B.1

Mutual funds and safe government bonds: do returns matter?

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torsdag, april 25, 2024
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Key Points: 

    Dominant currency pricing in international trade of services

    Retrieved on: 
    torsdag, april 25, 2024
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    Abstract

    Key Points: 
      • Abstract
        We analyze, for the first time, how firms choose the currency in which they price transactions
        in international trade of services and investigate, using direct evidence, whether the US dollar
        (USD) plays a dominant role in services trade.
      • JEL: F14, F31, F41
        Keywords: dominant currency paradigm, international trade, services.
      • Related research has
        shown that the US dollar (USD) exchange rate is a major source of swings in
        global trade in goods?a ?dominant currency pricing? (DCP) phenomenon?since
        most goods traded internationally are invoiced and sticky in USD.
      • Yet it is also key to look at dominant currency pricing in international trade
        in services for several reasons.
      • First, global trade in services is big?accounting for
        about a quarter of global gross trade flows and for around 40% in terms of valueadded trade.
      • Third, and relatedly, the
        future of globalisation might be in trade in intermediate services?as progress with
        digitech lowers technological barriers to such trade across borders.
      • But perhaps the main reason is that trade in services is conceptually different
        from trade in goods.
      • Our paper is the first, to our best knowledge, that analyzes how firms choose
        the currency in which they price transactions in international trade of services and
        that examines whether dominant currency pricing differs between trade in goods
        and services using direct evidence? hitherto unavailable?on patterns of currency
        choices in international transactions in services compared to goods.
      • Work on dominant currency pricing has
        almost exclusively focused on trade in goods.
      • One reason is that data on patterns
        in invoicing currency for trade in services are ?virtually nonexistent? (Adler et al.
      • Yet it is important to look at dominant currency pricing in international trade
        in services for several reasons.
      • Using the exporter?s (or producer) currency in exports is known in the literature as producer
        currency pricing (PCP), while using the importer?s currency is known as local currency pricing (LCP)
        and using a third currency is known as vehicle currency pricing (VCP).
      • Our paper is the first, to our best knowledge, that analyzes how firms choose the
        currency in which they price transactions in international trade of services and that
        examines whether dominant currency pricing differs between international trade in
        goods and services using direct evidence ? hitherto unavailable ? on patterns of
        currency choices in international transactions in services compared to goods.
      • First,
        we rule out compositional effects, that is that differences in the use of currencies
        reflect differences in trade partners in services vs. goods trade.
      • Both in extra-EU and intra-EU trade, the EUR is the
        most widely used currency, be it on the export or import side.
      • Based
        on the framework, we stress which factors should determine currency choices in
        international trade, and to what extent one should expect differences between
        services trade and goods trade.
      • Second, it can price in the importer?s currency
        (local currency pricing, LCP).4 Third, it can use a third currency, say currency
        v (vehicle currency pricing, VCP).
      • That is,
        the currency choice problem is equivalent to determining the currency in which the
        desired price is least volatile.
      • (2022)
        provide systematic empirical evidence ? firm size and exposure to foreign currencies
        in imported inputs ? should also shape currency choices in services trade.
      • Dominant currency pricing in USD ? services vs. goods trade
        Having established that currency choice in international trade of services is an
        active firm-level decision as well as the determinants of this decision, we now

        8.

      • Services and goods exports: prevalence of different pricing strategies (percent)
        Notes: The table shows the shares (in value terms) of different pricing strategies: producer currency
        pricing (PCP), local currency pricing (LCP) and vehicle currency pricing (VCP).
      • To make comparisons with goods trade, we rely on Eurostat?s
        macro data on international trade in goods by invoivcing currency.
      • If intra-EU trade is more important in services than
        in goods trade, this could hence be an explanation for the lower prevalence of the
        USD in services trade.
      • We showed
        that while the USD is also extensively used as a vehicle currency in services trade, its
        prevalence is systematically lower than in goods trade.
      • Hence for all travel services exports
        the invoicing currency is the EUR; for travel imports it is the currency of the
        destination of travel (i.e.
      • Also for these

        ECB Working Paper Series No 2932

        33

        services it seems plausible that trade does not take place vis-?-vis all counterparts
        in each currency.

      • Figure B.2: Share of international trade in services in global GDP broken down by type (%)
        Notes: Authors? calculations using World Bank and World Trade Organization data.
      • An earlier version of this paper circulated under the title ?Currency choices and the role of the
        U.S. dollar in international services trade?.

    Nowcasting consumer price inflation using high-frequency scanner data: evidence from Germany

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    tisdag, april 23, 2024
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    Key Points: 

      Monetary asmmetries without (and with) price stickiness

      Retrieved on: 
      fredag, april 19, 2024
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      Key Points: 

        Study Shows Novel sa-mRNA Vaccines Offer Robust, Broad, Enduring Protection Against COVID-19 Variants

        Retrieved on: 
        tisdag, september 19, 2023
        Health, Infectious Diseases, Genetics, COVID-19, Clinical Trials, Pharmaceutical, Biotechnology, Vaccine, Infection, European Scientific Cooperative on Phytotherapy, Diversified Specialty Institute Holdings, Inc., Influenza, Omicron, AE, Vaccination, SARS-CoV-2, Nephrology, SARS-CoV-2 Omicron variant, Public, Aes, Hereditary angioedema, Drug, Haemophilia, ARCT, CSL, Cell, RNA, Delta, Messenger, HAE, Iron deficiency, Patient, Beta, Liver, Poster, Immunodeficiency, Conference, North West Ambulance Service, B.1, Arcturus

        Three sa-mRNA vaccines were used in the study, which was presented as a poster at the European Scientific Working Group on Influenza's 9th ESWI Influenza Conference in Valencia, Spain.

        Key Points: 
        • Three sa-mRNA vaccines were used in the study, which was presented as a poster at the European Scientific Working Group on Influenza's 9th ESWI Influenza Conference in Valencia, Spain.
        • However, sa-mRNA also provides the body with instruction to make copies of the mRNA, amplifying the amount of protein made.
        • This advanced technology has shown the potential to offer longer duration of immune response at considerably lower doses compared to conventional mRNA vaccines.
        • Similar trends were observed for other SARS-CoV-2 variants including Beta, Delta, Omicron BA.1, Omicron BA.2, and Omicron BA.4/5.

        Key linkages between banks and the non-bank financial sector

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        lördag, juni 3, 2023
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        Key Points: 

        Household inequality and financial stability risks: exploring the impact of changes in consumer prices and interest rates

        Retrieved on: 
        lördag, november 26, 2022
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        = Household inequality and financial stability risks: exploring the impact of changes in consumer prices and interest rates =

        Key Points: 
        • = Household inequality and financial stability risks: exploring the impact of changes in consumer prices and interest rates =
          Published as part of the Financial Stability Review, November 2022.
        • Since the start of 2022, euro area households have seen the largest increase in consumer prices in decades and the first increase in interest rates in over ten years.
        • Simulations of the impact of rising consumer prices and interest rates on the near-term financial health of households reveal a more pronounced risk of default in lower income quintiles.
        • During 2022, euro area households have seen the largest increase in consumer prices in decades and the first increase in interest rates in over ten years.
        • Despite the scale of the pandemics impact on overall GDP, households have generally experienced relatively benign financial conditions in recent years, supported by declining unemployment, stable incomes and low interest rates.
        • On aggregate, debt service-to-income ratios and household non-performing loan (NPL) ratios have steadily declined since 2015 ( Chart B.1, panel a).
        • However, the recent combination of higher core inflation, surging energy prices, high economic uncertainty and increasing mortgage rates could test households financial capacity ( Chart B.1, panel b).
        • Additionally, significant declines in consumption resulting from the financial squeeze could have a negative feedback effect on economic performance.
        • Recent stability in euro area households financial situation could be tested by sharp increases in energy and consumer prices

          Sources: Panel a: Bank for International Settlements, Eurostat, ECB and ECB staff calculations.

        • This special feature explores financial stability risks from a perspective of household inequality.
        • It takes a granular look at households consumer price and interest rate sensitivities, exploiting distributional survey data from the ECBs Household Finance and Consumption Survey (HFCS).
        • The average lower-income household in the euro area spends a large portion of its income on basic goods and housing.
        • By contrast, the average household in the lowest income quintile spends about 70% on basic needs ( Chart B.2, panel a).
        • [6] The lower the income, the higher the probability of any illiquidity stemming from changes in prices and interest rates translating into debt default.
        • Shock refers to the impact of changes in consumer prices and interest rates on household finances between the first quarter of 2022 and the end of 2022.
        • Shock refers to the impact of changes in consumer prices and interest rates on household finances between the first quarter of 2022 and the end of 2022.

        Sino Agro Food is filing its annual report 2021

        Retrieved on: 
        tisdag, mars 29, 2022
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        The Company is filing a Form 8K detailing its annual report 2021 previously known as the 10K 2021 report on 29thMarch 2022 as a company quoted on the OTC Pink Sheet..

        Key Points: 
        • The Company is filing a Form 8K detailing its annual report 2021 previously known as the 10K 2021 report on 29thMarch 2022 as a company quoted on the OTC Pink Sheet..
          Summary of the financials are listed as follows:
          A.
        • In the 12 months ended 31st December 2021, the Companys revenues and incomes are generated from the following businesses activities:
          1.
        • The Companys share of losses in the investment of Tr-way is -$52.06 million for year ended December 31, 2021.
        • For full financial details and related description please refer to the annual report 2020 reported within this 8K.