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Chaos Theory, 2005.
This paper discusses chaos theory based on James Gleick's "Chaos: Making a New Science" and Ian Stewart's "Does God Play Dice?: The Mathematics of Chaos".
1,500 words (approx. 6.0 pages), 2 sources, MLA, $ 49.95
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Abstract
This paper explains that James Gleick believes that chaos theory is revolution in thinking, a major shift from the ordered universe of Newton and even the less mechanical universe of Einstein. The author points out that chaos theory says that the universe is decided on the basis of chance to a great degree and that the aggregate of those chances cannot be predicted or even discerned to allow a clear cause-and-effect assessment. The paper relates that chaos theory says that a small change in a system, which takes place all the time and cannot be tracked or even relied upon, can produce more and more changes until something much greater and unforeseen occurs.
From the Paper
"Ian Stewart is trained as a mathematician, while Gleick writes about science for the New York Times. Stewart is British, and Gleick American. They write about the same subject from different points of view. Stewart begins his book noting that the direction for creation has been first from chaos into order, and that physics has now found that order is something of an illusion masking the continuing chaos of reality. He also cites Newton and the Newtonian era as affirming that nature has laws and man can discover what these laws are. The world described by Newton was a clockwork world which operated like a machine, and Stewart discusses the nature of that world and world-view much more directly than does Gleick."
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U.S. Currency in Canada, 2002.
Arguments for and against the adoption of the United States currency as the currency of Canada.
2,900 words (approx. 11.6 pages), 4 sources, $ 106.95
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Abstract
In this paper the author considers arguments for and against the adoption of U.S. currency in Canadian economics. The author of this paper evaluates the benefits and drawbacks and concludes that Canadian businesses would suffer considerably if American currency were adopted in Canadian economics.
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Adoption of U.S. Currency in Canada, 2002.
A look at the arguments for and against the adoption of the United States currency as the currency of Canada.
2,900 words (approx. 11.6 pages), 4 sources, $ 106.95
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Abstract
This paper is a detailed discussion of the implications of Cdn economics in adopting the U.S. currency. Issues of international trade and business initiative are considered, as well as the possible outcomes for Canadian economics and business. The essay argues that adopting a foreign currency in Canada would restrict Federal monetary independence and constrain Canadian business in both local and international trade.
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The Chaos Theory, 2005.
This paper discusses the possibility of more accurately forecasting weather through the application of Edward Lorenz' chaos theory as based on James Gleick's book "Chaos: Making a New Science".
2,315 words (approx. 9.3 pages), 4 sources, MLA, $ 71.95
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Abstract
This paper explains that James Gleick in his book "Chaos: Making a New Science" reports the work of meteorologist and pioneer of the chaos theory, Edward Lorenz, to computerize the forecasting of weather based on physical laws. The author points out that Gleick explains, even though the straight-forward mathematical attempt by Lorenz to find weather averages was a "failure", Lorenz discovered that the phenomenon of climate instability was related to the chaos theory. The paper relates that Lorenz' two non-linear discoveries are (1) that models of chaotic systems have an exquisitely sensitive dependence on initial dependence called the butterfly effect and (2) that even simple systems can show complex, chaotic behavior proving that the "clockwork" universe doesn't exist.
Table of Contents
Gleick's Belief of the Possibility to Forecast Weather
The Butterfly Effect
Nonlinear and Linear Systems
Similar to Predicting the Motions of Planets
Link between Aperiodic Behavior and Unpredictable Behavior
Thermal Convection
From the Paper
"The very act of predicting weather is "fragile" when it comes to computer modeling, even though the data may be "reasonable trustworthy" and the laws of science are "purely physical" (20). But the computer modeling of weather patterns and air movement and temperatures and all the other ingredients that go into the stew, are only good for a day or two; "beyond two or three days the world's best forecasts" are / were speculative, and "beyond six or seven," Gleick writes, "they were worthless." Why were they worthless? "The Butterfly Effect was the reason.""
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The Dollar in the Global Currency Market, 1995.
This paper discusses the position of the dollor as related to other currencies in the global currency market: Background, devaluation, effect on trade, reserves, interest rates and future.
1,350 words (approx. 5.4 pages), 7 sources, $ 47.95
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From the Paper
"Currency takes on a life of its own in the international trading markets. Aside from the value that governments place on their currency, international traders place value that ultimately determines how much any given currency can buy. In recent months, there has been increased attention given to the volatility of the world's currencies, with particular attention given to the American dollar, the Japanese yen, the Deutchemark, and the Mexican peso. This research examines the recent devaluation of the American dollar, the recent performance of the British pound and potential ramifications on the American and world economies.
The Japanese yen, German mark and American dollar are generally considered the world's strongest currencies. Merchants and governments expect these currencies to ... "
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History of the Currency Crisis, 2008.
This paper discusses the history of the currency crisis focusing on Asia and Mexico.
2,011 words (approx. 8.0 pages), 12 sources, APA, $ 63.95
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Abstract
This document discusses currency crises and utilizes the Asian financial crisis of 1997 to 1998 and the Mexican peso crisis of 1994 as illustrative examples. In both of these examples, the writer notes that the currency crises were precipitated by sudden capital flights out of the markets in question which exacerbated the devaluation of the currencies. In essence, the writer maintains that currency crises occur because investors, internal or external, leave a market suddenly and with little prior indication. The writer concludes that regardless of how valid the investor assumption of impending currency devaluation is the fact of their sudden flight from the market always leads to the devaluation they were predicting.
Outline:
Abstract
Currency Crises in Asia and Mexico
Overview
Asian Financial Crisis
South Korean Crisis
Central Bank & OMO
Exchange Rate Behavior
Conclusion
Mexican Currency Crisis
Overview
Build up to Crisis
The Trigger
Conclusion
From the Paper
"Thus, because of the currency speculators, who are typically foreign institutional investors, introduce a degree of risk simply through the size of their investment in a single currency that would not otherwise be there if the speculation was limited to smaller investors. While there are a whole slew of factors that must accompany a genuine currency crisis, in general, a crisis develops as these large institutional speculators perceive a decline in value of the currency and dump their investments en masse. The ensuing devaluation of the currency in question is unsustainable and the event often exposes other fundamental economic weaknesses that were disguised previous to the onset of the currency crisis, such as credit over extension in the market and a lack of foreign capital reserves."
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Pros & Cons of an Indonesian Currency Board, 1998.
Examines the dispute between Indonesian President Suharto & the International Monetary Fund over Suharto's desire to create a currency board, ostensibly to protect his nation's currency, but with the effect of enriching himself & his family.
2,475 words (approx. 9.9 pages), 10 sources, $ 87.95
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From the Paper
"PROS AND CONS OF AN INDONESIAN CURRENCY BOARD
Argument
For the first time in its 53-year history, the International Monetary Fund has become involved in what most observers are calling a "high stakes showdown" against the nation of Indonesia (Passell, 1998, C1). According to Passell's analysis, the showdown has been prompted by Indonesian president Suharto who has "his eye on his family's business and sees a currency board as a sure-fire way to prevent further declines in the nation's currency, the rupiah, and therefore in the family's fortunes" (Passell, 1998, C1). The issues are many, but one clear point of contention stands out. Indonesia wants a currency board, and the IMF has said that if the country does establish a currency board, that it will lose all further support of the IMF bailout funds."
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The Euro Currency Markets, 2006.
A review and discussion regarding the Euro as a currency.
900 words (approx. 3.6 pages), 3 sources, $ 35.95
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Abstract
This document discusses the Euro markets within the European Union vis-a-vis the Euro currency. The paper examines the currency itself, its management, as well as the individual markets. Finally, the paper makes several observations regarding the macroeconomic impact of the euro as well as how companies utilize currency markets for competitive advantage. The Euro is now considered a hard currency.
From the Paper
"Familiarity with the Euro currency markets is vital in the current global market. The implementation of the Euro currency required careful and lengthy planning. The exchange rates at induction of the Euro was particularly problematic considering the sheer variety of national currencies that were being converted over and the variance of existing exchange rates whereby a complex system of triangulation between currencies, exchange rates, and fixed rates (Mundell, 2003). Thus, on January 1, 1999 the Euro was introduced to the national economies of the member states of the EU in 11 of the 12 countries. However, this was just a partial introduction since Greece failed to meet the strict requirements which involved deficits: "On January 1, 1999, the Euro will become the official currency for banking purposes of 11 of the 15 member states of the European Union..." (Walker, 1998, para.6)."
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The Currency Crises, 2005.
A review of several articles about the currency crises.
2,475 words (approx. 9.9 pages), 10 sources, MLA, $ 87.95
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Abstract
This paper reviews ten articles on the currency crises of the past 20 years. The paper examines the global impact a crisis in one country or area has on the world, such as the Asian currency crisis of the 1990s, and discusses the notion that currency crises are self-fulfilling. The paper also looks at whether currency crises are predictable.
From the Paper
"Currency crises have gained much attention in the past years because they have apparently occurred with greater frequency than in the past or perhaps because the global nature of today's financial markets make a currency crisis in one nation a concern around the world. Increasingly, currency stability is of interest to more than just economists and policy makers, with companies and individual investors noting the movement or stability of various currencies with interest .These are not necessarily new stakeholders with regard to..."
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Currency Carry Trades, 2006.
An explanation of what currency carry trades are.
1,663 words (approx. 6.7 pages), 6 sources, MLA, $ 54.95
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Abstract
In this paper, the author explains what currency carry trades are. He uses the yen as a prime example of a currency carry trade and talks about its lasting period of 3.5 years. The author discusses the highs and lows of the yen and also the dollar, and the reasons behind it. The author explains the logic behind the currency carry trade and how it can happen. The author then proceeds to discuss the interest rate differentials which help to understand the changes in the currency markets. The author concludes with his opinion that if the Euro carry trade is happening now and lasts as long as the yen and dollar carry trades, then the Euro will continue down until sometime in 2008.
From the Paper
"In fact, from April 1995 to July 1998 the Japanese currency went from 80 to 147 yen per US dollar, a period of 3.25 years and a loss of 66% purchasing power. From August 1990 to September 1995 the Bank of Japan had lowered the Official Discount Rate from 6% to 0.5%. The US 3-month TBill rates were between 5% and 6% and longer duration bonds over 7%. Thus was born the "yen carry trade."Of course this ended sadly in 1998 when the dollar fell by about 9% in the period between August 31 and September 7, 1998 and then by a further 12% on October 7 and 8. That was the end of the yen carry trade."
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Currency Derivatives Operations, 2006.
This well-researched paper explores the currency derivatives trade which is an indispensable element of the international economic system.
2,955 words (approx. 11.8 pages), 10 sources, APA, $ 87.95
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Abstract
This paper defines derivatives as financial instruments such as options, futures, forwards and swaps that are derived from their underlying currencies. The returns on derivatives are tied to yields of these underlying securities and currencies. This paper details the essential role the derivatives market plays in the global economy in countries such as Asia, Germany and Switzerland, in which these economies reap substantial growth rates due to these financial practices. The writer contends that with the presence of this market the financial condition of business entities are stabilized and secure from the possibility of hedge currency risks. The derivatives market also decreases the amplitude in the fluctuation of spot prices and promotes optimal funds placing. The writer stresses the importance in the implementation and development of the currency derivatives market as a necessary prerequisite for the growth of international trade volume, expansion of foreign investment and for the general development of economy.
Table of Contents:
Abstract
Currency Derivatives Operations in the World Economy
References
From the Paper
"Derivatives market in Ukraine was operating from 1994 to 1998. Unfortunately, its work was far beneath the world standards. From the very beginning the Ukrainian market was developing as an exchange market, despite the fact that the world derivatives development gained the incentive to growth from over-the-counter form of these instruments. Hedgers, a category of market subjects, almost did not participate in the activity of Ukrainian currency exchanges, and the absence of hedgers makes the market non-balanced and not liquid. Moreover, the world financial crisis of 1997 caused the collapse in currency markets. The National Bank of Ukraine made a decision to hold up and later to abolish the functioning of currency derivatives in Ukraine. We would like to underline that despite the crisis in the Russian market, the operations with currency derivatives were not stopped, but continued to develop."
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The Asian Currency Crisis, 2008.
A discussion of the causes of the 1997 Asian currency crisis..
2,400 words (approx. 9.6 pages), 10 sources, APA, $ 73.95
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Abstract
The paper discusses the primary explanations for the 1997 Asian currency crisis and highlights the implications of that crisis for the Asian economic paradigm.
Outline:
1985 - Plaza Accord (Appreciation of Yet Against Dollar)
Liberalization (Bank of Japan, Foreign Loans)
Kieretsu - Export of Capital
End of Bubble Economy
Foreign Banks Lending Expands
1988 -Gsp Status Ends (4 Tigers Economy)
1994 - China: Devaluation of Currency
1995-96 -Mini-Recession, Debt Problem, Accumulation
1996-97 - Debt/ Foreign Exchange, Reserve Rations Deteriorate
1997 July 2nd - Currency Crisis Expands From Thailand into East
Aian Countries
Explanation of the Asian Crisis
From the Paper
"Following the Plaza Accord the Bank of Japan was characterized by liberalization and specifically in the area of foreign loans and as well the Bank of Thailand followed the same course in lending. Entrepreneurs in Asia are noted in the work of Wong entitled: "Lessons from the Asian Financial Crisis relates that Asians are known to place a general trust in their governments for enactment of economic policies which are sound and "their failure to sense the dangers of borrowing short in foreign currency and investing in long-term projects with earnings denominated in local currency was disastrous." (Wong, nd) In July 1997 Thailand "ran out of foreign reserves and devalued the baht which lost over 1/2 of its value. Having admitted the total loss of foreign reserves, there was a run on the bank of Thailand and this quickly spread to Malaysia, Indonesia, the Philippines, South Korea, Singapore and Taiwan. Attempts of the International Monetary Fund to assist these countries was not successful with too small a bailout package at too late of a date."
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Chaos Theory, 2005.
This paper applies chaos theory to business management.
1,070 words (approx. 4.3 pages), 6 sources, MLA, $ 37.95
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Abstract
This paper explains that organizations are becoming aware of the serious need to cope with and quickly adapt to change; therefore, they increasingly are turning to chaos theory in order to understand and manage change in a dynamic business environment. The author points out that chaos theory, also known as non-linear systems theory, is based on the premise that the world is made up of complex systems that are non-linear, dynamic, unstable and unpredictable, contrasting sharp with Newtonian science, which believed that the universe functioned in an ordered, stable, linear and predictable manner. The paper relates that chaos theory has led to organizations being viewed as organic or living systems that will find orderly solutions if they are allowed to do so; however, organizational management needs to be more sensitized to environmental changes, leading to flexibility, responsiveness, dynamism and a reduced reliance on precise planning.
From the Paper
"True, that discerning the underlying structure of the complex systems that bring about change is often difficult because there are a number of myriad factors involved. However, chaos theory is nevertheless useful in understanding and managing what was previously considered to be uncontrollable, chaotic events and behavior. This is achieved by defining chaos as "the range of behaviors that deterministic processes can adopt." One such deterministic process is deemed as the organizational culture and structure itself. Indeed, this is precisely the reason why modern organizations are moving towards decentralized, leaner, flatter structures that allow for employee empowerment, self-organization and emergence."
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The Asian Currency Crisis, 2008.
An in-depth overview of the 1997 Asian currency crisis and its consequences.
2,707 words (approx. 10.8 pages), 12 sources, APA, $ 81.95
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Abstract
The paper provides the background of the 1997 Asian currency crisis and explains the five main causal factors. The paper then explores the effects of the Asian currency crisis on the Asian economic paradigm and concludes by relating that major hindrances still remain in the banking system.
Outline:
Main Explanations of the 1997 Asian Currency Crisis
Implications of the Crisis for the Asian Economic Paradigm
From the Paper
"The Asian currency crisis started in two phases of currency depreciations which were underway since the initial part of summer of 1997. The first round was marked by a steep decline of the Thai Bhat, the Malaysian Ringgit, the Philippine Peso and the Rupiah of Indonesia. Following the stabilization of the currencies, the second round set off with downward pressures hitting the Taiwan dollar, Won of S. Korea, Singaporean and Hong Kong Dollar. The governments of these nations had countered weakness in their currencies through the process of selling foreign exchange reserves and raising interest rates that in effect rendered economic growth sluggish and have made interest-bearing securities more appealing compared to equities. The currency crises also brought to light acute problems within the banking and financial sectors of the burdened Asian economies. (Nanto, 1998)"
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Hedging Currency Risks, 2005.
This paper offers a critical analysis regarding the subject of hedging currency risks.
1,800 words (approx. 7.2 pages), 7 sources, $ 71.95
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Abstract
This eight page paper examines hedging currency risks. The author notes that in critically discussing the view that the efforts by companies to hedge currency risks are of little value to the owners of such companies, it is evident that there is much support for this view. For example, the writer points out that in a Mercer Management Consulting survey of 111 pension fund managers in North America, Australia, Japan and the UK, 86% of respondents said they consider the impact of hedging currency risks to be nil over the long term.
From the Paper
"In critically discussing the view that the efforts by companies to hedge currency risks are of little value to the owners of such companies, it is evident that there is much support for this view. For example, "in a Mercer Management Consulting survey of 111 pension fund managers in North America, Australia, Japan and the UK, 86% of respondents said they consider the impact of hedging currency risks to be nil over the long term". But this view is not universal by any means, for more than sixty-percent of the respondents in this survey believed that hedging currency risks "can have a short-term effect on volatility. Despite this reservation, 79% say they would allow fund managers to carry out hedging operations"."
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