WorldWideScience

Sample records for monetary fund imf

  1. The financial crisis and global health: the International Monetary Fund's (IMF) policy response.

    Science.gov (United States)

    Ruckert, Arne; Labonté, Ronald

    2013-09-01

    In this article, we interrogate the policy response of the International Monetary Fund (IMF) to the global financial crisis, and discuss the likely global health implications, especially in low-income countries. In doing so, we ask if the IMF has meaningfully loosened its fiscal deficit targets in light of the economic challenges posed by the financial crisis and adjusted its macro-economic policy advice to this new reality; or has the rhetoric of counter-cyclical spending failed to translate into additional fiscal space for IMF loan-recipient countries, with negative health consequences? To answer these questions, we assess several post-crisis IMF lending agreements with countries requiring financial assistance, and draw upon recent academic studies and civil society reports examining policy conditionalities still being prescribed by the IMF. We also reference recent studies examining the health impacts of these conditionalities. We demonstrate that while the IMF has been somewhat more flexible in its crisis response than in previous episodes of financial upheaval, there has been no meaningful rethinking in the application of dominant neoliberal macro-economic policies. After showing some flexibility in the initial crisis response, the IMF is pushing for excessive contraction in most low and middle-income countries. We conclude that there remains a wide gap between the rhetoric and the reality of the IMF's policy and programming advice, with negative implications for global health.

  2. 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.

  3. The International Monetary Fund's effects on global health: before and after the 2008 financial crisis.

    Science.gov (United States)

    Stuckler, David; Basu, Sanjay

    2009-01-01

    In April 2009, the G20 countries committed US $750 billion to the International Monetary Fund (IMF), which has assumed a central role in global economic management. The IMF provides loans to financially ailing countries, but with strict conditions, typically involving a mix of privatization, liberalization, and fiscal austerity programs. These loan conditions have been extremely controversial. In principle, they are designed to help countries balance their books. In practice, they often translate into reductions in social spending, including spending on public health and health care delivery. As more countries are being exposed to IMF policies, there is a need to establish what we know and do not know about the IMF's effects on global health. This article introduces a series in which contributors review the evidence on the relationship between the IMF and public health and discuss potential ways to improve the Fund's effects on health. While more evidence is needed for some regions, there is sufficient evidence to indicate that IMF programs have been significantly associated with weakened health care systems, reduced effectiveness of health-focused development aid, and impeded efforts to control tobacco, infectious diseases, and child and maternal mortality. Reforms are urgently needed to prevent the current wave of IMF programs from further undermining public health in financially ailing countries and limiting progress toward the health Millennium Development Goals.

  4. 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.

  5. EUROPEAN MONETARY FUND - BETWEEN ILLUSION AND FUTURE INSTRUMENT FOR EUROPEAN FINANCIAL STABILITY

    Directory of Open Access Journals (Sweden)

    Firtescu Bogdan

    2010-12-01

    Full Text Available The finance crises that culminate with the Greece situation shows that majority of European countries are facing balance-of-payments difficulties and it is clear that actual mechanism couldnt face the situation. This paper wants to highlight some of the proposals related to the development mechanisms, such the creation of the European Monetary Fund or the design of the European Mechanism for Financial Stability (EMFS, which could include the EMF, showing also the actual mechanism of financing through International Monetary Fund (IMF.Some pro and counter arguments are furthermore taken into discussion.

  6. 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...

  7. The impact of the International Monetary Fund's macroeconomic policies on the AIDS pandemic.

    Science.gov (United States)

    Baker, Brook K

    2010-01-01

    Expansion of funding for HIV/AIDS, especially treatment, is under attack over concerns about cost effectiveness and financial constraints. The International Monetary Fund is deeply implicated in the history of the AIDS pandemic, the underlying weakness of health systems, and the ideology of constrained resources that underlies most attacks on AIDS funding. The IMF imposed structural violence on developing countries in the 1980s and 1990s through neoliberal and macroeconomic reforms that intensified individual and communal vulnerability to infection and dismantled already weak health systems. This same macroeconomic fundamentalism has recently been repackaged and renamed. IMF fundamentalist policies continue to prioritize low inflation, constricted government spending, robust foreign currency reserves, and prompt repayment of debt at the expense of investments in health and more expansionary, pro-growth and job-creation policies. Several recent surveys have concluded that the IMF reluctantly relaxed overly restrictive policy prescriptions in response to the global economic crisis, but this relaxation was temporary at best and only extended to countries previously acceding to IMF orthodoxy. AIDS activists are campaigning for billions of dollars to fulfill the promise of universal access. If IMF pressures persist, developing countries will continue to undermine the additionality of donor health financing by substituting donor for domestic financing, refusing to invest in recurrent costs for medicines and health workers, and neglecting needed investments in health infrastructure and health system strengthening.

  8. An evaluation of the International Monetary Fund's claims about public health.

    Science.gov (United States)

    Stuckler, David; Basu, Sanjay; Gilmore, Anna; Batniji, Rajaie; Ooms, Gorik; Marphatia, Akanksha A; Hammonds, Rachel; McKee, Martin

    2010-01-01

    The International Monetary Fund's recent claims concerning its impact on public health are evaluated against available data. First, the IMF claims that health spending either does not change or increases with IMF-supported programs, but there is substantial evidence to the contrary. Second, the IMF claims to have relaxed strict spending requirements in response to the 2008-9 financial crisis, but there is no evidence supporting this claim, and some limited evidence from the Center for Economic Policy Research contradicting it. Third, the IMF states that wage ceilings on public health are no longer part of its explicit conditionalities to poor countries, as governments can choose how to achieve public spending targets; but in practice, ministers are left with few viable alternatives than to reduce health budgets to achieve specific IMF-mandated targets, so the result effectively preserves former policy. Fourth, the IMF's claim that it has increased aid to poor countries also seems to be contradicted by its policies of diverting aid to reserves, as well as evidence that a very small fraction of the Fund's new lending in response to the financial crisis has reached poor countries. Finally, the IMF's claim that it follows public health standards in tobacco control contrasts with its existing policies, which fail to follow the guidelines recommended by the World Bank and World Health Organization. The authors recommend that the IMF (1) become more transparent in its policies, practices, and data to allow improved independent evaluations of its impact on public health (including Health Impact Assessment) and (2) review considerable public health evidence indicating a negative association between its current policies and public health outcomes.

  9. 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.

  10. 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.

  11. International Monetary Fund and aid displacement.

    Science.gov (United States)

    Stuckler, David; Basu, Sanjay; McKee, Martin

    2011-01-01

    Several recent papers find evidence that global health aid is being diverted to reserves, education, military, or other sectors, and is displacing government spending. This is suggested to occur because ministers of finance have competing, possibly corrupt, priorities and deprive the health sector of resources. Studies have found that development assistance for health routed to governments has a negative impact on health spending and that similar assistance routed to private nongovernmental organizations has a positive impact. An alternative hypothesis is that World Bank and IMF macro-economic policies, which specifically advise governments to divert aid to reserves to cope with aid volatility and keep government spending low, could be causing the displacement of health aid. This article evaluates whether aid displacement was greater when countries undertook a new borrowing program from the IMF between 1996 and 2006. As found in existing studies, for each $1 of development assistance for health, about $0.37 is added to the health system. However, evaluating IMF-borrowing versus non-IMF-borrowing countries reveals that non-borrowers add about $0.45 whereas borrowers add less than $0.01 to the health system. On average, health system spending grew at about half the speed when countries were exposed to the IMF than when they were not. It is important to take account of the political economy of global health finance when interpreting data on financial flows.

  12. The International Monetary Fund and tobacco: a product like any other?

    Science.gov (United States)

    Gilmore, Anna; Fooks, Gary; McKee, Martin

    2009-01-01

    The International Monetary Fund (IMF) has promoted the lifting of trade restrictions on tobacco and the privatization of state-owned tobacco industries as part of its loan conditions. Growing evidence shows that tobacco industry privatization stimulates tobacco consumption and smoking prevalence in borrowing countries. Privatized tobacco companies make favorable tobacco control policies a condition of their investment and lobby aggressively against further control measures. This, along with increased efficiency of the private sector, leads to increases in marketing, substantial reductions in excise taxes, drops in cigarette prices, and overall rises in sales of cigarettes. The actions of the IMF have therefore led to substantially greater use of tobacco, a product that kills half of its consumers when used as intended, with little evidence of economic gain.

  13. Accountability of the International Monetary Fund

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

    Those responsible for taking decisions should be answerable for them to clearly defined ... By the mid 1980s the IMF had turned its attention to addressing the Latin ..... by strengthening institutional memory in these constituencies and enabling ...... standard financial reasoning about moral hazard and debt rescheduling;24 a ...

  14. 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.

  15. Health impact assessment as an accountability mechanism for the International Monetary Fund: the case of sub-Saharan Africa.

    Science.gov (United States)

    O'Keefe, Eileen; Scott-Samuel, Alex

    2010-01-01

    Health impact assessment (HIA) is both an effective tool for promoting healthy public policies and one that has the potential to help hold accountable for their actions those who create unhealthy public policies. This article identifies some of the issues that arise in considering the application of HIA to the operation of the International Monetary Fund (IMF), especially in the context of sub-Saharan Africa. The authors do this in the belief that the IMF's lending conditionalities and macroeconomic policies constitute an important social determinant of health. The recent report of the Commission on Social Determinants of Health has created helpful and timely policy space for the development of a health equity- and human rights-oriented accountability framework for the IMF.

  16. The adverse effects of International Monetary Fund programs on the health and education workforce.

    Science.gov (United States)

    Marphatia, Akanksha A

    2010-01-01

    Decades of underinvestment in public sectors and in teachers and health workers have adversely affected the health and educational outcomes of women. This is partly explained by a general lack of resources. However, the amount a country can spend on social sectors, including teachers and health workers, is also determined by its macroeconomic framework, which is set in agreement with the International Monetary Fund. There is now ample evidence of how IMF-imposed wage ceilings have constrained the ability of governments to hire adequate numbers of trained professionals and increase investment in social sectors. Though the IMF has recently removed wage ceilings from its basket of conditions, little change has taken place to ensure that women are better supported by macroeconomic policies or, at the least, are less adversely affected. Thus far, the IMF's neoliberal policies have either ignored gender concerns or instrumentalized equity, health, and education to support economic development. Unless macroeconomic policies are more flexible and deliberately take into account the different needs of women and men, social outcomes will continue to be poor and inequitable. Governments must pursue alternative, feminist policies that put the goals of social equity at the center of macroeconomic policy. These policies can facilitate increased investment in education and health care, which are vital measures for achieving gender equality and providing both women and men with the skills and training needed to soften the impact of the current economic crisis.

  17. Analysis of International Monetary Fund under conditions of globalization of economic processes

    Directory of Open Access Journals (Sweden)

    V.V. Ksendzuk

    2016-06-01

    Full Text Available Globalization in the economy requires proper management of countries' financial resources as the regulation of international financial market is one of the most important tasks of the successful development of the world economy and individual national economies. The International Monetary Fund since the beginning of its creation was intended to regulate the financial situation in the post-war period in world space. In present conditions of information development of the world economic system the role and importance of international financial institutions are changing. Thus, the policies and activities of the IMF are increasingly criticized, that is substantiated and requires some restructuring and reforming areas of the Fund activity. During the research the basic aspects of IMF activities in 2015 have been analyzed and the suggestions for its further effective development have been presented. In particular, it is advisable to use the specific individual approach to the problems of particular economies and to view the sizes of quotas and their functional purposes that will allow to develop new funding mechanisms that are based on social and ecological needs of society. This, in turn, will reduce the impact of developed countries on the activities of the financial institution

  18. Renewing the International Monetary Fund: A Review of the Issues

    OpenAIRE

    Danielle Lecavalier; Eric Santor

    2007-01-01

    Given the rapid and ongoing integration of the global economy, the International Monetary Fund needs to renew its role, governance structure, and functions if it is to maintain its relevance as the institution charged with promoting global financial stability. Lecavalier and Santor examine the areas of possible reform, including quota, voice, and representation; internal governance; surveillance; lending instruments; finances; and the Fund's role in low-income countries. They also review curr...

  19. 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.

  20. The need to include Health Impact Assessment at the International Monetary Fund.

    Science.gov (United States)

    Cave, Ben; Birley, Martin

    2010-01-01

    The lending and technical support provided by the International Monetary Fund affect the determinants of health and healthy equity. Most health determinants lie outside the control of the health sector, and thus non-health-sector policies have profound positive and negative effects on population health. Health Impact Assessment (HIA) is an instrument for identifying the effect of policies, plans, programs, and projects on population health and health equity. It is a feasible, cost-effective, and transparent process that has been adopted by several financial institutions, including members of the World Bank Group. Adopting HIA would assist the IMF in ensuring that the potential health consequences of its policies are identified and addressed.

  1. The Consequences of IMF Conditionality for Government Expenditure on Health

    Directory of Open Access Journals (Sweden)

    Nisreen Moosa

    2018-01-01

    Full Text Available The International Monetary Fund (IMF was established in 1944 to supervise the international monetary system that collapsed in 1971. Since then, the Fund has reinvented itself as some sort of a “development agency,” providing loans with strings attached. Any country that wishes to obtain loans must follow the IMF-prescribed policies that reflect the neoliberal ideas of the Washington Consensus. As these policies are typically contractionary and involve austerity, the IMF has been accused of pursuing policies that exhibit a negative impact on health expenditure, with dire consequences for the population. Although the empirical evidence on this issue is mixed, it is well known that the IMF operations are more likely to exert a negative effect than a positive effect on government spending on health.

  2. Review of Poor States, Power and the Politics of IMF Reform

    Directory of Open Access Journals (Sweden)

    Mulatu Amare Desta

    2017-08-01

    Full Text Available The book examines the major cases and policy initiatives of International Monetary Fund (IMF in Low-Income Developing Countries (LIDCs in the post-Washington consensus. The IMF policy reform invites scholarly debate, different theoretical explanation and practically problem oriented in addressing the LIDCs needs and powerful states interests. Hibben analyses the driving factors of IMF LIDCs reforms and stakeholder interests and policy tools to achieve the objectives in place.  In doing so, even though author presents the book through lenses of various IPE theories, mainly he posits the IMF policy reforms through the frameworks of the Principal Agent, Constructivist, and Historical structural theories.

  3. Has the IMF Outlived Its Usefulness or Gone Past Its “Use-by” Date?

    Directory of Open Access Journals (Sweden)

    Imad A. Moosa

    2018-01-01

    Full Text Available Since the advent of the Asian financial crisis of the late 1990s, a debate has ensued on whether the International Monetary Fund (IMF should be reformed, abolished, or left as is because it is performing a good and useful job. In this paper, it is argued that the IMF should be abolished because its work, particularly in developing countries, has been useless at best and harmful at worst. Several reasons, as well as examples of how IMF operations have been detrimental to the welfare of people living in countries that the IMF is supposed to help, are presented to support this proposition.

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

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

    Barry Carin and Angela Wood. Maison(s) d'édition : Ashgate, IDRC. 29 juin 2005. ISBN : 0754645231. 140 pages. e-ISBN : 1552501752. Téléchargez le PDF · Téléchargez le cyberlivre · Commandez le livre. Accountability is a hot button issue in discussions of IMF reform. Unfortunately, it is a topic where analysis is all too ...

  5. Mozambique's Debt and the International Monetary Fund's Influence on Poverty, Education, and Health.

    Science.gov (United States)

    Beste, Jason; Pfeiffer, James

    2016-01-01

    For nearly 30 years, Mozambique has been facing austerity measures regulated by the IMF. These austerity measures, grounded in macroeconomic policies, were supposed to lift Mozambique out of poverty, and improve its healthcare and education systems. By taking an in-depth look at the major etiologies of Mozambique's debt and the conditions which forced the country to accept austerity measures-despite their protests-prior to receiving IMF funding, this paper examines how IMF policies over the past 30 years have affected poverty, health, and the education system. The results of these policies have contributed to Mozambique's enduring classification as one of the poorest countries in the world. Aside from economic outcomes, Mozambique also has abysmal health and education systems, with one of the lowest life expectancies in Sub-Saharan Africa. It is time to re-evaluate how the current IMF macroeconomic policies negatively affect, health, education and the socioeconomic status of those who live in abject poverty. As short term macroeconomic policies of PARPA have been ineffective at reducing poverty, promoting education and improving health, the IMF should consider using longer term macroeconomic policies which invest in-rather than limit-public services such as health and education. © The Author(s) 2016.

  6. Developing Economies and Global Governance: Will IMF Rethink Its Orthodox View?

    Directory of Open Access Journals (Sweden)

    Manjula Jain

    2018-01-01

    Full Text Available It has been constantly viewed that the developed economies unevenly ruled the governance structures in the international organizations such as International Monetary Fund (MF. The continuous development in Emerging and Developing Economies (EDEs over the last 20 years witnessed their growing importance in the world economy, but at the same time little increase in their voice in the IMF. There are reasons for the discontent of the EDEs in the present structure such as the increase of regional monetary arrangements, uneven distribution of quota shares, IMF quota reforms, and IMF voting structure. The world economy is witnessing a tremendous growth of these EDEs and is now at the verge where Asian economies are capable of leading, rather than the North Atlantic economies. This issue should be acknowledged properly and must be responded adequately. This paper makes an attempt to understand the prime issues that should be fixed in the current quotas system and voting structure in the IMF.

  7. A Critical Evaluation of IMF History and Policies

    Directory of Open Access Journals (Sweden)

    Syed Ahmed

    2018-01-01

    Full Text Available The International Monetary Fund (IMF was originally mandated to maintain exchange rate stability and adjustment of external imbalances in member countries and to act as a lender for countries facing short-term balance-of-payment crises. With the breakdown of the fixed exchange rate system, the IMF had to adjust its role in exchange rate management. The international banking crisis in the 1980s required a recalibration of IMF policies. Most of the policies in the 1980s and 1990s were driven by “Washington Consensus,” a doctrinaire view of economic development that called for structural adjustment through market liberalization and privatizations. However, critics indicate that the IMF, by failing to consider the unique conditions in developing economies and lumping them under a “one size fits all,” category may have caused more damage than good. In addition, it was alleged that IMF loans imposed unrealistic conditions on borrowers. All these policies are under review now in a quest for appropriate policies that will address some of these concerns and aid economic development. This paper provides a brief review of IMF policies from a historical perspective and a critique of IMF policies over the last few decades.

  8. Regulating capital flows in emerging markets: The IMF and the global financial crisis

    Directory of Open Access Journals (Sweden)

    Kevin P. Gallagher

    2017-12-01

    Full Text Available In the wake of the financial crisis the International Monetary Fund (IMF began to publicly express support for what have traditionally been referred to as ‘capital controls’. This paper empirically examines the extent to which the change in IMF discourse on these matters has resulted in significant changes in actual IMF policy advice. By creating and analyzing a database of IMF Article IV reports, we examine whether the financial crisis had an independent impact on IMF support for capital controls. We find that the IMF’s level of support for capital controls has increased as a result of the crisis and as the vulnerabilities associated with capital flows accentuate.

  9. 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.

  10. The International Monetary Fund and World Bank in Africa: a "disastrous" record.

    Science.gov (United States)

    Dembele, Demba Moussa

    2005-01-01

    In their 60th anniversary year, the International Monetary Fund and World Bank will attempt to highlight their "assistance" to Africa. But in reality, since the 1970s, these institutions have gradually become the chief architects of policies that are responsible for the worst inequalities and the explosion of poverty in the world, especially in Africa. When they began to intervene on that continent in the late 1970s and early 1980s, their stated goal was to "accelerate development." But the actual record is just disastrous, as this article reveals.

  11. The «Group of Twenty», IMF and EU and Reforming of Global Governance

    Directory of Open Access Journals (Sweden)

    Evgeniy J. Il'in

    2014-01-01

    Full Text Available This article is devoted to the process of reforming the global financial system and world economic organizations since the foundation of the International Monetary Fund at the Bretton Woods Conference in 1944 to present time. Special attention is given to results of cooperation of the IMF and the "Group of Twenty"in the context of the world financial crisis 2008-2009. This article mentions the key benchmarks of the historical development of world economy: foundation of the Bretton Woods financial system, rejection of the gold standard at the Jamaica Conference, transition to the floating exchange rates, the wave of crises in the 1990-s, the world financial crisis of 2008-2009. The process of evolution of the IMF within the framework of these global events is considered here. The cooperation of EU, IMF and "Group of Twenty" is considered. The reforms of the IMF and their results are analyzed. The policy of the IMF at different historical stages of its evolution is estimated. As well as it results, the article also deals with the formation and development of the "Group of Twenty". The increasing role of the "Group of Twenty" in the global economic governance and reforming the IMF is considered. Especially is marked the necessity of the further reforms of the IMF and increasing of participation of the "G-20" in the world economic and politic system.

  12. Economic Development through Globalisation in Nigeria : An analysis of Shell & the IMF Structural Adjustment Programs

    OpenAIRE

    Bokhari, Sven; Del Duca, Fabrizio

    2008-01-01

    Date: 2008/06/03 Level: Master thesis in International Business and Entrepreneurship, 10p (15ECTS) Authors: Sven Bokhari Fabrizio Del Duca Title: Economic Development through globalisation in Nigeria. An analysis of Shell & the IMF Structural Adjustment Programs Tutor: Leif Linnskog, Ph.D. Research Question: Can globalisation be seen as positive or negative for the Economic Development of Nigeria? A focus on Shell and the International Monetary Fund Research Issue: Globalisation in its cu...

  13. The Chiang Mai Initiative and Its Multilateralization: Toward an Asian Monetary Fund?

    Directory of Open Access Journals (Sweden)

    Youngwon Cho

    2011-11-01

    Full Text Available As a regional self-help system of liquidity support established in the aftermath of the Asian crisis of 1997, the Chiang Mai Initiative (CMI and its recent multilateralization have been touted in some quarters as important achievements in a region where institutionalized financial cooperation had been sorely lacking, taking East Asia one step closer to the resuscitation of the still-born Asian Monetary Fund. Against such a sanguine assessment, I argue that the significance of the CMI, even after its multilateralization, is largely limited to symbolism and its practical implications are inconsequential. Despite the progress associated with CMI multilateralization, the underlying political dynamics in the region render East Asia fundamentally incapable of producing a coherent regional solution to the recurring problem of global financial instability.

  14. The Budgetary Effects of the United States Participation in the International Monetary Fund

    Science.gov (United States)

    2016-06-01

    resuming normal payments of principal and interest to the IMF. Liberia, for example, resolved its 23-year delinquency to the IMF by taking a loan from...forgiving those loans had a very small impact on the IMF’s overall financial position, but the example illustrates one channel through which the IMF’s...that is, on a present-value basis with an adjustment to account for market risk. Before 2009, commitments were treated either as having no impact on

  15. Why health advocates must get involved in development economics: the case of the International Monetary Fund.

    Science.gov (United States)

    Rowden, Rick

    2010-01-01

    International health advocates have traditionally focused on calling for external strategies for achieving health goals in developing countries, such as more foreign aid, foreign direct investment, loans, and debt cancellation, as opposed to internal approaches, such as building domestic productive capacity and accumulating capital. They have largely neglected questions of development economics, particularly the effectiveness, or lack thereof, of the currently dominant neoliberal development model promoted by the rich countries and aid agencies for poor countries. While critics have been correct to blame the International Monetary Fund for its policies curtailing public health spending in developing countries, their analysis generally neglects the underlying issue of why developing countries are seemingly unable to build their domestic tax base on which health budgets depend. International health advocates should engage with such macroeconomic questions and challenge the failures of the dominant neoliberal economic model that blocks countries from industrializing and building their own productive capacities with which to generate their own resources for financing their health budgets over time.

  16. Populism versus IMF Conditionalities: Demand Management Policies in Present Regime of Globalization

    Directory of Open Access Journals (Sweden)

    Ayub Mehar

    2018-01-01

    Full Text Available The end of a bipolar regime after the collapse of the Soviet Union diverted the world economies to globalization regime, where economic freedom and liberalization were adopted as most powerful and popular philosophies of the economic welfare and development. The origination of a free trade regime, decentralization in public finance, and revival of the classical school of thought in economic policies are the natural outcomes of the global failure of centrally controlled economic planning experiences. Autonomy of the central banks, market-oriented exchange rates, convertibility of the currencies, privatization, deregulation, and free trade are the banners of classical economic thoughts in the present regime. Meanwhile, the International Monetary Fund (IMF came into force when the world was divided into left and right arms. The IMF conditionality and recommended measures are still based on demand management mechanism where most of the advices belong to exchange rate mechanism (devaluation, increase in interest rate, increase in tax revenue, reduction in subsidies, transfer payments, so on. The core objective of this study is to review the IMF policies and practices in the contemporary world where supply-side policies and classical theories are regaining their importance in post-Soviet regime. Before any recommendation and contemplating the role of the IMF in the contemporary world, it will be appropriate to review and analyze the current practices of the IMF by three dimensions: History and cause of the creation of the IMF, its governance and financial structure, and its role in global economy and lending activities. The study suggests the change in the IMF governance structure and the coordination between World Trade Organization (WTO, World Economic Forum (WEF, and IMF policies.

  17. INTERNATIONAL MONETARY FUND AND EAST ASIA: DEVELOPMENTS, CHALLENGES, AND LESSONS LEARNED

    Directory of Open Access Journals (Sweden)

    Maksym Kulbida

    2017-12-01

    Full Text Available The article demonstrates that during the extended period of cooperation, the IMF’s activities have had both positive and negative impact on the development of economies of the East Asia region. On the one hand, the IMF initiated and supported in-depth reforms that formed a solid basis for sustainable development and growth of countries of the region. On the other hand, the IMF failed to achieve positive outcomes in some specific important areas mostly because of its unbalanced policies and due to disregard to specific needs of particular countries of the region. Furthermore, the IMF failed to properly discharge one of its main mandates to effectively predict, address, and overcome international financial crisis tendencies and processes that emerged from the fragility and the lack of sustainability of the global liquidity system at the regional level, and in particular during the Asian crisis of 1997-98. The IMF’s failures led to a significant decrease of cooperation with the East Asia region and gave rise to the IMF stigma and subsequent regionalism processes. Although quite uncertain, any further cooperation may only be carried out on a new basis with due consideration of the specificity of the region and the particular countries. Methodology. The author provides first, based on the IMF’s official statistics and data, an analysis of the cooperation between the IMF and the East Asia region in order to identify main achievements and failures and then explores possible forms of further cooperation with due regard to all stakeholders’ interests and needs. The author aims to demonstrate, based on the IMF’s experience in East Asia, that cooperation between the IMF and particular countries or regions is a complex and challenging process, which most often involves the need to give due consideration to various important factors, including country-based specificities and risks of reluctance to the IMF’s activities. Results. It is shown that

  18. The impact of IMF conditionality on government health expenditure: A cross-national analysis of 16 West African nations.

    Science.gov (United States)

    Stubbs, Thomas; Kentikelenis, Alexander; Stuckler, David; McKee, Martin; King, Lawrence

    2017-02-01

    How do International Monetary Fund (IMF) policy reforms-so-called 'conditionalities'-affect government health expenditures? We collected archival documents on IMF programmes from 1995 to 2014 to identify the pathways and impact of conditionality on government health spending in 16 West African countries. Based on a qualitative analysis of the data, we find that IMF policy reforms reduce fiscal space for investment in health, limit staff expansion of doctors and nurses, and lead to budget execution challenges in health systems. Further, we use cross-national fixed effects models to evaluate the relationship between IMF-mandated policy reforms and government health spending, adjusting for confounding economic and demographic factors and for selection bias. Each additional binding IMF policy reform reduces government health expenditure per capita by 0.248 percent (95% CI -0.435 to -0.060). Overall, our findings suggest that IMF conditionality impedes progress toward the attainment of universal health coverage. Copyright © 2016 Elsevier Ltd. All rights reserved.

  19. A bank-fund projection framework with CGE features

    DEFF Research Database (Denmark)

    Jensen, Henning Tarp; Tarp, Finn

    2006-01-01

    In this paper, we present a SAM-based methodology for integrating standard CGE features with a macroeconomic World Bank–International Monetary Fund (IMF) modelling framework. The resulting macro–micro framework is based on optimising agents, but it retains key features from the macroeconomic model...

  20. A Standard Bank-Fund Projection Framework with CGE Features

    DEFF Research Database (Denmark)

    Jensen, Henning Tarp; Tarp, Finn

    2006-01-01

    In this paper, we present a SAM-based methodology for integrating standard CGE features with a macroeconomic World Bank–International Monetary Fund (IMF) modelling framework. The resulting macro–micro framework is based on optimising agents, but it retains key features from the macroeconomic model...

  1. Book review: Unholy trinity: The IMF, World Bank and WTO Richard Peet

    Directory of Open Access Journals (Sweden)

    M Breitenbach

    2014-05-01

    Full Text Available In this timely book Richard Peet and his team lay the foundation with an excellent analysis of the process of globalisation and the resultant emergence of the global economy. The authors are especially critical of the increasing influence of institutions like the International Monetary Fund (IMF, World Bank and World Trade Organisation (WTO on the economy and the consequences experienced by peoples, cultures and the environment. The single ideology of neo-liberalism is blamed for the undesirable outcomes. This book considers concepts of power, political interest, hegemony, discourse, responsibility and the power of practicality, in critically examining the IMF, World Bank and WTO. The conclusion is reached that “all three institutions play roles greatly different from those originally agreed to under the charters that set them up”.

  2. A discussion paper for emerging markets: The role of IMF and the World Bank

    Directory of Open Access Journals (Sweden)

    Edmundo R. Lizarzaburu

    2012-09-01

    Full Text Available While both the World Bank and International Monetary Fund, are two separate entities, often not clear the role of each of them is therefore that this paper seeks to consolidate diverse information reviewed from both entities with the purpose of being able to understand the functioning and scope of each of these important institutions that have had successes and setbacks and ultimately have an active role in global finance and economy, despite the many detractors who are at levels world. There is an anecdote which is worth mentioning. “John Maynard Keynes, recognized at the inaugural meeting of the International Monetary Fund was confused by the names he thought the Fund should be called a bank, and the World Bank should be called a bottom. Confusion has reigned ever since. The Bank and the IMF are two intergovernmental pillars supporting the structure of economic and financial world”. The fundamental difference between the two is understood as: the Bank institution primarily for the development, while the IMF is a cooperative institution that seeks to maintain an orderly system of payments and receipts between nations. The manner followed to choose the head of each organization has a different procedure, but the important thing is that in the next few years, several countries such as Brazil, India have more active participation and Latin America as a group may perhaps lead some of them.

  3. Reforming the IMF: some organizational and operational issues

    Directory of Open Access Journals (Sweden)

    H. ASKARI

    1999-12-01

    Full Text Available While financial crises during the 1990s have started a lively debate on IMF policies toward member countries, reform of the Fund's organisational structure and operations have been largely ignored. Improved organisation and operations would increase IMF efficiency and membership participation, which would in turn increase IMF effectiveness in enhancing global economic conditions. In this paper, a number of such issues--quotas, voting structure and decision making; executive board and ministerial committees; management structure and staff; political dimensions, transparency andcredibility--are assessed.

  4. Utilization program of HANARO under IMF situation in Korea

    International Nuclear Information System (INIS)

    Choi, Chang Oong; Kuk, Il Hiun; Chae, Sung Ki; Sohn, Jae Min

    1999-01-01

    Some of utilization facilities in HANARO are still being installed and among them CNS and FTL are yet in the design stage. This kind of situation in HANARO was mainly caused by the shortage of total budget of the reactor project during the period of reactor construction (1985 ∼ 1994). Installation of remaining utilization facilities to be equipped after HANARO construction had to rely on the resources of the long-term nuclear R and D program. The program commenced in 1992 with the 10-year implementation plan. It stipulates to be revised every 5 years in order to reflect changing national and international nuclear circumstances. The original nuclear R and D program (1992 ∼ 2001) set up in 1992 was amended in 1997 to establish nuclear policy infrastructure and to strengthen technological self-reliance in nuclear power. In this amended long-term nuclear R and D program (1997 ∼ 2006), full scope of utilization facility in HANARO was accommodated. However, economical difficulty befell to Korea from the end of 1997 and every social structure in Korea had to be reshaped with top priority of productivity base. Every industrial sector was desperately striving to cope with the financial difficulty by utilizing maximum production efficiency and by minimizing other functions or activities, which are not directly related to production activity. Even though nationwide endeavor strenuously to get over the economical difficulty, the government had to be supported from IMF (International Monetary Fund). Under the IMF situation in Korea, the nuclear R and D program must be adjusted due to cut-down of research fund from the government. Consequently utilization facility of HANARO is to be evaluated based on the users' program and their requirements. According to the evaluation results from the users' conditions, among the HANARO utilization facilities the first priority is pointed to be RI production facility, the second is to be neutron scattering facility, the third to be fuel

  5. 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.

  6. 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...

  7. IMF and economic reform in developing countries

    DEFF Research Database (Denmark)

    Abbott, Philip; Andersen, Thomas Barnebeck; Tarp, Finn

    2010-01-01

    approach is in order. However, the cross-country approach is unlikely to provide a sound basis for drawing clear conclusions, so we review IMF programs from a different perspective, involving a broader literature on development strategy. In particular, it is widely accepted that a common characteristic......In this paper we assess the IMF approach to economic reform in developing countries. The impact of IMF program participation on economic growth has been evaluated empirically in a cross-country literature, with little evidence of IMF programs having been successful. This suggests that a fresh...... of IMF programs is a high degree of policy rigidity. This is in contrast with studies which hold that unleashing an economy's growth potential hinges on a set of well-targeted policy interventions aimed at removing country-specific binding constraints. The process of locating constraints that bind...

  8. THE END OF IMF - TURKEY RELATIONSHIP

    Directory of Open Access Journals (Sweden)

    ZUNGUN DENIZ

    2013-07-01

    Full Text Available Abstract: IMF has been created to make international cooperation on financial matters stronger and for solving the problems of balance of payment. However, the IMF formed policies in order to solve problems of balance of payment till the 1980s, expanded its effectiveness much more by controlling the structural adjustment programs after the 1980s, and undertook the role as an international lender of last resort on crises caused by globalization trends. In developing nations, foreign and domestic deficit occurred due to infrastructural causes that have created economic instabilities portrayed through inflation and unemployment. Especially foreign debt problems sourced by the foreign trade deficit transformed into an economic crisis for these countries. Many countries affected by such economic crisis applied to IMF and its Stabilization Program with the aim of providing economic stability in the hopes of recovering. The important thing here to point out is that the economic programs used by countries during their economic crisis are supported by the IMF in reality. In this situation Mexico and Argentina can be given as a good example. IMF has undertaken the same mission in Turkey with seven stabilization programs put in practice and nineteen Stand-By Arrangements between them. But IMF has failed many times in Turkey just like in many developing countries. This is because IMF did not take into consideration economic and social structure of countries in stabilization programs put in practice. Today, Turkey has reached to an important point from the way of its relationship with IMF; more clearly, Turkey is determined to achieve its future without IMF. Turkey-IMF relationship in the framework of stand-by agreements in the past half century of our economic and political history has come to an ending point. After a period of 51 years of intense relations, Turkey decided to determine its calculations of credit limit by the way of advantages and

  9. La riforma del FMI: alcune questioni organizzatIve e operative (Reforming the IMF: Some Organizational and Operational Issues. With English summary

    Directory of Open Access Journals (Sweden)

    Hossein Askari

    2012-10-01

    Full Text Available While financial crises during the 1990s have started a lively debate on IMF policies toward member countries, reform of the Fund's organizational structure and operations have been largely ignored. Improved organization and operations would increase IMF efficiency and membership participation, which would in turn increase IMF effectiveness in enhancing global economic conditions. In this paper, a number of such issues--quotas, voting structure and decision making; executive board and ministerial committees; management structure and staff; political dimensions, transparency and credibility--are assessed.  JEL Codes: F33Keywords: IMF

  10. La riforma del FMI: alcune questioni organizzatIve e operative (Reforming the IMF: Some Organizational and Operational Issues

    Directory of Open Access Journals (Sweden)

    Hossein Askari

    2000-03-01

    Full Text Available While financial crises during the 1990s have started a lively debate on IMF policies toward member countries, reform of the Fund's organizational structure and operations have been largely ignored. Improved organization and operations would increase IMF efficiency and membership participation, which would in turn increase IMF effectiveness in enhancing global economic conditions. In this paper, a number of such issues--quotas, voting structure and decision making; executive board and ministerial committees; management structure and staff; political dimensions, transparency and credibility--are assessed.

  11. The Stellar IMF from Isothermal MHD Turbulence

    Science.gov (United States)

    Haugbølle, Troels; Padoan, Paolo; Nordlund, Åke

    2018-02-01

    We address the turbulent fragmentation scenario for the origin of the stellar initial mass function (IMF), using a large set of numerical simulations of randomly driven supersonic MHD turbulence. The turbulent fragmentation model successfully predicts the main features of the observed stellar IMF assuming an isothermal equation of state without any stellar feedback. As a test of the model, we focus on the case of a magnetized isothermal gas, neglecting stellar feedback, while pursuing a large dynamic range in both space and timescales covering the full spectrum of stellar masses from brown dwarfs to massive stars. Our simulations represent a generic 4 pc region within a typical Galactic molecular cloud, with a mass of 3000 M ⊙ and an rms velocity 10 times the isothermal sound speed and 5 times the average Alfvén velocity, in agreement with observations. We achieve a maximum resolution of 50 au and a maximum duration of star formation of 4.0 Myr, forming up to a thousand sink particles whose mass distribution closely matches the observed stellar IMF. A large set of medium-size simulations is used to test the sink particle algorithm, while larger simulations are used to test the numerical convergence of the IMF and the dependence of the IMF turnover on physical parameters predicted by the turbulent fragmentation model. We find a clear trend toward numerical convergence and strong support for the model predictions, including the initial time evolution of the IMF. We conclude that the physics of isothermal MHD turbulence is sufficient to explain the origin of the IMF.

  12. On US politics and IMF lending

    DEFF Research Database (Denmark)

    Andersen, Thomas Barnebeck; Harr, Thomas; Tarp, Finn

    2006-01-01

    The political factors shaping IMF lending to developing countries have attracted attention in recent empirical work. This goes in particular for the role and influence of the US. However, scant formal modelling makes interpretation of empirical results difficult. In this paper, we propose a model...... in which the US acts as principal within the IMF and seeks to maximize its impact on the policy stance of debtor countries. We derive an optimal loan allocation mechanism, which leads to the testable hypothesis that the probability of an IMF loan is increasing in the amount of political concessions...... countries make. A political concession is defined as the distance between a country's bliss point and its actual policy stance measured relative to the US. We introduce a bliss-point proxy and demonstrate that our hypothesis is strongly supported in the data. Moreover, we show that not accounting for bliss...

  13. Solar cycle variations in IMF intensity

    International Nuclear Information System (INIS)

    King, J.H.

    1979-01-01

    Annual averages of logarithms of hourly interplanetary magnetic field (IMF) intensities, obtained from geocentric spacecraft between November 1963 and December 1977, reveal the following solar cycle variation. For 2--3 years at each solar minimum period, the IMF intensity is depressed by 10--15% relative to its mean value realized during a broad 9-year period contered at solar maximum. No systematic variations occur during this 9-year period. The solar minimum decrease, although small in relation to variations in some other solar wind parameters, is both statistically and physically significant

  14. 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.

  15. 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.

  16. Hoidu IMF-i eest! / Heido Vitsur

    Index Scriptorium Estoniae

    Vitsur, Heido, 1944-

    2000-01-01

    Maailmapangast oma avameelsete avalduste pärast lahkuma sunnitud endine peaökonomist Joseph Stieglitz hoiatas üleminekumaid, et nad ei jälgiks liiga täpselt IMF-i soovitusi, sest need võivad kahjulikud olla

  17. Smart unconventional monetary (SUMO) policies: giving impetus to green investment. Climate Report no. 46

    International Nuclear Information System (INIS)

    Ferron, Camille; Morel, Romain

    2014-07-01

    Today, given the amount of investment needed to reach a 2-degree emissions reduction target and the tight budgetary constraints of governments worldwide, public spending alone will not be sufficient alone. Therefore, there is a double need to not only shift private financial flows from 'brown' sectors to 'green' sectors, but also to leverage new sources of financing. Addressing the second challenge, this study reviews three families of proposed funding mechanisms based on unconventional monetary policies targeting 'green' or 'climate' investments. These 'Smart Unconventional Monetary' (or SUMO) policies include: (i) the use of Special Drawing Rights (SDRs) issued by the International Monetary Fund (IMF), (ii) green quantitative easing and (iii) the issuance of Carbon Certificates. Proponents of these mechanisms assert that they have a strong potential to provide substantial low-cost financing for green projects and reduce the risks linked to green investments for private investors. Furthermore, they could have further macro-economic co-benefits in specific circumstances. For example, implemented jointly with appropriate 'demand-side' mechanisms, a SUMO policy mechanism, even if short-term, could help trigger investment, bank lending and growth in Europe and pave the way for a longer-term green policies' framework. Nevertheless, this analysis has identified that the implementation of such mechanisms has a number of challenges to overcome. The first challenge is to convince policy makers that these mechanisms, even if they resort to unconventional monetary policies, will not lead to inflation. The second challenge is the difficulty to reach multilateral agreements in the short run, because of geopolitical and institutional barriers. The third challenge is the necessity to involve the private sector. Furthermore, to facilitate their contribution to low-carbon investment, this analysis suggests that

  18. Signals of dynamical and statistical process from IMF-IMF correlation function

    Science.gov (United States)

    Pagano, E. V.; Acosta, L.; Auditore, L.; Baran, V.; Cap, T.; Cardella, G.; Colonna, M.; De Luca, S.; De Filippo, E.; Dell'Aquila, D.; Francalanza, L.; Gnoffo, B.; Lanzalone, G.; Lombardo, I.; Maiolino, C.; Martorana, N. S.; Norella, S.; Pagano, A.; Papa, M.; Piasecki, E.; Pirrone, S.; Politi, G.; Porto, F.; Quattrocchi, L.; Rizzo, F.; Rosato, E.; Russotto, P.; Siwek-Wilczyńska, K.; Trifiro, A.; Trimarchi, M.; Verde, G.; Vigilante, M.; Wilczyńsky, J.

    2017-11-01

    In this paper we briefly discuss about a novel application of the IMF-IMF correlation function to the physical case of binary massive projectile-like (PLF) splitting for dynamical and statistical breakup/fission in heavy ion collisions at Fermi energy. Theoretical simulations are also shown for comparisons with the data. These preliminary results have been obtained for the reverse kinematics reaction 124Sn + 64Ni at 35 AMeV that was studied using the forward part of CHIMERA detector. In that reaction a strong competition between a dynamical and a statistical components and its evolution with the charge asymmetry of the binary break up was already shown. In this work we show that the IMF-IMF correlation function can be used to pin down the timescale of the fragments production in binary fission-like phenomena. We also made simulations with the CoMDII model in order to compare to the experimental IMF-IMF correlation function. In future we plan to extend these studies to different reaction mechanisms and nuclear systems and to compare with different theoretical transport simulations.

  19. Need kolm õudset tähte - IMF / Andrei Hvostov

    Index Scriptorium Estoniae

    Hvostov, Andrei, 1963-

    2008-01-01

    Autor käsitleb lähemalt Rahvusvahelist Valuutafondi (IMF) ja kriitikat fondi tegutsemise kohta. Mitmed IMF-iga kokku puutunud riigid püüavad iga hinna eest võlast vabaneda, samas suunib praegune majanduskriis IMF-i poole pöörduma

  20. 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

  1. 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...

  2. IMF and Economic Reform in Developing Countries

    DEFF Research Database (Denmark)

    Abbott, Philip; Andersen, Thomas Barnebeck; Tarp, Finn

    2010-01-01

    relevant to actors and entities with a broader, and more microeconomic, focus such as national policymakers and the World Bank. It is in choices among competing projects and programs that trial and error is most likely to be necessary. Nevertheless, reforms of the IMF such as the “streamlining initiative......” should start from a good understanding of the reasons for adherence to policy orthodoxy. We discuss underlying institutional and organizational reasons for policy rigidity and consider some suggested reforms....

  3. 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.

  4. 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.

  5. Accountability of the International Monetary Fund | IDRC ...

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

    Discussions are never judgement free, but contributors to this collection lay their values squarely on the table for all to see. ... in the areas of evaluation and audit, but the organization is generally perceived to be lacking in its adaptation to the new policy and governance frameworks demanded by increasing globalization.

  6. Overcome IMF crisis with idea and invention

    International Nuclear Information System (INIS)

    Wang, Yeon Jung

    1998-01-01

    This book introduces the invention as a tool to overcome IMF crisis. These are the titles of the way to create invention and idea : what is idea? everyone can create something, have a confidence, this is patent, replace or change something, invention is not logical, challenge the normal law, throw away stereotype, movement of idea, original imagination, there are a lot of solutions, there is no expert, have a positive thought, why does inventor invent? necessity is invention of mother, three stage of idea and invention and imitation for invention.

  7. Overcome IMF crisis with idea and invention

    Energy Technology Data Exchange (ETDEWEB)

    Wang, Yeon Jung

    1998-01-15

    This book introduces the invention as a tool to overcome IMF crisis. These are the titles of the way to create invention and idea : what is idea? everyone can create something, have a confidence, this is patent, replace or change something, invention is not logical, challenge the normal law, throw away stereotype, movement of idea, original imagination, there are a lot of solutions, there is no expert, have a positive thought, why does inventor invent? necessity is invention of mother, three stage of idea and invention and imitation for invention.

  8. Effects of the IMF on the plasma sheet

    International Nuclear Information System (INIS)

    Akasofu, S.-I.; Meng, C.-I.

    1986-01-01

    It is suggested that the IMF Bsub(z) component controls partially the geometry of the cross-section (y-z plane) of the plasma sheet. Our vacuum superposition model suggests that the cross-section has a dumbbell shape for te IMF Bsub(z) O. It is also suggested that the thinning and subsequent expansion of the plasma sheet during magnetospheric substorms are partially due to a direct effect of the IMF Bsub(z). (author)

  9. Geomagnetic Dst index forecast based on IMF data only

    Directory of Open Access Journals (Sweden)

    G. Pallocchia

    2006-05-01

    Full Text Available In the past years several operational Dst forecasting algorithms, based on both IMF and solar wind plasma parameters, have been developed and used. We describe an Artificial Neural Network (ANN algorithm which calculates the Dst index on the basis of IMF data only and discuss its performance for several individual storms. Moreover, we briefly comment on the physical grounds which allow the Dst forecasting based on IMF only.

  10. Transformation of analcime into IMF structure during the synthesis of IMF zeolite

    Czech Academy of Sciences Publication Activity Database

    Kubů, Martin; Přech, Jan

    2015-01-01

    Roč. 206, APR 2015 (2015), s. 121-126 ISSN 1387-1811 R&D Projects: GA ČR GP13-17593P Institutional support: RVO:61388955 Keywords : IMF zeolite * analcime * crystallization Subject RIV: CF - Physical ; Theoretical Chemistry Impact factor: 3.349, year: 2015

  11. Transformation of analcime into IMF structure during the synthesis of IMF zeolite

    Czech Academy of Sciences Publication Activity Database

    Kubů, Martin; Přech, Jan

    2015-01-01

    Roč. 206, C (2015), s. 121-126 ISSN 1387-1811 R&D Projects: GA ČR GP13-17593P Institutional support: RVO:61388955 Keywords : Analcime * Crystallization * IMF zeolite Subject RIV: CF - Physical ; Theoretical Chemistry Impact factor: 3.349, year: 2015

  12. Enough room for Williams and IMF? / Paul Beckman

    Index Scriptorium Estoniae

    Beckman, Paul

    1999-01-01

    Lõppesid Leedu ja USA energeetikakompanii Williams International läbirääkimised Leedu naftakompleksis osaluse omandamise asjus. IMF uurib Leedu majanduslikku arengut, mida tehing Williamsiga komplitseerib

  13. 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...

  14. Enhanced Debt Management: solving the eurozone crisis by linking debt management with fiscal and monetary policy

    OpenAIRE

    Werner, Richard A.

    2014-01-01

    Unconventional approaches to suit unusual circumstances have become acceptable in monetary policy, a formerly highly conservative discipline. In this paper it is argued that unconventional approaches should also be considered in sovereign debt management, in order to contribute to resolving the eurozone sovereign debt crisis. First, the Troika crisis lending to indebted sovereign borrowers in the eurozone is reviewed and compared with standard IMF post-crisis lending. The main difference and ...

  15. The IMF: A Bird's Eye View of its Role and Operations

    OpenAIRE

    Graham Bird

    2007-01-01

    The International Monetary Fund is the world’s premier international financial institution with 184 member countries and active programmes in a significant number of them at any one time. The Fund attracts a great deal of attention, much of it critical. But the discussion is often polemic in style. Strongly held, but frequently opposing, views are expressed. This survey attempts to examine, in an objective way, the theory and evidence relating to the Fund’s operations. Many aspects of the emp...

  16. Effects of IMF programs on school enrollment in developing countries

    NARCIS (Netherlands)

    Vranken, M.; Smits, J.P.J.M.; Jong, E. de

    2011-01-01

    The IMF is one of the most heavily criticized international financial institutions in the world and has been accused of having a negative effect on education. By using multi-level analyses, this paper estimates the effects of IMF supported programs on the growth in school enrollment in developing

  17. IMF toetab Eesti maksureformi / Andris Feldmanis, Kertu Ruus

    Index Scriptorium Estoniae

    Feldmanis, Andris, 1982-

    2004-01-01

    Rahvusvahelise Valuutafondi (IMF) Eesti missiooni juht Richard Haas tutvustab äsjailmunud IMF-i raportis esitatud hinnangut Eesti majanduse hetkeseisu kohta ja võimalikke järgneva 15 aasta makroohtusid, sh jooksevkonto puudujääki ja laenamise kiiret kasvu. Rahandusminister Taavi Veskimägi ja Eesti Panga presidendi Vahur Krafti kommentaarid. Diagramm: Eesti laenukoormuse kasv kiireim

  18. IMF gives an 'A' for effort / Ella Karapetyan

    Index Scriptorium Estoniae

    Karapetyan, Ella

    2010-01-01

    23.-29. märtsini külastas Eestit Rahvusvahelise Valuutafondi (IMF) delegatsioon. Delegatsiooni juhi Christoph Rosenbergi sõnul on IMF igati rahul Eesti eelarvepoliitikaga. Christoph Rosenbergi soovitused. Delegatsioon kohtus ka president Toomas Hendrik Ilvese ja peaminister Andrus Ansipiga

  19. The Asian Crisis, the IMF and Dr. Mahathir

    NARCIS (Netherlands)

    Visser, H.; ter Wengel, J.

    1999-01-01

    While in the literature concerning the Asian crisis extensive coverage has been given to the course of events in the countries implementing IMF-supported programmes, scant attention has been paid to other countries that also suffered from the crisis. Potential alternatives to the IMF way of handling

  20. Field-aligned currents during northward IMF: Morphology and causes

    DEFF Research Database (Denmark)

    Vennerstrøm, Susanne; Moretto, T.; Rastätter, L.

    2005-01-01

    We present the results of a global MHD simulation of solar wind magnetosphere interaction during northward IMF. In particular, we emphasize the effect of the IMF B y component on the reconnection geometry and the mapping along field lines to the polar ionosphere, through field-aligned currents. We...... find that the existence and geometry of the polar cap is closely connected to the IMF B y component. During strictly northward IMF the simulated magnetosphere can remain essentially closed because the solar wind field lines reconnect in both hemispheres, thereby creating newly reconnected closed...... exist both on open and closed field lines and are created by the shear of the newly reconnected field lines against the mantle field as they are convected tailward by the solar wind. When the IMF rotates from northward toward east, the magnetospheric mapping regions of the NBZ currents likewise rotates...

  1. Influence of the IMF azimuthal component on magnetospheric substorm dynamics

    International Nuclear Information System (INIS)

    Troshichev, O.A.; Kotikov, A.L.; Bolotinskaya, B.D.; Andrezen, V.G.

    1986-01-01

    The effect of the IMF azimuthal component on magnetospheric substorm dynamics has been studied on the basis of five-minute average values of the IMF B y and B z components and the AL index. The results obtained from case studies and from superposed epoch analysis show the dependence of substorm dynamics on the azimuthal component: the reversal of B y from positive to negative increases the activity with minimum delay time, while the opposite reversal either does not change or only slightly changes the activity level. This effect is more evident in winter. The reversal of the IMF vertical component from south to north after an interval of sustained southward IMF statistically gives rise to magnetic activity, too but this growth is less intense than that produced by the B y negative turning. The role of both vertical and azimuthal IMF components must be considered in future studies of substorm triggering mechanisms. (author)

  2. The Impact of Conventional and Unconventional Monetary Policy on Investor Sentiment

    DEFF Research Database (Denmark)

    Lutz, Chandler

    2015-01-01

    This paper examines the relationship between monetary policy and investor sentiment across conventional and unconventional monetary policy regimes. During conventional times, we find that a surprise decrease in the fed funds rate leads to a large increase in investor sentiment. Similarly, when...... the fed funds rate is at its zero lower bound, research results indicate that expansionary unconventional monetary policy shocks also have a large and positive impact on investor mood. Together, our findings highlight the importance of both conventional and unconventional monetary policy...... in the determination of investor sentiment....

  3. Lithuania manages to steer clear of IMF loans

    Index Scriptorium Estoniae

    2009-01-01

    Leedu peaministri Andrius Kubiliuse sõnul saab Leedu finantssüsteem rahvusvahelistel finantsturgudel kindlust juurde, mis tähendab, et riik võib hakkama saada ilma IMF-i abita. Peaminister eelarvepoliitikast

  4. A Fund of Wisdom

    DEFF Research Database (Denmark)

    Seabrooke, Leonard; Broome, André

    2006-01-01

    The International Monetary Fund spends most of its time monitoring its member states' economic performance and advising on institutional change. While much of the literature sees the Fund as a policy enforcer in "emerging market" and "frontier" economies, little attention has been paid to exploring...... for change on the basis of like-characteristics among economies. Many Western states, particularly small open economies, consider the Fund's advice as important not only for technical know-how, but because Fund assessments are significant to international and domestic political audiences. This article traces...... the Fund's advice on taxation and monetary reform to two coordinated market economies, Denmark and Sweden, and two liberal market economies, Australia and New Zealand from 1975 to 2004. It maps how the Fund advocated "policy revolutions" and "policy recombinations" during this period, advice that coincided...

  5. 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.

  6. Miks IMF ei kiirusta riike rahanduskriisist päästma? / Heiki Suurkask

    Index Scriptorium Estoniae

    Suurkask, Heiki, 1972-

    2008-01-01

    Mitu riiki taotleb IMF-ilt kriisiabi, IMF esitab neile abi andmiseks rangeid nõudeid. Varasemates kriisides on IMF-i rahast piisanud, kuid suuremaid tööstusriike ta välja aidata ei suudaks, selle juhi Dominique Strauss-Kahni prognoosi kohaselt peab IMF seekord välja andma sadu miljardeid dollareid. Lisa: Pangajuhti tabas seksiskandaal

  7. Financial stability, monetary policy and budgetary coordination in EMU

    Directory of Open Access Journals (Sweden)

    Claudiu Tiberiu ALBULESCU

    2012-08-01

    Full Text Available A series of recent studies analyze the impact of financial crisis on the fiscal soundness in the Euro area countries. Even if their documented results present the transmission mechanisms of the financial instability toward the fiscal sector, a more realistic problem is related to the contribution of the fiscal and budgetary disequilibrium to the financial instability propagation. In this line, we show, based on a simple econometric model, that, beside the expansionary monetary policy, the budgetary deficit conducts to the financial stability deterioration. The financial stability of the Euro area is measured based on an aggregate financial stability index, constructed by employing the IMF methodology used for the financial stress index.

  8. 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...

  9. High-Latitude Ionospheric Dynamics During Conditions of Northward IMF

    Science.gov (United States)

    Sharber, J. R.

    1996-01-01

    In order to better understand the physical processes operating during conditions of northward interplanetary magnetic field (IMF), in situ measurements from the Dynamics Explorer-2 (low altitude) polar satellite and simultaneous observations from the auroral imager on the Dynamics Explorer-1 (high altitude) satellite were used to investigate the relationships between optical emissions, particle precipitation, and convective flows in the high-latitude ionosphere. Field aligned current and convective flow patterns during IMF north include polar cap arcs, the theta aurora or transpolar arc, and the 'horse-collar' aurora. The initial part of the study concentrated on the electrodynamics of auroral features in the horse-collar aurora, a contracted but thickened emission region in which the dawn and dusk portions can spread to very high latitudes, while the latter part focused on the evolution of one type of IMF north auroral pattern to another, specifically the quiet-time horse-collar pattern to a theta aurora.

  10. 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 ...

  11. 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...

  12. 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...

  13. 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...

  14. Polar ionospheric responses to solar wind IMF changes

    Directory of Open Access Journals (Sweden)

    Y. Zhang

    2000-06-01

    Full Text Available Auroral and airglow emissions over Eureka (89° CGM during the 1997-98 winter show striking variations in relation to solar wind IMF changes. The period January 19 to 22, 1998, was chosen for detailed study, as the IMF was particularly strong and variable. During most of the period, Bz was northward and polar arcs were observed. Several overpasses by DMSP satellites during the four day period provided a clear picture of the particle precipitation producing the polar arcs. The spectral character of these events indicated excitation by electrons of average energy 300 to 500 eV. Only occasionally were electrons of average energy up to ~1 keV observed and these appeared transitory from the ground optical data. It is noted that polar arcs appear after sudden changes in IMF By, suggesting IMF control over arc initiation. When By is positive there is arc motion from dawn to dusk, while By is negative the motion is consistently dusk to dawn. F-region (anti-sunward convections were monitored through the period from 630.0 nm emissions. The convection speed was low (100-150 m/s when Bz was northward but increased to 500 m/s after Bz turned southward on January 20.Key words: Atmospheric composition and structure (airglow and aurora - Ionosphere (particle precipitation - Magnetospheric Physics (polar cap phenomena

  15. IMF on jäänud usalduskriisi / Harold James

    Index Scriptorium Estoniae

    James, Harold

    2008-01-01

    Rahvusvaheline Valuutafond (IMF) peab enda ees seisvate uute ülesannete täitmiseks taastama oma liikmete usalduse. Ta võiks olla võimas finantsalane stabiliseerija, kui saaks hakkama uute ülejäägiga riikide reservvaraga. Äripäevas art. lüh.

  16. IMF BY dependence of the extent of substorm westward electrojet

    Indian Academy of Sciences (India)

    Auroral ground magnetogram signatures near .... The bottom panel shows the. Sym-H ... coordinate system for the event depicted in figure 1(a). ... ring current build-up at the substorm onset sug- ... tem with the polarity of IMF BY was first shown.

  17. Multilateral organizations and global inequality: A focus on IMF ...

    African Journals Online (AJOL)

    The paper examines issues relating to multilateral organizations, taking a particular look at the three multilateral organizations viz IMF, World Bank and WTO. It establishes that institutional and structural variables in the multilateral organizations are skewed in favour of the developed countries and this tends to entrench their ...

  18. Observations of the cusp region under northward IMF

    Directory of Open Access Journals (Sweden)

    F. Pitout

    2001-09-01

    Full Text Available We present a comparative study of the cusp region using the EISCAT Svalbard Radars (ESR and the Cluster spacecraft. We focus in this paper on 2 February 2001, over the time period from 07:30 UT to 12:00 UT when the oblique ESR antenna pointing northward at a low elevation recorded latitudinal motions of the cusp region in response to the IMF. Meanwhile, the Cluster satellites were flying over the EISCAT Svalbard Radar field-of-view around local magnetic noon. The spacecraft first flew near ESR, northeast of Svalbard and then passed over the field-of-view of the antenna at about 11:30 UT. From 08:00 UT to 09:00 UT, the IMF remains primarily southward yet several variations in the Z-component are seen to move the cusp. Around 09:00 UT, an abrupt northward turning of the IMF moves the cusp region to higher latitudes. As a result, the Cluster satellites ended up in the northernmost boundary of the high-altitude cusp region where the CIS instrument recorded highly structured plasma due to ion injections in the lobe of the magnetosphere. After 09:00 UT, the IMF remains northward for more than two hours. Over this period, the ESR records sunward plasma flow in the cusp region due to lobe reconnection, while Cluster spacecraft remain in the high-altitude cusp.Key words. Magnetospheric physics (magnetopause, cusp, and boundary layers; plasma convection Ionosphere (polar ionosphere

  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. 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.

  1. 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.

  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. 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.

  5. IMF, BIS, and World Bank: On the Intra-institutional Articulation of the International Financial System

    Directory of Open Access Journals (Sweden)

    Maria de Fatima Silva do Carmo Previdelli

    2018-01-01

    Full Text Available The international financial system could be organized into three groups. According to this classification, the first group includes the organizations that exercise the functions of regulation and supervision. In the second, we have those that are regulated and supervised by the former, and in the third, we find the organizations that do not follow such rules or supervision, forming the so-called shadow banking system. This article seeks to examine the first group, and, more specifically, how the International Monetary Fund articulates with the primary elements of such a group.

  6. Polar ionospheric responses to solar wind IMF changes

    Directory of Open Access Journals (Sweden)

    Y. Zhang

    Full Text Available Auroral and airglow emissions over Eureka (89° CGM during the 1997-98 winter show striking variations in relation to solar wind IMF changes. The period January 19 to 22, 1998, was chosen for detailed study, as the IMF was particularly strong and variable. During most of the period, Bz was northward and polar arcs were observed. Several overpasses by DMSP satellites during the four day period provided a clear picture of the particle precipitation producing the polar arcs. The spectral character of these events indicated excitation by electrons of average energy 300 to 500 eV. Only occasionally were electrons of average energy up to ~1 keV observed and these appeared transitory from the ground optical data. It is noted that polar arcs appear after sudden changes in IMF By, suggesting IMF control over arc initiation. When By is positive there is arc motion from dawn to dusk, while By is negative the motion is consistently dusk to dawn. F-region (anti-sunward convections were monitored through the period from 630.0 nm emissions. The convection speed was low (100-150 m/s when Bz was northward but increased to 500 m/s after Bz turned southward on January 20.

    Key words: Atmospheric composition and structure (airglow and aurora - Ionosphere (particle precipitation - Magnetospheric Physics (polar cap phenomena

  7. EXPANSIONARY MONETARY POLICY AND THE OPPORTUNITIES FOR RESURGENCE OF INVESTMENT GROWTH IN UKRAINE

    Directory of Open Access Journals (Sweden)

    A. Ignatyuk

    2014-12-01

    Full Text Available This article is analyzed the basic tools of the expansionary monetary policy and its impact on investment growth. It is proposed transformation of monetary policy to activate the innovation processes, in particular by introducing macro-prudential limitations of investment alternatives for the population and strengthening the role of banks with state capital. In article is suggested the methods of National bank, together with the Government to stimulate investment by the use of the allocation of funds through the instruments of monetary expansion.

  8. The Monetary Transmission Mechanism and the Effectiveness of the Credit Channel: The Case of Turkey

    OpenAIRE

    ÇOBAN, Orhan; ÇOBAN, Ayşe; İNAN, Selçuk

    2016-01-01

    In this study, the monetary transmission mechanism and the effectiveness of the credit channel have been analyzed. According to the analysis results, the most important instrument in the applications of the monetary policy in Turkey is variable interest rates. Interest rates are the most significant main effectives for all other variables and they influence the total deposit, the total credits and the size of the total security. While an increase in deposits raise the size of loanable fund by...

  9. Implications of Galaxy Buildup for Putative IMF Variations in Massive Galaxies

    Science.gov (United States)

    Blancato, Kirsten; Genel, Shy; Bryan, Greg

    2017-08-01

    Recent observational evidence for initial mass function (IMF) variations in massive quiescent galaxies at z = 0 challenges the long-established paradigm of a universal IMF. While a few theoretical models relate the IMF to birth cloud conditions, the physical driver underlying these putative IMF variations is still largely unclear. Here we use post-processing analysis of the Illustris cosmological hydrodynamical simulation to investigate possible physical origins of IMF variability with galactic properties. We do so by tagging stellar particles in the simulation (each representing a stellar population of ≈ {10}6 {M}⊙ ) with individual IMFs that depend on various physical conditions, such as velocity dispersion, metallicity, or star formation rate, at the time and place in which the stars are formed. We then follow the assembly of these populations throughout cosmic time and reconstruct the overall IMF of each z = 0 galaxy from the many distinct IMFs it is composed of. Our main result is that applying the observed relations between IMF and galactic properties to the conditions at the star formation sites does not result in strong enough IMF variations between z = 0 galaxies. Steeper physical IMF relations are required for reproducing the observed IMF trends, and some stellar populations must form with more extreme IMFs than those observed. The origin of this result is the hierarchical nature of massive galaxy assembly, and it has implications for the reliability of the strong observed trends, for the ability of cosmological simulations to capture certain physical conditions in galaxies, and for theories of star formation aiming to explain the physical origin of a variable IMF.

  10. 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 ...

  11. Rahahädas riigid teevad IMF-i kukru kiirelt tühjaks / Heiki Suurkask

    Index Scriptorium Estoniae

    Suurkask, Heiki, 1972-

    2008-01-01

    Finantskrahhi tõttu raskustesse sattunud riigid taotlevad IMF-ilt laenu, esimesed kuus riiki taotlevad kokku summat, mis küünib veerandini IMF-i reservidest. Briti peaministri Gordon Browni teatel ei piisa IMF-i kriisivarudest globaalsete tagasilöökide ärahoidmiseks. Lisa: IMF peab raha juurde küsima

  12. 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...

  13. 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…

  14. 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,…

  15. 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

  16. 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

  17. "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…

  18. 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

  19. 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

  20. 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

  1. The future of the IMF: A Latin American Perspective

    Directory of Open Access Journals (Sweden)

    Maritza Cabezas

    2008-04-01

    Full Text Available The accelerating trend of globalization of the  world economy is putting high demands on global  institutions. The IMF has been looking for new  legitimacy in a world where countries traditionally seeking IMF support have become more financially independent. Latin America, a frequent user  of IMF lending facilities, has also entered a new  phase of economic autonomy with the IMF. This  has not come unnoticed since Latin America has  traditionally accounted for more than 40 per cent  of total IMF credit. This article brings up lessons  from Latin America’s long-term experience with  the IMF. It tries to assess whether the Institution  is still relevant for the region, and, if so, whether a  ‘mild’ reform is sufficient for the IMF or a more  radical reform is necessary to meet the challenges  faced by Latin American countries in a fast changing global economy. Resumen: El futuro del Fondo  Monetario Internacional: Una perspectiva latinoamericanaLa acelerada tendencia hacia la globalización de  la economía mundial está planteando enormes  demandas a las instituciones globales. El FMI ha  estado buscando una nueva legitimidad en un  mundo donde los países que solicitaban tradicionalmente el respaldo del FMI son cada vez más  independientes económicamente. América Latina,  un usuario frecuente de las facilidades crediticias  del FMI, también ha entrado en una nueva fase de  autonomía financiera con respecto al FMI. Esto  no ha pasado desapercibido, ya que América  Latina da cuenta tradicionalmente de más del 40  por ciento del total de los créditos del FMI. Este  artículo trata las lecciones de la larga experiencia  de América Latina con el FMI. Trata de determinar si la institución es todavía relevante para la  región y, en caso de ser así, si una reforma ‘moderada’ sería suficiente para el FMI o si se necesita  una reforma más radical para responder a los  desafíos que enfrentan los pa

  2. 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...

  3. 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.

  4. 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

  5. 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...

  6. 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

  7. 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 ...

  8. 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...

  9. 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.

  10. IMF sector behavior estimated from geomagnetic data at South Pole

    International Nuclear Information System (INIS)

    Matsushita, S.; Xu, W.h.

    1981-01-01

    IMF sector behavior which has previously been estimated from the geomagnetic data at Godhavn is confirmed by study of the data at South Pole for 1959--1970 with the same estimation technique, taking the difference between northern and southern hemispheres into consideration. A method to improve (about 18%) the agreement between assigned and actual sector structures by study of the data at the two stations is suggested. Geomagnetic disturbance effects on sector estimation are discussed, and reversed sector effects in winter are given special emphasis

  11. Strong gravitational lensing and the stellar IMF of early-type galaxies

    Science.gov (United States)

    Leier, Dominik; Ferreras, Ignacio; Saha, Prasenjit; Charlot, Stéphane; Bruzual, Gustavo; La Barbera, Francesco

    2016-07-01

    Systematic variations of the initial mass function (IMF) in early-type galaxies, and their connection with possible drivers such as velocity dispersion or metallicity, have been much debated in recent years. Strong lensing over galaxy scales combined with photometric and spectroscopic data provides a powerful method to constrain the stellar mass-to-light ratio and hence the functional form of the IMF. We combine photometric and spectroscopic constraints from the latest set of population synthesis models of Charlot & Bruzual, including a varying IMF, with a non-parametric analysis of the lens masses of 18 ETGs from the SLACS survey, with velocity dispersions in the range 200-300 km s-1. We find that very bottom-heavy IMFs are excluded. However, the upper limit to the bimodal IMF slope (μ ≲ 2.2, accounting for a dark matter fraction of 20-30 per cent, where μ = 1.3 corresponds to a Kroupa-like IMF) is compatible at the 1σ level with constraints imposed by gravity-sensitive line strengths. A two-segment power-law parametrization of the IMF (Salpeter-like for high masses) is more constrained (Γ ≲ 1.5, where Γ is the power index at low masses) but requires a dark matter contribution of ≳25 per cent to reconcile the results with a Salpeter IMF. For a standard Milky Way-like IMF to be applicable, a significant dark matter contribution is required within 1Re. Our results reveal a large range of allowed IMF slopes, which, when interpreted as intrinsic scatter in the IMF properties of ETGs, could explain the recent results of Smith et al., who find Milky Way-like IMF normalizations in a few massive lensing ETGs.

  12. 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...

  13. 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...

  14. 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...

  15. 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...

  16. The U.S. Air Force Academy Lacked Effective Controls Over Heritage Assets and Guest House Inventories, and Inappropriately Solicited and Accepted Monetary Gifts

    Science.gov (United States)

    2013-09-23

    Inventories, and Inappropriately Solicited and Accepted Monetary Gifts Report Documentation Page Form ApprovedOMB No. 0704-0188 Public reporting burden...Accepted Monetary Gifts 5a. CONTRACT NUMBER 5b. GRANT NUMBER 5c. PROGRAM ELEMENT NUMBER 6. AUTHOR(S) 5d. PROJECT NUMBER 5e. TASK NUMBER 5f. WORK...Monetary Gifts Objective We determined whether the U.S. Air Force Academy (USAFA), its nonappropriated fund instrumentalities (NAFIs), and its supporting

  17. 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...

  18. 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.

  19. 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.

  20. Student Projects as a Funding Source

    Science.gov (United States)

    Henson, Kerry L.

    2010-01-01

    Prompted by restricted funding for a lab which supported student software development work on real-world projects, a contribution program was established to facilitate monetary support from the external clients. The paper explores the relationships between instructor, students and client and how a funding component can affect these ties.…

  1. 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...

  2. 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...

  3. 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...

  4. VizieR Online Data Catalog: GalIMF version 1.0.0 (Yan+, 2017)

    Science.gov (United States)

    Yan, Z.; Jerabkova, T.; Kroupa, P.

    2017-08-01

    GalIMF stands for the Galaxy-wide Initial Mass Function. It is a Python 3 module that allows users to compute galaxy-wide initial stellar mass functions based on locally derived empirical constraints following the IGIMF theory. See the GalIMF homepage https://sites.google.com/view/galimf/home for more information. (1 data file).

  5. A structural dynamic factor model for the effects of monetary policy estimated by the EM algorithm

    DEFF Research Database (Denmark)

    Bork, Lasse

    This paper applies the maximum likelihood based EM algorithm to a large-dimensional factor analysis of US monetary policy. Specifically, economy-wide effects of shocks to the US federal funds rate are estimated in a structural dynamic factor model in which 100+ US macroeconomic and financial time...... series are driven by the joint dynamics of the federal funds rate and a few correlated dynamic factors. This paper contains a number of methodological contributions to the existing literature on data-rich monetary policy analysis. Firstly, the identification scheme allows for correlated factor dynamics...... as opposed to the orthogonal factors resulting from the popular principal component approach to structural factor models. Correlated factors are economically more sensible and important for a richer monetary policy transmission mechanism. Secondly, I consider both static factor loadings as well as dynamic...

  6. Advanced fuel cycles options for LWRs and IMF benchmark definition

    International Nuclear Information System (INIS)

    Breza, J.; Darilek, P.; Necas, V.

    2008-01-01

    In the paper, different advanced nuclear fuel cycles including thorium-based fuel and inert-matrix fuel are examined under light water reactor conditions, especially VVER-440, and compared. Two investigated thorium based fuels include one solely plutonium-thorium based fuel and the second one plutonium-thorium based fuel with initial uranium content. Both of them are used to carry and burn or transmute plutonium created in the classical UOX cycle. The inert-matrix fuel consist of plutonium and minor actinides separated from spent UOX fuel fixed in Yttria-stabilised zirconia matrix. The article shows analysed fuel cycles and their short description. The conclusion is concentrated on the rate of Pu transmutation and Pu with minor actinides cumulating in the spent advanced thorium fuel and its comparison to UOX open fuel cycle. Definition of IMF benchmark based on presented scenario is given. (authors)

  7. 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.

  8. 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

  9. 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.

  10. 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...

  11. 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....

  12. 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.

  13. 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

  14. 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

  15. 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

  16. Monetary conversion factors for economic evaluations of substance use disorders.

    Science.gov (United States)

    McCollister, Kathryn; Yang, Xuan; Sayed, Bisma; French, Michael T; Leff, Jared A; Schackman, Bruce R

    2017-10-01

    Estimating the economic consequences of substance use disorders (SUDs) is important for evaluating existing programs and new interventions. Policy makers in particular must weigh program effectiveness with scalability and sustainability considerations in deciding which programs to fund with limited resources. This study provides a comprehensive list of monetary conversion factors for a broad range of consequences, services, and outcomes, which can be used in economic evaluations of SUD interventions (primarily in the United States), including common co-occurring conditions such as HCV and HIV. Economic measures were selected from standardized clinical assessment instruments that are used in randomized clinical trials and other research studies (e.g., quasi-experimental community-based projects) to evaluate the impact of SUD interventions. National datasets were also reviewed for additional SUD-related consequences, services, and outcomes. Monetary conversion factors were identified through a comprehensive literature review of published articles as well as targeted searches of other sources such as government reports. Eight service/consequence/outcome domains were identified containing more than sixty monetizable measures of medical and behavioral health services, laboratory services, SUD treatment, social services, productivity outcomes, disability outcomes, criminal activity and criminal justice services, and infectious diseases consequences. Unit-specific monetary conversion factors are reported, along with upper and lower bound estimates, whenever possible. Having an updated and standardized source of monetary conversion factors will facilitate and improve future economic evaluations of interventions targeting SUDs and other risky behaviors. This exercise should be repeated periodically as new sources of data become available to maintain the timeliness, comprehensiveness, and quality of these estimates. Copyright © 2017 The Authors. Published by Elsevier Inc

  17. 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

  18. IMF-Slices for GPR Data Processing Using Variational Mode Decomposition Method

    Directory of Open Access Journals (Sweden)

    Xuebing Zhang

    2018-03-01

    Full Text Available Using traditional time-frequency analysis methods, it is possible to delineate the time-frequency structures of ground-penetrating radar (GPR data. A series of applications based on time-frequency analysis were proposed for the GPR data processing and imaging. With respect to signal processing, GPR data are typically non-stationary, which limits the applications of these methods moving forward. Empirical mode decomposition (EMD provides alternative solutions with a fresh perspective. With EMD, GPR data are decomposed into a set of sub-components, i.e., the intrinsic mode functions (IMFs. However, the mode-mixing effect may also bring some negatives. To utilize the IMFs’ benefits, and avoid the negatives of the EMD, we introduce a new decomposition scheme termed variational mode decomposition (VMD for GPR data processing for imaging. Based on the decomposition results of the VMD, we propose a new method which we refer as “the IMF-slice”. In the proposed method, the IMFs are generated by the VMD trace by trace, and then each IMF is sorted and recorded into different profiles (i.e., the IMF-slices according to its center frequency. Using IMF-slices, the GPR data can be divided into several IMF-slices, each of which delineates a main vibration mode, and some subsurface layers and geophysical events can be identified more clearly. The effectiveness of the proposed method is tested using synthetic benchmark signals, laboratory data and the field dataset.

  19. Testing the Universality of the Stellar IMF with Chandra and HST

    Science.gov (United States)

    Coulter, D. A.; Lehmer, B. D.; Eufrasio, R. T.; Kundu, A.; Maccarone, T.; Peacock, M.; Hornschemeier, A. E.; Basu-Zych, A.; Gonzalez, A. H.; Maraston, C.; Zepf, S. E.

    2017-02-01

    The stellar initial mass function (IMF), which is often assumed to be universal across unresolved stellar populations, has recently been suggested to be “bottom-heavy” for massive ellipticals. In these galaxies, the prevalence of gravity-sensitive absorption lines (e.g., Na I and Ca II) in their near-IR spectra implies an excess of low-mass (m≲ 0.5 {M}⊙ ) stars over that expected from a canonical IMF observed in low-mass ellipticals. A direct extrapolation of such a bottom-heavy IMF to high stellar masses (m≳ 8 {M}⊙ ) would lead to a corresponding deficit of neutron stars and black holes, and therefore of low-mass X-ray binaries (LMXBs), per unit near-IR luminosity in these galaxies. Peacock et al. searched for evidence of this trend and found that the observed number of LMXBs per unit K-band luminosity (N/{L}K) was nearly constant. We extend this work using new and archival Chandra X-ray Observatory and Hubble Space Telescope observations of seven low-mass ellipticals where N/{L}K is expected to be the largest and compare these data with a variety of IMF models to test which are consistent with the observed N/{L}K. We reproduce the result of Peacock et al., strengthening the constraint that the slope of the IMF at m≳ 8 {M}⊙ must be consistent with a Kroupa-like IMF. We construct an IMF model that is a linear combination of a Milky Way-like IMF and a broken power-law IMF, with a steep slope ({α }1=3.84) for stars 0.5 {M}⊙ , and discuss its wider ramifications and limitations.

  20. 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.

  1. 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.

  2. 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...

  3. 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.

  4. 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...

  5. 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...

  6. The Impact of United States Monetary Policy in the Crude Oil futures market

    Science.gov (United States)

    Padilla-Padilla, Fernando M.

    This research examines the empirical impact the United States monetary policy, through the federal fund interest rate, has on the volatility in the crude oil price in the futures market. Prior research has shown how macroeconomic events and variables have impacted different financial markets within short and long--term movements. After testing and decomposing the variables, the two stationary time series were analyzed using a Vector Autoregressive Model (VAR). The empirical evidence shows, with statistical significance, a direct relationship when explaining crude oil prices as function of fed fund rates (t-1) and an indirect relationship when explained as a function of fed fund rates (t-2). These results partially address the literature review lacunas within the topic of the existing implication monetary policy has within the crude oil futures market.

  7. Effect of the IMF By component on the ionospheric flow overhead at EISCAT: observations and theory

    Directory of Open Access Journals (Sweden)

    S. W. H. Cowley

    Full Text Available We have analysed a database of ∼300 h of tristatic ionospheric velocity measurements obtained overhead at Tromsø (66.3° magnetic latitude by the EISCAT UHF radar system, for the presence of flow effects associated with the y-component of the IMF. Since it is already known that the flow depends upon IMF Bz, a least-squares multivariate analysis has been used to determine the flow dependence on both IMF By and Bz simultaneously. It is found that significant flow variations with IMF By occur, predominantly in the midnight sector (∼2100–0300 MLT, but also pre-dusk (∼1600–1700 MLT, which are directed eastward for IMF By positive and westward for IMF By negative. The flows are of magnitude 20–30 m s–1 nT–1 in the midnight sector, and smaller, 10–20 m s–1 nT–1, pre-dusk, and are thus associated with significant changes of flow of order a few hundred m s–1 over the usual range of IMF By of about ±5 nT. At other local times the IMF By-related perturbation flows are much smaller, less than ∼5 m s–1 nT–1, and consistent with zero within the uncertainty estimates. We have investigated whether these IMF By-dependent flows can be accounted for quantitatively by a theoretical model in which the equatorial flow in the inner magnetosphere is independent of IMF By, but where distortions of the magnetospheric magnetic field associated with a "penetrating" component of the IMF By field changes the mapping of the field to the ionosphere, and hence the ionospheric flow. We find that the principal flow perturbation produced by this effect is an east-west flow whose sense is determined by the north-south component of the unperturbed flow. Perturbations in the north-south flow are typically smaller by more than an order of magnitude, and generally negligible in terms of observations. Using equatorial flows which are determined from EISCAT data for zero IMF By, to which the corotation flow has been added, the theory predicts the presence

  8. Effect of the IMF By component on the ionospheric flow overhead at EISCAT: observations and theory

    Directory of Open Access Journals (Sweden)

    H. Khan

    2000-12-01

    Full Text Available We have analysed a database of ∼300 h of tristatic ionospheric velocity measurements obtained overhead at Tromsø (66.3° magnetic latitude by the EISCAT UHF radar system, for the presence of flow effects associated with the y-component of the IMF. Since it is already known that the flow depends upon IMF Bz, a least-squares multivariate analysis has been used to determine the flow dependence on both IMF By and Bz simultaneously. It is found that significant flow variations with IMF By occur, predominantly in the midnight sector (∼2100–0300 MLT, but also pre-dusk (∼1600–1700 MLT, which are directed eastward for IMF By positive and westward for IMF By negative. The flows are of magnitude 20–30 m s–1 nT–1 in the midnight sector, and smaller, 10–20 m s–1 nT–1, pre-dusk, and are thus associated with significant changes of flow of order a few hundred m s–1 over the usual range of IMF By of about ±5 nT. At other local times the IMF By-related perturbation flows are much smaller, less than ∼5 m s–1 nT–1, and consistent with zero within the uncertainty estimates. We have investigated whether these IMF By-dependent flows can be accounted for quantitatively by a theoretical model in which the equatorial flow in the inner magnetosphere is independent of IMF By, but where distortions of the magnetospheric magnetic field associated with a "penetrating" component of the IMF By field changes the mapping of the field to the ionosphere, and hence the ionospheric flow. We find that the principal flow perturbation produced by this effect is an east-west flow whose sense is determined by the north-south component of the unperturbed flow. Perturbations in the north-south flow are typically smaller by more than an order of magnitude, and generally negligible in terms of observations. Using equatorial flows which are determined from EISCAT data for zero IMF By, to which the corotation flow has been added, the theory predicts the presence

  9. Large Scale Earth's Bow Shock with Northern IMF as Simulated by ...

    Indian Academy of Sciences (India)

    results with the available MHD simulations under same scaled solar wind. (SW) and (IMF) ... their effects in dissipating flow-energy, in heating matter, in accelerating particles to high, presumably ... such as hybrid models (Omidi et al. 2013 ...

  10. Kas BRICS-i pank suudab võistelda IMF-iga? / Mark Adomanis

    Index Scriptorium Estoniae

    Adomanis, Mark

    2014-01-01

    Suurte tärkavate turgude e. BRICS-i riikide pank on katse tasakaalustada suurenevat lõhet areneva maailma majandusliku võimsuse ja tema mõjuvõimu vahel rahvusvahelistele rahandusorganisatsioonidele, nagu IMF ja Maailmapank

  11. 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.

  12. 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...

  13. 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.

  14. 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.

  15. 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.

  16. 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

  17. 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...

  18. 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.

  19. 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...

  20. 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...

  1. 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.

  2. 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.

  3. 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.

  4. Innovazione finanziaria e controllo monetario. (Financial innovation and monetary control in Italy

    Directory of Open Access Journals (Sweden)

    F. COTULA

    2013-12-01

    Full Text Available Sempre più spesso le pressioni della deregulation e della concorrenza hanno promosso l'innovazione nello sviluppo di strumenti finanziari . Nel caso dell' Italia, la pressione per l'innovazione è nata dalla necessità di finanziare il fabbisogno del settore pubblico e gli effetti dell'inflazione . Come risultato , gli strumenti di finanziamento sono passati da obbligazioni a lungo termine per il disegno di legge di tesoreria a breve termine . Tuttavia , questo può portare a un'eccessiva offerta di liquidità con conseguenti problemi per i controlli monetari. Tali fattori renderà più difficile utilizzare aggregati monetari come guida alla politica monetaria in futuroIncreasingly the pressures of deregulation and competition have promoted innovation in the development of financial instruments. In the case of Italy the pressure for innovation has arisen from the need to finance the public sector borrowing requirement and the effects of inflation. As a result, funding instruments have been switched from longer-term bonds to the shorter-term treasury bill. However, this can lead to excessive supply of liquid assets with consequent problems for monetary controls. Such factors will make it more difficult to use monetary aggregates as a guide to monetary policy in the future. JEL: E31, E40, E52

  5. Perspectives on Monetary Policy and Cost of Capital: Evidence from Turkey

    Directory of Open Access Journals (Sweden)

    Turguttopbas Neslihan

    2017-05-01

    Full Text Available The target of monetary policy is generally set as to create an environment of manageable employment and affordable long-term interest rates. However, priorities of central banks may differ depending on economic and financial circumstances of individual countries. Modern approaches to monetary policy transmission can be grouped under two headings, Money View and Credit View. The money view concentrates on interest rates to explain the effects of monetary policy on aggregate spending by creating an interest rate channel. The credit channel transmission approach focuses on the supply of credits by banks following a monetary policy shift in interest rates. In 2010, the Central Bank of Turkey (CBT developed an interest rate corridor shaped by one-week and overnight repo lending to the financial banks to absorb excessive volatility caused by short-term capital inflows. Under this framework, the CBT implements its monetary policy in two ways; firstly it can alter the interest rates of weekly repo as well as O/N lending rate. Secondly, it can configure the funding structure it provides to the financial intermediaries. In such a framework, the interest rate transmission mechanism has been operated by two benchmark interest rates, one of which is the weighted average of the cost of funds provided by the CBT and the other is the interest rate in Borsa Istanbul (BIST money market transactions at an overnight maturity. There is a strong co-movement between the interest rates and they are affected by the movements in the CBT lending rate in both directions. Interest rates applied to deposits and loans by banks are affected by the policy rate (CBT Average Funding Rate and the market rate (BIST O/N Repo Rate.

  6. 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.

  7. 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.

  8. 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.

  9. 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.

  10. Evidence for a constant IMF in early-type galaxies based on their X-ray binary populations

    OpenAIRE

    Peacock, Mark B.; Zepf, Stephen E.; Maccarone, Thomas J.; Kundu, Arunav; Gonzalez, Anthony H.; Lehmer, Bret D.; Maraston, Claudia

    2014-01-01

    A number of recent studies have proposed that the stellar initial mass function (IMF) of early type galaxies varies systematically as a function of galaxy mass, with higher mass galaxies having bottom heavy IMFs. These bottom heavy IMFs have more low-mass stars relative to the number of high mass stars, and therefore naturally result in proportionally fewer neutron stars and black holes. In this paper, we specifically predict the variation in the number of black holes and neutron stars based ...

  11. Fault diagnosis of rotating machinery using an improved HHT based on EEMD and sensitive IMFs

    International Nuclear Information System (INIS)

    Lei, Yaguo; Zuo, Ming J

    2009-01-01

    A Hilbert–Huang transform (HHT) is a time–frequency technique and has been widely applied to analyzing vibration signals in the field of fault diagnosis of rotating machinery. It analyzes the vibration signals using intrinsic mode functions (IMFs) extracted using empirical mode decomposition (EMD). However, EMD sometimes cannot reveal the signal characteristics accurately because of the problem of mode mixing. Ensemble empirical mode decomposition (EEMD) was developed recently to alleviate this problem. The IMFs generated by EEMD have different sensitivity to faults. Some IMFs are sensitive and closely related to the faults but others are irrelevant. To enhance the accuracy of the HHT in fault diagnosis of rotating machinery, an improved HHT based on EEMD and sensitive IMFs is proposed in this paper. Simulated signals demonstrate the effectiveness of the improved HHT in diagnosing the faults of rotating machinery. Finally, the improved HHT is applied to diagnosing an early rub-impact fault of a heavy oil catalytic cracking machine set, and the application results prove that the improved HHT is superior to the HHT based on all IMFs of EMD

  12. High-latitude convection on open and closed field lines for large IMF B(y)

    Science.gov (United States)

    Moses, J. J.; Crooker, N. U.; Gorney, D. J.; Siscoe, G. L.

    1985-01-01

    S3-3 electric field observations for August 23, 1976, show a single convection cell engulfing the northern polar cap. The flow direction is that for a positive IMF B(y) component. The particle data indicate that nearly half the duskside sunward flow occurs on closed field lines whereas the dawnside flow is entirely on open field lines. This is interpreted in terms of an IMF B(y)-induced deformation in the polar cap boundary, where the deformation moves with the convective flow. Thus, convection streamlines cross the deformed polar cap boundary, but no flow crosses the boundary because it is carried by the flow. Since southern hemisphere convection is expected to occur with the opposite sense of rotation, closed field lines that will be forced to tilt azimuthally are predicted. On the nightside the tilt produces a y component of the magnetic field in the same direction as the IMF for either sign of IMF B(y). This interpretation is consistent with observations of a greater y component in the plasma sheet than the tail lobes, which are difficult to understand in terms of the common explanation of IMF penetration. Alternatives to this interpretation are also discussed.

  13. Reconnection During Periods of Large IMF By Producing Shear Instabilities at the Dayside Convection Reversal Boundary

    Science.gov (United States)

    Qamar, S.; Clauer, C. R.; Hartinger, M.; Xu, Z.

    2017-12-01

    During periods of large interplanetary magnetic field (IMF) By component and small negative Bz (GSM Coordinates), the ionospheric polar electric potential system is distorted so as to produce large east-west convection shears across local noon. Past research has shown examples of ULF waves with periods of approximately 10 - 20 minutes observed at this convection shear by the Greenland west coast chain of magnetometers. Past work has shown examples of these waves and associated them with conditions in the solar wind and IMF, particularly periods of large IMF By component. Here we report the results of a search of several years of solar wind data to identify periods when the IMF By component is large and the magnetometer chains along the 40-degree magnetic meridian (Greenland west coast and conjugate Antarctic chains) are within a few hours of local noon. We test here the hypothesis that large IMF By reconnection leads to large convection shears across local noon that generate ULF waves through, presumably, a shear instability such as Kelvin-Helmholtz.

  14. The influence of IMF cone angle on invariant latitudes of polar region footprints of FACs in the magnetotail: Cluster observatio

    Science.gov (United States)

    Cheng, Z.; Shi, J.; Zhang, J.; Kistler, L. M.

    2017-12-01

    The influence of the interplanetary magnetic field (IMF) cone angle θ (the angle between the IMF direction and the Sun-Earth line) on the invariant latitudes (ILATs) of the footprints of the field-aligned currents (FACs) in the magnetotail has been investigated. We performed a statistic study of 542 FAC cases observed by the four Cluster spacecraft in the northern hemisphere. The results show that the large FAC (>10 nA/m2) cases occur at the low ILATs (60º, which implies the footprints of the large FACs mainly expand equatorward with large IMF cone angle. The equatorward boundary of the FAC footprints in the polar region decreases with the IMF cone angle especially when IMF Bz is positive. There is almost no correlation or a weak positive correlation of the poleward boundary and IMF cone angle no matter IMF is northward or southward. The equatorward boundary is more responsive to the IMF cone angle. Compared to the equatorward boundary, the center of the FAC projected location changes very little. This is the first time a correlation between FAC projected location and IMF cone angle has been determined.

  15. Equilibrium exchange rate assessment in Serbia using the IMF external sustainability approach

    Directory of Open Access Journals (Sweden)

    Pažun Brankica

    2014-01-01

    Full Text Available The exchange rate has always been a topical issue, particularly in the last two decades, at the time of strong world economy globalisation, as well as liberalization of international flows of goods, services and factors of production, which has resulted in stronger trade and financial integration. There has been a rise in the share of trade in world GDP. Growing developing countries contribute significantly to this growth, which is evident from the data that show increase of their share in world trade , as well as their importance in international capital flows. One of the most important concepts in open macroeconomics is the equilibrium real exchange rate - ERER. Deviations of the real exchange rate are considered to be the cause of the loss of competitiveness and economic slowdown, as well as possible currency crisis (overvaluation and undervaluation. Disadvantages of traditional concepts in exchange rate assessment which are very often reflected in unsuccessful empirical results, motivate experts to seek alternative models to assist in equilibrium exchange rate analysis. This paper aims to present one of three complementary methodologies used by the International Monetary Fund, for the equilibrium real exchange rate assessment in Serbia, as well as the deviation of the real exchange rate from its (estimated equilibrium, that is external sustainability approach.

  16. 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...

  17. 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.

  18. 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.

  19. 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.

  20. 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...

  1. 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...

  2. Autocorrelation Study of Solar Wind Plasma and IMF Properties as Measured by the MAVEN Spacecraft

    Science.gov (United States)

    Marquette, Melissa L.; Lillis, Robert J.; Halekas, J. S.; Luhmann, J. G.; Gruesbeck, J. R.; Espley, J. R.

    2018-04-01

    It has long been a goal of the heliophysics community to understand solar wind variability at heliocentric distances other than 1 AU, especially at ˜1.5 AU due to not only the steepening of solar wind stream interactions outside 1 AU but also the number of missions available there to measure it. In this study, we use 35 months of solar wind and interplanetary magnetic field (IMF) data taken at Mars by the Mars Atmosphere and Volatile EvolutioN (MAVEN) spacecraft to conduct an autocorrelation analysis of the solar wind speed, density, and dynamic pressure, which is derived from the speed and density, as well as the IMF strength and orientation. We found that the solar wind speed is coherent, that is, has an autocorrelation coefficient above 1/e, over roughly 56 hr, while the density and pressure are coherent over smaller intervals of roughly 25 and 20 hr, respectively, and that the IMF strength is coherent over time intervals of approximately 20 hr, while the cone and clock angles are considerably less steady but still somewhat coherent up to time lags of roughly 16 hr. We also found that when the speed, density, pressure, or IMF strength is higher than average, the solar wind or IMF becomes uncorrelated more quickly, while when they are below average, it tends to be steadier. This analysis allows us to make estimates of the values of solar wind plasma and IMF parameters when they are not directly measured and provide an approximation of the error associated with that estimate.

  3. Exploring the IMF of star clusters: a joint SLUG and LEGUS effort

    Science.gov (United States)

    Ashworth, G.; Fumagalli, M.; Krumholz, M. R.; Adamo, A.; Calzetti, D.; Chandar, R.; Cignoni, M.; Dale, D.; Elmegreen, B. G.; Gallagher, J. S., III; Gouliermis, D. A.; Grasha, K.; Grebel, E. K.; Johnson, K. E.; Lee, J.; Tosi, M.; Wofford, A.

    2017-08-01

    We present the implementation of a Bayesian formalism within the Stochastically Lighting Up Galaxies (slug) stellar population synthesis code, which is designed to investigate variations in the initial mass function (IMF) of star clusters. By comparing observed cluster photometry to large libraries of clusters simulated with a continuously varying IMF, our formalism yields the posterior probability distribution function (PDF) of the cluster mass, age and extinction, jointly with the parameters describing the IMF. We apply this formalism to a sample of star clusters from the nearby galaxy NGC 628, for which broad-band photometry in five filters is available as part of the Legacy ExtraGalactic UV Survey (LEGUS). After allowing the upper-end slope of the IMF (α3) to vary, we recover PDFs for the mass, age and extinction that are broadly consistent with what is found when assuming an invariant Kroupa IMF. However, the posterior PDF for α3 is very broad due to a strong degeneracy with the cluster mass, and it is found to be sensitive to the choice of priors, particularly on the cluster mass. We find only a modest improvement in the constraining power of α3 when adding Hα photometry from the companion Hα-LEGUS survey. Conversely, Hα photometry significantly improves the age determination, reducing the frequency of multi-modal PDFs. With the aid of mock clusters, we quantify the degeneracy between physical parameters, showing how constraints on the cluster mass that are independent of photometry can be used to pin down the IMF properties of star clusters.

  4. Heliographic latitude dependence of the IMF dominant polarity in 1972--1973 using Pioneer 10 data

    International Nuclear Information System (INIS)

    Rosenberg, R.L.

    1975-01-01

    The heliographic latitude dependence of the interplanetary magnetic field (IMF) was studied by using Pioneer 10 data taken from March 1972 through June 1973 over Bartels solar rotation (SR) periods 1896--1913. The daily IMF sector polarities were plotted for each of these SR periods. Then the number of days of positive polarity (''away'' directed fields) per SR was plotted versus the average heliographic latitude. The dominant polarity behaved in accordance with the latitude effects found by Rosenberg and Coleman in 1969. The phase of the cycle has reversed from what it was prior to the sunspot maximum in 1968. The polarity is now predominantly positive at northern heliographic latitudes. (auth)

  5. IMF By-Related Cusp Currents Observed from the Ørsted Satellite and from Ground

    DEFF Research Database (Denmark)

    Stauning, P.; Primdahl, Fritz; Watermann, J.

    2001-01-01

    Orsted is the first satellite to conduct high-precision magnetometer observations from low-altitude noonmidnight orbits passing through the polar cusp regions. Field-aligned currents (FAC) derived from Orsted magnetic field measurements have been combined with ionospheric current patterns inferred...... statistical analysis defines for the noon region the variations in FAC latitude with IMF B-Z. Comparisons with the statistical cusp location indicate that the more equatorward region of IMF B-gamma-while the more B related FAC is located on field lines closing at the dayside poleward FAC are on "open" field...

  6. On the cause of IMF By related mid- and low latitude magnetic disturbances

    DEFF Research Database (Denmark)

    Vennerstrøm, Susanne; Christiansen, Freddy; Olsen, Nils

    2007-01-01

    An analysis of the effect of the IMF By on near-Earth low and mid-latitude magnetic disturbances is presented. In particular the contribution from field-aligned currents ( FACs) connected to the polar regions is investigated. Based on statistically determined high-latitude FAC patterns for various...... that the long-distance effect of the high-latitude FACs constitute the major source to IMF By and B-z related magnetic east-west disturbances at mid-and low latitudes....

  7. 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.

  8. 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

  9. 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 ...

  10. 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

  11. 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 ...

  12. 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.

  13. 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

  14. 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

  15. 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...

  16. 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

  17. 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

  18. 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.

  19. 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.

  20. 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.

  1. 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

  2. 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.

  3. 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...

  4. 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.

  5. 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...

  6. 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

  7. The IMF-World Bank's economic stabilisation and structural adjustment policies and the Uganda economy, 1981-1989

    NARCIS (Netherlands)

    Nabudere, D.W.

    1990-01-01

    This research report traces all the main developments in IMF-World Bank policies in Uganda. Most of the material concerns the three IMF standby arrangements with Uganda for 1981-1984 and the World Bank Group's Structural Adjustment Programmes. These programmes introduced two contradictory policies

  8. Structural adjustment programmes on the African continent : the theoretical foundations of IMF/World Bank reform policies

    NARCIS (Netherlands)

    Meilink, H.A.

    2003-01-01

    Since the early 1980s the majority of countries in sub-Saharan Africa embarked on the implementation of IMF/World Bank designed 'structural adjustment programmes' (SAPs). This paper examines the theoretical underpinnings of the SAPs. It shows that IMF policies are based on a theoretical framework

  9. Controlling of merging electric field and IMF magnitude on storm-time changes in thermospheric mass density

    NARCIS (Netherlands)

    Zhou, Y.L.; Ma, S.Y.; Liu, R.S.; Luehr, H.; Doornbos, E.

    2013-01-01

    The controls of merging electrical field, Em, and IMF (interplanetary magnetic field) magnitude, B, on the storm-time changes in upper thermospheric mass density are statistically investigated using GRACE accelerometer observations and the OMNI data of solar wind and IMF for 35 great storms during

  10. IMF-screws or arch bars as conservative treatment for mandibular condyle fractures: Quality of life aspects

    NARCIS (Netherlands)

    van den Bergh, B.; van Otterloo, J.J.D.M.; van der Ploeg, T.; Tuinzing, D.B.; Forouzanfar, T.

    2015-01-01

    Objective Arch bars as treatment for a fractured mandibular condyle are inconvenient to patients and lead to lowered quality of life (QOL). To overcome these inconveniences, IMF-screws (IMFS) to facilitate intermaxillary fixation during surgery have been developed. The purpose of the present study

  11. IMF-screws or arch bars as conservative treatment for mandibular condyle fractures: quality of life aspects

    NARCIS (Netherlands)

    van den Bergh, B.; de Mol van Otterloo, J.J.; van der Ploeg, T.; Tuinzing, D.B.; Forouzanfar, T.

    2015-01-01

    Objective Arch bars as treatment for a fractured mandibular condyle are inconvenient to patients and lead to lowered quality of life (QOL). To overcome these inconveniences, IMF-screws (IMFS) to facilitate intermaxillary fixation during surgery have been developed. The purpose of the present study

  12. IMF : reservide kasutamise kõrval võiks Eesti ka laenata / Franciszek Rozwadowski ; interv. Jan Jõgis-Laats

    Index Scriptorium Estoniae

    Rozwadowski, Franciszek

    2008-01-01

    IMF-i delegatsiooni juhi sõnul ei vaja Eesti IMF-i tugilaenu ja ajalugu näitab, et Eesti suudab asjadega omal käel toime tulla. Soovitatav on, et Eesti kõiki oma reserve ära ei kasutaks, selleks on kaks moodust: eelarvedefitsiidi vähendamine ja kulutuste osaline katmine laenu abil

  13. 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...

  14. 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...

  15. 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

  16. 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...

  17. 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...

  18. 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.

  19. INVESTMENT FUNDS IN ROMANIA

    Directory of Open Access Journals (Sweden)

    COPIL CRINA ANGELA

    2013-07-01

    Full Text Available I chose this topic because my goal was to capture in detail all aspects of the evolution of investment funds under the influence of factors leading to globalization of the banking financial market. Main motivation was that I proposed to present in an original manner the concept of investment in mutual funds by the thoroughness of the following points: the different types of investment funds from Romania, the advantages, the risks and the specific costs of the investment in mutual funds and the effects of the financial crisis on the industry of the investment funds on the national level. The financial crisis and the risk of infecting the global economy affected the taste of risk of the investors and their request for the investment fund, determining the orientation of the investors to the funds with a lower risk – the diversified funds, the funds of bonds and the monetary funds. I considered important the theoretical approach of the concept of investments in investment funds because they are a barometer of the macro economical stability, in case the economical increase is positive on the macro economical level the investments in investments funds are increasing too. In Romania the market of the mutual funds is at an incipient level, but with potential and perspectives of development. Due to the bankruptcy of FNI in the beginning of the years 2000 and due to the absence of a clear legislation regarding the calculation of the unitary value of the net asset and the control of the activity developed by the investment funds, the development of the industry of the investment funds had to fight against the crisis of credibility generated by these events. The convergence of the Romanian economy to the European standards will attract also a modification of the structure of the financial investments of the individuals, by an increase of the investments in funds. In the world the investment funds are preferred by the investors for their advantages

  20. Breaking the taboo: a history of monetary financing in Canada, 1930-1975.

    Science.gov (United States)

    Ryan-Collins, Josh

    2017-12-01

    Monetary financing - the funding of state expenditure via the creation of new money rather than through taxation or borrowing - has become a taboo policy instrument in advanced economies. It is generally associated with dangerously high inflation and/or war. Relatedly, a key institutional feature of modern independent central banks is that they are not obligated to support government expenditure via money creation. Since the financial crisis of 2007-2008, however, unorthodox monetary policies, in particular quantitative easing, coupled with stagnant growth and high levels of public and private debt have led to questions over the monetary financing taboo. Debates on the topic have so far been mainly theoretical with little attention to the social and political dynamics of historical instances of monetary financing. This paper analyses one of the most significant twentieth-century cases: Canada from the period after the Great Depression up until the monetarist revolution of the 1970s. The period was a successful one for the Canadian economy, with high growth and employment and manageable inflation. It offers some interesting insights into the relationship between states and central banks and present-day discussions around the governance of money creation. © London School of Economics and Political Science 2017.

  1. 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.

  2. Interhemispheric Asymmetry of the Sunward Plasma Flows for Strongly Dominant IMF BZ > 0

    Science.gov (United States)

    Yakymenko, K. N.; Koustov, A. V.; Fiori, R. A. D.

    2018-01-01

    Super Dual Auroral Radar Network (SuperDARN) convection maps obtained simultaneously in both hemispheres are averaged to infer polar cap ionospheric flow patterns under strongly dominant positive interplanetary magnetic field (IMF) Bz component. The data set consisted of winter observations in the Northern Hemisphere simultaneously with summer observations in the Southern Hemisphere. Long-lasting high-latitude dayside reverse convection cells are shown to have faster sunward flows at near-magnetic noon hours in the summer/Southern Hemisphere. Sunward flows typically deviate from the midnight-noon meridian toward 10-11 h of magnetic local time in the summer/Southern Hemisphere and are more aligned with the midnight-noon meridian in the winter/Northern Hemisphere. Flow deviations in the winter/Northern Hemisphere can be both toward prenoon and postnoon hours, and there is no clear relationship between flow deviation and the IMF By component. No strong preference for the sunward flow occurrence depending on the IMF Bx polarity was found. In addition, the rate of the sunward flow speed increase in response to an increase in driving conditions was found to be comparable for the IMF Bx > 0 and Bx < 0.

  3. Multi-instrument observations of nightside plasma patches under conditions of IMF Bz positive

    Directory of Open Access Journals (Sweden)

    V. S. C. Howells

    2008-08-01

    Full Text Available Results are presented from two multi-instrument case studies showing patches of cold, long-lived plasma in the winter nightside ionosphere during times when the z-component of the Interplanetary Magnetic Field (IMF Bz was positive. These enhancements were coincident with the antisunward convective plasma drift, flowing from polar to nightside auroral latitudes. In the first case, on 5 December 2005 with IMF By negative, two regions of enhanced electron density were observed extended in MLT in the magnetic midnight sector separated by lower densities near midnight. It is likely that the earlier enhancement originated on the dayside near magnetic noon and was transported to the nightside sector in the convective flow, whilst the later feature originated in the morning magnetic sector. The lower densities separating the two enhancements were a consequence of a pair of lobe cells essentially blocking the direct antisunward cross polar flow from the dayside. A second case study on 4 February 2006 with IMF By positive revealed a single nightside enhancement likely to have originated in the morning magnetic sector. These multi-instrument investigations, incorporating observations by the EISCAT radar facility, the SuperDARN network and radio tomography, reveal that plasma flowing from the dayside can play a significant role in the nightside ionosphere under conditions of IMF Bz positive. The observations are reinforced by simulations of flux-tube transport and plasma decay.

  4. La "condizionalità" del FMI: per un sistema migliore. (IMF conditionality – a better way

    Directory of Open Access Journals (Sweden)

    J. SPRAOS

    2013-12-01

    Full Text Available L' articolo esamina le condizioni del FMI per la tranche di credito accordi stand-by superiori. L' FMI deve affrontare le critiche che le sue azioni recenti hanno comportato sul ' territorio a causa di errori nei prestiti di banche   ai paesi del terzo mondo banche private - una questione che avrebbe potuto essere lasciata alle forze di mercato libere .Le condizioni di assistenza del FMI dovrebbero concentrarsi non sugli strumenti di politica ma su obiettivi politici , come la crescita , l'occupazione , l'inflazione e , in ultima analisi , il ripristino della bilancia dei pagamenti dei paesi.The article looks at IMF conditions for upper credit tranche stand-by arrangements. The IMF must face the criticism that its recent actions have transgressed on private banks' territory because of banks' errors in lending to third world countries - a matter that could have been left to free market forces. Conditions for IMF aid should focus not on policy instruments but on policy targets, such as growth, employment, inflation and, ultimately, restoration of countries' balance of payments positions. Conditions for IMF help should be centred squarely on the balance of payments of aid-seeking countries if a backwards trend is to be avoided.JEL: F32, F33

  5. Personal View: How IMF's loan freeze will affect health care in Malawi

    African Journals Online (AJOL)

    the country failed to meet some of the loan conditions. This was partly ... The need for doctors. The latest ... been pushed to the wall: if the country wants to satisfy the. IMF, then is ... could be employed and service the people who need health.

  6. The Asian Crisis, the IMF and Dr Mahathir, Intereconomics 34:4, 1999.

    NARCIS (Netherlands)

    Visser, H.; Wengel, J. ter

    2005-01-01

    In the 1997-8 Asian crisis, the IMF's strategy was to impose deflationary measures on Thailand and Korea. With the help of the dependent-economy model it is found that this strategy was unnecessarily restrictive and that Malaysia's solution of introducing temporary capital controls was not

  7. Radial measurements of IMF-sensitive absorption features in two massive ETGs

    Science.gov (United States)

    Vaughan, Sam P.; Davies, Roger L.; Zieleniewski, Simon; Houghton, Ryan C. W.

    2018-03-01

    We make radial measurements of stellar initial mass function (IMF) sensitive absorption features in the two massive early-type galaxies NGC 1277 and IC 843. Using the Oxford Short Wavelength Integral Field specTrogaph (SWIFT), we obtain resolved measurements of the Na I 0.82 and FeH 0.99 indices, amongst others, finding both galaxies show strong gradients in Na I absorption combined with flat FeH profiles at ˜0.4 Å. We find these measurements may be explained by radial gradients in the IMF, appropriate abundance gradients in [Na/Fe] and [Fe/H], or a combination of the two, and our data are unable to break this degeneracy. We also use full spectral fitting to infer global properties from an integrated spectrum of each object, deriving a unimodal IMF slope consistent with Salpeter in IC 843 (x = 2.27 ± 0.17) but steeper than Salpeter in NGC 1277 (x = 2.69 ± 0.11), despite their similar FeH equivalent widths. Independently, we fit the strength of the FeH feature and compare to the E-MILES and CvD12 stellar population libraries, finding agreement between the models. The IMF values derived in this way are in close agreement with those from spectral fitting in NGC 1277 (x_{CvD}=2.59^{+0.25}_{-0.48}, x_{E-MILES}=2.77± 0.31), but are less consistent in IC 843, with the IMF derived from FeH alone leading to steeper slopes than when fitting the full spectrum (x_{CvD}=2.57^{+0.30}_{-0.41}, x_{E-MILES}=2.72± 0.25). This work highlights the importance of a large wavelength coverage for breaking the degeneracy between abundance and IMF variations, and may bring into doubt the use of the Wing-Ford band as an IMF index if used without other spectral information.

  8. IMF BY and the seasonal dependences of the electric field in the inner magnetosphere

    Directory of Open Access Journals (Sweden)

    H. Matsui

    2005-10-01

    Full Text Available It is known that the electric field pattern at high latitudes depends on the polarity of the Y component of the interplanetary magnetic field (IMF BY and season. In this study, we investigate the seasonal and BY dependences in the inner magnetosphere using the perigee (4IMF BZ and BY, and by seasons or hemispheres. It is demonstrated from our statistics that the electric fields in the inner magnetosphere depend on these quantities. The following three points are inferred: 1 The electric fields exhibit some differences statistically between Cluster locations at the Northern and Southern Hemispheres with the same dipole L and magnetic local time (MLT values and during the same IMF conditions. These differences in the electric fields might result from hemispherical differences in magnetic field geometry and/or those in field-aligned potential difference. 2 The IMF BY and seasonal dependence of the dawnside and duskside electric fields at 4IMF BY and season into a realistic model of the inner magnetospheric convection electric field. Keywords. Magnetospheric physics (Electric fields; Magnetosphere-ionosphere interactions; Solar windmagnetosphere interactions

  9. Plasma jets and FTE Dayside Generation for Northward IMF on 8 June 2007: THEMIS Observations

    Science.gov (United States)

    Eriksson, S.; Cully, C. M.; Ergun, R. E.; Gosling, J. T.; Angelopoulos, V.; Bonnell, J. W.; McFadden, J. P.; Glassmeier, K.; Roux, A.; Auster, H.; Le Contel, O.

    2007-12-01

    Five-spacecraft THEMIS (TH) observations are presented for a 15.5 MLT equatorial magnetopause crossing on 8 June 2007 when the upstream IMF was predominantly northward with a negative IMF By component at Wind. During the 0650-0855 UT period on this day TH-B was the most tailward probe while TH-A was the most sunward probe. TH-E was closest to TH-A with a maximum separation of only 0.71 RE. The maximum TH-A to TH-B GSM separation was 1.85 RE. TH-B showed a clean magnetopause crossing into the magnetosphere as the magnetopause expanded over the probes while TH-A spent this 2-hour period within a boundary layer inside the magnetopause with frequent transitions between a magnetosheath-like and a magnetosphere-like plasma as previously seen by Cluster at high-latitudes for southward IMF [Wild et al., 2003]. TH-E observed similar activity for a shorter period of time. Many of the sheath-like transitions showed evidence of plasma jets at TH-A with enhanced speed in the tailward and/or duskward direction suggesting a subsolar component merging region. Some jets were related to frequent bipolar FTE signatures in the normal BN component with enhanced total pressure observed at their centers. The more common ±BN sequence suggests that TH-A observed tailward propagating FTEs on the sheath side of the magnetopause. We compare TH-E ExB velocities with the enhanced jet velocities observed by TH-A and discuss whether the jets observed within this boundary layer were caused by subsolar magnetopause reconnection. We also compare these low-latitude northward IMF observations with prior Cluster FTE observations at high-latitude for southward IMF.

  10. 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....

  11. 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.

  12. 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.

  13. 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 ...

  14. 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...

  15. 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...

  16. 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.

  17. 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.

  18. 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...

  19. 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...

  20. 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...

  1. Reforming the IMF to Increase FDI Led Economic Growth: The Case of Latin American and Caribbean Countries

    Directory of Open Access Journals (Sweden)

    Ashraf Mahate

    2018-01-01

    Full Text Available There is a strong body of literature that finds a direct connection between inward foreign direct investment and economic growth in the host country. At the same time, economic growth in the host country attracts additional Foreign Direct Investment (FDI. This bidirectional relationship can be supported by the IMF through its lending program to countries to assist in dealing with short-term shocks as well as managing more long-term structural issues. In fact, the IMF programs in theory should provide an indicator to potential investors that the country is committed to making a change and opening its economy, which are typical requirements under IMF conditions. IMF intervention should lead to a positive impact on inward FDI. This study examines the impact of IMF-support programs on inward FDI for a sample of Latin American and Caribbean Countries. The results from this study reveal that being on an IMF borrowing program has a negative impact on inward FDI in the second and third year. We argue that being on an IMF borrowing program does not provide inward FDI with the seal of approval that it requires in making an investment.

  2. Strategic interaction between fiscal and monetary policies in an export-oriented economy

    Directory of Open Access Journals (Sweden)

    Merzlyakov Sergey

    2012-01-01

    Full Text Available Solving the problem of stabilizing the economy is directly tied to the necessity of keeping the main macroeconomic variables stable. However, macroeconomic stability is not in the general case a purely fiscal or a purely monetary problem. How the central bank and the government interact is of principle importance. We investigate the impact of macroeconomic policies on the dynamics of the exchange rate, inflation, output and stabilization fund and consider different forms of strategic interaction between the government and the central bank. In this paper we build a stylized model of an export-oriented economy. We use numerical examples for our analysis and practical conclusions. The effective interaction of fiscal and monetary policies is possible under a cooperative Stackelberg game interaction with the government as leader. It is shown that the independence of the central bank does not play a crucial role.

  3. IMF-screws or arch bars as conservative treatment for mandibular condyle fractures: Quality of life aspects.

    Science.gov (United States)

    van den Bergh, B; de Mol van Otterloo, J J; van der Ploeg, T; Tuinzing, D B; Forouzanfar, T

    2015-09-01

    Arch bars as treatment for a fractured mandibular condyle are inconvenient to patients and lead to lowered quality of life (QOL). To overcome these inconveniences, IMF-screws (IMFS) to facilitate intermaxillary fixation during surgery have been developed. The purpose of the present study is to investigate and compare QOL for patients treated for a fractured mandibular condyle with either IMFS or arch bars. This research trial was conducted from 2010 to 2014 as part of an earlier prospective, multicenter, randomized clinical trial in which the use of IMFS was compared to the use of arch bars in the treatment of mandibular condylar fractures. In total, 50 patients were included: 30 (60%) male patients and 20 (40%) female patients (mean age: 31.8 years, standard deviation [SD] = 13.9 years, range = 18-64 years). A total of 24 (48%) patients were allocated in the IMFS group, and 26 (52%) patients were assigned to the arch-bars control group. Significant results were observed in the subscales social isolation, possibility to eat and vary diet, influence on sleep, and satisfaction with the given treatment, all in favour of IMFS. In conclusion, using IMFS as a method for conservative treatment of condylar fractures led to a higher QOL during the 6-week period of fracture healing. In comparison to arch bars, patients treated with IMFS experienced less social isolation, had fewer problems with eating, and express the feeling they are able to continue their normal diet. Furthermore it seems that the use of IMFS has a lower negative impact on social and financial aspects of the patient. Copyright © 2015 European Association for Cranio-Maxillo-Facial Surgery. Published by Elsevier Ltd. All rights reserved.

  4. Assessing Volatilities of Monetary Policy and their Effects on the Islamic and Conventional Stock Markets in Indonesia

    Directory of Open Access Journals (Sweden)

    M Shabri Abd Majid

    2018-03-01

    Full Text Available The main objective of this study is to empirically assess the volatilities of the monetary policy instruments and their effects on the Indonesian Islamic and conventional stock market. The changes in exchange rate, interest rates, and money supply and their effects on the stock markets are investigated using the using the Generalized Autoregressive Conditional Heteroskedasticity frameworks. As a big-open economy, the capital market of Indonesia is vulnerable to the global monetary shocks changes, thus the US federal funds rate is also incorporated into the GARCH model. The study documented that, with the exception of the US interest rate, the volatilities of all monetary policy variables of interest rate, exchange rate, and money supply were documented affecting the volatilities of both Islamic and conventional stock markets. These findings imply that the volatilities of Islamic and conventional stock markets have similar determinants, thus to stabilize the markets, the investigated monetary policy variables should be controlled for by the policy-makers. Any monetary policy design imposed by the policy-makers would have a similar effect on both conventional and Islamic stocks in Indonesia.DOI: 10.15408/sjie.v7i2.7352

  5. Statistical against dynamical PLF fission as seen by the IMF-IMF correlation functions and comparisons with CoMD model

    Science.gov (United States)

    Pagano, E. V.; Acosta, L.; Auditore, L.; Cap, T.; Cardella, G.; Colonna, M.; De Filippo, E.; Geraci, E.; Gnoffo, B.; Lanzalone, G.; Maiolino, C.; Martorana, N.; Pagano, A.; Papa, M.; Piasecki, E.; Pirrone, S.; Politi, G.; Porto, F.; Quattrocchi, L.; Rizzo, F.; Russotto, P.; Trifiro’, A.; Trimarchi, M.; Siwek-Wilczynska, K.

    2018-05-01

    In nuclear reactions at Fermi energies two and multi particles intensity interferometry correlation methods are powerful tools in order to pin down the characteristic time scale of the emission processes. In this paper we summarize an improved application of the fragment-fragment correlation function in the specific physics case of heavy projectile-like (PLF) binary massive splitting in two fragments of intermediate mass(IMF). Results are shown for the reverse kinematics reaction 124 Sn+64 Ni at 35 AMeV that has been investigated by using the forward part of CHIMERA multi-detector. The analysis was performed as a function of the charge asymmetry of the observed couples of IMF. We show a coexistence of dynamical and statistical components as a function of the charge asymmetry. Transport CoMD simulations are compared with the data in order to pin down the timescale of the fragments production and the relevant ingredients of the in medium effective interaction used in the transport calculations.

  6. Three essays on monetary policy responses to oil price shocks

    Science.gov (United States)

    Plante, Michael

    -traded inflation produces a unique solution so long as the nominal interest rate is raised more than one for one with increases in non-traded inflation. A policy of stabilizing core inflation, however, produces a unique solution only if the response is greater than one for one and less then one divided by one minus the share of the non-traded good in the CPI. In the third chapter I consider monetary and fiscal policy responses to oil price shocks in a low income oil importing country. The model used in this chapter differs from the model in the second chapter in that there is currency substitution, household demand for oil products, and a potential subsidy on the purchase of oil products by households. I examine the dynamic properties and the welfare implications of a set of inflation targeting policies and a group of policies that subsidize the price of oil and finance the subsidy through a combination of raising lump sum taxes and printing money. The dynamic properties of the inflation targeting policies are similar in many regards to those in the second chapter as the key assumptions driving the results are the same in the two models. For the policies which subsidize the price of oil I show that both the choice to have the subsidy and how to finance it matter a great deal for the behavior of the macroeconomic variables. In terms of welfare, for most calibrations there are only minor differences between the inflation targeting polices, the policy with a subsidy funded by lump sum taxes, and the baseline policy with no subsidy. The policy with a subsidy financed by the inflation tax generally causes significant welfare losses compared to the policy with no pass through.

  7. Annual report 1992 on research and development work by the IMF, Institute for Materials Research

    International Nuclear Information System (INIS)

    1993-03-01

    The present annual report describes the activities undertaken by the IMF in the following areas: 1. Low-pollutant and low-waste techniques (treatment and utilization of special wastes); 2. Nuclear fusion (studies for NET/ITER; structural materials for fusion devices; superconducting magnets; plasmas heating technique; blanket development; component-related safety investigations); 3. Nuclear safety research (safety and materials of fast breeders; transient behaviour of fast breeder fuel elements; LWR-oriented safety research; containment concepts for PWR-plants); 4. Nuclear waste management (materials studies of waste forms); 5. Superconductivity (superconductor developments); 6. Microsystems engineering (development and testing of compact and laminated materials of microsystems engineering); 7. Handling technique (remote handling components for invasive surgery); 8. Materials and interfaces (inter alia high-performance ceramics, failure behaviour, LCP, biomechanics). The appendix lists all publications or primary reports by the IMF in 1992. (orig./HP) [de

  8. Galaxy structure from multiple tracers - III. Radial variations in M87's IMF

    Science.gov (United States)

    Oldham, Lindsay; Auger, Matthew

    2018-03-01

    We present the first constraints on stellar mass-to-light ratio gradients in an early-type galaxy (ETG) using multiple dynamical tracer populations to model the dark and luminous mass structure simultaneously. We combine the kinematics of the central starlight, two globular cluster populations and satellite galaxies in a Jeans analysis to obtain new constraints on M87's mass structure, employing a flexible mass model which allows for radial gradients in the stellar-mass-to-light ratio. We find that, in the context of our model, a radially declining stellar-mass-to-light ratio is strongly favoured. Modelling the stellar-mass-to-light ratio as following a power law, ϒ⋆ ˜ R-μ, we infer a power-law slope μ = -0.54 ± 0.05; equally, parametrizing the stellar-mass-to-light ratio via a central mismatch parameter relative to a Salpeter initial mass function (IMF), α, and scale radius RM, we find α > 1.48 at 95% confidence and RM = 0.35 ± 0.04 kpc. We use stellar population modelling of high-resolution 11-band HST photometry to show that such a steep gradient cannot be achieved by variations in only the metallicity, age, dust extinction and star formation history if the stellar IMF remains spatially constant. On the other hand, the stellar-mass-to-light ratio gradient that we find is consistent with an IMF whose inner slope changes such that it is Salpeter-like in the central ˜0.5 kpc and becomes Chabrier-like within the stellar effective radius. This adds to recent evidence that the non-universality of the IMF in ETGs may be confined to their core regions, and points towards a picture in which the stars in these central regions may have formed in fundamentally different physical conditions.

  9. 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.

  10. IMF By associated interhemispheric asymmetries in ionospheric convection and field-aligned currents

    Science.gov (United States)

    Kunduri, B.; Baker, J.; Ruohoniemi, J. M.; Clausen, L.; Ribeiro, A.

    2012-12-01

    The solar wind-magnetosphere interaction plays an important role in controlling the dynamics of ionospheric convection. It is widely known that the By component of IMF generates asymmetries in ionospheric convection between the northern and southern polar caps. Some studies show that IMF By-generated electric field penetrates into the closed magnetosphere producing differences in the high latitude ionospheric convection between hemispheres. The differences in convection were attributed to field-aligned potential drop between hemispheres resulting in flow of interhemispheric field aligned currents. In the current paper we present interhemispheric observations of high latitude ionospheric convection on closed field lines in the noon-dusk sector. The observations reveal that the convection is stronger in the northern (southern) hemisphere when IMF By is positive (negative) irrespective of season. The inter-hemispheric differences can be attributed to the flow of interhemispheric field aligned currents which support the existence of oppositely-directed zonal plasma flows in the closed field line regions, suppressing the convection in one hemisphere and aiding it in the other. We estimate the strength of these currents, analyze their characteristics and identify the various factors such as magnetic local time, magnetic latitude and ionospheric conductivity that impact them.

  11. Optimum IMFs Selection Based Envelope Analysis of Bearing Fault Diagnosis in Plunger Pump

    Directory of Open Access Journals (Sweden)

    Wenliao Du

    2016-01-01

    Full Text Available As the plunger pump always works in a complicated environment and the hydraulic cycle has an intrinsic fluid-structure interaction character, the fault information is submerged in the noise and the disturbance impact signals. For the fault diagnosis of the bearings in plunger pump, an optimum intrinsic mode functions (IMFs selection based envelope analysis was proposed. Firstly, the Wigner-Ville distribution was calculated for the acquired vibration signals, and the resonance frequency brought on by fault was obtained. Secondly, the empirical mode decomposition (EMD was employed for the vibration signal, and the optimum IMFs and the filter bandwidth were selected according to the Wigner-Ville distribution. Finally, the envelope analysis was utilized for the selected IMFs filtered by the band pass filter, and the fault type was recognized by compared with the bearing character frequencies. For the two modes, inner race fault and compound fault in the inner race and roller of rolling element bearing in plunger pump, the experiments show that a promising result is achieved.

  12. Influence of the solar wind and IMF on Jupiter's magnetosphere: Results from global MHD simulations

    Science.gov (United States)

    Sarkango, Y.; Jia, X.; Toth, G.; Hansen, K. C.

    2017-12-01

    Due to its large size, rapid rotation and presence of substantial internal plasma sources, Jupiter's magnetosphere is fundamentally different from that of the Earth. How and to what extent do the external factors, such as the solar wind and interplanetary magnetic field (IMF), influence the internally-driven magnetosphere is an open question. In this work, we solve the 3D semi-relativistic magnetohydrodynamic (MHD) equations using a well-established code, BATSRUS, to model the Jovian magnetosphere and study its interaction with the solar wind. Our global model adopts a non-uniform mesh covering the region from 200 RJ upstream to 1800 RJ downstream with the inner boundary placed at a radial distance of 2.5 RJ. The Io plasma torus centered around 6 RJ is generated in our model through appropriate mass-loading terms added to the set of MHD equations. We perform systematic numerical experiments in which we vary the upstream solar wind properties to investigate the impact of solar wind events, such as interplanetary shock and IMF rotation, on the global magnetosphere. From our simulations, we extract the location of the magnetopause boundary, the bow shock and the open-closed field line boundary (OCB), and determine their dependence on the solar wind properties and the IMF orientation. For validation, we compare our simulation results, such as density, temperature and magnetic field, to published empirical models based on in-situ measurements.

  13. Simulated orbits of heavy planetary ions at Mars for different IMF configurations

    Science.gov (United States)

    Curry, Shannon; Luhmann, Janet; Livi, Roberto; Hara, Takuya; Dong, Chuanfei; Ma, Yingjuan; McFadden, James; Bougher, Stephen

    2014-11-01

    We present simulated detections of O+, O2+ and CO2+ ions at Mars along a virtual orbit in the Mars space environment. Planetary pick-up ions are formed through the direct interaction of the solar wind with the neutral upper atmosphere, causing the newly created ions to be picked up and accelerated by the background convective electric field. Because previous missions such as Mars Global Surveyor (MGS) and Mars Express (MEX) have not been able to measure the interplanetary magnetic field (IMF) components simultaneously with plasma measurements, the response of heavy planetary pick-up ions to changes in the IMF has not been well characterized. Using a steady-state multi-species MHD model to provide the background electric and magnetic fields, the Mars Test Particle (MTP) simulation can trace each of these particles along field lines in near-Mars space and construct virtual ion detections from a spacecraft orbit. Specifically, we will present energy-time spectrograms and velocity space distributions (VSDs) for a selection of orbits during different IMF configurations and solar cycle conditions. These simulated orbits have broader implications for how to measure ion escape. Using individual particle traces, the origin and trajectories of different ion populations can be analyzed in order to assess how and where they contribute to the total atmospheric escape rate, which is a major objective of the upcoming MAVEN mission.

  14. On the Effect of IMF Turning on Ion Dynamics at Mercury

    Science.gov (United States)

    Delcourt, D. C.; Moore, T. E.; Fok, M.-C. H.

    2011-01-01

    We investigate the effect of a rotation of the Interplanetary Magnetic Field (IMF) on the transport of magnetospheric ion populations at Mercury. We focus on ions of planetary origin and investigate their large-scale circulation using three-dimensional single-particle simulations. We show that a nonzero Bx component of the IMF leads to a pronounced asymmetry in the overall circulation pattern . In particular, we demonstrate that the centrifugal acceleration due to curvature of the E x B drift paths is more pronounced in one hemisphere than the other, leading to filling of the magnetospheric lobes and plasma sheet with more or less energetic material depending upon the hemisphere of origin. Using a time-varying electric and magnetic field model, we investigate the response of ions to rapid (a few tens of seconds) re-orientation of the IMF. We show that, for ions with gyroperiods comparable to the field variation time scale, the inductive electric field should lead to significant nonadiabatic energization, up to several hundreds of eVs or a few keVs. It thus appears that IMP turning at Mercury should lead to localized loading of the magnetosphere with energetic material of planetary origin (e.g., Na+).

  15. A Fault Diagnosis Approach for Gears Based on IMF AR Model and SVM

    Directory of Open Access Journals (Sweden)

    Yu Yang

    2008-05-01

    Full Text Available An accurate autoregressive (AR model can reflect the characteristics of a dynamic system based on which the fault feature of gear vibration signal can be extracted without constructing mathematical model and studying the fault mechanism of gear vibration system, which are experienced by the time-frequency analysis methods. However, AR model can only be applied to stationary signals, while the gear fault vibration signals usually present nonstationary characteristics. Therefore, empirical mode decomposition (EMD, which can decompose the vibration signal into a finite number of intrinsic mode functions (IMFs, is introduced into feature extraction of gear vibration signals as a preprocessor before AR models are generated. On the other hand, by targeting the difficulties of obtaining sufficient fault samples in practice, support vector machine (SVM is introduced into gear fault pattern recognition. In the proposed method in this paper, firstly, vibration signals are decomposed into a finite number of intrinsic mode functions, then the AR model of each IMF component is established; finally, the corresponding autoregressive parameters and the variance of remnant are regarded as the fault characteristic vectors and used as input parameters of SVM classifier to classify the working condition of gears. The experimental analysis results show that the proposed approach, in which IMF AR model and SVM are combined, can identify working condition of gears with a success rate of 100% even in the case of smaller number of samples.

  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. 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. 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. 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...

  9. 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

  10. 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

  11. 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...

  12. IMF soovitab uue töölepinguseaduse kiiresti vastu võtta / Peep Lillemägi

    Index Scriptorium Estoniae

    Lillemägi, Peep, 1967-

    2008-01-01

    Ilmunud ka: Tallinnskii Vestnik juuli 2008, lk. 3. Eestis viibinud IMF-i delegatsiooni hinnangul sõltub Eesti majanduskasvu taastumine suurel määral majanduse konkurentsivõimest, delegatsioon toetab kavatsust leida edasisi võimalusi kokkuhoiuks ning soovitab töölepinguseaduse eelnõu kiiresti vastu võtta ja ellu viia. Rahandusminister Ivari Padari arvamus IMF-i hinnangute kohta

  13. 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.

  14. 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.

  15. 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.

  16. 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...

  17. Deepening Democracy: Explaining Variations in the Levels of Democracy

    Science.gov (United States)

    2010-06-01

    Federal Electoral Institute IMF International Monetary Fund INEGI Instituto Nacional de Estadistica, Geografia e Informatica xvi ISI Import...Geografia e Informatica (INEGI), 1999. Anuario de Estadísticas por Entidad Federativa 2009. Aguascalientes, Mexico: INEGI, 2009. Anuario

  18. A Review of Policies, Acts and Initiatives in Rice Innovation System ...

    African Journals Online (AJOL)

    A review of rice policies, acts and initiatives in Nigeria is presented under ... World Bank, World Trade Organization, and International Monetary Fund (IMF) ... the desirable political will by government and sound agricultural rice policy are ...

  19. Download this PDF file

    African Journals Online (AJOL)

    ETIWISTIC

    2013-05-06

    May 6, 2013 ... Funding has been the bane of education in Nigeria. The global economic recession ... Monetary Fund‟s (IMF) Structural Adjustment Programme of General. Ibrahim Babangida led ... (c) Devaluation of currency. (d) Trade ...

  20. M*/L gradients driven by IMF variation: large impact on dynamical stellar mass estimates

    Science.gov (United States)

    Bernardi, M.; Sheth, R. K.; Dominguez-Sanchez, H.; Fischer, J.-L.; Chae, K.-H.; Huertas-Company, M.; Shankar, F.

    2018-06-01

    Within a galaxy the stellar mass-to-light ratio ϒ* is not constant. Recent studies of spatially resolved kinematics of nearby early-type galaxies suggest that allowing for a variable initial mass function (IMF) returns significantly larger ϒ* gradients than if the IMF is held fixed. We show that ignoring such IMF-driven ϒ* gradients can have dramatic effect on dynamical (M_*^dyn), though stellar population (M_*^SP) based estimates of early-type galaxy stellar masses are also affected. This is because M_*^dyn is usually calibrated using the velocity dispersion measured in the central regions (e.g. Re/8) where stars are expected to dominate the mass (i.e. the dark matter fraction is small). On the other hand, M_*^SP is often computed from larger apertures (e.g. using a mean ϒ* estimated from colours). If ϒ* is greater in the central regions, then ignoring the gradient can overestimate M_*^dyn by as much as a factor of two for the most massive galaxies. Large ϒ*-gradients have four main consequences: First, M_*^dyn cannot be estimated independently of stellar population synthesis models. Secondly, if there is a lower limit to ϒ* and gradients are unknown, then requiring M_*^dyn=M_*^SP constrains them. Thirdly, if gradients are stronger in more massive galaxies, then accounting for this reduces the slope of the correlation between M_*^dyn/M_*^SP of a galaxy with its velocity dispersion. In particular, IMF-driven gradients bring M_*^dyn and M_*^SP into agreement, not by shifting M_*^SP upwards by invoking constant bottom-heavy IMFs, as advocated by a number of recent studies, but by revising M_*^dyn estimates in the literature downwards. Fourthly, accounting for ϒ* gradients changes the high-mass slope of the stellar mass function φ (M_*^dyn), and reduces the associated stellar mass density. These conclusions potentially impact estimates of the need for feedback and adiabatic contraction, so our results highlight the importance of measuring ϒ* gradients in

  1. Polar cap ion beams during periods of northward IMF: Cluster statistical results

    Directory of Open Access Journals (Sweden)

    R. Maggiolo

    2011-05-01

    Full Text Available Above the polar caps and during prolonged periods of northward IMF, the Cluster satellites detect upward accelerated ion beams with energies up to a few keV. They are associated with converging electric field structures indicating that the acceleration is caused by a quasi-static field-aligned electric field that can extend to altitudes higher than 7 RE (Maggiolo et al., 2006; Teste et al., 2007. Using the AMDA science analysis service provided by the Centre de Données de la Physique des Plasmas, we have been able to extract about 200 events of accelerated upgoing ion beams above the polar caps from the Cluster database. Most of these observations are taken at altitudes lower than 7 RE and in the Northern Hemisphere. We investigate the statistical properties of these ion beams. We analyze their geometry, the properties of the plasma populations and of the electric field inside and around the beams, as well as their dependence on solar wind and IMF conditions. We show that ~40 % of the ion beams are collocated with a relatively hot and isotropic plasma population. The density and temperature of the isotropic population are highly variable but suggest that this plasma originates from the plasma sheet. The ion beam properties do not change significantly when the isotropic, hot background population is present. Furthermore, during one single polar cap crossing by Cluster it is possible to detect upgoing ion beams both with and without an accompanying isotropic component. The analysis of the variation of the IMF BZ component prior to the detection of the beams indicates that the delay between a northward/southward turning of IMF and the appearance/disappearance of the beams is respectively ~2 h and 20 min. The observed electrodynamic characteristics of high altitude polar cap ion beams suggest that they are closely connected to polar cap auroral arcs. We discuss the implications of these Cluster observations above the polar cap on the magnetospheric

  2. Response of the auroral electrojet indices to abrupt southward IMF turnings

    Science.gov (United States)

    Gjerloev, J. W.; Hoffman, R. A.; Ohtani, S.; Weygand, J.; Barnes, R.

    2010-05-01

    We present results from a study of the behavior of the auroral electrojet indices following abrupt southward turnings of the IMF Bz. The auroral electrojet indices are calculated from observations made by more than 100 ground based stations provided by the SuperMAG collaborators. Based on three simple criteria we selected 73 events. In each event the interval of analysis started at the time of the IMF Bz southward turning and ended 45 minutes later or at the onset of any abrupt energy unloading event in the magnetosphere, regardless of size. We refer to this period as the "pre-unloading phase". To isolate the dependence of the auroral electrojets on the solar induced ionospheric conductivity during this phase we separated the standard AU/AL indices into two new sets of indices defined by the upper and lower envelope of the north-south component for all sunlit stations (AUs/ALs) and for all stations in darkness (AUd/ALd). Based on events and statistical analyses we can conclude that following a southward turning of the IMF Bz the AUd/ALd indices show no measurable response while the AUs/ALs indices clearly intensify. The intensifications of AUs/ALs are dependent on the intensity of the solar wind driver (as measured by IMF Bz or the Akasofu ɛ parameter). The lack of AUd/ALd response does not depend on the intensity of any subsequent substorm. We find that during these isolated events the ionospheric current system is primarily confined to the sunlit ionosphere. This truncated version of the classical global DP-2 current system suggests that auroral electrojet continuity is not maintained across the terminator. Because of its conductivity dependence on the solar zenith angle, this truncated global current pattern is expected to be highly dependent on UT and season and thus can be asymmetric between hemispheres. Thus we argue that the global two-cell DP-2 current system is not a consequence only of a southward turning of the IMF but requires also the reduction of the

  3. High-time resolution conjugate SuperDARN radar observations of the dayside convection response to changes in IMF By

    Directory of Open Access Journals (Sweden)

    G. Chisham

    2000-02-01

    Full Text Available We present data from conjugate SuperDARN radars describing the high-latitude ionosphere's response to changes in the direction of IMF By during a period of steady IMF Bz southward and Bx positive. During this interval, the radars were operating in a special mode which gave high-time resolution data (30 s sampling period on three adjacent beams with a full scan every 3 min. The location of the radars around magnetic local noon at the time of the event allowed detailed observations of the variations in the ionospheric convection patterns close to the cusp region as IMF By varied. A significant time delay was observed in the ionospheric response to the IMF By changes between the two hemispheres. This is explained as being partially a consequence of the location of the dominant merging region on the magnetopause, which is ~8-12RE closer to the northern ionosphere than to the southern ionosphere (along the magnetic field line due to the dipole tilt of the magnetosphere and the orientation of the IMF. This interpretation supports the anti-parallel merging hypothesis and highlights the importance of the IMF Bx component in solar wind-magnetosphere coupling.Key words: Ionosphere (plasma convection - Magnetospheric physics (magnetopause, cusp, and boundary layers; solar wind - magnetosphere interactions

  4. 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...

  5. 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...

  6. 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...

  7. 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.

  8. 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).

  9. 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

  10. Mapping Sustainability Preferences of West African Economic and Monetary Union. Case Study: Benin, Burkina Faso and Niger

    OpenAIRE

    Satoguina, Honorat

    2006-01-01

    This study discusses the concept of sustainability, in particular with respect to the CDM. In addition, based on cross-section interviews, the sustainability criteria for CDM projects in energy sectors in the studied countries are determined. These criteria could serve as a starting point for discussing and designing sustainable development criteria in the West African Economic and Monetary Union. Moreover, issues related to the location of Designated National Authorities (DNA) and their fund...

  11. Sovereign Wealth Funds: Issue of transparency

    Directory of Open Access Journals (Sweden)

    Petrović Daliborka

    2015-01-01

    Full Text Available Subject of the paper includes Sovereign Wealth Funds and the formation of the first regulatory framework for their investment activities. Sovereign Wealth Funds invested a significant amount of money in Western financial institutions during the global financial crisis and thus played a crucial role in the preservation and stabilization of the global financial system. However, at the same time, a large gap between the financial power of Sovereign Wealth Funds and the level of their transparency was noted. The need to improve the transparency of Sovereign Wealth Funds has been recognized by international institutions, the OECD and the IMF, which initiated the formulation of the first international regulatory framework regarding the operations of these types of funds. The current international regulatory framework represents a sufficient basis for the gradual improvement of transparency, but because of its non-binding and voluntary nature, certain issues such as the protection of national security interests remain open. Therefore, the solutions can be sought through a process of continuous improvement of international regulation as well as strengthening cooperation between Sovereign Wealth Funds and governments of countries in which they invest.

  12. 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

  13. 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

  14. 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

  15. 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

  16. 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...

  17. 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...

  18. 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

  19. 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

  20. 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.

  1. 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 ...

  2. 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.

  3. 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.

  4. 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

  5. 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,

  6. 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

  7. 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

  8. 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

  9. 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.

  10. 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.

  11. 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

  12. 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

  13. 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...

  14. 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...

  15. 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

  16. “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.

  17. 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

  18. Pension Fund

    CERN Multimedia

    HR Department

    2009-01-01

    In line with the decisions concerning the new governance of the Pension Fund taken by the Council in June and September 2007, amendments to Section 2 "Structure and Functions" of the Rules of the Fund (Article I 2.08 – Composition of the Investment Committee and Article I 2.08b – Chairman of the Investment Committee) entered into force on 1st January 2009. These articles replace the provisions of the existing Regulations of the Investment Committee of the Pension Fund relating to the composition and chairman of the Investment Committee. Amendment No. 27 (PDF document) may be downloaded directly from the Pension Fund website: http://pensions.web.cern.ch/Pensions/statuts___rules.htm or obtained from the Administration of the Fund (Tel. 022 7672742, mailto:Barbara.Bordjah@cern.ch).

  19. 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.

  20. 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.

  1. 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.

  2. 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

  3. 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

  4. Analysis of Wind Vorticity and Divergence in the High-latitude Lower Thermosphere: Dependence on the Interplanetary Magnetic Field (IMF

    Directory of Open Access Journals (Sweden)

    Young-Sil Kwak

    2008-12-01

    Full Text Available To better understand the physical processes that control the high-latitude lower thermospheric dynamics, we analyze the divergence and vorticity of the high-latitude neutral wind field in the lower thermosphere during the southern summertime for different IMF conditions. For this study the National Center for Atmospheric Research Thermosphere-Ionosphere Electrodynamics General Circulation Model (NCAR-TIEG CM is used. The analysis of the large-scale vorticity and divergence provides basic understanding flow configurations to help elucidate the momentum sources that ultimately determine the total wind field in the lower polar thermosphere and provides insight into the relative strengths of the different sources of momentum responsible for driving winds. The mean neutral wind pattern in the high-latitude lower thermosphere is dominated by rotational flow, imparted primarily through the ion drag force, rather than by divergent flow, imparted primarily through Joule and solar heating. The difference vorticity, obtained by subtracting values with zero IMF from those with non-zero IMF, in the high-latitude lower thermosphere is much larger than the difference divergence for all IMF conditions, indicating that a larger response of the thermospheric wind system to enhancement in the momentum input generating the rotational motion with elevated IMF than the corresponding energy input generating the divergent motion. the difference vorticity in the high-latitude lower thermosphere depends on the direction of the IMF. The difference vorticity for negative and positive B_y shows positive and negative, respectively, at higher magnetic latitudes than -70°. For negative B_z, the difference vorticities have positive in the dusk sector and negative in the dawn sector. The difference vorticities for positive B_z have opposite sign. Negative IMF B_z has a stronger effect on the vorticity than does positive B_z.

  5. ARGICULTURAL LAND PROTECTION FUND AND FOREST FUND AS ECOLOGICAL FUNDS

    OpenAIRE

    Bartosz Bartniczak

    2009-01-01

    Funds for environmental protection and water management, Agricultural Land Protection Fund and Forest Fund make up the Polish system of special fund in environment protection. The main aim of this article is to analyze the activity of two latest funds. The article tries to answer the question whether that funds could be considered as ecological funds. The author described incomes and outlays of that funds and showed which reform should be done in Polish special funds system.

  6. 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.

  7. Testing the Universality of the Stellar IMF with Chandra and HST

    OpenAIRE

    Coulter, D. A.; Lehmer, B. D.; Eufrasio, R. T.; Kundu, A.; Maccarone, T.; Peacock, M.; Hornschemeier, A. E.; Basu-Zych, A.; Gonzalez, A. H.; Maraston, C.; Zepf, S. E.

    2016-01-01

    The stellar initial mass function (IMF), which is often assumed to be universal across unresolved stellar populations, has recently been suggested to be "bottom-heavy" for massive ellipticals. In these galaxies, the prevalence of gravity-sensitive absorption lines (e.g. Na I and Ca II) in their near-IR spectra implies an excess of low-mass ($m = 8$ $M_\\odot$) would lead to a corresponding deficit of neutron stars and black holes, and therefore of low-mass X-ray binaries (LMXBs), per unit near...

  8. Ionospheric flow during extended intervals of northward but By -dominated IMF

    Directory of Open Access Journals (Sweden)

    J. B. Sigwarth

    Full Text Available We present SuperDARN radar observations of the nightside high-latitude ionospheric flow during two 6-hour intervals of quasi-steady northward interplanetary magnetic field (IMF. During both intervals (01:30–07:30 UT on 2 December and 21:00–03:00 UT on 14/15 December 1999, the solar wind and IMF remained relatively steady with Bz positive and By negative, such that the IMF clock angle was ~ - 50° to - 60°. Throughout both intervals the radar data clearly indicate the presence of a highly distorted By-dominated twin cell flow pattern, indicative of an open magnetosphere, which is confirmed by DMSP and auroral data. Estimates of the changes in open flux present during each interval indicate approximately balanced dayside and nightside reconnection at rates of ~ 30–35 kV over the full 6 h. However, strong bursts of flow with speeds of over ~ 1000 ms-1 are observed near magnetic midnight on time scales of ~ 1 h, which are associated with increases in the transpolar voltage. These are indicative of the net closure of open flux by recon-nection in the tail. During one large flow burst, the night-side reconnection rate is estimated to have been ~ 1.5 times the dayside rate, i.e. ~ 45–60 kV compared with ~ 30–40 kV. Magnetic bays, which would indicate the formation of a sub-storm current wedge, are not observed in association with these bursts. In addition, no low-latitude Pi2s or geostationary particle injections were observed, although some local, small amplitude Pi2-band (5–50 mHz activity does accompany the bursts. Coincident measurements of the flow and of the low amplitude magnetic perturbations reveal nightside ionospheric conductances of no more than a few mho, indicative of little associated precipitation. Therefore, we suggest that the flow bursts are the ionospheric manifestation of bursty reconnection events occurring in the more distant geomagnetic tail. The main implication of these findings is that, under the circumstances

  9. Pension Fund

    CERN Multimedia

    2005-01-01

    Amendment No 21 to the Rules and Regulations of the Pension Fund has just been published and can be obtained from Department/Unit secretariats or, in the case of pensioners, directly from the Administration of the Fund (tel. 767-91 94/27 38), bldg 5, 1-030. This Amendment, which entered into force on 17.03.2005, concerns Article I 2.05 (Composition of the Governing Board) and Article I 2.06 (Chairman and Vice-Chairmen of the Governing Board) of the Rules of the Pension Fund.

  10. Pension Fund

    CERN Multimedia

    HR Department

    2007-01-01

    The Rules and Regulations of the Pension Fund have been updated, following Council's decision of December 2006 concerning the adjustment of pensions, fixed amounts and allowances by 1.16% with effect from 1.1.2007 (Annex B, page 31). The updated version can be downloaded directly from the Pension Fund's website (http://pensions.web.cern.ch/Pensions/statuts___rules.htm or obtained from the Fund Administration (Tel. 022 767 27 42, Building 5, 1-030, or by e-mail Sophia.Revol@cern.ch).

  11. Pension Fund

    CERN Multimedia

    HR Department

    2007-01-01

    The Rules and Regulations of the Pension Fund have been updated, following Council's decision of December 2006 concerning the adjustment of pensions, fixed amounts and allowances by 1.16% with effect from 1.1.2007 (Annex B, page 31). The updated version can be downloaded directly from the Pension Fund's website (http://pensions.web.cern.ch/Pensions/statuts___rules.htm) or obtained from the Fund Administration (Tel. 022 767 27 42, Building 5, 1-030), or by e-mail (Sophia.Revol@cern.ch).

  12. THE STELLAR INITIAL MASS FUNCTION OF ULTRA-FAINT DWARF GALAXIES: EVIDENCE FOR IMF VARIATIONS WITH GALACTIC ENVIRONMENT

    Energy Technology Data Exchange (ETDEWEB)

    Geha, Marla [Astronomy Department, Yale University, New Haven, CT 06520 (United States); Brown, Thomas M.; Tumlinson, Jason; Kalirai, Jason S.; Avila, Roberto J.; Ferguson, Henry C. [Space Telescope Science Institute, 3700 San Martin Drive, Baltimore, MD 21218 (United States); Simon, Joshua D. [Observatories of the Carnegie Institution of Washington, 813 Santa Barbara Street, Pasadena, CA 91101 (United States); Kirby, Evan N. [Department of Physics and Astronomy, University of California Irvine, 4129 Frederick Reines Hall, Irvine, CA 92697 (United States); VandenBerg, Don A. [Department of Physics and Astronomy, University of Victoria, P.O. Box 3055, Victoria, BC V8W 3P6 (Canada); Munoz, Ricardo R. [Departamento de Astronomia, Universidad de Chile, Casilla 36-D, Santiago (Chile); Guhathakurta, Puragra, E-mail: marla.geha@yale.edu, E-mail: tbrown@stsci.edu, E-mail: tumlinson@stsci.edu [UCO/Lick Observatory and Department of Astronomy and Astrophysics, University of California, Santa Cruz, CA 95064 (United States)

    2013-07-01

    We present constraints on the stellar initial mass function (IMF) in two ultra-faint dwarf (UFD) galaxies, Hercules and Leo IV, based on deep Hubble Space Telescope Advanced Camera for Surveys imaging. The Hercules and Leo IV galaxies are extremely low luminosity (M{sub V} = -6.2, -5.5), metal-poor (([Fe/H]) = -2.4, -2.5) systems that have old stellar populations (>11 Gyr). Because they have long relaxation times, we can directly measure the low-mass stellar IMF by counting stars below the main-sequence turnoff without correcting for dynamical evolution. Over the stellar mass range probed by our data, 0.52-0.77 M{sub Sun }, the IMF is best fit by a power-law slope of {alpha}= 1.2{sub -0.5}{sup +0.4} for Hercules and {alpha} = 1.3 {+-} 0.8 for Leo IV. For Hercules, the IMF slope is more shallow than a Salpeter ({alpha} = 2.35) IMF at the 5.8{sigma} level, and a Kroupa ({alpha} = 2.3 above 0.5 M{sub Sun }) IMF slope at 5.4{sigma} level. We simultaneously fit for the binary fraction, f{sub binary}, finding f{sub binary}= 0.47{sup +0.16}{sub -0.14} for Hercules, and 0.47{sup +0.37}{sub -0.17} for Leo IV. The UFD binary fractions are consistent with that inferred for Milky Way stars in the same mass range, despite very different metallicities. In contrast, the IMF slopes in the UFDs are shallower than other galactic environments. In the mass range 0.5-0.8 M{sub Sun }, we see a trend across the handful of galaxies with directly measured IMFs such that the power-law slopes become shallower (more bottom-light) with decreasing galactic velocity dispersion and metallicity. This trend is qualitatively consistent with results in elliptical galaxies inferred via indirect methods and is direct evidence for IMF variations with galactic environment.

  13. IMF dependence of Saturn's auroras: modelling study of HST and Cassini data from 12–15 February 2008

    Directory of Open Access Journals (Sweden)

    E. S. Belenkaya

    2010-08-01

    Full Text Available To gain better understanding of auroral processes in Saturn's magnetosphere, we compare ultraviolet (UV auroral images obtained by the Hubble Space Telescope (HST with the position of the open-closed field line boundary in the ionosphere calculated using a magnetic field model that employs Cassini measurements of the interplanetary magnetic field (IMF as input. Following earlier related studies of pre-orbit insertion data from January 2004 when Cassini was located ~ 1300 Saturn radii away from the planet, here we investigate the interval 12–15 February 2008, when UV images of Saturn's southern dayside aurora were obtained by the HST while the Cassini spacecraft measured the IMF in the solar wind just upstream of the dayside bow shock. This configuration thus provides an opportunity, unique to date, to determine the IMF impinging on Saturn's magnetosphere during imaging observations, without the need to take account of extended and uncertain interplanetary propagation delays. The paraboloid model of Saturn's magnetosphere is then employed to calculate the magnetospheric magnetic field structure and ionospheric open-closed field line boundary for averaged IMF vectors that correspond, with appropriate response delays, to four HST images. We show that the IMF-dependent open field region calculated from the model agrees reasonably well with the area lying poleward of the UV emissions, thus supporting the view that the poleward boundary of Saturn's auroral oval in the dayside ionosphere lies adjacent to the open-closed field line boundary.

  14. Pension Fund

    CERN Multimedia

    2006-01-01

    As announced in the Bulletin during the summer, the Pension Fund has published a complete new version of the Fund's Rules and Regulations incorporating all amendments up to 1 November 2006, following the decisions of the CERN Council. This new version of the Rules and Regulations can be downloaded in A4 format (pdf document) directly from the Pension Fund's website (http://pensions.web.cern.ch/Pensions/statuts___rules.htm for the Rules and http://pensions.web.cern.ch/Pensions/règlements___regulations.htm for the Regulations) or obtained from the Fund Administration (Tel. 022 767 27 42, Building 5, 1-030, or by e-mail Sophia.Revol@cern.ch).

  15. Pension Fund

    CERN Multimedia

    HR Department

    2009-01-01

    In line with the decisions taken by the Council in June and September 2007 concerning the new governance of the Pension Fund, amendments to Section 2 «Structure and Functions» of the Rules of the Fund entered into force on 1st January 2009 (Article I 2.08 – Composition of the Investment Committee and Article I 2.08bis – Chairman of the Investment Committee). Amendment n°27 may be downloaded (PDF document) directly from the Pension Fund website: http://pensions.web.cern.ch/Pensions/statuts___rules.htm or obtained from the Administration of the Fund (Tel. 022 767 2742, mailto:Barbara.Bordjah@cern.ch).

  16. Funding innovation

    CERN Multimedia

    Marina Giampietro

    2012-01-01

    For the first time, six knowledge and technology transfer activities are set to benefit from a dedicated fund made available by the Knowledge Transfer group. This initiative cements CERN’s commitment to sharing its technological knowledge and expertise with society.   GEM detectors for flame detection and early earthquake prediction, radio-frequency absorbers for energy recovery, and exotic radioisotopes for medical applications are among the projects funded by the recently introduced KT Fund. “CERN’s scientific programme generates a considerable amount of intellectual property, a natural driver for innovation,” explains Giovanni Anelli, Head of the Knowledge Transfer Group. “Very often, though, financial support is needed to bring the newly-born technologies a step further and make them ready for transfer to other research institutes or to companies.” This is where the KT fund comes into play. It provides vital support in the early sta...

  17. Pension Fund

    CERN Multimedia

    2004-01-01

    Amendment No 20 to the Rules and Regulations of the Pension Fund has just been published and can be obtained from Department/Unit secretariats or, in the case of pensioners, directly from the Administration of the Fund (tel. 767-91 94/27 38), bldg 5, 1-030. This Amendment, which entered into force on 1.1.2004, concerns the fixed sums and allowances adjusted at same date (Annex B).

  18. Pension Fund

    CERN Multimedia

    HR Department

    2008-01-01

    The 2007 Annual Report and Accounts of the Pension Fund which was approved by Council at its session of 20 June 2008, is now available from the Departmental secretariats. Pension beneficiaries who wish to obtain this document should contact Emilie Clerc (Tel. + 41 22 767 87 98), building 5-5/017. It is also available on the Pension fund site: http://pensions.web.cern.ch/Pensions/

  19. 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.

  20. A Argentina entre as reformas econômicas neoliberais e a redefinição das negociações com o FMI (1989-2007 L'Argentine entre les réformes économiques néoliberales et la redéfinition des négociations avec le FMI (1989-2007 Argentina: between neoliberal economic reform and redefinitions of negotiations with the IMF (1989-2007

    Directory of Open Access Journals (Sweden)

    Roberta Rodrigues Marques da Silva

    2009-06-01

    le gouvernement argentin sentait qu'il pouvait, dans ces conditions, s'affranchir de l'intermédiation des institutions financières internationales dans les négociations concernant la dette publique.The purpose of this article is to provide an analysis of the influence of economic crisis on the formation of new political coalitions in Argentina as they emerged in the 2000s, and how the latter have led to a break with the economic policy established by the Menem and De la Rua governments. These transformations permitted a change in the Kirchner government strategies in relation to the International Monetary Fund (IMF, leading to a harsher Argentine position that has resisted IMF positions. The economic policies sustained by the Duhalde and Kirchner administrations have taken a competitive foreign exchange model as their basis, substituting the exchange regime that was in vigor during the 1990s, and has been able to rely on entrepreneurial groups working within the domestic market favored by the peso's devaluation. These governments' proposal for promoting economic growth excluded actors with external ties linked to the coalitions that supported the Menem and De La Rua administrations. Among those excluded were the creditors who had held government securities in default since 2001 and firms who provided subcontracted public services during the 1990s and received IMF support. This explains why negotiations with the IMF during the Kirchner administration were marked by impasses and why Argentine negotiators were able to show such firmness. Transformations on the international scene also had a heavy impact on Kirchner government negotiations with the IMF. With George W. Bush's election as president of the US in the year 2000, North American support for IMF loan concession to developing countries was weakened. The Republican government defended a further reduction in the IMF role in mediating negotiations between debtor countries and private creditors. The Argentine

  1. Pension Fund

    CERN Multimedia

    HR Department

    2008-01-01

    The Pension Fund Governing Board (PFGB) held two meetings over the summer, the first on 9 June and the second on 1st September. The agendas of the two meetings had several items in common, including progress reports on the work of the four working groups. Group 1, which is responsible for the revision of Chapter I, Section 2 of the Rules of the Fund, has made good progress but will need more time to complete its terms of reference in view of the number and complexity of the articles to be amended. In parallel, the Group has approved a code of conduct for the Pension Fund, which is based, in particular, on the new charter introduced for Swiss pension funds by the Swiss Association of Provident Institutions (ASIP) and the CFA (Chartered Financial Analyst) code of ethics applicable to members of pension fund bodies. The PFGB took note that the Group had also been working on the rules relating to the status of the personnel of the Fund and the composition of the Investment Committee. The work of Group 2, responsi...

  2. Pension fund

    CERN Multimedia

    2006-01-01

    At its June 2006 meeting, the Finance Committee approved the following amendment to Article 6a of the Regulations for elections to the Governing Board of the Pension Fund, which will enter into force on 1.7.2006: Current text New text ... 6a. The Administrator of the Fund shall be responsible for holding the elections and for issuing all relevant information. ... ... 6a. The Administrator of the Fund shall be responsible for holding the elections by electronic voting or, if this method cannot be used, following the procedure outlined in Articles 6i., 6j. and 6k. below. He shall issue to the members of the Pension Fund all relevant information concerning the elections. The deadlines mentioned in paragraphs 6i. and 6j. below shall apply mutatis mutandis to electronic voting. ... The amendment will allow the Pension Fund to use an electronic voting procedure for the election of elected members to the Governing Board of the Fund. It will be included in a complete new edition of the Rules and Regulatio...

  3. Escape of high-energy oxygen ions through magnetopause reconnection under northward IMF

    Directory of Open Access Journals (Sweden)

    S. Kasahara

    2008-12-01

    Full Text Available During a storm recovery phase on 15 May 2005, the Geotail spacecraft repeatedly observed high-energy (>180 keV oxygen ions in the dayside magnetosheath near the equatorial plane. We focused on the time period from 11:20 UT to 13:00 UT, when Geotail observed the oxygen ions and the interplanetary magnetic field (IMF was constantly northward. The magnetic reconnection occurrence northward and duskward of Geotail is indicated by the Walén analysis and convective flows in the magnetopause boundary layer. Anisotropic pitch angle distributions of ions suggest that high-energy oxygen ions escaped from the northward of Geotail along the reconnected magnetic field lines. From the low-energy particle precipitation in the polar cap observed by DMSP, which is consistent with magnetic reconnection occurring between the magnetosheath field lines and the magnetospheric closed field lines, we conclude that these oxygen ions are of ring current origin. Our results thus suggest a new escape route of oxygen ions during northward IMF. In the present event, this escape mechanism is more dominant than the leakage via the finite Larmor radius effect across the dayside equatorial magnetopause.

  4. Orientation of Birkeland current sheets in the dayside polar region and its relationship to the IMF

    International Nuclear Information System (INIS)

    Saflekos, N.A.; Potemra, T.A.

    1980-01-01

    Vector magnetic field observations made with the three-axes magnetometer on the Triad satellite have been used to study the orientation of magnetic disturbances in the dayside polar region. These measurements were all made over the southern polar region and recorded at McMurdo, Antarctica. These disturbances are transverse to the main geomagnetic field and may be interpreted as being caused by field-aligned Birkeland current sheets consistent with Maxwell's equations. The current sheets in the regions usually associated with the morning and afternoon auroral regions are most often aligned in the geomagnetic east-west direction. The amplitudes of these 'south auroral' currents are larger in the morning than in the afternoon when the interplanetary magnetic field (IMF) is directed toward the sun (B/sub y/ 0) and larger in the afternoon when the IMF is directed away (B/sub y/>0, B/sub x/ 0 the Birkeland current flow in the region of the southern cusp is predominantly away from the ionosphere in contrast to the downward flow into the northern cusp as determined earlier (e.g., McDiarmid et al., 1978b; Iijima et al., 1978). The cusp Birkeland current flow directions appear to reverse for B/sub y/>0 and B/sub x/<0. From a search of the Triad data set, some rare examples of magnetic disturbances with a large north-south (noon-midnight) component have been discovered in the polar cap near noon

  5. Test-particle simulations of SEP propagation in IMF with large-scale fluctuations

    Science.gov (United States)

    Kelly, J.; Dalla, S.; Laitinen, T.

    2012-11-01

    The results of full-orbit test-particle simulations of SEPs propagating through an IMF which exhibits large-scale fluctuations are presented. A variety of propagation conditions are simulated - scatter-free, and scattering with mean free path, λ, of 0.3 and 2.0 AU - and the cross-field transport of SEPs is investigated. When calculating cross-field displacements the Parker spiral geometry is accounted for and the role of magnetic field expansion is taken into account. It is found that transport across the magnetic field is enhanced in the λ =0.3 AU and λ =2 AU cases, compared to the scatter-free case, with the λ =2 AU case in particular containing outlying particles that had strayed a large distance across the IMF. Outliers are catergorized by means of Chauvenet's criterion and it is found that typically between 1 and 2% of the population falls within this category. The ratio of latitudinal to longitudinal diffusion coefficient perpendicular to the magnetic field is typically 0.2, suggesting that transport in latitude is less efficient.

  6. 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...

  7. 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 ...

  8. Paradigm Maintenance

    DEFF Research Database (Denmark)

    Vetterlein, Antje

    2015-01-01

    The article discusses the social policies imposed by the International Monetary Fund (IMF) after the financial crisis held in 2008-2009. It focuses on social policies, poverty reduction and social development. It mentions the criticism of non-governmental organization campaigns to IMF in 1990s due...

  9. Corporatisation, Global Banking Impact on the Australian Education System: Reflecting on Care.

    Science.gov (United States)

    Balon-Rotheram, Auston

    Trends, such as a massive increase in globalization, neo-liberalization, and economic rationalization, have been supported and directed by major governments and major financial institutions, such as the World Bank and the International Monetary Fund (IMF). The pact between the World Bank and the IMF has created an economic juggernaut that is…

  10. PENSION FUND

    CERN Multimedia

    1999-01-01

    The Governing Board of the Pension Fund held its first three meetings of the year on 2 February, 2 March and 13 April.At the first of these meetings the Board first heard a presentation by Mrs H. Richmond of JP Morgan on the results of the currency overlay programme applied to the Fund's assets. Thanks to the policy pursued by this company, volatility, i.e. portfolio risk for assets denominated in currencies other than the Swiss franc, has been reduced. However, despite the fact that JP Morgan has considerable expertise in this field, no gain has been achieved over the past year. The Governing Board heard a report by the Investment Committee Chairman G. Maurin on the meetings of 21-22 and 28 January at which the Pension Fund's various fund managers had been interviewed on their results. Decisions were taken on benchmarks aimed at optimising management and on the terms of reference of the Internal Management Unit. It was also decided to place two fund managers on a watching list and to request them to make eve...

  11. Pension Fund

    CERN Multimedia

    HR Department

    2008-01-01

    The PFGB held two meetings over the summer, the first on 9 June and the second on 1st September. The agendas of the two meetings had several items in common, including progress reports on the work of the four working groups. Group 1, which is responsible for the revision of Chapter I, Section 2 of the Rules of the Fund, has made good progress but will need more time to complete its terms of reference in view of the number and complexity of the articles to be amended. In parallel, the Group has approved a code of conduct for the Pension Fund, which is based, in particular, on the new charter introduced for Swiss pension funds by the Swiss Association of Provident Institutions (ASIP) and the CFA (Chartered Financial Analyst) code of ethics applicable to members of pension fund bodies. The PFGB took note that the Group had also been working on the rules relating to the status of the personnel of the Fund and the composition of the Investment Committee. The work of Group 2, resp...

  12. Pension Fund

    CERN Multimedia

    2003-01-01

    All members and beneficiaries of the Pension Fund are invited to attend the Annual General Asssembly to be held in the CERN Auditorium on Wednesday 8 October 2003 at 14.30 hrs The Agenda comprises: 1. Opening RemarksJ. Bezemer 2. Annual Report 2002: Presentation and results Copies of the Report are available from divisional secretariats. C. Cuénoud 3. Overview of the present situation with regard to pension funds C. Cuénoud 4. Performance of the Fund since the year 2000 and aspects of the ongoing asset/liability modelling exercise G. Maurin 5. Questions from members and beneficiariesPersons wishing to ask questions are encouraged to submit them, where possible, in writing in advance, addressed to Mr C. Cuénoud, Administrator of the Fund. 6. Conclusions J. Bezemer As usual, participants are invited to drinks after the assembly. NB The minutes of the 2002 General Assembly are available from the Administration of the Fund tel.(+4122)767 27 42; e-mail Sophia.Revol@cern.ch)

  13. SWMF simulation of field-aligned currents for a varying northward and duskward IMF with nonzero dipole tilt

    Directory of Open Access Journals (Sweden)

    H. Wang

    2008-06-01

    Full Text Available This study concentrates on the FACs distribution for the varying northward and duskward interplanetary magnetic field (IMF conditions when the dipole tilt is nonzero. A global MHD simulation (the Space Weather Modeling Framework, SWMF has been used to perform this study. Hemispheric asymmetry of the time evolution of northward IMF Bz (NBZ FACs is found. As the IMF changes from strictly northward to duskward, NBZ FACs shift counterclockwise in both summer and winter hemispheres. However, in the winter hemisphere, the counterclockwise rotation prohibits the duskward NBZ FACs from evolving into the midday R1 FACs. The midday R1 FACs seem to be an intrusion of dawnside R1 FACs. In the summer hemisphere, the NBZ FACs can evolve into the DPY FACs, consisting of the midday R0 and R1 FACs, after the counterclockwise rotation. The hemispheric asymmetry is due to the fact that the dipole tilt favors more reconnection between the IMF and the summer magnetosphere. When mapping the NBZ and DPY FACs into the magnetosphere it is found that the NBZ currents are located on both open and closed field lines, irrespective of the IMF direction. For the DPY FACs the hemispheric asymmetry emerges: the midday R1 FACs and a small part of R0 FACs are on closed field lines in the winter hemisphere, while a small part of the midday R1 FACs and all the R0 FACs are on open field lines in the summer hemisphere. Both IMF By and dipole tilt cause the polar cap hemispheric and local time asymmetric. When the IMF is northward, the summer polar cap is closed on the nightside while the winter polar cap is open. The polar cap boundary tends to move equatorward as the IMF rotates from northward to duskward, except in the summer hemisphere, the polar cap on the dawnside shifts poleward when the clock angle is less than 10°. The further poleward displacement of the polar cap boundary on one oval side is caused by the twist of the tail plasma sheet, which is in accordance with the

  14. 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.

  15. 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.

  16. 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 ...

  17. 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

  18. 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

  19. 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

  20. 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.

  1. 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.

  2. 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, ...

  3. 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 ...

  4. 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.

  5. 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...

  6. 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...

  7. Pension Fund

    CERN Multimedia

    2003-01-01

    Amendment No 19 to the Rules and Regulations of the Pension Fund has just been published and can be obtained from Divisional secretariats or, in the case of pensioners, directly from the Administration of the Fund (tel. 767-91 94/27 38), bldg 5, 1-030. This Amendment, which entered into force on 1.1.2003, concerns 1) the fixed sums and allowances adjusted at same date (Annex B) and 2) the articles which have been amended, in accordance with the Finance Committee's decision, regarding voting rules of the Governing Board and the role and composition of the Investment Committee.

  8. 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...

  9. 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...

  10. 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 ...

  11. 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...

  12. 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...

  13. 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...

  14. 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...

  15. 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...

  16. 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 ...

  17. 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...

  18. 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...

  19. 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, ...

  20. 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.

  1. 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...

  2. Bank liquidity, interbank markets, and monetary policy

    NARCIS (Netherlands)

    Freixas, X.; Martin, A.; Skeie, D.

    2011-01-01

    A lesson of the recent financial crisis is that the interbank market is crucial for banks facing uncertainty regarding their liquidity needs. This article studies the efficiency of the interbank market in allocating funds. We show that the central bank should lower the interbank rate when confronted

  3. Bank Liquidity, Interbank Markets, and Monetary Policy

    NARCIS (Netherlands)

    Freixas, X.; Martin, A.; Skeie, D.

    2010-01-01

    A major lesson of the recent financial crisis is that the interbank lending market is crucial for banks facing large uncertainty regarding their liquidity needs. This paper studies the efficiency of the interbank lending market in allocating funds. We consider two different types of liquidity shocks

  4. 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.

  5. 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)

  6. PENSION FUND

    CERN Multimedia

    2002-01-01

    The Governing Board of the Pension Fund held its 104th and 105th meetings on 8th November and 4th December 2001, respectively. The agenda of the 8th November meeting was devoted to a single item, namely the outcome of the Finance Committee's meeting the previous day. The Governing Board noted with satisfaction that both its proposed amendments to the Rules and Regulations of the Fund - allowing, in particular, the award of a deferred retirement pension after five years of service - and its proposal for the adjustment of pensions on 1.1.2002 had been approved for recommendation to the Council in December. At its meeting on 4th December, the Governing Board dealt mainly with the items examined at the latest meeting of the Investment Committee. The Committee's chairman, G. Maurin, stated that the 2001 return on the Fund's overall investments was likely to be between -2% and -3%. He also noted that a new study of the Fund's cash flows (incomings and outgoings) had been performed. He underlined that, while the flo...

  7. Pension Fund

    CERN Multimedia

    2006-01-01

    Following the approval by the CERN Council, at its Session in March 2006, of the amendments to Administrative Circular No. 14 (Protection of the members of the personnel against the financial consequences of illness, accident and disability) and the resulting amendments to the Rules and Regulations of the Pension Fund, which entered into force on 1st July 2006, the Administration of the Fund has decided to publish a complete new edition of the Rules and Regulations incorporating all amendments up to 1st July 2006. Members of the Fund will be informed once the new edition of the Rules and Regulations is available from Departmental secretariats.In the meantime, the amendments to the text of the Pension Fund Rules and Regulations, which entered into force on 1st July 2006, are presented below (Previous text/Amended text): Chapter II - Section 1: Contributions and benefits Article II 1.04 - Reference Salary - Part-time Work OLD TEXT: The reference salary of a member with a contract for part-time work shall b...

  8. Pension Fund

    CERN Multimedia

    2006-01-01

    Following the approval by the CERN Council, at its Session in March 2006, of the amendments to Administrative Circular No. 14 (Protection of the members of the personnel against the financial consequences of illness, accident and disability) and the resulting amendments to the Rules and Regulations of the Pension Fund, which entered into force on 1st July 2006, the Administration of the Fund has decided to publish a complete new edition of the Rules and Regulations incorporating all amendments up to 1st July 2006. Members of the Fund will be informed once the new edition of the Rules and Regulations is available from Departmental secretariats. In the meantime, the amendments to the text of the Pension Fund Rules and Regulations, which entered into force on 1st July 2006, are presented below (Previous text/Amended text) : Chapter II - Section 1: Contributions and benefits Article II 1.04 - Reference Salary - Part-time Work OLD TEXT: the reference salary of a member with a contract for part-time work shall be e...

  9. 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

  10. 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...

  11. 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...

  12. 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...

  13. 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...

  14. Formation of a strong southward IMF near the solar maximum of cycle 23

    Directory of Open Access Journals (Sweden)

    S. Watari

    2004-01-01

    Full Text Available We analyzed observations of the solar activities and the solar wind parameters associated with large geomagnetic storms near the maximum of solar cycle 23. This analysis showed that strong southward interplanetary magnetic fields (IMFs, formed through interaction between an interplanetary disturbance, and background solar wind or between interplanetary disturbances are an important factor in the occurrence of intense geomagnetic storms. Based on our analysis, we seek to improve our understanding of the physical processes in which large negative Bz's are created which will lead to improving predictions of space weather.

    Key words. Interplanetary physics (Flare and stream dynamics; Interplanetary magnetic fields; Interplanetary shocks

  15. 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 ...

  16. 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.

  17. Dayside aurorae and polar arcs under south-east IMF orientation

    Directory of Open Access Journals (Sweden)

    P. E. Sandholt

    2006-12-01

    Full Text Available We document a characteristic spatial and temporal structure of the aurora in the postnoon sector present during a 10-h-long interval of very steady southeast IMF orientation (clock angle=135° ending in a sharp south-to-north transition. Focus is placed on the detailed morphology of auroral forms/activities corresponding to merging and lobe convection cells obtained from SuperDARN convection data and Greenland magnetograms. The ground optical instruments at Ny Ålesund, Svalbard (76° MLAT recorded different auroral forms/activities as the station moved to higher magnetic local times (MLTs in the 13:00–17:00 MLT sector. Whereas the 13:00–15:00 MLT sector is characterized by classical poleward moving auroral forms (PMAFs associated with merging cell transients, the aurora in the 15:00–17:00 MLT sector shows instead a characteristic latitudinal bifurcation consisting of standard oval forms and polar arcs, and a corresponding composite pattern of merging and lobe convection cells. The merging and lobe cells respond to the southward and northward IMF transitions by activation/fading and fading/activation, respectively. A sequence of brightening events is characterized by successive activations progressing in latitude from the merging cell regime to the lobe cell regime. Emphasis is placed on the association between polar arc brightenings and the activation of the channel of enhanced sunward flow in the lobe cell. The observations are discussed in relation to recent work on solar wind-magnetosphere-ionosphere interconnection topology.

  18. Structure and properties of the subsolar magnetopause for northward IMF: ISEE observations

    International Nuclear Information System (INIS)

    Song, P.; Russell, C.T.; Elphic, R.C.; Gosling, J.T.; Cattell, C.A.

    1990-01-01

    Detailed magnetopause structure and properties for the magnetic field, electric field and plasma are examined for an ISEE 1 magnetopause crossing which occurred near the subsolar point when the interplanetary magnetic field (IMF) was strongly northward. Because the crossing is slow, the spatial variations in the plasma are clearly resolved. This example illustrates the nature of the steady state interface of two magnetized thermal plasma populations with parallel fields and can serve as a guide to theoretical modeling and simulations. The authors have found that the magnetopause is composed of three layers, a sheath transition layer, an outer boundary layer and an inner boundary layer. In the sheath transition layer, there is a gradual density decrease without a change in temperature. The transition layer occurs totally within the magnetosheath plasma. The outer boundary layer and the inner boundary layer are dominated by magnetosheath and magnetospheric particles, respectively. In each of the boundary layers, the plasma can be interpreted as simple mixtures of the magnetosheath and magnetospheric populations. No significant heating or cooling is seen across the magnetopause during this crossing. The plasma within each of these layers is quite uniform and their boundaries are sharp, suggesting that there is very little diffusion present. The sharp boundaries between the transition layer, the boundary layers and the magnetosphere are all thinner than an ion gyroradius. Transverse waves with right hand or linear polarization near the ion gyrofrequency are observed in the transition layer. These appear to be generated in the transition layer and to be a common feature of this layer when the IMF is northward

  19. 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.

  20. 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.

  1. 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.

  2. 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

  3. THE INFLUENCES OF INFLATION ON THE MONETARY POLICY INTEREST

    Directory of Open Access Journals (Sweden)

    Popa Coralia Emilia

    2012-12-01

    Full Text Available In the context of sovereign debt crisis in Europe, a crisis entirely felt also in the direct relation between credit institutions, the National Bank of Romania (NBR adopted a monetary policy strategy meant to determine the reinforcement of its image, by initiating in the autumn of 2011 a new series of reduction of the monetary policy interest rate and implicitly the appropriate resizing of liquidity conditions. By increasing the role of liquidity adjustment, the European Central Bank (ECB succeeded to determine in the money market the decrease of interbank rate interests under the interest rate level of monetary policy. The direct inflation targeting strategy used by the European Central Bank in applying its monetary policy has the first criterion of implementation the expression of inflation target in terms of „headline inflation” (consumer price index - CPI given that the economic market in Romania is familiar with this indicator. Also, the main criterion considered by the investment segment of the market to achieve capital infusions in economic transactions is represented by the consumer price index, this one ensuring the necessary transparency related to the effects of inflation phenomenon. A strong argument supporting the use of consumer price index in monetary policy is represented by its upward flexibility towards the limited effectiveness of monetary aggregates in sizing inflationary anticipations. The downward slope of inflation phenomenon, in whose depreciation the evolution of consumer price index, whose positive trend surprised the European Central Bank, played a significant role, determined adjustments in the monetary policy strategy of the National Bank of Romania and at the same time the achievement of the inflationary target proposed with a direct effect on the monetary policy interest rate. The same measure to reduce the key interest rate is outlined in the monetary policy of the European Central Bank and it is

  4. PERILAKU HARGA DAN VOLUME PERDAGANGAN (Studi Peristiwa Dampak Penundaan Pencairan Bantuan IMF pada Saham Dominasi Asing dengan Pendekatan Koreksi Beta

    Directory of Open Access Journals (Sweden)

    Rini - Mahgianti

    2012-05-01

    Full Text Available ABSTRACT   Theoritically has been stated that any relevant informations can create any market reactions indicated by price behaviour and trading volume. Research aimed  at analysing market reaction through any indicator of  cumulative abnormal return (CAR and cumulative abnormal trading volume (CATVA resulted by the delay of IMF grant.  Research was focused on the broad dominance stock and domestic dominance stock as a comparation. Market model approach was used in this analysis and the beta corection model to determine the expected return. Results show that delay of IMF grant contain any negative informations indicated by the significant reduce of CAR and CATVA, before and after annoucement.   Keywords: prive behaviour, CAR, CATVA, trading volume ABSTRAK   Secara teoritis dinyatakan bahwa informasi yang relevan dapat menimbulkan reaksi pasar yang dapat tercermin dari harga dan volume perdagangan. Penelitian ini bertujuan menguji reaksi pasar melalui indikator cumulative abnormal return (CAR dan cumulative abnormal trading volume (CATVA akibat pengumuman penundaan pencairan bantuan IMF. Obyek penelitian dilakukan pada saham dominasi asing dan sebagai pembanding dilakukan pula pengujian pada saham dominasi domestik. Pengujian dilakukan dengan pendekatan market model dan menambahkan model koreksi beta untuk penentuan expected return. Hasil penelitian yang diperoleh menunjukkan bahwa pengumuman penundaan bantuan IMF memiliki kandungan informasi negatif yang terlihat dari adanya penurunan CAR dan CATVA yang signifikan sebelum dan setelah pengumuman.   Kata kunci: Perilaku harga, CAR, CATVA, volume perdagangan

  5. Läti riik ei suuda IMF-i nõuet mingi hinnaga täita / Kaivo Kopli

    Index Scriptorium Estoniae

    Kopli, Kaivo

    2009-01-01

    Isegi ametiasutuste palkade ja kulude vähendamisel 40% võrra ei suudaks Läti järgida viieprotsendise puudujäägi nõuet, mille täitmise korral on IMF valmis andma edasisi laene. Valitsuse siht on jõuda sel aastal seitsmeprotsendise defitsiidini

  6. High-latitude plasma convection during Northward IMF as derived from in-situ magnetospheric Cluster EDI measurements

    Directory of Open Access Journals (Sweden)

    M. Förster

    2008-09-01

    Full Text Available In this study, we investigate statistical, systematic variations of the high-latitude convection cell structure during northward IMF. Using 1-min-averages of Cluster/EDI electron drift observations above the Northern and Southern polar cap areas for six and a half years (February 2001 till July 2007, and mapping the spatially distributed measurements to a common reference plane at ionospheric level in a magnetic latitude/MLT grid, we obtained regular drift patterns according to the various IMF conditions. We focus on the particular conditions during northward IMF, where lobe cells at magnetic latitudes >80° with opposite (sunward convection over the central polar cap are a permanent feature in addition to the main convection cells at lower latitudes. They are due to reconnection processes at the magnetopause boundary poleward of the cusp regions. Mapped EDI data have a particular good coverage within the central part of the polar cap, so that these patterns and their dependence on various solar wind conditions are well verified in a statistical sense. On average, 4-cell convection pattern are shown as regular structures during periods of nearly northward IMF with the tendency of a small shift toward negative clock angles. The positions of these high-latitude convection foci are within 79° to 85° magnetic latitude and 09:00–15:00 MLT. The MLT positions are approximately symmetric ±2 h about 11:30 MLT, i.e. slightly offset from midday toward prenoon hours, while the maximum (minimum potential of the high-latitude cells is at higher magnetic latitudes near their maximum potential difference at ≈−10° to −15° clock angle for the North (South Hemisphere. With increasing clock angle distances from ≈IMFBz+, a gradual transition occurs from the 4-cell pattern via a 3-cell to the common 2-cell convection pattern, in the course of which one of the medium-scale high-latitude dayside cells diminishes and disappears while the

  7. PENSION FUND

    CERN Multimedia

    2002-01-01

    Amendment No 18 to the Rules and Regulations of the Pension Fund has just been published and can be obtained from Divisional secretariats or, in the case of pensioners, directly from the Administration of the Fund (tel. 767-91 94/27 38), bldg 5, 1-030. This Amendment, which entered into force on 1.1.2002, concerns the articles which have been amended, in accordance with the Council's decision, to allow the award of a deferred retirement pension after five years of service (instead of ten previously) and the fixed sums and allowances adjusted at the same date (Annex B). It also contains a revised version of the table of contents of the Rules, as well as pages where the contents have not changed but where the page layout has had to be adjusted for technical reasons.

  8. Pension Fund

    CERN Multimedia

    Pension Fund

    2006-01-01

    Amendment No. 22 to the Rules and Regulations of the Pension Fund has just been published and can be obtained from Department/Unit secretariats or, in the case of pensioners, directly from the Administration of the Fund (tel. 767-91 94/27 38), bldg 5, 1-030. This Amendment, which entered into force following the CERN Council's decisions of 16 December 2005, includes the following new articles: Art. II 5.08 : Non-entitlement to Pension for Surviving Spouse Art. II 5.09 : Procurement of an entitlement to Pension for Surviving Spouse Art. II 6.09 : Non-entitlement to Pension for Orphans Art. II 7.01 c) : Entitlement to Allowances Art. III 1.07 : Extension of the contract beyond the age limit of 65 as well as the following amended articles : Article II 1.07 - Contributions Annex B - Fixed sums and allowances

  9. 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.

  10. Star formation in the outskirts of DDO 154: A top-light IMF in a nearly dormant disc

    Science.gov (United States)

    Watts, Adam B.; Meurer, Gerhardt R.; Lagos, Claudia D. P.; Bruzzese, Sarah M.; Kroupa, Pavel; Jerabkova, Tereza

    2018-04-01

    We present optical photometry of Hubble Space Telescope (HST) ACS/WFC data of the resolved stellar populations in the outer disc of the dwarf irregular galaxy DDO 154. The photometry reveals that young main sequence stars are almost absent from the outermost HI disc. Instead, most are clustered near the main stellar component of the galaxy. We constrain the stellar initial mass function (IMF) by comparing the luminosity function of the main sequence stars to simulated stellar populations assuming a constant star formation rate over the dynamical timescale. The best-fitting IMF is deficient in high mass stars compared to a canonical Kroupa IMF, with a best-fit slope α = -2.45 and upper mass limit MU = 16 M⊙. This top-light IMF is consistent with predictions of the Integrated Galaxy-wide IMF theory. Combining the HST images with HI data from The HI Nearby Galaxy Survey Treasury (THINGS) we determine the star formation law (SFL) in the outer disc. The fit has a power law exponent N = 2.92 ± 0.22 and zero point A = 4.47 ± 0.65 × 10-7 M⊙ yr-1 kpc-2. This is depressed compared to the Kennicutt-Schmidt Star Formation Law, but consistent with weak star formation observed in diffuse HI environments. Extrapolating the SFL over the outer disc implies that there could be significant star formation occurring that is not detectable in Hα. Last, we determine the Toomre stability parameter Q of the outer disc of DDO 154 using the THINGS HI rotation curve and velocity dispersion map. 72% of the HI in our field has Q ≤ 4 and this incorporates 96% of the observed MS stars. Hence 28% of the HI in the field is largely dormant.

  11. PENSION FUND

    CERN Multimedia

    Administration of the Fund

    2001-01-01

    The Administration of the Fund has just signed a contract with the 'La Suisse' insurance company, making life insurance available to persons leaving CERN under very similar conditions to those offered to the members of the CERN personnel. From now on, persons retiring from the Organization will be able to take out this new insurance at the moment of retirement, provided that they have been members of CERN's collective life insurance scheme for the last five years of service. Exceptionally, until the end of 2001, 'La Suisse' has agreed to allow persons who are already retired to take out this insurance, subject to their state of health (health questionnaire to be completed) and with a maximum insured amount set at 150,000 CHF. We therefore invite any retired persons interested in this insurance to consult the detailed terms and conditions, either on the Pension Fund's Web site (http://pensions.web.cern.ch/pensions) or by writing to the Administration of the Fund. For those wishing to apply, the documents to be...

  12. Pension Fund

    CERN Multimedia

    2004-01-01

    The Governing Board of the Pension Fund held its one-hundred-and-twenty-second meeting on 3 February 2004. Opening the meeting, the Chairman, J. Bezemer, welcomed W. Zapf's alternate T. Lagrange, A. Naudi's alternate P. Geeraert, and M. Goossens' alternate M. Vitasse, who were attending the Governing Board for the first time. The Governing Board heard a report from its Chairman on the meeting of the CERN Council on 19 December 2003, at which, under Pension Fund matters, the Council had approved a pensions adjustment of 0.7%. The Governing Board then heard a report on the main elements of the Investment Committee's meeting on 3 December 2003. During a presentation, Expert Timing System (Madrid) and the Compagnie de Trésorerie Benjamin de Rothschild (Geneva) had proposed a bond portfolio investment following the same quantitative investment principles as the equities portfolio they already managed for the Fund. After some deliberation, the Investment Committee had decided, on that basis, to award t...

  13. Pension Fund

    CERN Multimedia

    2003-01-01

    The Governing Board of the Pension Fund held its hundred and seventeenth meeting on 3 June 2003. On that occasion, it examined the recommendations made by the External Auditors in their report on their audit of the 2002 annual accounts and the replies by the Pension Fund's Administration. The Governing Board was gratified by the small number of remarks by the External Auditors. It also confirmed its agreement to the procedure followed by the Administration of the Pension Fund in the handling of transfer values. Under other items on the agenda, the Board once again examined ESO's request relating to the terms and conditions of membership by its staff members. In this regard, the Board wishes to receive from ESO a definitive request (following the necessary consultation procedures with the representatives of the personnel and discussions within ESO's governing bodies) so that the working group can continue its work on a clear basis and so that the Governing Board is in a position to take up a position in the m...

  14. On the spatial relationship between auroral emissions and magnetic signatures of plasma convection in the midday polar cusp and cap ionospheres during negative and positive IMF Bsub(z)

    International Nuclear Information System (INIS)

    Sandholt, P.E.; Egeland, A.; Lybekk, B.

    1986-03-01

    The dynamics of midday auroras, including polar cusp and cap emissions, and their relation to the interplanetary magnetic field (IMF) have been investigated with optical ground-based observations from Svalbard, Norway and IMF data from spacecraft ISEE-2. One case is presented showing the spatial relationship, along the magnetic meridian in the midday sector, between the cusp aurora and IMF Bγ-related convection currets (the DPY signature) for negative and positive values of IMF Bsub(z)

  15. The Real Contours and Targets for the BRICS Monetary Partnership to Facilitate Trade and Investments

    Directory of Open Access Journals (Sweden)

    Natalia Khmelevskaya

    2015-05-01

    Full Text Available The article focuses on the evolution of monetary cooperation among BRICS members and on testing the bilateral trade andexchange rate indicators to target transaction costs as they drive export growth. It starts with the formal arrangements toensure the settlement of trade among BRICS in local currencies. An analysis of the export structures of BRICS membersreveals benefits from shifts in export structure from 2009 to 2013, first from China’s role in vertical trade integration andthen, second, as a growing source of demand for BRICS economies. With regard to the exchange rate indicators, mosttrade responses to exchange rate deviations were found to depend on the overall structure of exports. Some BRICS currencydevaluations that anticipate inflation are attributed to exchange rate discrepancies and dumping. With regard to thedivergent effects on export, Russia’s export grew largely through mineral fuel and Brazil has gained from its deepened traderelationships. Therefore, transaction costs may be reduced via common trade settlement arrangements and trade facilitation.The author introduces ideas for designing BRICS payment and settlement mechanisms. One suggestion is to build aclearing union on the platform of BRICS conditional currency reserves similar to the reserve tranche mechanism used by theInternational Monetary Fund. Another addresses cross border local currency payment systems with fine-tuning transac -tions among national clearing systems and banks.

  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. 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.

  18. 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.

  19. 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

  20. Relationships of storm-time changes in thermospheric mass density with solar wind/IMF parameters and ring current index of Sym-H

    Science.gov (United States)

    Zhou, Yunliang; Ma, S. Y.; Xiong, Chao; Luehr, Hermann

    The total air mass densities at about 500 km altitude are derived using super-STAR accelerom-eter measurements onboard GRACE satellites for 25 great magnetic storms with minimum Dst less than 100 nT during 2002 to 2006 years. Taking NRLMSISE-00 model-predicted densities without active ap index input as a reference baseline of quiet-time mass density, the storm-time changes in upper thermospheric mass densities are obtained by subtraction for all the storm events and sorted into different grids of latitude by local time sector. The relationships of the storm-time density changes with various interplanetary parameters and magnetospheric ring current index of Sym-H are statistically investigated. The parameters include Akasofu energy coupling function, the merging electric field Em, the magnitude of IMF component in the GSM y-z plane etc. as calculated from OMNI data at 1 AU. It is found that the storm-time changes in the upper thermospheric mass density have the best linear correlation with the Sym-H index in general, showing nearly zero time delay at low-latitudes and a little time ahead at high-latitudes for most cases. Unexpectedly, the magnitude of IMF component in the y-z plane, Byz, shows correlation with storm-time mass density changes better and closer than Akasofu function and even Em. And, the mass density changes lag behind Byz about 1-4 hours for most cases at low-latitudes. The correlations considered above are local time dependent, showing the lowest at dusk sectors. For the largest superstorm of November 2003, the changes in mass density are correlated very closely with Byz, Em, and Sym-H index, showing correlation coefficients averaged over all latitudes in noon sector as high as 0.93, 0.91 and 0.90 separately. The physical factors controlling the lag times between the mass density changes at mid-low-latitudes and the interplanetary parameter variations are also analyzed. The results in this study may pro-vide useful suggestions for establishing

  1. Quantifying preferences for the natural world using monetary and nonmonetary assessments of value

    DEFF Research Database (Denmark)

    Dallimer, Martin; Tinch, Dugald; Hanley, Nick

    2014-01-01

    Given that funds for biodiversity conservation are limited, there is a need to understand people's preferences for its different components. To date, such preferences have largely been measured in monetary terms. However, how people value biodiversity may differ from economic theory, and there is...... in an assessment of environmental preferences, although which approach is preferable depends on why one wishes to measure values for the natural world......., but showed strong associations with self-reported well-being. Both approaches are likely to reflect a combination of the environmental properties of a site and unobserved individual preference heterogeneity for the natural world. Our results suggest that either metric will deliver mutually consistent results...... axes derived from environmental psychology theories (reflection, attachment, continuity with past). The 2 metrics were broadly congruent. Participants with above-median self-reported well-being scores were willing to pay significantly higher amounts for enhancing species richness than those with below...

  2. 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.

  3. 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.

  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. 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. IMF control of cusp proton emission intensity and dayside convection: implications for component and anti-parallel reconnection

    Directory of Open Access Journals (Sweden)

    M. Lockwood

    2003-04-01

    Full Text Available We study a brightening of the Lyman-a emission in the cusp which occurred in response to a short-lived south-ward turning of the interplanetary magnetic field (IMF during a period of strongly enhanced solar wind plasma concentration. The cusp proton emission is detected using the SI-12 channel of the FUV imager on the IMAGE spacecraft. Analysis of the IMF observations recorded by the ACE and Wind spacecraft reveals that the assumption of a constant propagation lag from the upstream spacecraft to the Earth is not adequate for these high time-resolution studies. The variations of the southward IMF component observed by ACE and Wind allow for the calculation of the ACE-to-Earth lag as a function of time. Application of the derived propagation delays reveals that the intensity of the cusp emission varied systematically with the IMF clock angle, the relationship being particularly striking when the intensity is normalised to allow for the variation in the upstream solar wind proton concentration. The latitude of the cusp migrated equatorward while the lagged IMF pointed southward, confirming the lag calculation and indicating ongoing magnetopause reconnection. Dayside convection, as monitored by the SuperDARN network of radars, responded rapidly to the IMF changes but lagged behind the cusp proton emission response: this is shown to be as predicted by the model of flow excitation by Cowley and Lockwood (1992. We use the numerical cusp ion precipitation model of Lockwood and Davis (1996, along with modelled Lyman-a emission efficiency and the SI-12 instrument response, to investigate the effect of the sheath field clock angle on the acceleration of ions on crossing the dayside magnetopause. This modelling reveals that the emission commences on each reconnected field line 2–2.5 min after it is opened and peaks 3–5 min after it is opened. We discuss how comparison of the Lyman-a intensities with oxygen emissions observed simultaneously by the SI-13

  8. IMF control of cusp proton emission intensity and dayside convection: implications for component and anti-parallel reconnection

    Directory of Open Access Journals (Sweden)

    M. Lockwood

    Full Text Available We study a brightening of the Lyman-a emission in the cusp which occurred in response to a short-lived south-ward turning of the interplanetary magnetic field (IMF during a period of strongly enhanced solar wind plasma concentration. The cusp proton emission is detected using the SI-12 channel of the FUV imager on the IMAGE spacecraft. Analysis of the IMF observations recorded by the ACE and Wind spacecraft reveals that the assumption of a constant propagation lag from the upstream spacecraft to the Earth is not adequate for these high time-resolution studies. The variations of the southward IMF component observed by ACE and Wind allow for the calculation of the ACE-to-Earth lag as a function of time. Application of the derived propagation delays reveals that the intensity of the cusp emission varied systematically with the IMF clock angle, the relationship being particularly striking when the intensity is normalised to allow for the variation in the upstream solar wind proton concentration. The latitude of the cusp migrated equatorward while the lagged IMF pointed southward, confirming the lag calculation and indicating ongoing magnetopause reconnection. Dayside convection, as monitored by the SuperDARN network of radars, responded rapidly to the IMF changes but lagged behind the cusp proton emission response: this is shown to be as predicted by the model of flow excitation by Cowley and Lockwood (1992. We use the numerical cusp ion precipitation model of Lockwood and Davis (1996, along with modelled Lyman-a emission efficiency and the SI-12 instrument response, to investigate the effect of the sheath field clock angle on the acceleration of ions on crossing the dayside magnetopause. This modelling reveals that the emission commences on each reconnected field line 2–2.5 min after it is opened and peaks 3–5 min after it is opened. We discuss how comparison of the Lyman-

  9. Main results of the development of dispersion type IMF at A.A. Bochvar Institute

    International Nuclear Information System (INIS)

    Savchenko, A.; Vatulin, A.; Glagovsky, E.; Konovalov, I.; Morozov, A.; Ershov, S.

    2009-01-01

    At the A.A. Bochvar Institute a novel conception of IMF to burn civil and weapon's grade Pu is currently accepted. It consists in the fact, that instead of using pelletized IMF, that features low serviceability and dust forming route of fuel element fabrication, the usage is made of dispersion type fuel element with Aluminium or Zirconium matrices. Dispersion fuels feature a high irradiation resistance and reliability; they can consequently reach high burn-ups and be serviceable under transient conditions. Three basic fuel element versions are under development in VNIINM for both thermal and fast reactors. The first version is a fuel element with a heterogeneous arrangement of fuel (PuO 2 or YSZ granules) within an Al or Zr matrix. The second version of a fuel element has a heat conducting Al or Zr alloy matrix and an isolated arrangement of PuO 2 in a fuel mini element more fully meets the 'Rock Fuel' requirements. According to the third version a porous meat of Zirconium metallurgically bonded to a fuel cladding is formed through which a PuO 2 powder is introduced. All the versions are technologically simple to fabricate and require minimal quantities of process operations related to treating MA and Pu. Fuel element simulators of similar designs with inert aluminium matrix, in which UO 2 was used in place of PuO 2 were successfully in-pile tested under PWR conditions up to the burn up of 100 MW·d/kg U and fuel element simulators with inert Zirconium matrix clad in stainless steel reached the burnup of 200 MW·d/kgU with the temperature of steam up to 600 0 C, which makes their application promising both in thermal and fast reactors. Currently a lead IFM assembly has been fabricated with two version of fuels with an Al matrix; use was made of a crystalline powder of fuel-grade PuO 2 prepared by the pyrochemical method. At the end of the year we are planning to commence in-pile testing under PWR conditions. The anticipated burn-up is 100 MW·d/kgU

  10. PENSION FUND

    CERN Multimedia

    Administration of the Fund

    2001-01-01

    The Administration of the Fund has just signed a contract with the 'La Suisse' insurance company, making life insurance available to persons leaving CERN under very similar conditions to those offered to the members of the CERN personnel. From now on, persons retiring from the Organization will be able to take out this new insurance at the moment of retirement, provided that they have been members of CERN's collective life insurance scheme for the last five years of service. Exceptionally, until the end of 2001, 'La Suisse' has agreed to allow persons who are already retired to take out this insurance, provided that they are less than 70 years old and subject to their state of health (health questionnaire to be completed) and with a maximum insured amount set at 150,000 CHF. We therefore invite any retired persons interested in this insurance to consult the detailed terms and conditions, either on the Pension Fund's Web site (http://pensions.web.cern.ch/pensions) or contacting to the Administration of the Fun...

  11. Interbank funding as insurance mechanism for (persistent) liquidity shocks

    OpenAIRE

    Bluhm, Marcel

    2015-01-01

    The interbank market is important for the efficient functioning of the financial system, transmission of monetary policy and therefore ultimately the real economy. In particular, it facilitates banks' liquidity management. This paper aims at extending the literature which views interbank markets as mutual liquidity insurance mechanism by taking into account persistence of liquidity shocks. Following a theory of long-term interbank funding a financial system which is modeled as a micro-founded...

  12. 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...

  13. 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...

  14. 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.

  15. 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...

  16. A global MHD simulation of an event with a quasi-steady northward IMF component

    Directory of Open Access Journals (Sweden)

    V. G. Merkin

    2007-06-01

    Full Text Available We show results of the Lyon-Fedder-Mobarry (LFM global MHD simulations of an event previously examined using Iridium spacecraft observations as well as DMSP and IMAGE FUV data. The event is chosen for the steady northward IMF sustained over a three-hour period during 16 July 2000. The Iridium observations showed very weak or absent Region 2 currents in the ionosphere, which makes the event favorable for global MHD modeling. Here we are interested in examining the model's performace during weak magnetospheric forcing, in particular, its ability to reproduce gross signatures of the ionospheric currents and convection pattern and energy deposition in the ionosphere both due to the Poynting flux and particle precipitation. We compare the ionospheric field-aligned current and electric potential patterns with those recovered from Iridium and DMSP observations, respectively. In addition, DMSP magnetometer data are used for comparisons of ionospheric magnetic perturbations. The electromagnetic energy flux is compared with Iridium-inferred values, while IMAGE FUV observations are utilized to verify the simulated particle energy flux.

  17. Assessing Space Weather Applications and Understanding: IMF Bz at L1

    Science.gov (United States)

    Riley, P.; Savani, N.; Mays, M. L.; Austin, H. J.

    2017-12-01

    The CCMC - International (CCMC-I) is designed as a self-organizing informal forum for facilitating novel global initiatives on space weather research, development, forecasting and education. Here we capitalize on CCMC'AGUs experience in providing highly utilized web-based services, leadership and trusted relationships with space weather model developers. One of the CCMC-I initiatives is the International Forum for Space Weather Capabilities Assessment. As part of this initiative, within the solar and heliosphere domain, we focus our community discussion on forecasting the magnetic structure of interplanetary CMEs and the ambient solar wind. During the International CCMC-LWS Working Meeting in April 2017 the group instigated open communication to agree upon a standardized process by which all current and future models can be compared under an unbiased test. In this poster, we present our initial findings how we expect different models will move forward with validating and forecasting the magnetic vectors of the solar wind at L1. We also present a new IMF Bz Score-board which will be used to assist in the transitioning of research models into more operational settings.

  18. The Stellar Initial Mass Function in Early-type Galaxies from Absorption Line Spectroscopy. IV. A Super-Salpeter IMF in the Center of NGC 1407 from Non-parametric Models

    Energy Technology Data Exchange (ETDEWEB)

    Conroy, Charlie [Department of Astronomy, Harvard University, Cambridge, MA, 02138 (United States); Van Dokkum, Pieter G. [Department of Astronomy, Yale University, New Haven, CT, 06511 (United States); Villaume, Alexa [Department of Astronomy and Astrophysics, University of California, Santa Cruz, CA 95064 (United States)

    2017-03-10

    It is now well-established that the stellar initial mass function (IMF) can be determined from the absorption line spectra of old stellar systems, and this has been used to measure the IMF and its variation across the early-type galaxy population. Previous work focused on measuring the slope of the IMF over one or more stellar mass intervals, implicitly assuming that this is a good description of the IMF and that the IMF has a universal low-mass cutoff. In this work we consider more flexible IMFs, including two-component power laws with a variable low-mass cutoff and a general non-parametric model. We demonstrate with mock spectra that the detailed shape of the IMF can be accurately recovered as long as the data quality is high (S/N ≳ 300 Å{sup −1}) and cover a wide wavelength range (0.4–1.0 μ m). We apply these flexible IMF models to a high S/N spectrum of the center of the massive elliptical galaxy NGC 1407. Fitting the spectrum with non-parametric IMFs, we find that the IMF in the center shows a continuous rise extending toward the hydrogen-burning limit, with a behavior that is well-approximated by a power law with an index of −2.7. These results provide strong evidence for the existence of extreme (super-Salpeter) IMFs in the cores of massive galaxies.

  19. The optimally sampled galaxy-wide stellar initial mass function. Observational tests and the publicly available GalIMF code

    Science.gov (United States)

    Yan, Zhiqiang; Jerabkova, Tereza; Kroupa, Pavel

    2017-11-01

    Here we present a full description of the integrated galaxy-wide initial mass function (IGIMF) theory in terms of the optimal sampling and compare it with available observations. Optimal sampling is the method we use to discretize the IMF deterministically into stellar masses. Evidence indicates that nature may be closer to deterministic sampling as observations suggest a smaller scatter of various relevant observables than random sampling would give, which may result from a high level of self-regulation during the star formation process. We document the variation of IGIMFs under various assumptions. The results of the IGIMF theory are consistent with the empirical relation between the total mass of a star cluster and the mass of its most massive star, and the empirical relation between the star formation rate (SFR) of a galaxy and the mass of its most massive cluster. Particularly, we note a natural agreement with the empirical relation between the IMF power-law index and the SFR of a galaxy. The IGIMF also results in a relation between the SFR of a galaxy and the mass of its most massive star such that, if there were no binaries, galaxies with SFR first time, we show optimally sampled galaxy-wide IMFs (OSGIMF) that mimic the IGIMF with an additional serrated feature. Finally, a Python module, GalIMF, is provided allowing the calculation of the IGIMF and OSGIMF dependent on the galaxy-wide SFR and metallicity. A copy of the python code model is available at the CDS via anonymous ftp to http://cdsarc.u-strasbg.fr (http://130.79.128.5) or via http://cdsarc.u-strasbg.fr/viz-bin/qcat?J/A+A/607/A126

  20. On the role of IMF By in generating the electric field responsible for the flow across the polar cap

    International Nuclear Information System (INIS)

    Vennerstroem, S.; Friis-Christensen, E.

    1987-01-01

    During periods of southward interplanetary magnetic field (IMF) the authors have examined the relationship between magnetic variations in the central polar cap and the IMF B y and B z components. The geomagnetic polar cap index PC that can be used as a measure of the flow across the polar cap has been derived using data from Thule in the IMS period. The results have been compared with IMP 8 measurements of the IMF and the solar wind velocity. The statistical analysis shows that the absolute value of the azimuthal component |B y | contributes to the cross-polar cap flow in the same manner as the southward component B s . The relative contributions of |B y | and B z have been examined and compared with the theoretical expression υB T sin 2 θ/2 for the merging electric field. It is found that the contribution of |B y | compared to B z is only half as big in the observations as in the theoretical expression. The B y effect on PC is compared to an earlier reported effect of B y on the geomagnetic index AL (Murayama et al., 1980) and found to be quite different from this. This is discussed in relation to interpretations in terms of merging site asymmetry

  1. A Comparison of the IMF Program and Economic Performance among Three Asian Crisis Countries: Thailand, Indonesia, and Korea

    Directory of Open Access Journals (Sweden)

    Yunjong Wang

    1998-09-01

    Full Text Available The whole international society believes that if Korea and Thailand generally carry out the IMF programs, the fruit of the structure reform will be soon put across. In Indonesia, the way of IMF capital support has been changed from the existing 8.25 stand-by agreement to extended credit agreement, so Indonesia gets more support from the international world. But there is an analysis that there is still a lot of uncertainty in Indonesia. Observing the "economic fruit" which was the result of the IMF programs in the countries mentioned above, the cognition of the international world is more evident. In spite of this, because of the rise of the exchange rate of the three countries above, going by US dollar, the rate of foreign exchange risk which is predicted by the index of foreign exchange rate crisis increased on the contrary with the sharp decrease of state financial resource. This is because the amount of foreign debts the country should reimburse increased accordingly due to the rise of exchange rate of Korea and Thailand in which the stability of the foreign exchange rate market recovered in a short period. This considered, in order to overcome the future foreign exchange crisis and decrease foreign debts, the most important thing is to emphasize the basic economic condition presents in the prediction index of foreign exchange crisis.

  2. Field-aligned currents and convection patterns in the Southern Polar Cap during stable northward, southward, and azimuthal IMF

    International Nuclear Information System (INIS)

    Papitashvili, V.O.; Belov, B.A.; Gromova, L.I.

    1989-01-01

    Equivalent ionospheric current patterns are derived from ground-based geomagnetic observations for events on 11-12 November 1979 (B/sub z/ >> 0), 24 November 1981 (B/sub z/ > 0) (B/sub y/ >> 0), and 25-26 November 1979 (B/sub y/ 0 . Due to stable external conditions, it is possible to calculate the field-aligned current (FAC) density within cells formed by two adjacent stations by taking into account the uniform conductivity of the summer polar ionosphere. These results completely correspond to regressional analysis of interplanetary magnetic fields (IMF) and ground-based geomagnetic data, and also to satellite observations of the NBZ current system. During stable southward IMF a new result was obtained, a reversal of antisunward convection flow is identified, and an NBZ-like FAC system is restored in the central part of the southern polar cap. The authors conclude that there may be an additional NBZ-like FAC system poleward of -85 0 , which is independent of the IMF and is generated by the quasi-viscous interaction between solar-wind plasma and high-latitude lobes of the magnetospheric tail

  3. Overlapping ion structures in the mid-altitude cusp under northward IMF: signature of dual lobe reconnection?

    Directory of Open Access Journals (Sweden)

    F. Pitout

    2012-03-01

    Full Text Available On some rare occasions, data from the Cluster Ion Spectrometer (CIS in the mid-altitude cusp reveal overlapping ion populations under northward interplanetary magnetic field (IMF. While the poleward part of the cusp exhibits the expected reverse dispersion due to lobe reconnection, its equatorward part shows a second ion population at higher-energy that coexists with the low energy tail of the dispersion. This second population is either dispersionless or slightly dispersed with energies increasing with increasing latitudes, indicative of lobe reconnection as well. Our analysis of a case that occurred 3 September 2002 when the IMF stayed northward for more than two hours suggests that the second population comes from the opposite hemisphere and is very likely on newly-closed field lines. We interpret this overlap of cusp populations as a clear mid-altitude signature of re-closed magnetic field lines by double lobe reconnection (reconnection in both hemispheres under northward IMF. This interpretation is supported by modelling performed with the Cooling model and an MHD model.

  4. 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.

  5. 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

  6. 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.

  7. 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

  8. 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.

  9. 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.

  10. 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.

  11. 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

  12. 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…

  13. 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

  14. 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

  15. 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

  16. 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)

  17. 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…

  18. 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 ...

  19. 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

  20. 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

  1. 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

  2. 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

  3. 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

  4. 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

  5. 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

  6. 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

  7. 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?

  8. 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

  9. Treasury bond volatility and uncertainty about monetary policy

    NARCIS (Netherlands)

    Arnold, I.J.M.; Vrugt, E.B.

    2010-01-01

    We show that dispersion-based uncertainty about the future course of monetary policy is the single most important determinant of Treasury bond volatility across all maturities. The link between Treasury bond volatility and uncertainty about macroeconomic variables is much stronger than for the more

  10. 78 FR 5722 - Civil Monetary Penalty Inflation Adjustment

    Science.gov (United States)

    2013-01-28

    ... Civil Monetary Penalty Inflation Adjustment AGENCY: U.S. Army Corps of Engineers, DoD. ACTION: Direct... for inflation. The adjustment of civil penalties to account for inflation is required by the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended. Since we have not made any adjustments to...

  11. 77 FR 65100 - Adjustment of Civil Monetary Penalties for Inflation

    Science.gov (United States)

    2012-10-25

    ... Penalties for Inflation AGENCY: Commodity Futures Trading Commission ACTION: Final rule. SUMMARY: The... civil monetary penalties, to adjust for inflation. This rule sets forth the maximum, inflation-adjusted... Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Debt Collection Improvement...

  12. 78 FR 5760 - Civil Monetary Penalty Inflation Adjustment

    Science.gov (United States)

    2013-01-28

    ... Civil Monetary Penalty Inflation Adjustment AGENCY: U.S. Army Corps of Engineers, DoD. ACTION: Proposed... account for inflation. The adjustment of civil penalties to account for inflation is required by the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended. Since we have not made any...

  13. 8 CFR 1280.53 - 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... penalties inflation adjustment. (a) In general. In accordance with the requirements of the Federal Civil Penalties Inflation Adjustment Act of 1990, Pub. L. 101-410, 104 Stat. 890, as amended by the Debt...

  14. Monetary transmission and the financial sector in the Czech Republic

    Czech Academy of Sciences Publication Activity Database

    Havránek, T.; Horváth, R.; Matějů, Jakub

    2012-01-01

    Roč. 45, č. 3 (2012), s. 135-155 ISSN 1573-9414 R&D Projects: GA MŠk(CZ) SVV 265801/2012 Institutional support: PRVOUK-P23 Keywords : transmission mechanism * monetary policy * Czech Republic Subject RIV: AH - Economics

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

    African Journals Online (AJOL)

    2017-05-01

    May 1, 2017 ... financial inclusion and its implications for monetary policy and financial stability. ... These studies have discussed the implications of financial exclusion for the parameters ... and allocating capital, monitoring firms and exerting corporate ... decisions, and technological innovations and hence economic ...

  16. La struttura dei mercati monetari. (The structure of money markets

    Directory of Open Access Journals (Sweden)

    J.S.G. WILSON

    2014-07-01

    Full Text Available The article surveys the main characteristics of money markets. It defines a money market as a center in which financial institutions congregate for the purpose of dealing in monetary assets. The author stresses the variety of organisational forms as well as the common elements of these markets.JEL: E40, E44, G10, G20

  17. Monetary Policy, Debt and the Cyclical Behavior of Inventories

    Directory of Open Access Journals (Sweden)

    Abdul Ghafar Ismail

    2007-01-01

    Full Text Available An earlier study on the determinants of inventories investment has been proposed by Lovel (1961. However, the study fails to mention the effects of financial variables. The puzzle prevails on account of imperfect capital markets. This implies that interest rate generally affects inventory investment indirectly through the debt channel. For instance, in the period of tight monetary policy, increasing interest rates have a negative impact on the present value of firms’ collateralizable net worth. In addition, they also weaken firms’ balance sheets as interest expenses also rise up. In imperfect capital markets, this fact indicates an increase in the amount of external financing that firms need, a rise in the premium on external financing that they face, and a reduction in their accumulation of assets, their spending and their production. Given the low adjustment cost that characterizes firms, it will be inventories that firms will initially reduce. Therefore, this paper is contributes to the issue of monetary policy transmission in Malaysia. Our specific attention is limited to the channel of monetary policy on a firm’s inventory. Using micro data, we try to take into account the relevance of the firm’s balance sheet conditions in the transmission of monetary policy.

  18. MONETARY POLICIES AND INDUSTRIAL FLUCTUATIONS IN EAST EUROPEAN COUNTRIES

    Directory of Open Access Journals (Sweden)

    Mihaela IFRIM

    2015-03-01

    Full Text Available Industrial fluctuations are closely related to the evolution of relative prices of produced goods and resources involved in production activity. Industrial fluctuations, as an expression of forces manifested in the real economy, are caused by changes in individuals’ consumption and investment decisions, produced within expansionary monetary policies. The ease of obtaining a bank loan in the context of decreasing interest rates and of larger amounts of money caused an increase in individuals’ demand for goods resulted from longer, capital intensive production processes. The rise in prices of intermediate and capital goods in a faster pace compared to the increase in prices of consumer goods is doubled by the increase of the share of higher order industries in the structure of production. The objective of this paper is to analyze changes in industrial structure of Eastern Europe countries within the policies of quick access to monetary resources. The analyzed states (Bulgaria, the Czech Republic, Hungary, Poland and Romania are part of the European Union and have autonomous monetary policies, meaning that they have not yet adopted the common currency. In all economies analyzed, we find approximately the same patterns of monetary expansion and industrial fluctuations.

  19. Inflation Dynamics and the Cost Channel of Monetary Transmission

    NARCIS (Netherlands)

    Chowdhury, I.; Hoffmann, M.; Schabert, A.

    2006-01-01

    Evidence from vector autoregressions indicates that the impact of interest rate shocks on macroeconomic aggregates can substantially be affected by the so-called cost channel of monetary transmission. In this paper, we apply a structural approach to examine the relevance of the cost channel for

  20. Monetary Policy and the Taylor Principle in Open Economies

    NARCIS (Netherlands)

    Linnemann, L.; Schabert, A.

    2006-01-01

    Nowadays, central banks mostly conduct monetary policy by setting nominal interest rates. A widely held view is that central banks can stabilize inflation if they follow the Taylor principle, which requires raising the nominal interest rate more than one-for-one in response to higher inflation. Is