Search results for "Local currency"
showing 4 items of 4 documents
Pricing to market behaviour in European car markets
2003
Abstract This paper investigates PTM behaviour in European car markets for a period of great interest (1993–98), taking into account the role of invoicing currency. The results indicate that local currency price stability is a strong and pervasive phenomenon across products independently of the invoicing currency. The paper offers robustness checks, tests and arguments that justify the interpretation of this finding, at least in part, as evidence of PTM. It implies the existence of market segmentation and price discrimination, despite the completion of the single market programme on 1 January 1993.
The World Bank's Early Reflections On Development: A Development Institution Or A Bank?
2008
Until the late 1960s, the World Bank presented itself as an institution devoted to making sound and directly productive project loans. Yet, during its early years, discussions took place within the Bank regarding the possibility of issuing different types of loans, namely (i) loans aimed at tackling social issues (‘social loans’), and (ii) loans aimed at providing foreign currency to address disequilibria in the balance of payments (‘impact loans’). This paper brings together historical analysis and theories of organization development to study the housing issue as a case in point. The analysis reveals that the Bank was unwilling to lend for housing programmes not because these were not sou…
Volatility spillovers in the European bank CDS market
2015
From the 2007 subprime crisis to the recent Eurozone debt crisis,the banking industry has experienced terrible financial instabilitywith increasing volatility levels of bank default probability. UsingEuropean CDS spreads data from January 2006 to March 2013, thispaper sheds light on the impact of three recent significant events ofcredit risk volatility transmission between, firstly, Eurozone andnon-Eurozone banks, and then between distressed peripheral andcore countries inside the Eurozone. We employ an asymmetricmultivariate BEKK model to measure cross-market volatility spil-lovers. We find that both recent crises are distinct episodes. Theglobal financial crisis that originated outside Eu…
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…