In an exchange economy under uncertainty with two periods, one physical good, and finitely many states of the world, we show that for every (complete or incomplete) market span there exists a sequence of securities such that if they are introduced into markets one by one, the prices of any security is not affected by the subsequent introduction of newer securities and they together generate the...

T his paper investigates the impact of monetary policies on the exchange rate of selected developing countries during the period 2001-2010. For this purpose, in addition to the theoretical explanation, dynamic panel data based on the generalized method of moments (GMM) have been used to estimate the model. Our findings indicate that the lag of exchange rate variable has a positive and signific...

This paper studies how the real exchange rate changes with economic growth. Although Devereux (1999) proves that endogenous growth in the distribution sector can cause exchange rate depreciation, MacDonald and Rucci (2005) empirically find that growth in the distribution sector significantly causes the exchange rate to appreciate. To resolve the discrepancy, we replace perfect competition with ...

in this study, we focused on tehran stock exchange market analysis based on applying moving average rules. the tehran stock exchange in the middle east has evolved into an exciting and growing marketplace where individual and institutional investor trade securities of over 420 companies. in an attempt to examine the ability to earn excess return by exploiting moving average rules, the average a...

Depository is an institution or a kind of organization which holds securities with it, in which trading is done among shares, debentures, mutual funds, derivatives, F&O and commodities. The intermediaries perform their actions in variety of securities at Depository on the behalf of their clients. These intermediaries are known as Depositories Participants. Fundamentally, there are two sorts of ...

The Internet has led to the development of on-line markets, and computer scientists have designed various auction algorithms, as well as automated exchanges for standardized commodities; however, they have done little work on exchanges for complex nonstandard goods. We present an exchange system for trading complex goods, such as used cars or nonstandard financial securities. The system allows ...

In recent years, with the increasing openness of China's financial market, continuous deepening reforms, and growing innovation, Chinese securities market has become increasingly complex, leading to a gradual increase in probability systemic risk. This study focuses on daily closing prices stocks from eight large-scale listed bond companies, including CITIC Securities GF Securities, incorporate...