Currency

Throughout the Chinese history, century after century, led to the age of today’s currency. By this revolutionizing idea all from China, economy is still based on using coins and paper money. The first form of currency that was used under the Shang dynasty was the cowrie shells that were mainly used among trade along the Silk Road to other regions. Around the 1800 BC time period, this way of exchange was the main economical method through the Chinese. These shells had carving marks in them that…

dollar (specifically number of local currencies per U.S. dollar) for each country in the sample. Here I use nominal exchange rates that are available in the International Financial Statistics database of IMF, and these exchange rates data are available in the IMF website. Using these monthly IMF NER data, I calculate rate of monthly appreciation or depreciation (\%change) of local currency against U.S.…

Many working-class Americans often ask, “Where did all my money go?”, whether it be after coming back from a vacation, a weekend with the friends, or when they receive their paycheck. In a different sense, The American Government has its own way of spending money, which primarily comes from tax payers, they break it up into categories such as social security, health, the environment, science and national defense. So, the question of “where did all my money go?” is valuable and important to…

The lack of a viable currency in colonial New England is apparent, as is the restriction of trade due to the lack of monies. While an abundant supply of specie could have remedied this problem it lacked the ability to create more money in the way that colonial paper bills did. Marx’s generalized system will be used to demonstrate the process in which this occurred. Marx’s generalized system, which can be represented as m-m-c…p…c’-m’-m’’. The first portion (m-m) represents the loan from the…

What are ethics and its importance in business today? Ethics is “a system of moral principles”1 and depends on each individual culture of what it’s considered ethical. Ethics is an important part of every business because following the principles of moral gives a promising image of the company to stakeholders. Moreover, ethics, legalities and other situations are what drive personnel to make the right decision. What was the case about? Bank New York (BNY) Mellon an “Investment company…

A correctly valued currency would make Nigerian goods more competitive both at home and abroad, helping to strengthen domestic industry. While the devaluation of the naira would cause extreme inflation, this would be a small and temporary price to pay for a more diversified…

Ever tossed a penny aside and never gave a second thought about its worth? What many Americans fail to realize is the price they pay for each discarded, unwanted penny. I believe that the penny should be eliminated from American currency because they cost too much, waste valuable work time, and have been erased in other countries with no terrible consequences. The penny is surely not worth the trouble it causes and the burdens we have to endure by keeping them. Pennies are worth one cent,…

Interest Rate Parity Interest Rate Parity (IRP) is a theory that in equilibrium, the forward rate differs from the spot rate by a sufficient amount to offset the interest rate differential between two currencies. This paper examines and does an empirical test of IRP between the United States and emerging China. I conclude that IRP does not hold between the United States and the emerging China economy. The arbitrage exists that investors can borrow from…

Australia. 1813 40,000 round holes where punched out of Spanish dollars order by Governor Macquarie. These coins become known as the holey dollar, both the inside and out were used as a currency. 1825 the ‘Sterling Silver Money Act’ as passed by The English Parliament made British coins the only recognised currency in Australia. 1849…

unit and partly operates under one official currency, the euro. England is one of the biggest members; however, instead of adopting the euro, they still keep pound sterling as their official currency. One of the reasons for keeping the pound can certainly be found in British pound attack in 1992 and Quantum fund is blame as the culprit. This paper contains 4 chapters which are aimed at presenting the sterling crisis and role of Quantum fund to this currency attack. 1. Background of the…