No description available.

Yes / This paper develops a model of optimal choice over an array of different assets, including domestic and foreign bonds, domestic and foreign equities and domestic and foreign real money balances in order to examine the determination of the real exchange rate in the long-run. The model is tested empirically using data from the UK and the USA. The results show that all the coefficients of the model are right signed and significant and consequently financial assets may play a significant role in the determination of the real exchange rate.

L’équilibre économique mondial repose sur une asymétrie structurelle dont les pôles antagonistes principaux sont les États-Unis et l’Asie orientale. À la base de cet axe de tension géographique se trouve la question de la représentation mondiale de la richesse. La domination du dollar permet aux États-Unis un accès disproportionné aux ressources planétaires. Les pays créanciers, dont fait partie la Chine, hésitent à laisser flotter leur monnaie et attaquer l’hégémonie du dollar. Entre temps, les déséquilibres s’intensifient, tout comme les tensions politiques, par l’effet de ce système monétaire qui participe au maintien d’un monde unipolaire. Le système monétaire actuel n’offre aucune perspective endogène quant à la résolution des déséquilibres que son équilibre requiert. Ce mémoire cherche à identifier les stratégies géoéconomiques de la Chine pour se soustraire de l’emprise du dollar. / Present world economic stability rests on a structural asymmetry whose main antagonists are the United States and East Asia. Inducing the very existence of this axis is the question of the worldwide representation of value. The dollar’s domination in this matter allows the United States a disproportionate access to planetary resources. The creditor countries, among which China, hesitate to adopt a floating exchange rate and challenge this peculiar dimension of hegemony directly through the foreign exchange market. As time goes by the global imbalances intensify along with the corresponding political tensions. In effect, the dollarized global monetary system acts as a pillar of a unipolar world. The present international monetary system does not offer, by itself, a resolution to this polarisation process its existence generates. This mémoire offers a perspective on China’s geoeconomic strategies destined to extract itself from the dollar system. This is done through the observation of three sets of indicators : Forex reserves, commercial relations and domestic demand.

L’équilibre économique mondial repose sur une asymétrie structurelle dont les pôles antagonistes principaux sont les États-Unis et l’Asie orientale. À la base de cet axe de tension géographique se trouve la question de la représentation mondiale de la richesse. La domination du dollar permet aux États-Unis un accès disproportionné aux ressources planétaires. Les pays créanciers, dont fait partie la Chine, hésitent à laisser flotter leur monnaie et attaquer l’hégémonie du dollar. Entre temps, les déséquilibres s’intensifient, tout comme les tensions politiques, par l’effet de ce système monétaire qui participe au maintien d’un monde unipolaire. Le système monétaire actuel n’offre aucune perspective endogène quant à la résolution des déséquilibres que son équilibre requiert. Ce mémoire cherche à identifier les stratégies géoéconomiques de la Chine pour se soustraire de l’emprise du dollar. / Present world economic stability rests on a structural asymmetry whose main antagonists are the United States and East Asia. Inducing the very existence of this axis is the question of the worldwide representation of value. The dollar’s domination in this matter allows the United States a disproportionate access to planetary resources. The creditor countries, among which China, hesitate to adopt a floating exchange rate and challenge this peculiar dimension of hegemony directly through the foreign exchange market. As time goes by the global imbalances intensify along with the corresponding political tensions. In effect, the dollarized global monetary system acts as a pillar of a unipolar world. The present international monetary system does not offer, by itself, a resolution to this polarisation process its existence generates. This mémoire offers a perspective on China’s geoeconomic strategies destined to extract itself from the dollar system. This is done through the observation of three sets of indicators : Forex reserves, commercial relations and domestic demand.

Techn. Univ., Diss.--Berlin, 2004.

Master of Science / Department of Horticulture, Forestry, and Recreation Resources / Jack D. Fry / Dollar spot, caused by Sclerotinia homoeocarpa F.T. Bennett, and silvery-thread moss (Bryum argenteum Hedw.) are pests affecting creeping bentgrass (Agrostis stolonifera L.) that typically require pesticide inputs. New strategies for pest management may reduce chemical inputs. The objectives of these 2009-2010 field studies were to evaluate: 1) creeping bentgrass cultivars for dollar spot susceptibility; 2) alternative chemical controls for silvery-thread moss; and 3) the response of silvery-thread moss to nitrogen (N) sources. During peak dollar spot development, ‘Declaration’, ‘A-4’, and ‘Crenshaw’ had 7.5, 139.4, and 288.9 infection centers m[superscript]-2 under fairway and 2.1, 27.2, and 106.9 infection centers m[superscript]-2 under putting green conditions, respectively. Two spring and two fall spot applications of sodium or potassium bicarbonate (45 g a.i. L[superscript]-1), premixed essential oil, and broadcast applications of carfentrazone-ethyl at 0.09 kg a.i. ha[superscript]-1 suppressed moss 39% to 55% compared to untreated in 2009. Spot sprays of sodium or potassium bicarbonate, and essential oil, were phytotoxic to creeping bentgrass and required up to 8 or 18 days, respectively, to return to acceptable quality. Fertilization with liquid urea (N at 16.3 kg ha[superscript]-1 biweekly, 210 kg ha[superscript]-1 annually) resulted in 147%, 150%, and 155% more moss than fertilization with IBDU, organic N, and granular urea, respectively, and 156% more moss compared to untreated. Fertilization with urea (liquid or granular) resulted in the best creeping bentgrass color. Averaged across the entire season, plots treated with organic N had unacceptable color in 2009. Nitrogen concentrations in moss tissue ranged from 0.4% to 1.0% and were always significantly lower than N concentrations observed in creeping bentgrass (1.1% to 2.1%), regardless of treatment. In 2010, moss treated with liquid urea had higher tissue N concentrations (1.0%) than untreated moss (0.5%) or that fertilized with IBDU (0.4%). In summary, use of dollar spot-resistant creeping bentgrass cultivars could reduce fungicide requirements. Bicarbonate and essential oil products can reduce moss severity at a similar level to carfentrazone-ethyl, but rates and/or application methods need to be optimized to avoid injury to creeping bentgrass. Applications of liquid urea enhanced moss coverage in creeping bentgrass compared to other N sources.

No description available.

Potentially valuable information about the underlying data generating process of a dependent variable is often lost when an independent variable is transformed to fit into the same sampling frequency as a dependent variable. With the mixed data sampling (MIDAS) technique and increasingly available data at high frequencies, the issue of choosing an optimal sampling frequency becomes apparent. We use financial data and the MIDAS technique to estimate thousands of regressions and forecasts in the quarterly, monthly, weekly, and daily sampling frequencies. Model fit and forecast performance measurements are calculated from each estimation and used to generate summary statistics for each sampling frequency so that comparisons can be made between frequencies. Our regression models contain an autoregressive component and five additional independent variables and are estimated with varying lag length specifications that incrementally increase up to five years of lags. Each regression is used to forecast a rolling, one and two-step ahead, static forecast of the quarterly Yen and U.S Dollar spot exchange rate. Our results suggest that it may be favourable to include high frequency variables for closer modeling of the underlying data generating process but not necessarily for increased forecasting performance. / Graduate / 0501 / 0508 / 0511 / benjamincann@gmail.com

O clássico Equilíbrio Econômico nunca foi realidade, especialmente após as primeiras crises dos mercados financeiros. Hoje se sabe que as economias estão longe da situação de equilíbrio, sendo vistas mais como um processo em construção do que um estado estático propriamente dito. Se assemelham a um sistema estocástico, e não determinístico como um dia se pensou. O Brasil é um país jovem, e seus sistemas econômico e político ainda estão em formação. Tendo em vista todas as mudanças e crises que o país tem sofrido em sua história recente, este estudo busca uma forma alternativa para que tais eventos possam ser detectados e, principalmente, de certa forma antecipados, para que as providências cabíveis possam ser tomadas a tempo de se evitar grandes perdas financeiras. Para tal, as medidas de Complexidade de SDL e LMC são aplicadas às séries do câmbio dolar-real, Ibovespa e CDS Brasil e avaliadas durante eventos de crises. Detectados os principais eventos de cada série, \"volta-se no tempo\", ao início da crise, e avalia-se, dada a informação disponível naquele momento, a possibilidade de se detectar a crise em seus primeiros estágios. Ao fim, conclui-se que as Medidas de Complexidade LMC e SDL são robustas na detecção de aumentos de volatilidade nos dados de séries financeiras. Assim sendo, apresentam grande potencial como indicadores precoces de crises financeiras. Para tal, não são necessários cálculos extensivos, nem grandes históricos de dados; e também não são necessárias hipóteses sobre a distribuição de probabilidades destes dados. Acredita-se que este seja o primeiro passo em direção à construção de um monitor de crises em tempo real. / The classical Economic Equilibrium has never been a reality, especially after the first financial markets crisis events. It is known nowadays that economies are far from their Equilibrium, they are seen more as a process under construction, not a static state; a stochastic instead of deterministic process, as it was thought before. Brazil is a young country, hence its economic and political systems are still maturing. In light of all the changes and crises it has been suffering in the recent history, this research seeks for an alternative mechanism to detect and anticipate these crisis events, in order to avoid massive financial losses. To this end, the LMC and SDL Complexity Measures are applied to the Dollar-Real exchange rates, Ibovespa and Brazilian CDS time series during crisis events. After detecting the main events, the idea is to \"turn back in time\", to the events\' inception, and analyse if, given the limited amount of information on that time, the crises could be detected on their early stages. Finally, this research concludes that both LMC and SDL Complexity Measures are robust in detecting volatility increases on the financial series, revealing good potential as crises early warning. However, no extensive calculus, large samples, or strong assumptions about the data probability distributions are needed to this aim. Therefore, these results represent the very first step towards a crises real time monitor.

<p>Denna uppsats syfte är att ta reda på om euron är en internationell valuta och om</p><p>euron kan konkurrera med dollarn om titeln som världens ledande valuta. Teori om</p><p>valutamarknaden, en valutas uppgifter och vad som avgör vilken valuta som används</p><p>internationellt behandlas och för att kunna svara på uppsatsens frågeställningar (syfte)</p><p>redogörs siffror på eurons internationella användning. Sådana siffror visar att euron är</p><p>en internationell valuta då den används i valutans funktioner internationellt, men att</p><p>dollarn fortfarande är den världsledande valutan utan att vara särsklit hotad i sin</p><p>ställning av euron.</p>