Bagus and Howden (2011) argue that price stickiness is a poor justification for advocating a flexible money supply through the issuing of fiduciary media under central or free banking. They view the contraction in output following an exogenous increase in money demand as an optimal response,...

Global current account imbalances have been at the forefront of policy debates over the past few years. Many observers have recently singled them out as a key factor contributing to the global financial crisis. Current account surpluses in several emerging market economies are said to have...

Portuguese abstract: ABSTRATO: Com o avanço de blockchain e smart contracts, bem como constantes anúncios de projetos de grande escala utilizando estas ferramentas, parece cada vez mais provável que diversos aspectos da sociedade e economia passem a adotar estas tecnologias e, sendo...

This paper examines the impact of COVID-19 lockdown on daily stock returns of banks and financial institutions (BFI) in Vietnam. Employing the panel data regression models, this study examines the effect of daily COVID-19 positive cases to the stock returns – during pre-lockdown, lockdown, and...

We build models with an interest-bearing central bank digital currency (CBDC) to investigate the impacts of issuing CBDC on banking and the macroeconomy. When CBDC is the only asset, a higher interest rate on CBDC does not necessarily lead to financial disintermediation. It could promote bank...

In this short paper we outline the Newton-Raphson methods used for solving and minimizing complex equations that often have no analytical solution. We outline the formulae, their origins and give a simple example of their application

In recent weeks and months, a number of market commentators have drawn comparisons between the prevailing economic landscape and previous financial crises, episodes and events. These have ranged from talk of a new ‘Volcker Shock’ to a repeat of the 1987 stockmarket crash, the dot.com burst...

In this research, we discussed a rising issue for Muslims in today’s world that involves a financial and technical innovation, namely: cryptocurrencies. We found out through a questionnaire that many Muslims are having a hard time finding the jurisprudence rulings on certain cryptocurrencies....

We consider a New Keynesian model with strategic monetary and fiscal interactions. The fiscal authority maximizes social welfare. Monetary policy is delegated to a central bank with an anti-inflation bias that suffers from a lack of commitment. The impact of central bank hawkishness on debt...