the frequent occurrence of currency crises in recent years brought the early warning literature back in the researchers spotlight. in recent years, concept of an early warning system (ews) developed that should be able to identify various costly events, such as currency crises, early enough for policy makers to reduce the costs. this study attempted by using iran's economy quarterly data d...

Abstract Violations of no-arbitrage conditions measure the shadow cost intermediary constraints. Intermediary asset pricing and intertemporal hedging together imply that risk these constraints tightening is priced. We describe a “forward CIP trading strategy” bets on violations shrinking show its returns help identify price this risk. This strategy yields highest for currency pairs associated w...

This paper develops a new instrumental-variable (IV) approach to estimate the effects of different exchange rate regimes on bilateral outcomes. The basic idea is that the characteristics of the exchange rate regime between two countries (exchange rate variability, fixed or float, autonomous or common currencies) are partially related to the independent decisions of these countries to peg —expli...

Gravity-based cross-sectional evidence indicates that currency unions stimulate trade; crosssectional evidence indicates that trade stimulates output. This paper estimates the effect that currency union has, via trade, on output per capita. We use economic and geographic data for over 200 countries to quantify the implications of currency unions for trade and output, pursuing a two-stage approa...

In today's market, the global competition has put manufacturing businesses in great pressures to respond rapidly to dynamic variations in demand patterns across products and changing product mixes. To achieve substantial responsiveness, the manufacturing activities associated with production planning and control must be integrated dynamically, efficiently and cost-effectively. This paper presen...

Six assertions concerning the status of Bitcoin are formulated and defended: (i) Bitcoin is not and will not become a currency-like informational commodity, (ii) currencylike informational commodities that aren’t currencies must be frauds, (ii) specific BTC amounts may become monetized and thus may be turned into financial assets, (iii) currently no BTC amounts are monetized in any currency are...

This paper investigates how the benefits of hedging currency risk and the incentives of a firm to hedge are affected by the hedging strategies of competing firms. In competitive industries, if currency hedging is uncommon, prices are expected to positively co-vary with exchange rate related cost shocks providing firms with a ‘natural hedge’. As the extent of currency hedging in an industry rise...

Over the past three years, cross-border inflows into emerging market (EM) local currency bonds have surged. The returns on these bonds have moved more closely with those on international assets regarded as “safe”, particularly following the euro area debt crisis. This paper first demonstrates that domestic factors have tended to dictate the dynamics of the EM local currency government yield. Th...

The coincidence of banking and currency crises associated with the Asian financial crisis has drawn renewed attention to causal and common factors linking the two phenomena. In this paper, we analyze the incidence and underlying causes of banking and currency crises in 90 industrial and developed countries over the 1975-97 period. We measure the individual and joint (“twin”) occurrence of bank ...