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Book part
Publication date: 8 April 2024

Jana Šimáková

Czechia's economic growth is substantially dependent on foreign trade. An independent monetary policy in a managed floating exchange rate regime gives a unique perspective on the…

Abstract

Czechia's economic growth is substantially dependent on foreign trade. An independent monetary policy in a managed floating exchange rate regime gives a unique perspective on the effects of the exchange rate on foreign trade. This chapter evaluates the effects of exchange rate development on different sectors of Czechia's foreign trade. Using disaggregated data based on trading partner and product category, the period from 1999 to 2020 is analyzed. Czechia's 10 major trading partners are included in the estimation. The relationship between exchange rates and foreign trade is assessed through a Johansen cointegration approach and modified vector error correction model. The results of the Johansen cointegration test indicate that the majority of the aggregate bilateral trade balances are in a long-term relationship with Czechia's gross domestic product (GDP), foreign GDP and exchange rate movements. The J-curve is proved only in chemicals and related products traded with France, manufactured goods traded with Italy and Slovakia and mineral fuels and lubricants traded with the Netherlands.

Details

Modeling Economic Growth in Contemporary Czechia
Type: Book
ISBN: 978-1-83753-841-6

Keywords

Content available
Book part
Publication date: 8 April 2024

Abstract

Details

Modeling Economic Growth in Contemporary Czechia
Type: Book
ISBN: 978-1-83753-841-6

Book part
Publication date: 8 April 2024

Jan Černohorský, Liběna Černohorská and Petr Teplý

The aim of this chapter is to describe the purpose of the introduction of the exchange rate commitment by the Czech National Bank (CNB) in the period from November 2013 to April…

Abstract

The aim of this chapter is to describe the purpose of the introduction of the exchange rate commitment by the Czech National Bank (CNB) in the period from November 2013 to April 2017 and its effects on the real economy. The main reason for introducing the exchange rate commitment was concern about the possibility of a prolonged deflationary period in Czechia. Given that the standard monetary policy instruments had already been exhausted on easing the monetary policy conditions, the CNB Bank Board opted for an exchange rate commitment. The secondary objective of the exchange rate commitment was to boost the economy through the positive effect of a weaker koruna on exports. Next, we focus in more detail on the effect of the exchange rate commitment in the economy and the course of the foreign exchange interventions. Overall, we can summarize that the CNB's foreign exchange interventions were an extraordinary monetary policy instrument – in a market economy with inflation targeting and a flexible exchange rate – used in extraordinary times.

Details

Modeling Economic Growth in Contemporary Czechia
Type: Book
ISBN: 978-1-83753-841-6

Keywords

Open Access
Article
Publication date: 7 April 2023

Billy Prananta and Constantinos Alexiou

The authors explore the relationship between the exchange rate, bond yield and the stock market as well as the effect of capital market dynamics on the exchange rate before and…

1016

Abstract

Purpose

The authors explore the relationship between the exchange rate, bond yield and the stock market as well as the effect of capital market dynamics on the exchange rate before and during the COVID-19 pandemic.

Design/methodology/approach

The authors employ a non-linear autoregressive distributed lag (NARDL) methodology using daily data of the Indonesian economy over the period 2012–2021.

Findings

Whilst, over the full sample period, the authors find no cointegration between the exchange rate, the 10-year bond yield and stock market, for the COVID-19 period, evidence of cointegration is present. Furthermore, the results suggest that asymmetric effects are evident both in the short as well as the long run.

Originality/value

To the best of the authors’ knowledge, this is the first time that the relationship between the exchange rate, bond yield and the stock market as well as the effect of capital market dynamics on the exchange rate before and during the COVID-19 pandemic has been explored in the case of the Indonesian economy.

Details

Asian Journal of Economics and Banking, vol. 8 no. 1
Type: Research Article
ISSN: 2615-9821

Keywords

Book part
Publication date: 3 April 2024

Christopher McMahon and Peter Templeton

In recent years, the relationship between Manchester United fans and their club has been put under the spotlight due to the contentious relationship between the fanbase and the…

Abstract

In recent years, the relationship between Manchester United fans and their club has been put under the spotlight due to the contentious relationship between the fanbase and the club’s American owners, the Glazer family. However, the commercialisation of Manchester United and their ramping up of their associated brand accelerated massively during the 1990s, as a result of the coincident timing of the country’s glamour club returning to dominance during a period of ever-greater financial returns for top-flight success. As the undoubted commercial trailblazers in English football (and the first English club to be listed on the Stock Exchange), analysing their development during the 1990s is, arguably, the best way of understanding how and why top-flight football clubs operate the way they do and, in a knock-on effect on the league’s competitiveness, why the clubs below them can so easily fall away.

Details

Contradictions in Fan Culture and Club Ownership in Contemporary English Football: The Game's Gone
Type: Book
ISBN: 978-1-83549-024-2

Keywords

Article
Publication date: 29 January 2024

Francesco Romanò, Mario Stojanović and Hendrik C. Kuhlmann

This paper aims to derive a reduced-order model for the heat transfer across the interface between a millimetric thermocapillary liquid bridge from silicone oil and the…

Abstract

Purpose

This paper aims to derive a reduced-order model for the heat transfer across the interface between a millimetric thermocapillary liquid bridge from silicone oil and the surrounding ambient gas.

Design/methodology/approach

Numerical solutions for the two-fluid model are computed covering a wide parametric space, making a total of 2,800 numerical flow simulations. Based on the computed data, a reduced single-fluid model for the liquid phase is devised, in which the heat transfer between the liquid and the gas is modeled by Newton’s heat transfer law, albeit with a space-dependent Biot function Bi(z), instead of a constant Biot number Bi.

Findings

An explicit robust fit of Bi(z) is obtained covering the whole range of parameters considered. The single-fluid model together with the Biot function derived yields very accurate results at much lesser computational cost than the corresponding two-phase fully-coupled simulation required for the two-fluid model.

Practical implications

Using this novel Biot function approach instead of a constant Biot number, the critical Reynolds number can be predicted much more accurately within single-phase linear stability solvers.

Originality/value

The Biot function for thermocapillary liquid bridges is derived from the full multiphase problem by a robust multi-stage fit procedure. The derived Biot function reproduces very well the theoretical boundary layer scalings.

Details

International Journal of Numerical Methods for Heat & Fluid Flow, vol. 34 no. 4
Type: Research Article
ISSN: 0961-5539

Keywords

Article
Publication date: 6 March 2024

Xiaohui Li, Dongfang Fan, Yi Deng, Yu Lei and Owen Omalley

This study aims to offer a comprehensive exploration of the potential and challenges associated with sensor fusion-based virtual reality (VR) applications in the context of…

Abstract

Purpose

This study aims to offer a comprehensive exploration of the potential and challenges associated with sensor fusion-based virtual reality (VR) applications in the context of enhanced physical training. The main objective is to identify key advancements in sensor fusion technology, evaluate its application in VR systems and understand its impact on physical training.

Design/methodology/approach

The research initiates by providing context to the physical training environment in today’s technology-driven world, followed by an in-depth overview of VR. This overview includes a concise discussion on the advancements in sensor fusion technology and its application in VR systems for physical training. A systematic review of literature then follows, examining VR’s application in various facets of physical training: from exercise, skill development and technique enhancement to injury prevention, rehabilitation and psychological preparation.

Findings

Sensor fusion-based VR presents tangible advantages in the sphere of physical training, offering immersive experiences that could redefine traditional training methodologies. While the advantages are evident in domains such as exercise optimization, skill acquisition and mental preparation, challenges persist. The current research suggests there is a need for further studies to address these limitations to fully harness VR’s potential in physical training.

Originality/value

The integration of sensor fusion technology with VR in the domain of physical training remains a rapidly evolving field. Highlighting the advancements and challenges, this review makes a significant contribution by addressing gaps in knowledge and offering directions for future research.

Details

Robotic Intelligence and Automation, vol. 44 no. 1
Type: Research Article
ISSN: 2754-6969

Keywords

Article
Publication date: 4 July 2023

Lexis Alexander Tetteh, Cletus Agyenim-Boateng and Samuel Nana Yaw Simpson

The study examines the instigating factors behind the development of the local content (LC) policy in Ghana and it further investigates the accountability mechanisms that drive…

Abstract

Purpose

The study examines the instigating factors behind the development of the local content (LC) policy in Ghana and it further investigates the accountability mechanisms that drive the LC policy implementation to promote sustainable development.

Design/methodology/approach

The study reports on a series of interviews with key actors using Institutional Theory and the application of Bovens’ (2010) Global Accountability Framework as a lens for discussion and interpretation of results.

Findings

The results reveal that two forces instigated LC policy enactment. One is external funding pressure from the Norwegian government and the World Bank. The other is the government’s engagement of Civil Society Organisations and other internal stakeholders to justify its activities and missions to signal adherence to impartiality, neutrality, and, to a lesser extent, solidarity. The analysis also reveals tensions in how accountability legitimacy relates to implementation of the LC policy. The study further discovers that while participation, transparency, monitoring, and evaluation are frequently invoked as de jure institutional legitimacy in oil and gas contracts, actual practices follow normative (de facto) institutionalism rather than what the LC policy law provides.

Research limitations/implications

The interview had a relatively small number of participants, which can be argued to affect the study’s validity. Nevertheless, given the data saturation effect and the breadth of the data obtained from the respondents, this study represents a significant advancement in LC policy enactment knowledge, implementation mechanisms and enforcement in an emerging O&G industry.

Practical implications

The findings of this study suggest that future policy development in emerging economies should involve detailed consultations to increase decision-maker knowledge, process transparency and expectations. This will improve implementation and reduce stakeholder tension, conflict and mistrust.

Originality/value

The findings of this study build on earlier investigations into legitimacy, accountability and impression management in and outside the O&G sector. Also, the findings reveal the legitimising tactics used by O&G actors to promote local content sustainable development targets.

Details

Journal of Applied Accounting Research, vol. 25 no. 2
Type: Research Article
ISSN: 0967-5426

Keywords

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