Search results for "currency"
showing 10 items of 165 documents
How costly are debt crises?
2011
The aim of this paper is to assess the short- and medium-term impact of debt crises on GDP. Using an unbalanced panel of 154 countries from 1970 to 2008, the paper shows that debt crises produce significant and long-lasting output losses, reducing output by about 10 percent after eight years. The results also suggest that debt crises tend to be more detrimental than banking and currency crises. The significance of the results is robust to different specifications, identification and endogeneity checks, and datasets.
On the Marketization of the Academic Review Process
2014
Pressure to change the academic reviewing system is growing. We discuss two groups of proposals for introducing market mechanisms. First, Prufer and Zetland (2009), based on Havrilesky (1975), create an auction system: manuscripts are submitted and auctioned to editors in "academic dollars", while citations earn credits for authors. Second, Fox and Petchey (2010), after Riyanto and Yetkiner (2002), create a "PubCred" currency, in which referees are paid and can then pay for their own submissions, while Aarssen (2008) and White and Ernest (2010) introduce hard cash remuneration for reviewers. These systems would adversely affect editors, referees, and authors alike, and would soon prove econ…
Money creation and the state : A critical assessment ofchartalism
2004
International audience; The article discusses various issues related to money creation and the state. Chartalists believe that attempts at separating the central bank's and the treasury's functions is merely confused discussion. Indeed, as economist L. Wray clearly states in response to previous critiques, it should be obvious, but it usually does not appear to be so that central bank liabilities do not differ in any significant degree from treasury liabilities; in other words, they can treat both as essentially high powered money or liabilities of the state. In this sense, Wray proposes to simply consolidate the central bank and the treasury, calling the conglomerate the State, and combine…
Initial Coin Offering (ICO) as a Fundraising Strategy : A Multiple Case Study on Success Factors
2019
Cryptocurrencies and Initial Coin Offerings (ICO) are some of the more prominent examples of currently used blockchain technology applications. Especially software startups have leveraged ICOs to gain funding early on in their lifecycles, going on to develop and create new blockchain based applications. Recently, larger companies such as Facebook have also begun to show interest in cryptocurrency, although thus far not for funding purposes in the form of ICOs. In this paper, we investigate factors that positively affect the abilities of companies to meet their fundraising goals via ICOs. We first identify a set of factors from extant literature and then seek to further confirm the effect of…
Giełdy Bitcoina w Polsce
2017
W artykule zaprezentowano przyczyny powstania najbardziej znanej waluty cyfrowej na świecie jaką jest Bitcoin oraz przedstawiono funkcjonujące obecne w Polsce giełdy walut cyfrowych, z uwzględnieniem ich kapitalizacji oraz miejsca jakie zajmują na tle innych giełd na świecie. Dokonano analizy aktualnej oferty giełd, skupiając się przede wszystkim na podstawowych różnicach pomiędzy obowiązującymi na nich ofertami, będącymi swoistymi wyróżnikami giełd. Ponadto przedstawiono i porównano również wielkość opłat związanych z korzystaniem z serwisu giełdowego. Zasygnalizowano również niebezpieczeństwa związane z upadkami bądź też atakami hakerskimi na giełdach, skutkującymi w przeważającej mierze …
A Survey on Technologies Which Make Bitcoin Greener or More Justified
2022
According to recent estimates, one bitcoin transaction consumes as much energy as 1.5 million Visa transactions. Why is bitcoin using so much energy? Most of the energy is used during the bitcoin mining process, which serves at least two significant purposes: a) distributing new cryptocurrency coins to the cryptoeconomy and b) securing the Bitcoin blockchain ledger. In reality, the comparison of bitcoin transactions to Visa transactions is not that simple. The amount of transactions in the Bitcoin network is not directly connected to the amount of bitcoin mining power nor the energy consumption of those mining devices; for example, it is possible to multiply the number of bitcoin transactio…
Exposure to Exchange Rate Risk and Competitiveness: An Application to South-Eastern Europe
2017
Our chapter investigates the economic exposure to currency risk of stock markets from nine countries in South-Eastern Europe using bilateral exchange rates of the domestic currencies against their main trading partners’ currencies between 1999 and 2015. The relevance and magnitude of exposures are investigated through changes in exchange rates in linear and non-linear specifications. Our results indicate that these economies show contemporaneous exposure to currency risk, but they are different in size and sign from one country to another and from one currency to another, a result that can be explained by the dissimilar economic structures in the region. There is smaller evidence for asymme…
EMU and the Euro-Mediterranean Dialogue: Trade Interdependence between Mediterranean and Euro-area Countries
2009
Economic interdependence and trade encourage international dialogue and represent a base for reducing international conflicts. Hence, international co-operation for the reduction of barriers to trade and capital flows can be important not only in inducing economic progress, but also in promoting peace (Polachek and Siegle 2006). In this respect, the introduction of the euro represents an epochal event for both the participants in the single European currency and for their external partners, and in particular those in neighbouring regions. However, whilst a large body of literature has focused on analysing the first, in particular, with respect to the impact of the euro on intra-regional tra…
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…