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Currency futures and currency crises [PDF]
, 2004 Since financial derivatives are key instruments for risk taking as well as risk reduction, it is only straightforward to examine their role in currency crises. This paper addresses this issue by investigating the impact of currency futures trading on the underlying exchange rates.
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2018
Recent decades have witnessed the proliferation of monetary instruments that differ, in many respects, from the official currency issued by the central bank and by the regulated banking system, such as local currencies, corporate barter, and mutual credit systems.
Amato, Massimo, Fantacci, Luca
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Recent decades have witnessed the proliferation of monetary instruments that differ, in many respects, from the official currency issued by the central bank and by the regulated banking system, such as local currencies, corporate barter, and mutual credit systems.
Amato, Massimo, Fantacci, Luca
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The Optimal Currency Basket with Input Currency and Output Currency [PDF]
SSRN Electronic Journal, 2008 This paper explores the determination of the optimal currency basket in a small open economy general equilibrium model with sticky prices. In contrast to traditional literature, we focus on an economy with vertical trade, where one currency is used as the invoicing currency of imported intermediate goods and is called the \input currency", while the ...
Kang Shi, Juanyi Xu
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Foreign currency hedge accounting: multi‐currency versus functional currency accounting
Managerial Auditing Journal, 2000Auditors nowadays must be aggressive and involved in risk assessment and analysis. This paper identifies, analyzes, and recommends a solution to a current problem in accounting for foreign‐currency hedges. This is accomplished by an examination of the Financial Accounting Standards Board (FASB) Statement of Financial Accounting Standards (SFAS) No. 133,
Orapin Duangploy, Dahli Helmi
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Strong Currency and Weak Currency
Journal of the Japanese and International Economies, 1998Abstract This paper presents a two-country model in which two currencies compete with each other. There exists an equilibrium in which the two currencies with different rates of inflation circulate as media of exchange despite neither currency being required to be used for transactions. Taxes payable in local currency and asymmetric injection of fiat
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Currency Flows and Currency Crises
CESifo Economic Studies, 2017According to the most common understanding, currency crises are always and everywhere a monetary phenomenon. Based on a formal theoretical model and ample empirical evidence, this article argues instead that currency crises are always and everywhere about external imbalances.
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Two-Currency, Three-Currency and Multi-Currency Arbitrage
2003Arbitrage is generally defined as capitalising on a discrepancy in quoted prices, triggered by the violation of an equilibrium (pricing) condition. It is often the case that arbitrage is portrayed to be a riskless operation, in the sense that all of the decision variables are known when the decision is made, but the process invariably involves risk ...
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Currency Substitution and Currency Crises
Journal of Economics and Management, 2007This paper investigates the relationship between the collapse timing of exchange rate regime and degree of substitutability of foreign currency for domestic currency as a medium of exchange. According to the spirit of Chen et al. (1981), Tsaur (1987), Chang et al.
Yu-Fong Sun, Tien-Wang Tsaur
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