This article discusses the impact of dollarization in Ecuador, Panama and El Salvador as well Argentine convertibility system. We found that adoption a more stable currency has had positive results those countries.
 Key words: Dollarization, Inflation, Central Bank, Balance Trade, Gold Standard, Cash Ratio, Exports, Flexible Exchange Rates.
 JEL Classification: E42, E44, E58.
 Re...

We prove that statistical information theoretic quantities, such as information entropy, cannot generally be interrelated with the lower limit of energy dissipation during information erasure. We also point out that, in deterministic and error-free computers, the information entropy of memories does not change during erasure because its value is always zero. On the other hand, for information-t...

In 1998-2002, Argentina experienced what the government described as a “great depression.” Using the “Great Depressions” methodology developed by Cole and Ohanian (1999) and Kehoe and Prescott (2002), we find that the primary determinants of both the boom in Argentina in the 1990s and the subsequent depression were changes in productivity, rather than changes in factor inputs. The timing of eve...

We describe a formalisation of the Curry-Howard-Lawvere correspondence between the natural deduction system for minimal logic, the typed lambda calculus and Cartesian closed categories. We formalise the type of natural deduction proof trees as a family of sets Γ ` A indexed by the current assumption list Γ and the conclusion A and organise numerous useful lemmas about proof trees categorically....

This paper investigates the current situation and main reasons for the massive circulation of China’s national currency, the renminbi (RMB), in China’s neighboring economies. It indicates that the expansive use of RMB in Asia is the beginning of the process of RMB internationalization. This process is being driven by a strong Chinese economy and increased investors’ confidence in RMB. Internati...

We show that a competitive banking system is inconsistent with an optimum quantity of private money. Because bankers cannot commit to their promises and the composition of their assets is not publicly observable, a positive franchise value is required to induce the full convertibility of bank liabilities. Under perfect competition, a positive franchise value can be obtained only if the return o...

A new scenario for energy distribution, security and shareability is presented that assumes the availability of quantum information heat engines and a thermal bath. It is based on the convertibility between entropy and work in the presence of a thermal reservoir. Our approach to the informational content of physical systems that are distributed between users is complementary to the conventional...

This paper shows that arbitrage is limited if rational agents face uncertainty about completing their arbitrage portfolios. This “execution risk” arises in our model because there are slippages in asset prices as arbitrageurs compete for the limited supply of assets needed for a profitable arbitrage portfolio. This is distinct from the existing limits of arbitrage such as noise trader risk, fun...

A reconfigurable manufacturing system (RMS) is designed for rapid adjustment of production capacity and functionality in response to new market conditions and new process technology. It has several distinct characteristics including: modularity, integrability, customization, convertibility, and diagnosability. There are a number of key interrelated technologies that should be developed and impl...

We propose an extension of the traditional λ-calculus in which terms are used to control an outside computing device (quantum computer, DNA computer...). We introduce two new binders: ν and ρ. In νx.M , x denotes an abstract resource of the outside computing device, whereas in ρx.M , x denotes a concrete resource. These two binders have different properties (in terms of α-conversion, scope extr...