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AbstractFive real exchange rate indicators are computed to assess the international competitiveness of Hungarian industry. These indicators are explained in econometric equations by employment, unemployment, productivity, interest spread and real producer wage. Causality tests reveal that external performance has an impact on real exchange rates, and contributes to explaining real exchange rates. There is very limited scope for policy intervention to constrain the negative effects of capital inflows without incurring other costs.

We study the Lagos and Wright (2005) model of monetary exchange in the laboratory. With a finite population of sufficiently patient agents, this model has a unique monetary equilibrium and a continuum of non-monetary gift exchange equilibria, some of which Pareto dominate the monetary equilibrium. We find that subjects avoid the gift exchange equilibria in favor of the monetary equilibrium. We also study versions of the model without money where all equilibria involve non-monetary gift exchange. We find that welfare is higher in the model with money than without money, suggesting that money plays a role as an efficiency enhancing coordination device. ( JEL C92, D12, E40, Z13)

The Commodity Exchange Act (CEA) makes it illegal to trade a contract for the purchase or sale of a commodity for future delivery-a"futures contract"-unless the contract is executed on a federally designated exchange. Despite its long history of trouble-free administration and operation, this central premise of futures regulation recently has been attacked as unworkable and undesirable. Some argue that the requirement discourages commercially useful off-exchange transactions. They claim that even if such transactions fall within the letter of the requirement, off-exchange transactions do not implicate the trading restriction's policy concerns. In contrast, others suggest that off-exchange transactions threaten the safety and soundness of the international financial system, and violate the clear language of the CEA. The out-come of this debate will have a profound impact on risk management and the futures industry for years to come.The purpose of this Article is to review this longstanding and now controversial exchange-trading requirement-including its origins,scope, and current relevance. Parts II and III of this Article examine the historical evolution of forward and futures contracts and present an overview of federal regulation of commodity futures from 1921 to the present. Part IV explores in detail the legislative history of the exchange-trading requirement. Particular emphasis is placed on the meaning of a narrow statutory exception to the requirement called the"forward contract exclusion." In Part V the "Treasury Amendment,"adopted in 1974, is reviewed and determined to be a clarification of the forward contract exclusion. Following an examination of the Commodity Futures Trading Commission's jurisdiction over futures trading in Part VI, Part VII analyzes a proposal to carve out a "safe harbor" from the exchange-trading requirement for futures transactions by commercial institutions. That section concludes that the proposal finds no support in the language or legislative history of the CEA and ignores ...

This Master's Dissertation is structured in two parts. In the first one, the notion of virtual mobility and the progressive virtualization of education in Europe will be explained. To this end, I will first put the concept of virtual mobility into context, as well as the projects that have emerged from it. Afterwards, I will tackle the origin of the Erasmus programme and its evolution to the current Erasmus+ programme, where I will analyze the findings and evidence showing that both types of exchange (physical and Erasmus+ Virtual Exchange) are compatible. In the second part, I will apply these concepts to the school environment, by designing a proposal to enable the virtualization of a school exchange between two European schools thanks to the eTwinning platform, that belongs to the European Union's Erasmus+ programme. ; Este Trabajo de Fin de Máster se estructura en dos partes. En la primera, se explicará la noción de movilidad virtual y la progresiva virtualización de la educación en Europa. Para ello, pondré primero en contexto el concepto de movilidad virtual, así como los proyectos que han surgido de él. Una vez hecho esto, explicaré el origen del programa Erasmus y su evolución hasta el actual Erasmus+, donde analizaré los hallazgos y pruebas que demuestran que ambos tipos de intercambio (físico y Erasmus+ Virtual Exchange) son compatibles. En la segunda parte, aplicaré estos conceptos al ámbito escolar, mediante el diseño de una propuesta que permita la virtualización de un intercambio escolar entre dos colegios europeos gracias a la plataforma eTwinning, la cual pertenece al programa Erasmus+ de la Unión Europea. ; Máster en Profesor de Educación Secundaria Obligatoria y Bachillerato, Formación Profesional y Enseñanzas de Idiomas