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...world. Cross-border commercial contracts specify the currency in which payments are due to be made. What happens, however, when the value of the specified currency changes drastically and the amount to be paid no longer reflects the value of the goods to be supplied? To return to the recent headlines, Unilever, the owner of Marmite, produces a number of products overseas...

...world evidence. A 2014 econometric study comparing the growth rates of US states between 1971 and 2014 found that a 10 per cent increase in per capita beer consumption is associated with a 0.41 percentage point drop in annual income growth. In other words, it suggests reducing alcohol consumption is good for the economy. Economic considerations are likely to be at the...