importance of risk and uncertainty in financial markets became more apparent after financial crisis in 2007. volatility is the most important measure of risk in financial markets. thus, modeling volatility of financial markets is one of the important issues in finance and economics. in this paper first we tried to specify key features of volatility of daily returns of tehran stock exchange pric...

Structural shifts characterize the volatility of the Korean stock and foreign exchange markets during the 1997 Asian financial crisis. This paper employs an unrestricted bivariate GARCH-M model of stock market returns to investigate empirically the effects of daily currency depreciation on Korean stock market returns. The evidence shows that currency depreciation significantly affects stock mar...

In this paper, we analyze and compare general development and individual behavior on two non-profit internet-based hospitality exchange services – bewelcome.org and warmshowers.org. We measure the effort needed to achieve a reallife interaction, whereby the advantages of mutual altruism arise. The effort needed is the communication quantified in units of time. Since the amount of effort is not ...

Search-based theories of the exchange process provide economists with a way of formalizing the microfoundations of monetary economics and to discuss a variety of issues in monetary theory and policy in a new light. Many questions that cannot even be formulated in more traditional monetary models can be profitably analyzed in these new models. In this essay, we propose to review recent developme...

*The author is with the Office of Economics of the U.S. International Trade Commission. Office of Economics working papers are the result of the ongoing professional research of USITC staff and are solely meant to represent the opinions and professional research of individual authors. These papers are not meant to represent in any way the views of the U.S. International Trade Commission or any ...

Abstract The value of a country's currency is often considered as the most important price in economy. Exchange‐rate changes can significantly affect profitability exporters, prices paid by consumers, well complicating comparison economies different countries. In this article, we illustrate workings purchasing power parity (PPP) and demonstrate its practical use with cross‐country data covering...

Exchange rates forecasting is a crucial and challenging task. Accurate forecasting of the imminent movements of exchange rates is very important in investments, trade and economics. In this paper, an exponential smoothing using the Holt-Winters Model is used for forecasting exchange rates. Parameter search for the smoothing constants is done through computer simulation using Particle Swarm Opti...

The current mainstream in economic research is intensively supplemented by new modelling paradigms that have been established only recently. Application of agent-based modelling in the realm of economic systems labelled as Agent-based Computational Economics (ACE) represents one rapidly evolving approaches. On the other hand, there is a lack of research focused on timebanks (TBs) as an economic...