•Interdependence among currency exchange rates of RCEP and CPTPP countries is examined.•Influence of USD strength on the dynamic dependence between currencies is investigated.•SGD and AUD play ...dominant roles in the RCEP and CPTPP currency network.•USD strength significantly drives the co-movements of pivotal currency pairs.•Shrinking global USD liquidity can increase the dependence of major currency pairs.
This study investigates the interdependence among currency exchange rates of Regional Comprehensive Economic Partnership (RCEP) and Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) countries using regular vine copula model. We examine the asymmetric impact of the strength of US dollar (USD) on the dynamic dependence between currencies. The findings show that Singapore and Australian dollars play dominant roles in the currency network. The USD strength significantly affects the co-movements between currencies with the strongest correlations; and the influence of USD strength can be amplified during strong-dollar periods. Furthermore, shrinking USD liquidity, which is typically accompanied by a strong dollar cycle, generally increases currency dependence within the RCEP and CPTPP.
This study presents an analytic model to support the general public in evaluating digital currency exchange platforms. Advances in technologies have offered profitable opportunities, but the general ...public has difficulty accessing appropriate information on digital currency exchange platforms to facilitate their investments and trading. This study aims to provide a decision support system using analytic models that will guide the public in deciding the appropriate digital currency exchange platform for trading and investment. The overarching objective is to support the public in embracing the new era of a dependable, trustworthy, and sustainable digital society. Particularly, this study offers an analytics model that compares numerous well-known digital currency exchange platforms based on the opinions of 34 human expert members on six main criteria to identify the most suitable platform. In this study, the analytic hierarchy process approach, which is a multiple-criteria decision-making method, and Expert Choice software were used for decision support. Using pairwise comparisons of exchanges with respect to the criteria in the software, the weight of each exchange was determined, and these weights became the basis for prioritizing the exchange platform. This study provides valuable insight into how an analytics-driven expert system can support the public in selecting their digital currency exchange platform. This work is an integral part of an effort to help disruptive digital technology become widely accepted by the general public.
Purpose
This study aims to focus on identifying the business risks that cause a delay in the oil and gas projects and suggest the way forward toward the better development of the city gas ...distribution (CGD) sector in India by suggesting the appropriate mitigation strategies.
Design/methodology/approach
The study is a systematic review of literature on risks causing a delay in oil and gas projects. Comprehensive literature was carried out following a seven-step model to develop an exhaustive list of risk classifications and factors, risk identification methods and strategies to mitigate the risks. Weighted average ranking method is used to identify the top ten risks affecting oil and gas projects.
Findings
This research identifies the top ten risks frequently impacting the oil and gas projects, which are project cost, improper project management, change in economic parameters, currency exchange rate, government regulations and laws, contractor and subcontractors issues, lack of skilled labor, delay in approvals, health and safety issues and force majeure. These risks are primarily responsible for cost overrun and project delay. Additionally, this study recommends the implementation of joint risk management to avoid CGD project delay.
Originality/value
The CGD industry is in the growing stage with many projects under construction. However, there is a lack of research to manage risks in the CGD project. This study contributes to the limited literature available on risk management in oil and gas projects. Additionally, it highlights the need for further research to explore the different risks factors affecting the CGD business and its operations and subsequently develop appropriate mitigation strategies.
The demand for implementing a new listing scheme to expedite patient access to novel oncology drugs has increased in South Korea. This study was conducted to compare the prices of anticancer drugs ...between eight countries and to explore the feasibility of a 'pre-listing and post-evaluation' scheme to expedite patient access to oncology drugs.
This study included 34 anticancer drugs, which were reimbursed between 1 January 2007 and 31 December 2017. The unit price and sales volume of the study drugs were collected from eight countries and IQVIA data, respectively. The prices were adjusted to estimate the ex-factory prices using the discount/rebate rate suggested by the Health Insurance Review Agency (HIRA). The four price indices of Laspeyres, Paasche, Fisher, and the unweighted index were calculated using the price in each country, the average price, and lowest price among the study countries. Each currency was converted using the currency exchange rate and purchasing power parity (PPP). The budget impact of implementing the proposed pre-listing and post-evaluation scheme on payers was calculated.
Based on the currency exchange rate, anticancer drug prices were higher in other countries (index range: 1.05-2.78) compared to Korea. The prices in Korea were similar to countries with the lowest prices. When the PPP was applied, prices were higher in the US, Germany, Italy, and Japan than in Korea (range: 1.10-2.13); however, the prices were lower in the UK, France, and Switzerland than in Korea (range: 0.72-0.99). The financial burden of implementing the pre-listing and post-evaluation scheme was calculated at 0.83% of the total anticancer drug sales value in Korea from 2013-2017.
The prices of anticancer drugs in Korea were similar to the lowest prices among the seven other study countries. A pre-listing and post-evaluation scheme should be considered to improve patient access to novel anticancer drugs by reducing the reimbursement review time and uncertainties.
The relevance of the scientific article lies in the need to substantiate the importance of the role of currency exchange rates for the robust functioning of the country’s economy. The purpose of the ...article is to analyse the dynamics of foreign currency exchange rates, mainly the dollar, and the euro, in Ukraine, taking into account factors of seasonality and demand for government bonds. The main methods used in the paper are statistical empirical research methods, in particular modelling. It was determined that the export of raw materials, mainly steel, and various agricultural crops such as wheat, corn, sunflower oil, soybeans, etc., plays a particularly important role in Ukraine. It was found out that the mentioned fluctuations in export are one of the reasons for the currency seasonality, but not the only one or the main reason, as the exchange rate is strongly influenced by oil, gas, and other energy resources prices, which the country needs constantly, especially during the heating season. The exchange rate of the hryvnia over the last five years within the context of the National Bank of Ukraine has also been analysed. It was found that the demand for government loans bonds is one of the most important factors in considering the foreign currencies exchange rates in Ukraine. To make models more plausible and to reduce the influence of other factors in determining seasonality of the currency with certain currency pairs with the dollar, euro, yen, zloty, and ruble, the data for the last several years has been used, which are less likely to be distorted by the influence of external factors. It has been confirmed that a successful trade policy is a key source of currency stabilisation in Ukraine. The article is useful for studying the functioning of currencies in general; for studying the economy of Ukraine, especially the country’s currency issues; for students of various economic disciplines
We explore the dynamic and directional network connectedness between implied volatility measures of crude oil and the exchange rate of nine major currency pairs for a sample period from May 2007 to ...December 2016. We use the dynamic Cholesky-factor vector autoregression variance decomposition method. To ascertain the net directional spillovers and to determine the direction of the transmission of shocks, we employed the network graph connectedness method across a few select events characterized by the crude oil price volatility of 2008–09 and 2014–16. We found that the crude oil market has a dominant impact on the total connectedness of the crude oil currency-implied volatility relationship, suggesting that crude oil affects currencies more than currencies affect crude oil for the time frame of 2007–16. However, during the crude oil crisis periods, the dynamics are reversed, with crude having more of an effect. Additionally, the pairwise directional network connectedness between the currency pairs reveals that EURUSD is more sensitive to the crude price fluctuation than other major currency pairs and is one major currency that passes idiosyncratic shocks to other currency pairs.
•Dynamic and Directional connectedness between implied volatility of crude oil and major currency pairs is explored.•Used GEVD and Network graphs for pairwise and system-wide Connectedness.•Crude is most sensitive to USDCAD pair, followed by AUDUSD, EURUSD, NZDUSD.•EURUSD pair is most sensitive to implied volatility fluctuations in crude.•USDJPY remains most stable with respect to implied volatility fluctuations in crude.•EURUSD transfers significant risk spillovers to other currency pairs.
This study aims to analyze the factors determining economic growth in ASEAN countries, which are the ASEAN economic community members as a potential center for world economic growth. The research ...method applied in this study was a panel data analysis model with a feasible generalized least square approach. The research period was from 2015 – 2019 in all ASEAN member countries: Indonesia, Myanmar, Malaysia, Singapore, Thailand, Laos, Vietnam, Cambodia, Brunei Darussalam, and the Philippines. Testing the data used the Chow and Hausman tests to determine the analysis method: fixed effect, random effect, or common effect. The results of panel data regression estimation with a feasible generalized least square approach uncovered that the variables of the number of the labor force, currency exchange rates, money supply (M1), exports, imports, Gini index, foreign debt, corruption perception index, financial literacy index, and foreign investment (PMA) significantly affected the economic growth of the ASEAN economic community, including develop agriculture sector. Meanwhile, the variables of domestic investment and financing credit did not affect the economic growth of the ASEAN economic community. The conclusion and recommendation from this study’s results are each ASEAN country’s efforts to encourage economic growth by utilizing its comparative advantages and strategic cooperation to create market opportunities and increase the economic efficiency of the ASEAN economic community.
Although the check was mainly designed for individuals and its banking institutionalization significantly emancipates it from exchange rules, this payment instrument is one of the “survivor” among ...commercial papers. In this way, it constitutes the surface point of the history of exchange transactions with the contemporary reality of documentary money flows (an extension of the ancient cambium per litteras). It is therefore up to the legal historian to put the check, introduced by the law of June 14, 1865, into perspective with the instruments used until then by currency traders of the Modern times. This investigation leads to the rediscovery of a relatively forgotten type of paper, with which the check maintains an unexpected ascendancy: on the border of the bill of exchange and the promissory note, it was the “billet à domicile”.
Mango production and trade is a major source of employment, food and income in Sub Saharan Africa (SSA). Most of its production in SSA is under smallholder farming with a few commercial farms ...undertaking production. Fruits are traded both locally and some exported, with improved exotic varieties being preferred by consumers. However, mango export which is more lucrative to most exporters in terms of foreign currency exchange earnings, is currently faced with serious quarantine restrictions because of the invasive fruit fly, Bactrocera dorsalis. Since its invasion in Africa, yield losses of up to 100 % have been recorded. In addition, loss of export due to restrictions has resulted in loss of potential revenue from lucrative markets such as the European Union. This study aimed at determining postharvest disinfestation parameters for B. dorsalis using hot-water treatments. To attain this, the development of B. dorsalis in the mango cultivar Tommy Atkins was determined. This information was used to treat different immature life stages at 46.1 °C for 12, 24, 36, 48, 60 and 72 min. Mortality of the different life stages over the different duration of treatments was determined. There was an increase in mortality with increasing duration of treatment for all life stages. The egg and first instar life stages were the most heat susceptible stages followed by the second instar larvae. The third instar was the most heat tolerant life stage evaluated and required treatment at 46.1 °C for 86.7 min (95 % CL (77.830–99.880)) to achieve 100 % mortality. Validation experiments at this temperature and treatment duration resulted in no survivors from the 41 542 third instar larvae treated in Tommy Atkins weighing 500–700 g. These results provide an effective treatment protocol which can be adopted by exporters in re-accessing currently inaccessible lucrative export markets in the U.S.A. and Europe.
This study investigates the asymmetric impacts of oil price changes on inflation in Algeria, Angola, Libya, and Nigeria. Three different kinds of oil price data were applied in this study: the actual ...spot oil price of individual countries, the OPEC reference basket oil price, and an average of the Brent, WTI, and Dubai oil price. Autoregressive distributed lag (ARDL) dynamic panels were used to estimate the short- and long-term impacts. Also, we partitioned the oil price into positive and negative changes to capture asymmetric impacts and found that both the positive and negative oil price changes positively influenced inflation. However, the impact was found to be more significant when the oil prices dropped. We also found that the money supply, the exchange rate, and the gross domestic product (GDP) are positively related to inflation, while food production is negatively related to inflation. Accordingly, policy-makers should be cautious when formulating policies between the positive and negative changes in oil prices, as it was shown that inflation increased when the oil price dropped. Additionally, the use of a contractionary monetary policy would help to reduce the inflation rate. Lastly, we suggest that the government should encourage domestic food production, both in quantity and quality, to reduce inflation.
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