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Re-examination of the purchasing power parity in Central and Eastern European economies
Ahmad Zubaidi Baharumshah, Jani Bekő, Darja Boršič, 2011, published scientific conference contribution

Abstract: The empirical record on PPP tests for transition economies is far from being so opulent as it is for the developed market economies. This paper attempts to fill this gap by scrutinizing the theory of PPP on a sample of Central and Eastern European economies. The paper has two main advances with respect to previous PPP studies. First, it employs a monthly data base on real exchange rates for a panel of 12 Central and Eastern European economies by testing the theory separately with respect to US dollar and with respect to Euro. Second, we utilise a panel unit root test that involves the estimation of the ADF regression in a SUR framework. Since our study found support for the validity of PPP in some reforming European economies, special attention should be devoted to individual country-specific factors that cause PPP deviations.
Keywords: purchasing power parity, real exchange rates, stationarity test, exchange rate, currency, exchange rates, macroeconomics, parity, purchasing power of money, purchasing power
Published: 21.07.2017; Views: 255; Downloads: 50
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The importance of using discounted cash flow methodology in techno-economic analyses of energy and chemical production plants
Zorka Novak-Pintarič, Zdravko Kravanja, 2017, original scientific article

Abstract: This paper demonstrates the correct application of discounted cash flow methodology for evaluating and designing energy and chemical production plants. Such processes usually correspond to capital intensive long-term projects. Simple economic criteria, like the profit or production cost are insufficient for this type of decision making because they do not take into account the time value of money and underestimate the profitabilities of the evaluated plants. This paper shows that some of those criteria based on the discounted cash flows establish suitable compromises between long-term cash flow generation and profitability. As several alternative options are usually evaluated in parallel, it is shown how to rank mutually exclusive alternatives properly and how to select the best option from among them. Two large-scale case studies demonstrate that using discounted cash flow methodology can result in substantially different decisions than non-discounted criteria, however, these decisions are affected by several input parameters.
Keywords: discounted cash flow analysis, time value of money, net preset value, profitability, process
Published: 04.08.2017; Views: 248; Downloads: 172
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Conceptual framework for the definition and regulation of virtual currencies
Olga Belomyttseva, 2015, review article

Abstract: This paper analyzes possible definitions of virtual currencies in legislation and economics. Views of the European Central Bank, Financial Crimes Enforcement Network, and Financial Action Task Force regarding virtual currencies are studied. The analysis also covers the draft legislation to ban money surrogates in the Russian Federation. The author suggests two reasonable approaches to defining virtual currencies in law and economics. The Austrian School representatives’ arguments on the existence of private money are reviewed. The author proposes the introduction of some changes in the legislation of the Russian Federation in order to give legal status to virtual currencies.
Keywords: capital, virtual currency, Bitcoin, electronic money, private money, money surrogates
Published: 13.11.2017; Views: 297; Downloads: 65
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