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. (1...

  2. 19 CFR 351.415 - Conversion of currency.

    Science.gov (United States)

    2010-04-01

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

  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 152.25 - Conversion of foreign currency.

    Science.gov (United States)

    2010-04-01

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

  5. 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.

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

    OpenAIRE

    Petridis, George; Πετρίδης, Γεώργιος

    2016-01-01

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

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

    OpenAIRE

    Jayasundera, T. (Thanushka)

    2014-01-01

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

  8. World currency exchange rate cross-correlations

    Science.gov (United States)

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

    2007-08-01

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

  9. Recurrence plots of exchange rates of currencies

    OpenAIRE

    Sparavigna, Amelia Carolina

    2014-01-01

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

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

    OpenAIRE

    Bhattacharya, Arghya

    2017-01-01

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

  11. 38 CFR 3.32 - Exchange rates for foreign currencies.

    Science.gov (United States)

    2010-07-01

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

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

    Directory of Open Access Journals (Sweden)

    Ghazali Syamni

    2011-09-01

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

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

    OpenAIRE

    Povoledo, L.

    2012-01-01

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

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

    NARCIS (Netherlands)

    Veestraeten, D.

    2013-01-01

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

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

    NARCIS (Netherlands)

    Veestraeten, D.

    2012-01-01

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

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

    NARCIS (Netherlands)

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

    2011-01-01

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

  17. Currency crises and the interest rate defence

    NARCIS (Netherlands)

    Daniëls, T.

    2008-01-01

    While virtually all modern models of exchange rate crises recognise that the decision to abandon an exchange rate peg depends on how harshly policy makers are willing to defend the regime, they virtually never model how the exchange rate is defended. We argue that incorporating both the mechanics of

  18. 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.

  19. 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.

  20. Currency Manipulation

    OpenAIRE

    Weithing Zhang; Thomas Mertens; Tarek Hassan

    2014-01-01

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

  1. 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.

  2. Pricing Currency Risk under Currency Boards

    OpenAIRE

    Schmukler, Sergio L.; Servén, Luis

    2002-01-01

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

  3. Combining Unsupervised and Supervised Statistical Learning Methods for Currency Exchange Rate Forecasting

    OpenAIRE

    Vasiljeva, Polina

    2016-01-01

    In this thesis we revisit the challenging problem of forecasting currency exchange rate. We combine machine learning methods such as agglomerative hierarchical clustering and random forest to construct a two-step approach for predicting movements in currency exchange prices of the Swedish krona and the US dollar. We use a data set with over 200 predictors comprised of different financial and macro-economic time series and their transformations. We perform forecasting for one week ahead with d...

  4. An improved shuffled frog leaping algorithm based evolutionary framework for currency exchange rate prediction

    Science.gov (United States)

    Dash, Rajashree

    2017-11-01

    Forecasting purchasing power of one currency with respect to another currency is always an interesting topic in the field of financial time series prediction. Despite the existence of several traditional and computational models for currency exchange rate forecasting, there is always a need for developing simpler and more efficient model, which will produce better prediction capability. In this paper, an evolutionary framework is proposed by using an improved shuffled frog leaping (ISFL) algorithm with a computationally efficient functional link artificial neural network (CEFLANN) for prediction of currency exchange rate. The model is validated by observing the monthly prediction measures obtained for three currency exchange data sets such as USD/CAD, USD/CHF, and USD/JPY accumulated within same period of time. The model performance is also compared with two other evolutionary learning techniques such as Shuffled frog leaping algorithm and Particle Swarm optimization algorithm. Practical analysis of results suggest that, the proposed model developed using the ISFL algorithm with CEFLANN network is a promising predictor model for currency exchange rate prediction compared to other models included in the study.

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

    OpenAIRE

    Melecky, Martin

    2007-01-01

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

  6. 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

  7. 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.

  8. 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.

  9. 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

  10. 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.

  11. 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.

  12. Forecasting Foreign Currency Exchange Rates for Air Force Budgeting

    Science.gov (United States)

    2015-03-26

    recommends using the settlement price of the average option contract in October to decrease the median APE by 3.475% and avoiding a $36 million opportunity...29  Table 8 OECD Long Term Interest Rates, Percent Per Annum Example ........................ 30  Table 9 Global Insight 1 Year, 2...Budget Process The federal government receives tariffs, taxes , fees, and other collections throughout the fiscal year (1 October – 30 September). The

  13. 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...

  14. NATIONAL CURRENCY INSTABILITY

    OpenAIRE

    Gherman Anca Maria; Huru Dragos

    2008-01-01

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

  15. 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.

  16. MANAGING CURRENCY RISKINTERMSOF FLOATINGRATES

    Directory of Open Access Journals (Sweden)

    Carmen SANDU (TODERASCU

    2014-06-01

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

  17. 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.

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

    OpenAIRE

    Akihiko Takahashi; Kohta Takehara

    2007-01-01

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

  19. Aftershocks following crash of currency exchange rate: The case of RUB/USD in 2014

    Science.gov (United States)

    Usmanova, Vasilya; Lysogorskiy, Yury V.; Abe, Sumiyoshi

    2018-02-01

    The dynamical behavior of the currency exchange rate after its large-scale catastrophe is discussed through a case study of the rate of Russian rubles to US dollars after its crash in 2014. It is shown that, similarly to the case of the stock market crash, the relaxation is characterized by a power law, which is in analogy with the Omori-Utsu law for earthquake aftershocks. The waiting-time distribution is found to also obey a power law. Furthermore, the event-event correlation is discussed, and the aging phenomenon and scaling property are observed. Comments are made on (non-)Markovianity of the aftershock process and on a possible relevance of glassy dynamics to the market system after the crash.

  20. NATIONAL CURRENCY INSTABILITY

    Directory of Open Access Journals (Sweden)

    Gherman Anca Maria

    2008-05-01

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

  1. 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

  2. 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

  3. 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.

  4. 19 CFR 159.33 - Proclaimed rate.

    Science.gov (United States)

    2010-04-01

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

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

    OpenAIRE

    Jane Bogoev

    2011-01-01

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

  6. Essays on the common currency, real financial market exchange rates and capital flows

    OpenAIRE

    Ozimkovska, Valenetyna

    2016-01-01

    Chapter 1 of this thesis studies the impact of the introduction of the euro on the volatility of industrial production growth and the characteristics of the optimal currency in the EU-12 countries (Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain).Chapter 2 investigates the relationship between cross-border equity flows and relative international asset prices expressed in the same currency which can be considered as the Real F...

  7. Rating Instructional Conversations: A Guide

    OpenAIRE

    Rueda, Robert; Goldenberg, Claude; Gallimore, Ronald

    1992-01-01

    The current focus on more effective ways to foster literacy in school-age children, especially language minority students, has led to the development of alternative instructional approaches. One such approach is the instructional conversation (IC), based on early work in the Hawaiian Kamehameha Elementary Education Project (KEEP), on neo-Vygotskian theory, and on recent classroom-based research on reading comprehension. The present report outlines preliminary efforts to operationaliz...

  8. Currency Boards; The Ultimate Fix?

    OpenAIRE

    Atish R. Ghosh

    1998-01-01

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

  9. Currency wars?

    OpenAIRE

    Gros, Daniel

    2010-01-01

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

  10. FOREIGN CURRENCY RISK HEDGING

    Directory of Open Access Journals (Sweden)

    Mihaela SUDACEVSCHI

    2017-05-01

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

  11. Conversion rate optimization in Finnish online businesses

    OpenAIRE

    Ratia, Miramaria; Ruoho, Vilma

    2016-01-01

    Conversion rate optimization (CRO) is an unfamiliar term to many online business owners even though it has become almost as important as search engine optimization is in e-commerce today. It is a method that is used to turn passive visitors into active users in order to improve a website’s performance. The main objective of this thesis was to find out what kinds of conversion rate optimization methods do Finnish small and medium-sized online businesses use. The thesis also studies what ar...

  12. 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

  13. Occlusion classifiers for picture rate conversion

    NARCIS (Netherlands)

    Bartels, C.L.L.; Haan, de G.; Rabbani, Majid

    2009-01-01

    Occlusion detection is an essential ingredient in high quality picture rate up-conversion and view interpolation applications. Many integrated approaches to occlusion detection and classification have been proposed, particularly in the stereo literature. However, due to their high complexity and

  14. 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.

  15. 19 CFR 159.36 - Multiple certified rates.

    Science.gov (United States)

    2010-04-01

    ... multiple rates have been certified for a foreign currency, the rate to be used for Customs purposes shall... 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...

  16. The weak conversion rate in quark matter

    International Nuclear Information System (INIS)

    Heiselberg, H.

    1992-01-01

    The weak conversion rate of strange to down quarks, s + u ↔ u + d, is calculated analytically for degenerate u, d and s quark matter to leading orders in temperature and deviations from chemical equilibrium. The rate is applied to burning of neutron matter into quark matter, to evaporation from quark nuggets in the early universe, for estimating the lifetime of strangelets, and to pulsar glitches

  17. Multi-currency Influence Diagrams

    DEFF Research Database (Denmark)

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

    2004-01-01

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

  18. 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.

  19. Conversion Rate Optimization : Visual Neuro Programming Principles

    OpenAIRE

    Berezhnaya, Anastasia

    2016-01-01

    The influence of the world wide web has already spread in every business. Consequently, it has become crucial to develop strong online presence and offer qualified user experience for website visitors. Website optimization undeniably has proved its importance in the recent decade. This research was conducted in order to study the practical application and structure of the stages of the CRO (Conversion Rate Optimization) framework that focuses on the most representative website metric – c...

  20. SOURCES OF ASIAN CURRENCY CRISIS

    OpenAIRE

    Muhd-Zulkhibri Abdul Majid

    2004-01-01

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

  1. The Pricing of Foreign Currency Futures Options

    OpenAIRE

    Chang Mo Ahn

    1996-01-01

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

  2. Classical technical analysis of Latin American market indices. Correlations in Latin American Currencies (ARS, CLP, MXP) exchange rates with respect to DEM, GBP, JPY and USD

    Science.gov (United States)

    Ausloos, M.; Ivanova, K.

    2004-06-01

    The classical technical analysis methods of financial time series based on the moving average and momentum is recalled. Illustrations use the IBM share price and Latin American (Argentinian MerVal, Brazilian Bovespa and Mexican IPC) market indices. We have also searched for scaling ranges and exponents in exchange rates between Latin American currencies ($ARS$, $CLP$, $MXP$) and other major currencies $DEM$, $GBP$, $JPY$, $USD$, and $SDR$s. We have sorted out correlations and anticorrelations of such exchange rates with respect to $DEM$, $GBP$, $JPY$ and $USD$. They indicate a very complex or speculative behavior.

  3. Parameter motivated mutual correlation analysis: Application to the study of currency exchange rates based on intermittency parameter and Hurst exponent

    Science.gov (United States)

    Cristescu, Constantin P.; Stan, Cristina; Scarlat, Eugen I.; Minea, Teofil; Cristescu, Cristina M.

    2012-04-01

    We present a novel method for the parameter oriented analysis of mutual correlation between independent time series or between equivalent structures such as ordered data sets. The proposed method is based on the sliding window technique, defines a new type of correlation measure and can be applied to time series from all domains of science and technology, experimental or simulated. A specific parameter that can characterize the time series is computed for each window and a cross correlation analysis is carried out on the set of values obtained for the time series under investigation. We apply this method to the study of some currency daily exchange rates from the point of view of the Hurst exponent and the intermittency parameter. Interesting correlation relationships are revealed and a tentative crisis prediction is presented.

  4. Currencies, competition, and clans

    Czech Academy of Sciences Publication Activity Database

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

    2008-01-01

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

  5. Currencies, competition, and clans

    Czech Academy of Sciences Publication Activity Database

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

    2008-01-01

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

  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...... covariation matrix. These hedging strategies are suggested implemented using modern, yet simple, non-parametric techniques to accurately measure and dynamically model historical quadratic covariation matrices. The empirical results from an extensive hedging exercise for equity investments illustrate...

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

    Science.gov (United States)

    Guyer, Jane I

    2012-02-14

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

  8. 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...

  9. Application of Principal Component Analysis (PCA) to Reduce Multicollinearity Exchange Rate Currency of Some Countries in Asia Period 2004-2014

    Science.gov (United States)

    Rahayu, Sri; Sugiarto, Teguh; Madu, Ludiro; Holiawati; Subagyo, Ahmad

    2017-01-01

    This study aims to apply the model principal component analysis to reduce multicollinearity on variable currency exchange rate in eight countries in Asia against US Dollar including the Yen (Japan), Won (South Korea), Dollar (Hong Kong), Yuan (China), Bath (Thailand), Rupiah (Indonesia), Ringgit (Malaysia), Dollar (Singapore). It looks at yield…

  10. Currencies, Competition, and Clans

    Czech Academy of Sciences Publication Activity Database

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

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

  11. 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

  12. 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.

  13. Multi-currency Influence Diagrams

    DEFF Research Database (Denmark)

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

    2007-01-01

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

  14. Conversion Rate Optimization through Evolutionary Computation

    OpenAIRE

    Miikkulainen, Risto; Iscoe, Neil; Shagrin, Aaron; Cordell, Ron; Nazari, Sam; Schoolland, Cory; Brundage, Myles; Epstein, Jonathan; Dean, Randy; Lamba, Gurmeet

    2017-01-01

    Conversion optimization means designing a web interface so that as many users as possible take a desired action on it, such as register or purchase. Such design is usually done by hand, testing one change at a time through A/B testing, or a limited number of combinations through multivariate testing, making it possible to evaluate only a small fraction of designs in a vast design space. This paper describes Sentient Ascend, an automatic conversion optimization system that uses evolutionary op...

  15. 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.

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

    Science.gov (United States)

    Uritskaya, Olga Y.

    2005-05-01

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

  17. Foreign Currency Borrowing by Small Firms

    OpenAIRE

    Martin Brown; Steven Ongena; Pinar Yesin

    2009-01-01

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

  18. Improved picture rate conversion using classification based LMS-filters.

    NARCIS (Netherlands)

    An, L.; Heinrich, A.; Cordes, C.N.; Haan, de G.; Rabbani, Majid

    2009-01-01

    Due to the recent explosion of multimedia formats and the need to convert between them, more attention is drawn to picture rate conversion. Moreover, growing demands on video motion portrayal without judder or blur requires improved format conversion. The simplest conversion repeats the latest

  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

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

    OpenAIRE

    Shinada, Naoki

    2005-01-01

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

  1. Correlation networks among currencies

    Science.gov (United States)

    Mizuno, Takayuki; Takayasu, Hideki; Takayasu, Misako

    2006-05-01

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

  2. Cross currency swap valuation

    OpenAIRE

    Boenkost, Wolfram; Schmidt, Wolfgang M.

    2004-01-01

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

  3. 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...

  4. What currency do bumble bees maximize?

    Directory of Open Access Journals (Sweden)

    Nicholas L Charlton

    2010-08-01

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

  5. Influence of government controls over the currency exchange rate in the evolution of Hurst's exponent: An autonomous agent-based model

    Science.gov (United States)

    Chávez Muñoz, Pablo; Fernandes da Silva, Marcus; Vivas Miranda, José; Claro, Francisco; Gomez Diniz, Raimundo

    2007-12-01

    We have studied the performance of the Hurst's index associated with the currency exchange rate in Brazil and Chile. It is shown that this index maps the degree of government control in the exchange rate. A model of supply and demand based in an autonomous agent is proposed, that simulates a virtual market of sale and purchase, where buyer or seller are forced to negotiate through an intermediary. According to this model, the average of the price of daily transactions correspond to the theoretical balance proposed by the law of supply and demand. The influence of an added tendency factor is also analyzed.

  6. Fixing the Central Parity and the Evolution of the Currency within the Exchange Rate Mechanism II in the Countries that Joined the Euro Zone

    Directory of Open Access Journals (Sweden)

    Lucian ANGHEL

    2014-06-01

    Full Text Available The present paper presents the models used by the countries that joined the Euro zone after 2000, in fixing the central parity and the evolution of the local currency towards Euro, when participating in Exchange Rate Mechanism II (ERM II. It synthesizes the main theories for determining the equilibrium exchange rate. It also presents the modality of putting them into practice in the countries that had already become members of the Euro zone. The better we know the other countries’ experience in the respect of the joining process to the Euro zone, the better will Romania be able to prepare itself for adopting the unique European currency. Thus, we will be synthesize the main approaches within literature and also in the economic policy deciders’ practice concerning the estimation of the equilibrium exchange rate and implicitly, of the central parity. The paper presents the modality of fixing the central parity and the experience of participating in ERM II for a number of member states that joined the Euro zone after 2000: Greece, Slovakia, Slovenia, Malta, Cyprus and Estonia. For these states we also analyze the evolution of the currency towards Euro while participating in ERM II. Starting from these examples, we explain the advantages and the disadvantages in fixing the central parity over/at/under the value of the exchange rate on the market at the moment of joining ERM II and we underline the problems that might occur in the case of choosing a central parity that is not compatible with the equilibrium value of the exchange rate.

  7. Unemployment Gap in the Currency Board Regime

    OpenAIRE

    Novak Kondić; Borivoje D. Krušković

    2013-01-01

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

  8. Sovereign Risk and Currency Returns

    DEFF Research Database (Denmark)

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

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

  9. Conversion Factors for Predicting Unshielded Dose Rates in Shielded Waste

    International Nuclear Information System (INIS)

    Clapham, M.; Seamans Jr, J.V.; Arbon, R.E.

    2009-01-01

    This document describes the methodology developed and used by the Advanced Mixed Waste Treatment Project for determining the activity content and the unshielded surface dose rate for lead lined containers contaminated with transuranic waste. Several methods were investigated: - Direct measurement of the dose rate after removing the shielding. - Use of a MicroShield R derived dose conversion factor, (mRem/hr unshielded )/(mRem/hr shielded ), applied to the measured surface dose rate to estimate the unshielded surface dose rate. - Use of a MicroShield R derived activity conversion factor, mRem/hr unshielded /Ci, applied to the measured activity to estimate the unshielded dose rate. - Use of an empirically derived activity conversion factor, mRem/hr unshielded /Ci, applied to the measured activity to estimate the unshielded dose rate. The last approach proved to be the most efficacious by using a combination of nondestructive assay and empirically defined dose rate conversion factors. Empirically derived conversion factors were found to be highly dependent upon the matrix of the waste. Use of conversion factors relied on activity values corrected to address the presence of a lead liner. (authors)

  10. Optimal Currency Basket Pegs for Developing and Emerging Economies

    OpenAIRE

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

    2001-01-01

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

  11. Intelligent Online Marketing : Predicting Conversion Rate Of New Keywords

    OpenAIRE

    Engström, Tommy

    2013-01-01

    This thesis looks at the problem of predicting conversion rate of keywords in Google Adwords where little or no data for the keyword is available. Several methods are investigated and tested on data belonging to three different real world clients. The methods try to predict the conversion rate only given the keyword text. All methods are compared, using two different evaluation methods, with results showing good potential. Finally further improvements are suggested that could have a big impac...

  12. The Effect of Inflation on The Currency Exchange Rate Seen in The Islamic Finance

    Directory of Open Access Journals (Sweden)

    Agus Purnomo

    2017-06-01

    circulating money in community is too much, then inflation may happen. Inflation is the increasing of goods price continuously. This does not mean that the prices of various goods increase at the same percentage. The increase which happened only once is not called inflation, although rising prices reach considerable percentage. The aim of the research is to determine the effect of inflation on the value of rupiah in Indonesia in the Islamic finance. This research used quantitative and qualitative methods. In quantitative method, the writer used data analysis of Indonesia monetary policy. The data was taken from Bank of Indonesia, meanwhile for qualitative method, the writer collected the data through interview with employee of Bank of Indonesia. From inflation data analysis in 2013, it is known that inflation was 5.31% in February, 6.7% in June 2014, 7.26% in 2015, and 3.60% in 2016. The result of this research showed that the influence of inflation toward currency exchange rate in the perspective of Islamic finance occured because of export decline, the slow growth of economy global, the decline of world crude oil prices, coal price, palm oil price, and rubber price. As a result, those factors caused inflation to the value of the rupiah against US dollar. Nilai tukar didefinisikan sebagai mata uang yang dapat ditukarkan sebagai satu unit mata uang lain, atau merupakan harga dari suatu mata uang dengan mata uang lain. Peredaran uang di masyarakat apabila terlalu banyak akan menyebabkan inflasi. Inflasi adalah proses kenaikan harga-harga umum barang-barang secara terus menerus. Ini tidak berarti bahwa harga-harga berbagai macam barang itu naik dengan persentase yang sama. Kenaikan yang terjadi hanya sekali saja bukanlah merupakan inflasi, meskipun kenaikan harga tersebut terjadi dengan persentase yang cukup besar. Tujuan dari penelitian ini untuk mengetahui pengaruh inflasi terhadap nilai tukar mata uang rupiah di Indonesia dalam perspektif

  13. Currency Crisis Revisited: A Literature Review

    Directory of Open Access Journals (Sweden)

    Teuta Ismaili Muharremi

    2015-12-01

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

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

    DEFF Research Database (Denmark)

    Kessing, Lars Vedel; Willer, Inge; 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...... 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...

  15. 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 currency... 19 Customs Duties 2 2010-04-01 2010-04-01 false Rates to be used. 159.31 Section 159.31 Customs...

  16. 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.

  17. The euro: an international currency

    International Nuclear Information System (INIS)

    Riley, D.

    2000-01-01

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

  18. Country Fundamentals and Currency Excess Returns

    Directory of Open Access Journals (Sweden)

    Daehwan Kim

    2014-06-01

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

  19. Polish Toxic Currency Options

    Directory of Open Access Journals (Sweden)

    Waldemar Gontarski

    2009-06-01

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

  20. Alternative international currencies

    Directory of Open Access Journals (Sweden)

    Rozhentsova Vladimirovna Elena

    2012-01-01

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

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

    OpenAIRE

    Chow, Hwee Kwan

    2011-01-01

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

  2. 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...

  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. Fake currency detection using image processing

    Science.gov (United States)

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

    2017-11-01

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

  6. A system approach to high quality picture-rate conversion

    NARCIS (Netherlands)

    Bartels, C.L.L.; Cordes, C.N.; Riemens, B.; Haan, de G.

    2010-01-01

    Various techniques have been implemented to improve the motion portrayal of flat-panel displays, of which the widespread introduction of motion-compensated picture-rate conversion systems is an essential part. However, a careful design of such systems is critical as they have the potential to

  7. Key requirements for high quality picture-rate conversion.

    NARCIS (Netherlands)

    Cordes, C.N.; Haan, de G.

    2009-01-01

    Past LCD-TV generations suffered from a poor motion portrayal, causing the blurring of moving objects. Hence, various techniques have been implemented to improve their motion portrayal, of which the widespread introduction of motion compensated picture-rate conversion in TV systems is an essential

  8. What is the New Chinese Currency Regime?

    OpenAIRE

    Shah, Ajay; Zeileis, Achim; Patnaik, Ila

    2005-01-01

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

  9. 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

  10. An Incomplete Optimal Currency Area

    DEFF Research Database (Denmark)

    Dreyer, Johannes Kabderian; Graversen, Mads Byskov

    2014-01-01

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

  11. Two-Stage Variable Sample-Rate Conversion System

    Science.gov (United States)

    Tkacenko, Andre

    2009-01-01

    A two-stage variable sample-rate conversion (SRC) system has been pro posed as part of a digital signal-processing system in a digital com munication radio receiver that utilizes a variety of data rates. The proposed system would be used as an interface between (1) an analog- todigital converter used in the front end of the receiver to sample an intermediatefrequency signal at a fixed input rate and (2) digita lly implemented tracking loops in subsequent stages that operate at v arious sample rates that are generally lower than the input sample r ate. This Two-Stage System would be capable of converting from an input sample rate to a desired lower output sample rate that could be var iable and not necessarily a rational fraction of the input rate.

  12. 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 and certified to the Secretary of the Treasury in accordance with 31 U.S.C. 5151(e) shall be used for...

  13. Currency Substitution and Inflation in Peru

    OpenAIRE

    Liliana Rojas-Suárez

    1992-01-01

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

  14. Conversion rate for PWR reactors in thorium cycle

    International Nuclear Information System (INIS)

    Angelkorte, G.M.

    1980-01-01

    This work concerns to the determination of the conversion-rate for a PWR reactor with an enrichment of 7.47%, considering a cell, geometrically equal to Angra I, composed by Thorium and U-238 in a 1:1 relation. The study was performed considering neutrons of one and two groups of energy, according to the suggestion from other authors sup(1,2). It was also performed a study about the production and consumption of fissile material. (author)

  15. Lagrangian measurements of sulfur dioxide to sulfate conversion rates

    Energy Technology Data Exchange (ETDEWEB)

    Zak, B D

    1981-12-01

    On the basis of Project MISTT data and proposed homogenous gas phase oxidation mechanisms for sulfur dioxide, it has been suggested that the degree of mixing with background air, the chemical composition of the background air, and the intensity of the sunlight available are key factors determining the rate of sulfur dioxide to sulfate conversion. These hypotheses are examined in light of Lagrangian measrements of conversion rates in power plant plumes made during the Tennessee Plume Study and Project Da Vinci. It is found that the Lagrangian conversion rate measurements are consistent with these hypotheses. It has also been suggested that the concentration of ozone may serve as a workable surrogate for the concentrations of the free radicals involved in the homogeneous gas phase mechanism. The night-time Lagrangian data remind one that the gross difference in mean lifetime of ozone and free radicals can lead to situations in which the ozone concentration is not a good surrogate for the free radical concentrations.

  16. 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.; hide

    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.

  17. Market Pressure on Currencies in Crises. Shadow Exchange Rate Experience of Argentina and Switzerland 2011-2015

    Directory of Open Access Journals (Sweden)

    Marcin Gruszczyński

    2017-10-01

    Full Text Available Aim/purpose - The aim of this article is to present two cases of exchange rate controls in Switzerland and Argentina. The paper also examines the problem of presence and evaluation of shadow exchange rate in both countries. Design/methodology/approach - The shadow exchange rates are estimated using speculative pressure index concept that emphasizes the importance of not only exchange rate movements but also changes in foreign exchange reserves as well as interest rate differentials. The research sample covers Switzerland 2001-2016 and Argentina 2006-2016 (for shadow exchange rate simulation: 2011-2014 and 2011-2015, respectively. Findings - The conclusions drawn from international experience and conducted empirical analysis are positive. In both cases, shadow exchange rates were close to market rates after the removal of controls. During the restrictions periods shadow rates followed the intuition given by speculative pressure index concept (and by monetary approach, simultaneously. Research implications/limitations - The research suggests that market forces in both countries were still able to restore exchange rates to market values after the period of control. However, it is obvious that it is very difficult to prove that shadow rates were always determined by economical forces and close to their long-term equilibrium values. Originality/value/contribution - The original approach combines two important economic concepts - the idea of shadow exchange rate and the methodology of index of speculative pressure. Combined together they can help to analyze two interesting and relatively new cases of foreign exchange controls in Switzerland and Argentina. The results can be valuable for economists, researchers and politicians who support or reject the idea of controlling macroeconomic parameters in modern, open economy.

  18. Currency Crisis and Contagion; Evidence From Exchange Rates and Sectoral Stock Indices of the Philippines and Thailand

    OpenAIRE

    Jun Nagayasu

    2000-01-01

    This paper analyzes empirically the recent Asian financial crisis using high frequency data of exchange rates and stock indices of the Philippines and Thailand. Utilizing standard time-series techniques, this study confirms that there is evidence that developments in some sectoral indices—including those of banking and financial sectors—seem to have caused upward pressure on exchange rates. A correlation between some of these variables is also found to be strong across countries in the crisis...

  19. Exchange rates, market efficiency and purchasing power parity: Long-run tests for the Latin American currencies

    OpenAIRE

    Edgar Ortiz; Alejandra Cabello; Raúl de Jesús; Robert Johnson

    2005-01-01

    In efficient markets current prices reflect all available information. Past prices do not contain any useful information for predicting future prices or for realizing extraordinary gains. This principle, known as the weak hypothesis of informational market efficiency, has been incorporated into Purchasing Power Parity (PPP) theory to overcome its limitations in the intertemporal analysis of exchange rate adjustments to inflationary trends. Overall, recent studies dealing with exchange rates f...

  20. 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.

  1. 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...

  2. 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).

  3. A Simple Model of Monetary Policy and Currency Crises

    OpenAIRE

    Philippe AGHION; Philippe BACCHETTA; Abhijit BANERJEE

    1999-01-01

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

  4. A Simple Model of Monetary Pollicy and Currency Crises

    OpenAIRE

    Aghion, Philippe; Bacchetta, Philippe; Banerjee, Abhijit

    1999-01-01

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

  5. 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.

  6. 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

  7. Analysis of Colonial Currency

    Science.gov (United States)

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

    2017-09-01

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

  8. Currency Substitution and Inflation in Peru Currency Substitution and Inflation in Peru

    OpenAIRE

    Liliana Rojas-Suarez

    1992-01-01

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

  9. Institutional arrangements of Currency Boards - Comparative Macroeconomic Analysis

    OpenAIRE

    Lubomira Anastassova

    1999-01-01

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

  10. 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/

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

    NARCIS (Netherlands)

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

    2007-01-01

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

  12. Stochastic Skew in Currency Options

    OpenAIRE

    Peter Carr; Liuren Wu

    2004-01-01

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

  13. 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... Rates for Groundfish Species and Conversion Rates for Pacific Halibut ER28JA02.074 ER10JY02.000 ER28JA02...

  14. 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

  15. Currency hedging with help of derivatives

    Directory of Open Access Journals (Sweden)

    Sylvie Riederová

    2011-01-01

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

  16. EFFICIENCY OF CURRENCY ASSET CLASSES

    Directory of Open Access Journals (Sweden)

    Mohammad R. Safarzadeh

    2013-04-01

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

  17. 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.

  18. 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.

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

    OpenAIRE

    Krogstrup, Signe; Tille, Cedric

    2015-01-01

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

  20. Currency flaw severity. [Banknotes

    Energy Technology Data Exchange (ETDEWEB)

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

    1986-01-01

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

  1. 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

  2. Derivation of pulse height to exposure rate conversion functions for aerial radiological surveys

    International Nuclear Information System (INIS)

    Artuso, J.F.

    1985-01-01

    A method is described for deriving conversion functions that can be used to convert pulse height spectra taken at altitude to the exposure rate at the 1-m level. An integral equation is set up which involves the integration of a calculated pulse height spectrum multiplied by an unknown conversion function and then set equal to the exposure rate at ground level. This equation is then solved for the conversion function by assuming as a solution a three-term polynomial. Conversion functions have been derived for various source distributions, including surface, uniform, and exponentially distributed sources. These conversion functions are independent of source energy, which means that a conversion can be made without any knowledge of the isotopic content of the source. In the case of a uniform distribution, these conversion functions provide conversions that agree to within 10% with ground truth measurements

  3. CONVERSION OF FOREIGN COMPANIES ACCOUNTS IN THE ACCOUNT CONSOLIDATION PROCESS IN ROMANIA UNDER THE CLOSING RATE METHOD

    Directory of Open Access Journals (Sweden)

    Mariana BANUTA

    2017-12-01

    Full Text Available The article approaches a topical theme of debate both in the professional academic environment and especially in the economic practice, i.e. the manner of converting the accounts of foreign companies in the account consolidation process, in Romania. We analyse the conditions of applying the accounting regulations related to the consolidation of accounts, in Romania, focusing on the manner of converting the accounts of the foreign companies according to Order no. 1802/2014 approving the accounting regulations on individual annual financial statements and consolidated annual financial statements and to the International Financial Reporting Standards (IFRS. We focused on the presentation of the practical method of applying the conversion of the accounts of the foreign companies according to the closing rate method, because irrespective of the accounting referential applied by the parent company for consolidation, this method occurs in the pre-consolidation stage, if the group leader has affiliates abroad, and the individual financial statements of the companies in the consolidation perimeter have different disclosure currencies.

  4. Is the Return to the Virtual US Dollar Pegging of East Asian Currencies Correct? : The Impacts of the Yen-Dollar Exchange Rate on the East Asian Currencies in the Post Crisis Period

    OpenAIRE

    金, 炳宣; Byung Sun, Kim; 経済学研究科

    2004-01-01

    This paper studies the evolution of the exchange rate regime on East Asian economies between pre- and post-crisis periods, especially with a focus on the impacts of change in yen-dollar rate, using a regression model based on the work by Frankel and Wei (1994). As a result of the study, the following points are understood. Firstly, a greater diversity in exchange rate regime is seen for the post-crisis period than the pre-crisis period. At one extreme, Hong Kong under a stable dollar peg thro...

  5. Estimates of external dose-rate conversion factors and internal dose conversion factors for selected radionuclides released from fusion facilities

    Energy Technology Data Exchange (ETDEWEB)

    Homma, Toshimitsu; Togawa, Orihiko [Japan Atomic Energy Research Inst., Tokai, Ibaraki (Japan). Tokai Research Establishment

    1996-11-01

    This report provides a tabulation of both external dose-rate conversion factors and internal dose conversion factors using radioactive decay data in the updated Evaluated Nuclear Structure Data File (ENSDF) for selected 26 radionuclides and all their daughter radionuclides of potential importance in safety assessments of fusion facilities. The external dose-rate conversion factors for 21 target organs are tabulated for three exposure modes that are immersion in contaminated air, irradiation at a height of 1 m above a contaminated ground surface and immersion contaminated water. For internal exposure, committed dose equivalents, based on the methodology of ICRP Publication 30, in the same target organs per intake of unit activity are given for the inhalation and ingestion exposure pathways. The data presented here is intended to be generally used for safety assessments of fusion reactors. Comparisons of external effective dose-rate conversion factors and committed effective dose equivalents are made with the previous data from the independent data bases to provide quality assurance on our calculated results. There is generally good agreement among data from the independent data bases. The differences in the values of both effective dose-rate and dose conversion factors appeared are primarily due to differences in calculational methodology, the use of different radioactive decay data, and compilation errors. (author)

  6. 26 CFR 301.6316-5 - Manner of paying tax by foreign currency.

    Science.gov (United States)

    2010-04-01

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

  7. 26 CFR 1.988-6 - Nonfunctional currency contingent payment debt instruments.

    Science.gov (United States)

    2010-04-01

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

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

    OpenAIRE

    Thomas Nitschka

    2010-01-01

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

  9. Stores, Prices, and Currency Substitution

    OpenAIRE

    Gabriele, Camera; Winkler, Johannes

    1999-01-01

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

  10. Optimization of mass flow rate in RGTT200K coolant purification for Carbon Monoxide conversion process

    International Nuclear Information System (INIS)

    Sumijanto; Sriyono

    2016-01-01

    Carbon monoxide is a species that is difficult to be separated from the reactor coolant helium because it has a relatively small molecular size. So it needs a process of conversion from carbon monoxide to carbondioxide. The rate of conversion of carbon monoxide in the purification system is influenced by several parameters including concentration, temperature and mass flow rate. In this research, optimization of the mass flow rate in coolant purification of RGTT200K for carbon monoxide conversion process was done. Optimization is carried out by using software Super Pro Designer. The rate of reduction of reactant species, the growth rate between the species and the species products in the conversion reactions equilibrium were analyzed to derive the mass flow rate optimization of purification for carbon monoxide conversion process. The purpose of this study is to find the mass flow rate of purification for the preparation of the basic design of the RGTT200K coolant helium purification system. The analysis showed that the helium mass flow rate of 0.6 kg/second resulted in an un optimal conversion process. The optimal conversion process was reached at a mass flow rate of 1.2 kg/second. A flow rate of 3.6 kg/second – 12 kg/second resulted in an ineffective process. For supporting the basic design of the RGTT200K helium purification system, the mass flow rate for carbon monoxide conversion process is suggested to be 1.2 kg/second. (author)

  11. 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.

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

    Science.gov (United States)

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

    2017-05-01

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

  13. 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

  14. Hard pegs versus intermediate currency arrangements in the Pacific

    OpenAIRE

    Helble, Matthias; Prasetyo, Ahmad; Yoshino, Naoyuki

    2015-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Yana Valeryevna Dyomina

    2015-12-01

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

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

    Directory of Open Access Journals (Sweden)

    Kovačević Radovan

    2014-01-01

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

  17. 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

  18. Comparison of the two different standard flux-to-dose rate conversion factors

    International Nuclear Information System (INIS)

    Metghalchi, M.; Ashrafi, R.

    1983-01-01

    A very useful and simple way of obtaining the dose rate associated with neutron or photon fluxes is to multiply these fluxes by the appropriate flux-to-dose rate conversion factors. Two basic standard flux-to-dose rate conversion factors. are being used in all over the world, those recommended by the International Commission on Radiation Protection (ICRP) and the American National Standars (ANS). The purpose of this paper is to compare these two standard with each other. The comparison proved that the dose rate associated with a specific neutron flux, obtained by the ANS flux-to-dose rate conversion factors is usually higher than those calculated by the ICRP's conversion factors. Whereas in the case of the photon, in all energies, the difference between the dose rates obtained by these two standard flux-to-dose rate conversion factors are noticeable, and the ANS results are higher than the ICRP ones. So, it should be noted that for a specific neutron or photon flux the dose rate obtained by the ANS flux-to-dose rate conversion factors are more conservative than those obtained by the ICRP's. Therefore, in order to establish a more reasonable new standard flux-to-dose rate conversion factors, more work should be done. (author)

  19. Surgical volume and conversion rate in laparoscopic hysterectomy: does volume matter? A multicenter retrospective cohort study.

    Science.gov (United States)

    Keurentjes, José H M; Briët, Justine M; de Bock, Geertruida H; Mourits, Marian J E

    2018-02-01

    A multicenter, retrospective, cohort study was conducted in the Netherlands. The aim was to evaluate whether surgical volume of laparoscopic hysterectomies (LHs) performed by proven skilled gynecologists had an impact on the conversion rate from laparoscopy to laparotomy. In 14 hospitals, all LHs performed by 19 proven skilled gynecologists between 2007 and 2010 were included in the analysis. Surgical volume, conversion rate and type of conversion (reactive or strategic) were retrospectively assessed. To estimate the impact of surgical volume on the conversion rate, logistic regressions were performed. These regressions were adjusted for patient's age, Body Mass Index (BMI), ASA classification, previous abdominal surgery and the indication (malignant versus benign) for the LH. During the study period, 19 proven skilled gynecologists performed a total of 1051 LHs. Forty percent of the gynecologists performed over 20 LHs per year (median 17.3, range 5.4-49.5). Conversion to laparotomy occurred in 5.0% of all LHs (53 of 1051); 38 (3.6%) were strategic and 15 (1.4%) were reactive conversions. Performing over 20 LHs per year was significantly associated with a lower overall conversion rate (OR adjusted 0.43, 95% CI 0.24-0.77), a lower strategic conversion rate (OR adjusted 0.32, 95% CI 0.16-0.65), but not with a lower reactive conversion rate (OR adjusted 0.96, 95% CI 0.33-2.79). A higher annual surgical volume of LHs by proven skilled gynecologists is inversely related to the conversion rate to laparotomy, and results in a lower strategic conversion rate.

  20. Gold, currencies and market efficiency

    Science.gov (United States)

    Kristoufek, Ladislav; Vosvrda, Miloslav

    2016-05-01

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

  1. Complexity Characteristics of Currency Networks

    Science.gov (United States)

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

    2006-11-01

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

  2. Accounting treatment of currency options

    Directory of Open Access Journals (Sweden)

    Prošić Danica

    2016-01-01

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

  3. Economic Integration, Currency Areas, and Macroeconomic Policy

    OpenAIRE

    Douglas D. Purvis

    1992-01-01

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

  4. 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...

  5. Conversion factors for estimating release rate of gaseous radioactivity by an aerial survey

    International Nuclear Information System (INIS)

    Saito, Kimiaki; Moriuchi, Shigeru

    1988-02-01

    Conversion factors necessary for estimating release rate of gaseous radioactivity by an aerial survey are presented. The conversion factors were determined based on calculation assuming a Gaussian plume model as a function of atmospheric stability, down-wind distance and flight height. First, the conversion factors for plumes emitting mono-energy gamma rays were calculated, then, conversion factors were constructed through convolution for the radionuclides essential in an accident of a nuclear reactor, and for mixtures of these radionuclides considering elapsed time after shutdown. These conversion factors are shown in figures, and also polynomial expressions of the conversion factors as a function of height have been decided with the least-squares method. A user can easily obtain proper conversion factors from data shown here. (author)

  6. Are pound and euro the same currency?

    International Nuclear Information System (INIS)

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

    2007-01-01

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

  7. Four currencies outside the eurozone

    Directory of Open Access Journals (Sweden)

    Imre Vámos

    2015-12-01

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

  8. The determinants of conversion rates in SME e-commerce websites

    OpenAIRE

    Di Fatta, D.; Patton, Dean; Viglia, G.

    2018-01-01

    © 2017 Web retailers invest significant resources to improve the proportion of website visitors that make a purchase, also known as the conversion rate. Improving this rate is particularly important to SMEs that have traditionally lagged behind larger firms as they have found it difficult to justify the significant investment involved in website development against the historical low returns associated with an online sales channel. Identifying methods that increase conversion rates reduces th...

  9. 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...

  10. 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.

  11. Evolutionary Topology of a Currency Network in Asia

    Science.gov (United States)

    Feng, Xiaobing; Wang, Xiaofan

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

  12. 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.

  13. On the equivalence between the minimum entropy generation rate and the maximum conversion rate for a reactive system

    International Nuclear Information System (INIS)

    Bispo, Heleno; Silva, Nilton; Brito, Romildo; Manzi, João

    2013-01-01

    Highlights: • Minimum entropy generation (MEG) principle improved the reaction performance. • MEG rate and the maximum conversion equivalence have been analyzed. • Temperature and residence time are used to the domain establishment of MEG. • Satisfying the temperature and residence time relationship results a optimal performance. - Abstract: The analysis of the equivalence between the minimum entropy generation (MEG) rate and the maximum conversion rate for a reactive system is the main purpose of this paper. While being used as a strategy of optimization, the minimum entropy production was applied to the production of propylene glycol in a Continuous Stirred-Tank Reactor (CSTR) with a view to determining the best operating conditions, and under such conditions, a high conversion rate was found. The effects of the key variables and restrictions on the validity domain of MEG were investigated, which raises issues that are included within a broad discussion. The results from simulations indicate that from the chemical reaction standpoint a maximum conversion rate can be considered as equivalent to MEG. Such a result can be clearly explained by examining the classical Maxwell–Boltzmann distribution, where the molecules of the reactive system under the condition of the MEG rate present a distribution of energy with reduced dispersion resulting in a better quality of collision between molecules with a higher conversion rate

  14. Calculation of dose-rate conversion factors for external exposure to photons and electrons

    International Nuclear Information System (INIS)

    Kocher, D.C.

    1978-01-01

    Methods are presented for the calculation of dose-rate conversion factors for external exposure to photon and electron radiation from radioactive decay. A dose-rate conversion factor is defined as the dose-equivalent rate per unit radionuclide concentration. Exposure modes considered are immersion in contaminated air, immersion in contaminated water, and irradiation from a contaminated ground surface. For each radiation type and exposure mode, dose-rate conversion factors are derived for tissue-equivalent material at the body surface of an exposed individual. In addition, photon dose-rate conversion factors are estimated for 22 body organs. The calculations are based on the assumption that the exposure medium is infinite in extent and that the radionuclide concentration is uniform. The dose-rate conversion factors for immersion in contaminated air and water then follow from the requirement that all of the energy emitted in the radioactive decay is absorbed in the infinite medium. Dose-rate conversion factors for ground-surface exposure are calculated at a reference location above a smooth, infinite plane using the point-kernel integration method and known specific absorbed fractions for photons and electrons in air

  15. 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.

  16. 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...

  17. 19 CFR 159.38 - Rates for estimated duties.

    Science.gov (United States)

    2010-04-01

    ... TREASURY (CONTINUED) LIQUIDATION OF DUTIES Conversion of Foreign Currency § 159.38 Rates for estimated duties. For purposes of calculating estimated duties, the port director shall use the rate or rates... 19 Customs Duties 2 2010-04-01 2010-04-01 false Rates for estimated duties. 159.38 Section 159.38...

  18. Meiotic gene-conversion rate and tract length variation in the human genome.

    Science.gov (United States)

    Padhukasahasram, Badri; Rannala, Bruce

    2013-02-27

    Meiotic recombination occurs in the form of two different mechanisms called crossing-over and gene-conversion and both processes have an important role in shaping genetic variation in populations. Although variation in crossing-over rates has been studied extensively using sperm-typing experiments, pedigree studies and population genetic approaches, our knowledge of variation in gene-conversion parameters (ie, rates and mean tract lengths) remains far from complete. To explore variability in population gene-conversion rates and its relationship to crossing-over rate variation patterns, we have developed and validated using coalescent simulations a comprehensive Bayesian full-likelihood method that can jointly infer crossing-over and gene-conversion rates as well as tract lengths from population genomic data under general variable rate models with recombination hotspots. Here, we apply this new method to SNP data from multiple human populations and attempt to characterize for the first time the fine-scale variation in gene-conversion parameters along the human genome. We find that the estimated ratio of gene-conversion to crossing-over rates varies considerably across genomic regions as well as between populations. However, there is a great degree of uncertainty associated with such estimates. We also find substantial evidence for variation in the mean conversion tract length. The estimated tract lengths did not show any negative relationship with the local heterozygosity levels in our analysis.European Journal of Human Genetics advance online publication, 27 February 2013; doi:10.1038/ejhg.2013.30.

  19. 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.

  20. Lepton flavour violating μ-e conversion rate for various nuclei

    International Nuclear Information System (INIS)

    Koike, Masafumi; Kitano, Ryuichiro; Okada, Yasuhiro

    2003-01-01

    The coherent μ-e conversion rate for general LFV interactions for various nuclei is calculated. The branching ratio increases for the light nuclei such as Z ∼ 60. Although this tendency of Z dependence is the same for different types of coupling constants, there are significant differences in Z dependence of branching ratios. The atomic number dependence of the conversion ratio calculated here is useful to distinguish theoretical models with lepton flavour violation

  1. 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.

  2. The fitting parameters extraction of conversion model of the low dose rate effect in bipolar devices

    International Nuclear Information System (INIS)

    Bakerenkov, Alexander

    2011-01-01

    The Enhanced Low Dose Rate Sensitivity (ELDRS) in bipolar devices consists of in base current degradation of NPN and PNP transistors increase as the dose rate is decreased. As a result of almost 20-year studying, the some physical models of effect are developed, being described in detail. Accelerated test methods, based on these models use in standards. The conversion model of the effect, that allows to describe the inverse S-shaped excess base current dependence versus dose rate, was proposed. This paper presents the problem of conversion model fitting parameters extraction.

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

    Science.gov (United States)

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

    2018-02-01

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

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

    OpenAIRE

    Ongena, Steven; Schindele, Ibolya; Vonnák, Dzsamila

    2014-01-01

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

  5. A frequency conversion mode for dispenser in the service station based on flow rate signal

    International Nuclear Information System (INIS)

    Liu, Y J; Tang, D; Huang, J B; Liu, J; Jia, P F

    2012-01-01

    Dispenser is an integrated fuel transport and measurement system at the service station. In this paper, we developed a frequency conversion mode for the dispenser, based on the flow rate signal which is obtained from the converter measuring flow capacity. After introducing the frequency conversion mode to dispenser, we obtained that pump rotates at a high speed when fuelled with high flow rate, and it rotates at a low speed when fuelled with low flow rate. This makes the fuel dispenser more energy-efficient and controllable. We also did some valve optimizations on the dispenser and developed a new control mode for preset refuelling based on the frequency conversion mode, Experimental and theoretical studies have shown that the new dispenser not only can meet the national standards, but also performs better than the ordinary one especially in preset refuelling.

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

    Directory of Open Access Journals (Sweden)

    Gordyachkova O. V.

    2017-02-01

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

  7. Effects of Intervention in the Spot Currency Market on the BRL/USD Exchange Rate from 1999 to 2008: an Event Study

    Directory of Open Access Journals (Sweden)

    Roberto Meurer

    2010-07-01

    Full Text Available This study analyses interventions in the Brazilian spot foreign exchange market from 1999 to 2008 and their effects on the R$/US$ exchange rate, using an event study approach. It aims to verify if the foreign exchange interventions have any significant impact on the exchange rate behavior. The period was divided according to a MS-VAR model and analyzed with different criterions. The results indicate that prolonged foreign exchange intervention have a greater effect on the exchange rate behavior, in comparison to short time intervention episodes. The results also point to the existence of quickly dissipating effects on the rate behavior. The creation of a new criterion, based on the analysis of exchange-rate acceleration, shows that the exchange rate is mainly prone to accelerate on leaning with the wind purchase intervention episodes.

  8. 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.

  9. 31 CFR 535.566 - Unblocking of foreign currency deposits held by U.S.-owned or controlled foreign firms.

    Science.gov (United States)

    2010-07-01

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

  10. Calculation of neutron and gamma-ray flux-to-dose-rate conversion factors

    International Nuclear Information System (INIS)

    Kwon, S.G.; Lee, S.Y.; Yook, C.C.

    1981-01-01

    This paper presents flux-to-dose-rate conversion factors for neutrons and gamma rays based on the American National Standard Institute (ANSI) N666. These data are used to calculate the dose rate distribution of neutron and gamma ray in radiation fields. Neutron flux-to-dose-rate conversion factors for energies from 2.5 x 10 -8 to 20 MeV are presented; the corresponding energy range for gamma rays is 0.01 to 15 MeV. Flux-to-dose-rate conversion factors were calculated, under the assumption that radiation energy distribution has nonlinearity in the phantom, have different meaning from those values obtained by monoenergetic radiation. Especially, these values were determined with the cross section library. The flux-to-dose-rate conversion factors obtained in this work were in a good agreement to the values presented by ANSI. Those data will be useful for the radiation shielding analysis and the radiation dosimetry in the case of continuous energy distributions. (author)

  11. The Economics of Private Digital Currency

    OpenAIRE

    Dwyer, Gerald P

    2014-01-01

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

  12. Bitcoin – the World-Wide Currency

    OpenAIRE

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

    2017-01-01

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

  13. A Theoretical Overview of Currency Crises

    OpenAIRE

    Hongxia, Guo

    2005-01-01

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

  14. European Banking with a Single Currency

    OpenAIRE

    Jean Dermine

    1996-01-01

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

  15. The Fiscal Framework in a Currency Union

    DEFF Research Database (Denmark)

    Hallett, Andrew Hughes; Hougaard Jensen, Svend E.

    2016-01-01

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

  16. 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.

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

    Directory of Open Access Journals (Sweden)

    Alicja Mikołajewicz-Woźniak

    2013-12-01

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

  18. Currency Valuation and Purchasing Power Parity

    OpenAIRE

    Jamal Ibrahim Haidar

    2011-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Serhat Yüksel

    2016-12-01

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

  20. Is Numerairology the Future of Monetary Economics? Unbundling numeraire and medium of exchange through a virtual currency and a shadow exchange rate

    OpenAIRE

    Willem H. Buiter

    2007-01-01

    The paper discusses some fundamental problems in monetary economics associated with the determination and role of the numeraire. The issues are introduced by formalising a proposal, attributed to Eisler, to remove the zero lower bound on nominal interest rates by unbundling the numeraire and medium of exchange/means of payment functions of money. The monetary authorities manage the exchange rate between the numeraire ('sterling') and the means of payment ('drachma'). The short nominal interes...

  1. Optimization of hierarchical 3DRS motion estimators for picture rate conversion

    NARCIS (Netherlands)

    Heinrich, A.; Bartels, C.L.L.; Vleuten, van der R.J.; Cordes, C.N.; Haan, de G.

    2010-01-01

    There is a continuous pressure to lower the implementation complexity and improve the quality of motion-compensated picture rate conversion methods. Since the concept of hierarchy can be advantageously applied to many motion estimation methods, we have extended and improved the current

  2. The Determinants of Banking Crises and Currency Crises

    Directory of Open Access Journals (Sweden)

    Young Mok Bae

    2005-06-01

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

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

    Directory of Open Access Journals (Sweden)

    Sema BAYRAKTAR

    2014-11-01

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

  4. Partial delegation in a model of currency crisis

    OpenAIRE

    Boinet, V

    2002-01-01

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

  5. Is numérairology the future of monetary economics?: unbundling numéraire and medium of exchange through a virtual currency and a shadow exchange rate

    OpenAIRE

    Willem H. Buiter

    2007-01-01

    The paper discusses some fundamental problems in monetary economics associated with the determination and role of the numéraire. The issues are introduced by formalising a proposal, attributed to Eisler, to remove the zero lower bound on nominal interest rates by unbundling the numéraire and medium of exchange/means of payment functions of money. The monetary authorities manage the exchange rate between the numéraire ('sterling') and the means of payment ('drachma'). The short nominal interes...

  6. Vitamin C supplementation improve the sputum conversion culture rate in pulmonary tuberculosis treatment while rifampicin susceptible

    Science.gov (United States)

    Susanto, L.; Siregar, Y.; Kusumawati, L.

    2018-03-01

    The failure of first-line tuberculosis treatment greatly affects multiple drug-resistant tuberculosis. In vitro study of vitamin C induces the death of M. tuberculosis bacteria and accelerates healing of tuberculosis, so the multiple drug-resistant tuberculosis can be avoided. This research aimed to identify the effect of vitamin C as a supportive treatment on the sputum conversion rate. The randomizedand double group with a parallel design by matching pair method was used to collect samples. The first group was treated with standard tuberculosis treatment, and the other was given vitamin C supplementation. Vitamin C plasma level analyzation was performed before and after two months of treatment. Sputum conversion was evaluated every week for eight weeks. The comparison of vitamin C plasma level in pre and post-treatment group was significant (p=0.03) but not in the other group. There was no significant difference in vitamin C plasma level between two groups (p=0.21). The proportion of sputum conversion rate in both group in the first week was 0% vs. 9.6% (p=0.83) and the last week of study was 83.9% vs. 100% (p=0.02). In conclusion, vitamin C supplementation has effects in improving the healing process of tuberculosis patients as indicated by higher in sputum conversion rate.

  7. 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.

  8. 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

  9. Scaling the energy conversion rate from magnetic field reconnection to different bodies

    International Nuclear Information System (INIS)

    Mozer, F. S.; Hull, A.

    2010-01-01

    Magnetic field reconnection is often invoked to explain electromagnetic energy conversion in planetary magnetospheres, stellar coronae, and other astrophysical objects. Because of the huge dynamic range of magnetic fields in these bodies, it is important to understand energy conversion as a function of magnetic field strength and related parameters. It is conjectured theoretically and shown experimentally that the energy conversion rate per unit area in reconnection scales as the cube of an appropriately weighted magnetic field strength divided by the square root of an appropriately weighted density. With this functional dependence, the energy release in flares on the Sun, the large and rapid variation of the magnetic flux in the tail of Mercury, and the apparent absence of reconnection on Jupiter and Saturn, may be understood. Electric fields at the perihelion of the Solar Probe Plus mission may be tens of V/m.

  10. [Improving the feed conversion rate in the pig fattening industry by optimising hygienic management].

    Science.gov (United States)

    Riedl, Antonia M; Völkel, Inger; Schlindwein, Bernhard; Czerny, Claus-Peter

    2013-01-01

    Considering continuously increasing forage costs, the feed conversion rate has a major impact on the economic efficiency in hog fattening. The influence of hygienic management strategies on animal health and feed efficiency was evaluated by an online-study comprising animal health management data of 202 German pig fatteners. Data analysis included a simple comparison of averages, a linear regression analysis, and a cluster analysis. Due to geographical distribution and size of premises, the random sample was not representative but yielded in significant results. The total impact of hygienic management on feed conversion was calculated to be 23.9 %. Professional performance of rodent control (beta = 0.357; p conversion ranged from Euro 1.15 to and Euro 2.53 per pig. Likewise optimized growth performance as a result of improved hygienic management could partly compensate increasing feed costs. The results of this online-study reveal the need to establish reliable HACCP systems on farm level.

  11. Rates and Predictors of Conversion to Schizophrenia or Bipolar Disorder Following Substance-Induced Psychosis.

    Science.gov (United States)

    Starzer, Marie Stefanie Kejser; Nordentoft, Merete; Hjorthøj, Carsten

    2018-04-01

    The authors investigated the rates of conversion to schizophrenia and bipolar disorder after a substance-induced psychosis, as well as risk factors for conversion. All patient information was extracted from the Danish Civil Registration System and the Psychiatric Central Research Register. The study population included all persons who received a diagnosis of substance-induced psychosis between 1994 and 2014 (N=6,788); patients were followed until first occurrence of schizophrenia or bipolar disorder or until death, emigration, or August 2014. The Kaplan-Meier method was used to obtain cumulative probabilities for the conversion from a substance-induced psychosis to schizophrenia or bipolar disorder. Cox proportional hazards regression models were used to calculate hazard ratios for all covariates. Overall, 32.2% (95% CI=29.7-34.9) of patients with a substance-induced psychosis converted to either bipolar or schizophrenia-spectrum disorders. The highest conversion rate was found for cannabis-induced psychosis, with 47.4% (95% CI=42.7-52.3) converting to either schizophrenia or bipolar disorder. Young age was associated with a higher risk of converting to schizophrenia. Self-harm after a substance-induced psychosis was significantly linked to a higher risk of converting to both schizophrenia and bipolar disorder. Half the cases of conversion to schizophrenia occurred within 3.1 years after a substance-induced psychosis, and half the cases of conversion to bipolar disorder occurred within 4.4 years. Substance-induced psychosis is strongly associated with the development of severe mental illness, and a long follow-up period is needed to identify the majority of cases.

  12. 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...

  13. 26 CFR 301.6316-8 - Refunds and credits in foreign currency.

    Science.gov (United States)

    2010-04-01

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

  14. 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.

  15. Methods of currency risk management in foreign trade

    Directory of Open Access Journals (Sweden)

    V.V. Ksendzuk

    2016-03-01

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

  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. Trade finance and international currency

    OpenAIRE

    Liu, Tao

    2015-01-01

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

  18. Gold, currencies and market efficiency

    Czech Academy of Sciences Publication Activity Database

    Krištoufek, Ladislav; Vošvrda, Miloslav

    2016-01-01

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

  19. China's Bilateral Currency Swap Lines

    OpenAIRE

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

    2016-01-01

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

  20. Currency crises: Is Asia different?

    OpenAIRE

    Diehl, Markus; Schweickert, Rainer

    1998-01-01

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

  1. Modeling of the reactant conversion rate in a turbulent shear flow

    Science.gov (United States)

    Frankel, S. H.; Madnia, C. K.; Givi, P.

    1992-01-01

    Results are presented of direct numerical simulations (DNS) of spatially developing shear flows under the influence of infinitely fast chemical reactions of the type A + B yields Products. The simulation results are used to construct the compositional structure of the scalar field in a statistical manner. The results of this statistical analysis indicate that the use of a Beta density for the probability density function (PDF) of an appropriate Shvab-Zeldovich mixture fraction provides a very good estimate of the limiting bounds of the reactant conversion rate within the shear layer. This provides a strong justification for the implementation of this density in practical modeling of non-homogeneous turbulent reacting flows. However, the validity of the model cannot be generalized for predictions of higher order statistical quantities. A closed form analytical expression is presented for predicting the maximum rate of reactant conversion in non-homogeneous reacting turbulence.

  2. 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...... exposed to the pulse-delay curing mode were softer than resin composites exposed to continuous cure (Pconversion (P

  3. Optimization of hierarchical 3DRS motion estimators for picture rate conversion

    OpenAIRE

    Heinrich, A.; Bartels, C.L.L.; Vleuten, van der, R.J.; Cordes, C.N.; Haan, de, G.

    2010-01-01

    There is a continuous pressure to lower the implementation complexity and improve the quality of motion-compensated picture rate conversion methods. Since the concept of hierarchy can be advantageously applied to many motion estimation methods, we have extended and improved the current state-of-the-art motion estimation method in this field, 3-Dimensional Recursive Search (3DRS), with this concept. We have explored the extensive parameter space and present an analysis of the importance and in...

  4. 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...

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

    African Journals Online (AJOL)

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

  6. 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

  7. 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...

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

    NARCIS (Netherlands)

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

    2016-01-01

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

  9. Performance analysis of 60-min to 1-min integration time rain rate conversion models in Malaysia

    Science.gov (United States)

    Ng, Yun-Yann; Singh, Mandeep Singh Jit; Thiruchelvam, Vinesh

    2018-01-01

    Utilizing the frequency band above 10 GHz is in focus nowadays as a result of the fast expansion of radio communication systems in Malaysia. However, rain fade is the critical factor in attenuation of signal propagation for frequencies above 10 GHz. Malaysia is located in a tropical and equatorial region with high rain intensity throughout the year, and this study will review rain distribution and evaluate the performance of 60-min to 1-min integration time rain rate conversion methods for Malaysia. Several conversion methods such as Segal, Chebil & Rahman, Burgeono, Emiliani, Lavergnat and Gole (LG), Simplified Moupfouma, Joo et al., fourth order polynomial fit and logarithmic model have been chosen to evaluate the performance to predict 1-min rain rate for 10 sites in Malaysia. After the completion of this research, the results show that Chebil & Rahman model, Lavergnat & Gole model, Fourth order polynomial fit and Logarithmic model have shown the best performances in 60-min to 1-min rain rate conversion over 10 sites. In conclusion, it is proven that there is no single model which can claim to perform the best across 10 sites. By averaging RMSE and SC-RMSE over 10 sites, Chebil and Rahman model is the best method.

  10. Cardiothoracic and Vascular Surgeons Achieve High Rates of K-Award Conversion Into R01 Funding.

    Science.gov (United States)

    Narahari, Adishesh K; Mehaffey, J Hunter; Hawkins, Robert B; Baderdinni, Pranav K; Chandrabhatla, Anirudha S; Tribble, Curtis G; Kron, Irving L; Roeser, Mark E; Walters, Dustin M; Ailawadi, Gorav

    2018-03-14

    Obtaining National Institutes of Health (NIH) R01 funding remains extremely difficult. The utility of career development grants (K awards) for achieving the goal of R01 funding remains debated, particularly for surgeon-scientists. We examined the success rate for cardiothoracic and vascular (CTV) surgeons compared to other specialties in converting K-level grants into R01 equivalents. All K (K08 and K23) grants awarded to surgeons by the NIH between 1992-2017 were identified through NIH RePORTER, an online database combining funding, publications, and patents. Only grants awarded to CTV surgeons were included. Grants active within the past year were excluded. Mann-Whitney U-tests and Chi-squared tests were used to compare groups. A total of 62 K grants awarded to CTV surgeons were identified during this period. Sixteen grants were still active within the last year and excluded from analysis. Twenty-two (48%) of the remaining K awardees successfully transitioned to an R01 or equivalent grant. Awardees with successful conversion published 9 publications per K grant compared to 4 publications for those who did not convert successfully (p=0.01). The median time for successful conversion to an R grant was 5.0 years after the K award start date. Importantly, the 10-year conversion rate to R01 was equal for CTV surgeons compared to other clinician-investigators (52.6% vs 42.5%). CTV surgeons have an equal 10-year conversion rate to first R01 award compared to other clinicians. These data suggest that NIH achieves a good return on investment when funding CTV surgeon-scientists with K-level funding. Copyright © 2018 The Society of Thoracic Surgeons. Published by Elsevier Inc. All rights reserved.

  11. On the muon-nucleus integrals entering the neutrinoless μ- → e- conversion rates

    International Nuclear Information System (INIS)

    Kosmas, T S; Lagaris, I E

    2002-01-01

    The muon-nucleus integrals which determine the nuclear-structure dependence of the branching ratio R μe , i.e. the rate of the flavour-changing muon-electron conversion divided by the total rate of the ordinary muon capture, are extensively studied. Precise muon wavefunctions are employed which are obtained by solving the Schroedinger and Dirac equations. To this aim a method based on modern neural network techniques is developed which gives the radial muon wavefunctions as a linear combination of sigmoid functions

  12. 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.

  13. Understanding Platform-Based Digital Currencies

    OpenAIRE

    Ben Fung; Hanna Halaburda

    2014-01-01

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

  14. Sources of Currency Crisis: An Empirical Analysis

    OpenAIRE

    Weber, Axel A.

    1997-01-01

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

  15. Currency Unions, Trade Flows, and Capital Flows

    OpenAIRE

    James Yetman

    2003-01-01

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

  16. Determinants of Currency Depreciation in Pakistan

    OpenAIRE

    Malik, Saif Ullah

    2014-01-01

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

  17. 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.

  18. Cognitive processing of currency: Euros and Dollars.

    Science.gov (United States)

    Macizo, Pedro; Morales, Luis

    2015-11-01

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

  19. Bit-rate-transparent optical RZ-to-NRZ format conversion based on linear spectral phase filtering

    DEFF Research Database (Denmark)

    Maram, Reza; Da Ros, Francesco; Guan, Pengyu

    2017-01-01

    We propose a novel and strikingly simple design for all-optical bit-rate-transparent RZ-to-NRZ conversion based on optical phase filtering. The proposed concept is experimentally validated through format conversion of a 640 Gbit/s coherent RZ signal to NRZ signal.......We propose a novel and strikingly simple design for all-optical bit-rate-transparent RZ-to-NRZ conversion based on optical phase filtering. The proposed concept is experimentally validated through format conversion of a 640 Gbit/s coherent RZ signal to NRZ signal....

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

    Directory of Open Access Journals (Sweden)

    Chamov Aleksey Nikolaevich

    2016-04-01

    Full Text Available In the article the author considers a problem of an optimal way of borrowing during the pre-crisis period (deciding between ruble and foreign currency borrowings. It is obvious that during the period of stable economic growth, when currency pair rate (for example, ruble - USA dollar doesn't change significntly, the lower interest rate of foreign currency loans makes them a cheaper way of borrowing. But during a crisis an abrupt growth of currency pair rate can make foreign currency loan a more expensive way of borrowing (as compared to ruble loan. The author suggests a scenario-based method of decision making about an optimal way of borrowing during a pre-crisis period, which affords to calculate a threshold meaning of currency pair rate, after which a foreign currency loan becomes more expensive. Application of the method is illustrated on the example of a situation in a telecommunication sector in Russian Federation during currency crisis of 2014. A detailed analysis if the situation in the sector in the last pre-crisis year (2013 is provided. Structures of debt burdens of the leading companies (Vimpelcom, MTS and Megafon are considered. Percent shares of currency loans, shares of borrowing types and according interest rates are provided. In the conclusion of the article some specific aspects of application of suggested method and potential ways of its improvement are considered.

  1. In Lands of Foreign Currency Credit, Bank Lending Channels Run Through? The Effects of Monetary Policy at Home and Abroad on the Currency Denomination of the Supply of Credit

    OpenAIRE

    Steven Ongena; Ibolya Schindele; Dzsamila Vonnak

    2014-01-01

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

  2. Nitric oxide-to-nitrogen dioxide conversion rates at a natural gas compressor station

    International Nuclear Information System (INIS)

    Gibbons, T.H.; Gebhart, D.H.

    1992-01-01

    An ambient air quality measurements program collected NO x data for a year at a natural gas compressor station located in the southwestern United States. This monitoring program had the unique characteristic of measuring ambient NO x concentrations at a remote location that was virtually free of NO sources other than the compressor station. These measurements indicate that the only source of NO x emissions in the area comes from the combustion of natural gas by the compressor station turbines. Thus, increases in NO 2 calculation of NO-to-NO 2 conversion rates. These results indicate 22 percent of the compressor station NO x emissions were converted to NO 2 in the near field. Regulatory modeling methods often assume that all NO x emissions exist as NO 2 . In an environment where ozone concentrations are relatively low, however, NO 2 concentrations are commonly calculated using the ozone limiting method (OLM), wherein NO conversion to NO 2 is limited by the amount of ozone present. Results from the measurement program show that the OLM generally overpredicts NO 2 concentrations in the near field. A partial conversion method is more suitable for predicting NO 2 concentrations for low-level natural gas combustion sources

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

    Science.gov (United States)

    Ivanova, K.; Ausloos, M.

    2002-05-01

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

  4. Foreign currency returns and systematic risks

    NARCIS (Netherlands)

    Galsband, V.; Nitschka, T.

    2015-01-01

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

  5. Framing the conversation: use of PRECIS-2 ratings to advance understanding of pragmatic trial design domains.

    Science.gov (United States)

    Lipman, Paula Darby; Loudon, Kirsty; Dluzak, Leanora; Moloney, Rachael; Messner, Donna; Stoney, Catherine M

    2017-11-10

    There continues to be debate about what constitutes a pragmatic trial and how it is distinguished from more traditional explanatory trials. The NIH Pragmatic Trials Collaborative Project, which includes five trials and a coordinating unit, has adopted the Pragmatic-Explanatory Continuum Indicator Summary (PRECIS-2) instrument. The purpose of the study was to collect PRECIS-2 ratings at two points in time to assess whether the tool was sensitive to change in trial design, and to explore with investigators the rationale for rating shifts. A mixed-methods design included sequential collection and analysis of quantitative data (PRECIS-2 ratings) and qualitative data. Ratings were collected at two annual, in-person project meetings, and subsequent interviews conducted with investigators were recorded, transcribed, and coded using NVivo 11 Pro for Windows. Rating shifts were coded as either (1) actual change (reflects a change in procedure or protocol), (2) primarily a rating shift reflecting rater variability, or (3) themes that reflect important concepts about the tool and/or pragmatic trial design. Based on PRECIS-2 ratings, each trial was highly pragmatic at the planning phase and remained so 1 year later in the early phases of trial implementation. Over half of the 45 paired ratings for the nine PRECIS-2 domains indicated a rating change from Time 1 to Time 2 (N = 24, 53%). Of the 24 rating changes, only three represented a true change in the design of the trial. Analysis of rationales for rating shifts identified critical themes associated with the tool or pragmatic trial design more generally. Each trial contributed one or more relevant comments, with Eligibility, Flexibility of Adherence, and Follow-up each accounting for more than one. PRECIS-2 has proved useful for "framing the conversation" about trial design among members of the Pragmatic Trials Collaborative Project. Our findings suggest that design elements assessed by the PRECIS-2 tool may represent

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

    OpenAIRE

    Norman S. Fieleke

    1992-01-01

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

  7. High-Order Model and Dynamic Filtering for Frame Rate Up-Conversion.

    Science.gov (United States)

    Bao, Wenbo; Zhang, Xiaoyun; Chen, Li; Ding, Lianghui; Gao, Zhiyong

    2018-08-01

    This paper proposes a novel frame rate up-conversion method through high-order model and dynamic filtering (HOMDF) for video pixels. Unlike the constant brightness and linear motion assumptions in traditional methods, the intensity and position of the video pixels are both modeled with high-order polynomials in terms of time. Then, the key problem of our method is to estimate the polynomial coefficients that represent the pixel's intensity variation, velocity, and acceleration. We propose to solve it with two energy objectives: one minimizes the auto-regressive prediction error of intensity variation by its past samples, and the other minimizes video frame's reconstruction error along the motion trajectory. To efficiently address the optimization problem for these coefficients, we propose the dynamic filtering solution inspired by video's temporal coherence. The optimal estimation of these coefficients is reformulated into a dynamic fusion of the prior estimate from pixel's temporal predecessor and the maximum likelihood estimate from current new observation. Finally, frame rate up-conversion is implemented using motion-compensated interpolation by pixel-wise intensity variation and motion trajectory. Benefited from the advanced model and dynamic filtering, the interpolated frame has much better visual quality. Extensive experiments on the natural and synthesized videos demonstrate the superiority of HOMDF over the state-of-the-art methods in both subjective and objective comparisons.

  8. Bitcoin: the currency of cyberspace

    Directory of Open Access Journals (Sweden)

    Hindenburgo Francisco Pires

    2017-10-01

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

  9. 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.

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

    Directory of Open Access Journals (Sweden)

    Jacek Pera

    2018-03-01

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

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

    Directory of Open Access Journals (Sweden)

    Ignat Papazov

    2017-06-01

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

  12. 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.

  13. An attempt to categorize Hungarian community currencies

    Directory of Open Access Journals (Sweden)

    Eszter Szemerédi

    2018-04-01

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

  14. Bacterial Contamination of Iranian Paper Currency and Their Antibiotic Resistance Patterns

    Directory of Open Access Journals (Sweden)

    Farzaneh Firoozeh

    2017-11-01

    Full Text Available Background: Paper currency is used in exchange for services, and thisis why the circulation of paper currency from person to person expandsmicroorganisms. Objectives:: Paper banknotes would be a vector for transmission of pathogenic microorganisms through handling. This study aimed to determine bacterial contamination of Iranian paper currencies in circulation and their antibiotic resistance patterns. Materials and Methods: In this study, 337 currency notes of different value were collected from markets, shops, restaurants, bus stations and banks in Kashan, Iran during April 2015 to March 2016. The currency notes transferred to microbiology laboratory and were tested for bacterial contamination using standard microbiological methods. Antibiotic resistance patterns of isolated bacteria were determined by disk diffusion method according to CLSI standards. The results and data were analyzed using descriptive statistics. Results: Of 337 currency notes, 262 (77.7% were identified with bacterial contamination. Bacteria isolated from currency notes were as follows: Bacillus spp 113 (43.1%, coagulase-negative Staphylococci 99 (37.7%, Escherichia coli 20 (7.6%, Enterococci species 14 (5.3%, Staphylococcus aureus 8 (3.1%, Klebsiella spp 4 (1.5%, Shigella species 2 (0.8%, Pseudomonas species 2 (0.8%. The most and least contaminated currency notes were 50000 and 500 Rials, respectively. The most resistance rates in gram negative rods were against nalidixicacid, and ampicillin. Also most resistance rates in Staphylococcus aureus, coagulase-negative Staphylococci and Enterococci species were against ampicillin, erythromycin and tetracycline. Conclusion: Our study revealed that the bacterial contamination among Iranian paper currency in circulation especially those obtained from certain sources including shops and bus stations is high and in most cases these bacterial isolates are antibiotic resistant strains.

  15. Improved conversion rates in drug screening applications using miniaturized electrochemical cells with frit channels.

    Science.gov (United States)

    Odijk, Mathieu; Olthuis, Wouter; van den Berg, A; Qiao, Liang; Girault, Hubert

    2012-11-06

    This paper reports a novel design of a miniaturized three-electrode electrochemical cell, the purpose of which is aimed at generating drug metabolites with a high conversion efficiency. The working electrode and the counter electrode are placed in two separate channels to isolate the reaction products generated at both electrodes. The novel design includes connecting channels between these two electrode channels to provide a uniform distribution of the current density over the entire working electrode. In addition, the effect of ohmic drop is decreased. Moreover, two flow resistors are included to ensure an equal flow of analyte through both electrode channels. Total conversion of fast reacting ions is achieved at flow rates up to at least 8 μL/min, while the internal chip volume is only 175 nL. Using this electrochemical chip, the metabolism of mitoxantrone is studied by microchip electrospray ionization-mass spectrometry. At an oxidation potential of 700 mV, all known metabolites from direct oxidation are observed. The electrochemical chip performs equally well, compared to a commercially available cell, but at a 30-fold lower flow of reagents.

  16. MACROECONOMIC POLICY OF CURRENCY WAR: METHODS OF INVESTIGATION

    Directory of Open Access Journals (Sweden)

    Bekareva S. V.

    2015-12-01

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

  17. Influence of the rate of conversion of HT and HTO on projected radiation doses from release of molecular tritium

    International Nuclear Information System (INIS)

    Jacobs, D.G.; Easterly, C.E.; Phillips, J.E.

    1979-01-01

    Releases of tritium in the past have been largely in the form of tritiated water, and the projected radiation doses could be estimated by assuming tritium behaviour to parallel that of water. There is increasing interest in potential releases of tritium in the form of HT because of significant recent advances in fusion reactor research. Several recent studies have shown that bacteria containing the enzyme hydrogenase can catalyse the conversion of HT to HTO at rates several orders of magnitude faster than the rates measured in atmospheric systems. Rates of conversion in the soil have been combined with estimates of rates of permeation of HT into the soil and with global and local models depicting tritium transport and cycling. The results suggest that for the expected conversion rates, the impact on projected radiation doses should be relatively minor. (author)

  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. 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...

  20. 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...

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

    OpenAIRE

    Gertsekovich D. A.

    2015-01-01

    In this paper the problem of exchange rates forecast is logically considered a) traditionally as a task of forecast on the base of «stand-alone» equations of autoregression for each currency pair and b) as a result of forecast correction of autoregression equations system on the base of boundary conditions of balance ratios systems. As a criterion for quality of forecast constructed with empirical models we take the sum of deficiency quadrates of forecasts estimated for deductive currency pai...

  2. 31 CFR 100.8 - Packaging of mutilated currency.

    Science.gov (United States)

    2010-07-01

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

  3. 31 CFR 100.6 - Destroyed paper currency.

    Science.gov (United States)

    2010-07-01

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

  4. 31 CFR 100.5 - Mutilated paper currency.

    Science.gov (United States)

    2010-07-01

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

  5. 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.

  6. Linear constraint relations in biochemical reaction systems: I. Classification of the calculability and the balanceability of conversion rates.

    Science.gov (United States)

    van der Heijden, R T; Heijnen, J J; Hellinga, C; Romein, B; Luyben, K C

    1994-01-05

    Measurements provide the basis for process monitoring and control as well as for model development and validation. Systematic approaches to increase the accuracy and credibility of the empirical data set are therefore of great value. In (bio)chemical conversions, linear conservation relations such as the balance equations for charge, enthalpy, and/or chemical elements, can be employed to relate conversion rates. In a pactical situation, some of these rates will be measured (in effect, be calculated directly from primary measurements of, e.g., concentrations and flow rates), as others can or cannot be calculated from the measured ones. When certain measured rates can also be calculated from other measured rates, the set of equations, the accuracy and credibility of the measured rates can indeed be improved by, respectively, balancing and gross error diagnosis. The balanced conversion rates are more accurate, and form a consistent set of data, which is more suitable for further application (e.g., to calculate nonmeasured rates) than the raw measurements. Such an approach has drawn attention in previous studies. The current study deals mainly with the problem of mathematically classifying the conversion rates into balanceable and calculable rates, given the subset of measured rates. The significance of this problem is illustrated with some examples. It is shown that a simple matrix equation can be derived that contains the vector of measured conversion rates and the redundancy matrix R. Matrix R plays a predominant role in the classification problem. In supplementary articles, significance of the redundancy matrix R for an improved gross error diagnosis approach will be shown. In addition, efficient equations have been derived to calculate the balanceable and/or calculable rates. The method is completely based on matrix algebra (principally different from the graph-theoretical approach), and it is easily implemented into a computer program. (c) 1994 John Wiley & Sons

  7. Founding Digital Currency on Imprecise Commodity

    OpenAIRE

    Yuan, Zimu; Xu, Zhiwei

    2015-01-01

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

  8. Bitcoin – the World-Wide Currency

    Directory of Open Access Journals (Sweden)

    Shuba Olena А.

    2017-11-01

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

  9. Towards a default soil carbon sequestration rate after cropland to Miscanthus conversion in Europe

    Science.gov (United States)

    Poeplau, Christopher; Don, Axel

    2013-04-01

    In Europe, an estimated 17-21 million hectares (Mha) of land will need to be converted to bioenergy crop production to meet the EU bioenergy targets for 2020. Conventional bioenergy crops, such as maize and oilseed rape, are known for high greenhouse gas emissions. Perennial grases, such as Miscanthus, are seen as sustainable alternative, due to low fertilizer demand, relatively high yields and the potential to sequester soil organic carbon (SOC). However, the variability of currently published SOC stock changes is huge, ranging from -6.8 to +7.7 Mg ha-1 yr-1, which we attribute to different organic manure applications and differences in the baseline SOC stocks between the sampled plots in the paired plot approach. The conversion from cropland to Miscanthus involves a C3-C4 vegetation change, which allows following the incorporation of C4 Miscanthus-derived carbon into the soil by measuring the abundance of the stable isotope 13C. This was done for six different Miscanthus plantations across Europe, which were older than ten years. C3 carbon decomposition was estimated using the carbon turnover model RothC. Both, C4 and C3 carbon dynamics were summed to obtain the vegetation change-induced SOC stock change. We subsequently applied this approach to all European sites, where C4 carbon dynamic after cropland to Miscanthus conversion has been investigated (n=14) and derived a temperature dependant SOC sequestration rate. We found a mean annual accumulation of 0.40±0.20 Mg C ha-1. Furthermore, we conducted a SOC fractionation to assess the incorporation of C4 carbon into different SOC fractions. After a mean time of 16 years, the particulate organic matter (POM) fraction consisted of 68% Miscanthus-derived carbon in 0-10 cm soil depth. The NaOCl resistant fraction, which is considered "inert", consisted of 12% Miscanthus-derived carbon in 0-10 cm soil depth.

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

    Directory of Open Access Journals (Sweden)

    Laveta Stewart

    2009-06-01

    Full Text Available 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.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 clinical trial (MSP-1(19 r(2 = 0.78, p<0.01 & AMA-1 r

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

    OpenAIRE

    Hernán Cortés Douglas; Richard K. Abrams

    1993-01-01

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

  12. Determining the rate of forest conversion in Mato Grosso, Brazil, using Landsat MSS and AVHRR data

    Science.gov (United States)

    Nelson, Ross; Horning, Ned; Stone, Thomas A.

    1987-01-01

    AVHRR-LAC thermal data and Landsat MSS and TM spectral data were used to estimate the rate of forest clearing in Mato Grosso, Brazil, between 1981 and 1984. The Brazilian state was stratified into forest and nonforest. A list sampling procedure was used in the forest stratum to select Landsat MSS scenes for processing based on estimates of fire activity in the scenes. Fire activity in 1984 was estimated using AVHRR-LAC thermal data. State-wide estimates of forest conversion indicate that between 1981 and 1984, 353,966 ha + or - 77,000 ha (0.4 percent of the state area) were converted per year. No evidence of reforestation was found in this digital sample. The relationship between forest clearing rate (based on MSS-TM analysis) and fire activity (estimated using AVHRR data) was noisy (R-squared = 0.41). The results suggest that AVHRR data may be put to better use as a stratification tool than as a subsidiary variable in list sampling.

  13. TEKNIK ESTIMASI GERAK PENCARIAN PENUH DENGAN AKURASI SETENGAH PIKSEL UNTUK FRAME RATE UP CONVERSION VIDEO

    Directory of Open Access Journals (Sweden)

    ary satya prabhawa

    2014-10-01

    Full Text Available ABSTRAK Saat ini Teknologi video digital banyak digunakan pada aplikasi hiburan, contohnya adalah TV Digital dengan format HD. Dengan frame rate tinggi, pengkodean video akan menghasil laju bit lebih tinggi yaitu sampai 15 – 30 fps. Permasalahannya adalah kapasitas saluran transmisi memiliki kapasitas terbatas. Solusinya adalah menurunkan laju bit dengan menurunkan jumlah frame video ke penerima. Skema ini dikenal dengan Frame Rate Up-Conversion (FRUC video, dimana frame yang di encoder akan direkonstruksi kembali di decoder dengan membangkitkan frame intermediate (FI. FI dibangkitkan dengan teknik Motion Compensation Interpolation (MCI. Terkait dengan metode FRUC, penelitian ini mengajukan skema MCI unidirectional dengan pencarian gerak akurasi setengah piksel. Pada skema ini, sebuah motion vector (MV kandidat akan dicari di frame referensi, proses estimasi gerak dilakukan dengan menambah piksel sisipan diantara piksel eksisting. Sasarannya adalah meningkatkan akurasi MV kandidat. Hasil simulasi menunjukkan bahwa metode yang diajukan lebih baik sampai sebesar masing – masing 3,21 dB dan 3,11 dB pada wilayah pencarian 7 dan 15 piksel dibandingkan dengan metode frame repetition untuk sekuen video foreman dan hall monitor.

  14. Theoretical determination of spectrum-exposure rate conversion operator of HPGe detector and its application to the measurement of environmental gamma-ray exposure rate

    International Nuclear Information System (INIS)

    Park, Ch.M.; Choi, B.I.; Kwak, S.S.; Ji, P.K.; Kim, T.W.; Park, Y.W.; Yoon, B.K.

    1993-01-01

    A conversion operator between spectrum and exposure rate, using a portable HPGe detector for environmental radiation monitoring, was determined theoretically under the assumption of uniform distribution of radiation source on the ground surface. The measurement results were compared with those of a pressurized ionization chamber. The results obtained with the HPGe detector were slightly lower. The method can be easily applied to any gamma ray detector to obtain a spectrum - exposure-rate conversion factor for computing the exposure rate of environmental gamma radiation. (N.T.) 15 refs.; 6 figs.; 3 tabs

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

    NARCIS (Netherlands)

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

    2007-01-01

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

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

    OpenAIRE

    Hoschka, Tobias C.

    2005-01-01

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

  17. Management of marine cage aquaculture. Environmental carrying capacity method based on dry feed conversion rate.

    Science.gov (United States)

    Cai, Huiwen; Sun, Yinglan

    2007-11-01

    Marine cage aquaculture produces a large amount of waste that is released directly into the environment. To effectively manage the mariculture environment, it is important to determine the carrying capacity of an aquaculture area. In many Asian countries trash fish is dominantly used in marine cage aquaculture, which contains more water than pellet feed. The traditional nutrient loading analysis is for pellet feed not for trash fish feed. So, a more critical analysis is necessary in trash fish feed culturing areas. Corresponding to FCR (feed conversion rate), dry feed conversion rate (DFCR) was used to analyze the nutrient loadings from marine cage aquaculture where trash fish is used. Based on the hydrodynamic model and the mass transport model in Xiangshan Harbor, the relationship between the water quality and the waste discharged from cage aquaculture has been determined. The environmental carrying capacity of the aquaculture sea area was calculated by applying the models noted above. Nitrogen and phosphorus are the water quality parameters considered in this study. The simulated results show that the maximum nitrogen and phosphorus concentrations were 0.216 mg/L and 0.039 mg/L, respectively. In most of the sea area, the nutrient concentrations were higher than the water quality standard. The calculated environmental carrying capacity of nitrogen and phosphorus in Xiangshan Harbor were 1,107.37 t/yr and 134.35 t/yr, respectively. The waste generated from cage culturing in 2000 has already exceeded the environmental carrying capacity. Unconsumed feed has been identified as the most important origin of all pollutants in cage culturing systems. It suggests the importance of increasing the feed utilization and improving the feed composition on the basis of nutrient requirement. For the sustainable development of the aquaculture industry, it is an effective management measure to keep the stocking density and pollution loadings below the environmental carrying

  18. 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...... mating design. Each sire was mated to two dams, and each dam was mated to two sires, producing 50 viable full-sib families (29 sires, 25 dams). The fish from these families were reared for a 215-day growout period, and were assessed for survival between days 52 and 215, growth rate (i.e., body weight...

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

    NARCIS (Netherlands)

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

    2015-01-01

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

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

    NARCIS (Netherlands)

    R. Orzi (Ricardo)

    2015-01-01

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

  1. Rates and Predictors of Conversion to Schizophrenia or Bipolar Disorder Following Substance-Induced Psychosis

    DEFF Research Database (Denmark)

    Starzer, Marie Stefanie Kejser; Nordentoft, Merete; Hjorthøj, Carsten

    2017-01-01

    . Self-harm after a substance-induced psychosis was significantly linked to a higher risk of converting to both schizophrenia and bipolar disorder. Half the cases of conversion to schizophrenia occurred within 3.1 years after a substance-induced psychosis, and half the cases of conversion to bipolar...

  2. Influence on moisture and hydrocarbons on conversion rate of tritium in catalytic reactors of fusion-DEMO detritiation system

    International Nuclear Information System (INIS)

    Edao, Yuki; Sato, Katsumi; Iwai, Yasunori; Hayashi, Takumi

    2017-01-01

    Thoughtful consideration of abnormal events such as fire is required to design and qualify a detritiation system (DS) of a nuclear fusion facility. Since conversion of tritium to tritiated vapor over catalyst is the key process of the DS, it is indispensable to evaluate the effect of excess moisture and hydrocarbons produced by combustion of cables on tritium conversion rate considering fire events. We conducted demonstration tests on tritium conversion under the following representative conditions: (I) leakage of tritium, (II) leakage of tritium plus moisture, and (III) leakage of tritium plus hydrocarbons. Detritiation behavior in the simulated room was assessed, and the amount of catalyst to fulfill the requirement on tritium conversion rate was evaluated. The dominant parameters for detritiation are the concentration of hydrogen in air and catalyst temperature. The tritium in the simulated room was decreased for condition (I) following ventilation theory. An initial reduction in conversion rate was measured for condition (II). To recover the reduction smoothly, it is suggested to optimize the power of preheater. An increase in catalyst temperature by heat of reaction of hydrocarbon combustion was evaluated for condition (III). The heat balance of catalytic reactor is a point to be carefully investigated to avoid runaway of catalyst temperature. (author)

  3. 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.

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

    Directory of Open Access Journals (Sweden)

    Hani Albasoos

    2016-10-01

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

  5. 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..

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

    International Nuclear Information System (INIS)

    Almasbahi, M.S.

    1990-01-01

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

  7. Currency Inconvertibility, Portfolio Balance and Relative Prices

    OpenAIRE

    Jorge Braga de Macedo

    1983-01-01

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

  8. 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...

  9. 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...

  10. 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...

  11. On the Need for Legal Regulation of Virtual Currencies

    Directory of Open Access Journals (Sweden)

    Elena V. Voskresenskaya

    2018-06-01

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

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

    National Research Council Canada - National Science Library

    Morrison, Wayne M; Labonte, Marc

    2007-01-01

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

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

    National Research Council Canada - National Science Library

    Morrison, Wayne M; Labonte, Marc

    2008-01-01

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

  14. 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.

  15. 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

  16. 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…

  17. A Golden Opportunity for Currency Competition.

    Science.gov (United States)

    Cobb, Joe

    1983-01-01

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

  18. The Convergence Criteria and the SAARC Common Currency

    Directory of Open Access Journals (Sweden)

    Farooq Rasheed

    2007-10-01

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

  19. Improved Conversion Rates in Drug Screening Applications sing Miniaturized Electrochemical Cells with Frit Channels

    NARCIS (Netherlands)

    Odijk, Mathieu; Olthuis, Wouter; van den Berg, Albert; Qiao, L.; Girault, H.

    2012-01-01

    This paper reports a novel design of a miniaturized three-electrode electrochemical cell, the purpose of which is aimed at generating drug metabolites with a high conversion efficiency. The working electrode and the counter electrode are placed in two separate channels to isolate the reaction

  20. Causes of the Recent Currency Crises in Developing Economies

    Directory of Open Access Journals (Sweden)

    Haesik Park

    1997-12-01

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

  1. 26 CFR 1.985-1 - Functional currency.

    Science.gov (United States)

    2010-04-01

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

  2. 48 CFR 25.1002 - Use of foreign currency.

    Science.gov (United States)

    2010-10-01

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

  3. 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

  4. 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

  5. 31 CFR 103.51 - Dollars as including foreign currency.

    Science.gov (United States)

    2010-07-01

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

  6. Bitcoin: not a currency-like informational commodity

    NARCIS (Netherlands)

    Bergstra, J.A.

    2014-01-01

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

  7. Skin dose rate conversion factors after contamination with radiopharmaceuticals: influence of contamination area, epidermal thickness and percutaneous absorption

    International Nuclear Information System (INIS)

    Covens, P; Berus, D; Caveliers, V; Struelens, L; Vanhavere, F; Verellen, D

    2013-01-01

    Skin contamination with radiopharmaceuticals can occur during biomedical research and daily nuclear medicine practice as a result of accidental spills, after contact with bodily fluids of patients or by inattentively touching contaminated materials. Skin dose assessment should be carried out by repeated quantification to map the course of the contamination together with the use of appropriate skin dose rate conversion factors. Contamination is generally characterised by local spots on the palmar surface of the hand and complete decontamination is difficult as a result of percutaneous absorption. This specific issue requires special consideration as to the skin dose rate conversion factors as a measure for the absorbed dose rate to the basal layer of the epidermis. In this work we used Monte Carlo simulations to study the influence of the contamination area, the epidermal thickness and the percutaneous absorption on the absorbed skin dose rate conversion factors for a set of 39 medical radionuclides. The results show that the absorbed dose to the basal layer of the epidermis can differ by up to two orders of magnitude from the operational quantity H p (0.07) when using an appropriate epidermal thickness in combination with the effect of percutaneous absorption. (paper)

  8. 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.

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

    OpenAIRE

    Mouchera Karara

    2013-01-01

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

  10. 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.

  11. 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.

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

    Directory of Open Access Journals (Sweden)

    Evgeny Vinokurov

    2017-09-01

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

  13. 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

    to sinus rhythm (SR) and were matched to 35 non-converters. The mean AFR before conversion was 231 fibrillations per minute (fpm), having decreased by 41%; in non-converters, it was 296 fpm at the end of infusion, having decreased by 26%. The rate of decrease was greater in converters at 5 min, -88 vs. -66......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...... fpm (p=0.02), and at 10 min, -133 vs. -111 fpm (p=0.048). The AFR-SD and the exponential decay decreased. A small left atrial area was the only baseline predictor of conversion to SR. CONCLUSIONS: AZD7009 produced a significantly more rapid decrease of the AFR in converters than in non...

  14. Conversion rate of para-hydrogen to ortho-hydrogen by oxygen: implications for PHIP gas storage and utilization.

    Science.gov (United States)

    Wagner, Shawn

    2014-06-01

    To determine the storability of para-hydrogen before reestablishment of the room temperature thermal equilibrium mixture. Para-hydrogen was produced at near 100% purity and mixed with different oxygen quantities to determine the rate of conversion to the thermal equilibrium mixture of 75: 25% (ortho: para) by detecting the ortho-hydrogen (1)H nuclear magnetic resonance using a 9.4 T imager. The para-hydrogen to ortho-hydrogen velocity constant, k, near room temperature (292 K) was determined to be 8.27 ± 1.30 L/mol · min(-1). This value was calculated utilizing four different oxygen fractions. Para-hydrogen conversion to ortho-hydrogen by oxygen can be minimized for long term storage with judicious removal of oxygen contamination. Prior calculated velocity rates were confirmed demonstrating a dependence on only the oxygen concentration.

  15. Determination of correction and conversion factor of exposure rate generated Gamma spectrometer GR-320 to Victoreen data

    International Nuclear Information System (INIS)

    Supardjo-AS; Mappa, Djody-Rachim; Nasrun-Syamsul; Syamsul-Hadi

    2000-01-01

    Exposure rate data of Muria Peninsula were generated from Victoreen-491 measurement and calculation of radioelement content in soil which were measured by Exploranium GR-320, using IAEA formula. However those data are not be comparable so the exposure rate calculated from Gamma Spectrometer data necessarily to be corrected. The correction factor was determinate by measuring the exposure rate of at the NMDC's back yard selected location using Victoreen-491 and Gamma Spectrometer Exploranium GR-320 . Correction factor was created by comparing mean exposure rate data that calculated from 30 data measured by Gamma Spectrometer instrument and to those Victoreen's exposure rate. Conversion factor was gained from comparing of total count data of Gamma Spectrometer Exploranium GR-320 to Victoreen's exposure rate data. The correction factor of Exploranium GR-320's exposure rate is 0.34 μR/hours, and the conversion factor of total count is 0.0092 μR/hours per c/m. Deviation Victoreen 491 = 4.7 % and Gamma Spectrometer Exploranium GR-320 8.6 %

  16. More than words: The influence of affective content and linguistic style matches in online reviews on conversion rates

    OpenAIRE

    Ludwig, S.; de Ruyter, K.; Friedman, M.; Brüggen, E.; Wetzels, M.; Pfann, G.

    2013-01-01

    Customers increasingly rely on other consumers' reviews to make purchase decisions online. New insights into the customer review phenomenon can be derived from studying the semantic content and style properties of verbatim customer reviews to examine their influence on online retail sites' conversion rates. The authors employ text mining to extract changes in affective content and linguistic style properties of customer book reviews on Amazon.com. A dynamic panel data model reveals that the i...

  17. 12 CFR Appendix A to Subpart A of... - Minimum Capital Components for Interest Rate and Foreign Exchange Rate Contracts

    Science.gov (United States)

    2010-01-01

    ... sheet interest rate and foreign exchange rate contracts: a. Interest Rate Contracts i. Single currency... Contracts i. Cross-currency interest rate swaps. ii. Forward foreign exchange rate contracts. iii. Currency... contracts traded on exchanges that require daily payment of variation margins are excluded from the minimum...

  18. Eye Donation Awareness and Conversion Rate in Hospital Cornea Retrieval Programme in a Tertiary Hospital of Central India.

    Science.gov (United States)

    Sharma, Bhavana; Shrivastava, Ulka; Kumar, Kavita; Baghel, Rajendra; Khan, Farhana; Kulkarni, Shridhar

    2017-08-01

    Corneal blindness accounts for 6-8 million blinds in the world. In India, it is estimated that there are approximately 6.8 million people who have vision less than 6/60 in at least one eye due to corneal diseases. This study was done to assess the awareness about eye donation amongst attendants of critically ill and deceased patients, their willingness to donate eyes, the efficacy of grief counselling by Eye Donation Counsellors (EDC), its impact on the conversion rate and the reasons for poor donation rate. This prospective hospital based study was done in 554 participants (guardians of critically ill and deceased subjects) to understand the awareness of eye donation. Factors related to willingness for eye donation that influenced conversion to actual donation were evaluated. Data was analysed with tests for statistical significance: Chi square test; pdonation, time taken for motivation remained less than 12 hours, which was statistically significant (Chi square=106. pdonation in comparison to those who were unaware in a ratio of 2:1. Grief counsellors (57.5%) had the most influence among the causes that were facilitators of donation. Utilizing the services of eye donation counsellors is a promising way to motivate the guardians of deceased. Increasing the awareness in society, rendering simple assistances to next of kin and speeding the medico legal formalities can go a long way in increasing the conversion rate and hence actual donation.

  19. Conversion between mini-mental state examination, montreal cognitive assessment, and dementia rating scale-2 scores in Parkinson's disease.

    Science.gov (United States)

    van Steenoven, Inger; Aarsland, Dag; Hurtig, Howard; Chen-Plotkin, Alice; Duda, John E; Rick, Jacqueline; Chahine, Lama M; Dahodwala, Nabila; Trojanowski, John Q; Roalf, David R; Moberg, Paul J; Weintraub, Daniel

    2014-12-01

    Cognitive impairment is one of the earliest, most common, and most disabling non-motor symptoms in Parkinson's disease (PD). Thus, routine screening of global cognitive abilities is important for the optimal management of PD patients. Few global cognitive screening instruments have been developed for or validated in PD patients. The Mini-Mental State Examination (MMSE), Montreal Cognitive Assessment (MoCA), and Dementia Rating Scale-2 (DRS-2) have been used extensively for cognitive screening in both clinical and research settings. Determining how to convert the scores between instruments would facilitate the longitudinal assessment of cognition in clinical settings and the comparison and synthesis of cognitive data in multicenter and longitudinal cohort studies. The primary aim of this study was to apply a simple and reliable algorithm for the conversion of MoCA to MMSE scores in PD patients. A secondary aim was to apply this algorithm for the conversion of DRS-2 to both MMSE and MoCA scores. The cognitive performance of a convenience sample of 360 patients with idiopathic PD was assessed by at least two of these cognitive screening instruments. We then developed conversion scores between the MMSE, MoCA, and DRS-2 using equipercentile equating and log-linear smoothing. The conversion score tables reported here enable direct and easy comparison of three routinely used cognitive screening assessments in PD patients. © 2014 International Parkinson and Movement Disorder Society.

  20. Chronic Depressive Symptomatology in Mild Cognitive Impairment Is Associated with Frontal Atrophy Rate which Hastens Conversion to Alzheimer Dementia.

    Science.gov (United States)

    Sacuiu, Simona; Insel, Philip S; Mueller, Susanne; Tosun, Duygu; Mattsson, Niklas; Jack, Clifford R; DeCarli, Charles; Petersen, Ronald; Aisen, Paul S; Weiner, Michael W; Mackin, R Scott

    2016-02-01

    Investigate the association of chronic depressive symptomatology (chrDS) with cortical atrophy rates and conversion to Alzheimer dementia (AD) over 3 years in mild cognitive impairment (MCI). In a multicenter, clinic-based study, MCI elderly participants were selected from the Alzheimer's Disease Neuroimaging Initiative repository, based on availability of both serial structural magnetic resonance imaging and chrDS endorsed on three depression-related items from the Neuropsychiatric Inventory Questionnaire (chrDS N = 32 or no depressive symptoms N = 62) throughout follow-up. Clinical and laboratory investigations were performed every 6 months during the first 2 years and yearly thereafter (median follow-up: 3 years; interquartile range: 1.5-4.0 years). Cortical atrophy rates in 16 predefined frontotemporoparietal regions affected in major depression and AD and the rate of incident AD at follow-up. ChrDS in a single domain amnestic MCI sample were associated with accelerated cortical atrophy in the frontal lobe and anterior cingulate but not with atrophy rates in temporomedial or other AD-affected regions. During follow-up, 38 participants (42.7%) developed AD. Participants with chrDS had 60% shorter conversion time to AD than those without depressive symptoms. This association remained significant in survival models adjusted for temporomedial atrophy rates and showed the same trend in models adjusted for frontal cortical atrophy rate, which all increased the risk of AD. Our results suggest that chrDS associated with progressive atrophy of frontal regions may represent an additional risk factor for conversion to dementia in MCI as opposite to representing typical prodromal AD symptomatology. Published by Elsevier Inc.

  1. Electron dose-rate conversion factors for external exposure of the skin from uniformly deposited activity on the body surface

    International Nuclear Information System (INIS)

    Kocher, D.C.; Eckerman, K.F.

    1987-01-01

    Dose-rate conversion factors have been calculated for external exposure of the skin from electrons emitted by sources that are deposited uniformly on the body surface. The dose-rate factors are obtained from electron scaled point kernels developed by Berger. The dose-rate factors are calculated at depths of 4, 8, and 40 mg cm-2 below the body surface as recommended by Whitton, and at a depth of 7 mg cm-2 as recommended in ICRP Publication 26 (ICRP77). The dependence of the dose-rate factors at selected depths on the energy of the emitted electrons is displayed. The dose-rate factors for selected radionuclides of potential importance in radiological assessments are tabulated

  2. Hybrid dynamics for currency modeling

    OpenAIRE

    Theodosopoulos, Ted; Trifunovic, Alex

    2006-01-01

    We present a simple hybrid dynamical model as a tool to investigate behavioral strategies based on trend following. The multiplicative symbolic dynamics are generated using a lognormal diffusion model for the at-the-money implied volatility term structure. Thus, are model exploits information from derivative markets to obtain qualititative properties of the return distribution for the underlier. We apply our model to the JPY-USD exchange rate and the corresponding 1mo., 3mo., 6mo. and 1yr. im...

  3. Demystifying Bitcoin: Sleight of Hand or Major GlobalCurrency Alternative?

    Directory of Open Access Journals (Sweden)

    Marko Malović

    2014-12-01

    Full Text Available Bitcoin, a peculiar crypto-currency has been the loudest buzzword in global finance over the last year or so, both for its spectacular and seemingly robust appreciation trend as well as for more recent equally ostentatious demise. After reviewing the history of bitcoin and specificities of its cyber-construct, this paper adds to the critical analysis of bitcoin as an international currency alternative. Lately, its volatility has been so excessive that it arguably cannot serve as a store of value. In addition, notwithstanding bitcoin's rising if bumpy credibility as a medium of exchange, since it has been immediately converted (by chief vendors in either of the leading world currencies upon payment due to its extraordinary exchange rate volatility, bitcoin's unit of account potential appears to be dubious too. Moreover, bitcoin's next to none correlation with other major currencies' movements renders it unsuitable for managing FX risk or hedging purposes. Finally, having in mind that it lacks formal reserves or deposit-insurance scheme to back it up yet it's also prone to hacking, bitcoin resembles and behaves more like a pyramidal investment vehicle than a global currency alternative. Nevertheless, technology that made it be may still spawn an evolution in the way we posses things, transfer ownership and pay for goods and services in the near IT-ridden future.

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

    Directory of Open Access Journals (Sweden)

    Oldřich Šoba

    2007-01-01

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

  5. Expansionary economic effects of energy conversion under stagnation

    International Nuclear Information System (INIS)

    Ono, Yoshiyasu

    2013-01-01

    After the Fukushima disaster, energy conversion such as nuclear power phaseout and deployment of renewable energy or survival of nuclear power had been actively argued pro and con. Both sides admitted extra costs were needed but their economic effects would be contrary dependent on business state. Under better economy, extra costs would be actual burden of total economy. Under stagnation as was long in Japan at present, extra costs brought about expansion of employment and economy with simulated consumption increase. Industry conversion would occur such industry intensively using power would depreciate and energy conserved industry would grow. Difference of power use intensity between industries made difficult in energy conversion because present Japanese industry constitution was mostly formed based on cheap power cost for industry use. Even taking account of international competition, the same would be true by adjusting finance balance sheet and currency exchange rate. (T. Tanaka)

  6. 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.

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

    OpenAIRE

    Bonghan Kim; Seeun Jeong

    2007-01-01

    This paper empirically analyzes the relative effects of the dollar and yen on the value of East Asian currencies. We focus especially on countries that have chosen to adopt floating regimes in the post-financial crisis period, such as South Korea, Taiwan, Indonesia, the Philippines and Thailand. First, we calculate a exchange rate flexibility index and carry out a regression using Frankel and Wei's (1994) methodology. The results confirm an increase in the coupling of East Asian currencies vi...

  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. Comparison of Radiation Dose Rates with the Flux to Dose Conversion Factors Recommended in ICRP-74 and ICRP-116

    International Nuclear Information System (INIS)

    Jeong, Hae Sun; Kil, A Reum; Lee, Jo Eun; Jeong, Hyo Joon; Kim, Eun Han; Han, Moon Hee; Hwang, Won Tae

    2016-01-01

    The evaluation of radiation shielding has been performed for the design and maintenance of various facilities using radioactive sources such as nuclear fuel, accelerator, and radionuclide. The conversion of flux to dose mainly used in nuclear and radiation fields has been generally made with the dose coefficients presented in ICRP Publication 74 (ICRP- 74), which are produced based on ICRP Publication 60. On the other hand, ICRP Publication 116 (ICRP-116), which adopts the protection system of ICRP Publication 103, has recently been published and provides the dose conversion coefficients calculated with a variety of Monte Carlo codes. The coefficients have more than an update of those in ICRP-74, including new particle types and a greatly expanded energy range. In this study, a shielding evaluation of a specific container for neutron and gamma sources was performed with the MCNP6 code. The dose rates from neutron and gamma-ray sources were calculated using the MCNP6 codes, and these results were based on the flux to dose conversion factors recommended in ICRP-74 and ICRP-116. As a result, the dose rates evaluated with ICRP-74 were generally shown higher than those with ICRP-116. For neutrons, the difference is mainly occurred by the decrease of radiation weighting factors in a part of energy ranges in the ICRP-116 recommendations. For gamma-rays, the ICRP-74 recommendation applied with the kerma approximation leads to overestimated results than the other assessment

  10. 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.

  11. 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.

  12. Continuum random-phase approximation study of the incoherent μ--e- conversion rate and its spurious 1- admixture

    International Nuclear Information System (INIS)

    Papakonstantinou, P.; Wambach, J.; Kosmas, T.S.; Faessler, A.

    2006-01-01

    The incoherent transition strength of the exotic μ - -e - conversion in the 208 Pb nucleus is investigated by utilizing the continuum random-phase-approximation method, appropriate for the evaluation of the rate that goes to the continuum of the nuclear spectrum. We find that the contribution of resonances lying high in the continuum is not negligible. Special attention is paid to the detailed study of the pronounced 1 - contribution that according to previous calculations, dominates the overall incoherent rate in about all the nuclear targets. The spurious center-of-mass admixture to the partial rate originating from the 1 - excitations is explored, and its elimination is performed by correcting properly the dipole operators. The results found this way show that the greatest portion of the total 1 - contribution to the incoherent rate is spurious

  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. 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...

  15. Family Ratings of Communication Largely Reflect Expressive Language and Conversation-Level Ability in People With Aphasia.

    Science.gov (United States)

    Fucetola, Robert; Tabor Connor, Lisa

    2015-11-01

    Family ratings of communication and social interactions represent an important source of information about people with aphasia. Because of the reliance on family/partner ratings as an outcome measure in many aphasia treatment studies and in the clinic, there is a great need for the validation of commonly used family/partner rating measures, and a better understanding of predictors of family ratings of communication. The communication ability of 130 individuals with aphasia due to neurologic illness was rated by family members/partners on the Communicative Effectiveness Index (CETI; Lomas et al., 1989). Information on aphasia severity, mood, quality of life, nonverbal cognitive functioning, and various demographic factors was collected. Principal component analysis confirmed a 2-factor model best represents the relationships among CETI rating items, and this model largely consists of a conversation-level ability factor. Family ratings were largely predicted by the patient's expressive (not receptive) language but also patient self-perceived quality of communication life. Family/partners typically rate the effectiveness of communication based largely on expressive language, despite the fact that other aspects of the aphasia (e.g., listening comprehension) are as important for everyday communication.

  16. 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.

  17. Effects of radiation transport on mass ablation rate and conversion efficiency in numerical simulations of inertial confinement fusion

    International Nuclear Information System (INIS)

    Gupta, N.K.

    2002-01-01

    The effects of radiation transport on hydrodynamic parameters of laser produced plasmas are studied. LTE and non-LTE atomic models are used to calculate multi group opacities and emissivities. Screened hydrogenic atom model is used to calculate the energy levels. The population densities of neutral to fully ionized ions are obtained by solving the steady state rate equations. Radiation transport is treated in multi-group diffusion or Sn method. A comparison is made between 1 and 100 group radiation transport and LTE and non-LTE models. For aluminium, multi group radiation transport leads to much higher mass ablation as compared to the 1 group and no radiation transport cases. This in turn leads to higher ablation pressures. However, for gold gray approximation gives higher mass ablation as compared to multi group simulations. LTE conversion efficiency of laser light into x-rays is more than the non-LTE estimates. For LTE as well as non-LTE cases, the one group approximation over-predicts the conversion efficiency Multi group non-LTE simulations predict that the conversion efficiency increases with laser intensity up to a maximum and then it decreases. (author)

  18. 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.

  19. Fiber Bragg grating based notch filter for bit-rate-transparent NRZ to PRZ format conversion with two-degree-of-freedom optimization

    International Nuclear Information System (INIS)

    Cao, Hui; Zuo, Jun; Xiong, Bangyun; Cheng, Jianqun; Shu, Xuewen; Shen, Fangcheng; Liu, Xin; Atai, Javid

    2015-01-01

    We propose a novel notch-filtering scheme for bit-rate transparent all-optical NRZ-to-PRZ format conversion. The scheme is based on a two-degree-of-freedom optimally designed fiber Bragg grating. It is shown that a notch filter optimized for any specific operating bit rate can be used to realize high-Q-factor format conversion over a wide bit rate range without requiring any tuning. (paper)

  20. 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....

  1. Rates of intraoperative complications and conversion to laparotomy during laparoscopic ovariectomy performed by veterinary students: 161 cases (2010-2014).

    Science.gov (United States)

    Nylund, Adam M; Drury, Adam; Weir, Heather; Monnet, Eric

    2017-07-01

    OBJECTIVE To assess rates of intraoperative complications and conversion to laparotomy associated with supervised veterinary students performing laparoscopic ovariectomy in dogs. DESIGN Retrospective case series. ANIMALS 161 female shelter dogs for which elective laparoscopic ovariectomy had been performed by supervised senior (fourth-year) veterinary students from 2010 through 2014. PROCEDURES Medical records of all dogs were reviewed and data collected regarding duration of surgery, surgical complications and other characteristics, and whether conversion to laparotomy was required. RESULTS Laparoscopic ovariectomy was performed with a 2-cannula technique and a 10-mm vessel-sealing device for hemostasis in all dogs. A Veress needle was used for initial insufflation in 144 (89.4%) dogs; method of insufflation was not reported for the remaining 17 (10.6%) dogs. Mean ± SD duration of surgery was 114.90 ± 33.40 minutes. Surgical complications, all classified as minor blood loss, occurred in 24 (14.9%) dogs. These included splenic puncture during insertion of the Veress needle (n = 20 [12.4%]) and minor bleeding from the ovarian pedicle (4 [2.5%]). Splenic puncture required no intervention, and ovarian pedicle bleeding required application of the vessel-sealing device an additional time to control the bleeding. Two ovaries were dropped in the abdominal cavity at the time of removal. Both were retrieved without complication. Conversion to laparotomy was not required for any dog. All dogs were discharged from the hospital within 24 hours after surgery. CONCLUSIONS AND CLINICAL RELEVANCE Laparoscopic ovariectomy in dogs was performed safely by closely supervised novice surgeons, with only minor intraoperative complications encountered and no need for conversion to laparotomy.

  2. Efficient video coding integrating MPEG-2 and picture-rate conversion

    NARCIS (Netherlands)

    Bruin, de F.J.; Bruls, W.H.A.; Burazerovic, D.; Haan, de G.

    2002-01-01

    We present an MPEG-2 compliant video codec using picture-rate upconversion during decoding. The upconversion autonomously regenerates major parts of frames without vectorial and residual data. Consequently, the bitrate is greatly reduced.

  3. 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.

  4. Virtual Currencies – monetary policy dilemmas and regulatory challenges

    Directory of Open Access Journals (Sweden)

    Daj Alexis

    2018-01-01

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

  5. Dose-rate conversion factors for external exposure to photon and electron radiation from radionuclides occurring in routine releases from nuclear fuel cycle facilities

    International Nuclear Information System (INIS)

    Kocher, D.C.

    1980-01-01

    Dose-rate conversion factors for external exposure to photon and electron radiation are calculated for 240 radionuclides of potential importance in routine releases from nuclear fuel cycle facilities. Exposure modes considered are immersion in contaminated air, immersion in contaminated water, and irradiation from a contaminated ground surface. For each exposure mode, dose-rate conversion factors for photons and electrons are calculated for tissue-equivalent material at the body surface of an exposed individual. Dose-rate conversion factors for photons only are calculated for 22 body organs. (author)

  6. 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.

  7. Currency Substitution and The Law of One Price

    OpenAIRE

    Gabriele Camera; Johannes Winkler

    2000-01-01

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

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

    OpenAIRE

    Nakamura, Chikafumi

    2011-01-01

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

  9. Applications in Foreign Currency Prima CV Ellindo Money Changer

    OpenAIRE

    Wisnu Sutrisno; Ire Puspa Wardhani, Skom, MMSI

    2004-01-01

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

  10. Motion Vector field improvement for picture rate conversion with reduced Halo

    NARCIS (Netherlands)

    Mertens, M.J.W.; Haan, de G.; Girod, B.; Bouman, C.A.; Steinbach, E.G.

    2001-01-01

    The quality of the interpolated images in picture rate upconversion is predominantly dependent on the accuracy of the motion vector fields. Block based MEs typically yield incorrect vectors in occlusion areas, which leads to an annoying halo in the upconverted video sequences. In the past we have

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

    Science.gov (United States)

    Wang, Gang-Jin; Xie, Chi

    2013-03-01

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

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

    OpenAIRE

    Lubor Lacina; Petr Toman

    2011-01-01

    The paper deals with the identification of potential disadvantages associated with the existence of national currencies with the floating exchange rate regime during the current financial and economic crisis in countries postponing their entry into the eurozone. The hypothesis is that the advantages of a floating exchange rate may be outweighed by their disadvantages (high volatility of exchange rates). First part of the paper provides evidence about the development of Czech crown exchange ra...

  13. Application of the dose rate spectroscopy to the dose-to-curie conversion method using a NaI(Tl) detector

    International Nuclear Information System (INIS)

    JI, Young-Yong; Chung, Kun Ho; Kim, Chang-Jong; Kang, Mun Ja; Park, Sang Tae

    2015-01-01

    Dose rate spectroscopy is a very useful method to directly calculate the individual dose rate from the converted energy spectrum for the dose rate using the G-factor which is related to the used detector response function. A DTC conversion method for the estimation of the radioactivity based on the measured dose rate from the radioactive materials can then be modified into a simple equation using the dose rate spectroscopy. In order to make the method validation of the modified DTC conversion method, experimental verifications using a 3″φx3″ NaI(Tl) detector were conducted at the simple geometry of the point source located onto a detector and more complex geometries which mean the assay of the simulated radioactive material. In addition, the linearity about the results from the modified DTC conversion method was also estimated by increasing the distance between source positions and a detector to confirm the method validation in the energy, dose rate, and distance range of the gamma nuclides. - Highlights: • A modified DTC conversion method using the dose rate spectroscopy was established. • In-situ calibration factors were calculated from the MCNP simulation. • Radioactivities of the disk sources were accurately calculated using a modified DTC conversion method. • A modified DTC conversion method was applied to the assay of the radioactive material

  14. Rate of revisions or conversion after bariatric surgery over 10 years in the state of New York.

    Science.gov (United States)

    Altieri, Maria S; Yang, Jie; Nie, Lizhou; Blackstone, Robin; Spaniolas, Konstantinos; Pryor, Aurora

    2018-04-01

    A primary measure of the success of a procedure is the whether or not additional surgery may be necessary. Multi-institutional studies regarding the need for reoperation after bariatric surgery are scarce. The purpose of this study is to evaluate the rate of revisions/conversions (RC) after 3 common bariatric procedures over 10 years in the state of New York. University Hospital, involving a large database in New York State. The Statewide Planning and Research Cooperative System database was used to identify all patients undergoing laparoscopic adjustable gastric banding (LAGB), sleeve gastrectomy (SG), and Roux-en-Y gastric bypass (RYGB) between 2004 and 2010. Patients were followed for RC to other bariatric procedures for at least 4 years (up to 2014). Multivariable cox proportional hazard regression analysis was performed to identify risk factors for additional surgery after each common bariatric procedure. Multivariable logistic regression was used to check the factors associated with having ≥2 follow-up procedures. There were 40,994 bariatric procedures with 16,444 LAGB, 22,769 RYGB, and 1781 SG. Rate of RC was 26.0% for LAGB, 9.8% for SG, and 4.9% for RYGB. Multiple RC ( = />2) were more common for LAGB (5.7% for LAGB, .5% for RYGB, and .2% for LSG). Band revision/replacements required further procedures compared with patients who underwent conversion to RYGB/SG (939 compared with 48 procedures). Majority of RC were not performed at initial institution (68.2% of LAGB patients, 75.9% for RYGB, 63.7% of SG). Risk factors for multiple procedures included surgery type, as LAGB was more likely to have multiple RC. Reoperation was common for LAGB, but less common for RYGB (4.9%) and SG (9.8%). RC rate are almost twice after SG than after RYGB. LAGB had the highest rate (5.7%) of multiple reoperations. Conversion was the procedure of choice after a failed LAGB. Copyright © 2018 American Society for Bariatric Surgery. Published by Elsevier Inc. All rights reserved.

  15. Transesterification of waste cooking oil: Process optimization and conversion rate evaluation

    International Nuclear Information System (INIS)

    Abd Rabu, R.; Janajreh, I.; Honnery, D.

    2013-01-01

    Highlights: ► The highest purity of the produced biodiesel determined by gas chromatography was 95%. ► Produced biodiesel samples fell within the requirements of American standard for biodiesel. ► The reaction order is 1st order with a rate constant of 0.01 min -1 in the above point min -1 . - Abstract: Biodiesel is a mono-alkyl ester of vegetable oil, animal fat, and recycled cooking oil. It is gaining importance in the quest of finding sustainable fuel as it is compatible with petrodiesel and its synthesis process is becoming more commercially deployable. It is commonly prepared by the transesterification of triglycerides or the esterification of free fatty acid with methanol by stirring and accelerated by the presence of base or acidic catalyst. In this work biodiesel was produced by transesterification of waste cooking oil (WCO) following different process settings with the objective to achieve maximum yield and purity. Due to immiscibility and reaction reversibility, high purity WCO biodiesel of 95% was produced at 12:1 alcohol to oil molar ratio at 1% w/w NaOH catalyst and under continuous mixing of 2 h at 60 °C. Chemical kinetics was determined for the optimal process and found to follow 1st order reaction rate with a rate constant ranges from 0.0035 to 0.0106 min −1 . The activation energy was also evaluated by running the experiment at three different temperatures and found to be near 25,496 J/mol. The distillation curve and properties of the resulted fuel was also assessed and were compared plausibly to ASTM biodiesel standards. Furthermore, the emitted soot from a diffusion wick flame was measured via opacity meter and clearly show the advantage of the biodiesel with a nearly an order of magnitude lower.

  16. 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.

  17. 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.

  18. 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.

  19. Experimental determination of the kinetic conversion rate of gaseous tritium into HTO

    International Nuclear Information System (INIS)

    Gulden, W.; Guenot, J.; Djerassi, H.; Clerc, H.

    1986-09-01

    To assess the impact of atmospheric tritium releases from a fusion plant to the environment, the dose to man usually is determined under the conservative assumption that all tritium is released in the more dangerous oxide form. To quantify this overprediction, experiments are presently being performed by CEA. Oxidation of tritium gas by soil and subsequent resuspension of HTO from soil to atmosphere is one of them. First results have been obtained by CEA on the kinetics of HTO resuspension from contaminated soils. Immediately after contamination, the fraction of the deposited activity which is resuspended to atmosphere is in the range of 1% to 5% per hour. This resuspension rate then decreases more or less slowly with time, depending on specific conditions

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

    Directory of Open Access Journals (Sweden)

    Bonghan Kim

    2007-06-01

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

  1. 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.

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

    NARCIS (Netherlands)

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

    2011-01-01

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

  3. 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

  4. 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

  5. 78 FR 39827 - Office of the Comptroller of the Currency

    Science.gov (United States)

    2013-07-02

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

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

    NARCIS (Netherlands)

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

    2011-01-01

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

  7. 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…

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

    African Journals Online (AJOL)

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

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

    International Nuclear Information System (INIS)

    Kim, Seung Su; Lee, Man Ki

    2005-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Marko Martinović

    2017-01-01

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

  11. 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.

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

    Directory of Open Access Journals (Sweden)

    Riko Hendrawan

    2017-07-01

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

  13. Beneficial Effect of Conversion to Belatacept in Kidney-Transplant Patients with a Low Glomerular-Filtration Rate

    Directory of Open Access Journals (Sweden)

    Julie Belliere

    2014-01-01

    Full Text Available Belatacept has been found to be efficient at preserving good kidney function in maintenance kidney-transplant patients. Herein, we report on the use of belatacept as a rescue therapy for two kidney-transplant patients presenting with severe adverse events after treatment with calcineurin inhibitors (CNIs and mammalian target-of-rapamycin (mTOR inhibitors. Two kidney-transplant patients developed severely impaired kidney function after receiving CNIs. The use of everolimus was associated with severe angioedema. Belatacept was then successfully used to improve kidney function in both cases, even though estimated glomerular-filtration rate before conversion was <20 mL/min. These case reports show that belatacept can be used as a rescue therapy, even if kidney function is very low in kidney-transplant patients who cannot tolerate CNIs and/or mTOR inhibitors.

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

    DEFF Research Database (Denmark)

    Ravn Sørensen, Anders

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

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

    OpenAIRE

    Josh Stillwagon

    2013-01-01

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

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

    OpenAIRE

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

    2017-01-01

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

  17. Choice of Monetary and Exchange Regimes in ECOWAS: An Optimum Currency Area Analysis

    OpenAIRE

    Chantal Dupasquier; Patrick N. Osakwe; Shandre M. Thangavelu

    2005-01-01

    There are plans by five West African countries to establish a second monetary zone in the sub-region by December 2009. In this paper we ask whether a monetary union is the appropriate exchange rate regime for the sub-region based on economic criteria. We address the issue using a rigorous theoretical framework that captures the crucial trade-off between the savings in transaction costs, resulting from a common currency, and the macroeconomic stabilization benefits of a flexible exchange rate ...

  18. A low-temperature partial-oxidation-methanol micro reformer with high fuel conversion rate and hydrogen production yield

    International Nuclear Information System (INIS)

    Wang, Hsueh-Sheng; Huang, Kuo-Yang; Huang, Yuh-Jeen; Su, Yu-Chuan; Tseng, Fan-Gang

    2015-01-01

    Highlights: • A low-operating temperature of the POM-mode micro methanol reformer is obtained. • The effect of channel design on the performance is studied. • The effect of solid content and binder’ ratio on the performance is studied. • The centrifugal process is benefit for the modification of performance. • 98% of methanol conversion rate of the micro reformer can be obtained at 180 °C. - Abstract: A partial oxidation methanol micro reformer (POM-μReformer) with finger-shaped channels for low operating temperature and high conversing efficiency is proposed in this study. The micro reformer employs POM reaction for low temperature operation (less than 200 °C), exothermic reaction, and quick start-up, as well as air feeding capability; and the finger type reaction chambers for increasing catalyst loading as well as reaction area for performance enhancement. In this study, centrifugal technique was introduced to assist on the catalyst loading with high amount and uniform distribution. The solid content (S), binder’s ratio (B), and channel design (the ratio between channel’s length and width, R) were investigated in detail to optimize the design parameters. Scanning electron microscopy (SEM), gas chromatography (GC), and inductively coupled plasma-mass spectrometer (ICP-MS) were employed to analyze the performance of the POM-μReformer. The result depicted that the catalyst content and reactive area could be much improved at the optimized condition, and the conversion rate and hydrogen selectivity approached 97.9% and 97.4%, respectively, at a very low operating temperature of 180 °C with scarce or no binder in catalyst. The POM-μReformer can supply hydrogen to fuel cells by generating 2.23 J/min for 80% H 2 utilization and 60% fuel cell efficiency at 2 ml/min of supplied reactant gas, including methanol, oxygen and argon at a mixing ratio of 12.2%, 6.1% and 81.7%, respectively

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

    Science.gov (United States)

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

    2018-04-01

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

  20. 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

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

    Directory of Open Access Journals (Sweden)

    M Aziakpono

    2004-04-01

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

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

    Energy Technology Data Exchange (ETDEWEB)

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

    1995-11-20

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

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

    OpenAIRE

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

    2007-01-01

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

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

    OpenAIRE

    William Horton; Hadley Leavell; Balasundram Maniam

    2013-01-01

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

  5. 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...

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

    OpenAIRE

    Yihui Lan

    2001-01-01

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

  7. Analysis of 62 hybrid assembled human Y chromosomes exposes rapid structural changes and high rates of gene conversion

    DEFF Research Database (Denmark)

    Gonzalez-Izarzugaza, Jose Maria; Skov, Laurits; Maretty, Lasse

    2017-01-01

    with the chimpanzee Y chromosome. We analyzed 2.7 Mb of large inverted repeats (palindromes) for variation patterns among the two palindrome arms and identified 603 mutation and 416 gene conversions events. We find clear evidence for GC-biased gene conversion in the palindromes (and a balancing AT mutation bias...

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

    International Nuclear Information System (INIS)

    Sgouridis, Sgouris

    2014-01-01

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

  9. 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.

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

    Energy Technology Data Exchange (ETDEWEB)

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

    2014-02-26

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

  11. 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.

  12. First-principles method for calculating the rate constants of internal-conversion and intersystem-crossing transitions.

    Science.gov (United States)

    Valiev, R R; Cherepanov, V N; Baryshnikov, G V; Sundholm, D

    2018-02-28

    A method for calculating the rate constants for internal-conversion (k IC ) and intersystem-crossing (k ISC ) processes within the adiabatic and Franck-Condon (FC) approximations is proposed. The applicability of the method is demonstrated by calculation of k IC and k ISC for a set of organic and organometallic compounds with experimentally known spectroscopic properties. The studied molecules were pyrromethene-567 dye, psoralene, hetero[8]circulenes, free-base porphyrin, naphthalene, and larger polyacenes. We also studied fac-Alq 3 and fac-Ir(ppy) 3 , which are important molecules in organic light emitting diodes (OLEDs). The excitation energies were calculated at the multi-configuration quasi-degenerate second-order perturbation theory (XMC-QDPT2) level, which is found to yield excitation energies in good agreement with experimental data. Spin-orbit coupling matrix elements, non-adiabatic coupling matrix elements, Huang-Rhys factors, and vibrational energies were calculated at the time-dependent density functional theory (TDDFT) and complete active space self-consistent field (CASSCF) levels. The computed fluorescence quantum yields for the pyrromethene-567 dye, psoralene, hetero[8]circulenes, fac-Alq 3 and fac-Ir(ppy) 3 agree well with experimental data, whereas for the free-base porphyrin, naphthalene, and the polyacenes, the obtained quantum yields significantly differ from the experimental values, because the FC and adiabatic approximations are not accurate for these molecules.

  13. 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

    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...

  14. 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.

  15. BITCOIN - THE CURRENCY OF A NEW ECONOMY?

    Directory of Open Access Journals (Sweden)

    CARINA-ELENA STEGĂROIU

    2017-12-01

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

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

    Czech Academy of Sciences Publication Activity Database

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

    2016-01-01

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

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

    Science.gov (United States)

    2010-01-01

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

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

    NARCIS (Netherlands)

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

    2004-01-01

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

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

    OpenAIRE

    León Gutiérrez, Xavier; Navarro Moldes, Leandro

    2007-01-01

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

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

    OpenAIRE

    Bank for International Settlements

    1998-01-01

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

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

    OpenAIRE

    Jacobo De León

    2001-01-01

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

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

    OpenAIRE

    Mayr, Samuel

    2015-01-01

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

  3. The legal nature of the contract currency bank account

    Directory of Open Access Journals (Sweden)

    Ольга Олегівна Чорна

    2016-06-01

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

  4. 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.

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

    Science.gov (United States)

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

    2005-05-01

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

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

    Directory of Open Access Journals (Sweden)

    Gertsekovich D. A.

    2015-03-01

    Full Text Available In this paper the problem of exchange rates forecast is logically considered a traditionally as a task of forecast on the base of «stand-alone» equations of autoregression for each currency pair and b as a result of forecast correction of autoregression equations system on the base of boundary conditions of balance ratios systems. As a criterion for quality of forecast constructed with empirical models we take the sum of deficiency quadrates of forecasts estimated for deductive currency pairs. Practical approval confirmed that deductive models meet common requirements, provide accepted precision, show resistance to initial data and are free from series of deficiency of one index. However, extreme forecast errors tell that practical application of the approach offered needs further improvement.

  7. Conversion rate of laparoscopic cholecystectomy after endoscopic retrograde cholangiography in the treatment of choledocholithiasis - Does the time interval matter?

    NARCIS (Netherlands)

    de Vries, A.; Donkervoort, S. C.; van Geloven, A. A. W.; Pierik, E. G. J. M.

    2005-01-01

    Background: Preceding endoscopic retrograde cholangiography (ERC) in patients with choledochocystolithiasis impedes laparoscopic cholecystectomy (LC) and increases risk of conversion. We studied the influence of time interval between ERC and LC on the course of LC. Methods: All patients treated for

  8. 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

  9. 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; Kim, Dongwook; Coropceanu, Veaceslav; Bredas, Jean-Luc

    2017-01-01

    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

  10. 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. For...

  11. 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.

  12. 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

  13. THE INFLUENCE OF CONVERSION MODEL CHOICE FOR EROSION RATE ESTIMATION AND THE SENSITIVITY OF THE RESULTS TO CHANGES IN THE MODEL PARAMETER

    Directory of Open Access Journals (Sweden)

    Nita Suhartini

    2010-06-01

    Full Text Available A study of soil erosion rates had been done on a slightly and long slope of cultivated area in Ciawi - Bogor, using 137Cs technique. The objective of the present study was to evaluate the applicability of the 137Cs technique in obtaining spatially distributed information of soil redistribution at small catchment. This paper reports the result of the choice of conversion model for erosion rate estimates and the sensitive of the changes in the model parameter. For this purpose, small site was selected, namely landuse I (LU-I. The top of a slope was chosen as a reference site. The erosion/deposit rate of individual sampling points was estimated using the conversion models, namely Proportional Model (PM, Mass Balance Model 1 (MBM1 and Mass Balance Model 2 (MBM2. A comparison of the conversion models showed that the lowest value is obtained by the PM. The MBM1 gave values closer to MBM2, but MBM2 gave a reliable values. In this study, a sensitivity analysis suggest that the conversion models are sensitive to changes in parameters that depend on the site conditions, but insensitive to changes in  parameters that interact to the onset of 137Cs fallout input.   Keywords: soil erosion, environmental radioisotope, cesium

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

    Science.gov (United States)

    Kanavos, P

    1998-01-01

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

  15. 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.

  16. 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

    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...... groups placed in the 1st and 4th pen (p=0.0001). A similar effect was not seen on smaller pigs. Pen placement appears to have no effect on feed conversion rate.No interaction effects between shielding and distance to the corridor could be demonstrated. Furthermore, in models including both factors......). The effect could not be tested for Yorkshire and Danish Landrace due to lack of data on these breeds. For groups of pigs above the average start weight, a clear tendency of higher growth rates at greater distances from the central corridor was observed, with the most significant differences being between...

  17. The effect of hydroxyapatite presence on the degree of conversion and polymerization rate in a model self-etching adhesive

    Science.gov (United States)

    Zhang, Ying; Wang, Yong

    2011-01-01

    Objective The effect of hydroxyapatite (HAp) content on photopolymerization of a model self-etching adhesive was studied by using attenuated total reflectance Fourier transform infrared (ATR/FT-IR) spectroscopy. Materials and methods The model adhesive contained two monomers: bis[2-(methacryloyloxy)ethyl] phosphate (2MP) and 2-hydroxyethyl methacrylate (HEMA) using a 1:1 mass ratio, representing an acidic formulation. Camphorquinone and ethyl 4-dimethylaminobenzoate were added to enable visible light photopolymerization in a constant concentration of 0.022 mmol per gram monomer. HAp [Ca10(OH)2(PO4)6] powder were added to the test solutions to obtain mass fraction of 0, 1, 2, 3, 4 wt%. The degree of conversion (DC) and the polymerization rate (PR) with/without HAp were determined using ATR/FT-IR with a time-based spectrum analysis. Results Monomer DC and PR were significantly enhanced by addition of HAp. Incorporation of 4 wt% of HAp increased DC from 20.8 (±0.3) % to 93.4 (±1.1) %, and PR from 0.42 (±0.01) %/s to 3.21 (±0.07) %/s. The pH of adhesive solutions was measured and correlated with DC and PR. The pH of test solutions was also controlled using a base (sodium hydroxide, NaOH) to similar values as when using HAp. Results indicated that both the DC and PR increased with increasing pH, regardless of additive, confirming the role of pH on polymerization. From the IR spectral comparison, changes in molecular structures of the self-etching adhesive after the addition of HAp were observed, which were correlated with the specific interaction between 2MP and HAp. The effect of viscosity was also proposed to be another possible reason for the improved polymerization. Significance The photopolymerization of a self-etching adhesive was enhanced / accelerated in the presence of HAp. The results provide the critical information for understanding the interactions/bonding between self-etching adhesives and tooth substrates. PMID:22032933

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

    Directory of Open Access Journals (Sweden)

    Daniel Gersten Reiss

    2015-05-01

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

  19. Is There a ‘Mystery of Currency Exposure’? An Empirical Study of A-Share Listed Companies

    OpenAIRE

    Feixiang Chen; Li Ju

    2011-01-01

    Given companies’ dynamic responses to expected exchange rate changes, this article improves on current methods of measuring exposure to foreign exchange rate changes by breaking down the spot exchange rate changes into expected changes and unexpected changes. The currency risk exposure coefficients resulting from an empirical analysis of Shanghai Stock Exchange A share listed companies on whose reported performance foreign exchange changes have a direct impact have a high significance level, ...

  20. Analysis of 62 hybrid assembled human Y chromosomes exposes rapid structural changes and high rates of gene conversion.

    Directory of Open Access Journals (Sweden)

    Laurits Skov

    2017-08-01

    Full Text Available The human Y-chromosome does not recombine across its male-specific part and is therefore an excellent marker of human migrations. It also plays an important role in male fertility. However, its evolution is difficult to fully understand because of repetitive sequences, inverted repeats and the potentially large role of gene conversion. Here we perform an evolutionary analysis of 62 Y-chromosomes of Danish descent sequenced using a wide range of library insert sizes and high coverage, thus allowing large regions of these chromosomes to be well assembled. These include 17 father-son pairs, which we use to validate variation calling. Using a recent method that can integrate variants based on both mapping and de novo assembly, we genotype 10898 SNVs and 2903 indels (max length of 27241 bp in our sample and show by father-son concordance and experimental validation that the non-recurrent SNP and indel variation on the Y chromosome tree is called very accurately. This includes variation called in a 0.9 Mb centromeric heterochromatic region, which is by far the most variable in the Y chromosome. Among the variation is also longer sequence-stretches not present in the reference genome but shared with the chimpanzee Y chromosome. We analyzed 2.7 Mb of large inverted repeats (palindromes for variation patterns among the two palindrome arms and identified 603 mutation and 416 gene conversions events. We find clear evidence for GC-biased gene conversion in the palindromes (and a balancing AT mutation bias, but irrespective of this, also a strong bias towards gene conversion towards the ancestral state, suggesting that palindromic gene conversion may alleviate Muller's ratchet. Finally, we also find a large number of large-scale gene duplications and deletions in the palindromic regions (at least 24 and find that such events can consist of complex combinations of simultaneous insertions and deletions of long stretches of the Y chromosome.

  1. 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

  2. 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.

  3. 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.

  4. 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

  5. Evaluating public awareness of new currency design features

    Science.gov (United States)

    DiNunzio, Lisa; Church, Sara E.

    2002-04-01

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

  6. SWAPS DE TASA DE INTERÉS Y DE CRUCE DE MONEDAS COMO HERRAMIENTAS DE COBERTURA PARA LAS EMPRESAS COLOMBIANAS SWAPS DE TAXA DE INTERESSE E DE CRUZE DE MOEDAS COMO FERAMENTAS DE COBERTURA PARA AS EMPRESAS COLOMBIANAS INTEREST RATE AND CROSS CURRENCY SWAPS AS HEDGING TOOLS FOR COLOMBIAN COMPANIES

    Directory of Open Access Journals (Sweden)

    Eduardo Arango

    2011-12-01

    Full Text Available Este trabajo presenta un acercamiento teórico práctico al uso de swaps de tasa de interés (IRS y de cruce de monedas (CCS como herramientas de cobertura para gestionar los riesgos de tasa de interés y de tasas de cambio a los que las empresas colombianas se encuentran expuestas. En su desarrollo se analizan las ventajas y los retos del uso de estos instrumentos y se proponen soluciones a los diferentes obstáculos existentes en áreas como la comprensión de las características y los riesgos propios del producto, la valoración y el registro de sus efectos contables y tributarios. Se hace énfasis en la construcción de un modelo de valoración, empleando los métodos de bootstrapping e interpolación por splines cúbicos para la estimación de la estructura a plazos de tasas de interés, que permita disponer de precios indicativos de IRS y CCS para las particularidades del mercado colombiano.Este trabalho apresenta uma aproximação teórica e prática ao uso de swaps de taxa de interesse (IRS e de cruze de moedas (CCS como ferramentas de cobertura para gerenciar os riscos de taxa de interesse e de taxas de mudança aos que as empresas colombianas se encontram expostas. No seu desenvolvimento analisam-se as vantagens e os desafios do uso destes instrumentos e propõem-se soluções aos diferentes obstáculos existentes em áreas como o entendimento das características e os riscos próprios do produto, a valoração e o registro de seus efeitos contábeis e tributários. Faz-se ênfase na construção de um modelo de valoração, empregando os métodos de bootstrapping e interpolação por splines cúbicos para a estimativa da estrutura a prazo de taxas de interesse, que permita dispor de preços indicativos de IRS e CCS para as particularidades do mercado colombiano.This paper aims to provide the theoretical and practical elements of the use of interest rate swaps (IRS and cross currency swaps (CCS by Colombian companies, as hedging tools

  7. COMMODITY CURRENCIES: UM FENÔMENO REAL NO BRASIL?

    Directory of Open Access Journals (Sweden)

    Rodrigo Branco

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

  8. 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.

  9. 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

    .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......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...... lifetime episode of depression. METHOD: 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...

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

    Directory of Open Access Journals (Sweden)

    S. SCHULMEISTER

    2013-12-01

    Full Text Available In questo studio i motivi dietro le ampie fluttuazioni del tasso di cambio del dollaro a seguito del crollo del sistema di Bretton Woods, per la maggior parte non spiegata dalle teorie prevalenti del tasso di cambio, sono esplorate. L'autore indaga il tasso di cambio tra le due valute più scambiate, il dollaro e il marco tedesco, dal 1973 al 1988. Nella prima parte, il modello dei movimenti dei tassi di cambio quotidiani viene esaminato per dimostrare che una sequenza di rialzo o al ribasso interrotto da movimenti non direzionali è tipico della dinamica dei tassi di cambio nel breve periodo. Questo modello è sistematicamente sfruttata attraverso speculazione monetaria, in particolare attraverso l'uso di "analisi tecnica". Nella seconda parte, l'autore si concentra sul medio termine, sostenendo che le fluttuazioni possono essere spiegati come il risultato di interagire squilibri dei beni e mercati delle attività. Anche se valuta la speculazione è stata sistematicamente redditizio per la maggior parte delle valute, deve essere considerata destabilizzante in quanto la sequenza delle corse dei prezzi ha causato notevoli e persistenti deviazioni dei tassi di cambio dai loro valori di equilibrio (PIL.In this study the reasons behind the wide fluctuations of the dollar exchange rate following the breakdown of the Bretton Woods system, for the most part unexplained by the prevailing exchange rate theories, are explored. The author investigates the exchange rate between the two most traded currencies, the dollar and the deutschemark, from 1973 to 1988. In the first part, the pattern of the daily exchange rate movements is examined to show that a sequence of upward and downward trends interrupted by non-directional movements is typical of exchange rate dynamics in the short run. This pattern is systemically exploited through currency speculation, particularly through the use of “technical analysis”. In the second part, the author focuses on the

  11. Modeling the Influence of Diffusion-Controlled Reactions and Residual Termination and Deactivation on the Rate and Control of Bulk ATRP at High Conversions

    Directory of Open Access Journals (Sweden)

    Ali Mohammad Rabea

    2015-04-01

    Full Text Available In high-conversion atom transfer radical polymerization (ATRP, all the reactions, such as radical termination, radical deactivation, dormant chain activation, monomer propagation, etc. could become diffusion controlled sooner or later, depending on relative diffusivities of the involved reacting species. These diffusion-controlled reactions directly affect the rate of polymerization and the control of polymer molecular weight. A model is developed to investigate the influence of diffusion-controlled reactions on the high conversion ATRP kinetics. Model simulation reveals that diffusion-controlled termination slightly increases the rate, but it is the diffusion-controlled deactivation that causes auto-acceleration in the rate (“gel effect” and loss of control. At high conversions, radical chains are “trapped” because of high molecular weight. However, radical centers can still migrate through (1 radical deactivation–activation cycles and (2 monomer propagation, which introduce “residual termination” reactions. It is found that the “residual termination” does not have much influence on the polymerization kinetics. The migration of radical centers through propagation can however facilitate catalytic deactivation of radicals, which improves the control of polymer molecular weight to some extent. Dormant chain activation and monomer propagation also become diffusion controlled and finally stop the polymerization when the system approaches its glass state.

  12. 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

  13. Application for Determination of the Forward Exchange Rate in Access 2003

    Directory of Open Access Journals (Sweden)

    Loredana MOCEAN

    2006-01-01

    Full Text Available The exchange rate set the present rate for a foreign currency transaction with payment or delivery at some future date. Forward rates are calculated by using the current exchange rate for the currency pair and the interest rates for the two currencies and allow you to lock in rate now for a future. This paper describes the formulas which determinate the forward exchange rate and how can we implement them in a short, but efficient informatics application.

  14. Conversion Between Mini-Mental State Examination, Montreal Cognitive Assessment, and Dementia Rating Scale-2 Scores in Parkinson’s Disease

    Science.gov (United States)

    van Steenoven, Inger; Aarsland, Dag; Hurtig, Howard; Chen-Plotkin, Alice; Duda, John E.; Rick, Jacqueline; Chahine, Lama M.; Dahodwala, Nabila; Trojanowski, John Q.; Roalf, David R.; Moberg, Paul J.; Weintraub, Daniel

    2015-01-01

    Cognitive impairment is one of the earliest, most common, and most disabling non-motor symptoms in Parkinson’s disease (PD). Thus, routine screening of global cognitive abilities is important for the optimal management of PD patients. Few global cognitive screening instruments have been developed for or validated in PD patients. The Mini-Mental State Examination (MMSE), Montreal Cognitive Assessment (MoCA), and Dementia Rating Scale-2 (DRS-2) have been used extensively for cognitive screening in both clinical and research settings. Determining how to convert the scores between instruments would facilitate the longitudinal assessment of cognition in clinical settings and the comparison and synthesis of cognitive data in multicenter and longitudinal cohort studies. The primary aim of this study was to apply a simple and reliable algorithm for the conversion of MoCA to MMSE scores in PD patients. A secondary aim was to apply this algorithm for the conversion of DRS-2 to both MMSE and MoCA scores. The cognitive performance of a convenience sample of 360 patients with idiopathic PD was assessed by at least two of these cognitive screening instruments. We then developed conversion scores between the MMSE, MoCA, and DRS-2 using equipercentile equating and log-linear smoothing. The conversion score tables reported here enable direct and easy comparison of three routinely used cognitive screening assessments in PD patients. PMID:25381961

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

    International Nuclear Information System (INIS)

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

    1992-01-01

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

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

    African Journals Online (AJOL)

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

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

    NARCIS (Netherlands)

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

    2012-01-01

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

  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

  19. RITUAL USE OF CURRENCY IN LAIMBWE HISTORY, CAMEROON

    Directory of Open Access Journals (Sweden)

    Henry Kam Kah

    2018-02-01

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

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

    NARCIS (Netherlands)

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

    2012-01-01

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

  1. Governance and sustainability of the Argentine Complementary Currency Systems

    NARCIS (Netherlands)

    G.M. Gómez (Georgina)

    2012-01-01

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

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

    NARCIS (Netherlands)

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

    1999-01-01

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

  3. The Financing of Complementary Currencies: Problems and Perspectives

    NARCIS (Netherlands)

    R.F.H. Schroeder (Rolf)

    2015-01-01

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

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

    OpenAIRE

    Manuela Goretti

    2005-01-01

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

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

    African Journals Online (AJOL)

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

  6. The currency and tempo of extinction.

    Science.gov (United States)

    Regan, H M; Lupia, R; Drinnan, A N; Burgman, M A

    2001-01-01

    This study examines estimates of extinction rates for the current purported biotic crisis and from the fossil record. Studies that compare current and geological extinctions sometimes use metrics that confound different sources of error and reflect different features of extinction processes. The per taxon extinction rate is a standard measure in paleontology that avoids some of the pitfalls of alternative approaches. Extinction rates reported in the conservation literature are rarely accompanied by measures of uncertainty, despite many elements of the calculations being subject to considerable error. We quantify some of the most important sources of uncertainty and carry them through the arithmetic of extinction rate calculations using fuzzy numbers. The results emphasize that estimates of current and future rates rely heavily on assumptions about the tempo of extinction and on extrapolations among taxa. Available data are unlikely to be useful in measuring magnitudes or trends in current extinction rates.

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

    DEFF Research Database (Denmark)

    Wagner, Christian

    2012-01-01

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

  8. 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.

  9. China currency dispute: is a rise in the yuan inevitable, necessary or desirable?

    OpenAIRE

    Tatom, John

    2007-01-01

    China-bashing has become a popular media and political sport. This is largely due to the U.S. trade imbalance and the belief, by some, that China is responsible for it because it manipulates its currency to hold down the dollar prices of its goods, unfairly creating a trade advantage that has contributed to the loss of U.S. businesses and jobs. This paper reviews the problem of the large trade imbalance that the United States has with China and its relationship to Chinese exchange rate poli...

  10. China Currency Dispute: Is a Rise in the Yuan Necessary, Inevitable or Desirable?

    OpenAIRE

    John A. Tatom

    2007-01-01

    China-bashing has become a popular media and political sport. This is largely due to the U.S. trade imbalance and the belief, by some, that China is responsible for it because it manipulates its currency to hold down the dollar prices of its goods, unfairly creating a trade advantage that has contributed to the loss of U.S. businesses and jobs. This paper reviews the problem of the large trade imbalance that the United States has with China and its relationship to Chinese exchange rate policy...

  11. 75 FR 28331 - Meaningful Access to United States Currency for Blind and Visually Impaired Persons

    Science.gov (United States)

    2010-05-20

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

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

    NARCIS (Netherlands)

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

    2003-01-01

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

  13. 17 CFR 405.4 - Financial recordkeeping and reporting of currency and foreign transactions by registered...

    Science.gov (United States)

    2010-04-01

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

  14. 48 CFR 28.204-2 - Certified or cashiers checks, bank drafts, money orders, or currency.

    Science.gov (United States)

    2010-10-01

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

  15. THE ROLE OF MODERN WORLD CURRENCIES IN PRIVATE SECTOR

    Directory of Open Access Journals (Sweden)

    Inna Kudryashova

    2018-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Stephen P. Magee

    2017-11-01

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

  17. 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.

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

    International Nuclear Information System (INIS)

    Chiodo, Sandro Giuseppe; Mineva, Tzonka

    2015-01-01

    This work reports non-radiative internal conversion (IC) rate constants obtained for Cu n with n = 3, 6, and 9 and H 2 on Cu 3 . 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 H 2 on Cu 3 . 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

  19. The impact of the financial crisis on the currency and the monetary system

    Directory of Open Access Journals (Sweden)

    Petre DEACONU

    2010-09-01

    Full Text Available The present-day economic and financial crisis (depression appears unprecedented in the last half century. The international financial crisis has been extended to the Romanian economy. However, in terms of direct impact, the Romanian banking system was less affected by not being exposed to toxic assets, and because of prudential and administrative measures taken by the NBR. Indirectly, however, the international financial crisis and especially its obvious consequence – the recession in developed countries - has expanded to the Romanian economy, on several channels. The shopping channel slowed export growth and even reduced them. The financial channel has limited the access to external financing, and thus restricted the lending volume, generating private external debt service difficulties. On the exchange rate channel, the reduction in external financing reflected in national currency depreciation. On the confidence channel, there was a withdrawal of investors from Eastern Europe countries. Among the measures adopted by the central bank, the most notable were targeting inflation and currency interventions. By adopting inflation targeting, the central bank opted to make more room in establishing foreign exchange market, and after the onset of the current international financial crisis, including the 2009-2010, adopted a controlled floating exchange rate. This does not mean intervention in the forex market on a discretionary basis. NBR policy on foreign exchange intervention has been guided by the philosophy that high exchange rate volatility is harmful for both the inflation target and the financial health of the real and financial sector.

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

    Directory of Open Access Journals (Sweden)

    Iaroshevska Oksana V.

    2018-01-01

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

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

    OpenAIRE

    Jian Wang

    2004-01-01

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

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

    OpenAIRE

    Olga А. Nikolaychuk

    2017-01-01

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

  3. 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.

  4. 12 CFR Appendix C to Part 3 - Capital Adequacy Guidelines for Banks: Internal-Ratings-Based and Advanced Measurement Approaches

    Science.gov (United States)

    2010-01-01

    ... THE CURRENCY, DEPARTMENT OF THE TREASURY MINIMUM CAPITAL RATIOS; ISSUANCE OF DIRECTIVES Pt. 3, App. C... means a cross-currency interest rate swap, forward foreign-exchange contract, currency option purchased... investment grade; (v) Equity securities that are publicly traded; (vi) Convertible bonds that are publicly...

  5. Large Swings in Currencies driven by Fundamentals

    NARCIS (Netherlands)

    P. Cumperayot (Phornchanok); C.G. de Vries (Casper)

    2006-01-01

    textabstractExchange rate returns are fat-tailed distributed. We provide evidence that the apparent non-normality derives from the behavior of macroeconomic fundamentals. Economic and probabilistic arguments are offered for such a relationship. Empirical support is given by testing against normality

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

    International Nuclear Information System (INIS)

    Mileva, Elitza; Siegfried, Nikolaus

    2012-01-01

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

  7. Analysis of 62 hybrid assembled human Y chromosomes exposes rapid structural changes and high rates of gene conversion

    DEFF Research Database (Denmark)

    Gonzalez-Izarzugaza, Jose Maria; Skov, Laurits; Maretty, Lasse

    2017-01-01

    The human Y-chromosome does not recombine across its male-specific part and is therefore an excellent marker of human migrations. It also plays an important role in male fertility. However, its evolution is difficult to fully understand because of repetitive sequences, inverted repeats and the po......The human Y-chromosome does not recombine across its male-specific part and is therefore an excellent marker of human migrations. It also plays an important role in male fertility. However, its evolution is difficult to fully understand because of repetitive sequences, inverted repeats...... and the potentially large role of gene conversion. Here we perform an evolutionary analysis of 62 Y-chromosomes of Danish descent sequenced using a wide range of library insert sizes and high coverage, thus allowing large regions of these chromosomes to be well assembled. These include 17 father-son pairs, which we...... use to validate variation calling. Using a recent method that can integrate variants based on both mapping and de novo assembly, we genotype 10898 SNVs and 2903 indels (max length of 27241 bp) in our sample and show by father-son concordance and experimental validation that the non-recurrent SNP...

  8. 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.

  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.

    Directory of Open Access Journals (Sweden)

    Jacinta Chan Phooi M'ng

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

  11. 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.

  12. RECENT APPROACHES IN THE OPTIMUM CURRENCY AREAS THEORY

    Directory of Open Access Journals (Sweden)

    AURA SOCOL

    2011-04-01

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

  13. 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.

  14. Bosnian Draft of the law on the conversion of Swiss-francs loans: Critical review

    Directory of Open Access Journals (Sweden)

    Popović Igor

    2016-01-01

    Full Text Available Firstly, the author explains what motivated him to write this article, because Swiss-francs loans issue is very important for almost all Balkans states. After that, the essence of Swiss-francs loans is explained and what caused litigations relating to the nullity of these loans agreements. Courts are of the opinion that these agreements are legal and valid. They point out that currency clauses within these agreements are lawful and valid. Such courts' conclusion is a premise on which rests this article. The author emphasizes that subject of this article is not whether currency clauses regarding mentioned loans are lawful or not, but whether the Draft of the law on the conversion of Swiss-francs loans is constitutional and legitimate. The author explains the content of the mentioned Draft, especially the method of the intended conversion. Essence of the proposed conversion is as follows - conversion of Swiss-francs loans into the local currency (convertible mark at rates which had existed at the moment of the conclusion of an agreement. The author points to the vagueness of the Draft provisions and the possible problems that may arise in its application, if enacted. Next and main part of the article concerns the potential retroactive application of the Draft provisions. Draft covers all loans agreements, i.e. agreements which have ever been concluded, regardless of whether they are no longer in force. Thus, main effect of the Draft would be retroactive application of its provisions. Retroactivity undermines principle of legal certainty and to some extent principle of separation of powers, since courts have confirmed validity of the mentioned agreements. Draft, also, places all negative effects of rates exchange on creditors (banks, meaning that the question of proportionality could arise. Thus, the author argues that enactment of the Draft in proposed capacity would probably violate the principle of non-retroactive application of law and

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

    OpenAIRE

    Yoshimi, Taiyo

    2014-01-01

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

  16. The Use of the Yen as a Reserve Currency

    OpenAIRE

    Peter M. Garber

    1996-01-01

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

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

    OpenAIRE

    Sumanjeet Singh

    2009-01-01

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

  18. Trading algorithms for high-frequency currency trading

    OpenAIRE

    Garoosi, Shahab

    2018-01-01

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

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

    Czech Academy of Sciences Publication Activity Database

    Baruník, J.; Vácha, Lukáš

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

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

    Science.gov (United States)

    Acerenza, Luis

    2016-03-01

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

  1. 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.

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

    Directory of Open Access Journals (Sweden)

    Mehmed Ganić

    2017-12-01

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

  3. 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.

  4. 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.

  5. 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.

  6. 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.

  7. Rate and factors influencing the conversion of abstracts presented at the argentinian congress of hypertension meetings to indexed full peer-reviewed publications.

    Science.gov (United States)

    Barochiner, J; Martínez, R; Choi, M; Espeche, W; Micali, R G; Tomat, A

    2018-03-01

    Publication rates vary significantly among different scientific meetings, with many abstracts never being published as peer-reviewed articles. This issue has never been investigated in the Hypertension field in Argentina. Our purpose was to determine the proportion of abstracts presented at the Argentinian Congress of Hypertension meetings that were published as full articles in peer-reviewed indexed journals, the time lag to publication and the factors associated with successful publication. we conducted a PubMed search to identify peer-reviewed publications of abstracts presented at the Argentinian Congress of Hypertension meetings between 2006 and 2015, assessing publication rate along with the time lag to publication. We also extracted information about several abstract characteristics and, for those that got published, we recorded the date of publication and journal name with its impact factor and H index. Predictors of publication were analyzed using a multivariable model. a total of 619 abstracts were presented between 2006 and 2015. The rate of conversion to full-text peer-reviewed articles by June 2017 was 28.1% (95%CI 24.7-31.8%), with a median time to publication of 15.7 months (IQR 8-30.9). On multivariable analysis, the independent predictors of publication were basic science category (OR 5 [95%CI 2.3-10.8], p<0.001), oral presentation (OR 2.8 [95%CI 1.6-4.9], p<0.001) and being an award winner for the presentation (OR 3 [95%CI 1.3-6.8], p=0.01). conversion rate to full peer-reviewed articles of abstracts presented at the Argentinian Congress of Hypertension meetings is far from ideal, with potential areas where efforts should be concentrated to improve dissemination of knowledge. Copyright © 2018 SEH-LELHA. Publicado por Elsevier España, S.L.U. All rights reserved.

  8. Thermal Effects on the Body mass, Transpiration rate, Feeding and Food Conversion of the Pillbug Armadillo officinalis (Isopoda, Oniscidea Fed on the Dry Leaf of Punica Granatum

    Directory of Open Access Journals (Sweden)

    Abdelgader K. Youssef

    2004-06-01

    Full Text Available Observations were made on the body mass; transpiration rate; assimilation efficiency; gross and net production efficiencies; feeding, assimilation, conversion and metabolic rates of the pillbug Armadillo officinalis Dumeril acclimatized at 14º  and 21 °C for 15 days and fed on the dry leaf of Punica granatum (Pomegranate.  A brief description is given on the chemical composition of P. granatum leaf.  The difference in body mass increments of A. officinalis between the acclimatized temperatures was not significant (t = 1.09; p>0.05.  However, significant differences were discernible on the transpiration rate (t = 9.53; p<0.01, moisture (t = 9.01; p<0.01, assimilation efficiency (t = 5.16; p<0.01, feeding (t = 3.76; p<0.05 and conversion (t = 2.58; p<0.05  rates between the woodlice acclimatized at 14º and 21 °C.  Better feeding of    P. granatum leaf by these animals was observed at 21° C, but better assimilation efficiency at 14 °C.  Only 3.21% assimilated food at 14° C and 6.30% at 21 °C were converted into the production of new tissues.  The food consumption of A. officinalis at 14º and 21° C was 2.05% and 3.79% body mass/day respectively.  The effect of temperature on the activity of A. officinalis in the field is discussed.

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

    Directory of Open Access Journals (Sweden)

    Alexander V. Babkin

    2017-01-01

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

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

    Energy Technology Data Exchange (ETDEWEB)

    Shaaf, M.B.

    1982-01-01

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

  11. 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.

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

    Directory of Open Access Journals (Sweden)

    Ariful Hoque

    2013-06-01

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

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

    International Nuclear Information System (INIS)

    Mazraati, M.

    2005-01-01

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

  14. 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

    2017-08-01

    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, 105B: 1622-1635, 2017. © 2016 Wiley Periodicals, Inc.

  15. THE DISCLOSURE OF THE CONVERSION OF VOLUME AND UTILIZATION OF FIXED CAPITAL IN THE COMMERCIAL RATE OF RETURN

    Directory of Open Access Journals (Sweden)

    CONSTANTIN CĂRUNTU

    2010-01-01

    Full Text Available The efficiency and sustainability in a competitive economy are provided also by the extent to which the company has a material potential whose technical and operational parameters meet the new requirements of market economy. The management of creating value at the enterprise level requires selecting from a range of alternative investments that variant that incubated the most likely probability to increase the value of the firm. The fixed capital of the company is a production factor with a significant role in the performances of economic efficiency of it. The fixed capital incorporates a certain qualitative level of the production tehnologies and its effectiveness will depend decisively on the degree of physical and moral wear and also by the degree to which production capacity is used. At company level, economic efficiency is called return and, if the ratio between effect and effort is expressed as a percentage, is called rate of return. The key element of a company's profitability is the profit which, in its various forms, is taken into account in determining the different rates of return. The objective of any enterprise is to achieve maximum benefit and profitability of capital invested with the view to ensure its development and compensation of those who made capital investments. The profitability is one of the synthetic forms of expressing the efficiency of the entire financial-economic activities of the enterprise, respectively of all the means of production used and labor force, in all stages of economic circuit: supply, production and sales.

  16. Alkaline earth metabolism: a model useful in calculating organ burdens, excretion rates and committed effective dose equivalent conversion factors

    International Nuclear Information System (INIS)

    Johnson, J.R.; Myers, R.C.

    1981-01-01

    Two mathematical models of alkaline earth metabolism in man have been developed from the postulates given in ICRP Publication 20. Both models have recycling between the organs and blood included explicitly, and the first one retains the power function used by the ICRP for diminution in mineral bone from being available for resorption by blood. In the second model, this diminution is represented by secondary compartments in mineral bone. Both models give good agreement with the retention functions developed in ICRP Publication 20. The second one has been incorporated into a larger model which includes the lung and G.I. tract. This overall model has been used to calculate organ burdens excretion rates, and committed effective dose equivalent factors for the more important radioisotopes of the alkaline earth elements for inhalation and ingestion exposures. (author)

  17. 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.

  18. 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.

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

    International Nuclear Information System (INIS)

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

    2009-01-01

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

  20. 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