobic volatile fatty acid conversion rates at elevated biogas pressure.

    Science.gov (United States)

    Lindeboom, Ralph E F; Ferrer, Ivet; Weijma, Jan; van Lier, Jules B

    2013-12-01

    This work studied the anaerobic conversion of neutralized volatile fatty acids (VFA) into biogas under Autogenerative High Pressure Digestion (AHPD) conditions. The effects of the operating conditions on the biogas quality, and the substrate utilisation rates were evaluated using 3 AHPD reactors (0.6 L); feeding a concentration of acetate and VFA (1-10 g COD/L) corresponding to an expected pressure increase of 1-20 bar. The biogas composition improved with pressure up to 4.5 bar (>93% CH4), and stabilized at 10 and 20 bar. Both, acetotrophic and hydrogenotrophic methanogenic activity was observed. Substrate utilisation rates of 0.2, 0.1 and 0.1 g CODCH4/g VSS/d for acetate, propionate and butyrate were found to decrease by up to 50% with increasing final pressure. Most likely increased Na(+)-requirement to achieve CO2 sequestration at higher pressure rather than end-product inhibition was responsible.

  13. 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.

  14. 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.

  15. Using financial derivatives to hedge against currency risk : British large and medium-sized firms

    OpenAIRE

    Nguyen, My

    2012-01-01

    Nowadays, as a growing number of firms strive to conduct their business at international market place, currency risk has increasingly raised concern among financial mangers due to its substantial impact on companies’ financial results. Financial derivative instruments (Forward, Futures, Options, Swaps) are utilized as efficient hedging mechanisms against such an exchange rate exposure. The main objective of this study is to examine whether derivatives play a primary role in mitigating an adve...

  16. 26 CFR 1.988-6 - Nonfunctional currency contingent payment debt instruments.

    Science.gov (United States)

    2010-04-01

    ..., foreign currency gain or loss, and gain or loss relating to a non-currency contingency shall be determined... than foreign currency gain or loss) shall be determined and characterized with respect to the instrument. Paragraph (b)(5) of this section describes how foreign currency gain or loss shall be...

  17. 12 CFR 745.7 - Shares accepted in a foreign currency.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Shares accepted in a foreign currency. 745.7... 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...

  18. 48 CFR 52.225-17 - Evaluation of Foreign Currency Offers.

    Science.gov (United States)

    2010-10-01

    ... Clauses 52.225-17 Evaluation of Foreign Currency Offers. As prescribed in 25.1103(c), insert the following provision: Evaluation of Foreign Currency Offers (FEB 2000) If the Government receives offers in more than one currency, the Government will evaluate offers by converting the foreign currency to United...

  19. Medicare program; physician fee schedule conversion factor for calendar year 1998 and sustainable growth rate for fiscal year 1998--HCFA. Final notice.

    Science.gov (United States)

    1997-10-31

    This final notice announces the calendar year 1998 Medicare physician fee schedule conversion factor and the fiscal year 1998 sustainable growth rate for expenditures for physicians' services under the Medicare Supplementary Medical Insurance (Part B) program as required by sections 1846(d) and (f), respectively, of the Social Security Act. The 1998 Medicare physician fee schedule conversion factor is $36,6873. The sustainable growth rate for fiscal year 1998 is 1.5 percent.

  20. Improving the System of Currency Regulation and Currency Control as a Factor of the Economy Stabilization and Development

    Directory of Open Access Journals (Sweden)

    Antonina P. Manushina

    2015-12-01

    Full Text Available In this article author discusses various types of violations of currency legislation. Authors analyzed causes of their commission of the Customs Union. On the basis of the study authors pointed out the shortcomings of legislation, proposed some ways of improving the Russian legislation and measures to combat violations in the monetary sphere, but also suggested that the institution of currency regulation and currency control, must contain instruments to stimulate the state's economic interests and the interests of participants foreign economic activity.

  1. AREA EFFICIENT FRACTIONAL SAMPLE RATE CONVERSION ARCHITECTURE FOR SOFTWARE DEFINED RADIOS

    Directory of Open Access Journals (Sweden)

    Latha Sahukar

    2014-09-01

    Full Text Available The modern software defined radios (SDRs use complex signal processing algorithms to realize efficient wireless communication schemes. Several such algorithms require a specific symbol to sample ratio to be maintained. In this context the fractional rate converter (FRC becomes a crucial block in the receiver part of SDR. The paper presents an area optimized dynamic FRC block, for low power SDR applications. The limitations of conventional cascaded interpolator and decimator architecture for FRC are also presented. Extending the SINC function interpolation based architecture; towards high area optimization and providing run time configuration with time register are presented. The area and speed analysis are carried with Xilinx FPGA synthesis tools. Only 15% area occupancy with maximum clock speed of 133 MHz are reported on Spartan-6 Lx45 Field Programmable Gate Array (FPGA.

  2. HE CONVERSION OF THE EFFICIENCY OF LABOR, RESPECTIVELY OF LABOR PRODUCTIVITY IN THE ECONOMIC AND COMMERCIAL RATE OF RETURN

    Directory of Open Access Journals (Sweden)

    Constantin CĂRUNTU

    2010-12-01

    Full Text Available Generally, an activity is considered to be efficient if the production implies low costs or if the revenues from selling the products on the market outweigh the expenditures that were made to achieve them. Labor productivity as an efficiency indicator of a production process represents an expression of the relationship between effect (products, services and effort (work means, labor force, work items. Through the labor productivity conversion in rates of return (economic and commercial is determined an evolution and an influence on these rates, driving the company’s own efforts to innovate, produce and harness goods, works and services with maximum utility, efficiency and competitiveness services. The aim of this paper is to highlight the work efficiency, respectively the labor productivity detached from the factorial context in the trade and economic rates of return. The introduction presents some general aspects referring to labor productivity, then it will be presented and discussed the analytical methods used in the process of reflecting the labor productivity in the rates of return, the results analysis, and at the end of this paper it will be presented some conclusions based on the study case. The expected results consist in identifying the mechanisms by which labor efficiency is converted into the company’s economic and financial performance.

  3. Virtual Currency, Tangible Return: Portfolio Diversification with Bitcoins

    OpenAIRE

    Briere, Marie; Oosterlinck, Kim; Szafarz, Ariane

    2013-01-01

    Bitcoin is a major virtual currency. Using weekly data over the 2010-2013 period, we analyze a Bitcoin investment from the standpoint of a U.S. investor with a diversified portfolio including both traditional assets (worldwide stocks, bonds, hard currencies) and alternative investments (commodities, hedge funds, real estate). Bitcoin investment has highly distinctive features, including exceptionally high average return and volatility. Its correlation with other assets is remarkably low. Span...

  4. The role of currency derivatives in internationally diversified portfolios

    OpenAIRE

    Peter A. Abken; Milind M. Shrikhande

    1997-01-01

    Diversification is widely practiced by investors seeking to reduce risk. In recent years investors have been turning to foreign markets to obtain even greater scope for diversification than domestic markets offer. With the internationalization of security portfolios, however, also comes an additional risk-foreign exchange risk. ; The use of currency derivatives in internationally diversified portfolios can help mitigate foreign exchange risk. This article investigates the impact of currency h...

  5. A Sharpe-ratio-based measure for currencies

    Directory of Open Access Journals (Sweden)

    Javier Prado-Dominguez

    2015-06-01

    Full Text Available The Sharpe Ratio offers an excellent summary of the excess return required per unit of risk invested. This work presents an adaptation of the ex-ante Sharpe Ratio for currencies where we consider a random walk approach for the currency behavior and implied volatility as a proxy for market expectations of future realized volatility. The outcome of the proposed measure seems to gauge some information on the expected required return attached to the “peso problem”.

  6. Demystifying Bitcoin: Sleight of Hand or Major Global Currency Alternative?

    OpenAIRE

    Marko Malovic

    2014-01-01

    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 va...

  7. Virtual Currency, Tangible Return: Portfolio Diversification with Bitcoins

    OpenAIRE

    Marie Briere; Kim Oosterlinck; Ariane Szafarz

    2013-01-01

    Bitcoin is a major virtual currency. Using weekly data over the 2010-2013 period, we analyze a Bitcoin investment from the standpoint of a U.S. investor with a diversified portfolio including both traditional assets (worldwide stocks, bonds, hard currencies) and alternative investments (commodities, hedge funds, real estate). Bitcoin investment has highly distinctive features, including exceptionally high average return and volatility. Its correlation with other assets is remarkably low. Span...

  8. Virtual Currency, Tangible Return: Portfolio Diversification with Bitcoin

    OpenAIRE

    Briere, Marie; Oosterlinck, Kim; Szafarz, Ariane

    2013-01-01

    Bitcoin is a major virtual currency. Using weekly data over the 2010-2013 period, we analyze a Bitcoin investment from the standpoint of a U.S. investor with a diversified portfolio including both traditional assets (worldwide stocks, bonds, hard currencies) and alternative investments (commodities, hedge funds, real estate). Over the period under consideration, Bitcoin investment had highly distinctive features, including exceptionally high average return and volatility. Its correlation with...

  9. Forensic watermarking and bit-rate conversion of partially encrypted AAC bitstreams

    Science.gov (United States)

    Lemma, Aweke; Katzenbeisser, Stefan; Celik, Mehmet U.; Kirbiz, S.

    2008-02-01

    Electronic Music Distribution (EMD) is undergoing two fundamental shifts. The delivery over wired broadband networks to personal computers is being replaced by delivery over heterogeneous wired and wireless networks, e.g. 3G and Wi-Fi, to a range of devices such as mobile phones, game consoles and in-car players. Moreover, restrictive DRM models bound to a limited set of devices are being replaced by flexible standards-based DRM schemes and increasingly forensic tracking technologies based on watermarking. Success of these EMD services will partially depend on scalable, low-complexity and bandwidth eficient content protection systems. In this context, we propose a new partial encryption scheme for Advanced Audio Coding (AAC) compressed audio which is particularly suitable for emerging EMD applications. The scheme encrypts only the scale-factor information in the AAC bitstream with an additive one-time-pad. This allows intermediate network nodes to transcode the bitstream to lower data rates without accessing the decryption keys, by increasing the scale-factor values and re-quantizing the corresponding spectral coeficients. Furthermore, the decryption key for each user is customized such that the decryption process imprints the audio with a unique forensic tracking watermark. This constitutes a secure, low-complexity watermark embedding process at the destination node, i.e. the player. As opposed to server-side embedding methods, the proposed scheme lowers the computational burden on servers and allows for network level bandwidth saving measures such as multi-casting and caching.

  10. 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.

  11. Detecting a currency's dominance or dependence using foreign exchange network trees

    Science.gov (United States)

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

    2005-10-01

    In a system containing a large number of interacting stochastic processes, there will typically be many nonzero correlation coefficients. This makes it difficult to either visualize the system’s interdependencies, or identify its dominant elements. Such a situation arises in foreign exchange (FX), which is the world’s biggest market. Here we develop a network analysis of these correlations using minimum spanning trees (MSTs). We show that not only do the MSTs provide a meaningful representation of the global FX dynamics, but they also enable one to determine momentarily dominant and dependent currencies. We find that information about a country’s geographical ties emerges from the raw exchange-rate data. Most importantly from a trading perspective, we discuss how to infer which currencies are “in play” during a particular period of time.

  12. Automatic cash-binding machine register system for paper currency numbers

    Science.gov (United States)

    Yuan, Weiqi; Zhang, Yu

    2005-02-01

    An automatic recognition system for Paper Currency Numbers was developed in this paper. The paper currency number can be recognized and recorded by this system at the same time of binding. At First, an image of 8 bits grey-scale was acquired by CCD camera, and then some output number clusters can be through process of segmentation by Grey Ridge-Valley algorithm, orientation by projection, and character recognition by structure-analyzing algorithm. Results of experiments demonstrated that the proposed algorithm of gray ridges and valleys can extract feature effectively, the algorithm of distance of traversing number body orientation acute, and this system achieves a high recognition rate and a fast recognition speed. It still reached the practical degree. The system has applied national patent.

  13. What shakes the FX tree? Understanding currency dominance, dependence and dynamics

    CERN Document Server

    Johnson, N F; Suleman, O; Williams, S; Howison, S; Johnson, Neil F.; Donald, Mark Mc; Suleman, Omer; Williams, Stacy; Howison, Sam

    2005-01-01

    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.

  14. Building a “Chinese Currency Area”: Its Feasibility and Future

    Institute of Scientific and Technical Information of China (English)

    ZhuMengnan; ChenShuo

    2005-01-01

    Here, the “Chinese currency area” refers to currency-operational areas or scope where Chinese currency circulates as a single currency. Although the scale and aggregate size of the economies of the Chinese mainland, Taiwan, Hong Kong and Macao differ sharply, their per capita GDPs do not differ as much. This indicates that currency unification in these areas is in some sense feasible.

  15. Currency asymmetry, global imbalance and rethinking again of international currency system

    OpenAIRE

    Gang, Fan

    2006-01-01

    The US dollar has been volatile and falling again and again in recent decades as well as recent years, and for many observers, it is going to be broken sooner or later. The central importance of the dollar is due to the fact that it is not just a currency for the US. Over half of all dollar bills in circulation are held outside of the US borders, and almost half of the US Treasury bonds are held as reserves by foreign central banks. The US dollar is supposed to be the anchor that stabilizes t...

  16. Optimum Currency Area Criteria in the Greece

    Directory of Open Access Journals (Sweden)

    Milovan Rankov

    2013-08-01

    Full Text Available Creation of a monetary union in any region, regardless of the structure and level of development among countries, carries along certain costs and benefits. This paper explains Mundell’s concept of Optimum Currency Area and criteria that are needed to achieve it. Viewed through the prism of these criteria the EMU is currently far from achieving the OCA confirming the current crisis in Greece and other PIIGS countries. The example of Greece and shortcomings that contributed to its current crisis represents the biggest cost and a break-even point for the future of the monetary union. However, it is encouraging that Greece is not alone in its problems, since various funds for help have been established in a relatively short period of time. The reason for this is certainly a huge cost if any country should leave the union and the spillover effect that it would cause. Certainly serious transformations can be expected and the result should be a stronger union with better control from supra-national level.

  17. Power Law Distributions in Two Community Currencies

    Science.gov (United States)

    Kichiji, N.; Nishibe, M.

    2007-07-01

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

  18. 26 CFR 1.985-8 - Special rules applicable to the European Monetary Union (conversion to euro).

    Science.gov (United States)

    2010-04-01

    ...-8 Special rules applicable to the European Monetary Union (conversion to euro). (a) Definitions—(1... euro is substituted for that legacy currency (in accordance with the Treaty on European Union); and (B... the national currency of Germany pursuant to the Treaty on European Union signed February 7,...

  19. 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.

  20. Cannabis (marijuana) contamination of United States and foreign paper currency.

    Science.gov (United States)

    Lavins, Eric S; Lavins, Bethany D; Jenkins, Amanda J

    2004-09-01

    It is well known that United States paper currency in general circulation is contaminated with trace amounts of illicit substances such as cocaine, heroin and marijuana. As is the case with cocaine, differentiating "background levels" of the various cannabinoid constituents of Cannabis sativa L., namely, Delta(9)-tetrahydrocannabinol (THC), cannabinol (CBN), and cannabidiol (CBD) contaminating currency found in the general circulation from currency associated with illegal drug activity is imperative if a legal nexus is to be established with the latter. We analyzed 165 randomly collected paper currency notes from 12 U.S. cities (N = 125) and 4 foreign countries (N = 40) for THC, CBD, CBN, 11-nor-9-carboxy-Delta(9)-tetrahydrocannabinol, and 11-hydroxy-Delta(9)-tetrahydrocannabinol. Uncirculated US 1 dollar notes were added as negative controls. Drug residues were washed from individual bills, extracted using a liquid-liquid extraction protocol, derivatized, and quantitated by gas chromatography-mass spectrometry by selected ion monitoring. For the US 1 dollar currency, THC was present in 1.6% (2 notes), CBN 10.31% (13 notes), CBD 1.6% (2 notes). The following concentrations were determined: 0.085 microg/bill and 0.146 microg/bill for THC; 0.014-0.774 microg/bill (mean 0.166 microg/bill) for CBN; and 0.032 microg/bill and 0.086 microg/bill for CBD. For the foreign currency (Colombia, Qatar, India, and New Zealand), THC and CBN were present in 22.5% (9 notes). The following concentration ranges were determined: THC 0.026-0.065 microg/bill (mean 0.049 microg/bill), CBN 0.061-0.197 microg/bill (mean 0.115 microg/bill). All of the positive THC and CBN were found in the New Zealand polypropylene notes. This study demonstrated that marijuana (cannabinoids) may contaminate both paper and plastic currency.

  1. Microbial and parasitic contamination on circulating Pakistani Currency

    Directory of Open Access Journals (Sweden)

    Afshan Butt

    2015-08-01

    Full Text Available Background: Fomites are nonliving objects that are capable of imbibing, harboring and spreading infectious microorganisms. Currency notes and coins, as exchangeable fomite, are constantly subjected to contamination. The objective of this study was to determine microbial and parasitic contamination of Pakistani currency thus highlighting the potential of money for spreading pathogens in the Pakistani community. Methods: In the present study, a total of 81 Pakistani currency notes and coins in circulation were randomly collected from different shopkeepers, vendors, canteen owners and restaurant cashiers in Lahore and analyzed for parasitological, fungal, aerobic and anaerobic microbial analyses by using various microbiological techniques. Results: The study revealed 92.5% of Pakistani currency to be contaminated with pathological microorganisms. Potential pathogens such as Staphylococcus spp. (48.05%, Streptococuss spp. (3.89%, Micrococcus spp. (5.19%, Bacillus subtilis (11.68%, Corynebacterium spp. (7.79%, Cronobacter sakazakii (2.59%, Burkholderia cepacia (1.29%, Klebsiella pneumoniae (2.59%, Serretia rubideae (1.29%, Bacteriodes spp. (34.46% and Yeast and Mold (3.89 % respectively were isolated. The parasitological analysis of the currency evinces 13.58% of the samples with parasitic ova and cysts. Predominant ova and cysts of Entamoeba histolytica & Giardia lamblia were identified. Conclusion: This study indicates that currency notes and coins are excellent fomites that can harbor the microorganisms very well. The current analyses points out towards the unhygienic practices of the people spending money in the form of currency notes and coins. Launching effective and frequent awareness campaigns in the society can help to stop the spread of microorganisms to a greater extent.

  2. MICROBIAL CONTAMINATION OF INDIAN CURRENCY NOTES IN BHOPAL

    Directory of Open Access Journals (Sweden)

    Kalpana

    2014-02-01

    Full Text Available BACKGROUND : Paper currency notes which are transferred from one individual to other are known to carry micro - organisms on their surface. Currency contaminated by microbes might also act as fomite , playing an important role in the transmission of microorganisms. The handling of contaminated currency may lead to severe infections. AIM: To isolate and identify microorganisms contaminating Indian Currency Notes . METHODS : 180 Indian currency notes including each of INR. (Indian rupee 5 , INR.10 , INR.20 , INR.50 , INR.100 an d INR.500 denominations , were collected from peoples of various social strata from different parts of Bhopal. Sterile cotton swab dipped in 1% peptone water was used for taking swab samples which were inoculated in BHI broth. After that , cultured broth was subcultured on simple and selective media subsequently. On the basis of Gram reaction , colony morphology and standard biochemical reactions , the isolates were identified upto species level. 2 RESULTS : Among the total 180 Indian currency notes 169 (93.89% were contaminated, both with pathogenic and non - pathogenic organisms. From the 312 isolates twelve different types of microorganisms were obtained viz., Bacillus spps (149, S. aureus (53, CONS (Coagulase negative staphylococcus (27, Micrococcus (31, E .coli (22, Klebsiella spps (8, Pseudomonas aeruginosa (5, Proteus mirabilis ( 4, Nonfermentors (5, Candida spps (3, Acinetobacter (3 & Enterococcus (2. Out of 312 total isolates 74 (23.72% , 92 (29.49% & 146 (46.79% isolates were isolated from Good (new and clean , Average (soiled & Poor (tattered and dirty condition notes respectively. CONCLUSIONS : From the present study it was concluded that Indian currency notes are commonly contaminated by pathogenic and non - pathogenic organisms that repre sents risks and public health hazards to the individuals and community as a whole

  3. PRIVATIZATION OF BRAZILIAN PRISONS: THE TWO SIDES OF THE CURRENCY

    Directory of Open Access Journals (Sweden)

    Hilderline Câmara de Oliveira

    2017-09-01

    Full Text Available Since the beginning of the 1990s, in Brazil, privatization has proved to be an emergency exit to crisis of services that the State cannot offer efficiently, such as Education, Health, Transportation, and more recently Social Security. The agenda in question is now Public Safety. Failing to meet the demand for lawsuits that pass through the Judiciary, Brazilian prisons are becoming increasingly overcrowded; the services lagged; Constant rebellions, high crime rate, denial of human rights and structural violence, glaring. Thus, this article aims to reflect on both sides of the 'currency' of prisons privatizations in the Brazilian scenario. He used the research with a qualitative approach and bibliographical character with the support of theoretical references from the specialized literature in the area, besides the technical documents, official reports from the Government and NGOs that carry out social control works. The research has shown that privatization seems to be the best way out in the short term and can solve a number of social problems, but how can one think of the profitable return that all privatization requires if its main objective is to reduce the target population? So either this alternative will create a market that, if it turns out, will end itself, or we will end up creating an even more perverse logic of incarceration.

  4. Currency System and Its Impact on Economic Stability

    Directory of Open Access Journals (Sweden)

    Desmadi Saharuddin

    2017-05-01

    Full Text Available A number of economic problems that occurred during the power of Mamluk (1250-1517 AD was considered as a result of the change to currency system, namely from the system of commodity-based money (gold and silver into paper-based money (fiat. Instability prices, decrease of trading activities, high of unemployment number were a number of economic indicators that occurred at that time. This issue of macro-economy was considered as a result of changes in the money system. This study analyzes the dynamic relationship between the price of gold as a representation of commodity money system and M2 as a representation of fiat money against the stability of economic indicators such as inflation, economic growth, stock prices, and unemployment and interest rates. This study found that both systems not vary significantly against each other in its influence on macroeconomic variables. It means that the two systems do not have contrast distinction. Indeed, it was found that the commodity-based money system is not free of inflation, as propagated by the supporters of the dinar and dirham (dinarist. DOI: 10.15408/aiq.v9i2.4749

  5. Impact of the High Flux Isotope Reactor HEU to LEU Fuel Conversion on Cold Source Nuclear Heat Generation Rates

    Energy Technology Data Exchange (ETDEWEB)

    Chandler, David [ORNL

    2014-03-01

    Under the sponsorship of the US Department of Energy National Nuclear Security Administration, staff members at the Oak Ridge National Laboratory have been conducting studies to determine whether the High Flux Isotope Reactor (HFIR) can be converted from high enriched uranium (HEU) fuel to low enriched uranium (LEU) fuel. As part of these ongoing studies, an assessment of the impact that the HEU to LEU fuel conversion has on the nuclear heat generation rates in regions of the HFIR cold source system and its moderator vessel was performed and is documented in this report. Silicon production rates in the cold source aluminum regions and few-group neutron fluxes in the cold source moderator were also estimated. Neutronics calculations were performed with the Monte Carlo N-Particle code to determine the nuclear heat generation rates in regions of the HFIR cold source and its vessel for the HEU core operating at a full reactor power (FP) of 85 MW(t) and the reference LEU core operating at an FP of 100 MW(t). Calculations were performed with beginning-of-cycle (BOC) and end-of-cycle (EOC) conditions to bound typical irradiation conditions. Average specific BOC heat generation rates of 12.76 and 12.92 W/g, respectively, were calculated for the hemispherical region of the cold source liquid hydrogen (LH2) for the HEU and LEU cores, and EOC heat generation rates of 13.25 and 12.86 W/g, respectively, were calculated for the HEU and LEU cores. Thus, the greatest heat generation rates were calculated for the EOC HEU core, and it is concluded that the conversion from HEU to LEU fuel and the resulting increase of FP from 85 MW to 100 MW will not impact the ability of the heat removal equipment to remove the heat deposited in the cold source system. Silicon production rates in the cold source aluminum regions are estimated to be about 12.0% greater at BOC and 2.7% greater at EOC for the LEU core in comparison to the HEU core. Silicon is aluminum s major transmutation product and

  6. The indications and contraindications of laparoscopic cholecystectomy and its conversion to open rate in Imam Hospital, 1372-77

    Directory of Open Access Journals (Sweden)

    Nik Kholgh A

    2000-09-01

    decision making is based on patient's general condition. The conversion to open rate was 7.4% (9 of 121 cases. Causes of conversion were: Severe adhesions, technical and enforced. There was no death after LC.

  7. Change-Exchange Currency based Vending Machine using VHDL

    Directory of Open Access Journals (Sweden)

    Nikita Khandelwal

    2013-01-01

    Full Text Available A vending machine is a coin-operated, automatic device which dispenses items such as snacks, beverages, lottery tickets, consumer products and even gold and gems to customers automatically, after the customer inserts currency or credit into the machine. These are more accessible and practical than the convention purchasing method. It is for the reason that vending machines provide us for our necessities almost instantly and with high quality, that people consider it as a very much reliable choice. In this paper a new approach is proposed to design a Vending Machine with automatic currency change or exchange multi select feature using which user can get a change of its currency or can exchange its currency to other available currency options. The machine also supports a cancel feature which means that the user can withdraw the request and the money will be returned back to him. This machine can be used at various places like Hotels, Restaurants, Stations and shopping centers. This reduces the time and cost. The proposed model is implemented using FPGA, the simulation results and circuit parameters are also presented.

  8. 26 CFR 1.1001-5 - European Monetary Union (conversion to the euro).

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 11 2010-04-01 2010-04-01 true European Monetary Union (conversion to the euro). 1.1001-5 Section 1.1001-5 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY... § 1.1001-5 European Monetary Union (conversion to the euro). (a) Conversion of currencies....

  9. 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.

  10. 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

  11. 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.

  12. Rate and Predictors of the Conversion of Abstracts Presented at the Canadian Cardiovascular Congress Scientific Meetings to Full Peer-Reviewed Publications

    DEFF Research Database (Denmark)

    Abuzeid, Wael; Fosbøl, Emil Loldrup; Fosbøl, Philip Loldrup

    2013-01-01

    abstracts presented at the Canadian Cardiovascular Congress (CCC) from 2006 to 2010 into peer-reviewed article publications within 2 years of their initial presentation. Using a previously validated computer algorithm, we searched the International Statistical Institute Web of Science to identify peer......The rate of conversion of abstracts presented at scientific meetings into peer-reviewed published manuscripts is an important metric for medical societies, because it facilitates translation of scientific knowledge into practice. We determined the rate and predictors of conversion of scientific...

  13. 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

  14. Market inefficiency identified by both single and multiple currency trends

    Science.gov (United States)

    Tokár, T.; Horváth, D.

    2012-11-01

    Many studies have shown that there are good reasons to claim very low predictability of currency returns; nevertheless, the deviations from true randomness exist which have potential predictive and prognostic power [J. James, Simple trend-following strategies in currency trading, Quantitative finance 3 (2003) C75-C77]. We analyze the local trends which are of the main focus of the technical analysis. In this article we introduced various statistical quantities examining role of single temporal discretized trend or multitude of grouped trends corresponding to different time delays. Our specific analysis based predominantly on Euro-dollar currency pair data at the one minute frequency suggests the importance of cumulative nonrandom effect of trends on the potential forecasting performance.

  15. 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.

  16. Speaking rate, conversational speech acts, interruption, and linguistic complexity of 20 pre-school stuttering and non-stuttering children and their mothers.

    Science.gov (United States)

    Ryan, B P

    2000-01-01

    This is the second in a series of reports concerning stuttering pre-school children enrolled in a longitudinal study; the first was Ryan (1992). Conversational samples of 20 stuttering and 20 non-stuttering pre-school children and their mothers were analysed for speaking rate, conversational speech acts, interruption, and linguistic complexity. Between-group analyses revealed few differences between either the two children or two mother groups. Within-group analyses indicated differences that involved conversational speech acts and linguistic complexity. Most stuttering occurred on statements (M = 32.3% stuttered) and questions (M = 20.9% stuttered). Stuttered and disfluent sentences had higher Developmental Sentence Scoring (DSS) (Lee, 1974) scores (M = 10.9, 12.9, respectively) than fluent sentences (M = 7.6). Multiple correlation analyses indicated that speaking rate of mothers (0.561) and normal disfluency of children (0.396) were major predictor variables.

  17. 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

  18. 76 FR 11327 - Technical Amendments to Rule 17a-8: Financial Recordkeeping and Reporting of Currency and Foreign...

    Science.gov (United States)

    2011-03-02

    ... Currency and Foreign Transactions AGENCY: Securities and Exchange Commission. ACTION: Final rule; technical... within the rule to the implementing regulations of the Currency and Foreign Transactions Reporting Act...

  19. HEDGING CURRENCY RISK IN EUROPEAN STOCK MARKETS: EVIDENCE FROM THE CURRENT FINANCIAL CRISIS

    OpenAIRE

    Alexandra HOROBET; DRAGHICI Alina; CONSTANTIN Laura Gabriela

    2012-01-01

    Our paper examines the impact of currency risk on investments made by a Euro based investor in European countries in normal versus turbulent times. We use unhedged and hedged stock market returns to see whether the performance of portfolios made up of stocks from developed markets could be enhanced by including stocks from emerging markets and hedging currency risk. The contribution of currency risk is highly fluctuating, but generally positive, indicating that currency risk adds to the local...

  20. Effects of zilpaterol hydrochloride on growth rates, feed conversion, and carcass traits in calf-fed Holstein steers.

    Science.gov (United States)

    Beckett, J L; Delmore, R J; Duff, G C; Yates, D A; Allen, D M; Lawrence, T E; Elam, N

    2009-12-01

    Two experiments were conducted to evaluate the effectiveness of zilpaterol hydrochloride (ZH) to enhance growth performance and carcass characteristics in calf-fed Holstein steers. In Exp. 1, Holstein steers (n = 2,311) were fed in a large-pen trial in 2 phases at a commercial feed yard in the desert Southwest. In Exp. 2, a total of 359 steers were fed in a small-pen university study. In Exp. 1 and 2, cattle were implanted with a combination trenbolone acetate-estradiol implant approximately 120 d before slaughter. Cattle were fed ZH for 0, 20, 30, or 40 d before slaughter at a rate of 8.3 mg/kg (DM basis). A 3-d withdrawal was maintained immediately before slaughter. Cattle within an experiment were fed to a common number of days on feed. During the last 120 d before slaughter, ADG was not enhanced by feeding ZH for 20 d (P = 0.33 in Exp. 1, and P = 0.79 in Exp. 2). Gain-to-feed conversion was increased by feeding ZH for all durations in Exp. 1 (P Feeding ZH increased HCW by 9.3 (Exp. 2) to 11.6 (Exp. 1) kg at 20 d compared with the control groups. Across both experiments, dressing percent was increased for all durations of feeding ZH (P feeding ZH for 20 d in either experiment (P >or= 0.6), LM area was increased for all durations of feeding ZH (P feeding ZH in Exp. 1. This effect was not observed in Exp. 2. Holstein steers clearly respond to the beta-agonist ZH, and 20 d of feeding ZH with a 3-d withdrawal significantly increased carcass weights, muscling, and carcass leanness.

  1. The evolutionary synchronization of the exchange rate system in ASEAN+6

    Science.gov (United States)

    Feng, Xiaobing; Hu, Haibo; Wang, Xiaofan

    2010-12-01

    Although there are extensive researches on the behavior of the world currency network, the complexity of the Asian regional currency system is not well understood regardless of its importance. Using daily exchange rates this paper examines exchange rate co-movements in the region before and after the China exchange rate reform. It was found that the correlation between Asian currencies and the US Dollar, the previous regional key currency has become weaker and intra-Asia interactions have increased. Cross sample entropy and cross entropy approaches are also applied to examine the synchrony behavior among the Asian currencies. The study also shows that the Asian exchange rate markets featured are neither stochastic nor efficient. These findings may shed some light on the in-depth understanding of collective behaviors in a regional currency network; they will also lay a theoretical foundation for further policy formulation in Asian currency integration.

  2. Environmental impacts of genetic improvement of growth rate and feed conversion ratio in fish farming under rearing density and nitrogen output limitations

    NARCIS (Netherlands)

    Besson, M.; Aubin, J.; Komen, H.; Poelman, M.; Quillet, E.; Vandeputte, M.; Arendonk, Van J.A.M.; Boer, De I.J.M.

    2016-01-01

    Today, fish farming faces an increasing demand in fish products, but also various environmental challenges. Genetic improvement in growth rate and feed conversion ratio is known to be an efficient way to increase production and increase efficiency in fish farming. The environmental consequences o

  3. 17 CFR 240.17a-8 - Financial recordkeeping and reporting of currency and foreign transactions.

    Science.gov (United States)

    2010-04-01

    ... reporting of currency and foreign transactions. 240.17a-8 Section 240.17a-8 Commodity and Securities... currency and foreign transactions. Every registered broker or dealer who is subject to the requirements of the Currency and Foreign Transactions Reporting Act of 1970 shall comply with the...

  4. 26 CFR 301.6316-1 - Payment of income tax in foreign currency.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 18 2010-04-01 2010-04-01 false Payment of income tax in foreign currency. 301....6316-1 Payment of income tax in foreign currency. Subject to the provisions of §§ 301.6316-3 to 301... citizen of the United States in nonconvertible foreign currency may be paid in such currency— (a) For...

  5. 17 CFR 210.3-20 - Currency for financial statements of foreign private issuers.

    Science.gov (United States)

    2010-04-01

    ... General Instructions As to Financial Statements § 210.3-20 Currency for financial statements of foreign... the financial statements of a foreign private issuer are stated in a currency of a country that has... 17 Commodity and Securities Exchanges 2 2010-04-01 2010-04-01 false Currency for...

  6. 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...

  7. 26 CFR 301.6316-8 - Refunds and credits in foreign currency.

    Science.gov (United States)

    2010-04-01

    ... 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 has been paid under section 6316 in foreign currency may, in the discretion of the Commissioner,...

  8. 26 CFR 301.6316-3 - Allocation of tax attributable to foreign currency.

    Science.gov (United States)

    2010-04-01

    ... Provisions § 301.6316-3 Allocation of tax attributable to foreign currency. (a) Adjusted gross income ratio. The portion of the tax which is attributable to amounts received in nonconvertible foreign currency shall, for purposes of applying § 301.6316-1 to the currency of each foreign country, be the amount...

  9. 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...

  10. 31 CFR 100.3 - Lawfully held coin and currencies in general.

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 1 2010-07-01 2010-07-01 false Lawfully held coin and currencies in general. 100.3 Section 100.3 Money and Finance: Treasury Regulations Relating to Money and Finance EXCHANGE OF PAPER CURRENCY AND COIN In General § 100.3 Lawfully held coin and currencies in general....

  11. 31 CFR 100.9 - Where mutilated currency should be transmitted.

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 1 2010-07-01 2010-07-01 false Where mutilated currency should be transmitted. 100.9 Section 100.9 Money and Finance: Treasury Regulations Relating to Money and Finance EXCHANGE OF PAPER CURRENCY AND COIN Exchange of Mutilated Paper Currency § 100.9 Where mutilated...

  12. Time interval between successive trading in foreign currency market: from microscopic to macroscopic

    Science.gov (United States)

    Sato, Aki-Hiro

    2004-12-01

    Recently, it has been shown that inter-transaction interval (ITI) distribution of foreign currency rates has a fat tail. In order to understand the statistical property of the ITI dealer model with N interactive agents is proposed. From numerical simulations it is confirmed that the ITI distribution of the dealer model has a power law tail. The random multiplicative process (RMP) can be approximately derived from the ITI of the dealer model. Consequently, we conclude that the power law tail of the ITI distribution of the dealer model is a result of the RMP.

  13. Currency wars and the erosion of dollar hegemony

    National Research Council Canada - National Science Library

    Cao, Lan

    2016-01-01

    ... declared to the world, "the dollar is our currency but your problem."2 The dollar and the international monetary system have been inextricably intertwined. The Bretton Woods system was created by the United States after World War II and reflects American domination. Dollar hegemony has been part and parcel of American eco...

  14. Foreign Currency Lending in Emerging Europe : Bank Level Evidence

    NARCIS (Netherlands)

    Brown, M.; de Haas, R.

    2010-01-01

    Based on survey data from 193 banks in 20 countries we provide the first bank-level analysis of the determinants of foreign currency (FX) lending in Emerging Europe. We find that FX lending by all banks, regardless of their ownership structure, is strongly determined by the macroeconomic environment

  15. 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 bot...

  16. "On the money" - monetary and numerical judgments of currency.

    Science.gov (United States)

    Goldman, Ronit; Ganor-Stern, Dana; Tzelgov, Joseph

    2012-10-01

    Numerical and monetary judgments of currency were examined using two tasks-a monetary value task (which coin has a higher monetary value), and a numerical value task (which coin has a higher numerical value). In Experiment 1 participants were presented with pictures of coins of the Israeli currency. The Israeli currency is the shekel, which is composed of 100 agorot (equivalent to a dollar composed of 100 cents). Higher discriminability between shekels compared to agorot due to importance in everyday life was reflected in faster monetary comparisons of shekel pairs compared to agorot pairs. Automatic processing of numerical value was demonstrated for monetary judgments. When presented with pairs composed of one coin from each monetary category, responses were faster to pairs that were monetary-numerical congruent (e.g., 10 shekels vs. 5 agorot) compared to incongruent (e.g., 5 shekels vs. 10 agorot). Numerical value judgments were unaffected by such congruency. There was evidence for the automatic activation of physical size mainly in the numerical task. A similar picture was obtained in Experiment 2 where instead of pictures of coins we used verbal descriptions of currency, demonstrating the generality of our results.

  17. Governance and sustainability of the Argentine Complementary Currency Systems

    NARCIS (Netherlands)

    G.M. Gomez (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 non-stat

  18. 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 comp

  19. Currency Arbitrage Detection Using a Binary Integer Programming Model

    Science.gov (United States)

    Soon, Wanmei; Ye, Heng-Qing

    2011-01-01

    In this article, we examine the use of a new binary integer programming (BIP) model to detect arbitrage opportunities in currency exchanges. This model showcases an excellent application of mathematics to the real world. The concepts involved are easily accessible to undergraduate students with basic knowledge in Operations Research. Through this…

  20. An empirical analysis of the hedging effectiveness of currency futures

    NARCIS (Netherlands)

    de Jong, A.; de Roon, F.A.; Veld, C.H.

    1995-01-01

    Existing research on the hedging effectiveness of currency futures assumes that futures positions are continuously adjusted. This is an unrealistic assumption in practice. In this paper we study the hedging effectiveness for futures positions which are not adjusted during the hedge period. For this

  1. 31 CFR 103.22 - Reports of transactions in currency.

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 1 2010-07-01 2010-07-01 false Reports of transactions in currency. 103.22 Section 103.22 Money and Finance: Treasury Regulations Relating to Money and Finance FINANCIAL... reasonably authenticated corporate officer's certificate; (B) Any reasonably authenticated photocopy of...

  2. Theoretical study of all-optical RZ-OOK to NRZ-OOK format conversion in uniform FBG for mixed line-rate DWDM systems

    Institute of Scientific and Technical Information of China (English)

    Oskars Ozolins; Vjaceslavs Bobrovs

    2015-01-01

    In this work we study all-optical multi-channel return-to-zero (RZ)-on-off keying (OOK) to nonreturn-to-zero (NRZ)-OOK format conversion in single uniform fiber Bragg grating (FBG) for mixed line-rate dense wavelength-division multiplexing systems using mathematical simulations.Forty and 20 Gbit/s RZ-OOK signals with 33% and 50% duty cycles are converted to NRZ-OOK signals in single uniform FBG with 21% reflectivity.Impact of amplitude noise from FBG contrast profile on modulation format conversion efficiency is also studied.

  3. The Theoretical Basis of an Integrating Currency Area. The Dilemmas of Polish Accession to the Eurozone

    Directory of Open Access Journals (Sweden)

    Mieczysław Dobija

    2013-12-01

    Full Text Available Purpose: The purpose of this paper is to present a theory that defi nes the creation of an area that includes many countries, in which there is one, single currency and the countries are characterized by a diversifi ed productivity. That is why the paper shows the importance of labor productivity parity for the creation of an integrating and non-discriminatory currency area and indicates the role of this value in the theory of the exchange rate. Additionally, the paper analyzes the risks arising from joining the eurozone. Methodology: The basic methodology is defi ned by a fundamental analysis of the exchange rate and its relations to labor productivity parity. The author formulates a theory of a currency area that integrates economies with different levels of labor productivity. The methodology is supplemented by calculations and a ranking of countries according to the Q-index. Findings: Listing the member countries and candidate countries of the eurozone according to the labor productivity index has demonstrated that the founding member states are characterized by a Q-index close to 3.30. The countries that are already in the eurozone with an index of less than 2.5 belong to the group where problems are accumulating. Countries that are candidates for the eurozone with an index below 2.0, such as Poland, cannot become member of the eurozone. The principles of creating a currency area can however be modifi ed in such a way that countries with various levels of Q can become members, by developing cooperation that is benefi cial to the socio-economic development. Originality: The labor productivity index Q is a result of elaborating an original concept of the production function that is suitable for the purposes of economic analysis. According to this function the Q-index is equivalent to the category labor share and the variable F corresponds to TFP. The function overcomes the disadvantageous features of econometric models of production identifi

  4. Dose-rate conversion factors for external exposure to photon and electron radiation from radionuclides occurring in routine releases from nuclear fuel cycle facilities. [Conversion factors are given for dose rates to 21 organs from 240 different radionuclides for 3 different modes of exposure

    Energy Technology Data Exchange (ETDEWEB)

    Kocher, D.C.

    1979-02-01

    Dose-rate conversion factors for external exposure to photon and electron radiation have been calculated for 240 radionuclides of potential importance in routine releases from nuclear fuel cycle facilities. Dose-rate conversion factors for immersion in contaminated air, immersion in contaminated water, and exposure to a contaminated ground surface are estimated for tissue-equivalent material at the body surface of an exposed individual. For each exposure mode, photon dose-rate conversion factors are also estimated for 22 body organs. The calculations assume that the contaminated air, water, and ground surface are infinite in extent and that the radionuclide concentration is uniform. Dose-rate conversion factors for immersion in contaminated air and water are based on the requirement that all energy emitted in the decay of a radionuclide is absorbed in the infinite medium. Dose-rate conversion factors for ground-surface exposure are calculated for a height of 1 m using the point-kernel integration method and known specific absorbed fractions for photons and electrons in air. The computer code DOSFACTER written to perform the calculations is described and documented.

  5. Yuan Exchange Rate 'Properly Adjusted'

    Institute of Scientific and Technical Information of China (English)

    2005-01-01

      The currency exchange rate was "properly adjusted" this year and takes into account effects on the country's neighbors and the world, Premier Wen Jiabao said at a regional meeting in Malaysia.……

  6. Do Bitcoins make the world go round? On the dynamics of competing crypto-currencies

    CERN Document Server

    Bornholdt, Stefan

    2014-01-01

    Bitcoins have emerged as a possible competitor to usual currencies, but other crypto-currencies have likewise appeared as competitors to the Bitcoin currency. The expanding market of crypto-currencies now involves capital equivalent to $10^{10}$ US Dollars, providing academia with an unusual opportunity to study the emergence of value. Here we show that the Bitcoin currency in itself is not special, but may rather be understood as the contemporary dominating crypto-currency that may well be replaced by other currencies. We suggest that perception of value in a social system is generated by a voter-like dynamics, where fashions form and disperse even in the case where information is only exchanged on a pairwise basis between agents.

  7. IS THE BRAZILIAN REAL A COMMODITY CURRENCY? LARGE SAMPLE EMPIRICAL EVIDENCE

    Directory of Open Access Journals (Sweden)

    Filipe Monteiro de Castro Albert

    2014-01-01

    Full Text Available Brazil is one of the world’s largest base materials exporters, and this paper examines through large time series samples whether the Brazilian Real can be characterized as a commodity currency. The Real/US dollar real exchange rate and a real commodity prices index are found to be non-stationary and not cointegrated, while a risk premium appeared to have a large and statistically significant long term relationship with exchange rate movements. Combined first difference models showed that real exchange rate elasticity to risk premium is twice as large as to commodity prices, although both variables have considerable influence. Some specifications outperformed a random walk model with respect to root mean square forecast errors for many horizons, but the latter still better determined the exchange rate in longer terms.

  8. 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.

  9. 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.

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

    Science.gov (United States)

    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. PMID:27574972

  11. On the spillover of exchange rate risk into default risk

    Directory of Open Access Journals (Sweden)

    Božović Miloš

    2009-01-01

    Full Text Available In order to reduce the exchange-rate risk, banks in emerging markets are typically denominating their loans in foreign currencies. However, in the event of a substantial depreciation of the local currency, the payment ability of a foreign-currency borrower may be reduced significantly, exposing the lender to additional default risk. This paper analyses how the exchange-rate risk of foreign currency loans spills over into default risk. We show that in an economy where foreign currency loans are a dominant source of financing economic activity, depreciation of the local currency establishes a negative feedback mechanism that leads to higher default probabilities, reduced credit supply, and reduced growth. This finding has some important implications that may be of special interest for regulators and market participants in emerging economies.

  12. The effect of particle size, morphology and C-rates on 3D structured Co3O4 inverse opal conversion mode anode materials

    Science.gov (United States)

    McNulty, David; Geaney, Hugh; Carroll, Elaine; Garvey, Shane; Lonergan, Alex; O’Dwyer, Colm

    2017-02-01

    Engineering Co3O4 nanoparticles into highly ordered, 3D inverse opal (IO) structures is shown to significantly improve their performance as more efficient conversion mode Li-ion anode materials. By comparison with Co3O4 microparticles, the advantages of the porous anode architecture are clearly shown. The inverse opal material markedly enhances specific capacity and capacity retention. The impact of various C rates on the rate of the initial charge demonstrates that higher rate charging (10 C) was much less destructive to the inverse opal structure than charging at a slow rate (0.1 C). Slower C rates that affect the IO structure resulted in higher specific capacities (more Li2O) as well as improved capacity retention. The IO structures cycle as CoO, which improves Coulombic efficiency and limits volumetric changes, allowing rate changes more efficiently. This work demonstrates how 3D IOs improve conversion mode anode material performance in the absence of additive or binders, thus enhancing mass transport of Li2O charge–discharge product through the open structure. This effect mitigates clogging by structural changes at slow rates (high capacity) and is beneficial to the overall electrochemical performance.

  13. Genome-assisted prediction of a quantitative trait measured in parents and progeny: application to food conversion rate in chickens

    Directory of Open Access Journals (Sweden)

    Rosa Guilherme JM

    2009-01-01

    Full Text Available Abstract Accuracy of prediction of yet-to-be observed phenotypes for food conversion rate (FCR in broilers was studied in a genome-assisted selection context. Data consisted of FCR measured on the progeny of 394 sires with SNP information. A Bayesian regression model (Bayes A and a semi-parametric approach (Reproducing kernel Hilbert Spaces regression, RKHS using all available SNPs (p = 3481 were compared with a standard linear model in which future performance was predicted using pedigree indexes in the absence of genomic data. The RKHS regression was also tested on several sets of pre-selected SNPs (p = 400 using alternative measures of the information gain provided by the SNPs. All analyses were performed using 333 genotyped sires as training set, and predictions were made on 61 birds as testing set, which were sons of sires in the training set. Accuracy of prediction was measured as the Spearman correlation (r¯S MathType@MTEF@5@5@+=feaagaart1ev2aaatCvAUfKttLearuWrP9MDH5MBPbIqV92AaeXatLxBI9gBaebbnrfifHhDYfgasaacPC6xNi=xH8viVGI8Gi=hEeeu0xXdbba9frFj0xb9qqpG0dXdb9aspeI8k8fiI+fsY=rqGqVepae9pg0db9vqaiVgFr0xfr=xfr=xc9adbaqaaeGaciGaaiaabeqaaeqabiWaaaGcbaGafmOCaiNbaebadaWgaaWcbaGaem4uamfabeaaaaa@2EB5@ between observed and predicted phenotype, with its confidence interval assessed through a bootstrap approach. A large improvement of genome-assisted prediction (up to an almost 4-fold increase in accuracy was found relative to pedigree index. Bayes A and RKHS regression were equally accurate (r¯S MathType@MTEF@5@5@+=feaagaart1ev2aaatCvAUfKttLearuWrP9MDH5MBPbIqV92AaeXatLxBI9gBaebbnrfifHhDYfgasaacPC6xNi=xH8viVGI8Gi=hEeeu0xXdbba9frFj0xb9qqpG0dXdb9aspeI8k8fiI+fsY=rqGqVepae9pg0db9vqaiVgFr0xfr=xfr=xc9adbaqaaeGaciGaaiaabeqaaeqabiWaaaGcbaGafmOCaiNbaebadaWgaaWcbaGaem4uamfabeaaaaa@2EB5@ = 0.27 when all 3481 SNPs were included in the model. However, RKHS with 400 pre-selected informative SNPs was more accurate than Bayes A with all SNPs.

  14. Observations of high rates of NO2 – HONO conversion in the nocturnal atmospheric boundary layer in Kathmandu, Nepal

    Directory of Open Access Journals (Sweden)

    R. Prinn

    2009-01-01

    Full Text Available Nitrous acid (HONO plays a significant role in the atmosphere, especially in the polluted troposphere. Its photolysis after sunrise is an important source of hydroxyl free radicals (OH. Measurements of nitrous acid and other pollutants were carried out in the Kathmandu urban atmosphere during January–February 2003, contributing to the sparse knowledge of nitrous acid in South Asia. The results showed average nocturnal levels of HONO (1.7±0.8 ppbv, NO2 (17.9±10.2 ppbv, and PM10 (0.18±0.11 mg m−3 in urban air in Kathmandu. Surprisingly high ratios of chemically formed secondary [HONO] to [NO2] (up to 30% were found, which indicates unexpectedly efficient chemical conversion of NO2 to HONO in Kathmandu. The ratios of [HONO]/[NO2] at nights are much higher than previously reported values from measurements in urban air in Europe, North America and Asia. The influence of aerosol plumes, relative humidity, aerosol surface and ground reactive surface, temperature on NO2-HONO chemical conversion were discussed. The high humidity, strong and low inversion layer at night, and serious aerosol pollution burden may explain the particularly efficient conversion of NO2 to HONO.

  15. Confidence as a Common Currency between Vision and Audition.

    Directory of Open Access Journals (Sweden)

    Vincent de Gardelle

    Full Text Available The idea of a common currency underlying our choice behaviour has played an important role in sciences of behaviour, from neurobiology to psychology and economics. However, while it has been mainly investigated in terms of values, with a common scale on which goods would be evaluated and compared, the question of a common scale for subjective probabilities and confidence in particular has received only little empirical investigation so far. The present study extends previous work addressing this question, by showing that confidence can be compared across visual and auditory decisions, with the same precision as for the comparison of two trials within the same task. We discuss the possibility that confidence could serve as a common currency when describing our choices to ourselves and to others.

  16. 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.

  17. Rate and predictors of the conversion of abstracts presented at the Canadian Cardiovascular Congress scientific meetings to full peer-reviewed publications.

    Science.gov (United States)

    Abuzeid, Wael; Fosbøl, Emil L; Fosbøl, Philip L; Fosbøl, Marie; Zarinehbaf, Sanaz; Ross, Heather; Ko, Dennis T; Bennell, Maria C; Wijeysundera, Harindra C

    2013-11-01

    The rate of conversion of abstracts presented at scientific meetings into peer-reviewed published manuscripts is an important metric for medical societies, because it facilitates translation of scientific knowledge into practice. We determined the rate and predictors of conversion of scientific abstracts presented at the Canadian Cardiovascular Congress (CCC) from 2006 to 2010 into peer-reviewed article publications within 2 years of their initial presentation. Using a previously validated computer algorithm, we searched the International Statistical Institute Web of Science to identify peer-reviewed full manuscript publications of these abstracts. A multivariable logistic regression was used to identify independent factors associated with successful publication. From 2006 to 2010, 3565 abstracts were presented at the CCC. Overall 24.1% of presented abstracts were published within 2 years of the conference. Mean impact factor for publications was 5.2 (range, 0.4-53.2). The type of presentation (for poster vs oral; odds ratio, 0.71; 95% confidence interval, 0.60-0.83; P publication. Late breaking abstracts and those related to cancer and clinical sciences were more likely to be published, compared with prevention, vascular biology, and pediatrics. In conclusion, the publication rate at the CCC is only marginally lower than that reported for large international North American and European cardiology conferences (30.6%). Efforts should focus on several identified barriers to improve conversion of abstracts to full report publication. Copyright © 2013 Canadian Cardiovascular Society. Published by Elsevier Inc. All rights reserved.

  18. North Korean Counterfeiting of U.S. Currency

    Science.gov (United States)

    2009-06-12

    Korean diplomats.15 Counterfeiting of foreign currency is apparently a phenomenon that is not new to the government of North Korea . Seoul’s War...Adventurism: North Korea’s Military-Diplomatic Campaigns,” Korean Journal of Defense Analysis, Vol. XVI, No.2, Fall 2004. Note that the term “Soprano State... Korean National Intelligence Service (NIS) Report to the effect that North Korea forges and circulates U.S. $100 banknotes worth $15 million a year

  19. 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.

  20. 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.

  1. Survey of the Euro Currency Fluctuation by Using Data Mining

    Directory of Open Access Journals (Sweden)

    M. Baan

    2013-08-01

    Full Text Available Data mining or Knowledge Discovery in Databases (KDD is a new field in information technology thatemerged because of progress in creation and maintenance of large databases by combining statisticaland artificial intelligence methods with database management. Data mining is used to recognizehiddenpatterns and provide relevant information for decision making on complex problems where conventionalmethods are inecient or too slow. Data mining can be used as a powerful tool to predict future trends andbehaviors, and this prediction allows making proactive, knowledge-driven decisions in businesses. Sincethe automated prospective analyses offered by data mining move beyond theanalyses of past eventsprovided by retrospective tools, it can answer the business questions which are traditionally timeconsuming to resolve. Based on this great advantage, it provides more interest for the government,industry andcommerce. In this paper we have used this tool to investigate the Euro currency fluctuation.For this investigation, we have three different algorithms: K*, IBK and MLP and we have extractedEuro currency volatility by using the same criteria for all used algorithms. The used dataset has21,084 records and is collected from daily price fluctuations in the Euro currency in the periodof10/2006 to 04/2010

  2. 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.

  3. Recent Issues in the Asian Currency Crisis

    Directory of Open Access Journals (Sweden)

    Jae Joon Lee

    1998-09-01

    Full Text Available Since the outbreak of the Asia exchange rate crisis last year, different analysts have attempted to analyze and explain the reason and the development of the crisis theoretically. But the present theory of the reason of the crisis is not account for the crisis, especially the evident feature that the Asia crisis appear to be infective, which seems to make the world economy to a stagnant degree. This thesis filed the present argumentations which helped to understand the Asia foreign exchange rate crisis and made a discussion at this level. This thesis first explained a certain contact between the secular trend of the capital movement and the appearance of the foreign exchange crisis, then extend to the theoretical explanation of the infective effect of the foreign exchange crisis. Meanwhile, as to the question the predictive possibility which is an important part related to foreign exchange theory, this thesis introduced former thesis which took Korea as the object of analysis.

  4. FINANCIAL AND CURRENCY CRISES OVER TIME

    Directory of Open Access Journals (Sweden)

    Sbughea Corina

    2013-12-01

    Full Text Available This paper starts from the theoretical concepts of financial market, and approaches, in the beginning, the financial system "trilemma: Capital mobility - Exchange rate - Monetary Policy ", faced by an open economic system. The article also presents an overview of the principles on which relies the classical models of crisis, and some aspects of the recent financial crisis, and finally ends with a series of lessons that should be learned from the experiences of recent years.

  5. Identification of Sufficiency of Gold and Currency Reserves of Ukraine and EU Countries

    Directory of Open Access Journals (Sweden)

    Stoliarchuk Anastasiia V.

    2014-03-01

    Full Text Available The article analyses interdependencies of the size of foreign debt and size of gold and currency reserves of Ukraine and EU countries. It analyses the main component of the national wealth of the country – size of gold and currency reserves. It considers the structure of the gold and currency reserve and gross state debt of Ukraine. It identifies the most significant share in the general structure of the gold and currency reserve. It describes regulation of gold and currency reserves at the modern stage of the country development. It compares volumes of gold and currency reserves of the country with other countries. It identifies the level of sufficiency of gold and currency reserves. It studies dynamics of fluctuation of gold and currency reserves and consolidated debts of Ukraine, Bulgaria, Latvia, Lithuania and Romania during 2010 – 2012. It establishes the link between gold and currency reserves and consolidated debts of EU countries and Ukraine in accordance with the modelled linear equations of dependencies and identifies their correlation ratios. It assesses adequacy of gold and currency reserves of Ukraine by the import coverage criterion.

  6. 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.

  7. 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.

  8. 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

  9. Unified Electronic Currency Based on the Fourth Party Platform Integrated Payment Service

    Science.gov (United States)

    Yong, Xu; Qiqi, Hu

    This paper presents a solution of unified e-currency based on the fourth party platform integrated payment service. The purpose of the paper is to solve the problem of distribution and resource-wasting caused by the lack of unified electronic currency, and to solve regulatory difficulties due to regulation size caused by a wide variety of e-currency. Methods: This article first analyzes the problems in the development of electronic money, and then proposes the concept of a unified electronic currency based on the fourth party platform integrated payment service. Besides, it proposes a unified mechanism and transaction procedures for unified e-currency, and analyzes the liquidation process, security and regulatory requirements, which are involved in using unified electronic currency.

  10. 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.

  11. 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.

  12. Application of vibrational correlation formalism to internal conversion rate: case study of Cu(n) (n = 3, 6, and 9) and H2/Cu3.

    Science.gov (United States)

    Chiodo, Sandro Giuseppe; Mineva, Tzonka

    2015-03-21

    This work reports non-radiative internal conversion (IC) rate constants obtained for Cun with n = 3, 6, and 9 and H2 on Cu3. The Time-Dependent Density Functional Theory (TDDFT) method was employed with three different functionals in order to investigate the electronic structures and the absorption spectra. The performance of the generalized gradient approximation of Perdew, Burke and Ernzerhof (PBE) and the hybrid B3LYP and PBE0 exchange correlation functionals in combination with the SVP and the def2-TZVP basis sets was examined. TDDFT results were used as input data to compute internal conversion rate constants. For this purpose, we have developed a program package. A description of the theoretical background used in our numerical implementation and the program input file is presented. In view of future applications of this program package in photoinduced catalysis, we present the analysis of the IC rate processes for the photodissociation of H2 on Cu3. These results showed the applicability of the method and the computational program to identify the vibrational modes in transition metal clusters giving rise to the largest IC rate constant due to their interactions with the excited electronic states occurring in the hot-electron induced dissociation phenomena.

  13. Estimating risk aversion, Risk-Neutral and Real-World Densities using Brazilian Real currency options

    Directory of Open Access Journals (Sweden)

    José Fajardo

    2012-12-01

    Full Text Available This paper uses the Liu et al. (2007 approach to estimate the optionimplied Risk-Neutral Densities (RND, real-world density (RWD, and relative risk aversion from the Brazilian Real/US Dollar exchange rate distribution. Our empirical application uses a sample of exchange-traded Brazilian Real currency options from 1999 to 2011. Our estimated value of the relative risk aversion is around 2.7, which is in line with other articles for the Brazilian Economy. Our out-of-sample results showed that the RND has some ability to forecast the Brazilian Real exchange rate, but when we incorporate the risk aversion, the out-of-sample performance improves substantially.

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

    OpenAIRE

    Wolf, Nikolaus; Ritschl, Albrecht

    2003-01-01

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

  15. The Transactions Demand For Money In The Presence Of Currency Substitution: Evidence From Vietnam

    OpenAIRE

    Goujon, Michaël; Guillaumont Jeanneney, Sylviane; Adam, Christopher

    2003-01-01

    Currency substitution – the use of foreign money to finance transactions between domestic residents – is widespread in low income and transition economies. Traditionally, however, empirical models of the demand for money tend to concentrate on the portfolio, motive for holding foreign currency, while maintaining the assumption that the income elasticity of demand for domestic money is invariant to the degree of currency substitution.. We offer a simple re-specification of the demand for money...

  16. CRITICAL ELEMENTS OF FOREIGN CURRENCY TRANSLATION: A WORLDWIDE INFORMATIONAL AND ACCOUNTING PROBLEM

    OpenAIRE

    Paul E. Holt

    2013-01-01

    The purpose of this study is to describe and clarify the foreign currency translation problem and to suggest normative criteria by which various methodologies can be tested. The translation problem is presented as a set of four critical questions: (1) whether translation should be done, (2) what numbers to use to translate foreign currency accounts into the reporting currency, (3) what to do with the imbalance that results from translating different accounts with different numbers and (4) wha...

  17. 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.

  18. Reserve Requirementson Foreign Currency Deposits in Sub-Saharan Africa; Main Features and Policy Implications

    OpenAIRE

    Arto Kovanen

    2002-01-01

    This paper reviews the reserve requirement arrangements of sub-Saharan Africa, focusing on the differences between reserve requirements on domestic- and foreign-currency deposits. The reserve requirement systems in sub-Saharan Africa are relatively simple and transparent, but in some countries high unremunerated reserve ratios impose a significant implicit tax on the banks. The currency denomination of the foreign-currency reserve deposits raises concern in countries undergoing large macroeco...

  19. Could ICG-aided robotic cholecystectomy reduce the rate of open conversion reported with laparoscopic approach? A head to head comparison of the largest single institution studies.

    Science.gov (United States)

    Gangemi, A; Danilkowicz, R; Elli, F E; Bianco, F; Masrur, M; Giulianotti, P C

    2017-03-01

    Comparative studies between robotic and laparoscopic cholecystectomy (LC) focus heavily on economic considerations under the assumption of comparable clinical outcomes. Advancement of the robotic technique and the further widespread use of this approach suggest a need for newer comparison studies. 676 ICG-aided robotic cholecystectomies (ICG-aided RC) performed at the University of Illinois at Chicago (UIC) Division of General, Minimally Invasive and Robotic Surgery were compiled retrospectively. Additionally, 289 LC were similarly obtained. Data were compared to the largest single institution LC data sets from within the US and abroad. Statistically significant variations were found between UIC-RC and UIC-LC in minor biliary injuries (p = 0.049), overall open conversion (p ≤ 0.001), open conversion in the acute setting (p = 0.002), and mean blood loss (p advantages associated with the robotic platform may significantly decrease the rate of open conversion in both the acute and non-acute setting. The sample size discrepancy and the non-randomized nature of our study do not allow for drawing definitive conclusions.

  20. Rates and predictors of remission, recurrence and conversion to bipolar disorder after the first lifetime episode of depression--a prospective 5-year follow-up study.

    Science.gov (United States)

    Bukh, J D; Andersen, P K; Kessing, L V

    2016-04-01

    In depression, non-remission, recurrence of depressive episodes after remission and conversion to bipolar disorder are crucial determinants of poor outcome. The present study aimed to determine the cumulative incidences and clinical predictors of these long-term outcomes after the first lifetime episode of depression. A total of 301 in- or out-patients aged 18-70 years with a validated diagnosis of a single depressive episode were assessed from 2005 to 2007. At 5 years of follow-up, 262 patients were reassessed by means of the life chart method and diagnostic interviews from 2011 to 2013. Cumulative incidences and the influence of clinical variables on the rates of remission, recurrence and conversion to bipolar disorder, respectively, were estimated by survival analysis techniques. Within 5 years, 83.3% obtained remission, 31.5% experienced recurrence of depression and 8.6% converted to bipolar disorder (6.3% within the first 2 years). Non-remission increased with younger age, co-morbid anxiety and suicidal ideations. Recurrence increased with severity and treatment resistance of the first depression, and conversion to bipolar disorder with treatment resistance, a family history of affective disorder and co-morbid alcohol or drug abuse. The identified clinical characteristics of the first lifetime episode of depression should guide patients and clinicians for long-term individualized tailored treatment.

  1. Twin Crises in Turkey: A Comparison of Currency Crisis Models

    Directory of Open Access Journals (Sweden)

    Hakan Yilmazkuday

    2008-06-01

    Full Text Available This paper analyzes the twin crises in Turkey experienced in 2000 and 2001. After a detailed survey of currency crisis models, together with a brief descriptive overview of the crises in Turkey, the similarities among the twin crises in Turkey and the models that have been developed to explain preceding crises in the world are investigated. It is found that the Turkish twin crises cannot be explained by using any individual generation of models, namely first generation models, second generation models or third generation models. Instead, a combination of these models is more appropriate to explain the details of the twin crises.

  2. Effect of size and structure of a bacteria fuel cell on the electricity production and energy conversion rate

    Energy Technology Data Exchange (ETDEWEB)

    Zhang Xiachang; Halme, A.

    1997-12-31

    The direct conversion of chemical energy to electrical energy can be realized by using microorganisms as catalyst in a microbial fuel cell. A relative big size bacteria fuel cell is investigated and compared to a smaller one constructed and tested previously. The big cell consists of a anode chamber and two cathode chambers. A packed bed of graphite particles was used as the anode and an oxygen gas diffusion electrode was used as the cathode in both devices. The cation permeable ion-exchange membrane from DuPont was used to separate anodic and cathodic chambers. Batch and self-circulation operation modes were applied in both devices. The apparent anode volume of the bigger device is 145.3 ml which is 2.7 times of the smaller cell volume (53.3 ml). The purpose of this study is to know what size of a bacteria fuel cell is suitable for the fuel cell to obtain maximum power output per volume. (orig.) 18 refs.

  3. Exchange Rate Behavior and Exchange Rate Puzzles: Why the XVIII Century Might Help.

    OpenAIRE

    Torres-Sánchez, R. (Rafael); Gómez-Biscarri, J. (Javier); Pérez-de-Gracia, F. (Fernando)

    2005-01-01

    This article explores the behavior of exchange rates in Spain during the XVIII century. We posit that exchange rates were the result of both government intervention over nominal values of currencies and the estimate that the market of bills of exchange- gave to the value of the currency. We analyze the exchange rates quoted in London on three Spanish cities between 1699 and 1826. After a brief overview of the functioning of the Spanish monetary system and of exchange rate determination, we as...

  4. Effectiveness of high interest rate policy on exchange rates: A reexamination of the Asian financial crisis

    OpenAIRE

    Chin Diew Lai; Penm, Jack H. W.; Tim Brailsford

    2006-01-01

    One of the most controversial issues in the aftermath of the Asian financial crisis has been the appropriate response of monetary policy to a sharp decline in the value of some currencies. In this paper, we empirically examine the effects on Asian exchange rates of sharply higher interest rates during the Asian financial crisis. Taking account of the currency contagion effect, our results indicate that sharply higher interest rates helped to support the exchange rates of ...

  5. Effectiveness of high interest rate policy on exchange rates: A reexamination of the Asian financial crisis

    OpenAIRE

    2006-01-01

    One of the most controversial issues in the aftermath of the Asian financial crisis has been the appropriate response of monetary policy to a sharp decline in the value of some currencies. In this paper, we empirically examine the effects on Asian exchange rates of sharply higher interest rates during the Asian financial crisis. Taking account of the currency contagion effect, our results indicate that sharply higher interest rates helped to support the exchange rates of South Korea, the Phil...

  6. Conversational Dominance.

    Science.gov (United States)

    Esau, Helmut; Poth, Annette

    Details of conversational behavior can often not be interpreted until the social interaction, including the rights and obligations of the participants, their intent, the topic, etc., has been defined. This paper presents a model of conversation in which the conversational image a person presents in a given conversational situation is a function of…

  7. THE CURRENCY CRISIS TRIGGER OF THE ROMANIAN FINANCIAL CRISIS OF 2008

    Directory of Open Access Journals (Sweden)

    Radu SOVIANI

    2014-07-01

    Full Text Available This paper analyses the ways the financial crisis started to manifest into the Romanian Financial System, through the exchange rate channel. The focus of this Paper is on how the Romanian decision makers contributed in triggering the financial crisis (that would have been triggered anyway. The paper will determine the trigger (the first obvious event for the Romanian Financial Crisis (the debut and it will prove that the consequences of this trigger could have been anticipated - it is in line with similar triggers for the debut in other currency crises. Therefore, one of the main conclusions of this paper is that while a global crisis starts to manifest the local economy should limit the exuberance of the decision makers in order to smooth the effects of the crisis.

  8. WHAT RUSSIAN GOVERNMENT DURING CRISIS OF GLOBAL CURRENCY-FINANCIAL SYSTEM SHOULD DO

    Directory of Open Access Journals (Sweden)

    S.Y. Glazjev

    2008-12-01

    Full Text Available The article is devoted to the analysis and an estimation of the reasons of crisis of global currency-financial system. The mechanism of increasing of a supply and demand disbalance of dollar that leads to falling of an US dollar exchange rate. It leads to losing of accumulation of the investors which use dollar tools.. The conclusion about insufficiency of the anti-recessionary measures undertaken by monetary US authorities was substantiated that provokes increase and expansion of the crisis phenomena in economy on a global scale. The suggestions were formulated that are directed on avoidance of superfluous risks that are caused by self-damage of a dollar financial pyramid, on transformation of Russia into the independent financial centre.

  9. Rapid slowing of the atrial fibrillatory rate after administration of AZD7009 predicts conversion of atrial fibrillation

    DEFF Research Database (Denmark)

    Aunes, Maria; Egstrup, Kenneth; Frison, Lars

    2014-01-01

    BACKGROUND: Effects on the atrial fibrillatory rate (AFR) were studied during infusion with the combined potassium and sodium channel blocker AZD7009. METHODS AND RESULTS: Patients with persistent atrial fibrillation (AF) were randomized to AZD7009 or placebo. Thirty-five patients converted...

  10. High-rate anaerobic wastewater treatment: diversifying from end-of the pipe treatment to resource oriented conversation techniques

    NARCIS (Netherlands)

    Lier, van J.B.

    2008-01-01

    Decades of developments and implementations in the field of high-rate anaerobic wastewater treatment have put the technology at a competitive level. With respect to sustainability and cost-effectiveness, anaerobic treatment has a much better score than many alternatives. Particularly, the energy con

  11. Coal conversion rate in 1t/d PSU liquefaction reactor; 1t/d PSU ekika hannoto ni okeru sekitan tenka sokudo no kento

    Energy Technology Data Exchange (ETDEWEB)

    Ikeda, K.; Imada, K. [Nippon Steel Corp., Tokyo (Japan); Nogami, Y.; Inokuchi, K. [Mitsui SRC Development Co. Ltd., Tokyo (Japan)

    1996-10-28

    To investigate the coal liquefaction characteristics, coal slurry samples were taken from the outlets of the reactors and slurry preheater of NEDOL process 1 t/d process supporting unit (PSU), and were analyzed. Tanito Harum coal was used for liquefaction, and the slurry was prepared with recycle solvent. Liquefaction was performed using synthetic iron sulfide catalyst at reaction temperatures, 450 and 465{degree}C. Solubility of various solid samples was examined against n-hexane, toluene, and tetrahydrofuran (THF). When considering the decrease of IMO (THF-insoluble and ash) as a characteristic of coal conversion reaction, around 20% at the outlet of the slurry preheater, around 70% within the first reactor, and several percents within the successive second and third reactors were converted against supplied coal. Increase of reaction temperature led to the increase of evaporation of oil fraction, which resulted in the decrease of actual slurry flow rate and in the increase of residence time. Thus, the conversion of coal was accelerated by the synergetic effect of temperature and time. Reaction rate constant of the coal liquefaction was around 2{times}10{sup -1} [min{sup -1}], which increased slightly with increasing the reaction temperature from 450 to 465{degree}C. 3 refs., 5 figs., 1 tab.

  12. Modelling Chemical Kinetics of Soybean Oil Transesterification Process for Biodiesel Production: An Analysis of Molar Ratio between Alcohol and Soybean Oil Temperature Changes on the Process Conversion Rate

    Directory of Open Access Journals (Sweden)

    Maicon Tait

    2006-12-01

    Full Text Available A mathematical model describing chemical kinetics of transesterification of soybean oil for biodiesel production has been developed. The model is based on the reverse mechanism of transesterification reactions and describes dynamics concentration changes of triglycerides, diglycerides, monoglycerides, biodiesel, and glycerol production. Reaction rate constants were written in the Arrhenius form. An analysis of key process variables such as temperature and molar ratio soybean oil- alcohol using response surface analysis was performed to achieve the maximum soybean conversion rate to biodiesel. The predictive power of the developed model was checked for the very wide range of operational conditions and parameters values by fitting different experimental results for homogeneous catalytic and non-catalytic processes published in the literature. A very good correlation between model simulations and experimental data was observed.

  13. International trade and exchange rate volatility

    NARCIS (Netherlands)

    J.M.A. Viaene (Jean-Marie); C.G. de Vries (Casper)

    1992-01-01

    textabstractFor currencies with well developed forward markets several papers have investigated the conjectured negative relationship between trade and short term exchange rate volatility, without being very successful. A theoretical explanation for the empirical anomalies is provided by solving

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

    NARCIS (Netherlands)

    G.M. Gomez (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

  15. 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...

  16. 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...

  17. 28 CFR 20.37 - Responsibility for accuracy, completeness, currency, and integrity.

    Science.gov (United States)

    2010-07-01

    ... 28 Judicial Administration 1 2010-07-01 2010-07-01 false Responsibility for accuracy, completeness, currency, and integrity. 20.37 Section 20.37 Judicial Administration DEPARTMENT OF JUSTICE CRIMINAL JUSTICE... for accuracy, completeness, currency, and integrity. It shall be the responsibility of each criminal...

  18. 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

  19. 31 CFR 103.60 - Enforcement authority with respect to transportation of currency or monetary instruments.

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 1 2010-07-01 2010-07-01 false Enforcement authority with respect to transportation of currency or monetary instruments. 103.60 Section 103.60 Money and Finance: Treasury Regulations Relating to Money and Finance FINANCIAL RECORDKEEPING AND REPORTING OF CURRENCY AND FOREIGN...

  20. 31 CFR 103.58 - Forfeiture of currency or monetary instruments.

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 1 2010-07-01 2010-07-01 false Forfeiture of currency or monetary instruments. 103.58 Section 103.58 Money and Finance: Treasury Regulations Relating to Money and Finance FINANCIAL RECORDKEEPING AND REPORTING OF CURRENCY AND FOREIGN TRANSACTIONS General Provisions §...

  1. 31 CFR 103.23 - Reports of transportation of currency or monetary instruments.

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 1 2010-07-01 2010-07-01 false Reports of transportation of currency or monetary instruments. 103.23 Section 103.23 Money and Finance: Treasury Regulations Relating to Money and Finance FINANCIAL RECORDKEEPING AND REPORTING OF CURRENCY AND FOREIGN TRANSACTIONS...

  2. 31 CFR 103.26 - Reports of certain domestic coin and currency transactions.

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 1 2010-07-01 2010-07-01 false Reports of certain domestic coin and currency transactions. 103.26 Section 103.26 Money and Finance: Treasury Regulations Relating to Money and Finance FINANCIAL RECORDKEEPING AND REPORTING OF CURRENCY AND FOREIGN TRANSACTIONS Reports Required To...

  3. 77 FR 42365 - Price for the Making American History Coin and Currency Set

    Science.gov (United States)

    2012-07-18

    ... From the Federal Register Online via the Government Publishing Office DEPARTMENT OF THE TREASURY United States Mint Price for the Making American History Coin and Currency Set AGENCY: United States Mint... for the Making American History Coin and Currency Set. FOR FURTHER INFORMATION CONTACT: B.B....

  4. 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 imp

  5. 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.

  6. Encouraging Student Interest in the Economic Context of the Constitution with Continental Currency

    Science.gov (United States)

    Potter, Lee Ann

    2014-01-01

    Introducing students to continental currency may well encourage their interest in the economic context of the Constitution and their understanding of a wide range of economic concepts. This brief article describes a lesson to familiarize students with continental currency and its relationship to Article I, Section 8, of the Constitution and the…

  7. 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.

  8. SHORT-TERM CURRENCY IN CIRCULATION FORECASTING FOR MONETARY POLICY PURPOSES – THE CASE OF POLAND

    Directory of Open Access Journals (Sweden)

    Witold Koziński

    2015-08-01

    Full Text Available One of the most significant factors which influences the level of banking sector liquidity is Currency in Circulation. Although the central bank is in charge of distribution of the currency it can’t assess the demand for the currency, as that demand is generated by the customers of commercial banks. Therefore, the amount of Currency in Circulation has to be modelled and forecasted. This paper introduces ARIMA(2,1 and SARIMA(2,1(5,0 models with dummy variables and discusses its applicability to the forecasting of Currency in Circulation. The forecasting performance of these models is compared. The results indicate that the performance of SARIMA(2,1(5,0 is better and that both models might be applied for monetary policy purposes as supportive tools for banking sector liquidity forecasting.

  9. 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.

  10. Recombination Rate Variation Modulates Gene Sequence Evolution Mainly via GC-Biased Gene Conversion, Not Hill-Robertson Interference, in an Avian System.

    Science.gov (United States)

    Bolívar, Paulina; Mugal, Carina F; Nater, Alexander; Ellegren, Hans

    2016-01-01

    The ratio of nonsynonymous to synonymous substitution rates (ω) is often used to measure the strength of natural selection. However, ω may be influenced by linkage among different targets of selection, that is, Hill-Robertson interference (HRI), which reduces the efficacy of selection. Recombination modulates the extent of HRI but may also affect ω by means of GC-biased gene conversion (gBGC), a process leading to a preferential fixation of G:C ("strong," S) over A:T ("weak," W) alleles. As HRI and gBGC can have opposing effects on ω, it is essential to understand their relative impact to make proper inferences of ω. We used a model that separately estimated S-to-S, S-to-W, W-to-S, and W-to-W substitution rates in 8,423 avian genes in the Ficedula flycatcher lineage. We found that the W-to-S substitution rate was positively, and the S-to-W rate negatively, correlated with recombination rate, in accordance with gBGC but not predicted by HRI. The W-to-S rate further showed the strongest impact on both dN and dS. However, since the effects were stronger at 4-fold than at 0-fold degenerated sites, likely because the GC content of these sites is farther away from its equilibrium, ω slightly decreases with increasing recombination rate, which could falsely be interpreted as a consequence of HRI. We corroborated this hypothesis analytically and demonstrate that under particular conditions, ω can decrease with increasing recombination rate. Analyses of the site-frequency spectrum showed that W-to-S mutations were skewed toward high, and S-to-W mutations toward low, frequencies, consistent with a prevalent gBGC-driven fixation bias.

  11. Phosphate conversion coating reduces the degradation rate and suppresses side effects of metallic magnesium implants in an animal model.

    Science.gov (United States)

    Rahim, Muhammad Imran; Tavares, Ana; Evertz, Florian; Kieke, Marc; Seitz, Jan-Marten; Eifler, Rainer; Weizbauer, Andreas; Willbold, Elmar; Jürgen Maier, Hans; Glasmacher, Birgit; Behrens, Peter; Hauser, Hansjörg; Mueller, Peter P

    2016-05-06

    Magnesium alloys have promising mechanical and biological properties for the development of degradable implants. However, rapid implant corrosion and gas accumulations in tissue impede clinical applications. With time, the implant degradation rate is reduced by a highly biocompatible, phosphate-containing corrosion layer. To circumvent initial side effects after implantation it was attempted to develop a simple in vitro procedure to generate a similarly protective phosphate corrosion layer. To this end magnesium samples were pre-incubated in phosphate solutions. The resulting coating was well adherent during routine handling procedures. It completely suppressed the initial burst of corrosion and it reduced the average in vitro magnesium degradation rate over 56 days almost two-fold. In a small animal model phosphate coatings on magnesium implants were highly biocompatible and abrogated the appearance of gas cavities in the tissue. After implantation, the phosphate coating was replaced by a layer with an elemental composition that was highly similar to the corrosion layer that had formed on plain magnesium implants. The data demonstrate that a simple pre-treatment could improve clinically relevant properties of magnesium-based implants. © 2016 Wiley Periodicals, Inc. J Biomed Mater Res Part B: Appl Biomater, 2016.

  12. Discordance and Conversion Rates of Progesterone-, Estrogen-, and HER2/neu-Receptor Status in Primary Breast Cancer and Brain Metastasis Mainly Triggered by Hormone Therapy.

    Science.gov (United States)

    Timmer, Marco; Werner, Jan-Michael; Röhn, Gabriele; Ortmann, Monika; Blau, Tobias; Cramer, Christina; Stavrinou, Pantelis; Krischek, Boris; Mallman, Peter; Goldbrunner, Roland

    2017-09-01

    Knowing the molecular footprint of tumors is a precondition for personalized medicine. For breast cancer, targeted therapies are frequently based on the molecular status of the tissue gained from the primary tumor operation. However, it is unclear whether metastases in different organs maintain the same status. We compared the estrogen- (ER), progesterone- (PgR) and HER2/neu receptor status of the primary tumor with brain metastases in a series of 24 consecutive breast cancer patients. 62.5-75% of patients exhibited a constant receptor status between the primary tumor and the brain metastasis, whereas discordance rates of 25-37.5% were found, depending on the receptor. The rate of ER and PgR expression was each 41.6% in the primary tumors and decreased to 12.5% and 16.6% in the brain metastases. In contrast, the rate for Her2+ tumors increased from 41.6% in primary breast cancer to 65.2% in the respective brain metastases. The Ki-67 proliferation index increased significantly from a mean of 21% at the primary tumor site to 60% in brain metastases (p<0.001). All anti-estrogen treated breast tumors lost the estrogen receptor expression in the brain metastases, whereas no Her2/neu conversions occurred after treatment with trastuzumab. In summary, receptor conversion is frequent during disease progression. Therefore, the receptor status of the primary tumor is invalid for planning a therapy targeted against brain metastases, especially after hormone-therapy. In these cases, new tissue collection by biopsy or resection is mandatory for the selection of adequate therapeutic targets and accurate decision-making for systemic therapies. Copyright© 2017, International Institute of Anticancer Research (Dr. George J. Delinasios), All rights reserved.

  13. Reversible conversion-alloying of Sb2O3 as a high-capacity, high-rate, and durable anode for sodium ion batteries.

    Science.gov (United States)

    Hu, Meijuan; Jiang, Yinzhu; Sun, Wenping; Wang, Hongtao; Jin, Chuanhong; Yan, Mi

    2014-11-12

    Sodium ion batteries are attracting ever-increasing attention for the applications in large/grid scale energy storage systems. However, the research on novel Na-storage electrode materials is still in its infancy, and the cycling stability, specific capacity, and rate capability of the reported electrode materials cannot satisfy the demands of practical applications. Herein, a high performance Sb(2)O(3) anode electrochemically reacted via the reversible conversion-alloying mechanism is demonstrated for the first time. The Sb(2)O(3) anode exhibits a high capacity of 550 mAh g(-1) at 0.05 A g(-1) and 265 mAh g(-1) at 5 A g(-1). A reversible capacity of 414 mAh g(-1) at 0.5 A g(-1) is achieved after 200 stable cycles. The synergistic effect involving conversion and alloying reactions promotes stabilizing the structure of the active material and accelerating the kinetics of the reaction. The mechanism may offer a well-balanced approach for sodium storage to create high capacity and cycle-stable anode materials.

  14. 26 CFR 1.905-5T - Foreign tax redeterminations and currency translation rules for foreign tax redeterminations...

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 9 2010-04-01 2010-04-01 false Foreign tax redeterminations and currency... States § 1.905-5T Foreign tax redeterminations and currency translation rules for foreign tax... paid in foreign currency that are paid by or on behalf of a taxpayer or deemed paid under section...

  15. 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

    ... 31 Money and Finance: Treasury 3 2010-07-01 2010-07-01 false Unblocking of foreign currency... Licensing Policy § 535.566 Unblocking of foreign currency deposits held by U.S.-owned or controlled foreign... of blocked dollar deposits into foreign currencies are not authorized....

  16. Exchange Rate in Focus

    Institute of Scientific and Technical Information of China (English)

    2006-01-01

    China announced the reform of its decade-old RMB exchange rate regime last July, linking the RMB to a basket of currencies rather than the U.S. dollar alone, and allowing the RMB to appreciate 2 percent against the U.S. currency. Since then, different viewpoints on the new regime have been voiced. The People's Bank of China, the central bank, said in a statement in late March that it would further improve the system, broadening the foreign exchange market, increasing the flexibility of the RMB exchange r...

  17. The laccase-like reactivity of manganese oxide nanomaterials for pollutant conversion: rate analysis and cyclic voltammetry.

    Science.gov (United States)

    Wang, Xinghao; Liu, Jiaoqin; Qu, Ruijuan; Wang, Zunyao; Huang, Qingguo

    2017-08-10

    Nanostructured manganese oxides, e.g. MnO2, have shown laccase-like catalytic activities, and are thus promising for pollutant oxidation in wastewater treatment. We have systematically compared the laccase-like reactivity of manganese oxide nanomaterials of different crystallinity, including α-, β-, γ-, δ-, and ɛ-MnO2, and Mn3O4, with 2,2'-azinobis-(3-ethylbenzthiazoline-6-sulfonate) (ABTS) and 17β-estradiol (E2) as the probing substrates. The reaction rate behaviors were examined with regard to substrate oxidation and oxygen reduction to evaluate the laccase-like catalysis of the materials, among which γ-MnO2 exhibits the best performance. Cyclic voltammetry (CV) was employed to assess the six MnOx nanomaterials, and the results correlate well with their laccase-like catalytic activities. The findings help understand the mechanisms of and the factors controlling the laccase-like reactivity of different manganese oxides nanomaterials, and provide a basis for future design and application of MnOx-based catalysts.

  18. Effects of Exchange Rate Instability on Imports and Exports of Pakistan

    Directory of Open Access Journals (Sweden)

    Atif Kafayat

    2014-04-01

    Full Text Available The instability in exchange rate (appreciation and depreciation in home currency is an important factor indetermination of trade balance of a country. Fluctuating exchange rates impacts the decision making of investors and traders, it shatters their confidence which ultimately leads to the slowness of trade process. In this research paper the effect of exchange rate instability is measured on imports and exports of Pakistan. For this purpose Regression analysis is used and it is calculated that if instability is created due to depreciation in home currency (Pak rupee then it has positive impact on Pakistan‘s exports, while it has absolutely no effect on imports of Pakistan. Since Pak rupee has very limited appreciation during last 20 years so appreciation effect of home currency can not be calculated on Imports and exports of Pakistan. In theoretical prospective the devaluation of home currency should decrease the volume of imports, because it will cost more for Pakistan to import goods from other countries. But our empirical findings show that, this is not the case between exchange rate and imports of Pakistan. The imports of Pakistan grew even in large figure as the home currency depreciated against other currencies. So this shows that depreciation of home currency do not effect the imports in of Pakistan. Our findings through regression analysis show that by decrease in value of home currency imports of Pakistan increase. So depreciation in home currency has no effect on imports volume.

  19. Conversion disorder

    Science.gov (United States)

    ... this page: //medlineplus.gov/ency/article/000954.htm Conversion disorder To use the sharing features on this page, please enable JavaScript. Conversion disorder is a mental condition in which a person ...

  20. Econophysics of Stock and Foreign Currency Exchange Markets

    CERN Document Server

    Ausloos, M

    2006-01-01

    Econophysics is a science in its infancy, born about ten years ago at this time of writing, at the crossing roads of physics, mathematics, computing and of course economics and finance. It also covers human sciences, because all economics is ultimately driven by human decision. From this human factor, econophysics has no hope to achieve the status of an exact science, but it is interesting to discover what can be achieved, discovering potential limits and trying try to push further away these limits. A few data analysis techniques are described with emphasis on the Detrended Fluctuation Analysis ($DFA$) and the Zipf Analysis Technique ($ZAT$). Information about the original data aresketchy, but the data concerns mainly the foreign currency exchange market. The robustness of the $DFA$ technique is underlined. Additional remarks are given for suggesting further work. Models about financial value evolutions are recalled, again without going into elaborate work discussing typical agent behaviors, but rather with ...

  1. Reconsiderations for Effective Financial Policy after Korean Currency Crisis

    Directory of Open Access Journals (Sweden)

    Chong Ook Rhee

    2000-09-01

    Full Text Available From the empirical findings, we can conclude that the capital liberalization after the Korean currency crisis strengthened the financial linkage with international financial centers. It means that Korean policy makers have to consider foreign as well as domestic situations in designing effective financial policies. This paper suggests seven points to be included in the new dimensions of Korean financial policy. First, Korean government has to minimize policy mistakes, to enact monetary policy more carefully, and to develop financial institutions to provide variety of financing in the domestic economy. Second, Korean government has to promote international policy cooperation and to participate in establishing a new international regime that could reflect its own situations.

  2. Narratives of Optimum Currency Area theory and Eurozone Governance

    DEFF Research Database (Denmark)

    Snaith, Holly Grace

    2014-01-01

    suppressed, capitalising upon the fundamental uncertainty in the theory itself. The final part of the paper goes on to consider the financial crisis, and how OCA theory might aid policy-makers’ attempts to induce ex-post convergence, demonstrating the continued relevance of the theory.......Optimum Currency Area theory (OCA) is a body of research that has, since its inception in 1961, been highly influential for the discourse and design of Economic and Monetary Union, exercising a significant hermeneutical force. Nonetheless, there has been little acknowledgement that OCA...... is the subject of very significant internal disagreement, to the extent that economists writing within the field do not commonly agree upon the ontological foundations of the theory. This entails that the translation of the theory into political reality has been characterised by a series of often mutually...

  3. 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.

  4. The Asian currency crisis and the Australian health industry.

    Science.gov (United States)

    Barraclough, S

    1998-01-01

    This article identifies linkages between the Australian health industry and the global economy. It discusses some of the consequences of the Asian currency crisis of 1997-98 for the Australian economy and health industry, with special emphasis upon exports. Devaluation of the Australian dollar will increase the cost of most pharmaceutical and medical imports, but may offer competitive advantages to some Australian exporters. The nascent engagement with Asia of many health industry enterprises is likely to be stifled. It is therefore important for Australian governments, as well as the Australian health industry, to provide intelligence and encouragement to those enterprises that wish to continue their engagement with Asia or resume it when economic equilibrium returns. Markets throughout the world must also be further developed. The crisis may therefore provide the stimulus for re-thinking and re-stating Australian health export policy.

  5. Diffusive and Arrestedlike Dynamics in Currency Exchange Markets

    Science.gov (United States)

    Clara-Rahola, J.; Puertas, A. M.; Sánchez-Granero, M. A.; Trinidad-Segovia, J. E.; de las Nieves, F. J.

    2017-02-01

    This work studies the symmetry between colloidal dynamics and the dynamics of the Euro-U.S. dollar currency exchange market (EURUSD). We consider the EURUSD price in the time range between 2001 and 2015, where we find significant qualitative symmetry between fluctuation distributions from this market and the ones belonging to colloidal particles in supercooled or arrested states. In particular, we find that models used for arrested physical systems are suitable for describing the EURUSD fluctuation distributions. Whereas the corresponding mean-squared price displacement (MSPD) to the EURUSD is diffusive for all years, when focusing in selected time frames within a day, we find a two-step MSPD when the New York Stock Exchange market closes, comparable to the dynamics in supercooled systems. This is corroborated by looking at the price correlation functions and non-Gaussian parameters and can be described by the theoretical model. We discuss the origin and implications of this analogy.

  6. Precursor-involved and Conversion Rate-controlled Self-assembly of a 'Super Gelator' in Thixotropic Hydrogels for Drug Delivery

    Institute of Scientific and Technical Information of China (English)

    区彩文; 王怀民; 杨志谋; 陈敏生

    2012-01-01

    Enzymatic hydrogelation is a totally different process to the heating-cooling gelation process, in which the pre- cursors of the gelators can be involved during the formation of self-assembled structures. Using thixotropic hy- drogels formed by a super gelator as our studied system, we demonstrated that the enzyme concentration/conversion rate of enzymatic reaction had a strong influence on the morphology of resulting self-assembled nanostructures and the property of resulting hydrogels. The principle demonstrated in this study not only helps to understand and elucidate the phenomenon of self-assembly triggered by enzymes in biological systems, but also offers a unique methodology to control the morphology of self-assembled structures for specific applications such as controlled drug re- lease.

  7. The effect of wind shielding and pen position on the average daily weight gain and feed conversion rate of grower/finisher pigs

    DEFF Research Database (Denmark)

    Jensen, Dan B.; Toft, Nils; Cornou, Cécile

    2014-01-01

    Pigs are known to be particularly sensitive to heat and cold. If the temperature becomes too low, the pigs will grow less efficiently and be more susceptible to diseases such as pneumonia. If the temperature is too high, the pigs will tend to foul the pen, leading to additional risks of infection...... producers and research stations have implemented a shielding to prevent winds from blowing between separate sections of the pig housing buildings. However, according to our search of the literature, no published studies have ever investigated the effectiveness of such shielding.To determine the significance...... of the effects of wind shielding, linear mixed models were fitted to describe the average daily weight gain and feed conversion rate of 1271 groups (14 individuals per group) of purebred Duroc, Yorkshire and Danish Landrace boars, as a function of shielding (yes/no), insert season (winter, spring, summer, autumn...

  8. 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.

  9. 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.

  10. Conversion rates of abstracts presented at the Urological Society of Australia and New Zealand (USANZ) Annual Scientific Meeting into full-text journal articles.

    Science.gov (United States)

    Yoon, Peter D; Chalasani, Venu; Woo, Henry H

    2012-08-01

    What's known on the subject? and What does the study add? It is well known that the transition of a presented abstract in a scientific meeting to a journal article improves the quality of the meeting and prevents an abstract being incorporated into meta-analyses or practice guidelines without proper appraisal. This is the first analysis of USANZ Annual Scientific Meeting abstracts' conversion to full publication. With relatively low publication rates compared to other international meetings, this review identifies the need for mechanisms to encourage USANZ researchers to convert their abstracts into published articles. The numbers and characteristics of the abstracts presented at the Annual Scientific Meetings (ASM) of the Urological Society of Australia and New Zealand (USANZ) that are converted to peer-reviewed publications have not previously been analysed and published. We undertook a review of all abstracts presented at the USANZ ASM from 2005 to 2009. A PubMed search was performed between 15 June and 15 July 2012, using a search algorithm to identify the full-text publications of the presented abstracts. Correlation between abstract characteristics and publication rate was then examined to distinguish the predictors for publications. Of 614 abstracts that were presented at USANZ ASM between 2005 and 2009, 183 papers were published, giving a publication rate of 29.80%. The papers were predominantly published in urological journals and were more likely to be published if they were presented by an international author or were retrospective studies or if basic science research. The mean (SD) time to publication was 14.46 (13.89) months and the mean Impact Factor of journals where papers were published was 2.90. The overall publication rate was relatively low compared with other urological meetings held in America and Europe. USANZ has a challenge of encouraging higher-quality research from the authors to further enhance its publication rate and consequently the

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

    Directory of Open Access Journals (Sweden)

    Ni Wayan Eka Mitariani

    2013-07-01

    Full Text Available This study aims is to identifying the differences between using forward contract hedging or currencyswap hedging. Paired Sample T-Test were used to answer the problems and to test the hypothesis. The findings showthat without paying attention to the time value of money, currency swap hedging generated higher income value than forward contract hedging, whereas by paying attention to the time value of money, forwardcontracthedging generated higher income value than currency swap hedging. Significant differences were foundas far as the use of forward contract hedging and currency swap hedging are concerned, both by paying or noattention to the time value of money.

  12. Forecasting Exchange Rates with Commodity Convenience Yields

    OpenAIRE

    Beutler, Toni

    2012-01-01

    This paper investigates whether commodity convenience yields - the yields that accrue to the holders of physical commodities - can predict the exchange rate of commodity-exporters' currencies. Predictability is a consequence of the fact that i) convenience yields are useful predictors for commodity prices and ii) commodity currencies have a strong relationship with commodity prices. The empirical evidence indicates that there is a significant relationship between aggregate measures of conveni...

  13. Serial QuantiFERON-TB Gold In-Tube assay and tuberculin skin test to diagnose latent tuberculosis in household Mexican contacts: conversion and reversion rates and associated factors using conventional and borderline zone definitions

    Directory of Open Access Journals (Sweden)

    Joel Monárrez-Espino

    2014-11-01

    Full Text Available A cohort of 123 adult contacts was followed for 18‐24 months (86 completed the follow-up to compare conversion and reversion rates based on two serial measures of QuantiFERON (QFT and tuberculin skin test (TST (PPD from TUBERSOL, Aventis Pasteur, Canada for diagnosing latent tuberculosis (TB in household contacts of TB patients using conventional (C and borderline zone (BZ definitions. Questionnaires were used to obtain information regarding TB exposure, TB risk factors and socio-demographic data. QFT (IU/mL conversion was defined as 0.70 (BZ and reversion was defined as ≥0.35 to 10 (BZ and reversion was defined as ≥5 to <5 (C. The QFT conversion and reversion rates were 10.5% and 7% with C and 8.1% and 4.7% with the BZ definitions, respectively. The TST rates were higher compared with QFT, especially with the C definitions (conversion 23.3%, reversion 9.3%. The QFT conversion and reversion rates were higher for TST ≥5; for TST, both rates were lower for QFT <0.35. No risk factors were associated with the probability of converting or reverting. The inconsistency and apparent randomness of serial testing is confusing and adds to the limitations of these tests and definitions to follow-up close TB contacts.

  14. A Weibull distribution with power-law tails that describes the first passage time processes of foreign currency exchanges

    Science.gov (United States)

    Sazuka, Naoya; Inoue, Jun-Ichi

    2007-03-01

    A Weibull distribution with power-law tails is confirmed as a good candidate to describe the first passage time process of foreign currency exchange rates. The Lorentz curve and the corresponding Gini coefficient for a Weibull distribution are derived analytically. We show that the coefficient is in good agreement with the same quantity calculated from the empirical data. We also calculate the average waiting time which is an important measure to estimate the time for customers to wait until the next price change after they login to their computer systems. By assuming that the first passage time distribution might change its shape from the Weibull to the power-law at some critical time, we evaluate the averaged waiting time by means of the renewal-reward theorem. We find that our correction of tails of the distribution makes the averaged waiting time much closer to the value obtained from empirical data analysis. We also discuss the deviation from the estimated average waiting time by deriving the waiting time distribution directly. These results make us conclude that the first passage process of the foreign currency exchange rates is well described by a Weibull distribution with power-law tails.

  15. Monetary impacts and currency wars: a blind spot in the discourse about Transnational Legal Orders

    National Research Council Canada - National Science Library

    Castro, Marcus Faro de

    2017-01-01

    .... By looking into the so-called "currency war" controversy of 2010-2013, the paper argues that TLO theory remains limited in its ability to shed light on relevant aspects of cross-border impacts...

  16. Integration of Capital, Commodity and Currency Markets: A Study on Volatility Spillover

    Directory of Open Access Journals (Sweden)

    Suhail Palakkod

    2012-06-01

    Full Text Available The volatility spillover tells about the extent of the integration between different markets. In this study an effort has been made to analyse the integration and interrelationship among the capital market, currency market and commodity market in India through the volatility spillover frame work by using AR (1-GARCH (1,1 approach. This study differentiates from the earlier studies by including all three segments of the markets. The study found out that the volatility spillover from currency markets and commodity markets to capital markets. Likewise the volatility spillover from capital market to currency markets and there is no spillover from commodity market to currency markets. In case of commodity market there is no evidence of volatility spillover

  17. 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

  18. Territorial development and Community currencies : Symbolic meanings in Brazilian Community development banks

    NARCIS (Netherlands)

    M. Fare (Marie); C. de Freitas (Carlos); C. Meyer (Camille)

    2015-01-01

    textabstractBrazilian community development banks (CDBs) have established various coordinated financial mechanisms aiming to restructure poor and peripheral local economies. Their development strategy includes an instrument to facilitate access to microfinance and a community currency, combined with

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

    National Research Council Canada - National Science Library

    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...

  20. Up-Conversion Intersystem Crossing Rates in Organic Emitters for Thermally Activated Delayed Fluorescence: Impact of the Nature of Singlet vs Triplet Excited States

    KAUST Repository

    Samanta, Pralok Kumar

    2017-02-28

    The rates for up-conversion intersystem crossing (UISC) from the T1 state to the S1 state are calculated for a series of organic emitters with an emphasis on thermally activated delayed fluorescence (TADF) materials. Both the spin-orbit coupling and the energy difference between the S1 and T1 states (ΔEST) are evaluated, at the density functional theory (DFT) and time-dependent DFT levels. The calculated UISC rates and ΔEST values are found to be in good agreement with available experimental data. Our results underline that small ΔEST values and sizable spin-orbit coupling matrix elements have to be simultaneously realized in order to facilitate UISC and ultimately TADF. Importantly, the spatial separation of the highest occupied and lowest unoccupied molecular orbitals of the emitter, a widely accepted strategy for the design of TADF molecules, does not necessarily lead to a sufficient reduction in ΔEST; in fact, either a significant charge-transfer (CT) contribution to the T1 state or a minimal energy difference between the local-excitation and charge-transfer triplet states is required to achieve a small ΔEST. Also, having S1 and T1 states of a different nature is found to strongly enhance spin-orbit coupling, which is consistent with the El-Sayed rule for ISC rates. Overall, our results indicate that having either similar energies for the local-excitation and charge-transfer triplet states or the right balance between a substantial CT contribution to T1 and somewhat different natures of the S1 and T1 states, paves the way toward UISC enhancement and thus TADF efficiency improvement.

  1. 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

  2. EMU – “Optimum” or “Viable” Currency Area?

    OpenAIRE

    Andreea Bucur

    2012-01-01

    Although the increasing heterogeneity as an effect of European Union enlargement, referring especially to the last two waves, is perceived as a single internal market and also euro single currency risk, European Monetary Union represents an important step towards deepening economic integration. Controversy on the Optimum Currency Area issue has created difficulties in empirical research effort to find appropriate responses to the EMU dilemma: is Euro zone an „optimum” or rather “viable” curre...

  3. Volatility Spillovers between Stock and Currency Markets: Evidence from Emerging Eastern Europe

    OpenAIRE

    Elena Fedorova; Kashif Saleem

    2010-01-01

    The purpose of this study is threefold. First, we look at the linkages between Eastern European emerging equity markets and Russia. Second, we investigate the relationships between the currency markets of Poland, Hungary, Russia, and the Czech Republic. Finally, we examine the interdependence between Emerging Eastern European and Russian equity and currency markets. We estimate a bivariate GARCH-BEKK model proposed by Engle and Kroner (1995) using weekly returns. We find evidence of direct li...

  4. Study of Bacterial Contamination of Currency Notes and Coins Collected in Kermanshah in 2014

    OpenAIRE

    H Meskini; E Sadeghi; Nosrati, A; P Nosrati; M Bashiry

    2016-01-01

    Background and Objectives: Money as a common tool is exchanged between people all over the world. Thus, it can be a source of chemical and biological contaminations causing serious diseases. The purpose of this research was to determine bacterial contamination of the currency notes and coins collected in Kermanshah. Materials and Methods: 160 currency notes and 96 coins were randomly chosen from different jobs and parts of the city. Total count experiment was done and bacteria were identi...

  5. 货币与信用新论%New Theory of Currency and Credit

    Institute of Scientific and Technical Information of China (English)

    李龙强

    2016-01-01

    Through the analysis of the essence of concepts of currency and credit, the following conclusions can be obtained: Paper currency is credit currency with some kind of illusion, and is substituent of credit currency, and the creature of money multiplier effect is credit, not currency. Credit and currency have essential differences. Currency credit is overrunning, which makes virtual economy seriously deviate from real economy. This article puts forward the following suggestions:Deposit and loan businesses should be exclusively operated by different banks;currency with different uses should be managed separately; and the Bank of Chinese Virtual Economy, the Bank of China’s Public Affairs and the Bank of Chinese Market Equilibrium should be established.%通过对货币概念与信用概念的本质分析,得出如下结论:现阶段的纸币是有信用货币幻象的信用化货币,是信用货币的替代物;货币乘数效应创造的是信用,不是货币。货币与信用有本质区别,货币化信用泛滥,导致虚拟经济严重背离实体经济。提出如下政策建议:存款业务与贷款业务由不同银行专营;分类管理不同用途的货币;组建中国虚拟经济银行、中国公共银行、中国平准银行。

  6. INVESTIGATING THE INFLUENCE OF COUNTRY CREDIBILITY ON THE CHANCE OF CURRENCY CRISIS

    OpenAIRE

    Bilge Kagan Ozdemir

    2008-01-01

    This paper deals with the relationship between country credibility and currency crises by using crosscountry pooled data with a multinomial logit model. We use Corruption Perception Index (CPI) published by Transparency International, which is a global non-governmental organization devoted to combating corruption, as a proxy for country credibility. The main findings from the multinomial logit models indicate that country credibility has a significant influence on currency crisis. The applied...

  7. Using internet-based data sources for Crypto-Currency market prediction

    OpenAIRE

    Majerčič, Rok

    2015-01-01

    Forecasting volatility of traditional financial instruments is a well known and widely addressed problem. In the past, researches addressed it by using technical and fundamental analysis. The former looks at the past price movement of a currency or a stock (their market value and trading volumes), while the latter analyses outside information which can cause fluctuations in the currency or stock value (e.g.: introducing a new product in the company can increase the value of company’s stocks, ...

  8. Opening discussion on banking sector risk exposures and vulnerabilities from virtual currencies: An operational risk perspective

    OpenAIRE

    Peters, Gareth W.; Ariane Chapelle; Efstathios Panayi

    2014-01-01

    We develop the first basic Operational Risk perspective on key risk management issues associated with the development of new forms of electronic currency in the real economy. In particular, we focus on understanding the development of new risks types and the evolution of current risk types as new components of financial institutions arise to cater for an increasing demand for electronic money, micro-payment systems, Virtual money and cryptographic (Crypto) currencies. In particular, this pape...

  9. It will cost you nothing to "kill" a Proof-of-Stake crypto-currency

    OpenAIRE

    Houy, Nicolas

    2014-01-01

    It is a widely spread belief that crypto-currencies implementing a proof of stake transaction validation system are less vulnerable to a 51% attack than crypto-currencies implementing a proof of work transaction validation system. In this article, we show that it is not the case and that, in fact, if the attacker's motivation is large enough (and this is common knowledge), he will succeed in his attack at no cost.

  10. Assessing Asian Equilibrium Exchange Rates as Policy Instruments

    OpenAIRE

    MASUJIMA Yuki

    2015-01-01

    This paper attempts to estimate the quarterly equilibrium exchange rates (EER) of nine Asian currencies (Japan, China, Korea, Hong Kong, Singapore, Thailand, Indonesia, Malaysia, and Philippines) with the Behavioral Equilibrium Exchange Rates (BEER) from 2006 to 2014. The BEER was compared with the Fundamental Equilibrium Exchange Rates (FEER) published biannually by the Peterson Institute for International Economics. While four Asian currencies tend to be undervalued in the Peterson's FEER a...

  11. Essential educational achievements as the currency of educational justice

    Directory of Open Access Journals (Sweden)

    Waltenberg Fábio

    2010-08-01

    Full Text Available ¿Cómo puede definirse la justicia en la educación? Hacerlo de una manera rigurosa requiere la elaboración de algunas alternativas metodológicas importantes. Este artículo, se concentra en la más básica de ellas: los logros educativos esenciales (currency of educational justice. Dado que el nivel en el cual la justicia debe ser valorada es una cuestión sin resolver, se exponen brevemente algunos problemas bien conocidos con puntos de vista normativos que adoptan el ámbito de “macrojusticia”, y explican por qué la perspectiva de “mesojusticia” de Amartya Sen es preferible. Después de mencionar algunas objeciones, se defenderá una versión de “educacionismo” (educationism, en el cual la manifestación relevante de la justicia resulta estar asociada a los logros educativos esenciales, un atributo que es simultáneamente un funcionamiento relevante y un determinante posible de capacidades.

  12. Random matrix theory filters and currency portfolio optimisation

    Science.gov (United States)

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

    2010-04-01

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

  13. Study of Bacterial Contamination of Currency Notes and Coins Collected in Kermanshah in 2014

    Directory of Open Access Journals (Sweden)

    H Meskini

    2016-09-01

    Full Text Available Background and Objectives: Money as a common tool is exchanged between people all over the world. Thus, it can be a source of chemical and biological contaminations causing serious diseases. The purpose of this research was to determine bacterial contamination of the currency notes and coins collected in Kermanshah. Materials and Methods: 160 currency notes and 96 coins were randomly chosen from different jobs and parts of the city. Total count experiment was done and bacteria were identified and isolated through standard methods. Results: Average total count in 1000, 2000, 5000, 10000, and 20000 Rials currency notes were 147.6, 147.8, 148.5, 96.3, and 87.9 and in 500, 1000, and 2000 Rials coins were 104.66, 77.66, and 96.56 CFU/cm2, respectively. The research showed that currency notes carries more bacterial load than coins (P<0.05. Additionally, contamination to E. coli on money (13.7 % and on coins (3.9% were at maximum levels while Pseudomonas on currency notes was at the minimum level (1.6% and coins contained 0.2% Enterobacter that was at the lowest amount. Conclusion: In summary, the most important microorganisms isolated from currency notes and coins (E.coli and Staphylococcus aureus were pathogenic, causing serious food poisoning and gastroenteritis infectious. Therefore, preventing food from cross contamination with money is necessary.

  14. 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.

  15. Conversational Narcissism.

    Science.gov (United States)

    Vangelisti, Anita L.; And Others

    1990-01-01

    Examines narcissistic communication and the ways it is exhibited in everyday conversation. Identifies the following behavioral referents: boasting, refocusing the topic of conversation on the self, exaggerating hand and body movements, using a loud tone of voice, and "glazing over" when others speak. Suggests that conversational…

  16. Contentious Conversations

    Science.gov (United States)

    Zuidema, Leah A.

    2011-01-01

    The idea of joining a conversation through reading and writing is not new; in his 1941 book "The Philosophy of Literary Form: Studies in Symbolic Action," Kenneth Burke suggests that the acts of reading and writing are like entering a parlor where others are already conversing. The author explores the place of professional debate within NCTE and…

  17. China’s Conversion of Cropland to Forest Program for Household Delivery of Ecosystem Services: How Important is a Local Implementation Regime to Survival Rate Outcomes?

    Directory of Open Access Journals (Sweden)

    Michael T. Bennett

    2014-09-01

    Full Text Available China’s Conversion of Cropland to Forests Program (CCFP is the world’s largest afforestation-based Payments for Ecosystem Services (PES program, having retired and afforested over 24 million ha involving 32 million rural households. Prior research has primarily focused on the CCFP’s rural welfare impacts, with few studies on program-induced environmental improvements, particularly at the household level. In this study, data from a 2010 survey covering 2808 rural households from across China was analyzed using an interval regression model to explain household-reported survival rates of trees planted on program-enrolled cropland. In addition to household-level factors, we explore the influence of local conditions and institutional configurations by exploiting the wide diversity of contexts covered by the data set. We find that households with more available labor and more forestry experience manage trees better, but that higher opportunity costs for both land and labor have the opposite effect. We also find that the local implementation regime- e.g., the degree of prior consultation with participants and regular monitoring - has a strong positive effect on reported survivorship. We suggest that the level of subsidy support to participating households will be key to survivorship of trees in planted CCFP forests for some time to come.

  18. External dose-rate conversion factors of radionuclides for air submersion, ground surface contamination and water immersion based on the new ICRP dosimetric setting.

    Science.gov (United States)

    Yoo, Song Jae; Jang, Han-Ki; Lee, Jai-Ki; Noh, Siwan; Cho, Gyuseong

    2013-01-01

    For the assessment of external doses due to contaminated environment, the dose-rate conversion factors (DCFs) prescribed in Federal Guidance Report 12 (FGR 12) and FGR 13 have been widely used. Recently, there were significant changes in dosimetric models and parameters, which include the use of the Reference Male and Female Phantoms and the revised tissue weighting factors, as well as the updated decay data of radionuclides. In this study, the DCFs for effective and equivalent doses were calculated for three exposure settings: skyshine, groundshine and water immersion. Doses to the Reference Phantoms were calculated by Monte Carlo simulations with the MCNPX 2.7.0 radiation transport code for 26 mono-energy photons between 0.01 and 10 MeV. The transport calculations were performed for the source volume within the cut-off distances practically contributing to the dose rates, which were determined by a simplified calculation model. For small tissues for which the reduction of variances are difficult, the equivalent dose ratios to a larger tissue (with lower statistical errors) nearby were employed to make the calculation efficient. Empirical response functions relating photon energies, and the organ equivalent doses or the effective doses were then derived by the use of cubic-spline fitting of the resulting doses for 26 energy points. The DCFs for all radionuclides considered important were evaluated by combining the photon emission data of the radionuclide and the empirical response functions. Finally, contributions of accompanied beta particles to the skin equivalent doses and the effective doses were calculated separately and added to the DCFs. For radionuclides considered in this study, the new DCFs for the three exposure settings were within ±10 % when compared with DCFs in FGR 13.

  19. A Classroom Experiment on Exchange Rate Determination with Purchasing Power Parity

    Science.gov (United States)

    Mitchell, David T.; Rebelein, Robert P.; Schneider, Patricia H.; Simpson, Nicole B.; Fisher, Eric

    2009-01-01

    The authors developed a classroom experiment on exchange rate determination appropriate for undergraduate courses in macroeconomics and international economics. In the experiment, students represent citizens from different countries and need to obtain currency to purchase goods. By participating in an auction to buy currency, students gain a…

  20. A Classroom Experiment on Exchange Rate Determination with Purchasing Power Parity

    Science.gov (United States)

    Mitchell, David T.; Rebelein, Robert P.; Schneider, Patricia H.; Simpson, Nicole B.; Fisher, Eric

    2009-01-01

    The authors developed a classroom experiment on exchange rate determination appropriate for undergraduate courses in macroeconomics and international economics. In the experiment, students represent citizens from different countries and need to obtain currency to purchase goods. By participating in an auction to buy currency, students gain a…