Temat: Devaluation - Prolib Integro

Skocz do pozycji: 1.

Tytuł:: Naira devaluation and trade balance in Nigeria
Autorzy:: Adeyemi, Oluwoje Jacob
Ajibola, Ayodeji
Tematy:: Devaluation
Engle-Granger
Trade balance; Pokaż więcej
Wydawca:: Przedsiębiorstwo Wydawnictw Naukowych Darwin / Scientific Publishing House DARWIN
Powiązania:: https://bibliotekanauki.pl/articles/1075640.pdf Link otwiera się w nowym oknie
Opis:: This paper examines the effects of Naira devaluation on trade balance in Nigeria. Annual time’s series data over the period ranging from 1986 to 2017 was used with Engle-Granger cointegration test used to test the existence of a long run relationship. The results of the estimation show that Naira devaluation had no significant influence on change in trade balance in the long-run in Nigeria in the periods under study. The result also suggests that Naira devaluation exerts no significant impact on trade balance in Nigeria over the study periods. The paper recommend that Nigerian currency should be allowed to depreciate freely through market forces and efficient money market system, official devaluation should be discouraged.
Dostawca treści:: Biblioteka Nauki

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Skocz do pozycji: 2.

Tytuł:: Budgetary Discipline and Internal Devaluation – Estonian Method to Overcome the Crisis
Autorzy:: Baran, Bernadeta
Tematy:: internal devaluation
budgetary adjustments competitiveness
crisis; Pokaż więcej
Wydawca:: Instytut Badań Gospodarczych
Powiązania:: https://bibliotekanauki.pl/articles/517375.pdf Link otwiera się w nowym oknie
Opis:: The purpose of this article is to outline the main reasons and effects of the Estonian adjustments in response to the global financial and economic crisis. Estonia chose significant budgetary savings, in contrast with most other countries stimulating their economies by expansionary fiscal policy and leading to fiscal imbalances and growing public debts. Estonia did not carry out a devaluation of its currency, but restored competitiveness through internal devaluation. This strategy allowed Estonia to maintain a fixed exchange rate, fulfill the Maastricht criteria and adopt the single currency. As a result, Estonia has increased the stability of its economy, restoring and enhancing confidence among investors. At the same time, the Estonian strategy confirmed the existence of non-Keynesian effects – the positive economic results of public spending reduction.
Dostawca treści:: Biblioteka Nauki

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Skocz do pozycji: 3.

Tytuł:: Ukrainian Migrant Workers in Italy: Coping with and Reacting to Downward Mobility
Autorzy:: Vianello, Francesca Alice
Tematy:: migration
domestic and care work
devaluation
Italy
Ukraine; Pokaż więcej
Wydawca:: Polska Akademia Nauk. Czytelnia Czasopism PAN
Powiązania:: https://bibliotekanauki.pl/articles/498721.pdf Link otwiera się w nowym oknie
Opis:: This article investigates the phenomenon of Ukrainian migrant women employed in the domestic and care sector in Italy. The analysis is based on a broad doctoral research carried out both in Ukraine and in Italy between 2005 and 2007. In particular, I investigate the subjective perception of downward mobility and how migrant women face this process of social devaluation and respond to it, taking into account that, in the case of Ukrainian female migration, the social skidding produced by migration goes hand in hand with the erosion of social and professional identity as experienced in their origin country during the 1990s. Thus, in order to comprehend the complexity of migration experiences it is necessary to analyse the migrants' whole life trajectories. The main results of the article are that Ukrainian migrant women give meaning to the process of devaluation by viewing it as an interlude in their life and as a sacrifice that serves to improve their families’ upward social mobility. Furthermore, in order to mitigate the social skidding and the asymmetrical relationships that characterise domestic work, they prefer to personalise the relationship with their employers and to avoid working for low educated and working class people. Finally, Ukrainian domestic workers react to the homogenisation engendered by migration by differentiating themselves both from other foreign nationals employed in the same sector, and from the ‘rough mass’ of their fellow countrywomen.
Dostawca treści:: Biblioteka Nauki

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Skocz do pozycji: 4.

Tytuł:: The impact of currency devaluation on non-oil exports in Africa
Autorzy:: Umoru, David
Imimole, Fabius Oshiotse
Tematy:: exchange rate devaluation
relative prices
foreign capital
panel ARDL
African countries; Pokaż więcej
Wydawca:: Wyższa Szkoła Bankowa we Wrocławiu
Powiązania:: https://bibliotekanauki.pl/articles/13925598.pdf Link otwiera się w nowym oknie
Opis:: Aim: This study assesses how devaluation in official exchange rate and change in relative prices influenced non-oil export in African countries for the period of 30 years (1991-2020) in 11 African countries (Nigeria, Burkina Faso, Burundi, Eswatini, Mauritius, Mozambique, Niger, Rwanda, Sierra Leone, Tanzania and Uganda). Design/Research methods: This study utilized different estimators namely Mean Group, Pooled Mean Group as well as dynamic panel GMM methods. The major advantage of the MG estimator is that it is reliably efficient even in presence of weak cross-sectional dependence of the errors by estimating separate regressions to calculate coefficient means. Moreover, it applicability knows no bounds even when estimator for each individual country is weakly cross correlated. With a PMG estimator, a large scale individual panel heterogeneity in short-run responses is accommodated given homogenous long-run relations across countries. Findings: The results of the panel co-integration suggest a long-run equilibrating relation amongst the variables in the study. This was validated on the basis of absolute t-value of 5.0781under the t-bound. Our results for both MG and PMG estimators show significant negative devaluation and relative prices effects on non-oil exports in 11 African countries. The dynamic panel GMM results are robust and in agreement with the estimates of MG and PMG. From the results of cross-sectional analysis by country, results for countries revealed exchange rate devaluation had negative and significant impact on non-oil exports. Consequently, depreciation of the exchange rate has a short-run adverse effect on non-oil export due to high inelastic import dependence. Similarly, with exemption of Rwanda, and South Africa, the relative price effect was negatively significant for every other country in the study. Originality: The originality is based on fact that the paper establishes both static and dynamic responses of non-oil export to devaluation in official exchange rate, relative prices, and foreign capital from trading partners in 11 African countries. Limitations: It would be desirable to study 30 countries in Africa. We could not proceed with all countries due to inaccessibility of relevant data. Hence, caution should be taken in generalizing our findings. Key word: exchange rate devaluation, relative prices, foreign capital, panel ARDL, African countries JEL: C33, F13, F21
Dostawca treści:: Biblioteka Nauki

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Skocz do pozycji: 5.

Tytuł:: Devaluation and stock prices
Autorzy:: Umoru, David
Omomoh, Oseni Hussein
Tematy:: devaluation
stock prices
lending rate
Toda-Yamamoto
ARDL
developing african countries; Pokaż więcej
Wydawca:: Uniwersytet WSB Merito we Wrocławiu
Powiązania:: https://bibliotekanauki.pl/articles/57188572.pdf Link otwiera się w nowym oknie
Opis:: Aim: The study evaluated the causal link between exchange rate devaluation and stock prices in African stock markets within the African region, namely, Zambia, Nigeria, Uganda, Tunisia, Tanzania, Botswana, Indonesia, Egypt, South Africa, and Malaysia. Research method: The Toda-Yamamoto (T-Y) Granger causality methodology which entails a determination of maximum order of integration, determination of optimal lag length, and finally conducting the T-Y causality test based on augmented var k + dmax was used in the study. We also deployed the ARDL model to estimate the effects of devaluation on stock prices in Africa. To accommodate issues of endogeneity, we further implemented dynamic panel model estimation to unravel the true effects of exchange rate devaluation on stock prices. Findings: Currency devaluation and the consumer prices negatively impacted stock prices by 3.6% and 3.2% respectively in the short term period following a 1% rise in devaluation and consumer prices. In the long-term period, a 1% rise in currency devaluation and consumer price level stimulated 1.45% and 0.68% reductions in stock prices respectively in ten developing African countries. The lending interest rate also significantly and positively impacted stock market prices over the long-term period by 0.25% following a 1% rise in lending rate, whereas, in the short-term period, a 1% rise in lending rate stimulated 0.38% decline in stock prices of the ten African countries. Originality: in this research, we executed the Toda-Yamamoto granger causality methodology in explaining the causal relation between exchange rate devaluation and stock prices in ten developing African countries and with the ARDL model, the study estimated the effects of devaluation on stock prices in Africa. Contributions: The research is a contribution to a remarkable long-run connection linking stock market price, exchange rate and price index. Though there was a remarkable long-term association linking them, the outcome also showed an essential short-run relationship linking stock market price, consumer price index and interest rate. Limitations: This research is limited to ten countries within the African region. This choice of countries was made on basis of the available data. Hence, data could be sought on additional developing countries and estimation done for a larger sample of countries to obtain results that can be used to generalize the causality between devaluation and stock price movements.
Dostawca treści:: Biblioteka Nauki

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Skocz do pozycji: 6.

Tytuł:: Devaluation, goods price variation and trade flows
Autorzy:: Umoru, David
Obomeghie, Muhammed Adamu
Igbinovia, Beauty
Tematy:: Devaluation
Trade Flows
Inflation rate
Policymakers in Developing Countries
Developed Countries; Pokaż więcej
Wydawca:: Uniwersytet WSB Merito we Wrocławiu
Powiązania:: https://bibliotekanauki.pl/articles/57255500.pdf Link otwiera się w nowym oknie
Opis:: Aim: The study evaluated the impact of devaluation and goods price variation on trade flows in a sample of 47 countries consisting of developing and developed nations from 1990 to 2023. Design/Research methods: The estimation techniques adopted in this work are the Panel Structural VAR (PSVAR), GARCH, and panel non-linear ARDL (PNARDL) methods. Unlike other traditional estimation techniques, the Panel SVAR, GARCH, and NARDL produce enhanced results. The Panel SVAR model with variance decomposition and the relevant impulse response functions were estimated to check for the interaction between variables, and also, it captures the contemporaneous effect of the changes in variables. As a result, the NARDL method was used to determine the short and long-run asymmetries. The volatility that is present in the data set was also successfully captured by Panel-GARCH/GJR-GARCH model estimation for both developing and developed countries with trade flow as the dependent variable. Conclusion/findings: The results established that both the positive and negative devaluation shocks positively but insignificantly impacted trade flows in developing countries. Goods price variability had significant positive effects on trade flows. A 1% rise in the positive shock to price variation resulted in a 0.29% rise in trade flows while a similar percentage decrease in goods price variability resulted in 0.01% rise in trade flows respectively. With the panel-GARCH results, the magnitude of the impact of devaluation on trade is near zero even though it was a positive effect. There was a convergence in the results concerning goods price variation since both the GARCH (1,1) and the GJR GARCH reported a positive impact of devaluation on trade flow. Nevertheless, we obtained a divergence in the results concerning goods price variation because, while in the GARCH (1.1), goods price variation had a positive impact on trade flow, using the GJR-GARCH, it had a negative impact. The condition of this indeterminate outcome may be attributed to the onset of globalization which has eroded some of the trade restrictions that the developing countries have used over the years to protect their infant industries. Also, while the GARCH (1,1) reported symmetric shock to trade flows, the GJR-GARCH reported asymmetric shocks. The good news is that these shocks are not permanent in developing economies. For the developed countries, the findings indicated a positive impact of devaluation on trade flow. This could be because the developed countries are mainly export-oriented as such, and a slight reduction in the exchange rate generated a significant positive impact on their trade flow. Whereas, only 34% disequilibrium error in trade flows of developing countries was corrected in the long-term period, 54% disequilibrium in trade of developed economies was restored in the long run when the destabilizing effect on trade flow occurred as a result of devaluation and price variations in developed economies. Originality/value of the article: The research contributed to the empirical literature on currency devaluation, goods price variation and trade flows between trading partners. In particular, the research established that the impact of goods price variation on trade flow was insignificant in developed economies compared to the significant effect of price variation on trade in developing nations and this was attributed to high inflation rate in these countries. There is a negative outcome for the impact of devaluation on trade flow in developing countries. There is a substantial positive nexus between exchange rate devaluation and trade flow. Perhaps, the developed countries should have planned devaluation to achieve a further improvement in their trade flow position given their strong production and industrial base. Policy implications of the research: based on the researching findings and the contributions of the study to current knowledge on the subject of currency devaluation and variation in the prices of goods and their established effects on the volume of trade in different countries, the well-managed inflation rate and exchange rate policies of the developed economies have made it almost impossible for them to experience variations in their prices of imports and exports. Policymakers in these countries are therefore advised to hold on to their current policies of non-volatility in their exchange rate as well as their inflation rates. In contrast, the monetary policy managers of the developing countries should complement policies of exchange rate devaluation with other economic enabling indices such as substantial improvement in the competitiveness of their industrial projects, a dynamic and vibrant economic environment where the inflation rate is at a very low level, as well as improvement of the level of productivity. In addition, policymakers in developing countries should ensure they implement policies that are anti-price racketeering by producers by making sure to keep their interest rates low and stable. JEL: F31, F13, F14
Dostawca treści:: Biblioteka Nauki

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Skocz do pozycji: 7.

Tytuł:: “A Burial at Paris” by Gustave Flaubert (Sentimental Education, 1869)
"Un enterrement à Paris" de Gustave Flaubert (L’Éducation sentimentale, 1869)
Autorzy:: Kocik, Agnieszka
Opis:: The paper focuses on the passage on the burial of the banker Dambreuse in chapter IV of the third part of "Sentimental Education" ("L’Éducation sentimentale", 1869) where there is a portrayal of the path from the final illness to the agony and, above all, to the tomb of a rich Parisian. The funerary scenography that Gustave Flaubert sets in this scene radicalises the break with the intimate code of death. It deprives the deceased of the role of protagonist of the drama to make room for the public management 'of death': the gestures and parades that regulate the ritual, beyond the collective and spiritual investment 'in death'.
Dostawca treści:: Repozytorium Uniwersytetu Jagiellońskiego

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Skocz do pozycji: 8.

Tytuł:: Kurs walutowy i jego wpływ na rynek samochodów osobowych w Polsce
USD and euro exchange rate and its influence on the motor vehicle market in Poland
Autorzy:: Klimkowska, Regina
Tematy:: rynek samochodowy
kurs walutowy
dewaluacja
rewaluacja
car market
exchange rate
currency devaluation
currency revaluation; Pokaż więcej
Wydawca:: Małopolska Wyższa Szkoła Ekonomiczna w Tarnowie
Powiązania:: https://bibliotekanauki.pl/articles/415852.pdf Link otwiera się w nowym oknie
Opis:: Niniejszy referat przedstawia wpływ kursu walutowego na sprzedaż samochodów osobowych w Polsce w latach 2002-2007. W pierwszej części przedstawiono pojęcia, których znajomość jest niezbędna: kurs walutowy i jego funkcje oraz omówiono czynniki ekonomiczne, które w sposób bezpośredni i pośredni wpływają na poziom kursu walutowego. Z polityką kursu walutowego wiążą się pojęcia dewaluacji, rewaluacji, deprecjacji, aprecjacji. Zmiany kursu dolara i euro oddziaływały na sprzedaż nowych samochodów osobowych w latach 2002-2007; wpływały także na strukturę importowanych aut używanych m.in. z USA. Kolejna część referatu przybliża politykę cenową, jaką prowadziły wielkie koncerny motoryzacyjne w Polsce m.in. na podstawie raportów KE. Wykorzystano także Katalogi Samochodowe, dodatki Market do tygodnika „Auto-Świat” z lat 2003-2008.
This article deals with a foreign exchange policy and its influenced on the Polish car market in the years 2002-2007. The first part of the article is focused on explaining and defining main problems and ideas such as - foreign exchange, foreign exchange policy, also economic factors have been discussed here, which directly and indirectly influence the level of exchange rate. Foreign exchange policy is related to the following ideas: devaluation, revaluation, appreciation, depreciation. Changes in prices of Euro and American dollar also affected Polish new car market between 2000 and 2007, it also influenced the structure of imported used cars from the USA among others. The next part of the article introduces the price policy of car concerns on the Polish new car market based among others on the European Committee Reports. Also Car Catalogues, Statistical Year Books, car magazines and everyday press of 2003-2008 have been used for this article.
Dostawca treści:: Biblioteka Nauki

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Skocz do pozycji: 9.

Tytuł:: National Currencies and National Identities: Historical Origins and Ironies of the Neoliberal Baltic Model
Autorzy:: Norkus, Zenonas
Tematy:: economic crisis 2008 – 2010
postcommunism
internal devaluation
democratic corporatism
neoliberal capitalism
national money
disenchantment; Pokaż więcej
Wydawca:: Wydawnictwo Adam Marszałek
Powiązania:: https://bibliotekanauki.pl/articles/2048305.pdf Link otwiera się w nowym oknie
Opis:: During recent economic crisis 2008 – 2010, the economic policy of internal devaluation in the Baltic States earned the applause of exponents of the neoliberal orthodoxy. How to explain the choice and ability of the Baltic States to maintain the fixed exchange parity? Economists look for conventional costbenefit calculation. The paper advances culturalist NeoWeberian argument, elaborating the concept of “nation neoliberalism” of Henri Vogt and the research of Eric Helleiner on the contribution of national currencies to the modern nation building. Because of the destruction of the national Baltic States by Soviet occupation in 1940, postcommunist transformation in the Baltic States was restitutionally oriented. Hard national currency, modelled after “that old good Litas, Lats, or Kroon” of the interwar time became a central symbol of national identity along with national flag, anthem and coat of arms. This “monetization” of the Baltic identities predisposed indigenous Baltic peoples to embrace the neoliberal model of capitalism and to accept the cost of the defence of currency peg during the crisis. The success was ironically selfdefeating, as it enabled Baltic nations to join European Monetary Union, which conclusively disenchants the money by abolishing national currencies.
Dostawca treści:: Biblioteka Nauki

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Skocz do pozycji: 10.

Tytuł:: PROBLEMY STREFY EURO
PROBLEMS OF THE EUROZONE
Autorzy:: Balcerowicz, Leszek
Tematy:: eurozone
economy
single currency
devaluation
political union
strefa euro
gospodarka
wspólna waluta
dewaluacja
unia polityczna; Pokaż więcej
Wydawca:: Uniwersytet im. Adama Mickiewicza w Poznaniu
Powiązania:: https://bibliotekanauki.pl/articles/693022.pdf Link otwiera się w nowym oknie
Opis:: The official rescue loans recently granted to a number of the Eurozone states cannot be treated as being in lieu of reforms that must be implemented in those countries in order to improve their economy, which they need so much to regain confidence of financial markets. There are two major structural weaknesses of the single currency (Euro) identified in literature: (i) the uniform monetary policy is incapable of accounting for differences among individual member states and single currency renders devaluation in Eurozone impossible; (ii) the eurozone exists without the ‘political union.’ The paper contains an analysis of the legitimacy of both theses.
Oficjalne kredyty ratunkowe dla niektórych krajów w strefie euro nie mogą zastąpić tam reform, które – poprawiając sytuację gospodarczą – pozwolą odzyskać owym krajom zaufanie rynków finansowych. W literaturze wymienia się dwie główne strukturalne słabości wspólnej waluty (euro): 1. Jednolita polityka pieniądza nie jest w stanie uwzględnić odmienności sytuacji poszczególnych krajów, a wspólny pieniądz nie pozwala na dewaluację w obrębie strefy euro; 2. Strefa euro istnieje bez „unii politycznej”. Artykuł analizuje zasadność tych tez.
Dostawca treści:: Biblioteka Nauki

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