No abstract

This paper investigates the interrelationship between Brent oil price and exchange rate in 10 emerging markets of East Europe, Asia, Africa, and South America. For computational purpose, we apply two innovative methodologies—wavelet coherence and phase difference that are capable of observing different frequency scales. Wavelet coherence results suggest that strong coherence is present during world financial crisis (WFC) in the oil‐exporting countries and in majority of the oil‐importing countries. Phase arrows as well as phase difference suggest negative coherence between oil and exchange rates in the oil‐importing countries during WFC. Negative coherence is found in these countries because currency depreciation was accompanied by immense oil price drop in WFC period. In addition, phase difference has relatively stable in‐phase dynamics in long term in the oil‐importing countries during tranquil periods, which confirms theoretical stance that higher oil prices cause currency depreciation and vice versa. As for the oil‐exporting countries, we find constant and relatively long‐lasting anti‐phase pattern in Russian and Nigerian cases for long‐term horizons but not for Brazilian one.

The high level of volatility, uncertainty, complexity and ambiguity in business environments lead to the fact that traditional management has been in serious trouble. The required flexibility should provide the agile project management causing a silent revolution of the way projects are organized and executed. Although initially rooted in the software development industry, we can say that agile methodologies are spreading across a broad range of industries. The benefits of applying an agile approach are widely recognized, but there are still various challenges and problems that the organization faces with when adopting an agile practice.

This paper constructs a minimum-variance portfolio of six agricultural futures. We make a full sample analysis as well as a pre-COVID and COVID examination. Using Markowitz portfolio optimisation, we find that soybean futures have the highest share (31%) in the full sample portfolio because it has the lowest variance. Both soybean oil and rice futures have the second highest weight in the full sample portfolio, in an amount of 24%, because soybean oil has the second lowest variance, whereas rice has, by far, the lowest average correlation with other agricultural futures. Soybean oil has the highest share of 35% in the pre-COVID period, whereas rice follows with 27%. On the other hand, in the COVID period, soybean has a very high share in an amount of 47% due to the lowest risk, while rice takes second place with 19%. Based on the results, investors should invest the most in soybean oil and rice in tranquil periods, while the choice should be soybean and rice in crisis periods. Rice is the choice in both sub-periods because rice has a very low correlation with other agricultural commodities, which happens due to the price stabilisation of rice that is often conducted by Asian countries.

The aim of this study is to analyse the determinants of the growing agri-food export in the CEE countries. Using the SYS-GMM estimation, we control for the endogeneity problem. As the explanatory variables we use the variable that have been empirically proven as determinants of the agri-food export and available for observed countries. The obtained results show that the trade liberalisation increases the agri-food exports, while the EU enlargement indirectly affects the agri-food exports which is an important statement for policy-makers.