We study the impact of monetary policy on supply bank credit when lending is denominated in foreign currencies. Accessing a comprehensive supervisory dataset from Hungary, we find that currency less sensitive to changes domestic conditions than equivalent currency. Changes similarly affect more Hence banks lend multiple currencies channel weakened and international channels become operational. ...

We endogenize circulation of currencies and price formation in a decentralized monetary trading environment with two countries and two currencies. In equilibrium sellers of homogenous goods may post prices in the national or also in the foreign currency, given unobservable buyers’ valuations. We prove that, under different monetary regimes, the absence of well integrated international goods mar...

Four foreign exchange spot rate series, recorded on an hourly basis for a six-month period in 1986 are examined. A seasonal GARCH model is developed to describe the time-dependent volatility apparent in the percentage nominal return of each currency. Hourly patterns in volatility are found to be remarkably similar across currencies and appear to be related to the opening and closing of the worl...

A growing concern emerges regarding the possibility of counterfeiting currencies using digital imaging technologies. In order to help developing resistance against this new type of fraud, this paper presents possible attacking scenarios against supposedly sophisticated document protection systems based on digital watermarking. These new attacks, which would allow even an average counterfeiter t...

Current variation in the forms of money challenges economic anthropologists and historians to review theory and comparative findings on multiple currency systems. There are four main sections to the paper devoted to (i) the present continuum of hard to soft currencies as an instance of multiplicity, including discussion of different combinations of the classic four functions of money, especiall...