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The aim of this study was to reveal the effects of exchange rate ($) and energy (oil) prices on livestock product (red meat, milk, eggs) and input (feed) prices in Türkiye through Path Analysis. The material of this study consisted of monthly average exchange rate and energy prices vs. fattening feed, milk feed, and egg feed prices, and producer prices of red meat, milk, and eggs for the years 2010-2023. According to the findings of this study, one unit increase in the exchange rate resulted in a total increase of 0.98, 0.99 and 0.98 units in the prices of fattening, milk and egg feed, respectively; a total increase of 0.93, 0.98 and 0.97 units in red meat, milk and egg prices, respectively (P<0.05). It was determined that a one unit increase in energy prices caused a total increase of 0.09, 0.09 and 0.11 units in fattening, milk and egg feed prices, respectively (P<0.05). However, energy prices did not affect livestock product prices (P>0.05). As a result, it has been observed that the exchange rate affects, particularly, input and livestock product prices, whereas energy prices affect only input costs in Türkiye. Therefore, it is thought that reducing external dependence on energy and upward fluctuations in exchange rates will make significant contributions to the reduction of input costs and product prices in animal husbandry, increase consumption rates and profitability of producers. [ABSTRACT FROM AUTHOR]

The study of the dynamics of foreign exchange rates is of paramount importance to economic policy makers for developing countries like India that depend on foreign exchange to meet a large part of their import obligations. This paper uses the concepts of entropy to study the regularity/irregularity of the returns from the Indian Foreign exchange (forex) markets particularly during periods of economic instability. We use the Approximate Entropy and Sample Entropy statistics which measure the level of repeatability in the data are used to quantify the randomness in the forex returns for four major currencies namely the US Dollar, the British pound, the EURO and the Japanese Yen with respect to the Indian Rupee from the time period 2006 to 2021. These statistics are chosen as they are both statistical measures for assessing the randomness or regularity of time series data and enable researchers to objectively evaluate the degree of randomness present in the returns series and understand the crucial underlying patters or behaviors. In this research we look at two periods of major financial upheavals, the subprime crisis also known as the Global Financial Crisis (GFC) during 2006-2007 and the recent Covid-19 pandemic during 2020-2021. Our empirical results overwhelmingly confirm our working hypothesis that regularity in the returns of the major Indian foreign exchange rates increases during times of financial crisis. This is evidenced by a decrease in the values of the sample entropy and approximate entropy before and after/during the financial crisis period for the majority of the exchange rates. Our empirical results also show that Sample Entropy is a better measure of regularity than Approximate Entropy for the Indian forex rates which is in agreement with the theoretical predictions. Understanding the returns from foreign exchange rates during financial crises has important policy implications for various stakeholders, including market participants, policymakers, and regulators. It enables them to formulate better risk management and hedging strategies. It also helps policy makers in crisis management and contingency planning and safeguard the stability of the financial system. Exchange rate movements are interconnected across global markets, and crises often have cross-border implications. Collaborating on crisis management strategies across countries can help foster stability in international markets. [ABSTRACT FROM AUTHOR]

Summary: Woody plants display some photosynthetic activity in stems, but the biological role of stem photosynthesis and the specific contributions of bark and wood to carbon uptake and oxygen evolution remain poorly understood.We aimed to elucidate the functional characteristics of chloroplasts in stems of different ages in Fraxinus ornus. Our investigation employed diverse experimental approaches, including microsensor technology to assess oxygen production rates in whole stem, bark, and wood separately. Additionally, we utilized fluorescence lifetime imaging microscopy (FLIM) to characterize the relative abundance of photosystems I and II (PSI : PSII chlorophyll ratio) in bark and wood.Our findings revealed light‐induced increases in O2 production in whole stem, bark, and wood. We present the radial profile of O2 production in F. ornus stems, demonstrating the capability of stem chloroplasts to perform light‐dependent electron transport. Younger stems exhibited higher light‐induced O2 production and dark respiration rates than older ones.While bark emerged as the primary contributor to net O2 production under light conditions, our data underscored that wood chloroplasts are also photosynthetically active. The FLIM analysis unveiled a lower PSI abundance in wood than in bark, suggesting stem chloroplasts are not only active but also acclimate to the spectral composition of light reaching inner compartments. [ABSTRACT FROM AUTHOR]

In the present paper, we investigate the complex dynamics arising from a behavioral exchange rate discontinuous model with heterogeneous agents. Unlike previous works explaining the emergence of chaos in the exchange rate models as the resulting of nonlinearity, our model is able to produce endogenous exchange rate dynamics due to the presence of discontinuity induced by a sentiment index, which affects the way investors take their trading decisions. In particular, it affects the level of optimism/pessimism of fundamentalists regarding their perception on the value of fundamental. Moreover, it also affects the strength to which one kind of chartists places her buying/selling orders. We show that our model, represented by a two-dimensional discontinuous map, has the ability to produce interesting endogenous exchange rate dynamics. In addition, when each component of the map is buffeted by a stochastic component, the model closely replicates the stylized facts of the EUR/USD and EUR/JPY exchange rate markets. [ABSTRACT FROM AUTHOR]

ASCT2 (alanine serine cysteine transporter 2), a member of the solute carrier 1 family, mediates Na+-dependent exchange of small neutral amino acids across cell membranes. ASCT2 was shown to be highly expressed in tumor cells, making it a promising target for anticancer therapies. In this study, we explored the binding mechanism of the high-affinity competitive inhibitor L-cis hydroxyproline biphenyl ester (Lc-BPE) with ASCT2, using electrophysiological and rapid kinetic methods. Our investigations reveal that Lc-BPE binding requires one or two Na+ ions initially bound to the apo-transporter with high affinity, with Na1 site occupancy being more critical for inhibitor binding. In contrast to the amino acid substrate bound form, the final, third Na+ ion cannot bind, due to distortion of its binding site (Na2), thus preventing the formation of a translocation-competent complex. Based on the rapid kinetic analysis, the application of Lc-BPE generated outward transient currents, indicating that despite its net neutral nature, the binding of Lc-BPE in ASCT2 is weakly electrogenic, most likely because of asymmetric charge distribution within the amino acid moiety of the inhibitor. The preincubation with Lc-BPE also led to a decrease of the turnover rate of substrate exchange and a delay in the activation of substrate-induced anion current, indicating relatively slow Lc-BPE dissociation kinetics. Overall, our results provide new insight into the mechanism of binding of a prototypical competitive inhibitor to the ASCT transporters. [ABSTRACT FROM AUTHOR]

This study examines how the independence of monetary policy changes in situations where the interest rate differential between domestic and foreign rates inverts, utilizing the trilemma indices. For analysis, this paper uses the trilemma indices developed by Kim et al. (2017) to analyze the relationship between the monetary policy independence index and the other two trilemma indices, namely the capital account openness index and the exchange rate stability index, across 45 countries from 2002 to 2018. The analysis reveals that the trilemma's validity is contingent. In particular, no statistically significant negative correlation was found between the monetary policy independence index and exchange rate stability index during periods of interest rate differential inversion. A positive correlation emerges between exchange rate stability and the independence of monetary policy, particularly when the inverted interest rate differential exceeds a certain threshold. This situation, where the exchange rate remains stable despite low domestic interest rates, implies that the central bank is effectively managing monetary policy to appropriately respond to economic conditions, which is reflected in the monetary policy independence index. [ABSTRACT FROM AUTHOR]

Summary: Phosphorus (P) for carbon (C) exchange is the pivotal function of arbuscular mycorrhiza (AM), but how this exchange varies with soil P availability and among co‐occurring plants in complex communities is still largely unknown.We collected intact plant communities in two regions differing c. 10‐fold in labile inorganic P. After a 2‐month glasshouse incubation, we measured 32P transfer from AM fungi (AMF) to shoots and 13C transfer from shoots to AMF using an AMF‐specific fatty acid. AMF communities were assessed using molecular methods.AMF delivered a larger proportion of total shoot P in communities from high‐P soils despite similar 13C allocation to AMF in roots and soil. Within communities, 13C concentration in AMF was consistently higher in grass than in blanketflower (Gaillardia aristata Pursh) roots, that is P appeared more costly for grasses. This coincided with differences in AMF taxa composition and a trend of more vesicles (storage structures) but fewer arbuscules (exchange structures) in grass roots. Additionally, 32P‐for‐13C exchange ratios increased with soil P for blanketflower but not grasses.Contrary to predictions, AMF transferred proportionally more P to plants in communities from high‐P soils. However, the 32P‐for‐13C exchange differed among co‐occurring plants, suggesting differential regulation of the AM symbiosis. [ABSTRACT FROM AUTHOR]

Summary: Variations in arbuscular mycorrhizae (AM) effects on plant growth (MGR) are commonly assumed to result from cost : benefit balances, with C as the cost and, most frequently, P as the benefit. The trade‐balance model (TBM) adopts these assumptions and hypothesizes that mycorrhizal benefit depends on C : N : P stoichiometry. Although widely accepted, the TBM has not been experimentally tested.We isolated the parameters included in the TBM and tested these assumptions using it as framework. Oryza sativa plants were supplied with different N : P ratios at low light level, establishing different C : P and C : N exchange rates, and C, N or P limitation. MGR and effects on nutrient uptake, %M, ERM, photosynthesis and shoot starch were measured.C distribution to AM fungi played no role in MGR, and N was essential for all AM effects, including on P nutrition. C distribution to AM and MGR varied with the limiting nutrient (N or P), and evidence of extensive interplay between N and P was observed.The TBM was not confirmed. The results agreed with the exchange of surplus resources and source–sink regulation of resource distribution among plants and AMF. Rather than depending on exchange rates, resource exchange may simply obey both symbiont needs, not requiring further regulation. [ABSTRACT FROM AUTHOR]

Structural properties of the currency market were examined with the use of topological networks. Relationships between currencies were analyzed by constructing minimal spanning trees (MSTs). The dissimilarities between time series of currency returns were measured in various ways: by applying Euclidean distance, Pearson's linear correlation coefficient, Spearman's rank correlation coefficient, Kendall's coefficient, partial correlation, dynamic time warping measure, and Kullback–Leibler relative entropy. For the constructed MSTs, their topological characteristics were analyzed and conclusions were drawn regarding the influence of the dissimilarity measure used. It turned out that the strength of most types of correlations was highly dependent on the choice of the numeraire currency, while partial correlations were invariant in this respect. It can be stated that a network built on the basis of partial correlations provides a more adequate illustration of pairwise relationships in the foreign exchange market. The data for quotations of 37 of the most important world currencies and four precious metals in the period from 1 January 2019 to 31 December 2022 were used. The outbreak of the COVID-19 pandemic in 2020 and Russia's invasion of Ukraine in 2022 triggered changes in the topology of the currency network. As a result of these crises, the average distances between tree nodes decreased and the centralization of graphs increased. Our results confirm that currencies are often pegged to other currencies due to countries' geographic locations and economic ties. The detected structures can be useful in descriptions of the currency market, can help in constructing a stable portfolio of the foreign exchange rates, and can be a valuable tool in searching for economic factors influencing specific groups of countries. [ABSTRACT FROM AUTHOR]

This study investigates how fiscal policy shocks affect the external sector through markup dynamics in advanced and developing economies. We focus on the role of markup dynamics as a channel through which fiscal policy has a distinct effect on real exchange rates. Using panel data from 32 countries, we employ a local projection to evaluate the impact of expansionary fiscal policy shocks on real exchange rates, markups, and current a ccounts. Our empirical findings show distinct responses to the shocks among advanced and developing countries regarding the real exchange rate, due to different markup d ynamics. Expansionary fiscal measures result in an appreciation of the real exchange rate and an increase in markup for developing countries, whereas advanced economies experience a decrease in markup and a depreciation of the real exchange rate. Markup dynamics vary between advanced and developing economies due to differences in firms' entry and exit conditions in their institutions. In advanced economies, expansionary fiscal policy shocks promote competition and new firm e ntry, r esulting in a reduced m arkup. On the other hand, unfavorable conditions in developing countries maintain or increase existing firms' market p ower. Our research highlights the heterogeneous effects of fiscal policy shocks on the external sector, emphasizing the need for policymakers to consider institutional and entry conditions while designing and implementing fiscal policies. [ABSTRACT FROM AUTHOR]

This article examines the relationship between inflation and Iraq's currency supply. In order to better inform monetary policy, this research investigates the connection between money supply and inflation. The article aims to provide policymakers with a better understanding of the factors contributing to inflation in Iraq. This research incorporates an econometric analysis of data acquired from the Central Bank of Iraq and other sources. The data covers a period from 2011 to 2022. Inflation and money supply are the focus of the time series regression model shown here. Inflation in Iraq may be linked to the country's money supply, the results suggest. Rapid and immediate responses to changes in the money supply are characteristic of inflation. The research shows additional factors in Iraq's inflation besides government policies and currency rates. The results of this study provide substantial knowledge of the origins of Iraq's inflation. According to the results, regulating the money supply is essential for controlling inflation. The analysis also shows how important it is to have a broader view of inflation and its causes. This information helps build effective methods to stabilise the economy and sustain price stability in Iraq. [ABSTRACT FROM AUTHOR]

Existing research of non-unidirectional cleanrooms generally suggests that lower-side return air outlets provide better control effect on indoor particle concentration. As a result, there has been relatively less focus on return air outlets. However, installing return air outlets oriented towards operators as particle emission sources can reduce the impact on process layout and improve space utilization, while also provide less impact from upper particle emission sources on the workbench area. To investigate the characteristics of return air outlet for operators (abbreviated as H), this study compared the particle concentration distribution, non—uniformity, and purification efficiency of return air oultet H and the traditional lower-side (abbreviated as L) return air outlets by experiments and CFD simulations. Based on the theory of mass conservation, the expression of required air supply volume under equivalent cleanroom conditions was derived. Under corresponding experimental and simulation conditions, the particle concentration differences range from 2.0% to 12.7% for return air outlet H and from 12.4% to 33.2% for return air outlet L, and these differences gradually decrease with the air exchange rate (ACH) increases. The results show that ACH = 20 is sufficient for cleanliness requirements with return air outlet H when there is one person in the cleanroom, while a higher rate of ACH = 35 is needed when there are two persons. Although lower-side return air outlets have certain potential for reducing particle concentration in the cleanroom, increasing the air exchange rate remains the most effective method to control indoor particle concentration. Compared to the traditional lower-side return air outlet L, the ranges of the non-uniformity coefficients for return air outlet H and L are 0.50 to 0.67 and 0.45 to 0.53, respectively. The average non-uniformity coefficient differs by 11.9%, and there is not a significant difference in uniformity with more than 20 air changes per hour. The use of return air outlets H only requires an additional 11% of air supply volume to achieve the same cleanliness, demonstrating its effectiveness in controlling particle concentration. It is suitable for cleanrooms with higher requirements for workbenches and for cleanrooms with restricted floor usage or requiring flexible layouts. The study also explores the impact of width of return air outlet oriented towards operators as particle emission sources, the results show that the larger-sized outlets facilitate the particle discharge and control the particle distribution inside the room. [ABSTRACT FROM AUTHOR]

This study investigates the factors influencing food inflation in Turkey, employing both endogenous and exogenous models and integrating major literature findings. Utilizing monthly data from February 2007 to November 2023, standardized for analysis, it explores the relationship between food inflation and various determinants through classical and Bayesian methods. The analysis reveals that increases in the real effective exchange rate, money supply (M1), Turkish and Federal Reserve interest rates, and the food and beverage price index contribute to rising food inflation. Conversely, higher oil prices have a statistically significant negative effect on food inflation. The most influential variables, determined by their inclusion probabilities in the model, are the money supply, Federal Reserve interest rate, real effective exchange rate, and Turkish interest rate. These findings underscore their importance in understanding and analyzing changes in Turkey's food inflation. [ABSTRACT FROM AUTHOR]

The offshore RMB exchange rate is affected by the supply and demand relationship in the international market, investor sentiment, market liquidity, and other factors, while the onshore RMB exchange rate is mainly affected by government regulation and intervention. Therefore, the offshore RMB exchange rate may be a better reflection of the market's macroeconomic expectations and risk appetite for China. Stock index futures are mainly affected by macroeconomic factors, so studying the correlation between the offshore RMB exchange rate and stock index futures is helpful for risk management, hedging, and price discovery. In this study, we selected the offshore RMB exchange rate, the volume of stock index futures, and the absolute rate of return as variables of investor sentiment. Through the Granger causality test, impulse response function, and variance decomposition, we studied the correlation between the rate of return of stock index futures and the rate of return of the offshore RMB exchange rate. Furthermore, we constructed a GARCH conditional volatility model. It was concluded that the trading volume and the absolute rate of return of stock index futures could explain the price fluctuations of stock index futures very well. A change in the offshore RMB exchange rate yield causes a change in the yield of stock index futures. Policymakers need to pay close attention to changes in the offshore RMB exchange rate in order to better grasp market trends and manage risks accordingly. [ABSTRACT FROM AUTHOR]

This study delves into the intricate relationship between fluctuations in the real exchange rate and the trade balance, situated within the framework of a 'two-country' trade theory model. Despite a wealth of prior research on the impact of exchange rates on international trade, the precise extent of this influence remains a contentious issue. To bridge this gap, our research adopts a pioneering approach, employing three distinct artificial intelligence-based influence measurement methods: Mean Decrease Impurity (MDI), Permutation Importance Measurement (PIM), and Shapley Additive Explanation (SHAP). These sophisticated techniques provide a nuanced and differentiated perspective, enabling specific and quantitative measurements of the real exchange rate's impact on the trade balance. The outcomes derived from the application of these innovative methods shed light on the substantial contribution of the real exchange rate to the trade balance. Notably, the real exchange rate (RER) emerges as the second most influential factor within the 'two-country' trade model. This empirical evidence, drawn from a panel dataset of 78 nations over the period 1992–2021, addresses crucial gaps in the existing literature, offering a finer-grained understanding of how real exchange rates shape international trade dynamics. Importantly, our study implies that policymakers should recognize the pivotal role of the real exchange rate as a key determinant of trade flow. [ABSTRACT FROM AUTHOR]

The time series of exchange rate fluctuations are characterized by non-stationary and nonlinear features, and forecasting using traditional linear or single-machine models can cause significant bias. Based on this, the authors propose the combination of the advantages of the EMD and LSTM models to reduce the complexity by analyzing and decomposing the time series and forming a new model, EMD-LSTM-SVR, with a stronger generalization ability. More than 30,000 units of data on the USD/CNY exchange rate opening price from 2 January 2015 to 30 April 2022 were selected for an empirical demonstration of the model's accuracy. The empirical results showed that the prediction of the exchange rate fluctuation with the EMD-LSTM-SVR model not only had higher accuracy, but also ensured that most of the predicted positions deviated less from the actual positions. The new model had a stronger generalization ability, a concise structure, and a high degree of ability to fit nonlinear features, and it prevented gradient vanishing and overfitting to achieve a higher degree of prediction accuracy. [ABSTRACT FROM AUTHOR]

Correlations between exchange rates are valuable for illuminating the dynamics of international trade and the financial dynamics of countries. This paper explores the changing interactions of the US foreign exchange market based on detrended cross-correlation analysis. First, we propose an objective way to choose a time scale parameter appropriate for comparing different samples by maximizing the summed magnitude of all DCCA coefficients. We then build weighted signed networks under this optimized time scale, which can clearly display the complex relationships between different exchange rates. Our study shows negative cross-correlations have become pyramidally rare in the past three decades. Both the number and strength of positive cross-correlations have grown, paralleling the increase in global interconnectivity. The balanced strong triads are identified subsequently after the network centrality analysis. Generally, while the strong development links revealed by foreign exchange have begun to spread to Asia since 2010, Europe is still the center of world finance, with the euro and Danish krone consistently maintaining the closest balanced development relationship. Finally, we propose a fluctuation propagation algorithm to investigate the propagation pattern of fluctuations in the inferred exchange rate networks. The results show that, over time, fluctuation propagation patterns have become simpler and more predictable. [ABSTRACT FROM AUTHOR]

Archival boxes are used as a preventive measure to control the microenvironment in museums and archives storages. However, their efficiency in protecting valuable artefacts from fluctuations in relative humidity (RH) is not yet fully understood. In this study, the environmental performance of different archival boxes with different configurations (size, design, presence of holes/paper material, cardboard types, surface modification) was included in the evaluation of internal environment (RH). The effectiveness of archival boxes on reducing relative humidity fluctuations was investigated by testing various properties of boxes and boards, such as air exchange rates (AER), moisture sorption and water vapour transmission rates (WVTR). While most cardboard boxes showed only a limited buffering against the humidity ingress, strategies such as surface modification limited the interaction of a box with the external environment, resulting in a more stable internal environment. Material and box properties, such as moisture sorption, AER and WVTR proved to be useful quantitative tools for assessing the environmental performance of the selected archival boxes. [ABSTRACT FROM AUTHOR]

This paper investigates the properties of the change in persistence detection for observations with infinite variance. The innovations are assumed to be in the domain of attraction of a stable law with index κ ∈ (0 , 2 ] . We provide a new test statistic and show that its asymptotic distribution under the null hypothesis of non-stationary I (1) series is a functional of a stable process. When the change point in persistence is not known, the consistency is always given under the alternative, either from stationary I (0) to non-stationary I (1) or vice versa. The proposed tests can be used to identify the direction of change and do not over-reject against constant I (0) series, even in relatively small samples. Furthermore, we also consider the change point estimator which is consistent and the asymptotic behavior of the test statistic in the case of near-integrated time series. A block bootstrap method is suggested to determine critical values because the null asymptotic distribution contains the unknown tail index, which results in critical values depending on it. The simulation study demonstrates that the block bootstrap-based test is robust against change in persistence for heavy-tailed series with infinite variance. Finally, we apply our methods to the two series of the US inflation rate and USD/CNY exchange rate, and find significant evidence for persistence changes, respectively, from I (0) to I (1) and from I (1) to I (0) . [ABSTRACT FROM AUTHOR]

Change in stock prices and development of the market vary depending on decisions made by investors. Decisions made by investors are determined by corporate performance, the country's economic situation, political developments and changes in macroeconomic factors. In this study, the relationship between stock prices of airlines and macroeconomic variables was analyzed. To accomplish this, daily macroeconomic data of 14 airlines covering the years 2009-2018 were analyzed by Toda Yomamato and Hatemi-J asymmetric causality tests, and macroeconomic factors (Brent oil price, dollar exchange rate and interest rate) determining stock prices were identified. According to the results of the Toda and Yomamato causality test, it was found that there was a significant relationship among variables of the dollar exchange rate, the price of oil and stock prices of airlines. Except for one airline, there was no significant relationship between interest rate and stock price. According to the results of the Hatemi-J asymmetric causality test, it was found that there were significant relationships among variables of the dollar exchange rate, oil price, interest rate, and airline stock prices. In light of these findings, innovation and adoption of alternative fuel technology by the aviation industry and airlines can be a successful alternative to oil price risk. Results on exchange rate and interest rate changes indicate that airlines and related governments should focus on policies that increase growth of the aviation industry. [ABSTRACT FROM AUTHOR]

This study estimates the long-term impact of Chinese RMB exchange rate movements on the trade balance between China and the Eastern African Belt and Road Initiative countries. The Pedroni cointegration analysis and the fully modified and dynamic OLS techniques are applied to the dataset from UNComtrade and China Statistical Yearbook 2019. Some specification novelties are the use of imports and exports as independent variables. By so doing, the paper proposes an alternative measure of the trade balance. We find that the RMB exchange rate movements are stable during the sample period and slightly affect the trade balance between China and the Eastern African BRI countries. Additionally, the study does not find evidence supporting the J-curve effect in China-East Africa trade balance. The empirical results suggest that the Eastern African BRI countries would gain much more trading collectively with China than individually. Therefore, the study strongly recommends that the East African Community accelerate its integration process and establish Export Quotas for trade outside the bloc. [ABSTRACT FROM AUTHOR]

This study aims to examine the relationship between domestic and international prices of di-ammonium phosphate (DAP) and urea fertilisers together with exchange rates in Türkiye using the non-linear autoregressive distributed lag (NARDL) model on monthly data for the period of January 2011 to September 2022. The result of the study provides empirical evidence about the presence of asymmetries in the short and long-run among these fertilisers. The findings of the study confirm that international prices of di-ammonium phosphate and urea fertilisers have a symmetric effect in the long-run and exchange rate of the Turkish lira to US dollars has an asymmetric effect on the domestic prices of fertilisers in the short run. This is the first study in Türkiye to delineate the dynamic simultaneous interaction among these markets and its findings can be extremely useful for academicians, and policymakers to make decisions regarding the market structure of countries that do not have sufficient domestic resources for fertiliser supply and are dependent on imports. [ABSTRACT FROM AUTHOR]

This article aims to investigate the behavior of exchange rate in the BRICS countries, with an emphasis on exchange rate passthrough and exchange rate determination empirical models. By applying the ARDL Bounds Testing Approach Methodology, from January 2005 to December 2019. Our main results show that: i) there is a long run cointegration among the variables analyzed for all estimated models; ii) there is a very slow speed of adjustment towards the long run equilibrium; iii) there is evidence of exchange rate passthrough to inflation mainly in the long run, but not as strong as before; iv) there is no evidence of exchange rate overshooting; v) international reserve accumulation can be considered a partial explanation for the evidence of no exchange rate overshooting. [ABSTRACT FROM AUTHOR]

In this research, the relationship between currency exchange rates and inflation in the context of Türkiye is investigated, covering the period 2006:Q1-2023:Q1. To achieve this objective, unit root tests on the variables are conducted using both Fourier KPSS and Standard KPSS methods. Additionally, Fourier SHIN and Standard SHIN cointegration tests are employed to determine the presence of a long-term connection between these variables. Furthermore, DOLS, FMOLS, and CCR estimators are utilized to estimate both long-term and short-term coefficients. The findings, which are obtained through all three estimation techniques, consistently indicate that increases in the exchange rate lead to higher inflation levels, whether in the long-term or the short-term. This result underscores the significant impact of exchange rates on inflation rates within the Türkiye economy. When Türkiye's economic structure is examined, it becomes evident that there is a substantial reliance on foreign exchange. This underscores the critical importance of maintaining exchange rate stability. Ultimately, the results emphasize the necessity of not only preserving exchange rate stability but also strengthening efforts to generate foreign exchange. [ABSTRACT FROM AUTHOR]

We analize the Mexican peso-US dollar exchange parity the volatility using three models in order to evaluate the exchange rate risk performance and the these models capability of modeling such risk. The period June 21st, 2017 to June 21st, 2022 is marked by singular events that pressed this exchange rate parity, making it of great interest to study the tools that can be used to measure this uncertainty besides the study of the exchange rate uncertainty itself. The arrival of a leftwing politician to the presidency was an unprecedented event. At the beginning of 2020 the price war in the oil market and the emergence of the COVID-19 pandemic had important effects in the world economy. Finally, the war in Ukraine added pressures to the international trade of raw materials, inducing an inflationary episode with bad expectations about the economic performance around the world. The exchange rate scenarios posed by the aforesaid events provide us with a natural context to test which of the posited volatility models offers a better fit. Unanimously, the results under the three models suggest that during the first year of the President López Obrador period the exchange rate uncertainty was reduced compared to previous levels, returning again to those minor levels after the forced closure of economic activities due to the emergence of COVID-19, even though the exchange fluctuation band has been slightly higher than before the pandemic and the war on East Europe. [ABSTRACT FROM AUTHOR]

This research aims to determine the effect of the global COVID-19 pandemic on the exchange rate, where the microstructure approach will be used, which uses long and short positions in the futures market. Weekly data will be available during the period 2010-2023. A negative relationship has been found between the exchange rate and the net positions, as well as a positive relationship between the exchange rate and the interest rate differential between Mexico and the United States, as indicates the existing literature. The main finding has been the presence of structural change in the relationship due to the COVID-19 pandemic. Therefore, it is concluded that the microstructure approach is an adequate model to explain exchange rate fluctuations in the short-term, where the relationship has suffered a structural change due to the pandemic. [ABSTRACT FROM AUTHOR]

Every year, West Java Province becomes the third largest rice-producing province in Indonesia, with a production of 9.43 million tons in 2022. However, this condition is inversely proportional to the welfare of food crop farmers when viewed from the exchange rate of food crop farmers (NTPTP), which in the last two years has been below 100%. The purpose of this study is to evaluate the effect of rice crop production, rice crop productivity, the selling price of dry milled grain, production costs, and additional capital on NTPTP in West Java. Secondary data were obtained from the Central Bureau of Statistics and the Directorate General of Food Crops, Ministry of Agriculture, from 2010–2022. Multiple linear regression analysis is used to examine the determinants of the welfare of food crop farmers. The findings of this study show that the selling price of dry-milled grain has a significant effect on increasing NTPTP. In contrast, rice crop production, productivity, production costs, and capital increases are not. The selling price of dry-milled grain influences the welfare of food crop farmers in West Java. Government policymakers can use this study in the agricultural sector to overcome the high expenditure of farmers' production costs by providing subsidies on target and maintaining the cost of goods sold for rice for the welfare of farmers in West Java. [ABSTRACT FROM AUTHOR]

We estimate the determinants (terms of trade, tradable to non-tradable price differentials, interest rate differentials, forward exchange rate and risk premium) of the Mexican bilateral real exchange rate (q) for the short and long run by using an Autoregressive Distributed Lag model (ARDL, Pesaran and Shin et al. (2001)) for Mexico (2001.01–2022.12). The inclusion of commercial and financial variables and finding empirical evidence of cointegration only for 2009.01–2022.12 are the main contributions. Our results indicate no cointegrating relationship either for the entire sample, or for 2001.01–2008.12. This finding has to do with the increasing international financialization process, after the 2008–2009 Great Financial Crisis. Using a double log model we find that: a) there is a strong short-run autoregressive effect of q of up to 4 lags (0.75), b) that the Balassa-Samuelson Effect is the largest in the model (-0.27 and -1.11 for short and long terms), c) the next most important factor is the terms of trade (-0.126 and -0.51, respectively), d) there are considerable, although lesser, effects of financial variables: forward exchange rate (0.0155 and 0.063, respectively) and risk-premium (0.009 and 0.036, respectively), e) there is a clear long-term trend of real depreciation expressed by the trend of 0.0020, which suggests that the PPP hypothesis applies. [ABSTRACT FROM AUTHOR]

This paper aims to study the presence of the relationship between the organic olive-growing area and the export of olive oil in the Tunisian economy, such as the producer price index for the case of olives and the exchange rate. A cointegration approach through an Auto Regressive Distributed Lag model (ARDL model) was mobilized for the period (2001-2021). The test results show the existence of a significant short and long-terms cointegration relationship between the olive area, the exchange rate and the export of olive oil. Similarly, unidirectional causal relationships have also been determined between the producer price index and the olive area on the one hand, a unidirectional causal relationship is caused by the exchange rate on the olive-growing area and this exerts unidirectional causality on the export of olive oil. The promotion of organic farming in Tunisia depends not only on the development of organic areas but also on the economic situation of the country. Thus, it can be concluded that limiting the depreciation of the national currency and improving the producer price index can improve the exchange rate and contribute positively to the development of organic olive areas and the export of olive oil in general. [ABSTRACT FROM AUTHOR]

The detrending-moving-average-based multivariate linear regression has been recently introduced as a new tool to probe into multiscale dependent behavior between multivariate data. It well solves the dependence among the nonstationary variates while classic multivariate linear regression dose not. The real-world applications demonstrate its versatility and robustness. However, the statistical significance of this new model needs to be further improved mathematically not just empirically. Hence, the main motivation of this paper is to provide a solid theoretical basis for the latest regression framework. Specifically, four propositions and three theorems are deduced theoretically to support the statistical significance test of detrending-moving-average-based multivariate linear regression model. These propositions and theorems revolve around hypothesis testing of each partial regression coefficients and regression model. They can examine the statistical significance at every given scales. Moreover, we also resort to synthetic time series to verify the performances of the proposed statistical test procedure. By using those statistical tests, we investigate the multiscale interdependence between the crude oil price and the exchange rates among oil-importing and oil-exporting countries. Some interesting findings show that the dependent behavior between the oil price and exchange rates varies at various scales, which cannot be achieved from classical multivariate regression model. • Statistical properties are derived mathematically for the model of DMA-based MLR. • Artificial experiments are also conducted around the statistical test of new model. • The scale-dependent co-movement behavior is investigated between crude oil price and exchange rate by the proposed methods. • The co-movement behavior is compared before and during the oil bust. [ABSTRACT FROM AUTHOR]

The purpose of this study is to look at femicide from a different perspective, even though it may seem unrelated at first. Accordingly, it investigated the existence of a link between foreign exchange, which was a major cause of the crises and unemployment, and femicide, which was the outcome of violence against women other than murder. The data were acquired from the We Will Stop Femicide Platform and the Central Bank of the Republic of Turkey in light of the study's goal. According to the findings of the investigation, there is a long-term cointegrating association between the foreign exchange rate and femicide in Turkey. After 22.6 days, the deviation induced by a 1% change in the currency rate could be balanced. This study is notable for approaching femicide from a hitherto overlooked economic perspective, as well as demonstrating that exchange rate changes are "vital" in terms of non-economic reality and public health. [ABSTRACT FROM AUTHOR]

In this study, the effect of real effective exchange rate on the data of manufacturing industry export and import, which is obtained by classifying the products according to technology density, is being investigated. It is aimed at determining the effect of real effective exchange rate on import and export of high, medium-high, medium-low and low-technology product groups in the current study, within which the work of quarterly data for the period 1996-2018, for Turkey is taken into account. In accordance with this purpose, in order to determine the relationship between the related variables, Johansen cointegration within the scope of VAR analysis, Toda-Yamamoto causality test, effect response function and variance decomposition methods were used. According to the findings of the analysis when real effective rates and shocks compared in terms of exports high-tech products are more sensitive when compared to other technology products, in terms of imports high technology products are more sensitive to low technology products. Moreover, except for the medium-low technology level, it is observed that the exchange rate elasticity of imports increases as the technology level of the products increases. Therefore, it can be said that the effect of real effective exchange rate on manufacturing foreign trade varies according to technology density for Turkey. According to the Toda-Yamamoto causality analysis, no causal link between the real effective exchange rate and export was found in any of the export models, while the causality relationship between the exchange rate and the import in import models was determined at all technology levels except medium-high technology. [ABSTRACT FROM AUTHOR]

In the present study, a novel liquid desiccant dehumidifier is developed by incorporating an indirect contact M-cooler based on the Maisotsenko cycle. The proposed novel dehumidifier is compared with a conventional dehumidifier by developing a thermal model. The analytical model is chosen in the present study for the performance analysis of novel and conventional dehumidifiers. The developed analytical model is used to analyze the performance of both the novel and conventional dehumidifiers. Further, for the first time, the impact of Eckert and Prandtl numbers on the performance parameters of a novel dehumidifier is analyzed, and obtained results are presented in detail. Initially, the validation of the proposed model is carried out with the experimentally measured data accessible in the literature on the liquid desiccant dehumidifier. Then the performance prediction of both dehumidifiers is carried out using the proposed model. While validating the developed model maximum possible error is observed to be within ± 9.7% and found to be in reasonable agreement. Using the developed model, the performance analysis on both the novel and conventional desiccant dehumidifiers is carried out by selecting vapour desorption rate and energy exchange per unit area as performance parameters. From performance comparison analysis, it is observed that the vapour desorption rate and energy exchange per membrane area of the novel dehumidifier are superior than a conventional dehumidifier. Also, during the performance assessment for the given operating range, the maximum vapour desorption rate and energy exchange per unit area are observed to be 61 LPM/m2 and 5.5 kW/m2 for the novel dehumidifier. Whereas, for the conventional dehumidifier the above-mentioned performance parameters are found to be 28 LPM/m2 and 3 kW/m2 respectively. Hence, from this study, it is observed that novel M-cycle based membrane dehumidifiers can be effectively implemented for industrial dehumidification/drying applications. [ABSTRACT FROM AUTHOR]

This paper examines whether capital flow management (CFM) and monetary policies effectively reduce lending growth in emerging market economies (EMEs) in the presence of conventional and unconventional monetary policy actions undertaken by advanced economies. We apply a dynamic panel model with fixed effects to a sample of 24 emerging market economies for 2000–2021 using quarterly data and more continuous variables than in other studies rather than limiting the variability using proxies. Capital controls and macroprudential regulation, as CFM policy tools, moderate lending growth. This effect is particularly shown in countries with tighter monetary conditions. Our main findings highlight the useful role of coordinating CFM and monetary policies. This role stands for both fixed and flexible exchange rate regimes. Lastly, we find capital flow management and monetary policies manage to control lending in normal periods, but their coordination is less effective during crises and high volatility periods. [ABSTRACT FROM AUTHOR]

The current research was conducted with the aim of investigating the effect of asymmetric shocks in the exchange rate and oil price on the performance of the Iranian stock market using monthly data from 2011 to 2021. the quantile regression model is examined in deciles ranging from 0.1 to 0.9. The results show that the quantile estimates were not symmetrical, but in other conditions such as recession, normal, boom and strong growth, oil shocks had a significant negative impact on stock market returns. The impact of exchange rate shocks on stock market returns was not significant in severe recession conditions. But in the conditions of recession, normal, boom and high boom, exchange rate shocks have a positive and significant effect on the performance of the Iranian stock market. In addition, in this research, the effect of exchange rate and oil shocks during the COVID-19 epidemic was analyzed, which had a significant effect on the effectiveness of oil shocks on stock returns. This asymmetric effect was observed in different negative and significant deciles. Therefore, it can be seen that fluctuations in the global oil price and exchange rate expose some of Iran's key indicators, including the capital market, to instability. [ABSTRACT FROM AUTHOR]

A key parameter of interest recovered from hyperpolarized (HP) MRI measurements is the apparent pyruvate-to-lactate exchange rate, k P L , for measuring tumor metabolism. This manuscript presents an information-theory-based optimal experimental design approach that minimizes the uncertainty in the rate parameter, k P L , recovered from HP-MRI measurements. Mutual information is employed to measure the information content of the HP measurements with respect to the first-order exchange kinetics of the pyruvate conversion to lactate. Flip angles of the pulse sequence acquisition are optimized with respect to the mutual information. A time-varying flip angle scheme leads to a higher parameter optimization that can further improve the quantitative value of mutual information over a constant flip angle scheme. However, the constant flip angle scheme, 35 and 28 degrees for pyruvate and lactate measurements, leads to an accuracy and precision comparable to the variable flip angle schemes obtained from our method. Combining the comparable performance and practical implementation, optimized pyruvate and lactate flip angles of 35 and 28 degrees, respectively, are recommended. [ABSTRACT FROM AUTHOR]

Maintaining a stable exchange rate is a challenging task for the world, especially for developing economies. This study examines the impact of asymmetric exchange rates on trade flows in selected Asian countries and finds that the effects of increased exchange rate volatility on exports and imports differ among Pakistan, Malaysia, Japan, and Korea. The quarterly data from the period 1980 to 2018 is collected from the International Financial Statistics (IFS) database maintained by the International Monetary Fund (IMF). We employ both linear and non-linear Autoregressive Distributed Lag (ARDL) models for estimation. The non-linear models yielded more significant findings, while the linear models did not indicate any significant effects of exchange rate volatility on trade flows. The results of the study suggest that in the case of Pakistan, both the linear and non-linear models indicate that increased exchange rate volatility adversely affects exports and imports, while decreased volatility enhances both. This implies that stabilizing the exchange rate would be beneficial for Pakistan's trade. In contrast, the linear model applied to Malaysia shows no long-run effects of exchange rate volatility on exports. However, the result suggests that decreased volatility stimulates Malaysia's exports. Therefore, in the case of Malaysia, stabilizing the exchange rate could contribute to boosting exports. We also found that increased exchange rate volatility boosts exports of Japan. On the other hand, decreased volatility hurts exports of Japan. As for the long-run effects of exchange rate volatility on imports, we found that increased volatility boosts imports of Korea. The study provides various policy implications regarding the impact of exchange rate volatility on trade flows in developing economies. The study highlights the importance of country-specific considerations in understanding the impact of exchange rate volatility on trade flows, and has important policy implications for promoting trade and economic growth in these nations. It emphasizes the need to model exchange rate volatility separately for developed and developing countries and to continue research and analysis to identify ways to mitigate its negative effects on the economy. [ABSTRACT FROM AUTHOR]

International crude oil prices has become one of the important factors that affect exchange rate fluctuation. By combining TVP-VAR model and DY time-varying spillover index, this paper measures the two-way fluctuation spillover effect between international crude oil prices and RMB exchange rate from 2011 to 2022. The research results show that: (1) There are obvious time-varying characteristics among international crude oil prices, onshore RMB exchange rate and offshore RMB exchange rate, and they are strengthened when major events occur at home and abroad; (2) The spillover and absorption level among international crude oil prices, onshore RMB exchange rate and offshore RMB exchange rate is relatively limited; (3) After the "exchange rate reform on August 11", the market participation of RMB exchange rate has increased year by year, and the offshore RMB is mainly net spillover, while the onshore RMB is mainly reflected as a recipient; (4) The offshore RMB exchange rate has a driving effect on the onshore RMB exchange rate. Based on this, it is necessary to orderly promote the development and utilization of new energy, actively promote the market-oriented reform of RMB exchange rate, play the leading role of offshore market, and accelerate the construction of crude oil-RMB settlement system. [ABSTRACT FROM AUTHOR]

The debate on the exchange rate -oil price nexus usually rests on the fact that oil price is quoted in US dollar (USD) and therefore, fluctuations in oil price may affect the exchange rate behavior of trading nations through the USD. However, it might be inaccurate to generalize the dynamic of the nexus for both net oil-exporting and net oil-importing economies particularly when exchange rates in these economies are running under floating regime. As a result, we revisit the dynamics of returns and volatility spillovers between exchange rates and oil prices in the turbulent period of COVID-19 from the perspective of the oil-exporting/oil-importing dichotomy, using the cases of Nigeria and South Africa. According to the results of the various pre-estimation tests, we find the VARMA-DCCGARCH model to be the best fit for modelling the interdependence of exchange rates and oil prices in the investigated economies. Empirically, "we show that regardless of the oil-exporting or oilimporting peculiarity of an economy, unanticipated events in exchange rates and oil prices in the current period have the potential to fuel volatility in their returns in the preceding period. Also, not only is the magnitude and direction of the spillovers different under the different waves of COVID-19 but also sensitive to whether an economy is oil-exporting or oil-importing. Thus, while South Africa and Nigeria are among the top 5 African countries with the highest incidences of COVID-19, the permanency or transitory dynamics of the shocks to exchange rates and oil prices during the COVID-19 pandemic appears to be sensitive to whether an economy is oil-exporting or oilimporting. It is in view of this, among other things, that we herein infer that while the immediate policy response to an exogenous shock such as COVID-19 may be global and general for all countries, as is the case with the lockdown initiative, the long-run efforts at recovering from the shock may require that the peculiarities of the individual economies be taken into consideration, as is obvious from the findings of this study. [ABSTRACT FROM AUTHOR]

This study was carried out to evaluate the recent trends and implications of foreign direct investment (FDI) in Bangladesh. Due to its cost-effective workforce, potential market, rapidly growing economy, advantageous geographical location, and other pertinent factors Bangladesh has become one of the most enticing developing countries for foreign direct investment (FDI). Both quantitative and qualitative analyses were used. The trends and implication of FDI was assessed through different variables such as Net FDI inflow in Bangladesh, FDI inflows as percentage of GDP of Bangladesh, sectoral FDI inflow in Bangladesh, net FDI inflows from top 10 countries and by sectors, net FDI flow by EPZ and non-EPZ areas, no. of employment by FDI, FDI inflow by components, GDP, export, import, balance of payment, foreign exchange rate, inflation and corporate tax rate, which were then analyzed using different statistical measures, such as growth percentage, trend equations, the square of the correlation coefficient and correlation matrix. Thirteen trend equations and R-squared were tested for different relevant variables of FDI. To estimate the implication of FDI in Bangladesh, seven hypotheses has also been tested. Among them, the trend values were positive for eleven variables. The square of correlation coefficient (R-squared) of most of the equations is more than 0.7, indicating well fitted trend equations. According to the results of this analysis, FDI has positive correlation between GDP growth, exports, imports, employment in EPZs, and exchange rates. However, there is a significant negative correlation between corporate tax rate and inflation rate. By introducing beneficial FDI policies, providing substantial investment incentives, streamlining pertinent regulations, minimizing bureaucratic procedures, and through better infrastructure Bangladesh must act swiftly to entice more foreign investors. Despite adopting lenient FDI regulations, the government musthave to ensure facilities like more export processing zones, easy access to IT facilities, maintaining stable foreign exchange rates, encourage FDI from leading nations, an attracting new foreign investment source. By implementing these policies into practice, Bangladesh can boost up economic growth and may attract more FDI. This study proves that there is room for FDI to increase in the future and supporting economic growth of Bangladesh. [ABSTRACT FROM AUTHOR]

The Southern African Customs Union is the oldest customs union in the world and the member states form a currency union with the South African Rand being the regional currency anchor. Therefore, currency movements amongst SACU member are dependent on the developments on the Rand which, in turn, can affect stock market development in the region. We examine the time-frequency relationship between exchange rates and stock market returns in SACU countries using continuous wavelet transforms. Our empirical analysis is two-staged. Firstly, we employ wavelet power spectrum to examine the time-frequency properties of the individual series. Secondly, we use wavelet coherence analysis and phase dynamics to examine the synchronization between the variables in a time-frequency space. Our findings show stronger (weaker) exchange rate-stock returns relations are found during periods of higher (lower) inflation whereas we observe a stronger (weaker) relationship during periods of lower interest rate environment. Moreover, we find more significant long-run relationships for countries with more independent monetary policy (South Africa and Botswana) whereas these relations are more prominent over the short-run for countries with pegged exchange rates (Eswatini and Namibia). We also observe that periods of oil and currency shocks impact the exchange rate-stock returns relationship in SACU countries with pegged exchange rates (Eswatini and Namibia). Our findings bear important implications for different stakeholders. For instance, this study has implications for exchange rate policy as it addresses the issue of whether the exchange rate can be used to improve market performance or exchange rate developments spillover into the stock market. Furthermore, corporate managers and stock market participants would be interested in our findings as it identifies periods of market inefficiency when exchange rates can be used to beat the stock market. [ABSTRACT FROM AUTHOR]

Using regression and wavelet coherence techniques this paper tries to probe the validity of purchasing power parity (PPP) in Pakistan. For this purpose, monthly data is collected for nominal exchange rate and consumer prices of Pakistan and its 23 major trading partners for the flexible exchange rate period 1982M1 to 2020M12. The regression results show that in 12 countries inflation differential significantly positively affect exchange rate. Similarly, Granger causality results reveal that inflation differential causes exchange rates in 12 countries. Wavelet coherency results indicate that there is significant co-movements between inflation differentials and exchange rates in varying time and frequency domains in all countries. These results indicate the partial validity of PPP in Pakistan. These results suggest that by reducing its inflation Pakistan can stabilize its exchange rates. JEL Classifications: C14, E31, F31 Plain Language Summary: Inflation Differential Pass-Through to Exchange Rate in Pakistan Several factors affect the exchange rates including domestic and foreign inflation rates. This study examines the effect of inflation differentials on exchange rates in Pakistan using purchasing power parity (PPP). For this purpose, monthly data of exchange rates of Pakistan against its 23 major trading partners is used for the period 1982M1 to 2020M12. The results depict that co-movements exist between inflation differentials and exchange rates in varying time and frequency domains. This finding shows that PPP partially holds in Pakistan. These results suggest that Pakistan can stabilize its exchange rate by reducing its inflation. [ABSTRACT FROM AUTHOR]

To obtain improved thermal performance of flat plate solar collectors, the effect of square and rectangular riser tubes of a flat plate collector (FPC) were numerically investigated and compared with circular riser tube FPC in the present study. For this purpose, a three-dimensional numerical model for FPC collectors has been developed and simulated in CFD software ANSYS FLUENT. Transient thermal performance analysis is carried out to find out the optimum geometrical configuration of the FPC riser tube. The numerical results indicated that using the square-shaped riser tube in FPC improves the collector's useful heat exchange rate as well as thermal efficiency as compared to the use of circular and rectangular riser tubes. There is a maximum 8.1% higher heat exchange rate of the collector with a square riser tube than a circular riser tube under the same operating conditions. The average efficiency of the collector with the circular tube is 65.95%, whereas the square tube has the highest efficiency of 70.44%. However, the pressure drops through the square and rectangular riser geometry are higher than the circular tube. By making a balance between enhanced heat exchange rate and increased pressure drop, the performance evaluation criterion was evaluated and the square-shaped riser tube having the highest value of 2.65 is better than the other configurations. The results clearly indicate that the collector's performance is notably influenced by the shape of the riser tube, with a square shape yielding superior performance. [ABSTRACT FROM AUTHOR]

This article uncovers relationships between the wine export and production in Armenia. Wine industry is a strategically important economic sector in Armenian. The importance of its development is strongly supported by the fact that alcoholic beverages from grape processing are products with high customs value exported from Armenia (in 2020 the share of alcoholic beverages in the entire export structure was about 8.4%). Within the framework of this study, a detailed analysis of the wine production was performed. By applying econometric analysis, we assessed the impact that the increase of wine export has on wine production. Also, the empirical analysis of the impact of USD and RUB exchange rates on wine industry was performed. Overall, the econometric analysis indicated that export volumes and USD exchange rate significantly affect Armenian wine industry. This study provides enough evidence for us to conclude that the export of Armenian wine must be heavily promoted by Government policies and the same time the export directions must be diversified. The results of this study can be basis for scientific substantiation of sectorial strategies developed by the Government of Armenia. [ABSTRACT FROM AUTHOR]

New Developmentalism doctrine defends the central role played by a competitive real exchange rate in promoting catch-up in developing economies. Recently, this theory has been questioned by critics; the main criticism has been that an outward growth strategy based on a competitive real exchange rate would harm income/real wage distribution and have a negative effect on the economy. This study discusses how the real exchange rate influences growth in light of the new developmentalist doctrine and the contrasting experiences of Asian and Latin American countries. Its main contribution is to document the influence of the real exchange rate on economic performance, specifically through certain transmission channels. The article's findings suggest that a competitive RER is an important aspect in a country's growth path, insofar as it favors profits, capital accumulation, net exports, and gains in social capabilities. [ABSTRACT FROM AUTHOR]

The paper will allow the interpretation of exchange rate fluctuations for several international currencies, the EUR—European currency and the CHF—Swiss Franc, respectively. The fractal dimension versus box-counting dimension, together with the fractal dimension versus log scale for CHF and EUR, respectively, are thoroughly presented. The exchange rate time series for CHF and EUR during March–June 2022 were also analyzed. The Hurst exponent H was numerically evaluated. By the application of directional symmetry (DS) statistics, the model efficiency in predicting the direction modification of time series has been verified. Ultimately, the prognosis of EUR-RON and CHF-RON exchange rates of the time series fluctuations for the last months (August–December) of the year 2022 was performed. [ABSTRACT FROM AUTHOR]

Carotenoid (Car) pigments perform central roles in photosynthesis-related light harvesting (LH), photoprotection, and assembly of functional pigment-protein complexes. However, the relationships between Car depletion in the LH, assembly of the prokaryotic reaction center (RC)-LH complex, and quinone exchange are not fully understood. Here, we analyzed native RC-LH (nRC-LH) and Car-depleted RC-LH (dRC-LH) complexes in Roseiflexus castenholzii, a chlorosomeless filamentous anoxygenic phototroph that forms the deepest branch of photosynthetic bacteria. Newly identified exterior Cars functioned with the bacteriochlorophyll B800 to block the proposed quinone channel between LHαβ subunits in the nRC-LH, forming a sealed LH ring that was disrupted by transmembrane helices from cytochrome c and subunit X to allow quinone shuttling. dRC-LH lacked subunit X, leading to an exposed LH ring with a larger opening, which together accelerated the quinone exchange rate. We also assigned amino acid sequences of subunit X and two hypothetical proteins Y and Z that functioned in forming the quinone channel and stabilizing the RC-LH interactions. This study reveals the structural basis by which Cars assembly regulates the architecture and quinone exchange of bacterial RC-LH complexes. These findings mark an important step forward in understanding the evolution and diversity of prokaryotic photosynthetic apparatus. [ABSTRACT FROM AUTHOR]

Intracellular fluxes represent a joint outcome of cellular transcription and translation and reflect the availability and usage of nutrients from the environment. While approaches from the constraint-based metabolic framework can accurately predict cellular phenotypes, such as growth and exchange rates with the environment, accurate prediction of intracellular fluxes remains a pressing problem. Parsimonious flux balance analysis (pFBA) has become an approach of choice to predict intracellular fluxes by employing the principle of efficient usage of protein resources. Nevertheless, comparative analyses of intracellular flux predictions from pFBA against fluxes estimated from labeling experiments remain scarce. Here, we posited that steady-state flux distributions derived from the principle of maximizing multi-reaction dependencies are of improved accuracy and precision than those resulting from pFBA. To this end, we designed a constraint-based approach, termed complex-balanced FBA (cbFBA), to predict steady-state flux distributions that support the given specific growth rate and exchange fluxes. We showed that the steady-state flux distributions resulting from cbFBA in comparison to pFBA show better agreement with experimentally measured fluxes from 17 Escherichia coli strains and are more precise, due to the smaller space of alternative solutions. We also showed that the same principle holds in eukaryotes by comparing the predictions of pFBA and cbFBA against experimentally derived steady-state flux distributions from 26 knock-out mutants of Saccharomyces cerevisiae. Furthermore, our results showed that intracellular fluxes predicted by cbFBA provide better support for the principle of minimizing metabolic adjustment between mutants and wild types. Together, our findings point that other principles that consider the dynamics and coordination of steady states may govern the distribution of intracellular fluxes. Author summary: Data on intracellular fluxes in biological systems provide a snapshot of the rates of underlying reactions and activity of metabolic pathways. However, capturing the activity of reactions and pathways is very resource-intensive, precluding widespread usage of fluxes in understanding of cellular physiology. Therefore, approaches for accurate and precise prediction of intracellular fluxes can propel the usage of intracellular fluxes in diverse biotechnological application that require the identification of reaction targets. Here, we propose a constraint-based approach, termed complex-balanced flux balance analysis, based on the principle of maximizing multi-reaction dependencies. By using data sets of intracellular fluxes in strains of two model organisms, Escherichia coli and Saccharomyces cerevisiae, we show that the predictions from our approach are more accurate and precise in comparison to a widely used approach relying on the principle of parsimonious usage of cellular resources. Therefore, our results suggest that other cellular principles, related to properties of steady state fluxes, such as multi-reaction dependencies, may shape cellular physiology. [ABSTRACT FROM AUTHOR]

With the collapse of the Bretton Woods system, the transition to the flexible exchange rate system was achieved and the effect of exchange rate volatility on macroeconomic factors has been the subject of many studies. Under these conditions, modelling volatility, determining exchange rate volatility and stock market index volatility and volatility spillovers are important for market actors. In this context, the aim of the study is to examine the interaction between exchange rate volatility and stock market index volatility between 2002-2021 in Turkey. In the study, US dollar volatility data and Euro volatility data are used as exchange rate variables, and BIST100, BISTHIZ, BISTSINAI indices volatility data are used as stock market variables. The stationarity of the data set used in the study is examined with ADF unit root test and Lee-Strazicich unit root test. TodaYamamoto Model is used to determine the causality relationship between exchange rate volatility and stock market index volatility. Then, with variance decomposition tests, it is determined how much of the change in the variables is caused by itself and how much is caused by other variables. Finally, the response of the variables used in the research to unit shocks is examined by impulse-response tests. According to the Toda-Yamamoto causality test, it is concluded that there is a two-way causality relationship in terms of all index variables and exchange rate volatility variables. [ABSTRACT FROM AUTHOR]

The 3-6 percent inflation target is a policy rule used by the South African Reserve Bank (sarb) to fulfil its statutory obligation of ensuring a low and stable inflation environment and its policy reaction function assesses how the Reserve Bank responds to deviations of inflation fromits target. We rely on nonlinear autoregressive distributive lag (nardl) models to estimate the asymmetric preferences which the Reserve Bank has to inflation deviations during rising and falling episodes of inflation. Using quarterly data spanning from 2002:q1 to 2021:q4, we estimate the policy reaction functions using 7 disaggregated measures of inflation to capture the heterogeneity in the formation of price expectations. We further segregate our data into two sub-periods, corresponding to the pre-crisis and post-crisis era, as a robustness exercise. Overall, our findings indicate that in the postcrisis era the sarb (i) has become more responsive to inflation, output fluctuations and exchange rates and (ii) has responded more aggressively to rising inflation than falling inflation. [ABSTRACT FROM AUTHOR]