WorldWideScience

Sample records for estonian monetary system

  1. On the System of Person-Denoting Signs in Estonian Sign Language: Estonian Name Signs

    Science.gov (United States)

    Paales, Liina

    2010-01-01

    This article discusses Estonian personal name signs. According to study there are four personal name sign categories in Estonian Sign Language: (1) arbitrary name signs; (2) descriptive name signs; (3) initialized-descriptive name signs; (4) loan/borrowed name signs. Mostly there are represented descriptive and borrowed personal name signs among…

  2. [Pärtel Lippus. The acoustic features and perception of the Estonian quantity system] / Stefan Werner

    Index Scriptorium Estoniae

    Werner, Stefan

    2012-01-01

    Arvustus: Pärtel Lippus. The acoustic features and perception of the Estonian quantity system. Tartu : Tartu University Press, 2011. (Dissertationes philologiae estonicae Universitatis Tartuensis ; 29)

  3. Disintegration of monetary system of medieval Serbia

    Directory of Open Access Journals (Sweden)

    Gnjatović Dragana

    2014-01-01

    Full Text Available The subject matter of this paper is the process of gradual disintegration of monetary system of medieval Serbia during the second half of the 14th and the first half of the 15th century. This period is characterized by an appearance of frequent usurpations of the ruling right to mint coinage by local landlords and the attempts of the rulers from Lazarević and Branković families to restore unified monetary system. Common debasements and restorations of silver coinage provoked economic instability and induced frequent turning backwards to the custom of using weighted silver instead of silver coins as commodity monetary standard. The aim of this paper is to explain the reasons for those phenomena. We apply qualitative, historical, empirical analysis where we consider money minting right holders and their decisions to debase and restore the value of silver dinars. We found that gradual disintegration of monetary system of medieval Serbian State continued until the fall of Serbian Despotate as a consequence of political instability following dissolution of medieval Serbian Empire and economic and financial exhaustion of Serbia by Ottoman suzerains.

  4. The Modern Monetary System and Gold

    Directory of Open Access Journals (Sweden)

    N N Rubtsov

    2013-12-01

    Full Text Available The article considers the nature of modern money, analyzes the mechanism of its creation, showing that it is basically generated by credit and the principle of partial bank reserve. The article draws comparative parallels between trade money based on gold and contemporary, credit money; the author quotes leading bankers and finance experts on the need for partial return to the principles of functioning of the gold standard as the most effective institute of regulating the monetary system in society.

  5. Estonian monetary system : readiness to join the European Monetary Union / Mart Sõrg

    Index Scriptorium Estoniae

    Sõrg, Mart, 1943-

    2004-01-01

    1992. a rahareformi läbiviimise paratamatusest, valuutakomitee ning liberaalse rahapoliitika olulisusest, Eesti valmisolekust eurole üleminekuks ja selle mõjust riigi majanduslikule arengule. Tabelid

  6. MONETARY CONFORMATION OF THE CORPORATE GOVERNMENTALITY III DESCRIPTION OF THE MONETARY SYSTEM

    Directory of Open Access Journals (Sweden)

    Eduardo Rivera Vicencio

    2016-04-01

    Full Text Available This paper describes the current monetary system, identifying different components and the relationship between them. It is part of the Foucaultian approach of power relations and forms part of a body of work on the monetary conformation of corporate governmentality. It also forms part of the theoretical framework: the general monetary theory and, in particular, the quantity theory of money and the theory of business cycles. It describes four major components such as international organizations with effects on the money supply, states from dominant or dominated economies, the economy of large financial and non-financial companies and the real economy, made up of families and small and medium size companies. Within these four main components, there are different levels of action and influence in the money supply. The relationships, that are addressed, are the relationships which occur within each one of the components and the relationships between the different components. In these relationships between components of the monetary system, the creation of excess money supply is explained which produced the economic crisis as a result of the structure of the monetary system and its historical conformation. This document also describes the conformation of rent appropriation and yields, together with the process of the concentration of wealth, where the monetary system acts as an essential tool for achieving these purposes by large companies.

  7. DUAL MONETARY SYSTEM AND MACROECONOMIC PERFORMANCE IN INDONESIA

    Directory of Open Access Journals (Sweden)

    Sri Herianingrum

    2016-02-01

    Full Text Available This research aims to evaluate the impact of dual monetary policy shock on macroeconomic indicators of Indonesia: growth and inflation. In addition, this study will also examine whether conventional monetary policy has a particular impact upon Islamic banking sector. This research apply VAR (vector auto regressive method on monthly data from Bank Of Indonesia during the period of January 2010 to December 2013. The result of IRF explain that the interest rate channel find the hard way to accomplished the macroeconomic goals while the Islamic monetary instrument indicates the potential growth of output and hold the inflation low. The result of VDC describes that the Islamic instrument still affected by conventional monetary policy because of slow development in Islamic monetary systemDOI: 10.15408/aiq.v8i1.1990

  8. Dual Monetary System and Macroeconomic Performance in Indonesia

    Directory of Open Access Journals (Sweden)

    Sri Herianingrum

    2016-02-01

    Full Text Available This research aims to evaluate the impact of dual monetary policyshock on macroeconomic indicators of Indonesia: growth and inflation. Inaddition, this study will also examine whether conventional monetary policy hasa particular impact upon Islamic banking sector. This research apply VAR (vectorauto regressive method on monthly data from Bank Of Indonesia during theperiod of January 2010 to December 2013. The result of IRF explain that theinterest rate channel find the hard way to accomplished the macroeconomic goalswhile the Islamic monetary instrument indicates the potential growth of outputand hold the inflation low. The result of VDC describes that the Islamic instrumentstill affected by conventional monetary policy because of slow development inIslamic monetary systemDOI: 10.15408/aiq.v8i1.2509

  9. Monetary targeting and financial system characteristics : An empirical analysis

    NARCIS (Netherlands)

    Samarina, A..

    2012-01-01

    This paper investigates how reforms and characteristics of the financial system affect the likelihood of countries to abandon their strategy of monetary targeting. Apart from financial system characteristics, we include macroeconomic, fiscal, and institutional factors potentially associated with

  10. Assessment of the Estonian Research Development Technology and Innovation Funding System

    OpenAIRE

    Nedeva, Maria; Georghiou, Luke

    2003-01-01

    The objectives of the assessment of the RDTI funding system in Estonia as specified by the Terms of Reference are as follows: 1) to conduct a review of the current R&D funding system in Estonia; 2) to review the objectives of the Estonian R&D Strategy 2002-2006; 3) to review best practice in R&D funding elsewhere; and 4) to propose an efficient, transparent and accountable R&D funding system.

  11. A zero-sum monetary system, interest rates, and implications

    OpenAIRE

    Hanley, Brian P.

    2015-01-01

    To the knowledge of the author, this is the first time it has been shown that interest rates that are extremely high by modern standards (100% and higher) are necessary within a zero-sum monetary system, and not just driven by greed. Extreme interest rates that appeared in various places and times reinforce the idea that hard money may have contributed to high rates of interest. Here a model is presented that examines the interest rate required to succeed as an investor in a zero-sum fixed qu...

  12. Declining Japanese Yen in the Changing International Monetary System

    Directory of Open Access Journals (Sweden)

    Eiji Ogawa

    2017-12-01

    Full Text Available The US dollar has kept as a position of key currency in the global economy in the changing international monetary system where the euro was introduced to some states of the EU in 1999. It is an evidence of inertia of the US dollar as a key currency. Our previous study (Ogawa and Muto, 2017b conducted empirical analysis to investigate effects of several events on inertia of the US dollar. One of our findings was that the introduction of the euro increased utility of euro while utility of US dollar was kept unchanged. This paper examines the effects of the global financial crisis and the euro zone crisis as well as the introduction of the euro on the utility of the Japanese yen. The introduction of the euro significantly decreased the utility of the Japanese yen. It indicates that the introduction of the euro increased the utility of the euro while reducing the utility of the Japanese yen rather than the utility of the US dollar. The utility of the Japanese yen has significantly decreased while the global financial crisis and the euro zone crisis occurred. The Japanese yen has a declining trend in terms of its utility over time in the changing international monetary system.

  13. Estonian literature / Janika Kronberg

    Index Scriptorium Estoniae

    Kronberg, Janika, 1963-

    2003-01-01

    Sisu: Estonian literature - born on the margins of Europe ; Baltic German literature and its impact ; Seeking the contours of a 'truly' Estonian literature ; Literature and an independent Estonia ; Estonian literature in two cultural spheres ; The fifties and sixties ; Literature and congealed time ; A bold new Estonian literature

  14. How to Improve the Supportive Role of Estonian Innovation System toward Launching New Products by High Technology Companies?

    Directory of Open Access Journals (Sweden)

    Liisi Sepp

    2013-01-01

    Full Text Available The purpose of the study is to evaluate how supportive is Estonian national innovation system toward the launching of new innovative products by high technology firms. The article intends to combine two broad areas of research – national innovation system approach and the different models of the new product launching. Based on the literature review and in-depth analysis of three case studies of Estonian high-tech company’s major barriers as well success factors of highly innovative product launches were identified. The barriers of the new product launching were linked with the systemic failures of the national innovation system. The most relevant failures of Estonian national innovation system inhibiting the new product development are capability and networking failures. The sources of innovation of high-technology firms are too narrow, linkages with domestic firms and higher education institutions as well with foreign firms are poorly developed. High-tech firms have also serious capacity problems due to the extremely weak support mechanism by national innovation system on the seed funding stage of product development and prototype building stage as well. Paper argues that resources needed for the innovation should not be looked too narrowly following linear innovation model approach. Instead interactive approach is needed, which combines capability building, network development, interactive learning with direct investments into fundamental research.

  15. The evolution of Alexandre Lamfalussy's thought on the international and European monetary system (1961-1993)

    OpenAIRE

    Ivo Maes

    2011-01-01

    The establishment of the European Monetary Institute (EMI), the predecessor of the European Central Bank, on 1 January 1994, was a milestone in the process of European monetary integration. In this paper, we look at the work on the international and European monetary system of Alexandre Lamfalussy, its first president. Lamfalussy pursued a threefold career: as a private banker, a central banker and an academic. Partly under the influence of Robert Triffin, Lamfalussy soon became interested in...

  16. Estonian energy system: Proposals for the implementation of a cogeneration strategy

    International Nuclear Information System (INIS)

    Lund, H.; Hvelplund, F.; Ingermann, K.; Kask, U.

    2000-01-01

    Since the Soviet era Estonia inherited oil-shale-based electricity plants, with a capacity of 3000 MW. Oil shale now provides Estonia with very low electricity prices. However, most of the stations are very old. Half of them were built before 1965, and sooner or later the old oil shale production units will have to be replaced. Estonia will then have to face serious increases in electricity production prices. At the same time Estonia has problems in restoring its district heating systems. The prices are rising and may consumers have converted to other heating sources such as electric heating. The major long-term strategic policy choices to make in Estonia are to decide (1) whether the oil shale power stations should be replaced by new centralized production units such as new oil shale stations or nuclear power, or (2) whether the electricity production should be decentralized. In the centralized solution (oil shale or nuclear power), the domestic heating will be left to boilers or electric heating leading to a very high primary energy supply. In the decentralized solution, Estonia could benefit from the advantage of cogeneration leading to very low fuel consumption. But this latter strategy depends on the restoration of the district heating systems. This article seeks to form a strategy to improve the efficiency of the Estonian energy system by increasing the use of cogeneration. (author)

  17. On the System of Place Name Signs in Estonian Sign Language

    Directory of Open Access Journals (Sweden)

    Liina Paales

    2011-05-01

    Full Text Available A place name sign is a linguistic-cultural marker that includes both memory and landscape. The author regards toponymic signs in Estonian Sign Language as representations of images held by the Estonian Deaf community: they reflect the geographical place, the period, the relationships of the Deaf community with hearing community, and the common and distinguishing features of the two cultures perceived by community's members. Name signs represent an element of signlore, which includes various types of creative linguistic play. There are stories hidden behind the place name signs that reveal the etymological origin of place name signs and reflect the community's memory. The purpose of this article is twofold. Firstly, it aims to introduce Estonian place name signs as Deaf signlore forms, analyse their structure and specify the main formation methods. Secondly, it interprets place-denoting signs in the light of understanding the foundations of Estonian Sign Language, Estonian Deaf education and education history, the traditions of local Deaf communities, and also of the cultural and local traditions of the dominant hearing communities. Both perspectives - linguistic and folkloristic - are represented in the current article.

  18. The rising of the Phoenix : building the European Monetary System on a meeting of minds

    NARCIS (Netherlands)

    van Esch, F.A.W.J.|info:eu-repo/dai/nl/169008436

    2009-01-01

    Decades later, the sudden and swift establishment of the European Monetary System (EMS) within the context of the 1970s economic downturn and Euro-sclerosis remains a strikingly remarkable achievement. This article argues that this unexpected leap forward in the European economic and monetary

  19. The Perceived Impact of External Evaluation: The System, Organisation and Individual Levels-Estonian Case

    Science.gov (United States)

    Seema, Riin; Udam, Maiki; Mattisen, Heli; Lauri, Liia

    2017-01-01

    The purpose of this article is to provide an overview of how the employees of higher education institutions perceive the impact of external evaluations. The study was conducted using the concurrent mixed method and involved 361 employees from Estonian universities and professional higher education institutions. The results indicated that…

  20. Monetary Policy of the Federal Reserve System from the Perspective of Exit Strategies

    Directory of Open Access Journals (Sweden)

    Aleksandra Nocoń

    2015-07-01

    Full Text Available Central banks, after the experience of the global financial crisis, are now starting the implementation of the exit strategies, which are the process of normalization of monetary policy. The pace of monetary policy normalization process depends on the market reaction to central bank's decisions and macroeconomic conditions, in which they will be implemented. The main aim of the study is to present the principles of the exit strategy of the Federal Reserve System (Fed, on the background of the changes that have occurred in the United States within the monetary policy during the global financial crisis.

  1. MODERN APPROACHES TO THE IMPLEMENTATION OF MONETARY POLICY AND THE REGULATION OF FINANCIAL SYSTEMS

    Directory of Open Access Journals (Sweden)

    Radu CUHAL

    2013-01-01

    Full Text Available This study determines the modern approaches to the implementation of monetary policy and regulation of financial systems. Set of measures to prevent and overcome the financial crisis is grounded taking into consideration different areas of research and the IMF. New tasks of monetary policy in central banks are specified and they are intended to ensure the financial stability of the state (within the common fiscal policy. The main directions of elaboration and implementation of new monetary policy mechanism, which is intended to ensure the effective solution of problems in macro prudential supervision and financial stability, are examined.

  2. Modern approaches to the implementation of monetary policy and the regulation of financial systems

    Directory of Open Access Journals (Sweden)

    Basistîi Nicolae

    2013-01-01

    Full Text Available This study determines the modern approaches to the implementation of monetary policy and regulation of financial systems. Set of measures to prevent and overcome the financial crisis is grounded taking into consideration different areas of research and the IMF.New tasks of monetary policy in central banks are specified and they are intended to ensure the financial stability of the state (within the common fiscal policy.The main directions of elaboration and implementation of new monetary policy mechanism, which is intended to ensure the effective solution of problems in macro prudential supervision and financial stability, are examined.

  3. Towards The Operational Oceanographic Model System In Estonian Coastal Sea, Baltic Sea

    Science.gov (United States)

    Kõuts, T.; Elken, J.; Raudsepp, U.

    An integrated system of nested 2D and 3D hydrodynamic models together with real time forcing data asquisition is designed and set up in pre-operational mode in the Gulf of Finland and Gulf of Riga, the Baltic Sea. Along the Estonian coast, implicit time-stepping 3D models are used in the deep bays and 2D models in the shallow bays with ca 200 m horizontal grid step. Specific model setups have been verified by in situ current measurements. Optimum configuration of initial parameters has been found for certain critical locations, usually ports, oil terminals, etc. Operational system in- tegrates also section of historical database of most important hydrologic parameters in the region, allowing use of certain statistical analysis and proper setup of initial conditions for oceanographic models. There is large variety of applications for such model system, ranging from environmental impact assessment at local coastal sea pol- lution problems to forecast of offshore blue algal blooms. Most probable risk factor in the coastal sea engineering is oil pollution, therefore current operational model sys- tem has direct custom oriented output the oil spill forecast for critical locations. Oil spill module of the operational system consist the automatic weather and hydromet- ric station (distributed in real time to internet) and prognostic model of sea surface currents. System is run using last 48 hour wind data and wind forecast and estimates probable oil deposition areas on the shoreline under certain weather conditions. Cal- culated evolution of oil pollution has been compared with some real accidents in the past and there was found good agreement between model and measurements. Graphi- cal user interface of oil spill model is currently installed at location of port authorities (eg. Muuga port), so in case of accidents it could be used in real time supporting the rescue operations. In 2000 current pre-operational oceanographic model system has been sucessfully used to

  4. Estonian white paper on energy

    International Nuclear Information System (INIS)

    Hamburg, Arvi

    1997-01-01

    Energy policy, environmental protection and economy form a triangle of tightly linked sectors, and any solution of some energy problem can be solved only in the light of all the above mentioned factors. There are several energy master plans for Estonia, the first of them dating back to the years of the Soviet Union and ending the list with the plan to cover the years up to 2000. By now the basic principles of the Estonian energy policy have been prepared and Estonian Energy Concept is being worked out. The main goal of Estonian energy policy is ensure an effective and environmentally benign energy supply for the country. It means safety in energy supply, effective production and supply together with sufficient environmental protection. Energy Council in the role of an advisory voluntary organization for inspection of the energy system and finding measures to improve its efficiency is established with parliament members included. The Estonian Energy Research Institute and the Oil--Shale Research Institute serve as a scientific advisory board for the government in energy policy. It's important to emphasise that privatisation is no panacea, solving all the problems, and therefore we are facing hard to move in the right direction, satisfying all the consumers of energy

  5. Logistics in Estonian business companies

    Directory of Open Access Journals (Sweden)

    A. Kiisler

    2008-12-01

    Full Text Available The article describes logistics survey in Estonia carried out in 2007 as a part of the LogOnBaltic project. The level of logistics in Estonian manufacturing, trading and logistics companies is explored through logistics costs, performance indicators, outsourcing, ICT use and logistics self-estimation of the companies responded. Responses from 186 Estonian companies were gathered through a web-based survey (38% of manufacturing, 38% of trading and 24% of logistics sector. Logistics costs as the percentage of turnover make in average 13.8% in manufacturing and 13.3% in trading. Transportation and inventory carrying cost form around 70% of overall logistics costs. Considering the logistics indicators surveyed, Estonian companies show up with relatively low perfect order fulfillment rates, short customer order fulfillment cycles and effective management of cash flows. The most widely outsourced logistics function is international transportation followed by domestic transportation, freight forwarding and reverse logistics. By 2010, the outsourcing of IT systems in logistics followed by inventory management, warehousing and product customization is expected to increase more substantially. The awareness of logistics importance is still low among Estonian companies. Only 27–44% of those agree that logistics has a considerable impact on profitability, competitive advantage, top management or customer service level.

  6. Brain reward system's alterations in response to food and monetary stimuli in overweight and obese individuals.

    Science.gov (United States)

    Verdejo-Román, Juan; Vilar-López, Raquel; Navas, Juan F; Soriano-Mas, Carles; Verdejo-García, Antonio

    2017-02-01

    The brain's reward system is crucial to understand obesity in modern society, as increased neural responsivity to reward can fuel the unhealthy food choices that are driving the growing obesity epidemic. Brain's reward system responsivity to food and monetary rewards in individuals with excessive weight (overweight and obese) versus normal weight controls, along with the relationship between this responsivity and body mass index (BMI) were tested. The sample comprised 21 adults with obesity (BMI > 30), 21 with overweight (BMI between 25 and 30), and 39 with normal weight (BMI food (Willing to Pay) and monetary rewards (Monetary Incentive Delay). Neural activations within the brain reward system were compared across the three groups. Curve fit analyses were conducted to establish the association between BMI and brain reward system's response. Individuals with obesity had greater food-evoked responsivity in the dorsal and ventral striatum compared with overweight and normal weight groups. There was an inverted U-shape association between BMI and monetary-evoked responsivity in the ventral striatum, medial frontal cortex, and amygdala; that is, individuals with BMIs between 27 and 32 had greater responsivity to monetary stimuli. Obesity is associated with greater food-evoked responsivity in the ventral and dorsal striatum, and overweight is associated with greater monetary-evoked responsivity in the ventral striatum, the amygdala, and the medial frontal cortex. Findings suggest differential reactivity of the brain's reward system to food versus monetary rewards in obesity and overweight. Hum Brain Mapp 38:666-677, 2017. © 2016 Wiley Periodicals, Inc. © 2016 Wiley Periodicals, Inc.

  7. How does money memorize social interactions? Understanding time-homogeneity in monetary systems

    Science.gov (United States)

    Braun, Dieter; Schmitt, Matthias; Schacker, Andreas

    2013-03-01

    Understanding how money shapes and memorizes our social interactions is central to modern life. There are many schools of thought on as to how monetary systems contribute to crises or boom/bust cycles and how monetary policy can try to avert them. We find that statistical physics gives a refreshing perspective. We analyze how credit mechanisms introduce non-locality and time-heterogeneity to the monetary memory. Motivated by an analogy to particle physics, locality and time-homogeneity can be imposed to monetary systems. As a result, a full reserve banking system is complemented with a bi-currency system of non-bank assets (``money'') and bank assets (``antimoney''). Payment can either be made by passing on money or by receiving antimoney. As a result, a free floating exchange rate between non-bank assets and bank assets is established. Interestingly, this monetary memory allows for credit creation by the simultaneous transfer of money and antimoney at a negotiated exchange rate. We analyze this novel mechanism of liquidity transfer in a model of random social interactions, yielding analytical results for all relevant distributions and the price of liquidity under the conditions of a fully transparent credit market.

  8. Radon in Estonian buildings. Establishment of a measurement system and obtained results

    International Nuclear Information System (INIS)

    Pahapill, L.; Rulkov, A.; Swedjemark, G.A.

    1996-12-01

    One purpose of this project was the establishment of a radon monitoring programme inside the state environmental monitoring programme. Another purpose was to investigate regions, expected to have high radon levels indoors. A new method for the long-term measurement of indoor radon was established and the staff for these measurements was trained. The results of the measurement can be used by Estonian decision-makers to work out rules and standards. There is no legislative act in the field of radiation in Estonian at this time. To summarize the results of the measurements we can say that indoor radon concentrations vary by region. The radon investigations must be continued to identify the risk areas and types of housing construction. The results of the state radon monitoring are provided to the municipalities, who advice the owners of planned new houses to select the right construction for the house. A new project will follow with an investigation of radon in randomly selected dwellings, training and equipment for radon measurement in soil, and general advice with regard to radon, as well as assistance in preparing information about radon. 7 refs, 5 figs

  9. Valued Estonian Music CDs

    Index Scriptorium Estoniae

    2004-01-01

    2002. aastal välja antud eesti muusika heliplaatidest Artur Kapp "Symphonische Werke", Eduard Tubin "Symphonies No.9, No.10 and No.11", "Estonian Preludes", "Eesti heliloojad. Hortus Musicus", "Eesti Muusika Päevad", "Tallinn Saxophone Quartet. Estonian Contemporary Music", "Triskele. Kolga-Jaani vaimulikud rahvalaulud", "Helmekaala. Linnupuu Anne", "Modern Fox mängib Raimond Valgret",

  10. MONETARY POLICY SHOCKS AND ISLAMIC BANKS DEPOSITS IN INDONESIAN DUAL BANKING SYSTEM AFTER THE FINANCIAL CRISIS

    Directory of Open Access Journals (Sweden)

    Ahmad Affandi

    2017-03-01

    Full Text Available Use of riba (usury in the economic system remained a key factor that led to financial crisis since theinception of modern economy in the late of 17th century. Implementation of interest based monetary policystipulated rampant speculation as common practices in the global financial sector. Although Islamic bankingwas governed by syariah (Divine Law, which was assumed to be resilient from distress, the volatility ofinterest movement would generally affect Islamic banks operations in a dual banking system. This paperwould look at this issue and would empirically explore the dynamic inter-relationships between deposits ofIslamic banks with monetary policy variables in Indonesia. In terms of market share, as of 2009, Islamicbanking asset in Indonesia was a meager 2%. The industry had been affected by few monetary policy shockson its deposits and financing. The study would employ vector auto regression model (VAR to explore thedynamics between the variables. The study would focus on data from 2004 to 2008 or performance after theAsian financial crisis. The results from these tests determined that shariah based deposits played significantrole in transmitting monetary policy effects to the economy. This study found that Islamic banking depositsin Indonesia were not sensitive to monetary policy changes. This study also concluded that IndonesianIslamic banks were resilient to financial crisis.

  11. The Bank Lending Channel of Monetary Policy Transmission in A Dual Banking System

    Directory of Open Access Journals (Sweden)

    Mansor H. Ibrahim

    2017-02-01

    Full Text Available This paper examines the impact of monetary policy on bank lending in a dual banking system, i.e. Malaysia. Making use of an unbalanced panel data set of 38 Islamic and conventional banks covering mostly 2001-2014, we find evidence that variations in monetary policy affect lending growth of Islamic banks and, to some extent, conventional banks. The results further reveal that, in conformity with studies using aggregate Islamic financing data, the Islamic financing growth reacts more strongly to monetary policy changes. Moreover, we find no marked difference between full-fledged Islamic banks and Islamic bank subsidiaries in their responses to monetary policy. While we also document some evidence indicating the significant relations between bank-specific variables and lending growth, the bank-specific variables do not seem to have any role in impacting the potency of the bank lending channel. Finally, we find that lending growth is directly related to economic growth, suggesting procyclicality of bank lending/financing in Malaysia. These results have important implications for effective implementation of monetary policy and further development of Islamic banks in Malaysia.

  12. Money, the Banking System and Monetary Policy in Canada: A Teaching Unit.

    Science.gov (United States)

    Curtis, Douglas C. A.; Staunton, Ted, Ed.

    One of a series of teaching units designed to introduce secondary school students to the Canadian economy, this handbook contains instructional materials on Canada's monetary system and policy. Material is organized and presented in terms of specific topic readings and illustrative activities. The topics covered in six sections are money, the…

  13. Some considerations on the reform of the international monetary and financial system

    OpenAIRE

    E. GRILLI

    1999-01-01

    The paper discusses different views on the reform of the International Monetary System. It illustrates the most recent antecedents of the current debate, focusing on criteria, determinants and effects of the choice among different exchange regimes and discussing in particular the relationship between fixed exchange rates and financial crises, and the relationship between exchange rates and worldwide freedom of capital movements.

  14. Characteristics and contemporary challenges of the international monetary and financial system

    Directory of Open Access Journals (Sweden)

    Kovačević Radovan

    2015-01-01

    Full Text Available A well-functioning international monetary system (IMS should provide a satisfactory international liquidity and facilitate money and capital flows in the world economy. In a crisis, the IMS is expected to facilitate capital flows in order to eliminate imbalances leading to the crisis. The main leverage of the IMS in the postwar period was the dollar convertibility into gold, which enabled the US currency to become a global reserve currency. US monetary policy in this monetary system has a basic mission to generate international liquidity. When President Nixon suspended convertibility of the dollar to gold in 1971, this situation led to the collapse of the Bretton Woods system, the dollar began to float freely, but remained the key global reserve currency until today. The 2008 global financial crisis reminded us about the weakness of the current IMS, because the unstable value of the dollar created the risk of US dollar-denominated reserve assets. The current crisis has renewed the objections by the countries with the largest foreign exchange reserves in the world about 'exorbitant privilege' of the U.S. dollar in the IMS, as Charles De Gaulle once called it. The monetary policy impulses in the countries whose currencies belong to the club of leading world currencies (primarily the US, Eurozone and Japan are transferred outside the borders of these countries and affect other countries in the globalized world economy. This paper deals with the consequences of the present IMS structure, which is characterized by the dominant role of the dollar and the euro in international trade and financial flows. The paper studies the channels of US and Eurozone monetary spillovers into the international environment, and their consequences for other countries.

  15. On the nexus of monetary policy and financial stability: Is the financial system more resilient?

    OpenAIRE

    Mora, Patricia Palhau; Januska, Michael

    2016-01-01

    Monetary policy and financial stability are closely intertwined, and the resilience of the financial system carries weight in this relationship. This paper explores whether the financial system is more resilient as a result of the G20's post-crisis agenda for financial regulatory reform. It summarizes the agenda's key measures and implementation schedules, both internationally and in Canada, reviews the effectiveness of the reform measures in preventing and addressing financial imbalances, an...

  16. Alternative Monetary Systems in the Context of Managing the National Economy

    Directory of Open Access Journals (Sweden)

    Vartsaba Vira I.

    2017-12-01

    Full Text Available The aim of the article is to investigate alternative monetary systems, each of which can be an algorithm for managing the national economy. By analyzing, systematizing and summarizing the scientific works of both foreign and domestic scientists, it is established that money is a phenomenon capable of managing the socio-economic relations in the time and space development coordinates following the institutionalized functioning algorithms. There justified the informational nature of money, i.e., that money is artificial information, a peculiar way of understanding social and economic relations, since the monetary subsystem is algorithmizing social and economic relations and is a derivative of the functioning and development of the national economy. The effectiveness of the national currency depends on the built-in algorithms of its functioning, which are realized in the model of the national economy. The study reflects the basic variations of potential alternative monetary systems. In particular, world money, the issuers of which are highly developed countries; S. Gesell’s “free money”; S. Sharapov’s “absolute money”; money secured by commodity values; private money; virtual money — electronic money and crypto currency, etc. Given that the socio-economic system of Ukraine as a synergetic system have been in a state of bifurcation for a long time, the article considers and proposes the most effective way of the development and functioning of the monetary system in the context of a harmonious interrelations with the national economy in time and space coordinates by direct emission of money for innovative projects of development of the national economy. Prospects for further research are the trans-scientific paradigm of managing the national economy.

  17. Principles of functioning of the transmission mechanism of the monetary system in international business

    Directory of Open Access Journals (Sweden)

    Poliakova Iana O.

    2014-01-01

    Full Text Available Modern international economic relations are characterised with reduction of rates of economic growth of the majority of developed economic systems, gradual oligopolisation of international markets, domination of private investors interests in political relations, growth of intensity and frequency of local, regional and international economic crises, which negatively influences the tendencies of formation of main directions of transmission and use of capital. Consideration of theoretical grounds of functioning of the monetary mechanism and content analysis of the international statistical information for a long period of time allow marking out certain principles of restoration of integrity of the transmission mechanism of the monetary system as basic ones. Introduction of the proposed principles into the mechanism of functioning of the international monetary system would allow increase of the rates of growth of production of the developed economic systems, strengthening of stability of functioning of the developing economies and decrease of interdependence of different participants of international economic relations, which would directly influence improvement of macro-economic indicators.

  18. To be or renminbi: Trend in the evolution of the international monetary system

    OpenAIRE

    Malović Marko G.

    2014-01-01

    By joining the recent research bandwagon in international finance, this paper reexamines the potential of Chinese yuan for becoming a leading world currency. After analysing historical perspective and the ongoing state of affairs in de facto tripolar global monetary system, both external and internal impediments to internationalisation of the 'redback' are given a due consideration. In light of portfolio rebalancing urges in developing countries' FX reserves structure, as well as China's own ...

  19. MONETARY CONTROL SYSTEM IN BULGARIA – A KEY TO ECONOMIC STABILITY

    Directory of Open Access Journals (Sweden)

    Evgeniy Stoyanov

    2015-03-01

    Full Text Available The paper makes a short retrospection and discuses analytically functional characteristics of a form of financial control, gaining more and more essential meaning, namely monetary control. In conditions of hardly working economy during a crisis, its formal expressions render a serious impact on the financial results for the concrete enterprises, and for the whole economic system. That is the reason as objects of attention to be examined the emergence of the idea, its evolution, the essence of the monetary control and its peculiar goals, tasks and specificity substantiated by the Bulgarian economic reality. The aim of the investigation is to prove that the objective analysis is an effective form of constructive criticism and in the concrete case a purposeful alternative in management of more and more needed economic stability.

  20. Lessons Learnt from the Monetary System of Guernsey

    Directory of Open Access Journals (Sweden)

    Gábor Sárdi

    2017-10-01

    Full Text Available Bailiwick of Guernsey, situated in the English Channel off the coast of Normandy, just like Jersey and the Isle of Man, is an UK Crown dependency and an autonomous jurisdiction. These Crown dependencies are not members of the Commonwealth of Nations nor of the European Union. Furthermore, Guernsey is not part of France nor of the United Kingdom. This atypical status of Guernsey runs back several hundred years: from 1204 the island takes advantage of its special legal status and in general, it has not been managed badly. Despite all this, it cannot be considered as a totally independent, sovereign state. In addition to its special legal status, Guernsey is considered to be special in regard to its money system. According to a very popular story spread across the economic literature, the issuance of Guernsey pound prospered the island as some kind of a magic cure. While it is a considerable part, the current paper emphasize that it was not the only factor. The issuance happened in an economically declining period of Guernsey: after the Napoleonic wars the previous successful economic situation became worse mainly because of the actions of the British authorities that suppressed smuggling, a formerly thriving economic sector of the island. People established their living on this activity were hit hard, but as before, looked for opportunities where their unique status could be used efficiently, and thus, could stabilize their conditions (shipbuilding, vegetable production, tourism, etc.. Guernsey’s money system, however, remains an important topic as its way of operation is indeed unusual in the global economy. Whereas money supply in most countries consists primarily of privately issued bank-debt money (about 95%, Guernsey (States of Guernsey finance its public spending via quasi state issued money since 1817. This type of money system is usually termed as ‘public money system’ and receives a growing attention nowadays.

  1. The Monetary Policy in the System of State Regulation of the Indian Economy

    Directory of Open Access Journals (Sweden)

    Natalia V. Galistcheva

    2015-01-01

    Full Text Available The main task of this research is the analysis of India's monetary policy and its place in the system of state regulation of the economy. The article highlights the main directions of the Indian monetary policy in 1990-2000s aiming to raise competitiveness of the Indian goods on the foreign markets as well as stimulating the inflow of foreign capital in necessary volumes into the national economy. The author focuses on the main instruments of the modern Indian monetary policy, pursued in line with providing the undervalued rupee, which include the manipulating of the bank rate and currency interventions, directed mainly at sterilization of excessive inflow of foreign currency to the country. The article also underlines all the advantages and costs of the monetary policy. One of its main advantages is stimulation of national production's exports and among costs there are difficulties of importing machines and equipment into the country, increase of inflation rate as a result of massive inflow of export revenue, difficulties at external debt's service. The author notes the gradual nature of introduction of current account rupee convertibility and reasons for delay in achieving its full convertibility. Among them there are rather high level of fiscal deficit of the consolidated budget, essential average annual level of inflation, problems of non-performed assets in the economy, high liquidity ratio for commercial banks. The article also presents statistical data on the present state of the Indian foreign exchange reserves as well as dynamics in nominal and real effective exchange rate of rupee in 2005/06 - 2013/14 fiscal year.

  2. Monitoring the International Monetary System: Its Development in the West, and Future in the East

    Directory of Open Access Journals (Sweden)

    Todd J. Barry

    2016-06-01

    Full Text Available The “gold standard” is frequently mentioned in text books, but few without an economics background can fully understand it. This paper thus begins in 1896, when U.S. Presidential candidate William Jennings Bryan declared, “You shall not crucify mankind on a cross of gold.” Since going back to the middle ages, the world has had numerous monetary systems, which are here explained in comprehensible terms. A modern reoccurring idea is to return to some form of the gold standard, while some argue for switching to the Chinese yuan or another international reserve currency, which the International Monetary Fund (IMF will adopt in their Special Drawing Rights starting in October, 2016. This paper is normative in that it comments on the current international structure, but uses economic principles to support its argument in favor of an internationally strong dollar. It thus traces the history of a topically contentious subject, with a basic regression indicating important predictive factors for the future. It offers that a new gold standard would not be in the world’s interest, interfering with monetary policy, while emerging market countries would be best to import more and financially deepen, which the regression shows was why the Chinese yuan was adopted by the IMF, then looking ahead to other parts of Asia and towards bitcoins.

  3. Transnational Corporations in a Global Monetary Theory of Production: A World-Systems Perspective

    Directory of Open Access Journals (Sweden)

    Marc Pilkington

    2015-08-01

    Full Text Available In this paper, I argue that it is possible to enrich world-systems analysis with a heterodox Keynesian monetary theory of production known as the Theory of Money Emissions, based on the views put forward by the French economist Bernard Schmitt. In the aftermath of the global financial crisis, I aim to rehabilitate and adapt the old Keynesian proposal of an international clearing union to the modern world-system by providing a rationale behind a common world currency and a renewed perspective on money and transnational production.

  4. The changing U.S. financial system : some implications for the monetary transmission mechanism

    OpenAIRE

    Gordon H. Sellon

    2002-01-01

    An important part of monetary policy is the monetary transmission mechanism, the process by which monetary policy actions influence the economy. While the transmission mechanism involves a number of channels, including exchange rates, bank credit, and asset prices, most economists consider interest rates to be the principal avenue by which monetary policy affects economic activity.> In recent decades, significant changes in the structure of financial markets and institutions in the United Sta...

  5. Swedish-Estonian energy forest research cooperation

    International Nuclear Information System (INIS)

    Ross, J.; Kirt, E.; Koppel, A.; Kull, K.; Noormets, A.; Roostalu, H.; Ross, V.; Ross, M.

    1996-01-01

    The Organization of Estonian energetic economy is aimed at cutting the usage of oil, gas and coal and increasing the local resources firewood, oil-shale and peat for fuel. The resources of low-valued firewood-brushwood, fallen deadwood etc. are available during the following 10-15 years, but in the future the cultivation of energy forest (willow) plantations will be actual. During the last 20 years the Swedish scientists have been extensively studying the willow forest selection, cultivation and use in energetics and waste water purification systems. A Swedish-Estonian energy forest research project was started in 1993 between the Swedish Agricultural University on one hand and Toravere Observatory, Institute of Zoology and Botany, Estonian Academy of Sciences and Estonian Potato Processing Association on the other hand. In spring 5 willow plantations were established with the help of Swedish colleagues and obtained from Sweden 36000 willow cuttings. The aim of the project: a) To study experimentally and by means of mathematical modelling the biogeophysical aspects of growth and productivity of willow plantations in Sweden and Estonian climatological conditions. b) To study the possibility of using the willow plantations in waste waters purification. c) To study the economical efficiency of energy forest as an energy resource under the economic and environmental conditions of Estonia. d) To study the economic efficiency of willow plantations as a raw material for the basket industry in Estonia. e) To select the most productive and least vulnerable willow clones for practical application in energy plantations. During 1993 in all five plantations detailed analysis of soil properties has been carried out. In the plantation at Toravere Observatory phytometrical measurements were carried out - the growth of plant biomass leaf and stem area, vertical distribution of dry matter content, biomass and phyto area separately for leaves and stems has been performed. Some

  6. Guardando al futuro del Sistema Monetario Internazionale (Looking to the Future International Monetary System

    Directory of Open Access Journals (Sweden)

    Carlo D'Adda

    2012-04-01

    Full Text Available Questo articolo passa brevemente in rassegna diversi argomenti che riguardano il funzionamento del Sistema Monetario Internazionale dopo il 1971, quali cambi flessibili e cambi fissi, aree monetarie ottime, crescenti movimenti di capitali, volatilità dei cambi, crisi valutarie, disavanzo esterno degli Stati Uniti. Pur in assenza di un disegno a priori, la successione di questi problemi ha preparato la strada alla recente proposta di Mundell e Cooper per una moneta mondiale.Questa proposta non costituisce una semplice via d’uscita dalle odierne preoccupazioni. Nondimeno essa lascia intravedere la possibilità di un futuro migliore.     This article briefly reviews various issues concerning the functioning of the International Monetary System after 1971, such as flexible exchange rates and fixed exchange rates, optimal currency areas, increasing capital movements, exchange rate volatility, currency crises, external deficit of the United States. Even in the absence of an a priori design, the sequence of these problems has paved the way to the recent proposal of Mundell and Cooper for a world currency. This proposal is not a simple way out of today's concerns. Nevertheless, it suggests the possibility of a better future.  JEL Codes: F30, F33Keywords: Sistema Monetario Internazionale, Mundell, Cooper, moneta mondiale.

  7. Estonian Tax Structure

    Directory of Open Access Journals (Sweden)

    Viktor Trasberg

    2014-08-01

    Full Text Available The paper analyses Estonian tax structure changes during the last decade and critically assesses the current situation. The country’s tax mix is rather unique among EU countries – it has one of the highest proportions of consumption taxes in total taxes and the lowest level of capital and profit taxes. Such an unbalanced tax structure creates risks for public finances, limits revenue collection and distorts the business environment.

  8. To be or renminbi: Trend in the evolution of the international monetary system

    Directory of Open Access Journals (Sweden)

    Malović Marko G.

    2014-01-01

    Full Text Available By joining the recent research bandwagon in international finance, this paper reexamines the potential of Chinese yuan for becoming a leading world currency. After analysing historical perspective and the ongoing state of affairs in de facto tripolar global monetary system, both external and internal impediments to internationalisation of the 'redback' are given a due consideration. In light of portfolio rebalancing urges in developing countries' FX reserves structure, as well as China's own interest, a role for SDR, bitcoin, gold and alike substitutes comes under investigation too. Notwithstanding the fact that Triffin's dilemma makes a spectacular comeback as equally perplexing mirror-image in regard to options available for currencies aspiring to usurp the US dollar on the world's reserve denominator throne, if global recession and financial crisis remnants fail to recede any time soon, yuan can become one of the leading international currencies within only a decade or so.

  9. IMBALANCES IN THE FINANCIAL SYSTEM OF UKRAINE AND THEIR TRANSMISSION TO THE SYSTEMATIC RISKS IN THE MONETARY STABILITY

    Directory of Open Access Journals (Sweden)

    O. Liubkina

    2013-10-01

    Full Text Available The article examines the current state and major imbalances in the financial market of Ukraine, which are the source of risk to the national economy and can significantly affect the monetary stability during the post-crisis period and the period of recession. Threats that are associated with peculiarities of the institutional structure of the financial market of Ukraine are analyzed, namely, on the one hand, the importance of banking institutions, and on the other – functional inadequacy of the banking systems in ensuring monetary and financial stability. The analysis shows that the weaknesses of the banking system have led to the accumulation of risks and structural misbalances in the Ukrainian economy which pose a danger to stability in the financial sector. Conclusions and measures are substantiated for the use of tools of monetary policy in order to strengthen monetary and financial stability. Among them are: the necessity of changes in the methodological tools of assessment of the financial stability and accumulation of systemic risk in the economy, measures to manage the inflation risk as the main internal risk for Ukraine, ways of enhancement of interaction between the banking system and the national economy through the interest rate benchmark.

  10. Estonian energy forest project

    International Nuclear Information System (INIS)

    Koppel, A.; Kirt, E.; Kull, K.; Lasn, R.; Noormets, A.; Roostalu, H.; Ross, J.; Ross, V.; Sulev, M.

    1994-04-01

    In February 1993 an agreement of Swedish-Estonian scientific co-operation on energy forest was signed. In may five energy forest plantations (altogether 2 ha) were established in Estonia with Swedish selected clones of Salix viminalis and Salix dasyclados. The research within this project is carried out within three main directions. The studies of basic ecophysiological processes and radiation regime of willow canopy will be carried out in Toravere. The production ecology studies, comparison of the productivity of multiple clones on different soil types is based on the plantations as vegetation filter for wastewater purification is studied on the basis of plantations in Vaeike-Maarja and Valga (author)

  11. Monetary Romanticism

    DEFF Research Database (Denmark)

    Ravn Sørensen, Anders

    2013-01-01

    the interrelation between monetary organisation and nationalism. In the conflict between the Danish state and the Duchies of Schleswig-Holstein in the nineteenth century, banks and currencies were mobilised as political symbols to promote an agenda of regional nationalism. The local Schleswig-Holstein currency...

  12. Monetary Policy Analysis in Serbia

    Directory of Open Access Journals (Sweden)

    Martin Vesna

    2015-09-01

    Full Text Available The paper focuses on analysing monetary policy in Serbia. The National Bank of Serbia chose inflation targeting, which sets price stability as the main objective of monetary policy. To achieve this goal, the central bank uses different monetary policy instruments which analysis can provide us with the understanding of the main directions of their actions but also of the limitations of its application. Only through improvement of both instruments and monetary policy the central bank will create a better foundation for achieving monetary stability. In addition, the implementation of exchange rate policy is entrusted to the National Bank of Serbia, as the main regulator of the financial system. A mere use of managed floating exchange rate, as the chosen exchange rate regime, is an appropriate solution in the current economic circumstances and in accordance with the desired objective of monetary policy.

  13. Estonian Airi uued soodsad pakkumised

    Index Scriptorium Estoniae

    2010-01-01

    Estonian Airi kodulehelt on võimalik osta lennupileteid koostööpartnerite poolt pakutavatele mandritevahelistele lendudele ning broneerida internetis hotellituba Euroopa suurima hotelli broneerimise teenust pakkuva ettevõtte Booking.com kaudu

  14. [Mati Erelt. Estonian Language] / Katrin Hiietamm

    Index Scriptorium Estoniae

    Hiietamm, Katrin

    2004-01-01

    Arvustus: Estonian language / [Estonian Academy of Sciences] ; edited by Mati Erelt.Tallinn : Teaduste Akadeemia Kirjastus, 2003. 412, [1] lk. : ill., kaart. (Linguistica Uralica. Supplementary series, 0868-4731 ; vol. 1)

  15. MONETARY POLICY AND ECONOMIC DEVELOPMENT: LESSONS ...

    African Journals Online (AJOL)

    promote monetary stability and a sound financial system in Nigeria under the overall ... default in the money market and, (iv) Excessive borrowing for speculative ..... Crookett, A. (1979): Monetary Theory, Policy and Institutions, Thomas Nelson ...

  16. Estonian wind climate

    International Nuclear Information System (INIS)

    Kull, Ain

    1999-01-01

    Estonia is situated on the eastern coast of the Baltic Sea. This is a region with intensive cyclonic activity and therefore with a relatively high mean wind speed. Atmospheric circulation and its seasonal variation determine the general character of the Estonian wind regime over the Atlantic Ocean and Eurasia. However, the Baltic sea itself is a very important factor affecting wind climate, it has an especially strong influence on the wind regime in costal areas. The mean energy density (W/m 2 ) is a wind energy characteristic that is proportional to the third power of wind speed and describes energy available in a flow of air through a unit area. The mean energy density is a characteristic which has practical importance in regional assessment of snowdrift, storm damage and wind energy

  17. National monetary policy by regional design: the evolving role of the Federal Reserve banks in Federal Reserve System policy

    OpenAIRE

    David C. Wheelock

    1999-01-01

    This paper examines the history of Federal Reserve Bank input into Federal Reserve System monetary policymaking. From the Fed's founding in 1914 through the Great Depression, the Reserve Banks held the balance of power. Dissatisfaction with the Fed's performance, however, led to a wholesale reorganization in 1935 that greatly enhanced the authority of the Federal Reserve Board, but retained a role for the Federal Banks through the membership of their presidents on the FOMC, as well as in sett...

  18. A Pilot Study on Comparative Assessment of Electricity Generating Systems Using Monetary Value

    International Nuclear Information System (INIS)

    Kim, Kil Yoo; Kim, Seong Ho; Kim, Tae Woon

    2005-01-01

    Recently, many variables which affect the cost of electricity generating systems are drastically changing. For examples, the price of crude oil soared above 70 dollars a barrel and it will be continuously going up. Kyoto Protocol, an international agreement signed by 141 countries that promise to reduce greenhouse gases, finally entered into force on February 16, 2005. A total of 39 countries are required to reduce their emissions of greenhouse gases, including carbon dioxide, methane and nitrous oxide, to 5.2 percent below the 1990 levels during 2008-2012. Also, many researches and government support are concentrated on the renewable energy. In Korea, the portion of renewable energy in the electricity generation will be increased up to 7% in 2010. Therefore, a comparative assessment among electricity generating systems by considering the environmental impacts, risks, health effects, and social effects is required to establish the national energy and power systems planning systematically and scientifically. Up to now, several papers for data collection and analysis of the environmental impacts, risks, and health effects for various electricity generation systems in Korea were published. However, they were not the comparative assessment covering all impacts and effects but just a partial assessment (e.g., environmental impacts assessment only), or not covering all generating systems such as nuclear, coal, LNG, hydro, oil, wind, photo-voltaic (=solar) but covering partial ones (e.g., nuclear, coal, LNG, and wind only). Although Ref. deals all electricity generating systems, and all impacts such as economic, environmental, health, and social impacts, it used too much subjective opinion by using pairwise comparison questionnaire to know the relative importance among the economic, environmental, health, and social effects. However, if economic, environmental, health, and social effects of the various electricity generation systems could be calculated by monetary value

  19. Ethnic Self-Esteem and Intergroup Attitudes Among the Estonian Majority and the non-Estonian Minority

    Directory of Open Access Journals (Sweden)

    Maaris Raudsepp

    2009-11-01

    Full Text Available The study was focussed on the relationships between ethnic self-esteem and various indicators of intergroup attitudes in a representative sample of adult population of Estonia (N=1142. Attitudinal variables that discriminated most between persons with high and low ethnic self-esteem were identified. Among Estonians ethnic self-esteem was related to positive ingroup bias, readiness for outgroup contact, perceived threat from the outgroup, attitudes to non-Estonian minority, and attitudes toward minority integration. Among non-Estonians ethnic self-esteem was related to readiness for outgroup contact, ethnic sterotypes, and various attitudes towards minority integration. An attempt was made to reconstruct the system of intergroup attidues of prototypical persons with high and low ethnic selfesteem and to describe psychological implications of high and low ethnic self-esteem for members of majority and minority groups. Various theoretical models (social identity theory, integrated threat theory, social dominane theory were used for interpretation of the results.

  20. SME e rapporti esterni. (The European monetary system – managing the external relationships

    Directory of Open Access Journals (Sweden)

    P. LANGUETIN

    2013-12-01

    Full Text Available Questo documento è stato presentato in occasione del quarto Seminario Internazionale sui diritti economici e monetari dell'Unione  Europea, tenutosi a Copenaghen nel marzo del 1981. Il lavoro sottolinea segnali incoraggianti di una maggiore cooperazione tra gli Stati Uniti e le autorità europee sugli interventi coordinati che si è sviluppato nel 1980. Tuttavia, l'autore vede possibile un ulteriore margine di miglioramento nell' l'idea di Jacques van Ypersele di set-up di contratti di swap in dollari / ECU tra il Fondo europeo di cooperazione monetaria e la Federal Reserve.  This paper was presented at the Fourth International Seminar on European Economic and Monetary Union, held in Copenhagen in March of 1981. The work points out encouraging signs of improved cooperation between US and European authorities on coordinated interventions which developed in 1980. However, the author sees possible further scope for improvement in the idea of Jacques van Ypersele to set-up dollar/ECU swap arrangements between the European Monetary Cooperation Fund and the Federal Reserve. JEL: E42, F36

  1. Monetary management in a monetary union

    DEFF Research Database (Denmark)

    Thygesen, Niels

    1991-01-01

    The design and implementation of monetary policy in the EMU raises a number of difficult conceptual issues, though less complex than those of the transition. The Delors Report (1989) addressed three issues, in particular: (1) the appropriate mandate for the European system of Central Banks (ESCB)......, and on the desirable degree of decentralization within the ESCB of operational and supervisory authority. Some preliminary reflections on these issues are found in the final section......The design and implementation of monetary policy in the EMU raises a number of difficult conceptual issues, though less complex than those of the transition. The Delors Report (1989) addressed three issues, in particular: (1) the appropriate mandate for the European system of Central Banks (ESCB......): (2) the relationship of the ESCB to national and EEC political authorities, and (3) the accountability of the ESCB for its implementation of its mandate. The paper pays special attention to the interaction of these three issues. The Delors Report was less specific on the desing of instruments...

  2. Utilisation of Estonian energy wood resources

    Energy Technology Data Exchange (ETDEWEB)

    Muiste, P.; Tullus, H.; Uri, V. [Estonian Agricultural University, Tartu (Estonia)

    1996-12-31

    In the end of the Soviet period in the 1980s, a long-term energy programme for Estonia was worked out. The energy system was planned to be based on nuclear power and the share of domestic alternative sources of energy was low. The situation has greatly changed after the re-establishment of the Estonian independence, and now wood and peat fuels play an important role in the energy system. Energy consumption in Estonia decreased during the period 1970-1993, but this process has less influenced the consumption of domestic renewable fuels - peat and wood. It means that the share of these fuels has grown. The investment on substitution of imported fossil fuels and on conversion of boiler plants from fossil fuels to domestic fuels has reached the level of USD 100 million. The perspectives of the wood energy depend mainly on two factors; the resources and the price of wood energy compared with other fuels. The situation in wood market influences both the possible quantities and the price. It is typical that the quickly growing cost of labour power in Estonia is greatly affecting the price of energy wood. Though the price level of fuel peat and wood chips is lower than the world market price today, the conditions for using biofuels could be more favourable, if higher environmental fees were introduced. In conjunction with increasing utilisation of biofuels it is important to evaluate possible emissions or removal of greenhouse gases from Estonian forests 3 refs.

  3. Utilisation of Estonian energy wood resources

    Energy Technology Data Exchange (ETDEWEB)

    Muiste, P; Tullus, H; Uri, V [Estonian Agricultural University, Tartu (Estonia)

    1997-12-31

    In the end of the Soviet period in the 1980s, a long-term energy programme for Estonia was worked out. The energy system was planned to be based on nuclear power and the share of domestic alternative sources of energy was low. The situation has greatly changed after the re-establishment of the Estonian independence, and now wood and peat fuels play an important role in the energy system. Energy consumption in Estonia decreased during the period 1970-1993, but this process has less influenced the consumption of domestic renewable fuels - peat and wood. It means that the share of these fuels has grown. The investment on substitution of imported fossil fuels and on conversion of boiler plants from fossil fuels to domestic fuels has reached the level of USD 100 million. The perspectives of the wood energy depend mainly on two factors; the resources and the price of wood energy compared with other fuels. The situation in wood market influences both the possible quantities and the price. It is typical that the quickly growing cost of labour power in Estonia is greatly affecting the price of energy wood. Though the price level of fuel peat and wood chips is lower than the world market price today, the conditions for using biofuels could be more favourable, if higher environmental fees were introduced. In conjunction with increasing utilisation of biofuels it is important to evaluate possible emissions or removal of greenhouse gases from Estonian forests 3 refs.

  4. Estonian horticultural peat marketing: sales promotion and price formation. 2. part

    International Nuclear Information System (INIS)

    Hammer, Hele

    1999-01-01

    When forming prices, Estonian peat companies' decisions should be based on marginal cost analysis. Unfortunately most Estonian companies sell peat to intermediaries and cannot influence its price. Estonian peat producers have to choose between either selling peat directly or selling through a central marketing organization. Both systems have their pros and cons. Direct selling gives more freedom to individual producers but is more risky. Central marketing makes cost saving possible and is more effective and stable, but may alienate producers from clients and markets. Whichever marketing system Estonian peat companies choose, the most important elements in their marketing strategy should be: careful market analysis, personal sales, attending trade shows, catalogues, quality service and offering transportation services. (author)

  5. Developments of the Estonian intellectual property system to meet the challenges of the knowledge-based economy : [doktoritöö] / Aleksei Kelli ; Tartu Ülikool ; juhendaja: Heiki Pisuke

    Index Scriptorium Estoniae

    Kelli, Aleksei, 1977-

    2009-01-01

    Sisaldab artikleid: Intellectual property in an innovation-based economy // Review of Central and East European Law (2008) nr. 2, lk. 223-238 (kaasautor Heiki Pisuke) ; Some issues of the Estonian innovation and intellectual property policy // Juridica International. XV. Tartu, 2008, lk. 104-114 ; Improvement of the intellectual property system as a measure to enhance innovation // Juridica International. XVI. Tartu, 2009, lk. 114-125 ; Some issues regarding entrepreneurial universities and intellectual property // Juridica International. XII. Tartu, 2007, lk. 161-172 (kaasautor Heiki Pisuke). - Tutvustus // Tartu Ülikooli doktorite promoveerimine 2010. Tartu, 2010, lk. 5-6

  6. Five-class height-weight mean and SD system applying Estonian reference values of height-weight mean and SD for systematization of seventeen-year-old conscripts' anthropometric data.

    Science.gov (United States)

    Lintsi, Mart; Kaarma, Helje; Aunapuu, Marina; Arend, Andres

    2007-03-01

    A study of 739 conscripts aged 17 years from the town of Tartu and from the Tartu county was performed. Height, weight, 33 anthropometric measurements and 12 skinfolds were measured. The data were classified into five height-weight mean and SD-classes applying the Estonian reference values for this age and sex (Grünberg et al. 1998). There were 3 classes with conformity between height and weight class: 1--small (small height and small weight), 2--medium (medium height and medium weight), 3--large (large height and large weight), 4--weight class dominating (pyknomorphic) and 5--height class dominating (leptomorphic). It was found, that in classes 1, 2 and 3 the height and weight increase was in accordance with the increase in all heights, breadths and depths, circumferences, skinfolds, body fat, muscle and bone mass. In class 4 circumferences, skinfolds, body fat and muscle mass were bigger. In class 5 all heights and the relative bone mass were bigger. The present investigation confirms the assumption that the five height-weight mean and SD five-class system applying the Estonian reference values for classifying the anthropometric variables is suitable for seventeen-year-old conscripts. As well the border values of 5%, 50% and 95% for every anthropometrical variable in the five-classes were calculated, which may be helpful for practical classifying.

  7. The problems and development potential of revenue autonomy in Estonian municipalities. Kohalike omavalitsuste tuluautonoomia probleemid ja arenguvõimalused Eestis

    Directory of Open Access Journals (Sweden)

    Janno Reiljan

    2013-01-01

    Full Text Available In a regionally heterogeneous country like Estonia, it is a difficult task to create a local government revenue structure that guarantees even supply of public services across the entire country and, at the same time, revenue autonomy for the municipalities. In the theoretical part of the current article the suitability of different sources of own revenues are analysed in the context of Estonian municipalities. The empirical part of the article compares the financing principles of Estonian municipalities with other EU countries. Finally, the proportions of different own sources of revenues in the budgets of Estonian local governments are examined and suggestions are made for changing the current system

  8. monetary policy and macroeconomic management: a simulation ...

    African Journals Online (AJOL)

    Admin

    The results show that monetary variables and government finance is linked through the government's net indebtedness to the banking system. ... monetary squeeze would reduce inflation rate faster than if the reduction in ... This reduction in money supply also leads to a reduction in output, .... Methodological Framework.

  9. Monetary economics from econophysics perspective

    Science.gov (United States)

    Yakovenko, Victor M.

    2016-12-01

    This is an invited article for the Discussion and Debate special issue of The European Physical Journal Special Topics on the subject "Can Economics be a Physical Science?" The first part of the paper traces the personal path of the author from theoretical physics to economics. It briefly summarizes applications of statistical physics to monetary transactions in an ensemble of economic agents. It shows how a highly unequal probability distribution of money emerges due to irreversible increase of entropy in the system. The second part examines deep conceptual and controversial issues and fallacies in monetary economics from econophysics perspective. These issues include the nature of money, conservation (or not) of money, distinctions between money vs. wealth and money vs. debt, creation of money by the state and debt by the banks, the origins of monetary crises and capitalist profit. Presentation uses plain language understandable to laypeople and may be of interest to both specialists and general public.

  10. Shifting chronic disease management from hospitals to primary care in Estonian health system: analysis of national panel data.

    Science.gov (United States)

    Atun, Rifat; Gurol-Urganci, Ipek; Hone, Thomas; Pell, Lisa; Stokes, Jonathan; Habicht, Triin; Lukka, Kaija; Raaper, Elin; Habicht, Jarno

    2016-12-01

    Following independence from the Soviet Union in 1991, Estonia introduced a national insurance system, consolidated the number of health care providers, and introduced family medicine centred primary health care (PHC) to strengthen the health system. Using routinely collected health billing records for 2005-2012, we examine health system utilisation for seven ambulatory care sensitive conditions (ACSCs) (asthma, chronic obstructive pulmonary disease [COPD], depression, Type 2 diabetes, heart failure, hypertension, and ischemic heart disease [IHD]), and by patient characteristics (gender, age, and number of co-morbidities). The data set contained 552 822 individuals. We use patient level data to test the significance of trends, and employ multivariate regression analysis to evaluate the probability of inpatient admission while controlling for patient characteristics, health system supply-side variables, and PHC use. Over the study period, utilisation of PHC increased, whilst inpatient admissions fell. Service mix in PHC changed with increases in phone, email, nurse, and follow-up (vs initial) consultations. Healthcare utilisation for diabetes, depression, IHD and hypertension shifted to PHC, whilst for COPD, heart failure and asthma utilisation in outpatient and inpatient settings increased. Multivariate regression indicates higher probability of inpatient admission for males, older patient and especially those with multimorbidity, but protective effect for PHC, with significantly lower hospital admission for those utilising PHC services. Our findings suggest health system reforms in Estonia have influenced the shift of ACSCs from secondary to primary care, with PHC having a protective effect in reducing hospital admissions.

  11. RISKS AND CONSTRAINTS FOR THE MONETARY STABILITY

    Directory of Open Access Journals (Sweden)

    Camelia MILEA

    2013-09-01

    Full Text Available Starting from the definition according to which monetary stability requires an appropriate level of liquidity in an economy with dynamic objectives, of growth and job creation, non-inflationary in terms of price stability, based on the analysis of the effects of some relevant economic phenomena and on the economic literature, in this article, the author has highlighted some of the risks to monetary stability. One of the major risks is represented by the loss of its instruments, i.e. the instruments for liquidity management, through monetary and exchange rate policies. Another important risk is represented by the capital fluctuation due to various shocks: exchange rate, political, financial and capital account liberalization. Also, as a result of the analysis of relevant studies and of the effects of the European integration in terms of monetary stability, the author has shown the elements on which depends monetary stability. Among these, there are: the existence of an institutional framework with a clear goal and a proper degree of responsibility, strong operational independence of monetary policy, monetary policy implementation with a view to ensuring an appropriate balance between discipline and discretion, the level of the interest rate of monetary policy, the efficiency of the transmission mechanism of monetary policy, the existence of a viable and stable financial system, the existence of enough instruments at hand for the central bank, the structure and soundness of the financial and banking system. The paper is a capitalization of the research project “Global Risks for the Financial and Monetary Stability. Implications for Romania and European Union” elaborated in 2013, at “Victor Slăvescu” Centre for Financial and Monetary Research.

  12. Is the Current Monetary System Viable? What Are the Alternatives? Can Complementary Currencies Bring More Stability and Sustainability?

    OpenAIRE

    Legrand, Nicolas; De Vliegher, Hubert

    2017-01-01

    According to the International Monetary Fund, 145 banking crises, 208 monetary crashes and 72 sovereign-debt crises have occurred between 1970 and 2010 (Lietaer, Arnsperger, Goerner, & Brunnhuber, 2012). Crises have a negative impact on employment, human and social costs and production, and ultimately taxpayers are left to pay the bill. The most recent example is the 2007-2008 sub-prime banking crisis that affected countries such as Great Britain, Germany, the Unites States and Belgium. Anoth...

  13. Estonian Air to overhaul strategy / Matt Withers

    Index Scriptorium Estoniae

    Withers, Matt

    2008-01-01

    Estonian Air on majanduslikes raskustes, mida aitaks leevendada riigipoolne toetus. Majandus- ja kommunikatsiooniminister Juhan Parts leiab, et riik peaks omama lennufirma juhatuses esimehe kohta, et mõjutada rohkem vastuvõetavaid otsuseid ja investeeringuid

  14. Estonian Golf & Country Club / Urmas Oja

    Index Scriptorium Estoniae

    Oja, Urmas, 1981-2012

    2005-01-01

    Konkursil "Eesti parim puitehitis 2005" pälvis voodrilaua eripreemia Jõelähtme Estonian Golf & Country Club'i katus. Arhitekt Andres Siim. Sisearhitekt Juta Lember. Konstruktor: AS Resand. 11 värv. ill

  15. Estonian Air / Kirsti Vainküla

    Index Scriptorium Estoniae

    Vainküla, Kirsti, 1972-

    2004-01-01

    Estonian Air reklaamib end Taani linna Aalborgi raadiojaama ilmateates. Lennukompanii pressiesindaja Epp Alatalu sõnul on firma Taanis reklaamimise põhjus see, et liinil Tallinn-Kopenhaagen sõitjate hulgas ei ole peaaegu üldse taanlasi

  16. Revisiting the Estonian Cyber Attacks: Digital Threats and Multinational Responses

    Directory of Open Access Journals (Sweden)

    Stephen Herzog

    2011-01-01

    Full Text Available In April 2007, the Estonian Government moved a memorial commemorating the Soviet liberation of the country from the Nazis to a less prominent and visible location in Tallinn. This decision triggered rioting among Russian-speaking minorities and cyber terrorism targeting Estonia's critical economic and political infrastructure. Drawing upon the Estonian cyber attacks, this article argues that globalization and the Internet have enabled transnational groups—such as the Russian diaspora—to avenge their grievances by threatening the sovereignty of nation-states in cyberspace. Sophisticated and virtually untraceable political "hacktivists" may now possess the ability to disrupt or destroy government operations, banking transactions, city power grids, and even military weapon systems. Fortunately, western countries banded together to effectively combat the Estonian cyber attacks and minimize their effects. However, this article concludes that in the age of globalization, interdependence, and digital interconnectedness, nation-states must engage in increased cooperative cyber-defense activities to counter and prevent devastating Internet attacks and their implications.

  17. Monetary accounting of ecosystem services

    NARCIS (Netherlands)

    Remme, R.P.; Edens, Bram; Schröter, Matthias; Hein, Lars

    2015-01-01

    Ecosystem accounting aims to provide a better understanding of ecosystem contributions to the economy in a spatially explicit way. Ecosystem accounting monitors ecosystem services and measures their monetary value using exchange values consistent with the System of National Accounts (SNA). We

  18. Air Baltic: Estonian Air on nurka surutud / Teele Tammeorg

    Index Scriptorium Estoniae

    Tammeorg, Teele

    2010-01-01

    Air Balticu asepresidendi Janis Vanagsi hinnangul on Estonian Air aastaid jätnud tähelepanuta oma peamised turismiturud ning on praegu halvas seisus. Air Baltic on endiselt huvitatud Estonian Airi ostust. Majandus- ja kommunikatsiooniminister Juhan Partsi seisukoht

  19. THEORIES OF MONETARY POLICY – FROM THE MERCANTILIST PRAGMATISM TO THE MODERN MONETARY THEORIES

    Directory of Open Access Journals (Sweden)

    Zina CIORAN

    2014-06-01

    Full Text Available The purpose of this article is to perform an incursion into the monetary theories, from the mercantilists to the modern theories. The monetary area is an important component of the economic system which has always been and still is tormented by anxiety and uncertainty. The currency can be considered a barometer that promptly and precisely registers a country’s economic oscillations and the fundamental problems that torment the human society nowadays is mainly expressed in monetary terms. Being one of the major tools the state uses to balance the economy, the monetary politics has permanently generated fervent controversies and discussions. Scientific research of the monetary phenomenon, facing the complexity of the currency problems with a diversity of currency types and with the complex currency role within the company, as well as the explosive evolution of the financial institutions, structures and monetary and financial products has always kept the monetary theory in the beginning of a new research program. The monetary theory center, around which the economists‘ thinking is founded, is formed of: emphasizing the money role in the economy, the money measurement, the money offer and request with their influence factors, the monetary balance theory, the monetary impulse transition modality as well as the monetary behavior on the part of the economic agents. It was established that each economical thinking movement marked the social, economical and political life for a certain amount of time, each school has criticized or supported their predecessors’ ideas contributing to the enrichment of the monetary theory and the economic development, implicitly.

  20. International Reserves Crises, Monetary Integration and the Payments System during the International Gold Standard

    OpenAIRE

    Paula Hernandez-Verme

    2009-01-01

    I model an international payments system with a financial center and periphery to reproduce various aspects of the International Gold Standard. This period was characterized by frequent crises associated with scarce stocks of reserves, high short-term interest rates with subsequent gold inflows and transmission of output contractions across countries. I find that a common international currency and no legal restrictions on exchange help the periphery share reserves with the financial center, ...

  1. Korea's Post-Crisis Monetary Policy Reforms

    OpenAIRE

    Donghyun Park; Junggun Oh

    2005-01-01

    Korea's financial crisis of 1997–1998 was brought about by the unsustainable combination of large capital inflows and an inefficient financial system. The Bank of Korea contributed to the crisis primarily through its failures as the regulator of the financial system rather than as the conductor of monetary policy. Our paper explores the role of the two major monetary policy reforms Korea has implemented in response to the crisis — the establishment of a new financial regulator and the adoptio...

  2. Fiscal aspects of the European monetary integration

    Directory of Open Access Journals (Sweden)

    Golubović Srđan

    2014-01-01

    Full Text Available Along with the introduction of the euro as a single currency, importance of respecting the fiscal aspects which determine longevity of the monetary arrangement is recognized. For this reason, although underdeveloped, the EU fiscal system provides mechanisms to ensure fiscal discipline among member states. In addition to the fulfillment of the convergence criteria which is a precondition for joining the monetary union, they include no bailout clause and monetary financing prohibition. Sovereign debt that escalated in 2010 showed all the imperfections of these arrangements and pointed to the need for introduction of new and more effective fiscal rules. With fiscal system of the European Union as a starting point, the paper analyzes instruments defined by the fiscal system of the Union, which purpose is to ensure fiscal discipline of the European Monetary Union member states. Last part of the paper analyze new fiscal rules introduced as a response to the debt crisis in the Eurozone.

  3. The impact of the financial crisis on the currency and the monetary system

    Directory of Open Access Journals (Sweden)

    Petre DEACONU

    2010-09-01

    Full Text Available The present-day economic and financial crisis (depression appears unprecedented in the last half century. The international financial crisis has been extended to the Romanian economy. However, in terms of direct impact, the Romanian banking system was less affected by not being exposed to toxic assets, and because of prudential and administrative measures taken by the NBR. Indirectly, however, the international financial crisis and especially its obvious consequence – the recession in developed countries - has expanded to the Romanian economy, on several channels. The shopping channel slowed export growth and even reduced them. The financial channel has limited the access to external financing, and thus restricted the lending volume, generating private external debt service difficulties. On the exchange rate channel, the reduction in external financing reflected in national currency depreciation. On the confidence channel, there was a withdrawal of investors from Eastern Europe countries. Among the measures adopted by the central bank, the most notable were targeting inflation and currency interventions. By adopting inflation targeting, the central bank opted to make more room in establishing foreign exchange market, and after the onset of the current international financial crisis, including the 2009-2010, adopted a controlled floating exchange rate. This does not mean intervention in the forex market on a discretionary basis. NBR policy on foreign exchange intervention has been guided by the philosophy that high exchange rate volatility is harmful for both the inflation target and the financial health of the real and financial sector.

  4. Stocks of organic carbon in Estonian soils

    Directory of Open Access Journals (Sweden)

    Kõlli, Raimo

    2009-06-01

    Full Text Available The soil organic carbon (SOC stocks (Mg ha–1 ofautomorphic mineral (9 soil groups, hydromorphic mineral (7, and lowland organic soils (4 are given for the soil cover or solum layer as a whole and also for its epipedon (topsoil layer. The SOC stocks for forest, arable lands, and grasslands and for the entire Estonian soil cover were calculated on the basis of the mean SOC stock and distribution area of the respective soil type. In the Estonian soil cover (42 400 km2, a total of 593.8 ± 36.9 Tg of SOC is retained, with 64.9% (385.3 ± 27.5 Tg in the epipedon layer (O, H, and A horizons and 35.1% in the subsoil (B and E horizons. The pedo-ecological regularities of SOC retention in soils are analysed against the background of the Estonian soil ordination net.

  5. Development and Application of Econometric Models for Forecasting and Analysis of Monetary Policy Scenarios

    OpenAIRE

    Malugin, Vladimir; Demidenko , Mikhail; Kalechits, Dmitry; Miksjuk , Alexei; Tsukarev , Taras

    2009-01-01

    A system of econometric models designed for forecasting target monetary indicators as well as conducting monetary policy scenarios analysis is presented. The econometric models integrated in the system are represented in the error correction form and are interlinked by means of monetary policy instruments variables, common exogenous variables characterizing external shocks, and monetary policy target endogenous variables. Forecast accuracy estimates and monetary policy analysis results are pr...

  6. Digimodernistlik eesti kirjanik / The Digimodernist Estonian Writer

    Directory of Open Access Journals (Sweden)

    Piret Viires

    2013-06-01

    Full Text Available The article examines the cultural situation following postmodernism in the first decade of the 21st century. To characterise this situation, the umbrella term “post-postmodernism” is used, as well as “neomodernism”, “altermodern”, “metamodernism”, “hypermodernity”, “performatism”, “critical realism” etc. All these approaches are, in a wider sense, united by their aim of opposing postmodernist cynicism and irony, and bringing back truth, simplicity and clarity. It has also been found that literature has returned or is returning to realism, and various cultural phenomena are emerging, which have been designated by the concept “new sincerity”.In descriptions of the current cultural situation, this trend seeking truth and simplicity is supported by approaches which emphasise the significance of technological developments during the last decade. A prominent figure here is Alan Kirby, who launched the term “digimodernism”, mainly linked with the adaptation and spread of Web 2.0 at the beginning of the 21st century: the blogosphere, Wikipedia, Twitter and Facebook.The article seeks answers to the question of whether we can talk about digimodernism in Estonian literature in the 2000s. In the 1990s Estonian writers were quite reluctant to undertake computer-technological experiments, and there are only a few examples of Estonian digital literature, whereas a change occurred in the 2000s. Many Estonian writers have had and still have their own blogs and surprisingly many have joined Facebook. The term “twitterature” is also familiar to Estonian writers. The article tackles the dominant topics in the blogs of Estonian writers and analyses their possible collective creative work on Facebook. A question is raised as to whether it is possible that the fragmentary narrative structure of blogs and Facebook has influenced mainstream literature.The article concludes that one essential change in Estonian literature in the

  7. Valued Estonian Music CDs / Igor Garshnek

    Index Scriptorium Estoniae

    Garšnek, Igor, 1958-

    2003-01-01

    2002. aastal välja antud eesti muusika heliplaatidest Arvo Pärt "Summa", Lepo Sumera "Chamber Music", "Baltic Voices 1.", "Sequenzen - Europäische Orgelmusik des 20. Jahrhundrets mit...", "El silenco ئ Silence. Kuldar and Marje Sink. Songs of Mother and Son", "Riho Sibul. Estonian Dream Big Band", "Rull's Royce ئ Rull's Choice"

  8. Resource and utilization of Estonian hydropower

    International Nuclear Information System (INIS)

    Raesaar, P.

    2005-01-01

    An overview of the Estonian hydropower resources and their utilization at present as well as prospective for the future are presented in this paper. A short overview of advantages of small hydropower stations and related issues is given. Some technological aspects are treated briefly. (authors)

  9. Transformational Leadership in the Estonian Defence Forces

    Directory of Open Access Journals (Sweden)

    Antek Kasemaa

    2015-06-01

    Full Text Available Purpose – The study is a contribution to the validation of the 15 items and 5 subscales Transformational Leadership Scale (TLS proposed by Rafferty and Griffin (2004. Design/methodology/approach – The sample includes participants from different levels of the Estonian Defence Forces (EDF military hierarchy (N=2570. The structure of the TLS was examined by using exploratory and confirmatory factor analyses. Additionally ANOVA was used to compare the results between different subsamples. Findings – TLS showed satisfactory reliability. Confirmatory factor analyses found TLS as valid five dimensions instrument to measure transformational leadership in the Estonian military context. Different management levels showed different emphases among the dimensions of transformational leadership. Research and practical limitations/implications – TLS will be an important tool to use in transformational leadership research in the Estonian military context and beyond. Additionally, the current research contributes to the development of alternative measurement tools besides the most commonly used MLQ. The limitation of the work will be the rather homogenous sample from the Estonian military, however it will open the door for the subsequent research using different samplings. Originality/value – The current research found TLS to be a reliable and valid instrument, very short and therefore easy to administrate, having the possibility to use it with five dimensional and as one general transformational instrument as well.

  10. Acquisition of noun derivation in Estonian and Russian L1

    Directory of Open Access Journals (Sweden)

    Reili Argus

    2018-04-01

    Full Text Available Acquisition of derivation is not a well-studied area in first language research and a comparative approach to the acquisition of derivation in different languages doesn’t exist. There is no information on how a child acquires derivation in a language with a rich and regular system of derivational patterns, or in a language where derivation is productive, but the system of derivational patterns is opaque. According to general ideas of complexity in a language, the child should start to use simplex stems first and, only after that, complex ones, that is, complexity should increase in the course of acquisition. Our paper is intended to address these issues, based on longitudinal child data from typologically different languages, Estonian and Russian. The results revealed significant differences in the acquisition of noun derivation in the two languages under observation. The system of noun derivation is acquired at a faster pace in Russian, while Estonian children have far fewer noun derivatives in their speech and they use different derivation suffixes with less regularity. Even so, the so-called building block model may be applied for both languages only partially.

  11. Development of a breeding objective for Estonian Holstein cattle

    Directory of Open Access Journals (Sweden)

    E. PÄRNA

    2008-12-01

    Full Text Available Economic weights for milk carrier (water plus lactose, fat and protein yields, calving interval, age at first service, interval between the first service and conception of heifers and length of productive life of Estonian Holsteins were estimated under assumed milk production quota and for non-quota conditions. A bio-economic model of an integrated production system of a closed herd was used. Economic values of milk carrier yield and length of productive life differed between quota and non-quota conditions, but there were only minor differences between those marketing systems in economic values for functional traits. The standardised economic values of the most important traits varied in magnitude between18 to 81% of the economic value for milk yield. Discounting had a substantial impact on the economic value of length of productive life. When defining the breeding objective for Estonian Holstein, the interval between the first service and conception of heifers, and the length of productive life should be included in the breeding goal along with the traits with the highest economic value, milk, fat and protein yield. In the optimum breeding objective, relative weights of production vs. functional traits were 79 and 21%, respectively.;

  12. International Monetary Power and China’s Response

    Directory of Open Access Journals (Sweden)

    Hongyu Lin

    2013-12-01

    Full Text Available International monetary power has become a new area of interest since the outbreak of the global financial crisis in 2008. The USA, the EU and China will pursue global monetary power in the future, and the USD, the EURO and the RMB will become the most important world reserve currencies. The pattern of international monetary power will shift from a unilateral-hegemony structure to a triangle-balance structure. This shift has a very strong influence on changes in the current international political system. As the largest emerging economy, China will speed up the globalization of the RMB to meet the challenges of the international monetary system.

  13. Monetary Union is the future of EAEU

    Directory of Open Access Journals (Sweden)

    Vyacheslav S. Kuznetsov

    2015-01-01

    Full Text Available The president of Russian Federation V. Putin's Order from the 10th of March 2015 to the Government and Central Bank of Russia to work on the plan of creating Monetary Union of EAEU by the 1st of September cannot be ignored by scientific community's attention of Russia and other Eurasian countries. Strategic goal of this document is pretty clear - to create an island of currency stability in the surrounding of Jamaica's Monetary nonsystem and existing monopolar and assimetric world's dollar order, to minimize the dependency of Eurasian countries on US dollar, to hold its world expansion, to freeze the process of financing of USA imbalances by all countries, to turn back the process of dollarization of Eurasian countries and world's dollarization and relieve the world's community from future financial crises. The world's financial and economic crisis of 2008-2010 has clearly shown that US monetary, credit and banking system has become a permanent source of future turmoil of world's scale. It creates a necessity to activate the process of monetary integration of countries on the regional level and transformation of the modern Jamaica's world's dollar standard into the world's multipolar monetary standard. In this article the author analyses he stages of setting up the Eurasian regional monetary order from the creation of multilateral settlement system using common regional currency unit to the introduction of Eurasian currency system with Eurasian currency unit, which can be transformed in the future into the Eurasian Economic and monetary union with common regional currency (euras, which can restrict the world's monopoly position of the dollar.

  14. Uganda; Financial System Stability Assessment, including Reports on the Observance of Standards and Codes on the following topics: Monetary and Financial Policy Transparency, Banking Supervision, Securities Regulation, and Payment Systems

    OpenAIRE

    International Monetary Fund

    2003-01-01

    This paper presents findings of Uganda’s Financial System Stability Assessment, including Reports on the Observance of Standards and Codes on Monetary and Financial Policy Transparency, Banking Supervision, Securities Regulation, Insurance Regulation, Corporate Governance, and Payment Systems. The banking system in Uganda, which dominates the financial system, is fundamentally sound, more resilient than in the past, and currently poses no threat to macroeconomic stability. A major disruption ...

  15. International Monetary Fund sacrifices higher growth, employment, spending, and public investment in health systems in order to keep inflation unnecessarily low.

    Science.gov (United States)

    Rowden, Rick

    2010-01-01

    The International Monetary Fund's response to evidence on the impact of its programs on public health fails to address the fundamental criticisms about its policies. The IMF's demand for borrowers to achieve extremely low inflation targets is founded on very little empirical evidence in the peer-reviewed literature. The low-inflation policies privilege international creditors over domestic debtors and short-term priorities over long-term development goals, and contain high social costs, referred to by economists as a "sacrifice ratio." For example, governments' raising of interest rates to bring down inflation undermines the ability of domestic firms to expand production and employment and thus "sacrifices" higher economic growth and higher tax revenues and unnecessarily constrains domestic health spending. During financial crisis, most countries seek to lower interest rates to stimulate the economy, the opposite of the IMF's general advice. Perversely, compliance with IMF policies has become a prerequisite for receiving donor aid. Critiques of the IMF express significant concerns that IMF fiscal and monetary policies are unduly restrictive. Health advocates must weigh in on such matters and pressure their finance ministries, particularly in the G7, to take steps at the level of the IMF Executive Board to revisit and modify its policy framework on deficits and inflation. Such reforms are crucial to enable countries to generate more domestic resources while the global health community searches for ways to support strengthening health system capacity.

  16. Emission from Estonian oil shale power plants

    International Nuclear Information System (INIS)

    Aunela, L.; Haesaenen, E.; Kinnunen, V.; Larjava, K.; Mehtonen, A.; Salmikangas, T.; Leskelae, J.; Loosaar, J.

    1995-01-01

    Flue gas emissions from pulverized oil shale fired boilers of Estonian and Baltic power plants have been studied. The concentrations of NO x , CO, C x H y , HCI, Hf and polycyclic aromatic hydrocarbons in flue gases have been found to be relatively low and acceptable according to German emission limits, for instance. Desulphurization degree of flue gases by SO 2 absorption with ash has been found to vary defending on boiler type and operation conditions. In spite of significant sulphur capture (average values for different boilers in the range between 68 and 77 % of the initial sulphur content of the fuel), SO 2 concentrations in flue gases remain still very high (up to 2600 mg/m 3 , 10% O 2 ). Very high concentrations of particles, especially at Estonian Power Plant (up o 6250 mg/m 3 , 10 % 0 2 ) have been detected. Heavy metal emissions were too high by the reason of particle control insufficiency as well. Yearly emission estimates of this study support the former Estonian ones within the range of 10-15 %. (author)

  17. Monetary Policy and Financial (InStability

    Directory of Open Access Journals (Sweden)

    Adam Koronowski

    2010-06-01

    Full Text Available This paper presents how monetary policy, restricted only by price stability, may easily become propitious to asset inflation and – eventually – to a financial crisis. This risk is particularly high when the financial system lacks proper regulation and effective supervision. Hasty liberalization, negligence of official oversight and „Greenspan doctrine” which refuted any activist policy promoting financial stability characterized Fed’s monetary policy under the former Fed’s governor. The paper also analyses another aspect of the linkages between monetary policy and financial crises – monetary policy reaction to financial crises. It is not surprising that it consists of cutting interest rates and bail-out of insolvent, systemically important financial institutions. Such policy, especially when run too long and changed too abruptly, not only creates moral hazards but it also sets the stage for another „search for yield” and build-up of another speculative bubble. As a result, monetary policy becomes asymmetric and pro-cyclical. Fed’s reaction to the recent crisis seems to be very much in line with this pattern typical of Fed’s policy in the past. However, this time the scale of flooding the economy with liquidity and – as a consequence – the risks of future major imbalances in the financial system are unprecedented. A general conclusion of the paper says that there can’t be a sound financial and economic system unless money itself is a scarce resource. However trivial this statement is, monetary policy of some central banks seems to miss the point.

  18. The trade-off between monetary policy and bank stability

    NARCIS (Netherlands)

    Lamers, Martien; Mergaerts, Frederik; Meuleman, Elien; Vennet, Rudi Vander

    2016-01-01

    This paper investigates how monetary policy interventions by the European Central Bank and the Federal Reserve affect the stock market perception of bank systemic risk. In a first step, we identify monetary policy shocks using a structural VAR approach by exploiting the changes of the volatility of

  19. Towards Regional Monetary Unions through Blockchain Networks

    OpenAIRE

    Hegadekatti, Kartik

    2017-01-01

    The concept of political and economic integration has not progressed beyond the concept of a Nation-state. The primary reason is the trust deficit among citizens in a supra-national entity. We can use Blockchain systems-which are trustless networks-to resolve this issue. We can float a Regional Cryptocurrency (RCC) which can bring about a successful Regional Monetary Unions (RMU) amongst a group of nations in a transparent manner. This paper deals with the idea of realizing a monetary uni...

  20. Amplification Effects and Unconventional Monetary Policies

    Directory of Open Access Journals (Sweden)

    Cécile BASTIDON GILLES

    2012-02-01

    Full Text Available Global financial crises trigger off amplification effects, which allow relatively small shocks to propagate through the whole financial system. For this reason, the range of Central banks policies is now widening beyond conventional monetary policies and lending of last resort. The aim of this paper is to establish a rule for this practice. The model is based on the formalization of funding conditions in various types of markets. We conduct a comprehensive analysis of the “unconventional monetary policies”, and especially quantify government bonds purchases by the Central bank.

  1. The Dominance of Indirect Taxes in Estonian State Budget

    Directory of Open Access Journals (Sweden)

    Olev Raju

    2013-01-01

    Full Text Available Recession has sharply erected the question of tax burden and the optimal proportion of different kinds of taxes among the incomes of the budget. Indirect taxes and consumption taxes, which proportion is different according to different methodologies, dominate in Estonian state budget. The buoyancy of a tax system based on taxes of that kind is especially weak during the recession. Difficulties concerning the incomes of budget have arisen the necessity for lifting taxes, which is possible as the tax burden is low now. But a sharp question of the optimal level of taxes is going to be raised. A formula for indirect tax optimum according to Ramsey taxes and Slutski decomposition has been proposed in the article.

  2. Overview of the Estonian Biofuels Association activities

    International Nuclear Information System (INIS)

    Hueues, Meelis

    2000-01-01

    Due to global warming and environment pollution because of widespread use of fossil fuels there are already tendencies to stabilize and decrease the consumption of these energy resources and take into use more renewable energy resources. Estonian Biofuels Association (EBA) is a non-profit association, which was founded on 8. of May 1998 in Tallinn. The EBA is an independent and voluntary alliance of its members. Fields of activity of the EBA are by biofuels research, developing and evaluation to engage environmental, biofuels and energy saving. EBA members are: energy consultants, scientists, as well as fuel suppliers, DH-companies, technology suppliers, energy service companies etc. The members of EBA are involved in different projects in Estonia, where biomass are produced and used for heating, where wood, waste, peat, rape oil and biogas resources are examined and put into use, and also projects which deal with energy saving and environment friendly equipment production for using biofuels. During our short experience we have noticed that people in Estonia have become more aware of biomass and their use, so the development of environment friendly and sustainable energetics will continue in Estonia. Available biofuels in Estonia could compete with fossil fuels if burnt rationally with high technology equipment. EBA members are convinced that biomass have perspective and that they could play an important role in improving Estonian economic and environmental situation. Modem biomass combustion devices are taken into use more the faster general wealth increases and EBA can raise people's awareness of bio fuel subject through special, courses and media. We want Estonian energy policy to develop towards widespread use of renewable energy resources, which would save energy and environment improve nation's foreign trade balance and create jobs mainly in rural areas

  3. Some considerations on using monetary policy to promote financial stability

    Directory of Open Access Journals (Sweden)

    Petria, N.

    2010-12-01

    Full Text Available The current period of crisis on credit markets has highlighted the crucial role of the behaviour of banks in the transmission mechanism of monetary policy. This paper summarises our considerations on how monetary policy, as the main instrument, acts in order to promote financial stability and to stabilize the banking system. Central banks have a variety of tools for implementing monetary policy, but the tool that has received the most attention in literature is the interest rate. We observe that the financial crisis that erupted in the summer of 2007 has refocused attention on other channels of monetary policy, notably the transmission of policy through the supply of credit and overall conditions in the capital markets. Monetary policy has important macroeconomic effects only to the extent that it moves financial market prices that really matter—like long-term interest rates, stock market values, and exchange rates.

  4. Strategies for Estonian rural family enterprises. Eesti maapiirkonna pereettevõtete strateegia

    Directory of Open Access Journals (Sweden)

    Maret Kirsipuu

    2013-01-01

    Full Text Available The paper seeks to analyse family businesses in rural areas, family business strategies and re-registration of sole proprietors with the Centre of Registers and Information Systems (hereinafter Commercial Register in 2009, and to provide an overview of entrepreneurship policies targeted at Estonian rural businesses. Layoffs have increased the number of unemployed; some of those who have lost employment opt for social assistance benefits, but some others decide to become entrepreneurs. Many enterprising people in Estonia have set up a family enterprise, mainly in the sphere of services, agriculture and tourism. The Estonian entrepreneurship policy supports enterprising people and approves of entrepreneurship as a promoter of national economic development. One of the most positive qualities of family enterprises is their short decision-making chain, which ensures rapid implementation of the strategy.

  5. MINORITY LANGUAGES IN ESTONIAN SEGREGATIVE LANGUAGE ENVIRONMENTS

    Directory of Open Access Journals (Sweden)

    Elvira Küün

    2011-01-01

    Full Text Available The goal of this project in Estonia was to determine what languages are spoken by students from the 2nd to the 5th year of basic school at their homes in Tallinn, the capital of Estonia. At the same time, this problem was also studied in other segregated regions of Estonia: Kohtla-Järve and Maardu. According to the database of the population census from the year 2000 (Estonian Statistics Executive Office's census 2000, there are representatives of 142 ethnic groups living in Estonia, speaking a total of 109 native languages. At the same time, the database doesn’t state which languages are spoken at homes. The material presented in this article belongs to the research topic “Home Language of Basic School Students in Tallinn” from years 2007–2008, specifically financed and ordered by the Estonian Ministry of Education and Research (grant No. ETF 7065 in the framework of an international study called “Multilingual Project”. It was determined what language is dominating in everyday use, what are the factors for choosing the language for communication, what are the preferred languages and language skills. This study reflects the actual trends of the language situation in these cities.

  6. 31 CFR 596.307 - Monetary instruments.

    Science.gov (United States)

    2010-07-01

    ... FOREIGN ASSETS CONTROL, DEPARTMENT OF THE TREASURY TERRORISM LIST GOVERNMENTS SANCTIONS REGULATIONS General Definitions § 596.307 Monetary instruments. The term monetary instruments shall have the meaning...

  7. On Monetary and Non-Monetary Interventions to Combat Corruption

    OpenAIRE

    Banerjee, Ritwik; Mitra, Arnab

    2017-01-01

    The paper studies the relative effectiveness of extrinsic monetary disincentives and intrinsic non-monetary disincentives to corruption. In doing so, we also test the Beckarian prediction that at the same level of expected payoff, a low probability of detection with high penalty is a stronger deterrent to corruption than a high probability of detection with low penalty. In Experiment 1, two treatments are designed to study the effect of a low probability of detection with high penalty, and a ...

  8. Identity and Othering in Past and Present: Representations of the Soviet Era in Estonian Post-Soviet Textbooks

    Directory of Open Access Journals (Sweden)

    Katrin Kello

    2018-02-01

    Full Text Available This paper analyses representations of the ‘core Soviet era’ (1945-1985 in Estonian post-Soviet history textbooks (1989-2016. Attitudes towards the Soviet system have been a rich resource for identity building, and hence a powerful political tool across the whole of the post-Soviet block. Based on an analysis of sections about the Soviet era in Estonia in 21 textbooks, the paper takes a look at how textbooks reflect broader processes of social meaning making, identity building and othering after a profound social and political turn. In 1989 and during the early 1990s, perspectives and narratives in Estonian history textbooks were closely related to social memory and national politics, enacting a specific social representation of the Soviet era that dominated the Estonian-speaking public space during the 1990s. The Soviet era, Russia and local Russians became the main Others for Estonia and Estonians. Over time, public discourse has diversified. The national curriculum and textbooks, however, still maintain the canon that formed in 1990s and thus reflect earlier sentiments. Apart from the increasing salience of Soviet-era daily life in more recent textbooks, the thematic choices and emphases have changed little since the 1990s. Therefore, even if the style of writing has ‘cooled down’, issues of identity preservation, resistance and accommodation, together with a saliently negative representation of wrongdoings by the Soviet system, still prevail. On the one hand, this testifies to the resilience of an established tradition in the textbook genre in general. On the other hand, it reflects the dominance of an ethnocentric tradition in Estonian history textbook writing. The paper discusses the implications of these findings for interethnic relations in Estonia.

  9. Estonian Air valmistub odavate piletitega EasyJeti tulekuks / Erkki Erilaid

    Index Scriptorium Estoniae

    Erilaid, Erkki

    2004-01-01

    Estonian Air pidi langetama piletihindu Berliini ja Londoni liinil kolmandiku võrra, kuna oktoobri lõpust hakkab Tallinna lennujaamast reise tegema uus odavlennufirma Easy-Jet. Lisa: Estonian Airi hinnad internetis

  10. Estonian Air lõpetab Pariisi ja Vilniuse lennud / Hindrek Riikoja

    Index Scriptorium Estoniae

    Riikoja, Hindrek

    2005-01-01

    Talvisele lennuplaanile üleminev Estonian Air lõpetab otselennud Tallinnast Vilniusesse ja Pariisi. Estonian Airi presidendi Borge Thornbechi sõnul kavatseb firma suurendada talvehooajal turismilendude mahtu

  11. Il sistema monetario internazionale negli anni settanta: regime dei tassi di cambio e creazione di liquidità. (Liquidity creation and risk in the international monetary system

    Directory of Open Access Journals (Sweden)

    L. DINI

    2013-12-01

    Full Text Available L' articolo esamina il funzionamento del sistema finanziario attuale, segnalando la sua funzione più importante , vale a dire l'offerta di liquidità e il suo impatto sulla vasta gamma di variabili finanziarie internazionali. Liquidità e rischio sono concetti strettamente correlati. Come Keynes e Hicks hanno insegnato , una definizione significativa di liquidità non può essere data senza fare riferimento al rischio. L'autore fornisce alcune considerazioni per aiutare a far luce sulle azioni politiche che potrebbero essere necessarie per mitigare i problemi e le difficoltà connesse con l'attuale impostazione monetaria internazionale .The article looks at how the present financial system works, signalling out its most crucial function, namely the provision of liquidity and its impact on the broad spectrum of international financial variables. Liquidity and risk are closely interrelated concepts. As Keynes and Hicks taught, a meaningful definition of liquidity cannot be given without reference to risk itself. The author provides some considerations to help shed light on the policy actions that may be required to mitigate the problems and difficulties associated with the current international monetary setting. JEL: G15, F30, E42

  12. Monetary and Fiscal Policy Coordination

    OpenAIRE

    Hanif, Muhammad N.; Arby, Muhammad Farooq

    2003-01-01

    Macroeconomic policies are meant to achieve non-inflationary, stable growth. There are two major groups of policy instruments to achieve the purpose; one is related to monetary conditions and the other to fiscal conditions. Monetary instruments are employed by the central bank and fiscal instruments are employed by ministry of finance. The objectives and implications of policy measures taken by the two institutions often conflict with each other and thus call for policy coordination for effec...

  13. Regional and Global Monetary Cooperation

    OpenAIRE

    Mario Lamberte; Peter J. Morgan

    2012-01-01

    The increasing occurrence of national, regional, and global financial crises, together with their rising costs and complexity, have increased calls for greater regional and global monetary cooperation. This is particularly necessary in light of volatile capital flow movements that can quickly transmit crisis developments in individual countries to other countries around the world. Global financial safety nets (GFSNs) are one important area for monetary cooperation. This paper reviews the c...

  14. Japan's approach to monetary policy

    OpenAIRE

    Giovanni P. Olivei

    2002-01-01

    The goal of monetary policy as conducted by the Bank of Japan is to contribute to the sound development of the national economy through the pursuit of price stability. The objective of price stability, however, is not precisely defined as it has been for other central banks. Following the implementation of the new Bank of Japan Law in 1998, the monetary policy framework is characterized by central bank independence, the primacy of the price stability objective, instrument independence, and po...

  15. Monetary Policy Implications of Electronic Money

    OpenAIRE

    Berentsen, Aleksander

    1997-01-01

    The term digital money refers to various proposed electronic payment mechanisms designed for use by consumers to make retail payments. Digital money products have the potential to replace central bank currency, thereby affecting the money supply. This paper studies the effect of replacing central bank currency on the narrowly defined stock of money under various assumptions regarding regulatory policies and monetary operations of central banks and the reaction of the banking system.

  16. Cresco sai lahti võlast SASile ja osalusest Estonian Airis / Rivo Sarapik, Alyona Stadnik

    Index Scriptorium Estoniae

    Sarapik, Rivo, 1981-

    2010-01-01

    Majandus- ja kommunikatsiooniminister Juhan Parts ning SAS-i asepresident Benny Zakrisson kirjutasid alla Estonian Airi ostu-müügitehingule. Investeerimispank Cresco, millele kuulus 17% Estonian Airist, jääb välja Estonian Airi omanikeringist ning SAS-i nõue Crescole tühistatakse

  17. SAS tahab Estonian Airi liita lätlaste firmaga airBaltic / Andres Eilart

    Index Scriptorium Estoniae

    Eilart, Andres

    2007-01-01

    SAS plaanib Estonian Airi ja Läti firma airBalticu liitmisega luua uue lennufirma. Autori hinnangul viitavad Estonian Airi laienemisplaanidele kriipsu peale tõmbamine ja SAS-i investeeringud airBalticusse sellele, et ühendamise käigus "neelab" Läti firma Estonian Airi

  18. Joakim Helenius: Estonian Air võtku eeskuju airBalticust / Siim Sultson

    Index Scriptorium Estoniae

    Sultson, Siim

    2010-01-01

    Estonian Airi ühe võimaliku nõukogu esimehe Jaokim Heleniuse hinnangul on väikeste lennufirmade, nagu Estonian Air ja airBaltic jaoks päris palju tegutsemisruumi. Estonian Airil tuleb leida oma nišš ja kindel, kuid omanäoline strateegia

  19. Housing and the Monetary Transmission Mechanism

    OpenAIRE

    Frederic S. Mishkin

    2007-01-01

    The housing market is of central concern to monetary policy makers. To achieve the dual goals of price stability and maximum sustainable employment, monetary policy makers must understand the role that housing plays in the monetary transmission mechanism if they are to set policy instruments appropriately. In this paper, I examine what we know about the role of housing in the monetary transmission mechanism and then explore the implications of this knowledge for the conduct of monetary policy...

  20. The Realization Mechanism of China's Monetary Policy Objectives: 2001-2010

    Institute of Scientific and Technical Information of China (English)

    Wang Guogang

    2013-01-01

    This article explores the realization mechanism for the final and interim targets of China's monetary policy from 2001 to 2010.It finds that the three significant price surges in the ten years were not the results of loose monetary policy While maintaining rapid economic growth,China avoided the inflation linked with excess monetary supply.The introduction of total new lending in the interim targets also showed the maturing of China's monetary policy target system.To improve China's monetary operation,three measures need to te taken:firstly,basing stabilizing monetary policy on the trend of the non-food price index within the CPI;secondly,readjusting the definition of money according the different characteristics of transaction money and reserve money;and thirdly,including yuan exchange rates into the intermediate objectives of monetary policy.

  1. Why monetary board: Monetary board and endogenic price flexibility

    Directory of Open Access Journals (Sweden)

    Bašić Tamara

    2004-01-01

    Full Text Available The paper presents a model which proves that a unilateral exchange rate fixing, i.e. monetary board, as opposed to certain opinions, is an optimal policy since it increases flexibility of nominal prices, which is the ultimate goal of a flexible exchange rate policy. A suitable calibration of the model shows that the higher the initial price flexibility, the lower the difference needed for "utility increase" in getting the producers to switch from fixed to flexible prices. The results obtained in all cases indicate that exchange rate fixing increases price flexibility, which proves that a unilateral exchange rate fixing, i.e. monetary board, could be an optimal monetary policy.

  2. Exchange rate regimes and monetary arrangements

    Directory of Open Access Journals (Sweden)

    Ivan Ribnikar

    2005-06-01

    Full Text Available There is a close relationship between a country’s exchange rate regime and monetary arrangement and if we are to examine monetary arrangements then exchange rate regimes must first be analysed. Within the conventional and most widely used classification of exchange rate regimes into rigid and flexible or into polar regimes (hard peg and float on one side, and intermediate regimes on the other there, is a much greater variety among intermediate regimes. A more precise and, as will be seen, more useful classification of exchange rate regimes is the first topic of the paper. The second topic is how exchange rate regimes influence or determine monetary arrangements and monetary policy or monetary policy regimes: monetary autonomy versus monetary nonautonomy and discretion in monetary policy versus commitment in monetary policy. Both topics are important for countries on their path to the EU and the euro area

  3. Monetary Organization and National Identity

    DEFF Research Database (Denmark)

    Ravn Sørensen, Anders

    2016-01-01

    This article develops a detailed overview of literature on the relationship between monetary organization, understood as currencies and central banks, and issues of national identity and nationalism. It demonstrates how the literature on this subject for the past 20 years has developed into a dis......This article develops a detailed overview of literature on the relationship between monetary organization, understood as currencies and central banks, and issues of national identity and nationalism. It demonstrates how the literature on this subject for the past 20 years has developed...... into a distinct research field and the article sketches a set of different methodological approaches as well as geographical and thematical variations within the field. In particular, the overview points to a recent shift in focus from a preoccupation with the identity-cultivating qualities of monetary...... organization to an emphasis on how collective identities legitimize monetary organization. Based on the literature review, the article points to two underdeveloped themes for future research to investigate: (1) further studies on the interrelation between the legitimacy of monetary organization and national...

  4. Estonian Airi president : uus äristrateegia toob ettevõttele edu / Borge Thornbech ; interv. Andres Reimer

    Index Scriptorium Estoniae

    Thornbech, Borge

    2007-01-01

    Estonian Air asutas regionaalsete lendude korraldamiseks ettevõtte Estonian Air Regional, idee on arendada tegevust lühidistantsidel ja luua ühenduslüli lennukompanii Euroopa-liinide vahel. Kommenteerivad Olev Schults, Oleg Harlamov, Rein Mark. Vt. samas: Kõik aktsionärid vannuvad Estonian Airile truudust; Estonian Air kaalub Tartu lennuliini avamist. Kaart: Reisijate jagunemine sihtkohtade vahel. Graafikud: Estonian Air kukkus kahjumisse

  5. Liberalism - Key to Entrepreneurial and Innovation Success: Estonian Case Study

    Directory of Open Access Journals (Sweden)

    Augustin Ignatov

    2017-12-01

    Full Text Available Since its independence in 1991 Estonia has successfully overpassed the challenges of the transition period being in the present of one the most technologically developed nations of Europe. The present research is intended to evaluate the relationship between Estonian pro-market regulation, entrepreneurship and innovation. In order to reach relevant conclusions in this regard there have been used both qualitative and quantitative methods of analysis. In such a way, it could be comprehensively reviewed the process of Estonian economic development from a relatively underdeveloped USSR republic to an advanced innovation driven economy. The results show that pro-market governmental regulation has favourably influenced Estonian entrepreneurship, while it fostered country’s innovation capacities. It has been concluded that the economic “miracle” of Estonia has been at a great extent determined by proper government regulation oriented towards economic liberalisation.

  6. The figure of the teacher in Estonian school discourse

    Directory of Open Access Journals (Sweden)

    Ott Puumeister

    2014-10-01

    Full Text Available The article concerns itself with the figure of the teacher in Estonian society. We do not concentrate on the educational system as a whole, but on one specific and crucial element in this apparatus - the teacher. We begin by offering a brief historical overview of the conditions of pedagogues in the 20th century before moving on to describe the adoption of neo-liberal free market policies since the 1990s and the effects these policies had and still have on education. Our main concern is to understand the teacher as an actor in power relations; to achieve this understanding we have selected as our examples 1 surveillance techniques in school environment that have direct relations to the state and the market; and 2 the 2012 educational workers' strike that made it quite clear that the teachers have been fixed to a position of wage workers. The overall and more abstract aim of the paper is to think about the social role of the teacher in Estonia.

  7. Field trial on glucose-induced insulin and metabolite responses in Estonian Holstein and Estonian Red dairy cows in two herds

    Directory of Open Access Journals (Sweden)

    Kaart Tanel

    2010-01-01

    Full Text Available Abstract Background Insulin secretion and tissue sensitivity to insulin is considered to be one of the factors controlling lipid metabolism post partum. The objective of this study was to compare glucose-induced blood insulin and metabolite responses in Estonian Holstein (EH, n = 14 and Estonian Red (ER, n = 14 cows. Methods The study was carried out using the glucose tolerance test (GTT performed at 31 ± 1.9 days post partum during negative energy balance. Blood samples were obtained at -15, -5, 5, 10, 20, 30, 40, 50 and 60 min relative to infusion of 0.15 g/kg BW glucose and analysed for glucose, insulin, triglycerides (TG, non-esterified fatty acids (NEFA, cholesterol and β-hydroxybutyrate (BHB. Applying the MIXED Procedure with the SAS System the basal concentration of cholesterol, and basal concentration and concentrations at post-infusion time points for other metabolites, area under the curve (AUC for glucose and insulin, clearance rate (CR for glucose, and maximum increase from basal concentration for glucose and insulin were compared between breeds. Results There was a breed effect on blood NEFA (P P P P P P th min nadir (P th min postinfusion (P Conclusion Our results imply that glucose-induced changes in insulin concentration and metabolite responses to insulin differ between EH and ER dairy cows.

  8. Estonian experience in establishing the national radiation protection infrastructure in the newly independent State

    International Nuclear Information System (INIS)

    Kalam, J.

    2001-01-01

    The Estonian Radiation Protection Centre (ERPC) was established on 4 January 1996 as the regulatory authority for radiation protection and safety of radiation sources. The report explains the ERPC's structure and its main functions and activities, and provides information on the regulations that have been approved or are planned to be adopted. Reference is made to radiological emergency preparedness and, in particular, to the status of development of the system of regulatory control by authorization and inspection of radiation practices in the country. (author)

  9. Monetary policy during speculative attacks

    DEFF Research Database (Denmark)

    Bergman, Ulf Michael; Jellingsø, Mads

    2010-01-01

    This paper extends the currency crises model of Aghion, Bacchetta and Banerjee (2000, 2001, 2004) in different directions. Our main result is that a tight monetary policy can have adverse effects beyond the short term and can potentially cause a currency crisis in the medium term, even in cases w...

  10. Monetary Policy after August 2007

    Science.gov (United States)

    Gertler, Mark

    2013-01-01

    In this article, the author describes conceptually how to think about the dramatic changes in monetary policy since the sub-prime crisis of August 2007. He also discusses how to incorporate these changes and related economic concepts in the teaching of an undergraduate class in macroeconomics. A distinction is made between conventional and…

  11. A Monetary Policy Simulation Game

    Science.gov (United States)

    Lengwiler, Yvan

    2004-01-01

    The author presents a computer game that puts the player in the role of a central bank governor. The game is a stochastic simulation of a standard reduced form macro model, and the user interacts with this simulation by manipulating the interest rate. The problem the player faces is in many ways quite realistic--just as a real monetary authority,…

  12. Financial crises and monetary policy

    NARCIS (Netherlands)

    Goderis, B.V.G.

    2005-01-01

    In the last three decades, many countries and regions around the world have suffered from currency crises. This thesis investigates the causes of such crises and assesses the role of monetary policy as a tool to avoid them or limit the damage they impose. In addition, it studies the impact of the

  13. Riserve monetarie e inflazione mondiale.

    Directory of Open Access Journals (Sweden)

    D.I. FAND

    2014-09-01

    Full Text Available World reserves have almost tripled since 1968, with world monetary growth accelerating since 1971 and world inflation jumping to double digits in 1974. In light of these developments, the article looks at whether the stock of world reserves has grown so rapidly that it may generate further world inflation, or whether it is deficient and potentially deflationary. The author first reviews the expansion of global reserves in the 1968-73 period of fixed exchange rates and the recent acceleration of inflation. A comparison of the transitional and permanent effects of floating rates on the demand for international reserves, excess reserves, monetary growth and world inflation is then presented and the impact of gold prices on the monetary bases, growth and inflation is taken up. Finally, OPEC’s accumulation of foreign assets and its impact on the monetary bases of individual countries is considered, as well as other influences on world liquidity.JEL: E31, E42, F31

  14. "Financial Bubbles" and Monetary Policy

    Science.gov (United States)

    Tikhonov, Yuriy A.; Pudovkina, Olga E.; Permjakova, Juliana V.

    2016-01-01

    The relevance of this research is caused by the need of strengthening a role of monetary regulators to prevent financial bubbles in the financial markets. The aim of the article is the analysis of a problem of crisis phenomena in the markets of financial assets owing to an inadequate growth of their cost, owing to subjective reasons. The leading…

  15. Monetary regimes in open economies

    NARCIS (Netherlands)

    Korpos, A.

    2006-01-01

    This thesis presents a two-country open economy framework for the analysis of strategic interactions among monetary authorities and wage bargaining institutions. From this perspective, the thesis investigates the economic consequences of replacing flexible and fixed exchange rate regimes with a

  16. Information frictions and monetary policy

    Czech Academy of Sciences Publication Activity Database

    Matějka, Filip

    2012-01-01

    Roč. 6, č. 1 (2012), s. 7-24 ISSN 1802-792X Institutional support: RVO:67985998 Keywords : nominal rigidity * information frictions * monetary economics Subject RIV: AH - Economics http://www.vsfs.cz/periodika/acta-2012-01.pdf

  17. Is Monetary Policy Effective During Financial Crises?

    OpenAIRE

    Frederic S. Mishkin

    2009-01-01

    This short paper argues that the view that monetary policy is ineffective during financial crises is not only wrong, but may promote policy inaction in the face of a severe contractionary shock. To the contrary, monetary policy is more potent during financial crises because aggressive monetary policy easing can make adverse feedback loops less likely. The fact that monetary policy is more potent than during normal times provides a rationale for a risk-management approach to counter the contra...

  18. Leverage, monetary policy, and firm investment

    OpenAIRE

    Charles X. Hu

    1999-01-01

    In this paper, I investigate whether the effects of monetary policy on firm investment can be transmitted through leverage. I find that monetary contractions reduce the growth of investment more for highly leveraged firms than for less leveraged firms. The results suggest that the board credit channel for monetary policy exists, and that it can operate through leverage, as adverse monetary shocks aggravate real debt burdens and raise the effective costs of investment.

  19. Education, Endogenous Human Capital, and Monetary Economic Growth with MIU Approach

    OpenAIRE

    Zhang, Wei-Bin

    2013-01-01

    This study builds a monetary growth model with inflation policy and education. The model is a synthesis of the Uzawa-Lucas two-sector growth model and traditional monetary model with the money-in-utility (MIU) approach. We show how money, physical capital and human capital interact over time under exogenous inflation policy in a free market economy. The dynamics of the economy is described by three differential equations. We show that the monetary economic system has a saddle equilibrium poin...

  20. The interaction of fiscal and monetary policy in a monetary union : Balancing credibility and flexibility

    NARCIS (Netherlands)

    Beetsma, R.M.W.J.; Bovenberg, A.L.

    1995-01-01

    This paper explores how decentralized, national fiscal policies interact with a common monetary policy in a monetary union. We show that fiscal policy plays a more important ro le in stabilizing country-specific shocks than with national monetary policies. Whereas monetary u nification with an

  1. 78 FR 672 - Civil Monetary Penalties

    Science.gov (United States)

    2013-01-04

    ... Part 3560 RIN 0575AC93 Civil Monetary Penalties AGENCY: Rural Housing Service, USDA. ACTION: Proposed rule. SUMMARY: The Rural Housing Service (RHS or Agency) proposes to implement two civil monetary... civil monetary penalties under the authority of 42 U.S.C. 1490s (section 543 of the Housing Act of 1949...

  2. Collateral fluctuations in a monetary economy

    NARCIS (Netherlands)

    Ferraris, L.; Watanabe, M.

    2011-01-01

    This paper studies economy-wide fluctuations that occur endogenously in the presence of monetary and real assets. Using a standard monetary search model, we consider an economy in which agents can increase consumption, over and above what their liquid monetary asset holdings would allow, pledging

  3. Spatial patterns of soil organic carbon stocks in Estonian arable soils

    Science.gov (United States)

    Suuster, Elsa; Astover, Alar; Kõlli, Raimo; Roostalu, Hugo; Reintam, Endla; Penu, Priit

    2010-05-01

    study area from 0.6 to 45%. Then we constructed a statistical mixed model for predicting bulk density (Db) of humus layer from multiple variables (SOC content, depth, moisture content, texture). Constructed model is not compatible for predicting Db values for peat soils, which was estimated through the degree of peat decomposition. For modelling Db we used a dataset compiled from soil samples collected from 1983-1994 under the framework of national monitoring of arable soils. The dataset consists of 90 different sites all over Estonia holding 17,294 unique Db values. SOC stocks were calculated (also the coarse soil fraction was subtracted from the total soil volume) and integrated to Estonian large scale soil map. Up-scaling from soil mapping units allowed assessing SOC stocks at the regional level. Also it formed a methodology and basis to develop nationwide spatial decision support system for SOC accounting and management. The integration of precise soil map and soil models enables to give more accurate estimates of many soil properties including SOC. Thus our study provides the knowledge of how much carbon is stored in the arable soils, we can take better actions to control SOC fluxes and preventing climate change, e.g. using appropriate land management. Also it helps to construct an upgraded agricultural land use suitability models in which soil organic matter and environmental aspects are more deeply involved.

  4. THE INFLUENCES OF INFLATION ON THE MONETARY POLICY INTEREST

    Directory of Open Access Journals (Sweden)

    Popa Coralia Emilia

    2012-12-01

    mainly due to the decrease of inflation phenomenon, although at the end of 2011 important quantities of liquidities were introduced in the financial system. It remains to be analysed to what extent the inflation phenomenon will be possible to manage under the conditions of the renewal of economic instability in the euro area and to which direction this aspect will influence the monetary policy of the National Bank of Romania.

  5. Money in monetary policy Information variable? Channel of monetary transmission? What is its role in Poland?

    OpenAIRE

    Tomasz Łyziak; Jan Przystupa; Anna Sznajderska; Ewa Wróbel

    2012-01-01

    The paper provides an overview of the literature on the role of monetary aggregates for conducting monetary policy and attempts to assess the role of these aggregates in the Polish monetary policy. We compare theoretical and empirical arguments which justify or undermine the need for usage of monetary aggregates by central banks, as well as arguments indicating related problems. We describe the most important areas of the discussion on the role of money in monetary policy. We present studies ...

  6. Modelling of volatility in monetary transmission mechanism

    Energy Technology Data Exchange (ETDEWEB)

    Dobešová, Anna; Klepáč, Václav; Kolman, Pavel [Department of Statistics and Operation Analysis, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 61300, Brno (Czech Republic); Bednářová, Petra [Institute of Technology and Business, Okružní 517/10, 370 01, České Budějovice (Czech Republic)

    2015-03-10

    The aim of this paper is to compare different approaches to modeling of volatility in monetary transmission mechanism. For this purpose we built time-varying parameter VAR (TVP-VAR) model with stochastic volatility and VAR-DCC-GARCH model with conditional variance. The data from three European countries are included in the analysis: the Czech Republic, Germany and Slovakia. Results show that VAR-DCC-GARCH system captures higher volatility of observed variables but main trends and detected breaks are generally identical in both approaches.

  7. Rules Versus Discretion in Monetary Policy

    OpenAIRE

    Stanley Fischer

    1988-01-01

    This paper examines the case for rules rather than discretion in the conduct of monetary policy, from both historical and analytic perspectives. The paper starts with the rules of the game under the gold standard. These rules were ill-defined and not adhered to; active discretionary policy was pursued to defend the gold standard -- but the gold standard came closer to a regime of rules than the current system. The arguments for rules in general developed by Milton Friedman are described mo ap...

  8. Modelling of volatility in monetary transmission mechanism

    International Nuclear Information System (INIS)

    Dobešová, Anna; Klepáč, Václav; Kolman, Pavel; Bednářová, Petra

    2015-01-01

    The aim of this paper is to compare different approaches to modeling of volatility in monetary transmission mechanism. For this purpose we built time-varying parameter VAR (TVP-VAR) model with stochastic volatility and VAR-DCC-GARCH model with conditional variance. The data from three European countries are included in the analysis: the Czech Republic, Germany and Slovakia. Results show that VAR-DCC-GARCH system captures higher volatility of observed variables but main trends and detected breaks are generally identical in both approaches

  9. Estonian Golf & Country Club / Liina Jänes

    Index Scriptorium Estoniae

    Jänes, Liina, 1977-

    2005-01-01

    Estonian Golf & Country Club'i etnomodernistlik golfikeskus ja klubihoone Jõelähtmel. Projekteerija: Arhitektuuristuudio Siim & Kreis. Autor Andres Siim. Konstruktor: Resand. Sisekujundaja Juta Lember (SAB Lember & Padar). Projekt 2004, valmis 2005. Ill.: I ja II korruse plaan, 3 värv. välis ja 3 sisevaadet

  10. Estonian Golf & Country Clubi klubihoone / Andres Siim, Alar Just

    Index Scriptorium Estoniae

    Siim, Andres

    2005-01-01

    Harjumaal Jõelähtme vallas rajab Estonian Golf & Country Club uut Jägala-Jõesuu spordi- ja puhkekeskust, mille südameks saab puidust golgiklubi hoone, mida tutvustavad klubihoone arhitekt ja üks inseneridest. Ill.: vaade ehitusele, projekti kaks vaadet, lõige

  11. Organizational Commitment in Estonian University Libraries: A Review and Survey

    Science.gov (United States)

    Kont, Kate-Riin; Jantson, Signe

    2014-01-01

    The data used in this article is based on the reviewing of relevant literature to provide an overview of the concepts of organizational commitment, job security, and interpersonal relations, as well as on the results of the original online survey, conducted by the article's authors, held in 2012 in Estonian university libraries governed by public…

  12. Top 10 Estonian albums of 2004 / Igor Garshnek

    Index Scriptorium Estoniae

    Garšnek, Igor, 1958-

    2004-01-01

    Heliplaatidest: Arvo Pärt "Pro et contra", Various composers "Baltic Voices 2", Raimo Kangro "Displays", Toivo Tulev "Be Lost in the Call", Indrek Vau and Mati Mikalai "Estonian Trumpet Music", Erdmann/Sooäär "Dessert Time, Peer Gynt & Other Stories", Alo Mattiisen "50 parimat laulu", Riho Sibul "Must", Rein Rannap "Tantsib klaveril", Eesti Keeled "Kella tiksumist..."

  13. Value Education in Estonian Preschool Child Care Institutions

    Science.gov (United States)

    Ülavere, Pärje; Tammik, Anu

    2017-01-01

    For systematic implementation of value education in educational institutions, the national programme "Values Development in Estonian Society 2009-2013" (Ministry of Education and Research 2009) was prepared in Estonia. However, it was launched only in 2010, and the authors intended to ascertain the values of the heads of preschool child…

  14. Economic policy of the monetary authorities as factor of achievement of abstract financial stability

    Directory of Open Access Journals (Sweden)

    Tashtamirov M.R.

    2016-11-01

    Full Text Available this article is devoted to the questions of the crisis phenomena in Russian economy in sector of a monetary and credit system and a role of economic policy of the monetary authorities (Bank of Russia in ensuring financial stability. Short assessment of the main macroeconomic indicators of the country economy is given. The author is describing the actions of economic management regarding monetary control. It is inexpedient that the Central Bank for carrying out the tough restriction policy directed to oppression of economic development and further primitivizing of national economy. It is offered to transform monetary policy for ensuring anti-recessionary actions exiting the stagnating condition.

  15. Monetary Policy Strategy: Lessons from the Crisis

    OpenAIRE

    Frederic S. Mishkin

    2011-01-01

    This paper examines what we have learned and how we should change our thinking about monetary policy strategy in the aftermath of the 2007-2009 financial crisis. It starts with a discussion of where the science of monetary policy was before the crisis and how central banks viewed monetary policy strategy. It will then examine how the crisis has changed the thinking of both macro/monetary economists and central bankers. Finally, it looks how much of the science of monetary policy needs to be a...

  16. Game of Thrones: Accommodating Monetary Policies in a Monetary Union

    Directory of Open Access Journals (Sweden)

    Dmitri Blueschke

    2018-02-01

    Full Text Available In this paper, we present an application of the dynamic tracking games framework to a monetary union. We use a small stylized nonlinear three-country macroeconomic model of a monetary union to analyze the interactions between fiscal (governments and monetary (common central bank policy makers, assuming different objective functions of these decision makers. Using the OPTGAME algorithm, we calculate solutions for several games: a noncooperative solution where each government and the central bank play against each other (a feedback Nash equilibrium solution, a fully-cooperative solution with all players following a joint course of action (a Pareto optimal solution and three solutions where various coalitions (subsets of the players play against coalitions of the other players in a noncooperative way. It turns out that the fully-cooperative solution yields the best results, the noncooperative solution fares worst and the coalition games lie in between, with a broad coalition of the fiscally more responsible countries and the central bank against the less thrifty countries coming closest to the Pareto optimum.

  17. Financial Plumbing and Monetary Policy

    OpenAIRE

    Manmohan Singh

    2014-01-01

    This paper focuses on how changes in financial plumbing of the markets may impact the monetary policy options as central banks contemplate lift off from zero lower bound (ZLB). Under the proposed regulations, banks will face leverage ratio constraints. As a result of quantitative easing (QE), banks want balance sheet “space” for financial intermediation/ non-depository activities. At the same time, regulatory changes are boosting demand for high quality liquid assets. The paper also discusses...

  18. The E-Monetary Theory

    OpenAIRE

    Ngotran, Duong

    2016-01-01

    We develop a dynamic model with two types of electronic money: reserves for transactions between bankers and zero-maturity deposits for transactions in the non-bank private sector. Using this model, we assess the efficacy of unconventional monetary policy since the Great Recession. After quantitative easing, keeping the interest on reserves at zero too long will create deflation. The central bank can safely get out of the ``low rate-cum-deflation'' trap by ``raising rate and raising money sup...

  19. Asset Pricing and Monetary Policy

    OpenAIRE

    Bingbing Dong

    2014-01-01

    This paper examines the role of money in understanding the behavior of asset prices and whether and how monetary policy should react to asset prices such as stock prices and equity premiums. To do so, I introduce money via the form of transaction cost into a production economy with limited stock market participation where agents with lower inter-temporal elasticity of substitution (IES), called non-stockholders, have no access to stock market. In addition to facilitating transactions of consu...

  20. Endogenous Monetary Policy Regime Change

    OpenAIRE

    Troy Davig; Eric M. Leeper

    2006-01-01

    This paper makes changes in monetary policy rules (or regimes) endogenous. Changes are triggered when certain endogenous variables cross specified thresholds. Rational expectations equilibria are examined in three models of threshold switching to illustrate that (i) expectations formation effects generated by the possibility of regime change can be quantitatively important; (ii) symmetric shocks can have asymmetric effects; (iii) endogenous switching is a natural way to formally model preempt...

  1. MONETARY POLICY ADJUSTMENT AT THE GLOBAL FINANCIAL CRISIS CONSTRAINTS

    Directory of Open Access Journals (Sweden)

    Adina Criste

    2014-12-01

    Full Text Available The global financial crisis marked a border for central banks, as it raised challenges which constrained them both to extend the range of monetary policy instruments and to redefine their role in the financial system. The present paper aims to identify features of conducting the monetary policy of some central banks, during and after the global financial crisis outbreak. For that purpose, we apply to a comparative analysis between some central banks of European Union (EU, namely Czech National Bank (CNB, National Bank of Hungary (NBH, National Bank of Poland (NBP and National Bank of Romania (NBR. We also assume that the monetary policy could be characterised through both the challenges faced by the central banks and the type of measures adopted, as a reaction to these challenges. Analysis shows that central banks have different levels of burden, according to domestic condition, and also different ”pattern” of monetary policy adjustments, using more or less unconventional or macro-prudential measures. An important conclusion raised from this article refers to the increasing role of these special measures for central banks, which requires defining a new monetary policy framework in the near future.

  2. MONETARY TRANSMISSION CHANNELS IN ROMANIA – THE CREDIT CHANNEL

    Directory of Open Access Journals (Sweden)

    Magdalena RĂDULESCU

    2009-12-01

    Full Text Available The theoretical – intuitive analysis applied to the segment of monetary transmission evidences the fact that forming the traditional monetary impulses transmission channels are in a starting phase due to the long financial non – intermediary process which Romanian economy had known. In these conditions, the exchange rate channel, and also NBR currency purchases was, for a long time, an important way through which monetary authorities actions influenced macro economical behaviors. But starting with 2000, it is observed a credit channel reactivation and, especially, interest rate channel. Anyhow, the credit channel continues to be undermined by the existence of liquidity surplus within the system, by the phenomena of substitution of national currency credit with currency credits, and also moral hazardous displays. Albeit some of these phenomena also affect the interest rate channel, its role in sending monetary policy impulses is in a continuous progress. Apparently, it acts by way of nominal interest rates, their real level seeming less relevant. Once with remaking the two traditional channels, the companies and households balance is configured and consolidated, which shall potentate in the future the efficiency of the monetary policy. This paper analyses the credit channel in Romania, through an unrestricted VAR analysis.. It shows the responses of exchange rate, inflation rate, GDP, interest rate, imports and exports to a shock on non-governmental credit

  3. Incentives in Agency Relationships: To Be Monetary or Non-Monetary?

    OpenAIRE

    Patricia Crifo; Marc-Arthur Diaye

    2004-01-01

    In this paper, we develop a Principal-Agent model with both monetary and non-monetary incentives. We show that the latter are always more efficient, that is Pareto-dominate, monetary incentives. Indeed, we not only show that all what monetary incentives can do, non-monetary incentives can do it as well, we go further and show the possibility for non-monetary incentives to increase intrinsic motivation, thereby compensating the fact that higher rewards, rather than being encouraging can reduce...

  4. Virtual Currencies – monetary policy dilemmas and regulatory challenges

    Directory of Open Access Journals (Sweden)

    Daj Alexis

    2018-01-01

    Full Text Available Although the topic of virtual currencies is not completely new, the current technological developments and the extent of the globalisation process appear to have changed the scope of the research efforts needed to cover not only the advantages and opportunities, but also the disadvantages and threats that the expansion of virtual currencies can pose for monetary policy and the safety of the financial system. This paper comprises a brief presentation of the different types of virtual currencies and identifies some of the most significant implications of large-scale virtual currency adoption for monetary authorities and regulators, while providing an overview of the main trends in the evolution of virtual currencies. In the end, one conclusion is evident: whatever monetary policy or regulatory issues arise from the use of virtual currencies, their consequences are far from virtual.

  5. Euroization, monetary union and the credibility of monetary policy

    Directory of Open Access Journals (Sweden)

    Luka Brkić

    2008-01-01

    Full Text Available Assessment of exchange-rate arrangements has become an integral feature of recent discussions on reform of the international financial architecture. The upshot of this recent interest in exchange-rate regimes is that a large part of the profession appears to have become converted to ‘the hypothesis of the vanishing middle regime’, for countries well-integrated into world capital markets, there is little, if any, middle ground between floating exchange rates and monetary unification. The literature on optimal currency areas emphasizes that policy independence is crucial if countries face recurrent idiosyncratic disturbances. If member-countries of the EMU show sizeable asymmetry in the timing of business cycle phases and their exposure to exogenous shocks, these countries may be better off retaining their ability to conduct monetary and exchange-rate policies. Consequently,the important empirical issue is whether Europe is a region in which country-specific shocks prevail or whether shocks affect most of these countries in a similar way. Euroization is a relatively rare phenomenon. Yet in recent years it has attracted a lot of attention,which can be proved by an increasing number of studies dealing with this problem, as well as an increasing number of countries taking this course of action. This paper deals with the advantages and disadvantages of euroization (dollarization, not only from the theoretical aspect but also on the basis of experience of other dollarized countries. The unequivocal conclusion is that euroization (dollarization is not a monetary policy instrument that can be recommended to Croatia.

  6. Monetary policy under currency board arrangements: An necessary flexibility for transition countries?

    OpenAIRE

    Berensmann, Kathrin

    2003-01-01

    One of the main disadvantages of currency boards is the rule-based character of this system and the resulting inflexibility in case of shocks, a frequently recurring event in transition countries. Accordingly, central banks under currency board arrangements (CBA) are unable to respond to short-term liquidity changes in the money market. To cushion negative effects of economic shocks on interest rates and on the volatility of banks' liquidity the Estonian and Lithuanian central banks have to a...

  7. Estonian Air püüdis viimase hetkeni Top Toursi päästa / Mirko Ojakivi

    Index Scriptorium Estoniae

    Ojakivi, Mirko

    2010-01-01

    Estonian Air kaalus Top Toursile appiminekut, sest reisifirma oli Estonian Airil üks olulisemaid koostööpartnereid. Abi oleks puudutanud ennekõike uutele lendudele allahindluse tegemist, räägiti ka võimalikust krediidist

  8. Monetary Policy Rules in Some Transition Economies

    Directory of Open Access Journals (Sweden)

    Mohamed El-Hodiri

    2014-12-01

    Full Text Available In this paper we examine the question of whither monetary rules or ad hoc monetary policies were followed during the early stages of transition and in response to the global financial crisis. We study Eastern European countries and thee CIS countries. We find that during the early of transition, both developed economies and economies in transition used the monetary base, as well as the interest rate, as the main tools for monetary policy. However, in response to the global crises, priority was given to the main objective such as containing inflation and supporting economic growth. Monetary authorities had the additional possible choice of alternative objectives, such as stabilization of nominal exchange rate and real effective exchange rate, or increase in reserves. It was found that countries mostly retained priorities of monetary policy and some of them gave a greater importance to the alternative objectives.

  9. The monetary mechanics of the crisis

    OpenAIRE

    von Hagen, Jürgen

    2009-01-01

    In response to the financial and economic crisis, central banks, unlike in the 1930s, have created enormous amounts of money. There are fears that this will lead to inflation, but it is base money (the central bank's liabilities) that has expanded; total monetary aggregates have not. By contrast, in the 1930s, base money remained stable and monetary aggregates dropped. The reason for this is that in a crisis the relationship between the base money and monetary aggregates is altered. The money...

  10. Endogenous price flexibility and optimal monetary policy

    OpenAIRE

    Ozge Senay; Alan Sutherland

    2014-01-01

    Much of the literature on optimal monetary policy uses models in which the degree of nominal price flexibility is exogenous. There are, however, good reasons to suppose that the degree of price flexibility adjusts endogenously to changes in monetary conditions. This article extends the standard new Keynesian model to incorporate an endogenous degree of price flexibility. The model shows that endogenizing the degree of price flexibility tends to shift optimal monetary policy towards complete i...

  11. Monetary transmission and bank lending in Germany

    OpenAIRE

    Kakes, Jan; Sturm, Jan-Egbert; Philipp Maier

    1999-01-01

    This paper analyses the role of bank lending in the monetary transmission process in Germany. We follow a sectoral approach by distinguishing corporate lending and household lending. We find that banks respond to a monetary contraction by adjusting their securities holdings, rather than reducing their loans portfolio. Most lending categories even show an increase following a monetary tightening. The main implication of our results is that a bank lending channel is not an important transmissio...

  12. Bank loan portfolios and the Canadian monetary transmission mechanism

    NARCIS (Netherlands)

    den Haan, W.J.; Sumner, S.W.; Yamashiro, G.M.

    2009-01-01

    Following a monetary tightening, bank loans to consumers decrease. This is true for both mortgage and non-mortgage loans, and it is true for a tightening by the Bank of Canada that is, and is not, a response to a tightening by the Federal Reserve System. In contrast, business loans increase

  13. The Estonian study of Chernobyl cleanup workers. I. Introduction

    International Nuclear Information System (INIS)

    Rahu, Mati

    1999-01-01

    The most comprehensive epidemiological project ever performed in Estonia - The Estonian Study of Chernobyl Cleanup Workers - was the joint effort of researchers from Estonia, Finland and USA. Until September 1999, the results of this study were published in English only. To familiarize the readership of 'Eesti Arst' with the major study findings, the abridged versions of four original papers from 'Radiation Research' are presented in the current issue of the journal. For the Estonian epidemiologists, the work under this project that consists of eight sub projects was a real challenge. In the course of the study, skills were developed in writing a study protocol, preparing a questionnaire, progress reporting, documenting the structure of databases, record linkage, and problem solving. It was an exciting experience to work with top scientists like William Bigbee, John Boice, Timo Hakulinen, Ronald Jensen and Gayle Littlefield. (author)

  14. Critical Success Factors and information needs in Estonian industry

    Directory of Open Access Journals (Sweden)

    Aiki Tibar

    2002-01-01

    Full Text Available The article reports the results of the study on the critical success factors and related information needs in Estonian industry conducted in 1999. Data were collected by interviews with 27 managers and engineers from 16 manufacturing companies in various industries. Most of the critical success factors taken up were related to marketing, information management, quality management, product development and technological innovations. The information needs of managers and engineers were related to competitors, customers, markets, technology, regulations, etc. Some identified CSFs expressed also priorities for development by Estonian economic authorities: to support the implementation of new technologies and introduction of quality management methods. The finding that information management was perceived as a very critical area supports the result of the recent Finnish study on CSFs.

  15. Trace metal emissions from the Estonian oil shale fired power

    DEFF Research Database (Denmark)

    Aunela-Tapola, Leena A.; Frandsen, Flemming; Häsänen, Erkki K.

    1998-01-01

    Emission levels of selected trace metals from the Estonian oil shale fired power plant were studied. The plant is the largest single power plant in Estonia with an electricity production capacity of 1170 MWe (1995). Trace metals were sampled from the flue gases by a manual method incorporating...... in the flue gases of the studied oil shale plant contribute, however, to clearly higher total trace metal emission levels compared to modern coal fired power plants. Although the old electrostatic precipitators in the plant have been partly replaced by state-of-the-art electrostatic precipitators...... a two-fraction particle sampling and subsequent absorption of the gaseous fraction. The analyses were principally performed with ICP-MS techniques. The trace metal contents of Estonian oil shale were found to be in the same order of magnitude as of coal on average. The high total particle concentrations...

  16. Exhibition of photography from the Estonian diaspora / Ellu Maar

    Index Scriptorium Estoniae

    Maar, Ellu, 1982-

    2010-01-01

    Näitus "Photography from the Estonian Diaspora / Väliseesti foto" Kumu Kunstimuuseumis 8.10.-19.11.2010, kuraatorid Eha Komissarov ja Ellu Maar. Näitus tutvustas 1944. a. Eestist lahkunud või juba võõrsil sündinud fotograafide (Eric Soovere, Karl Hintzer, Priit Vesilind, Rein Välme jt.) loomingut ja valikut väliseesti fotoarhiividest

  17. Estonian Leader's Freedom Call Creates Storm / Anna Smolchenko

    Index Scriptorium Estoniae

    Smolchenko, Anna

    2008-01-01

    President Toomas Hendrik Ilvese esinemisest soome-ugri rahvaste maailmakongressil Hantõ-Mansiiskis, kohtumisest Venemaa presidendi Dmitri Medvedeviga, Eesti delegatsiooni saalist väljamarssimisest Venemaa riigiduuma väliskomisjoni esimehe Konstantin Kossatshovi sõnavõtu ajal. Ilmunud ka: St. Petersburg Times 1. juuli 2008, pealk.: Estonian Leader's Freedom Call Creates Controversy (lüh.). Vabariigi President töövisiidil Venemaal 27.-30.06.2008

  18. Efficiency of Estonian grain farms in 2000 2004

    Directory of Open Access Journals (Sweden)

    N. VASILIEV

    2008-12-01

    Full Text Available The aim of this study is to analyse the efficiency of Estonian grain farms after Estonia’s transition to a market economy and during the accession period to the European Union (EU. The non-parametric method Data Envelopment Analysis (DEA was used to estimate the total technical, pure technical and scale efficiency of Estonian grain farms in 2000–2004. Mean total technical efficiency varied from 0.70 to 0.78. Of the grain farms 62% are operating under increasing returns to scale. Solely based on the DEA model it is not possible to determine optimum farm scale and the range of Estonian farm sizes operating efficiently is extensive. The most pure technically efficient farms were the smallest and the largest but the productivity of small farms is low compared to larger farms because of their small scale. Therefore, they are the least competitive. Since pre-accession period to the EU, large input slacks of capital have replaced the former excessive use of labour and land. This raises the question about the effects on efficiency of the EU’s investment support schemes in new member states.;

  19. Olev Schults : SAS vajab Estonian Airi rahvusliku lennufirmana / Olev Schults ; interv. Andres Reimer

    Index Scriptorium Estoniae

    Schults, Olev

    2008-01-01

    Estonian Airi nõukogu esimees vastab küsimustele, kas SAS arendas Läti airBalticut Estonian SAS-i arvel, mis mõte on rahvuslikul lennukompaniil, kui riik ei tohi seda finantseerida, kuidas mõjutab investorite meeleolu SAS-i Eestis tabanud poliitikute kriitika tulv

  20. The Representation of the Cold War in Three Estonian History Textbooks

    Science.gov (United States)

    Korbits, Keit

    2015-01-01

    The article looks at the discursive strategies different Estonian history textbooks employ to represent the Cold War period, and the "commonsense" ideologies instilled through these representations. The textbooks analysed include two history books dating back to the Estonian Soviet Socialist Republic and, for contrast, one written during…

  1. The Formation of New Monetary Policies: Decisions of Central Banks on the Great Recession

    Directory of Open Access Journals (Sweden)

    Ana Esther Castro

    2014-05-01

    Full Text Available The effect that the Great Recession had on monetary policies has led to the profound reorientation of central banks’ actions from 2007 to 2013. The purpose of this work is to analyze the monetary policies applied by the main central banks, mainly the European Central Bank, the Federal Reserve System of USA and the Bank of Japan, in order to raise thoughts on the guidelines that central banks should follow in the future. In the first section the bases of monetary policy before the crisis are described; in the second we explain the change in the orientation of the role of central banks during the crisis; and finally, we synthesize the bases on which the economic debate is taking place on the orientation of future monetary policies. We conclude that, in so far as the inoperativeness of transmission mechanisms still persists, monetary policies will remain in a process of change.

  2. Monetary and Non-Monetary Remittances within Marginalized Migrating Families

    Directory of Open Access Journals (Sweden)

    Katerina JANKU

    2007-04-01

    Full Text Available In this paper, I am using the research experience among Czech Roma families with the migration experience and taking a look on what is being exchanged between „those who went abroad“, and „those who stayed home“ and what can be the function and consequences of it.Sending money, things, ideas etc. back and forth is the mean of closing the range between people within family and thus it facilitates the formation of transnational social ties. As individual examples of those remittances are lying open in front of us, we can see how they are part of the strategic reproduction of the “trans-nationalized” family.Thus, I understand remittances in a broader sense than the economics does. I am proposing to aim not only on salary to be sent abroad to relatively poorer environments. There are not only monetary remittances, but also material, symbolic, social and emotional ones.

  3. Uniting the Divided Continent. The Estonian National Committee of the European Movement

    Directory of Open Access Journals (Sweden)

    Pauli Heikkilä

    2010-12-01

    Full Text Available The article examines the exiled Estonian politicians in the European Movement in the early Cold War period. The ultimate goal of exiled Estonians was to restore their state’s independence. In order to promote this, Estonian leaders sought connections with Western leaders. The European Movement was the only organisation involving actors from both the East and the West, and this corresponded to the Estonian discourse on Europe as a whole. Therefore, the European Movement was appreciated, although its limited opportunities for decisive actions were also recognised. East and West European interest in the European Movement declined as West European integration rapidly intensified through the European Coal and Steel Community (ECSC and particularly after the January 1952 Eastern European Conference in London. By 1957, disappointment in the inability of European unification to help regain Estonian independence became evident.

  4. Economic and utilitarian benefits of monetary versus non-monetary in-store sales promotions

    DEFF Research Database (Denmark)

    Reid, Mike; Thompson, Peter; Mavondo, Felix

    2014-01-01

    While prior research has examined the issue of sales promotion proneness, very little has examined proneness to non-monetary promotions, such as contests and premiums discovered in store. This study draws on a promotions benefits framework to examine the influence of shoppers’ desired benefits...... are that many monetary sales promotion-prone shoppers may be attracted by the benefits provided by non-monetary promotions. The increased use by managers of non-monetary promotions instead of monetary promotions may result in improved category value and brand equity benefits....

  5. Monetary transmission and business cycle asymmetry

    NARCIS (Netherlands)

    Kakes, Jan

    1998-01-01

    This paper investigates asymmetric effects of monetary policy over the business cycle. A two-state Markov Switching Model is employed to model both recessions and expansions. For the United States and Germany, strong evidence is found that monetary policy is more effective in a recession than during

  6. Essays in empirical finance and monetary policy

    NARCIS (Netherlands)

    van Holle, Frederiek

    2017-01-01

    This dissertation consists of three essays. In the first paper, “Stock-Bond Correlations, Macroeconomic Regimes and Monetary Policy”, we link the evolution of stock-bond correlations for an international sample to both local and global regimes in inflation, the output gap and monetary policy. We

  7. Monetary transmission and bank lending in Germany

    NARCIS (Netherlands)

    Kakes, Jan; Sturm, Jan-Egbert; Philipp Maier, [No Value

    1999-01-01

    This paper analyses the role of bank lending in the monetary transmission process in Germany. We follow a sectoral approach by distinguishing corporate lending and household lending. We find that banks respond to a monetary contraction by adjusting their securities holdings, rather than reducing

  8. Did capital market convergence lower the effectiveness of monetary policy?

    NARCIS (Netherlands)

    Jansen, P.W.

    2009-01-01

    International capital market convergence reduces the ability for monetary authorities to set domestic monetary conditions. Traditionally, monetary policy transmission is channelled through the short-term interest rate. Savings and investment decisions are effected through the response of the bond

  9. Resolving the International Monetary Fund's Legitimacy Crisis

    DEFF Research Database (Denmark)

    Seabrooke, Leonard

    2006-01-01

    Since the Asian financial crisis of 1997-1998 the International Monetary Fund (the Fund) has been embroiled in an international crisis of legitimacy. Assertions of a crisis are premised on the notions that the Fund's voting system is unfair, and that the Fund enforces homogenous policies onto...... borrowing member states and that loan programs tend to fail. Seen this way, poor institutional and policy design has led to a loss of legitimacy. But institutionalised inequalities or policy failure is not in itself sufficient to constitute an international crisis of legitimacy. This article provides...... a conceptually-driven discussion of the sources of the Fund's international crisis of legitimacy by investigating how its formal "foreground" institutional relations with its member states have become strained, and how informal "background" political and economic relationships are expanding in a way...

  10. Taxes, Estonian state budget and economic crises. Maksud, riigi eelarve ja majanduskriis

    Directory of Open Access Journals (Sweden)

    Olev Raju

    2013-01-01

    Full Text Available Recession has sharply erected the question of tax burden and the optimal proportion of different kinds of taxes among the incomes of the budget. Indirect taxes and consumption taxes, which proportion is different according to different methodologies, dominate in Estonian state budget. The buoyancy of a tax system based on taxes of that kind is especially weak during the recession. Difficulties concerning the incomes of budget have arisen the necessity for lifting taxes, which is possible as the tax burden is low now. But a sharp question of the optimal level of taxes is going to be raised. A formula for indirect tax optimum according to Ramsey taxes and Slutski decomposition has been proposed in the article.

  11. Monetary policy and regional output in Brazil

    Directory of Open Access Journals (Sweden)

    Rafael Rockenbach da Silva Guimarães

    2014-03-01

    Full Text Available This work presents an analysis of whether the effects of the Brazilian monetary policy on regional outputs are symmetric. The strategy developed combines the techniques of principal component analysis (PCA to decompose the variables that measure regional economic activity into common and region-specific components and vector autoregressions (VAR to observe the behavior of these variables in response to monetary policy shocks. The common component responds to monetary policy as expected. Additionally, the idiosyncratic components of the regions showed no impact of monetary policy. The main finding of this paper is that the monetary policy responses on regional output are symmetrical when the regional output decomposition is performed, and the responses are asymmetrical when this decomposition is not performed. Therefore, performing the regional output decomposition corroborates the economic intuition that monetary policy has no impact on region-specific issues. Once monetary policy affects the common component of the regional economic activity and does not impact its idiosyncratic components, it can be considered symmetrical.

  12. OPEN MARKETING - A SPECIFIC FORM OF MONETARY POLICY IN ORDER TO MONETARY VOLUME ADJUSTMENT

    Directory of Open Access Journals (Sweden)

    CHIRTOC IRINA- ELENA

    2013-02-01

    Full Text Available : Applying a uniform monetary policy by all European Union member states also require harmonization of monetary policy instruments and national interbank market integration also. Monetary policy instruments used by NBR (National Bank of Romania have evolved over time as a result of alignment with the instruments used by the European Central Bank. Money market operations in Romania have appeared for the first time in 1997. Starting from the wishing of Central Bank to reduce excess liquidity in 2001 they became the most important monetary policy tool used by the National Bank of Rumania. Open market operations are the instrument of monetary policy, central banking in Eastern Europe to work towards monetary contraction or expansion. Open-market operations in recent years have become the most important monetary policy instrument they play an essential role in promoting monetary policy by the central bank. Through open marketing operations the monetary authorities aim to alter bank reserves and thereby influence the amount of currency in circulation. In Romania, the open marketing operations are initiated by the National Bank of Romania, which determines what type of tools will be used while setting terms and conditions of the implementation. Through the use and control of monetary policy instruments, the central bank as the state bank seeks managing liquidity in the economy.

  13. Implementation of quality assurance and quality control in the Nuclear Analytical Laboratory of the Estonian Radiation Protection Centre

    International Nuclear Information System (INIS)

    Koeoep, T.; Jakobson, E.

    2002-01-01

    The Analytical Laboratory of the Estonian Radiation Protection Centre is in the process of implementing the system of Quality Assurance (QA) and Quality Control (QC) in the framework of the IAEA TC Project RER/2/004/ 'QA/QC of Nuclear Analytical Techniques'. The draft Quality Manual with annexes has been prepared accordingly to the ISO 17025 Guide, documents and other printed material delivered on the seminars of the project. The laboratory supply has been supplemented with necessary equipment for guaranteeing of quality. Proficiency testing included in the project has been performed successfully. (author)

  14. Interest rate transmission mechanism of monetary policy in the selected EMU candidate countries

    Directory of Open Access Journals (Sweden)

    Mirdala Rajmund

    2009-01-01

    Full Text Available The stable macroeconomic environment, as one of the primary objectives of the Visegrad countries in the 1990s, was partially supported by the exchange rate policy. Fixed exchange rate systems within gradually widen bands (Czech Republic, Slovak Republic and crawling peg system (Hungary, Poland were replaced by the managed floating in the Czech Republic (May 1997, Poland (April 2000, Slovak Republic (October 1998 and fixed exchange rate to euro in Hungary (January 2000 with broad band (October 2001. Higher macroeconomic and banking sector stability allowed countries from the Visegrad group to implement the monetary policy strategy based on the interest rate transmission mechanism. Continuous harmonization of the monetary policy framework (with the monetary policy of the ECB and the increasing sensitivity of the economy agents to the interest rates changes allowed the central banks from the Visegrad countries to implement monetary policy strategy based on the key interest rates determination. In the paper we analyze the impact of the central banks' monetary policy in the Visegrad countries on the selected macroeconomic variables in the period 1999-2008 implementing SVAR (structural vector autoregression approach. We expect that higher sensitivity of domestic variables to interest rates shocks can be interpreted as a convergence of monetary policies in candidate countries towards the ECB's monetary policy.

  15. An Historical Analysis of Monetary Policy Rules

    OpenAIRE

    John B. Taylor

    1998-01-01

    This paper examines several episodes in U.S. monetary history using the framework of an interest rate rule for monetary policy. The main finding is that a monetary policy rule in which the interest rate responds to inflation and real output more aggressively than it did in the 1960s and 1970s, or than during the time of the international gold standard, and more like the late 1980s and 1990s, is a good policy rule. Moreover, if one defines rule, then such mistakes have been associated with eit...

  16. The Monetary Policy – Restrictive or Expansive?

    Directory of Open Access Journals (Sweden)

    Adam Szafarczyk

    2007-10-01

    Full Text Available The monetary policy plays an important role in macroeconomic policy of government. There is a question concerning type of this policy expansive or restrictive (easy or tidy monetary policy. Unfortunately, we have a lot of criteria. Each of them gives us other answer. So due to equitation of Irving Fisher we have dominantly expansive monetary policy. This same situation exists when we use nominal value of rediscount interest rate of central bank. Opposite result appears when we use real value of this interest rate or level of obligatory reserve. Taking under consideration liquidity on money market we know, that level of interest rate is too high.

  17. Monetary Policy Shocks and Portfolio Choice

    OpenAIRE

    Fratzscher, Marcel; Saborowski, Christian; Straub, Roland

    2010-01-01

    The paper shows that monetary policy shocks exert a substantial effect on the size and composition of capital flows and the trade balance for the United States, with a 100 basis point easing raising net capital inflows and lowering the trade balance by 1% of GDP, and explaining about 20-25% of their time variation. Monetary policy easing causes positive returns to both equities and bonds. Yet such a monetary policy easing shock also induces a shift in portfolio composition out of equities and...

  18. Monetary valuation in Life Cycle Assessment

    DEFF Research Database (Denmark)

    Pizzol, Massimo; Weidema, Bo Pedersen; Brandão, Miguel

    2015-01-01

    different impacts and/or with other economic costs and benefits. For this reason, monetary valuation has a great potential to be applied also in Life Cycle Assessment (LCA), especially in the weighting phase. However, several challenges limit its diffusion in the field, which resulted in only a few......Monetary valuation is the practice of converting measures of social and biophysical impacts into monetary units and is used to determine the economic value of non-market goods, i.e. goods for which no market exists. It is applied in cost benefit analysis to enable the cross-comparison between...

  19. Estonian Language of Technology as a Factor Supporting the Evolution of Engineering Thinking

    Directory of Open Access Journals (Sweden)

    Mägi, Vahur

    2013-03-01

    Full Text Available Casual mention of teaching technology subjects in Estonian schools dates back several centuries. Navigation and construction were amongthe earliest professional skills that were taught. As both of them required mathematical thinking skills, teaching the subjects was usually accompanied by explaining the principles of mathematics. The first technology book in Estonian was published about two centuries ago and it dealed with geodesy. The earliest Estonian glossaries of technological terminology were published in the fields of physics and chemistry. The rise of Estonian as a language of higher education and science in the country came about in the 1920s and 1930s. Faculty members of the Tallinn School of Technology then published the first textbooks composed in the Estonian language for students of technology. The Estonian Society for Technology and the Estonian Association of Engineers became seriously involved in linguistic activities. Together with the Vocational Teachers’ Assembly of Tartu they published an illustrated technology glossary for machinery and tools terms. It was followed by a glossary of construction and building terms, compiled under the lead of the University of Technology. In addition, journals of technology introducedinnovations in the lexicon of technology to the general public. The postwar period in the development of the lexicon of technical terms was of little significance at first. A surge in language creativity could be detected in the 1960s, when terminology became a target of constantly growing attention to the development of technology lexicon. Series of technology glossaries were published. This tendency has continued to this day.

  20. Il sistema dei controlli monetari e creditizi in Francia.

    Directory of Open Access Journals (Sweden)

    G.R. HODGMAN

    2014-08-01

    Full Text Available The article presents French monetary and credit controls as a coherent system, displays the inner logic of this system and evaluates its implications for policy objectives related to growth, the price level and balance-of-payments. The French system is sufficiently different from other countries in the degree of “socialisation” of credit and direct administrative intervention by the authorities into credit affairs. The effects of traditional operations such as open market purchases cannot be understood in the French environment without a grasp of certain features of French financial institutions. Moreover, the French authorities assign priority to selective credit policy as distinct from general monetary policy and are permitted to intervene in the free play of financial market forces through administrative measures.JEL: E52, E31, F32

  1. E-Banking: Risk Management Practices of the Estonian Banks

    OpenAIRE

    Dmitri Sokolov

    2007-01-01

    During the last years the development of e-banking in Estonia has been very significant. According to the report of the World Economic Forum, the Estonian IT-development has been substantial. The success of e-banking in Estonia can be compared to the corresponding success of the Nordic countries. According to the Deutsche Bank Research, around 70-80% of the Internet users in Estonia use Internet banking and in this respect, Estonia could be compared to Finland, Norway and Iceland. Despite of ...

  2. Mutations at the Level of the Measures Adopted by Monetary Authorities

    Directory of Open Access Journals (Sweden)

    Marius Constantin APOSTOAIE

    2011-11-01

    Full Text Available Following the intensification of the international financial crisis in autumn 2008 the functioning of the financial system was seriously hindered. Central banks around the world responded firmly by lowering their key interest rates to historically low levels. As financial conditions didn’t improve as hoped and the real economy was still unstable, revealing therefore the limits of mainstream monetary policy, many monetary authorities employed several unconventional measures. This study documents two important approaches of classifying “unorthodox” monetary policies and reviews several measures undertook by central banks highlighting the impact and some of the possible risks to the contemporary economy.

  3. Mutations at the Level of the Measures Adopted by Monetary Authorities

    Directory of Open Access Journals (Sweden)

    Stefan MATEI

    2012-08-01

    Full Text Available Following the intensification of the international financial crisis in autumn 2008, the functioning of the financial system was seriously hindered. Central banks around the world responded firmly by lowering their key interest rates to historically low levels. As financial conditions did not improve as hoped and the real economy was still unstable, revealing therefore the limits of mainstream monetary policy, many monetary authorities employed several unconventional measures. The scope of this paper is to investigate two important approaches of classifying “unorthodox” monetary policies and review several measures undertook by central banks, highlighting the impact and some of the possible risks to the contemporary economy.

  4. How do monetary policy tools work? An investigation on monetary transmission mechanism in Iran

    Directory of Open Access Journals (Sweden)

    Naser Ali Yadollahzadeh Tabari

    2013-04-01

    Full Text Available Monetary transmission mechanism includes some channels in which monetary policy influences on macroeconomic variables such as the output and inflation. In this study, the effect of monetary policy tools including interest rate, exchange rate and money supply on the variables of monetary policy targets including inflation and output is examined through VECM methodology over the period 1989:2-2007:2. Our findings show that in long-term, monetary supply is the most important variable influencing the price followed by the variables of output and exchange rate, respectively. Exogenous-being of interest rate indicates that this channel is underdeveloped and there is no monetary policy rule like Taylor rule in Iran's economy.

  5. The effect of monetary policy of Central Bank on activities of Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Hossein Vazifehdust

    2013-08-01

    Full Text Available This paper examines the relationship between monetary policy and activity of the Tehran Stock Exchange. The statistical population of the research consists of all companies listed in Tehran Stock Exchange and central bank monetary policy variables including time series generated by the central bank seasonally. For the purpose of data analysis, econometric autoregressive system models, and two-stage ADF regression with unit roots test, co-integration and reliability were used to determine level of effect and type of effect of the four components of monetary policy on exchange activity. The results of this study show that there is a strong relation between share price index and monetary policy variables and between monetary policy variables and trading volume. However, the relation between monetary policy variables and cash yield index was not so strong, but monetary policy variables’ effect on stock exchange activity was acceptable considering strong relation between the two first variables. It is suggested that if this work is done using non-linear models, it will yield better results.

  6. Monetary and fiscal policy aspects of indirect tax changes in a monetary union

    OpenAIRE

    von Thadden, Leopold; Lipińska, Anna

    2009-01-01

    In recent years a number of European countries have shifted their tax structure more strongly towards indirect taxes, motivated, inter alia, by the intention to foster competitiveness. Against this background, this paper develops a tractable two-country model of a monetary union, characterised by national fiscal and supranational monetary policy, with price-setting firms and endogenously determined terms of trade. The paper discusses a number of monetary and fiscal policy questions which emer...

  7. Modern Paradigm in Macroeconomic Monetary Theories

    Directory of Open Access Journals (Sweden)

    Daniel Lipară

    2016-01-01

    We appreciated that in order to achieve macroeconomic stability a mix between monetary andfiscal policies is needed, fixed rules should be applied in interdependence with discretionarygovernment measures and acting upon incomes is the best way to fight against inflation.

  8. Impact of monetary policy changes on the Chinese monetary and stock markets

    Science.gov (United States)

    Tang, Yong; Luo, Yong; Xiong, Jie; Zhao, Fei; Zhang, Yi-Cheng

    2013-10-01

    The impact of monetary policy changes on the monetary market and stock market in China is investigated in this study. The changes of two major monetary policies, the interest rate and required reserve ratio, are analyzed in a study period covering seven years on the interbank monetary market and Shanghai stock market. We find that the monetary market is related to the macro economy trend and we also find that the monetary change surprises both of lowering and raising bring significant impacts to the two markets and the two markets respond to the changes differently. The results suggest that the impact of fluctuations is much larger for raising policy changes than lowering changes in the monetary market on policy announcing and effective dates. This is consistent with the “sign effect”, i.e. bad news brings a greater impact than good news. By studying the event window of each policy change, we also find that the “sign effect” still exists before and after each change in the monetary market. A relatively larger fluctuation is observed before the event date, which indicates that the monetary market might have a certain ability to predict a potential monetary change, while it is kept secret by the central bank before official announcement. In the stock market, we investigate how the returns and spreads of the Shanghai stock market index respond to the monetary changes. Evidences suggest the stock market is influenced but in a different way than the monetary market. The climbing of returns after the event dates for the lowering policy agrees with the theory that lowering changes can provide a monetary supply to boost the market and drive the stock returns higher but with a delay of 2 to 3 trading days on average. While in the bear market, the lowering policy brings larger volatility to the market on average than the raising ones. These empirical findings are useful for policymakers to understand how monetary policy changes impact the monetary and stock markets

  9. CONSIDERATIONS REGARDING MONETARY POLICY IN ROMANIA

    Directory of Open Access Journals (Sweden)

    Pitorac Ruxandra

    2015-07-01

    Full Text Available The main objective of this paper is to study the Romania’s monetary policy, in the period 1996-2013. The research starts with a theoretical review of the monetary policy, whose main purpose is influencing the broad money supply and the lending requirements and the institution in charge of achieving this objective is the Central Bank, highlighting its impact upon the economic activity, through the Keynesian analysis model IS-LM and a correlation between the monetary policy measures and the phases of the economic cycle whose results indicate that during the recession periods it is recommended to reduce interest rates in order to stimulate investments, by raising the money supply, and during the expansion period it is recommended to increase the interest rate in order to cut back the money supply. Starting from this premises, the research takes into account the study of the monetary policy measures adopted by the governmental authority of Romania, making a quantitative analysis of the main macroeconomic indicators: the real interest rate, the lending interest rate, the deposit interest rate and the broad money supply and through a multifactorial regression, highlighting the impact of the interest rates upon the monetary aggregate M2. Moreover, a comparison between the monetary policy measures adopted in Romania and the monetary policies recommended by specialized literature has been done, and the results have indicated that during recession periods the attention of the governmental authorities is focused upon adopting the right measures, but during the expansion periods this doesn’t happen. The results of this research highlight the economic situation in Romania and the way in which the governmental authority intervened, through the monetary policy measures, in order to mitigate the negative effects of the cyclical fluctuations.

  10. Expectations, Bond Yields and Monetary Policy

    DEFF Research Database (Denmark)

    Chun, Albert Lee

    2011-01-01

    expectations about inflation, output growth, and the anticipated path of monetary policy actions contain important information for explaining movements in bond yields. Estimates from a forward-looking monetary policy rule suggest that the central bank exhibits a preemptive response to inflationary expectations...... of this type may provide traders and policymakers with a new set of tools for formally assessing the reaction of bond yields to shifts in market expectations...

  11. The role of forecasts in monetary policy

    OpenAIRE

    Jeffery D. Amato; Thomas Laubach

    2000-01-01

    Forecasts of future economic developments play an important role for the monetary policy decisions of central banks. For example, forecasts of goal variables can help central banks achieve their goals and make them more accountable to the public. There are two primary explanations for the benefits of forecasts. The first is that monetary policy affects goal variables such as inflation and output only with substantial lags. Policy actions should, therefore, be based on forecasts of goal variab...

  12. EURO ZONE AND ITS MONETARY POLICY

    Directory of Open Access Journals (Sweden)

    Dorel Dumitru CHIRIŢESCU

    2010-03-01

    Full Text Available In this article I have tried to make a short presentation of the Euro Zone and it’s monetary policy. At the present moment the Euro Zone has 16 countries that have adopted the Euro as a national currency and also 4 small countries that have monetary agreements with their neighbours. The monetary policy represents all the regulations of the money supply and interest rates adopted by the European Central Bank in order to control the inflation rate and to stabilize a specific currency, in this case, the Euro. Stabilizing the inflation rate to certain levels is the main goal of the monetary policy. The monetary policy is the second policy, next to the fiscal one which in which a government, in this case the European Union’s official bodies, can impact the economic situation of the Eurozone. The fiscal policy represents the way a government spends, borrows or applies different types of taxes. The Monetary policy can be either expansionary, when unemployement and recessions needs to be combated, or contractionary, when inflation is conbated byt raising the interest rates.

  13. Monetary policy and insolvency of economic sector

    Directory of Open Access Journals (Sweden)

    Tepavac Rajko

    2012-03-01

    Full Text Available The main task of monetary policy of our central bank is to achieve and preserve stability of prices and currency. Targeted inflation rate has been chosen as operating instrument for gradual realization of low and stable inflation, along with elimination of inflation expectations. Also, a specific inflation corridor is chosen to ensure operations, transparency and ex ante effects of monetary policy. The paper presents analysis on whether there really is a restrictive monetary policy, deflections of real inflation from the programmed one, level of 'restrictiveness' of monetary policy and behavior of bank loans, money supply, nominal and real economic growth. Analysis is carried out and criticism of concepts of monetary regulation of mandatory bank reserves, blocking of financial bank potential through monetary regulation instruments, but also relations between central and business banks through open market policy. Criticism of repo operations and complete disappearance of selective credit policy is provided as well. The problem of almost embedded insolvency of economic sector is highlighted.

  14. MONETARY POLICY AND PARALLEL FINANCIAL MARKETS

    Directory of Open Access Journals (Sweden)

    Adela IONESCU

    2015-07-01

    Full Text Available Monetary policy is one of the economic policy "tools" through which it acts on the currency demand and supply in the economy. The importance of monetary policy results from its primary objective - price stability, plus limiting inflation and maintaining internal and external value of the currency. Responsibility for achieving these objectives rests with the Central Bank, which has a monopoly in the formulation and the implementation of monetary policy targets. Price stability is the primary objective of monetary policy and also the central objective of economic policy, alongside with: sustainable economic growth, full employment of labor force, balance of external payments equilibrium. To achieve these overall objectives of economic policy, monetary policy acts through currency as an instrument of action and it represents the overall action exercised by the monetary authority to influence economic development and to ensure price stability. In economic processes numerous factors emerge to the sale or purchase of capital available for a shorter or longer period and to achieving their aspirations of maximize capital gains, they are negotiating, they are confronting and agreeing within specific market relationships. The entirety of relations between various economic issues, enterprises and individuals, between them and the banking intermediaries, as well as the relationship between banks and other credit institutions on the transfer of cash money as specific form of debt and fructification of capital, form capital markets or credit markets. These markets are carved up according to the nature and purposes of the participants.

  15. Smoking habits and attitudes towards smoking among Estonian physicians.

    Science.gov (United States)

    Pärna, K; Rahu, K; Rahu, M

    2005-05-01

    This study examined the smoking habits and attitudes towards smoking among Estonian physicians. Cross-sectional data for 2668 physicians were gathered by a self-administered postal survey. The current smoking prevalence was 24.9% for male physicians and 10.8% for female physicians. The percentages of ex-smokers were 32.9 and 16.8%, respectively. Smoking prevalence among physicians was below the levels reported for the highest educational bracket of the total population in Estonia. Non-smoking physicians had more unfavourable views towards smoking than those who smoked. The majority of physicians were aware of the association between smoking and various diseases, with significant differences between smokers and non-smokers. Non-smoking physicians were more active in asking patients about smoking habits than those who smoked. Most Estonian physicians, especially those who smoked, failed to perceive themselves as positive role models. This study found a lower prevalence of smoking among physicians compared with the general population, and demonstrated the impact of personal smoking on physicians' attitudes towards smoking. The results provide an important challenge to medical education in Estonia.

  16. Implementation of Monetary Policy: How Do Central Banks Set Interest Rates?

    OpenAIRE

    Benjamin M. Friedman; Kenneth N. Kuttner

    2010-01-01

    Central banks no longer set the short-term interest rates that they use for monetary policy purposes by manipulating the supply of banking system reserves, as in conventional economics textbooks; today this process involves little or no variation in the supply of central bank liabilities. In effect, the announcement effect has displaced the liquidity effect as the fulcrum of monetary policy implementation. The chapter begins with an exposition of the traditional view of the implementation of ...

  17. Serological evidence of exposure to globally relevant zoonotic parasites in the Estonian population

    DEFF Research Database (Denmark)

    Lassen, Brian; Janson, Marilin; Viltrop, Arvo

    2016-01-01

    We investigated Estonian population and its selected subgroups for serological evidence of exposure to Ascaris lumbricoides, Echinococcus spp., Taenia solium, Toxocara canis, Toxoplasma gondii, and Trichinella spiralis. Serum samples from 999 adults representing general population, 248 children a...

  18. [Marge Rennit. Eesti muuseumid / Estonian museums] / Tapio Mäkeläinen

    Index Scriptorium Estoniae

    Mäkeläinen, Tapio

    2009-01-01

    Tutvustus: Eesti muuseumid = Estonian museums / [Eesti Muuseumiühing ; koostaja Marge Rennit ; tõlkija Tiina Mällo ; toimetaja Ivi Tammaru ; eessõna: Piret Õunapuu ; kujundaja Marek Allvee]. Tallinn : Oomen, 2008

  19. Problems of contemporary ecology. Temporal changes in Estonian nature and environment

    International Nuclear Information System (INIS)

    Frey, T.

    1997-01-01

    This conference was held 8-9 May 1997 at Tartu, Estonia. The proceedings of the 7. Estonian Conference in Ecology contain the results of mostly original research in environmental science, conservation and natural philosophy

  20. Estimation of transmission mechanism of monetary policy in Serbia

    Directory of Open Access Journals (Sweden)

    Bungin Sanja

    2015-01-01

    Full Text Available Transmission mechanism of monetary policy recently has been subject to several studies in Serbia. The so called 'black box' of monetary policy is investigated with aim to identify the effects of transmission channel in environment where exchange rate has a dominant role in central bank operations. Therefore, it is a challenge to approach this problem in inflation targeting regime where key interest rate is expected to prevail as a main policy instrument. The study employs unrestricted Vector Autoregression model for estimating significance of exchange rate and interest rate channel. As expected, exchange rate has far more stronger influence on inflation, even though there are some signs of interest rate channel existence. Introducing Euribor as endogenous variables in VAR system displayed important impact on real variables.

  1. The importance and role of the Central Bank in the creation of a healthy monetary and investment policy

    Directory of Open Access Journals (Sweden)

    Šmigić-Miladinović Jasmina

    2016-01-01

    Full Text Available The paper's starting point is finding an answer to the question: What kind of monetary policy should be followed by the Central bank in new market circumstances? As a major monetary institution, the Central bank should provide credibility for its monetary policy, which is particularly important during a macroeconomic stabilisation. In order to choose the most appropriate monetary policy, its creators should be familiar with the monetary policy's effects on economic activities, first of all on investment activities and the period in which they may occur. The Central bank uses its special status and authorisations to control monetary trends, to keep and handle foreign exchange reserves, to keep banks' required reserves, to manage the country's debt, to be the final creditor of the banking system, to take care of the banking system's liquidity. That is why the Central bank has become important for the functioning of the whole financial market, and especially the monetary market. The Central bank has both direct and indirect influence on the most important events on financial markets, financial system, as well as a wider influence - on a country's whole economy. In order to envisage the financial market's impact on monetary and investment policies, one should begin with the Central bank's role on the financial market, and at the same time analyse the financial market's instruments and institutions.

  2. PROBLEM AND PERSPECTIVE OF ISLAMIC MONETARY POLICY IN INDONESIA

    Directory of Open Access Journals (Sweden)

    Marsuki Marsuki

    2017-03-01

    Full Text Available This article would try to explicate several theoretical and practical concepts on the problems and prospectsof Islamic monetary policy in Indonesia using a critical analysis approach, in accordance with standardscientific references, and would be complemented with descriptions and examples of practice. From theseillustrations and analyses, it appeared that on one hand, Islamic monetary policy would find many difficultiesif implemented fully, considering that there were several fundamental obstacles that would have to besurmounted by such an implementation, primarily the fact that Indonesian Constitution (UUD 1945 was notbased on Islamic law or syariah. On the other hand, despite problems and challenges, the existing conditionwas still open for the possibility for partial implementation of Islamic monetary policy. It was because therewere several conditions which were amenable for an implementation, for instance the facts that majority ofIndonesian population was Muslim, the increasing acceptance of the public for the advantages of Islamicmonetary and financial system, and increasing support by stakeholders of the banking system, especiallythe Indonesian central bank (BI. Moreover, there were facts about financial institutions and existingsyariah banking institutions.

  3. MONETARY TRANSMISSION CHANNELS IN FLEXIBLE MONETARY AND EXCHANGE RATE REGIMES: THE CASE OF SELECTED TRANSITION ECONOMIES

    Directory of Open Access Journals (Sweden)

    Kosta JOSIFIDIS

    2010-01-01

    Full Text Available The paper explores selected monetary transmission channels in the case of transition economies. Namely, an exchange rate channel, an interest rate channel, direct and indirect influence to an exchange rate, are focused. Specific (former transition economies are differentiated according the combination of implemented monetary and exchange rate regimes: exchange rate as a nominal anchor and rigid exchange rate regimes, exchange rate as a nominal anchor and intermediate exchange rate regimes, and implicit/explicit inflation targeting monetary regime and floating (managed/free exchange rate regime. The monetary transmission is tracked during different phases in a transition process towards the EU and compared between different nominal anchors and exchange rate regimes. In order to track the influence of a monetary policy instruments (impulses to different goals of a monetary policy (responses during the period from 6-24 months, we use VAR and VEC models. Monthly frequency of following time series are used in the models: nominal exchange rates, consumer price indexes, foreign exchange reserves, and reference interest rates. The aim of the paper is to point to the distinction between de jure and de facto exchange rate regimes, and to the adequacy of used combination of monetary and exchange rate regimes having in mind revealed features of investigated monetary transmission channels.

  4. Measuring exchange market pressure in South Africa: an application of the Girton-Roper monetary model

    Directory of Open Access Journals (Sweden)

    Emmanuel Ziramba

    2013-02-01

    Full Text Available The monetary approach to the balance of payments is based on the assumption of a fixed exchange rate, while its approach to exchange rate determination is based on perfectly flexible exchange rate. Another monetary model called the Exchange Market Pressure model (EMP was designed to capture the properties of the managed float. This paper applies the monetary model of the EMP to the South African experience with floating exchange rate and managed float systems over the period 1970-1993. We show that the EMP model is superior to the traditional monetary approach. We do not find evidence of the impact of domestic real income on EMP. Diagnostic tests suggest that the model is well specified and the residuals pass the typical checking.

  5. MONETARY POLICY AND THE INFLATION TARGETING STRATEGY

    Directory of Open Access Journals (Sweden)

    Zina V. MARCU căs. CIORAN

    2013-10-01

    Full Text Available The monetary policy is a basic component of the economic policy. It has an important role in fulfilling the main objectives of the economic politics, which is: price stability, insurance of a balanced economic raise, full occupancy of human resources and the external payment balance stability insurance. Inflation is a negative thing affecting the economy both on short and long term. On short term, it erodes the purchasing power of currency and thus, it mostly affects the retirees and those with fixed incomes. On long term, inflation discourages the investments and the economic growth. The purpose of this paper consists in the revision and presentation of the specialized literature concerning the impact the monetary policy has on the main macro-economical variables, especially on inflation, in terms of influence of the monetary authority decision on economic and financial conjunction. It was found that the monetary authorities of any country can evaluate exactly the rhythm and the effects of their actions on the economy by understanding the mechanisms which the monetary policy uses to influence the economy.

  6. Monetary Policy and Price Stability in Nigeria

    Directory of Open Access Journals (Sweden)

    Idoko Ahmed Itodo

    2017-06-01

    Full Text Available Irregular price changes, with its economic consequences of market risks and uncertainties, have been one of the most challenging problems facing the Nigerian economy. Successive financial sector reforms, which seek to enhance the role of monetary policy instruments in macroeconomic management, in view of the theoretical and empirical link between monetary policy and general price level, have been implemented with less than satisfactory results. This paper examines the monetary policy in stabilizing price level in Nigeria. We employ the Vector Autoregressive (VAR model, with in-built differencing to take care of unit root in these time series data, to capture this relationship. From our findings, we discover that, money supply has no significant relationship with price level in Nigeria. This, we believe, may be due to the influence of the large informal financial sector which controls a very significant fraction of money in circulation. Thus, policy reforms that would curb the influence of the informal financial sector should be implemented in order to allow the central monetary authority to work better, and enhance the role of monetary management in Nigeria.

  7. The dominance of indirect taxes in Estonian state budget. Summary:Kaudsete maksude dominant Eesti riigieelarve tuludes

    Directory of Open Access Journals (Sweden)

    Olev Raju

    2013-09-01

    Full Text Available Recession has sharply erected the question of tax burden and the optimal proportion of different kinds of taxes among the incomes of the budget. Indirect taxes and consumption taxes, which proportion is different according to different methodologies, dominate in Estonian state budget. The buoyancy of a tax system based on taxes of that kind is especially weak during the recession. The purpose of Estonian government’s economic policy during the highest peak of crisis was to keep the budget in balance. Instead of recovering economy the taxes were arisen and costs were reduced. The results of such a policy aren’t still clear. Difficulties concerning the incomes of budget have arisen the necessity for lifting taxes, which is possible as the tax burden is low now. But a sharp question of the optimal level of taxes is going to be raised. A formula for indirect tax optimum according to Ramsey taxes and Slutski decomposition has been proposed in the article

  8. Taylor rule and EMU Monetary Policy Determination and ECB's Preferences

    Directory of Open Access Journals (Sweden)

    Svatopluk Kapounek

    2006-01-01

    between the inflation target, potential output, current macroeconomic situation on the one side and current monetary policy strategy, represented by interest rates, on the other side. A range of empirical studies refers to differences between the desired interest rates of member and future member countries of EMU. The level of desired interest rates changes continuously according to the current economic situation of individual national economies. The differences are given by dissimilarities in financial systems, transmission mechanisms, and historical context of monetary arrangements. The authors suppose that the national authorities' and central banks' preferences are constant in the short time or identical before and after enlargement. The main idea of the article is that the traditional approach, which compares desired interest rates by national central banks, is irrelevant before full membership in EMU. The center of the problem is the mutual agreement on preferences of common monetary policy. The answer to the question: how to evaluate real impact of common monetary policy on real economy of EMU candidate countries after their entrance to Eurozone, is expected result of the article.

  9. The advantage of international fiscal cooperation under alternative monetary regimes

    DEFF Research Database (Denmark)

    Jensen, Henrik

    1996-01-01

    We consider the strategic interplay between international monetary and fiscal cooperation in a world of interdependent economies. Motivated by the ongoing discussion of monetary unification of Europe, focus is on monetary cooperation, and in particular how its performance is altered by the introd......We consider the strategic interplay between international monetary and fiscal cooperation in a world of interdependent economies. Motivated by the ongoing discussion of monetary unification of Europe, focus is on monetary cooperation, and in particular how its performance is altered...

  10. The Monetary Policy in a Changing World

    Directory of Open Access Journals (Sweden)

    Mariana Trandafir

    2015-05-01

    Full Text Available In a context where “the economies’ evolution is driven by the crisis”, the monetary policies are facing, in the post-crisis period, challenges that bring to the forefront of debates the rethinking of objectives, strategies and even implementation tools. This paper presents in a comparative analysis, the relevance of price stability in terms of theoretical fundaments and effectiveness of the concept for the pre and post – crisis periods, in the Eurozone, the US and Japan in an attempt to identify the explicative resorts of the central bank’s monetary behavior. At this time when the central banks are obliged to unconventional measures to save the global economy from the danger of deflation, the topic is important and timely addressed. The paper uses statistical data of official documents taken from the International Monetary Fund, European Union and central bank websites.

  11. MONETARY POLICY TRANSMISSION MECHANISM IN EMERGING COUNTRIES

    Directory of Open Access Journals (Sweden)

    Andreea ROŞOIU

    2013-06-01

    Full Text Available The transmission channels of monetary policy are used by central banks to accomplish the main objective of price stability in the context of sustainable economic growth. The importance of interest rate and exchange rate channels for the emerging countries Romania, Poland, Czech Republic and Hungary is analyzed by using Bayesian VAR approach with Diffuse priors over 1998Q1-2012Q3. Main result of the empirical study is that both channels are effective for the monetary policy transmission mechanism in Hungary and Czech Republic. In Romania and Poland they do not exhibit puzzles, but the impact of the macroeconomic variables is not very significant and shows very high volatility. In the context of monetary integration, exchange rate channel will become irrelevant when these countries adopt Euro currency. This change will lead instead to a powerful interest rate channel.

  12. Monetary Shocks in Models with Inattentive Producers.

    Science.gov (United States)

    Alvarez, Fernando E; Lippi, Francesco; Paciello, Luigi

    2016-04-01

    We study models where prices respond slowly to shocks because firms are rationally inattentive. Producers must pay a cost to observe the determinants of the current profit maximizing price, and hence observe them infrequently. To generate large real effects of monetary shocks in such a model the time between observations must be long and/or highly volatile. Previous work on rational inattentiveness has allowed for observation intervals that are either constant-but-long ( e.g . Caballero, 1989 or Reis, 2006) or volatile-but-short ( e.g . Reis's, 2006 example where observation costs are negligible), but not both. In these models, the real effects of monetary policy are small for realistic values of the duration between observations. We show that non-negligible observation costs produce both of these effects: intervals between observations are infrequent and volatile. This generates large real effects of monetary policy for realistic values of the average time between observations.

  13. Analysis of Fiscal Rules in the European Monetary Union

    Directory of Open Access Journals (Sweden)

    Šehović Damir

    2015-01-01

    Full Text Available : The EMU fiscal system is specific in many areas compared to other classic fiscal systems of national states. Specific features mainly reflect in the implementation of economic policy within the EMU which is carried out by combining a common centralized monetary policy under the ECB jurisdiction and decentralized fiscal policies under the jurisdiction of the member states. The member states` sovereignty in governing their fiscal policies is one of the key causes of the EU fiscal system underdevelopment, i.e. its indigent structure in relation to “standard fiscal systems”.

  14. UNCONVENTIONAL MONETARY POLICY: CHANGING EUROPEAN CENTRAL BANK’S PERSPECTIVE ON FINANCIAL GOVERNANCE

    Directory of Open Access Journals (Sweden)

    Bogdan Munteanu

    2017-06-01

    Full Text Available The paper aims to look at the European Central Bank governance in terms of decisions taken to deploy a new kit of unconventional monetary policy measures, in order to respond to a new economic paradigm characterized by dynamic change in evolution, high volatility and enhanced financial risks. As an institution, the European Central Bank is led by the Governing Council and the decisions taken on how to use monetary policy impact an entire financial system. European Central Banking governance is about safeguarding the common currency and ensuring a future for the economic and monetary area to emerge stronger. For this purpose, when conventional monetary policies reach limits in their effects, it is time for the European Central Bank governance to analyse and assume the decision to deploy the arsenal of unconventional monetary policies. The experience of recent years showed a positive effect of the European Central Bank’s unconventional monetary measures, but costs could rise in case of extensive use of such measures. When these measures are used in combination, the effect is amplified and the European Central Bank needs to assess when it is time to withdraw the support, how to communicate and what exit strategy should use, what the costs are and impact can expect.

  15. Monetary Policy in Chile: a black box?

    OpenAIRE

    Angel Cabrera; Luis Felipe Lagos

    2000-01-01

    This paper studies monetary policy in Chile during the 1986-1997 period. We concentrate in understanding the monetary transmission mechanism by which the Central Bank instrument—the real interest rate—affects total expenditure, output and the inflation rate. The methodology used is structural VARS. We find a weak effect of the interest rate on all the variables. The interest rate has a significant effect on the expenditure-output gap. Both the interest rate and the expenditure-output gap have...

  16. Analysis of integrated animal-fish production system under subtropical hill agro ecosystem in India: growth performance of animals, total biomass production and monetary benefit.

    Science.gov (United States)

    Kumaresan, A; Pathak, K A; Bujarbaruah, K M; Vinod, K

    2009-03-01

    The present study assessed the benefits of integration of animals with fish production in optimizing the bio mass production from unit land in subtropical hill agro ecosystem. Hampshire pigs and Khaki Campbell ducks were integrated with composite fish culture. The pig and duck excreta were directly allowed into the pond and no supplementary feed was given to fish during the period of study. The average levels of N, P and K in dried pig and duck manure were 0.9, 0.7 and 0.6 per cent and 1.3, 0.6 and 0.5 per cent, respectively. The average body weight of pig and duck at 11 months age was 90 and 1.74 kg with an average daily weight gain of 333.33 and 6.44 g, respectively. The fish production in pig-fish and duck-fish systems were 2209 and 2964 kg/ha, respectively while the fish productivity in control pond was only 820 kg/ha. The total biomass (animal and fish) production was higher (pfeeding system compared to the traditional system, however the input/output ratio was 1:1.2 and 1:1.55 for commercial and traditional systems, respectively. It was inferred that the total biomass production per unit land was high (pfish were integrated together.

  17. On the effects of monetary policy shocks in developing countries

    Directory of Open Access Journals (Sweden)

    Magda Kandil

    2014-06-01

    Full Text Available Using annual data for a sample of developing countries, the time-series evidence indicates the allocation of monetary policy shocks, both expansionary and contractionary, between price inflation and output growth. Subsequently, cross-country regressions evaluate factors that underlie the difference in these allocations and their implications. The real effects of monetary shocks increase as the elasticity of aggregate demand increases with respect to monetary shocks. Nonetheless, capacity constraints hamper the output adjustment to monetary shocks and increase price inflation. Across countries, trend output growth increases with the output response to monetary shocks. Consistent with the stabilizing function of monetary policy, the variability of output growth decreases in the face of monetary fluctuations across countries. In contrast, monetary fluctuations increase the trend and variability of price inflation across countries.

  18. Fiscal Deficits, Monetary Reform and Inflation Stabilization in Romania.

    NARCIS (Netherlands)

    van Wijnbergen, S.J.G.; Budina, N.

    2001-01-01

    Investigates the consistency between inflation, monetary reform and fiscal policy in Romania. Offers a framework for the assessment of the fiscal and monetary interactions of Romanian economy; Shows impact of inflation on fiscal inconsistency measure; Considers importance of consolidating public

  19. Monetary Policy Shocks and Stock Returns Reactions: Evidence ...

    African Journals Online (AJOL)

    SIPHAMBE, H.K. (PROF.)

    context is useful to both monetary authorities and investors. ... they should target stock prices or use stock price information as indicators of the monetary ... current account transactions, with remaining controls on the capital account eliminated ...

  20. Monetary Policy in a Low Inflation Environment

    NARCIS (Netherlands)

    C.A. Ullersma (Cornelis Alexander)

    2007-01-01

    textabstractThis thesis shows that since the mid 1980s a sharp fall in equity and house prices tends to go hand in hand with a reduction of the monetary policy interest rate, which is the central bank’s main instrument to safeguard price stability. In exceptional circumstances, the policy rate can

  1. Monetary Policy and Nigeria's Economic Development | Akujuobi ...

    African Journals Online (AJOL)

    This study investigated the impact of monetary policy instruments on theeconomic development of Nigeria, using multiple regression technique. Itwas found that cash reserve ratio was significant in impacting on theeconomic development of Nigeria at both 1% and 5% levels of significance,treasury bill at 5.6%, minimum ...

  2. Monetary Policy and Excessive Bank Risk Taking

    NARCIS (Netherlands)

    Agur, I.; Demertzis, M.

    2010-01-01

    If monetary policy is to aim at financial stability, how would it change? To analyze this question, this paper develops a general-form model with endogenous bank risk profiles. Policy rates affect both bank incentives to search for yield and the cost of wholesale funding. Financial stability

  3. MONEY AND MONETARY POLICY OF THE GOVERNMENT

    Directory of Open Access Journals (Sweden)

    Tsvetan Iliev

    2017-12-01

    Full Text Available In this paper we will clarify the issues related to: the emergence of money - their functions and varieties, the specificity of their demand and supply and the main aspects of the monetary policy of the state with its effects on the economic development.

  4. Monetary policy, banking and heterogeneous agents

    NARCIS (Netherlands)

    Wolski, M.

    2012-01-01

    The influence of heterogeneous expectations on monetary policy performance has gained a lot of attention in the recent years. It proved to be an important factor that, under some circumstances, may even destabilize the economy (Massaro, 2012). This paper investigates the phenomenon of heterogeneous

  5. Borrowing constraints, multiple equilibria and monetary policy

    NARCIS (Netherlands)

    Assenza, T.

    2007-01-01

    The appealing feature of Kiyotaki and Moore's Financial Accelerator model (Kiyotaki and Moore, 1997, 2002) is the linkage of asset price changes and borrowing constraints. This framework therefore is the natural vehicle to explore the net worth channel of the monetary transmission mechanism. In the

  6. Monetary policy cooperation may not be counterproductive

    DEFF Research Database (Denmark)

    Jensen, Henrik

    1997-01-01

    This paper qualifies Rogoff's famous (1985) result that international monetary policy cooperation is counterproductive. In a model similar to his, it is shown that if wage-setters are non-atomistic and inflation averse - as policymakers are - cooperation leads to higher employment and possibly...

  7. Signalling, wage controls and monetary disinflation policy

    NARCIS (Netherlands)

    van Wijnbergen, S.J.G.; Persson, T.

    1993-01-01

    Focuses on wage control and monetary disinflation policy. How the crucial variable to control is the money supply and wage and price controls should be avoided because of their macroeconomic costs; The two types of government as being low-inflation governments and high-inflation governments; How

  8. Monetary incentives: usually neither necessary nor sufficient?

    Czech Academy of Sciences Publication Activity Database

    Ortmann, Andreas; Hertwig, R.

    -, č. 307 (2006), s. 1-17 ISSN 1211-3298 Institutional research plan: CEZ:AV0Z70850503 Keywords : experimental practices * monetary incentives * rhetorical tactics Subject RIV: AH - Economics http://www.cerge-ei.cz/pdf/wp/Wp307.pdf

  9. Reserve Requirements and Monetary Management; An Introduction

    OpenAIRE

    International Monetary Fund

    1993-01-01

    Reserve requirements are widely used by central banks as a means to improve monetary control, an instrument for policy implementation, a source of revenue, and a safeguard of bank liquidity. The effectiveness of reserve requirements in fulfilling these functions is reviewed, and the detailed modalities of their use are examined. Reserve requirements in a sample of developing countries are described.

  10. Analysis of monetary and fiscal policy mix

    Directory of Open Access Journals (Sweden)

    2010-12-01

    Full Text Available Economies are constantly hit by various shocks-that effect aggregate demand and aggregate supply and have the potential to generate recession or expansion, respective a high level of unemployment and high inflation rate. Governments use fiscal and monetary policies to try to stabilioze the economy.

  11. Integrated Monetary and Exchange Rate Frameworks

    NARCIS (Netherlands)

    L. Vinhas de Souza

    2002-01-01

    textabstractHere the author empirically estimates if the different monetary and exchange rate frameworks observed in the Accession Countries of Central and Eastern Europe and the Baltics do yield different outcomes in terms of level and variance of a set of nominal and real variables. The author

  12. MONETARY EXPECTATIONS OF THE ROMANIAN EXECUTIVES REGARDING THE ADHERATION

    Directory of Open Access Journals (Sweden)

    Ramona DUMITRIU

    2006-01-01

    Full Text Available This paper explores the monetary expectations induced to the managers of Romanian firms by adheration. It is based on an investigation among twenty Romanian executives regarding the impact on adheration over monetary aspects: inflation, exchange rates and adoption of euro. We conclude that the results of the monetary policy in the last years made the executives confident that the Romanian authorities could maintain the monetary stability after theadheration.

  13. A Study of Philippine Monetary and Banking Policies

    OpenAIRE

    Bautista, Ernesto D.

    1992-01-01

    This study assesses the Philippine monetary and banking policies with the view of identifying preferred policy options and features of a monetary and banking policy program supportive of overall economic growth and agro-industrial development. It describes the following: the impact of existing monetary and banking policy on short- and long-term economic development and the legislative and administrative measures required to adopt and implement such a monetary and banking policy. It also ident...

  14. Monetary transmission and bank lending in the Netherlands

    OpenAIRE

    Kakes, Jan

    1998-01-01

    This paper investigates the role of bank lending in the monetary transmission process in the Netherlands. We observe significant differences between the responses of corporate and household lending following a monetary shock. We also find that banks hold a buffer stock of securities which they use to offset monetary shocks. The main implication of our study is that a bank lending channel is not likely to be an important transmission mechanism of monetary policy.

  15. Monetary shocks and stock returns: identification through the impossible trinity

    OpenAIRE

    Ali K. Ozdagli; Yifan Yu

    2012-01-01

    This paper attempts to identify how monetary policy shocks affect stock prices by using Mundell and Fleming's theory of the "Impossible Trinity." According to this theory, it is impossible to simultaneously have a fixed exchange rate, free capital movement (an absence of capital controls), and an independent monetary policy. The authors present evidence that Hong Kong's monetary policy is heavily dependent on the monetary policy of the United States, a stance which is consistent with this the...

  16. Integrating Monetary and Non-monetary Reenlistment Incentives Utilizing the Combinatorial Retention Auction Mechanism (CRAM)

    Science.gov (United States)

    2008-12-01

    107 A. MOTIVATION ... Telecommuting ............57 Figure 13. Reasons for Accepting the SRB...................60 Figure 14. Reasons for Declining the SRB... telecommuting , and additional money for dependents (education and daycare). This current thesis conducted a similar non-monetary incentive

  17. Jäätmetega kimpus Estonian Cell annab muda põldudele kompostiks / Ulvar Käärt

    Index Scriptorium Estoniae

    Käärt, Ulvar, 1982-

    2007-01-01

    Kundas asuv Estonian Celli tehas jagab ümberkaudsetele talunikele jäätmetest lahtisaamiseks kompostimissegu. Seadused ei sätesta, kuidas Estonian Cellis tekkivaid jäätmeid töödelda. Kommenteerib Peeter Eek: Aasta läbi ei saa muda põllule viia

  18. The Category of Time in Fairy Tales: Searching for Folk Calendar Time in the Estonian Fairy Tale Corpus

    Directory of Open Access Journals (Sweden)

    Mairi Kaasik

    2011-03-01

    Full Text Available The article examines how folk calendar holidays are represented in Estonian fairy tales. It introduces some views presented in folklore studies about the concept of time in fairy tales and finds parallels with them in the Estonian context. The analysis relies on the digital corpus of Estonian fairy tales (5400 variants, created from the texts found in the Estonian Folklore Archives by the Fairy Tale Project of the Department of Estonian and Comparative Folklore, University of Tartu. Folk calendar holidays occur in Estonian fairy tales relatively seldom; most often these are holidays that occupy a significant place in the Estonian folk calendar (Christmas, St. John’s Day, Easter, St. George’s Day. Calendar holidays are notably mentioned more often in tale types which remain on the borderline between the fairy tale and the legend or the fairy tale and the religious tale. In Estonian fairy tales, calendar holidays are used on three levels of meaning: (1 the holiday is organically associated with the tale type; it has an essential role in the plot of the tale; (2 to a certain extent, the holiday could be replaced by another holiday having an analogous meaning; (3 the holiday forms an unimportant or occasional addition to the tale.

  19. Musical Practices and Methods in Music Lessons: A Comparative Study of Estonian and Finnish General Music Education

    Science.gov (United States)

    Sepp, Anu; Ruokonen, Inkeri; Ruismäki, Heikki

    2015-01-01

    This article reveals the results of a comparative study of Estonian and Finnish general music education. The aim was to find out what music teaching practices and approaches/methods were mostly used, what music education perspectives supported those practices. The data were collected using questionnaires and the results of 107 Estonian and 50…

  20. Monetary Policy Committee and Monetary Policy Conduct in Nigeria: A Preliminary Investigation

    OpenAIRE

    Ekor, Maxwell; Saka, Jimoh; Adeniyi, Oluwatosin

    2014-01-01

    The study provides an incisive but preliminary investigation into the activities of the monetary policy committee of the central bank of Nigeria and the implications for monetary policy, using the standard deviation measure of volatility and the ordinary least square method. The findings show that the ‘internal’ members and majority of the ‘external’ members have different preferences as shown in the voting patterns. Also, there has been reduction in inflation, money and stock markets vola...

  1. MONETARY TRANSMISSION CHANNELS IN FLEXIBLE MONETARY AND EXCHANGE RATE REGIMES: THE CASE OF SELECTED TRANSITION ECONOMIES

    OpenAIRE

    JOSIFIDIS, Kosta; PUCAR, Emilija Beker; SUPIĆ, Novica

    2010-01-01

    The paper explores selected monetary transmission channels in the case of transition economies. Namely, an exchange rate channel, an interest rate channel, direct and indirect influence to an exchange rate, are focused. Specific (former) transition economies are differentiated according the combination of implemented monetary and exchange rate regimes: exchange rate as a nominal anchor and rigid exchange rate regimes, exchange rate as a nominal anchor and intermediate exchange rate regimes, a...

  2. Chaotic dynamics in optimal monetary policy

    Science.gov (United States)

    Gomes, O.; Mendes, V. M.; Mendes, D. A.; Sousa Ramos, J.

    2007-05-01

    There is by now a large consensus in modern monetary policy. This consensus has been built upon a dynamic general equilibrium model of optimal monetary policy as developed by, e.g., Goodfriend and King [ NBER Macroeconomics Annual 1997 edited by B. Bernanke and J. Rotemberg (Cambridge, Mass.: MIT Press, 1997), pp. 231 282], Clarida et al. [J. Econ. Lit. 37, 1661 (1999)], Svensson [J. Mon. Econ. 43, 607 (1999)] and Woodford [ Interest and Prices: Foundations of a Theory of Monetary Policy (Princeton, New Jersey, Princeton University Press, 2003)]. In this paper we extend the standard optimal monetary policy model by introducing nonlinearity into the Phillips curve. Under the specific form of nonlinearity proposed in our paper (which allows for convexity and concavity and secures closed form solutions), we show that the introduction of a nonlinear Phillips curve into the structure of the standard model in a discrete time and deterministic framework produces radical changes to the major conclusions regarding stability and the efficiency of monetary policy. We emphasize the following main results: (i) instead of a unique fixed point we end up with multiple equilibria; (ii) instead of saddle-path stability, for different sets of parameter values we may have saddle stability, totally unstable equilibria and chaotic attractors; (iii) for certain degrees of convexity and/or concavity of the Phillips curve, where endogenous fluctuations arise, one is able to encounter various results that seem intuitively correct. Firstly, when the Central Bank pays attention essentially to inflation targeting, the inflation rate has a lower mean and is less volatile; secondly, when the degree of price stickiness is high, the inflation rate displays a larger mean and higher volatility (but this is sensitive to the values given to the parameters of the model); and thirdly, the higher the target value of the output gap chosen by the Central Bank, the higher is the inflation rate and its

  3. 46 CFR 506.3 - Civil monetary penalty inflation adjustment.

    Science.gov (United States)

    2010-10-01

    ... 46 Shipping 9 2010-10-01 2010-10-01 false Civil monetary penalty inflation adjustment. 506.3... PENALTY INFLATION ADJUSTMENT § 506.3 Civil monetary penalty inflation adjustment. The Commission shall... each civil monetary penalty provided by law within the jurisdiction of the Commission by the inflation...

  4. 32 CFR 269.3 - Civil monetary penalty inflation adjustment.

    Science.gov (United States)

    2010-07-01

    ... 32 National Defense 2 2010-07-01 2010-07-01 false Civil monetary penalty inflation adjustment. 269... DEFENSE (CONTINUED) MISCELLANEOUS CIVIL MONETARY PENALTY INFLATION ADJUSTMENT § 269.3 Civil monetary penalty inflation adjustment. The Department shall, not later than 180 days after the enactment of the...

  5. Monetary and Fiscal Policy Interactions and Limitations: The Need ...

    African Journals Online (AJOL)

    Lwati: A Journal of Contemporary Research ... This 'divorce' of monetary and debt management functions calls for the need for effective coordination of monetary and fiscal policy if overall economic ... Therefore an appropriate combination of monetary and fiscal policy mix is crucial for macroeconomic management.

  6. Regulatory change and monetary policy

    OpenAIRE

    Bank for International Settlements

    2015-01-01

    Report submitted by a Working Group established by the Committee on the Global Financial System and the Markets Committee. The Group was chaired by Ulrich Bindseil (European Central Bank) and William R Nelson (Federal Reserve Board). Financial regulation is evolving, as policymakers seek to strengthen the financial system in order to make it more robust and resilient. Changes in the regulatory environment are likely to have an impact on financial system structure and on the behaviour of finan...

  7. Radon in Estonian dwellings - Results from a National Radon Survey

    Energy Technology Data Exchange (ETDEWEB)

    Pahapill, Lia; Rulkov, Anne; Rajamaee, Raivo [Estonian Radiation Protection Centre (Kiirguskeskus), Tallinn (Spain); Aakerblom, Gustav [Swedish Radiation Protection Authority, Stockholm (Sweden)

    2003-10-01

    A countrywide survey of radon concentrations in Estonian dwellings was carried out during the period 1998-2001. The survey formed a part of the cooperation program on radiation protection between the Estonian Radiation Protection (Kiirguskeskus) Centre and the Swedish Radiation Protection Authority (SSI). The survey included measurements in a number of dwellings representative for Estonia in detached houses and multifamily buildings (only dwellings on the bottom floor were included in the survey). Altogether, radon concentrations were measured in 515 dwellings, a number large enough to be statistically significant. All measurements were made with alphatrack film detectors of the same type that SSI uses in Sweden. The measurements were made during a 2-3 month period during the winter half-year. Two detectors were used in each dwelling. In Estonia there are 0.17 million dwellings in detached houses and 0.45 million in multi apartment buildings. Of the 1.26 million inhabitants in Estonia. 0.36 million live in detached houses and 0.90 million in multi apartment buildings. Most of the latter were built during the Soviet occupation. Of the dwellings in multifamily buildings 30 % are assumed to be situated on the first floor. The mean radon concentration in dwellings in detached hoses, according to the survey results, is 103 Bq/m{sup 3}, in dwellings on the bottom floor in multi apartment buildings it is 78 Bq/m{sup 3}. In 1% of the dwellings the radon concentration exceeded 400 Bq/m{sup 3}. The highest radon concentration found in the study was 1040 Bq/m{sup 3}. Based on the assumption that the average radon concentration in the dwellings in multi-apartment buildings that are not situated on the bottom floor is 30 Bq/m{sup 3}, and that these dwellings constitute 70% of all dwellings in multi apartment buildings, the mean radon concentration in dwellings in multi apartment buildings is calculated to be 44 Bq/m{sup 3}. The mean value for all Estonia dwellings is calculated

  8. Radon in Estonian dwellings - Results from a National Radon Survey

    International Nuclear Information System (INIS)

    Pahapill, Lia; Rulkov, Anne; Rajamaee, Raivo; Aakerblom, Gustav

    2003-10-01

    A countrywide survey of radon concentrations in Estonian dwellings was carried out during the period 1998-2001. The survey formed a part of the cooperation program on radiation protection between the Estonian Radiation Protection (Kiirguskeskus) Centre and the Swedish Radiation Protection Authority (SSI). The survey included measurements in a number of dwellings representative for Estonia in detached houses and multifamily buildings (only dwellings on the bottom floor were included in the survey). Altogether, radon concentrations were measured in 515 dwellings, a number large enough to be statistically significant. All measurements were made with alphatrack film detectors of the same type that SSI uses in Sweden. The measurements were made during a 2-3 month period during the winter half-year. Two detectors were used in each dwelling. In Estonia there are 0.17 million dwellings in detached houses and 0.45 million in multi apartment buildings. Of the 1.26 million inhabitants in Estonia. 0.36 million live in detached houses and 0.90 million in multi apartment buildings. Most of the latter were built during the Soviet occupation. Of the dwellings in multifamily buildings 30 % are assumed to be situated on the first floor. The mean radon concentration in dwellings in detached hoses, according to the survey results, is 103 Bq/m 3 , in dwellings on the bottom floor in multi apartment buildings it is 78 Bq/m 3 . In 1% of the dwellings the radon concentration exceeded 400 Bq/m 3 . The highest radon concentration found in the study was 1040 Bq/m 3 . Based on the assumption that the average radon concentration in the dwellings in multi-apartment buildings that are not situated on the bottom floor is 30 Bq/m 3 , and that these dwellings constitute 70% of all dwellings in multi apartment buildings, the mean radon concentration in dwellings in multi apartment buildings is calculated to be 44 Bq/m 3 . The mean value for all Estonia dwellings is calculated to be 60 Bq/m 3 . Using

  9. Monetary and Fiscal Policy Interactions in the Czech Republic

    Directory of Open Access Journals (Sweden)

    Pavel Rezabek

    2018-06-01

    Full Text Available The paper provides empirical analysis of interactions between monetary and fiscal policy in the Czech Republic and document changes in policy conduct across the time. To this end, we build and estimate a six-variable Bayesian VAR and propose some refinements to the modelling framework. These improvements make it possible to better capture the main features of the economic system populated by both macroeconomic policy authorities. The results point to the lack of complementarity between policy actions adopted by the authorities and suggest that there is still enough room for enhancing the effectiveness of economic policies.

  10. Floating against the tide : Spanish monetary policy, 1870-1931

    OpenAIRE

    Martín-Aceña, Pablo; Martínez Ruiz, Elena; Nogues-Marco, Pilar

    2011-01-01

    The gold standard began to emerge as a universal monetary system in the late 1870s, and it had spread throughout the world economy by 1900. It was unusual for nations to be off the gold standard, and it meant that they were detached from the international financial community. Spain never joined the gold standard club in any of its varieties, either before or after 1914. Unlike the vast majority of the European currencies, the peseta’s exchange rate fluctuated, sometimes widely, against gold a...

  11. Beurteilung der Wirksamkeit und mögliche Risiken der aktuellen Geldpolitik des Eurosystems. Assessment of effectiveness and potential risks of the Eurosystems recent monetary policy

    Directory of Open Access Journals (Sweden)

    Armin Rohde

    2015-12-01

    Full Text Available In the present article effectiveness and potential risks of recently implemented non-conventional monetary policy measures by the Eurosystem are discussed. The goal of research is to show that an additional use of non-conventional monetary policy measures is meaningless to stimulate lending behaviour of the banking system in the Euro-area. At the background of the state of conventional monetary policy today, which in short is characterized by unlimited and free of charge allotment possibilities of central bank money to monetary financial institutions, there exist no monetary policy restrictions which prevent lending behaviour of the banking system. So alternative intentions of the European Central Bank are discussed in this article, why non-conventional monetary policy measures had been implemented. In this context it is shown, that the use of single non-conventional monetary policy measures as well as the whole arrangements of the recently very expansive monetary policy involve considerable potential risks, which can inflict severe problems to monetary policy in the future.

  12. Compiling the Dictionary of Word Associations in Estonian: From scratch to the database

    Directory of Open Access Journals (Sweden)

    Ene Vainik

    2018-04-01

    Full Text Available The present paper describes the project titled “The Dictionary of Word Associations in Estonian” undertaken by the author at the Institute of the Estonian Language. The general aim of the Dictionary is to provide insights into Estonians’ common-sense mind. It is meant to be a tool of self-reflection for Estonian native speakers and a guide for the foreigners who are eager enough to make themselves familiar with the Estonian cultural patterns of thought. The Dictionary will be published online. The number of keywords was initially limited to approximately 800. Specific emphasis is given to the stage of data collection by implementing the principles of citizen science.

  13. The Woman as Wolf (AT 409: Some Interpretations of a Very Estonian Folk Tale

    Directory of Open Access Journals (Sweden)

    Merili Metsvahi

    2013-12-01

    Full Text Available The article analyses tale type The Woman as Wolf, which is one of the most popular folk tales in the Estonian Folklore Archives and is represented there both in the form of a fairy tale and in the form of a legend. The vast majority of the versions of The Woman as Wolf were written down in the first part of the 20th century within Estonia and where recorded from Estonians. The article introduces the content of the tale, the origin of the first records from the early 19th century, and the dissemination area of the tale, which remains outside Western Europe: apart from the Estonian versions there are Sami, Karelian, Vepsian, Livonian, Latvian, Lithuanian, Russian, Ukrainian and Belarusian versions. While in almost all the Estonian versions the main protagonist is transformed into a wolf, in most of the versions written down in other areas and ethnic groups, another animal or bird replaces the wolf. The author is of the opinion that the Finnic area is central to the distribution of the folk tale The Woman as Wolf. The animal the woman is transformed into in the plot would not have been a wolf in earlier times. The article provides an explanation why the wolf is predominant in Estonian written sources. For that purpose the ways in which the wolf and werewolf were perceived in earlier Estonian folk belief are introduced. At the end of the article interpretation of the folk tale is provided. The author states that the plot and some of the motifs found in this folk tale reflect the difficulties women had in submitting to the norms and values of patriarchal order within their society.

  14. Neural markers of social and monetary rewards in children with Attention-Deficit/Hyperactivity Disorder and Autism Spectrum Disorder.

    Science.gov (United States)

    Gonzalez-Gadea, Maria Luz; Sigman, Mariano; Rattazzi, Alexia; Lavin, Claudio; Rivera-Rei, Alvaro; Marino, Julian; Manes, Facundo; Ibanez, Agustin

    2016-07-28

    Recent theories of decision making propose a shared value-related brain mechanism for encoding monetary and social rewards. We tested this model in children with Attention-Deficit/Hyperactivity Disorder (ADHD), children with Autism Spectrum Disorder (ASD) and control children. We monitored participants' brain dynamics using high density-electroencephalography while they played a monetary and social reward tasks. Control children exhibited a feedback Error-Related Negativity (fERN) modulation and Anterior Cingulate Cortex (ACC) source activation during both tasks. Remarkably, although cooperation resulted in greater losses for the participants, the betrayal options generated greater fERN responses. ADHD subjects exhibited an absence of fERN modulation and reduced ACC activation during both tasks. ASD subjects exhibited normal fERN modulation during monetary choices and inverted fERN/ACC responses in social options than did controls. These results suggest that in neurotypicals, monetary losses and observed disloyal social decisions induced similar activity in the brain value system. In ADHD children, difficulties in reward processing affected early brain signatures of monetary and social decisions. Conversely, ASD children showed intact neural markers of value-related monetary mechanisms, but no brain modulation by prosociality in the social task. These results offer insight into the typical and atypical developments of neural correlates of monetary and social reward processing.

  15. Labour market asymmetries in a monetary union

    DEFF Research Database (Denmark)

    Seneca, Martin; Andersen, Torben M.

    This paper takes a first step in analysing how a monetary union performs in the presence of labour market asymmetries. Differences in wage flexibility, market power and country sizes are allowed for in a setting with both countryspecific and aggregate shocks. The implications of asymmetries...... is not strictly increasing in nominal rigidities but hump-shaped. Moreover, a disproportionate share of the consequences of wage inflexibility may fall on small countries. In the case of country-specific shocks, a country unambiguously benefits in terms of macroeconomic stability by becoming more flexible, while...... this is not necessarily the case for aggregate shocks. There may thus be a tension between the degree of flexibility considered optimal at the country level and at the aggregate level within the monetary union....

  16. Monetary Expansion and the Banking Lending Channel.

    Science.gov (United States)

    Tabak, Benjamin Miranda; Moreira, Tito Belchior Silva; Fazio, Dimas Mateus; Cavalcanti, André Luiz Cordeiro; Cunha, George Henrrique de Moura

    2016-01-01

    This paper examines the bank lending channel, which considers how monetary authority actions affect the variation of loans. We focus on the BRICS (Brazil, Russia, India, China and South Africa) totalizing 1254 banks from five countries in the period 2000-2012 (totalizing 13 years). The empirical results show that the effect of money supply growth on the growth of loans is non-linear and inverted U-shaped. In this context, our results show empirical evidence expansionary monetary policies do not increase the propensity of economic agents to systematically take greater risks on the market. After a certain level of money stock, increases in the money supply do not lead to increased negotiated credit.

  17. The Monetary Policy of the NBU and its Impact on the Placement of Households’ Savings

    Directory of Open Access Journals (Sweden)

    Perepolkina Olena О.

    2018-03-01

    Full Text Available The article researches the efficiency of implementation of monetary policy in Ukraine in the context of determining the optimal ways to place households’ savings. The prospects of making deposits in both national and foreign currency as the most common directions of savings placement are considered. The research has identified that the main risks in the placement of savings by households as deposits in the national currency are the likelihood of bankruptcy of financial institutions, imperfection of the functioning of deposit guarantee system, inflationary fluctuations, and devaluation processes of the national monetary unit. Significant deterrents to the placement of foreign currency deposits are low interest rates, a large number of restrictions in the currency regulation, and a general low level of trust in the banking system. The directions of increasing the efficiency of monetary policy are proposed, that not only will increase the attractiveness of deposits for households, but also will create the basis for macroeconomic stabilization in Ukraine.

  18. The Problems of Estonian R&D and Innovation Strategy and the Demand-Side Innovation Policies

    Directory of Open Access Journals (Sweden)

    Tõnu Roolaht

    2012-12-01

    Full Text Available The second larger Estonian R&D and Innovation Strategy ‘Knowledge-based Estonia 2007-2013’ is aimed at continuing the advancement of research and development efforts towards an innovative knowledge-based society and economic system in Estonia. Fostering of knowledge-based high-tech industries is seen as paramount for retaining country’s competitive advantage. However, the mid-term evaluations indicate that several goals of the strategy might not be achievable by 2013. In fact, the policy measures have been much more successful in developing scientific research, as indicated by increased international publication, number of patents, and number of researchers and engineers. The advances in development of high-tech products and services through innovations are noticeable but less prominent. The purpose of this study is to suggest the role for demand-side innovation policies in helping to advance commercial development and innovation

  19. Essays in Open Economy Monetary Policy

    OpenAIRE

    Castro, Pedro

    2012-01-01

    International economic integration has risen during the last decades and the interdependence between each economy and the rest of the world has become central for policy decisions. My dissertation contributes to the debate about the conduct of monetary policy in a financially integrated world. In the first chapter of the dissertation I discuss the relationship between domestic policies and the currency denomination of foreign debt. Foreign debt is a double-edged sword. It allows countries to ...

  20. Monetary policy and credit conditions: new evidence.

    OpenAIRE

    Steven Ongena

    1995-01-01

    A number of recent papers seek to distinguish between "money" and "credit" theories of the transmission of monetary disturbances using asymmetric information arguments. In credit models money causes output not only through the real interest rate but also through the availability of bank credit. The research described in this paper extends the work of Kashyap, Stein and Wilcox (1993) who construct a model that incorporates a relationship benefit to bank borrowing and then test the implications...

  1. Monetary Policy Frameworks and Real Equilibrium Determinacy

    DEFF Research Database (Denmark)

    Jensen, Henrik

    2002-01-01

    In a simple "prototype" model of monetary policymaking, I examine the issue of real equilibrium determinacy under targeting and instrument rules. The former framework involves minimization of a loss function (under discretion or commitment), whereas the latter involves commitment to an interest...... rate rule. While instrument rules only lead to determinacy under certain conditions, the targeting rules under consideration always secure determinacy. Within an extended model, I argue that econometric estimations of nominal interest rate response functions may tell little about the economy...

  2. Endogenous Growth, Monetary Shocks and Nominal Rigidities

    OpenAIRE

    Annicchiarico, Barbara; Pelloni, Alessandra; Lorenza, Rossi

    2010-01-01

    We introduce endogenous growth in an otherwise standard NK model with staggered prices and wages. Some results follow: (i) monetary volatility negatively affects long-run growth; (ii) the relation between nominal volatility and growth depends on the persistence of the nominal shocks and on the Taylor rule considered; (iii) a Taylor rule with smoothing increases the negative effect of nominal volatility on mean growth.

  3. Housing Bubbles and Monetary Policy: A Reassessment

    OpenAIRE

    O'Meara, Graeme

    2015-01-01

    This study contributes to the ongoing debate over the causes of housing bubbles. The argument that excessively low interest rates were responsible for the run up in house prices over the last decade has received considerable attention in the literature. However, few papers have attempted to quantify the extent of house price overvaluation in countries that have seen housing booms and busts, in addition to quantifying the looseness of monetary policy. For a sample of 10 OECD countries, we es...

  4. Monetary policy strategy in a global environment

    OpenAIRE

    Moutot, Philippe; Vitale, Giovanni

    2009-01-01

    This paper discusses the structural implications of real and financial globalisation, with the aim of drawing lessons for the conduct of monetary policy and, in particular, for the assessment of risks to price stability. The first conclusion of the paper is that globalisation may have played only a limited role in reducing inflation and output volatility in developed economies. Central banks should remain focused on their mandate to preserve price stability. However, the globalisation of fina...

  5. Money and the Transmission of Monetary Policy

    OpenAIRE

    Seth Carpenter; Selva Demiralp

    2009-01-01

    The transmission mechanism of monetary policy has received extensive treatment in the macroeconomic literature. Most models currently used for macroeconomic analysis exclude money or else model money demand as entirely endogenous. Nevertheless, academic research and many textbooks continue to use the money multiplier concept in discussions of money. We explore the institutional structure of the transmission mechanism beginning with open market operations through to money and loans to document...

  6. MODELLING DICLOFENAC AND IBUPROFEN RESIDUES IN MAJOR ESTONIAN SEASIDE CITIES

    Directory of Open Access Journals (Sweden)

    Erki Lember

    2016-06-01

    Full Text Available A theoretical model was developed to model the fate of two common pharmaceutical residues: diclofenac and ibuprofen in eight Estonian seaside cities that discharge their wastewaters directly into the Baltic Sea. The consumption rates of the active ingredients of diclofenac and ibuprofen from 2006-2014 were analysed. A decrease of 19.9% for diclofenac consumption and an increase of 14.1% for ibuprofen were found. The fate of diclofenac and ibuprofen were modelled by considering the human metabolism removal rate for pharmaceuticals, the removal rate of diclofenac and ibuprofen in activated sludge wastewater treatment plants (WWTP and annual flow rates. An average decrease from 1 to 0.8 µg/l (decrease of 20% for diclofenac and an increase from 11.4 to 13.4 µg/l (increase of 14.9% for ibuprofen for the concentration in the effluents of the WWTP were modelled. The model gives us a good overview about the theoretical concentrations of pharmaceutical residues in the environment and is helpful for evaluating environmental impacts.

  7. History of experimental psychology from an Estonian perspective.

    Science.gov (United States)

    Allik, Jüri

    2007-11-01

    A short review of the development of experimental psychology from an Estonian perspective is presented. The first rector after the reopening of the University of Dorpat (Tartu) in 1802, Georg Friedrich Parrot (1767-1852) was interested in optical phenomena which he attempted to explain by introducing the concept of unconscious inferences, anticipating a similar theory proposed by Herman von Helmholtz 20 years later. One of the next rectors, Alfred Wilhelm Volkmann (1800-1878) was regarded by Edwin Boring as one of the founding fathers of the experimental psychology. Georg Wilhelm Struve (1793-1864) played an essential part in solving the problem of personal equations. Arthur Joachim von Oettingen (1836-1920) developed a theory of music harmony, which stimulated his student Wilhelm Friedrich Ostwald (1853-1932) to study colour harmony. Emil Kraepelin (1856-1926), the founder of modern psychiatry, is by far the most important experimental psychologist who has worked in Estonia. His successor Wladimir von Tchisch (1855-1922), another student of Wilhelm Wundt, continued Kraepelin's work in experimental psychology. The lives of Wolfgang Köhler (1887-1967), who was born in Reval (Tallinn), and Oswald Külpe (1862-1915), who graduated from the University of Dorpat, extended the link between the history of experimental psychology and Estonia. Karl Gustav Girgensohn (1875-1925), the founder of the Dorpat School of the psychology of religion, stretched the use of experimental methods to the study of religious experience.

  8. Chernobyl is still haunting us. Radionuclides in Estonian mushrooms

    International Nuclear Information System (INIS)

    Martin, J.; Vilde, R.; Martin, L.; Aaspollu, J.; Tekko, S.

    1993-01-01

    The disaster that happened at the Chernobyl nuclear power station in 1986 caused a sharp rise in radioactive pollution over an extensive area in the region of the Baltic Sea. To estimate the distribution and the concentration of Cs-137 and Sr-90 in Estonian ecosystems, samples of mushrooms, mosses, lichens and the upper horizons of soil were gathered from 63 test sites during 1991. We were particularly interested in the amounts of radionuclides in mushrooms because these are used as food by people. Dangerously high radionuclide concentrations were found in mushrooms gathered in North-East Estonia. Heightened concentrations were registered here and there all over the territory of Estonia, especially in mushrooms gathered in Central and South-Western Estonia. The Cs-137 content in mushrooms depends on its content in other components of the ecosystems, first and foremost on the concentrations of radiocaesium in mosses and litter, which, therefore, can be used as indicators in prognostication the radioactive pollution of mushrooms in a certain region. As Cs-137 migrates between various ecosystem components, it is necessary to check the radioactivity of the forest products used for food for still a number of years to come. The Sr-90 level was low in all the ecosystem components examined. (author). 3 figs., 10 refs

  9. Estonian Perceptions of Security: Not Only About Russia and the Refugees

    Directory of Open Access Journals (Sweden)

    Veebel Viljar

    2016-12-01

    Full Text Available The current study focuses on the Estonian perceptions of security and on the defence situation both globally and locally. The dynamic results of the public opinion surveys on security risks conducted in Estonia over the last 10 years (2006-2016 will be presented. In addition, to understand whether some of the security risks could be over- or underestimated in Estonia, these results will be compared with the views expressed recently by the World Economic Forum, particularly the Global Risks Report 2016. Also, the arguments why some topics have played or are currently playing key role in the Estonian security perception will be presented and discussed.

  10. Funny money: the attentional role of monetary feedback detached from expected value.

    Science.gov (United States)

    Roper, Zachary J J; Vecera, Shaun P

    2016-10-01

    Stimuli associated with monetary reward can become powerful cues that effectively capture visual attention. We examined whether such value-driven attentional capture can be induced with monetary feedback in the absence of an expected cash payout. To this end, we implemented images of U.S. dollar bills as reward feedback. Participants knew in advance that they would not receive any money based on their performance. Our reward stimuli-$5 and $20 bill images-were thus dissociated from any practical utility. Strikingly, we observed a reliable attentional capture effect for the mere images of bills. Moreover, this finding generalized to Monopoly money. In two control experiments, we found no evidence in favor of nominal or symbolic monetary value. Hence, we claim that bill images are special monetary representations, such that there are strong associations between the defining visual features of bills and reward, probably due to a lifelong learning history. Together, we show that the motivation to earn cash plays a minor role when it comes to monetary rewards, while bill-defining visual features seem to be sufficient. These findings have the potential to influence human factor applications, such as gamification, and can be extended to novel value systems, such as the electronic cash Bitcoin being developed for use in mobile banking. Finally, our procedure represents a proof of concept on how images of money can be used to conserve expenditures in the experimental context.

  11. The Impact of the Required Reserve on the Monetary Multiplication in the Republic of Macedonias

    Directory of Open Access Journals (Sweden)

    Aleksandar Dejanovski

    2014-11-01

    Full Text Available One of the primary and most important tasks of any central bank is conducting monetary policy in the state. In Macedonia the only central and issuing bank is the National Bank of Macedonia, which is responsible for the monetary and financial stability in the country, while performing important functions, without which the overall economic and financial system could not exist. In exercising its functions, the National Bank of Macedonia uses a set of economic instruments and policies, from which in RM the most efective is the required resserve. This monetary tool is showing the best results in developing countries where the financial markets are not developed and where there is a high concentration of the banking sector (in RM banks occupy a good 98% of total financial institutions. The role of the reserve will be analyzed through the prism of its effects on the process of multiplication the money supply in the country and its contribution to generating or withdrawal of money by the central bank. The main goal of the paper is to research the required reserve, as a monetary instrument, and to qualify its impact on the monetary creation in the Republic of Macedonia. The basic methods, used in this paper are the positive analysis, comparative analysis and deductive approach.

  12. Fiscal Federalism in Monetary Unions

    DEFF Research Database (Denmark)

    Dreyer, Johannes Kabderian; A. Schmid, Peter

    2015-01-01

    Net fiscal transfers are commonly seen as a possible means to ensure the wellfunctioning of a currency area. We show that U.S. net fiscal transfers, measured as the difference between gross federal revenues and federal expenditures per state, are enormous. Moreover, we run panel regressions...... a system of fiscal federalism which raises the question whether it should be established in the medium- and long-run. If so, which should be the magnitude of net fiscal transfers? We calculate these transfers hypothetically for 1999-2010, using a relative volume comparable to the one in the USA....

  13. Kolm Eesti Robinsoni: Daniel Defoe romaan eesti tõlkes / Three Estonian Robinsons: Daniel Defoe’s Novel in Estonian Translation

    Directory of Open Access Journals (Sweden)

    Ene-Reet Soovik

    2012-06-01

    Full Text Available The article discusses three Estonian translations of Daniel Defoe’s Robinson Crusoe into Estonian with the focus on the completeness of the translated texts and the characterisation given to these in paratextual information. While there are several translations and versions of the tex t available in E stonian that have either used a mediating language or do not proceed directly from Defoe’s novel, three editions explicitly list Defoe’s English-language Robinson Crusoe as their source text. These are Rudolf Sirge’s translation from 1950 and two editions translated by Valter Rummel that appeared in 1984 (reprinted in 2001 and 2007, respectively. The article sets out to discover the main differences between the three editions and the possible reasons that may have triggered their publication in Estonia at those particular times. In order to approach the issues, a general framework derived from descriptive translation studies is employed with an emphasis on Gideon Toury’s chrestomatic treatment of translation norms. Thus an attempt is made to detect the preliminary translational norms regarding translation policy, particularly the choice of texts to be translated, as well as the matricial norms that concern the fullness of the translated text and are part of operational norms manifested in the translator’s decisions which, in two of the cases at hand, may also have been decisions made by the editor or the censor. Rudolf Sirge’s translation appeared at a time when Estonia had fairly recently been incorporated into the Soviet Union and there was a lack of children’s literature ideologically appreciated by the regime. This may account for the packaging of the book as a work with a strong didactic bent, while its primary audience was taken to be children and young adults for whom the protagonist served as an example of a hard-working and tenacious hero to be emulated by young Soviets. The target text has been considerably shortened as

  14. Non-Standard Monetary Policies Implemented By The European Central Bank After The Financial Crisis

    Directory of Open Access Journals (Sweden)

    Meryem Filiz Baştürk

    2017-07-01

    Full Text Available The financial crisis which began in the U.S. in 2007 influenced all economies on a global scale followingthe collapse of Lehman Brothers in September 2008. As a response to the crisis, central banksstarted to implement non-standard monetary policy tools as well as short-term interest rates alsoknown as standard policy tools in order to help monetary policy transmission channels work effectively.The European Central Bank (ECB implemented non-standard monetary policies as in additionto the standard policy tools during this period. The non-standard monetary policies introducedby the ECB were different from those implemented by other central banks (Fed, Bank of England interms of implementation and results. Firstly, the policies of the ECB were not specific to one singlecountry. Secondly, the banking system was the major source of finance in Europe, which had an impacton the policies. In this regard, the ECB introduced a policy of enhanced credit support consistingof five main elements in order to maintain price stability over the medium term following the crisis.By 2010, public debt in some member countries of the European Union reached high levels, requiringthem to take additional measures. The Securities Markets Programme was introduced to that end.Initially focusing on the debt securities of Greece, Ireland, and Portugal, the Securities Markets Programmewas expanded in August 2011 to cover the debt securities of Italy and Spain. In addition, twoLong-term Refinancing Operations (LTROs were introduced. This article presents a descriptive analysisof the non-standard monetary policy tools introduced by the ECB following the financial crisis.However, the monetary policy implemented in the Euro zone is not specific to one single country, andevery country has a different financial structure, both of which limit the effectiveness of the policiesimplemented. The changing structure of the monetary policy implemented in the aftermath of the crisisaims to

  15. Iseseisvusdeklaratsioonid 1776–1918. The Estonian Declaration of Sovereignty: An Example of the Civilizing Force of Hypocrisy

    Directory of Open Access Journals (Sweden)

    Hent Kalmo

    2012-06-01

    Full Text Available Sovereignty has been characterised as a form of “organized hypocrisy”, a system governed by a set of rules that are generally recognised as binding and yet are continually infringed upon by the most powerful actors. This idea can be extended to analyse the role of sovereignty within the Soviet Union. The Soviet Union was nominally governed by a Constitution which endowed the Union Republics with the right of secession, but there was no realistic possibility of exercising this right. One should not rush to conclude, however, that the actual wording of the Soviet Constitution of 1977 was entirely without relevance. As Jon Elster has argued, hypocrisy can have a “civilizing force” when the need to appear impartial and to retain public credibility forces actors to choose a strategy they would not choose otherwise. A good example of this kind of argumentative constraint is offered by the dilemma faced by the Soviet leadership after the mid-1980s, as it became reluctant to use military force to suppress independence movements within the Baltic States while, at the same time, promising to give more weight to the Soviet Constitution and respect the “sovereignty” of the Union Republics. In this setting, the ambiguity of the word “sovereignty” could be played upon by a whole gamut of political movements in order to further their agenda, from local communists eager to expand their autonomy within the Soviet system to those making an explicit bid for the restoration of independence. Significant legal and political changes could be justified as mere conclusions from the constitutionally recognised status of the Union Republics – a strategy which was all the more effective as Moscow struggled to formulate an alternative line of constitutional interpretation that could be used to counter the Baltic claims. This exchange of opinions escalated into a constitutional conflict in November 1988, when the Estonian Supreme Soviet responded to

  16. MONETARY AGGREGATES - INSTRUMENT OF THE POLICY PROMOTED BY THE NATIONAL BANK OF ROMANIA

    Directory of Open Access Journals (Sweden)

    CORALIA EMILIA POPA

    2012-12-01

    Full Text Available A summary analysis of the economic theory and practice indicates the fact that the attempts to establish and delimit the importance of the economic-financial last resorts to the effects produced in macro and micro-economy have not lead to infallible truth. The goal of these last resorts is to organize an economic system in difficulty, to try to minimize its imperfections and non-functionalities. The society development has brought along the need to improve these attempts, so that together with other administrative methods to produce viable and productive solutions for the economy progress. This paper aims at emphasizing the advantages of using monetary aggregates, as well as their limitations under the direct influence of monetary factors, considering that these indicators are commonly used in many models of monetary analysis, especially in Neo-Keynesian ones.

  17. A dynamic macroeconomic model of the Nigerian economy with emphasis on the monetary sector

    Directory of Open Access Journals (Sweden)

    Enang Bassey Udah

    2011-08-01

    Full Text Available The dynamic nexus between money supply, fiscal deficit, inflation, output and exchange rate management has recently generated much debate in economic literature in Nigeria. To contribute to this debate, this paper uses the co-integration and error correction framework of analysis and also conducts policy simulation experiments to investigate how monetary variables interact with aggregate supply, demand and prices in order to aid stabilization policies. The results show that monetary variables and government finance are linked through government’s net indebtedness to the banking system. The simulation results show that a 20 per cent monetary squeeze would reduce the inflation rate faster than if the reduction in money supply were 10 per cent. This reduction in money supply would also lead to a reduction in output, employment and government expenditure, which may hurt the domestic economy. The paper thus concludes that there is a trade-off between higher GDP growth and inflation in Nigeria.

  18. THE ROLE OF THE INTERNATIONAL MONETARY FUND IN PROMOTING GLOBAL ECONOMIC STABILITY

    Directory of Open Access Journals (Sweden)

    Alina HAGIU

    2017-12-01

    Full Text Available This paper presents the role that the International Monetary Fund performs in promoting global economic stability. Global economic and financial stability plays a key role in the financial system and the economy as a whole. The increase in the importance of the concept of financial stability by supervisors at both European and global level was concretized by defining a framework for the operationalization of macroprudential policy, together with the establishment of coordination bodies in this field, thus recognizing its role in the mix of established economic policies such as monetary, fiscal or competitive policy.

  19. Monetary policy change of the Central bank of Poland

    Directory of Open Access Journals (Sweden)

    Kraś Ireneusz

    2015-07-01

    Full Text Available The National Bank of Poland is an institution which, in conjunction with the government is responsible for the implementation of country’s economic policy reinforces its democratic character. Provisions of its operation are governed by the Constitution of The Republic of Poland and by the Act on the National Bank of Poland. To this end, the objective of the present research is to analyse the proposed amendments in the Act on the NBP. The latter concerns the amendment procedures, term of office and the rotations and numbers of Monetary Policy Council. The remaining part of the analyses is dedicated to the issue of dismissal of a MPC’s member in conjunction with the prohibition of occupying other positions, the adoption of the NBP’s financial statements and the separation of instruments of monetary policy’s instruments for stability of domestic financial system. Introduced changes in the proposed draft reduce the independence of the NBP while making it more subject to the Cabinet. Following the result of further consultations on the draft of Act on the NBP, provisions which reduce the independence of the NBP shall be partially removed.

  20. Applied economics: The use of monetary incentives to modulate behavior.

    Science.gov (United States)

    Strang, S; Park, S Q; Strombach, T; Kenning, P

    2016-01-01

    According to standard economic theory higher monetary incentives will lead to higher performance and higher effort independent of task, context, or individual. In many contexts this standard economic advice is implemented. Monetary incentives are, for example, used to enhance performance at workplace or to increase health-related behavior. However, the fundamental positive impact of monetary incentives has been questioned by psychologists as well as behavioral economists during the last decade, arguing that monetary incentives can sometimes even backfire. In this chapter, studies from proponents as well as opponents of monetary incentives will be presented. Specifically, the impact of monetary incentives on performance, prosocial, and health behavior will be discussed. Furthermore, variables determining whether incentives have a positive or negative impact will be identified. © 2016 Elsevier B.V. All rights reserved.

  1. The adaptation of monetary policy to the constraints of the global financial crisis by central banks of ASEAN-5 countries

    Directory of Open Access Journals (Sweden)

    Sorina BOTIŞ

    2015-12-01

    Full Text Available Global financial crisis represented an important test for central banks, generating multiple challenges that gave rise to both expanding their monetary policy tools and redefining its role in the financial system. The present work aims to identify the characteristics of the monetary policy by the central banks of the five countries belonging to ASEAN-5 Group(Indonesia, Malaysia, the Philippines, Singapore and Thailand, during and after the outbreak of the international financial crisis. For this purpose we carried out a comparative analysis between the five central bank s belonging to the Group, both in terms of the challenges of the monetary policy and the type of measures taken in response to the first. The analysis shows that central banks have different levels of responsibilities, corresponding to the internal economic and financial realities, and also different ways of adaptation and adjustment of their monetary policy.

  2. Preferences of the Central Reserve Bank of Peru and optimal monetary rules in the inflation targeting regime

    Directory of Open Access Journals (Sweden)

    Nilda Mercedes Cabrera Pasca

    2012-03-01

    Full Text Available This study aims to identify the preferences of the monetary authority in the Peruvian regime of inflation targeting through the derivation of optimal monetary rules. To achieve that, we used a calibration strategy based on the choice of values of the parameters of preferences that minimize the square deviation between the true interest rate and interest rate optimal simulation. The results showed that the monetary authority has applied a system of flexible inflation targeting, prioritizing the stabilization of inflation, but without disregarding gradualism in interest rates. On the other hand, concern over output stabilization has been minimal, revealing that the output gap has been important because it contains information about future inflation and not because it is considered a variable goal in itself. Finally, when the smoothing of the nominal exchange rate is considered in the loss function of the monetary authority, the rank order of preferences has been maintained and the smoothing of the exchange rate proved insignificant.

  3. Tiger in Focus--A National Survey of ICT in Estonian Schools

    Science.gov (United States)

    Toots, Anu; Laanpere, Mart

    2004-01-01

    Estonia has not participated in international studies of ICT in education, nor have there been any similar studies at the national level up until the year 2000. The first survey of ICT in Estonian schools was conducted after completion of the national school computerization programme called Tiger Leap. This paper focuses on the targeted responses…

  4. Alberta's Estonians 1899 - Present TLÜ Akadeemilises Raamatukogus / Sander Jürisson

    Index Scriptorium Estoniae

    Jürisson, Sander

    2014-01-01

    Tallinna Ülikooli Akadeemilises Raamatukogus on üleval näitus "Alberta's Estonians 1899 - Present", mis annab ülevaate Kanada Alberta provintsi eestlaste loost. Näitus valmis Alberta Eesti Kultuuripärandi Seltsi koostöös Alberta Provintsi Arhiivi Kultuuripärandi Osakonnaga Edmontonis

  5. Consumer Socialisation and Value Orientations among Estonian and Chinese Young People

    Science.gov (United States)

    Waerdahl, Randi; Kalmus, Veronika; Keller, Margit

    2011-01-01

    This paper asks if Estonian and Chinese tweens' access to pocket money influences their brand valuation, as well as value orientations in the context of perceived peer popularity and personal well-being. Surveys conducted in autumns 2006 (China n = 188) and 2007 (Estonia n = 111) show an inherent cultural resistance among tweens in both countries…

  6. The 2011 Estonian High School Language Reform in the Context of Critical Language Policy and Planning

    Science.gov (United States)

    Skerrett, Delaney Michael

    2014-01-01

    This paper seeks to situate Estonian language use and policy within the emerging field of critical language policy and planning (CLPP) by investigating the discourses that frame linguistic behaviour. This done by way of an analysis of a series of interviews carried out with key actors in language policy in Estonia. The discourses framing language…

  7. Estonian Airi ümber käib lehmakauplemine / Tõnu Lilleorg

    Index Scriptorium Estoniae

    Lilleorg, Tõnu

    2008-01-01

    Skandinaavia lennukompanii SAS saatis Eesti valitsusele kirja, milles teatab, et on nõus raskustes Estonian Airile lisainvesteeringuid tegema vaid siis, kui riik müüb SAS-ile oma osaluse, 34%. Vt. samas: SAS ei taha lennufirma eest maksta üle 150 miljoni. Diagramm: Majandusnäitajad, omanikud

  8. Estonian Cell peab suu kasumist puhtaks pühkima / Kaisa Tahlfeld, Katre Pilvinski

    Index Scriptorium Estoniae

    Tahlfeld, Kaisa

    2008-01-01

    Estonian Cell saatis valitsusele pöördumise, milles palutakse teha parandusi elektrienergiaga seonduvates seadustes, mis aitaksid ettevõtet energia hinnatõusu ajal. Elektri hinnatõusu tõttu on muutunud küsitavaks ka Nitroferti tehase edasine eksisteerimine

  9. Sustainable development outlooks of the Estonian energy sector for convergence with the European Union countries

    International Nuclear Information System (INIS)

    Laur, Anton; Tenno, Koidu; Soosaar, Sulev

    2002-01-01

    The article presents an overview of a research conducted in the Estonian Inst. of Economics and the Estonian Energy Research Inst. with the objectives to: analyse the dynamics of the main Estonian energy use indicators over the last 8-10 years with the background of general macroeconomics developments; compare these indicators with the respective energy indicators in the European Union Member States and Candidate Countries; evaluate Estonia's potential to catch up by the energy use efficiency (GDP energy intensity) of the average level of EU countries, modelling our possible development scenarios of GDP and TPES. The research results indicates several positive development tendencies (e.g. reduction of TPES and CO 2 emissions with the background of economic growth) in the Estonian energy sector, as well as convergence with the EU countries in terms of GDP energy intensity. Unfortunately, the model analysis results demonstrate that it takes a lot of time for Estonia to reach the current EU level - even under the most favourable GDP and TPES development conditions, 25-30 years. The primary reason is the very low level of our GDP per capita compared to the EU countries. (author)

  10. Estonian Vocational Teachers' Attitudes towards Inclusive Education for Students with Special Educational Needs

    Science.gov (United States)

    Rose, Richard; Kaikkonen, Leena; Koiv, Kristi

    2007-01-01

    This paper presents the findings from research conducted with two samples of teachers from Estonian Vocational Schools. The first sample comprised a group of teachers who had received professional development directly related to the management of students with special educational needs in vocational education settings. Their attitudes and…

  11. Russian-Estonian Economic and Investment Cooperation During the Crisis: Dynamics and Possibilities

    Directory of Open Access Journals (Sweden)

    Nevskaya Anastasia

    2015-06-01

    Full Text Available The article deals with the development in Russian-Estonian relations during the crises of 2007 and 2014, taking into consideration the balance between political and economic factors in the decision-making by Estonian government. A number of special aspects, trends and problems in trade and investment ties are detected. The aim of the study is to uncover key motivation behind the actions of both Russia and Estonia, to identify the drivers for economic and political development in the region, and to work out recommendations to adjust them. The questions put forward by the authors of this article could not be more topical at the time, when Russian economic situation is obviously getting worse and capital flight (to the neighboring EU Member States is likely to increase. The method of the study is comparative analysis of the impact on economic ties made by Russian-Estonian crisis of 2007 and the current international tension around Ukraine. The regional fossil fuel market and the possibilities of Gazprom involvement in its development are also analyzed. It is concluded that political motives are still important for Estonian decisionmaking, though they are balanced out by measures of business support (despite some of these measures being taken by the EU bodies. The role of political factor for the Russian side is increasing. It is acknowledged that there is a growing number of missed economic opportunities in the Russian Northwest.

  12. The Estonian diaspora in South-West Russia in the 1920—30s: migration results

    Directory of Open Access Journals (Sweden)

    Stupin Yuri

    2010-11-01

    Full Text Available This article analyses the spatial features of the settling of Russian Estonians in the Northwest region at the “zenith” of diaspora on the basis of 1920, 1926, and 1939 censuses. The author identifies the principal settling areas and points out the geographical preconditions for the rapid decline of the diaspora.

  13. Gender Advantages and Gender Normality in the Views of Estonian Secondary School Students

    Science.gov (United States)

    Kuurme, Tiiu; Kasemaa, Gertrud

    2015-01-01

    The aim of the study on Estonian secondary school students was to obtain an overview of the gender-related views and experiences of the everyday school life by students, and to analyse the school-related factors in the development of gender roles and gender-related expectations. We view gender equality as a central condition for social…

  14. Organizational culture based on the example of an Estonian hospital.

    Science.gov (United States)

    Saame, Iisi; Reino, Anne; Vadi, Maaja

    2011-01-01

    The concept of organisational culture (also referred to later as OC) is one of the approaches in modern organisational analysis exploring the values, attitudes and beliefs behind human behaviour in the workplace. OC as a social phenomenon is considered to be important for the sustainability of every organisation. In the service sector, OC may affect the nature and quality of the services provided. The aim of this paper is twofold: on the one hand, to highlight the patterns of OC in a hospital; and, on the other hand, to outline relationships between OC and patient satisfaction. The study was conducted in Tartu University Hospital, one of the most influential health care organisations in Estonia. This paper has original value by presenting an insight into organisational culture in the Estonian health care sector, and the findings of the study will expand knowledge of OC in the health care sector in general. The OC instrument applied in a quantitative cross-sectional study was earlier developed according to the Competing Values Framework (CVF). Data from 456 medical and non-medical professionals were analysed using non-parametric tests of descriptive statistics. A factor analysis was performed to assess the instrument's compatibility for analysing the OC pattern in the health care sector. The dominant culture type in all the groups investigated was the Internal Processes type, mainly followed by the Rational Goal type, while different cultural patterns were observed in professional groups. The factor analysis yielded a three-subscale solution. Clinics with high patient satisfaction did not score more than clinics with low patient satisfaction in terms of the Human Relations type. In future studies a random sample design and a multidisciplinary approach to OC research should be followed in order to further explore OC patterns in hospitals and their consequences for different aspects of hospital performance.

  15. Power without manpower: Forecasting labour demand for Estonian energy sector

    International Nuclear Information System (INIS)

    Meriküll, Jaanika; Eamets, Raul; Humal, Katrin; Espenberg, Kerly

    2012-01-01

    As energy demand and prices continue to grow, oil shale might help mitigate the energy crisis—it can widely be found all over the world but so far has not been widely used. Estonia is unique in the world for producing a large majority of energy out of oil shale and has been set as an example in numerous papers covering oil shale deposits, technology etc. This paper is the first to analyse oil shale energy related workforce and provides scenario forecasts of the labour demand for the Estonian energy sector in 2010–2020. The contribution of the paper is twofold. First, the paper provides a valuable insight into oil shale energy related workforce, enabling to take into consideration the educational needs in countries where oil shale industry might be set up. Second, methodology-wise, the paper relates labour demand and supply to different scenarios of energy production capacities. The results illustrate problems related to aging of the workforce in energy production. If the existing trends continue in educational attainment in Estonia, there will be a serious shortage of high-skilled engineering and manufacturing specialists. Our method provides a simple yet reliable enough way to check for such problems early enough. - Highlights: ► This paper analyses oil shale energy related workforce and provides scenario forecasts. ► This is the first study to investigate the workforce related to oil shale energy production. ► The main workforce-related problem in the sector is ageing of the workforce. ► Workers immigrating to the sector during the Soviet times are at the retirement age. ► There will be a serious shortage of engineers for energy sector in the near future.

  16. The Effects of Corruption in a Monetary Union

    OpenAIRE

    Garcia Fortuny, Judit

    2015-01-01

    Many countries around the world suffer from corruption. In a monetary union, corruption varies from one country to another. It is possible corruption in one country may affect another country in a monetary union. We demonstrate that this feature has important implications in a monetary union with two asymmetric countries. Country 1 has a corrupted government while country 2 does not. Within this framework, we determine under which conditions corruption damages or benefits both countr...

  17. Voluntary non-monetary approaches for implementing conservation

    OpenAIRE

    Santangeli, Andrea; Arroyo, Beatriz; Dicks, Lynn V.; Herzon, Irina; Kukkala, Aija S.; Sutherland, William J.; Moilanen, Atte

    2016-01-01

    The voluntary non-monetary approach to conservation refers to actions that citizens or organizations could voluntarily implement in their area of influence without the incentive of monetary compensations. To be effectively implemented by untrained actors, actions should be clearly defined, straightforward to implement and not require specific scientific knowledge. The costs of actions should also be sufficiently affordable to be widely applied without monetary incentives. A voluntary non-mone...

  18. Monetary policy and bank behavior: Empirical evidence from India

    OpenAIRE

    Ghosh, Saibal

    2006-01-01

    The paper develops an empirical model to explore the role that bank characteristics play in influencing the monetary transmission process. Employing data on Indian commercial banks for the period 1992-2004, the findings indicate that for banks classified according to size and capitalization, a monetary contraction lowers bank lending, although large and well-capitalized banks are able to shield their loan portfolio from monetary shocks.

  19. Monetary policy rules for convergence to the Euro

    OpenAIRE

    Orlowski, Lucjan T.

    2008-01-01

    This paper aims to devise a monetary policy instrument rule that is suitable for open economies undergoing monetary convergence to a common currency area. The open-economy convergence-consistent Taylor rule is forward-looking, consistent with monetary framework based on inflation targeting, containing input variables that are relative to the corresponding variables in the common currency area. The policy rule is tested empirically for three inflation targeting countries converging to the euro...

  20. Estimation of weights for the Monetary Conditions Index in Poland

    OpenAIRE

    Andrzej Toroj

    2008-01-01

    In this paper, we follow the econometric approach to assess relative importance of real interest rate and real exchange rate for the monetary conditions in Poland, quantified as weights for Monetary Conditions Index (MCI). We consider both single- and multiple-equation specifications proposed in the literature with an application to Poland. Although MCI is nowadays broadly considered a rather obsolete indicator in monetary policy conduct, we argue that the econometric framework used for this ...

  1. MONETARY POLICY FORCE EFFECT BY MEANS OF BANKS MONEY CREATION

    OpenAIRE

    Victoria COCIUG; Olga TIMOFEI

    2014-01-01

    In the context of modern economy, banks play an essential role for sustainable growth, by ensuring economy with financial resources and driving impulses of monetary policy to economy. Monetary authorities influence significantly the bank's ability to fulfill this role. Thus, to achieve macroeconomic objectives, there is promoted particular monetary policy and are implemented various practical regulations for banks. In this article, we want to identify the existing relationship between monetar...

  2. Global Implications of Self-Oriented National Monetary Rules

    OpenAIRE

    Maurice Obstfeld; Kenneth Rogoff

    2003-01-01

    It is well known that if international linkages are relatively small, the potential gains to international monetary policy coordination are typically quite limited. But what if goods and financial markets are tightly linked? Is it then problematic if countries unilaterally design their institutions for monetary stabilization? Are the stabilization gains from having separate currencies largely squandered in the absence of effective international monetary coordination? We argue that under p...

  3. Macroeconomic Activity and Monetary Policy Actions: Some Preliminary Evidence.

    OpenAIRE

    Haslag, Joseph H; Hein, Scott E

    1992-01-01

    Monetary policy is conducted through open market operations, loans at the discount window, and changes in the reserve requirement structure. The purpose of this paper is to formally investigate the notion that the effect of changes in reserve requirement ratios is different from the effect of other policy tools. This is accomplished by decomposing the monetary base into those changes caused by changes in reserve requirement ratios and those caused by other monetary policy actions. Some prelim...

  4. Examining the volatility of exchange rate: Does monetary policy matter?

    OpenAIRE

    Lim, Shu Yi; Sek, Siok Kun

    2014-01-01

    We conduct empirical analysis on examining the changes in exchange rate volatility under two monetary policy regimes, i.e. the pre- and post- inflation targeting (IT) regimes. In addition, we also investigate if the monetary decisions can have impacts on the volatility of exchange rate. The study is focused in four Asian countries that experienced drastic in the switch of monetary policy from the rigid exchange rate to flexible exchange rate and inflation targeting after the Asian financial c...

  5. Monetary policy implications of financial innovation: In-depth analysis

    OpenAIRE

    Bernoth, Kerstin; Gebauer, Stefan; Schäfer, Dorothea

    2017-01-01

    In this policy brief, we argue that the financial innovations triggered by the FinTech industry have the potential to affect the transmission of monetary policy as well as the informational content of important monetary indicators. The growing FinTech industry could contribute substantially to the emergence of nonbank finance as a substitute for traditional commercial bank finance. While the overall effect of nonbank finance on monetary policy transmission is not yet clear, we argue that regu...

  6. Non-cancer morbidity among Estonian Chernobyl cleanup workers: a register-based cohort study.

    Science.gov (United States)

    Rahu, Kaja; Bromet, Evelyn J; Hakulinen, Timo; Auvinen, Anssi; Uusküla, Anneli; Rahu, Mati

    2014-05-14

    To examine non-cancer morbidity in the Estonian Chernobyl cleanup workers cohort compared with the population sample with special attention to radiation-related diseases and mental health disorders. Register-based cohort study. Estonia. An exposed cohort of 3680 men (cleanup workers) and an unexposed cohort of 7631 men (population sample) were followed from 2004 to 2012 through the Population Registry and Health Insurance Fund database. Morbidity in the exposed cohort compared with the unexposed controls was estimated in terms of rate ratio (RR) with 95% CIs using Poisson regression models. Elevated morbidity in the exposed cohort was found for diseases of the nervous system, digestive system, musculoskeletal system, ischaemic heart disease and for external causes. The most salient excess risk was observed for thyroid diseases (RR=1.69; 95% CI 1.38 to 2.07), intentional self-harm (RR=1.47; 95% CI 1.04 to 2.09) and selected alcohol-related diagnoses (RR=1.25; 95% CI 1.12 to 1.39). No increase in morbidity for stress reactions, depression, headaches or sleep disorders was detected. No obvious excess morbidity consistent with biological effects of radiation was seen in the exposed cohort, with the possible exception of benign thyroid diseases. Increased alcohol-induced morbidity may reflect alcohol abuse, and could underlie some of the higher morbidity rates. Mental disorders in the exposed cohort were probably under-reported. The future challenge will be to study mental and physical comorbidities in the Chernobyl cleanup workers cohort. Published by the BMJ Publishing Group Limited. For permission to use (where not already granted under a licence) please go to http://group.bmj.com/group/rights-licensing/permissions.

  7. Optimal Degrees of Transparency in Monetary Policymaking

    DEFF Research Database (Denmark)

    Jensen, Henrik

    2002-01-01

    According to most academics and policymakers, transparency in monetary policymaking is desirable. I examine this proposition in a small theoretical model emphasizing forward-looking private sector behavior. Transparency makes it easier for price setters to infer the central bank's future policy...... intentions, thereby making current inflation more responsive to policy actions. This induces the central bank to pay more attention to inflation rather than output gap stabilization. Then, transparency may be disadvantageous. It may actually be a policy-distorting straitjacket if the central bank enjoys low...

  8. Gold's monetary roll will be strengthened - Plumbridge

    International Nuclear Information System (INIS)

    Anon.

    1977-01-01

    Delivering his Presidential address at the Chamber's annual general meeting, Mr Plumbridge said the gold market would enter a new phase and listed seven reasons why gold's monetary role would be strengthened. There was a dramatic increase in the demand for gold jewellery. He also forecasted that South African uranium production would again attain its former peak annual production of about 6000t. There is an essential need for a sustained growth in nuclear power and the prospects for uranium mining industry remain encouraging

  9. Monetary Policy in the Greenspan Era

    DEFF Research Database (Denmark)

    Christensen, Anders Møller; Nielsen, Heino Bohn

    2009-01-01

    Relationships between the Federal funds rate, unemployment, inflation and the long-term bond rate are investigated with cointegration techniques. We find a stable long-term relationship between the Federal funds rate, unemployment and the bond rate. This relationship is interpretable as a policy...... Taylor-type target, where inflation appears instead of the bond rate, does not seem congruent with the data....... target because deviations are corrected via the Federal funds rate. Deviations of the actual Federal funds rate from the estimated target give simple indications of discretionary monetary policy, and the larger deviations relate to special episodes outside the current information set. A more traditional...

  10. Fiscal aspects of European monetary integration

    DEFF Research Database (Denmark)

    Hallett, Andrew Hughes; Hutchison, Michael; Hougaard Jensen, Svend E.

    of fiscal policy in EMU. The contributors are experienced analysts in the field. Topics covered include the need for and consequences of fiscal co-ordination, constraints on national deficits and debt levels (the Stability Pact), and the role of fiscal federalism and insurance. The importance of co......-ordinating fiscal and monetary policies is also considered in depth. As long as these strategic and institutional aspects remain imperfectly understood, EMU will not be able to function to its full advantage and may suffer periods of instability or weakness. Contains 11 papers and three review essays, which analyze...

  11. Interdependencies Between the Capital Market and the Monetary Policy Decisions

    Directory of Open Access Journals (Sweden)

    Claudia Guni

    2010-12-01

    Full Text Available The declared scope of this work is to highlight the main correlations between the monetary and the capital market, including identifying the adequate objective of monetary policy which might positively influence over the offer on the capital market. The main target of the monetary market consists in the stability of the prices. The link between monetary policy and stock market is extremely important. The stock prices are sensible to economical conditions. Moreover, these prices rapidly change, thus there is a chance for a deviation from the fundamental value, with side-effects for economy.

  12. MONETARY POLICY FORCE EFFECT BY MEANS OF BANKS MONEY CREATION

    Directory of Open Access Journals (Sweden)

    Victoria COCIUG

    2014-07-01

    Full Text Available In the context of modern economy, banks play an essential role for sustainable growth, by ensuring economy with financial resources and driving impulses of monetary policy to economy. Monetary authorities influence significantly the bank's ability to fulfill this role. Thus, to achieve macroeconomic objectives, there is promoted particular monetary policy and are implemented various practical regulations for banks. In this article, we want to identify the existing relationship between monetary policy followed by the authorities and the ability of banks to create money with its impact on various practical regulations.

  13. Monetary policy, bank size and bank lending: Evidence from Australia

    OpenAIRE

    Liu, Luke

    2011-01-01

    The transmission of monetary policy may hold the key to explaining the effects of policy on the economy. The objective of the study is to assess the importance of the bank lending channel in the transmission of monetary policy in Australia. In this paper, we found that the effectiveness of monetary policy varies with the size of the bank as well as the type of the loan. For different asset size and different kinds of loans, the effect of monetary policy is different. Thus, policy has distribu...

  14. Monetary Policy, Risk-Taking, and Pricing : Evidence from a Quasi-Natural Experiment

    NARCIS (Netherlands)

    Ioannidou, V.; Ongena, S.; Peydro, J.L.

    2009-01-01

    We analyse the impact of monetary policy on bank risk-taking and pricing. Bolivia provides us with an excellent experimental setting to identify this impact. Its small economy is not synchronized with the US economy but its banking system is almost fully dollarized. Consequently the US federal funds

  15. Reward-driven modulation of adaptive control: How prospective monetary gains interact with unpredictable control demands

    NARCIS (Netherlands)

    Marien, Hans; Aarts, Henk; Custers, Ruud

    2014-01-01

    Shifting attention is an effortful control process and incurs a cost on the cognitive system. Previous research suggests that rewards, such as monetary gains, will selectively enhance the ability to shift attention when this demand for control is explicitly cued. Here, we hypothesized that

  16. The Impact of the FOMC's Monetary Policy Actions on the growth of Credit Risk: the Monetary Policy - Liquidity Paradox

    OpenAIRE

    Kwamie Dunbar

    2008-01-01

    Credit risk is influenced by interest rates and market liquidity. This paper examines the direct and indirect impacts of unexpected monetary policy shifts on the growth of corporate credit risk, with the aim of quantifying the size and direction of the response. The results surprisingly indicate that monetary policy and liquidity impulses move counter to each other in their effects on credit risk ("The monetary policy-liquidity paradox"). The analysis indicates that while contractionary monet...

  17. Occurrence of clinical mastitis in primiparous Estonian dairy cows in different housing conditions

    Directory of Open Access Journals (Sweden)

    Aasmäe Birgit

    2006-11-01

    Full Text Available Abstract Background Objectives of the study were to document the impact of some management factors on the occurrence of clinical mastitis in primiparous dairy cows and to identify common udder pathogens of clinical mastitis in freshly calved heifers and multiparous cows on the day of calving. Methods A one-year study was conducted during 2004 and 2005 in 11 selected Estonian dairy herds. Data consisted of 68 heifers with clinical mastitis and 995 heifers without clinical mastitis on the day of calving. Multivariable logistic regression with a random herd effect was used to investigate any association between housing system or the time interval from movement of heifers to the calving facility and day of calving on occurrence of clinical mastitis. Milk samples for bacteriological analysis were collected from affected heifers and multiparous cows on the day of calving Results Clinical mastitis occurrence in the study population of freshly calved heifers equalled 6.1 %. Housing system was not a significant risk factor for clinical mastitis of freshly calved heifers. Moving heifers to the cowbarn less than two weeks before calving in tiestall farms increased risk (OR = 5.9 p = 0.001 for clinical mastitis at parturition. The most frequently isolated udder pathogens among heifers were Escherichia coli (22.1%, Streptococcus uberis (19.1% and coagulase-negative staphylococci (8.8%. In comparison, the main pathogen in multiparous cows with clinical mastitis at parturition was Staphylococcus aureus (11.2%. Conclusion Moving heifers to the calving facilities too late in tiestall farms increased risk for clinical mastitis at parturition. The isolated udder pathogens did not differ significantly in tiestall farms compared to freestall farms in heifers, but differences were found between heifers and multiparous cows at parturition.

  18. Estonian Business Schooli magistriharidus nüüd ka koju kätte / Madis Habakuk

    Index Scriptorium Estoniae

    Habakuk, Madis

    2007-01-01

    Sügisest hakkab Estonian Business School koos Mainori Kõrgkooliga pakkuma magistriõpet majandushariduseta inimestele, kus soovijatel on võimalus õppida EBSi Master of Business Administration programmi järgi

  19. [Encapsulated voices : Estonian sound recordings from the German prisoner-of-war camps in 1916-1918] / Tõnu Tannberg

    Index Scriptorium Estoniae

    Tannberg, Tõnu, 1961-

    2013-01-01

    Arvustus: Encapsulated voices : Estonian sound recordings from the German prisoner-of-war camps in 1916-1918 (Das Baltikum in Geschichte und Gegenwart, 5). Hrsg. von Jaan Ross. Böhlau Verlag. Köln, Weimar und Wien 2012

  20. Väärikas Estonian Air jäi kampaaniaga hätta / Alyona Stadnik

    Index Scriptorium Estoniae

    Stadnik, Alyona

    2010-01-01

    Estonian Air müüs veebikaupluse cherry.ee kaudu soodsaid kinkekaarte. Vastuolu tekkis asjaolust, et nõudlus kinkekaartide järele oli suurem kui pakkumine. Lennukompanii katkestas soodsate kinkekaartide müügi

  1. The Rocky Road towards Professional Autonomy: The Estonian Journalists’ Organization in the Political Turmoil of the 20th Century

    Directory of Open Access Journals (Sweden)

    Epp Lauk

    2017-09-01

    Full Text Available This article attempts to explain the relationships between journalists, politics and the state from the perspective of collective autonomy, that of the professional organization of journalists. The case of Estonian Journalists’ Union demonstrates the complexity and historical contingency of professional autonomy of journalism. The development of the Estonian journalists’ organization occurred as a sequence of transformations from the Estonian Journalists’ Association to the Estonian Journalists’ Union to the Soviet type journalists’ union, and lastly to an independent trade union. This sequence was disrupted by several fatal breakdowns that changed not only the character of the association, but also professional values, the whole occupational ideology and the conditions of the existence of journalism as a profession in Estonia.

  2. Noor eesti teater ja Noor-Eesti. Young Estonian Theatre and Young Estonia

    Directory of Open Access Journals (Sweden)

    Katri Aaslav-Tepandi

    2012-04-01

    Full Text Available This article begins by examining points of intersection between two professional theatres, ”Estonia” and ”Vanemuine” (both established in 1906, their young directors – Karl Menning, Paul Pinna, Theodor Altermann, and Karl Jungholz, and the literary movement Young Estonia. Subsequently, we will consider Young Estonia’s theatrical ideals and the influence of these ideas on later Estonian theatrical life. Since not much information has survived regarding direct personal contacts between ”movers and shakers” in the theatre world and Young Estonians, the main focus here shall be on indirect creative connections and influences. One such context is education: like the Young Estonians, theatre activists of the younger generation aspired to place themselves on the larger map of European culture. Thus, their artistic beliefs and goals shall be examined in relation to those of Young Estonians’ quest for modern culture. Pinna, Altermann, Menning, Jungholz, and others went on study tours to Germany and France, where they were energized and inspired by innovative German and Russian theatres, by naturalistic staging, and by psychological realism, both in acting and in performance style. Among their models were A. Antoine’s Théâtre- Libre in Paris, K. Stanislavski’s Art Theatre in Moscow, O. Brahm’s Lessing-Theater, and M. Reinhardt’s Deutsches Theater in Berlin. These models were likewise known to the Young Estonians, but if theatre activists oriented themselves more fundamentally to German naturalist and realist dramatic art, Young Estonians were more taken with ”theatrical theatre” with its symbolist and impressionist influences. The Young Estonians attended performances at both theatres, ”Vanemuine” and ”Estonia”, and wrote numerous theatre reviews. Yet in the Young Estonia albums (yearbooks and in the magazine Young Estonia, theatre topics have a relatively modest representation. Young Estonians did not have direct

  3. THE COMPARATIVE ANALISYS OF POLISH MONETARY POLICY WITH THE MONETARY RULE FOR THE YEARS 1995–2007

    OpenAIRE

    Maciej Ryczkowski

    2008-01-01

    According to the research and econometrical model Poland’s monetary policy and the monetary rule are very similar. In many fields both strategies prove to result in the same outcomes. Both aim to guarantee low inflation and long-term economic growth. The difference is that in Poland the control of supply of money is carried out by the control inflation instead of direct control of monetary aggregates as in monetary rule. To sum up, there is no need to separate control of money’s supply in the...

  4. Bank of England’s monetary policy committee – assessing the importance and the implication upon monetary policy

    OpenAIRE

    Florin Cornel DUMITER; Horatiu Florin SOIM

    2012-01-01

    The monetary policy strategies arround the world have been envolving in the last two decades considerable. In the past, central banks’ have been associated with a „veil of mistery” having at their grounds the so-called policy mistique. Nowadays, the new monetary policy strategy – inflation targeting – promoted by many countries established new coordinates for monetary policy. In this paper we focuse upon the monetary policy committee with a special focus upon the Bank of England’s case, becau...

  5. The Changing Effectiveness of Monetary Policy

    Directory of Open Access Journals (Sweden)

    Jonathan E. Leightner

    2013-11-01

    Full Text Available In the wake of the 2008 financial crisis, many countries are hoping that massive increases in their money supplies will revive their economies. Evaluating the effectiveness of this strategy using traditional statistical methods would require the construction of an extremely complex economic model of the world that showed how each country’s situation affected all other countries. No matter how complex that model was, it would always be subject to the criticism that it had omitted important variables. Omitting important variables from traditional statistical methods ruins all estimates and statistics. This paper uses a relatively new statistical method that solves the omitted variables problem. This technique produces a separate slope estimate for each observation which makes it possible to see how the estimated relationship has changed over time due to omitted variables. I find that the effectiveness of monetary policy has fallen between the first quarter of 2003 and the fourth quarter of 2012 by 14%, 36%, 38%, 32%, 29% and 69% for Japan, the UK, the USA, the Euro area, Brazil, and the Russian Federation respectively. I hypothesize that monetary policy is suffering from diminishing returns because it cannot address the fundamental problem with the world’s economy today; that problem is a global glut of savings that is either sitting idle or funding speculative bubbles.

  6. Monetary reward speeds up voluntary saccades.

    Science.gov (United States)

    Chen, Lewis L; Chen, Y Mark; Zhou, Wu; Mustain, William D

    2014-01-01

    Past studies have shown that reward contingency is critical for sensorimotor learning, and reward expectation speeds up saccades in animals. Whether monetary reward speeds up saccades in human remains unknown. Here we addressed this issue by employing a conditional saccade task, in which human subjects performed a series of non-reflexive, visually-guided horizontal saccades. The subjects were (or were not) financially compensated for making a saccade in response to a centrally-displayed visual congruent (or incongruent) stimulus. Reward modulation of saccadic velocities was quantified independently of the amplitude-velocity coupling. We found that reward expectation significantly sped up voluntary saccades up to 30°/s, and the reward modulation was consistent across tests. These findings suggest that monetary reward speeds up saccades in human in a fashion analogous to how juice reward sped up saccades in monkeys. We further noticed that the idiosyncratic nasal-temporal velocity asymmetry was highly consistent regardless of test order, and its magnitude was not correlated with the magnitude of reward modulation. This suggests that reward modulation and the intrinsic velocity asymmetry may be governed by separate mechanisms that regulate saccade generation.

  7. Incidental fear cues increase monetary loss aversion.

    Science.gov (United States)

    Schulreich, Stefan; Gerhardt, Holger; Heekeren, Hauke R

    2016-04-01

    In many everyday decisions, people exhibit loss aversion-a greater sensitivity to losses relative to gains of equal size. Loss aversion is thought to be (at least partly) mediated by emotional--in particular, fear-related--processes. Decision research has shown that even incidental emotions, which are unrelated to the decision at hand, can influence decision making. The effect of incidental fear on loss aversion, however, is thus far unclear. In two studies, we experimentally investigated how incidental fear cues, presented during (Study 1) or before (Study 2) choices to accept or reject mixed gambles over real monetary stakes, influence monetary loss aversion. We find that the presentation of fearful faces, relative to the presentation of neutral faces, increased risk aversion-an effect that could be attributed to increased loss aversion. The size of this effect was moderated by psychopathic personality: Fearless dominance, in particular its interpersonal facet, but not self-centered impulsivity, attenuated the effect of incidental fear cues on loss aversion, consistent with reduced fear reactivity. Together, these results highlight the sensitivity of loss aversion to the affective context. (c) 2016 APA, all rights reserved).

  8. Chemistry of the Estonian oil-shale kukersite

    Energy Technology Data Exchange (ETDEWEB)

    Kogerman, P N

    1931-01-01

    Estonian oil shale is one of the oldest and richest oil shales in the world. The deposits occur in the Middle-Ordovician strata having a total thickness of 2.2 meters. The ultimate composition of the kerogen varied within the following limits: carbon 76.5 to 76.7 percent, hydrogen 9.1 to 9.2 percent, nitrogen 0.2 to 0.4 percent, sulfur 1.6 to 2.2 percent, chlorine 0.5 to 0.7 percent, and oxygen (by difference) 11.2 to 12.2 percent. The composition of kukersite kerogen corresponds nearly to the empirical formula (C/sub 8/H/sub 11/O)n. One of the most significant differences between kukersite, coal, and lignite is the amount of alkali-soluble substances present. Kukersite has almost no humic acids. Samples of kukersite were brominated and chlorinated. The halogenated shales showed a solubility in absolute alcohol of 26 percent compared to only 0.31 percent for untreated shale. Enriched shale (4.5 percent ash) did not react with chlorine as much as did raw shale. Apparently the mineral matter acted catalytically during chlorination. The amount of soluble extract obtained by solvent treatment of kukersite ranged from 0.22 percent with chloroform to 2.20 percent with tetrachloroethane. Heat was the most effective agent for the depolymerization of kukersite kerogen. The percentage loss of weight due to drying in air was much less than in the presence of carbon dioxide. The results indicated that on drying in air, the powdered shale loses water and a volatile substance, probably the oxides of carbon, up to 80/sup 0/C. Carbon dioxide was also found to be present in the gases eliminated at the temperature of initial decomposition. Pulverized shale, heated for 6 hours at 220/sup 0/C, lost 2.6 percent of its weight; its solubility in carbon disulfide was 2.11 percent. Kukersite kerogen was formed from compounds that were resistent to bacteriological decomposition, such as waxes and resins, plus decomposition products of proteins, cellulose, and putrefaction products of

  9. Sources and distribution of trace elements in Estonian peat

    Science.gov (United States)

    Orru, Hans; Orru, Mall

    2006-10-01

    This paper presents the results of the distribution of trace elements in Estonian mires. Sixty four mires, representative of the different landscape units, were analyzed for the content of 16 trace elements (Cr, Mn, Ni, Cu, Zn, and Pb using AAS; Cd by GF-AAS; Hg by the cold vapour method; and V, Co, As, Sr, Mo, Th, and U by XRF) as well as other peat characteristics (peat type, degree of humification, pH and ash content). The results of the research show that concentrations of trace elements in peat are generally low: V 3.8 ± 0.6, Cr 3.1 ± 0.2, Mn 35.1 ± 2.7, Co 0.50 ± 0.05, Ni 3.7 ± 0.2, Cu 4.4 ± 0.3, Zn 10.0 ± 0.7, As 2.4 ± 0.3, Sr 21.9 ± 0.9, Mo 1.2 ± 0.2, Cd 0.12 ± 0.01, Hg 0.05 ± 0.01, Pb 3.3 ± 0.2, Th 0.47 ± 0.05, U 1.3 ± 0.2 μg g - 1 and S 0.25 ± 0.02%. Statistical analyses on these large database showed that Co has the highest positive correlations with many elements and ash content. As, Ni, Mo, ash content and pH are also significantly correlated. The lowest abundance of most trace elements was recorded in mires fed only by precipitation (ombrotrophic), and the highest in mires fed by groundwater and springs (minerotrophic), which are situated in the flood plains of river valleys. Concentrations usually differ between the superficial, middle and bottom peat layers, but the significance decreases depending on the type of mire in the following order: transitional mires - raised bogs - fens. Differences among mire types are highest for the superficial but not significant for the basal peat layers. The use of peat with high concentrations of trace elements in agriculture, horticulture, as fuel, for water purification etc., may pose a risk for humans: via the food chain, through inhalation, drinking water etc.

  10. Monetary Policy, Determinancy and Learnability in the Open Economy

    NARCIS (Netherlands)

    Bullard, J.; Schaling, E.

    2005-01-01

    We study how determinacy and learnability of global rational expectations equilibrium may be affected by monetary policy in a simple, two country, New Keynesian framework.The two blocks may be viewed as the U.S. and Europe, or as regions within the euro zone.We seek to understand how monetary policy

  11. The Transmission of Monetary Policy through Conventional and Islamic Banks

    NARCIS (Netherlands)

    Zaheer, S.; Ongena, S.; van Wijnbergen, S.J.G.

    2011-01-01

    We investigate the differences in banks’ responses to monetary policy shocks across bank size, liquidity, and type, i.e., conventional versus Islamic, in Pakistan between 2002:II to 2010:I. We find that following a monetary contraction, small banks with liquid balance sheets cut their lending less

  12. The transmission of monetary policy through conventional and Islamic banks

    NARCIS (Netherlands)

    Zaheer, S.; Ongena, S.; van Wijnbergen, S.J.G.

    2013-01-01

    We investigate the differences in banks’ responses to monetary policy shocks across bank size, liquidity, and type—i.e., conventional versus Islamic—in Pakistan between 2002:Q2 and 2010:Q1. We find that following a monetary contraction, small banks with liquid balance sheets cut their lending less

  13. The transmission of monetary policy through conventional and islamic banks

    NARCIS (Netherlands)

    Zaheer, S.; Ongena, S.; van Wijnbergen, S.

    2012-01-01

    We investigate the differences in banks' responses to monetary policy shocks across bank size, liquidity, and type, i.e., conventional versus Islamic, in Pakistan between 2002:II to 2010:I. We find that following a monetary contraction, small banks with liquid balance sheets cut their lending less

  14. The International Impact of US Unconventional Monetary Policy

    DEFF Research Database (Denmark)

    Lutz, Chandler

    2015-01-01

    Using a structural factor-augmented vector autoregression model and a large data set of daily time series, we study the impact of US unconventional monetary policy on British and German financial markets. Our findings indicate that a surprise US unconventional monetary policy easing leads...

  15. 7 CFR 3.91 - Adjusted civil monetary penalties.

    Science.gov (United States)

    2010-01-01

    ... articles not for monetary gain), $275,000 in the case of any other person for each violation, and $550,000... violation of the AHPA by an individual moving regulated articles not for monetary gain, $275,000 in the case... and a maximum of $550. (3) Food and Nutrition Service. (i) Civil penalty for hardship fine in lieu of...

  16. U.S. monetary shocks and global stock prices

    NARCIS (Netherlands)

    Laeven, L.; Tong, H.

    2012-01-01

    This paper studies how US monetary policy affects global stock prices. We find that global stock prices respond strongly to changes in US interest rates, with stock prices increasing (decreasing) following unexpected monetary loosening (tightening). This impact is more pronounced for sectors that

  17. Financial structure and monetary policy transmission in transition countries

    NARCIS (Netherlands)

    Elbourne, A.; de Haan, J.

    Using the structural vector autoregressive methodology, we present estimates of monetary transmission for the new and future EU member countries in Central and Eastern Europe. Unlike most previous research we include ten transition countries. We examine to what extent monetary transmission in these

  18. The Relative Importance of the Channels of Monetary Policy ...

    African Journals Online (AJOL)

    importance channels of monetary policy which are working in Zambia. It answers the ... several ways through which monetary policy affect the balance sheets of economic agents and hence ... economies, especially those with flexible exchange rate regimes. ..... transmission channels work endogenously or exogenously.

  19. Banks' risk appetite, heterogeneity and monetary policy: evidence ...

    African Journals Online (AJOL)

    The study examines the effects of bank heterogeneity on risk appetite under changing monetary policy stance of the monetary authority. The scope of the study covers the period 2005 to 2015 using data obtained from the published accounts of the affected banks and Central Bank of Nigeria (CBN) statistical bulletin, various ...

  20. Monetary aggregate targeting and inflation in Nigeria | Adedoyin ...

    African Journals Online (AJOL)

    Abstract. In a capitalist economy, monetary aggregate policy instruments are normally employed by monetary authorities. ... To the financial analysts, if the direction of the volume of money supply into a given economy and the velocity and output of good and services remain constant, there is bound to be an impact on prices.

  1. The Adoption of Indirect Instruments of Monetary Policy

    OpenAIRE

    Tomás J. T. Baliño; Charles Enoch; William E. Alexander

    1995-01-01

    This paper examines the experience of implementing indirect instruments of monetary policy. The experiences of country studies illustrate the variety of circumstances under which indirect instruments of monetary policy have been introduced. Case Studies are presented for Chile, Egypt, Ghana, Indonesia, Mexico, New Zealand, and Poland.

  2. Monetary stability and financial development in Sub-Saharan countries

    NARCIS (Netherlands)

    Adema, Yvonne; Sterken, Elmer

    2001-01-01

    Abstract We analyze the interrelation between monetary stability and financial structure in 20 Sub-Saharan economies. Using a panel data set we estimate the impact of monetary stability and financial development on income per capita. Special interest is given to the conditions of the so-called

  3. Monetary stability and financial development in Sub-Saharan countries

    NARCIS (Netherlands)

    Adema, Yvonne; Sterken, Elmer

    2001-01-01

    We analyze the interrelation between monetary stability and financial structure in 20 Sub-Saharan economies. Using a panel data set we estimate the impact of monetary stability and financial development on income per capita. Special interest is given to the conditions of the so-called CFA-countries,

  4. Structural convergence under reversible and irreversible monetary unification

    NARCIS (Netherlands)

    Beetsma, R.M.W.J.; Jensen, H.

    2003-01-01

    We explore endogenous monetary unification in the context of a model in which a country with serious structural distortions (and, hence, high inflation) is admitted into a monetary union once its economic structure has converged sufficiently towards that of the existing participants. If unification

  5. Structural convergence under reversible and irreversible monetary unification

    NARCIS (Netherlands)

    Beetsma, R.M.W.J.; Jensen, H.

    1999-01-01

    We explore endogenous monetary unification in the context of a model in which a country with serious structural distortions (and, hence, high inflation) is admitted into a monetary union once its economic structure has converged sufficiently towards that of the existing participants. If unification

  6. On the influence of institutional design on monetary policy making

    NARCIS (Netherlands)

    Raes, L.B.D.

    2014-01-01

    This thesis consists of a collection of essays on monetary policy making. These essays focus on institutional aspects which impact monetary policy making. Two chapters focus on analyzing voting records of central banks. A method is proposed to use the observed votes to infer the preferences of

  7. Information and Uncertainty in the Theory of Monetary Policy

    OpenAIRE

    Wagner, Helmut

    2007-01-01

    Theory and practice of monetary policy have changed significantly over the past three decades. A very important part of today's monetary policy is management of the expectations of private market participants. Publishing and justifying the central bank's best forecast of inflation, output, and the instrument rate is argued to be the most effective way to manage those expectations.

  8. Transmission Channels of Monetary Policy: A Broader View

    Directory of Open Access Journals (Sweden)

    Lukáš Kučera

    2016-08-01

    Full Text Available The paper deals with a transmission mechanism of monetary policy under the regime of inflation targeting. It focuses on the expectations channel, the credit view and the cost channel. These channels work side by side and may amplify effects of the traditional view of transmission mechanisms of monetary policy, which emphasises adjustments on the demand side.

  9. Monetary transmission and bank lending in the Netherlands

    NARCIS (Netherlands)

    Kakes, Jan

    1998-01-01

    This paper investigates the role of bank lending in the monetary transmission process in the Netherlands. We observe significant differences between the responses of corporate and household lending following a monetary shock. We also find that banks hold a buffer stock of securities which they use

  10. 8 CFR 280.53 - Civil monetary penalties inflation adjustment.

    Science.gov (United States)

    2010-01-01

    ... 8 Aliens and Nationality 1 2010-01-01 2010-01-01 false Civil monetary penalties inflation... REGULATIONS IMPOSITION AND COLLECTION OF FINES § 280.53 Civil monetary penalties inflation adjustment. (a) In general. In accordance with the requirements of the Federal Civil Penalties Inflation Adjustment Act of...

  11. 76 FR 74625 - Civil Monetary Penalties Inflation Adjustment

    Science.gov (United States)

    2011-12-01

    ...-2011] RIN 1125-AA69 Civil Monetary Penalties Inflation Adjustment AGENCIES: U.S. Customs and Border... adjust for inflation certain civil monetary penalties assessed under the Immigration and Nationality Act... assessed under the INA. The Federal Civil Penalties Inflation Adjustment Act of 1990 (Adjustment Act...

  12. Monetary union without fiscal coordination may discipline policymakers

    NARCIS (Netherlands)

    Beetsma, R.M.W.J.; Bovenberg, A.L.

    1995-01-01

    We show that, with benevolent policymakers and fiscal leadership, monetary unification reduces inflation, taxes and public spending. These disciplining effects of a monetary union, which rise with the number of fiscal players in the union, are likely to raise welfare. Joining an optimally designed

  13. Accountability of the International Monetary Fund | CRDI - Centre de ...

    International Development Research Centre (IDRC) Digital Library (Canada)

    Accountability of the International Monetary Fund. Couverture du livre Accountability of the International Monetary Fund. Directeur(s):. Barry Carin et Angela Wood. Maison(s) d'édition: Ashgate, CRDI. 29 juin 2005. ISBN : 0754645231. 140 pages. e-ISBN : 1552501752. Téléchargez le PDF · Téléchargez le cyberlivre.

  14. “THE NET MONETARY STATEMENT” AND “THE NET NON-MONETARY STATEMENT” – ASSESSMENT INDICATORS FOR THE FINANCIAL POSITION OF THE ENTITY

    Directory of Open Access Journals (Sweden)

    SORIN-CONSTANTIN DEACONU

    2012-10-01

    Full Text Available This paper examines two indicators, namely the net monetary statement and the net non-monetary statement. To determine and analyze them, we started with the classification of assets (monetary and non-monetary and liabilities (monetary and nonmonetary. The actual values of these elements were established on the basis of information supplied by the balance sheet, followed by the calculus of the net monetary statement and of the net non-monetary statement. These indicators provide relevant and reliable information to the users of financial statements and, in the future, they should be taken into account because they bring additional information about the financial position of the entity.

  15. Did capital market convergence lower the effectiveness of the interest rate as a monetary policy tool?

    NARCIS (Netherlands)

    Jansen, Pieter W.

    2006-01-01

    International capital market convergence reduces the ability for monetary authorities to set domestic monetary conditions. Traditionally, monetary policy transmission is channelled through the short-term interest rate. Savings and investment decisions are effected through the response of the bond

  16. A SHARIA RETURN AS AN ALTERNATIVE INSTRUMENT FOR MONETARY POLICY

    Directory of Open Access Journals (Sweden)

    Ashief Hamam

    2011-09-01

    Full Text Available Rapid development in Islamic financial industry has not been supported by sharia monetary policy instruments. This study looks at the possibility of sharia returns as the instrument. Using both error correction model and vector error correction model to estimate the data from 2002(1 to 2010(12, this paper finds that sharia return has the same effect as the interest rate in the demand for money. The shock effect of sharia return on broad money supply, Gross Domestic Product, and Consumer Price Index is greater than that of interest rate. In addition, these three variables are more quickly become stable following the shock of sharia return. Keywords: Sharia return, islamic financial system, vector error correction modelJEL classification numbers: E52, G15

  17. EFFECTS OF MONETARY POLICY IN ROMANIA - A VAR APPROACH

    Directory of Open Access Journals (Sweden)

    Iulian Popescu

    2012-10-01

    Full Text Available Understanding how monetary policy decisions affect inflation and other economic variables is particularly important. In this paper we consider the implications of monetary policy under the inflation targeting regime in Romania, based on an autoregressive vector method including recursive VAR and structural VAR (SVAR. Therefore, we focus on assessing the extent and persistence of monetary policy effects on gross domestic product (GDP, price level, extended monetary aggregate (M3 and exchange rate. The main results of VAR analysis reflect a negative response of consumer price index (CPI, GDP and M3 and positive nominal exchange rate behaviour to a monetary policy shock, and also a limited impact of a short-term interest rate shock in explaining the consumer prices, production and exchange rate fluctuations.

  18. Financial stability and monetary policy -The case of Brazil

    Directory of Open Access Journals (Sweden)

    Benjamin M. Tabak

    2013-12-01

    Full Text Available This paper seeks to examine the effects of monetary policy over banks' loans growth and whether there is a bank lending channel operating in Brazil. Therefore, we employ a detailed high frequency panel data in which we include bank characteristics and ownership control. We contribute to the literature on bank lending channel by showing that during periods of loosening/tightening monetary policy, banks increase/decrease their loans. Additionally,our results illustrate that large, well-capitalized and liquid banks react differentially to the effects of monetary policy shocks. Finally, we show that the impact of monetary policy differs across state-owned, foreign and private domestic banks. These results are important for developing and conducting monetary policy.

  19. The price level and monetary policy

    Directory of Open Access Journals (Sweden)

    Charles P. Kindleberger

    2002-03-01

    Full Text Available Most central banks are required to or choose to stabilize a price index, largely by manipulating short term interest rates. A serious problem is which index to choose among the national income deflator, wholesale prices, the cost of living, with or eliminating highly volatile commodities such as food and energy, to produce a core index, plus others such as housing, including or without imputed rent of owner-occupied houses, or assets, whether equities or houses. No obvious and widely agreed index exists. Even if there were a clear choice, there remains a question whether a central bank should carefully consider action in order to achieve other goals: full employment, adjustment of the balance of payments, of the exchange rate, prevention of bubbles in asset prices, or recovery from financial crises. If so, the question of central bank weapons remains: monetary expansion or contraction, credit controls, for overall or for particular purposes, and moral suasion.

  20. Az észt névtervezés az észt nyelvpolitikai modell tükrében [The name management in the mirror of the Estonian LPP-model

    OpenAIRE

    Pomozi, Péter; Földesi, Eszter

    2016-01-01

    The Estonian model of language planning and policy, which has been serving the development and protection of the Estonian language in its current form since 2004, is one of the most successful of such strategies in Europe. It owes it success to the broad social and scientific consensus reached in questions of language policy, regardless of changes in government. The Development Plan of the Estonian Language divides Estonian language planning and policy into three parts: status planning, corpu...

  1. Economic Nature of Monetary Funds of Households

    Directory of Open Access Journals (Sweden)

    Vladimir Vladimirovich Glukhov

    2015-12-01

    Full Text Available In a market economy, household is characterized by the situation in which its members become owners of their tangible and intangible assets or are only declared to be them. Many provisions of the macroeconomy could change significantly if the issues of household and family finances were paid as much attention as economic problems of the state and entities. Finance households are an economic basis for the state and for business entities of different ownership forms, because they are managed by people who are part of families representing the interests of certain individuals. The issues of formation and distribution of Russian households’ intra-cash assets, including shadow ones, are now one of the most topical issues, not only in theory but also in practice of economic science. And at the same time these issues remain virtually unexplored. Social risk of intra-family shadow funds consists in the fact that the models of economic behavior acquired by the individual in the household are transferred to an external social field, and implemented according to the occupied power status. Shadow monetary funds created in the household represent part of the money which is derived from the family budget, and they imply the existence of latent side of financial relations among its members. The purpose of this article is studying the mеchanisms of decision-making on the establishment of both collective and individual monetary funds within the family budget, including the shadow funds (so-called “zanachkа” of individuals, not accounted for in the family budget.

  2. Effectiveness of monetary and macroprudential shocks on consumer credit growth and volatility in Turkey

    Directory of Open Access Journals (Sweden)

    Meltem Gulenay Chadwick

    2018-06-01

    Full Text Available This paper proposes a panel VAR model to uncover the effect of monetary policy and macroprudential tightening probability on general purpose loans, housing loans, vehicle loans, credit cards and their respective volatilities in Turkey. To conduct our analysis, first, we compare a number of stochastic volatility models using our loan and credit card series in a formal Bayesian model comparison exercise, in order to determine the best volatility model for our series. Second we disclose the latent probability of macroprudential tightening from the binary information of policy episodes, using an instrumental variable probit model estimated by conditional maximum likelihood with heteroscedasticity robust standard errors. Lastly we estimate the dynamic impact of monetary policy and macroprudential measures using a panel VAR, incorporating the latent probability of tightening episodes, credit growth, industrial production growth, loan rates, inflation and credit growth volatilities into the endogenous system of equations. We conclude that macroprudential tightening is effective in dampening credit growth, credit growth volatility and reducing consumer price inflation. Besides, this effect is more prominent when macroprudential tools are administered in coordination with monetary policy. Keywords: Consumer loans, Monetary policy, Macroprudential policy, Stochastic volatility models, Credit growth volatility, IV probit model, Panel VAR model, JEL classification: C54, E44, E52

  3. Independent functional connectivity networks underpin food and monetary reward sensitivity in excess weight.

    Science.gov (United States)

    Verdejo-Román, Juan; Fornito, Alex; Soriano-Mas, Carles; Vilar-López, Raquel; Verdejo-García, Antonio

    2017-02-01

    Overvaluation of palatable food is a primary driver of obesity, and is associated with brain regions of the reward system. However, it remains unclear if this network is specialized in food reward, or generally involved in reward processing. We used functional magnetic resonance imaging (fMRI) to characterize functional connectivity during processing of food and monetary rewards. Thirty-nine adults with excess weight and 37 adults with normal weight performed the Willingness to Pay for Food task and the Monetary Incentive Delay task in the fMRI scanner. A data-driven graph approach was applied to compare whole-brain, task-related functional connectivity between groups. Excess weight was associated with decreased functional connectivity during the processing of food rewards in a network involving primarily frontal and striatal areas, and increased functional connectivity during the processing of monetary rewards in a network involving principally frontal and parietal areas. These two networks were topologically and anatomically distinct, and were independently associated with BMI. The processing of food and monetary rewards involve segregated neural networks, and both are altered in individuals with excess weight. Copyright © 2016 Elsevier Inc. All rights reserved.

  4. Elastic Labour Supply and Home Production in a Monetary Growth Model

    Directory of Open Access Journals (Sweden)

    Wei-Bin Zhang

    2011-10-01

    Full Text Available This study constructs a monetary gender growth model with capital accumulation and endogenous labour supply. The real aspects of the model are based on the neoclassical growth theory and monetary aspects of the model are based on the cash-in-advance (CIA approach. We show that the dynamics of the economy can be described by 2-dimensional differential equations. We simulate equilibrium and motion of the economy with specified monetary policies, household preference and technology. As the monetary economic system is unstable, the economy may either experience unlimited growth or economic crisis. We also study effects of changes in some parameters on the economic equilibrium. For instance, as the woman raises her propensity to stay at home, the capital intensity is not affected, which results in that the wage rates, the rate and output level per unit of labour input are not affected. Nevertheless, the man increases his work time and the woman reduces her work time, resulting in the fall of the labour supply. The money holing, durable goods used at home and consumption level per household are reduced; also the total wealth, total capital inputs, total durable goods and total output levels are reduced.

  5. Euroopa-ihalusest taasiseseisvusperioodi autobiograafiates / European Identifications in Post-Soviet Estonian Life Writing

    Directory of Open Access Journals (Sweden)

    Leena Kurvet-Käosaar

    2016-12-01

    Full Text Available Teesid: Artikkel käsitleb Euroopat kui identiteedi ja minaduse sõlmpunkti ja enesevahenduse mõõdet kolmes omaelulookirjutuslikus teoses, mille autoritel on väljapaistev positsioon eesti (kirjanduskultuuris: Jaan Krossi „Kallid kaasteelised“ (2003a, 2008, Jaan Kaplinski „Isale“ (2003 ja Tõnu Õnnepalu „Flandria päevik“ (2007. Artikkel keskendub sellele, kuidas küsimused suhestumise trajektooridest Euroopa mäluruumiga haakuvad Krossi, Kaplinski ja Õnnepalu teostes esiletuleva enesemääratlusliku raamiga, neist lähtuvate vastastikuse kõnetuse võimaluste ja oma aegruumi tunnetuse pidepunktidega. Kuigi tegemist on eesti keeles ilmunud ning eesti kultuuriruumi lugejale suunatud teostega, seostuvad neis väljajoonistuvad enesemääratluse teljed viimastel aastakümnetel hoogustunud laiemate aruteludega ühtse Euroopa mäluraami ning identiteedi võimalikkusest ja selle toimimise tingimustest.   In recent years, the question of the possibility of a shared frame of memory and identity in Europe, its desired manifestations and practices for attaining it as well as its obstacles and limitations to it have gained prominence in scholarly debates in a number of disciplines. In terms of the division between the East and West of Europe, these discussions take as their starting point the collapse of the Soviet system in 1989 as well as the European Union enlargement in 2004. Far from uniform, the exceedingly complex and contrasting ranges of arguments have put forward a varied palette of perspectives and suggestions about possible and desirable implications of Europe in different socio-political and cultural configurations. Taking these debates as my starting point, the current article offers an analysis of three life writing works by contemporary Estonian authors and intellectuals, Kallid kaasteelised (Dear Fellow Travellers, 2003, 2008 by Jaan Kross, Isale (To My Father, 2003 by Jaan Kaplinski and Flandria päevik (The Flemish Diary

  6. The Role of Language in (Recreating Tatar Diaspora Identity: The Case of the Estonian Tatars

    Directory of Open Access Journals (Sweden)

    Maarja Klaas

    2015-06-01

    Full Text Available This paper focuses on the meanings assigned to Tatar language among the Tatar diaspora in Estonia. According to interviews with Estonian Tatars as well as descriptions of field material from Tatarstan, language is an important aspect of Tatar ethnic identity. This paper will track common discourses about the Tatar language and the way it is connected to Tatar ethnic identity. Issues concerning Tatar language are used to demonstrate various ways of enacting Tatarness in Estonia. It is shown that Estonian Tatars worry about the vitality and purity of Tatar language, but for some, marginalization of dialects is also an issue. People categorized with the same identity labels by self and others can experience and enact their Tatarness in a variety of different ways.

  7. Field of genes: the politics of science and identity in the Estonian Genome Project.

    Science.gov (United States)

    Fletcher, Amy L

    2004-04-01

    This case study of the Estonian Genome Project (EGP) analyses the Estonian policy decision to construct a national human gene bank. Drawing upon qualitative data from newspaper articles and public policy documents, it focuses on how proponents use discourse to link the EGP to the broader political goal of securing Estonia's position within the Western/European scientific and cultural space. This dominant narrative is then situated within the analytical notion of the "brand state", which raises potentially negative political consequences for this type of market-driven genomic research. Considered against the increasing number of countries engaging in gene bank and/or gene database projects, this analysis of Estonia elucidates issues that cross national boundaries, while also illuminating factors specific to this small, post-Soviet state as it enters the global biocybernetic economy.

  8. The role of EU institutions in implementing its monetary policy

    Directory of Open Access Journals (Sweden)

    Emilia GEORGIEVA

    2011-06-01

    Full Text Available The main goal of the current article is to illustrate in detail the powers of the EU institutions to implement its monetary policy. The methods used to explore the topic and to draw the conclusions and interpret the findings are based on deduction and induction. On the grounds of the information presented in the article the following conclusions have been drawn: the relations between the EU institutions responsible for implementing its monetary policy (the European Central Bank, the European Parliament, the Council, the European Commission and others are entirely based on fundamental principles laid down for all its institutions; the commitments of the institutions implementing the EU monetary policy are strictly stipulated in its primary legislation and are mostly related to the establishment of the EU Economic and Monetary Union, the framing, planning and implementing of the common monetary policy, the management of the Monetary Union. In the conditions of world financial and economic crisis the EU has attempted to respond adequately to its monetary policy problems, commensurate with the scope and matching the specific nature of this crisis.

  9. Short outlines of books by Estonian authors : [annotations] / Rutt Hinrikus, Janika Kronberg

    Index Scriptorium Estoniae

    Hinrikus, Rutt, 1946-

    1998-01-01

    Laretei, Käbi. Eksiil; Toona, Elin. Lotukata; Park, Eeva. Naeru õpilane; Luik, Viivi. Inimese kapike; Laaman, Ilona. Vesi ahjus; Viiding, Juhan (Üdi, Jüri). Kogutud luuletused; Paju, Juhan. Katkenud romaan; Paju, Juhan. Hõõguv rist; Estonian short stories / toim. Kajar Pruul ja Darlene Reddaway; Traat, Mats. Kartaago kiirrong; Kauksi Ülle. Säng; Kross, Jaan. Paigallend; Puhvel, Madli. Symbol of dawn; Kaplinski, Jaan. Võimaluste võimalikkus; Kaplinski, Jaan. Usk on uskmatus

  10. Estonian Perceptions of Security: Not Only About Russia and the Refugees

    OpenAIRE

    Veebel Viljar; Ploom Illimar

    2016-01-01

    The current study focuses on the Estonian perceptions of security and on the defence situation both globally and locally. The dynamic results of the public opinion surveys on security risks conducted in Estonia over the last 10 years (2006-2016) will be presented. In addition, to understand whether some of the security risks could be over- or underestimated in Estonia, these results will be compared with the views expressed recently by the World Economic Forum, particularly the Global Risks R...

  11. The Challenges Organic Food Processors Meet at Small Emerging Market – Estonian Case

    OpenAIRE

    Sarapuu, Kerttu; Pehme, Sirli; Peetsmann, Elen; Matt, Darja

    2014-01-01

    Organic farming and demand for organic products is continually a growing trend all over the world (Willer et al., 2013). In Estonia the share of organic land is 15% of all agricultural land and the number of organic farmers is also growing (Vetemaa, Mikk 2013). Estonian organic food market is still in forming stage being affected by local organic farming development, marketing situation, economic situation and consumer attitudes. Organic processing has clearly not kept up with organic farming...

  12. Is Estonian oil shale beneficial in the future?

    International Nuclear Information System (INIS)

    Reinsalu, Enno

    1998-01-01

    Oil shale mining production reached its maximum level of 31.35·10 6 tonnes per year in 1980. After the eighties there was a steady decline in mining. The first scientific prognoses of the inescapable decrease in oil shale mining were published in 1988. According to this, the Estonian oil shale industry would vanish in the third decade of the next century. From the beginning of the nineties, the consumption and export of electricity have dropped in Estonia. The minimum level of oil shale mining was 13.5·10 6 tonnes per year. This occurred in 1994/1995. Some increase in consumption of electric power and oil shale began at the end of 1995. Oil shale processing began to increase gradually in 1993. Oil shale is the most important fuel in Estonia today. In 1997, oil shale provided 76% of Estonia's primary energy supply and accounted for 57% of its economic value. Oil shale is the cheapest fuel in Estonia. Nowadays, oil shale provides an essential part of the fuel supply in Estonia because it is considerably cheaper than other fuels. Oil shale costs EEK 12.16 per G J. At the same time, coal costs EEK 23.41 per G J and peat costs EEK 14.80 per G J (year 1997). There are three important customers of oil shale: the electric power company Eesti Energia, the oil processing company Kiviter and the factory Kunda Nordic Cement. In 1995, the power company utilised 81% of the oil shale mass and 77% of its heating value. The state energy policy inhibits increases in the oil shale price even though the mining infrastructure is decaying. Government price policies subside oil shale processing. The energy of oil shale processing is 1.9 times cheaper than the heating value of raw oil shale for power stations. It could be considered as a state subsidisation of oil and cement export at the expense of electricity. The subsidy assigned to oil processing was of EEK 124·10 6 and to the cement industry of EEK 8.4·10 6 in year 1997 (based on heating value). State regulation of prices and

  13. HIV testing and counselling in Estonian prisons, 2012 to 2013: aims, processes and impacts.

    Science.gov (United States)

    Kivimets, K; Uuskula, A

    2014-11-27

    We present data from an observational cohort study on human immunodeficiency virus (HIV) prevention and control measures in prisons in Estonia to assess the potential for HIV transmission in this setting. HIV testing and retesting data from the Estonian prison health department were used to estimate HIV prevalence and incidence in prison. Since 2002, voluntary HIV counselling and testing has routinely been offered to all prisoners and has been part of the new prisoners health check. At the end of 2012, there were 3,289 prisoners in Estonia, including 170 women: 28.5% were drug users and 15.6% were infected with HIV. Of the HIV-positive inmates, 8.3% were newly diagnosed on prison entry. In 2012, 4,387 HIV tests (including retests) were performed in Estonian prisons. Among 1,756 initially HIV-negative prisoners who were in prison for more than one year and therefore tested for HIV twice within 12 months (at entry and annual testing), one new HIV infection was detected, an incidence of 0.067 per 100 person-years (95% confidence interval (CI): 0.025–5.572). This analysis indicates low risk of HIV transmission in Estonian prisons. Implementation of HIV management interventions could impact positively on the health of prisoners and the communities to which they return.

  14. Estonian folk traditional experiences on natural anticancer remedies: from past to the future.

    Science.gov (United States)

    Sak, Katrin; Jürisoo, Kadi; Raal, Ain

    2014-07-01

    Despite diagnostic and therapeutic advancements, the burden of cancer is still increasing worldwide. Toxicity of current chemotherapeutics to normal cells and their resistance to tumor cells highlights the urgent need for new drugs with minimal adverse side effects. The use of natural anticancer agents has entered into the area of cancer research and increased efforts are being made to isolate bioactive products from medicinal plants. To lead the search for plants with potential cytotoxic activity, ethnopharmacological knowledge can give a great contribution. Therefore, the attention of this review is devoted to the natural remedies traditionally used for the cancer treatment by Estonian people over a period of almost 150 years. Two massive databases, the first one stored in the Estonian Folklore Archives and the second one in the electronic database HERBA ( http://herba.folklore.ee/ ), containing altogether more than 30 000 ethnomedicinal texts were systematically reviewed to compile data about the Estonian folk traditional experiences on natural anticancer remedies. As a result, 44 different plants with potential anticancer properties were elicited, 5 of which [Angelica sylvestris L. (Apiaceae), Anthemis tinctoria L. (Asteraceae), Pinus sylvestris L. (Pinaceae), Sorbus aucuparia L. (Rosaceae), and Prunus padus L. (Rosaceae)] have not been previously described with respect to their tumoricidal activities in the scientific literature, suggesting thus the potential herbal materials for further investigations of natural anticancer compounds.

  15. Comparison of knowledge, attitudes and behaviour regarding smoking among Estonian and Finnish physicians.

    Science.gov (United States)

    Pärna, Kersti; Rahu, Kaja; Barengo, Noël C; Rahu, Mati; Sandström, Patrick H; Jormanainen, Vesa J; Myllykangas, Markku T

    2005-01-01

    To compare smoking behaviour, attitudes and opinions towards smoking and smoking cessation among Estonian and Finnish physicians. A cross-sectional postal survey using a self-administered questionnaire was carried out among 2,480 Estonian and 2,075 Finnish physicians. Daily smoking prevalence was higher among Estonian physicians than among their Finnish counterparts in both male (18.6% and 6.7%) and female (6.6% and 3.6%). Compared to Estonia, physicians in Finland more often agreed that smoking is very harmful to their health, that trying to convince people to stop smoking is their responsibility and that smoking prevention should be part of the normal and special training of health professionals. In both countries, non-smoking physicians held more unfavourable attitudes towards smoking than those who were smoking. Physicians' own smoking patterns and quitting behaviour are important because physicians serve as models for their patients and play a key role in the reinforcement of smoke-free health facilities. These results remain a challenge to medical educators, especially in Estonia. Estonia needs to improve medical education in terms of motivating physicians to ask about the smoking patterns of their patients and of training medical students and resident physicians to counsel their patients to stop smoking.

  16. Cancer incidence and thyroid disease among Estonian Chernobyl clean-up workers

    Energy Technology Data Exchange (ETDEWEB)

    Auvinen, A; Salomaa, S [eds.; Radiation and Nuclear Safety Authority, Helsinki (Finland); Rahu, M; Veidebaum, T; Tekkel, M [eds.; Inst. of Experimental and Clinical Medicine, Tallinn (Estonia); Hakulinen, T [ed.; Finnish Cancer Registry, Helsinki (Finland); Boice, Jr, J D [ed.; Int. Epidemiology Inst., MD (United States)

    1998-09-01

    The report describes the development and summarizes the results of the project Cancer incidence and thyroid disease among Estonian Chernobyl clean-up workers. One of the goals of the report is to give research protocols and questionnaires for researchers involved in other studies. Eight previously published articles are also included summarizing the results. The development of the collaboration work of the project is described in the introduction of the report. Epidemiological methods are described in an article complemented by the protocol and English version of the questionnaire administered to all cleanup workers, as well as the data collection form of the thyroid study. The results from biological biodosimetry using both glycophorin A and FISH methods have shown that the radiation doses received by the Chernobyl cleanup workers were relatively low. Thyroid nodularity was not associated with any radiation exposure characteristic in the thyroid screening study. Estonian Chernobyl cleanup workers were followed up for cancer incidence through the Estonian Cancer Registry. No cases of leukemia or thyroid cancer were observed by the end of 1993. It is too early to observe possible effect on other types of cancer. However, mortality from suicides was increased compared with general population. Further follow-up and the extension to other Baltic countries in the future will undoubtedly strengthen the study. There are also plans for future projects covering areas from psychosocial factors to radiation biology

  17. International Monetary Power and China’s Response

    OpenAIRE

    Hongyu Lin

    2013-01-01

    International monetary power has become a new area of interest since the outbreak of the global financial crisis in 2008. The USA, the EU and China will pursue global monetary power in the future, and the USD, the EURO and the RMB will become the most important world reserve currencies. The pattern of international monetary power will shift from a unilateral-hegemony structure to a triangle-balance structure. This shift has a very strong influence on changes in the current international polit...

  18. Indicator Accuracy and Monetary Policy: Is Ignorance Bliss?

    OpenAIRE

    Nimark, Kristoffer P.

    2003-01-01

    This paper argues that assuming a common information set shared by the public and the central bank may be inappropriate when one is concerned with the value of information itself. Specifically, we argue that it may lead one to draw the conclusion that monetary policy do not benefit from accurate real time data. This paper sets up a New-Keynesian model with optimal discretionary monetary policy, where we allow for partial and diverse information. The model is used to show that monetary policy ...

  19. Moneta, attività liquide, velocità di circolazione e politica monetaria. (Money, liquid assets, velocity and monetary policy

    Directory of Open Access Journals (Sweden)

    G. GARVY

    2014-07-01

    Full Text Available The present article analyses the significance of the rise in liquid assets in relation to GNP, the related increase in the velocity of money and the declining role of money as a financial asset in the U.S. economy. Moreover, the significance of these developments for monetary policy is considered. The author argues that far from being inimical to the execution of monetary policy, changes in velocity are actually another aspect of the system of checks and balances which characterise the operations of the economic system.JEL: E40, E50, E52

  20. Amygdala damage eliminates monetary loss aversion.

    Science.gov (United States)

    De Martino, Benedetto; Camerer, Colin F; Adolphs, Ralph

    2010-02-23

    Losses are a possibility in many risky decisions, and organisms have evolved mechanisms to evaluate and avoid them. Laboratory and field evidence suggests that people often avoid risks with losses even when they might earn a substantially larger gain, a behavioral preference termed "loss aversion." The cautionary brake on behavior known to rely on the amygdala is a plausible candidate mechanism for loss aversion, yet evidence for this idea has so far not been found. We studied two rare individuals with focal bilateral amygdala lesions using a series of experimental economics tasks. To measure individual sensitivity to financial losses we asked participants to play a variety of monetary gambles with possible gains and losses. Although both participants retained a normal ability to respond to changes in the gambles' expected value and risk, they showed a dramatic reduction in loss aversion compared to matched controls. The findings suggest that the amygdala plays a key role in generating loss aversion by inhibiting actions with potentially deleterious outcomes.

  1. ANALIZA INTERACȚIUNII INDICATORILOR MONETARI ȘI DE CREDIT ÎN ECONOMIA REPUBLICII MOLDOVA

    Directory of Open Access Journals (Sweden)

    Tudor SULA

    2017-08-01

    Full Text Available În scopul eficientizării activității sistemului de credit și activizării creditării investiționale a sectorului real al econo­miei Republicii Moldova, în baza datelor statistice a fost efectuată analiza dinamicii și structurii masei monetare, inclu­siv a interacțiunii indicatorilor monetari și de credit, precum și a factorilor care influențează asupra evoluției indicatorilor monetari și de credit pe parcursul perioadei 2005-2016. Astfel, pentru eficientizarea activității sistemului de credit al Republicii Moldova la etapa actuală este necesară promovarea unei politici monetare bazate pe corelarea și ajustarea indicatorilor macroeconomici, monetari și de credit; pentru atingerea obiectivelor politicii monetare, sunt necesare noi abordări și practici internaționale, inclusiv cele recomandate de organizațiile financiare internaționale privind îmbunătă­țirea supravegherii prudențiale; Banca Națională a Moldovei urmează să efectueze o conlucrare mai eficientă cu Guvernul Republicii Moldova pentru asigurarea suficientă cu resurse investiționale a necesităților sectorului real al economiei.ANALYSIS OF THE INTERACTION BETWEEN THE MONETARY AND CREDITING INDICATORS IN MOLDOVA'S ECONOMYIn order to streamline the activity of the credit system and activate the investment crediting of the real sector of the economy of the Republic of Moldova, on the basis of statistical data, there was performed an analysis of the dynamics and the structure of money supply, including the analysis of the interaction between the monetary and crediting indicators, as well as of factors influencing on the evolution of monetary and crediting indicators during the period 2005-2016. Thus, in order to streamline the activity of the credit system of the Republic of Moldova at present, it is necessary to promote a monetary policy based on the correlation and adjustment of the macroeconomic, monetary and credit indicators; to achieve the

  2. Inflation Targeting as the Monetary Policy Framework: Bangladesh Perspective

    Directory of Open Access Journals (Sweden)

    Mohammed SAIFUL ISLAM

    2011-06-01

    Full Text Available Inflation targeting strategy has become a widely accepted monetary policy framework in many countries all over the world. Our study finds that the central bank of Bangladesh is neither inflation targeting nor does follow any other rule-guided monetary policy, rather the policy is formulated with substantial discretion under the guidelines of donor agencies. This paper provides the evidence that monetary sector of Bangladesh economy has gained considerable degree of maturity and fulfils a number of prerequisites to adopt inflation targeting strategy. Using data over 1980-2010 we estimate an error correction model in order to examine if interest rate policy could fight the inflation. This is evident that deviation in inflation from target can be corrected via the changes in interest rate. Empirical findings jointly with few descriptive statistics provide strong evidence to recommend inflation targeting as the monetary policy strategy for Bangladesh.

  3. Impact Of Monetary Policy On Financial Asset Returns: An Analysis ...

    African Journals Online (AJOL)

    Impact Of Monetary Policy On Financial Asset Returns: An Analysis Of Selected Stocks From The Nigerian Capital Market. ... Journal of Research in National Development. Journal Home · ABOUT THIS JOURNAL · Advanced Search · Current ...

  4. Indirect Monetary Policy Reforms and Output Growth in Nigeria: An ...

    African Journals Online (AJOL)

    BRRE). The efforts in repositioning these banks through the current banking reforms (recapitalization and consolidation) the paper notes are a right step in the right direction. Keywords: Indirect monetary policy, Granger – causality, output growth

  5. The role of financial intermediaries in monetary policy transmission

    NARCIS (Netherlands)

    Beck, T.H.L.; Colciago, A.; Pfajfar, D.

    The recent financial crisis has stimulated theoretical and empirical research on the propagation mechanisms underlying business cycles, in particular on the role of financial frictions. Many issues concerning the interactions between banking and monetary policy forced policy makers to redefine

  6. Monetary models and exchange rate determination: The Nigerian ...

    African Journals Online (AJOL)

    Monetary models and exchange rate determination: The Nigerian evidence. ... income levels and real interest rate differentials provide better forecasts of the ... partner can expect to suffer depreciation in the external value of her currency.

  7. monetary policies and credit financing as factors in agricultural ...

    African Journals Online (AJOL)

    controls the supply of money. This assumes the ... input supply, marketing services and of course credit supply. Provision of ... credit in state, assess the impact of credit on agricultural ..... Inflation targeting be a framework for monetary policy.

  8. Financial Inclusion and Monetary Policy: A Review of Recent Studies

    African Journals Online (AJOL)

    Ghana Journal of Development Studies ... in addition to cross-country and regional studies on the impact of financial inclusion on monetary policy using panel data. Keywords: Financial Inclusion, Financial Development, Financial Innovation, ...

  9. The Relative Effectiveness of Monetary and Fiscal Policies in ...

    African Journals Online (AJOL)

    The Relative Effectiveness of Monetary and Fiscal Policies in Economic ... the St. Louis model of the Federal Reserve Bank of USA by Anderson and Jordan 1978. ... the extent of the quantitative impact and relative significance of the variables ...

  10. Analysis of the Effect of Monetary Policy Development on Equity ...

    African Journals Online (AJOL)

    2012-12-01

    Dec 1, 2012 ... square regression (OLS) was run using five monetary policy variables including minimum re- discount ... investment consciousness of investors in .... operator based on information available to ...... This might account for the.

  11. 46 CFR 506.4 - Cost of living adjustments of civil monetary penalties.

    Science.gov (United States)

    2010-10-01

    ... 46 Shipping 9 2010-10-01 2010-10-01 false Cost of living adjustments of civil monetary penalties... MONETARY PENALTY INFLATION ADJUSTMENT § 506.4 Cost of living adjustments of civil monetary penalties. (a... penalty for each civil monetary penalty by the cost-of-living adjustment. Any increase determined under...

  12. 32 CFR 269.4 - Cost of living adjustments of civil monetary penalties.

    Science.gov (United States)

    2010-07-01

    ... 32 National Defense 2 2010-07-01 2010-07-01 false Cost of living adjustments of civil monetary... DEFENSE (CONTINUED) MISCELLANEOUS CIVIL MONETARY PENALTY INFLATION ADJUSTMENT § 269.4 Cost of living... increasing the maximum civil monetary penalty for each civil monetary penalty by the cost-of-living...

  13. Monetary ecosystem services valuation in natural environment management

    OpenAIRE

    Álvarez, David

    2017-01-01

    As it happened with Stern Report, which made international community change their attitude related to climate change, TEEB (The Economics of Ecosystem Services and Biodiversity) was a turning point in valuing biodiversity and ecosystem services. This change of attitude happened, partially, thanks to include monetary ecosystem valuation of ecosystem services and how much their conservation and avoid their loss worth to the entire society. Integrate monetary valuation in green infrastructur...

  14. A LOOK AT ON ASSESSMENT OF MONETARY INCLUSION IN INDIA

    OpenAIRE

    Sri CH. Venkateswarlu*

    2017-01-01

    Monetary inclusion refers back to the shipping of financial offerings in a handy manner and at a low priced fee to substantial sections of deprived and occasional income organization population. Monetary inclusion is the road that India wishes to tour in the direction of turning into a worldwide player. The paper attempts to observe the evaluate of financial inclusion in India. An evaluation has been made among India and some other selected nations concerning no of branches, ATMs, bank credit...

  15. Fear of Floating: An optimal discretionary monetary policy analysis

    OpenAIRE

    Madhavi Bokil

    2005-01-01

    This paper explores the idea that “Fear of Floating” and accompanying pro-cyclical interest rate policies observed in the case of some emerging market economies may be justified as an optimal discretionary monetary policy response to shocks. The paper also examines how the differences in monetary policies may lead to different degrees of this fear. These questions are addressed with a small open economy, new- Keynesian model with endogenous capital accumulation and sticky prices. The economy ...

  16. House Prices and the stance of Monetary Policy.

    OpenAIRE

    Jarociński, Marek; Smets, Frank

    2008-01-01

    This paper estimates a Bayesian VAR for the US economy which includes a housing sector and addresses the following questions. Can developments in the housing sector be explained on the basis of developments in real and nominal GDP and interest rates? What are the effects of housing demand shocks on the economy? How does monetary policy affect the housing market? What are the implications of house price developments for the stance of monetary policy? Regarding the latter question, we implement...

  17. The 'Thin film of gold': monetary rules and policy credibility

    OpenAIRE

    Niall Ferguson; Moritz Schularick

    2012-01-01

    This paper asks whether developing countries can reap credibility gains from submitting policy to a strict monetary rule. Following earlier work, we look at the gold standard era (1880-1914) as a "natural experiment" to test whether adoption of a rule-based monetary framework such as the gold standard increased policy credibility. On the basis of the largest possible dataset covering almost sixty independent and colonial borrowers in the London market, we challenge the traditional view that g...

  18. MONETARY POLICY RULE FOR POLAND – RESULTS FOR VARIOUS SPECIFACTIONS

    OpenAIRE

    Pawel Baranowski

    2011-01-01

    The aim of the paper is to analyse monetary policy rules for Poland. We estimate models based on the proposition of Taylor, augmented with interest rate smoothing. We deal with the case of instantaneous as well as forward-looking relationship between interest rate and inflation. In the latter case, the proposition of data-rich reaction function was also considered. The evidence show that Polish monetary authority reaction to inflation is strong, contrary to the output gap. In addition, we fou...

  19. Financial Stability and Monetary Policy: Need for International Surveillance

    OpenAIRE

    Gary Hufbauer; Daniel Danxia Xie

    2010-01-01

    In this article, we propose a new monetary framework that defines a broader set of assets, De Facto Money (DFM), as the benchmark for improving financial stability. DFM is defined as traditional monetary aggregates plus other liquid assets such as stocks and bonds. Empirical evidence for the USA, other Organisation for Economic Co-operation and Development countries, and a few emerging countries lends strong support for the connection between exceptionally fast growth of DFM and subsequent fi...

  20. Monetary Autonomy in Select Asian Economies : Role of International Reserves

    OpenAIRE

    Hiroyuki Taguchi; Geethanjali Nataraj; Pravakar Sahoo

    2010-01-01

    This paper examines the trends in monetary autonomy and its interaction with financial integration, currency regime and foreign reserves for the past two decades in select Asian countries viz., Thailand, Korea, Indonesia, Philippines, and India. Our main findings are as follows : First, Thailand, Korea and Indonesia, who experienced the change in currency regime towards a floating regime, have lowered the sensitivities of their interest rates (have raised monetary autonomy) after the regime c...

  1. Monetary Poverty, Material Deprivation and Consistent Poverty in Portugal

    OpenAIRE

    Carlos Farinha Rodrigues; Isabel Andrade

    2012-01-01

    In this paper we use the Portuguese component of the European Union Statistics on Income and Living Conditions {EU-SILC) to develop a measure of consistent poverty in Portugal. It is widely agreed that being poor does not simply mean not having enough monetary resources. It also reflects a lack of access to the resources required to enjoy a minimum standard of living and participation in the society one belor]gs to. The coexistence of material deprivation and monetary poverty leads ...

  2. Monetary Policy Instruments and Bank Risks in China

    OpenAIRE

    Zhongyuan Geng; Xue Zhai

    2013-01-01

    The authors use a panel data regression model to examine the effects of main monetary policy instruments on commercial bank risks in China from 1998 to 2011. The interest rate has a positive effect on bank risk while the interest rate margin, the reserve requirement ratio and open market operation have a negative effect. Among the three monetary policy instruments, the reserve requirement ratio has the greatest effect on bank risk, the interest rate (the interest rate margin) the second large...

  3. Monetary Policy Drivers of Bond and Equity Risks

    OpenAIRE

    Luis Viceira; Carolin Pflueger; John Campbell

    2014-01-01

    How do monetary policy rules, monetary policy uncertainty, and macroeconomic shocks affect the risk properties of US Treasury bonds? The exposure of US Treasury bonds to the stock market has moved considerably over time. While it was slightly positive on average over the period 1960-2011, it was unusually high in the 1980s, and negative in the 2000s, a period during which Treasury bonds enabled investors to hedge macroeconomic risks. This paper develops a New Keynesian macroeconomic model wit...

  4. The ECB monetary policy strategy and the money market

    OpenAIRE

    Gaspar, Vítor; Pérez Quirós, Gabriel; Sicilia, Jorge

    2001-01-01

    This paper aims at contributing to the understanding of how the ECB conducts monetary policy as seen from a money market perspective. More specifically it covers two different issues. First, it looks at the 'learning period' for banks since the Eurosystem started implementing the single monetary policy. It shows that during the first three weeks of 1999 the narrow corridor in place during this period was effective in limiting daily volatility of the money market overnight rates. In addition, ...

  5. Interest Rate Dynamics and Monetary Policy Implementation in Switzerland

    OpenAIRE

    Puriya Abbassi; Dieter Nautz; Christian Offermanns

    2010-01-01

    The maturity of the operational target of monetary policy is a distinguishing feature of the SNB's operational framework of monetary policy. While most central banks use targets for the overnight rate to signal the policy-intended interest rate level, the SNB announces a target range for the three-month Libor. This paper investigates the working and the consequences of the SNB's unique operational framework for the behavior of Swiss money market rates before and during the financial crisis.

  6. MANAGEMENT OF SUSTAINABLE SOCIO-ECONOMIC DEVELOPMENT OF REGIONS WITHIN FISCAL AND MONETARY POLICY IN RUSSIA

    Directory of Open Access Journals (Sweden)

    T. Usmanova

    2016-01-01

    Full Text Available Strategy of social and economic development of regions has to be a basis for formation budgetary and tax and a monetary policy. Formation of strategic plans have to provide an exit to the new level of innovative economic and social development of Russia. Adaptation of the current legislation is necessary for the solution of the set major problems regarding budgetary and tax and a monetary policy in the Russian Federation. The important direction of development of social and economic development of territories is the clustering and formation of projects of the public-private partnership (PPP. Within integration of the countries into the world economy the organizations as systems in the form of clusters and the PPP projects can only be the competitive. Within formation of the organizations as systems it is necessary to provide formation of standards of a sustainable development (SEU for social protection of the population and increase of the human capital.

  7. The History of Romania’s Relations with the International Monetary Fund

    Directory of Open Access Journals (Sweden)

    Gheorghe Stefan

    2011-02-01

    Full Text Available The International Monetary Fund aims primarily at ensuring the stability of theinternational monetary system more specifically the international payment system which allowscountries and their citizens to buy, sell goods and services between them. This is essential forsustainable economic growth, improvement of life standards and reducing poverty all around theworld. The goals of Romania’s agreements with IMF subscribe these parameters, mostly the currentone, this being emphasized by the economic recession and the necessity of reducing fiscal imbalancein order to attain a deficit with normal values acceptable in the EU. These include: maintaining theinflation at the range aimed by RNB, ensuring a sufficient external financing and improvingcredibility, the attempt to amortize the effects of severe capital absorption and resolution forRomania’s external and fiscal imbalances and consolidation of the financial area.

  8. Do non-monetary prices target the poor? Evidence from a field experiment in India

    OpenAIRE

    Hoffmann, Bridget

    2016-01-01

    This paper uses willingness to pay (WTP) data from a field experiment in Hyderabad, India in 2013 to determine whether non-monetary prices better target health products to the poor than monetary prices. Monetary WTP is increasing in income and non-monetary WTP is weakly decreasing in income. Household fixed effects in a pooled sample of monetary WTP and non-monetary WTP are used to compare the correlation of income and WTP across price types. It is found that non-monetary WTP falls relative t...

  9. Monetary Cooperation in East Asia: Major Issues and Future Prospects

    Directory of Open Access Journals (Sweden)

    Jai-Won Ryou

    2004-06-01

    Full Text Available The Asian currency crisis in 1997 and the launch of the euro in 1999 made the possibility and desirability of introducing a regional currency union in East Asia a point of debate. At present, the empirical findings and policy implications of previous studies are mixed. We are still in need of theoretical and empirical studies that capture the salient features of East Asia, and give us reliable recommendations for incentive structures, configurations and policy instruments in monetary cooperation in its various stages. This paper aims to review major conceptual and empirical issues relevant to monetary cooperation in East Asia, including proposals for a regional cooperative framework for exchange rate stability or forming a currency union in the region. East Asian countries have no experience with any type of monetary cooperation and all we have are hypothetical predictions. Nevertheless, East Asian countries may be on the brink of an historical evolution to economic and monetary integration, as Europe was half a century ago. The progressive integration of markets in East Asia has conferred a commonality of economic interest upon the countries in the region. As the economic structures of East Asian countries converge with one another through closer ties of trade, investment and finance, the necessity for monetary cooperation will be more likely to emerge in the future. Monetary cooperation in East Asia will be a long process. East Asian countries should make efforts to build collective institutions in the beginning.

  10. An oil demand and supply model incorporating monetary policy

    International Nuclear Information System (INIS)

    Askari, Hossein; Krichene, Noureddine

    2010-01-01

    Oil price inflation may have had a significant role in pushing the world economy into its worst post-war recession during 2008-2009. Reserve currency central banks pursued an overly expansionary monetary policy during 2001-2009, in the form of low or negative real interest rates and accompanied by a rapidly falling US dollar, while paying inadequate attention to the destabilizing effects on oil markets. In this paper, we show that monetary policy variables, namely key interest rates and the US dollar exchange rate, had a powerful effect on oil markets. World oil demand was significantly influenced by interest and dollar exchange rates, while oil supply was rigid. Oil demand and supply have very low price elasticity and this characteristic makes oil prices highly volatile and subject to wider fluctuations than the prices of other commodities. Aggressive monetary policy would stimulate oil demand, however, it would be met with rigid oil supply and would turn inflationary and disruptive to economic growth if there was little excess capacity in oil output. We argue that a measure of stability in oil markets cannot be achieved unless monetary policy is restrained and real interest rates become significantly positive. Monetary tightening during 1979-1982 might imply that monetary policy has to be restrained for a long period and with high interest rates in order to bring stability back to oil markets. (author)

  11. International Monetary Instability Between the Wars: Structural Flaws or Misguided Policies?

    OpenAIRE

    Barry Eichengreen

    1989-01-01

    This paper reassesses the history of the international monetary system between the wars. It confirms the generality of several widely held interpretations of recent experience with floating exchange rates. There is a positive association between nominal exchange rate variability and real exchange rate variability. But policies of intervention which reduce nominal exchange rate variability do not guarantee a proportionate reduction in nominal exchange rate risk or in real exchange rate variabi...

  12. International Monetary Stability Between the Wars: Structural Flaws or Misguided Policies?

    OpenAIRE

    Eichengreen, Barry

    1989-01-01

    This paper examines the international monetary system between the Wars. It confirms the generality of several widely held interpretations of recent experience with floating exchange rates. There is a positive association between nominal exchange rate flexibility and nominal exchange rate variability, and between nominal and real exchange rate variability. But policies which reduce nominal exchange rate variability do not guarantee a proportionate reduction in nominal exchange rate risk or in ...

  13. Monetary policy transmission mechanism in Poland. What do we know in 2011?

    OpenAIRE

    Tomasz Łyziak; Oksana Demchuk; Jan Przystupa; Anna Sznajderska; Ewa Wróbel

    2012-01-01

    In the light of the results of empirical studies presented in the Report and the literature available45 it may be concluded that the form of the monetary policy transmission mechanism in Poland is consistent with structural features of the Polish economy and coincides with those characteristic of more developed European economies, e.g. the euro area. Although the financial intermediation system is less developed than in the euro area, Poland, like the new EU Member States is characterised by ...

  14. The Rise and Fall of Money Growth Targets as Guidelines for U.S. Monetary Policy

    OpenAIRE

    Benjamin M. Friedman

    1996-01-01

    A familiar question raised by the Federal Reserve System's evolving use of money growth targets over the past twenty years is whether monetary policymakers had sound economic reasons for changing their procedures as they did -- either in adopting money growth targets in the first place, or in subsequently abandoning them, or in both instances. This paper addresses that question by comparing two kinds of evidence based on U.S. time-series data: first, evidence bearing on what Federal Reserve p...

  15. Da obiettivi monetari a obiettivi di cambio. (From monetary to exchange rate targets

    Directory of Open Access Journals (Sweden)

    M.J. ARTIS

    2013-12-01

    Full Text Available Questo documento è stato presentato in occasione del quarto Seminario Internazionale sui diritti economici e monetaria dell'Unione Europea, tenutosi a Copenaghen nel marzo del 1981. L'autore prende le questioni teoriche nell'ambito dell'analisi sia statica che dinamica. Egli sostiene, sulla base del criterio di minimizzare la varianza dei prezzi intorno loro valore nominale, che un obiettivo di cambio supera un obiettivo monetario nella maggior parte dei tipi immaginabili di disturbi in un'analisi statica.This paper was presented at the Fourth International Seminar on European Economic and Monetary Union, held in Copenhagen in March of 1981. The author takes up the theoretical issues in the framework of both static and dynamic analysis. He argues, on the basis of the criterion of minimising the variance of prices around their target value, that an exchange-rate target outperforms a monetary target under most conceivable types of disturbances in a static analysis. JEL: E24, F36

  16. The impact of monetary policy on New Zealand business cycles and inflation variability

    OpenAIRE

    Nathan McLellan; Robert A Buckle; Kunhong Kim

    2004-01-01

    This paper uses the open economy structural VAR model developed in Buckle, Kim, Kirkham, McLellan and Sharma (2002) to evaluate the impact of monetary policy on New Zealand business cycles and inflation variability and the output/inflation variability trade-off. The model includes a forward-looking Taylor Rule to identify monetary policy and the impact of monetary policy is evaluated by deriving a monetary policy index using a procedure suggested by Dungey and Pagan (2000). Monetary policy ha...

  17. THE MONETARY POLICY TRANSMISSION MECHANISM THROUGH INTEREST RATE. EMPIRICAL ANALYSIS: ROMANIA

    OpenAIRE

    Gabriel Bistriceanu

    2008-01-01

    Understanding monetary policy transmission is necessary to moentary policy projection and implementation of monetary policy in a efficient manner. I consider that interest rate monetary policy mechanism is very important because the interest rate is now the main instrument used by the majority of central banks in the world in taking monetary policy decissions and by all central banks wich have inflation targeting strategy. In this paper, I analysed monetary policy transmission mechanism throu...

  18. Evaluation of Reports Required by the Statutes for Distribution of Monetary Donations and Allowances

    OpenAIRE

    Harun Tugcu; Mehmet Toygar; Ender Senol; I. Ozgur Can; Mukerrem Safali

    2007-01-01

    Physicians have to write reports in accordance with the relevant laws, statutes and regulations when requested by the administrations for distribution of monetary donations and allowances. The Statutes for Distribution of Monetary Donations and Allowances show the conditions requiring monetary support, the people who need monetary donations and the types of making monetary donations in cases of disabilities and injuries. We retrospectively reviewed the reports written in accordance with the S...

  19. The Monetary Effect of Power: How Perception of Power Affects Monetary Value Judgments in China and US

    OpenAIRE

    Qian Yang; Kaiping Peng; Xueya Zhou; Ruoqiao Zheng; Wanhua Peng

    2013-01-01

    Previous research has found a positive correlation between the perception of power and the perception of a number of social attributes (e.g., attractiveness, height, personality traits), but most of the studies were conducted in the US, and none has investigated the relationship between power perception and monetary value judgments. The current study found dramatic differences between Americans and Chinese on value estimations; the Chinese seem to perceive much higher monetary values for all ...

  20. Monetary Transmission and Asset - Liability management by financial institutions in transitional economies - implications for czech monetary policy

    OpenAIRE

    Derviz, Alexis

    2000-01-01

    The paper deals with the transmission of monetary policy within the financial sector. The objective is to link an optimizing stochastic model of portfolio decisions by a representative financial institution with a number of features that this optimizing behavior implies for monetary transmission and credit conditions in a transitional economy. The main example is the intermediation performance of Czech financial sector in the years 1993 to 1999.

  1. Including the monetary part in macro accounting: A ‘modern’ approach to the macroeconomic accounting

    Directory of Open Access Journals (Sweden)

    Onur TUTULMAZ

    2014-12-01

    Full Text Available Economic output is placed at the heart of the macroeconomics. To calculate the output one needs to achieve simplifying a high level complexity of economic relationships to form a system. On the flip side, the model should be enough elaborated to be able to reflect the important relationships. In this manner, the classical macroeconomic identity as Keynes suggested is simple enough to understand the main elements but it does not show the financial parts of transactions. Not having the monetary part of the economy it lacks the coherence. With the financial and economic crises getting more frequent, more endeavour to build a more inclusive and coherent macroeconomic system has been observed. However, there are large variety in different options of simplifying and simulating complex relationships among the real and monetary part of the modern economies.  Our paper tries to set an analysis comparing some of the recent prominent ideas in building balance sheet and transaction flow matrix in regard to macroeconomic accounting system. We can conclude the new achievement of including the monetary transactions in the frame causes a compromise from the simplicity for a coherent and more complete picture of macro economy.

  2. Unpleasant odors increase aversion to monetary losses.

    Science.gov (United States)

    Stancak, Andrej; Xie, Yuxin; Fallon, Nicholas; Bulsing, Patricia; Giesbrecht, Timo; Thomas, Anna; Pantelous, Athanasios A

    2015-04-01

    Loss aversion is the tendency to prefer avoiding losses over acquiring gains of equal nominal values. Unpleasant odors not only influence affective state but have also been shown to activate brain regions similar to those mediating loss aversion. Therefore, we hypothesized a stronger loss aversion in a monetary gamble task if gambles were associated with an unpleasant as opposed to pleasant odor. In thirty human subjects, unpleasant (methylmercaptan), pleasant (jasmine), and neutral (clean air) odors were presented for 4 s. At the same time, uncertain gambles offering an equal chance of gain or loss of a variable amount of money, or a prospect of an assured win were displayed. One hundred different gambles were presented three times, each time paired with a different odor. Loss aversion, risk aversion, and logit sensitivity were evaluated using non-linear fitting of individual gamble decisions. Loss aversion was larger when prospects were displayed in the presence of methylmercaptan compared to jasmine or clean air. Moreover, individual differences in changes in loss aversion to the unpleasant as compared to pleasant odor correlated with odor pleasantness but not with odor intensity. Skin conductance responses to losses during the outcome period were larger when gambles were associated with methylmercaptan compared to jasmine. Increased loss aversion while perceiving an unpleasant odor suggests a dynamic adjustment of loss aversion toward greater sensitivity to losses. Given that odors are biological signals of hazards, such adjustment of loss aversion may have adaptive value in situations entailing threat or danger. Copyright © 2015 Elsevier B.V. All rights reserved.

  3. Endogenous cortisol levels are associated with an imbalanced striatal sensitivity to monetary versus non-monetary cues in pathological gamblers

    Directory of Open Access Journals (Sweden)

    Yansong eLi

    2014-03-01

    Full Text Available Pathological gambling is a behavioral addiction characterized by a chronic failure to resist the urge to gamble. It shares many similarities with drug addiction. Glucocorticoid hormones including cortisol are thought to play a key role in the vulnerability to addictive behaviors, by acting on the mesolimbic reward pathway. Based on our previous report of an imbalanced sensitivity to monetary versus non-monetary incentives in the ventral striatum of pathological gamblers (PGs, we investigated whether this imbalance was mediated by individual differences in endogenous cortisol levels. We used functional magnetic resonance imaging (fMRI and examined the relationship between cortisol levels and the neural responses to monetary versus non-monetary cues, while PGs and healthy controls were engaged in an incentive delay task manipulating both monetary and erotic rewards. We found a positive correlation between cortisol levels and ventral striatal responses to monetary versus erotic cues in PGs, but not in healthy controls. This indicates that the ventral striatum is a key region where cortisol modulates incentive motivation for gambling versus non-gambling related stimuli in PGs. Our results extend the proposed role of glucocorticoid hormones in drug addiction to behavioral addiction, and help understand the impact of cortisol on reward incentive processing in PGs.

  4. Endogenous cortisol levels are associated with an imbalanced striatal sensitivity to monetary versus non-monetary cues in pathological gamblers.

    Science.gov (United States)

    Li, Yansong; Sescousse, Guillaume; Dreher, Jean-Claude

    2014-01-01

    Pathological gambling is a behavioral addiction characterized by a chronic failure to resist the urge to gamble. It shares many similarities with drug addiction. Glucocorticoid hormones including cortisol are thought to play a key role in the vulnerability to addictive behaviors, by acting on the mesolimbic reward pathway. Based on our previous report of an imbalanced sensitivity to monetary versus non-monetary incentives in the ventral striatum of pathological gamblers (PGs), we investigated whether this imbalance was mediated by individual differences in endogenous cortisol levels. We used functional magnetic resonance imaging (fMRI) and examined the relationship between cortisol levels and the neural responses to monetary versus non-monetary cues, while PGs and healthy controls were engaged in an incentive delay task manipulating both monetary and erotic rewards. We found a positive correlation between cortisol levels and ventral striatal responses to monetary versus erotic cues in PGs, but not in healthy controls. This indicates that the ventral striatum is a key region where cortisol modulates incentive motivation for gambling versus non-gambling related stimuli in PGs. Our results extend the proposed role of glucocorticoid hormones in drug addiction to behavioral addiction, and help understand the impact of cortisol on reward incentive processing in PGs.

  5. Monopolistic Market Position and Losses from Monetary Integration

    Directory of Open Access Journals (Sweden)

    Paweł Młodkowski

    2009-12-01

    Full Text Available The objective of the paper is to show how a market position influences company’s gains and losses from monetary integration. The literature on monetary integration already features cost and benefit analysis. However the proposed examples of both results (negative and positive are not offered for different market structures and most often are macroeconomic in nature. The paper develops an idea that a monopolistic enterprise might be worse off because of monetary integration. The case discussed, shows that prior to monetary integration, a specific solution regarding pricing of imported goods allowed the company for: (1 hedging effectively from exchange rate risk, (2 benefiting from long-term appreciation trend of the domestic currency against the euro. Both goals were achieved due to privileged market position (legal monopoly of the company. The monetary integration and the expected full EMU accession is going to remove the need for hedging but simultaneously it will result in loosing the ability to achieve extra profits extracted so far. This is a basis for a claim that costs and benefits flowing from monetary integration could depend on market structure an entity operates in. We conclude that in a more monopolized economies, the microeconomic benefits achieved by households are at the cost of firms, while in a perfect competition gains are uniformly distributed across agents at supply and demand sides of markets. Therefore, producers in monopolized economies could be less prone to join a monetary union. The opposite hypothesis might also be true. In economies with fewer monopolies there are fewer incentives to oppose monetary integration. The comparison of the two extreme settings allows posting a hypothesis that the perfect competition is monetary integration-neutral and the monopoly is monetary integration-averse market structure. Data for the paper and the studied case are originating from one of the largest legal monopolists in Poland that

  6. Does financial inclusion affect monetary policy in SAARC countries?

    Directory of Open Access Journals (Sweden)

    Sanjaya Kumar Lenka

    2016-12-01

    Full Text Available Alike the role of heart for human body, finance is the focal point of an economy, whereas savings and investment are its tubes and vessels. Hence, a solid financial system is a fundamental character of an enduring economy. The frozen financial system endures longer if its foundation is concrete and subsists in the people of grass-root level. They are those, who live in villages and small towns, earn meager income, work in primary sector, spend more on food, and have lesser social securities. In this setting, the process of bringing these people into the main stream of financial activities is called financial inclusion. This study describes the impact of financial inclusion on monetary policy of South Asian Association for Regional Cooperation (SAARC countries from 2004–2013. The study uses principal component analysis (PCA to construct a Financial Inclusion Index that serves as a proxy variable for the accessibility of financial inclusion in the SAARC countries. Adding to it, three different models like FEM, REM, and Panel-corrected standard errors are used for the analysis. In this study, an empirical result of generalized least square(GLS estimation shows that financial inclusion, exchange rate, and interest rate are negatively associated with inflation in SAARC countries.

  7. THE GLOBAL GOVERNANCE PROBLEM AND THE ROLE OF THE INTERNATIONAL MONETARY FUND

    Directory of Open Access Journals (Sweden)

    Sidorova E. A.

    2015-06-01

    Full Text Available Currently, globalization begins to permeate more and more areas of human activity, therefore it is important question of the complex mechanisms and principles of global governance formation.The article analyzes the essence, subjects and mechanisms for the implementation of the global economic governance. Moreover, it investigates the role and current state of the International Monetary Fund (IMF in the global economy. In conclusion, it clarifies the relationship of the IMF and processes of global governance. Research has shown that it is necessary to create within the IMF more representative, economically and politically balanced system of global governance of the world monetary and financial relations as part of the emerging mechanisms of global economic governance. This article extends the knowledge about the features of the IMF in the forming global governance.

  8. MONEY: FROM STATISTICAL DEFINITION TO MONETARY POLICY FOR ADOPTING EURO.

    Directory of Open Access Journals (Sweden)

    Zapodeanu Daniela

    2011-07-01

    Full Text Available Abstract: The evolution of monetary aggregates is closely related to the economic cycle, especially the evolution of GDP. The study aims to analyse the primary monetary aggregates (M1, the secondary (M2 and the tertiary (M3 in three Central and Eastern European countries: Romania, Bulgaria and Poland. The countries were chosen as follows: Romania and Bulgaria on the basis of the economic and geographical closeness and Poland as a benchmark for the first group. The data used are money supply, monetary aggregates: primary, secondary and tertiary, in Romania, Poland and Bulgaria, for the period January 2004 - March 2011, the monthly series are obtained from central bank websites, Poland's Central Bank and Bulgarian National Statistical Institute. The evolution of monetary aggregates of the three countries was compared with the Euro area and it was noticed a high degree of similarity between countries more developed economically as compared to less developed countries. From the viewpoint of optimum currency areas, it is necessary that the countries that adopt the Euro would respond symmetrically to external shocks and also have similar economic behaviour. Our study aims, in this respect, to analyse the components and the characteristics of the monetary aggregates, as well as the trends existing within them. The analysis of the correlation between monetary aggregates will show how the way in which the monetary mass and aggregates behave and which the sense of connection established between these countries is. We find that Romania and Bulgaria have a similar comportment, the correlation between these being the highest, we observe some differences between Romania and Bulgaria versus Poland.

  9. Trends in smoking behaviour among Estonian physicians in 1982-2014.

    Science.gov (United States)

    Pärna, Kersti; Põld, Mariliis; Ringmets, Inge

    2017-07-25

    Smoking surveys among physicians have proved useful in highlighting the importance of physicians as healthy life style exemplars and role models in tobacco control and smoking cessation. The aim of this study was to give an overview of smoking behaviour among Estonian physicians from 1982 to 2014. Three cross-sectional postal surveys using a self-administered questionnaire were carried out among all practising physicians in Estonia. The number of physicians participating in this study was 3786 in 1982, 2735 in 2002, and 2902 in 2014. Data analysis involved calculating the age-standardized prevalences of smoking, prevalences of smoking by age group and mean age of smoking initiation. A non-parametric test for trend was used to assess significant changes in smoking over time. Age-standardized prevalence of current smoking among men was 39.7% in 1982, 20.9% in 2002, and 14.3% in 2014 and among women 12.2%, 8.0%, and 5.2%, respectively (p smoking among men and women was in age groups under 35 (from 55.2% to 16.7% and from 16.7% to 2.8%, respectively) and 35-44 (from 47.1% to 8.3% and from 19.5% to 5.1%, respectively) (p smoking initiation decreased from 20.4 to 19.3 among men and from 24.5 to 20.4 among women over the study period. In 1982-2014, smoking prevalence among Estonian physicians declined substantially. This may influence the willingness of society to recognize the health consequences of smoking which could give a support to the decline of the smoking epidemic in the country. Differences between smoking among male and female physicians persisted over the study period, but mean age of smoking initiation decreased. A further decline in smoking among Estonian physicians should be encouraged by special efforts targeted at physicians.

  10. 1988. aasta suveräänsusdeklaratsioon: silmakirjalikkuse tsiviliseeriv mõju / The Estonian Declaration of Sovereignty: An example of the civilising force of hypocrisy

    Directory of Open Access Journals (Sweden)

    Hent-Raul Kalmo

    2011-01-01

    Full Text Available Sovereignty has been characterised as a form of “organised hypocrisy”, a system governed by a set of rules that are generally recognised as binding and yet continually infringed by the most powerful actors. This idea can be extended to analyse the role of sovereignty within the Soviet Union. The latter was also nominally governed by a constitution which endowed the Union Republics with the right of secession, but there was no realistic possibility of exercising this right. One should not rush to conclude, however, that the letter of the Soviet Constitution of 1977 was entirely without relevance. As Jon Elster has argued, hypocrisy can be a “civilising force” when the need to appear impartial and retain public credibility forces actors to choose a strategy they would not have chosen otherwise. A good example of this kind of argumentative constraint is offered by the dilemma faced by the Soviet leadership after the mid-1980s, as it became reluctant to use military force to suppress independence movements within the Baltic States while, at the same time, promising to give more weight to the Soviet Constitution and respect the “sovereignty” of the Union Republics. In this setting, the ambiguity of the word “sovereignty” could be used by a whole gamut of political movements in order to further their agenda, from local communists eager to expand their autonomy within the Soviet system to those making an explicit bid for the restoration of independence. Significant legal and political changes could be justified as mere conclusions from the constitutionally recognised status of the Union Republics — a strategy which was all the more effective as Moscow struggled to formulate an alternative line of constitutional interpretation that could be used to counter the Baltic claims. This exchange of opinions escalated into a constitutional conflict in November 1988 when the Estonian Supreme Soviet responded to proposed amendments to the Soviet

  11. Global Financial Governance: a Perspective from the International Monetary Fund

    Directory of Open Access Journals (Sweden)

    Ryszard Wilczyński

    2011-03-01

    Full Text Available An environment for the activities of the International Monetary Fund (the IMF has fundamentally changed over the two recent decades. The strong development of financial innovations as well as of financial globalisation was among major forces driving the change and shaping the economic growth worldwide. As some economies were able - with the support from financial markets – to accelerate their growth, other countries suffered from turbulences, which were reinforced and transferred internationally through the volatile financial markets. The process of international financial contagion makes the case for global financial governance, which so far has been left behind the development of markets. The IMF is mandated to play a central role in the global governance designed to ensure financial stability. The article reconsiders the Fund’s role and includes an overview and assessment of its activities, particularly in the context of the global financial crisis in 2007-2010. In the aftermath of this crisis, the international financial stability may, however, again be at risk as several external imbalances in the global economy may be hardly sustainable. It is argued in the paper that, in addition to a gradually improving surveillance and lending as well as to adjusting resources by the Fund, an enhanced credibility of the institution is needed so that its role in the process of the stabilising global financial system is strong and effective.

  12. Oxytocin modulates hemodynamic responses to monetary incentives in humans

    Science.gov (United States)

    Mickey, Brian J.; Heffernan, Joseph; Heisel, Curtis; Peciña, Marta; Hsu, David T.; Zubieta, Jon-Kar; Love, Tiffany M.

    2016-01-01

    Oxytocin is a neuropeptide widely recognized for its role in regulating social and reproductive behavior. Increasing evidence from animal models suggests that oxytocin also modulates reward circuitry in non-social contexts, but evidence in humans is lacking. Here we examined the effects of oxytocin administration on reward circuit function in 18 healthy men as they performed a monetary incentive task. The blood oxygenation level dependent (BOLD) signal was measured using functional magnetic resonance imaging in the context of a randomized, double-blind, placebo-controlled, crossover trial of intranasal oxytocin. We found that oxytocin increases the BOLD signal in the midbrain (substantia nigra and ventral tegmental area) during the late phase of the hemodynamic response to incentive stimuli. Oxytocin’s effects on midbrain responses correlated positively with its effects on positive emotional state. We did not detect an effect of oxytocin on responses in the nucleus accumbens. Whole-brain analyses revealed that oxytocin attenuated medial prefrontal cortical deactivation specifically during anticipation of loss. Our findings demonstrate that intranasal administration of oxytocin modulates human midbrain and medial prefrontal function during motivated behavior. These findings suggest that endogenous oxytocin is a neurochemical mediator of reward behaviors in humans – even in a non-social context – and that the oxytocinergic system is a potential target of pharmacotherapy for psychiatric disorders that involve dysfunction of reward circuitry. PMID:27614896

  13. Oxytocin modulates hemodynamic responses to monetary incentives in humans.

    Science.gov (United States)

    Mickey, Brian J; Heffernan, Joseph; Heisel, Curtis; Peciña, Marta; Hsu, David T; Zubieta, Jon-Kar; Love, Tiffany M

    2016-12-01

    Oxytocin is a neuropeptide widely recognized for its role in regulating social and reproductive behavior. Increasing evidence from animal models suggests that oxytocin also modulates reward circuitry in non-social contexts, but evidence in humans is lacking. We examined the effects of oxytocin administration on reward circuit function in 18 healthy men as they performed a monetary incentive task. The blood oxygenation level-dependent (BOLD) signal was measured using functional magnetic resonance imaging in the context of a randomized, double-blind, placebo-controlled, crossover trial of intranasal oxytocin. We found that oxytocin increases the BOLD signal in the midbrain (substantia nigra and ventral tegmental area) during the late phase of the hemodynamic response to incentive stimuli. Oxytocin's effects on midbrain responses correlated positively with its effects on positive emotional state. We did not detect an effect of oxytocin on responses in the nucleus accumbens. Whole-brain analyses revealed that oxytocin attenuated medial prefrontal cortical deactivation specifically during anticipation of loss. Our findings demonstrate that intranasal administration of oxytocin modulates human midbrain and medial prefrontal function during motivated behavior. These findings suggest that endogenous oxytocin is a neurochemical mediator of reward behaviors in humans-even in a non-social context-and that the oxytocinergic system is a potential target of pharmacotherapy for psychiatric disorders that involve dysfunction of reward circuitry.

  14. Orden monetario y bancos centrales Monetary order and Central Banks

    Directory of Open Access Journals (Sweden)

    Aglietta Michel

    1996-06-01

    Full Text Available Con el enfoque evolucionista e institucionalista de la economía de las convenciones francesa, este trabajo analiza el surgimiento histórico de la banca central y la creación institucional del 'arte de la banca central'. El artículo estudia los modelos formales del orden monetario, la banca libre y la banca central, y analiza los eventos históricos que llevaron a que el Banco de Inglaterra inventara el arte de manejar los bancos centrales en conjunción con el aprendizaje colectivo e institucional que lo hizo posible. Aglietta muestra que la banca central no es una creación del Estado sino una creación institucional endógena al sistema de mercado.With the evolutionist and institutionalist focus of the economics of the French conventions, this paper analyzes the historical rise of the central bank and the institutional creation of the 'art of the central bank'. The article studies formal models of the monetary order, free banking and the central bank, and analyzes the historie events that led to the Bank of England inventing the art of managing the central banks, in conjunction with the collective and institutional learning that made it possible. Aglietta shows that the central bank is not a creation of the State, but rather aninstitutional creation endogenous to the market system.

  15. An uncertain dollar: The Wall Street Journal, the New York Times and the monetary crisis of 1971 to 1973

    NARCIS (Netherlands)

    Mata, T.

    2008-01-01

    In August 15, 1971, President Nixon announced the unilateral suspension of the convertibility of the dollar into gold, a foundation of the world monetary system since the Second World War. The media and economic experts were caught by surprise, neither could foresee the immediate consequences of the

  16. Conquering Credibility for Monetary Policy Under Sticky Confidence

    Directory of Open Access Journals (Sweden)

    Jaylson Jair da Silveira

    2015-06-01

    Full Text Available We derive a best-reply monetary policy when the confidence by price setters on the monetary authority’s commitment to price level targeting may be both incomplete and sticky. We find that complete confidence (or full credibility is not a necessary condition for the achievement of a price level target even when heterogeneity in firms’ price level expectations is endogenously time-varying and may emerge as a long-run equilibrium outcome. In fact, in the absence of exogenous perturbations to the dynamic of confidence building, it is the achievement of a price level target for long enough that, due to stickiness in the state of confidence, rather ensures the conquering of full credibility. This result has relevant implications for the conduct of monetary policy in pursuit of price stability. One implication is that setting a price level target matters more as a means to provide monetary policy with a sharper focus on price stability than as a device to conquer credibility. As regards the conquering of credibility for monetary policy, it turns out that actions speak louder than words, as the continuing achievement of price stability is what ultimately performs better as a confidence-building device.

  17. European monetary union: limits to growth or bifurcation point

    Directory of Open Access Journals (Sweden)

    Oleksandr Sharov

    2014-02-01

    Full Text Available The paper presents the background and process of the EU monetary union establishment with regard to historical experience of European countries involving previous attempts of currency integration between separate countries. The author also analyzes methods of solving various theoretical and practical problems arising during the process. In particular, it is pointed out that the majority of the problems were caused by neglecting monetary integration principles, the need for observing which had been clearly stated yet at the preliminary stages of the integration process. Special emphasis is made on reviewing current development stage of the monetary union, in particular, with regard to problems caused by the financial crisis in "peripheral countries" of the Union as well as by concurrent intensification of cooperation in the field of banking and fiscal issues. In this context, the trends of further European monetary integration development are also considered. As resulted from analysis, the author concludes that the European Monetary Union had exhausted its energy for development along previously assigned trajectory and reached the bifurcation point, whereas its further improvement or gradual preservation and decline depend upon the direction in which the point is passed.

  18. The treatment of lexical collocations in EFL coursebooks in the Estonian secondary school context

    Directory of Open Access Journals (Sweden)

    Liina Vassiljev

    2015-04-01

    Full Text Available The article investigates lexical collocations encountered in English as a Foreign Language (EFL instruction in Estonian upper secondary schools. This is achieved through a statistical analysis of collocations featuring in three coursebooks where the collocations found are analysed in terms of their type, frequency and usefulness index by studying them through an online language corpus (Collins Wordbanks Online. The coursebooks are systematically compared and contrasted relying upon the data gathered. The results of the study reveal that the frequency and range of lexical collocations in a language corpus have not been regarded as an essential criterion for their selection and practice by any of the coursebook authors under discussion.

  19. Endogenous Oxytocin Release Eliminates In-Group Bias in Monetary Transfers With Perspective-Taking

    Directory of Open Access Journals (Sweden)

    Elizabeth T. Terris

    2018-03-01

    Full Text Available Oxytocin (OT has been shown to facilitate trust, empathy and other prosocial behaviors. At the same time, there is evidence that exogenous OT infusion may not result in prosocial behaviors in all contexts, increasing in-group biases in a number of studies. The current investigation seeks to resolve this inconsistency by examining if endogenous OT release is associated with in-group bias. We studied a large group of participants (N = 399 in existing groups and randomly formed groups. Participants provided two blood samples to measure the change in OT after a group salience task and then made computer-mediated monetary transfer decisions to in-group and out-group members. Our results show that participants with an increase in endogenous OT showed no bias in monetary offers in the ultimatum game (UG to out-group members compared to in-groups. There was also no bias in accepting UG offers, though in-group bias persisted for a unilateral monetary transfer. Our analysis shows that the strength of identification with one’s group diminished the effects that an increase in OT had on reducing bias, but bias only recurred when group identification reached 87% of its maximum value. Our results indicate that the endogenous OT system appears to reduce in-group bias in some contexts, particularly those that require perspective-taking.

  20. Endogenous Oxytocin Release Eliminates In-Group Bias in Monetary Transfers With Perspective-Taking.

    Science.gov (United States)

    Terris, Elizabeth T; Beavin, Laura E; Barraza, Jorge A; Schloss, Jeff; Zak, Paul J

    2018-01-01

    Oxytocin (OT) has been shown to facilitate trust, empathy and other prosocial behaviors. At the same time, there is evidence that exogenous OT infusion may not result in prosocial behaviors in all contexts, increasing in-group biases in a number of studies. The current investigation seeks to resolve this inconsistency by examining if endogenous OT release is associated with in-group bias. We studied a large group of participants ( N = 399) in existing groups and randomly formed groups. Participants provided two blood samples to measure the change in OT after a group salience task and then made computer-mediated monetary transfer decisions to in-group and out-group members. Our results show that participants with an increase in endogenous OT showed no bias in monetary offers in the ultimatum game (UG) to out-group members compared to in-groups. There was also no bias in accepting UG offers, though in-group bias persisted for a unilateral monetary transfer. Our analysis shows that the strength of identification with one's group diminished the effects that an increase in OT had on reducing bias, but bias only recurred when group identification reached 87% of its maximum value. Our results indicate that the endogenous OT system appears to reduce in-group bias in some contexts, particularly those that require perspective-taking.

  1. In the absence of fiscal union, the Eurozone needs a more flexible monetary policy: A reply

    Directory of Open Access Journals (Sweden)

    Pietro Alessandrini

    2016-09-01

    Full Text Available The authors (A&F reply to Andrea Terzi’s comment on their previous paper, published in the December 2015 issue of this Review. Andrea Terzi’s two main objections to A&F analysis are: that diverging current-account (CA balances enhanced the fragility of the member countries of the euroarea, but were not the cause of the liquidity crisis that occurred between 2010 and 2012; and that A&F’s quantity-theoretic view of monetary policy implementation is not applicable to a floating currency like the euro, or to the Target2 payment system. To these objections, the authors reply that the policy prescription for targeting current-account balances is based on the proposition that relevant underlying factors such as losses of competitiveness, sticky real exchange rates, persistent trade deficits, sudden stops in capital flows, and vanishing liquidity can account for a liquidity crisis independent of fiscal irresponsibility; and that their original model simply shows that, in the aftermath of the financial crisis, the size of the balance sheets of major central banks has exploded. Considering the high correlation between the size of central banks’ balance sheets and the monetary base, the obvious question is: if the quantity of the monetary base is not a useful concept, why are we having an indigestion of quantitative easing? JEL: E42, E52, E58.

  2. A model to establish the monetary value of the man-sievert for public exposure

    International Nuclear Information System (INIS)

    Schneider, T.; Schieber, C.; Eeckhoudt, L.; Godfroid, P.

    2000-01-01

    The implementation of cost-benefit analysis for the optimisation of radiation protection relies on the adoption of a monetary value of the man-sievert. From the economic point of view, the monetary value of the man-sievert can be seen as a function reflecting the individual and collective preferences associated with the level of exposures and the specificity of the exposure situations. It must thus integrate several dimensions: one dimension, which is independent of the exposure situation, is related to the potential health effects associated with the level of exposure; other dimensions are related to social and equity consideration, reflecting the characteristics of exposure situation: distribution of individual exposures, individual and social risk perception,... In the case of occupational exposure, CEPN has developed a model to define the monetary values of the man-sievert according to the level of individual exposure. This model has been used by some European nuclear utilities for setting their own values to be used in the process of radiological protection optimisation for workers. The question arising now concerns the establishment of this value for public exposure. For this purpose, we have considered one of the main differences between public and worker exposures: i.e. the existence of compensation systems for the radiation induced health effects if they occur for the workers. In the case of public exposure, such systems do not exist, mainly due to the absence of a permanent individual monitoring of exposures and to the low level of individual exposure. A theoretical model was developed to evaluate the willingness to pay to reduce the probability of occurrence of a radiation induced health effects (i.e. to reduce the level of exposure). It shows that, because of the absence of a compensation system for the public, this willingness to pay should be higher when the probability is reduced for the public than for the workers. The result of the numerical

  3. MONETARY POLICY TRANSMISSION MECHANISM AND TVP-VAR MODEL

    Directory of Open Access Journals (Sweden)

    Andreea ROŞOIU

    2013-12-01

    Full Text Available The transmission of monetary policy to the economy is a subject of major importance for central banks because, by using these measures, central banks can achieve their purpose of ensuring price stability without neglecting the objective of sustainable economic growth. In order to analyze the evolution of the monetary policy transmission mechanism in Romania, a time varying structural vector autoregression model is estimated, by using a Markov Chain Monte Carlo algorithm for the posterior evolution. The conclusions of the empirical study are: both systematic and non-systematic monetary policy have changed during the investigated period of time, the systematic response of the interest rate to shocks in inflation and unemployment being faster over the recent period. Also, non-policy shocks seem more important than interest rate shocks in explaining inflation and unemployment evolution.

  4. Delayed discounting of pain with and without monetary reward

    Directory of Open Access Journals (Sweden)

    Kicman Paweł

    2017-12-01

    Full Text Available We investigated the effect of monetary rewards on the rate of pain discounting. Our aim, also, was to understand the effect of previous painful dental experiences on the rate of discounting pain. Two groups (N = 148 completed a discounting task. In the first group, delayed pain was weaker than immediate pain, and in the second group delayed pain was stronger than immediate pain. Two conditions were studied: pain was either accompanied by a monetary reward or not. We found that people preferred immediate pain when it was weaker than delayed pain; however, when delayed pain was stronger than immediate pain, there was no clear preference. In both groups the preference for immediate pain was higher when pain was accompanied by a monetary reward. Previous painful experiences were not related to the rate of discounting. It was concluded that the preference for delayed pain depends on the intensity of pain, and it can be modified by rewards that accompany pain.

  5. Estimation of Monetary Value of Information on the Internet

    Directory of Open Access Journals (Sweden)

    Mohsen Nazari

    2015-03-01

    Full Text Available This research estimates the monetary value of internet information for each type of information and services by using Hedonic pricing method. The statistic social of this research is high-speed internet users in Tehran. Based on the results, high speed internet users of Tehran consider a positive monetary value for some information types in the internet, in descendent respect, such as film downloading, gaming, News, social network, and music. Also, the results indicates that people with higher education level and people who are subscribed to high speed internet earlier than other people consider more monetary value to use the internet. For generalizing the result of this research, it’s suggested to do this research at other cities of Iran. At last, some applicable suggestions made.

  6. Monetary valuation of environmental goods, services and impacts: variability of monetary values. Seminar proceedings of December 10, 2014

    International Nuclear Information System (INIS)

    Bonnet, Xavier; Ben Maid, Atika; Calvet, Melanie; Darses, Ophelie; Devaux, Jeremy; Simon, Olivier; Gatier, Alexis; Wittmann, Anne-laure; Bonnet, Xavier; Bonroy, Olivier; Ceci-Renaud, Nila; Tarayoun, Tedjani; Mercadie, Corinne; Adam, Gabrielle; Perrissin Fabert, Baptiste; Combet, Emmanuel; Casset, Loic; Meunier, David; Le Maitre, Helene; Brunel, Julien; Rotillon, Gilles

    2015-06-01

    Within the General Commission for Sustainable Development, the Service for Economics, Assessment and Integration of Sustainable Development is in charge of developing and promoting the economic valuation of policies, regulations, environmental goods and services, related to biodiversity, natural assets and environmental amenities. On December 10, 2014, it held the fifth annual seminar on monetary valuation of environmental goods, services and impacts. The first four editions respectively were devoted to economic valuation methods of environmental goods and services, implementations of these methods, uses of monetary values and methodological innovations; the 2014 seminar addressed the variability of monetary values. The ten presentations of the seminar explored the different values resulting from monetary valuation methods: what do they mean? What do they measure? Why are they relevant to integrate environmental valuation in the various economic sectors? From both a theoretical and practical point of view, theses questions were addressed by considering three main topics: the integration of environmental value in market prices, the different meanings of carbon values and the temporal variability of values used in assessment of investment projects in the transport sector. Those conferences are aimed for experts and practitioners of monetary valuation techniques as well as for users of the values produced. They provide a place to gather and facilitate dialogue between representatives from universities, government agencies and private sector involved in these issues. (authors)

  7. Exploring Constructivist Social Learning Practices in Aiding Russian-Speaking Teachers to Learn Estonian: An Action Research Approach

    Science.gov (United States)

    Kiilo, Tatjana; Kutsar, Dagmar

    2012-01-01

    Based on appreciative inquiry and threshold concepts from an intercultural learning perspective, the article makes insights into the constructivist social learning practice of Estonian language learning amongst Russian-speaking teachers in Estonia. The application of educational action research methodology, more specifically that of Bridget…

  8. Proficiency Assessment of Male Volleyball Teams of the 13-15-Year Age Group at Estonian Championships

    Science.gov (United States)

    Stamm, Meelis; Stamm, Raini; Koskel, Sade

    2008-01-01

    Study aim: Assessment of feasibility of using own computer software "Game" at competitions. Material and methods: The data were collected during Estonian championships in 2006 for male volleyball teams of the 13-15-years age group (n = 8). In all games, the performance of both teams was recorded in parallel with two computers. A total of…

  9. Reconsidering Money: Monetary Exchange with Additive Transaction Costs

    DEFF Research Database (Denmark)

    Schröder, Philipp

    2001-01-01

    Under the assumption of purely additive transaction costs in exchange, the literature on money has a standard example of direct exchange dominating indirect (monetary) exchange. From here it is frequently concluded that subadditive costs (e.g. search costs) must be examined in order to explain...... money. In contrast, this paper presents an additive transaction costs model in which the mere absence of double coincidences of wants suffices to motivate monetary exchange. Furthermore it is found that not all commodity moneys, that are collectively desirable, qualify for the core, but that all fiat...

  10. Application of monetary valuation in Life Cycle Assessment

    DEFF Research Database (Denmark)

    Weidema, Bo Pedersen; Pizzol, Massimo; Miguel, Brandão

    Monetary valuation, or monetarisation, is the determination of the economic value of non-market goods, i.e. goods for which no market exists. Although monetary valuation has a great potential to be applied in Life Cycle Assessment (LCA), in particular in the weighting phase, several challenges...... for LCA. For the two surveys, the total number of respondents was 209. The critial review showed that observed- and revealed-preference methods and the abatement cost method have limited applicability in LCA, whereas the conjoint analysis method and the budget constraint method are the best options...

  11. CONSIDERATIONS REGARDING MONETARY AND FISCAL EXIT STRATEGIES FROM THE CRISIS

    Directory of Open Access Journals (Sweden)

    MARIA VASILESCU

    2010-03-01

    Full Text Available The recent financial crisis and all unusual monetary and fiscal policy reactions have stressed the importance to be given to understand macroeconomic consequences of policy interventions and their interactions. This profound crisis has led to both nonstandard policy actions of various authorities around the globe, but it has also revealed limitations of traditional modeling tools to guide policymakers’ actions until nowadays. The delicate state of governments’ accounts in many countries is a consequence of the strong fiscal policy reactions, giving rise to risks of a potential fiscal crisis. Issues regarding monetary and fiscal policy decisions interactions are, therefore, the key element for successful exit strategies from the crisis.

  12. Monetary Policy Signaling from the Administration to the Federal Reserve.

    OpenAIRE

    Havrilesky, Thomas

    1988-01-01

    This paper develops an index of monetary policy signals from the Administration to the Federal Reserve based on articles which appeared in the Wall Street Journal in which Administration off icials express a desire for easier or tighter monetary policy. In reg ressions, the index has a significant effect on the money supply. In reaction functions, the index responds to variables which measure the state of the economy. Money growth does not respond to the same stat e-of-the-economy measures bu...

  13. Tabud ja reeglid. Sissevaateid eesti laagriromaani / Taboos and Rules. Insights into Prison Camp Novels by Estonian Writers

    Directory of Open Access Journals (Sweden)

    Anneli Kõvamees

    2013-12-01

    Full Text Available The article concentrates on Estonian novels depicting Soviet prison camps in the 1940s and 1950s. The goal is to map themes, motifs and characteristics in such novels, concentrating on various taboos and rules in the prison camp environment. For a long time the Soviet prison camp theme was not publicly discussed in Estonia due to political reasons. Texts dealing with prison camps could appear in print only outside the Soviet Union; the way Estonians saw these historical events and hellish experiences were depicted mostly in exile novels. Most notable are the novels by Arved Viirlaid (b. 1922, e.g., Kes tappis Eerik Hormi? (Who Killed Eerik Horm? (1974, Surnud ei loe (The Dead do not Read (1975, Vaim ja ahelad (Mind and Chains (1961. Estonian prison camp novels can be seen as “the literature of testimony”, to use the term by Leona Toker. Dramatic historical events are written down to record the events and to show the inhumane nature of Soviet society. These records of the dramatic past follow certain patterns and create certain self- and hetero-images. A prison camp is a closed territory within a closed territory; prison camps can be seen as small models of Soviet society. Prison camp novels give a detailed view of the environment of the prison camp, its inhabitants and activities. Two central aspects are labour and food; the life of the prisoner whirls around these. The most important thing is to survive, which often leads to moral decline, e.g., stealing, cheating. However, there are lines Estonians do not cross, e.g., cannibalism or homosexual relationships with superiors. Estonians are always depicted as political prisoners (not common criminals and heterosexuals, while Russians are portrayed mainly as criminals and often also as homosexuals. Another important component of the image of the Estonians is their enterprising spirit and ability to manage even under very difficult conditions. Therefore, several oppositions can be identified, e

  14. Mental health and alcohol problems among Estonian cleanup workers 24 years after the Chernobyl accident.

    Science.gov (United States)

    Laidra, Kaia; Rahu, Kaja; Tekkel, Mare; Aluoja, Anu; Leinsalu, Mall

    2015-11-01

    To study the long-term mental health consequences of the 1986 Chernobyl nuclear accident among cleanup workers from Estonia. In 2010, 614 Estonian Chernobyl cleanup workers and 706 geographically and age-matched population-based controls completed a mail survey that included self-rated health, the Posttraumatic Stress Disorder Checklist (PCL), alcohol symptoms (AUDIT), and scales measuring depressive, anxiety, agoraphobia, fatigue, insomnia, and somatization symptoms. Respondents were dichotomized into high (top quartile) and low symptom groups on each measure. Logistic regression analysis detected significant differences between cleanup workers and controls on all measures even after adjustment for ethnicity, education, marital status, and employment status. The strongest difference was found for somatization, with cleanup workers being three times more likely than controls to score in the top quartile (OR = 3.28, 95% CI 2.39-4.52), whereas for alcohol problems the difference was half as large (OR = 1.52, 95% CI 1.16-1.99). Among cleanup workers, arrival at Chernobyl in 1986 (vs. later) was associated with sleep problems, somatization, and symptoms of agoraphobia. The toll of cleanup work was evident 24 years after the Chernobyl accident among Estonian cleanup workers indicating the need for focused mental health interventions.

  15. Vene kirjandus venestusaja eesti koolides. Russian Literature in the Estonian Schools of the Russification Era

    Directory of Open Access Journals (Sweden)

    Ülle Pärli

    2012-04-01

    Full Text Available This article aims to give an overview of literary instruction in schools of the russification era at the beginning of the 20th century in Estonia; this was likewise the curriculum of literary study offered to the generation of educated youth which included the Young Estonians. Based on official documents, archival materials, and memoirs, and through analyses of anthologies, literary histories, and teaching methods in use at the time, we attempt to reconstruct the outlines of literary reading and requirements for students in various types of schools. When, as a result of school reform, Russian became the language of instruction; lessons in Russian became central in the curriculum, alongside the word of God; selections from Russian literature were read in the original language. In the lower grades, teaching was by the so-called ”natural method”, intended to guarantee swift achievement of fluency in ”living Russian language”; this was later replaced by systematic textual analysis, which distinguished between belles lettres and other types of texts. However, the study of literature was always subordinated to the goals of language instruction. In institutions of secondary education, study of Russian literature was separate from language instruction. Indeed, Russian literature was the only literature systematically studied in high schools (though one must keep in mind that not all schools completely followed the official program. Private schools were especially noticeable for their greater freedom, though all of them had to take general curriculum directives into account. Reading of literary texts connected with other languages thus had to remain almost purely illustrative. In view of the above, in the upper grades of elementary school and high school, students obtained a thorough introduction to the Russian classics. According to the official school curriculum, Russian literary history ended with Nikolai Gogol. Attempts were made to ignore

  16. The monetary transmission mechanism in Brazil: evidence from a var analysis

    Directory of Open Access Journals (Sweden)

    Viviane Luporini

    2008-03-01

    Full Text Available This article presents evidence on the interest channel of the monetary policy for the Brazilian economy of the 1990s analyzing the effects of an unexpected change in the baseline interest rate on output, prices and the exchange rate in a vector autoregression system. Our main results are: a a tightening in the monetary policy affects economic activity immediately, reducing the rate of growth of real GDP; b the exchange rate and prices are affected only after a time interval, with inflation assuming a downward trend only two months after the monetary shock; c results do not change when the specification is controlled for international conditions, commodity prices or other measures of inflation and economic activity; d monetary shocks have a significant impact on the volatility of output and inflation in the benchmark model e monetary shocks have a significant impact on the volatility of the debt/GDP ratio in the control-model.Esse artigo analisa o canal juros do mecanismo de transmissão monetária sobre o produto, preços e taxa de câmbio na economia brasileira dos anos 90 através dos efeitos de uma redução inesperada na taxa básica de juros em um sistema de vetores auto-regressivos. Os principais resultados obtidos são: a um choque monetário afeta imediatamente a atividade econômica, reduzindo a taxa de crescimento do PIB; b a inflação e a taxa de câmbio são afetadas somente após um intervalo de tempo, e a inflação assume uma tendência declinante somente dois meses após o choque de juros; c os resultados são robustos quando controlados para condições internacionais, preço das commodities ou outras medidas de inflação e atividade econômica; d choques monetários afetam significativamente a volatilidade do produto e da inflação no modelo padrão; e choques monetários afetam significativamente a volatilidade da relação dívida/PIB no modelo de controle.

  17. TRANSMISSION MECHANISM OF MONETARY POLICY IN TERMS OF VIETNAM

    Directory of Open Access Journals (Sweden)

    The Dong Phung

    2013-01-01

    Full Text Available In order to conduct an effective monetary policy, the Central bank should have a clear understanding of the mechanism of the money transfer and the importance of different transmission channels, and the impact of these transmission channels on the sectors of the economy, especially on the manufacturing sector.

  18. A comparison of exchange economies within a monetary business cycle

    Czech Academy of Sciences Publication Activity Database

    Benk, S.; Gillman, M.; Kejak, Michal

    -, E2005/14 (2005), s. 1-26 ISSN 1749-6101 Institutional research plan: CEZ:AV0Z70850503 Keywords : cash-in-advance * credit production * monetary business cycle Subject RIV: AH - Economics http://www.cardiff.ac.uk/carbs/econ/workingpapers/papers/2005_14.pdf

  19. The Higher Essence of Economic Convergence Regarding Monetary Impacts

    Directory of Open Access Journals (Sweden)

    Hudec Martin

    2017-06-01

    Full Text Available The increasing pace of achieving socio-economic growth and convergence into developed structures represents the main desire of most countries. Moreover, membership in monetary unions has quite a significant impact on the economies of participating countries, since integration processes have become undoubtedly the undisputed accelerator of convergence and integration catalyst, reflecting on the development of the world economy. The growing intensity of world trade, the ever-deepening division of labor and specialization, international movement of capital and labor mobility as wells as investments into education, research and development, innovations are among the factors that lead to the creation of increasingly closer ties between economies, deepening their mutual dependence, further reflected in knowledge-based societies. Thus, the close ties between national economies themselves represent a further incentive for more intensive cooperation through the different stages of economic integration. International economic integration is an objective to promote a gradual process of linking and connecting existing economic units, i.e. national economies to the greater interconnected units in the global economy. The aim of our research paper, by using the methods of analysis and comparison, is to closely present the issue of monetary integration, focusing on the impact of monetary integration on countries’ economy, resulting in the issue of benefits and costs of the countries’ entry into the monetary union, associated with initial economic shocks.

  20. Monetary policy efficiency in the economies of Central Asia

    Czech Academy of Sciences Publication Activity Database

    Isakova, Asel

    2008-01-01

    Roč. 58, 11-12 (2008), s. 525-553 ISSN 0015-1920 Institutional research plan: CEZ:AV0Z70850503 Keywords : monetary policy * Central Asia * dollarization Subject RIV: AH - Economics Impact factor: 0.275, year: 2008 http://journal.fsv.cuni.cz/storage/1147_str_525_553_-_isakova.pdf

  1. A Monetary Union in Asia? Some European Lessons

    Directory of Open Access Journals (Sweden)

    Wyplosz Charles

    2001-12-01

    Full Text Available Monetary Union in Europe has been the natural response to the combined desire of stabilizing intra-European exchange rates and of lifting permanently all capital controls. The commitment to stable exchange rate has long been rooted in policymakers’ conviction that trade integration requires precise rules which eliminate the risk of misalignments, whether imposed by the markets or arranged by the authorities. The success in maintaining fixed-but-adjustable exchange rates within the EMS and next in adopting a single currency is largely due to the patient and progressive building institutions that became the uneasy repository of those parts of national sovereignty that have been abandoned. This experience suggests three lessons for current discussions about a monetary union in Asia. First, multilateral regional exchange rate arrangements are more conducive to an effective defense than indirect approaches like basket pegs. They probably require some limits to capital mobility. Second, adopting a single currency necessitates elaborate preparations that can only be underpinned by the gradual build up of collective institutions. Third, a monetary union requires some reasonable degree of real convergence. This implies starting with a core of sufficiently homogeneous countries. At this stage, starting with a monetary union in Asia would imply reversing the European sequencing, which started with a common market, moved on to the EMS, and liberalization of capital movements.

  2. Quantification model of the consequences of monetary policy shocks

    Directory of Open Access Journals (Sweden)

    Coralia Emilia POPA

    2017-11-01

    Full Text Available The monetary analysis based on the BVAR (Bayesian Vector Autoregression model is extremely important in the monetary policy implementation strategy, the information provided is important not only for the Central Bank, but also for the economic agents and the population. Therefore, conducting this analysis at the level of Romania helps to understand better the mechanism by which monetary policy is transmitted in order to achieve the set target, namely inflation targeting, but it also provides us with important information regarding the accession to the euro area. The model we are trying to test helps us understand through the correlations between the interest rate, GDP and the inflation rate how monetary policy responds to shocks. The model follows the methodology presented by Sims and Zha (1998 in the paper "Bayesian Methods for Dynamic Multivariate Models and Using the Bayesian Autoregressive Vector". In the analysis of this model, quarterly data for a minimum of three years, three variables are used to make the results relevant. The data needed to model the model are used in logarithmic form, except for the interest rate, and the outcome is applied to a differentiated premium operator. Of the variables used, the interest rate is the only one that does not allow seasonal adjustment.

  3. Monetary and Fiscal Policies for a Finite Planet

    Directory of Open Access Journals (Sweden)

    Adam Scanlan

    2013-06-01

    Full Text Available Current macroeconomic policy promotes continuous economic growth. Unemployment, poverty and debt are associated with insufficient growth. Economic activity depends upon the transformation of natural materials, ultimately returning to the environment as waste. Current levels of economic throughput exceed the planet’s carrying capacity. As a result of poorly constructed economic institutions, society faces the unacceptable choice between ecological catastrophe and human misery. A transition to a steady-state economy is required, characterized by a rate of throughput compatible with planetary boundaries. This paper contributes to the development of a steady-state economy by addressing US monetary and fiscal policies. A steady-state monetary policy would support counter-cyclical, debt-free vertical money creation through the public sector, in ways that contribute to sustainable well-being. The implication for a steady-state fiscal policy is that any lending or spending requires a careful balance of recovery of money, not as a means of revenue, but as an economic imperative to meet monetary policy goals. A steady-state fiscal policy would prioritize targeted public goods investments, taxation of ecological “bads” and economic rent and implementation of progressive tax structures. Institutional innovations are considered, including common asset trusts, to regulate throughput, and a public monetary trust, to strictly regulate money supply.

  4. Which Mechanisms Explain Monetary Returns to International Student Mobility?

    Science.gov (United States)

    Kratz, Fabian; Netz, Nicolai

    2018-01-01

    The authors develop a conceptual framework explaining monetary returns to international student mobility (ISM). Based on data from two German graduate panel surveys, they test this framework using growth curve models and Oaxaca-Blinder decompositions. The results indicate that ISM-experienced graduates enjoy a steeper wage growth after graduation…

  5. Essays on globalization, monetary policy and financial crisis'

    NARCIS (Netherlands)

    Qian, Z.

    2012-01-01

    This thesis focuses on three interlinked topics. Chapter 2 studies the determinants of sovereign CDS spreads in Greece, Ireland, Italy, Portugal and Spain during the recent global financial crisis and European debt crisis. Chapter 3 introduces a model on the interactions between monetary policy

  6. The Regional Impact of Monetary Policy in Indonesia

    NARCIS (Netherlands)

    Ridhwan, M.M.; de Groot, H.L.F.; Rietveld, P.; Nijkamp, P.

    2014-01-01

    This paper employs vector autoregressive (VAR) models to measure the impact of monetary policy shocks on regional output in Indonesia. We find substantial cross-regional variation in policy responses in terms of both magnitude as well as timing. Our work adds to the existing literature by providing

  7. Better Monetary Control may Increase the Inflationary Bias of Policy

    NARCIS (Netherlands)

    O.H. Swank (Otto)

    1994-01-01

    textabstractExplores the implications of imperfect monetary control and uncertainty about the trade-off between output and inflation to discretionary policy. Impact of imperfect control of money growth on policymakers' incentive to create surprises; Consequences of imperfect control of money growth

  8. Monetary Policy at Work: Lessons from the FOMC Transcripts.

    Science.gov (United States)

    Spencer, Roger W.

    1996-01-01

    Utilizes Federal Open Market Committee (FOMC) transcripts to reveal how the Federal Reserve shapes monetary policy. Analysis of the documents shows the Committee examining a wide variety of indicators and approaches in an attempt to determine the appropriate time for a policy change. Inflationary pressures were a preeminent concern. (MJP)

  9. The Disparate Labor Market Impacts of Monetary Policy

    Science.gov (United States)

    Carpenter, Seth B.; Rodgers, William M., III

    2004-01-01

    Employing two widely used approaches to identify the effects of monetary policy, this paper explores the differential impact of policy on the labor market outcomes of teenagers, minorities, out-of-school youth, and less-skilled individuals. Evidence from recursive vector autoregressions and autoregressive distributed lag models that use…

  10. Food infl ation in Lesotho: Implications for monetary policy | Thamae ...

    African Journals Online (AJOL)

    This implies that shocks to food inflation have had a more lasting adverse impact on food prices than is the case for nonfood inflation. The findings also support the existence of a significant transmission of shocks between food and nonfood prices. As a result, the monetary authorities have to be vigilant when supply shocks ...

  11. Monetary dynamics in the euro area : a disaggregate panel approach

    NARCIS (Netherlands)

    Liu, J.; Kool, C.J.M.

    In this paper, we use panel cointegration estimation to analyze the determinants of heterogeneous monetary dynamics in ten euro area member countries over the period 1999-2013. In particular, we investigate the role of real house prices, real equity prices and cross border bank credit. For the

  12. Fiscal and monetary policies in complex evolving economies

    NARCIS (Netherlands)

    Dosi, G.; Fagiolo, G.; Napoletano, M.; Roventini, A.; Treibich, T.G.

    2014-01-01

    In this paper we explore the effects of alternative combinations of fiscal and monetary policies under different income distribution regimes. In particular, we aim at evaluating fiscal rules in economies subject to banking crises and deep recessions. We do so using an agent-based model populated by

  13. Credit markets and the propagation of monetary policy shocks

    Czech Academy of Sciences Publication Activity Database

    Boháček, Radim; Mendizábal, H. R.

    2007-01-01

    Roč. 39, č. 6 (2007), s. 1429-1455 ISSN 0022-2879 R&D Projects: GA AV ČR IAA700850602 Institutional research plan: CEZ:AV0Z70850503 Keywords : credit * monetary policy shock * heterogeneous agents Subject RIV: AH - Economics Impact factor: 0.947, year: 2007

  14. Interactions between Monetary and Fiscal Policy via Open Market Operations

    NARCIS (Netherlands)

    Schabert, A.

    2004-01-01

    We examine interactions of monetary and fiscal policy in a sticky price model where public debt is non-neutral, as it provides transaction services. This property is brought about by a legal restriction on open market operations by which only government bonds are eligible. Debt creation eases access

  15. Financial intermediation and monetary transmission through conventional and Islamic channels

    NARCIS (Netherlands)

    Zaheer, S.

    2013-01-01

    This thesis studies the salient features of Islamic banking and finance (IBF) in comparison to conventional banking and finance (CBF).The study explains the balance sheet products used by Islamic banks as well as analyzes the proposed tools for monetary policy in IBF. Next, the dissertation

  16. Monetary Policy and Financial Asset Prices: Empirical Evidence from Pakistan

    Directory of Open Access Journals (Sweden)

    Imran Umer Chhapra

    2018-03-01

    Full Text Available Monetary transmission mechanism assumed to be significantly influenced by the effect of policy decisions on financial markets. However, various previous studies have come up with different outcomes. The purpose of this study is to examine the impact of monetary policy on different asset classes (shares and bonds in Pakistan. This study using stock price and bond yield as dependent variable and discount rate, money supply, inflation, and exchange rate are independent variables. Data of all variables have collected from 2010 to 2016, and Vector Autoregressive (VAR technique has applied. The empirical results indicate that there is an impact of monetary policy components on both stock and bond market as an increase in policy rate causes decline in stocks prices and bonds yields. The findings of this study will help the potential investors in making long-term (in general and short-term (in particular investment strategies concerning monetary policy.DOI: 10.15408/sjie.v7i2.7099

  17. The impact of monetary policy on financing of Czech firms

    Czech Academy of Sciences Publication Activity Database

    Aliyev, Ruslan; Hájková, D.; Kubicová, I.

    2015-01-01

    Roč. 65, č. 6 (2015), s. 455-476 ISSN 0015-1920 Institutional support: PRVOUK-P23 Keywords : monetary policy transmission * broad credit view * external finance Subject RIV: AH - Economics Impact factor: 0.449, year: 2015 http://journal.fsv.cuni.cz/mag/article/show/id/1343

  18. Managing heterogeneous and unanchored expectations: a monetary policy analysis

    NARCIS (Netherlands)

    Hommes, C.; Lustenhouwer, J.

    2016-01-01

    We study monetary policy in a New Keynesian model with heterogeneity in expectations. Agents may choose from a continuum of forecasting rules and adjust their expectations based on relative past performance. The extent to which expectations are anchored to the fundamentals of the economy turns out

  19. The advantages of a small European Monetary Union

    OpenAIRE

    Menkhoff, Lukas; Sell, Friedrich L.

    1991-01-01

    The question whether European Monetary Union should include all the EC countries from the start or should initially be limited to a few core countries is again being discussed more intensely. What advantages would a small EMU have from an economic point of view? Which countries should be its founder members?

  20. Monetary and fiscal policy under bounded rationality and heterogeneous expectations

    NARCIS (Netherlands)

    Lustenhouwer, J.E.

    2017-01-01

    The goal of this thesis is to use plausible and intuitive models of bounded rationality to give new insights in monetary and fiscal policy. Particular focus is put on the zero lower bound on the nominal interest rate, forward guidance, and fiscal consolidations. The thesis considers different forms