Journal articles on the topic 'Foreign exchange Australia'
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1
Koojaroenprasit, Sauwaluck. "Determinants of Foreign Direct Investment in Australia." Australian Journal of Business and Management Research 03, no. 08 (August 10, 2013): 20–30. http://dx.doi.org/10.52283/nswrca.ajbmr.20130308a03.
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Determinants of Foreign Direct Investment (FDI) in Australia were analyzed from 1986 to 2011, based on data availability. The determinants considered FDI inflows according to aggregate FDI inflows and FDI inflows by the top three source countries (USA, UK and Japan). Empirical studies identified four results. (1) For the determinants of FDI in Australia, a larger market size will attract more FDI, whereas more openness and a higher corporate tax rate will discourage FDI inflows into Australia. Lower customs duty and lower interest and depreciation of exchange rates will attract more FDI. The relationship between FDI inflows into Australia and wages was not significant. (2) For the determinants of US inward FDI in Australia, a larger market size will attract more US inward FDI in Australia, whereas more openness and an appreciation of the exchange rate will discourage US inward FDI in Australia. A negative and significant relationship was obtained between customs duty and US inward FDI in Australia. There were positive and significant relationships between US inward FDI in Australia and both the interest and corporate tax rates. (3) For the determinants of UK inward FDI in Australia, greater research and development in Australia will attract more UK inward FDI in Australia, whereas a higher corporate tax rate will discourage UK inward FDI in Australia. The positive relationship between market size and UK inward FDI in Australia was not significant. Openness, customs duty and inflation did not have significant relationships with UK inward FDI in Australia. (4) For the determinants of Japanese inward FDI in Australia, higher wages and greater research and development will attract more Japanese inward FDI in Australia, whereas higher customs duty and a higher corporate tax rate will discourage Japanese inward FDI in Australia. There was no significant relationship between Japanese inward FDI in Australia and either the interest or exchange rates.
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Jung, Dae-Sung. "An Empirical Study on Return Spillovers among Asian foreign exchange markets." Korea International Trade Research Institute 18, no. 5 (October 31, 2022): 345–57. http://dx.doi.org/10.16980/jitc.18.5.202210.345.
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Purpose - This paper analyzes the connectivity of Asian foreign exchange markets using the volatility spillover index of Diebold and Yilmaz (2009/2012).
Design/Methodology/Approach - The paper used exchange rate data for 11 Asian countries (Korea, Japan, Hong Kong, Singapore, Malaysia, China, Thailand, Indonesia, Taiwan, the Philippines, and Vietnam) and Australia. The data period is from January 2, 2015, to October 4, 2022. Analysis used the volatility spillover index model of Diebold and Yilmaz (2012).
Findings - As a result, it was found that there were return spillovers in the Asian foreign exchange market, and the total volatility transfer is 59.5%. Singapore, Taiwan, Australia, Korea, Malaysia, Thailand, Indonesia, China, the Philippines, Japan, Vietnam, and Hong Kong have the highest outflow transfer effect in the Asian foreign exchange market, in that order. Singapore, Korea, Australia, Malaysia, Taiwan, Thailand, Indonesia, China, the Philippines, Vietnam, Japan, and Hong Kong have the highest inflow transfer effect, in that order. Singapore, Taiwan, Australia, Korea, Malaysia, and Thailand are the leading markets in the Asian foreign exchange market, while Vietnam, Japan, Hong Kong, China, the Philippines, and Indonesia are dependent markets in the Asian foreign exchange market. As a result of analyzing through a sample moving average analysis, it was found that the outbreak of COVID-19 and the WHO pandemic declaration had the strongest effect on the linkage of the foreign exchange market.
Research Implications - This study empirically demonstrates the importance of linkages between markets for investors and policy makers in the foreign exchange market.
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Thomson, Dianne, and Ameeta Jain. "Corporate Governance Failure And Its Impact On National Australia Banks Performance." Journal of Business Case Studies (JBCS) 2, no. 1 (January 1, 2006): 41–56. http://dx.doi.org/10.19030/jbcs.v2i1.4879.
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The National Australia Bank (NAB) is the largest financial services institution listed on the Australian stock exchange and is within the 30 most profitable financial services organisation in the world. In January 2004, the bank disclosed to the public that it had identified losses relating to unauthorised trading in foreign currency options amounting to AUD360 million. This foreign exchange debacle was classified as operational risk, the risk of loss resulting from inadequate or failed processes, people, or systems and reiterated the importance of corporate governance for banks. Concurrent issues of National Australia Banks AUD4.1 billion loss on US HomeSide loans in 2001, the degree of strength of their risk management practices and lack of auditor independence, were raised by the US Securities and Exchange Commission in 2004, reinforcing the view that corporate governance had not been given the priority it deserved over a number of years. This paper will assess and critically analyse the impact of corporate governance failure by management and Board of Directors on NABs performance over the years 2001-2005.
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Tsokhas, Kosmas. "Dedominionization: the Anglo-Australian experience, 1939–1945." Historical Journal 37, no. 4 (December 1994): 861–83. http://dx.doi.org/10.1017/s0018246x00015120.
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ABSTRACTThe role of decolonization in the decline of the British empire has received a great deal of attention. In comparison there has been little research or analysis of the process of dedominionization affecting Australia and the other dominions. During the Second World War economic ties were seriously weakened and there were substantial conflicts over economic policy between the British and Australian governments. Australia refused to reduce imports in order to conserve foreign exchange, thus contributing to the United Kingdom's debt burden. The Australian government insisted that the British guarantee Australia's sterling balances and refused to adopt the stringent fiscal policies requested by the Bank of England and the British treasury. Australia also took the opportunity to expand domestic manufacturing industry at the expense of British manufacturers. Economic separation and conflict were complemented by political and strategic differences. In particular, the Australian government realized that British military priorities made it impossible for the United Kingdom to defend Australia. This led the Australians towards a policy of cooperating with the British embargo on Japan, only to the extent that this would be unlikely to provoke Japanese military retaliation. In general, the Australians preferred a policy of compromise in the Far East to one of deterrence preferred by the British.
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Kelen, Lusianus Heronimus Sinyo, and Nur Asmy Abbas. "Menakar Perbedaan Kurs Rupiah Terhadap Dolar Amerika Serikat dan Australia Sebelum dan Setelah PSBB WNA." Jurnal Manajemen Bisnis 18, no. 4 (October 31, 2021): 406–21. http://dx.doi.org/10.38043/jmb.v18i4.3252.
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This study aims to analyze the difference in the exchange rate of the Indonesian rupiah against two foreign currencies: United States dollar and Australian dollar before and after large-scale social restrictions for foreign nationals as of January 1, 2021. The research method used in this thesis is quantitative research. with a descriptive approach. Using the exchange rates of the Indonesian Rupiah (IDR), United States Dollar (USD), and Australian Dollar (AUD) by obtaining data through the Bank Indonesia (BI) website, in the form of a January 2021 report. Analysis conducted on paired sample test, with research results showing no significant differences, it can be concluded that foreign exchange rates in each country are stable and improving
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BOLLEN, JONATHAN. "‘As Modern as Tomorrow’: Australian Entrepreneurs and Japanese Entertainment, 1957–1968." Theatre Research International 43, no. 2 (July 2018): 147–64. http://dx.doi.org/10.1017/s0307883318000275.
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This article compares the efforts of two Australian entrepreneurs to import Japanese entertainments for theatres in mid-twentieth-century Australia. David N. Martin of the Tivoli Circuit and Harry Wren, an independent producer, were rivals in the business of touring variety-revue. Both travelled to Japan in 1957, the year that the governments of Australia and Japan signed a landmark trade agreement. Whereas Martin's efforts were hampered by the legacy of wartime attitudes, Wren embraced the post-war optimism for trade. Wren became the Australian promoter for the Toho Company of Japan, touring a series of Toho revues until 1968. These Toho tours have been overlooked in Australian histories of cultural exchange with Japan. Drawing on evidence from archival sources and developing insights from foreign policy of the time, this article examines why Australian entrepreneurs turned to Japan, what Toho sent on tour, and how Toho's revues played in Australia. It analyses trade in touring entertainment as a form of entrepreneurial diplomacy that sought to realize the prospects of regional integration.
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Imam, Tasadduq, Abdullahi D. Ahmed, and Kevin Tickle. "Dynamics of the currency exchange rates against the AUD: Analytical and risk mitigation perspectives." Corporate Ownership and Control 10, no. 3 (2013): 366–79. http://dx.doi.org/10.22495/cocv10i3c3art3.
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In recent era, the volatility of exchange rates has drawn considerable notice, especially in the light of huge losses from foreign exchange derivatives by several major firms during the Global Financial Crisis. Australia stands out as a major economy in contemporary arena, and there have been incidents of such loss from derivatives tied to exchange rates against the Australian Dollar (AUD). Under this context, this article aims to characterize the economical aspects of Australia’s major trading partners with a view to guiding corporate governance community in respect to risk mitigation actions. The time span considered is January 1999-May 2011, and 14 major currencies are incorporated in this research. The research scrutinizes the statistical and stochastic properties of the exchange rates, and segments the Australia’s trading partners in terms of these aspects. The results further show that consideration of grouping produces a better approximation of the strength of Australian Dollar in the global context.
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Kim, Suk-Joong, and Jeffrey Sheen. "The determinants of foreign exchange intervention by central banks: evidence from Australia." Journal of International Money and Finance 21, no. 5 (October 2002): 619–49. http://dx.doi.org/10.1016/s0261-5606(02)00011-6.
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Khoo, Andrew. "Estimation of foreign exchange exposure: an application to mining companies in Australia." Journal of International Money and Finance 13, no. 3 (June 1994): 342–63. http://dx.doi.org/10.1016/0261-5606(94)90032-9.
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Hasan, Syed, Shamim Shakur, and Robert Breunig. "Exchange rates and expenditure of households with foreign-born members: Evidence from Australia." Journal of Economic Behavior & Organization 188 (August 2021): 977–97. http://dx.doi.org/10.1016/j.jebo.2021.06.019.
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Soesmanto, Tommy, Eliyathamby A. Selvanathan, and Saroja Selvanathan. "Analysis of the management of currency composition of foreign exchange reserves in Australia." Economic Analysis and Policy 47 (September 2015): 82–89. http://dx.doi.org/10.1016/j.eap.2015.07.002.
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Shafiullah, Muhammad, Luke Emeka Okafor, and Usman Khalid. "Determinants of international tourism demand: Evidence from Australian states and territories." Tourism Economics 25, no. 2 (September 20, 2018): 274–96. http://dx.doi.org/10.1177/1354816618800642.
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This article explores whether the determinants of international tourism demand differ by states and territories in Australia. This is the first attempt at econometric modelling of international tourism demand in the states and territories of Australia. A demand model is specified where international visits to states and territories is a function of world income, state-level transportation costs, stock of foreign-born residents, the Australian real exchange rate and the price levels of international and domestic substitutes. Panel and time series econometric techniques are employed to test the model variables for stationarity, cointegration and direction of causality. Panel and time series cointegration tests show that the model is cointegrated. The causality analysis indicates that all explanatory variables Granger cause international visits to the Australian states and territories. Further, we show that the impacts of the determinants of international tourism vary by states and territories. The results underscore the importance of targeted policymaking that takes into account the economic and social structure of each state and territory instead of designing tourism policies on the basis of one-size-fits-all approach.
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Sumarjaya, I. Wayan, and I. Gusti Ayu Made Srinadi. "Forecasting and Analysis of Australian Tourist Visits to Bali Using Bayesian Vector Autoregression." Udayana Journal of Social Sciences and Humanities (UJoSSH) 2, no. 1 (July 24, 2018): 53. http://dx.doi.org/10.24843/ujossh.2018.v02.i01.p09.
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Information about tourist visits, especially foreign tourist visits, plays important role in tourism planning. One of the main tourist markets for Bali is Australia. The aims of this research are twofold. First, we forecast the number of Australian tourist visits and we also forecast exchange rate and inflation. Second, we study the dynamic relationship between the number of tourist visits, exchange rate, and inflation for the next twelve months, for instance, 2017 and 2018. We model the visits, exchange rate and inflation using Bayesian vector autoregression. We compare several different priors such as Minnesota, normal-Wishart and normal diffuse independent normal-Wishart. Among these priors, the normal-Wishart prior produces the smallest root mean square error. Hence, the normal-Wishart prior was chosen as the prior of choice for our Bayesian Vector Autoregressive model. The forecast shows that there is a decline in the number of tourist visits, but inflation and exchange rates tend to reach a certain level, for instance, stabilized. The impulse response function shows that there were shocks in the beginning period before reaching zero.
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Maulana, Akbar, Taufiq Carnegie Dawood, and Teuku Zulham. "Asymmetrical Exchange Rates Effect on Indonesia's Trade Balance in Tourism." JEJAK 14, no. 1 (March 28, 2021): 102–22. http://dx.doi.org/10.15294/jejak.v14i1.27234.
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The main objective of this research is to analyze the effect of depreciation and real exchange rate appreciation on Indonesia's tourism trade balance bilaterally against Australia, China, Japan, Malaysia, and Singapore. Such analysis on bilateral relations have never been studied for developing markets countries, namely Indonesia. This study uses a linear ARDL approach and a nonlinear ARDL approach with the dependent variable on the tourism trade balance and the real exchange rate as independent variables. Income, foreign direct investment (FDI), and natural disasters as control variables. The empirical results show that Chinese and Japanese tourists respond positively to the depreciation in the real currency rate of exchange, thereby increasing Indonesia's tourism trade balance. Nonlinear ARDL shows that the relation concerning the real rate of exchange plus the balance of trade is non-symmetrical with respect to China and Japan, while Australia, Malaysia, and Singapore are symmetrical. These results suggest that the government should formulate policies to increase tourist visits from China and Japan. Further empirical results also found a J-curve pattern in Indonesia-China and Indonesia-Japan.
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Dodd, Bill, Claire Konkes, Donald Reid, and Libby Lester. "A freelance-based foreign exchange programme: Tasmanian students’ professional development on WORLDREP." Australian Journalism Review 41, no. 1 (June 1, 2019): 85–102. http://dx.doi.org/10.1386/ajr.41.1.85_1.
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In the context of rapidly changing newsrooms and a constriction in entry-level positions for graduates, the Europe and Australia in the World (WORLDREP) programme seeks to prepare students by pairing freelance journalism with overseas training and exchange. However, the entrepreneurial focus of the course must be weighed against the challenges and idiosyncratic hiring criteria that graduates face on their return home. This article discusses interviews with former Tasmanian participants to compare what the students felt they acquired during the course with perceived barriers and challenges post-graduation. We find that the programme’s freelance focus cultivates a range of applied skills, an extensive publication portfolio and professional confidence. However, interviewees also reported that a lack of local newsroom contacts – traditionally provided through newsroom internships – constitutes a hurdle on their return home. This prompts a discussion about how to complement exchange programmes with local networking and professional development initiatives that can ground what students have learnt overseas in local journalism practice.
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LAKSMI, PUTU IKA OKTIYARI, KOMANG DHARMAWAN, and LUH PUTU IDA HARINI. "PERAMALAN KUNJUNGAN WISATAWAN MENGGUNAKAN MODEL ARMAX DENGAN NILAI KURS DAN EKSPOR-IMPOR SEBAGAI FAKTOR EKSOGEN." E-Jurnal Matematika 3, no. 4 (November 28, 2014): 138. http://dx.doi.org/10.24843/mtk.2014.v03.i04.p076.
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Forecasting is science to estimate occurrence of the future. This matter can be conducted by entangling intake of past data and place to the next period with a mathematical form. This research aims to estimate the number of foreign tourists visiting Bali models using autoregressive moving average exogenous (ARMAX). The data used in this study is the number of tourists in Australia and the number of tourists in the RRC as a variable Y, and foreign currency exchange rate AUD, Chinese Yuan, and Export Import as the X factor from the period July 2009 to July 2014. In the analysis can be obtained in the best ARMAX models of the number of tourists in Australia is ARMAX(1,2,2) and the best model of the number of tourists in the RRC does not exist because the data for the ARMAX model parameters tourists no significant RRC.
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Kim, Suk-Joong. "Do macro-economic news announcements affect the volatility of foreign exchange rates? Some evidence from Australia." Applied Economics 31, no. 12 (December 1999): 1511–21. http://dx.doi.org/10.1080/000368499323030.
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Susilo, Ignatia Bintang Filia Dei, Dian Pujiatma Vera Subchanifa, Risna Amalia Hamzah, and Dwi Hastuti Lestari Komarlina. "Efisiensi Pasar Valuta Asing di Indonesia: Analisis Empiris." WELFARE Jurnal Ilmu Ekonomi 3, no. 1 (September 14, 2022): 81–93. http://dx.doi.org/10.37058/wlfr.v3i1.4794.
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This study will examine the efficiency of foreign exchange market in Indonesia is it efficient in the weak form or semi-strong form, and see its implications in Indonesia. This study used data of the Rupiah’s spot market exchange rate with US Dollar (USD), Australian Dollar (AUD), Euro, Singapore Dollar (SGD), and Japanese Yen (JPY), from March 2017 to March 2022, taken from Bank Indonesia. Weak form of market efficiency is analyzed using the unit root test to determine whether the data follows a random walk or not. Semi-strong form efficiency is analyzed using cointegration test, Engle-Granger, Johansen, and variance decomposition analysis. Results indicate that the foreign exchange market in Indonesia has weak form. Players in the market can still use fundamental analysis to determine the next exchange rate movement in order for players to make a profit, which is more relevant to consider than historical data.Studi ini akan menelaah efisiensi pasar valuta asing di Indonesia. Apakah efisien dalam bentuk lemah atau semi-kuat, serta melihat bagaimana implikasinya di Indonesia. Data yang digunakan dalam penelitian adalah nilai tukar Rupiah dengan mata uang lima negara lain; Dolar Amerika (USD), Dolar Australia (AUD), Euro, Dolar Singapura (SGD), dan Yen Jepang (JPY), di pasar spot periode Maret 2017 – Maret 2022 yang diambil dari Bank Indonesia. Bentuk efisiensi pasar lemah dianalisis mengunakan unit root test untuk mengetahui apakah data mengalami random walk atau tidak. Adanya unit root mengindikasikan bahwa perilaku data tidak stasioner. Bentuk efisiensi semi-kuat dianalisis menggunakan uji kointegrasi, Engle-Granger, Johansen, dan variance decomposition analysis. Hasil analisis menunjukkan bahwa pasar valuta asing di Indonesia termasuk dalam bentuk efisien lemah. Penelitian ini menyimpulkan bahwa pemain di pasar valuta asing masih dapat menggunakan analisis fundamental yang lebih relevan sebagai pertimbangan dibandingkan data historis untuk menentukan pergerakan kurs selanjutnya agar pemain memperoleh keuntungan.
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Muir, Dana, Junhai Liu, and Haiyan Xu. "The Future of Securities Class Actions against Foreign Companies: China and Comity Concerns." University of Michigan Journal of Law Reform, no. 46.4 (2013): 1315. http://dx.doi.org/10.36646/mjlr.46.4.securities.
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In Morrison v. National Australia Bank Ltd., the U.S. Supreme Court limited the application of U.S. securities fraud law in transnational situations. The Supreme Court noted that its decision was influenced by international comity considerations. In this Article, we evaluate the availability of class actions in China in cases involving alleged securities fraud. Because we find that the availability of those actions is too limited to fully protect U.S. shareholders, we argue that U.S. investors should be permitted to bring securities fraud class actions against non-U.S. companies whose securities are traded on a U.S. exchange regardless of where those investors entered into the relevant securities transactions.
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Bakhturazova, T. V., M. K. Mayorov, N. V. Mayorova, and D. A. Edelev. "THREATS TO INDUSTRIAL POLICY, TRADE AND KNOWLEDGE SHARING IN A GLOBAL EMERGENCY." Vestnik Universiteta, no. 4 (June 29, 2020): 42–46. http://dx.doi.org/10.26425/1816-4277-2020-4-42-46.
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The coronavirus epidemic 2019-nCoV in China has already led to a slowdown in the country’s economic growth and the fall of the yuan exchange rate on the stock exchanges. The Russian government has banned visa-free tourist trips between Russia and China and the issuance of work visas to Russia for Chinese citizens; Australia, New Zealand, Japan, Pakistan, and Italy have imposed similar bans. Great Britain, South Korea, Singapore and New Zealand have imposed quarantine for arrivals from China. Military aircrafts of Russia, India and Thailand take their citizens out of China. The US authorities have declared public health emergency and ban on the entry of all foreign citizens who have visited China over the past two weeks. This article gives forecast, how these measures of the governments will affect on global academic mobility and economic growth.
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Beirman, David. "Collaborative approaches to government travel advisories in Australia between Australia’s travel industry leadership and the Australian Department of Foreign Affairs and Trade, 2003–2017." Journal of Vacation Marketing 25, no. 1 (February 27, 2018): 71–87. http://dx.doi.org/10.1177/1356766718757271.
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The October 2002 Bali bombing was a catalyst for the Australian Department of Foreign Affairs and Trade (DFAT) to radically alter its approach to the content and dissemination of Australian government travel advisories. Integral to DFAT’s post-Bali strategy was its decision to seek the collaborative support of the Australian outbound travel industry leadership to broaden dissemination of travel advisories to outbound Australian travellers. Although initial contacts between DFAT and the Australian travel industry leaders in early 2003 were contentious, subsequent negotiations resulted in the world’s first signed agreement between a foreign ministry and a national travel industry leadership in June 2003. The initial agreement, the Charter for Safe Travel involved the Australian travel industry’s commitment to disseminate DFAT travel advisories in exchange for a viable consultative role in their content. Australia’s collaborative model was adopted in the UK from 2004, in Canada from 2005 and New Zealand since 2016. Globally, consultation between national travel industry leaders and national foreign ministries is rare, despite the support of the United Nations World Tourism Organization, the World Travel and Tourism Council and the Pacific Asia Travel Association. Through participant observation research, in the context of collaboration and stakeholder theories, this article discusses the evolution of a consultative relationship between DFAT and the Australian outbound travel industry leadership and other relevant stakeholders between 2003 and 2017. The observations made in this study reveal that collaborative consultation has achieved positive changes to travel advisories which feature regionally specific, timely and comprehensible content. These qualitative enhancements have been complemented by enhanced dissemination of Australian government travel advisories. Australia’s Consular Consultative Group serves as a working model for similar collaboration, in the interests of global tourism safety.
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Suhendra, Indra, Cep Jandi Anwar, Navik Istikomah, Eka Purwanda, and Lilis Nur Kholishoh. "The Short-Run and Long-Run Effects of Central Bank Rate on Exchange Rate Volatility in Indonesia." International Journal of Innovative Research and Scientific Studies 5, no. 4 (October 28, 2022): 343–53. http://dx.doi.org/10.53894/ijirss.v5i4.851.
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This research measures the short and long-run effects of central bank policy rate on the volatility of the exchange rate in Indonesia using the quarterly data from Q1 1992 to Q4 2019. The process involves applying an Autoregressive Distribution Lag estimation to investigate the effects of the variables. The exchange rate volatilities include Indonesia Rupiah to US Dollar (IDR-USD), Indonesia Rupiah to Singapore Dollar (IDR-SGD), Indonesia Rupiah to Australia Dollar (IDR-AUD), Indonesia Rupiah to British Pound Sterling (IDR-GBP), and Indonesia Rupiah to Euro (IDR-EURO). Several results were obtained and the first to show the adjustment time for exchange rate volatility to achieve long-run equilibrium was 1.77 quarters to 2.26 quarters using the ARDL estimation. Secondly, a decrease in the central bank rate was found to significantly reduce the exchange rate volatility in the short run and long run. These results are robust since Full Modified Ordinary Least Square (FMOLS) estimation was applied for all five models. Furthermore, it was found that in the long run, the central bank policy rate had a significant positive effect on the volatility of the Indonesia Rupiah against five foreign exchange rates. Therefore, it was suggested that the policymakers need to keep the interest rate of the central bank low and stable to ensure the Rupiah exchange rate stability.
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P. Thuraisingam, T. Chantrathevi, You Hoo Tew, and Dalila Daud. "Inter-relationship between performance of Bursa Malaysia and foreign stock markets." Social and Management Research Journal 3, no. 1 (June 1, 2006): 113. http://dx.doi.org/10.24191/smrj.v3i1.5107.
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This paper explores the general perception that the Malaysian stock market is influenced by leading overseas stock markets. Employing correlation analysis comparison was made between the performance ofBiirsa Malaysia's Composite Index and six stock market indices namely Straits Times Index, Hang Seng Index, Nikkei 225 Stock Average, Australia All Ordinaries Index, Dow Jones Industrial Average Index and Financial Times 100 Index. This study also seeks to determine ifthere is any significant stability ofcorrelations over time. These indices were studied over a period offifteen years from I January 1990 to 31 December 2004, beginning with the cessation oftrading ofMalaysian shares on the Singapore stock exchange, which is synonymous with the pre-Asian financial crisis period, the crisis period and a post crisis period of almost five years. The study found that the, daily returns of the Composite Index over the period is positively co-related with the foreign indices indicating that the markets were moving in the same direction, in other words there is interdependency between the stock markets. However, the low to moderate correlation refutes the belief that the Malaysian stock market is influenced by the performance ofthe major stock markets. The study also found that generally the correlations are unstable over lime.
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Shen, Mei-Li, Cheng-Feng Lee, Hsiou-Hsiang Liu, Po-Yin Chang, and Cheng-Hong Yang. "An Effective Hybrid Approach for Forecasting Currency Exchange Rates." Sustainability 13, no. 5 (March 4, 2021): 2761. http://dx.doi.org/10.3390/su13052761.
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Accurately forecasting the movement of exchange rates is of interest in a variety of fields, such as international business, financial management, and monetary policy, though this is not an easy task due to dramatic fluctuations caused by political and economic events. In this study, we develop a new forecasting approach referred to as FSPSOSVR, which is able to accurately predict exchange rates by combining particle swarm optimization (PSO), random forest feature selection, and support vector regression (SVR). PSO is used to obtain the optimal SVR parameters for predicting exchange rates. Our analysis involves the monthly exchange rates from January 1971 to December 2017 of seven countries including Australia, Canada, China, the European Union, Japan, Taiwan, and the United Kingdom. The out-of-sample forecast performance of the FSPSOSVR algorithm is compared with six competing forecasting models using the mean absolute percentage error (MAPE) and root mean square error (RMSE), including random walk, exponential smoothing, autoregressive integrated moving average (ARIMA), seasonal ARIMA, SVR, and PSOSVR. Our empirical results show that the FSPSOSVR algorithm consistently yields excellent predictive accuracy, which compares favorably with competing models for all currencies. These findings suggest that the proposed algorithm is a promising method for the empirical forecasting of exchange rates. Finally, we show the empirical relevance of exchange rate forecasts arising from FSPSOSVR by use of foreign exchange carry trades and find that the proposed trading strategies can deliver positive excess returns of more than 3% per annum for most currencies, except for AUD and NTD.
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Gao, Hongzhi, Monica Ren, and Qing Miao. "Toward a Yin-Yang Balancing Perspective of Relational (Guanxi) Gatekeeping in International Exchange Relationships in China." Journal of International Marketing 26, no. 2 (June 2018): 22–42. http://dx.doi.org/10.1509/jim.16.0131.
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China is an extremely complex and “insider-controlled” market for foreign businesses. This study offers a yin-yang balancing perspective of international exchange relationships in China. The authors investigate how “relational gatekeepers” play a key role in achieving a dynamic balance between Western companies and local partners in international exchange relationships. In-depth interviews are conducted with 41 business managers based in China, Australia, and New Zealand. Guided by the yin-yang balancing frame, the authors develop four key constructs of relational gatekeeping: the gatekeeper resources of mianzi (insider status) and renqing (insider favor) and the gatekeeper capabilities of zao shi (creating favorable momentum) and ying shi (leveraging favorable momentum). The yin-yang frame provides a process view of business relationships that accepts paradoxical conditions and embraces dynamic network momentum, resources, and capabilities. The study concludes by showing the theoretical implications for network theory and for the field of dynamic balancing and suggests the managerial implications for an international company aiming to engage relational gatekeepers to break into insider (guanxi)-controlled local business networks.
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Yodanis, Carrie, and Sean R. Lauer. "Foreign Visitor, Exchange Student, or Family Member? A Study of Au Pair Policies in the United States, United Kingdom, and Australia." International Journal of Sociology and Social Policy 25, no. 9 (September 2005): 41–64. http://dx.doi.org/10.1108/01443330510791171.
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Ioannis N. Kallianiotis, Dr, and Dr Iordanis Petsas. "Trade Deficit And Currency Devaluation: Testing The J-Curve." International Journal of Business & Management Studies 03, no. 12 (December 15, 2022): 01–25. http://dx.doi.org/10.56734/ijbms.v3n12a1.
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This paper is testing empirically the effect of a devaluation of a currency on the trade account of the country, the J-curve effect, by using the trade between the U.S. and seven countries (Euro-zone, Mexico, Canada, United Kingdom, Switzerland, Japan, and Australia). A devaluation (depreciation) of the U.S. dollar is increasing the spot exchange rate ($/FC) and increases the price of imports and reduces the price of exports. Then, imports are falling and exports are increasing and the trade account is improved in the long-run. In the short-run, the trade account is deteriorated because the international trade transactions are pre-arranged and the invoices are in foreign currency, so it cannot be adjusted. This J-curve hypothesis is tested by using a regression equation and a VAR model, where the volatility of the real exchange rate (TOT) is specified with a GARCH-M process. Also, different stationary tests are taking place, like, unit root and cointegration ones. The empirical results mostly are supporting the J-curve effect.
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Min, Jian, Jiaojiao Zhu, and Jian-Bo Yang. "The Risk Monitoring of the Financial Ecological Environment in Chinese Outward Foreign Direct Investment Based on a Complex Network." Sustainability 12, no. 22 (November 13, 2020): 9456. http://dx.doi.org/10.3390/su12229456.
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Aiming at the risk problem of financial ecological environment in outward foreign direct investment (OFDI), this paper constructs a risk monitoring model of the financial ecological environment based on complex network theory, and analyzes the general laws of financial risk evolution in Chinese OFDI by using data from 2008 to 2017 in 20 countries. First, the key risk factors are found through centrality analysis, then the correlation between risk indicators is obtained by cohesive subgroup analysis. Finally, we calculate network density, clustering coefficient and global efficiency to explore the time-spatial laws of the financial risk evolution in OFDI are obtained. At the same time, Kruskal’s algorithm is used to generate the minimum spanning tree (MST), and the change trend of risk transmission path is obtained. The results show that the following four risk indicators: M2/GDP, foreign exchange reserve, stock exchange turnover rate, total government debt as a percentage of GDP play an important role in the whole risk network and are the key nodes of risk evolution. The internal financial risks in Pakistan, the United States, Israel and Poland are more complex and highly transmissible. The risk transmission path based on MST shows that Australia and Bulgaria play an important role in risk transmission, and the length of risk transmission path has an overall upward trend. The conclusions of this study have guiding significance for overseas investment companies to prevent investment risks and ensure their sustainable development overseas.
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Janick, Jules. "Plant Exploration: From Queen Hatshepsut to Sir Joseph Banks." HortScience 42, no. 2 (April 2007): 191–96. http://dx.doi.org/10.21273/hortsci.42.2.191.
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The worldwide exchange of fruits has been facilitated by traders, travelers, sovereigns, conquerors, diplomats, missionaries, and botanists. The beginnings of organized plant exploration date to the Pharaohs of ancient Egypt, who, as early as 2000 bce, brought back exotic trees and plants in their foreign campaigns and illustrated them on their temple walls. Queen Hatshepsut (ca. 1500 bce) sent out ships to bring back trees from the land of Punt (northeast African coast). The exchange of plants throughout antiquity was a by-product of trade routes between East and West as well as though the campaigns of conquerors including Alexander, the warriors of Islam, Genghis Khan, and the crusades. The age of exploration starting at the end of the 15th century was inspired by the search for a sea route to the spice-rich East. The encounter of Columbus with the Americas brought about an explosive exchange of New World and Old World plants. The rise of science in the 17th and 18th centuries was associated with botanical exploration involving travels and expeditions, including Hans Sloan to the West Indies, James Cunningham to China, Georg Eberhard Rumpf (Rumphius) to the Moluccas, and Sir Joseph Banks to Newfoundland, Labrador, South America Tahiti, New Zealand, Australia, the Malay Archipelago, Hebrides, and Iceland.
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Moore, R. K., and R. M. Willcocks. "SOME COMMERCIAL ASPECTS OF PETROLEUM EXPLORATION AND MINING." APPEA Journal 25, no. 1 (1985): 143. http://dx.doi.org/10.1071/aj84014.
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The petroleum industry in Australia is at the centre of a web of complex laws. In addition to the legislation under which petroleum exploration and production tenements are granted there is a multiplicity of statutes and regulations, Commonwealth and State, which have a direct bearing on the conduct of those involved in exploring for or exploiting Australia's petroleum reserves. For example, the level of participation by foreigners is governed by the Commonwealth Foreign Investment Guidelines and the Foreign Takeovers Act 1975; the Commonwealth has control over the export of petroleum under the Customs (Prohibited Exports) Regulations and domestic markets are subject to the operation of the Crude Oil Allocation Scheme. The Commonwealth continues to have the right to regulate the transfer of funds to and from Australia under the Banking (Foreign Exchange) Regulations. Certain States such as South Australia and New South Wales have their own foreign investment guidelines.Not only this, there are revenue laws which govern very much the way in which petroleum projects are organised, interests transferred and otherwise dealt with and finance made available, such as State stamp duty legislation, Commonwealth income tax laws, and Commonwealth legislation imposing registration fees on dealings in exploration permits and production licences. A new tax, Resource Rent Tax, is to be introduced.Then there are laws which have an indirect bearing on petroleum activities such as the Companies Code which, in addition to governing the administration and organisation of companies, controls the way funds can be raised.The statutory and regulatory framework is only part of the picture. The rights and obligations of participants in petroleum projects as between themselves are almost always set out in a joint venture or joint operating agreement, the combination between the participants being known as an unincorporated joint venture. This form of business organisation is not a partnership; it is not the creature of legislation. Indeed it has been rarely referred to in Acts of Parliament. Problems arising under the joint venture agreement will be considered against the backdrop of the general law which unfortunately has seldom been called upon to resolve disputes between participants in joint ventures. An illustration of one of these rare instances is Brian Pty Ltd v United Dominions Corporation Ltd (1983), where the New South Wales Court of Appeal considered the fiduciary relationship of joint venturers.Despite this legislative and regulatory' backdrop and the uncertainties as to the true effect of joint venture agreements, the industry up until quite recently has survived with little litigation. This is no longer the case. Recent and pending litigation shows that there is no reluctance on the part of participants to take their disputes to court, often at great expense and with unfortunate results for previously close relationships. It must now be said that money spent to achieve proper and clear agreement on organisational and legal matters at the earliest stage of a project is money just as well spent as that on drilling and other operational activities.
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Palethorpe, Nick. "FINANCING PETROLEUM DEVELOPMENTS IN THE 1990'S." APPEA Journal 33, no. 1 (1993): 431. http://dx.doi.org/10.1071/aj92035.
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Banks in many parts of the world, including Australia, have tightened credit because of their level of loan losses in the late 1980's and early 1990's. However, recent financings of petroleum projects in this region indicate that the banks' appetite for such lending has not been adversely affected. In fact, banks which lent to Australian petroleum projects in the 1970s and 1980s have generally not only had a return on their money but have also had the return of their money.The funding requirements for Australian petroleum developments in the 1990s and beyond appear considerable. It is expected that there will be keen competition from the banking sector to supply these funds.The need to properly assess and mitigate the risks inherent in such developments will continue, if not heighten, as advanced technology, often in hostile environments, is required to develop more marginal fields.In so far as oil price, foreign exchange and interest rate risks are concerned, there is likely to be a growing emphasis by banks on managing risk so as to contain what historically have been high levels of volatility. A number of products have been developed by banks to manage these risks and if correctly applied they can also serve to reduce risk. There is some cost, however this can be offset by application of the same bank products. By reducing risk it is also possible to obtain higher levels of debt.
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Iorio, Amalia Di, and Robert Faff. "The Effect of Intervaling on the Foreign Exchange Exposure of Australian Stock Returns." Multinational Finance Journal 5, no. 1 (March 1, 2001): 1–33. http://dx.doi.org/10.17578/5-1-1.
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Mocanu, Mihaela, and Octavian Iancu Ionescu. "Interrelation of Capital Markets in the Context of Increased Audit Oversight in the European Union – Evidence on Third-Country Auditors." Zagreb International Review of Economics and Business 23, no. 1 (May 1, 2020): 71–80. http://dx.doi.org/10.2478/zireb-2020-0005.
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AbstractWe identified a notable lack of academic literature on the issue of third-country auditors and the main contribution of our article is to address this gap. This research builds on adjacent audit oversight and capital markets literature and we extend this literature by providing evidence on third-country auditors. Specifically, we test the relationship between market capitalization and number of foreign IPOs of listed companies in representative EU countries (on one hand) and the existence of third-country auditors in those respective countries (on the other hand). Our research was performed in the second half of 2018 and is based on the latest data available. We have found that there are about 200 third-country auditors present in the public registers of audit oversight bodies in 11 EU countries. According to our network analysis, only European countries with a developed capital market have attracted third-country auditors. Most of the relationships of these developed EU capital markets are nurtured with non-EU capital markets that are at the same level of development (e.g. USA, Switzerland, Canada, Israel, and Australia). Our research hypotheses were validated: (1) the higher the market capitalization of a EU country, the higher the likelihood for the registration of third-country auditors; (2) the higher the number of foreign IPOs relative to the total IPOs on the stock exchange market, the higher the likelihood for the registration of third-country auditors.
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Hoque, Ariful, Thi Ngoc Quynh Le, and Kamrul Hassan. "Does currency smirk predict foreign exchange return?" Investment Management and Financial Innovations 17, no. 3 (September 23, 2020): 219–30. http://dx.doi.org/10.21511/imfi.17(3).2020.17.
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This study examines the predictive power of implied volatility smirk to forecast foreign exchange (FX) return. The volatility smirk contains critical information, especially when the market experiences negative news. The Australian dollar, Canadian dollar, Swiss franc, Euro, and British pound options traded in the opening, midday and closing periods of the trading day are selected to estimate the currency smirk. Research results reveal that the currency smirk outperforms in forecasting FX returns. In addition, the steeper slope in the middle of the trading day suggests that the predictive power of currency smirk in the midday period is higher compared to the opening and closing periods. However, currency smirks’ predictability lasts for a short period, as the FX market is highly adept at incorporating the vital information embedded in the currency smirk. These findings imply that the currency smirk is distinctive for forecasting very short-term FX fluctuations, and the day- or overnight FX traders can use its uniqueness to profit from quick price swings in the 24-hour global FX market.
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Гапонова, С., S. Gaponova, Марина Солодовникова, Marina Solodovnikova, Наталия Новичихина, and Nataliya Novichihina. "The Development of Agricultural Enterprise of the Voronezh Region Under Sanctions: Achievements and Directions for the Future." Forestry Engineering Journal 7, no. 3 (November 1, 2017): 228–35. http://dx.doi.org/10.12737/article_59c2218b364919.10451231.
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Since 2014, Russia has been repeatedly sanctioned by a number of foreign countries: USA, 27 countries of the European Union, Australia and the Ukraine. The sanctions were a reaction to the annexation of Crimea to Russia and become one of the causes of the financial crisis that took place in the Russian economy in 2014-2016. However, there is a number of regions and industries, which in these adverse conditions were able to achieve noticeable success and today show positive development trends. Such regions include Voronezh oblast. The article analyzes the development of the dairy industry; leaders in the production of raw milk are noted. The facts and figures of development of cattle breeding, pork production and poultry production are given. The importance of the development of the seed industry that provides economic security and high performance agriculture is noted. Progress in the development of open agriculture and greenhouse agriculture is shown. Objective goal of the region to enter foreign markets of agricultural products is especially noted, through which it is possible to replenish foreign exchange reserves of the region. The measures whose implementation will contribute to improving existing development in the area of funds are defined. The emphasis is made on the shortcomings of economic development, these include: the lack of favorable conditions for attracting investments in these sectors, appropriate level of training of personnel, development of innovative technologies. Key guidelines for the development of the region's economy in the short term are identified: improvement of the procurement system, creating a good climate for investment, construction of the plant of pelleted seed, starch and syrup production, the establishment of multi-faceted work on import substitution in agriculture. According to the authors, the taken measures will contribute to increasing productivity in agricultural industries and will allow the region to consolidate its leading position, to enter the top ten ranking of the best regions of the country.
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Agboola, I. S., J. A. George-Onaho, J. A. Ete, and A. E. Ayandokun. "Contribution of apiculture in social and economic development of Nigeria." Journal of Applied Sciences and Environmental Management 25, no. 9 (December 28, 2021): 1559–62. http://dx.doi.org/10.4314/jasem.v25i9.2.
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There is urgent need to rescue Nigerian economy from deluge of crisis it is been confronted with atthe present time. To achieve this, it is pivotal to explore various potentials available in the country to solve her problem. Therefore, this paper examines the potential of apiculture industry in social and economic development of the nation. Hive products such as beewax, propolis, pollen and royal jelly are known to have contributed largely to the economic development of advanced countries like China, Turkey, Mexico, Argentina, Hungary, Australia and Canada. While the practice provides job opportunities for people of all classes, it also boosts productivity of other agricultural crops. Honey from Nigeria will command higher demand and prices in the world market for its medicinal and antimicrobial qualities, thereby serving as a good foreign exchange commodity in international market. As part of its contribution to economic growth, apiculture is a good source of income for beekeepers, it involves the use of little land. It empowers small scale farmers and also does not damage the environment. The paper also stressed that apiculture is not only important for generating income, it also curbs against rural migration. Apiculture protects the environment and also an important non-timber forest product.
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Brouwer, Gordon de. "Financial Markets, Institutions, and Integration in East Asia." Asian Economic Papers 2, no. 1 (January 2003): 53–80. http://dx.doi.org/10.1162/153535103322022896.
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East Asia has enormous scope to upgrade and integrate its financial markets, covering the spectrum of equity, bond, foreign-exchange, and derivatives markets. Financial markets and institutions in East Asia tend to be narrow and undeveloped, although there are important exceptions. Japan dominates the top tier of the region's markets by virtue of its size, but its markets are not advanced, and many of its private institutions are weak. Although the markets in Australia, Hong Kong SAR, and Singapore are smaller than those of Japan, they are more innovative, market-oriented, and technologically advanced. Markets in Malaysia, South Korea, Taiwan, and Thailand have made substantial progress to varying degrees; but China, Indonesia, and the Philippines have a considerable way to go in developing the information and governance infrastructure that financial markets need to function well. For all these countries, there is a clear role for regional cooperation among policymakers in building capacity in, and links between, financial markets in East Asia, as well as in encouraging stable speculation and the participation of nonresident and institutional investors in domestic financial markets. ASEAN+3 is an important and welcome advance in regional cooperation, but its membership does not span the depth of experience in financial markets and institutions that exists in East Asia.
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Sarwoko, Sarwoko, Rini Raharti, Ridwan Ridwan, and Diana Agustina. "PENDEKATAN MODEL GRAVITASI UNTUK MENGESTIMASI PERMINTAAN PARIWISATA DI INDONESIA." JURNAL PERSPEKTIF EKONOMI DARUSSALAM 6, no. 2 (September 20, 2020): 163–89. http://dx.doi.org/10.24815/jped.v6i2.17850.
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Tourism is one of the main drivers of Indonesia’s economy. It included the five biggest foreign earning contributors of the country’s income receipt in the past. From this perspective, this study tries to analyse the determinants influencing international tourism demand in Indonesia using the Gravity Model. In this study, to estimate tourism demand in the form of Tourist Arrival or Tourist Expenditure based on key economic factors as Real Gross Domestic Product (GDP) per capita both from Tourist Origin Country and Tourist Destination Country, Relatively living cost country, Real exchange rate and Distant (mile) between Tourist Origin Country and Tourist Destination Country. For the empirical analysis a panel dataset of the ten biggest mayor Tourist Origin Countries- Australia, Malaysia, Singapore, Jepang, India, Korea Selatan, China, Amerika, Inggris and Taiwan- is used over the periode 2000-2018. With the panel data estimation shows that the majority of the determinants have statistically significant in the two specifications of tourism demand.Abstrak Pariwisata adalah salah satu faktor pendorong utama perekonomian Indonesia. Hal tersebut termasuk dalam lima penyumbang devisa terbesar. Dari perspektif itu, penelitian ini mencoba menganalisis faktor-faktor yang memengaruhi permintaan pariwisata secara internasional di Indonesia dengan menggunakan Model Gravity. Dalam studi ini, untuk memperkirakan permintaan pariwisata dalam bentuk Kedatangan Turis atau Kepergian Turis berdasarkan faktor ekonomi utama dalam bentuk Produk Domestik Bruto (PDB) per kapita baik dari Negara Asal Wisatawan dan Negara Tujuan Wisata, biaya hidup relatif, nilai tukar riil dan Jarak (mil) antara Negara Asal Wisatawan dan Negara Tujuan Wisata. Untuk analisis empiris, menggunakan data panel dari sepuluh negara terbesar yakni Negara Asal Turis - Australia, Malaysia, Singapura, Jepang, India, Korea Selatan, Cina, Amerika, Inggris, dan Taiwan selama periode 2000-2018. Dengan estimasi data panel menunjukkan bahwa semua faktor penentu secara statistik signifikan dalam dua persamaan permintaan pariwisata. Kata Kunci : pariwisata, destinasi, PDB, model gravity, data panel
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Vorontsova, A., and Y. Malyshenko. "PECULIARITIES OF FORMATION OF FACTORS OF INCREASING COMPETITIVENESS IN THE INTERNATIONAL MARKET OF EDUCATIONAL SERVICES." Vìsnik Sumsʹkogo deržavnogo unìversitetu 2022, no. 1 (2022): 129–36. http://dx.doi.org/10.21272/1817-9215.2022.1-14.
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This work is devoted to the study of factors that shape the competitiveness of higher education institutions in the international market of educational services. To this end, the work considers the areas of state participation, which provide incentives for the export of educational services that have not only financial but also reputational and innovative benefits. In addition, it is noted that specialized organizations that operate in many countries and are involved in attracting foreign students to their country (for example, national agencies, academic services, educational foundations, international exchange centers, etc.) and educational TNCs (as DAAD, British Council, CIMO, EduFrance 35, IDP Education Australia, etc.) play an important role. International organizations (such as the Council of Europe, UNESCO, the World Bank, the OECD, etc.) also form an information and advisory field for the international market of educational services, public authorities - regulatory. Increasing competition in the international market of educational services encourages the identification of factors that affect the competitiveness of educational institutions and their competitive advantages. These include the following: stability of financial and economic situation and flexible pricing policy, development of international relations and its advertising activities, the formation of a positive image, the availability of innovative educational programs using information technology, geographical location, specifics of public and private funding, teaching quality and training, etc. However, it is necessary not only to have them, but also to use them correctly, depending on the specifics of each educational institution. In addition, rankings are considered an effective tool for ensuring the quality of higher education. In the course of this work the top institutions of higher education according to QS World University Ranking, Academic Ranking of World Universities, Times Higher Education World University Ranking are analyzed. This revealed that American higher education institutions have the greatest competitive advantages in the international market of educational services and accumulate a large percentage of foreign students.
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YUAN, Jingdong. "Australia–China Relations at 50." East Asian Policy 14, no. 02 (April 2022): 93–108. http://dx.doi.org/10.1142/s1793930522000149.
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Australia–China relations are at a turning point 50 years after diplomatic recognition. While the past five decades have witnessed extensive growth in economic exchanges, in recent years, bilateral ties have experienced serious deterioration. Australia’s alliance with the United States, domestic politics—in particular the two major parties’ approaches to foreign policy—and economic interdependence are important variables in Canberra’s approach to China. There will be no exception for the incoming Australian Labor Party government to deal with these.
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Lim, G. C. "Foreign exchange Markets and the Australian Dollar." Australian Economic Review 23, no. 3 (March 1990): 44–50. http://dx.doi.org/10.1111/j.1467-8462.1990.tb00361.x.
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Hidayat, Adrian. "Integrasi Ekonomi Asia: Solusi Asia Menghadapi Krisis Global 2008." Winners 9, no. 2 (September 30, 2008): 180. http://dx.doi.org/10.21512/tw.v9i2.725.
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No economies throughout the region managed to escape from the "global economic crisis in 2008" that was initiated in the United States. This is a logical consequence of the global economy that has been rolling along. The world economy is increasingly becoming more integrated and interdependent with one another. Exposure stems from the economic crisis in the prolonged United States subprime mortgage financial crisis, and eventually dragged the European economy, and also Asia. The Asian region was only affected, but even if only the impact of course, was enough to overwhelm the Asian region since the crisis has a major impact on a country's foreign exchange reserves. Therefore, after the G-20 summit held in Washington on November 15, 2008, the three major Asian countries, namely China, Japan and South Korea held a summit in Fukuoka Japanese initiative, which was attended by the three heads of government. This summit was to bring fresh air for the Asian region, because in addition to having a positive impact on Asian stocks, it also provides a new self confidence that Asia has formed an alliance that would at least fortify themselves (region) with the resulting stimulus policy. This initiative to find a solution is eventually expanded, and was welcomed by ASEAN countries, known as ASEAN Plus Three. Since in Asia there is already the East Asia Summit (East Asia Summit), the negotiations and the name of the group changed into the 6 partner countries of ASEAN. These six countries are Japan, China, South Korea, Australia, New Zealand, and India.
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Keefe, Helena G., and Erick W. Rengifo. "Currency Options, Implied Interest Rates and Inflation Targeting." International Journal of Economics and Finance 11, no. 2 (January 15, 2019): 119. http://dx.doi.org/10.5539/ijef.v11n2p119.
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The currency option price is a powerful tool used regularly to determine market expectations on volatility in currencies using the implied volatility measure. This research tests and analyzes whether similar inferences can be made regarding interest rate and inflation expectations. Using historical options data, we derive and analyze implied interest rates during non-inflation targeting (non-IT) and inflation targeting (IT) periods for Australia, Canada, and the United Kingdom. We compare the results to a control group of countries that had not yet adopted inflation targeting during the period under study: Germany, Japan and Switzerland. Our results show that options prices can provide insights on market expectations on interest rates, that the adoption of inflation targeting strengthens the relationship between market expectations and inflation, and that shocks in interest rates and inflation lead to higher implied interest rates. In determining the potential uses of implied interest rates derived from currency options prices, our goal is not to replace the Federal Funds futures or equivalent tools in advanced economies, rather to present the usefulness of currency options as a tool to provide information to policymakers in emerging market economies. Central banks, such as the Banco Central de Colombia and Banco de Mexico, have been using currency options as tools for foreign exchange intervention or reserve accumulation/decumulation since the early 2000’s, and options markets in these economies have grown rapidly since then. Therefore, establishing the usefulness of implied interest rate measures derived from currency options prices may provide insights to policymakers and practitioners alike.
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SACHDEVA, J. K. "India's Export of Livestock and Allied Products." Journal of Global Economy 1, no. 1 (March 31, 2005): 33–44. http://dx.doi.org/10.1956/jge.v1i1.14.
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One of the main objectives of the governments’ export policy is to maximise agricultural exports in order to earn foreign exchange. It also seeks to provide remunerative prices to the farmers while ensuring adequate availability of essential commodities to the domestic consumers at reasonable prices. This paper analyses the India’s exports of livestock and allied products to principal groups of countries in the light of world trade. The direction of trade has been analysed to explore the areas where exports can be given a further boost. Four groups of commodities -1) Live animals, 2) meat and meat preparations, 3) milk and milk products and 4) eggs, honey and other products of animal origin- have been selected for the analysis. Harmonised system of nomenclature classifies the commodities on the basis of origin, use, functions and trade. Exports of select groups of commodities over 10 years have been analysed from the period 1993-1994 to 2002-2003 (in short 1993 to 2002). Importers of Indian products have been arranged in 5 groups- SAARC includes Bangladesh, Bhutan, Maldives, Nepal, Pakistan, and Sri Lanka. Middle East Group includes UAE, Saudi Arabia, Kuwait, Yemen, Bahrain, Turkey, Qatar, Lebanon, Iran, Iraq, and Israel. High Income Asian Countries (HIAC) includes Japan, Singapore, South Korea, Taiwan, China, Hong Kong, Thailand, Indonesia, Malaysia and Philippines. High Income Other Countries (HIOC) include Australia, Austria, Belgium, Canada, Denmark, Germany, Iceland, Ireland, Israel, Netherlands, Portugal, Spain, Switzerland, UK and USA, Rest of World is the fifth group. No country has been repeated in any group.
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Loudon, Geoffrey. "THE FOREIGN EXCHANGE OPERATING EXPOSURE OF AUSTRALIAN STOCKS." Accounting & Finance 33, no. 1 (February 25, 2009): 19–32. http://dx.doi.org/10.1111/j.1467-629x.1993.tb00191.x.
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Loriot, Blake, Elaine Hutson, and Hue Hwa Au Yong. "Equity-linked executive compensation, hedging and foreign exchange exposure: Australian evidence." Australian Journal of Management 45, no. 1 (May 10, 2019): 72–93. http://dx.doi.org/10.1177/0312896219830158.
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Using a sample of 268 Australian firms over the period 2009–2014, we examine the relation between the equity-linked compensation (shares and options) of Australian executives – CEOs, CFOs and directors – and firms’ foreign exchange hedging programmes. We find that the greater the number of shares held by CEOs, the higher its exposure to exchange rate movements. While this suggests that remuneration in the form of shares has a critical downside, we also find evidence for a more positive and important role in foreign exchange risk management for the share- and option-related incentives provided to CFOs. JEL Classification: G32, G15, F31
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BATTEN, JONATHAN, and WARREN HOGAN. "PRICE DISCOVERY IN THE AUSTRALIAN DOLLAR FOREIGN EXCHANGE MARKET." Economic Papers: A journal of applied economics and policy 20, S1 (December 2001): 64–74. http://dx.doi.org/10.1111/j.1759-3441.2001.tb00299.x.
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Baur, Dirk G., and Isaac Miyakawa. "No puzzle: The foreign exchange exposure of Australian firms." International Review of Financial Analysis 32 (March 2014): 13–22. http://dx.doi.org/10.1016/j.irfa.2013.12.007.
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Akhtar, Shumi, Robert Faff, and Barry Oliver. "The asymmetric impact of consumer sentiment announcements on Australian foreign exchange rates." Australian Journal of Management 36, no. 3 (December 2011): 387–403. http://dx.doi.org/10.1177/0312896211410723.
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We examine the effect of consumer sentiment announcements on changes in 13 of the more common foreign exchange rates against the Australian dollar using a consumer sentiment index (CSI). Generally, we find that the CSI possesses information that influences the foreign exchange market. However, we observe an asymmetric effect – when a lower than previous month CSI is announced, the Australian dollar experiences a significant depreciation on the announcement day, but there is no matching appreciation when positive CSI news occurs. This supports the negativity effect documented in the psychology literature and in the Australian stock market. There is no evidence that the effect is non-linear.
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Liang, Hong, Paul Cashin, and Hali J. Edison. "Foreign Exchange Intervention and the Australian Dollar: Has it Mattered?" IMF Working Papers 03, no. 99 (2003): 1. http://dx.doi.org/10.5089/9781451852295.001.
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