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Offering an example of a small open developing economy, the purpose of this paper is to explore the reasons for relative stability in Armenia’s foreign exchange market. Relying on a single currency and derived cross-currency exchange rates, the paper models short-term effects between exchange market pressure and financial and macroeconomic factors.

Following a literature review, the paper sets the macroeconomic context with an initial variance comparison of standard currency pairs and derived cross-currency exchange rates. Then, the core analysis is carried out with a vector error correction model, focusing on short-term cross-dynamics in monthly data. The orthogonal impulse response function analyses help solidify and further inform relevant conclusions.

Three broad factors influence Armenia’s foreign exchange market: external push factors; domestic banking sector competition, and foreign currency risk perceptions; and domestic macroeconomic and dual, cross-pair, exchange rate target priorities. The central bank’s implicit management of the foreign exchange market’s expectations, pull factor, is consistent with trader market power’s contribution to lower volatility. Yet, the risk of financial and real-sector decoupling remains.

The results are relevant for emerging markets attempting to leverage the global liquidity and low interest rates, while being exposed to external pressures in the post-crisis environment, in which international reserves may be scarce while currency stability is an implied priority. This study can be further adapted to a more comprehensive structural short-term analysis of currency determination or similar dynamics in other small open economies.

The euro’s introduction initially confronts a firm with a currency changeover problem affecting its accounting and reporting systems. The company’s controller can solve this initial problem by means of an electronic data processing project. For the project’s duration, it is crucial to maintain reporting transparency by providing for successive transition of accounting subsystems from the national currency to the euro. Yet, with barely six months remaining until national currencies cease to be legal tender, few firms have prepared their accounting systems for conversion to the euro. Moreover, switching currencies constitutes just a small part of a far larger, complex set of related problems. That is because the common currency’s introduction also influences many business parameters of differing importance to management. Generalized checklists help managers little in dealing with the specific impacts such influences may have on an enterprise. Accordingly, the controller must identify the relative importance and sequence of changes necessary in each of the firm’s functional areas. The euro’s introduction furthermore represents an opportunity for management to modernize the company’s IT structures and to start using both the Internet and data warehouses.

Monetary unification within Europe appears to be on target. Eleven nations pegged their currency to the euro in 1999. The euro‐zone is experiencing varying levels of growth related to GDP. Balancing policy for 11 nations will be difficult. The true test will take place when asymmetric shocks hit one or several of the nations and unemployment rises to unmanageable levels forcing the European Union and European Central Bank to make tough decisions. Cultural issues and national identities are ever present. Optimum currency areas and comparative advantage discussed. The paper is divided into four major sections – reasons for unification, benefits, issues and conclusion.

This paper is the result of empirical research funded by The British Academy. The overall purpose of the study is to investigate the initial barriers to internationalization experienced and perceived by small retailers based in the UK and the role of government support in addressing such obstacles.

A qualitative, multiple case research design is adopted. This involves semi‐structured in‐depth interviews with the senior manager/decision‐maker in six retail SMEs based in the UK and the analysis of company documentation and information from a range of secondary sources.

The findings from the case study data highlight internal and external barriers to internationalization relating to management: lack of vision, fear of losing control, lack of knowledge; the company: transfer of retail concept overseas, lack of resources, lack of consolidation in domestic market; and the external environment: legislation, currency, cultural differences and logistics. The findings also highlight an overall negative experience and perception of government support in assisting smaller retailers to overcome these barriers and aid expansion outside the UK.

The findings of this study provide important insight into the perceived and actual barriers encountered by retail SMEs. On one hand, the focus on SMEs provides fresh evidence to the retail internationalization literature, which has focused primarily on the barriers faced by large multinational retailers. On the other hand, the context of this study, yields new insight into research conducted in the field of SME internationalization, which has to date ignored smaller firms in the retail industry. The findings of this study also allow for recommendations to be made to both owner‐managers and government organizations.

RARELY can organization and methods techniques have received a bigger boost than has come to them through the publicity attending the latest issue of the O & M Bulletin. Some work study people are already aware of this publication; those who are not can easily become acquainted with it by sending a crossed cheque or postal order for twelve shillings to the editor. This covers a year's subscription and HM Stationery Office, in whose favour the remittance should be crossed, will attend to renewals.

The purpose of this paper is to analyse the emergence, operation and features of the time banks that were created during the recent financial crisis in Greece as grass-roots initiatives of different communities, and to examine their relation to the concept of “co-production” and possible relevance to foresight. Time banks are particularly interesting for the future of services: they address all sorts of services while the time-bank “value” of these different types of services does not necessarily reflect their actual value in the free market; impacts may spread from the mere coverage of people’s needs, to increased social capital and community empowerment; and some scholars consider them as flexible forms of co-production, or even as enablers of wider social change. The purpose of the paper is to examine the emergence, and features of the time banks created during the recent financial crisis in Greece as grass-roots initiatives.

Primary information and data were gathered through eight extensive face-to-face interviews with key members of the four time banks based on a semi-structured questionnaire. The methodology also included desk research and review of the information included in time banks’ websites. The selection of these four time banks was based on the fact that they are the most active ones in Athens, which is the capital of the country gathering around 40 per cent of the Greek population and presenting the severest consequences of the financial crises in terms of unemployment, poverty, shutdown of businesses, share of people with no insurance, etc.

Based on a specific analytical framework summarising the available literature, the Greek time banks are compared with each other but also in relation to the findings in the literature, where some interesting differences emerge. The paper also explores the role that foresight can plan in the development of alternative initiatives like time banks. The interesting conclusion is that foresight can help time banks as much as time banks can help foresight in upgrading its processes to deal with challenges of the twenty-first century.

The research focuses on the four most active time banks in Athens. While this selection is justified, future research would be good to include all the time banks in Greece.

The paper explores how time banks in Greece emerged as well as how they can further develop. This is of direct relevance to society as time banks are by default a community initiative.

Time banks in Greece have not been previously studied. Second, time banks in general were never linked to approaches like foresight. This becomes increasingly important in examining possible approaches toward more sustainable and resilient societies.

Purpose: Central bank digital currency (CBDC) is non-physical or the digital equivalent of physical money issued by a central bank. Nigeria became the first African country to issue a CBDC, popularly known as the eNaira. This chapter highlights the redesign features that eNaira should possess to offer payment solutions and macroeconomic stability effectively.

Methodology: The chapter used discourse analysis to highlight the features the eNaira should possess.

Findings: The chapter suggests that the eNaira should have an interest-bearing status, have enhanced security features, and offer zero transaction costs on eNaira transactions. These are design features which the eNaira presently lacks.

Originality: This chapter is the first to suggest redesign features for an already issued CBDC. It is also the first to highlight the design features of a CBDC in the African continent.

The purpose of this paper is to analyze the formal political, legal and economic institutional legitimacy challenges for (US-based) multinational corporations (MNCs) attempting to enter the Cuban market, discuss the key local constituencies in Cuba that are able to grant legitimacy and sketch out respective strategies to deal with each of these formal institutional challenges.

A qualitative research approach comprising semi-structured executive interviews was used, combined with the analysis of media accounts and recent governmental policies and developments. The authors interpreted the gathered data and information based on institutional theory.

This paper sketches out specific legitimacy challenges for (US-based) MNCs when entering Cuba and discusses strategies to manage these challenges.

The authors provide an application of institutional theory in the specific context of Cuba and so demonstrate the value of applying this theoretical lens to better understand the local legitimacy processes in this particular emerging market environment.

This study presents a framework of strategies (US-based) MNCs may use to inform their entry strategies into the Cuban market, based on an analysis of the local institutional environment, legitimacy pressures and constituencies able to grant or withdraw the approval and support of foreign MNCs.

This paper is an original application of institutional theory to the emerging market of Cuba using a qualitative research approach, and so contributes to an emerging stream of research studying this market context from an academic and practical perspective.