Search results for "currency"
showing 10 items of 165 documents
A Scholar in Action in Interwar America: John H. Williams on Trade Theory and Bretton Woods
2009
In this paper we analyse the scientific contributions of Harvard economist John H. Williams as international trade theorist and monetary reformer together with his activities as a Vice President of the Federal Reserve Bank of New York. In the first 2 Sections we first present a succinct overview of Williams’ main contributions to international trade theory and to the interwar debate on the reform of the international monetary system. Particular attention will be devoted to his early academic writings which contained different critical arguments against the two main tenets of classical international economics: the Ricardian theory of comparative advantages and the gold standard. These critic…
The Substitutability of Unfair Contract Terms in Credit Agreements Denominated and Indexed to Foreign Currencies
2020
This contribution deals with the problem of the capacity of the court to replace the unfair term in the loan agreements with a supplementary provision of national law. The main aim of the contribution is to confirm the thesis, that the court is not entitled to change the condition for which it states that it is unfair despite the conscious and fixed will of the consumer himself. We have used formal – dogmatic approach for this text.
Switching to floating exchange rates, devaluations, and stock returns in MENA countries
2012
Abstract We test for the impact of the announcements of floating and/or devaluating the exchange rate on stock returns in three MENA countries after the financial crises they experienced. We, first, use an event-study methodology to test for event-induced abnormal volatility of stock returns in Egypt, Morocco and Turkey. We, then, use three different methodologies to test for abnormal returns: a traditional approach and two approaches that control for event-induced volatility. We find clear evidence of abnormal volatility and abnormal returns due to the floating of the Egyptian and Turkish exchange rates in 2003 and 2001, respectively. In contrast, our results do not show that the devaluati…
The Economic Rationale of Fiscal Rules in OCAs: The Stability and Growth Pact and the Excessive Deficit Procedure
2013
This chapter examines the case of different regions within a single country that wish to share a common currency, even though they have divergent trends in unemployment, inflation, wages, non-wage costs and productivity. This situation compares with the case of a group of EU countries, each with its own decentralised national budget, that have established a monetary union and that are facing asymmetric shocks. As such an economic context requires fiscal commitments from national governments, we analyse the economic rationale of setting fiscal rules for a common currency area and the resulting EU institutional frame for the Stability and Growth Pact (SGP) and the Excessive Deficit Procedure …
CASE tool support for co-operative work in information systems design
1998
The need for asynchronous co-operative work in design is shown by many surveys of CASE tool use and research on design. MetaEdit+ is a metaCASE environment that allows multiple simultaneous modellers to work together on designing information systems and also information systems design methods. We describe the automatic locking strategies that enable MetaEdit+ to offer a high level of concurrency whilst guaranteeing consistency, enabling effective co-operative work. In particular we describe a new collection data structure that allows high concurrency of updates even at small sizes, fulfilling the need in CASE for largest growth of design information at the start of a project. Finally, we ev…
The Principles of Creating a Balanced Investment Portfolio for Cryptocurrencies
2019
Despite their novelty, cryptocurrencies have by now acquired certain popularity due to convenience in making payments, high speed of transactions and the application of modern technology to ensure transaction security among other things. The aim of this research is to evaluate cryptocurrencies as an investment instrument. The tasks of the research are as follows: (i) to evaluate a hypothesis about potential profitability of the cryptocurrency investment portfolio, (ii) to analyse cryptocurrency investment profitability, (iii) to assess the attractiveness of creating an investment portfolio of cryptocurrencies, and (iv) to provide recommendations to a potential investor for creating an inves…
Equilibrium in Asset Prices: Evidence from Cryptocurrencies
2019
Employing daily data on ten cryptocurrencies that exhibit the highest market capitalization, we find one instance of cointegration equilibrium in the 2016 2018 period. Contrary to earlier studies that report cryptocurrency markets are developing toward market efficiency, our findings suggest that even the most liquid cryptocurrency markets are inefficient.
Asset Market Equilibria in Cryptocurrency Markets: Evidence from a Study of Privacy and Non-Privacy Coins
2019
This paper explores whether asset market equilibria in cryptocurrency markets exist. In doing so, it distinguishes between privacy and non-privacy coins. Most recently, privacy coins have attracted increasing attention in the public debate as non-privacy cryptocurrencies, such as Bitcoin, do not satisfy some users’ demands for anonymity. Analyzing ten cryptocurrencies with the highest market capitalization in each sub-market in the 2016–2018 period, we find that privacy coins and non-privacy coins exhibit two distinct market equilibria. Contributing to the current debate on the market efficiency of cryptocurrency markets, our findings provide evidence of market inefficiency. Moreover, the a…
Collective Behavior of Price Changes of ERC-20 Tokens
2020
We analyze a network constructed from tokens developed on Ethereum platform. We collect a large data set of ERC-20 token prices; the total market capitalization of the token set is 50.2 billion (109) US dollars. The token set includes 541 tokens; each one of them has a market capitalization of 1 million US dollars or more. We construct and analyze the networks based on cross-correlation of tokens’ returns. We find that the degree distributions of the resulting graphs do not follow the power law degree distribution. We cannot find any hierarchical structures nor groupings of ERC-20 tokens in our analysis. peerReviewed
Contagion of Uncertainty: Transmission of Risk from the Cryptocurrency Market to the Foreign Exchange Market
2019
Earlier research documented that cryptocurrencies, including Bitcoin, have experienced dramatic fluctuations in both market capitalization and market share in recent years. Unsurprisingly, Bitcoin returns exhibit higher volatility than traditional G-10 currencies. Our paper extends earlier research and investigates the potential impact of news originating from the Bitcoin market. Confirming earlier studies, we find that Bitcoin exhibits dramatically higher volatility than the dollar factor. Surprisingly, our findings indicate that only hacking incidents that occur in the Bitcoin market result in high levels of co-movement in the risk of both markets the cryptocurrency and the G-10 currency …