scholarly journals Is Numerairology the Future of Monetary Economics? Unbundling numeraire and medium of exchange through a virtual currency and a shadow exchange rate

2007 ◽  
Author(s):  
Willem Buiter
Keyword(s):  
Exchange Rate ◽  
Monetary Economics ◽  
Virtual Currency ◽  
The Future ◽  
Shadow Exchange Rate

scholarly journals CONCEPT OF VIRTUAL CURRENCIES IN MODERN ECONOMIES

2018 ◽  
Vol 1 (10) ◽  
pp. 63
Author(s):  
Inta Kotane
Keyword(s):  
Future Development ◽  
Early Stage ◽  
Legal Framework ◽  
Legal Regulation ◽  
Scientific Publications ◽  
Virtual Currency ◽  
Blockchain Technology ◽  
Stage Of Development ◽  
The Future ◽  
The Media

In recent years, development of blockchain technology and virtual currencies (VCs) have been followed not just by the media and industry professionals all over the world – there rarely could be found a person who has not ever heard the term ‘bitcoin’. Despite the popularity of VCs, there is a lack of comprehensible information in the Latvian language about what the virtual currency (VC) is, as well the concepts of digital and VCs are often misused as synonyms. The research is based on the analysis of special literature and scientific publications on the system of VCs. The aim of the research: to explore the concept of VCs in the modern economy. General scientific research methods are used in the research: the method of monographic or descriptive research, the comparative analysis method for studying the concept of VCs, the classification, legal regulation, and future development possibilities. The results of the research show that VCs are a type of digital currency, though, the opposite statement is not correct. Thus, all VCs are digital, but not all digital currencies are virtual. Exploration of the legal framework of VCs suggests that it is at an early stage of development. With the increasing number of VCs and along with strengthening of the legal framework of VCs, the issue of possible directions of the future development of VCs is raised. Two points of view dominate: the future currency or payment system, for example, smart contracts.

scholarly journals Is Numérairology the Future of Monetary Economics?

2007 ◽  
Vol 18 (2) ◽  
pp. 127-156 ◽  
Author(s):  
Willem H. Buiter
Keyword(s):  
Monetary Economics ◽  
The Future

DOES THE FORWARD PREMIUM/DISCOUNT HELP TO PREDICT THE FUTURE CHANGE IN THE EXCHANGE RATE?

1992 ◽  
Vol 39 (2) ◽  
pp. 129-140 ◽  
Author(s):  
Charles A. E. Goodhart ◽  
Patrick C. McMahon ◽  
Yerima La wan Ngama
Keyword(s):  
Exchange Rate ◽  
Future Change ◽  
Forward Premium ◽  
The Future ◽  
The Exchange Rate

ALBA malaise may boost Mercosur in Latin America

2015 ◽  
Keyword(s):  
Latin America ◽  
Cash Flow ◽  
Oil Prices ◽  
Political Capital ◽  
International Arbitration ◽  
Virtual Currency ◽  
Content Type ◽  
Flow Problems ◽  
Anglophone Caribbean ◽  
The Future

Subject The future of the Venezuela-dependent ALBA. Significance Although Venezuela's discretionary involvement in the Bolivarian Alliance for the Peoples of Our America (ALBA) will be hit by its cash-flow problems, ALBA's better designed and more institutionalised initiatives (Petrocaribe, the SUCRE virtual currency) will continue to function. However, Venezuelan President Nicolas Maduro's efforts to make political capital out of conflict with Guyana has reinforced the historical division between Anglophone and Latin states that ALBA looked to bridge, whereas larger Andean ALBA members continue to shift their attention towards Mercosur. Impacts ALBA will continue to stagnate unless oil prices rise significantly. Schemes similar to SUCRE are likely to appear, incorporating non-ALBA members. The Guyana conflict will entrench positions in the Anglophone Caribbean and Latin America; international arbitration is likely.

scholarly journals Brexit associated sharp depreciation and implications for UK’s inflation and balance of payments

2018 ◽  
Vol 45 (2) ◽  
pp. 231-246 ◽  
Author(s):  
Muhammad Ali Nasir ◽  
Justine Simpson
Keyword(s):  
Exchange Rate ◽  
Trade Balance ◽  
Inflation Targeting ◽  
Social Implications ◽  
Content Type ◽  
External Balance ◽  
The Future ◽  
Trade Relationships ◽  
The Relationship ◽  
Practical Implications

Purpose The purpose of this paper is to analyse the implications of exchange rate depreciation for inflation targeting and trade balance of UK in the context of the Brexit epoch. Design/methodology/approach The study employed a time-varying structural vector auto-regression (TVSVAR) model framework in which the sources of time variation were both the coefficients and variance-covariance matrix of the innovations on the data from January 1989 to September 2016. Findings The findings suggest that the depreciation of the Stirling has significant effects on inflation and trade balance in UK in context of Brexit epoch. It also showed that such a depreciation can be helpful in the improvement of external balance as well as steering the inflation to its statutory target. Despite, the inflation targeting, there is strong evidence of a pass-through. Research limitations/implications Research has profound implications in terms of the sharp depreciation of GBP associated with the Brexit outcome. The study is very topical and could be very interesting to the readership of JES as well as wider audience. The study has limitations in a context that the significance of the results and association of the under analysis entities is contingent on the future trade relationships and Channel between UK and EU. Therefore, although there is a lot of uncertainty about the future of Britain trade relationships, this study provides guidance on the importance of exchange rate channel if the similar trade arrangements prevails in the post-Brexit era. Practical implications The research has profound practical implications, using a TVSVAR model in which the relationship among the entities varies over time; it has shown the importance of exchange rate in terms of external balance and inflation targeting. Hence, it has appeal for the practitioners as well as academics. Social implications The research has great social implications. The Brexit is the biggest political and economic event of this era for UK and EU. There are big questions about the relationship between UK and EU in the post-Brexit epoch as well as questions about the future of the European integration. In this context, this study has shown that how the exchange rate could play an important role for the UK economy when its contemporary trade channels prevail. Concomitantly, it has social implications particularly for the European society. Originality/value The research is an original piece of work. It has contributed to the debate on the exchange rate deprecation, external balance and inflation targeting in context of the Brexit associated sharp depreciation of Stirling. It has used a framework, i.e. TVSVAR, which also have unique features in terms of testing the associations among under analysis entities against time.

The forward exchange rate and the prediction of the future spot rate

1981 ◽  
Vol 5 (3) ◽  
pp. 425-437 ◽  
Author(s):  
Tamir Agmon ◽  
Yakov Amihud
Keyword(s):  
Exchange Rate ◽  
Spot Rate ◽  
The Future

CHINA'S EXCHANGE RATE SYSTEM REFORM

2007 ◽  
Vol 52 (03) ◽  
pp. 363-402 ◽  
Author(s):  
PAUL S. L. YIP
Keyword(s):  
Exchange Rate ◽  
Stock Market ◽  
Financial Crises ◽  
System Reform ◽  
Rate System ◽  
The Future ◽  
Exchange Rate System ◽  
Exchange Rate Arrangements ◽  
Economic Developments

This paper first documents the rationales behind the transitional exchange rate system reform adopted by China on 21 July 2005. It then outlines the theory behind the medium- and long-term exchange rate arrangements that could be adopted. Thereafter, the paper provides recommendations on supplementary packages that could increase the chance of a successful reform, and increase China's immunity and resilience against financial crises in the future. Finally, the paper discusses the market and economic developments after the transitional reform, and highlights that failure to check the stock market bubble and rampant property inflation could turn the initial success of the reform to an eventual failure and bring disasters to China in the longer future.

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