Exchange Rate Policy Research Articles

Food Insecurity Transition Among Agricultural Households In Nigeria

ABSTRACT: Hunger continues to be on the increase and food crises remain a developmental challenge. The incidence of food insecurity in the country has heightened in recent years due to unprecedented natural hazards, economic shocks and climate change, which have eroded livelihoods and worsened the country’s performance in food security-related indices. We therefore used the panel data from Nigeria to examine the food insecurity transition among agricultural households. The data covered four rounds. The food insecurity status of agricultural households was estimated using the Foster-Greer-Thorbecke measure. We explained the interaction among the states of food security of agricultural households across different periods using the food insecurity transition matrix. The determinants of food insecurity were explored using the dynamic probit model. The model addressed unobserved heterogeneity, state dependency, and serial correlation arising from the data and model. Findings revealed that the mean food expenditure increased across the period. Similarly, mean per capita food expenditure also increased across periods except for the 2012/2013 period where it dropped slightly. We observed a rising incidence of food insecurity across the period from 44.1% in 2010/2011 to 53.4% in 2018/2019 representing a 21.1% increase in food insecurity incidence. Widening inequality exists even among the food insecure. Our findings revealed that 87.6% of households are transitorily food insecure, 5.5% are chronically food insecure and 7% are food secured. The significant factors driving food insecurity across the period were the area of land under cultivation, the fall in the price of outputs, and the increase in the price of major food items. Coping strategies employed were eating less preferred foods, restriction in diversity of foods eaten, limiting food portions, and minimizing the frequency of meal consumption. It is therefore important that the government encourage the adoption of yield-enhancing technologies to ensure household food security. Rising prices of major food items and fall in output price gives a cause for concern over the macroeconomic environment in the country, which fuels rising food prices. Policymakers should exercise caution when implementing exchange rate policies that may affect food and output prices, given the impact they have on the livelihood and household security of smallholders.

АНАЛІЗ ЕФЕКТИВНОСТІ ВИКОРИСТАННЯ ІНСТРУМЕНТІВ ВАЛЮТНОЇ ПОЛІТИКИ В УКРАЇНІ В ПЕРІОДИ КРИЗ 2008–2009 ТА 2019–2020 РОКІВ

The article is devoted to the analysis, comparison and evaluation of the effectiveness of the foreign exchange policy instruments used during the crises of 2008-2009 and 2019-2020 in Ukraine. The main types of instruments of foreign exchange regulation and the priority areas of their application were defined. The authors took under consideration the key features of the construction of the socioeconomic model of Ukraine, the geopolitical situation, and the imposition of cyclical fluctuations during the considered periods. In the course of the study, the exchange rate fluctuations of the national currency against the US dollar were monitored to determine dynamics of the devaluation and revaluation processes within the given time frames. In order to detail the regulatory foreign exchange policy, a separate analysis of the use of NBU tools within the current and long-term strategy was carried out, the differences were identified and the consequences were outlined. The conducted research showed that during both crises the discount policy, namely the change in the discount rate, was most actively used. But the changes were somewhat divergent: more aggressive liberal measures taken to reduce the discount rate during the 2019-2020 crisis appeared to be more effective compared to the crisis of 2008-2009. This is evidenced by data on changes in GDP PPP, indicating the best positive dynamics when exiting the recession during the pandemic. However, in both cases, significant devaluation was observed. In order to determine the causes and consequences of the depreciation of the national currency in relation to the US dollar and other currencies, an analysis of the balance of payments accounts was carried out by individual articles. This made it possible to indicate significant differences in the nature of the origin of these crises. The instruments of motto policy were also used with varying degrees of activity and in the opposite direction. Foreign exchange interventions in 2008-2009, in contrast to the period of 2019-2020, were used very limitedly due to the rather rapid depletion of gold and foreign exchange reserves. Foreign exchange restrictions were strengthened in 2008-2009, and liberalized in 2019-2020. As a result, it allowed to revive investment flows and improve the business climate in the country. It is also noted that against the background of general devaluation during both crises, a period of revaluation of the national currency was also observed in 2019. The analysis showed that in that case it was rather a negative phenomenon, which led to significant losses in the revenue part of the budget due to a decrease in revenues from customs payments, resulted from the inconsistent actions of the NBU and relevant ministries. Other elements of foreign exchange policy were almost not used: the degree of currency convertibility and the exchange rate regime did not change (with the exception of a short period of introduction of the exchange rate band). The same can be said about the instruments of the long-term foreign exchange policy: the order of international settlements was slightly adjusted, but not significantly; the regime of exchange rates and parities remained unchanged; the use of gold and reserve currencies was combined with the diversification of foreign exchange reserves and was mainly related to foreign exchange interventions and the fulfillment of external debt obligations. The conducted analysis allowed to identify the main directions of the foreign exchange policy of Ukraine regarding the stabilization of the economy and the achievement of sustainable economic growth. To solve this problem, it is advisable to gradually introduce foreign exchange liberalization, introduce new reforms and state projects that might improve the investment climate. It is also appropriate to de-dollarize the debts of enterprises through incentives for lending in the national currency. In the long term, it is appropriate to strengthen financial and capital markets to ensure the stability of economic growth.

Tourism as a driver of economic and social development in underdeveloped regions

Cross‐border cooperations have been usually approached by developing trade agreements between international regions to upgrade their socioeconomic conditions and promote international tourism flows in territories. However, little attention has been paid to the role that tourist companies play in underprivileged territories highly dependent on tourism. Through the theory of social exchange, theoretical implications can be drawn from those territories and compared with developed regions to understand what role tourism flow plays in the reciprocal attitude between tourist companies and visitors. Political implications force tourist authorities to involve companies in promoting their regional tourism resources through participatory tourism programmes. For this, the opinion of companies is strongly related to the tourism generated by the Parque Natural Tajo Internacional on both sides of the border between Spain and Portugal, who have participated in the research to develop tourism on both sides of the border. To collect the data, 126 interviews were carried out with companies among the 53 Spanish and Portuguese companies that participated in the research between January and June 2022. For data tabulation, version 3.26 of SmartPLS was used. The study concludes that social exchange policies that bring companies and residents closer together favour socioeconomic development in territories that have natural resources and are economically disadvantaged.

Monetary policy framework in Sri Lanka and its impact on the financial sector: A review

Monetary policy is a prominent stabilization mechanism often used to accomplish price and economic stability in a country. The success of monetary policy depends on the operating economic environment, the institutional framework adopted, and the choice and mix of the instruments used. The aim of this paper was to review the evolution of the monetary policy framework in Sri Lanka and its impact on the financial sector. The review is important, and monetary policy is intended to impact aggregate spending in the economy to contribute to the goals of full employment, price stability, sustainable economic growth, and balance of payments equilibrium. The paper reviewed more than twenty-five research and review papers using a thematic approach. The paper explains the historical evolution of monetary policy regimes in Sri Lanka and the reasons for adopting various monetary and exchange rate policy regimes from time to time. The review considers national and international studies on monetary policy regimes and their impact on the financial system. The paper concludes that the Currency Board could not influence the money supply in any way, and until the adoption of open economy policies in 1977 under the fixed exchange rate regimes, the Central Bank had no control over domestic inflation. The review also identifies that flexible inflation targeting is the international best practice of Central Banking, and flexible inflation targeting enables the maintenance of low inflation, thereby helping economies achieve a high and stable growth path. However, it emphasizes that it should be maintained sustainably subject to several conditions through government intervention.

Determinants of Coffee Experts of Bandar Lampung Province in the International Market for the Period 2004-2022

This research aims to analyze the influence of Bandar Lampung province's coffee exports in the long and short term and analyze the competitiveness of coffee in the international market. This research is research with a quantitative approach. The data collection technique uses time series data totaling 70 quarters. The analysis technique uses the Error Correction Model (ECM) with prerequisite tests, namely the classical assumption test, stationarity test, cointegration test, ECM test, ECT test, and analysis. Revealed Comparative Advantage (RCA). Research findings show that 1) the rupiah exchange rate influences coffee exports in the long and short term. 2) There is an influence of production on coffee exports in the long and short term. 3) International coffee prices influence coffee exports in the long and short term. 4) Domestic coffee prices influence coffee exports in the long and short term. 5) There is a simultaneous influence of the rupiah exchange rate, production, international coffee prices, and domestic coffee prices on coffee exports, namely 74 percent. 6) The competitiveness of coffee in the international market has a comparative advantage of R>1. The research implies the importance of exchange rate policies, management of production and exports, as well as comparative advantage in international market competition. Continuous improvement in the quality and competitiveness of coffee is crucial for maximizing this potential in the global market.

한국, 일본, 미국의 정책별 불확실성 지수와 변동성지수 간의 연계성

Purpose - The purpose of this paper is to examine the connectedness between categorical economic policy uncertainty (monetary, fiscal, trade and foreign exchange policy uncertainty) indexes and option-implied volatility index in Korea, Japan and the US.
 Design/methodology/approach - This paper employs the Diebold-Ylmaz (2012) model based on a VAR and generalized forecast error variance decomposition. This paper also conducts regression analyses to investigate whether the volatility indexes are explained by categorical policy uncertainty indexes.
 Findings - First, we find the total connectedness is stronger in Korea and Japan relative to the US. Second, monetary, fiscal, and foreign exchange policy uncertainty indexes are connected to each other but trade policy uncertainty index is not. Third, the volatility index in Japan and the US is mainly associated with monetary policy uncertainty while the volatility index in Korea is explained by fiscal policy uncertainty index.
 Research implications or Originality - To our knowledge, this is the first study to investigate the connectedness among categorical policy uncertainty indexes and the volatility index in Korea, Japan, and the US. The empirical results on the connectedness suggest that transparent policy and communication with the market in one type of policy would reduce the uncertainty in other policies.

MUSEUM AND CULTURAL HERITAGE: TRADITIONAL AND INNOVATIVE (DIGITIZATION) FORMATS AS IMPORTANT TOOLS OF MUSEUM ACTIVITIES

The museum is a complex, in-demand sociocultural institution of society that has recently transformed. Museum objects perform the function of combining spiritual experience, historical heritage, the search for identity, restoring the role and function of genuine traditional national values, education of civic dignity, social activity, methods of cultural verification, and patriotism of people through the merging of museum work, forms, processes of museum activity, as well as museum exchange and museum policy with current sociocultural processes and forms of organization of public life.
 The article shows the place, but also the role of museums in conditions undergoing significant changes in modern society, as well as the emergence of innovative communication and digital technologies that require the search for a new level of scale, resource, purpose, and organization of museum work.
 Materials end methods: The study uses a comparative method as a general scientific method of cognition, when, based on some characteristics of compared objects (museums), a conclusion is made about the similarity of various characteristics, as well as a systematic approach, which involves not only studying museum collections from the point of view of their cause-and-effect relationships but also aimed at studying their essence as an object of research in interaction with other museum objects.

Teachers Retention and Recruitment in Rural Areas in Tanzania: A Narrative Review Based on the Chinese Experience

A narrative review of the literature on the practices of teacher recruitment and retention in rural China, with an emphasis on identifying the tactics employed to do so, served as the basis for this qualitative study. It then showed Tanzania how similar strategies may be applied to guarantee the successful recruitment and retention of Math and Science teachers in rural areas. The study found that while China's position is not as dire as Tanzania's, especially for teachers of science and math, both countries struggle with teacher recruitment and retention in rural areas. This results from the several strategies China has implemented to ensure successful teacher recruitment and retention in both rural and urban areas. Nonetheless, the study has demonstrated that Tanzania, like other Sub-Saharan African nations, lacks a strong framework for teacher policies that connects teacher recruitment and retention. Additionally, Science and Math teachers in Tanzania are not motivated, which leads to a teacher shortage in rural and remote areas. The study, thus, recommends that Tanzania should learn from China through the following; - Firstly, development of policies related to rewards and incentives and, an increase in salary and promotions for science and mathematics teachers recruited in rural areas. Secondly, creating huge investments in urbanizing rural areas to attract and retain afresh employed science and mathematics teachers. Thirdly, the development of teacher exchange and rotation policy. Fourthly, encouraging more gifted form six graduates in science and mathematics to work as teachers in remote regions and providing them with free access to both online and offline higher education. In this regard Tanzania will be able to comprehend the 2030 World Education for Sustainable Development, the SDGs of the UN, the African Union objectives of 2063, and Tanzania Vision 2025. Ultimately, the study concludes that, despite Tanzania's potential to learn from China, several challenges and considerations must be taken into account. These include the need for robust data collection and monitoring systems to assess the impact of adaptive interventions, as well as the importance of engaging local communities and stakeholders in the design and implementation of relevant strategies. Additionally, is essential to recognize the cultural and contextual differences between China and Tanzania, and to adapt strategies in a way that aligns with the unique needs and realities of the Tanzanian education system. This may include considering factors such as community engagement, and local governance structures in the development of adaptive interventions. To carry out frequent orientations for recently employed science and math teachers in rural schools. To establish science and technology centers, agricultural research facilities and environmental conservation projects in rural areas that encourage teachers to engage and advance knowledge in their profession. Resources that are currently spent to train more arts teachers could instead be allocated to training more math and science teachers. Creation of an online learning environment for math and science teachers that links teachers in rural and urban schools for knowledge sharing.

Risk management for barter exchange policy under retail industry

Nowadays, barter exchange has become growingly popular in the national and global industries as an alternative to excessive inventory transfers. Many companies exchange their surplus products on barter platforms for products they need without using money. In a traditional supply chain, the retailer holds unsold products that hinder the supply chain's profitability from reaching its maximum level. This paper solves this issue by proposing a stochastic model of two players (single manufacturer, single retailer) with trade-credit (delayed payment) and barter exchange policy under a supply chain management. In this work, to entice the retailer and increase sales, the manufacturer grants a credit payment facility to the retailer on the items ordered for a specified period, and the manufacturer does not charge any interest on the outstanding amount during this credit period. The concept of a credit period raises the possibility of default risk. In this case, some interest is charged. Several investments are made here to diminish setup and ordering costs and improve the product quality of the system. This work focuses on the flexible production to manage the demand uncertainty and the marginal reduction technology to lessen carbon emissions that occur during the production and inventory holding. In contrast, a retailer can exchange unsold items in the barter market for its required products, which is extensively discussed in this study. Finally, the maximum profit is assessed in terms of credit period, investments, quality improvement, and production rate. The result numerically and graphically proves a huge impact of the barter platform for any business industry on overstock transfers, conserving cash, managing unpredictable demand, and reaching the maximum profit. Moreover, the significant finding is observed in the proposed work that the idea of the flexible production, barter exchange policy, and several investments increase the system profit up to 50.55%.

Empirical Analysis of the Trade Balance and its Determinants in Sri Lanka

Every economy has experienced an expansion in international trade in recent years, and some developing countries frequently experience persistent trade deficits. The investigation of the short-term and long-term relationships between trade balance and its macroeconomic determinants is the main goal of this study. In particular, the study explores the impact of the real exchange rate, foreign direct investment, inflation, budget deficit, private consumption, real money supply, and gross domestic product on the trade balance. For this purpose, the paper employed an autoregressive distributed lag (ARDL) bounds test co-integration model that covered the period from 1980 to 2020. The data were mainly gathered from the annual reports of the Central Bank of Sri Lanka, the World Development Indicators, and the UNCTAD database. The findings show a co-integration between the trade balance and selected macroeconomic variables. The study found that real exchange rate and foreign direct investment have a statistically significant and positive association with trade balance, indicating these two determinants will improve the trade balance in the long run. The real exchange rate balances the trade deficit following currency devaluation through expansion in real exports and collapse in real imports. The real exchange rate, however, is insignificant, with positive signs in the short run indicating that Sri Lanka has no J-curve effect. Further, the results demonstrate that in the long run, the budget deficit, private consumption expenditure, and real money supply have a negative impact on the trade balance. However, there is no evidence that inflation and trade balance are related over the short and long term. The results of this analysis suggest that the government should focus on exchange rate policy, followed by monetary and fiscal policies, in order to improve Sri Lanka's trade balance.

Affordability After Subsidy Shift from Parallel Exchange Rate to Insurance: a Retrospective Cross Sectional Study

Background: Due to the imposition of an embargo, Iran adopted a policy of a parallel exchange rate. After three years, the advantages and disadvantages of this policy were revealed empirically. Therefore, the government decided to shift the subsidy to insurance instead of the exchange rate. However, as a result of this plan, the price of medicine rose sharply, and affordability decreased for some sections of society who were not covered by any insurance. This study evaluated the impact of this policy on the affordability of essential medicines listed by the WHO.
 Materials and Methods: The impact of this plan on the affordability of essential medicines was evaluated using the WHO recommended method. A cross-sectional study was conducted to measure the affordability of the national essential medicines list before and after the implementation of the subsidy shift from exchange rate to insurance.
 Results: Despite the benefits of this plan, 17 items in the essential medicine list became unaffordable. The affordability of essential medicines decreased, particularly for uninsured individuals.
 Conclusion: More efforts should be made to cover uninsured people to preserve their access to essential medicines. Although the shift from parallel exchange rate to insurance had several benefits, such as reducing corruption and reverse smuggling, it also decreased the affordability of essential medicines, particula rly for uninsured individuals. Therefore, policymakers should consider implementing measures to ensure that essential medicines remain affordable and accessible to all members of society.

Exchange Rate Forecasting in Bangladesh: ARIMA and VAR Models

Exchange rates play a crucial role in the economic structure of any country since they affect investment, foreign trade, and the stability of the economy as a whole. This research article explores the intricate dynamics of exchange rate development in Bangladesh, a country with a rapidly growing economy and a significant presence in the global trade landscape. The article delves into the historical evolution of exchange rates in Bangladesh, the factors influencing exchange rate movements, and the implications for the country's macroeconomic stability and international trade. The study employs various methodologies, including time-series analysis and econometric modeling to provide a comprehensive analysis of exchange rate development and near-term exchange rate forecast in Bangladesh. The findings indicate that exchange rate policies and external economic factors play a pivotal role in shaping Bangladesh's exchange rate regime, affecting the country's economic performance and trade competitiveness. The study also focuses on the future challenges for exchange rates in Bangladesh which are interconnected with the country's economic development and global economic dynamics.

The asymmetric impact of real exchange rate misalignment on growth dynamics in Turkey

Earlier empirical studies examining the impact of exchange rate misalignment on economic growth were based on a symmetric approach, assuming that undervaluation and overvaluation affect economic growth symmetrically. However, recent empirical studies have shown that exchange rate misalignments asymmetrically affect economic growth. This study, therefore, examines the asymmetric effects of real exchange rate misalignments on economic growth in Turkey. The asymmetric effects of the non-linear autoregressive distributed lag model show that both overvaluation and undervaluation impede economic growth in Turkey. The study recommends that Turkey should maintain a market-based exchange rate policy to reduce currency misalignment. The study also recommends that the central bank of Turkey should intervene in the foreign exchange market for a short-term to mitigate the excessive distortions in exchange rates and avoid inefficiencies in resource allocation.

Exchange Rate Policies from the Early Republic to the Present

Bu çalışmada, Cumhuriyet'in kuruluşundan itibaren Türkiye Ekonomisi açısından önemli etkenlerden birisi olan döviz kuru politikaları incelenmiştir. Ayrıca çalışmada, döviz kuru konusunda ekonomik hassasiyeti artıran bir etken olarak döviz kuru oynaklığı (volatilitesi), Türkiye Ekonomisi’nde esnek kur sisteminin resmî olarak uygulanmaya başlandığı 2001 yılı sonrası dönem itibariyle sanayi üretimine dair olarak büyüme üzerindeki etkileri kapsamında ele alınmıştır. Çalışmanın amacı, Türkiye Cumhuriyeti’nin ilk 100 yılına dair döviz kuru politikaları ve oynaklığının ekonomik kararlar ve istikrar üzerine etkilerini incelemektir. Sonuç olarak, Türkiye’nin döviz açığı nedeniyle ekonomik krizlerle karşı karşıya kaldığı gözlenmiştir ve bu nedenle kambiyo mevzuatında sık sık önlemler almak zorunda kalması söz konusudur. Bu duruma karşılık ülke sanayisinin katma değeri yüksek nihai mal üretiminde uzmanlaşması, cari açık konusunda ortaya konacak politikaların uzun erimli şekilde planlanması, enerji ve ara mal ithalatı konusundaki çözümlemelerin ülkenin şartlarına uygun ve stratejik açıdan öncelenmiş şekilde ele alınması gerekmektedir. Ayrıca, çalışma kapsamında gerçekleştirilen analiz sonucunda Türkiye’de özellikle belli dönemlerde yüksek döviz kuru oynaklığı ile ekonomik büyüme arasında ters yönlü bir ilişki olduğu gözlenmiştir. İlgili ilişkinin Türkiye Ekonomisinde yaşanmasının temel ekonomik nedenleri arasında yatırım kararsızlığı, tüketici harcamalarındaki dalgalanmalar, dış ticaret dengesi, finansal istikrar etkileri, uluslararası yatırımlar, sermaye akışlar gibi etkenler sıralanabilirken ulusal ve uluslararası siyasi konjonktürün de etkisinin yüksek olduğu gözlenmektedir.

The Effect of Real Exchange Rate on Current Account

This research studies the impact of real Gross Domestic Production (GDP) and real exchange rate on the Current Account position in Jordan, during the quarterly periods from 2008 to 2022. The study reviews the literature on the theoretical framework around the impact of real GDP and fluctuations of the real exchange rate on the current account status. This study describes the performance of the current account during the study period and applies the appropriate econometric tests to an economic model. The main results show a significant, positive effect of real GDP growth in improving the status and sustainability of the current account; output growth indicates an increase in production leading to higher levels of exports and lower levels of imports. The results did not show a significant effect of the real exchange rate on the current account position, which is largely attributed to the stabilization policy of exchange rate pursued by the Central Bank of Jordan since October 1995.

Oil Price Volatility and Federal Government Recurrent Expenditure in Nigeria: Mediating Role of Exchange Rate

An empirical examination of the impact of oil price volatility on federal government recurrent expenditure in Nigeria and the mediating role of exchange rate from 1980 to 2022 was carried out in this study. The Generalized Autoregressive Conditional Heteroskedasticity (GARCH) model was used in the data analysis. The findings reveal compelling evidence that oil price volatility as measured using the Brent oil volatility has a significant effect on recurrent federal government spending patterns. The analysis also shows that exchange rate variations serve as significant control variable that influence oil price fluctuations and federal government recurrent expenditure. Hence, the study recommends that federal government should create and properly administer a stabilization fund to save excess oil revenue during periods of boom to lessen the immediate effects of oil price volatility and the abrupt impact on budgetary allocations on recurrent expenditure. There is also the need to have a deep-cut on unproductive recurrent expenditures by federal government and its appointees. The study further recommends the adoption of a closely monitored exchange rate policy by government.

Brazil: Central Bank Monetary Policy and Economic Growth

The paper mainly talks about the central bank monetary policies in Brazil. It also talks about the economic growth in Brazil. The paper utilizes several analysis skills, such as comparing the economic indicators between Brazil and the United States, analyzing the exchange rate policy, and analyzing the Government Fiscal Debt to explain the viewpoints. Several key findings have emerged throughout this analysis regarding the topics discussed: (1)Regarding social and institutional quality measurements, it is crucial to assess indicators such as the Human Development Index, poverty rates, access to healthcare and education, governance effectiveness, and corruption levels. (2) Policymakers can implement policies to improve foreign investor perceptions, such as enhancing regulatory frameworks, facilitating market access, developing infrastructure, promoting investor education, and encouraging foreign participation.

The Asymmetry of Embeddedness: Illegal Trade Networks and Drug Purchasing Diversity on an Online Illegal Drug Market

Abstract While economic sociology research and theory argue that excessive network embeddedness depresses competition in illegal markets, prior research does not examine how distinct types of embeddedness may have asymmetric effects on the diversity of purchasing behavior—the range of illegal goods that buyers typically purchase. This study considers how network embeddedness can positively or negatively affect drug purchasing diversity in online drug markets by referring buyers to new vendors or “locking” buyers into recurrent trade for the same products. We analyze novel network data on 16,847 illegal drug exchanges between 7205 actors on one online illegal drug market. Consistent with hypothesized network asymmetry, buyers are more likely to purchase a new type of drug when the transaction is part of an indirect network referral. Although histories of exchange increase the overall frequency of drug purchasing, they are associated with decreases in new drug-type purchases. In the aggregate, these processes either contribute to an integrated market where buyers purchase multiple drugs from multiple vendors (in the case of referrals) or a fragmented market characterized by recurrent trade from the same vendors for the same substances (in the case of repeated trade). We discuss the implications of these findings for research on embeddedness, illegal markets, risky exchange, and drug policy.

Trilemma revisited with dollar dominance in trade and finance

AbstractThis paper explores the impact of the US dollar dominance on monetary and exchange rate policies in 51 advanced and developing countries from 1999 to 2021. We introduce a global exposure index to measure countries' dependence on the US dollar. Our study reveals that the dominant currency framework creates a global monetary cycle driven by the US dollar, exposing non‐U.S. economies to the U.S. monetary policy. However, we show that countries can reduce their exposure to the U.S. monetary policy by accumulating reserves and intervening in foreign exchange.

Enhancing Collaborative Governance through IT for Specialized Job Market Programs in Banten Province's Vocational High Schools

INTRODUCTION: Several facts on the ground show that the implementation of Collaborative governance in the Special Job Exchange Program in Banten Province has not been effective. So, it is necessary to analyze and look for the formulation of the ideal Collaborative governance model that can optimize the implementation of the Special Job Exchange policy program in Banten Province.
 OBJECTIVE: This study aims to determine the concept of collaborative governance and formulate an ideal collaborative governance model in the BKK SMK policy program in Banten Province.
 METHOD: This study used a qualitative approach with descriptive analysis. To produce an effective collaborative governance model in the SMK BKK Program in Banten Province, researchers used the Soft System Methodology (SSM) method.
 RESULT: Collaborative governance in the SMK Special Job Exchange Program in Banten Province has not been implemented effectively. Factors in the implementation of collaborative governance in the Vocational High School Special Job Exchange Program in Banten Province are system context, drivers, collaboration dynamics, collaboration action, collaborative outcomes and adaptation factors that have not been optimal. The ideal model to be applied in collaborative governance in the Vocational High School Special Job Exchange Program in Banten Province is a model that involves the five elements of collaboration with equal roles, as well as strengthening in the dissemination of collaboration regulations that govern the roles of each collaboration stakeholder namely government, industry, society, academia, mass media, and legislative.
 CONCLUSION: The government must immediately formulate a concept for elemental participation in the BKK SMK program, and is advised to encourage and maximize the use of IT and the participation of all stakeholders involved in the BKK SMK program in Banten Province.