Thesis (Ph. D.)--Columbia University, 1929. / Vita. Printed in Great Britain. Index.

Global Savings Group - Rocket Internet SE venture currency risk management exposure. This thesis covers the theory around currency risk management, putting it into practice with the real case of GSG currency risk exposure. In the end I aim to verify if currency risk affects the performance of SMEs, and if such type of companies (in this case the GSG) are aware of such exposure and if they adopt any strategies in order to reduce such exposure.

Payment settlement systems are constantly developing, however, the emergence of Bitcoin in 2009 created a whole new ball game for regulators. This new type of currency did not play by the same rules as other currencies, with the crypto-currency being borderless (not created by any country) and transferable almost instantaneously. Further, its users remained anonymous. This currency therefore became a breeding ground for illegal activities and disappointment. Users of the currency could use it as a form of payment system for illegal activities, by completely circumventing financial regulators. Other users took advantage of the lack of knowledge surrounding this new type of currency, running Ponzi schemes and defrauding ignorant users of their crypto-currency. Then there were the unfortunate users who, attracted to the notion of reaping large profits from the volatile nature of the currency, often found themselves disappointed when the volatile nature of the currency resulted in large trading losses. Crypto-currency is not all that bad however. Although many risks exist with this new type of currency, there also exist benefits which conventional fiat currency cannot provide. Regulators are therefore placed in a tricky position in which they must try to regulate this new currency to mitigate the possible risks without completely side-lining the benefits posed by the currency. However, regulators cannot create legislation without first understanding how crypto-currency functions. The ever-growing popularity of crypto-currency requires that regulators act fast but also provides many global regulatory lessons which South African regulators can learn from and use in drafting the appropriate legislation. This dissertation considers the nature of this new currency, the way in which it functions and the risks which it comes burdened with, while looking at other regulatory approaches in order to propose legislation which should be adopted in South Africa. / Mini Dissertation (LLM (Banking))--University of Pretoria, 2020. / Mercantile Law / LLM (Banking) / Unrestricted

1 Abstract Since 2010 in France, local and complementary currencies have grown signif- icantly, bringing the total number in circulation to 82. Most of the studies focus on the way local and complementary currencies work and their potential benefits. With the benefit of ten years of hindsight, it is time to supplement the studies with a quantitative analysis of the phenomenon and measure its impact on the local economy. A survey dealing with all the issues involved in developing a currency completes the quantitative analysis. Nevertheless, the thesis faces difficulties in collecting this data. Hence, the thesis identifies the lack of suitable tools for regular monitoring as the main reason for the data collection issue. Despite the low response rate, the collected responses provide evidence to confirm the intuition that local and complementary currencies are dependent on their framework. Indeed, based on a few responses and spe- cific cases, the thesis distinguishes critical framework-dependent elements that impact the sustainability of a local and complementary currency. Hence, the thesis emphasizes the critical role of the local consumption habits, elected rep- resentatives, relations with public bodies, and people's attachment to the local territory. Furthermore, the thesis underlies the need to sustain...

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published_or_final_version / Economics and Finance / Master / Master of Economics

Author: Nadzeya Laurentsyeva Title: Monetary Union of Belarus and Russia - Analysis of Possible Costs for the Belarusian Economy Abstract The thesis analyses alignment of the Belarusian and Russian economies with the aim to infer on costs of the possible monetary union for Belarus. Having estimated a structural vector autoregression model with long-run restrictions, we conclude that the economies have shared common supply and external demand shocks, but other temporary fluctuations have been, in large, asymmetric. Structural discrepancies (as proven by the qualitative analysis) and differences in the monetary policy foci and transmission (as illustrated by the estimation results of Taylor rules and a monetary vector autoregression model) could account for increasing misalignment since 2010. In terms of the welfare costs for Belarus (evaluated with a New Keynesian dynamic stochastic general equilibrium model), the monetary union can be considered preferable to the current monetary policy of the National bank of the Republic of Belarus, while being inferior to the hypothetical inflation targeting regime. The welfare gap between the two arrangements reduces, if stronger domestic price flexibility and higher synchronization of productivity shocks can be assumed.

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ABSTRACT With the trend toward global economic and financial integration, liberalization of financial market, increasing of new fashioned financial products and capital mobility, banks may consciously or inadvertently hold large open foreign exchange positions. It in turns may suffer loses due to adverse exchange rate movements. Thus, the bank may even seriously damage to their capital base. Therefore, study in foreign exposure problem has special and important meaning for banks operation and risk management. Although The Basle Committee has compromised the regulation of measuring foreign exchange position ¡V NAP and GAP to BAP, in view of the theory of studying such position measurement, it¡¦s necessary to develop a more generalized concept of weighted aggregate position (WAP) to make it closely to ¡§theoretically correct position¡¨. An empirical test of a typical local foreign exchange bank¡¦s foreign currency position appeared that both BAP and GAP provide a more significant effect for the foreign exchange exposure than NAP. Nevertheless, by considering the cost of hedge, proposing of BAP may be more practical than GAP.