International Currency

Drawing on International Political Economy and adjacent literatures, this essay argues that US financial statecraft has not, and is highly unlikely to, undermine the dollar's world money status, and that the renminbi is far from posing any meaningful threat to the dollar system.

Central banks are not profit-maximising institutions; their objectives are rather of macroeconomic nature. The European Central Bank's overriding objective is price stability. Nevertheless, there are three good reasons to conclude that it is preferable for central banks to achieve profits rather than to record losses. First, taxpayers endow central banks with large amounts of resources and one should be worried if this amount of resources did not produce any income. In a way, the efficient use by the central bank of the financial resources with which it is endowed is as relevant as the efficient use of the human resources at its disposal. Second, financial strength could affect the ability of monetary authorities to fulfil their mandates. In particular there is the fear that a central bank incurring systematic losses and ending up with negative capital would find it difficult to effectively pursue its macroeconomic objective. Third, profitable operations might be an indication that central banks are implementing the right policies: to achieve profits the central bank must purchase assets when they are undervalued and sell when they are overvalued, thus stabilising their prices. Overall, the Eurosystem has so far respected the principle of it being better to realise profits than losses. The accounts of the ECB, indeed of the entire Eurosystem, show that it generates a fairly stable profit flow. Monetary operations, ie refinancing operations, and securities purchases contribute substantially to these profits. This conclusion is confirmed by measuring the financial results of past purchases of foreign exchange and more recent purchases of securities from a mark-to-market perspective, instead of an accounting perspective. In the specific case of the Public Sector Purchase Programme (PSPP) this was because the coupons on the securities more than offset the capital losses: overall the Eurosystem has bought securities under the PSPP programme at prices higher than current ones. The considerations that might justify purchase operations, like the PSPP or other similar interventions, are very complex and require careful judgement. Once their macroeconomic desirability is established, however, the ECB has the necessary financial strength to implement them safely.

The health crisis caused by the COVID-19 has, in addition to human lives, left far-reaching consequences for companies and the financial sector. Faced with a sudden lack of liquidity in the financial and real sectors, central banks in developed countries started purchasing various segments of assets. To this end, the European Central Bank (ECB) started purchasing securities only to calm the consequences of the pandemic crisis (Pandemic emergency purchase programme, PEPP). Since the initial purchase announcement worth 750 billion euros, the ECB offered a purchase worth as much as 1,850 billion euros under the program. The aim of the paper is to analyze the PEPP measures taken by the ECB to check whether they provided the necessary support to the banking sector in its smooth lending to the economy and citizens during the pandemic. In order to avoid a negative impact on monetary trends, in late March 2022, the ECB suspended the further purchase of securities under the PEPP, with the obligation to reinvest the due amount of the collected debt by the end of 2024.

The financial challenges facing the Azerbaijan Democratic Republic (ADR) included addressing the critical issue of monetary circulation. Currency, a fundamental attribute of statehood, not only fulfills its essential economic functions but also determines a nation's weight in global politics. It regulates the state's socio-economic relations with its citizens, making its absence inconceivable. Therefore, resolving the monetary issue was of utmost importance to the ADR government. In response, numerous steps were taken, reflected in decisions concerning the printing of currency and securities both domestically and abroad.

Developing countries are productivity rich but income poor, trapped in a global monetary system that rewards speculative wealth over tangible economic contributions. The imperial debt-based monetary system, dominated by fiat currencies and financial manipulation, perpetuates poverty cycles, inequities, and resource exploitation. These systems, rooted in colonial legacies, have enabled massive wealth extraction from developing nations, leaving them vulnerable to external shocks and systemic underdevelopment. This paper proposes the Productivity-Based Currency (PBC) model with Blockchain as a transformative solution. By tying currency issuance directly to measurable productivity-such as agricultural output, industrial production, and infrastructure development-the PBC model empowers nations to reclaim their economic sovereignty. This system emphasizes equity, transparency, and sustainability, offering an alternative to the exploitative mechanisms of the current global financial order. The study outlines the theoretical framework for the PBC model, presenting detailed mathematical models to demonstrate how productivity-linked currencies ensure stability, discourage speculative gains, and reward real economic contributions. Drawing from historical precedents such as the gold standard and principles from Islamic finance, we explore how the PBC model bridges the gap between economic potential and financial equity. Emerging technologies like blockchain provide the infrastructure to ensure transparency, traceability, and resistance to manipulation. This paper is a revolutionary call to dismantle the predatory imperial debt system and establish a monetary order where wealth reflects genuine productivity. The PBC model offers a pathway to global equity, sustainable development, and true financial independence for developing countries by empowering nations to harness their natural and human capital.

This study explores the determinants of hedging practices, focusing on foreign exchange exposure within 250 listed Malaysian firms. Aligned with the theory of underinvestment costs, a positive correlation between foreign exchange exposure and hedging is established. Firms with higher exposure display an increased propensity for hedging contracts, and the COVID-19 pandemic significantly impacts these practices. Quantile regression analysis reveals that heightened foreign exchange exposure induces Malaysian firms to intensify hedging, particularly in lower and middle distribution percentiles. Additionally, the study highlights the impact of growth opportunities on the intricate relationship between foreign exchange exposure and hedging practices. Implications include strategic consideration of foreign cash flow-based exposure in hedging decisions, recognizing hedging as pivotal during crises, and acknowledging the motivating role of growth opportunities in fostering increased hedging within a corporate framework.

This report serves as a comprehensive guide to decoding forex quotes, delving into the fundamental aspects of understanding and interpreting the language of currency trading. Beginning with an overview of forex trading, we emphasize the crucial role of decoding forex quotes in navigating the intricate world of financial markets. The report systematically breaks down the components of forex quotes, including base and quote currencies, bid and ask prices, and the intricacies of currency pairs such as major, minor, and exotic pairs. We explore the significance of bid and ask prices, unraveling their definitions and roles in trading. The bid-ask spread is scrutinized for its impact on trading strategies and decision-making processes. Additionally, we delve into the relationships between currency pairs, distinguishing between direct and indirect quotes and providing illustrative examples of cross-currency pairs. Understanding the various factors influencing forex quotes is paramount, and this report addresses the roles of supply and demand, economic indicators, political and economic events, and market sentiment in shaping currency values. Common forex quote conventions, including decimal places, pips, and lot sizes, are demystified with detailed explanations and calculations. Real-life examples and case studies bring theoretical concepts to life, offering practical insights into analyzing actual forex quotes and examining the impact of news events on currency values.

This paper studies determinants and consequences of the changing income structure of commercial banks in the era of financial conglomeration. Utilizing a dataset of 662 relatively large commercial banks in 29 OECD countries from 1992 to 2006, we find that banks with relatively large asset sizes, low net interest margins, high impaired loan ratios, and high cost-income ratios tend to exhibit higher non-interest income shares. As for macroeconomic factors, banks in countries with slow economic growth, a stable inflation environment, and welldeveloped stock markets tend to show higher non-interest income shares. Second, we investigate the consequences of non-interest income expansion on bank profitability and risks. While the positive effects on profit and capital adequacy seem to become weaker under the consideration of macroeconomic factors and endogeneity problems, the adverse impact on profit variability remains robust. Overall, these findings suggest that expanding toward non-interest income may not produce desired income diversification effects, and it does not necessarily imply a shift toward superior return-risk frontiers.

The paper proposes a concept that can be used to set an optimum risk reward ratio for traders. There exists a direct relationship between the risk reward ratios and the trade system win rate percentage. A concept has been developed to understand the relationship and mathematically the optimum risk reward ratio can be derived by the traders in relation to the selected trading system win rate percentage keeping the few factors constant, i.e. lot size should remain same, stop loss should be same, trailing stop loss should be initiated after the target has been achieved, frequency of the trade per day should remain same. The factors should be kept constant for a particular trading period.

This article focuses on the activities and policy measures taken by the Indian government with the goal of improving the current level of financial inclusion as well as the potential for its further development in the future. The article also discusses the potential for further development of financial inclusion in the future. In addition to this, the piece explores the possibilities that exist for its further growth in the years to come. In addition, the essay covers the many difficulties and roadblocks that must yet be conquered in order to establish a society that is digitally inclusive. This must be done in order to move forward. These difficulties and impediments include the following: It is essential to do this activity before moving on to the next one. If things remain as they are, we won't be able to proceed. The purpose of this study is to investigate the possibility of broadening people's access to various financial services via the use of online shopping and business. You will find the text if you look in this spot. We have some ideas for dealing with the key problems, with a particular focus on the relevance of interaction and transparency among all of the essential stakeholders. These ideas are as follows: These suggestions were made in order to establish an ecosystem that is digitally inclusive and to achieve the goal of making India's next wave of digital financial inclusion more successful and accessible. Additionally, these suggestions were made in order to achieve the goal of making India's next wave of digital financial inclusion more accessible. In addition to that, these proposals were made in order to set up an environment that welcomes those who use digital technologies. These suggestions have already been put out for consideration. This research investigates the trends as well as the principal actors that support them, investigates the hurdles that stand in the way of adoption, and places a focus on how crucial it is for all key stakeholders to connect with one another and be honest..

While internet protocols enable information exchange, blockchain protocols describe the exchange of value on the internet. The first category of blockchain technology is blockchain 1.0, a technology stack that exists of three layers: the decentralized ledger that holds the transaction history, the protocol that conducts financial transactions and a digital currency (cryptocurrency) (Swan, 2015). This category goes beyond cryptocurrencies that can be used for speculations, online payments, point-of-sale payments and the storage of value (OECD, 2016), but can also be used for exchanging other assets that they represent, such as fiat currencies, stocks and bonds (Euro Banking Association, 2015; OECD,2016). This section describes the history and working principle of this category of blockchain technology.

Cryptocurrencies have gained significant attention and adoption in the financial world over the past decade. This paper aims to explore the volatility of major cryptocurrencies throughout their existence thus far with a specific focus on their behaviour in recent years. It compares the volatility across various asset classes and investigates the factors contributing to this volatility through a systematic review of the literature available to us. It then explores the implications for investors and potential strategies for managing and possibly mitigating cryptocurrency volatility by analysing historical data and considering the evolving regulatory landscape.

The currency exchange cannot function without the foreign exchange market. The term "FOREX" is also often used to refer to this marketplace. The Foreign Exchange (FX) Market is crucial in international trade. Financial transactions on a global scale may be managed in this way. Algorithms from computers are necessary for the corporate world's massive transaction volumes. Multiple issues happen in the Foreign Exchange (FOREX) market. To do our best job, we need not only knowledge of the FOREX market but also accurate information about it. This research article focuses on the use of an ANN to forecast the foreign exchange (FOREX) market. Predictions may be made using a variety of methods and algorithms, each with its own degree of accuracy. ANN is regarded as one of the most promising and promising methods currently available. We will focus in this paper difference features, drawback, process and possibilities about ANN. Analyses the different data and information for find best solution for FOREX market.

Purpose COVID-19 has hard-hit the global economy when the majority of developed countries could not demonstrate effective resolutions even a year after the outbreak. This study aims to present how government or policymakers could minimize the negative impacts of major incidents (pandemic) and speed up the process of recovery. It was also intended to identify effective strategies for crisis management. Design/methodology/approach A mixed research method was applied. Qualitative research studies of interviews were used to collect primary data from the stakeholders while archival research method of textual and documental information was used for secondary data on the pandemic facts. Findings The impacts of the governmental and enterprise actions with a focus on effective mega-crisis management strategies were structured based on the three themes, namely, appropriate measures, timely decisions and the role of the government. These strategies can minimize the destruction to the economy (...

Traveling to Thailand from India is an exciting adventure, whether you're going for leisure, business, or any other purpose. One essential aspect to consider before embarking on your journey is understanding the regulations regarding the amount of currency you can carry with you. In this comprehensive guide, we'll explore the rules and regulations governing currency importation from India to Thailand, ensuring you have all the necessary information for a smooth and hassle-free trip.

The paper proposes a concept that can be used to set an optimum risk reward ratio for traders. There exists a direct relationship between the risk reward ratios and the trade system win rate percentage. A concept has been developed to understand the relationship and mathematically the optimum risk reward ratio can be derived by the traders in relation to the selected trading system win rate percentage keeping the few factors constant, i.e. lot size should remain same, stop loss should be same, trailing stop loss should be initiated after the target has been achieved, frequency of the trade per day should remain same. The factors should be kept constant for a particular trading period.

Globalization and the changes that have affected the world economy conditioned the development of new models of thinking, investing, trading and payment methods in the world economy. The end of XX and beginning of the XXI century was marked by rapid technological progress, which has not bypassed any economic sector, and all households have experienced the change. Cryptocurrencies represent a new model of trade and payments, but also a way of making some form of earnings. It is a form of property that is used as a digital asset exchange using cryptographic algorithms for "mining" new values, but also as a way of ensuring the security of transactions in a given system. It is still early for assessments. However, the future might show what kind of impact would this kind of payment have, as well as its impact on tourism development.

In this study, we analyse the impact of service exports on GDP and productivity growth in a sample of thirty-eight European countries for the period 2000-2019. Descriptive statistics analysis of the panel data shows that growth in exports of goods is more positively related to GDP growth, total fixed assets growth and productivity growth, while growth in export of services is more positively related to employment growth. In addition, the analysis shows that the volume of exports (in terms of its share in relation to GDP) of knowledge-intensive services (information and communication, other business services, intellectual property) is higher in more developed countries (measured as GDP per person). The pooled panel OLS model (fixed effects) with GDP growth rate and labour productivity growth as the dependent variables shows a positive impact on GDP growth of exports of services, although the positive impact of growth in exports of goods is higher. It applies to labour productivity growth, with a larger positive impact from exports of goods than services. Contribution/ Originality: This study contributes to the literature as presents the estimation of the impact of exports of services on GDP and productivity growth using the most recent data for European countries over the last two decades.

This paper attempts to find out if the view of the public coincides with the opinion of the experts on the Bitcoin's subject and to determine if is information can be implemented in order to establish a use of Bitcoin in our everyday lives. During the first stage of this research, methods and rules of analysis such as descriptive statistics and tables and charts were used. Firstly, a questionnaire was used and secondly, the answers were gathered and classified according to the participants' choices. During the second stage, the data was collected with the use of random sampling, while various techniques, such as simple and multiple regressions were utilised for analysing the results. The conclusion is that the public perceives Bitcoin differently than the experts do. Individuals believe that Bitcoin is mainly a means of transactions/payments, contrary to the experts' opinion, which is that it is foremost an investment asset.

This paper aims to demonstrate current health expenditure (CHE) and National Health Accounts of the years 2018 constructed according to the SHA2011, which is a manual for System of Health Accounts (SHA) that was published jointly by the Organization for Economic Cooperation and Development (OECD), Eurostat, and World Health Organization in 2011. Comparison is made with international trends by collecting and analyzing health accounts of OECD member countries. Particularly, scale and trends of the total CHE financing as well as public-private mix are parsed in depth. In the case of private financing, estimation of total expenditures for (revenues by) provider groups (HP) is made from both survey on the benefit coverage rate of

Why was it extremely difficult to forecast GDP worldwide, especially in the years of 2020-2021? Mainly because a double shock hit both the aggregate demand and supply sides, and it had substantially changed the known behaviour of key participants. Reactions of households and firms became largely unpredictable. The IMF projections of April 2020 had to be revised sharply. It appears the world economy could recover from the biggest output drop since World War II only with the help of extensive public spending schemes. We ask if one can speak of a new wave of Keynesian policies. How long this present overwhelmingly loose fiscal and monetary stance can last? One cannot tell. There are visible threats, for instance in the inflationary environment.

With very low unemployment, a large and stable current account surplus, low government debt and a budget in surplus, the Dutch economy was assessed initially to be relatively well prepared to weather the financial and economic crisis. This view was reinforced when the Dutch economy seemed to remain relatively untouched by the overseas problems at the start of the crisis. Economic growth in 2007 remained robust at 3½%, which was above the euro area average of 2¾%. In 2008, however, the negative effects of the financial crisis became more apparent and economic growth came to a grinding halt in the second quarter. And for 2009, GDP growth is expected to come out at-4½%, even below the euro area average of-4% (Commission Services, 2009). This large contraction was not only driven by the strong fall in world trade, but more surprisingly also by negative developments of domestic demand associated with an adverse wealth shock. Specifically, typical Dutch strengths, like its funded pension system and its strong position in world trade, now turned out to be vulnerabilities in the wake of the crisis and have negatively impacted consumption and investment. However, when looking beyond the crisis at structural developments, the Netherlands is still in a relatively good shape, most importantly because of its flexible labour market and limited dependency on foreign capital. The unfolding of the crisis and the transmission channels The first signs of the financial crisis appeared in the summer of 2007 in the American financial system. Financial institutions had invested heavily in very risky assets, like subprime mortgages and related products. Moreover, these investments were primarily financed using short-term debt securities. With rapidly rising default rates in the subprime mortgage market, trust within the banking sector declined sharply and suddenly, leading to considerable problems in the market for interbank loans. The subsequent bankruptcy of Lehman Brothers in September 2008 triggered a further confidence crisis in the financial sector. From then on not just the liquidity, 1 With special thanks to Elena Flores, Barbara Kauffmann and Javier Yaniz Igal for valuable comments and suggestions. 2 This Country Focus draws on an earlier article published in Dutch, see Maarten Masselink and Paul van den Noord (2009), "De crisisgevoeligheid van Nederland", Economisch Statistische Berichten, No. 4563S, Dossier 'van subprime tot recessie', pp. 4-9. By Maarten Masselink and Paul van den Noord* The Global Financial Crisis and its effects on the Netherlands Highlights in this issue: * Directorate for the Economies of the Member States and economic adviser. The views expressed in the ECFIN Country Focus are those of the authors only and do not necessarily correspond to those of the Directorate-General for Economic and Financial Affairs or the European Commission. Economic analysis from the European Commission's Directorate-General for Economic and Financial Affairs

Le vicende speculative e fraudolente che hanno caratterizzato il mondo delle criptovalute fin dalla loro comparsa hanno posto una pesante ipoteca sulla comprensione autentica del fenomeno. La loro natura di asset, il cui valore è stato protagonista - nel bene e nel male - di una crescita senza pari, ha via via oscurato la loro funzione genetica di moneta. Anche la lettura storica ha trovato per lo più una facile gratificazione nell'inserire la madre delle criptovalute, i btc, nella lunga serie di bolle finanziarie, da quella dei tulipani e della South Sea Company a quella del 1929 e dei dotcom, contribuendo così ad enfatizzarne la dimensione di prodotto finanziario. La genealogia concettuale delle criptovalute, che indaga il passato non come conferma necessitante di quanto osserviamo nel presente ma come uno specifico dominio di ricerca, ne fa emergere invece pienamente la funzione primigenia, quella valutaria; e consente di ricondurla all'interno del non-lineare percorso evolutivo della moneta, mostrandoci di fatto come quello che può essere considerato il primo sistema di pagamenti virtuale, messo a punto nell'Europa del Cinquecento, si regga proprio sull'interesse dei soggetti privati coinvolti, vale a dire sullo stesso meccanismo di consenso (la proof of stake) di alcune strutture tecnologiche sottostanti alle criptovalute. Grazie alla compartecipazione di un manipolo di mercanti-banchieri, che formavano una sorta di Repubblica internazionale del denaro, venne realizzato un network distribuito, centrato sulle fiere di cambi (tenute prima a Lione e poi a Bisenzone-Piacenza) e basato su una moneta non reale (lo scudo di marche), in grado di compiere pagamenti internazionali sempre più efficaci per uno spazio commerciale che stava conoscendo una crescita inarrestabile. La piena decentralizzazione del registro e delle informazioni contabili permetteva la completa verificabilità delle transazioni, che perse però importanza quando, dai primi decenni del Seicento, la moneta di fiera acquisì sempre più il carattere di bene di investimento e poi di speculazione nelle trame del più ampio gioco finanziario dei banchieri genovesi, al servizio della corona di Spagna.

The role of technology in financial transaction has been an important question since the digital transformation and innovation. It remains an important issue today with debates about factors affecting digital payment transaction. This research study predicts the factors affecting use of digital payment transactions in rural area of Indore district. Digital payment means to buy or sell products and services by using electronic forms instead of paper currency and excluding the cash based transaction from all the financial activity. As part of promoting cashless transactions and converting India into less-cash society, various modes of digital payments are available. These modes are banking cards, Unstructured Supplementary Service Data (USSD), Aadhaar Enabled Payment System (AEPS), Unified Payment Interface (UPI), mobile wallets point of sales, micro ATM etc. The current study is focused on understanding the factors which help rural consumers of Indore district to make their preference towards use of digital payment transactions for purchase of any product. For the purpose of study, non-probability convenience sampling survey was conducted among 100 rural respondents in Indore District of Madhya Pradesh with the help of self-constructed questionnaire. The statistical tools used for data analysis are reliability statistics and factor analysis. The results of the study shows thatconvenience, insecurity, commitment, consciousness, technical obstruction are impacting adoption of digital payment transaction in rural areas of Indore district.

Purpose The purpose of this paper is to analyze the practice of contra trading in Bursa Malaysia Securities Berhad. Through a critical examination of the practice, it aims to discuss the issues from the angles of Sharīʿah and Malaysian common law. Design/methodology/approach The paper uses a qualitative research methodology. The information on the practice of contra trading is obtained through the Bursa Malaysia Securities Berhad’s website and literature as well as series of meetings and discussions held with Bursa Malaysia Securities Berhad. In comprehending and dissecting the Sharīʿah and legal issues, classical along with contemporary Sharīʿah literature including local and international Sharīʿah advisory bodies’ resolutions and standards have been referred to. The Sharīʿah analysis of these issues is further supported by reference to the statute and by-laws of Bursa Malaysia Securities Berhad as well as other related legal literature. Findings This paper finds that contra tradin...

We show that through the safe asset channel the excess liquidity created by QE can lead to higher sovereign bond spreads in the euro area. This unintended effect is most likely in stressed markets when excess liquidity spurs demand for tradeable safe assets, pushing down the interest rate of these assets, which widens risk spreads. Outcomes of a panel regression model estimated for individual euro area countries confirm that the excess liquidity created by QE had an upward effect on sovereign bond spreads. It indicates that the safe asset channel dominates the usual portfolio rebalancing channel. For monetary policy the results imply that QE is not an appropriate instrument to address country specific shocks.

Recent initiatives and policy moves by China and other countries to extend the reach of use of the renminbi in the international monetary system, while the U.S. dollar share in global reserves has slightly shrunk in relative terms, have sparked frequent discussions about a hypothetical "de-dollarization" of the global economy. We approach here what that would mean in terms of global currency functions as means of payment and store of value. While we point out a relative decline of the U.S. dollar weight in those functions more recently, we also highlight gravitational factors that tend to uphold its position. Therefore, the "exorbitant privilege" that the U.S. dollar has provided to its issuer is likely to remain.

Blockchain is a decentralized transaction and data management technology developed first for Bitcoin cryptocurrency. The interest in Blockchain technology has been increasing since the idea was coined in 2008. The reason for the interest in Blockchain is its central attributes that provide security, anonymity and data integrity without any third party organization in control of the transactions, and therefore it creates interesting research areas, especially from the perspective of technical challenges and limitations. In this research, we have conducted a systematic mapping study with the goal of collecting all relevant research on Blockchain technology. Our objective is to understand the current research topics, challenges and future directions regarding Blockchain technology from the technical perspective. We have extracted 41 primary papers from scientific databases. The results show that focus in over 80% of the papers is on Bitcoin system and less than 20% deals with other Blo...

Cryptocurrency law in India A cryptocurrency is a digital currency, which is an alternative form of payment created using encryption algorithms. The use of encryption technologies means that cryptocurrencies function both as a currency and as a virtual accounting system. To use cryptocurrencies, you need a cryptocurrency wallet.

The present paper is based on state-of-the-art research in European and Asian labour-intensive and technology-intensive industries, concerning the competitiveness of small and medium size enterprises in the context of knowledge-economy. Cross-country and cross-industry econometric analysis of the primary qualitative and quantitative information establishes that firm economic performance depends on technological and innovation capacity. The deviation in the technological capabilities and competitiveness of firms and industrial agglomerations is strongly related to different structural, as well as functional and institutional configurations of business milieux. The identification of the factors determining innovativeness suggests that firm innovative and competitive capacity depend heavily rather on the endogenously developed technology, than on exogenous technological inputs. Moreover, embeddedness within international networks of technological transactions enhances the entrepreneuri...

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Soaring prices of food items amid hardening global commodity prices have put an added burden on common man's pocket. In other words, inflation has emerged as a major concern over the last few months. This has hit budgets of salaried middle class in the country. CPI inflation for March, was at a 17-month high of 6.95%. This Paper outlines the impact of WPI and CPI inflation, and their impact on households.

In this paper, we investigate how much a major currency is used for trade invoicing by focusing primarily on the experiences of the U.S. dollar, the Japanese yen, and the Deutsche mark (DM) in the 1970s through the 1990s. We then attempt to draw lessons for China's renminbi (RMB) internationalization. Our data on the shares of the three major currencies in export invoicing show that the dollar has unequivocally been a global invoicing currency, the DM was a major regional currency in Europe, while the yen has never been a global or a regional currency. DM invoicing was driven by European countries' trade ties with Germany. In contrast, the yen was not and is still not widely used for trade invoicing by Asia-Oceania countries despite the region's strong trade ties with Japan. Our regression analysis on the determinants of the major currency share for trade invoicing (also including the UK pound sterling, the French franc, the Italian lira, and the Swiss franc) in the 1970-1998 period suggests that the invoicing share of a major currency tends to be positively affected by the degree of other economies' trade ties with the major currency country and negatively affected by the degree of their financial development or openness. Also, the major currency share for trade invoicing is affected by both other economies' assigned weights of the major currencies in their implicit currency baskets and these economies' trade shares with major-currency zone countries. Economies belonging to the U.S. dollar (DM) zone tend to invoice their trade more in the dollar (DM) and less in the DM (dollar). The use of yen for trade invoicing is not much affected by these factors. European countries largely belonged to the DM zone, thereby contributing to higher DM use for trade invoicing, whereas Asia-Oceania countries belonged mainly to the U.S. dollar zone, leading to a higher degree of dollar use. We also find that major currency countries tend to invoice their trade in their currencies when they have a large presence in international trade and high levels of per capita income, and when their financial markets are more developed and sufficiently open. For China, its low level of per capita income, limited financial openness, and the presence of the U.S. dollar bloc in Asia stand as a challenge to the nation's ambition to promote the RMB as a major trade-invoicing currency.

Euro represents the most significant change of our generation in the European trading environment. The Euro is (or at least has the potential to be) the first full-fledged rival to the US dollar in more than half a century. Step by step, the dream of "Europe without frontiers" is being realized. It has far-reaching implications for the world economy. The world's newest currency may become its most powerful. In tenns of trade volumes, the Euro will be bigger than the US dollar in the long run.

This paper assesses the implications of the large issuance of euro-denominated bonds under the NGEU and SURE instruments, as well as of other measures taken by the EU in response to the pandemic, for the global role of the euro. It focuses on the impact of the new facilities on the supply of safe assets in euros, highlighted by the literature as one of the main constraints so far on the internationalisation of the euro.

After discussing this and other reasons why the euro is still punching internationally below the euro area’s economic weight, the paper estimates the expected quantitative impact of the new facilities and other measures, including the euro area’s national fiscal responses to the COVID-19 crisis, on the issuance of euro safe assets. It concludes that, although the NGEU and SURE facilities represent an important step, they are unlikely to sufficiently boost on their own the euro’s global role, reflecting their temporary nature and the partly offsetting acquisition of safe bonds under the ECB’s asset purchase programmes.

The paper argues that, if the EU wants to achieve its objective of strengthening the euro’s global status, it should complement these efforts with other measures, as part of a comprehensive strategy. Ongoing structural changes in the world economy, including financial technology, and changes in the geopolitical environment create a more propitious context for this policy to bear its fruits because they make it more plausible that the world will move towards a true multi-polar currency system, overcoming the incumbency advantages that have protected the dollar’s hegemonic position since World War II.

There are diverse variables that impact the future usage of bitcoin, from issues related to security to concerns pertaining to garnering acceptance from the market and customers. In this article, few predictive statements have been analysed regarding the future of bitcoin, such as (1) the growth of share of digital purchases, (2) customer acceptance for blockchain innovation in electronic settlements, payment and banking system, (3) the emergence of bitcoin and also various other cryptocurrencies as niche cash, and (4) the implications of bitcoin or some other cryptocurrency as a specific niche cash in nations with specifically weak currency, and (5) the possibilities of regulative dangers of bitcoin usage in these nations.

Fortunately, we have entered in a world where most of the states of affairs are virtual. In this 21st century, the biggest mystery has solved. A big question about virtual currency got its answer. "A cryptocurrency or a virtual currency is a decentralized currency based on cryptography for security purposes, works as a digital medium of exchange." Blockchain is the backbone of decentralized currency. The modernity of blockchain technology changes the payment system. Bitcoin as a crypto-currency become more famous in the past years. Satoshi Nakamoto introduced Bitcoin to the world in 2008. There are some countries where crypto-currency like Bitcoin is used for specific purposes. To make a complete and robust network, hardware wallets, mining network and microcomputers are required for infrastructure of cryptocurrency. In this paper, we explained the working mechanism of crypto-currency. How it works when a transaction is requested by someone. Nodes of P2P network in which transaction is broadcasted, validates it and to fabricate a new block, the transaction is verified with another transaction. We will discuss the complete explanation of the working mechanism further. A probability is there to regulate the virtual currency in India so soon. The future of crypto-currency looks more promising due to increment in its users per year in India.

Purpose – This study aims to evaluate the role of the prevailing currency systems in achieving (or departing from) the socio-economic objectives of a progressive and just society; i.e. featuring stability and equitable distribution of wealth.
Design/methodology/approach – After documenting historical developments in currency systems, the study reviews the Islamic perspective on the matter. Features of an ideal currency system are listed and then a critical evaluation of existing currency systems – fiat, banking and cryptocurrency – is undertaken.
Findings – It is found that existing currency systems – fiat, banking and cryptocurrency – are not compatible with the socio-economic objectives of a forward-looking, progressive society, which upholds transparency and justice as its core values. The study documents that Sharīʿah norms have no preference or dislike for any of the existing currency systems. Any prudent currency system compatible with the objectives of the Islamic financial system (i.e. stability and equitable distribution of wealth) is acceptable. A single international reserve currency (with country-specific legal tendering) is subject to the risk of destabilisation across global markets.
Practical implications – This paper recommends autonomy of central banking, the spending of seigniorage for the welfare of community members, development of asset-backed currencies (following
sukūk structures), as well as multiple international reserve currencies and joining of hands by professionals and Sharīʿah scholars to design a currency system compatible with the Islamic financial system. This paper’s
recommendation is against the adoption of cryptocurrency that lacks the backing of real assets.
Originality/value – The study contributes to the literature by evaluating the compatibility of existing currency systems in the achievement of socio-economic objectives of a welfare state which seeks to uphold justice and equitable resource distribution as core values in the financial system.
Keywords Cryptocurrency, Fiat currency, International currency, Islamic currency

Conditional on choosing a pegged exchange rate regime, what determines the currency to which countries peg or “anchor ” their exchange rate? This paper aims to answer this question using a panel multinomial logit framework, covering more than 100 countries for the period 1980-1998. We find that trade network externalities are a key determinant of anchor currency choice, implying that there are multiple steady states for the distribution of anchor currencies in the international monetary system. Other factors found to be related to anchor currency choice include the symmetry of output co-movement, the currency denomination of debt, and legal or colonial origins.

Bitcoin and other prominent cryptocurrencies have gained much attention since the last several years. Globally known as digital coin and virtual currency, this cryptocurrency is gained and traded within the blockchain system. The blockchain technology adopted in using the cryptocurrency has raised the eyebrows within the banking sector, government, stakeholders and individual investors. The rise of the cryptocurrency within this decade since the inception of Bitcoin in 2009 has taken the market by storm. Cryptocurrency is anticipated as the future currency that might replace the current paper currency worldwide. Even though the interest has caught the attention of users, many are not aware of its opportunities, drawbacks and challenges for the future. Researches on cryptocurrencies are still lacking and still at its infancy stage. In providing substantial guide and view to the academic field and users, this paper will discuss the opportunities in the cryptocurrency such as the security of its technology, low transaction cost and high investment return. The originality of this paper is on the discussion within law and regulation, high energy consumption, possibility of crash and bubble, and attacks on network. The future undertakings of cryptocurrency and its application will be systematically reviewed in this paper.

Customer participation is a strategic tool to facilitate the process of developing new products. This study distinguishes between two types of customer participationcustomer codevelopment and contract development, and examines the benefits of customer codevelopment relative to contract development for firm value through an event study. The analysis of customer participation announcements in the biotechnology and pharmaceutical industries shows that the benefits of customer codevelopment relative to contract development on firm value are contingent upon firm-and relationship-level factors. Specifically, this study finds that the announcement of customer codveloplment contributes better to abnormal stock returns of a firm when the firm has a higher level of R&D relationship experience or when the customer codevelpment is complemented by formal contract terms, such as equity investment. The findings of this study provide important theoretical and managerial implications by revealing the boundary conditions for the benefits of customer codevelopment relative to contract development.

The residential building sector is responsible for a large proportion of the energy consumption worldwide, mainly due to heating, cooling and domestic hot water needs. TESSe2b solution is the outcome of a four-year Horizon 2020 funded project intending to deal with the above issue, through the enhancement of energy efficiency in buildings. In the context of TESSe2b project, a compact and low cost thermal energy storage technology is designed, developed, validated and demonstrated; small-sized thermal energy storage tanks with phase change materials (PCM TES) are combined with solar collectors and high performance geothermal heat pumps. A key-issue regarding the successful diffusion of the technology is consumers' acceptance and adoption behavior. The present study aims to evaluate the self-reported behavioral intention of the TESSe2b solution in different European countries, as well as the factors that can affect this issue. On this basis, a behavioral survey was performed in fi...

Every day in newspaper or on television we are hearing about black money that million and billion Indian money is deposited in foreign banks which are situated at different countries. We are only read about it or listen about it and mumbling that government is so helpless and useless that they cannot do anything to bring back these rupees in our country or can take effective and strong step to stop this problem which takes the form of giant, a modern and new type of giant who is ready to destroy everything. few days back we heard about scams like Chara scam, Hawala scam, Common Wealth scam, and Bofors scam etc.

In this study, we investigated the applicability of PCC(precipitated calcium carbonate) as a raw material for the manufacture of duplex-board. Papers were made with white-ledger stock collected from the actual duplex-board mill and PCC in a laboratory, and paper properties including bulk, ash content, tensile strength, burst strength, brightness and opacity were measured. The effect of PCC on the drying energy of duplex-board was also determined by measuring the moisture content of wet web and calculating drying energy reduction. PCC increased bulk and ISO brightness significantly, which means PCC can decrease the use of virgin pulp and recycled fibers. PCC decreased the moisture content of wet web, which means PCC can decrease drying energy consumption. However, paper strength decreased as addition levels of PCC addition increased. Therefore, the addition level of PCC must be determined considering the reduction of paper strengths.

Bitcoin has risen as the best cryptocurrency ever. Inside two years of its tranquil dispatch in 2009, Bitcoin developed to involve billions of US dollars of financial incentive regardless of just careless examination of the framework's plan. In the meantime an enormous and lively open-source network has proposed and sent various adjustments and augmentations. However, the GCC region remains unexplored in terms of cryptocurrency research. Hence, we provide the first survey on cryptocurrency in the GCC economy. In this exploratory study, we used an online questionnaire survey that was collected from 610 individuals and investors from all Gulf countries namely: Bahrain, Kuwait, Oman, Saudi Arabia and UAE. The research instrument consists of 24 different questions that measure respondents’ opinions and attitudes toward cryptocurrency in the GCC. The findings reveal that most respondents in the GCC have heard or read about cryptocurrencies such as Bitcoin or Ethereum. However, a vast...

This survey was conducted to investigate the current state of odor emission and control from 48 site of Hanwoo, dairy, swine and poultry farms in Korea. On-site complex odors assessment by the method of 6 step direct sensory evaluation and ammonia concentrations by portable gas detector on the boundary line of farms were evaluated and detected as 1.11 & 2.78 ppm, 1.67 & 2.56 ppm, 1.91 & 2.89 ppm, 1.8 & 2.4 ppm and 1.33 & 2.33 ppm, respectively. Almost of Hanwoo, dairy and poultry farms were nothing the complaints occurred for the last 2 years, however as 60% of swine farms were suffered odor complain. All of livestock operations were used the additives for improving the farm environment and spent the considerable costs for odor reduction. There were several plans almost farms, as a fortify maintenance, keep clean, tree planting, expansion facilities for manure treatment or odor reduction.

The vast majority of what has been written about the monetary system and its theories was developed when money was totally or partially backed by some type of merchandise. At present, commodity money no longer exists, only debt money. This paper addresses money from its transition to the current situation, through this 'manifesto of money', for the construction of a new theoretical framework that adapts to the current reality and adopting money as a real medium of exchange. This paper uses the methodology of historical review and of existing power relations in this historical moment in time called the archaeological and genealogical methodology by Foucault. Using this tool, a review of the related economic literature is made and the incongruities of the current monetary system are described. The central axis of this work is the 'neutrality of money' which is used to develop a proposal for a national currency and a proposal for an international exchange currency as the basis for the construction of a new model.