Search results for "currency"

Semi-strong efficiency of Bitcoin

2018

Abstract This research examines the semi-strong efficiency of Bitcoin in the Bitstamp and Mt.Gox markets, showing how the digital currency responds to monetary policy and Bitcoin events. On the one hand, we observe that Bitcoin has become more efficient over time in relation to its own events. On the other hand, Bitcoin is not affected by monetary policy news, highlighting the absence of any kind of control on Bitcoin. These findings are relevant for investors and policymakers since Bitcoin is a financial asset without any connection to the measures of central banks.

2019

Pre-industrial money supply typically consisted of multiple, often foreign currencies. Standard economic theory implies that this entails welfare loss due to transaction costs imposed by currency exchange. Through a study of novel data on Finnish nineteenth-century parish-level currency conditions, we show that individual currencies had principal areas of circulation, with extensive co-circulation restricted to the boundary regions in between. We show that trade networks, defined here through the regional co-movement of grain prices, proved crucial in determining the currency used. Market institutions and standard price mechanisms had an apparent role in the spread of different currencies a…

Concepts for a Theoretical Biology

2015

Waddington is the father of Theoretical Biology and many concepts that are now the common currency of Biology-based language were coined by him, such as channelling, robustness or epigenetics. Waddington believes it is essential to work on a theory of the phenotype. The deployment of genotype to give rise to phenotype brings into play many of the laws required to formulate a theory of life. In recent times, Waddington is the best example of an advocate of cell theory; however, he was not in favour of a gene-centred approach to the study of biological evolution.

The Blockchain in Microgrids for Transacting Energy and Attributing Losses

2017

In recent years novel models for energy distribu- tion appeared and islanded microgrids quest for new ways to exchange energy between consumers and producers without the need of central authorities. The blockchain mechanism has emerged as a distributed solution for recording energy transactions in power systems. The blockchain has been used to permit users bartering and selling energy and to keep track of such exchanges without exposing them to tampering. In this work, we consider a novel application of the blockchain in islanded microgrids that includes also annotating energy losses caused by energy transactions, in order to have a more realistic matching between the physical status of the…

Verification of Well-Formed Communicating Recursive State Machines

2008

AbstractIn this paper we introduce a new (non-Turing equivalent) formal model of recursive concurrent programs called well-formed communicating recursive state machines (CRSM). CRSM extend recursive state machines (RSM) by allowing a restricted form of concurrency: a state of a module can be refined into a finite collection of modules (working in parallel) in a potentially recursive manner. Communication is only possible between the activations of modules invoked on the same fork. We study the model-checking problem of CRSM with respect to specifications expressed in a temporal logic that extends CaRet with a parallel operator (ConCaRet). We propose a decision algorithm that runs in time ex…

Identifying Portfolio-Based Risk Factors in Foreign Exchange Markets

2018

This paper shows that a link between the conditional mean and conditional volatility of any factor-mimicking portfolio in the foreign exchange (FX) market must exist if the proposed portfolio-based currency factor is priced and the pricing kernel has a linear factor structure. Thereby, this paper tests whether the carry risk factor and currency momentum are priced risk factors. Surprisingly, the carry risk factor does not meet the necessary conditions consistent with being a priced risk factor, whereas currency momentum indeed meets those criteria. The findings also indicate that the relation between the conditional mean and conditional risk is moreover economically reasonable for the curre…

Réformes évolutionnistes du système des paiements internationaux : la création de systèmes des paiements supranationaux, une nécessité au regard des …

2012

At the height of the crisis, the international monetary system is powerless to reduce theinstability of exchange rates, the imbalance of the current account of balance ofpayments, instability of exchange rates and the development of speculation in financialmarkets the and the asymmetry between net exporters countries and net deficits countries.This thesis, which had the merit of opening new tracks in order to understand thecomplex relationships between global imbalances and the actual system, showed thatthese global imbalances are intrinsically linked to the failures of the internationalmonetary structure. To stop the deterioration of global imbalances, we propose that thesystem turns towar…

Excited states engineering enables efficient near-infrared lasing in nanographenes

2021

The spectral overlap between stimulated emission (SE) and absorption from dark states (i.e. charges and triplets) especially in the near-infrared (NIR), represents one of the most effective gain loss channel in organic semiconductors. Recently, bottom-up synthesis of atomically precise graphene nanostructures, or nanographenes (NGs), has opened a new route for the development of environmentally and chemically stable materials with optical gain properties. However, also in this case, the interplay between gain and absorption losses has hindered the attainment of efficient lasing action in the NIR. Here, we demonstrate that the introduction of two fluoranthene imide groups to the NG core lead…

A Scholar in Action in Interwar America. John H. Williams' Contributions to Trade Theory and International Monetary Reform

2004

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…

Smarter Open Government Data for Society 5.0: Are Your Open Data Smart Enough?

2021

Nowadays, governments launch open government data (OGD) portals that provide data that can be accessed and used by everyone for their own needs. Although the potential economic value of open (government) data is assessed in millions and billions, not all open data are reused. Moreover, the open (government) data initiative as well as users’ intent for open (government) data are changing continuously and today, in line with IoT and smart city trends, real-time data and sensor-generated data have higher interest for users. These “smarter” open (government) data are also considered to be one of the crucial drivers for the sustainable economy, and might have an impact on information and communi…