WorldWideScience

Sample records for eurodollars

  1. LE BINOME EURO-DOLLAR SOUS LE SIGNE DE L’INCERTITUDE

    Directory of Open Access Journals (Sweden)

    Ana Bal

    2009-03-01

    Full Text Available Will the Dollar remain the dominant international currency (mainly as a reserve currency? To answer this question, the paper presents in the first part the opinions of the most prominent experts concerning the determinant factors of an international currency status, in the two sphere of utilization: public and private. The most important are: the magnitude of the economies of emission, the externalities of network, the liquidity of their financial market, the confidence in their stability. Then there follows the evaluations concerning the two international currencies, Dollar and Euro, from these perspectives. Finally, the paper evaluates their role as measure of value, instrument of reserve and instrument of payment in the international economic relations. In the second part, the paper evaluates the recent tendencies of the exchange rate Euro/Dollar (2006-2008 from the point of view of fundamentals. After a period of depreciation, from the middle of the year 2008 until now, the dollar marked an unexpected appreciation towards the euro. But, the global financial and economic crisis increases the incertitude concerning the evolution of the exchange rate euro/dollar. Undoubtedly the two currencies will remain the prominent international currencies and the dollar the main reserve currency. Finally the paper presents Mundell’s proposal of stabilization of the binomial euro/dollar.

  2. Training a multilayer neural network for the Euro-dollar (EUR/ USD) exchange rate

    National Research Council Canada - National Science Library

    Jaime Alberto Villamil Torres; Jesús Alberto Delgado Rivera

    2010-01-01

    ... (as first approximation) a random walk. This paper reports the results of using ANNs for Euro/USD exchange rate trading and the usefulness of the algorithm for chemotaxis leading to training networks thereby maximising an objective function re predicting a trader’s profits. JEL: F310, C450.

  3. Training a multilayer neural network for the Euro-dollar (EUR/ USD exchange rate

    Directory of Open Access Journals (Sweden)

    Jaime Alberto Villamil Torres

    2010-04-01

    Full Text Available A mathematical tool or model for predicting how an economic variable like the exchange rate (relative price between two currencies will respond is a very important need for investors and policy-makers. Most current techniques are based on statistics, particularly linear time series theory. Artificial neural networks (ANNs are mathematical models which try to emulate biological neural networks’ parallelism and nonlinearity; these models have been successfully applied in Economics and Engineering since the 1980s. ANNs appear to be an alternative for modelling the behaviour of financial variables which resemble (as first approximation a random walk. This paper reports the results of using ANNs for Euro/USD exchange rate trading and the usefulness of the algorithm for chemotaxis leading to training networks thereby maximising an objective function re predicting a trader’s profits. JEL: F310, C450.

  4. A not so delicate sound of Europeanness : European fiscal policy events and the euro-dollar risk premium

    OpenAIRE

    Fahrholz, Christian; Schneider, Gerald

    2012-01-01

    Although the European Monetary Union (EMU) is mainly an economic institution, its future has always hinged upon political manoeuvres. This article examines whether and to what extent non-scheduled and scheduled political events concerning the fiscal governance framework of the EMU have influenced foreign exchange markets. In particular, we estimate how decisions made by the European Commission, the Economic and Financial Affairs Council and the European Council affected the systematic euro-do...

  5. 77 FR 27827 - Self-Regulatory Organizations; Chicago Mercantile Exchange Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2012-05-11

    ... program with Eris Exchange, LLC (``Eris''). CME currently clears interest rate swap futures contracts... futures together with Eris Exchange Interest Rate Swap futures. The portfolio margining program will allow... portfolio margining of CME Eurodollar futures together with Eris Exchange Interest Rate Swap futures. The...

  6. Foreign Banks in the United States Since World War II: A Useful Fringe

    OpenAIRE

    Adrian E. Tschoegl

    2000-01-01

    Foreign banks have had an organizational presence in the United States since the early 1800s. Until after World War II, the foreign banks' presence was generally limited. They engaged in trade finance, and in some cases ethnic banking. The growth really dates to the period from the mid-1960s to 1990. Banks are service firms, and their growth reflects a demand for their services. This growth in demand is itself the consequence of the growth of four other activities: trade, the Eurodollar marke...

  7. La creazione di eurodollari: soluzione di un enigma.

    Directory of Open Access Journals (Sweden)

    M. FRATIANNI

    2014-08-01

    Full Text Available Fritz Machlup recently reproposed the issue of the logical foundation underlying the flows of funds denominated in dollars and other “strong” currencies which are traded in the so-called Euro-dollar market. The present paper shows that Machlup’s study picks out only some of the aspects of a more general theory presented elsewhere and underestimates the possibilities to empirical research opened up by the present statistical endowment. The central thrust of the analysis is the incorporation of the demand for and the supply of international liquidity within a unified framework. The authors first discuss the relationship between the U.S. balance of payments and the Eurodollar market. An interpretation of the empirical content to assign to the reserve position of Eurobanks is then suggested. Finally, the authors postpone to an appendix the discussion of Machlup’s six propositions in terms of a more general framework of international financial flows. JEL: E44, F32

  8. Highly flexible distributions to fit multiple frequency financial returns

    Science.gov (United States)

    BenSaïda, Ahmed; Slim, Skander

    2016-01-01

    Financial data are usually studied via low flexible distributions, independently of the frequency of the data, due to their simplicity and analytical tractability. In this paper we analyze two highly flexible five-parameter distributions into fitting financial returns, these are the skewed generalized t (SGT) and the generalized hyperbolic (GH). Applications carried on two exchange rates (Euro-Dollar and Dollar-Yen), and two indexes (S&P 500 and Nikkei 225) over four frequencies: weekly, daily, 30-min and 5-min, confirm the superiority of the SGT and GH in approximating the distribution of a given data at a remarkable precision. Moreover, as we move from higher to lower frequency, the distribution's overall shape does indeed change radically, and the estimated parameters refute the tendency to normality, which calls into question the aggregational Gaussianity's stylized fact.

  9. Estimating time-varying conditional correlations between stock and foreign exchange markets

    Science.gov (United States)

    Tastan, Hüseyin

    2006-02-01

    This study explores the dynamic interaction between stock market returns and changes in nominal exchange rates. Many financial variables are known to exhibit fat tails and autoregressive variance structure. It is well-known that unconditional covariance and correlation coefficients also vary significantly over time and multivariate generalized autoregressive model (MGARCH) is able to capture the time-varying variance-covariance matrix for stock market returns and changes in exchange rates. The model is applied to daily Euro-Dollar exchange rates and two stock market indexes from the US economy: Dow-Jones Industrial Average Index and S&P500 Index. The news impact surfaces are also drawn based on the model estimates to see the effects of idiosyncratic shocks in respective markets.

  10. Dissimilar Effects of World News Announcements on Euro/Dollar/Yen Exchange Rates: An Econophysics Approach

    Directory of Open Access Journals (Sweden)

    David Matesanz

    2015-01-01

    Full Text Available This paper revisits the issue of the influence of macro-economic announcements over the exchange rates volatility, but from a different perspective as it is the usual in the econometric literature. By quantifying the impact of world-wide macroeconomic information published in the economic calendar in several recent years we were able to construct long events’ time series with the objective to test whether they influence exchange rate volatilities in several currencies. In order to do that, Granger causality test was employed by using a computational approach. Our results show that announcements from U.S.A are, by far, the most important influence over the three spot forex quotes, Euro/Dollar, Euro/Yen and Dollar/Yen. The method proposed here opens the door to address several open questions until now.

  11. Ridge Polynomial Neural Network with Error Feedback for Time Series Forecasting.

    Science.gov (United States)

    Waheeb, Waddah; Ghazali, Rozaida; Herawan, Tutut

    2016-01-01

    Time series forecasting has gained much attention due to its many practical applications. Higher-order neural network with recurrent feedback is a powerful technique that has been used successfully for time series forecasting. It maintains fast learning and the ability to learn the dynamics of the time series over time. Network output feedback is the most common recurrent feedback for many recurrent neural network models. However, not much attention has been paid to the use of network error feedback instead of network output feedback. In this study, we propose a novel model, called Ridge Polynomial Neural Network with Error Feedback (RPNN-EF) that incorporates higher order terms, recurrence and error feedback. To evaluate the performance of RPNN-EF, we used four univariate time series with different forecasting horizons, namely star brightness, monthly smoothed sunspot numbers, daily Euro/Dollar exchange rate, and Mackey-Glass time-delay differential equation. We compared the forecasting performance of RPNN-EF with the ordinary Ridge Polynomial Neural Network (RPNN) and the Dynamic Ridge Polynomial Neural Network (DRPNN). Simulation results showed an average 23.34% improvement in Root Mean Square Error (RMSE) with respect to RPNN and an average 10.74% improvement with respect to DRPNN. That means that using network errors during training helps enhance the overall forecasting performance for the network.

  12. Ridge Polynomial Neural Network with Error Feedback for Time Series Forecasting.

    Directory of Open Access Journals (Sweden)

    Waddah Waheeb

    Full Text Available Time series forecasting has gained much attention due to its many practical applications. Higher-order neural network with recurrent feedback is a powerful technique that has been used successfully for time series forecasting. It maintains fast learning and the ability to learn the dynamics of the time series over time. Network output feedback is the most common recurrent feedback for many recurrent neural network models. However, not much attention has been paid to the use of network error feedback instead of network output feedback. In this study, we propose a novel model, called Ridge Polynomial Neural Network with Error Feedback (RPNN-EF that incorporates higher order terms, recurrence and error feedback. To evaluate the performance of RPNN-EF, we used four univariate time series with different forecasting horizons, namely star brightness, monthly smoothed sunspot numbers, daily Euro/Dollar exchange rate, and Mackey-Glass time-delay differential equation. We compared the forecasting performance of RPNN-EF with the ordinary Ridge Polynomial Neural Network (RPNN and the Dynamic Ridge Polynomial Neural Network (DRPNN. Simulation results showed an average 23.34% improvement in Root Mean Square Error (RMSE with respect to RPNN and an average 10.74% improvement with respect to DRPNN. That means that using network errors during training helps enhance the overall forecasting performance for the network.

  13. The economic consequences of narcolepsy.

    Science.gov (United States)

    Jennum, Poul; Knudsen, Stine; Kjellberg, Jakob

    2009-06-15

    Narcolepsy is a chronic neurodegenerative disorder with a typical onset in childhood or early adulthood. Narcolepsy may have serious negative effects on health-, social-, education-, and work-related issues for people with narcolepsy and for their families. The disease may, thus, present a significant socioeconomic burden, but no studies to date have addressed the indirect and direct costs of narcolepsy. Using records from the Danish National Patient Registry (1998-2005), we identified 459 Danish patients with the diagnosis of narcolepsy. Using a ratio of 1 patient record to 4 control subjects' records, we then compared the information of patients with narcolepsy with that of 1836 records from age- and sex-matched, randomly chosen citizens in the Danish Civil Registration System Statistics. We calculated the annual direct and indirect health costs, including labor supply and social transfer payments (which include income derived from state coffers, such as subsistence allowances, pensions, social security, social assistance, public personal support for education, etc.). Direct costs included frequencies and costs of hospitalizations and weighted outpatient use, according to diagnosis-related groups, and specific outpatient costs based on data from The Danish Ministry of Health. The use of and costs of drugs were based on data from the Danish Medicines Agency. The frequencies and costs from primary sectors were based on data from The National Health Security. Indirect costs were based on income data derived from data from the Coherent Social Statistics. Patients with narcolepsy had significantly higher rates of health-related contact and medication use and higher expenses, as compared with control subjects. They also had higher unemployment rates. The income level of patients with narcolepsy who were employed was lower than that of employed control subjects. The annual total direct and indirect costs were euro 11,654 (euro = Eurodollars) for patients with narcolepsy