Regression models for de facto currency regime classification are complemented by inferential techniques for tracking the stability of exchange rate regimes. Several structural change methods are adapted to these regressions: tools for assessing the stability of exchange rate regressions in historical data (testing), in incoming data (monitoring) and for determining the breakpoints of shifts in the exchange rate regime (dating). The tools are illustrated by investigating the Chinese exchange rate regime after China gave up on a fixed exchange rate to the US dollar in 2005 and to track the evolution of the Indian exchange rate regime since 1993. / Series: Research Report Series / Department of Statistics and Mathematics

A unified toolbox for testing, monitoring, and dating structural changes is provided for likelihood-based regression models. In particular, least-squares methods for dating breakpoints are extended to maximum likelihood estimation. The usefulness of all techniques is illustrated by assessing the stability of de facto exchange rate regimes. The toolbox is used for investigating the Chinese exchange rate regime after China gave up on a fixed exchange rate to the US dollar in 2005 and tracking the evolution of the Indian exchange rate regime since 1993. / Series: Research Report Series / Department of Statistics and Mathematics

This paper analyses the innovative digital money CBDC and its potential influence in Sweden and China with Privacy Calculus Model. The research aims to understand how e-krona and e-CNY will influence individual privacy in Sweden and China, and what the similarities and differences are. The e-krona and e-CNY will further reduce the usage of cash, which is the full-anonymous money. E-krona may not be full-anonymous, when it replaces some cash, the payment privacy also gets reduced. E-krona and e-CNY will both allow their central banks to have more control of transaction data. Compared to cash, privacy is reduced. Compared to other e-payments such as bank cards, individual privacy is more protected. The commercial organizations may have less access to transaction data with e-krona and e-CNY, there will be less targeted advertising, individuals will have more privacy. Swedish interviewees also trust the current payment tools. But they think e-krona could further improve the payment system. Chinese interviewees complain a lot about private payment companies, they think the change by e-CNY will be great. For personal interest, both sides have interests in e-krona/e-CNY. But Swedish interviewees are interested in e-krona due to the willingness to try new things. Chinese interviewees also mention that they are attracted by its free transaction fees, linking the isolated payment platforms.

Submitted by RAFAEL VIEIRA (rafaelalfinito@hotmail.com) on 2013-09-09T19:11:07Z No. of bitstreams: 1 Ineficiências entre os mercados onshore e offshore de Renminbi FINAL.pdf: 4100935 bytes, checksum: fff31a898528ebe95f7a18c3d9475ad7 (MD5) / Approved for entry into archive by Marcia Bacha (marcia.bacha@fgv.br) on 2013-09-19T17:44:09Z (GMT) No. of bitstreams: 1 Ineficiências entre os mercados onshore e offshore de Renminbi FINAL.pdf: 4100935 bytes, checksum: fff31a898528ebe95f7a18c3d9475ad7 (MD5) / Made available in DSpace on 2013-09-19T17:44:51Z (GMT). No. of bitstreams: 1 Ineficiências entre os mercados onshore e offshore de Renminbi FINAL.pdf: 4100935 bytes, checksum: fff31a898528ebe95f7a18c3d9475ad7 (MD5) Previous issue date: 2013-05-27 / Autoridades chinesas tem buscado agir com rapidez, mas com costumeira cautela, para que sua moeda seja capaz de adquirir status de moeda internacional de reserva. Embora tal objetivo exija eliminação ou considerável relaxamento dos controles de capitais, estes ainda existem e geram significativas distorções entre os mercados de câmbio e juros em Renminbi onshore, na China Continental, e offshore, em Hong Kong. Este trabalho descreve algumas destas distorções através da análise de instrumentos financeiros operados nos mercados à vista de moeda (Renminbi spot), forward de moeda (NDF de Renminbi), e de dívida governamental e corporativa em Hong Kong (Dim Sum Bonds). / Chinese authorities seek to act quickly, but with cu stomary caution, so that it s currency can assume the status of international reserve currency. Although this requires the elimination or considerable relaxation of inst ated capital controls, these still exist and generate significant distortions in the Renminbi currency and interest rate markets onshore, in Mainland China, and offshore, in Hong Kong. The present work describes some of these distortions through the analys is of financial instruments transacted in the Renminbi spot currency market, the Renminbi forward market (NDF), and the Renminbi government and corporate debt markets in Hong Kong ( Dim Sum Bonds).