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Search Results: 1 - 10 of 11917 matches for " Parity rate "
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Analysis of the Long-Term Trend of the Exchange Rate of RMB Based on ICP’s Datum in 2011 Year  [PDF]
Hua Niu Niu, Yanxin Ma, Xiaoyuan Chu
Theoretical Economics Letters (TEL) , 2015, DOI: 10.4236/tel.2015.53045
Abstract: This paper analyzes and compares the purchasing power parity (PPP) and exchange rate worldwide based on the datum of International Comparison Program (ICP) in the year 2005 and 2011. The results indicate that developing countries have been experiencing more substantial currency devaluation, while currency appreciation occurs mainly in high-income countries. After analyzing the relative price levels for 2011 and per capita income, we find that the relative price level is above 1.5 in most countries worldwide, while the relative price level is between 0.5 and 1 in a few high-income countries. When the per capita income is around $3000, the peering relationships of purchasing power parity and exchange rates are the most obvious.
Exchange Rate Determination in Developing Economies  [PDF]
Oluremi Davies Ogun
Modern Economy (ME) , 2012, DOI: 10.4236/me.2012.35067
Abstract: This paper identifies the determinants of nominal exchange rate movements in less developed countries operating the flexible exchange rate system. Factors peculiar to such countries which are believed to potently drive their nominal ex-change rates are incorporated into the resulting model. In particular, the weather, parallel market exchange rate and its associated premium as well as corrupt practices enter the model. While all four factors should play crucial roles in ex-plaining short-run variations in the exchange rate, corrupt practices may still be at work in the long-run. However, those more advanced developing countries that have succeeded in instituting a relatively more effective legal system stem-ming the tide of corruption, and, also characterized by a near absence of parallel exchange rate market, may follow the standard model of exchange rate in the literature.
Physiological age and longevity of Anopheles (Kerteszia) cruzii Dyar Knab (Diptera: Culicidae) in the Atlantic Forest of Southern Brazil
Dalla Bona, Ana C;Navarro-Silva, Mário A;
Neotropical Entomology , 2010, DOI: 10.1590/S1519-566X2010000200021
Abstract: we analyzed the reproductive status, ovarian development, daily survival rate, and length of the gonotrophic cycle in females of anopheles ( kerteszia ) cruzii dyar & knab, to determine how these factors influence the risk of malaria transmission in the coastal region of the state of paraná, southern brazil. in the palmito state forest, paranaguá, females were captured at dawn and dusk by aspiration, bimonthly from december 2006 through march 2007. a total of 2,268 females were captured, of which 454 were dissected. of these, 48% were parous, 50% not reproductive, 73% in christopher and mer stages i and ii, 23% in stages iii to v, 55% nulliparous, 14% uniparous, and 11% had blood in their midgut. daily survival was 0.24 ± 0.03 overall, 0.51 ± 0.04 for females captured at dusk, and 0.25 ± 0.03 for those captured at dawn. the davidson equation for calculation of the gonotrophic cycle was inadequate for an. cruzii populations. females captured at dusk had a higher survival rate than those from dawn, which means that more females of the dusk population enter the parasite extrinsic cycle. the continuous activity and abundance of a. cruzii in the palmito state forest suggests that the conditions are very favorable for its development, with a potential for participation in the protozoan's transmission cycle.
PENENTUAN NILAI TUKAR MATA UANG ASING DENGAN MENERAPKAN KONSEP PARITAS DAYA BELI
Ivan Haryanto,Wang Sutrisno,Diana Wibisono
Jurnal Manajemen dan Kewirausahaan , 2000,
Abstract: The concept of relative purchasing power parity is applied to evaluate the exchange rates for currencies such as: the German Mark, Japanese Yen, British Poundsterling, French Franc, Swedish Krona, Italian Lira, and the Canadian Dollar against the USA dollar. Another objective of the study is to evaluate the sensitivity of consumer price indices to exchange rates for each country as well as to test for differences between atual exchange rates and their PPP predicted rates. The results show that in the long-run, actual exchange rates continually move toward the purchasing power predicted rates. On the other hand, in the short-run, the actual and parity exchange rates often experience disequilibrium. It was also found that positive changes in society's purchasing power caused positive changes in the actual exchange rates in every country except Japan. Abstract in Bahasa Indonesia : Konsep paritas daya beli relatif diterapkan untuk mengukur nilai tukar mata uang beberapa negara yaitu - Mark Jerman, Yen Jepang, Poundsterling Inggris, Franc Perancis, Krona Swedia, Lira Italia dan Dolar Kanada, terhadap Dolar Amerika. Selain itu, penelitian ini bertujuan melihat sensitivitas perubahan indeks harga konsumen terhadap perubahan nilai tukar mata uang tiap negara terhadap Dolar Amerika serta menguji apakah terdapat perbedaan secara signifikan antara nilai tukar aktual dengan nilai tukar berdasarkan konsep paritas daya belinya. Hasil penelitian ini menunjukkan bahwa dalam jangka panjang, nilai tukar aktual akan bergerak kembali mendekati nilai tukar paritas daya belinya. Sebaliknya dalam jangka pendek, nilai tukar aktual dan nilai tukar paritas daya belinya seringkali mengalami disekuilibrium. Ditemukan juga bahwa setiap perubahan positif daya beli masyarakat menyebabkan adanya perubahan positif nilai tukar aktual mata uang setiap negara, kecuali negara Jepang. Kata kunci: paritas daya beli, mata uang, kurs valuta asing
DOES UNCOVERED INTEREST RATE PARITY HOLD IN TURKEY?
Ozcan Karahan,Olcay ?olak
International Journal of Economics and Financial Issues , 2012,
Abstract: Most of the earlier empirical studies focusing on developed countries failed to give evidence in favor of the Uncovered Interest Rate Parity (UIP). After intensive financial liberalization processes and mostly preferred free exchange rate regimes, a new area of research starts to involve the investigation whether UIP holds for developing economies differently. Accordingly, we tested the UIP for Turkey’s monthly interest rate and exchange rate data between 2002 and 2011. We run conventional regressions in the form of Ordinary Least Squares (OLS) and used a simple Generalized Autoregressive Conditional Heteroskedasticity (GARCH) analysis. The empirical results of both methods do not support the validity of UIP for Turkey. Thus, together with most of the earlier empirical studies focusing on developed countries and detecting the invalidity of UIP, we can argue that the experience of Turkey and developed economies are not different.
Security and Development in Developing Countries  [PDF]
Minh Quang Dao
Modern Economy (ME) , 2011, DOI: 10.4236/me.2011.25098
Abstract: This paper examines the impact of security on economic development in developing countries. Based on data from the World Bank, we use a sample of thirty-eight developing economies and find that security does affect development in these countries. We observe that the coefficient estimates of two explanatory variables do not have their anticipated sign due possibly to the slight degree of multicollinearity between them. Regression results show that over three-quarters of cross-developing country variations in purchasing power parity per capita gross national income can be explained by its linear dependency on the number of intentional homicides, the number of refugees hosted by a country, military expenditures as a percentage of GDP, the adult literacy rate, the agricultural value added per worker, the share of manufactures in total merchandise exports, net foreign direct investment, net official development assistance, the share of agricultural land in the total land area, the share of public health expenditures in total health expenditures, and the share of youths 15 to 34 years old in the total population. Statistical results of such empirical examination will assist governments in developing countries identify security and other issues that need to be effectively dealt with in order to stimulate economic development.
A Linear Regression Approach for Determining Option Pricing for Currency-Rate Diffusion Model with Dependent Stochastic Volatility, Stochastic Interest Rate, and Return Processes  [PDF]
Raj Jagannathan
Journal of Mathematical Finance (JMF) , 2018, DOI: 10.4236/jmf.2018.81013
Abstract: A three-factor exchange-rate diffusion model that includes three stochastically-dependent Brownian motion processes, namely, the domestic interest rate process, volatility process and return process is considered. A linear regression approach that derives explicit expressions for the distribution function of log return of foreign exchange rate is derived. Subsequently, a closed form workable formula for the call option price that has an algebraic expression similar to a Black-Scholes model, which facilitates easier study, is discussed.
The Uncovered Interest Parity in the Foreign Exchange (FX) Markets
Joe Akira Yoshino,Silvio Ricardo Micheloto
Revista Brasileira de Finan?as , 2004,
Abstract: This work verifies the uncovered interest rates parity (UIP) in the FX (foreign exchange) emerging markets by using the panel cointegration technique. The data involves several developing countries that compose the EMBI+ Global Index. We compare the results of several panel estimators: OLS (ordinary list square), DOLS (dynamic OLS) and FMOLS (fully modified OLS). This new panel technique can handle problems of either non-stationary series (spurious regression) or small problem. This latter problem has being considered one of the main causes for distorting the UIP empirical results. By using this approach, we check the UIP in the FX (foreign exchange) emerging markets. These markets are more critical because they have been subjected to changing FX regimes and speculative attacks. Our results do not corroborate the uncovered interest parity for the developing countries in the recent years. Thus, the forward premium puzzle may hold in the FX emergent markets.
Taxa de cambio e paridade de poder de compra no Brasil: análise econométrica com quebra estrutural
Palaia, Daniel;Holland, Márcio;
Economia Aplicada , 2010, DOI: 10.1590/S1413-80502010000100001
Abstract: the main aim of this paper is to test the absolute version of the purchasing power parity in brazil, according to econometric procedures that allow the existence of structural breaks in the studied times series. even controlling all the tests for structural breaks, including cointegration analysis with structural breaks, the estimated econometric models reject the validity of such theoretical approach, which states that the value of the domestic currency is completely determined by the price level differential.
IS IT RISK?: AN AUTOMATED APPROACH TO EXPLAIN THE EX ANTE UIP DEVIATIONS OF BRAZIL
LUIZ FERREIRA,ALEX;
Cuadernos de economía , 2009, DOI: 10.4067/S0717-68212009000100003
Abstract: the paper tests whether ex ante deviations from uncovered interest rate parity correspond to default risk premium. using an automated model selection criteria and data for brazil (from november 2001 until december 2007), we found that deviations are correlated with a measure frisk (the embi+). there is also evidence that these deviations can be explained and predicted by a set of fundamentals (such as the current account deficit as a percentage of the gdp and domestic inflation, for example). insofar as some of these variables can be controlled by the government, the results suggest that economic policy is able to decrease risk.
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