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1.
Recent innovations have made it feasible to transfer private digital currency without the intervention of an organization such as a bank. Any currency must prevent users from spending their balances more than once, which is easier said than done with purely digital currencies. Current digital currencies such as Bitcoin use peer-to-peer networks and open source software to stop double spending and create finality of transactions. This paper explains how the use of these technologies and limitation of the quantity produced can create an equilibrium in which a digital currency has a positive value. This paper also summarizes the rise of 24/7 trading on computerized markets in Bitcoin in which there are no brokers or other agents. The average monthly volatility of returns on Bitcoin is higher than for gold or a set of foreign currencies in dollars, but the lowest monthly volatilities for Bitcoin are less than the highest monthly volatilities for gold and the foreign currencies.  相似文献   

2.
Bitcoin is a digital currency that has gained significant traction as an economic instrument. Despite its rise, it has received little attention from the scholarly community. This study is one of the first studies to examine Bitcoin’s use as a complement to emerging markets currencies; more specifically, I analyze the value and volatility of Bitcoin relative to emerging market currencies and explore ways in which Bitcoin can complement emerging market currencies. The results suggest that Bitcoin has characteristics that make it well-suited to work as a complement to emerging market currencies and that there are ways to minimize Bitcoin’s risks.  相似文献   

3.
Use of case problems is a well established pedagogy for enhancing student learning. This paper describes development of an international consolidation case problem and reports how students responded to its assignment. The case problem could be effectively used in accounting classes such as international accounting and advanced accounting. Further, the case could be used to introduce professional accountants, who may not have previously faced this issue, with a basic overview of the international consolidation process. The issue of consolidation is typically covered in advanced accounting courses, and international financial reporting is covered in international accounting or intermediate accounting courses. The international consolidation case described in this paper makes a unique contribution by incorporating both consolidation accounting and international financial reporting (specifically, foreign currency translated financial statements) into one comprehensive case problem. When a subsidiary corporation is located in a different country from the parent corporation, the difficulty of consolidating the financial statements becomes more complex than for a strictly domestic company, as a result of different GAAPs and different currencies. The case problem has been used in two southwestern US universities. Student feedback indicates that the problem was well received and benefited student learning.  相似文献   

4.
In recent years, the use of cryptocurrencies has increased. As these currencies continue to play a larger role, they eventually will be an important component of banking system activity. Moreover, in addition to the standard role of financial intermediaries to facilitate lending, intermediaries can be valuable firms that help provide safekeeping of tokens. The objective of this paper is to demonstrate these important functions in a microfounded model of monetary exchange. Furthermore, we also consider the possibility that central banks issue their own digital currencies that may affect the level of intermediation in the private banking system.  相似文献   

5.
Hong Kong is one of the largest trading economies in the world. Business opportunities attract the presence of more and more multinational companies and different currencies. Hedging currency risks has become an important and vital activity for a success business entity in Hong Kong. This paper empirically tests the determinants of foreign currency hedging for a large sample of Hong Kong non-financial firms. The findings are potentially useful for increasing firms’ economic benefit and shareholders’ wealth as well as improving the economic efficiency of currency hedging for companies in Hong Kong as well as in the mainland of China. JEL classification: F30, G32, G33  相似文献   

6.
Classifications Manipulation and Nash Accounting Standards   总被引:2,自引:0,他引:2  
This paper studies a model of "classifications manipulation" in which accounting reports consist of one of two binary classifications, preparers of accounting reports prefer one classification over the other, an accounting standard designates the official requirements that have to be met to receive the preferred classification, and preparers may engage in "classifications manipulation" in order to receive their preferred accounting classification. The possibility of classifications manipulation creates a distinction between the official classification described in the statement of the accounting standard and the de facto classification, determined by the "shadow standard" actually adopted by preparers. The paper studies the selection and evolution of accounting standards in this context. Among other things, the paper evaluates "efficient" accounting standards, it determines when there will be "standards creep," it introduces and analyzes the notion of a Nash accounting standard, and it compares the standards set by sophisticated standard–setters to those set with less knowledge of firms' financial reporting environments.  相似文献   

7.
Central banks may soon issue currencies that are entirely digital (CBDCs) and possibly interest bearing. A strategic analytical framework is used to investigate this innovation in the laboratory, contrasting a traditional “plain” tokens baseline to treatments with “sophisticated” interest-bearing tokens. In the experiment, this theoretically beneficial innovation precluded the emergence of a stable monetary system, reducing trade and welfare. Similar problems emerged when sophisticated tokens complemented or replaced plain tokens. This evidence underscores the advantages of combining theoretical with experimental investigation to provide insights for payments systems innovation and policy design.  相似文献   

8.
Recent studies have found that investors move from fiat currencies to Bitcoin cryptocurrency in environments with low trust and high uncertainty. This paper investigates the reaction of Bitcoin prices to uncertainty concerning fiat currencies by introducing a complete ensemble empirical mode decomposition with adaptive noise (CEEMDAN)-based event analysis approach. The 2013 Cyprus bailout is used as an event over the uncertainty of fiat currencies. With the proposed approach, the original Bitcoin price series is decomposed into high-frequency, low-frequency, and trend components, thus disentangling the short-, medium-, and long-term effects of the events on Bitcoin prices, respectively. We find that the low-frequency component is dominant and increased because of the event. In addition, the announcement significantly increased the intensity of short-term fluctuations in Bitcoin prices. However, there was no structural change in Bitcoin prices in the long-term trend. This paper provides a way to show the reaction of Bitcoin prices to the uncertainty of fiat currencies at different time scales and suggests that the reaction is mainly captured by the medium-term trend.  相似文献   

9.
论人民币可能成为世界货币之一   总被引:2,自引:0,他引:2  
本文论述了人民币应该成为也能够成为世界货币之一。并指出人民币如能成为世界货币之一 ,会给世界及我国带来许多好处 ;当然也会带来一些问题。在此基础上 ,提出已到了正视和研究人民币可能成为世界货币之一问题的时候 ,应积极引导、促进人民币朝着成为世界货币之一的方向发展  相似文献   

10.
Many central banks have now developed their digital currencies in response to the challenges posed by the proliferation of decentralised digital cryptocurrencies. However, little is known about the effects of the introduction of central bank digital currencies (CBDCs) on extant digital cryptocurrencies. This paper, therefore, aims to identify both the time- and frequency-domain spillover effects among cryptocurrency markets and a newly developed central bank digital currencies attention index (CBDCAI) by using two TVP-VAR-based spillover models. Our results demonstrate that CBDC attention significantly impacts cryptocurrency markets. Also, most investors in cryptocurrency markets are more likely to trade in the short term. The results of this study contribute to helping investors and investment institutions effectively avoid investment risks, reduce losses, and predict the return of some cryptocurrencies. Also help policymakers better understand the impact of markets and policies, and provide a reference for them to formulate policies.  相似文献   

11.
This study examines the determinants of the decision to raise currency debt. The results suggest that hedging figures importantly in the currency–of–denomination decision: firms in which exports constitute a significant fraction of net sales are more likely to raise currency debt. However, firms also tend to borrow in periods when the nominal interest rate for the loan currency, relative to other currencies, is lower than usual. This is consistent with the currency debt issue decision being affected by speculative motives. Large firms, with a wider access to the international capital markets, are more likely to borrow in foreign currencies than small firms.  相似文献   

12.
The mean-Gini framework has been suggested as a robust alternative to the portfolio approach to futures hedging given its optimality under general distributional conditions. However, calculation of the Gini hedge ratio requires estimation of the underlying price distribution. We estimate minimum-Gini hedge ratios using two widely-used estimation procedures, the empirical distribution function method and the kernel method, for three emerging market and three developed market currencies. We find that these methods yield different Gini hedge ratios. These differences increase with risk aversion and are statistically significant for all developed market currencies but only one emerging market currency. In-sample analyses show that the empirical distribution function method is more effective at risk reduction than the kernel method for developed market currencies, whereas the kernel method is superior for emerging market currencies. Post-sample analyses strengthen the superiority of the empirical distribution function method for developed market and, in several cases, for emerging market currencies.JEL Classification: F31, G15  相似文献   

13.
The paper investigates whether a firm's implied volatility is affected by the volatility of central bank digital currencies. Our sample covers 2853 listed companies in the United States from 2014 to 2018. First, we find the variation of central bank digital currency has a positive impact on a firm’s implied volatility. Second, the healthier firms’ conditions can reduce the relationship between central bank digital currency variation and a firm’s implied volatility. Third, the positive relation between central bank digital currency and firm’s implied volatility still exists in investment-grade, speculative-grade, and unrated firms. Finally, to eliminate the endogeneity problem, we adopt simultaneous equation models (SEM) and find our results are still robust after excluding endogenous concerns. Our research provides a reminder for corporate managers and new implications for policymakers.  相似文献   

14.
电子货币与虚拟货币比较研究   总被引:1,自引:0,他引:1  
本文首先对电子货币与虚拟货币的概念进行了界定,然后从发行主体与信用保证、支付方向与支付范围、是否具有借币收费过程等方面的性质进行了比较研究。本文认为,银行等金融机构发行的电子货币具有交易媒介功能,是具有无限支付能力的全局货币;网络企业发行的法币预付充值型网络虚拟货币不是交易媒介,在性质上不是真正的货币,只是局部性单向支付工具;类似人大经济论坛币这样的纯粹虚拟货币在其虚拟经济系统中是双向支付工具,具有交易媒介性质,是一种有限支付能力的局部货币,但是其离开了虚拟社区就不再作为交易媒介,而最多可能成为倒卖对象。  相似文献   

15.
Accounting standards and exposure drafts on foreign currency translation have differed in their recommended treatment of unrealised exchange gains and losses on long-term monetary assets and liabilities of domestic firms denominated in foreign currencies. This paper compares the immediate recognition method (U.S. and U.K.) to the defer and amortise method (Australia and Canada) with respect to their effects on net income, asset and liability measurement. Reasons why management will be concerned with the financial statement effect of exchange rate changes are advanced and these, together with the empirical analysis of the competing accounting methods, help explain the evident support the Australian corporate sector has shown for the defer and amortise method.  相似文献   

16.
This paper explores how an exchange rate devaluation affects the current account in a sticky-price inter-temporal optimizing model. The main issue addressed is how the features of international pricing affect the response of the current account. When prices are all set in the producer's currencies, the effect of a devaluation on the current account depends on the conventional Marshall–Lerner conditions. This is fundamentally an a-temporal condition (depending on the elasticity of substitution between home and foreign goods). However, when prices are all set in consumer's currencies, the response of the current account depends upon the size of the inter-temporal elasticity of substitution of consumption across time periods. This represents an inter-temporal condition. When pricing-to-market is partial, the effect of devaluation on the current account depends on the strength of the a-temporal elasticity relative to the inter-temporal elasticity.  相似文献   

17.
In this paper we propose and test several hypotheses concerning time series properties of trading volume, price, short and long-term relationships between price and volume and the determinants of trading volume in forcign currency futures. The nearby contracts for British Pound, Canadian Dollar, Japanese Yen, German Mark and Swiss Franc are analyzed in three frequencies i.e. daily, weekly and monthly.We find supportive evidence for all the five currencies that the price volatility is a determinant of the trading volume changes. Furthermore, the volatility of the price process is a determinant of the unexpected component of the changes in trading volume. Also, there is a significant relationship between the volatility of price and the volatility of trading volume changes for three of the five currencies in the daily frequency and for one currency in the monthly frequency.  相似文献   

18.
本文通过实证分析发现,金融危机爆发后,日元对出口中标价货币的汇率升值是日元标价出口价格和收入大幅下降的关键原因,然后我们证明了日本的出口标价结构和日元对主要标价货币的名义汇率变动直接决定了日元对标价货币的汇率变动,说明出口中的本币国际化程度对企业的出口价格和收入产生直接的影响,货币国际化能有效降低出口的汇率风险。结合中国的出口竞争力和出口标价结构,本文认为推进人民币国际化是降低出口企业汇率风险的重要途径,而在未来的汇率制度改革过程中需要考虑出口标价结构和本币国际化程度的影响。  相似文献   

19.
货币竞争、货币替代与人民币区域化   总被引:1,自引:0,他引:1  
货币竞争的基础是经济主体的理性选择,其结果就是货币替代.人民币区域化实质上是人民币积极参与区域货币竞争,并试图替代区域内其他货币的过程.尽管在货币竞争中胜出的收益大于成本,但享受利益与承担成本的主体不同,常常使一国政府在面临本币国际化时犹豫不决.鉴于目前人民币在区域货币竞争中的地位,为取得人民币区域货币竞争的最后胜利,应在维持人民币势力范围的同时积极寻求区域货币联盟,同时加快经济与金融体制改革.  相似文献   

20.
To estimate the currency composition of China’s foreign exchange reserves and assess its effectiveness of management, the constrained least square method and variance sensitive analysis are utilized, respectively. Based on portfolio accounting identities, the change of foreign exchange reserves was decomposed into the net purchase change and the non-purchase change. The newly constructed non-purchase change was used to estimate the latent currency composition. Empirical results show that by the end of 2015Q1, China held about 63.6% of its reserves in the U.S. dollar, 19.6% in the euro, 3.09% in the Japanese yen, 4.89% in the pound sterling, 2.22% in the Canadian dollar, 2.03% in the Australian dollar, and 0.09% in the Swiss franc. Although the currency composition kept relatively stable, more attention had been paid to the emerging international currencies. China decreased the U.S. dollar share during the subprime crisis, while resorted to the portfolio rebalance strategy since 2011. The euro share and the pound sterling share declined during the European sovereign debt crisis. The first derivative of the U.S. dollar was positive while those of other currencies were negative before 2014Q3, and vice versa after 2014Q4. In general, the currency composition management of China’s foreign exchange reserves was effective.  相似文献   

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