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.

The determinants of foreign direct investment in transforming economies: Empirical evidence from Hungary and China

Abstract: The Determinants of Foreign Direct Investment in Transforming Economies: Empirical Evidence from Hungary and China. — This paper analyzes what factors best explain foreign capital inflows into Hungary and China during the period 1978–92. The size of the host-country markets is found to play a positive role, while the cost-of-capital variables and political instability are negatively correlated with investment inflows. It supports the hypothesis that low-cost labour and currency depreciation is an important factor in explaining how much foreign capital flows into a particular country. There is little evidence to support classical hypotheses concerning tariff barriers and import variables. The OECD growth rates show significant positive correlation with FDI in Hungary.

The invisible politics of Bitcoin: governance crisis of a decentralised infrastructure

Abstract: Bitcoin is a decentralised currency and payment system that seeks to eliminate the need for trusted authorities. It relies on a peer-to-peer network and cryptographic protocols to perform the functions of traditional financial intermediaries, such as verifying transactions and preserving the integrity of the system. This article examines the political economy of Bitcoin, in light of a recent dispute that divided the Bitcoin community with regard to a seemingly simple technical issue: whether or not to increase the block size of the Bitcoin blockchain. By looking at the socio-technical constructs of Bitcoin, the article distinguishes between two distinct coordination mechanisms: governance by the infrastructure (achieved via the Bitcoin protocol) and governance of the infrastructure (managed by the community of developers and other stakeholders). It then analyses the invisible politics inherent in these two mechanisms, which together display a highly technocratic power structure. On the one hand, as an attempt to be self-governing and self-sustaining, the Bitcoin network exhibits a strong market-driven approach to social trust and coordination, which has been embedded directly into the technical protocol. On the other hand, despite being an open source project, the development and maintenance of the Bitcoin code ultimately relies on a small core of highly skilled developers who play a key role in the design of the platform.

with Special Reference to the Dollarization Debate in Latin America

Abstract: The paper reviews the main challenges faced by policymakers in emerging market economies, EMs, in light of recent financial clises, and taking into account salient factors like the existence of partial dollarization, imperfect credibility, weak financial systems, and contagion The standard theory of optimal currency areas is discussed and criticized for omitting the above factors When these factors are taken into account, an extreme foreign exchange regime like dollarization is shown to become much more attractive The paper discusses the pros and cons of dollarization and, among other things, shows that the lack of a lender of last resort is not necessal^ily a major drawback in EMs The paper also discusses inflation targeting, IT In a formal model, it is shown that IT could be subject to credibility problems similar to those found in exchange rate-based stabilization programs THE CENTRAL FOCUS of this papet is the optimal choice of