44 results on '"FOREIGN exchange rates"'
Search Results
2. How susceptible is the European financial stability to economic policy uncertainty?
- Author
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Orlowski, Lucjan T.
- Subjects
- *
ECONOMIC uncertainty , *ECONOMIC policy , *FINANCIAL security , *ECONOMIC equilibrium , *INTEREST rates , *FOREIGN exchange rates , *FISCAL policy - Abstract
This study examines the interdependence and asymmetries in the relationships between the economic policy uncertainty and the selected financial stability variables in Europe. Specifically, the impact of uncertainty on inflation, equity returns, the euro in US dollar exchange rate and interest rates is analyzed. The results show a significant negative impact of shocks in economic policy uncertainty on equity returns in Europe during the examined January 1987 – January 2023 period. Uncertainty shocks affect inflation asymmetrically at different time intervals. Asymmetric responses of interest rates and the exchange rate to uncertainty shocks are also found. The results suggest that economic policies in Europe should encompass efforts to mitigate economic uncertainty. [ABSTRACT FROM AUTHOR]
- Published
- 2023
- Full Text
- View/download PDF
3. Investigating the impact of monetary policy on foreign exchange market in Europe during COVID-19 pandemic.
- Author
-
Cepoi, Cosmin-Octavian, Dumitrescu, Bogdan Andrei, Georgescu, Georgiana-Camelia, Gherghina, Rodica, and Iacob, Mihaela
- Subjects
FOREIGN exchange market ,COVID-19 pandemic ,MONETARY policy ,INTERNATIONAL relations ,FOREIGN exchange rates ,CENTRAL banking industry - Abstract
In this paper, we investigated how policy rate modifications – the main instrument used by central banks to provide liquidity during the current health crisis – influenced the evolution of the exchange rate, which is a key element within macro-stabilization policies. We documented that foreign exchange markets in European countries responded asymmetrically to monetary policy interventions devoted to the encouragement of spending and the stimulation of the economy. However, this only occurred during extreme events, which is a side-effect of the monetary policy on the foreign exchange market. These results contribute to the assessment of the space for manoeuvres by monetary policymakers regarding key policy rate modifications as a response to pandemic shocks. [ABSTRACT FROM AUTHOR]
- Published
- 2023
- Full Text
- View/download PDF
4. Modelling and Forecasting of EUR/USD Exchange Rate Using Ensemble Learning Approach.
- Author
-
Boyoukliev, Ivaylo V., Kulina, Hristina N., and Gocheva-Ilieva, Snezhana G.
- Subjects
FOREIGN exchange rates ,U.S. dollar ,TIME series analysis ,UNEMPLOYMENT statistics ,HEDGING (Finance) ,PREDICTION models ,FORECASTING - Abstract
The aim of the study is to obtain an accurate result from forecasting the EUR/USD exchange rate. To this end, high-performance machine learning models using CART Ensembles and Bagging method have been developed. Key macroeconomic indicators have been also examined including inflation in Europe and the United States, the index of unemployment in Europe and the United States, and more. Official monthly data in the period from December 1998 to December 2021 have been studied. A careful analysis of the macroeconomic time series has shown that their lagged variables are suitable for model's predictors. CART Ensembles and Bagging predictive models having been built, explaining up to 98.8% of the data with MAPE of 1%. The degree of influence of the considered macroeconomic indicators on the EUR/USD rate has been established. The models have been used for forecasting one-month-ahead. The proposed approach could find a practical application in professional trading, budgeting and currency risk hedging. [ABSTRACT FROM AUTHOR]
- Published
- 2022
- Full Text
- View/download PDF
5. Modelling of Returns and Volatility Co-movements of Central European Currencies.
- Author
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Chocholatá, Michaela
- Subjects
- *
PEARSON correlation (Statistics) , *HUNGARIAN forint , *HARD currencies , *COINTEGRATION , *FOREIGN exchange rates - Abstract
This paper studies the returns and volatility co-movements of the selected Central European currencies, namely the Czech koruna, Hungarian forint and Polish zloty against the European euro. The research uses the daily data covering the 15 years' period of membership of these countries in the EU (May 2004 - April 2019). The preliminary analyses based on calculation of the Pearson's unconditional correlations and of crosssectional standard deviation of exchange rate returns are followed by estimation of symmetric diagonal BEKK-GARCH and asymmetric diagonal BEKKGARCH models to assess both the dynamics of conditional volatility and the volatility co-movements of analysed Central European currencies. [ABSTRACT FROM AUTHOR]
- Published
- 2022
- Full Text
- View/download PDF
6. Confidence and Economic Activity in Europe.
- Author
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Saccal, Alessandro
- Subjects
ECONOMIC activity ,CONFIDENCE ,EUROZONE ,PANEL analysis ,ECONOMIC shock ,PUBLIC debts ,FOREIGN exchange rates ,PHILLIPS curve - Abstract
This study supplies additional empirical evidence of responses in real economic activity to shocks in confidence. A Structural Vector Autoregression (SVAR), featuring confidence, real consumption and real output, is constructed with respect to the Euro Area (EA) and eight European nations. The results are mixed: responses exhibit reversibility and irreversibility, suggesting the formulation of a theoretical mechanism capable of formalizing such a variety. The potential causes behind confidence in the same nations are, moreover, evaluated through a panel data regression. The results indicate aversion towards output, inflation, unemployment, monetary independence and financial openness, but favor population, exchange rate rigidity and the accumulation of sovereign debt. [ABSTRACT FROM AUTHOR]
- Published
- 2022
7. Exchange rate pass-through to import prices in Europe: a panel cointegration approach.
- Author
-
Arsova, Antonia
- Subjects
EXCHANGE rate pass-through ,COINTEGRATION ,IMPORTS ,FOREIGN exchange rates - Abstract
This paper takes a panel cointegration approach to the estimation of short- and long-run exchange rate pass-through (ERPT) to import prices in the European countries. Although economic theory suggests a long-run relationship between import prices and exchange rate, in recent empirical studies its existence has either been overlooked or it has proven difficult to establish. Resorting to novel tests for panel cointegration, we find support for the equilibrium relationship hypothesis. Exchange rate pass-through elasticities, estimated by two different techniques for cointegrated panel regressions, give insight into the most recent development of the ERPT. [ABSTRACT FROM AUTHOR]
- Published
- 2021
- Full Text
- View/download PDF
8. Can a small New Keynesian model of the world economy with risk‐pooling match the facts?
- Author
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Minford, Patrick, Ou, Zhirong, and Zhu, Zheyi
- Subjects
STIMULUS & response (Psychology) ,FREE trade ,INTERNATIONAL trade ,FOREIGN exchange rates - Abstract
We ask whether a model of the US and Europe trading with the rest of the world can match the facts of world behaviour in a powerful indirect inference test. One version has uncovered interest parity (UIP), the other risk‐pooling. Both pass the test but the most probable is risk‐pooling. This is consistent with risk‐pooling failing a number of single‐equation tests, as has been found in past work; we show that these tests will typically reject risk‐pooling when it in fact prevails. World economic behaviour under risk‐pooling shows much stronger spillovers than under UIP with opposite monetary responses to the exchange rate. We argue that the risk‐pooling model therefore demands more attention from policy‐makers. [ABSTRACT FROM AUTHOR]
- Published
- 2021
- Full Text
- View/download PDF
9. THE NEXUS BETWEEN THE FEAR OF FLOATING AND EXPENDITURE-SWITCHING EXTERNAL ADJUSTMENT MECHANISM: EMERGING EUROPEAN AND LATIN AMERICAN FLOATERS.
- Author
-
Pucar, Emilija Beker
- Subjects
FOREIGN exchange rates ,EMERGING markets ,FOREIGN exchange reserves ,INTEREST rates - Abstract
The focus of this research is the identification of the fear of floating (FOF) problem as a vulnerable ground for employing the exchange rate (ER) as a shock absorber with consequent limitations for expenditure-switching external adjustment mechanism. This research aims to fill the literature gap stressing the connection between FOF and the functioning of expenditure-switching external adjustment mechanism, highlighting the nexus from the viewpoint of emerging European vs. Latin American floaters, as well as from individual emerging European floaters (the Czech Republic, Hungary, Poland, Romania) in the period 2000Q1-2017Q2 with standard and panel VAR analysis. FOF is identified as a stronger reaction of foreign exchange reserves and interest rate to nominal ER shocks, as well as higher variations of real ER explained with price shocks compared to nominal ER shocks. As a confirmation, in countries with expressed FOF current account shock is more transmitted to economic activities (expenditure-reducing external adjustment) rather than nominal ER changes (expenditure-switching mechanism). The results confirm the vulnerable position of European emerging floaters compared to Latin American floaters, bearing in mind the stronger FOF coinciding with the higher currency mismatch. Within the sample of European emerging floaters the most vulnerable position concerning the nexus was detected for Romania, while the most favorable position was found in the case of Poland. [ABSTRACT FROM AUTHOR]
- Published
- 2020
- Full Text
- View/download PDF
10. Did Purchasing Power Parity Hold in Medieval Europe?
- Author
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Bell, Adrian R., Brooks, Chris, and Moore, Tony K.
- Subjects
PURCHASING power ,FOREIGN exchange rates ,POUND sterling ,COINTEGRATION ,ECONOMIC policy - Abstract
This paper employs a unique, hand-collected dataset of exchange rates for five major currencies (the lira of Barcelona, the pound sterling of England, the pond groot of Flanders, the florin of Florence and the livre tournois of France) to consider whether the law of one price and purchasing power parity held in Europe during the late fourteenth and early fifteenth centuries. Using single series and panel unit root and stationarity tests and cointegration analysis on 10 real exchange rates between 1383 and 1411, we show that the parity relationship held for the pound sterling and some of the Florentine florin series individually and for almost all of the groups that we investigate. Our findings add to the weight of evidence that trading and arbitrage activities stopped real exchange rates deviating permanently from fair values. This research extends the results reported in other studies back more than 600 years. [ABSTRACT FROM AUTHOR]
- Published
- 2017
- Full Text
- View/download PDF
11. Monetary policy spillovers and currency crisis in comparative perspective: East Asia before the 1997 crisis and Eastern Europe after tapering.
- Author
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Kim, Jong‐Hee
- Subjects
MONETARY policy ,EXTERNALITIES ,COMPARATIVE studies ,FINANCIAL crises ,FOREIGN exchange rates - Abstract
This paper estimates the possibility of currency crisis in Eastern Europe that can be triggered by monetary policy change in the key currency countries, such as tapering measure. We examine the crisis possibility in the five Eastern European nations-the Czech Republic, Poland, Hungary, Bulgaria and Romania-by performing a comparative analysis with East Asian countries before the 1997 currency crisis. For the analysis, we estimate how much the exchange rate deviates from the estimated equilibrium exchange rate, as well as the synchronicity of currency value towards some of the key currencies by creating market pressure index. The results can be explained in two ways. First, the market pressure in the Eastern Europe after 2012 is smaller than they were in East Asia before 1997. The crisis possibility especially intensifies when more the exchange rate deviates from the equilibrium value. Second, the monetary policy change in the key currency countries does not greatly affect the crisis possibility in Eastern Europe when their local currencies have the strong synchronisation with euro. Therefore, Eastern European countries show strong synchronicity towards the euro, so the crisis possibility may be alleviated if the Eurozone continues its expansionary monetary policy. [ABSTRACT FROM AUTHOR]
- Published
- 2017
- Full Text
- View/download PDF
12. Measuring the end of the European financial crisis.
- Author
-
Lin, Ya‐Chi and Yeh, Kuo‐Chun
- Subjects
GLOBAL Financial Crisis, 2008-2009 ,FINANCIAL crises ,FOREIGN exchange rates ,EUROPEAN integration ,EURO ,ECONOMICS - Abstract
In 2013 it was declared that 'the eurozone crisis is over'. However, in fact, the series of financial crises since 2008 may have interrupted the process of EMU enlargement, which in turn triggered a continuing crisis of confidence in the euro. In this paper we extend the sigma-convergence test to provide a more precise understanding of real interest rate parity ( RIP) convergence. On the basis of this, we predict the timing for eliminating the cost of economic asymmetric shocks. Our estimation indicates the RIP among EMU members and accessions were still valid after the disruptions of the 2008 financial crisis. However, the situation has been even worse since the 2010 European sovereign debt crisis, and ceteris paribus, symmetry cannot be achieved without further policy actions. This implies that the EMU authority must do its best to strengthen symmetry and thereby solidify the EMU, at which point it will be better able to re-start the process of enlargement. [ABSTRACT FROM AUTHOR]
- Published
- 2017
- Full Text
- View/download PDF
13. On the Nominal and Real Currency Devaluation Nexus in European Transition Economies.
- Author
-
Nusair, Salah A
- Subjects
DEVALUATION of currency ,TRANSITION economies ,EXPORTS ,FOREIGN exchange rates - Abstract
An important policy issue facing countries is the effectiveness of nominal currency devaluation in boosting exports and improving the trade balance of the devaluing country. It is argued that nominal devaluation would be effective only if it leads to real devaluation. This paper examines the relationship between nominal and real effective exchange rates for 17 European transition economies to determine whether nominal devaluation leads to real devaluation. Employing the ARDL cointegration test with quarterly data over the period 1994-2013, the results show that while nominal devaluation leads to real devaluation in the short run in all but Estonia, this short-run effect lasts into the long run in only Armenia, Bulgaria, Croatia, Georgia, Hungary, Poland, Romania, and the Czech Republic. Further analysis on sub-samples corresponding to different exchange rate regimes (pre and post ERM II) suggests that different exchange rate regimes may have different impacts on the link between nominal and real devaluations. [ABSTRACT FROM AUTHOR]
- Published
- 2017
- Full Text
- View/download PDF
14. Central Bank Balance Sheet Policies and Inflation Expectations.
- Author
-
End, Jan and Pattipeilohy, Christiaan
- Subjects
CENTRAL banking industry ,FINANCIAL statements ,PRICE inflation ,FOREIGN exchange rates ,MONETARY policy - Abstract
We analyse the empirical effects of credit easing and quantitative easing on inflation expectations and exchange rates. Both monetary policy strategies are summarised in measures for composition and size of the central bank balance sheet and are included in a VAR model. The results show that changes in balance sheet size had positive, albeit weak effects on inflation expectations in Japan, while the effects were negligible in the euro area. By contrast, an increasing balance sheet size is associated with reduced short-term inflation expectations in the US and UK, pointing at negative signalling effects. Shocks to balance sheet size or composition have no substantial effects on long-term inflation expectations in the euro area, US and UK. An expanding balance sheet size is associated with a depreciation of the euro, pound sterling and Japanese yen. [ABSTRACT FROM AUTHOR]
- Published
- 2017
- Full Text
- View/download PDF
15. Institutions, public debt and growth in Europe.
- Author
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MASUCH, KLAUS, MOSHAMMER, EDMUND, and PIERLUIGI, BEATRICE
- Subjects
PUBLIC debts ,ECONOMIC development ,FOREIGN exchange rates ,PUBLIC administration ,ECONOMIC indicators - Abstract
This paper provides empirical evidence that supports the view that the quality of institutions is an important determinant of long-term growth in European countries. It shows that an initial high government debt level coupled with institutional quality below the EU average tends to be associated with particularly poor longterm real growth performance. Interestingly, the detrimental effect of high debt levels on long-term growth seems cushioned by the presence of very sound institutions. The paper offers some evidence that sound institutions may be particularly important for long-term growth in countries in which the exchange rate tool is no longer available and less so in countries with flexible exchange rate regimes. The empirical findings on the importance of institutions are robust to various measures of output growth, different measures of institutional indicators, different sample sizes, different country groupings and to the inclusions of additional control variables. [ABSTRACT FROM AUTHOR]
- Published
- 2017
- Full Text
- View/download PDF
16. Inflation Volatility, Monetary Policy, and Exchange-Rate Regimes in Central and Eastern Europe: Evidence from Parametric and Nonparametric Analyses.
- Author
-
Hegerty, Scott W.
- Subjects
MARKET volatility ,MONETARY policy ,FOREIGN exchange rates ,NONPARAMETRIC estimation ,FLOATING rate notes ,ECONOMIC development - Abstract
Years after the fall of Communism, countries in Central and Eastern Europe follow a variety of often-changing exchange-rate and inflation targets. How has inflation behaved under such different regimes? This article compares monthly CPI and PPI inflation for six fixed-rate and four floating-rate currencies before estimating structural breaks in each series. It compares whether the mean and variance differ across the breaks in each series, using parametric and nonparametric tests. Granger causality testing is used to examine spillovers between inflation- and exchange-rate volatility. Overall, time-series properties differ across series and regimes, with the Balkans most susceptible to spillovers between exchange-rate and inflation volatility. [ABSTRACT FROM AUTHOR]
- Published
- 2017
- Full Text
- View/download PDF
17. US Exposure Is Next Headache for Europe Inc. as Dollar Slides.
- Author
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Atkins, Alice
- Subjects
FOREIGN exchange rates ,INVESTORS ,EXCHANGE traded funds ,BUSINESS enterprises ,CHIEF financial officers - Abstract
So far, the effect is not fully apparent - despite the euro's 13% gain versus the greenback since its September low, the majority of Stoxx firms have surpassed first-quarter earnings estimates. She is more dubious of broader European stocks' ability to withstand currency pressures, noting that recent euro moves are "more a product of dollar weakness than fundamental strength." (Bloomberg) -- Behind the facade of Europe's forecast-beating company earnings, cracks are appearing as exporters start to feel the pinch from regional exchange rate strength against the dollar. [Extracted from the article]
- Published
- 2023
18. Macroeconomic Environment and Banking Sector Soundness in CEE Countries.
- Author
-
Bilan, Irina and Roman, Angela
- Subjects
BANKING industry ,MACROECONOMICS ,ORGANIZATIONAL change ,EMPIRICAL research ,PRICE inflation ,FOREIGN exchange rates - Abstract
The aim of our paper is to empirically investigate the impact of the changes in macroeconomic environment on the financial soundness of the banking sector (as measured by bank Z-score) in 11 Central and Eastern European countries, over the period 2000-2014. The results of our empirical study indicate that the financial soundness of the banking sector in our sample countries is heavily influenced by unemployment and inflation rates, foreign exchange rate, current account balance, public debt, and financial depth. Overall, our study underlines the crucial importance of ensuring a healthy and sound macroeconomic environment for the financial soundness of banks. Also, our research highlights that, out of all the macroeconomic factors analyzed, the dynamics of bank credit to the private sector is the main risk factor for the soundness of the banking sector in CEE countries, which calls for its rigorous monitoring. [ABSTRACT FROM AUTHOR]
- Published
- 2016
19. Output effects of fiscal stimulus in Central and Eastern European countries.
- Author
-
Combes, Jean-Louis, Minea, Alexandru, Mustea, Lavinia, and Yogo, Thierry
- Subjects
PUBLIC spending ,FISCAL policy ,FOREIGN exchange rates ,ERROR correction (Information theory) ,ECONOMIC development - Abstract
In spite of the rapidly growing research on fiscal multipliers over recent years, little evidence has been so far accumulated in developing and emerging economies. This paper investigates the nature and the size of fiscal multipliers in Central and Eastern European (CEE) countries. Unlike most of the existing literature, we draw upon a panel vector error correction model, which appropriately captures the common long-term path of CEE countries, while allowing for different short-run dynamics, in an integrated setup. Our main results show that the spending multiplier is positive, but low on average. Moreover, its sign, significance and magnitude vary across CEE. Finally, both impulse and cumulative fiscal multipliers are sensitive to a wide range of CEE characteristics, including the exchange rate regime, the level of economic development, the fiscal stance and the openness degree. [ABSTRACT FROM PUBLISHER]
- Published
- 2016
- Full Text
- View/download PDF
20. SOME STYLISED FACTS ABOUT THE EXCHANGE RATE BEHAVIOUR OF CENTRAL EUROPEAN CURRENCIES.
- Author
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Vejmělek, Jan
- Subjects
FOREIGN exchange rates ,NATIONAL currencies - Abstract
The paper investigates developments of exchange rate time series of Central European currencies and tries to find evidence of some stylised facts. Statistical methods and an econometric approach to the univariate time series modelling of high-frequency data, i.e., daily, are used. The main conclusions are as follows: (1) All the CE nominal exchange time series are not stationary: nevertheless, stationarity of all the return time series was confirmed. (2) Volatility clustering was proven and the GARCH modelling approach was successfully applied, including asymmetric modelling of volatility. (3) The more flexible an exchange rate regime is, the more volatile the respective currency. This is true for both nominal and real exchange rates. While nominal volatility is lower than real volatility in a system of fixed or less flexible exchange rates, the opposite is true for flexible systems: exchange rate volatility is higher in nominal terms than in real terms. [ABSTRACT FROM AUTHOR]
- Published
- 2016
- Full Text
- View/download PDF
21. Did foreign banks "cut and run" or stay committed to Emerging Europe during the crises?
- Author
-
Bonin, John P. and Louie, Dana
- Subjects
FOREIGN banking industry ,FINANCIAL crises ,GOVERNMENT ownership of banks ,FOREIGN exchange rates ,EMERGING markets - Abstract
Our objective is to examine empirically the behavior of foreign banks regarding real loan growth during a financial crisis for a set of countries in which these banks dominate the banking sectors due primarily to having taken over large existing former state-owned banks. The eight countries are among the most developed in Emerging Europe, their banking sectors having been modernized by the beginning of the time period. We consider a data period that includes an initial credit boom (2004 - 2007) followed by the global financial crisis (2008 & 2009) and the onset of the Eurozone crisis (2010). Our main innovations with respect to the existing literature on banking during the financial crisis are to include explicit consideration of exchange rate dynamics and to separate foreign banks into two categories, namely, subsidiaries of the Big 6 European MNBs and all other foreign-controlled banks. Our results show that bank lending was impacted adversely by the crisis but that the two types of foreign banks behaved differently. The Big 6 banks remained committed to the region in that their lending behavior was not different from that of domestic banks corroborating the notion that these countries are a "second home market" for these banks. Contrariwise, the other foreign banks were primarily responsible for fueling the credit boom prior to the crisis but then "cut and ran" by decreasing their lending appreciably during the crisis. Our results also indicate different bank behavior in countries with flexible exchange rate regimes from those in the Eurozone. Hence, we conclude that both innovations matter in empirical work on bank behavior during a crisis in the region and may, by extension, be relevant to other small countries in which banking sectors are dominated by foreign financial institutions. [ABSTRACT FROM AUTHOR]
- Published
- 2015
22. Macroeconomic Adjustment and Institutional Reforms in the Euro Area.
- Author
-
Keuschnigg, Christian and Weyerstrass, Klaus
- Subjects
MACROECONOMICS -- Econometric models ,MONETARY policy ,FOREIGN exchange rates ,PUBLIC debts - Abstract
The introduction of the Euro in 1999 implied the transfer of the responsibility for monetary policy to the European Central Bank and it eliminated the member countries' nominal exchange rates. The smooth operation of a common currency area requires that independent exchange rates are replaced by other adjustment mechanisms. In the Euro area, wages have not been flexible enough, labor mobility is low, no sufficient central fiscal institutions exist, and the fiscal rules have been weak. This led to large external imbalances and high public debt in some countries. Since the outbreak of the economic crisis, macroeconomic reforms resulted in improved international competitiveness and lower public deficits. Several new institutions have been created on the European level, strengthening mutual economic surveillance and cooperation. [ABSTRACT FROM AUTHOR]
- Published
- 2015
- Full Text
- View/download PDF
23. Europe drives Ferragamo's sales higher.
- Subjects
CORPORATE profits ,LEATHER goods ,GROSS margins ,FOREIGN exchange rates ,STREAM channelization - Abstract
But when using theIFRS16 accounting standard, Ferragamo had a net debt of €248 million. Article Financial Reporting Salvatore Ferragamo reported a growth in sales and profits in the first ninemonths of 2022, thanks to a positive performance in both distributionchannels and a strong increase in revenues in the Europe, Middle East andAfrica (EMEA) business region. [Extracted from the article]
- Published
- 2022
24. TROUBLED TIMES FOR EUROPEAN TOURISM.
- Author
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Hamper, David
- Subjects
- *
TOURISM , *BREXIT Referendum, 2016 , *TERRORISM , *CIVIL war , *SOCIAL unrest , *FOREIGN exchange rates - Abstract
The article discusses the challenges faced by the European tourism sector in 2016. Topics mentioned include the political uncertainty and terror faced by the region, such as the Brexit or exit of Great Britain from the European Union and attacks in France, impact of civil war and unrest in North Africa and the Middle East on Europe, as well as the decline in the exchange rate for the British pound.
- Published
- 2016
25. Inspecs lifts HY profits but sees tough trading in Europe.
- Subjects
ECONOMIC forecasting ,FOREIGN exchange rates ,RUSSIAN invasion of Ukraine, 2022- - Published
- 2022
26. Testing Endogeneity of Money Supply in Selected European Countries.
- Author
-
Frydrych, Jakub
- Subjects
ECONOMETRIC models of monetary policy ,MONEY supply ,GROSS domestic product ,FOREIGN exchange rates ,MONEY - Abstract
The article offers information on econometric model which determines the character of money supply affected by the development of real gross domestic product (GDP) in European countries. Topics discussed include endogenous relationship between the exchange rate regime and the money supply; identification of a causal relationship from the standard equation of exchange; and difference between short- and long-run causality.
- Published
- 2017
- Full Text
- View/download PDF
27. Europe Falls Behind Emerging Markets as Bond-Market Stress Grows.
- Author
-
Sivabalan, Srinivasan
- Subjects
EMERGING markets ,FOREIGN exchange rates ,BONDS (Finance) ,ECONOMIC stimulus - Abstract
(Bloomberg) -- Europe's stubbornly low yields are turning emerging markets into a favorite destination of euro-based debt investors. Investors looking for euro exposure, but put off by the continent's negative yields, may find emerging-market bonds capable of reducing their pain when inflation returns. Within emerging markets, euro-denominated bonds are also outperforming dollar debt, historically the more popular option for investors looking for yield but wishing to avoid local-currency risk. [Extracted from the article]
- Published
- 2021
28. An Everything Rally in Europe Is Defying the Euro's Revenge.
- Author
-
Msika, Michael and Karamanis, Vassilis
- Subjects
EURO ,REVENGE ,FOREIGN exchange rates ,CAPITALISM ,STOCK prices - Abstract
(Bloomberg) -- This time round, the revenge of the euro is proving no threat to Europe's ferocious stock rebound, as the likes of Goldman Sachs Group Inc. project more gains in the region's everything rally. "The rise in the euro doesn't undermine the case for Europe", said Morgan Stanley strategist Matthew Garman in a note on Wednesday, arguing that the currency effect is minor compared to the expected earnings recovery next year. [Extracted from the article]
- Published
- 2020
29. Even Rampant Euro Can't Hold Back the Everything Rally in Europe.
- Author
-
Msika, Michael and Karamanis, Vassilis
- Subjects
EURO ,CAPITALISM ,STOCK prices ,FOREIGN exchange rates ,EARNINGS per share - Abstract
(Bloomberg) -- This time round, the revenge of the euro is proving no threat to Europe's ferocious stock rebound, as the likes of Goldman Sachs Group Inc. project more gains in the region's everything rally. "The rise in the euro doesn't undermine the case for Europe", said Morgan Stanley strategist Matthew Garman in a note on Wednesday, arguing that the currency effect is minor compared to the expected earnings recovery next year. [Extracted from the article]
- Published
- 2020
30. Europe's Everything Rally is Getting Fueled by Revenge of Euro.
- Author
-
Msika, Michael and Karamanis, Vassilis
- Subjects
EURO ,REVENGE ,BANKING industry ,FOREIGN exchange rates ,STOCK prices - Abstract
(Bloomberg) -- This time round, the revenge of the euro is proving no threat to Europe's ferocious stock rebound, as the likes of Goldman Sachs Group Inc. project more gains in the region's everything rally. Of course the flipside of the stronger euro is a weakening dollar that's loosening international financial conditions and greasing the wheels of commerce. [Extracted from the article]
- Published
- 2020
31. Relationship between onshore and offshore renminbi exchange markets: Evidence from multiscale cross-correlation and nonlinear causal effect analyses.
- Author
-
Qin, Jing
- Subjects
- *
FOREIGN exchange market , *NONLINEAR analysis , *MULTIFRACTALS , *MULTISCALE modeling , *FOREIGN exchange rates , *MARKETING , *INTEREST rates - Abstract
Through multifractal detrended moving-average cross-correlation analysis (MF-X-DMA) and partial moving-average cross-correlation coefficient analysis (PDMCA), this paper studies power-law cross-correlations between renminbi (RMB) onshore and offshore markets (2013–2018). The interaction between CNY and CNH market pairs was examined with attention to how the floating exchange rate regime reform of August 11, 2015 affects their interactions. The obtained results suggest that net power-law cross-correlations exist between the CNY and CNH exchange markets (with influences of autocorrelation, interest rate difference, US Dollar, and Oil signals removed) and that the August 11, 2015 (referred to as "811") exchange reform significantly affects the trend of multiscale cross-correlation coefficient curves. This study also verifies that the risk of offshore RMB markets in Europe and the UK is larger than in Hong Kong and the US when facing a large shock. The nonlinear causal effect analysis reveals that asymmetric bidirectional nonlinear causality exists between any market pair, and the degree of asymmetry appears to have declined after the 811 exchange rate regime reform. For the offshore RMB markets in the US, Europe, and UK, there is evidence of stronger causality running from the CNH to CNY than vice versa, which implies that the foreign impulses have had an influence on the domestic market, and the floating exchange rate reform effectively improves the RMB exchange rate formation mechanism. • We examine the net power-law cross-correlations between onshore and offshore renminbi exchange markets. • Asymmetric bidirectional causality between the onshore and offshore exchange rates is found. • The floating exchange rate reform effectively improves the RMB exchange rate formation mechanism. [ABSTRACT FROM AUTHOR]
- Published
- 2019
- Full Text
- View/download PDF
32. Asymmetric adjustment of retail energy prices in Europe: Analysis of structural change and exchange rate dynamics.
- Author
-
Ogbuabor, Jonathan E., Orji, Anthony, and Anthony-Orji, Onyinye I.
- Subjects
- *
RETAIL industry , *PETROLEUM sales & prices , *GASOLINE , *FOREIGN exchange rates , *FUEL costs , *ECONOMICS - Abstract
This paper investigates the roles of structural changes and exchange rates in the relationship between retail energy prices and crude oil costs. Using a dummy variable approach, this paper argues that once the structural change in this relationship is taken into consideration, the empirical results of studies that found evidence in support of asymmetric behavior, which is largely obscured at pump where prices include both tax and duty, no longer hold. Adopting a nonlinear Auto Regressive Distributive Lag (ARDL) framework, this paper also shows that studies that failed to account for the exchange rate as part of the marginal cost of importing oil for countries with a high oil import dependency ratio may be misleading. Specifically, the results indicate that once the exchange rate effect is taken into consideration, the possibility of rent-seeking behavior in the gasoline markets of Italy and Spain disappears, while the rockets and feathers effect in the ex-tax gasoline, diesel, domestic heating oil, and industrial fuel oil markets of France, Germany, Italy, and Spain vanishes. Finally, employing instrumental variables and generalized method of moment estimators, this paper further finds that the results are robust and free from endogeneity issues. [ABSTRACT FROM AUTHOR]
- Published
- 2018
- Full Text
- View/download PDF
33. TRAVELING TO EUROPE IN 2017.
- Subjects
AIRLINE rates ,FOREIGN exchange rates - Abstract
The article discusses the cheaper airfares and favorable exchange rates for traveling Europe in 2017 and mentions that Europe is more accessible than ever along with tips to help get the most out of one's next excursion.
- Published
- 2017
34. Northern European beam producers looking for higher prices.
- Author
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Peciccia, Antonio
- Subjects
STEEL girders ,STEEL mills ,MINES & mineral resources ,EUROMARKETS ,U.S. dollar ,FOREIGN exchange rates ,PRICES - Abstract
Positive sentiment in the market ahead of the construction season is boosting Northern European producer confidence about achieving higher steel beam prices, sources told Metal Bulletin sister publication Steel First on Wednesday April 15. [ABSTRACT FROM AUTHOR]
- Published
- 2015
35. European beam producers increase offer prices.
- Author
-
Peciccia, Antonio
- Subjects
STEEL girders ,STEEL mills ,FOREIGN exchange rates ,STEEL industry ,STEEL manufacture ,PRICES - Abstract
European mills have pushed up offer prices for steel beams by €10-15 ($12-18) per tonne, sources told Metal Bulletin sister title Steel First on Wednesday January 7. [ABSTRACT FROM AUTHOR]
- Published
- 2015
36. GUIDE TO EAST EUROPEAN CURRENCIES.
- Author
-
FISHER, GEOFF
- Subjects
FOREIGN exchange rates ,MONEY ,CHARTS, diagrams, etc. - Abstract
A chart is presented that shows the foreign exchange rate of European currencies as of December 2014 including Albanian lek, Armenian dram and Croatian kuna.
- Published
- 2014
37. ECB Leery of Ending Stimulus, Worried It Will Buoy Euro.
- Author
-
Buell, Todd
- Subjects
- *
EURO , *PRICE inflation , *FOREIGN exchange rates - Published
- 2017
38. The Dollar Dilemma.
- Author
-
Bachman, Daniel and Bandolik, Steven
- Subjects
AMERICAN investments ,FOREIGN exchange rates ,EURO ,ECONOMIC conditions in Europe ,U.S. dollar ,UNITED States gross domestic product ,ECONOMICS ,TWENTY-first century ,CHARTS, diagrams, etc. - Abstract
The article discusses aspects of the falling European currency Euro for the U.S. investors. Topics include factors affecting the exchange rates between Euro and U.S. currency dollar such as; improvement in U.S.'s gross domestic product (GDP) and economic condition, European Central Bank's support to sovereign debt markets with Greece's exit from the monetary union and Europe's structural issues of public pension schemes. Graph showing dollar-euro exchange rates from 2002 to 2015 is presented.
- Published
- 2015
39. European Stocks Flat as Oil Prices Prompt Caution.
- Subjects
- *
STOCKS (Finance) , *FOREIGN exchange rates , *NASDAQ composite index , *MARKETING research , *ECONOMIC policy - Published
- 2016
40. The Best Summer to Go to Europe.
- Author
-
McCartney, Scott
- Subjects
- *
HOTELS , *FOREIGN exchange rates , *TRAVELERS - Published
- 2015
41. Europe imports change PE mood.
- Author
-
Naylor, Linda
- Subjects
POLYETHYLENE ,LOW density polyethylene ,FOREIGN exchange rates ,CHEMICAL industry ,INTERNATIONAL trade - Abstract
The article focuses on the European polyethylene (PE) market. Topics include low demand of polyethylene, sale of high density density polyethylene (HDPE) pipe and metallocene linear low density polyethylene (MLLDPE), and impact of new exchange rate on exports from Europe. It mentions that traders were taking advantage of material available from non-traditional sources. It mentions low imports from Turkey.
- Published
- 2015
42. European QE.
- Author
-
SLEIGHT, CHRIS
- Subjects
QUANTITATIVE easing (Monetary policy) ,STOCK exchanges ,FOREIGN exchange rates ,STOCK price indexes ,ECONOMIC policy - Abstract
The article presents the author's views about the quantiative easing (QE) programme announced by the European Central Bank (ECB). The effects of the QE programme on the stock market and the foreign exchange rate are outlined. Two charts are provided depicting the IC Share Index and the Foreign Exchange Rates in January 2015.
- Published
- 2015
43. News - heading 1. Big, bold & beastly.
- Author
-
Tudball, Matt
- Subjects
ACRYLONITRILE butadiene styrene resin sales & prices ,FOREIGN exchange rates ,CHEMICAL industry - Abstract
The article focuses on increased demand in the European acrylonitrile-butadiene-styrene (ABS) sector as a result of favorable exchange rates with the U.S. dollar strengthening against the euro, commenting that feedstock costs have remained fairly flat, and talks about the gap between Asian and European import prices narrowing.
- Published
- 2014
44. Untitled.
- Author
-
Horne, Suzie
- Subjects
- *
FOREIGN exchange rates , *EURO , *AGRICULTURE , *CRISES - Abstract
The article discusses the change in the euro currency exchange rate for calculating 2014 Single Payment Scheme (SPS) payments in the Great Britain. It mentions that rates are set on 30 September of each year by the European Central Bank for converting payments for claimants in countries not using the euro currency. It is noted that the money will be used by the commission to support the farming industry during crisis.
- Published
- 2014
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