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The impact of exchange rate (ER) movements on the trade balance has been extensively debated in the literature, with conflicting views on the nature and magnitude of this effect. This paper investigates the relationship between ER movements and trade balance in developing economies, with a specific focus on bilateral analysis involving Pakistan. Employing the Nonlinear Autoregressive Distributed Lag (NARDL) model, our results reveal a symmetric relationship between positive and negative ER changes and the trade balance, showing significant long-term and short-term effects across the panel of developing economies. However, country-specific asymmetries are observed, especially in the cases of India and China, and are more pronounced in each bilateral analysis, whether in the short run or long run. The study findings highlight the critical importance of maintaining a stable exchange rate policy, which can provide policymakers with precise insights into the money market and the broader economy while preventing high volatility and continuous depreciation of domestic currencies. Such measures can mitigate the long-term adverse effects of ER movements on trade agreements. The study offers valuable insights for policymakers and investors in developing economies, aiding them in making informed decisions about exchange rate policies. [ABSTRACT FROM AUTHOR]

This paper presents a computationally tractable optimization model for cashflow-driven investment where the aim is to find asset portfolios whose future payouts cover given liability payments as well as possible. While current industry solutions are largely based on expected future cash flows, we use a stochastic optimization model that seeks portfolios that give the best possible match across time as well as scenarios. Cashflow matching across scenarios is controlled by risk aversion while the timing is driven by illiquidity of money markets. When illiquidity increases, the hedging strategy quickly shifts towards portfolios suggested by deterministic models, but significant uncertainty remains. The model can incorporate hundreds of quoted instruments in the construction of optimal hedging strategies. The hedging strategies are able to employ any statistical connections between the liabilities and publicly quoted assets. The model is solved with simple Monte Carlo approximations and off-the-shelf convex optimization software. Besides optimal hedging strategies, we find the least cost of hedging which provides a market-consistent valuation based on the current quotes and the liquidity factors as well as the views and risk preferences of the investor/regulator. The approach is illustrated by pricing and hedging defined benefit pension liabilities which depend on uncertain longevity developments and the consumer price index. The hedging strategies are constructed from 128 publicly quoted instruments including index-linked bonds and equities. We find that the optimized hedging strategies achieve lower risk at a lower cost than the strategies obtained by matching expected cashflows. The hedging-based liability valuations are robust with respect to model parameters and the additional risk reduction achieved by optimization does not add much to the overall hedging cost. [ABSTRACT FROM AUTHOR]

Domestic cooking is changing the world over. Kitchen technologies and the smartphone transform the way we cook and whom we cook with. Coupled with urbanisation and the shrinking of households, cooking seems to be an increasingly solitary practice. At the same time, these processes did not change who cooks; across the globe it is mostly women who prepare the daily meal for their families. Yet, rather than treating domestic cooking solely as a gender relations issue, this article presents ethnographic research with low-income domestic cooks in Marrakech, Morocco, to argue that unequal generational relations are also important drivers of change in family life. Paradoxically, rather than cook alone or simplify meals, kitchen appliances and social media were employed to continue preparing elaborate family meals. Through a thick description of the preparation of a spread called amlou and of pizza, this article explores why domestic cooking remains centralto idealised notions of womanhood and family life in Marrakech and beyond. It introduces the concept of culinary connectivity to understand how new technologies were employed ininter-generational negotiations of cooking knowledge and power. Moreover, while the crafting of culinary connectivity enables young generations of low-income womento emancipate themselves from age-based power in the home, these practices also enmesh them in new relations of dependence on money and the market. By making cooking central to understanding the (re)production of everyday family life in the context of poverty, this article contributes to cross-cultural studies of food and to regional debates about the family. [ABSTRACT FROM AUTHOR]

Commercial surrogacy marketizes life's work. In the era of neo-liberalism, women's work, which is often intimately performed within a heterosexual marriage in exchange of support, now remains a principal avenue to earn money. This form of feminization of labor has led to the emergence of markets for women's reproductive capacities. The present study stems from my ethnographic journey into the lives of the women who work as surrogate mothers in India. The narratives presented in the paper emerge from my prolonged fieldwork in Anand, Gujarat. It engages with the experiences, understandings, and the voices of these women, who I term reproductive laborers, in order to examine the notion of putting one's reproductive capacities in this intimate market for money. [ABSTRACT FROM AUTHOR]

As the economy has grown rapidly in recent years, more and more people have begun putting their money into the stock market. Thus, predicting trends in the stock market is regarded as a crucial endeavor, and one that has proven to be more fruitful than others. Profitable investments will result in rising stock prices. Investors face significant difficulties making stock market-related predictions due to the lack of movement and noise in the data. In this paper, a new system for predicting stock market prices is introduced, namely stock market prediction based on deep leaning (SMP-DL). SMP-DL splits into two stages, which are (i) data preprocessing (DP) and (ii) stock price's prediction (SP2). In the first stage, data are preprocessed to obtain cleaned ones through several stages which are detect and reject missing value, feature selection, and data normalization. Then, in the second stage (e.g., SP2), the cleaned data will pass through the used predicted model. In SP2, long short-term memory (LSTM) combined with bidirectional gated recurrent unit (BiGRU) to predict the closing price of stock market. The obtained results showed that the proposed system perform well when compared to other existing methods. As RMSE, MSE, MAE, and R2 values are 0.2883, 0.0831, 0.2099, and 0.9948. Moreover, the proposed method was applied using different datasets and it performs well. [ABSTRACT FROM AUTHOR]

Conflicts of interest exist in both professional and private settings, and everyone experiences them from time to time. If a person harboring a conflict acts on it--meaning the person acts against interests she ought to uphold--innocent parties may be harmed, Accordingly, the key to addressing a conflict in most settings is to eliminate it, such as by prohibiting conflicted behavior or recusing oneselffrom a deliberative process. However, conflicts of interest have a special character in the securities realm, both because they are ubiquitous given financial firms' myriad competing interests and because the goal of the agency charged with addressing conflicts in the securities context, the US. Securities and Exchange Commission (SEC), is not to eliminate them but, rather, merely to mitigate them, tempering them for the benefit of securities regulation's dual objectives: investor protection and capital formation. This approach reflects the recognition that, while eliminating conflicts of interests helps protect investors, it can impede the cause of capital investment and growth. Accordingly, the SEC's challenge in regulating financial firms is to strike a balance between these two objectives, allowing firms to act on conflicts of interest in the name of capital formation but simultaneously restricting those conflicted actions in the name of protecting investors. Yet, as this Article argues, the agency has not always gotten the balance correct, at times erring on the side of permitting too much conflicted activity and at times erring on the side of permitting too little. Providing examples in each category, the Article suggests that the SEC could consistently produce better rulemaking outcomes by heeding prior episodes of failed rulemaking, drawing more from its own experience, and training its regulatory focus at the appropriate level of analysis, [ABSTRACT FROM AUTHOR]

Since the pioneering role of Kenya's mobile money service – M-PESA, a consortium of international development agencies, philanthropists, academics, tech corporations and governments – have led an optimistic account of a poverty-eradicating, prosperity-spreading power of financial technology (fintech) in the global South. In contrast, a growing critical IPE literature has demonstrated that the optimistic accounts are broad-brush and misleading. Drawing from recent theorization on digital financialisation and Marxian conceptualization of capital accumulation, this article shifts the focus of the Kenya-centered critical response to Ghana, the second largest mobile money market in Africa. Relying on quantitative data from the Bank of Ghana, and qualitative data from 42 semi-structured interviews, the article provides evidence to show that the mobile money boom in Ghana is underpinned by (1) customer indebtedness from digital microloans, (2) high transaction costs, (3) excessive taxation, and (4) a prevalence of dormant accounts. Collectively, the findings confirm the wider critical literature suggesting that, far from ending poverty and inspiring prosperity, the fintech-financial-inclusion agenda in Africa is opening new frontiers for a sustained and intensified capitalist exploitation of working-class labor in the continent. [ABSTRACT FROM AUTHOR]

This report attempts to look into the future of the global monetary system. The history and development of fiat currencies is reviewed, their strengths and weaknesses are presented, causing market stability or instability and recession, respectively. Attention is paid to the global processes affecting the traditional money markets and the accumulated experience of the institutions to deal with the crises. The increasing digitization in the industry, the economy and the daily life of every single person inevitably gives rise to the need for the use of digital currency to guarantee transactions between individual parties. The idea for these still unrealized needs was born nearly 40 years ago, and the first realization took place in 1996, when e-gold was born. Today, we have hundreds of cryptocurrencies that still operate in an unregulated market, and their legal status still varies from country to country. The desire of individual countries and banking institutions to start their legally regulated use by already developing and testing their own currencies is presented. [ABSTRACT FROM AUTHOR]

Objective/context: The boom-and-bust of New World slavery in the nineteenth century has always been a major topic of scholarship. In this essay, I suggest that the literature devoted to this theme, the so-called “capitalism and slavery debate,” has made capital invisible as a category of analysis due to its over-reliance on classical and neoclassical economics. As a result, slavery itself has been poorly historicized. My purpose is to put forth an alternative framework to restore the historicity of capital and slavery. Methodology: The article explores critical value theory to conceptualize capital and capitalism in historically meaningful terms. It argues that value creation is never confined to one country. It requires a historically transnational social formation that turns concrete labor into abstract labor and use-values into commodities through the multi-scale operatives of world money and world markets. The history of slavery should be narrated within this broader globalizing setting. Originality: The article’s claim is that the global value relations of industrial capital redetermined spatial relations between town and country, capital and labor, and production and consumption, engendering overlapping layers of a world geography of accumulation that both stimulated and challenged slavery. Conclusions: While most scholars present the relation between slavery and capitalism as constant for the period 1780-1880, I conclude that New World slavery went through two moments of boom-and-bust (c.1780-c.1820 and c.1830-1880), which were formed through, respectively, the global value relations of cotton production and coal-and-iron industrialism. [ABSTRACT FROM AUTHOR]

Even markets that seem closer to the neoclassical ideal of the market like financial markets are organized by a combination of karpikian judgment devices and "mathematical-statistical models of calculation" (p. 149). Finally, the book shows that the aesthetization of social and economic life conduct almost all kinds of markets to face a problem of quality uncertainty and to be organized by karpikian market devices rather than mere prices like in theoretical standard markets. The fourth chapter goes beyond Karpik's definition of regimes of market coordination to explore the social mechanisms that lie behind market devices and market regimes. [Extracted from the article]

The corporate bond market has historically been one of the most highly invested capital markets in the world. A recent case has disrupted the corporate bond market by granting an untraditional remedy. This Note first discusses corporate bonds generally and their relevance in today's capital markets. Next, this Note discusses the recent case of Wilmington Savings Fund Society, FSB v. Cash America International, Inc. in the U.S. District Court for the Southern District of New York. This Note argues the court incorrectly decided Cash America and discusses what implications that incorrect decision has on bond issuers and the corporate bond market. Finally, this Note proposes three solutions that bond issuers can take to remedy the problems presented by Cash America. [ABSTRACT FROM AUTHOR]

The growth of so-called “shadow banking” was a significant contributor to the financial crisis of 2008, which had huge social costs that we still grapple with today. Our financial regulatory system still has not fully figured out how to address the risks of the derivatives, securitizations, and money market mutual funds that comprised Shadow Banking 1.0, but we are already facing the prospect of Shadow Banking 2.0 in the form of decentralized finance, or “DeFi.” DeFi’s proponents speak of a future where sending money is as easy as sending a photograph—but money is not the same as a photograph. The stakes are much higher when money is involved, and if DeFi is permitted to develop without any regulatory intervention, it will magnify the tendencies towards heightened complexity, leverage, rigidity, and runs that characterized Shadow Banking 1.0. Fortunately, though, there is still time to prevent DeFi from becoming Shadow Banking 2.0. This Article argues for precautionary regulation of DeFi, designed to limit its growth and to cordon off whatever remains from the established financial system and realworld economy. While proponents of DeFi will contend that such regulation will limit innovation, this Article argues that DeFi innovation has limited benefits for society. DeFi does not aspire to provide new financial products and services—it simply aspires to provide existing financial products and services in a decentralized way (meaning, without intermediaries). This Article will demonstrate that the DeFi ecosystem is, in fact, full of intermediaries and explain why full disintermediation of financial services is an entirely unrealistic aspiration. This Article will then proceed from that finding to argue that if DeFi cannot deliver on decentralization, regulators should feel emboldened to clamp down on DeFi in order to protect the stability of our financial system and broader economy. [ABSTRACT FROM AUTHOR]

The rise of non-fungible tokens (NFTs) has been astonishing, in particular for the arts and creative industries. The dominant discourse both in mainstream media and in academia today focuses predominantly on what this new technology can do for the art market rather than art itself. However, framing NFTs in art in the context of money and markets draws attention away from the more subtle and creative role of NFTs. Consequently, this article asks: What is the role of NFTs in art, beyond the market? This research complements existing empirical work, by conducting a case study and interviews with members of DADA, a historic NFT art project which is particularly critical towards the role of the art market. The findings foregrounded five roles that NFTs play in art: as (1) a tool for systemic change, (2) a new way to community, (3) a ritual artefact, (4) a means for preservation and (5) a new medium. [ABSTRACT FROM AUTHOR]

This paper reconceptualizes the impact of US finance on European banking as a process of 'extroverted financialisation'. This impact is commonly associated with the rise of 'market-based banking' (MBB). While MBB exposes how commercial banking has been deeply transformed by disintermediation and borrowing from wholesale markets, the concept struggles to capture the distinct imperatives of this process, and its uneven nature. By contrast, the concept of extroverted financialization captures the problems European banks have faced while adapting to US-led financialization. More specifically, the concept portrays the financialization of European banking as an outcome of new funding practices, called liability management (LM), developed in US money markets from the 1960s onwards. I show how this put pressures on European lenders because it allowed US banks to leverage extensively. To catch up, European banks had to improve their access to liquid USD, which forced them to find a way into the Eurodollar markets and into the US money markets. To operate in these markets, they had to gradually implement the practices of LM. This process of extroversion made their own banking models highly fragile and dependent on US money market funding. Despite adopting LM, they could not reduce their structural disadvantages vis-à-vis US banks. [ABSTRACT FROM AUTHOR]

Mobile payments will become increasingly common in the future since they reduce transaction time, and they have already replaced interactions with physical money in some markets. Yet in Nepal, consumers' adoption of mobile payment services remains very low as compared to other traditional forms of payments, such as cash and credit cards. Thus, this study aimed to investigate the factors influencing consumers' behavioral intention to adopt Mobile Payment Services in Kathmandu Valley, the area surrounding the capital of Nepal. The Unified Theory of Acceptance and Use of Technology was integrated with Privacy Calculus Theory and used in this study. Structural equation modeling results from 455 respondents revealed that facilitating conditions such as necessary knowledge and other technologies had a positive and the strongest influence on consumers' actual use of such payments. Effort expectancy had a high and positive influence on consumers' behavior intention towards mobile payment services. Consumers' behavior intention was also positively influenced by performance expectancy and social influence. Mobile payment service providers could use these factors to effectively address consumers' needs and try to exceed the expectations of their target consumers. [ABSTRACT FROM AUTHOR]

We consider a problem of maximizing the utility of an agent who invests in a stock and a money market account incorporating proportional transaction costs λ > 0 and foreign exchange rate fluctuations. Assuming a HARA utility function U c = c p / p for all c ≥ 0 , p < 1 , p ≠ 0 , we suggest an approach of determining the value function. Contrary to fears associated with exchange rate fluctuations, our results show that these fluctuations can bring about tangible benefits in one's wealth. We quantify the level of these benefits. We also present an example which illustrates an investment strategy of our agent. [ABSTRACT FROM AUTHOR]

An important feature of the outbreak of systemic financial risk is that the linkage and contagion of risk amongst the various sub-markets of the financial system have increased significantly. In addition, research on the prediction of systemic financial risk plays a significant role in the sustainable development of the financial market. Therefore, this paper takes China's financial market as its research object, considers the risks co-activity among major financial sub-markets, and constructs a financial composite indicator of systemic stress (CISS) for China, describing its financial systemic stress based on 12 basic indicators selected from the money market, bond market, stock market, and foreign exchange market. Furthermore, drawing on the decomposition and integration technology in the TEI@I complex system research methodology, this paper introduces advanced variational mode decomposition (VMD) technology and extreme learning machine (ELM) algorithms, constructing the VMD-DE-ELM hybrid model to predict the systemic risk of China's financial market. According to eRMSE, eMAE, and eMAPE, the prediction model's multistep-ahead forecasting effect is evaluated. The empirical results show that the China's financial CISS constructed in this paper can effectively identify all kinds of risk events in the sample range. The results of a robustness test show that the overall trend of China's financial CISS and its ability to identify risk events are not affected by parameter selection and have good robustness. In addition, compared with the benchmark model, the VMD-DE-ELM hybrid model constructed in this paper shows superior predictive ability for systemic financial risk. [ABSTRACT FROM AUTHOR]

The article evaluates the current state of the money market and money circulation in the conditions of military state and the development of the mechanism of its state regulation. The characteristic conditions of the functioning of the money market of Ukraine in modern military conditions have been systematized: corporate lending is gradually growing exclusively on the basis of state support; retail lending has significantly decreased, mortgage lending has stopped altogether; banks successfully coped with emerging operational challenges; credit risks increase significantly; the available capital stock of domestic banks significantly exceeded the established minimum levels in February; additional capital reserves to cover credit risks also contributed to an increase in the share of risks for unsecured consumer loans. The effectiveness of the main tools of the state regulation of money circulation and the money market of Ukraine in the conditions of martial state (the results of the functioning of the banking system, currency regulation and monetary and credit policy) was evaluated. The conceptual provisions for the formation of the mechanism of state regulation of money circulation and the money market in the conditions of martial state have been formed, which create a holistic view of the possibilities of restarting the national money market of Ukraine, solving the existing internal financial problems and its transformation in accordance with the European-oriented vector of the development of the national economy. The key tasks of such a mechanism, which are the basis of the state regulation of money circulation and the money market under martial state, have been proposed to include: 1) the formation of a transparent policy of the National Bank of Ukraine to ensure the financial stability of the financial system in general and the money market in particular; maintaining of the necessary level of standards and professionalism in the money market; prevention of the spread of systemic risks in the money market and equalization of financial disparities that are characteristic of it, etc.; 2) increasing the level of capitalization of Ukrainian banks; ensuring the liquidity of domestic banking institutions; permanent balancing of assets quality; strengthening the adaptability of the money market to changes in mandatory standards and transformation of legislation in the conditions of martial state. Such a mechanism is implemented on the basis of a complementary approach to the redistribution of strategic tasks and instruments of influence between the system of state regulation by authorities and financial self-regulatory organizations. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to assess the quality of interest rate forecasts for the money markets in Argentina, Brazil, Chile, Mexico and Venezuela for the period between 2001 and 2019. Future interest rate trends are of key significance for many business-related decisions. Thus, reliable interest rate forecasts are essential, for example, for banks that make profits by carrying out maturity transformations. Design/methodology/approach: The data that we analyze were collected by Consensus Economics through a monthly survey with over 120 renowned economists and were published between 2001 and 2019 in the journal Latin American Consensus Forecasts. The authors use the Diebold-Mariano test, the sign accuracy test, the TOTA coefficient and the unbiasedness test to determine the precision and biasedness of the forecasts. Findings: The research reveals that the forecasting work carried out in Brazil, Chile and Mexico is remarkably successful. The quality of forecasts from Argentina and Venezuela, on the other hand, is significantly poorer. Originality/value: Over 50 studies have already been published with regard to the accuracy of interest rate forecasts, emphasizing the importance of the topic. However, interest rate forecasts for Latin American money markets have hardly been considered thus far. The paper closes this research gap. Overall, the analyzed database amounts to a total of 209 forecast time series with 28,451 individual interest rate forecasts. This study is thus far more comprehensive than all previous studies. [ABSTRACT FROM AUTHOR]

Trade reflects the relations of individuals in social life and provides information about the development processes of society. According to the commercial life, information is obtained about the socio-economic, sociocultural structure of that society and, accordingly, the legal developments. Therefore, it is necessary to review the known and applied issues related to commercial law. Electronic commerce stands out as an entirely important example in this perspective. Electronic commerce or buying and selling transactions conducted via the internet, is one of the indispensable forms of shopping in the modern era. Briefly, e-commerce is actively used in the supply of many products that individuals need in parallel with the widespread usage of the internet. In the electronic environment, securities in the form of investment vehicles and jewellery are offered for sale in addition to electronic items, clothing, food, and cleaning products to be used in daily life. E-commerce has a very different structure compared to face-to-face shopping, such as the meeting of the shopping parties in the virtual environment and the delivery of the subject and price of the contract to the parties after a certain period of time. In this context, the parties can recognize the product subject to the contract within the framework of the information declared by the seller. Thus, commercial law has determined rules suitable for the structure of shopping carried out in electronic environments. When compared to other movable and immovable goods, the subject of gold, which is precious in essence, to e-commerce occurs at a later time. The fact that e-commerce has become a more functional and reliable structure naturally favors the sale of gold through this channel. Thus, Muslims are concerned about issues resulting from both the structure of e-commerce and the legal nature of gold. At the beginning of these problems, the legal nature of gold is money and it is necessary to exchange it within the framework of the spending contract. This opinion of the majority of the classical period jurists and the majority of contemporary Islamic jurists was adopted in the study and evaluations were made accordingly. According to this opinion, it is considered problematic to adhere to the rules of the consumption contract in gold transactions in the electronic environment. Within the framework of this basic starting point and different views on details, our research aimed to evaluate the electronic commerce of the gold sector. Jewellers, or the gold industry more generally, seek to sell in a virtual environment as well as in person. They not only sell through their own social media accounts and websites but also through intermediary platforms where a large number of products are offered for sale at the same time, known as marketplaces. Since the asset subject to sale is gold, it is seen that there are different applications within its internal structure. It is the subject of this study whether the terms of the contract of consumption are fulfilled within the context of these various applications. Additionally, another important issue in fiqh evaluations is the methods used in the payments made by the customer to the gold seller company and the way the company delivers the gold products subject to sale to the customer. All these details have been declared in our research. Gold is now used as a financial instrument in the over-the-counter, money, and capital markets. Producers (mines, refineries, mints and workshops), intermediaries (wholesalers and handbags) and jewellers/exchangers who sell gold retail in the over-the-counter markets are all included in the term "gold sector" used in the title of our study. In this sense, the transactions of establishments that sell gold through electronic commerce will be included in the study, taking into account the production stages of gold and the exchanges realized at these stages. Furthermore, gold trades in money and capital markets will not be considered directly as electronic gold trade. However, the Jeweller's Gold Valuation System (KAD-SIS), which is one of the joint transactions of over-the-counter and financial market aspects, has been particularly examined. The study's sources are divided into two sections, one dealing with the system's functioning and the other with fiqh evaluation. Information about the operation was obtained from the e-commerce web pages of the sector representatives and the face-to-face interviews. In the fiqh sense, different sects have been utilized rather than a sectarian system. The sources associated with the operation were compared among themselves and the information obtained was provided. Thus, it is aimed to reveal fiqh evaluations accurately. This approach aims to guide both business representatives and taxpayers who have religious sensitivities and decide to buy gold through e-commerce. Therefore, the permissible and illegal forms of gold exchanges made with modern tools such as e-commerce and KAD-SIS were presented to the researchers. [ABSTRACT FROM AUTHOR]

This article argues that financial inclusion policy in Pakistan has been subsumed by the regulatory needs of the central bank, opening a divide between the 'development approach' of donors and the 'regulatory approach' of the central bank. This shift is identified in an emerging macro turn in central bank discourse and policy, which is steering the National Financial Inclusion Strategy away from the person-centred donor-driven agenda towards the imperative of shoring up rupee governance amidst burgeoning informal markets, low levels of bank intermediation and high levels of currency-in-circulation. The article argues that this rerouting of financial inclusion policy is ultimately a consequence of the central bank's failure to grasp effective policy control over the rupee following rapid economic liberalization in the 1990s. The article explores why growing informality in money and markets is a problem for monetary governance; how financial inclusion answers to this predicament; and why the shift from poverty alleviation to monetary control remains unforeseen by donors. The article shows why inflation targeting – itself core to the wider liberalization project – hinges on the success of financial inclusion, thus revealing an important new driver propelling the financial inclusion agenda forward amidst implicit and unforeseen conflict between donors and the national leadership. [ABSTRACT FROM AUTHOR]

In the last decade, repurchase-agreements (repos) between banks and financial institutions have grown significantly as banks systemically low on cash see repos as the cheapest, safest, and quickest way to get the funding they need for running regular services. However, hikes in interest rates by the Federal Reserve since March 2022 have increased the cost of interbank borrowing. This causes stress on many banks, and ultimately, brings into question the financial system’s long-term reliance on repos and other obscure short-term funding methods. Awareness of the Fed’s repo market policy, and their monetary policy in general, ought to matter to political economists and workers alike because it reveals precisely how the economy is controlled by a few levers inside the marriage between state and finance capital. Consequently, in this article I outline the repo market and its significance to the Fed’s management of economic crises. This requires a relative understanding of their general monetary policy, which in itself requires significant material economic contextualizing. It is this context that ultimately matters most, and which will therefore be the focal point of discussion. Only after such contextualization does the discussion end with a word on the rise of repos, the risks of increased reliance on it, and possible future directions from the perspective of both capital and labor. [ABSTRACT FROM AUTHOR]

Recently, interest in digital currencies has been increasing, one of the innovations brought by technology in money markets. Its popularity is increasing day by day due to its ability to perform leveraged transactions, its promise of profit in a short time, and its ease of buying and selling. In this study, it is aimed to determine the relationship between Bitcoin and the BIST100 index, which is one of the financial variables, since it has the highest volume among cryptocurrencies. In this direction, this relationship was analyzed in the Eviews11 package program using daily data between 15.04.2011 and 25.06.2021. For this purpose, in the first stage of the analysis, whether the variables contain a unit root was tested with traditional unit root tests. Then, to test the cointegration relationship between the series, Engel-Granger Cointegration Analysis and as causality tests, the Engel-Granger Causality Test and Toda-Yamamoto Causality Tests were used. In the light of these analyzes, according to the results of the cointegration test, it has been determined that the relationship between the Bitcoin-BIST100 index is cointegrated. While the Engel-Granger Causality test confirmed that there was a two-way causality relationship from BIST100 index to Bitcoin prices, according to the results of the Toda-Yamamoto Causality test, it was significant at the 5% significance level from BIST100 index to Bitcoin prices, and a one-way Toda-Yamamoto causality relationship was observed. Finally, in the conclusion part of the study, all these findings were evaluated together with the recommendations. [ABSTRACT FROM AUTHOR]

With the development of economic globalization, people have higher requirements for economic analysis and prediction, while the prediction accuracy of the traditional economic analysis and prediction model is quite low. Therefore, with the adaptation of the times, the "big data and artificial intelligence" technology is presented for researchers and data analysts. Based on the "big data and artificial intelligence" technology, economic analysis and prediction have unique advantages in many aspects. This study analyses the impact of "big data and artificial intelligence" technology on economic analysis and prediction. Based on the mean square error criterion, the variable selection method for constructing the interval data model is given. The interval financial time-series data of stock market, fund market, futures market, and money market are used to predict and analyze the macroeconomy, and the macroeconomic interval prediction method is given, which is different from the traditional point data model. The empirical results show that the Shenzhen Component Index, Shanghai fund index, futures market transaction amount, and narrow money supply in the interval financial data have little fitting error to the macroeconomic interval prediction model. Through the first mock examination, we get the macroeconomic forecasting model based on interval financial time-series data. We also use the single model structure and the combined model structure to give the macroeconomic change interval of 2020–2023 years in China. The experimental research results show that the proposed model has good performance in the prediction of economic development trends and that it can be used for forecasting subsequent economic development forecasts. [ABSTRACT FROM AUTHOR]

The existence of an uncovered liability has historically benefited foreign banks and lead currencies. Using the case of China's efforts to fund its foreign exchange needs by exploiting loopholes in the international financial architecture, the paper examines whether using state-owned settlement banks as a means of intermediating a specialised 'non-deliverable' financial asset in offshore markets can substitute the institutional and technical prerequisites that developing economies typically lack. The findings show that while offshore money markets can reduce US dollar dependency in areas such as trade invoicing that do not depend on currency delivery, increasing the offshore holdings of RMB is more challenging. The reasons for this are to be found in the way the governance, geographic and credit generating limitations of state settlement banks reinforce the constraints imposed by the uncovered liability problem. The findings distinguish the historical evolution of the RMB's offshore use from other offshore markets and reinforce the impossibility of separating issues related to trade infrastructures from those related to the structure of the international financial system. [ABSTRACT FROM AUTHOR]

Economic theories make diagnoses to interpret current economic scenarios in times of pandemic. The problem is how to understand the money fetish that imposes a domination of the market installed by states with world power, provoking a flow of capital that legitimizes the domination of financial capital over poor countries. It is a financial idolatry that causes structural sacrificialism in human beings. Could an ethics of love criticize an idolatrous system, that is, the domination of capital can be appeased with human sacrifices? The Trinitarian fallacy of the renowned economists defends: First to grow, then to stabilize and, finally, to distribute profits and wealth. This fallacy is unveiled, because now there is credit for everything. So, will credit have an impact on capital, that is, will capital enter a new cycle? How can the state offer cheap credit, and even more, how can a poor universal "basic income" now be given? It seems clear that the states of the global South will lose their solvency because of this, while the states of the world currencies will be able to generate unlimited credit. This phenomenon is based on the unequal distribution of capitalist wealth in the world. The study begins with the exposition of the theme of Christian reconciliation as an inversion of the atoning sacrifice; then, the "Society of free men" is described in opposition to the commodity fetish in capitalism. The political economy justifies the fetish of money and capital, legitimizing the national debt in the face of the world pandemic. The money fetish disappears in the rational explanation of inflation and credit. However, what does not disappear is the power of money over market participants in all countries, because this power is a practical matter. The fetish of money and capital can be unmasked through its scientific explanation. Therefore, although the fetish is theoretically explained and its power of domination and alienation demonstrated, in practical terms it is not eliminated and overcome. Theory X practical: this is the contradiction of financial idolatry that continues to demand human sacrifices to be immolated on the altar of capital. [ABSTRACT FROM AUTHOR]

Proposed by an unknown young man using the pseudonym Electra01, Electra appeared in the cryptocurrency markets in 2018. Thanks to its innovative supply mechanism, the money's market capitalization briefly reached 136 billion USD, surpassing Bitcoin in value. Focusing on the empirical case of Electra, a project that was chosen as the "best cryptocurrency community" by the users of world's largest exchange, Binance, this paper ethnographically analyzes the sociological universe of a cryptocurrency community. The research consists of two years of fieldwork, interviews with the core team and the project's anonymous founder, a survey among its community members, and computational analyses of the interaction data of the project's Twitter community of 376,600 handles, as well as their Bitcointalk forum. The paper approaches the socio‐technical universe of a cryptocurrency community by examining the devices, networks, and representations that the community actors produce, use, and maintain in data‐money making and proposes a way to make visible and examine centers of power in a global community operating a seemingly "decentralized" blockchain. [ABSTRACT FROM AUTHOR]

This paper employs a structural vector autoregression model with non‐recursive contemporaneous restrictions to study the exchange rate pass‐through (ERPT) effects on domestic prices in Tunisia for the period January 2000 to February 2019. Thus, we have introduced four blocks that represent the foreign market, domestic goods market, money market and foreign exchange market. The results suggest that the ERPT to import price index (MPI) is large and rapid: 42% in the short run and 60% in the medium run. ERPT to producer price index (PPI) is relatively long and modest: 1% in the short run and 6% in the medium run. ERPT to consumer price index (CPI) is relatively rapid and modest: 3% in the short run and 7% in the medium run. The findings also show that PPI contributes the most to CPI fluctuations, while money supply and the world oil price contribute the most to interest rate variations. This suggests that the Central Bank of Tunisia is trying to indirectly control inflation. Therefore, the phasing out of administered prices should improve the effectiveness of monetary policy. [ABSTRACT FROM AUTHOR]

In this study, in which the effects of cryptocurrencies on portfolio risk and return are measured and interpreted; The usability of cryptocurrencies as a useful portfolio tool for investors was researched, investigations were made for their use as active currency and performance measurements were made with various portfolio contents. In this context, as the universe and sample, the three cryptocurrencies with the highest transaction volume in the crypto money markets as of the end of 2018, the three exchange rates with the highest transaction volume in our country. As a result of the analysis and literature review, the high volatility of crypto coins and their use as an investment tool rather than an exchange tool in accordance with their purpose of existence are observed as negative consequences for crypto currencies. However, it is understood that the opposite correlation they show when included in the portfolio content positively affects the portfolio in risk-return assessment and that high returns can be obtained with their performances. [ABSTRACT FROM AUTHOR]

Attitude towards money depends from person to person. Each person behaves differently towards savings according to his income level. Some people believe that we need to spend money on present requirements, they don't bother about the future. But on the other hand, some people believe that there should be some savings for the future. They think that some money should be held for future requirements because the future is uncertain. The present study analyzes the saving behavior of Village People. The analysis discloses that maximum villagers are agriculturists because they do agriculture activities and that impacts the hold they are earning for future savings. The purpose reserve money may be used for their household requirements, live hood, or for farming purposes and future necessities which automatically helps in national savings. This national savings use the way as economic development as well as investment in the infrastructural of the country. [ABSTRACT FROM AUTHOR]

In a market with stochastic interest rates, we consider an investor who can either (i) invest all of his wealth in a money market account or (ii) purchase zero-coupon bonds and invest the remainder of his wealth in the money market account. The indifference price of the zero-coupon bond is the price at which the investor could achieve the same expected utility under both strategies. In an affine term structure setting, we show that the indifference price of the zero-coupon bond is the root of an integral equation, when the investor's utility function is of exponential or power form. As an example, we compute the indifference price and the corresponding indifference yield curve in the Vasicek model and conduct sensitivity analysis to study the impact of various parameters on the yield curve. Furthermore, we discuss the choice of numéraire and its impact on the indifference prices. [ABSTRACT FROM AUTHOR]

'FinTech' is the digital sector of retail money and finance widely proclaimed to be transforming banking in the global North and 'banking the unbanked' in the global South. This paper develops a perspective for critically understanding FinTech as a platform political economy that is marked by three distinctive and related processes: reintermediation, consolidation, and capitalisation. Through experimentation with the platform business model and building on the digital infrastructures and data flows of the broader platform ecosystem, a constellation of organisations – including start-ups, early-career firms, BigTech companies and incumbent banks – are engaged in processes of platform reintermediation. Changing the bases of competition in retail money and financial markets and encouraging oligopoly and even monopoly, the reintermediation processes of FinTech are presently manifest in strong tendencies towards platform consolidation. The imagined potential of FinTech has also triggered intensive processes of capitalisation, with platforms receiving significant prospective investment by venture capital, private equity funds, banks and BigTech firms. [ABSTRACT FROM AUTHOR]

Interbank offer rate is the interest rate at which banks lend money to each other in the money market. As a market-oriented core interest rate, Shibor can accurately and timely reflect the capital supply and demand relationship in the money market, and its changes will quickly transmit and affect China's financial market. Therefore, the purpose of this paper is to predict and study the fluctuation and trend of Shibor. In this paper, the overnight varieties of Shibor were studied and predicted from two time dimensions, namely, daily fluctuation and monthly trend. In the prediction of overnight Shibor daily data, a comparison prediction model based on BP neural network algorithm was first established, and then WNN was applied in the prediction, and the effect was found to be better. When predicting the monthly mean value of overnight Shibor, nine indicators were selected and tested for correlation based on the factors affecting the trend of interest rate, and a regression model of support vector machine was established. Particle swarm optimization algorithm was used to improve the SVR algorithm, and the PSO-SVR prediction model was established to improve the prediction accuracy. The model could basically predict the trend of overnight Shibor. Furthermore, a prediction model of WNN based on cuckoo search (CS) optimization was proposed, which improved the prediction accuracy by 78% and fitted the daily fluctuation of overnight Shibor well. [ABSTRACT FROM AUTHOR]

Purpose: The study presents and evaluates a proposition that there is market information bundled with the mobile money (m-money) system. Also, that such information is disseminated to farmers in the process of their normal financial transactions and business interactions. This market information is important to mitigate the price uncertainty of farm products. Design/methodology/approach: The empirical analysis is conducted with a two-stage econometric procedure. First, a probit model is used to estimate the likelihood of m-money take-up by farm entrepreneurs. Second, the ordinary least squares model is used to regress the farming price uncertainty index on the m-money take-up, which is quantified with a set of predicted values from the probit model in the first stage. The data used in econometric estimation come from Kenya's FinAccess Household Survey published in 2016. Findings: The results of this paper show a negative effect of m-money service take-up on the price uncertainty index. A one unit increase in the m-money system is associated with a 12% reduction in the price uncertainty index. The authors interpret this as saying that access to the m-money system by farm business has a beneficial spillover effect on product risk mitigation, ceteris paribus. Research limitations/implications: The implication of this research is that policy initiatives which support farm entrepreneurs to access the m-money system should be encouraged not only for their financial inclusion advantage but also for their positive externality on product risk amelioration for rural farm businesses. Originality/value: The paper introduces an idea that the m-money system is bundled with relevant information for mitigating price risk to the benefit of rural farm businesses. [ABSTRACT FROM AUTHOR]

In recent years, predicting the behavior of the Benchmark Banking Indicator (ibr) has become relevant due to its importance in the Colombian money market. The purpose of this paper is to demonstrate the efficiency of lstm networks for generating predictions of time series --through their long and shortterm memory-- that are comparable with the arima predictive model for econometric studies. The incidence of the representative market rate (trm) and the rate of 10-year public debt bonds (tes) was analyzed and compared to the ibr, seeking to determine its correlation through the Pearson method. Finally, the model efficiency was evaluated with the mean square error (rmse), using a multivariable lstm network with three inputs (ibr, tes, and trm) and one output. [ABSTRACT FROM AUTHOR]

Banks are one of the key components in the world economy's financial activities. With the increasing competitive environment, banks need to use their resources effectively. Effective and efficient operation of banks is one of the important issues of money and financial markets. Effective operation of banks that are at the center of the economy, and measuring and evaluating their performances both determine their positions in the sector and have strategic importance on process management of the country's economy. Determining which criteria and weights will be determined for performance is very important in the multi-criteria decision making process. Fuzzy techniques have more sensitivity in such evaluations. Fuzzy approaches are preferred as the risk, uncertainty and competition continue to increase in the banking sector. In this study, the criteria that affect the financial performance of banks are determined. Based on relevant criteria, the first seven banks were ranked in total assets according to reports received from The Banks Association of Turkey for 2014-2018 financial year and a performance evaluation was done by using the TOPSIS and Fuzzy TOPSIS methods. [ABSTRACT FROM AUTHOR]

The transfer of the savings to those with fund deficits constitutes the basis of financial markets. Deposit banks, which are the leading actors of the money market, play an important intermediary role. Deposits are expected to be transferred to deposits in banks directly or indirectly through investments. On the other hand, it is another expectation that revenue increases as a result of increased production activities, and this is reflected in savings. In this study, which examines the causality relationship between deposit total and industrial production, Granger’s (1986) causality test and Breitung and Candelon (2006) frequency causality test are conducted throughout January 2008 - December 2019. The obtained study results reveal the presence of a unilateral causality between the change in industrial production and the change in the total of bank deposits. Accordingly, the change in industrial production causes changes in bank deposits in the short-run. In the long run, however, there is no such causal relationship. In summary, it is concluded that the causality detected in the short-run is temporary and therefore cannot be permanent. [ABSTRACT FROM AUTHOR]

This paper examines the liquidity transmission across the interbank money market by investigating four liquidity measurements. We detect an empirical evidence of the increase in conditional correlation across different liquidity channels during the subprime mortgage crisis. Two structural breaks are observed, and the break dates correspond to the critical events that happened at the beginning of the subprime mortgage crisis. Furthermore, two out of three significant pairwise liquidity transmissions involved the TED liquidity spread. [ABSTRACT FROM AUTHOR]

It is well known that variability of money market interest rates is time variant. Further, the ability to control money market interest rates by central bank is also important for effectiveness of inflation targeting. As a contribution to understanding the transmission between main monetary policy rate and money market interest rates an innovative formal framework of money market interest rate variability reflecting variety of macroeconomic shocks was developed. Subsequently, a middle size macro-financial model with exogenous variables is estimated by the Bayesian method with sign restriction to identify main sources of macroeconomic shocks. Parameters of this model are estimated from a dataset of six countries with long-lasting history of inflation targeting. Using the estimation results, three measures of ability to control of money market interest rates are derived and they are used to compare time and country specific conditions of the effects of main policy rate on money market interest rates. We consider these measures as an important contribution for evaluating suitability of VAR models as well as the one for measuring the ability of central bank to control money market rates. Our findings are interesting and the novel approach is applicable to solve similar problem. [ABSTRACT FROM AUTHOR]

Private financial markets are central to the implementation of monetary governance. This necessary integration of public and private finance means the way states govern must evolve with developments in financial markets. This article examines how the rise of liability management underpinned a shift to market-based banking and transformed the operation of monetary policy in Britain. It assesses the period of reform between 1967 and 1981 and what this meant for monetary governance. Political economy literature depicts this period as a shift to depoliticised, deregulated governance with public authority giving way to market power. This paper challenges this perspective on the grounds that it misconstrues the problem policymakers faced. The shift from Keynesian to neoliberal monetary governance came in response to the change in banking practice with the rise of liability management and a parallel money market. This underpinned an explosion of credit creation that the old system of monetary policy, organised around the Base Rate and 'primary' discount market could not fix. As a result, the monetary authorities had to render this new financial environment governable. The period should therefore be reassessed in terms of the capacities the state attempted to construct to conduct monetary governance. [ABSTRACT FROM AUTHOR]

Since the application of mobile technology for financial services can contribute to the economic development of developing countries, it is critical to examine the inhibitors to using mobile money service in countries like India, which have an exceptionally low uptake of this service. Mobile money service enables the customer to carry out financial transactions over a mobile phone without requiring them to own a bank account. By adopting a market separation perspective, this theory-driven, exploratory study proposes and tests a rare event logistic regression model for using mobile money services in India. The analysis of 45,036 responses shows that the ownership of a SIM card (temporal separation), income and ownership of a bank account (financial separations), awareness of mobile money services (information separation), age and gender (social separations), and location of residence (spatial separation) significantly inhibit the use of mobile money services. Implications are discussed at the end. [ABSTRACT FROM AUTHOR]