The Coinage Bill of 1816 was a turning point in monetary history, establishing Britain on the gold standard and making provision for a major recoinage and exchange of silver. The intention in this thesis has been to examine why the reform happened when it did, what its legacy was for the nineteenth century and what the surviving records, particularly of the exchange, reveal about the nature of the circulating medium. In Chapters 1 and 2 the eighteenth-century background is explored in order to clarify why government chose to allow the condition of the silver coinage to decline. The argument is advanced that economic stability for many years lessened the necessity for reform and the importance of gold in the economy made ministers wary of damaging its position through change. An investigation into the wear of silver coins has also been conducted which demonstrates that by the 1780s they were likely to have lost virtually all trace of design details. The reasons why reform was enacted in 1816 are discussed in Chapter 3, the explanation offered being the importance of war with France having ended and the Bank of England's needing to prepare for the resumption of redeeming its notes in gold. In Chapter 4 the political reputation of William Wellesley Pole is assessed together with his contribution to the recoinage, while in Chapters 5 and 6 the administration of the reform is described and analysed in detail. The traditional view of its being a success is confirmed by new research. The accounts from exchange stations set up to effect the change-over, listed in Appendices 3 and 4, and discussed in Chapter 6, reveal that although there were trading centres and manufacturing areas in which the old silver currency was concentrated, it was nevertheless fairly well distributed across Britain. I have attempted throughout to link the silver coinage to the other elements of the money supply. This approach is particularly evident in Chapter 7 in which the impact of the political and economic forces pressing for a resumption of cash payments are seen to shape the survival of the settlement of 1816-17.

This thesis examines the performance of currency-only portfolios with different strategies, in out-of-sample analysis. I first examine a number of passive portfolio strategies into currency market in out-of-sample analysis. The strategies I applied in this chapter include sample-based mean-variance portfolio and its extension, minimum variance portfolio, and equally-weighted risk contribution model. Moreover, I consider GDP portfolio and Trade portfolio as market value portfolio for currency market. With naïve portfolio, there are 12 different asset allocation models. In my out-of-sample analysis, naïve portfolio performs reasonably well among all 12 portfolios, and transaction cost does not seriously affect the results prior to transaction cost analysis. The results are robust across different estimation windows and perspectives of investors from different countries. Next, more portfolio strategies are examined to compare with naïve portfolio in currency market. The first portfolio strategy called ‘optimal constrained portfolio’ in this chapter is derived from the idea of maximising the quadratic utility function. In addition, the timing strategies, a set of simple active portfolio strategies, are also considered. In my out-of-sample analysis with rolling sample approach, naïve portfolio can be beaten by all the strategies discussed in this chapter. In chapter six, the characteristics of currency are exploited to construct a currency only portfolio. Firstly, the pre-sample test proves that the characteristics, both fundamental and financial, are relevant to the portfolio construction. I then examine the performance of parametric portfolio policies. The results show that while fundamental characteristics can bring investor benefits of active portfolio management, financial characteristics cannot. Moreover, I find the relationship between characteristics of currency and weights of optimal portfolio. The overall results show that currencies can be thought of as an asset in their own right to construct optimal portfolios, which have better performance than naïve portfolio, if suitable strategies are used. In addition, ‘lesser’ currencies, indeed, bring significant benefits to the investors.

The paper explores the theory of optimum currency areas, outlines its implications for current international monetary order, and applies its conclusions to the European Economic and Monetary Union

The primary concentration of the diploma thesis is conversion from domestic currency to single currency (EURO) from an accounting point of view. On the one side the thesis deal with foreign currency and it`s effect on accounting of Czech entrepreneurs and on the economics profit and loss. On the other side thesis show the solution for the entrepreneurs, which mainly deal in euro. Conversion is described on the example of the Slovak Republic. The thesis gives an overview of conversion`s process and interpretive examples

There are still many uncertainties with regard to whether virtual currencies will eventually replace fiat money or whether these two institutions will be functioning in tandem. Virtual currencies are still without legal tender status, but it is established that virtual currency can be utilised as a medium of exchange in circumstances where parties permit for its use. Moreover, this novel technological phenomenon engenders a myriad of risks and legal implications that are not comprehensively dealt with by regulators either locally or internationally. This dissertation investigates the risks associated with virtual currencies, the regulatory approaches taken by different jurisdictions as well as the prospects for virtual currency to function as a medium of exchange. / Mini Dissertation (LLM (Banking Law))--University of Pretoria, 2020. / Mercantile Law / LLM (Banking Law) / Unrestricted

The United States has a National Oil Reserve but no food reserve. Just as the oil reserve is designed to buffer unforeseen disruptions in the critical supply, the nation should also have a food reserve for at least the same purpose. The United States and other developed nations have little or no food reserve beyond the typical demands between growing seasons. Marvelous production achievements in agriculture beginning in the early 1960s and known as the “Green Revolution” are now leveling off. Food production, suffering from such negative side effects as reduced water tables, is being outstripped by population growth (Bourne, 2009). In 2006 through 2008 the US and world drawdown of wheat and other grain stocks, together with agricultural events such as droughts in various parts of the world, caused grain reserves to hit historically low levels. The resulting lack of supply created significant disruptions, including record high prices (Figure 1) (Good and Li, 2010, USDA - Foreign Agricultural Service, 2011), countries refusing to export, riots, and famine (CNN.com, 2008). The need for higher world grain stocks seems clear. Higher grain stocks should result in lower price volatility and higher food security in Utah, the US, the UK, and internationally.

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Several currencies have arisen as credible competitors for the dollar's primary reserve currency position in central banks around the globe, and many wonder how long the dollar can maintain its position. Reserve currency usage is dependent relative to the size of the home economy, openness to trade, and prosperous and stable growth, including an inertial bias. This paper utilizes econometric methods to examine the significance of macroeconomic indicators of the U.S. dollar’s reserve currency status. The dataset is gathered from the IMF's COFER database using a time period from 2000 to 2013 in order to capture the most relevant reserve levels post-euro adoption. The estimated coefficient values indicate a significant inertial bias. This result implies that we can expect the dollar to hold the primary reserve currency position for the near future.

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