Currency Theory

Optimum Currency Area

In economics, an optimum currency area (OCA), also known as an optimal currency region (OCR), is a geographical region in which it would maximize economic efficiency to have the entire region share a single currency. It describes the optimal characteristics for the merger of currencies or the creation of a new currency. The theory is used often to argue whether or not a certain region is ready to become a monetary union, one of the final stages in economic integration.

In theory, an optimal currency area could also be smaller than a country. Some economists have argued that the United States, for example, has some regions that do not fit into an optimal currency area with the rest of the country.The theory of the optimal currency area was pioneered by economist Robert Mundell. 

Quantity theory of money

In monetary economics, the quantity theory of money is the theory that money supply has a direct, proportional relationship with the price level.

The theory was challenged by Keynesian economics, but updated and reinvigorated by the monetarist school of economics.

While mainstream economists agree that the quantity theory holds true in the long run, there is still disagreement about its applicability in theshort run.

Alternative theories include the real bills doctrine and the more recent fiscal theory of the price level.

Velocity Of Money - velocity of circulation

The rate at which money is exchanged from one transaction to another, and how much a unit of currency is used in a given period of time. Velocity of money is usually measured as a ratio of GNP to a country's total supply of money.

Velocity is important for measuring the rate at which money in circulation is used for purchasing goods and services. This helps investors gauge how robust the economy is, and is a key input in the determination of an economy's inflation calculation. Economies that exhibit a higher velocity of money relative to others tend to be further along in the business cycle and should have a higher rate of inflation, all things held constant.

Economy

The large set of ...

Gross National Product - GNP

An economic ...

Money Supply

The entire stock ...

Equation Of Exchange

An economic ...

Inflation

The rate at ...

Electronic Communication Network - ECN

An electronic ...

Market Sentiment

The feeling or ...

Immediate Or Cancel Order - IOC

An order ...

Stop Order

An order to buy ...

Xenocurrency

M0

A measure of the money supply which combines any liquid or cash assets held within a central bank and the amount of physical currency circulating in the economy. In the United Kingdom, the M0 supply is also referred to as narrow money.

M0 (M-zero) is the most liquid measure of the money supply. It only includes cash or assets that could quickly be converted into currency. 

This measure is known as narrow money because it is the smallest measure of the money supply.

M1

A category of the money supply that includes all physical money such as coins and currency; it also includes demand deposits, which are checking accounts, and Negotiable Order of Withdrawal (NOW) Accounts.

M2

A category within the money supply that includes M1 in addition to all time-related deposits, savings deposits, and non-institutional money-market funds.

M2 is a broader classification of money than M1. Economists use M2 when looking to quantify the amount of money in circulation and trying to explain different economic monetary conditions.

M3

The category of the money supply that includes M2 as well as all large time deposits, institutional money-market funds, short-term repurchase agreements, along with other larger liquid assets.

This is the broadest measure of money; it is used by economists to estimate the entire supply of money within an economy.

Broad Money

In the U.S. the most common measures of the money supply are termed M0, M1, M2 and M3. These measurements vary according to the liquidity of the accounts included. M0 includes only the most liquid instruments, and is therefore narrowest definition of money. M3 includes includes liquid instruments as well as some less liquid instruments and is therefore considered the broadest measurement of money. Complicating the situation, different countries often define their measurements of the money slightly differently. In academic settings, the term "broad money" should be separately defined in order to prevent potential misunderstandings.   

Crowding Out Effect

Governments often borrow money (by issuing bonds) to fund additional spending. The problem occurs when government debt 'crowds out' private companies and individuals from the lending market. 

Increased government borrowing tends to increase market interest rates. The problem is that the government can always pay the market interest rate, but there comes a point when corporations and individuals can no longer afford to borrow.

Corporate Finance

Any financial or monetary activity that deals with a company and its money

Keynesian Economics

A supporter of Keynesian economics believes it is the government's job to smooth out the bumps in business cycles. Intervention would come in the form of government spending and tax breaks in order to stimulate the economy, and government spending cuts and tax hikes in good times, in order to curb inflation.

Animal Spirits

A term used by John Maynard Keynes used in one of his economics books. In his 1936 publication, "The General Theory of Employment, Interest and Money," the term "animal spirits" is used to describe human emotion that drives consumer confidence. According to Keynes, animal spirits also generate human trust.    

Animal Spirits

There has been a resurgence of interest in the idea of animal spirits in recent years. Several books and articles have been published on this topic. Keynes believed that animal spirits were necessary to motivate people to take positive action.

Structured Finance

A service that generally involves highly complex financial transactions offered by many large financial institutions for companies with very unique financing needs. These financing needs usually don't match conventional financial products such as a loan.

Structured finance has become a major segment in the financial industry since the mid-1980s. Collateralized bond obligations (CBOs), collateralized debt obligations (CDOs), syndicated loans and synthetic financial instruments are examples of structured financial instruments.

Hybrid Security'

A security that combines two or more different financial instruments. Hybrid securities generally combine both debt and equity characteristics. 

The most common example is a convertible bond that has features of an ordinary bond, but is heavily influenced by the price movements of the stock into which it is convertible.

Some of these securities get so complicated that it's tough to define them as either debt or equity.

Securitization'

The process through which an issuer creates a financial instrument by combining other financial assets and then marketing different tiers of the repackaged instruments to investors. The process can encompass any type of financial asset and promotes liquidity in the marketplace.

Mortgage-backed securities are a perfect example of securitization. By combining mortgages into one large pool, the issuer can divide the large pool into smaller pieces based on each individual mortgage's inherent risk of default and then sell those smaller pieces to investors. 

The process creates liquidity by enabling smaller investors to purchase shares in a larger asset pool. Using the mortgage-backed security example, individual retail investors are able to purchase portions of a mortgage as a type of bond. Without the securitization of mortgages, retail investors may not be able to afford to buy into a large pool of mortgages

C++ Programming

C++ Programming

C and its derivative C++

Books 

 A C++ Tutorial for Complete Beginners # 1

It is considered to be the most commonly used programming language. If you want a job in programmming, you will need to know this language. 

The best way to learn a 'human' language is to start speaking, listening, and repeating, and then leaving the grammar for later. The same can be applied to C, you need to start writing programs as quickly as possible. 

1. Your First Program

It is a perfect starting place for our tutorial.

So, type the following program into your favorite editor. If you are using Windows then try notepad or DOS Edit, if using a *Nix variant use VI or emacs

  .............................................................................................................................................................

/* hello world program */
#include "stdio.h"

void main()
{
    printf("\nHello World\n"); // print to screen
}

Save this code into a file, and call the file hello.c, then compile it by typing at a command prompt:

gcc hello.c 

................................................................................

 

About the Author
Alex is a professional C++ software developer and was twice recognized as one of the top two Teaching Fellows in Harvard's School of Engineering and Applied Sciences. He helped teach both of Harvard's first two introductory computer science courses, focusing on C, C++ and Scheme.

 

 PDF

If you're new to C++, I recommend you purchase my ebook, Jumping into C++, a complete step-by-step guide for beginners, which covers significantly more material than this free tutorial.

A step-by-step guide to becoming a C++ programmer... Guaranteed

Want to learn to code? Want to learn C++? Struggling to follow your lecturer or books and tutorials written for experts?

Web Teaching

Virtual reality

Virtual reality

Virtual reality is an artificial environment that is created with software and presented to the user in such a way that the user suspends belief and accepts it as a real environment. On a computer, virtual reality is primarily experienced through two of the five senses: sight and sound. 

U.S. Navy personnel using a VR parachute trainer

The CAVE system is one of the most immersive display systems for virtual reality environments.

This boy is playing a holographic game that incorporates virtual reality.

Head-mounted displays are computer monitors that you wear on your head. Most are mounted in a helmet or a set of goggles

The dexterous hand master uses sensors attached to each finger joint, enabling the glove to be like an exoskeleton. These gloves are more accurate than either fiber-optic gloves

This DataSuit interprets user motions, translating them into actions within a virtual environment.

Skyrim in Virtual Reality using HMZ-T1, TrackIR & Kinect

Popular products for creating virtual reality effects on personal computers include Bryce, Extreme 3D, Ray Dream Studio, trueSpace, 3D Studio MAX, and Visual Reality. The Virtual Reality Modelling Language (VRML)

VR Lab

The Sharpe Ratio

Understanding The Sharpe Ratio

 Since the Sharpe ratio was derived in 1966 by William Sharpe, it has been one of the most referenced risk/return measures used in finance, and much of this popularity can be attributed to its simplicity. 

The ratio's credibility was boosted further when Professor Sharpe won a Nobel Memorial Prize in Economic Sciences in 1990 for his work on the capital asset pricing model (CAPM). In this article, we'll show you how this historic thinker can help bring you profits. (To find out more on this subject, see The Capital Asset Pricing Model: An Overview and The Sharpe Ratio Can Oversimplify Risk.)

The Ratio Defined
Most people with a financial background can quickly comprehend how the Sharpe ratio is calculated and what it represents. The ratio describes how much excess return you are receiving for the extra volatility that you endure for holding a riskier asset. Remember, you always need to be properly compensated for the additional risk you take for not holding a risk-free asset.


Read 

Equity Portfolio Manager

Equity Portfolio Manager

Stand-alone portfolio manager – Hedge Fund – London, Base + % PnL

Locations

London, United Kingdom

Salary/Rate

Uncapped, base + % PnL

Job Sectors

Equities, Foreign Exchange, Hedge Funds, Portfolio Management

Career Levels

Senior, Manager/VP

Position Type

Permanent

Employment Type

Full Time

Start Date

ASAP

Duration

Permanent

Posted

11 May 2012

Post Expires

10 Jul 2012

Successful multi billion dollar hedge fund seeks to leverage their strong trading, back testing engine and data platform by offering a senior portfolio manager with a successful track record the opportunity of a partnership. You will be joining an organisation that has enjoyed significant growth in their AUM and now want exceptional portfolio managers to help diversify the strategies. The potential pay-out for the candidate that meets their requirement will be highly competitive. They are open to individuals or a 2-3 man stand alone team.

Profile sought

100% fully systematic quantitative models across Equities, Futures or FX

Any frequency, although shorter term frequencies will be preferable

A Sharpe Ration of 2.0 or higher

At least a 2 year live trading track record with low drawdowns relative to returns

Strong PnL track record

Excellent Portfolio Management experience

Please send your CV/Presentation for a confidential discussion to ada.offonry@nicollcurtin.com

Junior Assistant portfolio manager- Fresh Graduate- US High Frequency Fund- $150K+

Managed Futures portfolio manager- 2+ years- Algorithmic Trading Firm- London/ NY- $400K+

Quantitative portfolio manager- High Frequency- Global Algorithmic Trading Firm- $400K+

Algorithmic portfolio manager- 12 month live track record- Scalable- Global Hedge Fund- $500K+

Senior portfolio manager- Business Head- Cross Asset- Global Prop Fund- NY, London- $1MN++

Tier 1 Hedge Fund Hiring Assistant PMs/ Strong Optimization Focus/ C++/ Global Locations/£ Very Comp

Quantitative Researcher- 2-4 years- Systematic Trading Fund- New York- $250K+

Budget Proposal 2012-12 by ICMAP

Budget Proposal 

2012-12 

by 

ICMAP

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Research Paper

Research Paper

 Writing is easy. All you do is stare at a blank sheet of paper until drops of blood form on your forehead. --- Gene Fowler

Research paper may refer to:

• Academic paper (also called scholarly paper), which is published in academic journals and contains original research results or reviews existing results
• Term paper, written by high school or college students
• Thesis or dissertation, a document submitted in support of a candidature for a degree or professional qualification, presenting the author's research and findings

  innovative and up-to-date

THE DIFFERENCE BETWEEN A RESEARCH PAPER AND A THESIS

 A research paper is usually been written as a part of a subject and does commonly not account as a separate subject or module and thus does not require an individual supervisor.

The completion of thesis however requires also the input of original work and author’s findings in the field of chosen topic. Sometimes it is also accepted that the author simply provides constructive critical analysis of existing theories or viewpoints without necessarily offering any new ones.

In short academic requirements for a thesis, especially the demand of originality, are much higher than for a research paper.

How To Write A Research Paper

 

What is a research paper?

The terms 'research paper' and 'term paper' are frequently used interchangeably. However, the terms do not mean the same thing. 'Term paper' was used in the past exclusively to refer to the project (indeed research based) that was due at the end of a term, semester or quarter whereas 'research paper' had a more specific meaning, i.e. a paper written as a summary of research. Hence 'research papers' may be written at any level (before, during and after attending university), they may be published works in a professional journal and they may represent the results of practical research, which would not ordinarily be conducted for a term paper.

Typically, research papers will involve the examination of a particular issue, and discuss:

• The background or history of that issue
• Any outstanding questions relating to the issue (the research paper will commonly focus on one particular question and seek to establish evidence to answer this)
• The current data and statistics relating to the issue
• The problems relating to the issue as revealed by the data
• The problems relating to the issue as revealed by practical primary research (i.e. carrying out interviews, tests etc) or secondary research (i.e. looking at other people's research)
• Proposed solutions to the problems, and the strengths and weaknesses of these
• Conclusions drawn from the data, research and evidence, as examined
• Recommendations in relation to these conclusions.

We will look at each of these elements in turn, in order to understand how a student or professional can write a good research paper.

Forming a title for your research paper

Unlike most types of assignment, the research paper title is usually decided upon AFTER you have completed the paper.

A research paper will commonly have a title of 15-20 words in length.

Example concise research paper titles:

• Unemployment by Constituency
• Transport in New York

Unlike a research paper or essay, it is very common to give your research paper a subtitle.

Example subtitles (relating to the above example titles):

• 2007-2008 trends using constituency maps
• Transport governance and provision since X was elected in 1999

Researching/gathering information for your research paper

MUST reference all material that are used in paper. 

So the first thing to do is find out what referencing style is required (either by your university or, if you are writing a research paper for a journal, by that journal) and start to record the location of your sources using that referencing style. If you do this as you perform the research, you'll save yourself hours of time later on. 

Research Tips
W

Plagiarism Eradication System

The software tool, iThenticate and Turnitin are amongst the leading software used globally for Plagiarism Eradication purposes.

Turnitin is an Internet-based plagiarism-prevention service created by iParadigms, LLC.

 

Function

Turnitin checks for potential unoriginal content by comparing submitted papers to several databases using a proprietary algorithm. It scans its own databases, and also has licensing agreements with large academic proprietary databases.

 This web based service is available at http://www.turnitin.comand 1000 licenses for each of the universities/ institutes have been acquired and handed over to teaching faculty, post graduate students and researchers in order to address the issue at the grass root level

In order to get benefit from HEC Plagiarism Prevention Service, online service is available at
http://www.turnitin.com%c2%a0.hec/ .

• This service is available at bundle package with PERN connectivity.
• If PERN service agreement is under process then this service will provided for six month trial version; afterwards it will no longer available.

This service is available from HEC in the form of following packages:

       Package 1: PERN Bundle Package with no additional cost.
       Package 2: Faculty/Staff member 10,000 per year.

Log In Page

SPSS

Statistical Package for the Social Sciences 

SPSS is a computer program used for survey authoring and deployment (IBM SPSS Data Collection), data mining (IBM SPSS Modeler), text analytics, statistical analysis, and collaboration and deployment (batch and automated scoring services). 

 

 

SPSS v.19 x86 running on Windows 7 x86 

Developer(s)	IBM Corporation
Initial release	1968
Stable release	20.0 August 16, 2011; 8 months ago
Operating system	Windows, zLinux, Linux / UNIX & Mac
Platform	Java
Type	Statistical analysis, Data Mining, Text Analytics, Data Collection, Collaboration & Deployment
License	Proprietary software
Website	www-01.ibm.com/software/analytics/spss

July 28, 2009,  it was acquired by IBM for US$1.2 billion.


SPSS Tutorial - Harward University


Download


Intro to SPSS -youtube


Steve Jobs tells us a secret

Sample Size Calculator

You can use it to determine how many people you need to interview in order to get results that reflect the target population as precisely as needed. You can also find the level of precision you have in an existing sample.

Before using the sample size calculator, there are two terms that you need to know. 

These are: confidence interval and confidence level.

Calculator 

Pakistan Research Repository

Websit

Sample Researches:

CFA Publications 

1. Price / Earning Ratio and Financial Analysis (CFA Institute)
2. Financial Ratios for Non-profits
3. Interst Rates Forecasting
 4. Trend Analysis of KSE
5. Dynamics of Exchange Rates and Stock Prices
Journal
More scholarly than magazines, journals print articles on academic subjects and are often by professional groups or institutions.

A periodical on a specialized topic. Journals are often published by a professional association, society, foundation, or institute. ...

The official record of the proceedings of the House and Senate