Search results for " currency"

Export market integration in the European Union

2004

This paper examines the degree and recent evolution (1988-2001) of export-price dispersion among European Union countries. It also explores the effect of exchange rates on exportprice dispersion by reviewing the experience of some European countries that participated in the exchange rate stability zone. The results indicate that export-price dispersion across European Union countries was usually lower than across OECD countries. Moreover, although there is little evidence of convergence, this is stronger across European Union countries. Finally, even though price dispersion was often lower across European Union countries where exchange rates have been relatively stable than across countries…

Accounting Meets Economics: Towards an 'Accounting View' of Money

2018

This study lays the foundations of the 'Accounting View' of money. Using international accounting principles, the study argues that state and central bank monies are not debt, and that in fractional reserve regimes only a share of commercial bank money can be regarded as debt. The study determines how the seigniorage associated with the issuance of these monies should be accounted for in the financial statements of the issuing institutions, and examines what this implies for the correct understanding of money. The new view throws light into such issues as the true nature of central bank capital, commercial banks, and digital currencies. Drawing on it, new measurements of seigniorage are der…

RISKS OF DISREGARDING THE INCOMPATIBLE TRINITY RULE: THE SWISS FRANC CRISIS CASE

2015

When designing economic policies, governments must take account not only of economic laws but also of certain rules of thumb. The incompatible trinity is such rule, which states that a country cannot simultaneously have a fixed exchange rate regime, mobility of foreign capital and an independent monetary policy. Traditionally, the rule has been generally observed, whether knowingly or not. The recent crisis triggered by the removal of cap on the Swiss franc is an illustrative example of what might happen if the said rule is disregarded.

Emerging Economies Faced With The Downside Of Financial Globalization: Hedges And Way Outs

2009

The underlining assumption of this paper is that developing countries are in a fragile state nowadays. Economically, they have been seriously harmed by the 2008 crisis1 but this is not the end of the story: the future still has pitfalls in which these economies might get trapped, due to their enhanced vulnerability to exogenous shocks generated by financial globalization. Ideologically, the recent events have triggered a serious backlash against capitalism, particularly the Anglo-Saxon template. Getting an insight into the causes and implications of global economic crises is therefore critical for policy-makers in emerging economies. History might be a good adviser in this respect. Lessons …

Różnice kursowe w podatkach dochodowych w działalności przedsiębiorców

2015

BUSINESS CYCLE SYNCHRONIZATION BETWEEN ROMANIA AND THE EURO AREA. A FRESH LOOK IN VIEW OF THE RECENT CRISIS

2012

This paper examines the degree of business cycles synchronization between Romania and the Euro area, by using Germany as a benchmark for the area economic cycle. The period of the study is 2000 - 2011, with a special emphasis on the recent economic and financial crisis. Using the Hodrick-Prescott filter, we find important, but decreasing correlations in times of crisis in the level of GDP. Furthermore, the analysis by GDP components reveals that private consumption remains the least correlated with the Euro area, while foreign trade is highly correlated and its synchronization even increased during the recent crisis.

Ritorno al futuro. La tutela del consumatore nei foreign currency loans

2022

La diffusione di finanziamenti indicizzati al cambio fra valute ha sollevato, in numerosi ordinamenti dell’Unione Europea, il problema della tutela del consumatore avverso l’assunzione del rischio di cambio. Il paper muove dall’insufficienza del dato normativo eurounitario per interrogarsi sulla compatibilità dei rimedi previsti per le clausole abusive nell’affrontare il fenomeno in esame. In particolare, è passata in esame la dinamica fra convenzioni sul rischio e clausole che definiscono l’oggetto principale del contratto

The politics of money utopias : methodological utopian explorations of the Banjar and the Neocracy

2022

Methodological utopianism is used to explore the potential of money via two examples, making use of simulacrum case study research. These examples are the Banjar, a traditional Balinese governance and currency system; and the Neocracy, a real cryptocurrency system. Both are considered through an integralist positioning with implications for practical utopianism and economic evaluation of community currency systems. Backgrounds on utopian studies, and money are given for contextualization of our approach. We take a heterodox economic position and use the “archaeological” approach of utopian thought. The simulacrum case study is introduced as a tool to foster political imagination about possi…

Analiza argumentów za i przeciwko uczestnictwu w unii monetarnej w świetle teorii optymalnych obszarów walutowych

2015

Sysmä Community Currency: An Analysis of its Success from the Perspectives of Purposes, Stakeholders and Promotion

2019

Artikkeli on tapaustutkimus paikallisrahajärjestelmästä, jota kokeiltiin äskettäin maalaisympäristössä Sysmän kunnassa. Paikallisraha on yksi innovaatiivisista aloitteista, joita kunta on tehnyt tällä vuosituhannella torjuakseen jo 1960-luvulta alkaen käynnissä ollutta väestökatoa. Tässä artikkelissa tutkitaan paikallisrahan käynnistysvaihetta siihen sisältyneiden ristiriitojen näkökulmasta. Artikkelissa todetaan, että järjestelmä kärsi epäselvästä tavoitteenasettelusta, ja että eri osallisilla oli tavoittesta vaihtelevia ja ristiriitaisia käsityksiä. Paikallisrahan sosiaalista hyväksyntää heikensivät päätös rajoittaa rahaa vastaanottavien yritysten joukko kunnassa kirjoilla oleviin yrityks…