Global Crisis Period Research Articles

A digital narrative study concerning global crisis period: The pandemic's impact on the domestic responsibilities of women health workers in Türkiye

The COVID-19 pandemic has exerted a profound influence on female healthcare workers, resulting in a notable escalation in the time allocated to domestic duties and unpaid household labor. This study delves into the professional and personal experiences of these women through the medium of digital narratives. Employing interpretive analysis within a phenomenological framework, the research scrutinized six female healthcare workers, all of whom were mothers of children under the age of 18. The investigation revealed that the pandemic has exacerbated existing gender disparities, manifesting in an increased burden of unpaid domestic responsibilities coupled with a concomitant reduction in personal time. Moreover, the utilization of digital narratives emerged as a multifaceted tool, not only facilitating socialization among healthcare workers but also nurturing their well-being and fostering the development of digital literacy skills.

On the connectedness of stock returns and exchange rates in emerging and frontier markets in Africa

AbstractThe effect of currency volatility on investments in Africa continues to dominate the headlines, especially in the recent period of global crisis and heightened geopolitical tensions. This paper tackles the dynamic relationship between stock returns and exchange rates in nine emerging and frontier African markets. The study departs from the usual VAR and GARCH models and employs a tool that accounts for time–frequency co‐movements and lead/lag relationships between exchange rates and stock returns in Africa. The bivariate wavelet technique applied to daily data from 1 April 2013 to 31 March 2022 established a profound negative co‐movement between stock returns and exchange rates, especially in the medium to long‐term frequencies. With exchange rates dominantly playing a leading role, it presents a case for policy consideration toward currency stability. We employed the partial wavelet approach to determine how stock returns and exchange rates related during the peak period of the COVID‐19 pandemic and found negative co‐movements within the short‐term frequency, revealing that investors preferred the short‐term horizon in times of crisis. However, when the covariate (COVID‐19) was controlled or suppressed, we discovered the health pandemic failed to drive both stock returns and exchange rates.

Assessing the Relationship between Political Financing and Policy Bias in B40 Welfare Policies during COVID-19

This conceptual paper delves into the intricate relationship between political financing and policy bias in the implementation of welfare policies for the B40 (Below 40 is the 40% of the total population that earns the lowest tier of household income compared to the first group of T20-Top 20% and second category M40-Middle 40%) cluster in Kuala Lumpur Malaysia amidst the COVID-19 pandemic. The B40 cluster comprises the most economically vulnerable segment of the population residing in public housing (the heavily subsidized government-owned residential areas for underprivileged citizens with certain household income categories). This study aims to unravel how political financing influences the formulation and execution of welfare policies, potentially leading to bias in resource allocation and support provision. Through an exhaustive review of existing scholarly literature and analysis of pertinent case studies, this paper embarks on examining the degree to which political financing impacts the decision-making process concerning welfare policies. The analysis focuses on identifying potential biases in policy formulation that may favor the interests of political entities providing financial backing to policymakers. Furthermore, the study also explores the implications of such biases on the equitable distribution of resources to the B40 cluster during the global COVID-19 crisis. The conceptual framework employed in this paper draws from theories of political economy, corruption, and public policy. By dissecting the extant body of literature, the paper aims to offer a nuanced comprehension of the dynamics between political financing and policy bias in the realm of welfare policies for the B40 cluster. The eventual findings are poised to enrich the theoretical understanding of the influence exerted by political financing on the formulation and execution of welfare policies, particularly during periods of global crisis. By identifying policy biases stemming from political financing, this study aspires to catalyze critical discussions on the imperative of transparent and accountable decision-making processes. Such deliberations are vital to ensuring the fair and effective implementation of welfare policies for the B40 cluster in Kuala Lumpur amidst the COVID-19 pandemic. This paper thus serves as a clarion call for enhanced governance mechanisms and institutional reforms to uphold the principles of fairness, equity, and social justice in welfare policy formulation and implementation. This study contributes to the existing literature by shedding light on the nexus between political financing and policy bias in the context of welfare policies for vulnerable populations. It underscores the importance of addressing systemic flaws in governance and decision-making processes to mitigate the adverse effects of political influence on welfare policy outcomes. Moreover, the findings of this study have practical implications for policymakers, advocacy groups, civil society organizations and other stakeholders involved in shaping welfare policy agendas and advocating for reform initiatives. In conclusion, this paper calls for a concerted effort to promote transparency, accountability, and integrity in the formulation and implementation of welfare policies. By fostering a culture of ethical governance and democratic participation, policymakers can ensure that welfare programs serve the interests of the most vulnerable members of society and contribute to equitable and sustainable development outcomes.

G–7 and BRICS countries in global value chains

G–7 and BRICS countries play important roles in the world economy and global politics. The aim of the article is to answer the research question: “How participation of G–7 and BRICS countries in global value chains has been changing since 1995?”. To answer this question global value chains participation indexes were calculated. They were derived from Inter-Country Input-Output Tables. The value-added of this study stems from employing Input-Output Tables delivered by two institutions (Organization for Economic Co-operation and Development and Asian Development Bank). Consequently, article presents indexes calculated on the basis of two datasets. Combining two databases enabled to conduct study for quite long period (1995–2022). Analyzing the changes of global value chains participation indexes of G–7 and BRICS countries, we can distinguish following phases of internationalization: period of rapid globalization (1995–2008), global crisis and economic rebound (2009–2011), period of slowbalization somewhat strengthened by coronacrisis (2012–2020), and another recovery (2021–2022). This finding lead us to the conclusion that fast internationalization came to a halt in 2008 and since global financial crisis globalization has been quite slow despite some periods of recovery. Thus, there is an implication for more detailed research on slowbalization – its grounds, tendencies and prospects (whether fast internationalization is possible in the future; what is the role of economic policy in stimulating the pace of globalization).

Symmetric and Asymmetric Effects of Exchange Rate Changes on Stock Prices in Fragile Five Economies: Analysis of the Global Crisis and Pandemic Period

This study examined the symmetric and asymmetric effects of exchange rate changes on stock prices in the economies of India, Indonesia, Brazil, South Africa, and Turkey, collectively known as the "Fragile Five" due to their similar economic dynamics in light of the global financial crisis and pandemic period. The study uses monthly data from July 2000 to July 2022, and panel autoregressive distributive lag and panel nonlinear autoregressive distributive lag models to investigate the effects of exchange rate changes on stock prices in the Fragile Five economies. Prior to the global financial crisis, exchange rate changes have both long- and short-term asymmetric effects on stock prices in the Fragile Five economies. However, after the global financial crisis, exchange rate changes have both short- and long-term asymmetric and symmetric effects. Similarly, exchange rate changes also have asymmetric effects on stock prices during the COVID-19 period.

A-DCC GARCH모형을 이용한 주식, 채권 및 외환시장의 변동성 간의 동적 관계

Purpose - This research aims to analyze the interrelationship among the volatility of stock price, interest rate, and exchange rate in Korea. The main topics are volatility spillovers and the asymmetric behaviors of each market’s volatility and correlation.
 Design/Methodology/Approach - This research adopts Engle et al.’s (2006) asymmetric dynamic conditional correlation (A-DCC) GARCH models with student t error distribution. The models are a GJR GARCH model with spillovers and a revised Koutmos (1996) EGARCH model. The full sample is divided into four sub-sample periods, including the global financial crisis and the COVID-19 pandemic.
 Findings - The results show no volatility spillovers among the returns of stock price, interest rate, and exchange rate. However, there are unidirectional spillovers originating from the exchange rate in the global crisis period, and from stock price to exchange rate in the COVID-19 period. Volatility asymmetry is consistently shown in stock price, while the others vary by period. Finally, the asymmetric correlation effects are found only in recent times.
 Research Implications - In the long-run, the volatility spillovers among financial markets are not shown. However, there is also evidence that volatility spillovers are time-varying, intensifying in times of stress. In the global financial crisis period, the exchange rate influences other markets, while in recent the COVID-19 period stock price seems to play that role. Asymmetric volatility is also time-varying, except in stock price, and recently correlation asymmetry is shown very significantly.

SEM Modelling of Coronavirus Burnout and Psychological Resilience Affecting the Attitudes of University Students towards Distance Education

This study aimed to make a comparison between the levels of attitudes towards Distance Education, Coronavirus Burnout and Psychological Resilience levels of university students in Turkey with the Structural Equation Modelling (SEM) and to determine the level of relationship among them during the pandemic period, which was defined as COVID-19 by the World Health Organization and declared as a global pandemic. In order to collect data from the sample, the Attitudes towards Distance Education Scale, the Coronavirus Burnout Scale and the Psychological Resilience Scale were implemented together. In the study, a structural model was tested by analysing the data obtained from the scales in order to determine whether the level of attitudes towards Distance Education is affected by the level of Coronavirus Burnout and Psychological Resilience. The findings of the analysis indicates that the level of Coronavirus Burnout negatively affects the level of Attitudes towards Distance Education, the level of Psychological Resilience positively affects the level of Attitudes towards Distance Education, and the level of Psychological Resilience negatively affects the level of Coronavirus Burnout. It is clear that there is a need for further measurement and evaluation in order to minimise the impact of global crisis periods on education and to produce effective and correct policies in the field of education. We believe that the findings of our study will help in the planning of national education systems in a more effective way after the COVID-19 pandemic.

The Impact of Financial Ratios on Return on Asset, Moderated by Total Assets: A Study on Pharmaceutical Companies in Indonesia

This research aims to examine the relationship between independent variables, including Debt to Assets Ratio, Debt to Equity Ratio, Current Ratio, Inventory Turnover Ratio, and Accounts Receivable Ratio, and the dependent variable of Return on Assets. The moderating variable in this study is Total Assets. The research was conducted on pharmaceutical companies listed on the Indonesia Stock Exchange (IDX) from 2019 to 2022, a period marked by the Covid-19 health outbreak. This study explores whether the outbreak has impacted the pharmaceutical sector, which is integral to disease prevention and treatment of Covid-19. The findings indicate that most independent variables have an insignificant relationship with the dependent variable of Return on Assets, which is moderated by firm size. However, there is a significant positive relationship between Inventory Turnover and Return on Assets, moderated by firm size. These results suggest that Inventory Turnover is a crucial factor for pharmaceutical companies to consider when aiming to improve their Return on Assets. Overall, this study offers valuable insights into the relationship between various financial ratios and Return on Assets for pharmaceutical companies during a period of unprecedented global health crisis. The results provide a basis for future research in this field and can inform decision-making for pharmaceutical firms looking to improve their financial performance.

Testing the Adaptive Market Hypothesis in Equity Markets in Global Financial Crisis Periods: An Application on Borsa Istanbul Indices

We aim in this study to investigate the existence of the Adaptive Market Hypothesis in the Turkish stock market during the global crisis periods. In other words, it has been investigated whether there are periods in the stock market in Turkey is both efficient and inefficient. For this purpose, Borsa Istanbul's main index (XU100) and selected sector indices (XBANK, XGIDA, XTEKS, XTRZM) were tested in the crisis environments, the Asian Financial Crisis, the American "Dotcom" crisis, the Mortgage crisis, the European debt crisis and finally the Covid-19 crisis. Automatic Portmanteau and Wild Bootstrap Automatic Variance Ratio tests were used in the research. According to the results obtained, findings compatible with the Adaptive Market Hypothesis were reached in all Borsa Istanbul indices within the scope of the research. It has been observed that there may be fluctuations in market efficiency at different frequencies and durations in relation to the nature of the crisis and the source of its output. It is thought that the study is original and will contribute to the literature for the following reasons; the Adaptive Market Hypothesis for the Turkish stock market has been tested for all crisis periods in the recent history and the effects of the crises on the sectors are also examined in terms of effectiveness.

Crisis management in public–private partnerships: lessons from the global crises in the XXI century

PurposeGlobal crises have become increasingly recurrent events that jeopardize public-private partnerships (PPPs). In this context, the purpose of this paper is to expose the PPP-crisis research agenda by combining bibliometric and network analyses.Design/methodology/approachThe PPP literature associated with global crises between the 2008 global financial crisis and 2022 was analyzed in three stages: (1) paper selection and screening for the inclusion/exclusion of articles relevant to this research, (2) semantic network development for examining thematic relationships among selected papers by considering the co-occurrence of keywords within the chosen studies and (3) calculation of network metrics for analysis.FindingsThe paper identified six research avenues for the PPP-crisis agenda: public interest, relational governance, risk management, user-pay PPPs, crisis management and financial performance. The PPP-crisis literature has spread significantly in the last five years driven by the case study approaches on a national or regional basis. Conversely, non-crisis periods generate room to strengthen user-pay PPPs and relational governance. The pandemic and post-pandemic times shared the priorities of the 2008 financial crisis but also strengthened the management of the risks and the structural drivers of the global crisis.Originality/valueThis study demonstrates that during global crisis periods, the public interest and financial performance gain relevance in a detriment of structural solutions to social legitimacy erosion of PPPs because of the urgency of giving tools to the public and private sectors to tackle the financial issues, which steer future issues for PPPs.

Probability of default and political instability in the MENA region

PurposeThis study aims to empirically investigate the impact of political instability on the banking stability of the dual banking system in the Middle East and North African (MENA) countries.Design/methodology/approachThe study measures banking stability with probability of default (PD) and Zscore by employing the generalised method of moment (GMM) between 2007 and 2021 on the dual banking system in the region. The authors further estimate short-long-run situations coupled with a robustness test using a generalised least square (GLS) model.FindingsThe authors' findings indicate that institutional factors of political stability, crisis period, high-crisis countries, law and order and macroeconomic indicators influence the two types of banking stability in the region. The authors found the consistency of the factors explaining stability in the region in both short-and long-run situations. Consequently, the study also reveals the adverse effects of crisis periods and high-crisis countries on banking stability.Practical implicationsThe results of this study explicitly identify the critical need for sustaining political stability and abiding by laws and order to achieve dual banking stability in the region. Therefore, policymakers may consider allowing the region's banks to operate beyond retail banking since diversification enhances banking stability.Originality/valueThe authors' study balances by employing dual stability measurement in predicting the impact of political instability, law and order and other indicators on the MENA region's two banking models. This study uncovers the effect of the global crisis period on banking stability and high-crisis countries in the region and verifies the models' robustness.

Social media in hotel crisis communication: a case study

The evolution of social media has transformed the way people communicate, share experiences and search for information before and after a trip. These platforms can bring countless benefits to businesses but implementing them effectively brings countless challenges.
 In the hotel industry, the use of social media as a digital marketing strategy has become fundamental to promote brands and services, as well as to create a closer relationship with the customer. It then becomes essential to understand how hotels can use these platforms effectively. Moreover, defining communication strategies, especially in periods of global crisis, with customers and public that include social networks are fundamental and a great challenge.
 In this sense, in this paper a case study of a hotel in a period including the global pandemic crisis of COVID-19 was conducted where good practices for social media management in hospitality are proposed, supported by the literature review and the practical learning provided in the fieldwork. These good practices also take into consideration the application of successful social media strategies in a hotel during times of crisis.

A Critical Review on Reusable Face Coverings: Mechanism, Development, Factors, and Challenges

Textile supply chain challenges due to the COVID-19 pandemic and the Russia–Ukraine war give unique insights into how health crises and geopolitical instability could dry up supplies of vital materials for the smooth functioning of human societies in calamitous times. Coinciding adverse global events or future pandemics could create shortages of traditional face coverings among other vital materials. Reusable face coverings could be a viable relief option in such situations. This review identifies the lack of studies in the existing literature on reusable fabric face coverings available in the market. It focuses on the development, filtration mechanisms, and factors associated with the filtration efficiency of reusable knitted and woven fabric face coverings. The authors identified relevant papers through the Summon database. Keeping the focus on readily available fabrics, this paper encompasses the key aspects of reusable face coverings made of knitted and woven fabrics outlining filtration mechanisms and requirements, development, factors affecting filtration performance, challenges, and outcomes of clinical trials. Filtration mechanisms for reusable face coverings include interception and impaction, diffusion, and electrostatic attraction. Face covering development includes the identification of appropriate constituent fibers, yarn characteristics, and base fabric construction. Factors significantly affecting the filtration performance were electrostatic charge, particle size, porosity, layers, and finishes. Reusable face coverings offer several challenges including moisture management, breathing resistance factors, and balancing filtration with breathability. Efficacy of reusable face coverings in comparison to specialized non reusable masks in clinical trials has also been reviewed and discussed. Finally, the authors identified the use of certain finishes on fabrics as a major challenge to making reusable face coverings more effective and accessible to the public. This paper is expected to provide communities and research stakeholders with access to critical knowledge on the reusability of face coverings and their management during periods of global crisis.

Asymmetry in Return and Volatility Spillovers Between Stock and Bond Markets in Turkey

In this study to analyze the asymmetric volatility spillovers. We study in the stock and bond markets in Borsa Istanbul. The research covers 2003-2019. Financial crises have increased the importance of the transition between the stock and bond market. Apart from the full period, the 2008 financial crisis period examines separately in order to see the effects of the spillovers during the crisis period. First, asymmetric volatility tests with the sign bias test. Then, whether the stock and bond market volatility is asymmetric, investigate with the GJR-GARCH model. Finally, asymmetric volatility between the two markets test with the VARMA-AGARCH model. According to the asymmetric volatility test results, negative volatility asymmetry exists in the bond market in full period. Asymmetric volatility is positive in both market in the crisis time. Return spillovers from the stock market to bond market in full period. It is opposite direction during the crisis period. We have found volatility spillovers bidirectional among the stock market and the bond market. However, during the global crisis period, volatility spillover is bidirectional from the stock market to the bond market.

Epidemiology of News: Doom Scrolling, Information Overload, and Other “Media Pathologies” in Our Infected Society

Along with the Covid-19 pandemic, a new type of 'disease' has spread just as rapidly, affecting the world of journalism and information. In addition to the concept of 'infodemic', first proposed by David J. Rothkopf in 2003 in relation to SARS, then taken up by a World Economic Forum study in 2006 to explain the fairness of information in emergencies, and finally used by the World Health Organisation itself to refer to the spread of false, tendentious or incorrect information during the Covid-19 pandemic. 2020 was also the year of a new word: doom scrolling.This term refers to when a person constantly reads and searches for negative news online, and the consequences this has on our mental health. It is still a relatively new phenomenon, but several experts have already pointed out that doom scrolling is predictably detrimental to a person's mental well-being.The pandemic has thus confirmed the already known risks of overexposure to a constant flow of information, a problem that affects media professionals, their audiences and institutions, and that can trigger social and psychophysical pathologies such as depression, mood swings, isolation and paranoia.An attempt will be made here to discuss the issue from a critical point of view and to reconstruct the phenomenon of 'doom scrolling'. Finally, an attempt will be made to define the main lines of public discussion based on the most recent literature available in this period of global crisis.

THE IMPACT OF THE PANDEMIC CRISIS ON CHANGES IN THE MANAGEMENT OF HOSPITALITY BUSINESSES IN SLOVAKIA

The main topic of the paper is the impact of the global pandemic, which arose because of the spread of COVID-19 disease to accommodation and catering facilities in Slovakia. The paper consists of three parts. In the first part of the paper, we define the basic concepts and information related to the studied issue, which were obtained through literary research mainly  of foreign Internet sources. In the second part of the thesis, we focus on identifying factors influencing the operation of accommodation and catering facilities during the period of global crisis and proposing solutions to mitigate their impact. We drew attention to the current crisis, which arose because of the outbreak of the global pandemic and the war in Ukraine.  Hospitality establishments have been hardest hit by this crisis, so they have also become the subject of our investigation. In the third part of the paper, we present the results of the analysis of primary data obtained through a questionnaire survey from persons in leading positions of accommodation and catering facilities in Slovakia.  The research results were processed using mathematical-statistical methods, presented graphically and conclusions and recommendations were drawn from them.

Stavovi o vakcinaciji kod adolescenata i mladih odraslih osoba - uloga poverenja i znanja

The present study investigates the predictive contribution of generalized trust (in a relatively large circle of unfamiliar others, e.g., the authorities, healthcare system, alternative medicine) and particularized trust (in significant others, such as family members and friends) and vaccination knowledge in explaining the youth's vaccination intention, as well as the moderating role of vaccination status in the previously mentioned relationships. A total of 835 adolescents and emerging adults (aged 15 to 25, Mage = 18.35, SD = 2.86) from Serbia completed the measures of vaccination intention and vaccination status, generalized and particularized trust, and vaccination knowledge. The results of the hierarchical regression analysis showed that the prior uptake of the vaccine against the coronavirus (vaccination status) was the best predictor of the youth's intention to receive the coronavirus vaccine in the future (vaccination intention). In addition, trust in the authorities and media, trust in the health-care system and science, and knowledge about vaccines stood out as significant positive predictors, while trust in alternative medicine and God('s will) negatively influenced the behavioural intention to vaccinate. Contrary to expectations, trust in the family and friends did not contribute to the explanation of the AEA's intention to get vaccinated. Besides, no moderating role of vaccination status was detected; regardless of the vaccination status, the same determinants of the AEA's vaccination intention were registered. The theoretical and practical implications of these findings are discussed in the light of the importance of the development of evidence-based national vaccination programmes for young people that can have a preventive role in a period of global confidence crisis.

Saúde mental e proteção social de crianças em tempos de crise: o caso da pandemia de COVID-19

Background: Children and adolescents have been silent victims during global crisis periods. In recent decades, a worldwide discussion has been developed to include health, education, social protection, housing, food, healthy coexistence, and participation, among others, as rights on a global agenda and consolidate children's and adolescents' rights. The world is still experiencing the COVID-19 outbreak, which has been considered one of the greatest crises of humanity, with repercussions throughout the complex of social life. Children and adolescents seem to be most affected by the synergistic effects of this pandemic, with evidence of increased mental health problems, abuse, violence, and other forms of violation of their rights. Objective: This article discusses care strategies based on articulated and coordinated actions between social protection systems that include mental health services. Method: A narrative review of the literature on the Scopus platform was carried out during the beginning of the COVID-19 pandemic in 2020. At that time, many organizations pointed out the impact of the pandemic on children's mental health and the challenges for social protection systems. Therefore, we sought to capture this moment through a narrative literature review to identify the experiences of other health crises and what could be done at that moment. From this review, we drew analytical categories to develop a recommendation guide that can be used to improve social protection systems for children and adolescents. Results: The analyses suggested that the protection systems must develop different social policies and care plans for children and adolescents during the humanitarian crisis that must include mental health actions and guarantee their rights. Conclusion: Based on our reflections, we developed a guide of recommendations that governments could adopt to improve their response to children during the post-pandemic future or in other times of crisis.

Do Ṣukūk and Islamic indexes act as safe refuge to conventional stock markets? Evidence from Markov-switching CAPM approach

PurposeThe objective of this paper is twofold. First, to study the safe-haven characteristic of the Islamic stock indexes and Ṣukūk during the crises time. Second, to evaluate this property in the last pandemic. This study employs the daily dataset from June 15, 2015, to June 15, 2020, for the most affected countries by the earlier disease.Design/methodology/approachThis study uses the Markov-switching Capital Asset Pricing Model (CAPM) approach and the basic CAPM for the main analysis and the safe haven index (SHI) recently developed by Baur and Dimpfl (2021) for the robustness test.FindingsBased on Baur and Lucey's (2010) definition, empirical findings indicate that Islamic stock indexes cannot be a refuge throughout the crisis regime for all selected conventional markets. However, Ṣukūk are a strong refuge in Brazilian, Russian and Malaysian markets. For the remainder countries, except Italy, the USA and Spain, the Ṣukūk index offers weak protection against serious conventional market downturns. Similar conclusions are obtained during the COVID-19 global crisis period. Finally, results are confirmed by using the SHI.Originality/valueTo the best of the authors’ knowledge, this paper is the first study that evaluates the safe haven effectiveness of the Islamic index and Ṣukūk using the SHI in the most impacted countries by the COVID-19 outbreak.

Integrated decision recommendation system using iteration-enhanced collaborative filtering, golden cut bipolar for analyzing the risk-based oil market spillovers.

This article is dedicated analyzing the interdependence of oil prices and exchange rate movements of oil exporting countries (the Russian ruble, Euro, Canadian dollar, Chinese yuan, Brazil real, Nigerian naira, Algerian dinar). The study also considers risk-based oil market spillovers in global crisis periods with integrated decision recommendation systems. For this purpose, a fuzzy decision-making model is created by considering the bipolar model and imputation of expert evaluations with collaborative filtering. The main contribution of this study is both its econometric analysis and evaluations based on expert opinions. This helps reach more crucial results. All three of the recent shocks (2008, 2012, 2020) in the oil market are transmitted to foreign exchange markets of oil-producing countries. At the same time, the last shock of 2020 caused by the COVID-19 pandemic has not yet been fully reflected on the Russian ruble exchange rate. Correlation parameters became weaker in the last year, as the Russian ruble correlation coefficient fluctuates between - 0.5 and 0.5. However, before 2020 the spillover effect had a higher significance (in the range from - 0.8 to - 0.1). Nigerian naira and Algerian dinar were showing almost the same movements, while the Russian Ruble was in a different trading range.