DOCSLIB.ORG

Congressional .R.Ecord- House,· 3505

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Congressional .R.Ecord- House,· 3505 1908. CONGRESSIONAL .R.ECORD- HOUSE,· 3505 creed, and, after a long life of remarkable achievements and JANITOR TO THE COUUITTEE ON WAYS AND MEANS. singular usefulness to his State and to his country, he has 1\Ir. CURRIER. 1\fr. Speaker, I offer the following privileged passed away. r eport from the Committee on Accounts. ~~his · is nqt the oc.casion to pay the proper tribute to his The Clerk read as follows : ·j memory, but it behooves me to say that tpe State whose noblest aims and best traditions he has so truly represented will mourn Resolution in lieu of resolution 279. R esolv ed, That there shall be paid out of the contingent fund of the him as it would mourn no other of its illustrious sons. From House for the services of a janitor to the room assigned to the Com­ one end of :Marylan~ to the other he will be missed from mittee on Ways and Means, in the House wing of the Capitol, com­ amongst us as perhaps no other man has ever been missed be­ pensation at the rate of $60 per month, to commence from the time such janitor enters upon the discharge of his duties, which shall be fore. He was the idol of our people. ascertained and evidenced by the chairman of said committee. He was beloved by all classes of the community, and as I left my home this morning the city that he loved and with The question was taken, and the resolution was agreed to. whose progress his own life was interwoven seemed to be cast TELEPHONE MESSENGER. down and pervaded with a full consciousness of the great loss 1\Ir. CURRIER. I also offer the following: that it' has sustained. In his palmy days in certain depart­ ments of his· profession he stood without a peer. In times The Clerk read as follows : gone by of great political turbulence and conflict he had no Mr. CURRIER submitted the following- equal as an orator upon the hustings, and his popularity with " House resolution 280. every element of the people was unsurpassed in my day. uResolved, That there shall be paid out of the contingent fund of the House for the services of an additional messenger in charge of Back of it all there was that which is greater than learning telephones on the floor of the House (east side) compensation at the and success and eloquence and popularity, and that was his rate of $1,200 per annum, payable monthly, until otherwise provided stainless and unblemished character in public and in private for by law." life. It was an honor and a Yictory to die as he did. Conscious The question was taken, and the resolution was agreed tc. until within a moment of his death, it must have been a glori­ On motion of 1\Ir. CURRIER, a motion to reconsider the yote by ous realization, inexpressible in words, for him to feel that as which the several resolutions were agreed to was laid on the he passed into the presence of his Maker he could look back table. upon a life dedicated to the performance of public and private DAM ACROSS J A.MES RIVER, MISSOURI. duties in strict accord with the prompting of his heart and the dictates of his conscience. 1\Ir. RUSSELL of Missouri. Mr. Speaker, I ask unanimous Mr. President, genius and ability may perish without hardly consent ·for the present consideration of the bill H . R. 17707. a record of their work or a remembrance of their deeds, but a The bill was read, as follows : · A bill (H. R. 17707) to authorize William H. Standish to construct a character like his never dies; it stands forth as a beacon light, dam across James River, in Stone County, Mo., and divert a portion shedding its rays upon the generations that are to come and of its waters through a tunnel into the said river again to create casting its halo upon the shores of eternity. electric power. B e it enacted, etc., That William H. Standish, o! Reeds Springs, Stone Mr. President, I now send to the desk and ask for the imme­ County, Mo., his heirs and assigns, be, and they are hereby, authorized diate consideration and adoption of the following resolutions. to construct, maintain, and operate a dam in the big bend of The VICE-PRESIDE~'T. The resolutions will be read by the the James River in township 23 north, range 24 west, in the county of Stone and State o! Missouri, across the said James River at said point. Secretary. And t hat at the narrows in said bend he and they are hereby author­ The Secretary read the resolutions, as follows : ized to impound and by canal and tunnel to divert and conduct across R esolv ed, That the Senate has heard with profound soTrow of the said narrows such portion of the water in said . river, through said death of the Bon. WrLLIAI'li PINKNEY WHYTE, late a Senator from the tunnel, into said -river aga in as may be necessary for electric·power s~~ ~ Mu~an~ A purposes, all subject to and in accordance with the provisions of the R esolved, That the Secretary communicate these proceedings to the act of Congress entitled "An act to regulate the construction of dams }louse of Representatives and transmit a copy thereof to the family of across navigable waters," approved June 21, 1906. the deceased Senator, and that as a further mark of respect to his mem­ SEc. 2. That the construction of said dam and tunnel shall be com­ ory the Senate do now adjourn. menced within two years of the passage of said act, and be completed within five years from the date of the passage of this act. The VICE-PRESIDENT. The' question is on agreeing to the SEc . 3. That the right to alter, amend, or repeal this act is hereby resolutions. expressly reseryed. The resolutions were unanimously agreed to; and (at 12 The amendments recom,mended by the committee were read, o'clock and 8 minutes p. m.) the Senate adjourned until to­ as follows: morrow, Thursday, March 19, 1908, at 12 o'clock meridian. In line 3, page 1, after the word "That," insert "the consent of Congress is hereby given to." ize~~ . ,lines 4 and 5, page 1, strike out " be, and they ~re hereby, authcr- In lines 9 and 10, page 1, stt·ike out "that at the narrows in said HOUSE OF REPRESENTATIVES. bend he and they are hereby a uthorized," and in line 10, page 1 af-ter the word "impound," insert "at the narrows in said bend." ' WEDJ\TESDAY, lJI arch 18, 1908. At the end of section 1 add the following: ' •; P r ovided, 'l'hat the Secretary of War shall have at all times controf The House met at 12 o'clock m. of the use of the water, even t o the extent of causing t he persons firms, or co1:porations taking advantage of the privileges granted herein: The following prayer was offered by the Chaplain, Rev. to cease usmg the water whenever the same may be necessary f or HENRY N . CoUDEN, D. D . navigation: And provided further, That should the United States in Eternal God, our Heavenly Father, in. whose all-encircling the work of improving the aforesaid river find it necessary to flood the aforesaid tunnels or in any way affect the flow of water through them love we dwell and through whose never-failing ministrations the owners or operators of aforesaid tunnels shall have no claim against our existence is continued moment by moment, hour by hour. the United States for damage on a ccount of said flooding of the tunnels Guide us, we beseech Thee, by Thy Holy Spirit of truth to do or sa id effect on the flow of water through them." Thy will, that we may build for ourselves characters which Strike out all of section 2 and renumber section 3 to section 2. shall be an everlasting memorial to our Maker. The SPEAKER. Is there objection? Again we are called upon to chronicle the passing a way of 1\fr. FLOYD. Reserving the right to object, I want to ask one more of the Congressional family, whose long life and public some questions about the bill. career have gained for him an everlasting place in the history '.l'he SPEAKER. Does the gentleman yield 1 of his State and nation. Comfort his friends, colleagues, and 1\Ir. RUSSELL of Missouri. I yield. family with the blessed promises of the Gospel of Jesus Christ, 1\Ir. FLOYD. I will ask the gentleman to state if this bill af­ our Lord. Amen. fects the White River in 1\fissouri or the James RiYer? The Journal of yesterday's proceedings was read and ap­ Mr. RUSSELL of l\Iissouri. It applies to the James River proved. wholly within the State of Missouri. Mr. FLOYD. I will ask you if this is in keeping with your INDIAN APPROPRIATION BILL. original proposition, that the James River should be declared 1\Ir. SHERMAN. Mr. Speaker, I ask unanimous consent to unnaviga-ble? take from the Speaker's table the Indian appropriation bill, to l\Ir. RUSSELL of Missouri. It is not. That bill was re­ further insist on the disagreement to the Senate amendments, jected by the Committee on Interstate and Foreign Commerce; and agree to the conference requested. and this bill was at their instance prepared and unanimously' The SPEAKER.
Load more

Recommended publications
  • A History of Money in Palestine: from the 1900S to the Present
    A History of Money in Palestine: From the 1900s to the Present The Harvard community has made this article openly available. Please share how this access benefits you. Your story matters Citation Mitter, Sreemati. 2014. A History of Money in Palestine: From the 1900s to the Present. Doctoral dissertation, Harvard University. Citable link http://nrs.harvard.edu/urn-3:HUL.InstRepos:12269876 Terms of Use This article was downloaded from Harvard University’s DASH repository, and is made available under the terms and conditions applicable to Other Posted Material, as set forth at http:// nrs.harvard.edu/urn-3:HUL.InstRepos:dash.current.terms-of- use#LAA A History of Money in Palestine: From the 1900s to the Present A dissertation presented by Sreemati Mitter to The History Department in partial fulfillment of the requirements for the degree of Doctor of Philosophy in the subject of History Harvard University Cambridge, Massachusetts January 2014 © 2013 – Sreemati Mitter All rights reserved. Dissertation Advisor: Professor Roger Owen Sreemati Mitter A History of Money in Palestine: From the 1900s to the Present Abstract How does the condition of statelessness, which is usually thought of as a political problem, affect the economic and monetary lives of ordinary people? This dissertation addresses this question by examining the economic behavior of a stateless people, the Palestinians, over a hundred year period, from the last decades of Ottoman rule in the early 1900s to the present. Through this historical narrative, it investigates what happened to the financial and economic assets of ordinary Palestinians when they were either rendered stateless overnight (as happened in 1948) or when they suffered a gradual loss of sovereignty and control over their economic lives (as happened between the early 1900s to the 1930s, or again between 1967 and the present).
    [Show full text]
  • Central Bank Cryptocurrencies1
    Morten Bech Rodney Garratt [email protected] [email protected] Central bank cryptocurrencies1 New cryptocurrencies are emerging almost daily, and many interested parties are wondering whether central banks should issue their own versions. But what might central bank cryptocurrencies (CBCCs) look like and would they be useful? This feature provides a taxonomy of money that identifies two types of CBCC – retail and wholesale – and differentiates them from other forms of central bank money such as cash and reserves. It discusses the different characteristics of CBCCs and compares them with existing payment options. JEL classification: E41, E42, E51, E58. In less than a decade, bitcoin has gone from being an obscure curiosity to a household name. Its value has risen – with ups and downs – from a few cents per coin to over $4,000. In the meantime, hundreds of other cryptocurrencies – equalling bitcoin in market value – have emerged (Graph 1, left-hand panel). While it seems unlikely that bitcoin or its sisters will displace sovereign currencies, they have demonstrated the viability of the underlying blockchain or distributed ledger technology (DLT). Venture capitalists and financial institutions are investing heavily in DLT projects that seek to provide new financial services as well as deliver old ones more efficiently. Bloggers, central bankers and academics are predicting transformative or disruptive implications for payments, banks and the financial system at large.2 Lately, central banks have entered the fray, with several announcing that they are exploring or experimenting with DLT, and the prospect of central bank crypto- or digital currencies is attracting considerable attention. But making sense of all this is difficult.
    [Show full text]
  • Coin Changer
    Technical Documentation Coin changer Manual for confi guration 03.15 Schn/JMo/Roe Version 1.2 HB.C2K-EN Crane Payment Innovations GmbH • Zum Fruchthof 6 • D-21614 Buxtehude Phone: +49 (0) 41 61-729-0 • Fax: +49 (0) 41 61-729-115 • E-mail: [email protected] • www.cranepi.com c2 Confi guration TABLE OF CONTENT Tabel of contents 1 About this manual 7 Text conventions 7 Additional technical documentation 8 2 General information 9 The vending machine interfaces 9 The user interfaces 9 When to use the HENRI service tool? 9 Connecting HENRI 10 3 Presettings 11 Selecting menu language 11 Setting display contrast (only c2 blue) 12 Specifying display message for operating mode (only c2 blue) 13 4 Settings for fi lling and emptying cassette 14 Which settings should be done? 14 Settings for tube refi lling by coin insertion 14 Settings for direct refi lling the removed cassette 14 Confi guring fl oat levels 15 Specifying fl oat level per tube 15 Activating/deactivating fl oat-up function 16 Setting tube counters to fl oat levels automatically 17 Correcting tube counters according to fi lling level sensors 18 Resetting tube counters before fi ll-up 19 Redirecting cash-box coins to return area 20 Reporting inserted coins to machine (only c2 MDB) 21 Disabling/enabling inventory keys / disabling/enabling inventory keys using MDB/BDV protocol (only c2 blue/green) 22 3 TABLE OF CONTENTS c2 Confi guration 5 Prices and vending modes (only c2 BDV/Executive) 23 Price holding in the coin changer 23 Setting prices 24 Activating coin changer price holding 25 Displaying price
    [Show full text]
  • The Cleansing of the Temple in the Fourth Gospel As a Call to Action for Social Justice
    Gardner-Webb University Digital Commons @ Gardner-Webb University MA in Religion Theses Department of Religious Studies and Philosophy 2014 The leC ansing of the Temple in the Fourth Gospel as a call to action for social justice Douglas Thompson Goodwin Gardner-Webb University Follow this and additional works at: https://digitalcommons.gardner-webb.edu/religion_etd Part of the Biblical Studies Commons, and the Philosophy Commons Recommended Citation Goodwin, Douglas Thompson, "The leC ansing of the Temple in the Fourth Gospel as a call to action for social justice" (2014). MA in Religion Theses. 1. https://digitalcommons.gardner-webb.edu/religion_etd/1 This Thesis is brought to you for free and open access by the Department of Religious Studies and Philosophy at Digital Commons @ Gardner-Webb University. It has been accepted for inclusion in MA in Religion Theses by an authorized administrator of Digital Commons @ Gardner-Webb University. For more information, please see Copyright and Publishing Info. THE CLEANSING OF THE TEMPLE IN THE FOURTH GOSPEL AS A CALL TO ACTION FOR SOCIAL JUSTICE By Douglas Thompson Goodwin A thesis submitted to the faculty of Gardner-Webb University in partial fulfillment of the requirements for the degree of Master of Arts in the Department of Religious Studies and Philosophy Boiling Springs, NC 2014 Approved by: ___________________________ ___________________________ Scott Shauf, Advisor Kent Blevins, MA Coordinator ___________________________ ___________________________ James McConnell, Reader Eddie Stepp, Department Chair ___________________________ Steven Harmon, Reader GARDNER-WEBB UNIVERSITY BOILING SPRINGS, NORTH CAROLINA THE CLEANSING OF THE TEMPLE IN THE FOURTH GOSPEL AS A CALL TO ACTION FOR SOCIAL JUSTICE SUBMITTED TO DR.
    [Show full text]
  • A History of Merchant, Central and Investment Banking Learning
    Chapter 2: A History of Merchant, Central and Investment Banking Learning Objectives: To apply the history and evolution of money and banking to comprehension of existing systems To diagnose and calculate seniorage and debasement To recount how conditions drawn from history led to today's instruments and institutions To examine how economic problems lead to banking and capital market innovations To describe how money and banking integrated into the many economies over thousands of years To summarize the many artistic, literary, technological and scientific achievements that were funded or otherwise facilitated by banking To recognize the problems associated with usury in religious, social and economic contexts To express how academic, exploration, technological, trading, religious and other cultural developments contributed to the practice of banking A. Early History of Money In Chapter 1, we briefly discussed the economic roles of a number of types of financial institutions along with their origins. In this chapter, we discuss in greater detail the history of money and banking, beginning with the early history of money and extending through the advent of modern banking in the early 20th century. In later chapters, we will discuss the repeated occurrence and consequences of banking crises and development of banking regulation from a historical perspective. Commodity and Representative Money The earliest forms of money tended to have alternative intrinsic value as commodities. For example, grain-money has been used since the dawn of agriculture. Neolithic peoples in what is now China are believed to have used cowrie (sea snail) shells as money perhaps as long ago as 4,500 years.
    [Show full text]
  • Banks As Liquidity Providers: an Explanation for the Coexistence of Lending and Deposit-Taking
    THE JOURNAL OF FINANCE • VOL. LVII, NO. 1 • FEB. 2002 Banks as Liquidity Providers: An Explanation for the Coexistence of Lending and Deposit-Taking ANIL K. KASHYAP, RAGHURAM RAJAN, and JEREMY C. STEIN* ABSTRACT What ties together the traditional commercial banking activities of deposit- taking and lending? We argue that since banks often lend via commitments, their lending and deposit-taking may be two manifestations of one primitive func- tion: the provision of liquidity on demand. There will be synergies between the two activities to the extent that both require banks to hold large balances of liquid assets: If deposit withdrawals and commitment takedowns are imperfectly correlated, the two activities can share the costs of the liquid-asset stockpile. We develop this idea with a simple model, and use a variety of data to test the model empirically. WHAT ARE THE DEFINING CHARACTERISTICS of a bank? Both the legal definition in the United States and the standard answer from economists is that com- mercial banks are institutions that engage in two distinct types of activities, one on each side of the balance sheet—deposit-taking and lending. More precisely, deposit-taking involves issuing claims that are riskless and de- mandable, that is, claims that can be redeemed for a fixed value at any time. Lending involves acquiring costly information about opaque borrowers, and extending credit based on this information. A great deal of theoretical and empirical analysis has been devoted to understanding the circumstances under which each of these two activities might require the services of an intermediary, as opposed to being imple- mented in arm’s-length securities markets.
    [Show full text]
  • Country Briefing Packet
    INDONESIA PROVIDING COMMUNITY HEALTH TO POPULATIONS MOST IN NEED se INDONESIA 1151 Eagle Drive, Loveland, CO, 80537 | (970) 635-0110 | [email protected] | www.imrus.org INDONESIA Country Briefing Packet PRE-FIELD BRIEFING PACKET Contents ABOUT THIS PACKET 3 BACKGROUND 4 EXTENDING YOUR STAY? 5 The 10 Most Beautiful Places to Visit in Indonesia 5 PUBLIC HEALTH OVERVIEW 8 BASIC STATISTICS 8 MILLENNIUM DEVELOPMENT GOALS 9 ADULT RISK FACTORS 9 TOP 10 CAUSES OF DEATH 10 BURDEN OF DISEASE 11 COUNTRY OVERVIEW 12 History 12 Geography 14 Climate and Weather 15 Demographics 16 Economy 18 Education 19 Religion 20 Culture 20 Poverty 22 SURVIVAL GUIDE 23 Etiquette 23 SAFETY 27 Currency 29 Money Changing - Inside Of Indonesia 30 IMR recommendations on money 31 TIME IN INDONESIA 32 EMBASSY INFORMATION 33 U. S. Embassy, Jakarta 33 U. S. Consulate General, Surabaya 33 WEBSITES 34 !2 1151 Eagle Drive, Loveland, CO, 80537 | (970) 635-0110 | [email protected] | www.imrus.org INDONESIA Country Briefing Packet ABOUT THIS PACKET This packet has been created to serve as a resource for the Indonesia Medical/Dental Team. This packet is information about the country and can be read at your leisure or on the airplane. The final section of this booklet is specific to the areas we will be working near (however, not the actual clinic locations) and contains information you may want to know before the trip. The contents herein are not for distributional purposes and are intended for the use of the team and their families. Sources of the information all come from public record and documentation.
    [Show full text]
  • Regulating the Moneychangers
    Florida International University College of Law eCollections Faculty Publications Faculty Scholarship 2016 Regulating the MoneyChangers Jerry W. Markham Florida International University College of Law Follow this and additional works at: https://ecollections.law.fiu.edu/faculty_publications Part of the Banking and Finance Law Commons, and the Bankruptcy Law Commons Recommended Citation Jerry W. Markham, Regulating the MoneyChangers, 18 U. PA. J. BUS. L. 789, 864 (2016). Penn Law: Legal Scholarship Repository © 2018. This Article is brought to you for free and open access by the Faculty Scholarship at eCollections. It has been accepted for inclusion in Faculty Publications by an authorized administrator of eCollections. For more information, please contact [email protected]. ARTICLE 4 (MARKHAM) (DO NOT DELETE) 5/22/16 9:11 PM REGULATING THE MONEYCHANGERS Jerry Markham* INTRODUCTION “The foreign exchange1 . market is the most liquid sector of the global economy and generates the largest amount of cross-border payments on a daily basis, with an average daily turnover of $5.3 trillion.”2 That market is critical to commerce because it “facilitates international trade and investments through the determination of exchange rates, conversion of national currencies and transfer of funds.”3 This critically requires effective regulation on a global basis, especially in the United States, which is a hub for such trading because of the importance of the dollar in international trade and finance.4 The foreign exchange market is now regulated domestically by no less than five regulators: the Commodities Futures Trading Commission (CFTC), the Securities and Exchange Commission (SEC), the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), and the Board of Governors of the Federal Reserve System (Fed).5 Those multiple and redundant regulators have not proved to be effective or efficient in preventing abusive business practices.
    [Show full text]
  • Payment Intermediation and the Origins of Banking
    A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics McAndrews, James; Roberds, William Working Paper Payment intermediation and the origins of banking Working Paper, No. 99-11 Provided in Cooperation with: Federal Reserve Bank of Atlanta Suggested Citation: McAndrews, James; Roberds, William (1999) : Payment intermediation and the origins of banking, Working Paper, No. 99-11, Federal Reserve Bank of Atlanta, Atlanta, GA This Version is available at: http://hdl.handle.net/10419/100839 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu Payment Intermediation and the Origins of Banking James McAndrews and William Roberds Working Paper 99-11 August 1999 Working Paper Series Payment Intermediation and the Origins of Banking James McAndrews and William Roberds Federal Reserve Bank of Atlanta Working Paper 99-11 August 1999 Abstract: The medieval banks of continental Europe facilitated trade by serving as payment intermediaries.
    [Show full text]
  • Biblical References to Monetary and Credit
    Cross-Cultural Management Journal Volume XVI, Issue 1 / 2014 Dan CONSTANTINESCU Ecological University of Bucharest [email protected] BIBLICAL REFERENCES TO Theoretical articles MONETARY AND CREDIT RELATIONS Keywords Functions of money Banking occupations Credit relationships Lending principles Biblical texts JEL Classification N15, Z12 Abstract It is unanimously accepted that the Bible is one reference in the writings of humanity. Of course, it is based – foremost – on the messianic idea, widely exploited in theological disciplines. Meanwhile, though, multilateral cognitive valences cannot be circumvented, especially, the character of historic document of many biblical texts that record facts and events that took place over a long period of time. Furthermore, we consider that the Bible – in its whole – is a foundation and a coherent configuration for a large number of scientific disciplines, the author’s concerns being channelled, naturally, toward economic origin disciplines. In this context there can be highlighted texts attesting the existence and development since the ancient times of economic relations, out of which – in the present study – we will focus on monetary and credit relations. 41 Cross-Cultural Management Journal Volume XVI, Issue 1 / 2014 Introduction 1. Money and their main functions The vast majority of academic writers of The concept of money is found from the this topic locate the emergence of early chapters of the Bible, the functional economics in the late eighteenth century, context being a means of payment, with in close connection with the development explicit reference to the purchase of slaves. and consolidation of capitalism in Western ... every man child in your generations, he Europe countries (Angelescu, Ciucur, that is born in the house, or bought with Marin, 2003).The establishment of the money of any stranger, which is not of thy Nobel Prize for economics only in1968 – seed.
    [Show full text]
  • The Impacts of the Central Bank Foreign Exchange Auctions on the Parallel Market Exchange Rate in Myanmar
    The Impacts of the Central Bank Foreign Exchange Auctions on the Parallel Market Exchange Rate in Myanmar Koji Kubo Institute of Developing Economies Japan External Trade Organization (IDE-JETRO) 16th Fl., Nantawan Bldg., 161 Ratchadamri Rd., Bangkok, 10330 Thailand e-mail: [email protected] Abstract For transition from the multiple exchange rate system to a managed float, the Central Bank of Myanmar (CBM) instituted daily foreign exchange auctions in April 2012. This study examines the capacity of the CBM to stabilize exchange rates of the pervasive parallel market by means of auctions. First, a VAR model shows that the official rate did not Granger-cause the parallel rate. Second, a GARCH model indicates that CBM’s net purchases of dollar did not reduce the conditional variance of parallel rate. These imply that the auction played only modest roles in stabilizing exchange rates. Keywords: Myanmar; foreign exchange auction; intervention; parallel exchange rate; GARCH model JEL codes: E65, F31, O24 1. Introduction With the backdrop of its political and economic reforms, Myanmar (Burma) implemented foreign exchange policy reforms and moved to a managed floating regime from the de facto multiple exchange rate system in April 2012. Since then, the Central Bank of Myanmar (CBM) initiated daily foreign exchange auction with commercial banks, and has announced the daily reference exchange rate based on auction results. The foreign exchange auctions are considered to be serving at least two functions. First, auctions allow the CBM to obtain a market exchange rate apart from the parallel market rates. Since the fixed exchange rate was abolished in the end of March 2012, this reference rate has been the official rate.
    [Show full text]
  • Perek I Daf 4 Amud A
    Perek I Daf 4 Amud a HALAKHA Th e mishna states another halakha: And these are the people who ְו ֵא ּל ּו ׁ ֶש ַח ָיּ ִיבין ַּב ָּק ְל ּבוֹן: ְלִו ִיּם are obligated in the premium [kalbon],H L N a small sum added to And these are the people who are obligated in the When one gives a :ְו ֵא ּל ּו ׁ ֶש ַח ָיּ ִיבין ַּב ָּק ְל ּבוֹן – [premium [kalbon ְו ִי ְׂשְר ֵא ִלים ְוֵגִרים ַו ֲﬠ ָבִדים ְמ ׁש ּו ְחָרִרים, the half-shekel collected: Levites, Israelites, converts, and eman- whole shekel to a money changer so that the money changer ֲא ָבל לֹא ּכֹ ֲה ִנים ְו ָנ ׁ ִשים ַו ֲﬠ ָב ִדים cipated Canaanite slaves, but not priests, women, Canaanite will give half of it to the Temple and return the other half, he N ּו ְק ַט ִּנים. slaves, or minors. must pay a premium on that shekel. Similarly, two people who jointly pay a whole shekel to the Temple are both ob- One who contributes a half-shekel on behalf of a priest, on be- ligated in a premium. However, all those exempt from the ַה ׁש ֵוֹקל ַﬠל ַיד ּכֹ ֵהן ַﬠל ַיד ָה ִא ָּׁשה ַﬠל half of a woman, on behalf of a slave, or on behalf of a child, is half-shekel contribution, e.g., slaves and women, are exempt ַיד ֶﬠ ֶבד ַﬠל ַיד ָק ָטן – ָּפ ּטור, ְו ִאם ׁ ָש ַקל from the premium, despite the fact that they are permitted to -exempt from the premium, as they are exempt.
    [Show full text]