Search results for "currency"
showing 10 items of 165 documents
Hedging foreign exchange rate risk: Multi-currency diversification
2016
Abstract This article proposes a multi-currency cross-hedging strategy that minimizes the exchange risk. The use of derivatives in small and medium-sized enterprises (SMEs) is not common but, despite its complexity, can be interesting for those with international activities. In particular, the reduction in the exchange risk borne through the use of natural multi-currency cross-hedging is measured, considering Conditional Value-at-Risk (CVaR) and Value-at-Risk (VaR) for measuring market risk instead of the variance. CVaR is minimized using linear programmes, while a multiobjective genetic algorithm is designed for minimizing VaR, considering two scenarios for each currency. The results obtai…
Global Powers and the International Currencies: What Does the Last Years Suggest for the Future?
2018
Starting from the literature that identifies different factors which determine whether a currency plays a global role, we propose an analysis of international status of major currencies using the following criteria: the demographic, economic, commercial, and financial size and importance of the currency issuer, the currency issuer’s financial market, and the history of using currency. We consider that the international use of a currency is mainly defined by the issuer’s place in the global economy, including its share of world trade and the size of its economy and financial market. The US dollar’s reference position was less influenced by the introduction of the euro, but nowadays it may be…
Risk-benefit in food safety and nutrition - outcome of the 2019 Parma Summer School
2021
Risk-benefit assessment is the comparison of the risk of a situation to its related benefits, i.e. a comparison of scenarios estimating the overall health impact. The risk–benefit analysis paradigm mirrors the classical risk analysis one: risk–benefit assessment goes hand-in-hand with risk–benefit management and risk–benefit communication. The various health effects associated with food consumption, together with the increasing demand for advice on healthy and safe diets, have led to the development of different research disciplines in food safety and nutrition. In this sense, there is a clear need for a holistic approach, including and comparing all of the relevant health risks and benefit…
Bank Erosion and Secondary Circulation in a Meandering Laboratory Flume
2014
Abstract This paper reports peculiar results of experimental investigation on the secondary circulation motion of flow along a meander wave. Experiments were conducted in a large amplitude meandering laboratory channel for two values of the width-to-depth ratio. Here attention is focalized on how secondary motion affects the bank shear stress distribution, influencing the stability of the outer bank. The analysis essentially highlights that, especially for small width-to-depth ratio, as the channel curvature increases, besides the classical central-region secondary circulation cell a counter-rotating circulation cell forms in the outer-bank region. Such counter-rotating circulation cell all…
A Medium Level Language for Pyramid Architectures
1989
In the paper a Parallel C Languages for pyramid architectures is described. The concept of context is introduced in order to handle concurrence between processes in massive parallel machines. Feature implementation on the PAPIA-machine are given.
Collective memory and political generations: A survey of German journalists
1993
Abstract In 1989, just before German reunification, 498 German journalists were asked to indicate which, from a list of 34 major historical events, such as the end of World War II, the 1949 German currency reform, the building of the Berlin wall, the student movement, and the Chernobyl disaster, they vividly remembered, which still oriented their political thinking, and their political reaction to these events. While some events stand out for all ages, younger journalists, having no memory of World War II and its aftermath, focused more exclusively on such recent events as Chernobyl and the discovery of the AIDS virus. The dominant thrust from recent historical experiences on all age groups…
Where Did the Money Go? Endogenous Money Creation for International Fraudulent Purposes - The Case of the 2015 Moldovan Banking Scandal
2015
On Monday 4 May 2015, the speaker of Parliament of the Republic of Moldova published the Kroll report on his Internet blog after thousands of people rallied on Sunday 3 May in the capital, Chisinau, to protest against endemic corruption in the country, and demand recovery of the missing billions in the Ilan Shor group scandal. The Kroll report aims at investigating the apparent theft of nearly one-fifth of the country's annual GDP. In a spectacular lender-of-last resort move, the Moldovan central bank was forced to issue some 16 billion lei ($870 million) in emergency loans to keep the economy afloat. The Kroll report focuses on three commercial banks that account for a third of the country…
Cross-border capital flows and information spillovers across the equity and currency markets in emerging economies
2021
This paper presents a novel perspective on the interaction between equity and currency markets in emerging market economies (EMEs) by (i) examining the nonlinear effects of capital flows on return spillovers between the stock and currency markets in a sample of twelve EMEs via the causality-in-quantiles approach of Balcilar et al., (2016), and (ii) providing a comparative analysis of the influence of debt versus equity flows over the spillover patterns. We show that the causal effects of international debt and equity flows on return spillovers across the equity and FX markets are largely concentrated at lower quantiles, suggesting that the arrival of information via capital flows tends to e…
Germany Needs a National Stability Pact
2003
In many publications1, Horst Siebert has recommended that national fiscal policies within European Monetary Union be subjected to certain conditions in order to lay the foundation for a stable currency. Provisions to this effect have been laid down in Art. 104 of the EC Treaty and the European Stability and Growth Pact. The first “acid test”, however, has cast doubt on whether these provisions are sufficient to ensure sustainable solid public-sector finance in the member countries.
Taxonomy of stock market indices
2000
We investigate sets of financial non-redundant and nonsynchronously recorded time series. The sets are composed by a number of stock market indices located all over the world in five continents. By properly selecting the time horizon of returns and by using a reference currency we find a meaningful taxonomy. The detection of such a taxonomy proves that interpretable information can be stored in a set of nonsynchronously recorded time series.