Value Of Currency Research Articles

Investigation of Inflation and Wage Dynamics in Nigeria: New Empirical Insights

The current inflationary pressure in Nigeria is eroding the purchasing power of the salaried workers and the value of the national currency with the proposition that it could worsen the welfare of the citizens despite the abject and extreme poverty that prevails in the country. The paper therefore made an empirical investigation into the inflation and wage dynamics in Nigeria. The variables were tested for unit roots using ADF tests. The unit roots shows that all the variables are non-stationary at levels except the Consumer Price Index of Transportation (CT) and Wages and Salaried Workers as Proportion of Total Employment (WSW). Employee compensation including remittances (COMP), inflation rate (INFR), WSW and Consumer Price Index of Transportation (CT) are stationary at first difference. Autoregressive Distributed Lag (ARDL) model was used in the methodology. The ARDL long-run result shows that the Consumer Price Index for Food (CF) has the highest impact on the Compensation of Employees (COMP). For every 1 percent change in COMP, CF changes by 19 percent. As INF rises, COMP falls. This is shown by the negative coefficient of INFR. The long-run result also suggests that for every 1 percent change in COMP, CT increases by 9%.The short-run dynamic model showed that a 6% fall in the lag period of inflation level led to a 1% increase in employee compensation and a one-year previous period fall of 30% in WSW, bringing about I% increase in employee compensation. The long-run model showed that the variables are co-integrated which indicates that variation in the short run will be corrected in the long run with 59% speed of adjustment. The study shows that the main drivers of inflation in Nigeria are Consumer Price Index for Food (CF) and Consumer Price Index for Transportation (CT) which directly have negative impact on Employee Compensation (COMP). In line with the above findings, It was recommended that maximum price legislature, demonetisation of currency, exercising great caution in incurring public debt, drastic reduction in government expenditure and adoption of rational wage policy can be a viable macroeconomic policy option.

Analysing Real Exchange Rate Effects on the Trade Balance in South Africa

For years, policymakers and economists have been researching the significance of the native currency value versus other currencies in favouring the country’s trade balance and total. Therefore, this study investigates the impact of the real exchange rate change on the trade balance in South Africa. The study used annual time series data from 1980 through 2022. This study used the ARDL technique to analyse data. Variables used in this study include the trade balance, real exchange rate, terms of trade, money supply, South Africa’s gross domestic product, and the Chinese gross domestic product. Bounds tests showed that the variables are cointegrated. According to the empirical findings, the real exchange rates have significantly influenced the trade balance positively in the short run but in the long run, have a negative significant influence on the trade balance. The terms of trade have a positive significant influence on the trade balance in the short run, but it appears to be positively significant in the long run. The money supply in the short run has an insignificant negative relationship with the trade balance but in the long run, has a significant positive relationship with the trade balance. The SA gross domestic product has a significant negative impact on the trade balance both in the short and long run. Lastly, the Chinese gross domestic product has a negative insignificant relationship with the trade balance in the short. However, in the long run, it has a positive significant relationship with the trade balance. This proves that a rise in Chinese GDP, as a proxy for foreign economic activity, boosts South African exports to the rest of the world in the long term. As a result, the trade balance improves as China imports minerals from South Africa for production purposes. The dependence on currency depreciation to enhance trade in South Africa can improve its trade balance, but it may also damage the economy due to the country’s reliance on imports. However, the advice to weaken the South African currency should not be so harsh as to have a negative impact on the importation of key capital goods critical to the growth and development of the South African economy. It is recommended that the government reduce demand for imported products and boost domestic manufacturing, which might lead to domestic products being exported. The central bank must also stabilize the currency to increase competitiveness by decreasing the overseas price of exports and increasing the cost of imports.

Система публічного адміністрування nоргівлі валютними цінностями

The article is devoted to the definition of the system of public administration of trade in currency values, the problem of theoretical substantiation of its elements, the main types of manifestations of the administration of this sphere, the study of the subjects of the implementation of administration functions, the study of the current legislation regulating this sphere of public-legal relations. Particular attention is paid to the definition of the content of the category “trade in currency values”, the disclosure of the legal nature and features of the category “public administration”, the outline of the approaches to the definition of its content and constituent elements available in domestic science. The definition of the system of public administration of trade in currency values and its constituent elements was carried out within the framework of the instrumental theory in law. It was established that, taking into account the initial provisions of the instrumental theory, the instruments of public administration of currency trading in Ukraine should be considered the norms of the current legislation, which determine the procedure for carrying out, in particular, the licensing of this activity, its control, taxation, the application of other management measures, prohibitions in this sphere, activity and law-enforcement acts of public administration bodies that carry out such management activities are empowered to impose administrative and financial sanctions. A proper definition of the category “administration of trade in currency values in Ukraine” is proposed. It was determined that the administration of trade in foreign exchange values takes place on the basis of complexity, reasonableness, flexibility of implementation and adaptability to the conditions of application of control and other measures, the expediency of their application, and orientation towards the consistent solution of current and long-termtasks of the state’s currency policy. The peculiarities of the functioning of subjects of the administration of currency trade in Ukraine, including the National Bank of Ukraine, the Ministry of Economy of Ukraine, the National Commission for Securities and the Stock Market, the State Tax Service of Ukraine and the Cabinet of Ministers of Ukraine in general, have been determined. It was found that the main subject of the administration of the outlined spheres of public legal relations is the National Bank of Ukraine. It is he who implements administrative, regulatory, control and other instruments in the field of currency relations. At the same time, other areas of implementation of the administration are disclosed, in particular, the activity of public administration bodies within the framework of taxation procedures of the researched activity is outlined.

Analysis of Monetary policy in Muslim Majority Countries: Tunisia

This research aims to analyze the monetary policy of Tunisia, a country with a Muslim-majority population, from both conventional and Islamic perspectives. Monetary policy, under the responsibility of the Central Bank, seeks to maintain currency stability and ensure overall economic strength. Islamic monetary policy specifically incorporates principles such as the prohibition of usury (riba), currency stability, the avoidance of excessive speculation, promoting productive financing, distributive justice, inflation control, and transparency. Tunisia, with its majority Muslim population, provides an interesting case for examining how Islamic principles are reflected—or not—in its monetary policy. This study employs a descriptive qualitative methodology, utilizing secondary data from library research, including websites and scientific journal articles. The findings show that Tunisia's monetary policy has a significant impact on economic indicators such as price stability, currency value, and overall economic growth, contributing to benefits like increased employment, higher purchasing power, improved investment levels, and sustainable economic prosperity. Key tools include interest rates, open market operations, reserve requirements, foreign currency interventions, selective credit policies, and macroprudential regulations.

Export of agricultural products as a determinant of currency security of Ukrainian economy

Purpose. The purpose of this study is the development of the methodological approach for estimation the impact of agri-food exports on the monetary sphere of Ukraine in order to substantiate the prospective directions of the export potential of agricultural products as the factor in ensuring the currency security of Ukraine. Methodology / approach. The following methods were used: literature review in determining the main trends in the export of agricultural products based on the analysis of publications; economic and statistical analysis to assess the impact of key factors on the formation of the export potential of agricultural products and its impact on exchange rate formation; ARDL modelling, Dickey-Fuller, and Engle-Granger tests to estimate the impact of different factors on exchange rate changes. Results. The paper highlights the immediate and delayed influence of selected factors on the dynamics of the exchange rate in Ukraine, showing that the export of food products and raw materials for their production can significantly strengthen the national currency in the long-run. The continuous growth in food exports contributes to a slower appreciation of the exchange rate, which ultimately leads to a stronger national currency. Therefore, the strategy of focusing on increasing food exports can play a vital role in bolstering the Ukrainian currency in the long-run by exerting a positive influence on the exchange rate dynamics and contributing to the overall economic stability. Originality / scientific novelty. The study contributes to the understanding of the complex interplay between war, food security, and economic stability. The novelty implies the ARDL model of the influence of agricultural exports on the currency and exchange rate sphere of the Ukrainian economy. Additionally, the analysis adds new dimension to the discussion on the strategic importance of the agricultural sector for foreign exchange reserves and currency accumulation. Practical value / implications. The practical value is that understanding the relationship between export volumes, global prices, and exchange rate movements can help in predicting and managing currency fluctuations more effectively. By identifying the time frames for the return of exchange rate shocks to their long-term equilibrium and the impact of various factors on currency valuation, the study aims policy-making processes at ensuring currency security for the state.

Implementation of Gold Bullion Funding as Alternative Instruments to Overcome the Problem of Currency Fluctuation

Infrastructure development has an important contribution in improving the national economy and realizing people's welfare. However, there are still problems in the implementation, namely the government's limited ability to fund infrastructure development projects. For this reason, the government has actually attempted to create a mechanism in the form of Public Private Partnership (PPP) by emphasizing risk sharing between the government and the private sector. However, this effort did not run smoothly because there were other risks, one of which was related to project financing which was at risk of currency value fluctuations. This situation shows that there is a need for a solution to optimize project financing in Indonesia through the Gold Bullion Funding (GBF) mechanism. The research method used is normative legal research by utilizing a qualitative method in analyzing data or secondary data through searching regulations and literature related to the object of the problem. Based on the research results, the author initiated the GBF mechanism to answer problems related to the implementation of project finance in PPPs. Regarding its implementation, the GBF mechanism will refer to the OJK regulation regarding the implementation of bullion business activities in order to optimize the government's role in forming the bullion ecosystem in Indonesia. With this mechanism, problems related to currency fluctuations in project finance in Indonesia can be resolved so that development can be realized that is effective, efficient and provides benefits to society.

국제 비교를 통한 교통법규 위반 범칙금 수준 분석

Punishment for violations of road traffic laws is mostly imposed in the form of financial sanctions such as fines. While Korea's per capita gross product has increased by 264% over the past 30 years, fines for violating traffic laws have not changed, and as a result, some point out that the unrealistic financial penalties level does not function properly as a deterrent to violations. Accordingly, this study attempted to compare the fines for traffic law violations in major countries and Korea and suggest an appropriate increase level. Since there are differences in income scale, prices, and currency values from country to country, to control this, economic indicators such as GDP per capita, minimum wage, comparative price level, and Big Mac index were used to compare financial penalties levels under the assumption that income and price levels were the same. As a result of the study, it was confirmed that, except for drunk driving, the financial penalties level in Korea is at least 2 to 3 times lower, and in particular, the financial penalties for speeding is about 5 to 7 times lower. In light of these results, it seems that the level of fines for violations of traffic laws in Korea needs to be reexamined. However, the low level of sanctions does not necessarily represent the need for strengthening regulations, so it is time for additional research and social discussion to establish appropriate measures to increase fines in the future.

CLASSIFICATION MODEL FOR INDIAN CURRENCY USING DEEP LEARNING

The field of deep learning has revolutionized computer vision and image recognition, enabling significant advancements in various domains. Image recognition, in particular, has become a prominent use case for deep learning, finding applications in diverse fields for tasks such as image filtering and categorization. One domain where image processing plays a crucial role is the banking sector, where it is used to classify and verify currency notes. In this project, our aim is to propose a machine learning model specifically designed for the classification of Indian currency notes and coins. The model will have the capability to accurately classify and identify the denomination value of paper notes as well as coins. This classification system can be instrumental in detecting fake and counterfeit currencies, providing a valuable tool for ensuring the integrity of financial transactions. Furthermore, the proposed model can be integrated into existing notes and coins counters, as well as vending machines, to automate the classification process and enhance efficiency. By leveraging machine learning techniques, this project aims to streamline currency recognition processes and provide a reliable solution for accurately identifying the denomination value of Indian currency, benefiting various industries and sectors that deal with cash transactions. Keywords—Deep Learning, Convolutional Neural Network, Image Classification, Feature Extraction, Currency Recognition, Data Augmentation

Between Exchange Rate Returns and Crude Oil Returns in Oil-Importing Countries

Fluctuations in the financial markets stem from the reactions of investors to both market activities and more wide-ranging macroeconomic indices. This research examines the interconnectivity between returns on exchange rates and crude oil prices for ten oil-importing countries. Quarterly data spanning the period from 2000Q1 to 2022Q4 was used in the estimation. Returns had to be calculated from raw data, which were exchange rates and crude oil prices. The research methodologies include quantile regression and VAR-GARCH estimations. The study revealed a long-term association between crude oil market returns and foreign exchange markets, with currency fluctuations negatively impacting crude oil returns. The spill-over effect from the currency market to the oil market is weaker than the transmission effect from the oil market to the currency market of oil-importing countries. In particular, it was empirically established that shocks from past volatility in the currency markets of countries that import oil had commensurately lower volatility in the oil market by 6 percent. Whereas, the spillover from the crude oil market to the currency market depicts that increased turbulence on the crude oil market in the current period stimulated 55.66 percent amplified volatility in the currency market for oil-importing nations. Oil returns had a volatility persistence value of 0.1255, ratifying the weak volatility persistence of oil returns. The size of the volatility persistence of exchange rate returns is 0.997, an indication of high volatility persistence for currency returns. The study found the absence of leverage effects for currency values given a positive coefficient with a magnitude of 0.8529. In other words, bad news does not cause higher turbulence in exchange rate returns than good news will. For crude oil returns, the size of the leverage effects term is -0.0529, which is negative and significant (p<.05), implying that bad news in oil-importing economies has asymmetric impacts on the volatility of returns on crude oil prices. In effect, the oil price returns react more strongly to bad news than these returns react to good news. The findings of the study underscore the intricate relationships between local currencies and energy prices within the context of a global financial market, highlighting the significance of understanding these dynamics for effective decision-making and risk management in an increasingly interconnected world. It was recommended, among others, that international collaboration amongst countries is crucial given the global nature of energy markets.

Relationship Between Exchange Rate and Inflation in Afghanistan

Afghanistan is an import dependent country and has been facing perpetual trade balance deficit for decades. In case of imperfect competition in the market or existence of market monopoly, there is a higher chance of reflecting the exchange rate changes on the prices of the goods. In Addition, countries with low level of domestic production and higher amounts of imports usually experience higher degree of the exchange rate pass-through effect on inflation. Countries with high import volumes and low export levels often face a deficit in foreign currency inflows and an excess in outflows. These countries need substantial foreign currency to purchase and import goods from both neighboring and international markets, increasing domestic demand for foreign currencies and consequently leading to domestic currency depreciation. This study investigated the relationship between exchange rates and inflation in Afghanistan, examining how exchange rates impact inflation and the benefits associated with exchange rate mechanisms. The primary research questions include: What is the relationship between exchange rates and inflation in Afghanistan? How does the exchange rate influence inflation in the country? What are the benefits of exchange rate systems? The hypothesis posits that higher inflation typically depresses a country's currency value and that exchange rates directly affect inflation. Additionally, exchange rates determine the value of currency exchanges between different nations. This research aims to elucidate the relationship between exchange rates and inflation in Afghanistan, assess the impact of exchange rates on inflation, and explore the benefits of exchange rate systems. The methodology involves a binary system and utilizes secondary data collected from books, websites, and research papers. Findings indicate that Afghanistan's reliance on imports results in a persistent trade balance deficit, with a significant portion of goods, especially non-food items, being imported due to insufficient domestic production. To import goods, Afghanistan requires foreign currencies, which are typically earned through exports of goods and services as of a result, Afghanistan will experience stability in the exchange rate and in the domestic prices.

Mobile Application for Recognizing Colombian Currency with Audio Feedback for Visually Impaired People

Context: According to the census conducted by the National Department of Statistics (DANE) in 2018, 7.1% of the Colombian population has a visual disability. These people face conditions with limited autonomy, such as the handling of money. In this context, there is a need to create tools to enable the inclusion of visually impaired people in the financial sector, allowing them to make payments and withdrawals in a safe and reliable manner. Method: This work describes the development of a mobile application called CopReader. This application enables the recognition of coins and banknotes of Colombian currency without an Internet connection, by means of convolutional neural network models. CopReader was developed to be used by visually impaired people. It takes a video or photographs, analyzes the input data, estimates the currency value, and uses audio feedback to communicate the result. Results: To validate the functionality of CopReader, integration tests were performed. In addition, precision and recall tests were conducted, considering the YoloV5 and MobileNet architectures, obtaining 95 and 93% for the former model and 99% for the latter. Then, field tests were performed with visually impaired people, obtaining accuracy values of 96%. 90% of the users were satisfied with the application’s functionality. Conclusions: CopReader is a useful tool for recognizing Colombian currency, helping visually impaired people gain to autonomy in handling money.

Measuring and Analysis the Relationship between the Internal Public Debt and the Exchange Rate in the Iraqi Economy for The Period 2004 – 2022

The scholastic view of public religion differed, and this difference was on two extremes. Alleconomic schools agreed that public debt is a monetary liquidity that was unjustly deductedfrom the income and output cycle as a result of the imbalance in the economic balance and thedeparture from the conditions of balance between aggregate demand and aggregate supply.Debt is a waste of financial resources allocated to productive accumulation. Except for theKeynesian school, which considers public debt to be an addition to aggregate demand after thedecline in the role of the private sector in investment as a result of pessimistic expectations thatwarn of signs of economic contraction. Public debt is linked to the exchange rate through theinterest rate channel, so that public debt causes competition for financial resources. Thiscompetition results in an increase in the local interest rate, which results in an increase indemand for the local currency with the aim of increasing investment, and the demand for thelocal currency raises the price of the local currency. Which means that there is an indirectrelationship between public debt and the exchange rate, but this relationship may create damagein the balance of payments in the near future. They assumed the existence of a long-term causalrelationship between internal public debt and the exchange rate. The main goal of this researchis to verify the economic relationship between the investigated variables, using thecointegration model and the error term correction vector model to prove the researchhypothesis. And the Kranger model of causality between the variables. The research reachedthe most prominent conclusion, which is that individual expectations for the internal publicdebt after each annual deficit in the state’s general budget cause a decrease in the value of thelocal currency due to the increase in demand for the dollar and the decrease in demand for thedinar, which means that there is causality in one direction. From internal public debt to theexchange rate, this is what was proven by the results of Kranger’s causality test.

Fuzzy Clustering Algorithm for Trend Prediction of The Digital Currency Market

Digital currencies, such as Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Stellar (XLM) and Tether (USDT), have been attracting the interest of investors and speculators. Over the last several years, the exponential growth in the value of digital currency has captured the interest of many individuals who see it as an attractive investment opportunity. After all, investors must deal with the expected volatility of Bitcoin prices as part of their investments. The future development of cryptocurrency can be challenging to forecast because of the extreme unpredictability and disorder of external events. In this research, fuzzy models for cryptocurrency price forecasting using a level set-based Fuzzy Clustering Based on Multi-Criteria Decision-Making (FC-MCDM). Compared to linguistic and functional fuzzy clustering, the construction and processing of fuzzy rules in a multi-criteria decision-making-based collection set differ. Based on level sets, the model produces the weighted average of the functions that active fuzzy rules provide as output. In the model's outputs, the activation levels of the fuzzy rules are represented directly by the output functions. Computational experiments are carried out to test the efficacy of the level-set approach for one-step-ahead prediction of cryptocurrency closing prices. Meanwhile, level set-based fuzzy clustering outperforms the other methods when the direction of price change evaluates performance

Intersecting Dynamics: The Influence of Macroeconomic Factors and Financial Development on Interest Rate Spreads in Uganda

The study investigates the factors influencing interest rate spreads in Uganda's banking sector, focusing on inflation, GDP, Real Effective Exchange Rate (REER), private sector credit, and financial development. Using an Autoregressive Distributed Lag (ARDL) model on data from 2001 to 2022, it examines short and long-term dynamics between these variables and interest rate spreads, within the liquidity preference theory framework. In the short run, inflation and GDP have marginally significant positive impacts on interest rate spreads, indicating that initial increases may widen spreads due to heightened liquidity demand and economic activity. Conversely, in the long run, these factors exhibit significant negative effects, suggesting a stabilizing influence of monetary policy and increased market efficiency. The REER's short-term impact reflects currency value fluctuations affecting risk premium adjustments, which diminish in the long run as markets adapt. The study also explores the interaction between inflation and financial development, represented by private sector credit, on interest rate spreads. Short-term results show a non-significant negative moderation by financial development, while long-term analysis suggests a potential amplification of inflation's effects as the financial sector matures, requiring nuanced financial development policies. Policy recommendations stress the importance of stabilizing inflation and exchange rates to control interest rate spreads in the short term. Long-term strategies include enhancing banking sector efficiency and promoting competitive practices to mitigate the negative effects of economic growth on interest rate spreads.

Dinar Dirham: Restoration of Shariah Currency Values for Indonesia Economic Prosperity

This study aims to investigate the restoration of Shariah currency values through the implementation of Dinar Dirham for fostering economic prosperity in Indonesia. Employing a mixed-method approach, the research combines qualitative and quantitative methodologies. Qualitative data is collected through literature review and expert interviews to understand the historical significance and contemporary relevance of Dinar Dirham in Islamic economics. Quantitative data is gathered through surveys and financial analysis to assess the potential impact of reintroducing Dinar Dirham on Indonesia's economic landscape. The collected data is analyzed using thematic analysis for qualitative data and statistical techniques for quantitative data. The research results indicate significant interest among stakeholders in reintroducing Dinar Dirham as a means to stabilize the economy and uphold Islamic principles in financial transactions. Qualitative data analysis reveals the strong historical and contemporary relevance of Dinar Dirham in Islamic economics, while quantitative data suggests the potential for increased economic stability through the reintroduction of this currency. The implications of this study suggest that reintroducing Dinar Dirham can enhance economic stability, promote ethical financial practices, and strengthen Indonesia's position in the global Islamic finance industry.

RUPIAH CURRENCY INTRODUCTION PROGRAM FOR CHILDREN OF MIGRANT WORKERS IN MALAYSIA

This program's goal is to enhance the understanding and skills of the children of Indonesian migrant workers in Malaysia in recognizing and understanding the Rupiah currency. Through an interactive and creative approach, this program combines information technology, mock money, and hands-on teaching to 32 children in Malaysia.. The results of this program include children's ability to demonstrate methods of distinguishing between natural and imitation currency, an understanding of how to care for money properly, the ability to compare the value of Ringgit and Rupiah currency, and the ability to recognize, sort and count the amount of Rupiah currency. This program provides practical knowledge of currency and engages children in activities supporting essential financial skills development. With the involvement of the Indonesian Young Spirit, this program is a form of positive contribution in equipping the children of migrant workers with relevant knowledge to face life in Malaysian society.

Objects of Currency Legal Relationships in the context of Countering Restrictive Measures Imposed by Unfriendly States

The paper analyzes the process of expanding the list of objects of currency legal relations, including related to the policy pursued by the Russian Federation to counter restrictive measures imposed by the United States and unfriendly states and international organizations that have joined them. The author analyzes the category of «currency values». The author concludes that the category of currency values appeared due to legal and technical reasons: the use of the term «currency values» makes it possible to make the text of the document more concise, eliminating unnecessary enumeration of objects of currency legal relations. The author highlights that the current concept of attributing objects of currency legal relations to currency values leads to a hidden depreciation of the national currency of the Russian Federation. It is emphasized that the recognition of digital financial assets and hybrid digital rights based on them as objects of currency legal relations blurs the line between these digital rights and digital currency. At the same time, within the framework of currency relations, digital financial assets should be considered as an analogue of securities rather than as a currency. The reason why digital financial assets are recognized as an object of currency legal relations, but digital currencies are not, is that the latter do not have a person bound by them. The prognosis is made that due to the existing request and subject to the adoption of the necessary regulatory framework, digital currencies may become the object of currency legal relations and be used to a limited extent for cross-border settlements.

Assessment of exchange rate determination in a mono-resource economy: A case of Nigeria

<p style="text-align:justify"><span style="font-size:16px"><span style="font-family:Times New Roman,Times,serif"><span dir="ltr" lang="EN-US"><span style="color:black">This study examined the determinants of the exchange rate in a mono-resource economy, during the period of currency and oil price fall in Nigeria. The aim of the study is to ascertain the potentiality of economic diversification (non-oil export) in saving the falling value of the domestic currency, as well as, its stability. The study employed the use of monthly data from the Central Bank of Nigeria and Nigeria National Petroleum Corporation from January 2008 to December 2020 using the ARDL and NARDL models to achieve the stated objectives. In the literature, several empirical studies analyzed the relationship between exchange rates, oil price, and oil export and came to the logical conclusion that a rise in the price of oil would bring about a rise in the exchange rate, all things being equal while the reverse is the case. To add to the existing body of knowledge this study did not only look at the relationship between the variables but also examined the determinants of the exchange rate in a mono-resource economy and ascertained the potentiality of economic diversification in bringing succor to the falling exchange rate in the midst of falling oil price. The NARDL result corroborates the findings of previous studies on the relationship between exchange rate, oil price, and the performance of non-oil export. It maintains that positive changes in oil prices would lead to the appreciation of domestic currency while negative changes in oil prices would lead to the depreciation of the domestic currency. With this analysis, the study recommends the diversification of the economy and revitalization of the non-oil sector. Since import proves to have a negative impact on the exchange rate, the revitalization of the non-oil sector stimulates domestic consumption and thus reduces import bills which raise the demand for the dollar and weakens the naira.</span></span></span></span></p>

Metal Trade and Contraband: Archaeological Discoveries and Insights from the Nanhai No.1 Merchant Shipwreck

The archaeological evidence from the Nanhai No.1 shipwreck provides tangible evidence for the study of maritime trade during the Song Dynasty, revealing the presence of a significant amount of smuggled metal in the cargo, suggesting possible involvement in smuggling activities. Merchants may have used tactics such as under-reporting and clandestine transportation of prohibited items to evade supervision, thus engaging in the illicit trade of metal materials and artifacts banned by the Song government on the international market. Valuations of the goods recovered from Nanhai No.1 indicate that the value of iron and silver exceeds that of porcelain, while the value of gold objects and currency exceeds that of porcelain by one-third. Research also suggests a possible shift in the model of maritime trade during the Song Dynasty, from government-led to merchant-led, with a gradual weakening of government supervision and control over trade. This change may be related to reforms in trade organization and the government leniency toward prohibited activities. Despite repeated government bans, smuggling of metal goods continued throughout the Song Dynasty, with no significant reduction in the scale of the metal trade due to the profit-seeking behavior of private merchants, highlighting the inadequacy of government control over illegal smuggling activities. This complex interplay between economic gain, national security, private interests and government control had profound implications for China, the broader South China Sea region and beyond, while the outflow of metal artifacts also facilitated the exchange of goods, technology and culture between China and the aforementioned regions.

The Nexus Between Energy Demand and Currency Valuation: Evidence from Selected OECD Countries

This study focuses on the unequal relationship between energy consumption and its determinants. Past studies have not examined how minor and substantial currency value changes affect energy consumption in the organization for economic cooperation and development (OECD) countries. This study compares the effects of modest and significant exchange rate (ER) changes on energy demand (ED) in OECD countries, which include Greece, Belgium, Ireland, Denmark, Portugal, Norway and Italy. Our work adds to the literature by distinguishing the effect of small to significant changes in currency fluctuations. We do this with a sophisticated model, an updated multiple threshold nonlinear autoregressive distributed lag (MTNARDL). Next, we compare the model’s outcomes to conventional nonlinear autoregressive distributed lag (NARDL) and autoregressive distributed lag (ARDL) models. According to NARDL and ARDL estimates, co-integration is present in the context of Belgium. However, the MTNARDL model division of series suggests cointegration in all sample countries. It implies that this model is superior to previous ones. We conclude with policy recommendations based on the results of our inquiry.