This paper contributes to the literature dedicated interlinkages between cryptocurrencies and currencies by investigating whether Bitcoin price movements affect exchange rates of a sample nine European countries with non-euro currencies. By resorting novel unconditional quantile regression, we show that there is statistically significant link changes in nominal rates. In normal market condition...

The objective of this paper is to examine whether terror attacks that took place in the Eurozone 21st century had a significant effect on price Euro. Its novelty twofold: it first study assesses impact such events Euro and employs relatively large number these events. event-study methodology used deduce whether, after event, value declines vs. other major currencies. We found does not, since fo...

The article examines how dwellers in Kenya’s informal settlements engage continuous tinkering of a particular grassroots infrastructure: local currencies. argues that the malleability these infrastructures enables networks to actively and creatively reclaiming reorganizing money, critical infrastructure. argument is built three steps. First, it presents notion money as an infrastructure currenc...

Abstract This paper investigates whether stock-price indices of seventeen emerging markets can be characterized as random walk (unit root) or mean reversion processes. We implement a test that can account for possible structural breaks in the underlying series and is considerably more powerful than standard tests for a random walk. We find that for fourteen countries, stock prices exhibit signi...

Many variables, such as currencies, are very difficult to predict and often researchers demonstrate that a simple random walk process can out-perform a model-based forecast using fundamentals. However, there is increasing evidence that such results can be overturned with the use of rich enough dynamic processes in the underlying statistical modelling and also by ensuring that a rich enough info...

a r t i c l e i n f o Keywords: Community currency Sustainable development Complementary currency Local exchange systems Systemic review Community or complementary currency systems have spread all around the world. Most often, they have been promoted as tools to foster sustainable development albeit they differ in terms of specific objectives. While many case studies have tried to assess the ac...

In this paper, we investigate the “static and dynamic” return volatility spillovers’ transmission across developed developing countries. Quoted against US dollar, study twenty-three global currencies over time period 2005–2016. Focusing on spillover index methodology, generalised VAR framework is employed. Our findings indicate no evidence of bi-directional spillovers between However, unidirect...

In this paper, we attempt to understand and identify the cyclical fluctuations in cryptocurrency markets. To end, apply Markov-Switching approach on daily prices of 17 selected digital currencies. This model allows us capture nonlinear structure cryptocurrencies’ prices. The empirical results clearly show potential difference(s) among currencies when they react varying levels pandemic's severit...

in this paper, based on error correction model by using panel data, an empirical analysis of demand for international reserves for 16 islamic countries is investigated. besides addressing conventional issues, the model explicitly incorporates the impact of expected export revenues and the impact of the exchange rate system on reserve demand. the results reveal that, short run money market diseq...

The present paper is a continuation of [1]. In the previous paper we dealt with the purely asymptotic estimations, whereas now our goal is to provide some estimates valid for quite a substantial part of the tail. We shall deal with the following simple case. An investor operating on an emerging market, has in his portfolio two currencies which are highly dependent, for example euros (EUR) and S...