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During the Spanish Civil War, War Routes with tourist itineraries were organized in the area controlled by General Francisco Franco. They began to operate on 1 July 1938 and ran throughout the whole of the following year. The objective was, on the one hand, to create a new tourism product essentially aimed at the European market in order to attract tourists and obtain foreign currency. On the other hand, these itineraries formed part of a propaganda campaign which sought to spread the virtues of the new regime that was under construction in order to counteract the campaign being carried out against it abroad by the legitimate regime of the Republic. This new tourism product was promoted among the principal European travel agencies, although it generated poor economic results. This article studies the promotion of these itineraries, the travel agencies that were interested in them, the banks that acted as intermediaries and the results of the initiative. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Finance Letters / Maliye Finans Yazıları Dergisi is the property of Maliye Finans Yazilari Yayimcilik Ltd. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The use of wildlife imagery in society is highly varied and could contribute to reinforcing national identity. Standard depictions of wildlife include photographs, video, artwork and symbols or icons, including on currency.We investigated the representation of native fauna on 4541 banknotes from 207 countries between 1980 and 2017, to identify geographic hotspots and taxonomic patterns and determine whether threatened and endemic species were more readily represented.Native fauna was depicted on 15.2% of banknotes reviewed (352 unique species) with a strong bias towards terrestrial species (89%) and a dominance of bird and mammal species (83% combined). African banknotes had the highest mammal representation while birds were favoured in South America. Globally, threatened species were commonly depicted on banknotes with 30% of all imagery representing these species.The fauna species depicted on banknotes generally perpetuate existing perceptions about these species (i.e., charismatic species). We recommend several avenues for further investigation to explore relationships between perceived value and wildlife representation. These include longitudinal studies of how representation changes over time, the inclusion of flora and/or coin imagery, identifying species‐specific traits for selected wildlife and examining the decision‐making processes governing wildlife imagery on banknotes. Read the free Plain Language Summary for this article on the Journal blog. Read the free Plain Language Summary for this article on the Journal blog. [ABSTRACT FROM AUTHOR]

Liabilities denominated in foreign currency have established a permanent role in emerging market firms' balance sheet, which implies that changes in both global liquidity conditions and in the value of the currency may have a long- lasting effect for them. In order to consider the financial conditions that may encourage (discourage) structural change in a small, open economy, we adopt the framework put forward by the "Monetary theory of distribution" (MTD). More specifically, we follow the formulation adopted by Dvoskin and Feldman (2019), whereby the financial system is intended as a basic sector that promotes innovation (Schumpeter, 1911). In accordance to this, financial conditions are binding only for the innovative entrepreneurs, whose methods of production are not dominant and hence they need to borrow from banks to kick- start their production. Through this device, our model offers an explanation to the technological lock-in experienced by a small, open economy which takes international prices as given. [ABSTRACT FROM AUTHOR]

Promoting financial stability is one of the main priorities for the governments of countries seeking to achieve sustainable economic growth. The article aims to assess and model the impact of macroeconomic factors on the financial stability of the Russian Federation in the period 2010-2030 using ADF, OLS, VAR, ARCH, VECM and other techniques. In addition, the linear causal relationship between a group of 6 macroeconomic indicators and the financial stability of the Russian Federation was studied. The results of this research show that Russia's financial stability depends mainly on exports of crude oil and natural gas, price stability, volume of government debt, deficits and surpluses of the state's budget, exchange rate stabilization of national currency, and effectiveness of the banking system. Additionally, events taking place in Eastern Europe, the Middle East and the African continent may negatively affect Russia's financial security if it fails to take the necessary preventive measures. [ABSTRACT FROM AUTHOR]

Copyright of Arts Magazine is the property of Thamar University and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The growing use of local coal in Ethiopia has created challenges for cement factories due to inconsistencies in grade and quality. This paper presents the main areas rich in coal resource and potential sites for their development. Field studies have been conducted extensively in some areas to explore coal and analyze its compostion for potential use as major energy source in addressing the high energy demands for cement production across the country. Ethiopian coal beds vary in thickness from a few centimeters to 6 m and encompass a range of ranks from lignite to bituminous coal. Quality also varies widely, with ash content being a significant parameter of concern, as some studies indicate elevated levels. However, because of insufficient data, it is challenging to generalize other quality parameters accurately. Ethiopia's coal exploration dates back to the 1940s, with rough estimated deposits totaling 600 million tons nationwide. Currently, small‐scale producers satisfy 66% of the cement industries coal demand, which is the major consumers. Efficient coal mining enables the country to substitute significant amounts of imported coal, reducing large expenditures in foreign currency. Local coal production offers cost savings, job creation, streamlined transport, and reduced import reliance, thereby preserving hard‐earned foreign currency and granting the country a competitive edge. [ABSTRACT FROM AUTHOR]

This study offers unique insights into the threshold-based influence of currency devaluation (CD) on external debt sustainability (EDS) in designated Sub-Saharan African (SSA) countries. The absence of evidence from this viewpoint, particularly in SSA, inspires this new assessment. On this premise, the study utilizes two innovative estimation procedures: smooth transition regression (STR) and multiple thresholds nonlinear ARDL (MTNARDL) to estimate the sign-based and magnitude-based asymmetric influence of CD on EDS. The outcomes indicate that first, an average CD threshold of 21.1% is consistent with EDS in the designated nations; second, a small CD significantly reduces the external debt–GDP ratio and improves sustainability, while a very high CD largely worsens the EDS problem; third, in the CD regime, devaluation has more detrimental effects on external debt burden; fourth, exceedingly large changes in exchange rate (whether positive or negative) essentially affect the countries’ EDS negatively; and fifth, the adverse effect of large depreciation on EDS is greater than that of large appreciation. The study recommends, amongst others, that heavily indebted countries with sizeable external debt denominated in foreign currency should, as a matter of urgency, avoid excessive and escalated large percentages of devaluation or exchange rate depreciation. [ABSTRACT FROM AUTHOR]

The present article analyses the balance sheet composition and the evolution of the operational framework of the Macedonian central bank. It shows that the compensating movements on its balance sheet could not be attributed exclusively to domestic liquidity management operations, as in the absence of substantial foreign currency inflows, the central bank has increased foreign reserves through the proceeds arising from the issuance of government bonds denominated in foreign currency on international financial markets. Despite retaining some of the characteristics of a currency board, the absence of a strict commitment to such a regime has allowed the central bank to employ a range of instruments of domestic liquidity management and to maintain relatively tight control over its policy rate. The level of the policy rate under a rigidly fixed exchange rate parity meant to be sustained over time, would however continue to depend on the ability of the authorities to ensure a sufficient level of foreign exchange reserves. [ABSTRACT FROM AUTHOR]

FX Open Forward is a derivative instrument where the contract holder has the obligation to purchase a specific amount of foreign currency under a fixed exchange rate by the contract expiry date. In contrast to a traditional forward contract, a distinctive feature of FX Open Forward is that the timing and notional size of the currency conversion can be freely chosen by the contract holder. Under a Black–Scholes model where interest rates can be negative, we provide a complete solution of the early exercise strategy of an FX Open Forward. When domestic rate and foreign rate are both positive (negative), the full contractual notional should be exercised when the spot FX level is sufficiently high (low). Unlike American options, the optimal waiting region of FX Open Forward is always connected even when interest rates are negative. [ABSTRACT FROM AUTHOR]

Evidence from more than 40 000 voyages shows that labour productivity growth for sailing ships in the London coal trade was rapid but quite irregular between 1700 and 1860. These granular data permit us to examine various dimensions of change, showing that ships made more voyages per year, had smaller crews, carried more coal per ship ton and had longer working lives. Some changes resulted from what happened on land rather than on the sea, notably a marked reduction in the seasonality of trade as wagonways were built in the northeast in the early eighteenth century and a pronounced dip in voyages per year due to congestion in the port of London during the 1830s and 1840s, partly caused by the operation of the coal cartel. These results for the coal trade suggest that shipping, being neither spectacularly modern nor doggedly traditional, made a respectable contribution to British economic growth. [ABSTRACT FROM AUTHOR]

Utilizing firms in the S&P 500, we study whether greater transparency in the reporting of other comprehensive income (OCI) items, as mandated by ASU 2011-05, resulted in a reduction in information asymmetry, a change in the value relevance of this information, or a change in hedging practice. Our results show that while transparent reporting reduced information asymmetry, firms that engage in cash flow hedging do have greater information asymmetry than their counterparts that do not hedge. We find evidence that investors penalize firm value for greater volatility of OCI relative to net income volatility when reported transparently. When permitted, managers were able to mitigate the negative impact by reporting OCI only in the Statement of Shareholders' Equity. We conclude that managers' concerns regarding potential confusion surrounding OCI volatility following more prominent reporting led to changes in hedging behavior. After transparent reporting, we find a reduced likelihood of foreign currency cash flow (FXCF) hedges and a reduced level of FXCF hedging among firms experiencing the greatest volatility of unrealized hedging gains and losses. [ABSTRACT FROM AUTHOR]

Copyright of Akademik Hassasiyetler is the property of Huzeyfe Suleyman Arslan and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The shadow economy's size and impact remain subjects of extensive research and debate, holding significant implications for economic policy and social welfare. In Lebanon, the ongoing crisis since 2019 has exacerbated severe economic challenges, with the national currency's collapse, bank crisis, and foreign reserve deficits. The World Bank reports Lebanon's financial deficit surpassed $72 billion, three times the GDP in 2021. Despite a drastic decline in GDP, imports have surged to near-pre-crisis levels, exacerbating economic woes and indicating a constant outflow of foreign currencies. Considering such contracting facts, this paper aims to investigate global factors influencing the shadow economy and discern their manifestations in Lebanon during financial crises. Our methodology involves a comprehensive literature review, alongside a case study approach specific to Lebanon. This dual-method strategy ensures a detailed understanding of the shadow economy's impact and the development of actionable insights for policy and economic reform. Through this approach, we seek to contribute to a nuanced understanding of Lebanon's economic landscape and provide valuable guidance for policy decisions aimed at reducing corruption, promoting transparency, and fostering a robust formal economy. The increase in the shadow economy raises the formal economy risk, as resources and activities diverted to informal channels hinder the growth and stability of the official economic sector. Although focusing on Lebanon, this analysis deepens the comprehension of the economic landscape and provides valuable guidance for policymakers, researchers, and stakeholders, aiming to address the root causes of informal economic activities and promote sustainable growth in developing countries in general. [ABSTRACT FROM AUTHOR]

This paper analyses the impact of US monetary policy on external debt and credit growth in emerging market economies (EMEs) during the COVID-19 period. Using quarterly data from 13 EMEs and employing a panel autoregressive methodology, the study reveals the following key findings: First, global monetary policy plays a vital role in determining external debt and credit availability in EMEs during the COVID-19 period. Second, the global monetary expansion during the COVID-19 crisis led to the accumulation of external debt through the risk-taking channel of the exchange rate. Third, weak domestic monetary policy transmission hinders the stabilization of credit growth. The empirical findings suggest that the central bankers to choose an optimum policy mix to stabilize the economy during crisis. [ABSTRACT FROM AUTHOR]

The present research paper is focused the widely debated topic related to de-dollarization. It examines the trend of de-dollarization to check if the statements that the dollar is losing its weight and is about to lose its leading position in international trade payments are substantiated. Firstly, the theoretical framework behind the dollarization is explored. Secondly, the factors believed to be the basis of the de-dollarization process have been identified and analyzed, which are related to: geopolitical processes, changes in international payments policy in some BRICS countries, changes in international trade, etc. A performed analysis of the currency turnover in international trade, based on data from official sources, was made through forecast regression, which predicts the development of the share of the dollar in international payments. A correlation matrix was also calculated, showing the correlation links between the dollar and the other leadng currencies. The hypothesis, which is confirmed by the practical research, is that the de-dollarization process is proceeding slowly and uncertainly, and will continue to develop at a low pace leading to insignificant changes in the structure of the currency composition of international payments in the short and medium term. Further research could further explore each of the factors that could lead to a real dedollarisation trend in international payments. [ABSTRACT FROM AUTHOR]

In recent times, numerous commentaries have written about de- dollarization. We analyse the factors which are contributing to de- dollarization. On the economic front, there is reduced fiscal and financial capacity of the US economy that can strain economic trust in the dollar. The internationalization of the Chinese currency is another factor. Additionally, a lower forecast for the world economic growth outlook, a higher debt financing in the United States, and a war in Europe are also leading to central banks around the world buying more gold and reducing investment in the US treasury bonds. While these factors may lead to reduced demand for dollars and increase the use of alternate international currencies, including digital currencies, we argue that dislodging the dollar as a global anchor currency is at best going to be restricted by economic and geopolitical reasons. JEL Codes: E42, F33, F34 [ABSTRACT FROM AUTHOR]

The article is devoted to issues of the application of currency and civil/economic legislation of Ukraine in the consideration of economic disputes, in particular the possibility of satisfaction by the economic courts of Ukraine of non-resident claims regarding the collection of debts in Ukrainian hryvnias from resident debtors, if such debts are payable in foreign currency under the terms of foreign economic contracts. Using the example of a specific court case, the author analyzes the provisions of national contract law, including the principles of freedom of contract, the binding nature of its terms, the stability and predictability of contractual relations, as well as banking legislation of Ukraine, which regulates the status of national and foreign currency. The author emphasizes that if the parties define a foreign currency as the currency of payment in the contract, the admissibility of its replacement in the performance of the obligation, in particular, in the case of forced collection of funds by the court, to the legal tender of the country of the court can take place only with the consent of the debtor, and not at the will of the creditor. This is due to the fact that the legal tender according to the relevant norms of the current legislation is mandatory for acceptance, and not for demand, which characterizes the obligations of the creditor and the rights of the debtor, and not vice versa. At the same time, it is noted that the court's refusal to collect the debt due to the plaintiff's incorrect indication of the currency of the collection does not prevent the further protection of the creditor's rights, and therefore the principle of the obligation of the terms of the contract should be given priority over the question of the effectiveness of the court's protection of the right (in terms of quick and final resolution of the legal dispute, with less attention to the parties' formal objections). As a result, the author concludes that the court's agreement with the creditor's position about the possibility of debt collection in a currency other than the one in which the debt was payable according to the contract cannot be considered sufficiently justified. At the same time, it was emphasized that the currency and civil legislation of Ukraine in this matter deserves to be clarified to avoid controversial situations between business entities. [ABSTRACT FROM AUTHOR]

Geopolitical risk events have historically influenced a country's monetary dominance. Higher geopolitical risk strengthens the correlation between national power and currency internationalization, leading to nonlinear impacts. Using a panel smooth transition regression (PSTR) model, we identify and measure the nonlinearities that affect currency internationalization. Our study highlights the key factors involved and indicates that geopolitical risk can significantly amplify the impact of a country's share of global GDP and exchange rate log-returns on currency internationalization. [ABSTRACT FROM AUTHOR]

With a remarkable fivefold increase after 2008, China now has as many corporations among the world's largest 500 as the United States. The rate of increase is puzzling—it was twice that of China's economic expansion during a period when the national growth rate declined markedly. The rapid proliferation of corporate giants was due to three developments that distinguished China from all other major economies. The first was the massive and sustained expansion of credit for domestic infrastructure projects in response to the global financial crisis. The second was the allocation of close to $2.3 trillion of China's foreign currency surpluses to finance foreign asset acquisitions and construction projects. The third was a drive to consolidate state firms, primarily those owned by regional governments, into larger conglomerates. All these corporations, along with nonstate firms, rode the updraft of opportunities provided by the infrastructure drive and outward investment. One by-product of this expansion is an extreme concentration of giant firms, both state and nonstate, in sectors related to infrastructure and heavy manufacturing. This corporate profile contrasts markedly with all other major economies, even with Japan's at its height. [ABSTRACT FROM AUTHOR]

The level of currency exchange security is an important indicator of the effective functioning of the currency exchange market. An imbalance in the domestic currency exchange market intensifies financial instability and makes it impossible to maintain an adequate level of currency security. The purpose of the research is to estimate the level of currency security of Ukraine in the conditions of currency market imbalance to determine the main reasons for its inadequate level and to make proposals for improving the methodology of calculation of the integral index of currency security. The article offers the author's interpretation of the essence of the concept of "currency security". The integral index of currency security during 2008 - 2022 was calculated in accordance with the "Methodical recommendations for calculating the level of economic security of Ukraine" and recommendations were suggested for improving this methodology in order to improve the situation on the currency market. It was proved that certain indicators make an impact on the level of currency security of Ukraine: movement of capital, negative trade balance, sufficient level of international reserves, dollarization of the economy, and high level of public debt. Ways to ensure an adequate level of currency security were proposed. Macroeconomic indicators that can act as indicators of currency security are considered and the correlation between them and the level of currency security was investigated. The expediency of introducing an additional indicator for the integral assessment of currency security is substantiated: the ratio of state and state-guaranteed debt to GDP. It allows to calculate the level of currency security more reliably. It is well-founded that the proposed indicator has a close stochastic connection with the exchange rate, therefore, if it is used with existing indicators of currency security calculation, it allows to detect negative trends of decreasing of the level of currency security. [ABSTRACT FROM AUTHOR]

De-dollarization is a "significant reduction in the use of dollars in world trade and financial transactions, [as well as] decreasing national, institutional and corporate demand" for United States dollars. (Goldman Sachs 2023; Li Yuefen 2024) De-dollarization has been a persistent theme since the collapse of the Bretton Woods Gold System in 1971 and the rising US national debt. (Cohen 2015) Efforts to minimise reliance upon the US dollar, such as the 1976 introduction of the IMF Special Drawing Right and the 2002 introduction of the Euro, failed to displace dollar dominance. (Eichengreen 2011) The Euro is a currency without a Nation State and the IMF SDR is not a currency used to invoice and settle international trade and financial transactions. However, the decision of the United States to "weaponize" the use of the dollar and to impose restrictions on global payment systems have impelled countries to construct an alternative to the dollar system.1(Sen 2019) This article first examines the adverse effects of using the US dollar as a global reserve currency. Second, the article examines the application of economic sanctions, specifically against the Russian Federation, to illustrate the probable development of an alternative reserve and invoice currency to co-exist with the dollar. Third, the article posits the conditions necessary to establish a viable alternative to the dollar and then examines efforts to promote alternatives to global payment systems such as SWIFT, and to build a new reserve currency.2 The article concludes: [1] the imposition of economic sanctions compels target countries to create alternative financial systems and settle international trade in national currencies; [2] establishing a new reserve currency out of whole cloth is a formidable task and lacks a recent historical counterpart, [3] the renminbi is the likely currency to rival, not displace, the US dollar. [ABSTRACT FROM AUTHOR]

Cambodia is one of the first two countries that adopted a retail central bank digital currency (CBDC) in October 2020. The design of the CBDC, called the Bakong, is a bit unique. We find a few design flaws that could potentially damage the central bank and then the Cambodian economy as a whole. We show some key statistics from our own survey in 2022 to support our arguments. The Bakong is offered in two currencies, the Khmer Riel (KHR) and the US dollar (USD), as Cambodia has been highly dollarized. We discuss theoretical predictions for the CBDC based on three kinds of substitutes: paper money, bank deposits, and foreign currencies. The third one is specific to the Bakong. Unlike a typical local currency CBDC, the USD Bakong may substitute for the KHR more. Moreover, it has been announced that the retail Bakong is legally not a liability of the central bank, but from the viewpoint of the underlying technology and economics, it is a central bank liability. [ABSTRACT FROM AUTHOR]

Copyright of Economica: Revistă Ştiinţifico-Didactică is the property of Academy of Economic Studies of Moldova (AESM) / Academia de Studii Economice din Moldova (AESM) and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Objective: The stock market and the foreign exchange rate market have been sensitive segments of the financial market. These two markets are rapidly affected by fluctuations and business cycles in the economy and quickly reflect economic change. At the same time, turmoil in one or both markets raises concerns among market policymakers. We also address the question of whether the national currency can be strengthened through the stock market. Methods: This study examines the stock market price on the value of the national currency of Iran using stock-oriented models and the Markov switching method in the period 1995 to 2021. In this study, the non-linear Markov switching method was used to estimate the model, and the LR-test method was used to check the linearity or non-linearity of the models. Akaike's test has also been used to determine the number of Markov switching regimes. Results: The research results show that for every one percent increase in stock prices, the exchange rate has decreased by 0.21 percent. Therefore, the results indicate the approval of stockoriented models in the Iranian economy. In other words, the capital market is one of the determinants of the exchange rate. Conclusions: According to this model, lower stock prices reduce the wealth of domestic investors, which leads to lower demand for money with lower interest rates. Lower interest rates cause capital outflows to overseas markets, assuming other conditions remain stable, causing the domestic currency to depreciate and the exchange rate to rise. [ABSTRACT FROM AUTHOR]

The Asian Financial Crisis during the late 1990 s revealed the fault lines of foreign currency loans of corporates. It starkly demonstrated that a combination of semi-pegged exchange rates and unregulated foreign currency borrowing could expose corporates and, subsequently, the entire economy to heightened vulnerability. To mitigate these risks, implementing certain capital account restrictions emerged as a potential remedy. Against this backdrop, this paper investigates the changing contours of vulnerability arising from the rising foreign currency leverage of 818 non-financial corporates in India during 2004–2022. In particular, this paper examines the impact of exchange rate shocks and changes in certain key macroeconomic policy variables on the financial vulnerabilities of these firms. Our findings unequivocally indicate that during exchange rate depreciation, unhedged exposures significantly amplified the vulnerability of Indian firms. While our study centres on India, the overarching conclusions and insights derived from our analysis possess broader ramifications for emerging economies grappling with capital account restrictions. The policy implications of our research underscore the need to proactively strengthen the macroprudential toolkit to address the risks associated with foreign currency borrowing and ensure more robust risk management practices to prevent the buildup of systemic vulnerabilities. [ABSTRACT FROM AUTHOR]

Copyright of Central Asian Economic Review is the property of Narxoz University and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The article examines the topical issue of risk management in foreign economic and logistics activities, which is closely related to the enterprise’s chosen strategy and ensures its sustainable development. The study considers the issue of developing a hedging strategy using statistical methods since adequate forecasting allows predicting the impact of external environment factors on the exchange rate, which will allow the enterprise to timely predict and mitigate the risks in foreign economic and logistics activities. The authors have used general scientific and special methods of systemic and structural analysis to clarify the directions of sustainable performance and risk management tools; formulate the goals and steps in choosing a strategy of hedging; compare the methods of foreign exchange rate risk hedging and perform correlation and regression analysis of factors that impact exchange rate under crisis conditions. The purpose of the paper is to study the specifics of ensuring the sustainable performance of an enterprise using statistical methods in risk management for planning foreign economic and logistics activities. The authors have proposed a definition of a hedging strategy based on the concepts, approaches, and ideas of asset and/or investment management with the aim of reducing loss through hedging instruments, whose feasibility can be substantiated by statistical methods. It has been found that the formation and successful implementation of a hedging strategy requires the use of statistical analysis in order to timely predict fluctuations in exchange rates. The findings of the research were tested based on the performance of PrJSC "Linde Gas Ukraine". In the strategy of hedging the exchange rate risks, it has been proposed to simultaneously open a foreign currency deposit and take a loan in the national currency to replenish the company's working capital. The perspective of further research is the implementation of the proposed hedging strategy and assessment of its effectiveness. [ABSTRACT FROM AUTHOR]

Across the world, national currencies—public goods that emerged out of a previous era of currency proliferation—are now competing with private alternatives. As paper and coins fall into disuse, the seigniorage that helps to fund the circulation and regulation of currency diminishes, while their capacity to bind together states and citizens decreases in equal measure. The Swedish central bank's response to these threats, which includes issuing the world's first national digital currency, charts a course that all central banks must consider in the near future. [ABSTRACT FROM AUTHOR]

Purpose: The paper investigates if the process that led to the birth of the Euro Area had a significant impact in homogenizing the capital structure decisions of European firms since the first introduction of the common currency. Design/methodology/approach: A large sample of firms was constructed, and a Tobit-censored regression model was utilized to investigate the determinants of firms' observed capital structures. The Black–Scholes–Merton model was used to infer market values of assets, as well as the volatility of those values, from the observed market values of equity and the corresponding volatility. The existing differences in national tax rules were considered for estimating firm-specific marginal tax rates. Findings: It was found that, despite the currency union and the institutional harmonization process, certain factors still play a different role. In particular, the impact of profitability is consistent with the pecking order view in some countries, and with the trade-off theory in others. Assets risk, measured as the annualized volatility of the market enterprise value, is the best predictor of observed leverage ratios. The sector of activity is significant in determining leverage decisions even when assets' risk is taken into account. Despite the monetary union and the increased financial and institutional integration in the Euro Area, the country of origin still plays a significant role in capital structure decisions, suggesting that other country-level factors may affect firms' financing behaviour. Practical implications: The paper indicates that, despite the long harmonization process of institutions, regulations and public budget required to join the Euro, firms' financing decisions are still affected by country-specific factors once the common currency is introduced. Therefore, new entrant countries in the Euro area should not expect their companies to immediately conform with those located in other countries within the common currency area. Originality/value: This article investigated the impact of the currency change from national currencies to the Euro on the determinants of capital structure choices. It was shown that, despite the long harmonization process that led to the birth of the Euro Area, national factors still affect firms' financing decisions. This provides guidance for policymakers in countries that are planning to join the Euro about the impact this will have on firms' financing decisions in the entrant country. [ABSTRACT FROM AUTHOR]

Economists have hypothesized that currency appreciation resulting from oil production in oil-rich countries can suppress the production of tradable goods, a phenomenon known as Dutch disease, often assessed using econometric models. This study leverages sanctions on Iranian oil exports, employing a quasi-experimental design with two distinct periods (1959–2020): one marked by sanctions (oil revenue recession) and the other by non-sanctions (oil revenue boom). The result shows a reversal of the Dutch disease effect during sanctions, leading to a real depreciation of the national currency and heightened production of tradable goods over non-tradable ones. The observed pattern of the real exchange rate aligns with Dutch disease dynamics, depreciating during sanctions and appreciating during non-sanction periods. Furthermore, the tradable sector exhibited increased share and real output growth compared to the non-tradable sector during the sanction period. [ABSTRACT FROM AUTHOR]

The aim of this paper is to analyze the dynamics of mutual engagement within the foodie influencer communities of practice created via Instagram. The study is based on 20 in-depth interviews with foodie Instagrammers. Findings demonstrate that unlike other communities of practice, rather than competing among themselves, foodies learn from each other, exchange tips, help those starting out in the field and attend events together. Close collaboration also leads to the formation of strong friendship bonds. However, findings show that whilst authenticity of content is deemed important, elements of influencer engagement are artificially orchestrated within their own community of practice. These findings have implications for marketing professionals in terms of evaluating influencersʻ engagement authenticity and the selection criteria they consider with regard to targeting appropriate and specific influencers to work with. [ABSTRACT FROM AUTHOR]

Since March 2020, Russia has been facing three lasting challenges of uncontrollable threat and uncertainty: the COVID-19 pandemic taking place at the global scale, and two national-level ones, the radical amendments to the Constitution and a drop in oil prices and national currency. We used this opportunity to investigate the way personality resources predict individual differences in the cognitive evaluations of uncertainty and emotional responses associated with each situation. We conducted a longitudinal study with 4 measurement waves between April and November 2020 in a sample of Russian-speaking volunteers (N = 219). The assessment of each of the three situations at each measurement occasion included the evaluation of its degree of certainty/uncertainty, general orientation, positive and negative emotions. We used repeated-measures ANOVA to explore the differences in cognitive appraisals and emotional reactions across time and situations, and multilevel modeling with random slopes to investigate the individual differences in the change trends for these variables. The results suggest that individuals with higher levels of personality resources tend to appraise the challenging situations as more certain, have a better sense of orientation in these situations, show more positive emotional responses, and exhibit more positive change trends over time reflecting successful adaptation. [ABSTRACT FROM AUTHOR]

The idea of the Greater Eurasian Partnership (GEP) has gained increasing currency in Russian foreign policy. The Russia–China partnership has been presented as its bedrock through a partnership between the Eurasian Economic Union and the Belt and Road Initiative, further expanding to include other regional powers from across East Asia, South Asia, Central Asia, and Middle East as well as nonwestern multilateral groupings (SCO, ASEAN). Given the centrality of Asia‐Pacific to this expansive concept, GEP has to deal with the challenges posed by the evolving regional geopolitics of the East and the rise of the Indo‐Pacific amidst heightened US–China rivalry. The paper seeks to conduct a policy review of GEP and its proposed development format in light of ongoing changes in the East to determine the likely future of the concept in a contested region that also remains at the center of this expansive Russian vision. [ABSTRACT FROM AUTHOR]

The article titled "Economic History of the Mexican Peso: From the Global Market to the Political Management of Currency" is a book that addresses the evolution of money in Mexico from colonial times to the late 20th century. The Bank of Mexico has aimed to provide the country with national currency and promote the development of payment systems. The book highlights the importance of security and trust in money for it to fulfill its functions properly. It also mentions moments of transition in the political management of currency, such as the financial bankruptcy of the Viceroyalty and the reintegration of the Mexican peso into the global economy after Independence. During the 19th century, different forms of political currency management emerged, including the introduction of copper coins and the use of paper money. The text provides a summary of Mexico's monetary history from the late 19th century to the present, highlighting the adoption of a floating exchange rate regime and the relevance of the Mexican peso as a global currency. The importance of understanding monetary history to effectively face future challenges is emphasized. [Extracted from the article]

As an emerging economy, Turkey has experienced a significant structural transformation in the last twenty years. Within this period, Turkey has increased to the eleventh rank for international tourist arrivals in the world (UNWTO 2023). However, in recent years, there has been a rapid depreciation of the national currency, raising the question of how this affects the tourism trade. Using bilateral data and considering non-linearities, we investigate the exchange rate-tourism balance nexus for Turkey and its most tourist sender partners by applying ARDL and NARDL modelling. We find that (i) when the Turkish Lira (TL) appreciates, the tourism balance is positively affected in the German and UK models in the short-run and in the Russian and Netherlands models in the long-run; (ii) the depreciation of the TL, on the other hand, has a positive effect on the tourism balances for France and the UK in the short-run. Therefore, either the increase or decrease in the exchange rate (except for Russia in the short-run) affects the tourism balance insignificantly or positively. These findings imply that policymakers should focus more on country-specific tourism policies to attract more tourists to the country rather than on exchange rate policies to manage the tourism balance. [ABSTRACT FROM AUTHOR]

This study involves a two-stage analysis. Firstly, the study examines currency exposure and corporate hedging practice (proxied by foreign currency derivative (FCD)) among Malaysian non-financial firms from 1995-2016. It is found that 35.75% of the sample firms are significantly affected by the exposure. The use of FCD is also found to be significantly effective in managing the level of currency exposure. Secondly, the study further investigates the determinants of the use of FCD by incorporating both firm-specific and macroeconomic factors. The study finds almost all the firm-specific factors (liquidity, price-earning ratio, asset growth, and foreign sales) and macroeconomic factors (current account, trade, and inflation) as significant determinants behind the firms’ decision to use FCD. Interestingly, the use of FCD is also driven by specific financial events. Due to the nature of the crisis period, the effect of FCD use is only significant during the Asian financial crisis rather than the peg period and global financial crisis. The novelty of this study lies in the inclusion of the macroeconomic determinants of the FCD use. Hence, the detailed analyses may guide the decision-making process of FCD use as the analysis tackles the exposure and FCD use issues in several aspects with the inclusion of the economic information content. [ABSTRACT FROM AUTHOR]

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The foreign reserves sufficiency is important to maintain macroeconomic stability. The main objective of this paper is to model the behaviour of the central bank in accumulating the foreign reserves in the case of Indonesia. Unlike the previous empirical studies, this paper disaggregates the components of foreign reserves into foreign currency, securities, gold, and special drawing rights. This paper relies on the Almost Ideal Demand System combined with the Error Correction Model. The estimation result for monthly data over the period 2010(1)-2020(12) reveals that the own-price coefficients are negative and statistically significant which is consistent with the standard theory of demand. While the foreign currency-securities pairwise is substitutive, the foreign currency-gold and the foreign currency-special drawing rights pairwise are complementary or even independent. However, the wealth effect is inelastic except for securities reserves. These results imply that the central bank of Indonesia can re-balance its reserves. The securities holding which have the highest proportion of foreign reserve scan be switched to foreign currency, gold, and/or special drawing rights. The rebalancing measures would remain having an optimal level of foreign reserves holding in terms of its opportunity cost. Therefore, the monetary authority can conduct a further macroeconomic stabilisation without substantially losing the returns. [ABSTRACT FROM AUTHOR]

Purpose. To establish directions for improving the organizational, legal, and accounting and analytical aspects of payroll, the state of legal support of the payroll organization. To identify gaps in the legal framework; develop directions for its change. To offer recommendations regarding improvement of payroll accounting organization, increasing incentive function of wages, areas of reorganization of analytical payroll accounting. Methodology. General scientific and special methods of knowledge are used: statistical analysis – to substantiate the inadequacy of institutional legal instruments for operational regulation of payroll accounting; comparison – to expand the use of local law; analysis and synthesis – to identify the reduction of the motivational function of the payroll accounting; induction and deduction – to develop stimulating payroll accounting, changing the salary structure, increasing differentiation in wages; critical analysis – to improve the analytical accounting model; formal and legal methods – to propose a change in legislative norms. Findings. There is a well-founded need for operational reorganization of payroll accounting. For the legal support of operational reorganization, it is proposed to expand the use of local law. Improvements to the analytical accounting model for simplifying data processing, implementation of detailing of payroll accounts, grouping of data by types and forms of payroll are proposed. The approach of reorganizing payroll accounting by changing the shares of the components in the salary structure, ensuring the possibility of normalization and standardization, and expanding the premium form of payroll accounting is proposed. Originality. It is indicated that there are such functions of local law as adaptability, efficiency, providing the opportunity to expand the scope of analytical accounting. The importance of implementing the principle of transparency of payroll accounting to ensure production efficiency is indicated. Changes to the legislation of Ukraine regarding: premium payments, peculiarities of accounting with tying wages to foreign currency, legal definition of in-kind payment are proposed. Practical value. The proposed changes to the legislation of Ukraine, proposals for the expansion of analytical accounting will expand the possibilities of payroll accounting, improve the motivation of employees, and increase the efficiency of production. [ABSTRACT FROM AUTHOR]

The Continental Congress foray into printed money during the American Revolution was so disastrous that the United States printed no more money for nearly a century, the one exception being a brief period during the War of 1812. After that Congress chartered and unchartered its national bank twice. The American economy henceforth (1816–1836) was often structurally short of coins, and without any national coinage Americans had to find substitute forms of currency to finance the burgeoning economy. The Supreme Court ruled that sovereign States and individuals could authorize both State and private banks to issue their own notes. In consequence, nearly all paper money in circulation was either State or private banknotes based on a limited reserve of gold. This generally proved insufficient to adequately fund major infrastructure projects. The federal government also had no institution for raising or transferring large amounts of money to fund these national improvements. Nonetheless, Hamilton's U.S. Bank, without the help of a national currency, was an institutional precursor for what would not take final form until 1913. There would be no Federal Reserve today without the Whig-Republican agenda institutionally incarnated in the First and Second U.S. Bank. [ABSTRACT FROM AUTHOR]

Exploiting the 2015 central parity reform in China, we examine whether and how currency flotation affects corporate payout policies. The reform shifted China's currency regime from a crawling peg to the US dollar to partial flotation, significantly increasing its currency risk. We find that firms with high foreign currency exposures reduced their cash dividends postreform relative to firms with low foreign currency exposures. The dividend reduction is more pronounced for firms with less financial hedging or less financial flexibility before the reform. Firms display asymmetrical responses to foreign exchange gains versus losses. Specifically, while firms cut cash dividends when experiencing foreign exchange losses, they do not increase cash dividends when obtaining foreign exchange gains. A falsification test shows no changes in firms' stock dividends that do not involve cash flows. Overall, our study shows that currency flotation, through increasing currency risks, dampens firms' cash dividends. [ABSTRACT FROM AUTHOR]

More than a special issue, this endeavor serves as a sourcebook and provocation amplifying embryonic but interlinked sites of inquiry: LatinXness in Spain and its vital conversation with US LatinX studies as well as Iberian studies. LatinXs share historical and cultural connections to the Spanish and American empires. The contemporary period marks a significant moment on both sides of the Atlantic, as Spain now houses Europe's largest LatinX population and the shifting ground of LatinXness exceeds the United States as well as a North-South axis of analysis. With an eye toward being wide-ranging, bringing forward fresh insights, and offering a crucial reference for an expanding area of interest—transatlantic LatinX studies—this undertaking provides historical contexts, defining moments, conceptual parameters, and critical approaches that appraise how Spain's sociocultural and intellectual climate has fully entered a LatinX epoch. The exploration faces a cluster of questions: What do current characterizations of Spanishness invigorate when it admits a long ignored—and inseparable—LatinX foundation? What constitutes Spanish national currency when animated by LatinX bodies and imaginations? What is Spain—and what is Europe—to LatinXness and the Global South? What kind of new Spain—and new Europe—emerge from LatinXness and Global Southness? Collected here are original arguments and contributions—academic articles, think pieces, critical conversations, poetry, and creative nonfiction—orienting us on central thematic concerns that include: new directions and perspectives in transatlantic LatinX studies; the idea of Europe and Europeanness from Spain's southernmost archipelago, the Canary Islands; LatinX nonhuman origins at the Royal Botanical Garden in the Spanish capital; the history, uses, and dissemination of the Panchito/Panchita racial slur; Madrid's twenty-first century LatinX Spanish language, migration, and culture; present-day brown drag performance and practices; Afro-Spanish-Colombian poetry and politics; rurality, depopulation, and LatinX repopulation in Aguaviva, Spain; diasporic bodies and expressions of identity through movement; and movement in translation, X equivalencies across bodies, geographies, and languages. The volume, as a whole, is an entry point into LatinX studies and Iberian studies marshaling ideas and thinking tools that may be veering toward a new field of study. [ABSTRACT FROM AUTHOR]

As an economic policy, currency substitution – the use of a foreign currency in lieu of a domestic currency – is rarely associated with nationalism. This is due to a natural tendency to equate nationalism with economic mercantilism and with the political need to foster nationalist feelings among the population. This need not to be the case, though, as the case of the newly independent Montenegro demonstrates. How can we explain the apparent inconsistency between nationalist leaders fighting for independence and opting to use the currency of the European Union (EU), the quintessential supra-national entity? This paper suggests that conventional explanations need to be complemented with a contextual historical analysis of nationalism. By incorporating the fluid and multifaceted nature of nationalism which, in the hands of skilful political elites, can be reframed to include apparently contradictory positions, I suggest that euroisation has been extremely consistent with nationalist goals. As the content and directionality of nationalist discourse shifted, the euro was transformed into a symbol of national identity in this Newly Independent Country. [ABSTRACT FROM AUTHOR]