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A eurozone exit or breakup exposes bondholders to currency redenomination risk. I quantify redenomination risk since the sovereign debt crisis: It contributes substantially to credit spreads around changes in government in France and Italy. Bond prices suggest that markets have priced a potential Italian exit as isolated, and a French one as a breakup. Unlike conventional default risk, redenomination risk can be negative depending on the strength of the national "shadow" currency. Countries with strong shadow currencies earn breakup-insurance premia from the eurozone analog of "exorbitant privilege." Yield effects are quantitatively large for implied exit probabilities as low as 1%. [ABSTRACT FROM AUTHOR]

I investigate the consequences of firms' joint import and export decisions in the context of large devaluations. I provide empirical evidence that large devaluations are characterized by an increase in the aggregate share of imported inputs in total input spending and by reallocation of resources toward import-intensive firms, contrary to what standard quantitative trade models predict. These facts are explained by the expansion of exporters, which are intense importers. I develop a model where firms globally decide their import and export strategies and discipline it to match salient features of the Mexican micro data. After a devaluation, the model reproduces the pattern of low aggregate substitution and firm reallocation observed in the data. Compared with a benchmark without global firms, the model predicts higher growth of total exports and imports and a smaller reduction in the trade deficit. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Finance Letters / Maliye Finans Yazıları Dergisi is the property of Maliye Finans Yazilari Yayimcilik Ltd. 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 study offers unique insights into the threshold-based influence of currency devaluation (CD) on external debt sustainability (EDS) in designated Sub-Saharan African (SSA) countries. The absence of evidence from this viewpoint, particularly in SSA, inspires this new assessment. On this premise, the study utilizes two innovative estimation procedures: smooth transition regression (STR) and multiple thresholds nonlinear ARDL (MTNARDL) to estimate the sign-based and magnitude-based asymmetric influence of CD on EDS. The outcomes indicate that first, an average CD threshold of 21.1% is consistent with EDS in the designated nations; second, a small CD significantly reduces the external debt–GDP ratio and improves sustainability, while a very high CD largely worsens the EDS problem; third, in the CD regime, devaluation has more detrimental effects on external debt burden; fourth, exceedingly large changes in exchange rate (whether positive or negative) essentially affect the countries’ EDS negatively; and fifth, the adverse effect of large depreciation on EDS is greater than that of large appreciation. The study recommends, amongst others, that heavily indebted countries with sizeable external debt denominated in foreign currency should, as a matter of urgency, avoid excessive and escalated large percentages of devaluation or exchange rate depreciation. [ABSTRACT FROM AUTHOR]

This study examines Lebanon's enduring financial and economic crisis, exacerbated by economic challenges, the COVID-19 pandemic, and the Port of Beirut explosion. With over 80 % currency devaluation due to sovereign debt default, the crisis has intensified poverty and unemployment, compounded by political turmoil. Using survey data from 178 stakeholders, experts, and academics, this research explores the intricate drivers of Lebanon's crisis and offers insights for policymakers. Employing quantitative methods, it uncovers the intertwined role of financial mismanagement, government failures, mounting public debt, financial engineering techniques, and political instability in driving the crisis. Recommendations emphasize prudent financial practices, sound governance, and policy interventions. This study sheds light on Lebanon's complex financial and economic challenges with data-backed perspectives from diverse stakeholders, providing valuable insights for management practitioners and scholars navigating crises in tumultuous environments. It aims to contribute to the management discourse, equipping stakeholders with actionable strategies for addressing and preventing similar crises. It also explores the interplay between stakeholder perspectives and the determinants of the financial crisis in Lebanon. It delves into the interconnected nature of the crisis and demonstrates how stakeholders from various sectors and backgrounds mirror the factors identified in the literature. [ABSTRACT FROM AUTHOR]

The study evaluates how changes in prices of goods and services and currency rates have affected growth rate of GDP in a sample of thirty-two (32) developing countries across Africa, Asia, Latin America, and Europe and fifteen (15) developed countries from Europe, Asia, and North America. The methodologies adopted in analyzing the data collected in this research work were the panel GARCH, panel NARDL, and panel SVAR. For developing countries, positive devaluation shock induced a 0.641% decrease in GDP growth rate, while a decrease in devaluation shock stimulated a 0.286% increase in GDP growth rate. A positive variation in goods price led to a 0.496% decrease in GDP growth rate, while a 0.23% decline in GDP growth rate related to a percentage decline in price variation. For the developed countries, positive variation in goods prices stimulated a 0.00554 increase in GDP growth rate whereas 0.068% rise was induced owing a negative price variation. The major research outcome is that devaluation negatively impacted GDP growth rate in the developing countries while it favorably impacted GDP growth rate of developed countries. The observed shocks from devaluation and price variations to the growth rate of GDP are highly persistent for the developing nations. For the developed nations, shocks are symmetric, temporary and will die out with time. Economic managers of the developing countries should guide against devaluing their currency because it produces adverse consequences for their economies due to low productivity. Rather, policies should be implemented to stabilize variation in commodities prices in developing economies to prevent smuggling of goods as well as, price racketeering by producers. [ABSTRACT FROM AUTHOR]

Purpose: This paper examines the reaction of the Egyptian stock market to two substantial devaluations of the Egyptian pound (EGP) in 2022 and tests the informational efficiency of the Egyptian market. Design/methodology/approach: The paper uses the event study framework to analyze the significance and direction of abnormal returns of the leading index of the Egyptian stock market (EGX30) on and around the devaluation days. It employs both the constant mean model and the market model to estimate the normal returns of the EGX30. Additionally, the paper uses data on two equity indices, one global and one for emerging markets, as benchmarks for normal returns. Findings: The paper finds that the Egyptian stock market experienced significant positive abnormal returns on the devaluation days of the EGP in March and October of 2022, indicating a positive market reaction to the devaluation. Furthermore, evidence suggests that the Egyptian market may not be informationally efficient as significant positive abnormal returns were observed two weeks before and two weeks after the devaluation day, suggesting news leaks and delayed reactions, respectively. Originality/value: This study is the first to examine the impact of the recent two devaluations of the EGP in 2022 on the Egyptian stock market. It complements existing literature by analyzing the immediate market reaction to two consecutive devaluations in an African country. Furthermore, the paper evaluates the efficiency of the Egyptian market in processing information related to exchange rates. [ABSTRACT FROM AUTHOR]

Consider a model of debt management, where a sovereign state trades some bonds to service the debt with a pool of risk-neutral competitive foreign investors. At each time, the government decides which fraction of the gross domestic product (GDP) should be used to repay the debt, and how much to devaluate its currency. Both these operations have the effect to reduce the actual size of the debt, but have a social cost in terms of welfare sustainability. When the debt-to-GDP ratio reaches a given size $ x^* $, bankruptcy instantly occurs. Moreover, at any time the sovereign state can declare bankruptcy by paying a correspondent bankruptcy cost. To offset the possible loss of part of their investment, the foreign investors buy bonds at a discounted price which is not given a priori. This leads to a nonstandard optimal control problem. For a given bankruptcy threshold $ x^* $, we show that the optimization problem admits an equilibrium solution. The paper also studies properties of optimal feedback strategies, and the asymptotic behaviour of the expected total cost to the borrower as $ x^* $ is pushed to infinity. [ABSTRACT FROM AUTHOR]

Recent research on entrepreneurial failure has started to investigate the impact of failure on entrepreneurs and how this influences their motivation and willingness to engage in subsequent entrepreneurial ventures. We approach this topic from an alternative perspective, focusing on former entrepreneurs seeking to return to paid work and exploring how their experience of venture failure is perceived and appraised by employers in the recruitment process. Such perceptions matter because employers are gatekeepers to the employment market and thus their appraisals influence how easily former entrepreneurs can re-integrate themselves in the paid workforce. We conducted 30 interviews with employers in growing human-capital intensive companies in Sweden, asking these recruiters about their perceptions of former entrepreneurs and how their evaluations affected their hiring decisions. Conceptually, we frame our study using a process model of stigmatization by nuancing this model with fine-grained analyses of employers' perceptions and appraisals of applicants' entrepreneurial failure experiences in the recruitment process. This analysis identifies some of the key conditions that lead employers either to value or devalue an applicant's experience of entrepreneurial failure, further indicating the implications of this finding for entrepreneurs' careers and prospects of gaining paid employment. [ABSTRACT FROM AUTHOR]

This article theorizes some consequences of skewing relational (care) labour into more transactional forms of marketized public service areas; with particular reference to contracted criminal justice services in England and Wales. The authors attribute this to an interplay of the incentives of the corporate sector and those of governments which form a collective 'artificial intelligence' promoting marketization. This creates unintended consequences. Whereas corporate incentive structures minimize transaction costs and optimize profit, recent UK governments have incentivized economic productivity over socially beneficial indicators in public services. The article finds that narrowly transactional calculations of value in the commissioning of care services may produce short-term fiscal incentives for commissioners (usually the state) and corporate suppliers and 'care resellers', but generate longer-term supply-side problems. The article concludes by signposting how more pluralistic forms of collaboration among government, commerce and third sectors can be differently—and more socially—conceived. There are lessons to be learned in the article for all capitalist economies. Governments marketize the delivery of care supposedly for reasons of economic efficiency or innovation. The authors theorize that marketization is, in fact, motivated by government incentives which increase transactional activity, creating the illusion of (economic) growth. This occurs at the cost of devaluing relational aspects of social care, with consequences for workers and users. The voluntary sector is especially construed as a domain where social productivity is supposedly reliant on strong relational values, and distanced from primarily transactional, profit-pursuant activity. Marketization of this sector presents a clear example of depreciating relational values relative to transactional economic activity. [ABSTRACT FROM AUTHOR]

We introduce a novel approach to operationalizing growth models. Drawing on the most recent release of OECD Input–Output Tables, we compute the import-adjusted growth contributions of consumption, investment, government expenditures, and exports for sixty-six countries in the years 1995–2007 and 2009–2018, covering not only advanced Western economies but also Central and Eastern European, South-East Asian, and Latin American countries. We find that most are export-led or domestic demand-led and other forms of growth are rare. Our results differ from other classifications in that they reveal important geographical variation as well as temporal change. In a subsequent step, we illustrate the utility of the methodology by investigating the link between real exchange rate devaluation and export-led growth, a contentious issue in the existing literature. For pre-crisis advanced Western economies, we find an association between the two variables, which is statistically significant only when our new indicator is used. [ABSTRACT FROM AUTHOR]

This study investigates the Impact of Exchange Rate Regime Change on Non-oil Export in Nigeria from 1985Q1 - 2018Q4. The paper employs Markov Regime-Switching Approach to capture the exchange rate regime change. Results of the study reveal that exchange rate regimes have a positive and statistically significant impact on the non-oil export in Nigeria. The results also show that the degree of the impact in the two regimes are not the same, it is higher in regime 2. This is as a result of the fact that prior to the 1980s; Nigeria adopted the fixed exchange rate regime which does not allow for domestic currency devaluation hence, the relatively low non-oil export. However, in the 1980s, especially at the introduction of the structural adjustment programme of the 1986 which saw most economies of the world switch over to the floating exchange rates regime, the Naira is often time devalued and hence the higher increase in the non-oil exports. Therefore, the study recommends that there is need to achieve a stable exchange rate that when combined with the export-oriented policy will promote non-oil exports in Nigeria. [ABSTRACT FROM AUTHOR]

Robust food systems are crucial for ensuring access to affordable and nutritious food, particularly in times of crisis. Economic instability, currency devaluation, and political turmoil can disrupt food systems, leading to higher food prices, compromised nutrition, and increased vulnerability. Lebanon is a stark example of this, where a catastrophic explosion in Beirut's Port in 2020 worsened an existing economic and humanitarian crisis. The depreciation of the Lebanese currency led to soaring food prices, impacting people's ability to buy food, and pushing many into poverty, illustrating the significant impact of the state food systems during crises (FAO, 2021). In times of crisis, a simplified food system, relying on emergency food aid supplies, replaces conventional food system, as food aid and cash transfers become the primary source upon which the affected population depends to ensure their food security and meet their essential needs. In this article we report on research conducted between 2020 and 2022 focusing on the impacts of the Beirut explosion on food security status of the permanent residents the Karantina neighborhood--the closest residential area to the Beirut port. We surveyed 100 households chosen at random, examining shifts in food security and nutrition at three intervals: 6 months prior to the explosion, 6 months following it, and 2 years after the event. The findings revealed a sharp decline in food security and diet quality among residents in the two-year period following the explosion. The proportion of food-secure households fell from 71% to 2%, while those with acceptable food consumption decreased from 96% to 30%. Additionally, income and debt situations worsened significantly. Almost 95% of residents resorted to crisis coping strategies, such as using savings, borrowing money for food, selling furniture, withdrawing children from school, and reducing education and health expenses, rendering them highly vulnerable. Food and cash assistance were provided to all households for 6 months to one-year post-explosion, resulting in improved food security and consumption after 6 months. However, these gains diminished 2 years later, once the assistance ended, revealing a lack of resilience in the food system. In conclusion, soon after the assistance stopped, the prolonged deterioration of Lebanon's economic situation, compounded by multiple crises, pushed these households further into poverty, exacerbating food insecurity. This research underscores the critical importance of sustained support and comprehensive economic reforms to rebuild food systems and promote nutrition resilience in crisis-affected regions. [ABSTRACT FROM AUTHOR]

This study analyses 17 care economies using 2016 Luxembourg Income Study data to contribute to extant debate regarding the ongoing utility of care regimes as a classificatory schema for cross-national comparison. Examining similarities and differences in the provision of low-status work in health, education, social work, and domestic services – the 'care economy' – the data reveal devaluation of the labour done by immigrant women care workers, net of national and regime-level variation. In addition, numerous similarities across liberal, corporatist, social democratic, and central and eastern European care regimes emerge, in terms of the overrepresentation of immigrant women in low status care work, and the disproportionate financial penalties these workers incur. Together, findings suggest that notwithstanding national and policy-specific differences, there has been considerable convergence across economies of care towards a 'migrant in the market' model of employment. Such large-scale evidence of this trend calls into question the ongoing efficacy of care regimes for national comparisons of migrant care work under conditions of neoliberal globalization. [ABSTRACT FROM AUTHOR]

The article examines the relationship between international trade and CO2 emissions, focusing on the case of the EU. The authors consider CO2 emissions as a determinant of trade flows. The study concludes that EU exports and imports tend to increase with partner countries whose CO2 emissions are rising, highlighting the importance of this relationship for the expected effects of the Carbon Border Adjustment Mechanism (CBAM).

Argentina on the brink of disaster is an economic analysis of the Argentine crisis. The text begins with an analogy between the plagues of Egypt and the serious economic problems facing Argentina, attributed to the lack of adequate measures by the State: high inflation, loss of purchasing power, increase in informality, economic stagnation, flight of capital, decrease in international reserves, massive devaluation and the possibility of a right-wing government at the end of the year. [ABSTRACT FROM AUTHOR]

In response to economic hurdles, several countries turn to devaluing their national currencies as a way to cope with economic difficulties. Such acts have a variety of effects on many industries, including real estate, which has led to multiple institutional and regulatory reformations aiming at minimising these effects. This paper uses a system thinking methodology that emphasises underpinning relationships among all entangled components to examine how such reforms affect minimising risks associated with currency devaluation on the real estate market. This paper uses this methodology beyond linear cause-effect analyses to consider interactions and interconnectedness in order to give some insights to gain: * The impact of the currency devaluation on the real estate market based on Egyptian recent situation. * The unintended consequences of government reforms on real estate market variables * Solution leverage points where to intervene in the system. * Holistic understanding which enables decision makers to see a wider picture and factors. Egypt has faced severe fluctuations in the economic climate, which has entailed a sharp devaluation of the currency three times between 2016 and 2023 (which could be considered a special aggressive case study between countries due to repetitiveness and effects). The effects of this devaluation have extended to all sectors, and the most important of these effects was severe challenges that faced the real estate market performance. The Real Estate market (REM) recently in Egypt has faced huge recession of transactions of the market. This research focuses on understanding the relations of reforms of the regulations which is designed to give a comprehensive overview of the government reforms of RE business, and how it has been interacting with the ramifications of those currency devaluation impacts. [ABSTRACT FROM AUTHOR]

Purpose: When a country devalues its currency, some firms benefit from any resulting changes in relative prices, while other firms are relatively unaffected or suffer a loss in competitiveness. By taking a sample of import and export firms, this study assessed the effect availability of foreign currency and devaluation of BIRR (the Ethiopian national currency) on performance of firms in Ethiopia in general. Design/Methodology/Approach: The study used both primary (collected through questionnaire) and secondary data collected from financial statements of the companies. The study applies both the descriptive and inferential analysis. Findings: After detail analysis, the increase in private driven business, informal channels of inflow of foreign currency, increased population and corruption will worsen appropriate use of FOREX and aggravate challenges of shortage of it. And also it is found that the foreign currency shortage has affected the firms in many ways such as profit loss, lay off employees and discourages new investment. Practical Implications: Devaluation of BIRR against the foreign currencies makes Ethiopian commodities to be competitive in international markets. And it can also attract new investments and increase exports. Originality/Value: The study intended to assess the main challenges to access foreign currencies, assess the effects of foreign currency shortage on import/export firms, assess the effects of devaluation of BIRR on import/export firms and assess company-specific factors. [ABSTRACT FROM AUTHOR]

Economic theory states that currency devaluation reduces imports. However, tradability of inputs makes the effect ambiguous. This paper aims to test the hypothesis that, when the exchange rate passthrough is higher for input than for output prices in a given sector, the depreciation of the local currency can reduce profitability and output, leading to increased imports. We found partial confirmation of this hypothesis using a structural vector autoregression model for data from the Ukrainian pork sector for 2014 to 2020. Policymakers should consider that pork production is vulnerable to a weakening currency due to high dependence on exportable feed grains. [ABSTRACT FROM AUTHOR]

Copyright of Tiempo y Economía is the property of La Fundacion Universidad de Bogota Jorge Tadeo Lozano 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.)

Copyright of Atalanta: Revista de las Letras Barrocas is the property of Atalanta Revista de las Letras Barrocas 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 is the first examination of competitive devaluation in the 1930s using data on exchange rates. It analyses the impact of currency changes on foreign trade flows of fourteen industrialized countries 1929–1939. It reviews the development of nominal and real effective exchange rates together with trade and economic growth and conducts a disaggregated analysis of trade and bilateral exchange rates with trade partners. Tests show that the beggar-thy-neighbour effects of exchange rate adjustments were few and temporary. Moreover, it is argued that currency depreciations were expansionary not only for countries that devalued but for the international economy as a whole. This argument draws on Ragnar Nurkse (Nurkse, International currency experience, Lessons of the Inter-War Period. League of Nations, 1944) who undeservingly has been associated with the notion of "competitive devaluation". Nurkse showed that currency depreciations increased global monetary reserves, an observation that has gone remarkably overlooked in the literature. [ABSTRACT FROM AUTHOR]

Wide-ranging US sanctions against Iran in the past decade were in large part imposed to harm the living standards of ordinary Iranians in the hope that their leaders would submit to US demands to limit their nuclear program. In this study, I use extensive survey data to assess the impact of sanctions on household consumption and employment. Unsurprisingly, reduction in Iran's export of oil, which dealt a large negative blow to the economy, reduce household expenditures across income strata, raising poverty rates despite government attempts to assist the poor. By contrast, employment did not suffer as devaluation and falling real wages helped local production to substitute for imports that had been previously paid for by oil income. Probit analysis of panel data shows that, all else equal, living in urban areas, in households with older and female heads, and lack of health insurance increase the chance of falling into poverty after the 2018 shock of the US maximum pressure campaign. [ABSTRACT FROM AUTHOR]

This research article addresses the question “What are the impacts of the International Monetary Fund (IMF) on the economy of Pakistan”. Here a matter of concern is whether the IMF program has an overall positive impact on the growth of the economy of Pakistan or has just increased the debt burden. Positive impacts include solving the issue of balance of payment, stabilizing the foreign exchange reservoirs, bringing improvement in its exports, and providing money for imports. The negative impacts included the devaluation of Pakistani currency, increased burden of foreign debt, increased excise duties, discouraged investment, and dictate Pakistan in controlling the stock exchange. A qualitative research approach is utilized to examine the impacts of the IMF on the economy of Pakistan. It has been observed from the study that IMF has both positive and negative impacts on the economy of Pakistan. This study explores and analyses in detail the impacts of IMF loans on economic stabilization processes in Pakistan. [ABSTRACT FROM AUTHOR]

Contrary to optimistic predictions from the financial industry in 2011, China's economy will not have overtaken that of the USA by 2025. Since 2012, Xi Jinping has largely brought the market, private property and the capitalist mode of production back under the control of the Chinese Communist Party. Xi has curtailed the success factor of decentralization and continued to expand the failure factors of interventionism and state control. Capital is now flowing out of China, putting the renminbi under devaluation pressure. Even a relocation of production capacities from China primarily to other Asian countries can already be observed. In its policy of hegemony, China is steering the economy to achieve political and geopolitical ends and is practising geoeconomics. What remains unclear is how the geoeconomics pursued by Xi is intended to enable long-term growth in China. [ABSTRACT FROM AUTHOR]

Currency devaluation is a standout amongst the most emotional even awful proportions of financial strategy that a legislature may attempt It generally creates cries of shocks and Sustainable economic growth and development is undoubtly, one of the most challenging development issue, nowadays, in the developing countries Therefore, this study investigates theoretically and empirically the impact of currency devaluation on economic growth of Pakistan The study finds evidence of non-linearity in this relationship and capture that through a smooth transition regression model. Using annual data for the period 1975-2018, employing ARDL bounds test. From an evaluation of the overall analysis and results, it is concluded that foreign exchange reserves have positive and significant short run effect for all the countries. Inflation has negative and significant effect on economic growth of all the countries while real exchange rate has also positive and significant effect on economic growth. The government spending on development has positive and significant effect in short run scenario for all the selected countries while the money growth have positive and negative but significant effect on different countries depending on the political situation and economy based on agrarian product or industrial products. The results of this study confirm the finding of most previous study, since the advent of the exogenous growth theory. The study suggests that all the variables e.g. inflation, foreign exchange reserves, real exchange rate, money growth and government spending could be effectual in these augmenting economies. [ABSTRACT FROM AUTHOR]

"Visions of Beirut: The Urban Life of Media Infrastructure" by Hatim El-Hibri is an interdisciplinary book that explores the visual culture that has shaped the urban life of Beirut. The book examines the historical background of Lebanon and how sectarianism influences every aspect of the country. It delves into the social life of maps of Beirut, the pre and post-civil war economy, and the concept of concealment from a visual perspective. The book concludes by reflecting on the history of space in Lebanon, acknowledging the ongoing distress and hardships faced by the country. Overall, "Visions of Beirut" offers a unique perspective on the role of media technologies and infrastructures in consolidating or destabilizing regimes of power. [Extracted from the article]

Purpose: This study aims to investigate the association between corporate governance and financial transparency, using the moderating role of an Egyptian currency devaluation decision as a policy shock. Design/methodology/approach: Data was collected for a sample of companies listed on the Egyptian stock exchange from 2014 to 2019. To control for time-invariant unobserved heterogeneity, the authors analyse panel data using an estimated generalised least squares regression model. Findings: The findings underline the pitfalls of assuming that corporate governance mechanisms are effective regardless of circumstances and support the complementary roles of a number of theories in interpreting the empirical findings. Research limitations/implications: This study is limited to non-financial companies and includes only corporate board and audit committee governance mechanisms. The study results have important implications for policymakers, international lending institutions, investors and accounting standards setters. It is of particular importance to policymakers in other less-developed countries with similar economic conditions. Originality/value: To the best of the authors' knowledge, this study is the first empirical attempt to provide evidence of the impact of a currency devaluation shock on the relationship between corporate governance and financial transparency within the Egyptian context as an example of a transitional economy. Hence, it provides a significant theoretical and empirical contribution to the literature. [ABSTRACT FROM AUTHOR]

The economic repercussions caused by Covid-19 generated an abrupt drop in supply and demand in most economic activities and signs of recession worldwide. World Bank projections in 2020 show the effects of the Covid-19 pandemic, causing a 5.2% reduction in world growth in 2020. Agribusiness, through commodity exports, positively affected the Brazilian trade balance. The objective of this work was to measure the effects of the Covid-19 pandemic on the collection and distribution of State Fund for Transportation and Housing (FETHAB - Fundo Estadual de Transporte e Habitação) in the municipalities of Mato Grosso. The methodology used was the differences-indifferences model, with a cut-off from the beginning of the records of Covid-19 cases in Mato Grosso. The monthly data panel for the municipalities of Mato Grosso was built using information from the FETHAB resources extracted from the electronic address of the Secretariat of Finance of the State of Mato Grosso (SEFAZ/MT) for the period from 2019 to 2021, together with monthly export data (Siscomex) and prices (Conab). The results show that there was a 37% increase in exports. This also raised commodity prices by 73% for soybeans and 83% for a bag of corn. As a result of the increase in exports, there was also an improvement in the FETHAB collection and distribution of around 11%. The devaluation of the real against the dollar and the increase in demand for food caused an increase in prices and exports and, consequently, an improvement in the collection and distribution of FETHAB to the municipalities of Mato Grosso. [ABSTRACT FROM AUTHOR]

The article "Global spillovers from a weaker China likely to be modest" discusses the potential impact of a slowdown in China's economy on the rest of the world. It suggests that while China's role in the global economy is significant, the effects of a severe slowdown would likely be moderate. The impact would be felt more strongly in neighboring Asian economies and economies with deep trade links to China. The United States, on the other hand, would likely experience a small impact due to its relatively low trade exposure and modest financial links with China. The article also highlights that a fiscal policy response in China to offset the downturn would significantly increase the country's government debt. The exposure of foreign banks to China is a possible channel for financial contagion, with Hong Kong and Singapore being the most vulnerable due to their high percentage of bank assets tied to China. However, for advanced economies, these exposures are much smaller. A simulation of a severe downturn in China's housing market shows modest global spillovers, with Asian economies being the most affected. The article argues that assumptions of larger spillovers are unrealistic and that the international impacts of a Chinese slowdown are likely to be smaller than claimed. [Extracted from the article]

The purpose of the study is to investigate the impact of technological advancement on sales of the textile industry in Pakistan. The two factors of sales and technological advancements are studied by reaching customers and communicating with the managers of the companies. The problems that are acting as a constraint in the industry are power shortage, devaluation of the currency, unskilled labour and old techniques. The study includes insights into the industry, its power and its contribution to the economy. It includes the analysis of three stock exchange-registered companies, Nishat, Sapphire and Gul-Ahmed is evaluated on the basis of variables. The primary and secondary data are analysed, and the result from the study reveals that sales are positively affected by technological advancements and significantly improve performance. The objective of the research is to find out the speed of technology adaptation in Pakistan's textile sector and its impact on the manufacturing of clothes and their sales of it. The research shows that many attributes of fabric that define its strength, quality and sustenance of prints. [ABSTRACT FROM AUTHOR]

Organizations operate in environments of vulnerability. While there are methodologies that guide business continuity management, it is evident that organizations remain vulnerable to disruptions emerging in times of transformation and systemic change. This work aims to compile and analyze the disruptions and related risk management strategies or activities described in the literature, and explore which disruptions are creating concern in companies and how they approach them. The methodology is based on a review of the literature and from the review we define a questionnaire to guide semi‐structured interviews to managers from companies all located in a highly volatile macroeconomic context. The literature describes disruptions related with governance, cyberattacks, technology, supply chain, internal processes, and shock events and both precrises and postcrises strategies. The empirical analysis using data from companies reveals that (a) the most stressful disruptions are the currency devaluation, the high inflation rate, and government interventions and (b) managers rely on collaborative work, effective communication between stakeholders, supportive leadership, and constant adaptation to the new environment. Future research is required on techniques supporting adaptation to 'new normalcy'. [ABSTRACT FROM AUTHOR]

In this paper, we estimated the impact of daily and weekly exchange rate devaluations on consumer prices in Africa using 20 African nations as case studies which included Angola, Benin Burkina Faso, Cameroun, Chad, Congo Republic, Cote d'Ivoire, Egypt, Gabon, Ghana, Malawi, Mali, Namibia, Niger, Nigeria, Rwanda, South Africa, Senegal, Togo, and Tunisia. This study used a multivariate DCC-GARCH model. Over the long and short terms, it was discovered that devaluation had a detrimental impact on consumer prices. The study obtained a 100% response of consumer price level to exchange rate devaluation. In particular, the dynamic response of consumer price level to devaluation of currencies was complete as 100% variation in consumer prices was totally accounted for by devaluation of currencies. With both daily and weekly data, the study established that devaluation is a direct and significant predictor of the changes in consumer prices in Africa. We observed volatility persistence with shifting conditional correlations for both consumer prices and currency devaluation. Except for Senegal, other countries studied showed that volatility of currency devaluation and consumer prices at one time or the other (short or long run or both) had recognizable patterns of behavior that can be associated with the other whether inversely or directly. All countries examined have movements in exchange rate devaluation and consumer prices timevarying conditional correlation. Additionally, innovations in a currency devaluation and consumer prices significantly increase impulse responses in themselves during future days and weeks. [ABSTRACT FROM AUTHOR]

This study sought to ascertain relatively the asymmetric reactions of trade balances to currency devaluation and non-devaluation regimes in sub-Saharan African (SSA) countries between 1981 and 2021 using the smooth transition regression (STR) model. The outcome indicates that, in Ghana, Malawi, and Mozambique, currency devaluation as a change in policy has a major influence on the trade balance; however, in Nigeria, Kenya, and Tanzania, this impact is negligible. Nigeria had the highest gamma coefficient but insignificant, suggesting that policy change has not significantly impacted the country's trade balance despite the high transition rate. Findings from the devaluation regime revealed that, with the exception of Ghana, all other nations' real exchange rates are inversely and significantly related to the trade balance. Additionally, it displayed an average threshold parameter of 0.147, indicating that a devaluation of more than 14.7% within a year will deteriorate the trade balance in SSA. The results indicate that the devaluation effects hinge on the structure, macroprudential policies, and infrastructural growth of the nation. The study recommended amongst other things, (i) a robust structural transformation in key sectors (ii) judicious investment in infrastructural development to address the key bottleneck in the quality and quantity of domestic production. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to re-examine the impact of exchange rate changes on the trade balance of China and its major trading partners. In the past, many studies have been focussed on the linear effect of exchange rate change, but in this paper, a non-linear Autoregressive Distribution Lag (NARDL) model is proposed. Empirical results show that there are nonlinear and asymmetric effects on the trade balance of exchange rate. In particular, the effect of exchange rate appreciation on Sino-US trade balance is more significant than that of depreciation. A genuine devaluation of the domestic currency would improve the balance of the domestic trade. However, the opposite effect is found in the case of Sino-Japan and the Euro, and the depreciation of the currency will make the trade balance worse. These results provide a solid basis for understanding the relation of exchange rate variation and trade balance. In terms of economic reality, it is also a useful reference for adjusting exchange rate and commercial policy. [ABSTRACT FROM AUTHOR]

Mercosur celebrated its 30th anniversary in 2021 in a situation of severe stress, in which the idea of rolling it back from a customs union towards a free trade area was discussed in polarized terms, raising the question about its legitimacy. This article analyses the legitimation strategies pursued by Mercosur member states' presidents and regional bureaucrats to build, maintain, defend and enhance the belief among relevant audiences that the regional organization is legitimate. It focuses on three critical moments in which Mercosur was the object of public debate, namely, the Brazilian currency devaluation in 1999, the accession of Venezuela in 2012, and the current proposal of 'flexibilization', and, drawing on secondary literature and qualitative content analysis, argues that the origins of Mercosur agents' discursive legitimation strategies are their political ideologies. Given the strong role of presidents and lack of stronger regional institutions and leadership, Mercosur is left hostage to domestic electoral cycles and vulnerableto undemocratic trends of governments in power. [ABSTRACT FROM AUTHOR]

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This paper contributes to the political economy of low-carbon energy transitions by highlighting the importance of capital and coal devaluation in the destabilisation of incumbent energy regimes, which has been understudied by the energy transitions in social sciences literature. Empirically, it examines Germany's coal exit plan, the world's largest in terms of power capacity. By putting theories of capital devaluation into conversation with regulation theory, this study reveals the continuities between Germany's exit plan and its long tradition of delaying the devaluation of coal. This paper engages with relational political-economic approaches to analyse the German coal exit plan beyond the dualistic market vs policy-based interpretation, which has been promoted by the coal industry to capture compensation payments. Rather, it will be argued that this plan, which in its current form is based on generous financial compensations to coal companies, can be understood as a way to regulate the ongoing devaluation affecting the energy industry and manage a dual legitimation crisis affecting the federal government. [ABSTRACT FROM AUTHOR]

This study seeks to underscore the extent to which macroeconomic vectors cause foreign direct investment inflows using cointegration, vector error correction, impulse response functions, and variance decomposition techniques against annual Nigerian data from 1986 through 2020. It also attempts to unravel how FDI inflows respond to macroeconomic shocks. The results indicate that, in the long-run, interest rate, inflation, exchange rate, level of economic activity and growth, and degree of trade openness of the economy significantly cause FDI inflows to Nigeria. Whereas the direction of causation is positive for inflation, exchange rate and trade openness of the economy, it was negative for level of economic activity and interest rate. FDI inflows responded to shocks in the above independent variables in different directions, some positively for a designated time, while some negatively at other periods. Generally, shocks in the independent variables jointly affected the shocks in FDI from the second through the tenth periods of innovations. Policy implications favor government action to lower interest rate, maintain mild inflation and moderate devaluation of the Naira against the currencies of trading partners, among others. [ABSTRACT FROM AUTHOR]

Taiwan was the first developing country to adopt an export‐oriented trade strategy after World War II. The factors usually associated with big shifts in policy—a macroeconomic crisis, a change in political power or institutions, lobbying by export interests, pressure from international financial institutions—were not present; it was ideas that were key. In 1954, economist S. C. Tsiang proposed that Taiwan boost export earnings rather than squeeze import spending to deal with its chronic shortage of foreign exchange. He recommended a currency devaluation to establish a realistic exchange rate and a market‐based system of foreign exchange allocation to end the inefficient rationing by the government. Four years later, a policymaker, K. Y. Yin, fought for the adoption of Tsiang's proposal, helping to clear the way for Taiwan's phenomenal growth in trade. [ABSTRACT FROM AUTHOR]

It is substantiated that under wartime conditions, formation of a new global nature protection architectonics and decentralization of power, the solution of ecological problems of socioeconomic development passes into a new financial and investment dimension, which requires diversification of sources of financing of capital investments and current costs in environmental protection. It is determined that in the dynamics of the nominal amount of financing of capital investments and current expenditures in environmental protection in the context of the main nature protection measures in 2000–2020, in general, there is an upward trend, which is caused by inflation-devaluation processes, rather than a real increase in assignations to environmental projects both in the public and corporate sectors. It is identified that in 2000–2020 there was a significant difference between the amounts of financing of capital investments and current expenses in the direction of increasing the amount of financial support for the operation and maintenance of environmental infrastructure, rather than their renovation and modernization. It is substantiated that the chronic deficit of financial and investment support for solving ecological problems is caused by excessive unification of sources and methods of financing the renewal of the network of environmental infrastructure objects and rationalization of the use of natural raw materials, which requires diversification of fiscal, budgetary and credit investment instruments of the environmental protection industry. It is determined that increasing investment flows in the environmental sphere of Ukraine depends on the inclusion in the range of priorities of the national environmental policy of the dominants of international environmental conventions, primarily the New Climate Agreement, which will allow obtaining financial preferences from global environmental funds and foreign governments. It is substantiated that the intensification of environmental activities at the level of local self-government will become possible due to an increase in the share of deductions of the natural resource rent and environmental tax to special funds of budgets of territorial communities, which will ensure targeted linking of eco-resource payments to solving the most pressing ecological problems of territorial entities. [ABSTRACT FROM AUTHOR]

Djibril Diop Mambéty's 1994 film Le Franc explores experiences of disruption and powerlessness caused by monetary devaluation. This paper examines the cinematic grammars of Mambéty's film as they relate to currency devaluation. The CFA franc was devalued by 50 percent on January 12, 1994. The devaluation, imposed on countries in the franc zone, represents an instrument of financial control that restrains their monetary sovereignty, perpetuating vestiges of imperialism. Analyzing Mambéty's cinematic language, I offer a reading of his film through these economic structures. He works against the forms of temporal disruption introduced by processes of financialization in general and by the devaluation in particular. Ultimately, by embracing the future-past tense, Mambéty reaches into a future that has still yet to come, wresting comedy and even hope out of intolerable economic and social realities and offering a radical vision of possibility in the midst of degradation. [ABSTRACT FROM AUTHOR]

The russian federation's launch of a full-scale war against independent Ukraine on February 24, 2022, has presented unprecedented challenges to the country. In addition to resistance on the battlefield, Ukraine must implement adaptive macroeconomic policies to address the situation. This combination of military and economic efforts not only prevents economic collapse but also maintains fragile macroeconomic stability during wartime. Monetary stability becomes especially important, highlighting the absolute necessity for effective implementation of monetary policy. This article aims to identify the key characteristics of Ukraine's defence economy and forecast key policy rates and exchange rates during the war. The prerequisite for forecasting was the analysis of endogenous and exogenous factors determining the current state of the Ukrainian economy: index of business expectations in Ukraine and partner countries, state of international trade and balance of payments, disparities in the labour market, reorientation of the state budget to military needs, devaluation of the national currency, high inflation, increase of financial capital price. Modelling is based on consumer price index (CPI), household inflation expectations, key policy rate of the National Bank of Ukraine, real and nominal effective exchange rates hryvnia to USA dollar, gross and net international reserves, gross and net foreign exchange market interventions, the UK CPI, the USA CPI, EU CPI, and the weighted average yield of domestic government bonds. The methodology involved the use of the VECM model (Vector Error Correlation Model) and the Bagging machine learning method, adapted to time series. Using this methodology enabled an accurate forecast of the key policy rate. In determining the optimal exchange rate, a modified formula was used that takes into account the monetary base, total bank deposits, foreign currency deposits in banks, exchange rate in the black market, and international reserves. This modification enabled the prediction of an exchange rate that closely approximates the official exchange rate. [ABSTRACT FROM AUTHOR]