Analysis of the Impact of Treasury Single Account on the Performance of Banks in Nigeria

In this study, we developed multivariate model for the study of the impact of treasury single account (TSA) on the performance of banks in Nigeria. From the study, we discovered that there was no significant difference between the period before and after the introduction of the TSA policy on the performance of banks in Nigeria. In Diamond Bank Nigeria Plc, we observed that there were negative relationships between liquidity ratio and capital adequacy with correlation coefficient of -0.093;liquidity ratio and credit to customers with correlation coefficient of -0.312;capital adequacy and credit to customers with correlation coefficient of -0.176. On the other hand, from the analysis on first bank, we observed that there were both positive and fairly strong relationships between the liquidity ratio and capital adequacy with correlation coefficient of 0.626;negative relationship between liquidity ratio and credit to customers with correlation coefficient of -0.880 and finally, negative relationship between capital adequacy and credit to customers with correlation coefficient of -0.165.

Talking about Treasury Management of College Textbooks

The college textbooks Treasury management is an important part of the whole teaching management. It is not only to thousands of materials properly stored reserves, but also in the warehouse operation planning, strengthen treasury management is important to ensure the stability of school teaching order.

The Exorbitant Privilege of US Treasuries and China's Choices in the New Era

After the decoupling of the US dollar from gold in 1971,US Treasuries replaced gold as the value benchmark of the international monetary system and acquired an exorbitant privilege.Subsequently,the total amount of US debt exhibited an exponential expansion trend,unbound by any substantial constraints.The so-called debt ceiling is a partisan game rather than a rigid fiscal constraint on the United States.As long as there are no fundamental changes in the global monetary system,the international credit of US Treasuries will stay stable,and their trend of infinite expansion will be sustained.Massive quantitative easing policies have failed to significantly shake this stability,and the notion of global investors offloading US Treasuries is more an illusion than a fact.The exorbitant privilege of US Treasuries grants its federal government the“freedom to borrow,”shielding the American financial sector from due penalties during global financial crises and securing excessive returns in global capital cycles.In the old days when running“twin surpluses”on capital and current accounts,China kept the value of Renminbi low to support its export manufacturing sector along the southeast coast.As a result,China accumulated huge foreign exchange reserves,mainly US Treasuries.Nowadays,this practice is no longer necessary,yielding low returns and posing significant security risks.

U.S. Treasury Bonds:A Hot Potato?

China should be cautious when buying U.S. Treasury bonds, experts say Despite the global credit crunch,China increased its U.S.Treasury bonds holdings to$541 billion by the end

Realized volatility forecast of financial futures using timevarying HAR latent factor models

We forecast realized volatilities by developing a time-varying heterogeneous autoregressive(HAR)latent factor model with dynamic model average(DMA)and dynamic model selection(DMS)approaches.The number of latent factors is determined using Chan and Grant's(2016)deviation information criteria.The predictors in our model include lagged daily,weekly,and monthly volatility variables,the corresponding volatility factors,and a speculation variable.In addition,the time-varying properties of the best-performing DMA(DMS)-HAR-2FX models,including size,inclusion probabilities,and coefficients,are examined.We find that the proposed DMA(DMS)-HAR-2FX model outperforms the competing models for both in-sample and out-of-sample forecasts.Furthermore,the speculation variable displays strong predictability for forecasting the realized volatility of financial futures in China.

The First Sino-Japanese War Indemnity Revisited

The question of the amount of the First Sino-Japanese War indemnity involves three main elements： Japan＇s military expenditure on the war, China＇s actual payment, and the actual amount Japan received. On all of these issues, there have always been considerable differences between Chinese and Japanese scholars. In this study, we analyze relevant archives and documents and the main scholarly work in both China and Japan and provide a detailed discussion of several scholarly points of views and their basis, and examine the pre- and postwar exchange rates between the yen, the Chinese treasury standard （Kuping） silver tael, and the pound sterling, taking account of the fluctuating value of the yen before and after the war. On this basis, we calculate that Japan＇s actual military spending on the war was no more than 125 million yen, while the actual payments by the Qing government, converted to pounds sterling and then to yen, totaled 358.36 million yen. Japan extorted 233.36 million yen from China, or three times Japan＇s total annual revenue at the time.

The Relationship between Interest Rates and Inflation:Examining the Fisher Effect in China

This study revisits the Fisher effect using a different empirical method that considers a potential nonlinear relationship between interest rates(treasury bond rates)and inflation in China.The rising uncertainty and asymmetric information in financial markets between bond holders and bond issuers suggest such a potential nonlinear relationship.To this aim,we apply Shin et al.'s(2014)nonlinear autoregressive distributed lag(NARDL)model with asymmetric dynamic multipliers for the sample period 2002M7-2018M4.The empirical findings reveal symmetric and asymmetric partial Fisher effects for all sample bond rates in China.Furthermore,we find that 20-year bond rates experience the lowest partial Fisher effect.