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Highlights • Directional spillover effects and connectedness for both return and volatility. • Nine US dollar exchange rates of globally most traded currencies. • Asymmetric spillovers and connectedness among these currencies with trade policy uncertainty. • The stronger volatility spillover than the return connectedness. • The role for predicting currency market dynamics with the trade policy uncertainty patterns., This paper analyses the directional spillover effects and connectedness for both return and volatility of nine US dollar exchange rates of globally most traded currencies under the influence of trade policy uncertainty. We find two interesting results over the study period ranging from December 1993 to July 2019. First, there exists asymmetric spillovers and connectedness among the considered exchange rates when trade policy uncertainty is present. Second, the volatility spillover is stronger than the return connectedness between exchange rate and trade policy uncertainty. These findings are robust to the presence of economic policy uncertainty effects. Concomitantly, the trade policy uncertainty patterns are also found to be useful for predicting currency market dynamics. Our findings contribute to the debate on the impact of trade policy uncertainty on the global economy and financial sector.

This study investigates the main advantages and disadvantages of the Serbian market as a potential market for the import of Slovenian wines, more specifically, the wines from the wine cellar “Vinag 1847”. Structured interviews were conducted with four participants from different Serbian wine sectors regarding the current wine trends and how the Slovenian wines are presented on the market. Furthermore, the quantitative analysis was performed during the Belgrade Wine Salon in the form of a questionnaire, and it was answered by 60 randomly picked visitors who tasted the wines at the “Vinag 1847” exhibition table. They answered the questions about their personal buying behaviour and evaluated the selected “Vinag 1847” wine offer which was presented at the wine salon. The participants of the quantitative and qualitative analysis have pointed out that Serbian market is expanding, and its wine culture has been evolving, together with the new generations, in new ways. The main advantages are at the same time also the disadvantages of the market which is still in the process of manifestation. With a wide local and regional wine offer and the customer base whose interest in the new wines both from Serbia and abroad has been increasing, Serbia is evaluated as the challenging country for the wine export industry. Ta študija raziskuje glavne prednosti in slabosti srbskega trga kot potencialnega trga za uvoz slovenskih vin, natančneje vin iz vinske kleti „Vinag 1847“. Opravljeni so bili strukturirani intervjuji s 4 udeleženci iz različnih srbskih vinskih sektorjev glede trenutnih vinskih trendov in kako slovenska vina se predstavljajo na trgu. Poleg tega je bila kvantitativna analiza opravljena v okviru Beograjskega salona vina v obliki vprašalnika, na katero je odgovorilo 60 naključno izbranih obiskovalcev, ki so vina degustirali na razstavni mizi „Vinag 1847“. Odgovarjali so na vprašanja o osebnem nakupnem vedenju in ocenjevali izbrano ponudbo vin „Vinag 1847“, ki je bila predstavljena na salonu vin. Udeleženci kvantitativne in kvalitativne analize so poudarili, da se srbski trg širi, vinska kultura pa se skupaj z novimi generacijami razvija na nove načine. Glavne prednosti so hkrati tudi slabosti trga, ki je še v nastajanju. S široko ponudbo lokalnih in regionalnih vin ter bazo kupcev, katerih zanimanje za nova vina iz Srbije in tujine narašča, je Srbija ocenjena kot država z izzivi za industrijo izvoza vina.

Global energy production is undergoing a transition from fossils to renewables. At the same time, the Norwegian Oil Fund has grown exponentially in size and is now a major global investor. These events in combination are likely to impact the dynamics of the Norwegian krone. Concurrently, the persistent weakening of the Norwegian krone (NOK), hitting record low exchange rates against the major currencies, is sparking national and international interest. Using updated data, we find that oil prices and global asset prices are both important drivers of EURNOK returns. However, we find that the relative importance changed following the 2015 oil price decline, whereafter asset prices became more significant. Furthermore, we observe an impact of investor risk aversion, suggesting that the krone is no longer a safe-haven currency.

This paper examines the foreign exchange rate exposures of US companies and how they are linked to foreign macroeconomic determinants. I use US trade-weighted macroeconomic indices of foreign countries to explain the variation in foreign exchange rate exposures, measured as the sensitivities of stock returns to exchange rate returns of US non-financial companies over the period 1995 to 2017. I find strong evidence that the after-hedging exposures of potential exporters are affected by their expectations of foreign market gross domestic products, current account balances, consumer price indices, term spreads, unit labor costs as well as government expenditures.

This paper presents static and dynamic versions of univariate, multivariate, and multilevel functional time-series methods to forecast implied volatility surfaces in foreign exchange markets. We find that dynamic functional principal component analysis generally improves out-of-sample forecast accuracy. More specifically, the dynamic univariate functional time-series method shows the greatest improvement. Our models lead to multiple instances of statistically significant improvements in forecast accuracy for daily EUR-USD, EUR-GBP, and EUR-JPY implied volatility surfaces across various maturities, when benchmarked against established methods. A stylised trading strategy is also employed to demonstrate the potential economic benefits of our proposed approach., 52 pages, 5 figures, to appear at the International Journal of Forecasting

Countries that possess abundant natural resources are often criticized for spending a larger portion of their revenue from selling those resources on imports, as their economies tend to lack diversification. This study aims to examine whether this claim is valid for oil-rich African countries. The paper uses the panel ARDL method to investigate the effect of oil sector revenues on the marginal propensity to import in oil-exporting African countries from 2000-2020. The findings show that in the short run, oil sector revenues do not have a significant impact on the marginal propensity to import. However, in the long run, oil sector revenues have a positive and significant effect on the marginal propensity to import. Additionally, the study reveals that exchange rates have a positive and significant impact on the marginal propensity to import, while the impact of trade openness is negative and significant. Furthermore, gross domestic savings have a negative and significant effect on the marginal propensity to import during the same period. Therefore, the study concludes that increasing oil revenues in the selected countries only resulted in a rise in imports in the long run. It suggests that oil-exporting African countries should save more during periods of rising oil prices as a buffer, and channel these savings towards building facilities that encourage economic growth. It also recommends that exchange rate policies should be used to discourage excessive importation during periods of rising oil prices.

This paper identifies the fear-of-appreciation (Levy-Yeyati et al., 2013) channel through which trade balance affects domestic currency appreciations. By decomposing currency appreciations into a continuous and a discrete (jump) component, we find that only the discrete (jump) component of currency appreciation is significantly reduced by increases in trade balance, and this effect is stronger in countries with more foreign exchange interventions. The mediation analysis suggests that the fear-of-appreciation channel plays a unique role in the link between trade balance and the discrete (jump) component of domestic currency appreciations, above and beyond the fear-of-floating (Calvo and Reinhart, 2002) channel identified in prior literature.

The predictability of geopolitical risks (GPR) for exchange rate volatility of the BRICS is examined using both historical and recent GPR data. Relying on the GARCH-MIDAS-X model based on available data frequencies, we find that the BRICS exchange rates are more vulnerable to recent GPR data than the historical data. Additional analysis suggests contrasting evidence between the recent global GPR data and the country-specific GPR data implying that the BRICS exchange rates are more vulnerable to global than domestic GPR. Finally, we document some out-of-sample economic gains of accounting for GPR in the valuation of foreign exchange portfolio.

We propose an optimal currency hedging strategy for global equity investors using currency value, carry, and momentum to proxy for expected currency returns. A benchmark risk constraint ensures the overlay closely mimics a fully hedged portfolio. We compare this with naïve and alternative hedges in a demanding out-of-sample test, with transaction and rebalancing costs and margin requirements. Other hedging methods generally reduce risk but at a cost. Some tend to short currencies with high returns and all incur substantial costs with frictions, mostly margin requirements and equity rebalancing costs. The proposed strategy uses predictable returns to reduce this cost. It produces a statistically significant 17% gain in Sharpe ratio and an annualized Jensen-α of 0.93% versus a fully hedged benchmark. Notably, most of the implementation costs of the strategy would be incurred by the benchmark anyway. This reduces its marginal cost and highlights a specific synergy of integrating hedging with speculation. This paper was accepted by Gustavo Manso, finance.

The economic crisis triggered by the COVID-19 pandemic seems to be grimmer when observed from the migration perspective. Remittances play a vital role in economic development of India through promoting output growth, household spending on health and education, poverty alleviation, financial inclusion and entrepreneurship. Given the importance of remittances, it is important to analyse how the current pandemic will influence the remittances inflows to India. Towards this end, the study employs a gravity model approach to the determinants of remittances with special attention to the impact of infectious diseases in the host countries. The present study constructs a dataset on bilateral remittances from 99 destination countries and utilizes the data on prevalence of infectious diseases in the host countries during the period 2000–2018 to assess the impact of the latter on the inflows of remittances to India. The results of the study based on a variety of estimators tackling various econometric issues suggest a statistically significant negative impact of prevalence of infectious diseases in the host country on the inflows of remittances. The negative impact of infectious diseases on remittances suggest that while there are downside risks in the wake of current pandemic, the scenario does not seem to be that bleak as the remittances to India are countercyclical with respect to economic growth in the home country and largely decoupled from host country macroeconomic fundamentals. As the remittances act as shock absorbers during the time of low economic growth in the home country, India must further build up a conducive eco system to nurture these valuable foreign exchange in a well directed manner.

This paper examined the impact of foreign exchange accessibility on the growth of manufacturing sector in Nigeria. The study relied on secondary time series annual data and analyzed the collected data by using inferential statistics. The estimation techniques include Ordinary Least Square (OLS) method, Augmented Dickey-Fuller (ADF) Unit Root test, Johansen Co-integration test and Autoregressive Distributed Lags (ARDL) model. The study revealed that there was an existence of both short run and long run relationships among the variables of interest. The findings of the study revealed that the supply of foreign exchange and by implication, its accessibility is critical to the growth of the manufacturing sector considering the positive relationship of the lags of foreign exchange supply. Similarly, the amount of foreign exchange unutilised by the manufacturing sector (FXUM) was positively and significantly related to the growth of manufacturing sector. In the light of the forgoing findings, it was concluded that the time to time behaviours of foreign exchange supply by the Central Bank of Nigeria, forex utilization by the manufacturing sector and exchange rate all put together had a significant impact on the growth of Nigerian manufacturing sector. Consequently, it was recommended that government should ensure optimal and consistent supply of foreign exchange to the manufacturing sector as this has been found to have positive effect on the growth of the sector in this study. In addition, government should improve on her monitoring activities of the amount and distribution of foreign exchange allocations to the manufacturing sector of the economy in order to ensure that they are utilised for productive purposes only and reduce the incidence of diversion to unproductive and illegitimate purposes, {"references":["Ajie, H. A. (2000). Fundamentals of Monetary Economics. Portharcourt:Peerafi Publications","Amadeo, K. (2018). Foreign Exchange Market. Retrieved from https://www.thebalance.com/foreignexchange-market-3306088","Anthony, W. (2016, November 21). How The CBN's Foreign Exchange Policies And The Foreign Exchange Act Of 1995 Plunged The Nigerian Economy Into Recession. Saharareporters. Retrieved from saharareporters.com/2016/11/21/how-cbns-foreign-exchange-policies-andforeign-exchange-act- 1995-plunged-nigerian-economy","Ayodele, T.D. (2014). An Empirical Evaluation of the Impact of Exchange Rate on the Nigeria Economy. Journal of Economics and Sustainable Development, Vol.5, No 8, pp. 25- 28","Central Bank of Nigeria (2017). Foreign exchange Management before 1986. Retrieved from www.cbn.gov.ng","Economic Basics: Supply and Demand (n.d). Retrieved February 9th, 2018 from https://www.investopedia.com/university/economics/economics3.asp"]}

Ekspor merupakan kegiatan perdagangan antar negara dengan cara mengeluarkan barang dari dalam ke luar wilayah pabean Indonesia yang mampu mendorong kualitas perdagangan di Indonesia. Nilai ekspor Provinsi Kalimantan Timur periode Januari-September 2021 mencapai US$ 15,63 miliar atau meningkat 65,15% dibandingkan periode sebelumnya. Nilai ekspor berpengaruh terhadap cadangan devisa dari suatu negara dimana bila ekspor dari suatu negara lebih besar dibanding dengan nilai impornya, maka negara tersebut akan memperoleh keuntungan berupa devisa yang akan disimpan dalam cadangan evisa. Artinya semakin tinggi nilai ekspor maka posisi cadangan devisa juga akan meningkat. Pelaku perekonomian nasional membutuhkan informasi mengenai model dalam meramalkan ekspor di masa mendatang sehingga penulis melakukan penelitian mengenai peramalan terhadap nilai ekspor Provinsi Kalimantan Timur yang dianggap memiliki kontribusi yang signifikan terhadap kegiatan ekspor di Indonesia sebagai penghasil devisa utama bagi Indonesia. Metode statistika dalam penelitian ini adalah Double Exponential Smoothing yang digunakan untuk melakukan peramalan terhadap nilai ekspor Provinsi Kalimantan Timur pada 7 bulan mendatang yaitu pada bulan Desember 2021 hingga Juni 2022 dengan parameter pemulusan nilai level () yaitu sebesar 0.7371267 dan pemulusan nilai trend sebesar 0.06790403 didapatkan tingkat akurasi peramalan menggunakan MSE sebesar 60406.25 dan MAPE sebesar 8.905644%.

During the last quarter of 2021, there were significant fluctuations in exchange rates in Turkey, and the Turkish Lira (“TL”) experienced high depreciation compared to other foreign currencies. In order to reduce the negative effects of the depreciation in TL on the country's economy and to encourage individuals to evaluate their assets in TL, the country administration has put some measures into effect. In this context, with the Law numbered 7352 Amending the Tax Procedure Law and the Corporate Tax Law (“Law numbered 7352”), published in the Official Gazette dated 29 January 2022 and numbered 31734, temporary article 14 was added to the Corporate Tax Law No. 5520. In accordance with the relevant article, certain tax exemptions have been introduced for the gains obtained in case the institutions convert their foreign currency and gold deposits in their balance sheets into Turkish Lira. In this study, the effects of the relevant regulation on the financial statements of companies preparing financial statements in accordance with Turkish Financial Reporting Standards were examined., Türkiye’de 2021 yılının son çeyreğinde döviz kurlarında önemli düzeyde dalgalanmalar gerçekleşmiş olup Türk Lirası (“TL”)’nda diğer yabancı para birimlerine göre yüksek değer kayıpları yaşanmıştır. TL’de yaşanan değer kaybının ülke ekonomisine olumsuz etkilerinin azaltılması ve kişilerin TL üzerinden varlıklarını değerlendirmesinin teşviki amacıyla ülke yönetimi bazı tedbirleri yürürlüğe koymuştur. Bu kapsamda 29 Ocak 2022 tarih ve 31734 sayılı Resmî Gazete’de yayımlanan 7352 sayılı Vergi Usul Kanunu ile Kurumlar Vergisi Kanununda Değişiklik Yapılmasına Dair Kanun (“7352 sayılı Kanun”) ile 5520 sayılı Kurumlar Vergisi Kanunu’na (“KVK”) geçici 14’üncü madde eklenmiştir. İlgili madde uyarınca kurumların bilançolarında yer alan yabancı para ve altın cinsinden mevduatlarını TL’ye çevirmeleri halinde elde edecekleri kazançlara ilişkin bir takım vergi istisnaları getirilmiştir. Bu çalışmada ilgili düzenlemenin Türkiye Finansal Raporlama Standartları (TFRS)’na göre finansal tablo hazırlayan işletmelerin finansal tablolarına etkileri incelenmiştir.

There is a huge parallel economy going on in the country, and that economy is financed and managed by alternative system of money exchange and remittance. This sector is largely undocumented and very little has been written on it. By some standard, this sector caters to more than 50% of overall foreign exchange business in the country, the proceeds of which largely goes out of the economy undocumented. Government of Pakistan recently taken measures to regularize this sector and state bank devised some bylaws and policy to document this sector. Establishment of exchange companies and abolition of money changers are the few steps that state bank have taken in this regards. Exchange companies are required to follow proper standards and auditing requirements and by virtue of this state bank is now be able to have more insight of how much money is coming and flown from this country and on accounts of which beneficiary. At the same time there is a need that people making our policies should better be aware of how this system works and who are involved, its by trades and what measure to adopt to canalized the proceeds into the documented economy and also identify various changes that could be made in our financial sector to better caters the needs of expatriates like this system does. This study is done to answer these and similar questions.

Treballs Finals del Màster de Ciències Actuarials i Financeres, Facultat d'Economia i Empresa, Universitat de Barcelona, Curs: 2022-2023, Tutor: Héctor Rufino Alcalde, Since 2020, the world has witnessed several major events, which had profound impacts on the exchange rate and the stock markets related to the US, China, the EU, and Russia. This thesis first demonstrates the linkage between the exchange rates and stock prices through relevant literature review. Then it conducts data analyses and comparisons, among the returns of the exchange rates and stock markets, and among the returns of the US stock market and other stock markets expressed in USD, to confirm the existence of correlations and Granger causality in some economic entities during specific times and provide advice on oversea investment for investors.

This empirical analysis endeavors to examine the return volatility, co volatility and spillover impact of Australian dollar, Canadian dollar, Japanese yen, and Swiss franc in pertinent Asian economies such as India, Malaysia, and Singapore, by using the variance decomposition and GARCH-DCC techniques with the help of daily time series data from five years from 2012 to 2019. The result of GARCH-DCC analysis shows the evidence of ARCH and GARCH effect on all the tradable currencies, in the foreign exchange markets of above countries. The consequence of volatility spillover proves that, the Australian dollar is a net transmitter of volatility while the Canadian dollar is a net receiver of volatility in the Indian foreign exchange market. As per as Malaysian and Singapore’s foreign exchange market is concerned it can be inferred that Japanese yen is dominant currency in Malaysian market while Swiss franc is relevant in Singapore’s exchange market. These outcomes have vital ramifications that financial organizer should consider in recurrence volatility of tradable currencies of above foreign exchange market to forestall the financial risk.

We devise a hierarchical decision-making architecture for portfolio optimization on multiple markets. At the highest level a Deep Reinforcement Learning (DRL) agent selects among a number of discrete actions, representing low-level agents. For the low-level agents, we use a set of Hierarchical Risk Parity (HRP) and Hierarchical Equal Risk Contribution (HERC) models with different hyperparameters, which all run in parallel, off-market (in a simulation). The information on which the DRL agent decides which of the low-level agents should act next is constituted by the stacking of the recent performances of all agents. Thus, the modelling resembles a statefull, non-stationary, multi-arm bandit, where the performance of the individual arms changes with time and is assumed to be dependent on the recent history. We perform experiments on the cryptocurrency market (117 assets), on the stock market (46 assets) and on the foreign exchange market (28 pairs) showing the excellent robustness and performance of the overall system. Moreover, we eliminate the need for retraining and are able to deal with large testing sets successfully.

We study the liquidity of the global currency market by analyzing the price impact of trading volume. We analyze a decade of CLS intraday data representative of global foreign exchange (FX) trading by developing a refinement of the popular Amihud (2002) illiquidity measure that we call realized Amihud, which is the ratio between realized volatility and trading volume. Inversely related to market depth, price impact increases with transaction costs, money market stress, uncertainty, and risk aversion. Furthermore, we analyze whether and how liquidity begets price efficiency by looking at violations of the “triangular” no-arbitrage condition. We find that dollar-based currencies offer a lower trading impact supporting price efficiency.

Coffee farming has an important role in increasing foreign exchange, expanding employment and increasing farmers' income. Coffee production has not been able to increase, partly because not many farmers have used quality seeds, namely certified seeds. This study aims to determine the differences in production and income of farmers using certified seeds and farmers using uncertified seeds. The research was conducted in Siborongborong District, North Tapanuli Regency, North Sumatra Province, as a center for coffee plantations, from February to March 2020 with 60 farmer respondents, consisting of 30 farmers using certified seeds and 30 who did not. The results showed that coffee production using certified seeds was greater than coffee production using uncertified seeds or significantly different, with a difference of 380.77 kg per hectare. The income of coffee farmers using certified seeds is greater than that of coffee farmers using uncertified seeds, with a difference of Rp. 5,611,997 per hectare. There is a significant difference between the income of coffee farmers who use certified seeds and the income of coffee farmers who use uncertified seeds, where the income of coffee farmers with certified seeds is greater. The calculation results show an increase in production of 1.8 times and an increase in income of 3 times with the use of certified seeds.

In 2022, Russian investors will get access to the wide possibilities of the global financial market. The Bank of Russia opens the market for foreign exchange-traded funds (ETFs) — one of the main savings instruments for households. The economy of ETFs differs from other investment funds, whose shares do not have secondary market. The opening of the ETFs market is intended to solve a number of issues for retail investors: moving away from the preference to individual foreign shares towards portfolio diversification, cost reduction, ensuring sustainable profitability, abandoning the aggressive securities trading, and supporting market competition. Soon, ETFs will be one of the driving forces in financial markets. However, their rapid growth is fraught with little-studied effects.

The tourism industry is one industry that will not run out and will continue to grow. The Indonesian government realizes that the tourism industry is one of the industries that contributes to national development. The existence of tourism as an industry also brings negative impacts. In recent decades a concept of tourism planning and management that was born due to anxiety about the negative impact of the tourism industry. The last few years the issue of sustainable tourism has increased amid the negative impacts felt almost in most tourist attractions, especially cultural heritage-based attractions. Through the concept of sustainable tourism, cultural heritage is not just a tool for simple business practices that only attracts tourists who come to visit and then earn foreign exchange, but rather how this cultural heritage can contribute to environmental quality (saujana culture); public welfare; national and regional economy; increasing scientific insight; and the preservation of cultural heritage itself. Keywords : tourism, preservation, heritage, sustainable tourism

Sektor pariwisata bagi Indonesia memiliki pengaruh yang cukup besar di mana sektor ini berperan sebagai core economy dan memiliki keunggulan dengan adanya multiplier effect yang tinggi dan perannya sebagai invisible export. Sektor ini mampu menyumbang pemasukan lebih dari 4 persen terhadap PDB nasional dan devisa yang cenderung meningkat. Kawasan ASEAN merupakan salah satu wilayah yang mendatangkan wisatawan mancanegara terbanyak ke Indonesia dengan tren positif selama periode 2005-2019, namun tingkat pertumbuhannya fluktuatif. Oleh karena itu penelitian ini bermaksud untuk menganalisis variabel apa saja yang berpengaruh terhadap permintaan pariwisata asal ASEAN mengingat adanya kedekatan historis dan geografis. Analisis regresi data panel dengan metode estimasi FEM SUR menunjukkan bahwa pendapatan per kapita, harga minyak bumi dan keterbukaan perdagangan berpengaruh secara signifikan terhadap peningkatan permintaan pariwisata dari tujuh negara ASEAN ke Indonesia. Sementara harga relatif tidak berpengaruh secara signifikan terhadap permintaan pariwisata tersebut.

This paper examines the determinants of regional trade integration using information on trade and foreign exchange turnovers for the majority of the Regional Trade Agreements (RTAs) worldwide. We find a U-shaped relationship between the degrees of currency integration and trade integration within RTAs. When the share of the most frequently used regional currency is low, using the local currency impedes intra-RTA trade. However, upon exceeding a certain threshold, currency integration enhances intra-RTA trade. Moreover, the currency-trade-integration relationship varies with a few key RTA characteristics, including the number of member countries, differences in economic development among member countries, and trade and financial openness.

India is the pioneer country for the commercial cultivation of cotton. Cotton is one of the principal commercial crops and has been one of the main sources of India's economic growth and foreign exchange earner. It is popularly known as ‘White Gold’. In india it is important cash and commercial crop valued for its fiber and vegetable oil. The study was conducted in Ramannapet block of Yadadri Bhuvanagiri District was selected purposively based on the maximum cotton grower and 120 respondents were selected randomly from six villages of the ramannapet block. The data was collected with the help of structured schedule analyzed statistically. The study revealed that majority of respondents had medium level of socio-economic status and knowledge on recommended improved production practices of cotton. To access the knowledge of the respondents about improved cotton production practices. View Article DOI: 10.47856/ijaast.2021.v08i10.004

PurposeThe literature mostly investigates the impact of trade and financial integration on business cycle synchronization. The author differs by focusing on the real effective exchange rate as the target variable in the North American Free Trade Agreement (NAFTA) region. In particular, the author investigates synchronization by analyzing the short- and long-run dynamics of the real effective exchange rates of Canada, Mexico and the US for 2008–2019.Design/methodology/approachThe author first employs stationarity and cointegration tests to specify and estimate the long-run equilibrium relation between the real effective exchange rates of Canada, Mexico and the US. The author then specifies and estimates an error-correction model for each real effective exchange rate in order to investigate whether the adjustment in eliminating disequilibrium is asymmetric.FindingsThe results indicate that the real effective exchange rates of Canada, Mexico and the US are cointegrated with only one long-run equilibrium relation. Canada's real effective exchange rate responds symmetrically to eliminate both negative and positive disequilibrium with a similar speed of adjustment. However, the response of Mexico's real effective exchange rate is asymmetric, as it responds to eliminate only positive disequilibrium. The US real effective exchange rate does not respond to disequilibrium, perhaps because it has a large economy with much stronger competition beyond the NAFTA region than both Canada and Mexico.Originality/valueThis is the first study that investigates real effective exchange rate synchronization in the NAFTA region.

Porter’s generic strategies are important for organizations to gain a competitive edge in their respective market. This is especially true for companies in Asia, the world’s largest continental economy in terms of gross domestic product (GDP) which is also characterized by foreign exchange restrictions, anti-trust laws, and price wars. This paper focuses on the literature on Porter’s generic strategies within the contexts of the three biggest Asian countries (China, Japan, and India). Our review highlights the generic strategies pursued by multinationals in Asia and factors to consider when executing strategic plans in business expansion to the region.

Pertumbuhan ekonomi Indonesia diramalkan akan terus meningkat pada tahun- tahun mendatang, dan pertumbuhan ini akan memacu peningkatan konsumsi, antara lain konsumsi hasil-hasil peternakan. Pada sisi lain, suplai hasil peternakan dalam negeri seperti daging dan susu masih sangat rendah, sehingga pemerintah terpaksa mengizinkan impor daging dan susu. Sektor produksi peternakan harus melakukan antisipasi peningkatan konsumsi tersebut, terutama untuk menjamin ketahanan pangan dan menghindarkan pengurasan cadangan devisa negara untuk impor daging dan susu yang sebenarnya tidak perlu. Sistem peternakan domestik yang ada sekarang dinilai akan sulit melakukan antisipasi terhadap keadaan dan perubahan yang akan terjadi, sehinga diperlukan suatu tindakan restrukturisasi industri peternakan ke arah suatu sistem yang diharapkan. Sampai saat ini belum ada rumusan arah pembangunan peternakan dan efektivitas program-program pembangunan peternakan tidak atau belum jelas ke mana arahnya. Dalam kaitan itu, khusus untuk subsektor peternakan, perlu dirancang suatu gagasan tentang bagaimana bentuk peternakan harapan di masa depan dan langkah- langkah apa yang dibutuhkan untuk mewujudkannya. Tulisan ini bertujuan menyampaikan gagasan tersebut dengan melakukan analisis review dan sintesis hasil-hasil penelitian sosial ekonomi peternakan yang pernah dilakukan.

تعويم العملة وأثره في الالتزامات والعقود الآجلة في الفقه الإسلامي ياسر حسن عبد التواب. قسم الفقه وأصوله، قسم الدراسات الإسلامية، کلية الآداب، جامعة المنيا، المنيا، مصر. البريد الإلکتروني: prof_yaser@mu.edu.eg الملخص: تحاول هذه الدراسة أن تبحث في أثر تعويم العملة أوما يسمى بتحرير سعر الصرف على العقود والالتزامات الآجلة، لما ثبت أن تغيرات سعر الصرف الأجنبي مما يؤدي إلى ارتفاع أسعار السلع المحلية. وتهدف الدراسة إلى بيان أثر تعويم العملة على الالتزامات والعقود الآجلة التي تم الاتفق عليها قبل عملية التعويم من وجهة نظر الفقه الإسلامي. وقد اعتمد البحث على المنهج الاستقرائي التحليلي المقارن من خلال تتبع أراء الفقهاء وتحليلها ومقارنتها واختيار الراجح منها. ومن أهم نتائج الدراسة أن الأثر المترتب على العقود والالتزامات الآجلة إذا تغير سعر الصرف نتيجة التعويم وکان المطلوب أداؤه نقدا من جنس واحد أو جنسين مختلفين، استحباب رد المثل عند وجوده والقيمة عند انعدامه بحساب يوم الرد لا يوم الأخذ. الکلمات المفتاحية: تعويم، سعر الصرف، عقود، التزامات، آجلة، فقه إسلامي. Currency Floatation and its Impact on Obligations and Deferred Contracts in Islamic Jurisprudence Yasser Hassan Abdet -Tawab Department of Islamic Studies, Faculty of Arts, Minia University, Minia, Egypt. Email: prof_yaser@mu.edu.eg Abstract: This study attempts to examine the impact of currency floatation or the so-called exchange rate liberalization on deferred contracts and obligations, as it has been proven that foreign exchange rate changes lead to an increase in the prices of local commodities. The study aims to show the impact of currency flotation on the obligations and deferred contracts that have been agreed upon before the flotation process from the perspective of Islamic jurisprudence. The present study adopts an inductive, analytical, and comparative approach. It examines the opinions of the jurists, analyzes these opinions, compares them and chooses the most preponderant opinions. One of the most important conclusions of the study relates to the consequential impact on deferred contracts and obligations when the exchange rate changes as a result of the flotation and it is required to be paid in cash of same currency or two different currencies. In this case, it is desirable to return the money in the same currency if this is available or the same value of the money if the same currency is not available through calculating based on the day of return, not the day of taking the money. Keywords: Flotation, exchange rate, contracts, obligations , deferred , Islamic jurisprudence.

espanolDesde enero de 1936 hasta diciembre de 1945 el Servicio Exterior de Falange se extendio por Europa, America, Asia y Africa, llegando a englobar a varias decenas de miles de emigrantes espanoles. Pese a lo cual ha merecido un tratamiento tangencial y puntual por parte de la produccion historiografica. Este articulo lleva a cabo una revision de la historiografia al respecto y un analisis de cuales deben ser las lineas de investigacion y propuestas para un estudio global y en profundidad de esta seccion de Falange, analizando como fue su establecimiento y desarrollo tanto en los servicios centrales, la Delegacion Nacional del Servicio Exterior de Falange, el Servicio de Intercambio y Propaganda Exterior, etc., y como se produjo su extension en las distintas secciones territoriales por medio mundo. EnglishFrom January 1936 to December 1945, the Foreign Service of Falange spread throughout Europe, America, Asia and Africa, reaching several tens of thousands of Spanish emigrants. Despite which it has deserved a tangential and punctual treatment by the historiographic production. This article carries out a review of the historiography in this regard and an analysis of what should be the lines of research and proposals for a global and in-depth study of this section of the Falange, analyzing how it was established and developed both in the central services, the National Delegation of the External Service of Falange, the Foreign Exchange and Propaganda Service, etc., and how it spread in different territorial sections around the world.

Both exports and imports are one of the important strategic axes of Egypt's economic development plan, Exports are an important source for foreign exchange, and imports are a source of goods that domestic production cannot cover. And According to the direct correlation and the impact of both exports and imports on the Egyptian economy, and According to the importance of the continuous and periodic evaluation of foreign trade to highlight the most important effects of the surrounding changes on it, The research problem is based on an assessment of Egyptian trade with the most important partners in light of the exchange rate change and in the form of the following question: Are exports and imports between Egypt and its most important partners reaching their desired levels? Does the exchange rate have an effect on it? So that the objective is to compare the actual situation with the forecast for both exports and imports, whether at the country level or for the average years for the two periods (2013-2015, 2017-2019) (Before and after exchange rate change). The research was based on data for 20 countries in the case of exports, 33 states in the case of imports as the most important business partners with Egypt, the gravity model has been used with the use of the estimation method for mixed data and the use of the Hausman test to prefer between the two random and fixed effects models.

Durante el gobierno de Vicente Fox Quesada se implementó una política pública orientada al desarrollo de la agricultura protegida, en el marco de la estrategia para aumentar la competitividad del sector agrícola que es fuente de divisas y para complementar a las economías norteamericana y canadiense en el abasto de hortalizas y plantas de ornato. Creció la superficie, el número de estructuras y la producción a partir de entonces, pero en el gobierno de Andrés Manuel López Obrador, los productores agrícolas empresariales perdieron poder para dirigir la política en beneficio de sus intereses, como consecuencia de cambios en la correlación de fuerzas. El objetivo de este trabajo fue analizar cómo fue desaparecida dicha política durante el año 2020, con base en una perspectiva crítica del conflicto entre los grupos sociales por avanzar sus asuntos y bloquear los proyectos de sus rivales. El estudio se apoya en textos sobre producción e información de posturas de asociaciones de productores y del gobierno. Los resultados son una finalización de los apoyos a la producción y comercialización de la agricultura protegida.

This research empirically analyzes the impact of foreign exchange futures volatility on macroeconomic variables by using data of ten trading markets from 2011 to 2020.1 Our findings illustrate that...

The tourism industry is one of the largest foreign exchange earners in Indonesia and is able to provide new jobs. Therefore, tourism is one of the most important sectors in Indonesia, including in the South Tangerang City. South Tangerang City has various tourism potentials ranging from natural tourism, educational tourism, historical tourism, to shopping tourism. One strategy that can be implemented to maximize tourism potential in the South Tangerang City and increase tourist visits is to utilize the application of information technology innovation, also known as the Smart Tourism concept. Smart Tourism can significantly change tourist behavior, number of visits, as well as the function and structure of the tourism industry. This research will discuss how the application of smart tourism in South Tangerang City based on three components, namely smart experience, smart business ecosystem, and smart destination, the impacts of smart tourism implementation, factors that influence the implementation of smart tourism, and strategic analysis of smart tourism model using the SWOT method to determine the relationship between external opportunities and internal strengths and between internal weaknesses and external threats. From this strategic analysis, a strategy will be produced that will be applied in the smart tourism model in South Tangerang City.

This study investigates the nexus between tourism, CO2 emissions and health spending in Mexico. We applied a nonlinear ARDL approach for the empirical analysis for the time period 1996-2018. Mexico receives a large number of tourists each year, tourism improves foreign exchange earnings and contributes positively to the economic growth. However, tourist activities impose a serious environmental cost in terms of CO2 emissions which increase health spending. The empirical findings suggest that tourism leads to CO2 emissions which resultantly causes a high level of health spending in Mexico. Both short-run and long-run findings reported a significant positive association between tourism, CO2 emissions, and health expenditures. Therefore, the government needs legislation to reduce CO2 emissions, besides the use of renewable energy could also help to reduce the CO2 emissions and health expenditures in society. This study does not support to reduce the health expenditure, rather it suggests optimal utilization of the funds allocated to the health sector.

The purpose of this study was to determine the effect of deposit interest rates, foreign exchange rates and inflation rates on the volume of stock trading on the Indonesia Stock Exchange. This study applies a survey method to 54 Manufacturing companies that have been listed on the Indonesia Stock Exchange for the 2017-2019 period. The sampling technique used the proportional random sampling method. The research data were analyzed using multiple linear regression analysis. The results showed that the variable deposit interest rate, foreign exchange rate, inflation rate simultaneously had a significant effect on stock trading volume and the variable deposit interest rate, foreign exchange rate, inflation rate partially had a positive and significant effect on the volume of stock trading in manufacturing companies in Indonesia. Indonesia stock exchange. The coefficient of determination (R^2) is 50.7 percent, this shows that variations in the variable deposit interest rate, foreign exchange rate, inflation rate can explain the variation in stock trading volume 50.7%.

Th is year, Federal Laws No. 499-FZ, No. 9-FZ and No. 224-FZ entered into force in Russia, which introduced serious changes to the legislation on currency regulation and currency control, caused by the requirements of the time and the developing fi nancial market.

The forex market is one associated with so much volatility and can lead to grave financial losses if not properly understood. To understand the market is to study the price patterns from previous years or months and make predictions from the rate of falling and rising. There have been so much researches aimed at developing a predictive model for the FOREX market, however, no model has been able to handle the market volatility while predicting future rates accurately. In this work, we have developed a digital processing model for predicting foreign exchange using ARIMA and Artificial Neural Network algorithms. We used price datasets for five currencies namely: USD, Swiss Pounds, Yen, Euro and Franc, gotten from the Central Bank of Nigeria (CBN) website. The data ranged from a period of 20 years. The model was simulated using MATLAB software. The study performed excellently in terms of time (26 seconds) and minimal errors (0.7). This work could be beneficial to FOREX traders and to the entire research community.

We analyse how macroprudential policies in a panel of emerging economies affect spillovers from changes in long-term government bond yields in the United States. We show that a tightening in foreig...

Foreign remittance is the second-largest source of foreign exchange in Pakistan which makes international migrant workers key players in the balance of payments equation of Pakistan. The Kingdom of Saudi Arabia (KSA) and the United Arab Emirates (UAE) are the most common destinations for unskilled migrant workers from Pakistan. With the increasing costs of migration and the sluggish economic performance of the Middle East in recent years before the pandemic, unskilled workers in the region are finding it increasingly difficult to maintain the flow of remittances to their families. This study contributes to the literature on remittances by: (1) identifying the determinants of sending remittances by unskilled Pakistan migrants in KSA and UAE; (2) finding the determinants of the wage differential between foreign jobs and local jobs of unskilled Pakistani workers; and (3) estimating the average time that a worker needs to potentially repay the costs of migration. Data for the empirical analysis came from the Knowledge Partnership on Migration and Development (KNOMAD) and the International Labor Organization (ILO) 2015 Migration and Recruitment Costs Survey in Pakistan. The findings suggest that experience and income are the most important determinants of remittances. However, the returns to education and experience are lower in KSA and UAE for unskilled labor as compared to Pakistan. Moreover, the economic costs of migration are high for these workers as it takes between five and nine years to recover the costs of migration. Unskilled migrants are important assets for Pakistan that will boost foreign reserves and reduce the balance of payment deficit. However, the opportunity cost of migration is high for educated and experienced workers and labor migration policies should consider both the costs and benefits of unskilled migration.

We study the cross-section of returns on FX options sorting currencies based on implied volatilities (IV). Long straddle positions in currencies with low (high) implied volatilities perform well (poorly). A long low IV-short high IV strategy produces large average returns after transactions costs. Total volatility matters rather than any component or transformation of volatility. The returns are distinct from those in the literature on foreign exchange returns or equity option returns and cannot be explained convincingly by standard risk factors. We argue cross-sectional differences in hedging demand combined with limits to arbitrage contribute to misspricing in FX options.

El Banco de Occidente es una entidad financiera perteneciente al Grupo Aval Acciones y Valores, al ser una empresa colombiana, su sede principal se encuentra en la Ciudad de Cali. Su trayectoria en banca ha sido mayor a 53 años; es reconocida gracias a su cultura organizacional y liderazgo. Generando en sus clientes fidelización gracias a su efectividad en procesos y su constante innovación. La división de Negocios internacionales desarrolla sus operaciones bajo la Circular Reglamentaria Externa DCIN 83 avalando cualquier tipo de operación cambiaria en el país. El profesional en práctica se responsabiliza de las operaciones cambiarias de compra y venta, en dos regionales a Nivel Nacional, la regional de Bogotá y la de Barranquilla, donde ejecutará las siguientes funciones: 1. Asesoramiento al cliente corporativo de banca PYME, mediante llamadas telefónicas para el cumplimiento de las operaciones internacionales, en las cuales predominan en el envío o recepción de abonos. 2. Apoyo en el envío de documentos o certificaciones que ratifiquen al cliente que sus operaciones fueron tramitadas con satisfacción, cumpliendo las normativas cambiarias ante el Banco de la República y la DIAN. El presente documento tiene como objetivo evidenciar el proceso de mejora desarrollado en la División de Negocios Internacionales en el Banco de Occidente por el estudiante en práctica, que tenía como finalidad la optimización de procesos en la compra y venta de divisas, a partir de la implementación de un CRM que integra la información para su consulta en tiempo real, por parte de todos los asociados a la operación, permitiendo una respuesta eficaz al cliente externo en desarrollo e su operación cambiaria. Concluyendo así, que una vez se aplicará este software disminuiría significativamente las llamadas de consulta sobre las operaciones de divisas por parte de los clientes incrementando índices de satisfacción, así como la productividad en el área disminuyendo el tiempo de respuesta a usuarios. Banco de Occidente is a financial institution belonging to Grupo Aval Acciones y Valores, being a Colombian company, its headquarters are located in the city of Cali. Its trajectory in banking has been more than 53 years; it is recognized thanks to its organizational culture and leadership. It generates customer loyalty thanks to its effectiveness in processes and constant innovation. The International Business division develops its operations under the External Regulatory Circular DCIN 83 endorsing any type of foreign exchange operation in the country. The professional in practice is responsible for the foreign exchange operations of purchase and sale, in two regions at national level, the regional of Bogota and Barranquilla, where he/she will perform the following functions: 1. Advice to the corporate client of SME banking, by means of telephone calls for the fulfillment of international operations, in which they predominate in the sending or reception of credits. 2. Support in the sending of documents or certifications that ratify to the client that their operations were processed with satisfaction, complying with the exchange regulations before the Banco de la República and the DIAN. The objective of this document is to demonstrate the improvement process developed in the International Business Division of Banco de Occidente by the student in practice, which was aimed at optimizing processes in the purchase and sale of foreign exchange, from the implementation of a CRM that integrates information for consultation in real time, by all those associated with the operation, allowing an effective response to the external customer in development and its foreign exchange operation. Thus concluding that once this software is implemented, it will significantly reduce the number of consultation calls on foreign exchange operations by customers, increasing satisfaction rates, as well as productivity in the area by reducing the response time to users. Profesional en Negocios Internacionales Pregrado

Latency is the time delay between an exchange streaming market data to a trader, the trader processing information and deciding to trade, and the exchange receiving the order from the trader. Liquidity takers face a moving target problem as a consequence of their latency in the marketplace. They send market orders with a limit price that aim at a price and quantity they observed in the limit order book (LOB), and by the time their order is processed by the exchange, prices could have worsened, so the order may not be filled, or prices could have improved, so the order is filled at a better price. In this paper we provide a model to compute the price that liquidity takers would be willing to pay to reduce their latency in the marketplace. To this end, we derive a latency-optimal strategy that specifies the limit price of liquidity taking orders to increase the chances of filling orders if, due to latency, prices or quantities in the LOB have worsened. The latency-optimal strategy balances the trade-off between the costs of walking the LOB and targeting a desired percentage of filled orders over a period of time. We employ the cost of improving fills with the latency-optimal strategy to compute the shadow price of latency. Finally, we use a proprietary data set of foreign exchange (FX) to compute the maximum price that an FX trader would be willing to pay for colocation and hardware to reduce their latency in the marketplace.

This article assesses the impact of COVID-19 on stock market volatility spillover in India using equity (NSE exchange) and bond (Foreign Exchange) índices. The article utilized the TGARCH model (1,1) to evaluate the volatility of the NSE stock exchange and sectoral indices. Furthermore, the study aimed to compare stock price returns in pre- and post-COVID-19 scenarios to global indices, such as NASDAQ, Nikkei 225, and FTSE100. Subsequently, it utilised stock exchange and bond indices to explore the volatility spillover in-fluence using vector autoregressive-Baba, Engle, Kraft, and Kroner with multivariate GARCH (VAR-BEKKGARCH model). The findings of the variable showed a negative and statistically significant correlation that suggests that the COVID-19 outbreak lowered stock market volatility in India. In terms of historical errors, the coefficients represent the persistence of volatility for each nation. NIFTY and NASDAQ have the largest and longest-term spillover effect. According to the findings, India is the least sensitive country to external shocks. Resumen El artículo evalúa el impacto de la COVID-19 en la transmisión de volatilidad del mercado bursátil en la India utilizando índices de acciones (NSE, Bolsa Nacional de Valores de India) y de bonos (Foreign Exchange). El artículo utilizó el modelo TGARCH (1,1) para evaluar la volatilidad de los índices bursátiles y sectoriales de la NSE. Además, el estudio tenía como objetivo comparar los rendimientos de los precios de las acciones en los escenarios anteriores y posteriores al COVID-19 con los índices globales, como el NASDAQ, el Nikkei 225 y el FTSE100. Posteriormente, utilizó los índices bursátiles y de bonos para explorar la influencia de la transmisión de volatilidad por medio del modelo vectorial autorregresivo-Baba, Engle, Kraft y Kroner con GARCH multivariante (VAR-BEKK-GARCH). Los resultados de la variable mostraron una correlación negativa y estadísticamente significativa que sugiere que el brote de COVID-19 redujo la volatilidad del mercado de valores en la India. En términos de errores históricos, los coeficientes representan la persistencia de la volatilidad para cada nación. El NIFTY y el NASDAQ son los que tienen el mayor y más prolongado efecto de transmisión. Según los resultados, la India es el país menos sensible a las perturbaciones externas.

This dissertation consists of three essays that uncover the origins of market frictions and their implications for the functioning of the global foreign exchange (FX) market. The first research paper speaks to the hegemony of the US dollar in FX trading. Over 85% of all FX transactions involve the US dollar, despite the United States accounting for less than one quarter of global economic activity. I show both theoretically and empirically that the US dollar dominates FX volumes because FX market participants are strategic about their trading costs. Hence, they avoid directly transacting in non-dollar currency pairs if the expected trading cost is too large. Instead, market participants exchange non-dollar pairs indirectly by using the US dollar as a vehicle currency. That is, market participants first exchange a non-dollar currency into US dollars, and then trade those US dollars for their target currency. I derive a set of theoretical conditions for currency dominance in FX trading volume. To validate these conditions empirically, I use a granular and globally representative FX trade data set. My empirical findings are consistent with the predictions of my theoretical framework and corroborate the importance of strategic behaviour as a novel determinant of currency dominance. Using a novel identification strategy, I show that up to 36-40% of the daily volume in the most liquid dollar currency pairs are due to vehicle currency trading. The second paper studies the information content of trades in the FX market. Specifically, we analyse a novel, comprehensive order flow data set, distinguishing among different groups of market participants and covering a large cross-section of currency pairs. We find compelling evidence that global FX order flows convey superior information heterogeneously across agents, time, and currency pairs. These findings are consistent with theories of asymmetric information and over-the-counter market fragmentation. A trading strategy based on exposure to asymmetric information risk generates high returns even after accounting for risk, transaction cost, and other common risk factors shown in the FX literature. Finally, the third paper analyses the cross-sectional asset pricing implications of liquidity risk in the FX market. Precisely because of its sheer size and despite its decentralised nature, the FX market is commonly known as one of the most liquid and resilient trading venues. However, a clear understanding of whether FX liquidity matters for asset prices is still missing. This paper aims to fill this gap by providing the first systematic study of the pricing implications of FX liquidity risk. We show that, even in this market, exposure to liquidity risk commands a non-trivial risk premium of up to 4% percent per annum. In particular, systematic (marketwide) and idiosyncratic liquidity risk are not subsumed by existing FX risk factors and successfully price the cross-section of currency returns. However, we also find that liquidity and carry trade premia are significantly correlated. The carry trade is a simple trading strategy that aims to profit from the interest rate differential between high- and low-yielding currencies. The correlation between liquidity and carry trade premia lends support to a liquidity-based explanation of the infamous carry trade risk premium. To illustrate this point, we decompose carry trade returns and show that the commonality with liquidity risk stems from periods of high market stress and is confined to the static but not the dynamic carry trade.

La práctica empresarial realizada en Comerpol SAS pone a prueba los conocimientos adquiridos durante la carrera de Negocios Internacionales en la Universidad Santo Tomas, es realizada de manera presencial en el primer semestre del año 2022, en esta la estudiante se propone optimizar costos en los procesos, se abre campo en la industria láctea con una de los mayores distribuidores en el mercado, lo que le da la oportunidad de retarse constantemente negociando a diario tasas de divisas con bancos, llevando trazabilidad de buques y optimizando tiempos en Sociedad Portuaria Regional de Cartagena y Sociedad Portuaria Regional de Buenaventura S.A, gestionando inventarios en el territorio aduanero nacional y la mercancía en tránsito. The internship at Comerpol SAS tests the knowledge acquired during the International Business career at the Universidad Santo Tomas, is conducted in person in the first semester of the year 2022, in this the student aims to optimize costs in the processes, opens field in the dairy industry with one of the largest distributors in the market, which gives her the opportunity to constantly challenge herself by negotiating daily currency rates with banks, keeping traceability of ships and optimizing times in Sociedad Portuaria Regional de Cartagena and Sociedad Portuaria Regional de Buenaventura S. A, managing inventories in the national customs territory and merchandise in transit. Profesional en Negocios Internacionales http://www.ustabuca.edu.co/ustabmanga/presentacion Pregrado

Cataloged from PDF version of article. Thesis (Ph.D.): Bilkent University, Department of Management, İhsan Doğramacı Bilkent University, 2022. Includes bibliographical references (leaves 83-94). This thesis investigates the foreign exchange market dynamics by using high fre-quency data. There is a vast literature on currency markets. However, we aimed to bring a new light on the foreign exchange market dynamics by investigating high frequency data for a set of mostly traded currencies, that includes both developed and emerging market currencies. In the first chapter, we focus on the commonality in liquidity in the foreign exchange market where we are able to contribute to the literature by using a comprehensive data set (14 currencies) with high frequency analysis. Our findings indicate that commonality in liquidity exist for foreign ex-change markets even beyond crisis periods and also monetary policy meetings of Federal Reserve (FOMC) have significant effect on commonality in liquidity. In the second chapter, we study the foreign exchange market for a large data set (14 currencies) where we analyzed the predictability of jumps in the foreign exchange market. We showed that different machine learning methodologies can be used for jump prediction as well as prediction of the direction of jumps in foreign exchange market where Multi Layer Perceptron (MLP), Support Vector Machine (SVM) and Random Forest methodologies have the highest accuracy rates. In our analysis, we are able to predict the occurrence of jumps as well as the direction of jumps in the foreign exchange market using state of art machine learning methodologies for high frequency data even for the Covid Pandemic period where volatility in the foreign exchange market is very high. by Sevcan Uzun Ph.D.

Seaweed is a source of foreign exchange, namely as a main export product and a source of income for coastal communities. Previous research on species Eucheuma cottonii and Gracillaria sp contain bioactive compounds that can be used in medicine, for example as anti-cancer. The purpose of this study was to determine the LC50 value and safe concentration of Artemia salina larvae. The research was conducted at the Chemical Oceanography Laboratory of the Department of Marine Sciences, Faculty of Fisheries and Marine, Riau University in July 2020. The method used in this research is the experimental method. The results of the research on the toxicity of the n-hexane extract of seaweed E. cottonii and Gracillaria sp had bioactivity compounds against A. salina shrimp larvae, indicated by a small LC50 value (

This study aims to analyze the influence of internal factors such as financing and third-party funds, as well as external factors including inflation, BI, and exchange rate against Return On Asset (ROA) at Indonesian Foreign Exchange Sharia Bank. Furthermore, the library research was used and quantitatively described. Also, using the total sampling technique, the research team obtained six sample banks, namely Bank Mega Syariah, Muamalat Indonesia, Panin Dubai Syariah, BNI Syariah, BRI Syariah, and Bank Syariah Mandiri. The data include Balance Sheet and Profit, Loss Financial Statements, as well as the published reports on inflation, BI, or exchange rates obtained in a quarterly period from 2015 to 2019. According to the F-test, there was a significant influence between the independent variables (Financing, Third Party Funds, Inflation, BI, and Exchange Rates) on the dependent (ROA). Meanwhile, the t-test showed there was no significant effect of partial financing, Third Party Funds, BI rate (X ), and Kurs (X ) on the ROA. Therefore, this study showed there was an increase in ROA because the society involves in financing due to high inflation.

We study the effects of foreign exchange hedging on corporate innovation. According to the information asymmetry hypothesis, corporate hedging reduces firms' information asymmetry, alleviates managers' career concerns, and helps investors better monitor managers, which enhances innovation. According to the market pressure hypothesis, hedging imposes short‐term earnings pressure on managers as a result of mark‐to‐market hedge accounting, discouraging innovation. Using 32,194 observations of 5847 nonfinancial firms from 1998 to 2006, we document results that support the information asymmetry hypothesis. Hedged firms invest more heavily in innovative projects, generate more patents, and have more patent citations. To address endogeneity concerns, we employ both difference‐in‐differences and instrumental variable regressions and explicitly test for reverse causality.

Do presidential approval ratings affect exchange rates? The empirical purview of the vast literature on this topic has been confined to the run-up to elections. The importance of approval ratings in non-election periods has therefore been under-studied. Examining daily data on the exchange rate of the Korean won during the presidency of Park Geun Hye, we find that the won weakened (1) when Park’s ratings were low and (2) when they bounced back unexpectedly from a low level. This finding explains why Park’s impeachment did not lead to a serious panic in the won market. It seems that well before the impeachment, the exchange rate already reflected the market’s concerns about the uncertainty in the government.