A cash-in-advance model in which the cost of buying goods with a foreign currency is decreasing in the economy’s accumulated experience in transacting in the foreign currency is shown to display hysteresis in money velocity; that is, a temporary increase in expected in ation can cause a permanent increase in velocity. In addition, the model implies that the domestic currency does not have to do...

one of the most important policies concerning the adjustment of foreign trade is to allocate foreign currency by establishing an exchange control system. the mechanism of this would be so that the central bank operates or supervises all transactions concerning foreign exchange. however, the controlling system, like all other international systems of payment, operates with some adjustments and i...

precipitation is one of the hydrological processes that play an important role in controlling water resources management. shortage of rain causes some problems such as lack of drinking water. due to the importance of the issue of water shortage, using modern methods to predict hydrological processes will play an important role in planning and management of water resources. therefore, in this st...

Given current concerns on foreign currency exposures in emerging economies, we examine the currency denomination of bank loans. We compare the currency requested by borrowers and the currency decision subsequently made by a bank in Bulgaria prior to the current crisis. We analyze more than hundred thousand loans to sixty thousand different firms granted during the period 2003-2007. We relate th...

We describe the framework for building an electronic currency system. We detail the design of the components of the electronic currency system and the relationship among them. Contrary to the previous electronic currency literatures, which focus exclusively on electronic currency protocol designs, we address how to achieve both transaction atomicity and transaction anonymity at the presence of ...

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