Topic
Currency
About: Currency is a research topic. Over the lifetime, 26697 publications have been published within this topic receiving 485370 citations. The topic is also known as: monetary unit & unit of money.
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TL;DR: In this paper, the authors present a model in which the currency composition of corporate debt is endogenous, and discuss the optimality of measures aimed at coping with the risks posed by foreign currency debt.
138 citations
Journal Article•
TL;DR: In this article, the authors discuss the impact of China's exchange rate policy on the United States and the rest of the world, and discuss the appropriate "rules of the game" for international surveillance of exchange rates and for the timely correction of external payments imbalances.
Abstract: China's exchange rate policy has a great impact on the economies of the United States and the rest of the world. This important new book, based on an October 2007 conference looks at this issue in great detail. The book has four sections. The first section assesses progress since China's July 2005 reform of its currency regime, with due attention to China's global current account position, movement of China's real effective exchange rate, the extent of the remaining misalignment of the renminbi (RMB), the roles of market forces and a currency basket in the determination of the RMB exchange rate, and developments in the structure of the foreign exchange market. The second section analyzes how Chinese exchange rate policy reform will affect, and will be affected by, reforms and constraints in other areas of economic policy.The third section delves into the issues raised by China's exchange rate policies for international surveillance of exchange rates and for the timely correction of external payments imbalances. These issues include the appropriate "rules of the game" for International Monetary Fund (IMF) surveillance over exchange rate policies, the effects of China's exchange rate policies on other Asian emerging economies, and the contribution that US and European policies should make to external adjustment as a counterpart to and inducement for greater exchange rate flexibility in Asia. Finally, the concluding section presents specific proposals for how China's exchange rate and capital account policies might be modified over the medium term.These proposals address how best to eliminate any misalignment of the RMB; how best to reduce pressures emanating from the sterilization of large reserve accumulation; how best to make capital flows the ally - not the enemy - of exchange rate policy; and what institutional arrangements and policy guidelines to put in place to reap the greatest benefits from management of China's large exchange reserves.
138 citations
Patent•
24 Jan 2001
TL;DR: In this article, a computerized trading system with multiple affiliates at the local level, each in a different country, that act as either introducing or executing agents, is described, with the local affiliates and the global hub being arranged in a hub-and-spoke arrangement.
Abstract: A computerized trading system permits trading across international boundaries. The system preferably includes multiple affiliates at the local level, each in a different country, that act as either introducing or executing agents. Between these local affiliates there is a global hub, with the local affiliates and the global hub being arranged in a hub-and-spoke arrangement. Introducing affiliates are responsible for handling customer accounts and information, and accepting transaction orders. Executing affiliates are responsible for executing the transaction orders for, e.g., equity trades in a local stock exchange. The global hub is responsible for routing orders and handling associated foreign exchange transactions to convert one currency into another.
137 citations
TL;DR: In this article, the authors investigate the fundamentals of safe haven currencies, which are those currencies that provide an hedge for a reference portfolio of risky assets, conditional on shocks to global risk aversion, and find that only a few factors are robustly associated to a safe haven status, most notably the net foreign asset position, an indicator of external vulnerability, and whether currencies have been a good hedge in the past.
137 citations
05 Sep 2016
TL;DR: The use case presented shows that Bitcoin could be a promising technology for validating many types of persistent documents in public sector by utilizing the secure, distributed, open, and inexpensive database technology.
Abstract: The new technology Bitcoin has got a lot of attention since it was presented in late 2008 and implemented early 2009. However, the main attention has been to the currency and not so much the underlying blockchain technology. This paper argues that we need to look beyond the currency and investigate the potential use of the blockchain technology to enable smarter governments by utilizing the secure, distributed, open, and inexpensive database technology. The technology is discussed in the perspective of an information infrastructure to investigate its full potential. After a literature review of Bitcoin publications, with a special emphasis on eGovernment literature, the paper presents a relevant use case highlighting the innovation potential of the new technology. The literature review shows that Bitcoin is absent from the e-Government literature. The use case presented shows that Bitcoin could be a promising technology for validating many types of persistent documents in public sector.
136 citations