Money Market

Call money market in Bangladesh was basically developed under competitive environment of the financial market. However, the market could not develop as expected, rather it showed a wide range of seasonal fluctuations. The study reveals that in most cases, whenever excess reserve falls, the rate of interest in call money market rises and vice versa. It also shows that Non-bank Financial Institutions (NBFIs) have played a major role in the recent fluctuations. Some Private Commercial Banks (PCBs) have taken the opportunity of borrowing money at low rates on the same day, thereby making the market volatile. Other reasons for the recent fluctuations are the expansion of credit and withdrawal of deposit by the public during Eid-festival. Demand for Cash by banks and financial institutions hit the inter bank repo market. Besides, some banks' borrowing of foreign currency from inter bank money market contributed to the increase in both exchange and call money rates.

The article is represented genesis of the coinage on the lands of the Lithuanian-Horde borderlands. Juchi coin system which had been fixed on the territories of Lower Dnieper region, gave impulse to the restoration for local coinage both in Rus’ principalities and the south-eastern part of the Grand Duchy of Lithuania. At the initial stage it became an example in the technological, iconographic and economic aspects of local land minters.

Changes in political conditions influenced mainly on the external characteristics of a specific monetary material, but its metrological indicators (weight and fineness) remained practically unchanged. The explanation lies in the main purpose of a local coin issuing. It was in meeting the needs of the local market (for ordinary emissions) or emergency filling of the local treasury (military money, etc.). Traditional weight standards served as a pass for a coin into the money market. However the possibility of local minting was caused by the fact of a certain autonomy as well as the right to coin regalia. The termination of the local coins (original or imitation) minting often meant a legal loss of economic and political independence.

Улав Триггвасон вошёл в историю Киевской Руси после появления в дружине князя Владимира I. В Норвегии, куда Триггвасон вернулся и был избран королём в 995 г., современные историки рассматривают его как одного из правителей, заложивших основы государственности, собирания земель и христианизации страны. Он стал энергичным реформатором эпохи викингов, времени проведения глубоких религиозных и финансовых преобразований. Именно в правление Владимира на Руси появляются собственные деньги, а в правление Улава – в Норвегии. Одновременно с Норвегией началась чеканка монеты викингами в Дании и Швеции. Для всех, интересующихся наиболее ранним этапом денежной политики Киевского княжества, статья предоставляет возможность узнать, какие денежно-финансовые процессы протекали одновременно в трёх королевствах викингов.

ÖZ İnsanlık tarihine dair bilgiler, teknolojik gelişmelerin hayatın her alanında belirleyici olduğunu göstermektedir. Son çeyrek yüzyılda elektronik, iletişim ve bilişim alanlarında gözlenen teknolojik gelişimle birlikte her alanda dijitalleşme başlamış, kağıt üzerine yazılı mektubun yerini e-mail, kağıda basılı gazete, dergi ve kitabın yerini dijital yayınlar almıştır. Schumpeter'in yaratıcı yıkım tezi bir kez daha işlemektedir. Bir çok araçta gözlenen bu dijital değişime paranın ayak uydurmaması beklenemez. Tarihi süreçte para olarak kullanılan nesneler de teknolojik düzeye bağlı olarak sürekli değişim göstermiştir. Bugün değişim kripto paralar ile anılmaya başlamıştır. Kripto paralar arasında da öncü olması dolayısıyla Bitcoin bir sembol haline gelmiştir. Dünya parası arayışlarının yüzlerce yıllık geçmişi olmasına rağmen bugüne dek dünya parası uygulaması gerçekleşmemiştir. Bu çalışmada paranın tarihi, özellikleri ve işlevleri çerçevesinde Bitcoinin bir dünya parası olup olmadığı sorusuna cevap aranmaktadır. ABSTRACT The knowledge of human history points to the fact that technological improvements are the determining factor in every aspect of life. In the last quarter century, with the technological improvements in the electronics, communication and information technology fields digitalization started and this led to e-mail replacing the letter, digital media replacing books, magazines, newspapers. Schumpeter's creative destruction thesis at work once again. It can not be expected for money to not go along with this wave of change. In the historical process the objects used as currency has changed in accordance wih the technology. As a pioneer Bitcoin has become the symbol of cryptocurrencies. Even though a world currency has been sought for for centuries, so far no successful implementation has happened. In this study, we are looking for answers to the question whether Bitcoin is a world currency through the frame of history, features and functions of money.

Monetary policy in a developing country plays an important role in increasing the growth rate of the economy by influencing the cost and availability of credit, by controlling inflation and maintaining equilibrium of the balance of payments. The GDP growth rate of Bangladesh according to the year 2020 is 5.2%, due to the pandemic it’s fall down whereas in the year 2019 Bangladesh had the highest GDP growth rate of 8.15% which was due to the contribution of different components of monetary policy. The purpose of this paper is to identify the impact of significant components of monetary policy that determine the level of economy growth in Bangladesh. Along with that, through the trend analyses, the comparison will be presented also in between the normal situation and COVID-19 situation. Correlation, regression, test of hypothesis and trend analysis have been conducted in this paper using SPSS software to analyze data. Both the primary and secondary data have been used in this paper. Data have been generated from economic reviews, journals, expert opinions etc. It has been found that several tools of monetary policy are significantly influencing economic growth where most significant determinants are low variable reserve ratio, flow of broad money, inflation, interest rate, lending rate flexibility in rationing of credit and fixation of less margin requirement.

Keywords: Economic Growth, Monetary Policy, Inflation, Reserve Ratio, Lending Rate, Broad Money

This study examines cross-sectional differences among money market mutual funds (MMMFs) in the context of sponsoring fund families. The study finds that flows to family non-MMMFs are negatively related to family MMMF flows, and family non-MMMF cash flow volatility is positively related to family MMMF cash flow volatility. This suggests that families can offset cash transactions between MMMFs and non-MMMFs and that families place non-MMMFs cash in family MMMFs. Furthermore, loads positively affect cash flow volatility of MMMFs, suggesting that fund family investors also use family MMMFs as cash centers by utilizing free asset transfers within the family. Application of these strategies can translate into significant benefits for the fund family and its investors.

Cross currency swaps are agreements to exchange interest payments and principals denominated in two different currencies and usually have one leg fixed and the other floating. The interest rate on the fixed leg is closely related to the yields on the securities of the same tenure and currency. In Turkey, cross currency swaps and treasury bonds have similar cash flow structures and risk profiles. Hence these markets are usually considered as alternatives to each other. In this context, using daily data for the period August 2008 – January 2012, this study investigates the level relationship between the cross currency swap rates and treasury bond yields of 1-month to 4-year tenures by the cointegration testing procedure suggested by Pesaran, Shin and Smith (PSS). Our empirical results indicate that, at shorter tenures, cross currency swap rates and treasury bond yields have a one-to-one long-run equilibrium relationship and hence the deviations from the equilibrium are quickly arbitra...

The statistical analysis is based on binary time series (1 = presence of a major bank crash in that year, 0 = absence).
Mean waiting times between years with events were calculated on the basis of an expectation test for a poisson process for simple columns of event times for the five phenomena.
Probabilities of transition between years with events and years without were calculated with the help of Markov chain analysis on the basis of the above-mentioned time series.
As already mentioned, the entire project is work in progress and includes also similar analyses for other medieval polities during this period (until now Byzantium, China, Egypt, England and Hungary; cf. also J. Preiser-Kapeller, (Not so) Distant Mirrors: a complex macro-comparison of polities and political, economic and religious systems in the crisis of the 14th century. Working paper for the International Conference “The Angevin Dynasty (14th Century)” in Targoviste (Romania), October 21st-23rd 2011; online:  http://www.academia.edu/512025/_Not_so_Distant_Mirrors_a_complex_macro-comparison_of_polities_and_political_economic_and_religious_systems_in_the_crisis_of_the_14th_century – also with indication of data sources for these calculations). Comments are always welcome.
All calculations and graphs were done by the author with the help of the software programmes Microsoft-Excel* and PAST* (Version 2.17); any usage of material or data only with approval of the author!

The replacement of the primitive materials used as currency in ancient times by metals is considered the first innovation in money. The replacement of precious metals such as gold and silver, which has been used for hundreds of years, by paper money is considered the second innovation in money. During this period gold was used as a world currency. After these developments, there was no innovation in money for a long time until the Bitcoin and blockchain technology appeared. Innovation activities in money have gained a new dimension with blockchain technology. The Libra Association's project to create a global currency using blockchain technology has caused controversy. Sovereign states do not favor the implement of a world currency without their control. In this study the idea of a world currency, reactions of the sovereign states and impacts of the new world currency has been researched.

research in development studies. Post-graduate teaching programmes range from six-week diploma courses to the PhD programme. Research at ISS is fundamental in the sense of laying a scientific basis for the formulation of appropriate development policies. The academic work of ISS is disseminated in the form of books, journal articles, teaching texts, monographs and working papers. The Working Paper series provides a forum for work in progress which seeks to elicit comments and generate discussion. The series includes the research of staff, PhD participants and visiting fellows, and outstanding research papers by graduate students.

The Institute of Social Studies is Europe's longest-established centre of higher education and research in development studies. Postgraduate teaching programmes range from six-week diploma courses to the PhD programme. Research at ISS is fundamental in the sense of laying a scientific basis for the formulation of appropriate development policies. The academic work of ISS is disseminated in the form of books, journal articles, teaching texts, monographs and working papers. The Working Paper series provides a forum for work in progress which seeks to elicit comments and generate discussion. The series includes the research of staff, PhD participants and visiting fellows, and outstanding research papers by graduate students.

In the midst of the US Civil War, in 1863, the Northern states of the federal Union established the National Banking System. It contributed to financing the war effort and to the circulation of banknotes. Following the civil war, this system was retained and extended across the reunified country, surviving 50 years, coming to an end with the establishment of the Federal Reserve System in 1913. The aim of this article is to analyze the features of this system; its weaknesses, brought into relief during the debates surrounding the US 1907 economic panic, and its strengths, such as the role it gave the federal government of guaranteeing the liquidity of national banknotes. We analyze in particular the types of banks and banknotes that existed at the time. We explain in detail what a “bond-backed currency system” means, as well as the meaning of the alternative proposals for an “asset-backed currency system”. By pointing out the impact of seasonal variations in credit demand made on the...

This report analyses the macroeconomic determinants that affect Cyprus Sovereign Bond Yields short-term changes over the first quarter of 2001 to the third quarter of 2015 using an Autoregressive Model of one latent factor with Cochrane–Orcutt procedure. Remarkable that when Cyprus Economic Profile is considered different factors appeared to be influential. The main findings support that changes in the conventional 3-Month Money Market Rate and Unemployment Rate yield to an increase in Cyprus Sovereign Bond Yields. Additionally, liquidity risk premium is supported as an additional determinant. In a nutshell, if Cyprus is rated by Credit Rating Agencies as Moderate risk of high or low level (investment grade) or substantial risk of low level (speculative grade) additional liquidity risk premium is required. Whilst, a percentage change in Financial Soundness of Cyprus from 2012 onwards deteriorates Cyprus Sovereign Bond Yields revealing liquidity risk premiums adjustments. Finally, Policy Implications are discussed by primarily pointing the importance of minimising unemployment rate and illiquid assets, especially non-performing loans.

A basic reformulation of money theory, applying a slightly altered Dirac's algebra, which I am giving account for (particularly in composition of matrices and vectors); and applying the basic principles of quantum mechanics coded by Feynman, in order to explain how money flows through an economic system, meaning a circular model of money supply. That should explain why “natural” distributions of money (out of political control) tend to realize unfair or unsustainable solutions.

This paper uses a two-sector model to estimate the relationship between prices, money, and the exchange rate in Madagascar during the period 1982-2004. The estimated model, using quarterly data, finds a stable long-run relationship among monetary aggregates, domestic prices, real income, and foreign interest rates. In addition, the error-correction model shows that changes in the monetary aggregates, the exchange rate, and foreign interest rates exert a significant impact on inflation. The results also suggest that a disequilibrium in the money market has a lasting impact on inflation. The paper concludes with policy recommendations.