The Chinese renminbi: what’s real, what’s not

China's recent devaluation and liberalization of its exchange-rate policies will, at best, have only a temporary impact on its trade competitiveness with the United States. The type of exchange-rate regime that a country adopts matters little for its long-term international competitiveness. In addition, the recent focus on China's exchange rate diverts attention from the real problem: China’s command economy.Foreign exchange rates - China

Nondeliverable forwards: can we tell where the renminbi is headed?

Since the early 1990s, international banks have been offering nondeliverable forward (NDF) contracts to clients who need to hedge exposures in currencies of emerging-market economies. Many also use the exchange rate on these contracts as a best guess of where the emerging-market currency is headed. The exchange rates on NDFs, however, likely embody a substantial risk premium that interferes with forecasting accuracy.Foreign exchange rates - China

Walking on a fence: Brazil’s public-sector debt

Brazil is walking on a fence between sustainable and unsustainable public-debt dynamics. How it treads could affect not only its own economic prosperity but that of its neighbors, emerging markets in general, and U.S. financial institutions in particular. Relatively small improvements in Brazilian economic conditions and a continuation of that country’s recent fiscal improvements could push Brazil in the right direction, particularly if the dollar continues to depreciate.Debts, Public - Brazil ; Economic conditions - Brazil

Measurement of branching fractions, isospin asymmetries and angular observables in exclusive electroweak penguin decays

This thesis describes measurements of rare electroweak penguin decays performed with data collected by the Large Hadron Collider beauty experiment corresponding to 3 fb^{−1} of integrated luminosity. The purpose of these measurements is to search for physics beyond the theoretical framework known as the Standard Model (SM). Electroweak penguin decays are sensitive to virtual particles in extensions to the SM whose influence on the decay amplitude can be of similar strength to the SM contribution. The particular measurements that are described in this thesis are the differential branching fractions and isospin asymmetries of B -> K(*) μ^+ μ^− decays as well as the angular observables in B -> K μ^+ μ^− decays. Although results are consistent with the SM, all the branching fractions of B -> K(*) μ^+ μ^− decays tend to favour a lower value than theoretical predictions.Open Acces

Measurement of branching fractions, isospin asymmetries and angular observables in exclusive electroweak penguin decays

This thesis describes measurements of rare electroweak penguin decays performed with data collected by the Large Hadron Collider beauty experiment corresponding to 3 fb^{−1} of integrated luminosity. The purpose of these measurements is to search for physics beyond the theoretical framework known as the Standard Model (SM). Electroweak penguin decays are sensitive to virtual particles in extensions to the SM whose influence on the decay amplitude can be of similar strength to the SM contribution. The particular measurements that are described in this thesis are the differential branching fractions and isospin asymmetries of B -> K(*) μ^+ μ^− decays as well as the angular observables in B -> K μ^+ μ^− decays. Although results are consistent with the SM, all the branching fractions of B -> K(*) μ^+ μ^− decays tend to favour a lower value than theoretical predictions.Open Acces