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: Mcusker as mentioned in this paper described how money and exchange functioned as elements of the American economy in the seventeenth and eighteenth centuries; he also provided sufficient technical and statistical information to allow the reader to convert a sum recorded in one currency into its equivalent in another.
Abstract: The handbook explains how money and exchange functioned as elements of the American economy in the seventeenth and eighteenth centuries; it also provides sufficient technical and statistical information to allow the reader to convert a sum recorded in one currency into its equivalent in another. McCusker combines this with a compilation of exhaustive tables that give the commercial rate of exchange between London and the major cities of Europe and the British colonies.
117 citations
TL;DR: In this paper, the introduction of an exchange rate between Ireland and the UK in 1979 to shed light on the effects of a common currency on the composition of international trade was studied and no evidence was found from time series or panel regressions that the change of exchange rate regime had a significant effect on Anglo-Irish trade.
117 citations
Posted Content•
TL;DR: In this paper, the authors distinguish between demands for large and small-denomination banknotes, and find that modern payment technologies have little impact on currency usage, and argue that any attempt to force a complete shift to electronic transfer, and to try to ban, or to prevent, the domestic use of cash would be appallingly illiberal.
Abstract: The euro's introduction highlights several shortcomings of cash and coins, and some advantages of paying with plastic, but is hard currency an endangered species, threatened by technologically more advanced means of payments, electronic transfers, e-money and the like? If the last twenty years are any guide, the answer is no. We find that modern payment technologies have little impact on currency usage. To understand this lack of effect, we distinguish between demands for large- and small-denomination banknotes. Competition from existing electronic retail payments' products focuses mostly on small to medium-sized purchases where small bills (less than the #50) are most common. By contrast, there are few signs, nor much likelihood, of past or current electronic products displacing holdings of large bills without government intervention. Large bills, which account for over half the stock of outstanding currency in many OECD nations, are mainly held for hoarding and bad behaviour motives ranging from hard crime to paying the plumber under the table; for such purposes the anonymity of cash is, and is likely to remain, superior. As concerns policy implications, we note that, although issuing large denomination bills facilitates 'bad behaviour', withdrawing big bills is unlikely for political reasons. Governments could try to induce e-money usage as a means of discouraging bad behaviour, but we argue that any attempt to force a complete shift to electronic transfer, and to try to ban, or to prevent, the domestic use of cash would be appallingly illiberal.
117 citations
TL;DR: This article examined the impact of currency derivatives on firm value using a broad sample of firms from thirty-nine countries with significant exchange-rate exposure and found that firms with strong internal firm-level or external country-level governance are more likely to use derivatives to hedge rather than to speculate or pursue managers' self-interest.
117 citations
Posted Content•
TL;DR: In this paper, a review of empirical studies attempting to give empirical content to the theory of optimum currency areas as a way of marshalling evidence on the costs and benefits of EMU is presented.
Abstract: Recent years have seen a wave of empirical studies attempting to give empirical content to the theory of optimum currency areas as a way of marshalling evidence on the costs and benefits of EMU. This paper reviews this empirical literature, as a way of examining the success with which theory has been operationalized. We also report some new work on the impact of German unification and increasing economic integration in Europe on correlations of underlying disturbances and on geographic specialization of production. We conclude with some thoughts about directions for future research.
117 citations