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For any country, value of its currency is considered as one of the major indicators of its economy. In the current global economic scenario where presence of several events plays vital roles in changing the value of any nation’s currency, many governments, corporate houses are concerned about the volatility of the value of their currency. The Currency depreciates when the worth of a country’s currency drops significantly compared to other currency. There are various impact of currency depreciation ranging from micro level such as inflation, Low performance of Industry/Sector, to macro level such as negative growth rate of GDP, economic instability, Even impacting Global economy by disrupting interrupting international trade. The approach involves gathering insights from previously published research papers and articles as well as from watching recorded interviews from professionals in the field of the topic. Also, data from the government websites are being used to get comprehensive answer. As all the data have been taken from secondary sources so there is no requirement for conducting survey. The main agenda of this research paper is to study different factors that causes the volatility of the currency and analyze the impact of the currency depreciation on the economy and different variables that contribute in currency losing its value. The paper provides brief insight on depreciation of currency and its causes. The research also explains different factors (monetary and non-monetary) such as inflation, interest rates, government policies and how those variables affect the value of the currency. Also, with the causes this paper sheds light on the consequences (monetary and non-monetary) such as rise in cost of imported good, Negative balance of trade, Impact in balance of payment, reduced foreign investment, reduced tourism and how various sector of economy acts simultaneously with decrease in value of the currency. Also, with changing landscape of the economy, the policymakers and investors must be alert and be prompt with their decision making in order to make their companies and country stay afloat. The paper helps various investors and policymakers with insights and recommendation on how policy makers and investors should manage the risk and opportunities that comes with the depreciating currency. [ABSTRACT FROM AUTHOR]

Monetary history is a history of inflation. The Statute of the ECB, as a copy of the Bundesbank Act, can be viewed as an attempt to establish the euro as apolitical money. Experience with the short history of the euro shows the limits of this attempt. Fundamentally, the state remains the final authority in monetary matters. The article begins with a very brief outline of monetary history and the efforts undertaken to achieve a stable currency. The second chapter analyses the Statute of the ECB as an attempt to shield monetary policy from political influence. This is followed by a review of the experience gained in the short history of the euro. The last chapter draws conclusions about the possibilities of apolitical money. [ABSTRACT FROM AUTHOR]

From its origins, currency has been based on the users' confidence in the quality of its composition and therefore in its exchange value, and if the issuing political power changes its characteristics, it must publicly inform the users, and in some places even reach a consensus with the other powers of the state. In Castile, since the time of Alfonso X, it has been accepted that the king is the owner of the coin and can change or devalue it at will, as many monarchs did. However, in modern times and with globalized trade flows, it was unthinkable that a monarch would order the composition and value of the currency to be changed secretly, "falsifying" its value, and creating a whole regulatory framework to conceal the fact, which is what Charles III did, and what we are going to study. [ABSTRACT FROM AUTHOR]

This essay explores the financialization of liberal governmentality through questions posed by cryptocurrency, especially in its relationship with the monetary coding of the globe since Bretton Woods. Contemporary Global South deployments of crypto foreground political performatives that can be characterized as attempts to short‐circuit established global configurations. This modality of speedy bypassing, enabling volatility and seizure, fuels processes of financialization more broadly, which accelerate and shorten circuits of profit making and, in tandem, short‐circuit democratic political representation. Crypto magnifies the tension between the semiotics of the social contract among nations moored in rights, and that of currency as a global language. Digital‐speculative monetization warns that the social contract, a futures contract for a secure and stable future, may approach the aleatory contract of the futures trade. [ABSTRACT FROM AUTHOR]

The IRS issued Notice 2014-21 in which they classify cryptocurrency as property. However, the variety and usage of cryptocurrency has increased since Notice 2014-21 so that cryptocurrency has become a significant and widely accepted component of the global financial system. Cryptocurrency includes a diverse group of digital assets with different origins and uses. One type of cryptocurrency, Bitcoin, has been adopted as legal tender in two countries. Yet the IRS guidance for reporting cryptocurrency has not changed. In this paper, we examine the current regulatory framework regarding cryptocurrency. Next, we discuss alternative tax treatments for cryptocurrency and the tax effects of those potential treatments. Finally, we make policy recommendations for the tax treatment of cryptocurrency. [ABSTRACT FROM AUTHOR]

Copyright of HiSTOReLo: Revista de Historia Regional y Local is the property of Universidad Nacional de Colombia, Centro Editorial Facultad de Ciencias Humanas y Economicas and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This article provides a brief overview of the role of Catalonia’s own currency from the War of the Reapers to the Spanish Civil War in an effort to point out how the exceptionalism of the conflicts spurred the development of Catalonia’s own currency, with the need for such currency coupled with the opportunity of symbolic vindication offered by currencies, one of the most prized symbols of identity and self-governance.

“Soiuz” in Russian means “union” — a key word in the formal name of the Union of Soviet Socialist Republics. Once the world’s largest state, the Soviet Union comprised 15 republics and more than 100 distinct ethnic groups. The country celebrated its diversity while at the same time emphasizing the unity of all Soviet peoples. Throughout the 1922–1991 history of the USSR a highlydeveloped system of symbolic representations was used to portray the strength of the union. For example, the state emblem visually bound the Soviet republics to the state through a heraldic ribbon using all the titular languages of the republics. Likewise, the national anthem celebrated the “unbreakable union of free republics”. The Soviet symbol set also included unique, but visually unifying, symbols to represent the 15 union republics—their flags, emblems, and anthems. There were also flags for the autonomous republics within these union republics, based upon the republic flags. In addition to the symbolic portrayal of the cohesiveness of the Soviet Union, there were two other types of “unions” that were vital to Soviet symbolism — the unity of workers and peasants, as well as the brotherhood of all the world’s communists. Both concepts were central to the symbolism of the Soviet flag and the state emblem, and to other uses of symbols within the country. This paper will examine the many ways in which the concepts of union and unity were symbolically portrayed in Soviet society including the use of flags, emblems, imagery, and slogans. It will demonstrate the importance of the concept of “soiuz” in the Soviet Union. Finally, it will show how unity symbols were central to Soviet messaging both domestically and internationally.

The development of Linked Open Data (LOD) has transformed the web into a decentralized extensive database. With this dataflow, ensuring quality level became very quickly a crucial issue. Many approaches were proposed using metrics and dimensions inherited from traditional relational databases to assess LOD quality. However, classic metrics used to measure dimensions like Currency, Volatility and Timeliness are unreliable knowing they use exclusively temporal metadata. We believe that assessing data “freshness” could emphasize their validity, considering the assumption that current data is tightly correlated with its credibility. In this paper, we propose an upgraded version for time-related metrics to make them more efficient and more suitable for assessing linked data. Using Wikidata as study case and Wikipedia as reference to “current” data, we implement our approach and compare it to the most relevant approach to find out the crucial part played by a reliable Currency and Volatility to determine data up-to-dateness.

The paper analyzes the issue of the Vladivostok branch of the State Bank of checks with a face value of 1000 rubles in January 1920, which became an attempt to replenish the stocks of banknotes to overcome the financial crisis that arose as a result of the Civil War and military intervention in the Russian Far East. The purpose of the work is to analyze known and, introducing into scientific circulation, identified historical sources that clarify and reveal certain issues when making a decision and organizing the issuance of checks by the Vladivostok branch of the State Bank. The theoretical basis of the study is a systematic approach and a comparative historical method. The author comes to the conclusion about the failure of issuance measures at the issuance stage, due to the intervention of counterfeiters. The failure of the checks increased the influence of foreign exchange in the region. The publication is addressed to researchers of financial policy during the Civil War and intervention in Russia.

Foreign investment is an important economic resource for many countries including Ukraine. The relevance of this study lies in the need to solve problems of attracting foreign investment. The purpose of this study was to consider the conditions for attracting foreign investment in the cyclic imbalances of the world economy. Using the method of correlation-regression analysis, the impact of indicators of financial imbalances was found both in general and by individual sub-indices. The study found the financial imbalances (fiscal, monetary, exchange rate, debt, trade, households, investment, and savings), both present and potential, in the face of the threat of financial and economic crisis. The procedure for assessing financial imbalances in economic activity of the world and their regional groups that implement the process of investment-oriented development was defined. To assess their impact on the volume of foreign direct investment, a comprehensive method of calculating sub-indicators of financial imbalances was proposed, which on the set of certain parameters forms an integrated index of financial imbalances. Methodological approaches to determining the restrictive procedures for the accumulation of financial imbalances associated with the transition of the financial system to a state of financial danger, considering the budget, currency, monetary and debt components were substantiated. The complex method of calculating sub-indicators of financial imbalances in the economy involves the identification of economic risks at the initial stages using the Alert Mechanism on the violation of the balance of the financial and economic systems of the participating countries. Priority areas (real estate and professional services) for attracting foreign investment from around the world were identified. The geostrategic matrix of attraction of foreign investments by the countries of the world was offered

Copyright of Journal of Actual Problems of Jurisprudence / Habaršy. Zan̦ Seriâsy is the property of Al-Farabi Kazakh National University and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Bitcoin's decentralized nature has made it a popular mode of payment for buyers and sellers, but its highly volatile nature poses a challenge for investors. This study aims to predict future Bitcoin prices using a combination of Recurrent Neural Networks (RNN) and Long Short-Term Memory (LSTM) algorithms. The non-stationary nature of Bitcoin prices is addressed using RNN, which is particularly useful for analyzing sequential data.The dataset used in this research is sourced from the Kraken exchange and includes various factors that are believed to influence Bitcoin prices, such as transaction volume, hash rate, and Google search trends. The data is preprocessed and cleaned to ensure accuracy, and then fed into the RNN and LSTM models for training and testing.The study's use of RNN and LSTM algorithms demonstrates the effectiveness of these methods in predicting Bitcoin prices, particularly in the context of sequential data. The results of the study, provide insights into potential future trends in Bitcoin prices and identify key indicators that significantly influence Bitcoin prices. The findings of this research have important implications for investors and traders looking to make informed decisions in the cryptocurrency market, as well as for researchers seeking to improve our understanding of Bitcoin's price dynamics. By predicting future prices, the study provides insights that can mitigate the risks associated with Bitcoin's volatility, making it a more viable investment option.

This article is devoted regulation of foreign exchange operations of commercial banks in financing construction projects. The expansion of international relations and internationalization of economic life, especially in view of the foreign economic activities of enterprises, make it necessary to study currency operations in special currency markets. In this context, commercial banks play an important role in reducing financial risks, especially currency risks in financing construction projects. Over the years of existence of the currency market in Kyrgyzstan, the experience of currency operations, currency trading and currency services for corporations and individuals has been accumulated, which proves the efficiency and profitability of such operations. In addition to receiving commissions, commercial banks also play a role in the financial stabilization of national monetary systems and international payment and settlement systems. In the context of inter-bank competition, the range of services offered to satisfy the foreign exchange needs of market participants is steadily growing, thanks to the development of international trade integration and considerable simplification of monetary circulation in the currency operations of banks around the world. The purpose of this study is to reveal the need for regulation of currency transactions in financing construction projects and in the financial-credit system and the digitalization of these processes.

The presence of bitcoin invites many uncertainties, such as concerning its legality and the statement that bitcoin is not an official currency in Indonesia. Objective: This research aims to analyze the bitcoins in the perspective of the Islamic Law. Method: This research uses the literature review method. The literary materials obtained are in the form of scientific papers, online media, books, etc. that concerns the analyzed object. Findings: The circulation of bitcoin in Indonesia as a medium of exchange cannot be regarded as a currency, as it does not fulfill the terms and conditions for something to be called money. The bitcoin’s function does not commensurate with the function of money in the concept of the Islamic economy, as it tends to be a traded commodity rather than a facility of transactional exchange. In the perspective of Islamic law, the speculative use of bitcoins may bring one to the risk of violating the law on gharar (uncertainty, hazard); dharar (a transaction that may bring loss to a party); and qimar (game of chance). No authority guarantees bitcoins, and this causes harm. In conclusion, bitcoins produce more harm than good. Thus, its usage is prohibited by Islamic law. Function: This research provides an explanation of the legality of bitcoins, that may aid the Indonesian society to decide whether or not they can use bitcoins according to the law and th sharia. Novelty: There has not been any researches that study the same topic as that discussed in this article.

Exchange rate fluctuations are of particular importance in macroeconomic issues due to their impact on other economic variables. Agriculture, oil, industry and services are the most important variables that are affected by currency fluctuations. Given that there have been several fluctuations in exchange rates in Iran over the past three decades, it is important to study the effect of exchange rate fluctuations on economic indicators. The purpose of this study is to investigate the effect of exchange rate fluctuations on Iran 's economic indicators. For this purpose, using annual data during the period 1991 to 2016 and using the VAR vector error correction model, the relationships between variables were examined. Therefore, in this study, the effect of real exchange rates on macroeconomic variables of the country was investigated. The results of the study indicate that the value added of the oil sector has the greatest impact on the real exchange rate. In addition, the results of the impulses of the immediate reaction and standard deviation show that if we enter a shock from the exchange rate, the oil sector variable will see the greatest effect of this shock.

The article provides a description of the position of currencies in the financial market, reflecting the importance for the Russian economy. At the same time, financial activities and the dependence of the ruble exchange rate on oil prices, which give a general idea of its condition for today, are analyzed, as well as an analysis of the oil and gas sector of the economy and a forecast for the positive development of the economy in 2021. The search for the facets and role of financial management, oil prices and currency stability is determined. The conclusion is given on finding the border between liquidity, profitability and riskiness, which allows you to find the optimal ratio between these indicators. It tells about the development of currencies today, what they are undergoing significant changes, about quick adaptation to changes and the ability to rapidly move forward. On the economic security of currencies and current trends in the financial market.

Human being has different needs for survival including food, clothes, and other social necessities. In this regard, it needs some medium of exchange; so it could fulfill its physical needs. As per chronological history, it has utilized different sources for this purpose including commodities, metal, gold, etc. Contemporary, it operates modern courses of currency such as plastic currency, credit cards, and digital currencies. Explicatory, the currency has two types such as real and assumed currencies. Real currency is gold/silver which needs no legal power while the assumed currency is in dire need of legal and political power. Clarifying, the assumed currency has also two types such as legal and illegal currencies. Those who have legal justification endorsed by an official Government of a State are considered legal currency; which is considered as a real currency/gold. Contrary, an assumed currency that is not endorsed/adopted by any State or Government is illegal. Concluding, there are three main modern currencies emerged worldwide respectively, plastic currency, credit cards, and digital currency. These types will not only be elaborated in the lines below but also a detailed discussion will be mentioned about their jurisprudential status (fiqhi status). [ABSTRACT FROM AUTHOR]

The objective of this work is to study the monetary dynamics in Venezuela during the 1870's. In this sense, the economic context in which it developed was analyzed, characterized internationally by a process of globalization and nationally by the impulse of a modernizing program aimed at facilitating domestic economic articulation with international commercial and financial networks. In the strictly monetary aspect, the study is presented on two levels: the legislative activity carried out by the State is described and analyzed, which was aimed at replacing a large part of foreign currency with its own, but integrated into a bimetallic monetary pattern on an international scale and to present the problems that occurred around monetary transactions in Venezuela society throughout the aforementioned decade. This work is of a historical nature and was supported by the analysis of bibliographical sources specialized in economic and monetary matters, as well as primary sources, related to monetary matters. [ABSTRACT FROM AUTHOR]

In May 2022, the government headed by Alberto Fernández presented new designs for the Argentine peso banknotes. This event reactivated a semiotic-discursive dispute existing in Argentina over the iconography to be used in the design of the national currency. Over the last 25 years, this dispute has oscillated between strategies that prioritise the inclusion of personalities and historical events and those that prioritise the inclusion of natural landscapes and specimens of fauna considered autochthonous. This article studies from a semiotic perspective the two local encyclopaedias in conflict in this dispute and argues how currency can be a space of dispute for the meaning of the nation. [ABSTRACT FROM AUTHOR]

There are various views concerning the cryptocurrency issue. The majority of scholars and world Islamic bodies, such as Dar al-Iftā ‘al-Miṣriyyah (Egypt), Dar al-Iftā’ al-Falasteeniyya (Palestine) and the Turkish Directorate of Religious Affairs, do not permit cryptocurrency for various reasons, including the existence of uncertainty (gharar), risk (khatar) and the fact that it facilitates (wasilah) the crime of fraud and money laundering. However, some Islamic financial and religious scholars do permit it. One scholar who views cryptocurrency positively and believes that it should be permitted is Mohd Daud Bakar, who is the Chairperson of the Shariah Advisory Council of Securities Commission Malaysia (SC) and former Chairperson of the Shariah Advisory Council for Bank Negara Malaysia (BNM). He is also former President of the International Islamic University (IIUM) and the chairperson or international Shariah advisor at various financial institutions around the world, including the S&P Islamic Index and Dow Jones Islamic Market Index (New York). His extensive experience of more than 25 years in this dynamic field has made him a leading and important reference expert. In 2015, in a report released by the Global Islamic Finance Report (GIFR), he ranked sixth among the world’s 10 Islamic finance experts. This success has made him an expert, not only in the field of Usul al-Fiqh which is the core knowledge base of Islam, but also beyond the field of Islamic finance and law. This paper analyses the validity of Mohd Daud Bakar’s views on cryptocurrencies within the scope of Usul al-Fiqh according to the ‘illah, ‘urf, sad zarai’ and fatḥ zarāi’ methods. This qualitative study had obtained data from Facebook Live video recordings, reports and articles, which were then analysed using the descriptive content analysis method. It can be concluded from an ‘illah (legal operative cause) aspect that there is no acceptable ‘illah for banning this currency. From the point of view of al-’urf, cryptocurrencies are acceptable and do not contradict the principles of Shariah. Whereas from the point of view of sad zarāi’, this study found no solid evidence that it could lead to deleterious circumstances other than mere conjecture and assumption, hence, the introduction of cryptocurrencies should be permitted or made accessible. He also suggested the use of the fath zarāi’ method, which is better suited for creating opportunities for innovation and creativity of financial products based on financial technology (fintech). Finally, he mentioned about the permissibility of cryptocurrency as a medium of exchange even if it does not become the legal currency of a country. [ABSTRACT FROM AUTHOR]

Cryptocurrencies were supposed to replace traditional payment methods when they were invented over 13 years ago, but adoption by the general consumer is still lacking, at least in the United States. Instead, crypto is often used as a speculative investment, by illicit actors, or for use cases unrelated to everyday purchases. A literature review on general adoption barriers and interviews with experts has only unearthed factors like usability, performance, and political drivers, among other barriers. Brand as an adoption barrier is mostly missing from literature, at least for cryptocurrencies. This led to the formation of a hypothesis related to crypto's lack of adoption as a payment method. A framework is being designed based on the technology adoption model to find out if "brand" has an impact on cryptocurrency adoption, which was paradoxically designed to be brandless and not needing any institutional trust. The intent is to focus on what "Bitcoin 2.0" might look like, and to also delve further and gauge perceptions about various types of brands getting involved in the next generation of cryptocurrencies, including traditional banks, governments, technology companies, and also some of the decentralized and hybrid consortia currently vying to get consumers to use stablecoins, nation-issued cryptocurrencies, and other forms of digital instruments. While other studies had focused on trust, early adopter usability, or performance of blockchain networks, this work intends to focus on the general consumer's perceptions about digital money, and the types of brands and evolution of this instrument liable to increase uptake. [ABSTRACT FROM AUTHOR]

The purpose of the article is to study the problems associated with the possible unfolding of the banking crisis in the USA and European countries, the content of state regulatory measures aimed at ensuring the financial stability of Ukrainian banks, which will be implemented consecutively from February 2022, the justification of additional, most urgent measures aimed at overcoming existing problems in the country's banking system. General scientific and special methods are used: analysis, synthesis, grouping, description, comparison, theoretical generalization and abstract-logical. In the course of the research, it was concluded that the bankruptcy of some leading foreign banks should not have a significant negative impact on the banking sector of the Ukrainian economy. The article also discloses the content of state regulatory measures aimed at ensuring the financial stability of Ukrainian banks, which include the implementation of full (regardless of the amount and currency) state guarantee of bank deposits of individuals, providing banks with the required amount of refinancing, a radical increase in the discount rate, active accumulation of international reserves, withdrawal of problem banks from the market, activation of the use of norms of mandatory reservation of funds raised by banks, reduction of the rate on overnight deposit certificates, activation of the work of the Financial Stability Council. The positive consequences of the implementation of a set of measures to support the banking system of Ukraine were determined, in particular: a decrease in inflation rates, strengthening of the hryvnia exchange rate, preservation of profitability of the banking system, gradual restoration of bank capitalization. Problems that require the adoption of additional regulatory measures by the state are highlighted, namely the increase in the share of problem loans and the actual suspension of credit activities of banks. A number of measures are proposed within the framework of improving the current monetary policy of Ukraine: development of the mechanism of "emergency" refinancing of banks in case of rapid spread of crisis phenomena; unconditional adherence to the policy of "expensive money"; limitation of emission and money supply growth rates; restoration of the practice of compulsory sale of a part of the foreign currency earnings of exporters; ensuring further "fine-tuning" of the current method of mandatory reservation of the funds involved; settlement of the "new" NPL management procedure; creation of a specialized state institution for the management of problem assets to accept NPL portfolios of state banks on the balance sheet. The results of the research can be used at the level of the National Bank and the government in the process of forming urgent measures in the field of monetary policy implementation. [ABSTRACT FROM AUTHOR]

There is a famous saying: Money changes companies and companies change money. Nowadays there are more and more opinions about the future of money and central banks. Is money issuance still a function of central banks? Regulation or deregulation? Society without physical money? These are just some of the questions we hear from both the general public and the financial banking world. This paper is a small study of money issuance and its necessity from a central bank perspective. The study on the US case is based on data published by the Federal Reserve and brings the US dollar issuance into focus. Based on volume and tightness analysis, the results show that there is still a need for physical currency in the US, especially small denomination. Although credit cards have replaced many cash transactions in recent years, the dollar is a sought-after physical currency outside the US. [ABSTRACT FROM AUTHOR]

Bitcoin is a newly created currency, which is also considered as "Digital Gold." Whereas, Gold is a precious yellow metal. Bitcoins are more independent of the government than gold. Both gold and bitcoins are scanty resources, and thus, prices of both these assets appreciate or deteriorate depending on the demand and supply. An attempt was made to examine the association between prices of these two currencies. For this purpose, three different models were run: independent sample t-test, correlation analysis, and regression analysis. The outcomes of the independent sample t-test revealed that there exists a significant difference between the gold and bitcoin prices. However, the findings of correlation analysis show that movements in gold prices are statistically and positively linked to bitcoin prices. These findings indicate that gold prices move in the same direction as bitcoin prices. Further, the results of regression analysis also depicted that movement of bitcoin prices depends on movement of gold prices. Since its genesis, bitcoin prices have experienced around 37,418 appreciations, which make it an extraordinary currency. However, this study argued that bitcoin is establishing itself as an investment asset for the short term only because fluctuation in prices is very abnormal and unreliable in the long run. Moreover, robustness checks further show that gold prices are increasing at a steady rate, but increments are regular and trustworthy. Finally, the study found that bitcoin provides much higher returns to investors than gold. These results are crucial for the risk-taker investors who are looking for higher returns because bitcoins are getting growing public exposure day by day and attracting investments throughout the world. [ABSTRACT FROM AUTHOR]

A vast amount of methods have been developed to make inferences for volatility data, taking into account the stylized facts of rate/return data. However, the common problem is that the latent parameters of many volatility models are high-dimensional and analytically intractable. Therefore, their inference procedure requires numerical approximations using intensive computational techniques, as the Markov chain Monte Carlo, Laplace, and particle filter methods. A common strategy to overcome this problem is model linearization. This approach consists of writing the stochastic volatility model as a linear Gaussian state-space model, leading to an approximated marginal likelihood using the Kalman filter, reducing the problem's dimensionality. This paper proposes a new filtering inference procedure with an integrated likelihood for a Generalized Error Distribution (GED) state-space volatility model without model linearization. Also, we evaluate the quality of our method approximation and introduce an approximated smoothing procedure. We use the Bayesian methods for making the inference of static parameters and perform a simulation exercise to study the estimators' properties. Our results show that the proposed model can be reasonably estimated, and the approximation of our method is reasonable. Furthermore, we provide a case study of the pound/dollar and real/dollar exchange rate to illustrate our approach's performance. For the real/dollar time series, the model captures a high volatility pattern due to the COVID-19 pandemic. • A new filtering procedure (the CUP) with an approximated marginal likelihood for a stochastic volatility model. • The inference is fast and easy to implement under the Bayesian approach without model linearization. • The high-dimensional hidden states are integrated out and sampled in blocks with an approximated smoothing procedure. • For the log-returns is used a GED model, but it can be easily extended to other skew and heavy-tailed distributions. • The CUP can also be applied to other models. [ABSTRACT FROM AUTHOR]

Governments use images on currency to promote a national identity to citizens and to foreigners who come in contact with the currency. We study the Turkish currency redesign of 2009, which was dominated by Erdoğan's Justice and Development Party, to understand how the party has promoted its nation-building message. First, the new banknotes continue to emphasize the importance of Atatürk. Second, the currency redesign clearly shows the influence of Western Europe. For the first time, the figures represented on the banknotes reflect the dominant Western European currency pattern of celebrating scholars, artists, and scientists rather than state officials or historic buildings. Third, the new banknotes also send a distinctively non-European message by celebrating medieval scholars and devout Muslims over more secular, modern individuals. Thus, the currency emphasizes Turkey's distinctiveness within Europe, following the outward forms of European currency iconography but using Ottoman and Muslim imagery to suggest Turkey's differences. In a state that has long defined its identity primarily in terms of Atatürk's modern legacy, the AKP is shaping a new path that is simultaneously more and less European. [ABSTRACT FROM AUTHOR]

This study aims to substantiate the practicality of establishing a fixed exchange rate (FER) under external shocks to the Azerbaijani economy. Using regression analysis, principal component analysis, and the Granger causality test, we substantiated the inexpediency of a fixed FER for the manat (the national currency) due to: the ineffective fiscal and monetary policy of the state, weak integration into the U.S. economy, distrust of the manat in the population, and the weakness of currency hedging. Artificial retention of a FER will lead to devaluation and chronic economic recession (inflation growth, a decrease in real incomes of the population, a reduction of GDP per capita, and an increase in unemployment). It is substantiated that an increase in public confidence in the national currency should become the basis for the transition to a floating exchange rate (FER) for the manat as it will help to get the actual value of the manat. [ABSTRACT FROM AUTHOR]

Copyright of Stratum Plus Journal is the property of P.P. Stratum plus and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)