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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 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

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.

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.

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.

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.

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.

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.

This article examines the structural responses of foreign exchange and equity markets to the COVID-19 pandemic in seven Asian countries over its first 4 months (31 December 2019 to 1 May 2020). Marginal effects derived from a structural vector autoregression (SVAR) model suggest that a 1% increase in incidence of COVID-19 cases significantly diminished Indonesia’s equity market returns by 4.7%, depreciated the Indian rupee against the US dollar by 4.8%, but improved equity prospects in South Korea by 4.1%. For the other financial markets, the effect of COVID-19 was found to be insignificant. Further, the impulse response analyses imply that the influence of COVID-19 on foreign exchange and equity markets is only transitory in nature. Additional SVAR analysis for India and Indonesia over recent months (2 May 2020 to 22 January 2021) showed that their financial markets remained (or became) resistant to the escalating incidence of COVID-19 inflections and deaths. JEL Code: G15

The city government of Padang Panjang has developed several tourism objects, one of which is the Lubuk Mata Kucing bath because there are still not many tourism who have not seen the object, due to the location which is on the outskirts of the city and road directions to tourism objects are still lacking, then indirectly affect the level of tourism visits. The Lubuk Mata Kucing bath is indeed very minimal promotion and exposes tourism objects to the crowd, so you do not see this beautiful tourism attraction, in addition to the lack of promotion in the facilities section. The Indonesian government has tried to make Indonesia one of the tourism destinations for tourism and make Indonesia the main destination for tourism, tourism who visit many tourism objects in Indonesia automatically improve the economy of local residents and foreign exchange, as is being done by the Padang government. Panjang In making improvements to one of the tourism objects, namely the Lubuk Mata Kucing bath, to be a better tourism attraction. The development of the world of tourism and increased competition in the Tourism Industry of the Padang Panjang City Government, especially the Tourism Office, should carry out various development strategies so that tourism in the City of Padang Panjang is not left behind as one of the Lubuk Mata Kucing bathing objects that can develop and attract tourism to visit. The Municipal Government of Padang Panjang cooperates with other parties that are expected to increase the level of tourist visits.

According to Modern Monetary Theory, a country that issues its own floating currency -and has no foreign exchange denominated debt- can simultaneously achieve both full employment and price stabili...

The total amount of digital travel sales worldwide increases significantly every year, yet previous studies on outbound tourism expenditures have scarcely discussed the role of foreign exchange control (Fxc) as a barrier to e-internationalization. In the era of e-commerce, residents of more than 40 economies are not allowed to buy or pay for foreign products by the Internet. This article, with data from 95 economies in the period 2012–2017, concludes that Internet penetration development increases international tourism expenditure. On the other hand, the control of foreign exchange decreases the relationship between internet penetration and tourism expenditure. Therefore, Fxc is clearly a barrier to electronic internationalization and tourism expenditure.

Even though remittances constitute the second-largest source of foreign exchange for Nigeria, with a $24 billion inflow in 2018, its impact on economic growth remains unclear. This study, therefore, examined the short-run and long-run impact of remittances on the economic growth of Nigeria using the vector error correction model. Utilizing World Bank data covering 1990–2018, the empirical analysis revealed that remittances hurt economic growth in the short run while having no impact on economic growth in the long run. Our parameter estimates indicate that a 1% increase in remittances would result in a 0.9% decrease in the gross domestic product growth rate in the short run. One policy implication of this study is that Nigeria needs to devise policies and interventions that minimize the emigration of skilled professionals rather than depending on remittances that do not offset the losses to the economy due to brain drain.

The study figured out dynamic interactions between forests and the Malays in Sumatera (i.e. Riau Province), Indonesia. The interactions observed in this study indicate that in many cases human activities resulted in a direct impact on forest degradation, but at the same time some people have fought to protect the forests. This study also revealed that the forest is undeniable natural resources. Even though the forest is susceptible to human activities because it can easily be explored. History had shown from colonial to independence that forest is an important resource to contribute to state foreign exchange, due to business permit issued by the government for companies to manage natural forests. Somehow, that policy impacted on forest degradation quickly. In every period, the pressure to protect forests is always accompanied by the state’s policy. The interactions between humans and forests are mostly affected by external factors, including trading natural resources for economic interest.

Foreign exchange risk is one of the most important components of the financial market. Like any other financial risk, it can be managed or avoided. Financial risk management requires the relevant knowledge and resources and only specialized financial institutions are engaged in doing so. Thee commercial banks do not accept foreign exchange risks, their assets and liabilities are denominated in the same currency. Therefore, it is recommended for households and businesses to avoid the currency risk. People's behavior is different during the sharp fluctuations of exchange rates. There is no ideal tactic for behavior. However, we would like to share some basic tips to help you reduce your expected financial risks; At the same time, the undesirable attitude characteristic of the period of strong fluctuations in the course will become clearer and more preventive. We hope that the information presented in such circumstances will help you to make the right decision. Keywords: Foreign exchange and insurance market efficiency; Exchange rate risk insurance; Involvement of financial instruments.

Batam City has a strategic location that makes tourists stop by either its business related or travelling. For that reason, Batam City built a lot of beautiful tourism places with affordable price. The tourism sector has an important role in improving the economy of Batam City. However, Covid-19 pandemic impacted negatively towards the sector for almost 2 years. The aim of this research is to see how different the tourism sector in Batam City is before and after the pandemic hits. And own known that research take a result the economic batam has been decrease during several year, and the problem has explain with many indicator hypotasis. This study uses qualitative analysis which will be explained descriptively, the things listed are local income, GRDP, data for foreign tourists in Batam, and graphs as an illustration in the study. From the results of the study, it can be concluded that the development and decline in the GRDP of Batam City through the tourism sector industry which is expected to continue to print foreign exchange for the country continues to experience ups and downs. Conditions can affect the level of income of a region. In terms of tourism in attracting foreign tourists into the country with an increasing number in the previous year, Batam City has a positive GRDP figure so that it continues to experience regional growth.

This study examines the relationship among the price variables in the Thailand stock market, the foreign exchange market, the international gold market, and the crude oil market. Specifically, the study investigates whether (1) there exists a long-run equilibrium among oil price, gold price, foreign exchange, and the stock market index in Thailand, and (2) there is any dynamic effect of each asset market on other asset markets. All asset price series have shown both upward and downward trends over the study period. All monthly series in four markets from January 2000 to December 2018 are nonstationary and are integrated of order one. Then, the Johansen cointegration test is employed. The normalized cointegrating coefficients are negative. Such empirical result reveals that a significant long-run relationship exists among price variables in all asset markets, so that each asset class acts as a hedge against each other. The Granger causality test shows that the causations run from the stock price to the foreign exchange rate and the international gold price to the foreign exchange rate. Other short-run relationships have no significant causal links.

Traditional sericulture represents rearing of silkworm for production of silk that provides livelihood opportunity to millions of people in the country besides earning foreign exchange. The time has come to diversify the whole sericulture process for meaningful realization of its output under the present day scenario. The advent of modern biotechnology and its application have opened a new arena of the synthesized science for silk production. The vast potential of silk industry can effectively be exploited by the application of modern day biotechnological approaches like, marker assisted selection and expression of foreign protein through transgenic approaches. On the other hand, the silk quality has been enhanced using probiotics and providing artificial feed to the silkworm. The potential of silk has been further exploited for biomedical applications. In this communication the comprehensive account of biotechnological applications in sericulture and its byproducts for the development of sericulture industry are compiled while emphasizing the need of applying modern biotechnology for meaningful growth and development of sericulture and silk industry.

This work discusses the main economic indicators of state budget revenues, which are necessary for a modern economist for analyzing mass data in the field of the state budget.

One of the most crucial variables in investment selections is volatility. Unexpected information causes an investor to trade unusually in the market, which influences market volatility. Furthermore, various market sectors are affected differently by this type of trading behaviour. This research investigates the impact of COVID-19 on stock market volatility in India using a generalised autoregressive conditional model. The research was conducted using daily closing prices of stock indices include Nifty 50 and Nifty 500, from September 8, 2019, to July 9, 2021. In this article, the TGARCH model (1,1) was utilized to evaluate the volatility of NSE listed shares. The stock market's volatility has been calculated using the NSE's closing price. To reduce the skewness in the stock price data distribution, the natural logarithm of each price data is employed in the estimations. During the pre-COVID and COVID periods, the conditional volatility of the daily return series showed signs of volatility variations. Furthermore, the study aimed to compare stock price returns in pre-COVID19 and post-COVID19 scenarios to global indexes such as the NASDAQ, Nikkei 225, and FTSE. The stock market in India suffered volatility throughout the epidemic, according to the findings. Consequently, the study recommends NSE stock exchange bond indices to explore the volatility spillover influence between foreign exchange and the stock market in India. In this work, the positive definite covariance matrix is given, therefore a multivariate GARCH with BEKK model is used to estimate the covariance correlation and identify the consequences that stock market downturns can create. SPSS and Eviews software are used to analyze the data. The Augmented Dickey-Fuller (ADF) and KPSS unit root tests have been used to determine whether a time series is stationary or nonstationary. Whereas it corrects for heteroscedasticity and autocorrelation consistency in ADF test statistics, the study employed the KPSS unit root test to estimate the right result. In addition, to investigate the impact of COVID19 on stock market volatility in terms of negative and positive shocks in financial decisions, the TGARCH model captures asymmetry. The finding that the variable has a negative and statistically significant coefficient 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 to external shocks.

In order to analyze the volatility spillover effect between foreign exchange and stock market, this paper adopts the wavelet multi-resolution analysis method of computer simulation. Firstly, aiming at the problem of high and low frequency oscillation and exchange rate de-noising, we adopts the generalized autoregressive conditional heteroskedasticity (GARCH) model to carry out the oscillation correction and exponential modification of the exchange rate denoising signal based on wavelet multi-resolution, and carries out the corresponding decomposition and fitting combined with the wavelet multi-resolution of the state transition GARCH. Then, through the computer simulation of the modified wavelet multi-resolution analysis, this paper studies the volatility spillover effect between the foreign exchange market and the stock market from different scales, so as to explore the simultaneous research from the time domain and frequency domain. The empirical results show that the low-frequency signals of RMB exchange rate volatility (RMB-ERV) and stock price volatility (SPV) have co-integration relationship. It is unique in that the volatility spillover effect in different trading cycles is inconsistent: in the short term, it is mainly manifested in the volatility spillover from the stock market (VS-SM) to the foreign exchange market (VS-FEM); and with the extension of the trading cycle, it shows both sides of effects on the VS.

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...

In this paper, the pricing of foreign exchange options is considered under a modified Heston–Cox–Ingersoll–Ross hybrid model. This modified model reserves all the characteristics of the Heston–Cox–Ingersoll–Ross model and also additionally assumes regime switching in the key parameters of the volatility as well as the domestic and foreign interest rates. Even though complicated, we have derived a closed-form pricing formula for foreign exchange options after the affinity of this new model is verified. Various properties of the newly derived formula are also shown through numerical experiments. To show the performance of this newly proposed model, an empirical study is also conducted, the result of which suggests that our model is a good alternative to the Heston–Cox–Ingersoll–Ross model for practical purpose.

Today, the services sector has become one of the three important sectors of the world. Tourism, which is within the services sector, is now preferred both for employment and foreign exchange inflows, especially for emerging economies. Turkey fully discovered tourism in the 1980s and has achieved significant gains since then. Tourism today has become a strategic sector in the country. Having been squeezed within mass tourism, Turkey has emphasized different product groups since the 2000s and started to implement a tourist product diversification strategy. One of these product groups is underwater archeology and underwater diving tourism. Surrounded by seas on three sides, Turkey is located on the sea trade routes since ancient times. The geographical position of Anatolia and the straits it has have attracted the trade vessels in the Mediterranean to the ports on the Anatolian coast. Throughout history, some of the vessels that sailed in the seas surrounding Anatolia have sunk close to the shores, due to the absence of navigational devices, fogs, unknown rocks or suddenly rising storms. Today, there are remnants of many shipwrecks, submerged aircraft, etc. that are still waiting to be discovered off the coasts of Turkey. Thesewrecks make Turkey very attractive in terms of underwater diving tourism. In light of these data, some of the rarest diving sites are located in Turkey for those who are interested in underwater sports. In addition, this sport is now becoming an important area of activity for tourists as well. In this study, underwater tourism has been studied at a conceptual level and information has been given about important diving points in the world. Also, important diving points of Turkey and marine fauna-flora were examined at a conceptual level. In the last part of the study, problems and solutions regarding underwater diving in the Ayvalik Region, which is an important tourism and diving destination of Turkey, have been proposed.

This work studies the information content of trades in the world’s largest over-the-counter (OTC) market, the foreign exchange (FX) market. It analyzes 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 of heterogeneous superior information across agents, time, and currency pairs, consistent with the asymmetric information theory and OTC market fragmentation. A trading strategy based on the permanent price impact, capturing asymmetric information risk, generates high returns even after accounting for risk, transaction cost, and other common risk factors shown in the FX literature.