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Digital facilities are changing the way companies market to consumers. The use of smartphones and what we called Internet of Things (IoT) are changing the way citizens consume. In this article we perform a cross-country panel data study to analyze how the implementation of business Internet use for buying/selling goods and services, and for interaction with customers influences, for example, the international travel and tourism incomes. Our results show that the use of electronic commerce attracts international tourism and increases tourism revenue, as well as decreases the degree of tourism specialization in the country’s export structure, the relative capability of tourism in generating foreign revenues decrease compare with the other sectors that become more powerful. Besides, we present one of the main political and governmental inhibitor that in this issue the companies must deal with in an international context, the currency exchange control, not yet greatly studied in previous literature.

While new conventional wisdom warns that developing countries should be aware of the risks of premature capital account liberalization, the costs of not removing exchange controls have received much less attention. This paper investigates the negative effects of exchange controls on trade. To minimize evasion of controls, countries often intensify inspections at the border and increase documentation requirements. Thus, the cost of conducting trade rises. The paper finds that a one standard-deviation increase in the controls on trade payment has the same negative effect on trade as an increase in tariff by about 14 percentage points. A one standard-deviation increase in the controls on FX transactions reduces trade by the same amount as a rise in tariff by 11 percentage points. Therefore, the collateral damage in terms of foregone trade is sizable.

We describe the history of Jamaica’s currency board system, which existed from 1920 to 1961; test how orthodox the currency board was; and compare some features of the currency board and the Jamaican economy during the currency board period to the Bank of Jamaica and to the Jamaican economy under central banking.

The risk transmission process between international construction projects largely contributes to the dilemma of risk management of international construction projects. Firstly, this paper adopts methods such as literature review and brainstorming to identify the risks in international construction projects from all aspects and all stages. Connections between risks is built by the Delphi method and further construct the international construction project risk network. Combined with “ucinet”, a network visualization analysis tool, overall feature parameters and local feature parameters are presented for analysis as the focus. Starting from this, the risk transmission in complex construction projects is analyzed to identify key risks and transmission relationships and reveal inherent laws of risk transmission. Accordingly, when formulating risk prevention strategies for international engineering projects, it is proposed that measures to curb risk transmission should be effectively adopted from both key risks and their transmission relationships.

Our paper assesses progress made by the profession in understanding whether and how exchange rate intervention works. We review theory and evidence on official intervention, concentrating primarily on work published in the last decade or so. We conclude that, unlike the profession's consensus of the 1980s, official intervention can be effective, especially as a signal of policy intentions and when publicly announced and concerted. We note an apparent empirical puzzle concerning the secrecy of much intervention and suggest another way for intervention to be effective which has received little attention in the literature, namely by remedying a coordination failure in the foreign exchange market.

We examine which decentralized finance architectures enable meaningful regulation by combining financial and computational theory. We show via deduction that a decentralized and permissionless Turing-complete system cannot provably comply with regulations concerning anti-money laundering, know-your-client obligations, some securities restrictions and forms of exchange control. Any system that claims to follow regulations must choose either a form of permission or a less-than-Turing-complete update facility. Compliant decentralized systems can be constructed only by compromising on the richness of permissible changes. Regulatory authorities must accept new tradeoffs that limit their enforcement powers if they want to approve permissionless platforms formally. Our analysis demonstrates that the fundamental constraints of computation theory have direct implications for financial regulation. By mapping regulatory requirements onto computational models, we characterize which types of automated compliance are achievable and which are provably impossible. This framework allows us to move beyond traditional debates about regulatory effectiveness to establish concrete boundaries for automated enforcement.

When Ireland gained its independence from the United Kingdom in 1922, contrary to the recommendations offered by the League of Nations, the new country established a Currency Commission that operated similarly to a currency board rather than a central bank. I analyze the structure of the Currency Commission and describe the establishment of a central bank in the 1940s with limited monetary powers, then later a central bank with broader powers. I compare the legal structures and operations of the early Central Bank of Ireland and the Currency Commission balance sheet analysis and other approaches to conclude that there are distinct differences between a currency board and a central bank that operates like one.

This research examines whether an alternative exchange rate policy could have mitigated Germany’s recession from April 1930 to May 1932, when Heinrich Brüning was Reichskanzler of the Weimar Republic. Using an open-economy dynamic model as our analytical framework, we examine the arguments against adopting the devaluation policy. Our counterfactual analysis suggests that a widely held belief—that floating the Reichsmark would have led to high inflation—is unwarranted. Despite Germany’s high foreign debt, floating the Reichsmark would have led to less of a decline in both real GDP and employment for the country during the Great Depression.