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This paper shows how cryptocurrency markets can fuel cross-border capital flight by serving as marketplaces that match counterparts with and without (illicit) access to FX. In countries where international transactions are restricted, crypto exchanges effectively allow domestic agents to pay a premium to buy foreign currency. The counterparts to these transactions are agents with access to FX, who sell crypto holdings purchased abroad. A stylized model illustrates that restricted foreign currency amid economic imbalances incentivizes these transactions via persistent crypto premia in local relative to global markets. We analyze relative crypto pricing data in several country case studies, providing empirical support that crypto markets serve as marketplaces for capital flight that already took place, rather than a novel channel for capital flight. We make available a novel dataset on crypto market premia, which we propose as indicators of excess demand for foreign currency and capital control intensity. The dataset will be posted along with this paper and updated periodically.
The latest World Economic Outlook reports economic activity was surprisingly resilient through the global disinflation of 2022–23, despite significant central bank interest rate hikes to restore price stability. Risks to the global outlook are now broadly balanced compared with last year. Monetary policy should ensure that inflation touches down smoothly, while a renewed focus on fiscal consolidation is needed to rebuild room for budgetary maneuver and to ensure debt sustainability. Structural reforms are crucial to revive medium-term growth prospects amid constrained policy space.
The handbook Language and Emotion is intended to give a historical and systematic profile of the area. It will aim to connect contemporary and historical theories, approaches, and applications and to cover eastern and western perspectives of language, communication, and emotion. It will present all relevant aspects of language and emotion and thus contribute significantly to research in the field of linguistics and semiotics of emotion.
This book is the second volume on this topic within the series. With unique properties, nanomaterials are rapidly finding novel applications in many fields such as food, medicine, agriculture and pollution. Such applications include to treat cancer, nanosensors to detect food contamination, nanomaterials for food packaging, nanoencapsulation to preserve nutraceuticals, and nanofertilisers for advanced agriculture. After an introductory chapter on property rights of nanomaterials, readers will discover the applications of nanotechnology in food, health, environment, ecotoxicology and agriculture.
Focusing on a variety of coatings, this book provides detailed discussion on preparation, novel techniques, recent developments, and design theories to present the advantages of each function and provide the tools for better product performance and properties. • Presents advantages and benefits of properties and applications of the novel coating types • Includes chapters on specific and novel coatings, like nanocomposite, surface wettability tunable, stimuli-responsive, anti-fouling, antibacterial, self-healing, and structural coloring • Provides detailed discussion on recent developments in the field as well as current and future perspectives • Acts as a guide for polymer and materials researchers in optimizing polymer coating properties and increasing product performance
Combined fields of Microbiology and Nanotechnology have been most successful in providing novel solutions for protecting the health of humans and environment. This book covers the implications of nano-strategies to combat bacterial pathogens, applications of nanotechniques in microbiology, and innovative advances in the area of medical microbiology. Contents are divided into three sections -- Nanoscience in controlling bacterial pathogens, Nanoscience in Microbiology, Medical Microbiology. This volume is going to provide timely information about the technological advances of Nanoscience in the domain of Microbiology, with a special emphasis on Pathobiology. The book is a useful read for students and researchers in microbiology, nanotechnology and medical microbiology.
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