Dynamic Effects of Currency Depreciation on Stock Market Returns during the Asian Financial Crisis

The current international integration of financial markets provides a channel for currency depreciation to affect stock prices. Moreover, the recent financial crisis in Asia with its accompanying exchange rate volatility affords a case study to examine that channel. This paper applies a bivariate GARCH-M model of the reduced form of stock market returns to investigate empirically the effects of daily currency depreciation on stock market returns for five newly emerging East Asian stock markets during the Asian financial crisis. The evidence shows that the conditional variances of stock market returns and depreciation rates exhibit time-varying characteristics for all countries. Domestic currency depreciation and its uncertainty adversely affects stock market returns across countries. The significant effects of foreign exchange market events on stock market returns suggest that international fund managers who invest in the newly emerging East Asian stock markets must evaluate the value and stability of the domestic currency as a part of their stock market investment decisions.

Substratal idiothetic navigation of rats is impaired by removal or devaluation of extramaze and intramaze cues

The spatial orientation of vertebrates is implemented by two complementary mechanisms: allothesis, processing the information about spatial relationships between the animal and perceptible landmarks, and idiothesis, processing the substratal and inertial information produced by the animal's active or passive movement through the environment. Both systems allow the animal to compute its position with respect to perceptible landmarks and to the already traversed portion of the path. In the present study, we examined the properties of substratal idiothesis deprived of relevant exteroceptive information. Rats searching for food pellets in an arena formed by a movable inner disk and a peripheral immobile belt were trained in darkness to avoid a 60° sector; rats that entered this sector received a mild foot shock. The punished sector was defined in the substratal idiothetic frame, and the rats had to determine the location of the shock sector with the use of substratal idiothesis only, because all putative intramaze cues were made irrelevant by angular displacements of the disk relative to the belt. Striking impairment of place avoidance by this “shuffling procedure” indicates that effective substratal idiothesis must be updated by exteroceptive intramaze cues.

Patterns of currency transactions and their relationship to narcotics traffic : hearing before the Subcommittee on General Oversight and Renegotiation of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, Ninety-sixth Congress, first session on H.R. 5961 ... November 29, 1979.

"Serial no. 96-47."

The behavior of U.S. export prices and profit margins, 1981-1986 /

Mode of access: Internet.

Facts and fallacies in the evidence taken by "The committee on banks of issue" ; exhibiting aggressions in the Bank of England, and oppressions on the British community : to which are added extraordinary suggestions of currency remedies, for town and country bankers, in a letter to the Chancellor of the Exchequer.

Mode of access: Internet.

A digest of information on the relation of currency to the depression.

Mimeographed.

Report of currency exchanges.

Description based on: Oct. 1, 1955 through Sept. 30, 1958.

Remarks on the present state of currency, credit, commerce, and national industry ...

Mode of access: Internet.

The principles of currency and exchange /

Goldsmiths'-Kress no. 19114.

Principles of currency and banking.

Microfilm. Ann Arbor, Mich., University Microfilms [n.d.] (American culture series, Reel 378.12)

Views on the currency : in which the connexion between corn and currency is shown, the nature of our system of currency explained, and the merits of the Corn bill, the branch banks, the extension of the bank charter, and the small note act examined /

Goldsmiths'-Kress no. 25572.

A history of currency in the United States,

Bibliography: p.479-496.

To establish a bimetallic system of currency : hearings, Seventy-second Congress, first session on S.2487 ... Feb. 6, 1932.

On S. 2487, a bill to establish a bimetallic system of currency, employing gold and silver, to fix the relative value of gold and silver, to provide for the free coinage of silver as well as gold and for other purposes.