The humanitarian sector has gone through a major shift toward injection of cash into vulnerable communities as its core modality. On this trajectory direct currency injection, something new happened: namely the empowerment to create their own local currencies, tool known Complementary Currency systems. This study mobilizes concepts endogenous regional development, import substitution and market...

The optimal design of a central bank digital currency (CBDC) is analyzed in an environment where agents sort into cash, CBDC, and deposits according to their preferences over anonymity security; network effects make the convenience payment instrument depend on number its users. A CBDC can be designed with attributes similar cash or deposits, interest bearing: that closely competes depresses cre...

Alternative currencies are means of payment that circulate alongside—as an alternative or complement to—official currencies. While these have existed for a long time, both society and academia shown renewed interest in their potential to decentralize the governance monetary affairs bring people organizations together more ethical sustainable ways. This article is review philosophical implicatio...

• Commodity price effect is non-uniform and changes over time. Diverse sectoral commodity effects are robust to alternative specifications. affected by crisis third-country exchange rates. The empirical results challenge the assumption of stable effects. Using quarterly data on four commodity-exporting countries, we examine explanatory power real prices predict effective rates, paying particula...

Eugene Fama (1984) analyzed the variability and the covariation of risk premiums and expected rates of depreciation. We employ three statistical techniques that do not suffer from a potential bias in Fama’s analysis, but we nevertheless confirm his findings. In contrast to his interpretation the results are not necessarily at variance with the predictions of a theoretical model of the risk prem...

Traditional autocorrelation and variance ratio tests are based on serial uncorrelatedness rather than martingale difference. As such, they do not capture potential nonlinearity-in-mean behavior, which could lead to misleading inferences in favor of the martingale hypothesis. This paper employs various parametric and nonparametric nonlinear models as well as several model comparison criteria to ...

In the foreign exchange market, time-varying transaction costs and interest rates may define set of attractive currencies for investors. Our study shows that when are attractive, they tend to deviate from uncovered rate parity comove with global stochastic discount factor (SDF). Inversely, non-attractive, conform more closely do not SDF. As a consequence, both investors policy makers want know ...