scholarly journals Uncovering Retail Trading in Bitcoin: The Impact of COVID-19 Stimulus Checks

2021 ◽  
Author(s):  
Anantha Divakaruni ◽  
Peter Zimmerman
Keyword(s):  
Trade Volume ◽  
Nonprofessional Investors ◽  
The Us ◽  
Us Government ◽  
Us Dollar ◽  
Retail Trading ◽  
Slight Rise ◽  
The Impact ◽  
Wealth Shock ◽  
Modest Effect

In April 2020, the US government sent economic impact payments (EIPs) directly to households, as part of its measures to address the COVID-19 pandemic. We characterize these stimulus checks as a wealth shock for households and examine their effect on retail trading in Bitcoin. We find a significant increase in Bitcoin buy trades for the modal EIP amount of $1,200. The rise in Bitcoin trading is highest among individuals without families and at exchanges catering to nonprofessional investors. We estimate that the EIP program has a significant but modest effect on the US dollar–Bitcoin trading pair, increasing trade volume by about 3.8 percent. Trades associated with the EIPs result in a slight rise in the price of Bitcoin of 7 basis points. Nonetheless, the increase in trading is small compared to the size of the stimulus check program, representing only 0.02 percent of all EIP dollars. We repeat our analysis for other countries with similar stimulus programs and find an increase in Bitcoin buy trades in these currencies. Our findings highlight how wealth shocks affect retail trading.

scholarly journals Quebec’s Economic and Commercial Linkages with the United States, 1994–2017

2017 ◽  
Author(s):  
Earl H. Fry
Keyword(s):  
United States ◽  
Trade Agreement ◽  
The United States ◽  
The North ◽  
Nation States ◽  
Wide Range ◽  
The Us ◽  
Us Government ◽  
Big Picture ◽  
The Impact

This article examines the ebb and flow of the Quebec government’s economic and commercial relations with the United States in the period 1994–2017. The topic demonstrates the impact of three major forces on Quebec’s economic and commercial ties with the US: (1) the North American Free Trade Agreement (NAFTA) which became operational in 1994 and was fully implemented over a 15-year period; (2) the onerous security policies put in place by the US government in the decade following the horrific events of 11 September 2001; and (3) changing economic circumstances in the United States ranging from robust growth to the worst recession since the Great Depression of the 1930s. The article also indicates that the Quebec government continues to sponsor a wide range of activities in the United States, often more elaborate and extensive than comparable activities pursued by many nation-states with representation in the US. 1 1 Stéphane Paquin, ‘Quebec-U.S. Relations: The Big Picture’, American Review of Canadian Studies 46, no. 2 (2016): 149–61.

China-US summit yields more strains than gains

2015 ◽  
Keyword(s):  
Presidential Election ◽  
Personal Data ◽  
Content Type ◽  
The Us ◽  
Us Government ◽  
International Image ◽  
Economic Slowdown ◽  
Government Workers ◽  
The Impact ◽  
The Relationship

Significance Several recent strains in the relationship guaranteed a tense official dialogue and tepid reception of Xi across Washington -- the impact of China's economic slowdown on the US stock market, accusations of Chinese cyber theft of US government workers' personal data, and continued maritime tensions. Impacts China's climate change commitments will improve its international image, but will not reduce tensions on other issues. Washington will impose sanctions if it believes China is breaking the new cybercrime agreement. US politics ahead of next year's presidential election will put more strain on China-US relations. Dialogue on the South China Sea is unlikely to bear fruit while Washington's policy is undecided.

scholarly journals The Impact of Trading Information Sets on Exchange Rate Change and Volatility: Evidence From Taiwan

SAGE Open ◽  
2021 ◽  
Vol 11 (4) ◽  
pp. 215824402110529
Author(s):  
Ying-Sing Liu
Keyword(s):  
Exchange Rate ◽  
Foreign Exchange Market ◽  
Rate Change ◽  
Small Island ◽  
The Real ◽  
The Us ◽  
Information Sets ◽  
Us Dollar ◽  
The Exchange Rate ◽  
The Impact

This study explores the Taiwan Dollar (TWD) as the currency of a small island economy, uses the trading information sets from overseas and the market itself to examine the impacts on the adjustment of daily spot exchange rates. The daily USD/TWD is explained by the trading information sets, contain which the daily trading activities and the ratio of the real body on the daily candlestick chart of technical analysis on the Taipei Foreign Exchange Market, as well as the US-dollar index return to explain the USD/TWD spot rate change. The results showed that some of the USD/TWD changes were related to the US-dollar index return on overseas, and that the effect of the US-dollar index return was not limited to the adjustment rate from the previous closing rate to the opening rate on the day, which would affect the adjustment spot exchange rate in the intraday opening-to-closing period. There is a significant positive relationship between the real body ratio of the daily candlestick chart and the return of the exchange rate, supporting the real body ratio related to the change of the exchange rate. The study model can greatly improve the model interpretation ability of the change of exchange rate by about 50% after considering the trading activity factors. Finally, this study found that the volatility has a positive effect on Mondays and the 2008-financial crisis, and based on the shock that the news of depreciation was higher than the news of appreciation, so there exist asymmetry volatility.

scholarly journals Impact of Monetary and Macroeconomic Factors on Wheat Prices in Pakistan: Implications for Food Security

2011 ◽  
Vol 16 (1) ◽  
pp. 95-110 ◽  
Author(s):  
Khalid Mushtaq ◽  
Abdul Ghafoor Abdul Ghafoor ◽  
Abedullah Abedullah ◽  
Farhan Ahmad
Keyword(s):  
Trade Openness ◽  
Impulse Response Function ◽  
Macroeconomic Factors ◽  
Long Run ◽  
Equilibrium Relationship ◽  
The Us ◽  
Augmented Dickey Fuller ◽  
Us Dollar ◽  
Enhancing Production ◽  
The Impact

This paper attempts to evaluate the impact of monetary and macroeconomic factors on real wheat prices in Pakistan for the period 1976-2010, using Johansen’s co-integration approach. The Augmented Dickey-Fuller test reveals that all the variables used are first-difference stationary, except the trade openness indicator, which is second-difference stationary. There is also a longrun equilibrium relationship among these variables. The results indicate that real money supply, openness of the economy, and the real exchange rate have a significant effect on real wheat prices in the long run. The impulse response function shows that a trade openness shock impacted wheat prices to some extent and that it took three to four years for prices to become stable, following the shock. The findings of the study suggest that the policy thrust should focus on increasing wheat supply in the country by enhancing production or by liberalizing trade. Efforts should also be directed toward stabilizing the value of the Pakistani rupee against foreign currencies, especially the US dollar.

scholarly journals The impact of COVID-19 on the standard & poor 500 index sectors: a multivariate generalized autoregressive conditional heteroscedasticity model

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Maha Elhini ◽  
Rasha Hammam
Keyword(s):  
Significant Relation ◽  
Content Type ◽  
Daily Return ◽  
Technology Sector ◽  
Time Period ◽  
The Us ◽  
Us Dollar ◽  
The Impact ◽  
Autoregressive Conditional Heteroscedasticity ◽  
Daily Returns

Purpose This paper aims to examine the impact of the daily growth rate of COVID-19 cases in the USA (COVIDg), the Federal Fund Rate (FFR) and the trade-weighted US dollar index (USDX) on S&P500 index daily returns and its 11 constituent sectors’ indices for the time period between January 22, 2020, until June 30, 2020. Design/methodology/approach The study uses the multivariate generalized autoregressive conditional heteroscedasticity (MGARCH) model to gauge the impacts over the whole period of study, as well as over two sub-periods; first, January 22, 2020, until March 30, 2020, reflecting uncertainty in the US markets and second, from April 1, 2020, until June 30, 2020, reflecting the lockdown. Findings Results of the MGARCH model reveal a negative and significant relation between COVIDg and S&P500 index daily returns over the first sub-period and the whole study period in the following sectors, namely, communications, consumer discretionary, consumer staples, health, technology and materials. Yet, COVIDg showed a positive and significant relation with S&P500 index daily returns during the second time period in the following sectors, namely, communication, consumer discretionary, financial, industrial, information technology (IT) and utilities. Besides, USDX showed a negative significant effect on S&P500 index daily returns and on the daily return on each of its 11 constituent sectors over the second sub-period and the whole period. Further, FFR showed a significant effect only in the second sub-period, specifically, a negative effect on the daily return of the financial sector and a positive effect on the daily return of the technology sector index. Nevertheless, FFR had a positive significant effect on the daily return of the utilities sector index for the whole period under study. Research limitations/implications The impact of the crisis on the S&P500 index can be assessed only with some limitations owing to available global data and the limited time frame of the lock-down. Practical implications The study proposes supporting a smooth, functioning and resilient financial system; increasing fiscal measures by the US Government to increase liquidity on constraints; measures by The Federal Reserve to alleviate US dollar funding shortages; support market integrity; ensure continuous transparency and sharing of information; support the health sector, as well as consumer-based sectors that faced demand shocks and facilitate investments in the technology sector. Originality/value The originality of this paper lies in the examination of the impact of the novel COVID-19 pandemic on each of the 11 sectors constituting the S&P500 index separately, reflecting how the main economic sectors formulating the US economy reacted to the shock during the peak time of the pandemic to observe a full picture of the economic consequences amid the pandemic.

scholarly journals The Impact of the Tax Cuts and Jobs Act of 2017 on the US Government Debt

2019 ◽  
Vol 7 (4) ◽  
pp. 01-09
Author(s):  
Min Xu ◽  
Suk Kim ◽  
Jeanne David
Keyword(s):  
Government Debt ◽  
Us History ◽  
The Great Recession ◽  
Tax Relief ◽  
The Us ◽  
Us Government ◽  
Federal Debt ◽  
Jobs Act ◽  
The Impact ◽  
Tax Cuts

There have been three major tax cuts in the modern US history: 1) the Tax Cuts and Jobs Act of 2017; 2) the Economic Growth and Tax Relief Reconciliation Act of 2001; and 3) the Economic Recovery Act of 1981. Each of the first two major tax cuts had increased the federal debt. Just about everybody agrees that US federal debt is on an unsustainable path. Can we afford another major tax cut without trigging a major economic disaster such as the Great Recession of 2007-2009? This article discusses an overview of this new law, the impact of the first two major tax cuts on the federal debt, the impact of the Tax Cuts and Job Acts on the US government debt, and its consequences.

scholarly journals Further Evidence on Asymmetry in the Impact of Oil Price on Exchange Rate and Stock Price in China using Daily Data

2021 ◽  
Vol 13 (5) ◽  
pp. 83
Author(s):  
Nazeer Ahmed ◽  
Ma Dingchou ◽  
Abdul Qayyum
Keyword(s):  
Exchange Rate ◽  
Stock Price ◽  
Structural Breaks ◽  
Oil Price ◽  
Nonlinear Ardl ◽  
Daily Data ◽  
The Us ◽  
Short Run ◽  
Us Dollar ◽  
The Impact

The role of oil price on the macro-economy has been intensely researched. However, oil remains one of the most important energy sources for production. Concerning China, there are projections that the country’s energy consumption would have risen to 18 billion barrels per day in the next two decades. Given China’s heavy reliance on oil, we reexamine the impact of oil price on the US dollar-Renminbi rate and the Shanghai index using daily data from 4/01/2010 to 29/03/2021. In our analysis, we apply the Nonlinear ARDL technique in the presence of structural breaks and find that oil price has asymmetric impact on exchange rate and stock price in the short-run alone. However, the asymmetry is only in terms of magnitude and not in terms of effect direction. Oil price is found to appreciate the Renminbi vis-à-vis the US dollar and to increase stock price significantly both in the short-run. We find that accounting for structural breaks is necessary for cointegration in using oil price to explain both variables.

scholarly journals Delay in assessing vitamin D supplements and live vaccines for tuberculosis, polio, and measles to protect people from Covid-19

2021 ◽  
Author(s):  
David Gisselquist
Keyword(s):  
Vitamin D ◽  
The United States ◽  
World Health ◽  
Live Vaccines ◽  
The Us ◽  
Us Government ◽  
Vitamin D Supplements ◽  
Health Organization ◽  
Experimental Use ◽  
The Impact

Introduction: In March 2020, less than three months after China reported a cluster of pneumonia cases in Wuhan, the United States (US) government budgeted money to support development of Covid-19 vaccines. By mid-December 2020, two had been developed, tested, and received the US government’s experimental use authorization. Given evidence that vitamin D supplements and live vaccines for tuberculosis, polio, and measles reduce risks for acute respiratory infection, many experts hypothesized they might reduce risks for Covid-19 infection. Expedited randomized controlled trials, as done for Covid-19 vaccines, could have assessed their protection against C19 no later than end-July 2020. Methods: On 21 April 2021, I searched trial registries maintained by the US National Institutes of Medicine and the World Health Organization for trials with ≥400 participants to assess vitamin D or live vaccines to prevent Covid-19 infections (all or symptomatic). On 10-13 November 2021, I searched PubMed and medRxiv for results reported from these trials.Results: In April 2021, I found 32 trials (9 for vitamin D and 23 for live vaccines) proposing to assess the impact of these interventions on rates of new Covid-19 infections (all or symptomatic). Only 10 trials proposed to begin by June 2020, and only one to end in 2020. My search on 10-13 November 2021, almost 11 months after the US approved the first two Covid-19 vaccines, found results reported from only one of the 32 trials (live measles vaccine significantly reduced new symptomatic infections). Conclusions: If health experts had demonstrated similar urgency in assessing vitamin D supplements and live vaccines for tuberculosis, polio, and measles as in developing Covid-19 vaccines, trials could have reported by end-July 2020. Depending on what trials reported, these interventions could have prevented a large percentage of more than 600,000 Covid-19 deaths reported in the US from August 2020 through November 2021. Delay in assessing vitamin D has racial implications as well, since vitamin D deficiency and Covid-19 deaths in the US have been far more common among Blacks and Hispanics compared to Whites. Going forward, depending on what trials report, these interventions could help people live with Covid-19 as an endemic virus.

scholarly journals FENOMENA KURS RUPIAH SEBELUM DAN SELAMA COVID-19

NIAGAWAN ◽  
2020 ◽  
Vol 9 (3) ◽  
pp. 197
Author(s):  
Pebri Hastuti ◽  
La Ane ◽  
Melati Yahya
Keyword(s):  
Exchange Rate ◽  
Exchange Rates ◽  
Quantitative Methods ◽  
The United States ◽  
Wilcoxon Test ◽  
The Us ◽  
Us Dollar ◽  
The Exchange Rate ◽  
The Government ◽  
The Impact

The COVID-19 pandemic was first announced by the government on March 2, 2020. COVID-19 has caused many impacts on various economic sectors in Indonesia. Not only in Indonesia but the impact of Covid-19 has disrupted world economic chains. In fact, it has the potential to cause an economic crisis in a number of countries if it is not dealt with quickly and appropriately. Especially in the exchange rate of the rupiah against the United States of America (US) which is increasingly weakening. This study aims to determine differences in the rupiah exchange rate before and during the co-19. The author uses library research instruments, documentation studies, internet browsing, where the data taken is secondary data from relevant agencies obtained from Bank Indonesia publications through Jakarta Interbank Spot Dollar Rate (Jisdor) data, data obtained from Jisdor is the rupiah exchange rate against the US dollar. This study uses quantitative methods with data analysis tools used are different test methods namely Wilcoxon Test with the help of the computer program SPSS Version 21. Where the data is taken from 7 November 2019 to 28 February 2020 before Covid-19 and during Covid-19 on March 2 until June 30, 2020. The method aims to find out significant differences between the rupiah exchange rates before and during the pandemic. The results of data processing showed that there were significant differences between the rupiah exchange rates before and during the pandemic. So it can be concluded that the spread of Covid-19 in the community will further weaken the exchange rate of the rupiah against the US Dollar.

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