For a Cournot duopoly with a foreign firm exporting to the home firm’s market hedging against unfavorable shifts in the stochastic spot exchange rate is analyzed. In a two-stage setting with product market and hedging decisions we show that hedging can be used as a strategic device. Under constant and decreasing absolute risk aversion an increase in hedging volume by the foreign firm promotes i...

This paper employs a structural vector autoregression (SVAR) model to investigate the monetary policy framework of a small emerging open economy Malaysia, especially how the economy dynamically respond to money, interest rate, exchange rate and foreign shocks. We establish identification conditions to uncover the dynamic effects of monetary policy shocks on various domestic variables. Following...

a r t i c l e i n f o JEL classification: F31 C13 C45 Keywords: Exchange rate forecasting Purchasing power parity Artificial neural network Investors consider foreign exchange as being among the most significant financial markets. Many discussions regarding economic development, growth strategies and stabilization policies place real exchange rate to play the most important role in the macroeco...

This paper studies searching and pruning process of the telephone speech recognition system for Private Automatic Branch Exchange (PABX) to explore the possible problems encountered in applying speech recognition to telephone network and to prepare the necessary techniques for the practical telephone speech recognition systems. Experiment on a baseline system which uses semi-syllable based mult...

China has experienced a large increase in its foreign exchange reserves since 2001, due to a continuous in‡ow of capital and the commitment to maintain a …xed rate against the dollar initially and then a crawling peg exchange rate regime. Among other things, the accumulation of foreign assets has an expansionary monetary e¤ect and poses a challenge for domestic macroeconomic management. As a re...