scholarly journals Information Flow Network of International Exchange Rates and Influence of Currencies

Entropy ◽  
2021 ◽  
Vol 23 (12) ◽  
pp. 1696
Author(s):  
Hongduo Cao ◽  
Fan Lin ◽  
Ying Li ◽  
Yiming Wu
Keyword(s):  
Exchange Rate ◽  
Information Flow ◽  
Information Exchange ◽  
Market Price ◽  
Great Influence ◽  
The United States ◽  
International Exchange ◽  
Flow Network ◽  
Monetary System ◽  
The Impact

The main purpose of the study is to investigate how price fluctuations of a sovereign currency are transmitted among currencies and what network traits and currency relationships are formed in this process under the background of economic globalization. As a universal equivalent, currency with naturally owned network attributes has not been paid enough attention by the traditional exchange rate determination theories because of their overemphasis of the attribute of value measurement. Considering the network attribute of currency, the characteristics of the information flow network of exchange rate are extracted and analyzed in order to research the impact they have on each other among currencies. The information flow correlation network between currencies is researched from 2007 to 2019 based on data from 30 currencies. A transfer entropy is used to measure the nonlinear information flow between currencies, and complex network indexes such as average shortest path and aggregation coefficient are used to analyze the macroscopic topology characteristics and key nodes of information flow-associated network. It was found that there may be strong information exchange between currencies when the overall market price fluctuates violently. Commodity currencies and currencies of major countries have great influence in the network, and local fluctuations may result in increased risks in the overall exchange rate market. Therefore, it is necessary to monitor exchange rate fluctuations of relevant currencies in order to prevent risks in advance. The network characteristics and evolution of major currencies are revealed, and the influence of a currency in the international money market can be evaluated based on the characteristics of the network. The world monetary system is developing towards diversification, and the currency of developing countries is becoming more and more important. Taking CNY as an example, it was found that the international influence of CNY has increased, although without advantage over other major international currencies since 2015, and this trend continues even if there are trade frictions between China and the United States.

scholarly journals The Impact of International Sanctions on Russian Financial Markets

Economies ◽  
2020 ◽  
Vol 8 (4) ◽  
pp. 107
Author(s):  
Mirzosaid Sultonov
Keyword(s):  
Exchange Rate ◽  
Stock Price ◽  
Price Index ◽  
The United States ◽  
The European Union ◽  
Stock Price Index ◽  
The Exchange Rate ◽  
Long Term Impact ◽  
The Impact

Russia’s international comportment and geostrategic moves, particularly the invasion of Ukraine and the annexation of Crimea in 2014, caused a substantial change in its international economic and political relations. In response to Russia’s invasion, the United States of America, the European Union, and their allies imposed a series of sanctions. In this study, by applying an exponential generalized autoregressive conditional heteroscedasticity model to daily logarithmic returns of the ruble exchange rate and the closing price index of the Russian Trading System, we analyze how the returns and volatility of the exchange rate and the stock price index responded to the sanctions and oil price changes. The estimation results show that the sanctions have a significant positive short-term impact on exchange rate returns. Economic sanctions have a significant negative long-term impact on the returns and variance of the exchange rate and a significant positive long-term impact on the returns of the stock price index. Financial sanctions have a positive/negative long-term impact on the returns of the exchange rate/stock price index and a positive long-term impact on the variance of the exchange rate and the stock price index. Corporate sanctions have a positive long-term impact on exchange rate returns.

scholarly journals Research on the Impact of Sino-US Trade Structure on the Real Effective Exchange Rate of RMB

2021 ◽  
Vol 2021 ◽  
pp. 1-10
Author(s):  
Jiajia Yan ◽  
Jinlong Cai
Keyword(s):  
United States ◽  
Exchange Rate ◽  
The United States ◽  
Real Effective Exchange Rate ◽  
Export Trade ◽  
Trade Structure ◽  
Effective Exchange ◽  
Import And Export ◽  
Effective Exchange Rate ◽  
The Impact

Since the beginning of 2018, Sino-US trade frictions have been escalating to the fields of science and technology, finance, and geography. Especially in the financial field, the United States has forcibly identified China as a “currency manipulator.” In order to analyze the impact of Sino-US trade on the RMB exchange rate, based on the Sino-US import and export trade data under the quarterly HS classification from 2003 to 2019 and the RMB real effective exchange rate, this article carries out the traditional time series test, seasonal unit root test, and cointegration test and further constructs the seasonal error correction model to explore the long-term and short-term dynamic impact of Sino-US import and export trade structure on RMB real effective exchange rate. The results shows that the upgrading and optimization of the overall trade structure between China and the United States will increase the appreciation pressure of RMB real effective exchange rate. There are seasonal and long-term trends between RMB real effective exchange rate and different types of import and export trade structures between China and the United States. Therefore, this article not only strongly refutes the “theory of RMB appreciation” and puts forward policy suggestions to effectively deal with the negative impact of Sino-US trade friction but also provides a research framework for global trade, especially the decoupling of trade structure and exchange rate between developing and developed countries.

Bank for International Settlements

1955 ◽  
Vol 9 (3) ◽  
pp. 449-450
Keyword(s):  
Interest Rates ◽  
Large Scale ◽  
Free Market ◽  
Market Price ◽  
The United States ◽  
Western Hemisphere ◽  
Business Trend ◽  
Economic Management ◽  
Bank For International Settlements ◽  
The Impact

The twenty-fourth annual report of the Bank for International Settlements was made public in June 1954. In reviewing the period April 1, 1953, March 31, 1954, the report noted that 1953 had been a year of economic progress for most countries, and adjustment and consolidation for the world as a whole. In a great many nations production had reached new record heights; prices had shown a remarkable degree of overall stability; and monetary confidence had been strengthened, as evidenced by the improvement in reserves and in quotations on the exchange markets, and by the fall in the free-market price of gold. These facts were important not only in themselves but also because they had dispelled preconceived ideas and prejudices, such as: 1) the claim that changes in interest rates or other measures in the field of credit were ineffective and outmoded as instruments of economic management; 2) the idea that a small decline in industrial output in the United States would lead to a proportionately greater reduction in American imports and consequently widen the dollar gap; and 3) the notion that a strengthening of monetary reserves and an improvement in the value of individual currencies could be achieved only by a policy of “deflation” and at the cost of large-scale unemployment. At the same time the business trend in the individual countries had been characterized by an exceptional degree of diversity due to the growing strength of most European economies and the pursuit in the western hemisphere of policies designed to lighten the impact of a downward adjustment of levels of business activity.

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.

scholarly journals EFFECT OF MACROECONOMIC VARIABLES ON JAKARTA ISLAMIC INDEX: EVIDENCE THE GLOBAL TRADE WAR PHENOMENON

Media Ekonomi ◽  
2020 ◽  
Vol 27 (2) ◽  
pp. 119
Author(s):  
Rizaldi Yusfiarto ◽  
Galuh Tri Pambekti
Keyword(s):  
Exchange Rate ◽  
Crude Oil ◽  
The United States ◽  
Macroeconomic Variables ◽  
Crude Oil Prices ◽  
Augmented Dickey Fuller ◽  
Stationarity Test ◽  
Trade War ◽  
The Impact ◽  
Adf Test

<p><em>The development of investment in the Islamic capital market, especially the Jakarta Islamic Index (JII) as a percentage, experienced significant development, and it is because the Islamic index uses Islamic principles and procedures. The phenomenon of the trade war between the United States and China has an impact on macro variable fluctuations, which can empirically influence the growth of the sharia index. For this reason, this study aims to analyze the impact of change due to the trade war sentiment. Macroeconomic variables used in this study are the USD / IDR exchange rate, the CNY / IDR exchange rate, inflation, Crude oil WTI, and ICP Crude oil. This study uses a vector autoregression analysis (VAR) technique. Stationarity test using the Augmented Dickey-Fuller test (ADF test) and the Philips-Perron Test. The analysis shows that there is an influence between changes in exchange rates and changes in crude oil prices on the return of the Jakarta Islamic Index (JII) in the range of research data periods used.</em></p>

scholarly journals How trade affects the US produce industry: the case of fresh tomatoes

2021 ◽  
pp. 1-14
Author(s):  
Sheng Li ◽  
Feng Wu ◽  
Zhengfei Guan ◽  
Tianyuan Luo
Keyword(s):  
United States ◽  
Fresh Produce ◽  
Market Price ◽  
The United States ◽  
Highly Sensitive ◽  
The Us ◽  
Negative Impacts ◽  
Fresh Tomato ◽  
The Impact

The US produce industry faces intensifying competition from imports, particularly those from Mexico, the largest exporter of produce to the United States. Fresh produce imports from Mexico have grown dramatically in recent years. This study examines the impact of increasing fresh tomato imports from Mexico on market price and revenue of US growers. Results show that tomato prices are highly sensitive to supply, suggesting a saturated market. Imports from Mexico have significant negative impacts on the prices of US domestic tomatoes. A scenario of 50% increase in tomato imports from Mexico could result in a $252 million (27%) revenue loss for American growers, thus posing great challenges to the sustainability of the declining US tomato industry.

scholarly journals Identity and Market for Loyalties Theories: The Case for Free Information Flow in Insurgent Iraq

2017 ◽  
Author(s):  
Paul Douglas Callister
Keyword(s):  
Information Flow ◽  
Government Regulation ◽  
The United States ◽  
Law School ◽  
Suicide Bombing ◽  
Information Market ◽  
Economics Of Information ◽  
Saint Louis ◽  
Saint Louis University ◽  
The Impact

When monopoly control over the flow of information is lost, the unavoidable consequence is destabilization. Information flow through a society can be understood as a market - not a market exchanging cash for goods, but loyalty for identity. Hence the market is called the Market for Loyalties - so labeled by an economics of information theory first developed by Prof. Monroe Price, of Cardozo Law School, and Director of the Howard M. Squadron Program in Law, Media and Society, to explain government regulation of radio, TV, cable and satellite broadcasting.In post-invasion Iraq, Saddam Hussein lost or monopoly control over the information market, where loyalty and identity were exchanged. The consequence was the plummeting of loyalty that the former regime could command in exchange for its marketed form of identity. The result of the sudden opening of the market is chaotic and violent. New suppliers of identity hawk wares so potent, that the consumer's loyalty extends to martyrdom in the form of suicide bombing (all for a few moments of temporal fame, and bright prospects of rewards in eternity). The current market for loyalties in Iraq is complicated by an additional characteristic - the impact of tribal structures to limit the number of effective buyers in the marketplace. Tribes function as brokers, restricting, the presence of competing buyers and functioning as resellers of identity in the marketplace.The dilemma for the United States is what to do about the new information market in Iraq - to clamp down and re-exert monopoly control, to stand back, laissez-faire-like, and let the market take its natural course, or to somehow manage the slide to equilibrium by carefully eliminating barriers and engineering the emergence of competitors in the market. This article will first present the theoretical underpinning of the market for loyalties in terms of neoclassical economics, emphasizing the importance of identity in this market. In so doing it will apply the theory to understanding many of the instabilities in Iraq and the Middle East. Second, the article suggests implications of the market for loyalties for U.S. policy. The article concludes that despite consideration of tribal intermediation of the information market, which must and can be addressed, US policy is not to win Iraqi loyalty by promulgating its own particular message of identity, but the creation and maintenance of an open and pluralistic market for loyalties within Iraq's information environment. In such a market, diverse identities are sufficiently numerous to insulate the market from potential disruption caused by provocative messages hawked by radical and violent groups. In essence, this Article presents an argument for freedom of speech and information flow based upon market for loyalties theory.This work is was originally published in 25 Saint Louis University Public Law Review 123 (2005)

scholarly journals The benefits of health information exchange: an updated systematic review

2018 ◽  
Vol 25 (9) ◽  
pp. 1259-1265 ◽  
Author(s):  
Nir Menachemi ◽  
Saurabh Rahurkar ◽  
Christopher A Harle ◽  
Joshua R Vest
Keyword(s):  
Systematic Review ◽  
New York ◽  
Health Information ◽  
Information Exchange ◽  
Health Information Exchange ◽  
Care Delivery ◽  
The United States ◽  
Current Systematic Review ◽  
Meta Analyses ◽  
The Impact

Abstract Objective Widespread health information exchange (HIE) is a national objective motivated by the promise of improved care and a reduction in costs. Previous reviews have found little rigorous evidence that HIE positively affects these anticipated benefits. However, early studies of HIE were methodologically limited. The purpose of the current study is to review the recent literature on the impact of HIE. Methods We used the Preferred Reporting Items for Systematic Reviews and Meta-Analyses guidelines to conduct our systematic review. PubMed and Scopus databases were used to identify empirical articles that evaluated HIE in the context of a health care outcome. Results Our search strategy identified 24 articles that included 63 individual analyses. The majority of the studies were from the United States representing 9 states; and about 40% of the included analyses occurred in a handful of HIEs from the state of New York. Seven of the 24 studies used designs suitable for causal inference and all reported some beneficial effect from HIE; none reported adverse effects. Conclusions The current systematic review found that studies with more rigorous designs all reported benefits from HIE. Such benefits include fewer duplicated procedures, reduced imaging, lower costs, and improved patient safety. We also found that studies evaluating community HIEs were more likely to find benefits than studies that evaluated enterprise HIEs or vendor-mediated exchanges. Overall, these finding bode well for the HIEs ability to deliver on anticipated improvements in care delivery and reduction in costs.

scholarly journals Assessing the Impact of Field-of-Use Restrictions in Patent Licensing Agreements: The Ethical Pharmaceutical Industry in the United States, 1950–1962

2017 ◽  
Vol 18 (2) ◽  
pp. 282-323
Author(s):  
MAR CEBRIÁN VILLAR ◽  
SANTIAGO LÓPEZ GARCÍA
Keyword(s):  
United States ◽  
Pharmaceutical Industry ◽  
Price Competition ◽  
Market Price ◽  
The United States ◽  
Patent Licensing ◽  
Limit Price ◽  
Product Competition ◽  
The Impact

There are a number of strategies employed by companies to limit price competition, including patenting. This article investigates patent licensing restrictions as a strategy to erode price competition, using mainly information gleaned from the 1960–1962 Kefauver Committee hearings. The article deals with the pharmaceutical industry, which is one of the few sectors in which patents are essential to the development and introduction of innovations. The current study adds to a body of literature that has yielded mixed results with respect to the role of patents in this industry. The main contribution of this research is that restrictive licensing clauses, specifically field-of-use restrictions, are found to be relevant in eroding price competition in the institutional market. However, in the retail ethical market, price competition was absent even when no field-of-use restrictions were included in licensing contracts, although product competition was relevant between patented drugs.

Sign in / Sign up

Export Citation Format

Share Document