scholarly journals The Efficiency of the Chinese Silver Standard, 1920–1933

2021 ◽  
Vol 81 (3) ◽  
pp. 872-908
Author(s):  
Nuno Palma ◽  
Liuyan Zhao

We test for integration of financial markets in China during 1920-1933 using a new dataset of domestic exchange rates. Our data concerns tael-denominated telegraphic transfers between Shanghai and nine other cities. We find that Chinese financial markets, as measured by the efficiency of silver-point arbitrage, were highly integrated among major commercial hubs in north and central China, but there was a lower level of integration for more remote cities in the south. Our paper presents the first comprehensive assessment of the efficiency of the Chinese silver standard and contributes to a revaluation of market performance during pre-communist China.

2015 ◽  
Author(s):  
Yakov Mirkin ◽  
Tatyana Zhukova ◽  
Karina Bakhtaraeva ◽  
Anna Levchenko

2015 ◽  
Vol 130 (3) ◽  
pp. 1369-1420 ◽  
Author(s):  
Xavier Gabaix ◽  
Matteo Maggiori

Abstract We provide a theory of the determination of exchange rates based on capital flows in imperfect financial markets. Capital flows drive exchange rates by altering the balance sheets of financiers that bear the risks resulting from international imbalances in the demand for financial assets. Such alterations to their balance sheets cause financiers to change their required compensation for holding currency risk, thus affecting both the level and volatility of exchange rates. Our theory of exchange rate determination in imperfect financial markets not only helps rationalize the empirical disconnect between exchange rates and traditional macroeconomic fundamentals, it also has real consequences for output and risk sharing. Exchange rates are sensitive to imbalances in financial markets and seldom perform the shock absorption role that is central to traditional theoretical macroeconomic analysis. Our framework is flexible; it accommodates a number of important modeling features within an imperfect financial market model, such as nontradables, production, money, sticky prices or wages, various forms of international pricing-to-market, and unemployment.


2021 ◽  
pp. 1-46
Author(s):  
Chia-Chi Wang ◽  
Huang-Hsiung Hsu ◽  
Ying-Ting Chen

AbstractAn objective front detection method is applied to ERA5, CMIP5 historical, and RCP8.5 simulations to evaluate climate model performance in simulating front frequency and understand future projections of seasonal front activities. The study area is East Asia for two natural seasons, defined as winter (December 2nd –February 14th) and spring (February 15th –May 15th), in accordance with regional circulation and precipitation patterns. Seasonal means of atmospheric circulation and thermal structures are analyzed to understand possible factors responsible for future front changes.The front location and frequency in CMIP5 historical simulations are captured reasonably. Frontal precipitation accounts for more than 30% of total precipitation over subtropical regions. Projections suggest that winter fronts will decrease over East Asia, especially over southern China. Frontal precipitation is projected to decrease for 10-30%. Front frequency increases in the South China Sea and tropical western Pacific because of more tropical moisture supply, which enhances local moisture contrasts. During spring, southern China and Taiwan will experience fewer fronts and less frontal precipitation while central China, Korea, and Japan may experience more fronts and more frontal precipitation due to moisture flux from the south that enhances 𝜽𝒘 gradients.Consensus among CMIP5 models in front frequency tendency is evaluated. The models exhibit relatively high consensus in the decreasing trend over polar and subtropical frontal zone in winter and over southern China and Taiwan in spring that may prolong the dry season. Spring front activities are crucial for water resource and risk management in the southern China and Taiwan.


Obiter ◽  
2021 ◽  
Vol 31 (3) ◽  
Author(s):  
Lynette Swart ◽  
Vivienne A Lawack-Davids

This article examines the regulatory framework pertaining to the South African financial markets. The authors explain selected terminology and provide an overview of regulators in order to create an understanding of the regulatory environment to enhance transparency and add to the body of knowledge in financial markets law.


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