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Currency
Kinds of Currency Terms modified by Currency Selected AbstractsESTIMATING THE USES OF CURRENCY IN AUSTRALIAECONOMIC PAPERS: A JOURNAL OF APPLIED ECONOMICS AND POLICY, Issue 3 2002CHRISTOPHER BAJADA First page of article [source] The Signalling Role of Municipal Currencies in Local DevelopmentECONOMICA, Issue 288 2005Rajshri Jayaraman The last decade has seen the burgeoning of several hundred local community currency institutions in cities across the world. Although residents of these communities claim that local currency promotes local development, how it does so has hitherto been unexplored. We argue that the introduction of a municipal currency may serve as a signal of demand for local goods. Where demand uncertainty deters firms from investing in more productive technologies, such a signal improves the chances that technology choice will be optimal. The introduction of a local currency therefore always improves ex ante efficiency and may lead to ex post efficiency, with strictly higher levels of productivity and welfare. [source] Optimum Currency Areas and Key Currencies: Mundell I versus Mundell IIJCMS: JOURNAL OF COMMON MARKET STUDIES, Issue 4 2004Ronald I. McKinnon The East Asian economies are increasingly integrated in trade and direct investment. More than 50 per cent of their foreign trade is with each other. Both the high growth and level of trade integration is similar to what the western European economies achieved in the 1960s. So, in the new millennium, the inevitable question arises: is East Asia also an optimum currency area (OCA)? Despite the apparent success of EMU, many writers familiar with the East Asian scene think not. Taking the seminal papers of Robert Mundell as the starting point, this article first analyses traditional theorizing on the pros and cons of international monetary integration and then suggests new approaches to the problem of international risk-sharing in OCAs. [source] FINANCE/MARKETS: African CurrenciesAFRICA RESEARCH BULLETIN: ECONOMIC, FINANCIAL AND TECHNICAL SERIES, Issue 7 2010Article first published online: 1 SEP 2010 No abstract is available for this article. [source] A Meta-Analysis of the Effect of Common Currencies on International Trade,JOURNAL OF ECONOMIC SURVEYS, Issue 3 2005Andrew K. Rose Abstract., Thirty-four recent studies have investigated the effect of currency union on trade, resulting in 754 point estimates of this effect. This paper uses meta-analysis to combine, explain, and to summarize these disparate estimates of common currency trade effects. The hypothesis that there is no effect of currency union on trade is easily and robustly rejected at standard significance levels. Combining these estimates implies that a currency union increases bilateral trade by between 30 and 90%. Although there is evidence of publication selection, there is also evidence of a genuine positive trade effect beyond publication bias. [source] Money and Modernity: State and Local Currencies in MelanesiaAMERICAN ANTHROPOLOGIST, Issue 3 2000Webb Keane Money and Modernity: State and Local Currencies in Melanesia. David Akin and Joel Robbins. eds. ASAO Monograph Series, 17. Pittsburgh: University of Pittsburgh Press, 1999. 284 pp. [source] Money and Modernity: State and Local Currencies in Melanesia; Border Fetishisms: Material Objects in Unstable SpacesAMERICAN ETHNOLOGIST, Issue 3 2001David Graeber Money and Modernity: State and Local Currencies in Melanesia. David Akin and Joel Robbins. Pittsburgh: University of Pittsburgh Press, 1999. viii. 284 pp., notes, bibliography, index. Border Fetishisms: Material Objects in Unstable Spaces. Patricia Spyer. London: Routledge Press, 1998. vii. 262 pp., illustrations, photographs, index. [source] Equivalence of Three Allocation Currencies as Estimates of Reproductive Allocation and Somatic Cost of Reproduction in Pinguicula vulgarisPLANT BIOLOGY, Issue 4 2007M. Méndez Abstract: Which is the most appropriate currency (biomass, energy, water, or some mineral nutrient) for expressing resource allocation in plants has been repeatedly discussed. Researchers need to assess to which extent interindividual, interpopulational, or interspecific comparisons of resource allocation could be affected by the allocation currency chosen. The "currency issue" is relevant to at least three related aspects of resource allocation to reproduction: (a) reproductive allocation (RA), (b) size-dependence of reproductive allocation, and (c) somatic cost of reproduction (SCR). Empirical tests have mostly dealt with the first aspect only. We examined the equivalence of estimates for the three aspects above across three different allocation currencies (dry mass, N, P) in 11 populations of Pinguicula vulgaris. For RA we studied the equivalence of allocation currencies at three scales: among individuals of the same population, between populations of the same species, and among species. Equivalence of currencies in the ranking of RA for individuals within populations was high (Rs 0.43) and did not strongly decrease when comparing populations or species. Excepting for size-dependence of RA, ranking of RA, or SCR between populations was equivalent for biomass and N, but not for P. Our study gives two positive guidelines for empirical plant reproductive ecologists facing the "currency issue": (1) become increasingly concerned about the "currency issue" as you increase the scale of your comparison from individuals to populations to species, and (2) avoid estimating allocation in redundant currencies (biomass and N in our case) and choose preferentially "complementary" currencies that provide a broader view of allocation patterns (biomass and P in our case). [source] The Empirics of International Currencies: Network Externalities, History and Persistence,THE ECONOMIC JOURNAL, Issue 537 2009Marc Flandreau Using a new database for the late nineteenth century, when the pound sterling was the world's leading international currency, this article provides evidence on the empirical determinants of international currency status. We report evidence in favour of the search-theoretic models to international currencies. Using a microeconomic model of currency choice, we provide empirical support to strategic externalities. We find strong confirmation of the existence of persistence, but reject the view that the international monetary system was subject to pure path dependency and lock-in effects, suggesting that, even in the absence of WWI, the USD was bound to overtake sterling. [source] Money Games: Currencies and Power in the Contemporary World EconomyANTIPODE, Issue 2010John Agnew Abstract:, A well-known cliché has it that "money makes the world go round" Certainly, monetary arrangements, specifically exchange-rate mechanisms, can serve to show the degree to which markets and states intersect to direct the workings of the world economy. It is common to assume that the singular model over recent decades has been a neoliberal one based on independent floating exchange rates. I challenge this assumption by showing that a number of different combinations of money and power have operated in the recent past, creating a number of distinctive "money games". Only one of these, the globalist/transnational, is facing a particularly severe crisis. The others, what I term the classic/territorial, integrative/shared, and imperialist/substitute provide available alternatives. The recent history, geographical features, and future prospects of the various money games are the main concerns of the essay. The analysis welcomes the recent financial crisis as providing an opportunity to further pluralize political-economic visions beyond the perceived dominant one-size-fits-all neoliberal ideology of the globalist regime. [source] What Should the Weights of the Three Major Currencies be in a Common Currency Basket in East Asia?,ASIAN ECONOMIC JOURNAL, Issue 1 2006Kentaro Kawasaki F31; F33; F36; F42 We consider what type of regional common currency should be introduced in East Asia in the future. The common currency basket is, in itself, more desirable as an anchor currency. In this paper we define two types of currency basket and investigate the long-term sustainability of adopting a common currency basket in East Asia. From our empirical results, a larger weight (but less than 100 percent) for the US dollar in the common currency basket tends to make bilateral exchange rates among East Asian countries stable in the long run. [source] Minting Common Currency in Contemporary Sustainability DiscourseCONSERVATION BIOLOGY, Issue 2 2007Janet Edghill No abstract is available for this article. [source] THE FACE OF MONEY: Currency, Crisis, and Remediation in Post-Suharto IndonesiaCULTURAL ANTHROPOLOGY, Issue 1 2009KAREN STRASSLER ABSTRACT In the period of transition following Suharto's resignation as president of Indonesia in 1998, the image of the 50,000Rp bill bearing his face became a visual shorthand for the corruption and abuse of power that had characterized his regime. Accessible, decentralized consumer technologies enabled people to alter money's appearance, transforming it from a fetish of the state into a malleable surface available for popular reinscription. As the medium of money was "remediated",absorbed into other media, refashioned, and circulated along new pathways,it became a means by which people engaged questions of state power, national integrity, political authenticity, and economic relations opened up by the crisis of Reformasi (Reform). The essay argues that remediations of public forms play a crucial role in times of political transition by enabling people to materialize alternative visions of political authority and authenticity. Moreover, remediated forms have become a characteristic modality of political communication in the post-Suharto period under conditions of democratization and an increasingly diversified media ecology. [source] Coping with Crisis,Smoke, Drought, Flood and Currency: Iban Households in West Kalimantan, IndonesiaCULTURE, AGRICULTURE, FOOD & ENVIRONMENT, Issue 1 2002Professor Reed L. Wadley First page of article [source] The Volume of the English Currency, 1158,1470ECONOMIC HISTORY REVIEW, Issue 4 2001Martin Allen First page of article [source] Why Do Firms Raise Foreign Currency Denominated Debt?EUROPEAN FINANCIAL MANAGEMENT, Issue 4 2001Evidence from Finland This study examines the determinants of the decision to raise currency debt. The results suggest that hedging figures importantly in the currency,of,denomination decision: firms in which exports constitute a significant fraction of net sales are more likely to raise currency debt. However, firms also tend to borrow in periods when the nominal interest rate for the loan currency, relative to other currencies, is lower than usual. This is consistent with the currency debt issue decision being affected by speculative motives. Large firms, with a wider access to the international capital markets, are more likely to borrow in foreign currencies than small firms. [source] Mean and Variance Causality between Official and Parallel Currency Markets: Evidence from Four Latin American CountriesFINANCIAL REVIEW, Issue 2 2002Angelos Kanas This paper examines the issue of mean and variance causality across four Latin American official and black markets for foreign currency using monthly data for the period 1976,1993. We apply a recent test developed by Cheung and Ng (1996) in order to test for mean and variance spillovers. The main findings are: (1) In contrast to the findings of previous studies, EGARCH-M processes characterize each bilateral exchange rate series in both markets; (2) There is substantial evidence of causality in both mean and variance with the causality in mean largely being driven by the causality in variance; and (3) The results indicate that the major exporter of causality is the Mexican black market with the black market of Argentina and the black and official markets of Brazil being the smallest contributors. [source] The Euro: The Politics of the New Global Currency , By David MarshJCMS: JOURNAL OF COMMON MARKET STUDIES, Issue 5 2009NATHANIEL COPSEY No abstract is available for this article. [source] Somalia: New Printed CurrencyAFRICA RESEARCH BULLETIN: ECONOMIC, FINANCIAL AND TECHNICAL SERIES, Issue 5 2010Article first published online: 8 JUL 2010 No abstract is available for this article. [source] An Exegesis on Currency and Banking CrisesJOURNAL OF ECONOMIC SURVEYS, Issue 3 2004Janice Boucher Breuer Currency and banking crises are characterized according to some standards in the literature and their historical record summarized. The development of the literature from first through fourth-generation, or so-called ,institutional' models is reviewed. A digression on institutions is provided along with some sidebars on the development of the literature on institutions as it relates to economic growth. The empirical research on third-generation (or twin crises) models and on institutional models of currency and banking crises, which are so far scarce, is covered too. A summary of the main policy issues for dealing with financial crises is presented. The paper closes with an emphasis on institutions and a call for more research directed at institutions and their role in the financial system. [source] Co-Movement Towards a Currency or Monetary Union?AUSTRALIAN ECONOMIC PAPERS, Issue 3 2001An Empirical Study for New Zealand This paper analyses whether New Zealand would be ready to form a currency or monetary union with either Australia, the 11 EU countries that are members of the EMU, Japan, or the US, if the criteria that have been used by researchers for the EMU are applied. The analysis is an empirical study with data from the mid 1980s to 1998, using cointegration techniques to search for co-movement and convergence in key economic variables: interest rates, inflation rates, exchange rates, real GDP, and current-account/GDP ratios. [source] Why bartering biodiversity failsCONSERVATION LETTERS, Issue 4 2009Susan Walker Abstract Regulatory biodiversity trading (or biodiversity "offsets") is increasingly promoted as a way to enable both conservation and development while achieving "no net loss" or even "net gain" in biodiversity, but to date has facilitated development while perpetuating biodiversity loss. Ecologists seeking improved biodiversity outcomes are developing better assessment tools and recommending more rigorous restrictions and enforcement. We explain why such recommendations overlook and cannot correct key causes of failure to protect biodiversity. Viable trading requires simple, measurable, and interchangeable commodities, but the currencies, restrictions, and oversight needed to protect complex, difficult-to-measure, and noninterchangeable resources like biodiversity are costly and intractable. These safeguards compromise trading viability and benefit neither traders nor regulatory officials. Political theory predicts that (1) biodiversity protection interests will fail to counter motivations for officials to resist and relax safeguards to facilitate exchanges and resource development at cost to biodiversity, and (2) trading is more vulnerable than pure administrative mechanisms to institutional dynamics that undermine environmental protection. Delivery of no net loss or net gain through biodiversity trading is thus administratively improbable and technically unrealistic. Their proliferation without credible solutions suggests biodiversity offset programs are successful "symbolic policies," potentially obscuring biodiversity loss and dissipating impetus for action. [source] Towards an integration of ecological stoichiometry and the metabolic theory of ecology to better understand nutrient cyclingECOLOGY LETTERS, Issue 5 2009Andrew P. Allen Abstract Ecologists have long recognized that species are sustained by the flux, storage and turnover of two biological currencies: energy, which fuels biological metabolism and materials (i.e. chemical elements), which are used to construct biomass. Ecological theories often describe the dynamics of populations, communities and ecosystems in terms of either energy (e.g. population-dynamics theory) or materials (e.g. resource-competition theory). These two classes of theory have been formulated using different assumptions, and yield distinct, but often complementary predictions for the same or similar phenomena. For example, the energy-based equation of von Bertalanffy and the nutrient-based equation of Droop both describe growth. Yet, there is relatively little theoretical understanding of how these two distinct classes of theory, and the currencies they use, are interrelated. Here, we begin to address this issue by integrating models and concepts from two rapidly developing theories, the metabolic theory of ecology and ecological stoichiometry theory. We show how combining these theories, using recently published theory and data along with new theoretical formulations, leads to novel predictions on the flux, storage and turnover of energy and materials that apply to animals, plants and unicells. The theory and results presented here highlight the potential for developing a more general ecological theory that explicitly relates the energetics and stoichiometry of individuals, communities and ecosystems to subcellular structures and processes. We conclude by discussing the basic and applied implications of such a theory, and the prospects and challenges for further development. [source] One money, one market: the effect of common currencies on tradeECONOMIC POLICY, Issue 30 2000Andrew K. Rose A gravity model is used to assess the separate effects of exchange rate volatility and currency unions on international trade. The panel data, bilateral observations for five years during 1970,90 covering 186 countries, includes 300+ observations in which both countries use the same currency. I find a large positive effect of a currency union on international trade, and a small negative effect of exchange rate volatility, even after controlling for a host of features, including the endogenous nature of the exchange rate regime. These effects, statistically significant, imply that two countries sharing the same currency trade three times as much as they would with different currencies. Currency unions like the European EMU may thus lead to a large increase in international trade, with all that that entails. [source] Can Russia be Competitive in Agriculture?EUROCHOICES, Issue 3 2003William M. Liefert Summary Can Russia be competitive inAgriculture? Russian agriculture currently is not internationally cost competitive. Since the mid-1990s Russia has imported large volumes of meat, while the grain trade has fluctuated in most years between small net imports and exports. Russia has, however, exported large quantities of key agricultural inputs, including 80 per cent of fertilizer output, mainly to EU countries. Research indicates that Russia has a comparative advantage in producing grain compared to meat, but also a comparative advantage in producing agricultural inputs compared to agricultural outputs. The expected real appreciation of the Russian rouble vis-à-vis Western currencies should further damage Russia's cost competitiveness in meat and grain, but this should be offset by modest productivity growth. An expected rise in consumer income, deriving from relatively high annual GDP growth of about 4,5 per cent, should also stimulate demand for meat imports. In spring 2003, Russia imposed tariff rate quotas on its imports of beef and pork, and a pure quota on imports of poultry. For other agricultural commodities, Russia is pushing in its WTO accession negotiations for allowable agricultural import tariffs that are higher than current levels. Taking these changes together, it is likely that Russia will continue as a big meat importer for about the next ten years,with tariff rate quotas probably determining the level of meat imports,and will become a moderate grain exporter. L'agriculture russepourrait-elle être compétitive ? Actuellement, l'agriculture russe n'est pas compétitive. La Russie a importé de gros volumes de viande depuis le milieu des années 90, tandis que la balance des échanges de céréales oscillait entre les faibles excédents et les faibles déficits. Cependant, la Russie est grande exportatrice d'agro-fournitures dont, en particulier, 80% de sa production d'engrais, principalement vers l'Europe. On montre ici que l'avantage comparatif de la Russie se situe dans les céréales plutôt que dans la viande et, surtout, dans les agro-fournitures plutôt que dans les denrées agricoles. La remontée, à laquelle il faut s'attendre, du rouble vis à vis des devises occidentales, devrait encore diminuer la compétitivité de la Russie en matière de viandes et de céréales, ce qui devrait être compensé par des gains de productivité même faibles. La hausse attendue des revenus des consommateurs, engenderée par une croissance élevée du revenu national, de l'ordre de 4 à 5% par an, devrait aussi stimuler la demande de viande importée. Au printemps 2003, la Russie s'est dotée d'un système de droits sur ses importations hors quotas de viande de bæuf et de pore, ainsi que d'un quota d'importation pour les produits avicoles. En ce qui conceme les autres produits agricoles, dans le cadre des négociations relatives à son entrée dans l'OMC, la Russie s'efforce d'obtenir l'autorisation d'augmenter les taxes à l'importation par rapport à leur niveau actuel. Au total done, à un horizon de l'ordre de dix ans, il est probable que la Russie reste un gros importateur de viandes - le niveau des taxes sur le hors quotas déterminant les niveaux d'importation -, et un modeste exportateur de céréales. Kann Russland auf dem Agrarsektorwettbewerbsfähig sein? Die russische Landwirtschaft ist hinsichtlich der Kosten momentan nicht international wettbewerbsfähig. Seit Mitte der 1990er importiert Russland große Mengen an Fleisch, während der Getreidehandel in den meisten Jahren zwischen geringen Nettoimporten und -exporten schwankte. Russland hat jedoch große Mengen an wichtigen landwirtschaftlichen Vorieistungen, unter anderem 80% seiner Düngerproduktion, hauptsächlich in EU-Länder exportiert. Forschungsergebnisse weisen darauf hin, dass Russland in der Produktion von Getreide verglichen mit Fleisch einen komparativen Vorteil besitzt; dies trifft jedoch ebenfalls auf die Produktion von landwirtschaftlichen Vorieistungen verglichen mit landwirtschaftlichen Endprodukten zu. Es ist anzunehmen, dass die erwartete reale Aufwertung des russischen Rubel gegenüber den westlichen Währungen eine zusätzliche Verschlechterung der russischen Wettbewerbsfähigkeit hinsichtlich der Kosten im Bereich Fleisch und Getreide nach sich zieht; dies sollte sich jedoch durch ein moderates Produktivitätswachstum ausgleichen. Der erwartete Anstieg der Verbrauchereinkommen, der sich aus dem relativ hohen jährlichen Bruttoin-landsproduktzuwachs von ca. 4,5 Prozent ableitet, sollte sich ebenfalls stimulierend auf die Nachfrage nach Fleischimporten auswirken. Im Frühjahr 2003 führte Russland Zolltarifkontingente für seine Schweine- und Rindfleischimporte ein und belegte seine Geflügelfleischimporte mit einem Importkontingent. Im Hinblick auf weitere Agrarerzeugnisse drängt Russland in den WTO-Beitrittsverhandlungen darauf, höhere Einfuhrzölle als die gegenwärtig geltenden zuzulassen. In Anbetracht all dieser Veränderungen ist es wahrscheinlich, dass Russland auch für die kommenden zehn Jahre große Mengen an Fleisch importieren,wobei möglicherweise Zolltarifkontingente die Menge bestimmen werden,und sich zu einem mäßigen Getreideexporteur entwickeln wird. [source] Why Do Firms Raise Foreign Currency Denominated Debt?EUROPEAN FINANCIAL MANAGEMENT, Issue 4 2001Evidence from Finland This study examines the determinants of the decision to raise currency debt. The results suggest that hedging figures importantly in the currency,of,denomination decision: firms in which exports constitute a significant fraction of net sales are more likely to raise currency debt. However, firms also tend to borrow in periods when the nominal interest rate for the loan currency, relative to other currencies, is lower than usual. This is consistent with the currency debt issue decision being affected by speculative motives. Large firms, with a wider access to the international capital markets, are more likely to borrow in foreign currencies than small firms. [source] A currency index global capital asset pricing modelEUROPEAN FINANCIAL MANAGEMENT, Issue 1 2000Thomas J. O'Brien The application of an international capital asset pricing relationship with two factors, the global market portfolio and a currency index, is described and illustrated. The model and illustration help demonstrate a problem with the common practice of adjusting an asset's expected rate of return across currencies via nominal riskless interest rate differentials. [source] Competences for Learning to Learn and Active Citizenship: different currencies or two sides of the same coin?EUROPEAN JOURNAL OF EDUCATION, Issue 1 2010BRYONY HOSKINS In the context of the European Union Framework of Key Competences and the need to develop indicators for European Union member states to measure progress made towards the ,knowledge economy' and ,greater social cohesion' both the learning to learn and the active citizenship competences have been highlighted. However, what have yet to be discussed are the links and the overlaps between these two competences. Based on the development of research projects on these two fields, this article will compare the two sets of competences, both qualitatively and quantitatively. It will describe how the values and dispositions that motivate and inform active citizenship and learning to learn are related to each other, both empirically and theoretically. Both these competences are tools for empowering individuals and giving them the motivation and autonomy to control their own lives beyond the social circumstances in which they find themselves. In the case of active citizenship, the ability to be able to participate in society and voice their concerns, ensure their rights and the rights of others. In the case of learning to learn to be able to participate in work and everyday life by being empowered to learn and update the constantly changing competences required to successfully manage your life plans. When measuring both these competences then certain values relating positively towards democracy and human rights are common in their development. [source] Policy decisiveness and responses to speculative attacks in developed countriesEUROPEAN JOURNAL OF POLITICAL RESEARCH, Issue 6 2009KYUNG JOON HAN Why are some countries able to defend their currencies when there are speculative attacks, while others fail to do so and devalue their currencies? This article suggests that intragovernment factors as well as government-legislature relations should be considered because many of the policy responses to speculative attacks do not require legislative acquiescence, so that intragovernment attributes will have more substantial effects on the policy responses than those of government-legislature relations. This article suggests that cleavages within government and its instability have a negative effect on decisiveness. Data regarding speculative attacks in developed countries from the 1970s to the 1990s and the Heckman selection model show that governments with many veto players and with less durability have had difficulty in defending their currencies in the face of speculative attacks. The article also finds that governmental institutional effects can be constrained by central bank independence. The effects become substantially smaller and statistically insignificant when central banks are very independent. The overall results imply that policy indecisiveness induced by some political factors makes governments less able to adopt a new policy equilibrium that is necessary to respond to an exogenous shock such as speculative attack. [source] Securitization: The Transformation of Illiquid Financial Assets into Liquid Capital Market Securities Examples from the European MarketFINANCIAL MARKETS, INSTITUTIONS & INSTRUMENTS, Issue 3-4 2000Charles Austin Stone Since the benefits a firm can derive from securitization are universal, the discussion of a market bounded by national borders is somewhat artificial unless the focus is on constraints particular to the country which promote or inhibit the use of securitization. With the exception of the United Kingdom, regulatory constraints have been an important factor in slowing the development of a European market for asset and mortgage backed securities. In addition to the regulatory hurdles, securitization in Europe has been inhibited by segmented corporate bond markets and the relatively slow development of money market savings vehicles for households. Liquidity across credit spectrums has been enhanced since the introduction of the Euro, as has been the competition for savings. European companies are developing the ability to securitize even if the technique is not yet being widely exploited. What is the European market for mortgage and asset backed securities? Does it include the U.S. credit card banks, Citicorp, Chase, MBNA, and First USA that have refinanced U.S. credit card receivables in European currencies and in Euro? Does it include GMAC which has structured Swiss Franc and Euro ABS backed by its U.S. dealer floor plan loans? Does it include Japanese banks that have refinanced Yen denominated leases with Euro and Swiss Franc ABS? Does it include Barclays' issue of $1 billion of ABS backed by sterling credit card receivables? Of course the answer is yes. Markets are defined by both the supply and demand sides. Our analysis focuses on the supply side of the domestic European market. 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