Monetary policy, exchange rates and stock prices in the Middle East region

A structural vector autoregressive model is employed to investigate the impact of monetary policy and real exchange rate shocks on the stock market performance of Kuwait, Oman, Saudi Arabia, Egypt and Jordan. In order to identify the structural shocks both short run and long run restrictions are applied. Unlike previous literature the contemporaneous interdependence between the financial variables are left unrestricted to give a more accurate depiction of the relationships. The heterogeneity of the results reflect the different monetary policy frameworks and stock market characteristics of these countries. Mainly, monetary policy and the real exchange rate shocks have a significant short run impact on the stock prices of the countries that apply a relatively more independent monetary policy and flexible exchange rates.

The modified Max-Log-MAP turbo decoding algorithm by extrinsic information scaling for wireless applications

The iterative nature of turbo-decoding algorithms increases their complexity compare to conventional FEC decoding algorithms. Two iterative decoding algorithms, Soft-Output-Viterbi Algorithm (SOVA) and Maximum A posteriori Probability (MAP) Algorithm require complex decoding operations over several iteration cycles. So, for real-time implementation of turbo codes, reducing the decoder complexity while preserving bit-error-rate (BER) performance is an important design consideration. In this chapter, a modification to the Max-Log-MAP algorithm is presented. This modification is to scale the extrinsic information exchange between the constituent decoders. The remainder of this chapter is organized as follows: An overview of the turbo encoding and decoding processes, the MAP algorithm and its simplified versions the Log-MAP and Max-Log-MAP algorithms are presented in section 1. The extrinsic information scaling is introduced, simulation results are presented, and the performance of different methods to choose the best scaling factor is discussed in Section 2. Section 3 discusses trends and applications of turbo coding from the perspective of wireless applications.