An Investigation into the 1999 Collapse of the Brazilian Real

This study argues that the political considerations were an important factor behind the crisis of the Brazilian real in January 1999. The divided coalition government and a president facing impending elections eschewed the correction of external misalignments and the fiscal austerity at a time when the markets were already excited by the 1997-98 East Asian and 1998 Russian financial crises. The hypothesis is established after confirming the vulnerability of Brazilian economy to currency crisis through Masson's model of multiple equilibrium and then it is tested by running a maximum likelihood logit regression.

Political Instability and the August 1998 Ruble Crisis

The main objective of this study is to highlight the importance of political instability, defined as frequent changes in and of government, in undermining the Russian exchange rate based stabilization program of the 1990s. The empirical evidence supports the significance of political instability along with economic fundamentals in determining Russian real effective exchange rate and exchange market pressure, used as a proxy to the crisis.Currency crises, political instability

Monetary Targeting in Pakistan: A Skeptical Note

The objective of this study is to evaluate monetary targeting strategy in Pakistan by testing the Quantity Theory of Money and the income velocity of money stated by Monetarists and the endogenous money hypothesis postulated by the Post Keynesians. Our tests on the Pakistani data covering about thirty years reveal that the quantity theory is an inadequate explanation of inflation, income velocity of money is unstable, and money is endogenous. These results suggest rethinking on monetary targeting strategy in Pakistan.Monetary Targeting, QTM, Income Velocity of Money, Endogenous Money

An investigation into the 1999 collapse of the Brazilian Real

This study argues that the political considerations were an important factor behind the crisis of the Brazilian real in January 1999. The divided coalition government and a president facing impending elections eschewed the correction of external misalignments and the fiscal austerity at a time when the markets were already excited by the 1997-98 East Asian and 1998 Russian financial crises. The hypothesis is established after confirming the vulnerability of Brazilian economy to currency crisis through Masson's model of multiple equilibrium and then it is tested by running a maximum likelihood logit regression

Interpreting Currency Crises: A Review of Theory, Evidence, and Issues

The main objective of this paper is to understand the causes and symptoms of currency crises by reviewing its seminal literature, establishing its determinants, and outlining some of the relevant issues. The paper highlights the need to comprehend the process, which may lead to the inconsistency of the policies and render the situation favourable for a speculative attack. This involves, broadening the determinants of exchange rate crises beyond pure economic fundamentals through incorporating non-economic factors, such as political incentives on macroeconomic policy making. In effect, the review accentuates upon the need to develop a model that bridges the gap between the conventional and non-conventional determinants of a currency crisis.

Political Instability and the August 1998 Ruble Crisis

The main objective of this study is to highlight the importance of political instability, defined as frequent changes in and of government, in undermining the Russian exchange rate based stabilization program of the 1990s. The empirical evidence supports the significance of political instability along with economic fundamentals in determining Russian real effective exchange rate and exchange market pressure, used as a proxy to the crisis

Interpreting currency crises : a review of theory, evidence, and issues

The main objective of this paper is to understand the causes and symptoms of currency crises by reviewing its seminal literature, establishing its determinants, and outlining some of the relevant issues. The paper highlights the need to comprehend the process, which may lead to the inconsistency of the policies and render the situation favourable for a speculative attack. This involves, broadening the determinants of exchange rate crises beyond pure economic fundamentals through incorporating non-economic factors, such as political incentives on macroeconomic policy making. In effect, the review accentuates upon the need to develop a model that bridges the gap between the conventional and non-conventional determinants of a currency crisis

Natural convection in polyethylene glycol based molybdenum disulfide nanofluid with thermal radiation, chemical reaction and ramped wall temperature

© 2018 International Information and Engineering Technology Association. All Rights Reserved. The aim of this study is to investigate the unsteady magnetohydrodynamic (MHD) flow of Casson nanofluid over an infinite oscillating vertical plate with ramped wall temperature. The effects of porosity, thermal radiation and first order chemical reaction have been considered. Polyethylene glycol (PEG) is chosen as base fluid which contained molybdenum disulfide (MoS 2 ) nanoparticles. The Laplace transform technique is applied to the momentum, energy and concentration equations to obtain the closed form solutions. The obtained solutions are for both cases ramped and isothermal boundary conditions and compared graphically. From graphical analysis, it is observed that for isothermal plate, the magnitude of velocity, temperature and concentration profiles are greater than ramped wall temperature. Skin-friction, Nusselt number and Sherwood number are evaluated and presented in tabular forms. The effects of various embedded parameters on velocity, temperature and concentration profiles are discussed graphically

Non-cascaded short-term pumped-storage hydro-thermal scheduling using accelerated particle swarm optimization

© 2018 IEEE. This paper presents the implementation of a variant of the famous particle swarm optimization, known as Accelerated Particle Swarm Optimization (APSO), on a non-cascaded or a two-unit hydro-thermal system with consideration of hydal pumping in light loading intervals of hydro-thermal scheduling period. APSO is an easy to program and easy to implement variant of Particle Swarm Optimization (PSO) that has the ability to converge to a good approximate to global optimum within a few iterations. A standard pumped-storage hydrothermal scheduling problem, discussed in existing literature, is considered for the implementation of APSO. A comparison of this implementation is also given with the previously existing implementations of other algorithms