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Analyzing 48 foreign exchange (FX) rates and 1.2 million FX-related news articles over a 35-year period, using digital textual analysis, we find that a currency reversal investment strategy that buys (sells) currencies with low (high) media sentiment offers strong positive and statistically significant returns and Sharpe ratios. The results are robust and the strategy adds value over other currency premia determinants. Analysts' forecasts systematically mispredict the reversal strategy. This is the first article to show that price reversals based on media sentiment are a well-defined feature of the FX market. [ABSTRACT FROM AUTHOR]

We present evidence that several popular low-frequency measures of effective spread suffer from a volatility-induced bias and that volatility is the primary driver of the variation of these liquidity proxies. Using data for U.S. equities and major foreign exchange rates, we show that the bias arises when the effective spread is small relative to volatility. We document that the bias has become more acute over time and show that volatility-biased measures fail to replicate some well-known results in empirical finance. We conclude by providing guidance on the choice of low-frequency measures in empirical applications. Authors have furnished an Internet Appendix , which is available on the Oxford University Press Web site next to the link to the final published paper online. [ABSTRACT FROM AUTHOR]

Over the past 25 years, trade flows have nearly quadrupled, and a renewed concern is whether trade openness is responsible for rising domestic inflation. This paper first provides a rigorous review and evidence of trade openness on domestic inflation by using a meta-analysis utilizing 31 years of empirical studies. The measurements of inflation, country and data characteristics, some macroeconomic variables (e.g. GDP, monetary supply, exchange rate) and econometric techniques are identified as the main contributions to the heterogeneity of previous findings. After checking for the presence of publication bias, the paper shows that the average effect of trade openness on domestic inflation is very small and barely significant, and the effect heterogeneity across the results is mainly explained by the studies' sample countries and their efforts to address the concern that trade openness might be endogenous. For studies in which endogeneity is well addressed, we find that trade openness could lead to inflation only in non-OECD countries but has no statistically significant effect in OECD countries. Therefore, the study suggests that the governments of these non-OECD countries should be aware of the side effects of trade openness. [ABSTRACT FROM AUTHOR]

Recirculating aquaculture systems (RASs) are a sustainable aquaculture model strongly advocated by Chinese government. Earthy-musty is an important factor affecting the economic benefit and food safety of RAS. Geosmin (GSM) and 2-methylisobornyl (2-MIB) are the main substances that produce earthy-musty, which have a low human sensory threshold. Their accumulation leads to the earthy-musty of aquatic products, which greatly reduces the taste and economic value of these products and also threatens the sustainable development of aquaculture in China. GSM and 2-MIB are predominantly produced by heterotrophic prokaryotes in RASs. The production of these odorants is closely related to environmental factors, water quality parameters, and microbial community composition and is regulated by functional enzymes. Since the water exchange rate of RASs is only 5%, the current earthy-musty substances (EMS) treatment technology is not suitable for this system, and a cost-effective EMS removal technology is urgently needed. We put specific emphasis on the removal of EMS in RAS farms. Finally, we predict the challenges faced by EMS purification in RASs under the "comprehensive development of aquaculture" guideline by the Chinese government. In this review, first, we discuss the current GSM and 2-MIB generation mechanism in RASs, and then, based on the characteristics of RASs, we describe the transformation rules and removal methods of EMS in water systems and aquatic products, respectively. Finally, a new idea for removing EMS in RASs is proposed; that is, lipid adsorbents cooperate with functional microflora to remove EMS. This review provides scientific basis for eliminating the off-flavor of aquatic products, providing technical support for the promotion of RASs. [ABSTRACT FROM AUTHOR]

This research investigates the impact of key macroeconomic determinants on tourist demand in Greece, focusing on destination competitiveness, income levels, real interest rates, real exchange rate volatility (ERV), trade openness, technology infrastructure, human capital, and travel costs. By introducing a novel index, the study comprehensively evaluates these influences on Greece's tourist influx over the long term. It also explores the asymmetric long-term impacts of ERV and tourists' income, highlighting the importance of the direction and size of these effects. The findings are essential for developing effective long-term economic policies to enhance tourism in economies like Greece, where tourism significantly contributes to economic development. [ABSTRACT FROM AUTHOR]

This study applies Autoregressive Distributed Lag (ARDL) cointegration method to study the impact of exchange rate fluctuations on Turkey-US trade, considering the third country effect. We estimated bilateral exports and imports of 10 industries between Turkey and the US, collected trade data between Turkey and the US and related exchange rate fluctuation indicators, and established economic models. The results show a two-way interaction effect of exchange rate fluctuations on bilateral trade. At the same time, we find that the third-country effect plays a vital role in Turkey-US trade, and changes in demand and supply from other countries indirectly impact bilateral trade. This study helps to understand the complexity and volatility of trade between Turkey and the US and provides reference for relevant economic policies. These insights help not only address challenges posed by exchange rate fluctuations and third-country effects but also promote stable and sustainable bilateral trade in an evolving global economy. [ABSTRACT FROM AUTHOR]

The editorial series in the Journal of Wealth Management discusses the impact of superficiality on investment decisions and policymaking. It highlights the role of social networks in promoting superficial decision-making and the creation of narratives to justify certain positions. The articles emphasize the importance of basing advice on hard facts and rigorous analysis, cautioning against false narratives influencing policy decisions. The journal also features articles on goals-based management, capital market assumptions, risk management, taxation of ETFs, calendar anomalies, and private market investments. [Extracted from the article]

This study examines the influence of global and country factors on inflation movements in Korea using a multi‐level factor model. Our results indicate that country factors showed a more pronounced alignment with inflation in Korea up to the mid‐2000s, having particularly strong impacts around the Asian financial crisis. Beyond the mid‐2000s, global factors played a more influential role in shaping inflation. This increased influence of global factors on inflation became particularly apparent during the notable inflationary surge following the COVID‐19 pandemic. We construct structural models to identify global and country shocks and find that the effect of global shocks persists for a longer period, whereas the immediate impact of country shocks is more pronounced. Global shocks have a greater influence on producer price index and import price index inflation compared to consumer price index (CPI) or core CPI inflation. We further find that energy prices closely correlate with global factors, while exchange rates are highly correlated with country factors in Korea. [ABSTRACT FROM AUTHOR]

The literature on the effects of country risk premium shocks has largely focused on emerging market economies. We empirically show that in developed economies, risk premium shocks explain a non‐trivial share of aggregate fluctuations and are key drivers of real activity during crises. Our empirical results and results from a two‐country New Keynesian model indicate that an increase in the risk premium leads to a reduction in aggregate output under monetary union, but not so in countries with flexible exchange rates and independent monetary policy. Model simulations suggest that managing international capital flows enhances welfare in countries under monetary union. [ABSTRACT FROM AUTHOR]

Water exchange rate (Kw) across the blood–brain barrier (BBB) is an important physiological parameter that may provide new insight into ageing and neurodegenerative disease. Recently, two non‐invasive arterial spin labelling (ASL) MRI methods have been developed to measure Kw, but results from the different methods have not been directly compared. Furthermore, the association of Kw with age for each method has not been investigated in a single cohort. Thirty participants (70% female, 63.8 ± 10.4 years) were scanned at 3 T with Diffusion‐Prepared ASL (DP‐ASL) and Multi‐Echo ASL (ME‐ASL) using previously implemented acquisition and analysis protocols. Grey matter Kw, cerebral blood flow (CBF) and arterial transit time (ATT) were extracted. CBF values were consistent; approximately 50 ml/min/100 g for both methods, and a strong positive correlation in CBF from both methods across participants (r = 0.82, p < 0.001). ATT was significantly different between methods (on average 147.7 ms lower when measured with DP‐ASL compared to ME‐ASL) but was positively correlated across participants (r = 0.39, p < 0.05). Significantly different Kw values of 106.6 ± 19.7 min−1 and 306.8 ± 71.7 min−1 were measured using DP‐ASL and ME‐ASL, respectively, and DP‐ASL Kw and ME‐ASL Kw were negatively correlated across participants (r = −0.46, p < 0.01). Kw measured using ME‐ASL had a significant linear relationship with age (p < 0.05). In conclusion, DP‐ASL and ME‐ASL provided estimates of Kw with significantly different quantitative values and inconsistent dependence with age. We propose future standardisation of modelling and fitting methods for DP‐ASL and ME‐ASL, to evaluate the effect on Kw quantification. Also, sensitivity and bias analyses should be performed for both approaches, to assess the effect of varying acquisition and fitting parameters. Lastly, comparison with independent measures of BBB water transport, and with physiological and clinical biomarkers known to be associated with changes in BBB permeability, are essential to validate the ASL methods, and to demonstrate their clinical utility. [ABSTRACT FROM AUTHOR]

This paper explores the nonlinear relationship between workers' remittances and real effective exchange rates for West African Economic and Monetary Union (WAEMU) member countries using the panel smooth transition regression (PSTR). The PSTR was estimated with one transition function and one location parameter as dictated by the diagnostic tests. The diagnostic tests reveal that the relationship between workers' remittances and real effective rates is nonlinear. The estimated threshold value is 3.07%. The results reveal that increases in workers' remittances have a depreciating effect on real effective exchange rates in regime one, associated with threshold value of less than 3.07%. However, in the second regime when the threshold value is greater than or equal to 3.07%, increases in workers remittances have an appreciating impact on real effective exchange rates. These results substantiate that the relationship between workers' remittances and real effective exchange rates is asymmetric and as such should be modeled accordingly. Above all, the results confirm the presence of Dutch disease effect in the second regime where the estimated coefficient on workers' remittances is negative and statistically significant. However, there is no evidence of Dutch disease effect in the first regime where the regression coefficient on workers remittances is positive and also statistically significant. Policy implications are discussed. [ABSTRACT FROM AUTHOR]

The effect of real exchange rate volatility on real exports is explored empirically in this article. The study uses disaggregated Indian manufacturing sector data consisting of seven categories: leather & leather manufactures, chemicals and related products, engineering goods, electronic goods, textiles (excluding readymade garments), readymade garments and other manufactured goods. The analysis is focused on India's quarterly data from 2004Q2 to 2018Q2 using the ARDL bound test procedure. The ARDL bound test results show that real exports are co-integrated with fluctuations in real exchange rates and world real GDP. The study also reveals that exchange rate volatility has mixed effects on manufacturing exports both in the long run and short run. The impact of real-world GDP (WGDP) on real exports has been found positive and significant in the long run except for leather and leather manufacturers where it is negative and significant. In the case of the short-run, real-WGDP has mixed effects on exports. JEL Classification: C22, F14, F31, F1 [ABSTRACT FROM AUTHOR]

Using a unique data set of Chinese firm-product-destination level export on the period 2000–2013, this paper investigates the effect of real exchange rate changes on multi-product firms' price setting decisions on export product with heterogeneous levels of quality. We find less exchange rate pass-through (ERPT) for higher-quality products. Meanwhile, the ERPT is higher when the Renminbi (RMB) appreciates than when it depreciates, and product quality has a greater effect on the ERPT during RMB depreciation. Furthermore, higher distribution costs lead to more pricing-to-market (PTM) and less pass-through. This heterogeneity in ERPT is also robust in different samples and econometric specifications. Combined with the existing studies on the effects of firm heterogeneity on the ERPT, our study helps piece together a more complete picture of the heterogeneity across firms in their reaction to export prices when the exchange rate changes. [ABSTRACT FROM AUTHOR]

Several research efforts were dedicated to analysing the effects of foreign direct investment (FDI) inflows on gross domestic product (GDP) and employment in the host economies. The variations in the conclusions signal that other variables influence and moderate the effects of FDI on GDP and employment. Institutional elements receive limited research attention, despite their influence on the host economies. This paper investigates the moderating role of institutional elements in the FDI-host economies on FDI’s effects on GDP and employment with China and India as case studies. The approach utilises three principal methodologies. The first methodology presents an in-depth analysis of China and India, highlighting selected institutional elements with the potential to influence FDI’s effects. The second methodology confirms the presence of a positive correlation between FDI and GDP and a negative correlation between FDI and employment-to-population ratio (EPR) in both China and India. The FDI, GDP purchasing power parity per capita, and EPR datasets are extracted from the World Bank – DataBank World Development Indicators to ensure the consistency of the data. The results of the quantitative analysis validate the qualitative analysis. The qualitative analysis confirms the moderating role of the selected institutional elements with variations in direction and strength. Significant variations in FDI’s effects on GDP and employment are strongly related to variations in the institutions of governance. The institutions of governance include the functionality of the state organs, the efficiency of the legal system and enforcement of the rule of law, and the quality of implementation of FDI-supportive policies. The findings aim to increase the absorption of the positive effects of FDI on GDP and employment in the respective countries. The research is a cornerstone of in-depth future research into the following areas: the role of selective FDI and constructive conditional FDI policies, the functionality of judicial authority controls, and FDI favourable exchange rates and interest rates policies. The novelty and contribution of the paper lie in its comprehensive exploration of the moderating role of institutional elements on the effects of FDI on GDP and employment in host economies, with a specific focus on China and India. The paper contributes significantly to the academic literature on FDI and economic development by emphasising the importance of institutional factors and providing actionable insights for policymakers and researchers. [ABSTRACT FROM AUTHOR]

This article aims to analyze the main philosophical concepts used in understanding the legal category of legal personality and to conduct a descriptive study of the concepts related to this category that prevail in domestic science. The author of the article substantiates the position that the approaches to the theoretical and legal developments of the category of universal legal personality of legal entities should be based on the natural law type of legal understanding. At the same time, the article analyzes domestic authors’ approaches to understanding the legal category of legal personality and compares these approaches with those prevailing in Western countries. Furthermore, the author attempts to justify the expediency of distinguishing exclusive legal personality, given the positivist approach that underlies the construction of the model of the exclusive type of legal personality of professional participants in capital markets. In our opinion, establishing the exclusive legal personality of legal entities is a stateimposed limitation on their universal legal capacity, such as the ability to participate in certain civil-law relations, considering the social importance of the type of activity carried out by these entities. After all, the proper functioning of capital markets is crucial to the financial stability of the country. Capital markets, along with commodity markets, directly influence the formation of exchange rates by attracting foreign investment into the country’s economy. They can also act as a catalyst for economic growth by accumulating financial resources from the population to create capital-intensive productions with high value-added end products. However, achieving such results depends on the balanced state policy in the field of regulating the activities of professional participants in capital markets. To limit the speculative nature of such entities and ensure sustainable economic development, the scope of their legal capacity is narrowed by directly specifying in the law the types of activities they are permitted to engage in. [ABSTRACT FROM AUTHOR]

This paper estimates the macroeconomic effects of government spending shocks in New Zealand. Using a structural vector autoregression (SVAR) model, I find small output multipliers for government consumption but large multipliers for government investment. Importantly, the real exchange rate appreciates after positive government spending shocks, consistent with classic theory. Private consumption and private investment decrease after government consumption shocks, but increase after government investment shocks. I compare my results to the previous studies and show that selecting the appropriate series for government investment is important for estimating its effect. [ABSTRACT FROM AUTHOR]

Demand on high‐performance ion exchangers is ever‐increasing in energy and environment applications. Among many cation exchangers, layered alkali titanates generally show larger cation exchange capacity, but slower cation exchange rate due to their 2D micrometer‐size particle morphologies, which limits their practical applications. Here, a rational conversion of a layered sodium titanate, Na2Ti3O7, is reported to the corresponding 1D ultra‐narrow nanowires via hydrothermal treatment under basic conditions. The formation of nanowires is thought to involve the partial exfoliation of Na2Ti3O7 to form thin plate‐like particles that subsequently split into nanowires along a crystallographically defined, chemically selective weakness in the Na2Ti3O7 crystals. This process is similar to a recently burgeoning materials design using atomic‐level weakness in solids, such as zeolites and metal‐organic frameworks. The proposed formation scheme is further supported by comparative experiments performed on another layered alkali titanate, K0.8Ti1.73Li0.27O4, which possesses randomly distributed defects at the Ti sites. Thanks to the shortening of diffusion path lengths of the interlayer cations, the resulting Na2Ti3O7 nanowires show an excellent cation exchange performance toward Cd2+ in aqueous solution, exceeding several existing cation exchangers such as zeolites and organic resins. [ABSTRACT FROM AUTHOR]

PVA/PSS composite gel membrane electrode for membrane capacitive deionization (MCDI) was fabricated and characterised in the present study. The composite electrode with ion exchange surface is prepared by coating glutaraldehyde cross-linked polyvinyl alcohol (PVA) composite hydrogel, with Poly (Sodium 4-Styrenesulfonate) (PSS) added into the network, on the surface of activated carbon (AC) electrode. The feasibility of the gel membrane is analyzed by rheological, swelling rates and ion exchange capacity tests. Then electrochemical test and desalination test are used to study the performance of the MCDI electrode. The results show that coating of composite hydrogel layer improved the hydrophilicity, specific capacitance and lower interfacial electron transfer resistance of the electrode. Finally, we assemble the asymmetrical CDI cell with PVA/PSS composite gel electrode and AC electrode. Compared with the AC electrode, the salt adsorption capacity of PVA6-PSS15 can reach 18.9 mg g−1 and stable charge efficiency at 73.0% at operating voltage of 1.2 V. The decrease in specific capacitance of PVA6-PSS15 after 50 cycles is 1.33%, indicating that the electrode has a good cycling life. The gel membrane coated electrode prepared by PSS provides a new idea for the development of MCDI. [ABSTRACT FROM AUTHOR]

This study examines the nexus between external shocks and micro-transmission aspects of volatility persistence and market efficiency for the Malawian Foreign exchange market. Garch-type models are employed on monthly data stretching back to June 2011 through to October 2021. Results of the study show the presence of two structural breaks for the volatility series and one structural break for the return series that fall within the rolling window for external shock associated with the Russia-Ukrainian war. The negative nature of the shock leads to a significant additive impact on volatility persistence, asymmetry, and threshold at different levels of significance in the three models of Garch, E-Garch and T-Garch respectively. Relaxing the models confirms the presence of domestic influence. However, the external influence remains significant especially for the negative shock. As such, the leverage and volatility feedback effects of external shocks are corroborated. Augmenting the approach with a FRUH analysis reveals that the foreign exchange market does not follow a random walk as it departs from the 1:1 relationship between the spot and forward rate thus being weak-form inefficient. [ABSTRACT FROM AUTHOR]

The blood-brain barrier (BBB) plays a pivotal role in protecting the central nervous system (CNS), and shielding it from potential harmful entities. A natural decline of BBB function with aging has been reported in both animal and human studies, which may contribute to cognitive decline and neurodegenerative disorders. Limited data also suggest that being female may be associated with protective effects on BBB function. Here, we investigated age and sex-dependent trajectories of perfusion and BBB water exchange rate (kw) across the lifespan in 186 cognitively normal participants spanning the ages of 8–92 years old, using a non-invasive diffusion-prepared pseudo-continuous arterial spin labeling (DP-pCASL) MRI technique. We found that the pattern of BBB kw decline with aging varies across brain regions. Moreover, results from our DP-pCASL technique revealed a remarkable decline in BBB kw beginning in the early 60 s, which was more pronounced in males. In addition, we observed sex differences in parietal and temporal regions. Our findings provide in vivo results demonstrating sex differences in the decline of BBB function with aging, which may serve as a foundation for future investigations into perfusion and BBB function in neurodegenerative and other brain disorders. [ABSTRACT FROM AUTHOR]

Nowadays, the prediction of cryptocurrency side effects on the critical aspects of the exchange rates in intelligent business is one of the main challenges in the financial market. Cryptocurrency is defined as a set of digital information concerning internal financial protocols of digital marketing, such as blockchain, which operates according to a decentralized architecture. On the other hand, fraud activities in Ethereum transfer and management of cryptocurrency now increase and affect safe transactional processes. This article presents a new machine‐learning approach to Ethereum fraud Detection based on Bayesian Optimizable Ensemble Bagged Trees (BOEBT) algorithm. Moreover, the main goal of this study is to derive the accuracy of the cryptocurrency prediction model using different machine‐learning algorithms and compare their evaluation parameters together. The performance of the proposed prediction model using the machine learning algorithms was evaluated by the MATLAB tool. The experimental results show that the proposed BOEBT algorithm merits achieving 99.21% accuracy and 99.14% F1‐Score to other machine learning algorithms for cryptocurrency fraud prediction. [ABSTRACT FROM AUTHOR]

This study analyzed the impact of macroeconomic variables (manufacturing, real exchange rate, government expenditure, and gross fixed capital formation) on GDP growth in Ghana. Utilizing secondary data from the World Development Indicators of the World Bank (1991–2021), we employed a hierarchical Bayesian linear model with interaction effects to assess these relationships. The results indicate that the real exchange rate, manufacturing, and government expenditure have a positive influence on GDP growth, while gross fixed capital formation exhibits a moderately negative effect. To enhance economic growth, it is crucial to optimize capital investments, bolster export competitiveness through targeted policies, and invest in manufacturing innovation. These findings offer actionable insights for policymakers aiming to stimulate economic growth in Ghana. [ABSTRACT FROM AUTHOR]

In this article, we investigate the parameter estimation problem for reflected Ornstein–Uhlenbeck processes with mean reversion. Both estimates based on either continuously or discretely observed processes are considered. The explicit formulas for the estimators are derived using the least squares method. Under regular conditions, we obtain the strong consistency and establish the asymptotic normality for the estimators. Simulation results demonstrate that the performance of our proposed estimators for the drift parameters is superior to the moment estimators. The currency exchange rate data is used to illustrate the theoretical results. [ABSTRACT FROM AUTHOR]

The pandemic crisis and associated lockdown have led to diminution in demand on one hand and different types of supply side bottlenecks on the other. The article makes a theoretical attempt to assess macroeconomic dimensions of COVID-19 along with consequences of such crisis using a two-sector dependent economy model. In particular, the article investigates the implications of unanticipated adverse shock such as COVID-19 and wage cut for the dynamic interaction of Tobin's q, price of non-traded goods and the exchange rate and sectoral composition of output and level of employment. The effects of expansionary fiscal policy and increase in risk premium are also highlighted as the part of concluding remarks. The results in this article critically depend on the difference in the speeds of adjustments in the Tobin's q, exchange rate and price of non-traded goods and different types of cross effects emanating from changes in interconnected macroeconomic variables. While the pandemic crisis leads to contraction of all the sectors and decrease in level of employment in the short-run with uncertain medium-run implications, the wage cut somewhat arrests the fall in employment. JEL Codes: E24, F41, G12 [ABSTRACT FROM AUTHOR]

Foreign exchange rate is one of the main macroeconomic variables that affect the economy of a country. Exchange rate affects the level of investment in a country, price stability and the balance of trade. Various macroeconomic factors have been identified by various authors as contributing to fluctuation in exchange rate. This includes among others relative inflation, interest rates, income levels, government interventions and market expectations. The aim of this study was to investigate the relationship between inflation volatility and exchange rate fluctuation in Kenya. The study relied on the hypothesis of purchasing power parity theory of existence of a negative relationship between inflation and exchange rate movement. The research aimed at establishing the extent to which the Purchasing Power Parity (PPP) theory holds in Kenya. The research was for a period of nine years from January 2005 up to December 2013.Secondary data for exchange rate movement were obtained from the Central Bank of Kenya while data for inflation was obtained from the Kenya National Bureau of Statistics. This two are government institutions and therefore the credibility of data was assured. Regression analysis was applied to analyze the data in order to establish the relationship that exists between the two variables. The result from data analysis indicates the existence of a moderate negative relationship between movement in inflation and exchange rate volatility. This finding therefore supports the existence of PPP concept in Kenya during the period of study. The finding also indicates other factors also greatly influence movement in exchange rate and therefore inflation cannot be relied up on as the sole factor determining exchange rate. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to examine the asymmetric S-curve between the trade balances of Pakistan and China at the commodity level using disaggregated data. Design/methodology/approach: This study focuses on Pakistan and China bilateral trade based on commodity-level data. This study delves into the S-curve phenomena by examining time series data from 1980 to 2023 across 32 three-digit industries/commodities. Findings: The findings show significant evidence in favor of the "asymmetric S-curve" in 27 out of the 32 industries studied. This study confirms that the devaluation of home currency is not a viable solution always to improve trade balance. Research limitations/implications: This study considers 32 three-digit industries limiting the generalizability of findings. Due to data unavailability, the authors fail to consider other industries. In the absence of quarterly data on industry-level trade between Pakistan and China, annual data from 1980 to 2023 were used in generating the cross-correlation functions. Previous literature frequently resorted to the general consumer price index with its inherent aggregation issues, whereas this study has opted for commodity price indices to overcome the shortcomings in the estimation of S-curves at the commodity level. Practical implications: The findings have practical relevance in guiding policy decisions regarding commodity trade, whereas the industry-wise analysis enriches the understanding of the short-term effects of currency depreciation on trade balance dynamics. Originality/value: The S-curve hypothesis predicts a negative cross-correlation between a country's current exchange rate and its past trade balance and a positive cross-correlation between the current exchange rate and its future trade balance. Previous empirical S-curve studies had the limitation of assuming symmetry in cross-correlation with both current and future trade balance values. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to investigate markets' integration using the capital enhanced equilibrium exchange rate (CHEER) model for seven, highly competitive, East Asian countries. Design/methodology/approach: The sample consists of monthly observations, whereas unit root and cointegration techniques with structural shifts have been used. Findings: The evidence shows that the weak form of the CHEER approach holds for Malaysia and Thailand. For China, Japan, Korea, Singapore and Taipei, only the uncovered interest parity condition is validated, implying capital markets integration. In contrast, for these five countries, the results indicate absence of goods' markets integration. This outcome can be attributed to the impact of quite high non-tariff barriers and the Balassa–Samuelson effect. Originality/value: To the best of the author's knowledge, this is the first study that investigate markets' integration in several East Asian economies, using the CHEER approach and more accurate price indices. [ABSTRACT FROM AUTHOR]

Filter exchange imaging (FEXI) is a double diffusion‐encoding (DDE) sequence that is specifically sensitive to exchange between sites with different apparent diffusivities. FEXI uses a diffusion‐encoding filtering block followed by a detection block at varying mixing times to map the exchange rate. Long mixing times enhance the sensitivity to exchange, but they pose challenges for imaging applications that require a stimulated echo sequence with crusher gradients. Thin imaging slices require strong crushers, which can introduce significant diffusion weighting and bias exchange rate estimates. Here, we treat the crushers as an additional encoding block and consider FEXI as a triple diffusion‐encoding sequence. This allows the bias to be corrected in the case of multi‐Gaussian diffusion, but not easily in the presence of restricted diffusion. Our approach addresses challenges in the presence of restricted diffusion and relies on the ability to independently gauge sensitivities to exchange and restricted diffusion for arbitrary gradient waveforms. It follows two principles: (i) the effects of crushers are included in the forward model using signal cumulant expansion; and (ii) timing parameters of diffusion gradients in filter and detection blocks are adjusted to maintain the same level of restriction encoding regardless of the mixing time. This results in the tuned exchange imaging (TEXI) protocol. The accuracy of exchange mapping with TEXI was assessed through Monte Carlo simulations in spheres of identical sizes and gamma‐distributed sizes, and in parallel hexagonally packed cylinders. The simulations demonstrate that TEXI provides consistent exchange rates regardless of slice thickness and restriction size, even with strong crushers. However, the accuracy depends on b‐values, mixing times, and restriction geometry. The constraints and limitations of TEXI are discussed, including suggestions for protocol adaptations. Further studies are needed to optimize the precision of TEXI and assess the approach experimentally in realistic, heterogeneous substrates. [ABSTRACT FROM AUTHOR]

Transmembrane water permeability changes occur after initialization of necrosis and are a mechanism for early detection of cell death. Filter‐exchange spectroscopy (FEXSY) is sensitive to transmembrane water permeability and enables its quantification by magnetic resonance via the apparent exchange rate (AXR). In this study, we investigate AXR changes during necrotic cell death. FEXSY measurements of yeast cells in different necrotic stages were performed and compared with established fluorescence cell death markers and pulsed gradient spin echo measurements. Furthermore, the influence of T2 relaxation on AXR was examined in a two‐compartment system. The AXR of yeast cells increased slightly after incubation with 20% isopropanol, whereas it peaked sharply after incubation with 25% isopropanol. At this point, almost all the yeast cells were vital but showed compromised membranes. After incubation with 30% isopropanol, AXR measurements showed high variability, at a point corresponding to a majority of the yeast cells being in late‐stage necrosis with disrupted cell membranes. Simulations revealed that, for FEXSY measurements in a two‐compartment system, a long filter echo time (TEf), compared with the T2 of the slow‐diffusing compartment, filters out a fraction of the slow‐diffusing compartment signal and leads to overestimation of apparent diffusion coefficient (ADC) and underestimation of AXR. Our results demonstrate that AXR is sensitive to gradual permeabilization of the cell membrane of living cells in different permeabilization stages without exogenous contrast agents. AXR measurements were sensitive to permeability changes induced by relatively low concentrations of isopropanol, at levels for which no measurable effect was detectable by ADC measurements. TEf may act as a signal filter that affects the estimated AXR value of a system consisting of a variety of local diffusivities and a range of T2 that includes T2 values shorter or comparable with the TEf. [ABSTRACT FROM AUTHOR]

In this article, the relationship between international reserves and monetary autonomy in 21 emerging countries during the period 1999–2019 is investigated. Using a nonlinear panel analysis, we find that international reserves begin to have a positive effect on monetary autonomy when the ratio of international reserves to GDP is around 22%–23%. This result implies that the levels of international reserves are not necessarily excessive in most emerging countries and appear appropriate for supporting their monetary autonomy. Above this threshold, we also identify that the exchange rate regime and financial liberalization are no longer constraints for monetary autonomy. This result suggests a partial validity of the trilemma in emerging countries, with that validity depending on the level of international reserves. [ABSTRACT FROM AUTHOR]

This study investigates the issue of trilemma versus dilemma in relation to monetary autonomy. We construct a long‐term interest rate independence index (LRI) apart from the conventional monetary policy independence evaluated on the basis of the short‐term interest rate independence index (SRI). LRI intends to capture the independence of domestic financial conditions and the monetary policy in a broad sense. Empirical results are as follows. On the basis of SRI, trilemma holds well, in which trade‐offs between SRI and international capital mobility and between SRI and exchange rate stability are found. This outcome is consistent with the findings of many past studies that support trilemma. However, on the basis of LRI, dilemma holds after the global financial crisis because only the trade‐off between LRI and international capital mobility exists. This result is consistent with the conclusion of Rey (2013), which emphasized the huge effects of the global financial cycle on the domestic financial condition owing to the integration of international financial markets. Empirical results settle the issue between trilemma and dilemma. [ABSTRACT FROM AUTHOR]

Using the Self-exciting Threshold Autoregressive Model (SETAR_M) and linear models such as the vector error correction model (VECM), and univariate models, this article specifies forecasting models for exchange rate volatilities in Ghana and compares their forecasts accuracy using Diebold–Mariano and Pesaran-Timmermann tests statistics. The relevance of this research is to equip business owners and businesses on managing forex losses and to reduce their impact on profits, productivity and employment in high volatile and unstable currency environments. The research concludes that the non-linear SETAR model is superior to the linear models in predicting short-term volatilities in exchange rates, while the fundamentally based linear model is superior for predicting long-term volatility in exchange rates. Therefore, short-term business commitments or transactions such as raw material purchases, cash expenses or incomes in foreign currencies should be planned or managed using SETAR or a non-linear model, whereas long-term contractual obligations like futures and forward contracts should be planned with a fundamentally based multivariate linear model. [ABSTRACT FROM AUTHOR]

This article builds a two‐country model of gross capital flows where agents share tradable output risk using two bonds, subject to stochastic collateral constraints. Equilibrium portfolios are short in domestic bonds and long in foreign bonds because the endogenous movements of the real exchange rate provide a hedge against domestic output shocks. Under negative domestic shocks, these external positions transfer wealth from home to abroad. During the Great Recession, the model shows that such wealth transfer from the United States mitigated the consumption drop abroad. Quantitatively, financial frictions account for about half of the collapse in U.S. gross flows in 2008. [ABSTRACT FROM AUTHOR]

Towards the intelligent transportation systems, Location Based Service (LBS) are widely engaged in Vehicular Ad Hoc Networks (VANETs) that are becoming as significant application that change the human driving experience in today's world. LBS systems facilitate the users with intelligent services by collecting an accurate location information. Due to the frequent exchange rate of the location information in an open environment, VANETs are inherently susceptible to privacy and security attacks. In past, many schemes have been proposed to ensure the privacy and security of exchanged location information; but fail to deploy in practical VANETs. At the same time, system efficiency is compromised which is another primary requirement of VANETs. Leveraging the semi-decentralized and lightweight nature of consortium blockchain technology, and Certificateless conditional privacy protection scheme to reduce the node authentication overhead, this paper introduces Consortium Blockchain assisted Certificateless Conditional Privacy Protection scheme to address the aforementioned challenges. Additionally, the proposed scheme has ability to develop anonymous regions for a particular time stamp ensuring the location privacy of vehicles. Rigorous security analysis and experiments show the practicality and resilience to various attack models, and achieve ADP 83% with maximum malicious attacks. Comparing with existing state of the art methods, the proposed scheme exhibits the privacy improvement and low computational complexity. [ABSTRACT FROM AUTHOR]

Assessing the shadow economy and its major determinants has been an important part of economic literature over the past few decades. In this article, we analyse the impact of exchange rate volatility on the presence of the shadow economy for the current 38 OECD countries over the period of 1991–2021 in both a linear and nonlinear manner. We provide the opportunity to test whether an exchange rate adjustment may follow a nonlinear path and analyse the asymmetric impact of exchange rate volatility on the shadow economy. We estimate a linear ARDL model for each country and find support that exchange rate variability significantly affects the shadow economy both in the short run and long run in most countries both in linear and nonlinear models. However, by estimating a nonlinear ARDL model, we find an asymmetric exchange rate volatility effect in all 38 countries concluding that exchange rate volatility and risks associated with it significantly affects the shadow economy. Thus, it is crucial that this group of nations adequately implement financial policies to minimize this risk. [ABSTRACT FROM AUTHOR]

Air exchange rate is a key determinant of indoor air quality which is highly variable within the rooms of a naturally ventilated terraced house (townhouse). Window opening can increase the air exchange rate, but internal door opening between rooms inside decreases the rate. Inert perfluorocarbon gas‐phase tracers demonstrated flow within the house, and the penetration of tracers released outside into the house showed a strong dependence on wind speed and wind direction. Between experiments, it was found that the tracer could be detected within certain parts of the house weeks after the initial release, with implications for pollutants and their impact on the indoor environment. A limited number of reactive tracer experiments suggested an upper limit for indoor [OH]~1 × 105 molecule cm-3 with up to 0.5 ppt of [NO3] estimated, leading to an estimated indoor lifetime for d5 isoprene of many hours. Ultrafine particulate matter generated in the kitchen travels throughout the house, and the persistence of elevated aerosol concentrations is seen even in well‐ventilated rooms, with implications for particle exposure in the evening and during the night. [ABSTRACT FROM AUTHOR]

This paper assesses the impact of real exchange rate (RER) misalignment on the trade balance between the United States and China, accounting for the complexity of traded products. We employ two recent econometric techniques: the panel autoregressive distributed lag (ARDL) model to estimate both long – and short-run dynamics, and the dynamic panel threshold model of Seo, M. H., and Y. Shin (2016. “Dynamic Panels with Threshold Effect and Endogeneity.” Journal of Econometrics 195 (2): 169–186) to uncover potential non-linearities and identify critical thresholds that could lead to a regime shift. Using highly disaggregated trade data at the HS 06-digit level, encompassing 913 products from 2004 to 2020, our findings reveal a negative impact of RER misalignment on the United States’ trade balance with China. However, this detrimental effect is significant only in industries dealing with less complex products. In contrast, industries handling highly complex products show a notably positive impact. Furthermore, our results suggest that industries can benefit from an undervalued exchange rate only when they have a relatively high level of product complexity. Additionally, heightened product complexity can mitigate any adverse effects overvaluation might have on the trade balance. [ABSTRACT FROM AUTHOR]

The interplay of exchange rates among nations significantly influences both international and domestic trade, underscoring the pivotal role of the foreign exchange market (Forex) in a country's economic landscape. Forex fluctuations have a significant impact on the everyday lives of both government agencies and the public population, directly influencing a country's prosperity or misfortune. This work proposes an advanced fuzzy time series model that incorporates domain universe sub-partitioning, parameter adjustment optimization methodologies, and interval forecasting methods. We utilized this model to examine annual exchange rate patterns between the Pakistani rupee (PKR) and the US dollar (US$), comparing its forecast accuracy to that of other models. Our proposed methodology outperformed existing methodologies in terms of forecasting precision, providing stakeholders with valuable insights for making informed, data-driven business decisions that benefit both individual firms and the country overall. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to examine the role of fiscal discipline on the dynamics of exchange rate pass-through during inflation targeting. The present study analyses the Turkish economy for the period 2006–2022 by the use of threshold regression models. Our results suggest that fiscal discipline, measured by the IMF-defined primary budget balance as a share of GDP (which excludes the one-off government revenues balance such as privatization, interest earnings, and real estate sales) has a significant role in inflation dynamics. The degree of exchange rate pass-through is significantly lower and thus raises the effectiveness of inflation targeting when the government ensues strict fiscal discipline. [ABSTRACT FROM AUTHOR]

This study examines the impact of Indonesian Sustainable Palm Oil (ISPO) certification on Indonesian Crude Palm Oil exports and other factors, such as commodity production and prices, exchange rates, and production levels. The data covers total CPO volume (HS codes 15111000 and 15119000) from January 2006 to December 2022, focusing on ISPO certification for large State-owned and Private Enterprises in palm oil cultivation and processing. The analysis employs the Difference-in-Differences (DID) method and multiple linear regression (MLR) to identify the linear relationship between the dependent and independent variables. The DID analysis revealed that Indonesian CPO production and global CPO prices significantly affected CPO export volumes, while soybean oil prices and effective exchange rates were not statistically significant in the regression model. The results provide valuable insights for policymakers and industry stakeholders in developing strategies that support sustainable growth, enhance competitiveness, and maintain Indonesia's leading position in the global palm oil market. Policymakers should focus on encouraging broader adoption of ISPO among palm oil producers through incentives, training, and technical support, especially for smaller producers. [ABSTRACT FROM AUTHOR]

To advance environmentally friendly technologies in the aquaculture of Atractoscion nobilis, and simultaneously to diversify seafood production, a 79-day trial was conducted to assess the performance of Ulva lactuca and Devaleraea mollis cultured in the effluent from A. nobilis in a land-based integrated multi-trophic aquaculture (IMTA) system in southern California, USA. Water quality and performance of macroalgae were measured weekly. The impacted factors on the growth of macroalgae and nutrient uptake rate of macroalgae were assessed. The specific growth rate of juvenile A. nobilis was 0.47–0.52%/d. Total ammonia nitrogen in effluents of A. nobilis tanks ranged from 0.03 to 0.19 mg/L. Ulva lactuca and D. mollis achieved an average productivity of 24.53 and 14.40 g dry weight (DW)/m2/d. The average nitrogen content was 3.48 and 4.89% DW, and accordingly, the average nitrogen uptake rate was 0.88 and 0.71 g/m2/d, respectively. Temperature and nutrient concentration were key factors impacting macroalgae growth, and light intensity also impacted the growth of D. mollis. The high protein content of U. lactuca and D. mollis would make them good for use as human or animal food, or for use in other industries. Research on the interaction effects between seawater exchange rates and aeration rates on the performance and nutrient uptake rates of macroalgae will be conducted in future studies. [ABSTRACT FROM AUTHOR]

Key points: The article processing charges (APC)‐based model of open access has constituted a major obstacle to achieving open access in developing countries.High exchange rates of local currencies to the dollar make sustaining the APC open access model impractical.Other approaches should be used to achieve equitable and inclusive open access. [ABSTRACT FROM AUTHOR]

Dynamic polymer networks combine the noteworthy (thermo)mechanical features of thermosets with the processability of thermoplastics. They rely on externally triggered bond exchange reactions, which induce topological rearrangements and, at a sufficiently high rate, a macroscopic reflow of the polymer network. Due to this controlled change in viscosity, dynamic polymers are repairable, malleable, and reprocessable. Herein, several dynamic polyurethane networks were synthetized as model compounds, which were able to undergo thermo-activated transcarbamoylation for the use in rebondable adhesives. Ethylenediamine-N,N,N′,N′-tetra-2-propanol (EDTP) was applied as a transcarbamoylation catalyst, which participates in the curing reaction across its four -OH groups and thus, is covalently attached within the polyurethane network. Both bond exchange rate and (thermo)mechanical properties of the dynamic networks were readily adjusted by the crosslink density and availability of -OH groups. In a last step, the most promising model compound was optimized to prepare an adhesive formulation more suitable for a real case application. Single-lap shear tests were carried out to evaluate the bond strength of this final formulation in adhesively bonded carbon fiber reinforced polymers (CFRP). Exploiting the dynamic nature of the adhesive layer, the debonded CFRP test specimens were rebonded at elevated temperature. The results clearly show that thermally triggered rebonding was feasible by recovering up to 79% of the original bond strength. [ABSTRACT FROM AUTHOR]

This study aims to understand the impact of the overall charge of Fe(III) chelates on their water exchange kinetics, thermodynamic stability, and kinetic inertia. To this end, we synthesized two CDTA‐amide ligands, each characterized by the replacement of one or two carboxyl groups with diethylamide functionalities. These alterations produced Fe(III) complexes with neutral or positively charged characteristics. The rate of water exchange (kex) was determined through a combined analysis of 1H relaxometric data and 1⁷O NMR chemical shift and transverse relaxation rate data. Additionally, we evaluated the thermodynamic stability and kinetic inertness of the complexes using potentiometry, UV‐Vis spectrophotometry, and capillary zone electrophoresis. Our results indicate that altering the charge of the complex slows down kex, consistent with previous observations for Gd(III) and Mn(II) chelates. Furthermore, the results indicate that incorporating amide donor groups decreases the stability of the complexes and reduces their kinetic inertia. However, both stability and kinetic inertia remain higher than those of [Fe(EDTA)]−. These findings provide some valuable insights for the development of Fe(III)‐based MRI probes alternative to those based on Gd(III). [ABSTRACT FROM AUTHOR]

While still in their nascent stages, cryptocurrencies have the potential to reshape the international political economy by hastening the end of US dollar hegemony and reducing the US's coercive financial power. Recently, governments have adopted various regulatory approaches to these new technologies. Most commonly, countries have implemented an array of partial and absolute bans. What explains governments' responses to the new and potentially disruptive technology? We argue that governments' decisions to ban cryptocurrencies stem from their desire to maintain monetary control. While cryptoization threatens all governments' monetary policy autonomy, governments who choose to fix their exchange rates and restrict cross-border movement of capital are most motivated to ban crypto because digital currencies can be used to evade exchange and capital controls. A country's regime type also affects its ability to enact bans; democracies will be less likely to enact a ban than autocracies. Our results suggest that cryptocurrency threatens the international political and economic status quo less than many speculate because regimes most likely to be at odds with US monetary and financial dominance face a strong incentive to ban the technologies in their own countries. [ABSTRACT FROM AUTHOR]

To evaluate outcomes in cancer patients with ureteral obstruction by comparison of retrograde stenting and percutaneous nephrostomy techniques. Systematic review of all studies up to October 2023. Studies were identified from all major databases including MEDLINE, Cochrane, and EMBASE. All comparative studies between retrograde stenting and percutaneous nephrostomy were searched; studies with paediatric populations were excluded. Primary outcomes were procedure and intervention failure rates; secondary outcomes were infection, blockage, displacement, and unplanned exchange rates along with procedure time and length of stay. Eighteen studies with 1228 patients contributed to the summative outcome. Percutaneous nephrostomy was statistically superior to retrograde stenting for procedure failure rate (P <.00001) and intervention failure rate (P =.0004). Retrograde stenting was statistically superior to percutaneous nephrostomy for displacement rates (P =.003), procedure time (P <.00001), and length of stay (P <.00001). Retrograde stenting showed no difference to percutaneous nephrostomy for infection rates (P =.94), blockage rates (P =.93), unplanned exchange rates (P =.48), There is no absolute superiority for retrograde stenting or percutaneous nephrostomy for malignant ureteral obstruction. Both techniques have their advantages and disadvantages, with some comparable outcomes; patients are key when selecting the best technique. Larger studies are required to assess the outcomes of both techniques. [ABSTRACT FROM AUTHOR]

The study attempts to measure RMB real effective exchange rate (REER) equilibrium and its associated degree of misalignments for China using the behavioral equilibrium exchange rate (BEER) and permanent equilibrium exchange rate approaches. We use a range of economic fundamentals and employ yearly data covering the period 1980–2020, and apply the Johansen Cointegration test and other econometric methods for the study purpose. We find evidence of the existence of RMB real effective exchange rate equilibrium, and for most of the periods, the RMB REER is closer to its equilibrium level. We also find that the RMB REER misaligned with its equilibrium producing episodes of undervaluation and overvaluation, but the magnitude of the misalignments is small and the BEER approach produces a lower degree of misalignments. This suggests that the RMB undervaluation is moderate and not as exaggerated. We identify that the economic fundamentals used in this study are important determinants of RMB real effective exchange rate equilibrium. In line with the above, the study recommends that China may continue using its RMB exchange rate as its policy tool, but the policymakers should focus on the core fundamentals that derived the equilibrium exchange rate. [ABSTRACT FROM AUTHOR]

Remittances are regarded as an important source of foreign exchange for the majority of low and middle-income countries, and thus have the potential to impact their aggregate economic activities. The current study investigates the impact of remittance inflows and international oil prices on India's trade balance from 1975 to 2020. We use a non-linear autoregressive and distributed lag model to examine the asymmetric impact of remittance and oil price changes on trade balance. The study discovered that rising remittance inflows have a detrimental long-run impact on the trade balance. It also demonstrates that while a positive oil price shock worsens the trade balance, a negative oil price shock improves it in the long run. As a result, the paper emphasises the need to reduce skilled migration, properly channel remittance revenues, develop financial institutions, and implement more efficient exchange rate policies in order to achieve long-term trade surpluses. [ABSTRACT FROM AUTHOR]

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