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This paper studies the relative effectiveness of foreign exchange intervention in spot and derivatives markets. We make use of Brazilian data where spot and non-deliverable futures based intervention have been used in tandem for more than a decade. The analysis finds evidence in favor of a significant link between both modes of intervention and the first two moments of the real/dollar exchange rate. As predicted by theory for the case of negligible convertibility risk, the impact of spot market intervention in our baseline sample is strikingly similar to that achieved through futures based intervention worth an equivalent amount in notional principal.
The papers in this proceedings volume were presented at the 9th international conference “The Economies of the Balkan and Eastern European Countries in the Changing World” (EBEEC) held in Athens, Greece, in April 2017. They include the scientific results of research on current issues relevant for the wider area of Eastern Europe. Authors from 30 different countries develop new ideas, covering topics such as international economies, European integration, the economic crisis, macroeconomics, banking, stock markets, education, energy, innovation, and marketing. The contributions also examine the role of the economies of the Balkan and Eastern European countries in a pan-European context.
COVID-19 has resulted in drastic socio-political and economical changes on a global scale. On an individual level, the pandemic has significantly changed the lifestyle and personal values of millions of people. It can be argued that COVID-19 was a result of humans living in an anthropocentric way, in which humans are at the top of the hierarchy. The impact and spread of COVID-19 have forced us to face our affective relationship with the environment from a Biocentric perspective, rather than an anthropocentric perspective. The Biocentric perspective encourages us to reflect on the meaning of values of our social integration and emphasizes the importance of a sustainable affective interaction with nature. To improve human capacity of coping with crises like COVID-19 in the future, it would be important that we develop biocentric education and reinforce lifestyles that promote sustainability
A selection of 56 papers from a symposium in Breisgan, Germany, in August 1989. Treats the structure and regulation of genes coding for pigment-binding membrane proteins and enzymes for bacteriochlorophyll, carotenoid, and cytochrome synthesis under the control of oxygen and light gradients. Discussions of the composition, structure, organization,
We study bank portfolio allocations during the transition of the real sector to a knowledge economy in which firms use less tangible capital and invest more in intangible assets. We show that, as firms shift toward intangible assets that have lower collateral values, banks reallocate their portfolios away from commercial loans toward other assets, primarily residential real estate loans and liquid assets. This effect is more pronounced for large and less well capitalized banks and is robust to controlling for real estate loan demand. Our results suggest that increased firm investment in intangible assets can explain up to 20% of bank portfolio reallocation from commercial to residential lending over the last four decades.
Financial industries in central, eastern and south-eastern Europe have undergone dramatic changes over the past decade. Foreign direct investment contributed to the development of market-oriented banking and financial systems able to support the rapid pace of economic growth in these countries. Policymakers, academics and private sector analysts have contributed to this volume with their stimulating insights on a broad range of issues, from recent credit booms to the cross-border integration of banking and capital markets. Anyone who wants to understand how finance, growth and financial stability interact in transition economies should read this book. Mario Draghi, Governor of the Banca d It...
Artificial intelligence (AI) is regarded as the science and technology for producing an intelligent machine, particularly, an intelligent computer program. Machine learning is an approach to realizing AI comprising a collection of statistical algorithms, of which deep learning is one such example. Due to the rapid development of computer technology, AI has been actively explored for a variety of academic and practical purposes in the context of financial markets. This book focuses on the broad topic of “AI and Financial Markets”, and includes novel research associated with this topic. The book includes contributions on the application of machine learning, agent-based artificial market simulation, and other related skills to the analysis of various aspects of financial markets.
These four volumes with close to one thousand contributions are the proceedings from the VIIIth International Congress on Photosynthesis, which was held in Stockholm, Sweden, on August 6- 11, 1989. The site for the Congress was the campus of the University of Stockholm. This in itself was an experiment, since the campus never before had been used for a conference of that size. On the whole, it was a very sucessful experiment. The outcome of a congress depends on many contributing factors, one major such factor being the scientific vigour of the participants, and I think it is safe to say that the pariticipants were vigourous indeed. Many exciting new fmdings were presented and thoroughly dic...
This report provides a spotlight on the main avenues towards a transformation in road freight transport regulation in Europe.
Joseph Stiglitz is one of the world’s greatest economists. He has made fundamental contributions to economic theory in areas such as inequality, the implications of imperfect and asymmetric information, and competition, and he has been a major figure in policy making, a leading public intellectual, and a remarkably influential teacher and mentor. This collection of essays influenced by Stiglitz’s work celebrates his career as a scholar and teacher and his aspiration to put economic knowledge in the service of creating a fairer world. Toward a Just Society brings together a range of essays whose breadth reflects how Stiglitz has shaped modern economics. The contributions to this volume, a...