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.

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.

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...

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

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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.

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

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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”.

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...

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...

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

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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.

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

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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.

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...

Economic Nature of Monetary Funds of Households

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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.

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.

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...

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.

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

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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.

Reforming the IMF: some organizational and operational issues

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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.

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

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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.

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

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 ...

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

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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.

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.

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.

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...

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.

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…

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

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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

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....

Comparing Global Influence: China’s and U.S. Diplomacy, Foreign Aid, Trade, and Investment in the Developing World

Science.gov (United States)

2008-08-15

decade, China has cultivated goodwill in Southeast Asia by refraining from devaluing its currency and by contributing to the International Monetary Fund...nations, such as Indonesia or Nigeria , who are in the ascendant and who feel that their time has been too long in coming. The concern over rising...succeeded while those who followed American advice or underwent World Bank or International Monetary Fund ( IMF ) discipline have failed in many of their basic

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

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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.

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

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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

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

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

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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.

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 ...

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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 ...

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 ...

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

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

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

Culture, Spirituality, and Economic Development

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

The World Bank and the International Monetary Fund (IMF) find few friends .... pamphlet entitled, J'ai vu son visage (Tuho 1992), the ambassador recounts his ...... and training centre to find employment in the food industry for ex-prisoners, ...

(SMEs) in Nigeria

African Journals Online (AJOL)

User

2012-01-24

Jan 24, 2012 ... Nigeria, project financing can be secured in Central bank of Nigeria, state ... governments also finance projects for different sectors of the economy ... International Monetary Fund (I.M.F) is a similar body of World Bank that is.

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 ...

GLOBAL ECONOMIC CRISIS: A VIEW FROM SOUTH AFRICA

Directory of Open Access Journals (Sweden)

Patrick Bond

2015-08-01

Full Text Available Any analysis of the erratic unfolding of global economic crisis is bound to be hotly contested. This is particularly so in mid-1999, amid claims from Washington that the past two years' dangers of financial meltdown and deflation were averted and finally extinguished through a combination of policy measures and good fortune: slightly looser Federal Reserve monetary policy adopted in September 1998, in the immediate wake of the successful public-private bailout of the Long Term Capital Management hedge fund; a new $90 billion International Monetary Fund (IMF insurance scheme announced the following month; the convening of key countries in a Forum on Financial Stability; the lack of financial contagion (contrary to expectations in the wake of Brazil's January 1999 currency meltdown; the long-awaited revival (however infirm of the Japanese economy; new plans for somewhat more transparent budgetary and exchange rate systems in emerging markets; and a decision at the G-8 Cologne meeting in June 1999 to sell 10% of the IMF's gold to fund partial debt relief for the poorest Third World countries. Indeed many observers were surprised at IMF Managing Director Michel Camdessus's success at turning the debt relief strategy into a vehicle for tougher "Enhanced Structural Adjustment Facility" conditions, just months after the IMF was criticised to the point of ridicule for its East Asian, Russian and Brazilian mishaps (effectively, granting $200 billion in bad loans over 15 months, in exchange for the application of inappropriate austerity measures.

Globalisation and the internationalisation of higher education in sub ...

African Journals Online (AJOL)

A decade later, we argue for a radical change in the traditional ... of globalisation are the World Bank (WB), the International Monetary Fund (IMF), and the World .... in SSA for the school year ending 2005 is still very low (UNESCO, 2008). The.

Exchange rate predictability and state-of-the-art models

OpenAIRE

Yeșin, Pınar

2016-01-01

This paper empirically evaluates the predictive performance of the International Monetary Fund's (IMF) exchange rate assessments with respect to future exchange rate movements. The assessments of real trade-weighted exchange rates were conducted from 2006 to 2011, and were based on three state-of-the-art exchange rate models with a medium-term focus which were developed by the IMF. The empirical analysis using 26 advanced and emerging market economy currencies reveals that the "diagnosis" of ...

Search Results | Page 832 | IDRC - International Development ...

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

2005-06-29

Results 8311 - 8320 of 8491 ... Accountability of the International Monetary Fund. Accountability is a hot button issue in discussions of IMF reform. Unfortunately, it is a topic where analysis is all too often colored by value judgments. Publication Date. June 29, 2005. Books ...

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.

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...

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.

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...

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...

International Organisations and Transnational Education Policy

Science.gov (United States)

Moutsios, Stavros

2009-01-01

This paper focuses on the World Bank/IMF (International Monetary Fund), the OECD (Organisation for Economic Cooperation and Development) and the WTO (World Trade Organisation) as institutions of transnational policy making. They are all at present making education policies which are decisively shaping current directions and developments in…

The Impossible Trinity and Capital Flows in East Asia

OpenAIRE

Stephen Grenville

2011-01-01

The Impossible Trinity doctrine still holds a powerful sway over policymakers, advisors (particularly the International Monetary Fund [IMF]) and academia. In East Asia over the past decade, however, most countries have been able to maintain open capital markets, monetary policy independence, and a fair degree of management over their exchange rates. This is because the Impossible Trinity model does not fit the actual circumstances very closely. Capital flows are dominated by factors other ...

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.

Mezinárodní měnový fond a jeho role ve 21. století

OpenAIRE

Štych, Jan

2011-01-01

This bachelor thesis focuses on the International monetary fund, specifically on its impact on world economic. The objective of this thesis is to assess the Funds function in the recent years and based on this assessment decide, how should the Fund act in the future. After the introduction, where the IMF is described as an institution, the thesis looks on economic crisis from the turn of the century and the Funds role regarding these crisis. Finally, the thesis describes reforms, necessary to...

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...

Civil Society in Nigeria: Reasons for Ineffectiveness

Science.gov (United States)

2015-03-01

commodities such as oil and gas left Nigeria in financial ruin after the 1970s’ oil collapse. With the withdrawal of Soviet funds, the World Banks...standards across Nigeria .65 The new and more efficient “adjusted” economy that the World Bank and the International Monetary Fund ( IMF ) projected...comparative advantage for Nigeria and had the potential to industrialize and expand the agricultural industry. Instead, the sector was neglected

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

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.

Professional Skills in International Financial Surveillance

DEFF Research Database (Denmark)

Seabrooke, Leonard; Nilsson, Emelie Rebecca

2015-01-01

In 2006, the International Monetary Fund's (IMF) Financial Sector Assessment Program (FSAP) lauded Iceland's capacity to “withstand extreme, but plausible, shocks,” which was clearly an error in judgment. After the international financial crisis hit, IMF officials bemoaned the lack of professional...... use an Optimal Matching analysis of work roles in career histories to identify differences in policy teams and external experts' attributes. The article also draws on interviews with FSAP team members from 2008 to 2013. We demonstrate that changes in professional skills and team composition...

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

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)

Pragmatic Numbers

DEFF Research Database (Denmark)

Seabrooke, Leonard

2012-01-01

Sector Assessment Programme (FSAP). While the IMF is typically viewed as an institution that enforces global standards for economic governance through the imposition of quantitative targets (‘numbers’ for this special issue), I suggest that its use of benchmarking in the generation of financial data can...... market actors. This article suggests that we cannot simply view the IMF staff as hostage to their commanders. Rather, the IMF's use of ‘pragmatic numbers’ within FSAPs demonstrates one method by which an institution seeks to foster learning under constraint.......Do international organisations generate benchmarks as tools for policy enforcement or policy learning? This article suggests that the latter is possible even in unlikely scenarios. It does this through a case study on the ‘power of numbers’ in the International Monetary Fund's (IMF) Financial...

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.

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.

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.

Financial Sector Assessment : Morocco

OpenAIRE

World Bank; International Monetary Fund

2017-01-01

A joint International Monetary Fund (IMF)-World Bank mission visited Rabat and Casablanca in 2015, to assess the soundness and resilience of the banking system, the state of play in financial inclusion and infrastructure, the oversight frameworks for banking, capital markets and financial market infrastructures, crisis preparedness, and update the findings of the Financial Sector Assessme...

Middle East and North Africa Data Book, September 2014

OpenAIRE

Devarajan, Shanta; Mottaghi, Lili

2014-01-01

The Middle East and North Africa (MENA) data book serves as a quick reference and a reliable dataset for monitoring economic and social developments in the region. The data are drawn from the 2014 World Bank's World Development Indicators (WDI) and International Monetary Fund's (IMF's) direction of trade statistics. It contains macroeconomic, sectoral, and social indicators for 19 countrie...

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...

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

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.

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.

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...

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

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.

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

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

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

Germany, the European Union, and the Euro: The Primacy of Politics in Treasure

Science.gov (United States)

2013-09-01

Spain GNP Gross National Product IMF International Monetary Fund LTROs Long-term Refinancing Operations NAFTA North American Free Trade Agreement...together on foreign policy, as it creates a program that promotes joint foreign policy. The third pillar expands the joint law enforcement capabilities...failure to ratify a European Constitution . The supranational Constitution , which the member states’ leadership approved and signed on 29 October

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...

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

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.

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)

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.

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

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...

Countermobilization: Unconventional Social Warfare

Science.gov (United States)

2014-06-01

organizations IMF International Monetary Fund MB Muslim Brotherhood NAACP National Association for the Advancement of Colored People NAFTA North... NAFTA ), the Ejercito Zapatista de Liberacion Nacional (EZLN) launched a rebellion in the southern state of Mexico, known as Chiapas. The EZLN...translated by the EZLN. www.ezln.org. 31 threat confronting Mexicans. An example of such consequences was the amendment to Article 27 of the constitution

Prospects of Sino-India Relations 2020

Science.gov (United States)

2011-06-01

Nature of Sino-India Bilateral Trade256 Some economists point to China‘s dumping practices and currency devaluation as sources of this disequilibrium...Missile IMF - International Monetary Fund IOR - Indian Ocean Region IR - International Relations IRBM - Intermediate Range Ballistic Missile IT...there!‖227 In the period 2004 to 2006, China outbid India at various auctions including those in Angola, Nigeria , Ecuador, and Kazakhstan. China‘s

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.

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

Obstacles to Private Sector Activities in Africa,

Science.gov (United States)

1983-01-01

policy reforms, including higher interest rates, price increases on basic foodstuffs, the ending of subsidies, currency devaluation , and reduced...Monetary Fund ( IMF ) is Pxpanding its lending facilities in Africa, but attaching strict conditivnality to them; the World Bank is trying to restructure...recipient country, puts US investment in Nigeria in 1980 at only $27 million as compared to $205 million in the Cameroon. In fact, the Department of

Nigeria; Publication of Financial Sector Assessment Program Documentation––Detailed Assessment of Implementation of IOSCO Objectives and Principles of Securities Regulation

OpenAIRE

International Monetary Fund

2013-01-01

An assessment of the level of implementation of the International Organization of Securities Commissions (IOSCO) Principles in Nigeria was conducted as part of the International Monetary Fund (IMF)-World Bank Financial Sector Assessment Program (FSAP). The ongoing global financial crisis has reinforced the need for assessors to make a judgment about supervisory practices and to determine whether they are sufficiently effective. The assessment methodology provides a set of assessment criteria ...

The Social Effects of Neoliberalism. The Shock Doctrine in Russia, China and Romania

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LUCIAN-ŞTEFAN DUMITRESCU

2011-03-01

Full Text Available Initially, the theoretical foundation of the International Monetary Fund was inspired by the economic vision of John Maynard Keynes, who argued that the state may resuscitate economic life when it undergoes a downturn. If the state proved unable to restart its national economy, the International Monetary Fund would intervene, and it would not only grant loans meant to revive the economy, but also recommend infrastructure investments, the decrease of interest rates in order to resume crediting and the reduction of taxes in order to decrease the pressure on the private sector in a quasi-immovable economy. In the 1980s, Keynesian ideas were withdrawn from the theoretical foundation of the International Monetary Fund and replaced by the neo-liberal vision. According to the new economic philosophy, the International Monetary Fund would grant loans only if the states in need reduced their budget deficits, increased taxes and interest rates. In other words, instead of boosting economic activity the new IMF practices were restricting it even more. In the rest of the work we will present, using the social constructivism paradigm and the strategic identity concept, the social consequences of neo-liberal ideas in Russia, China and Romania. The shock doctrine is the state of social disorder imposed from outside, as a result of the political gap between the states of the world.

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.…

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

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

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

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

The G-20 and International Economic Cooperation: Background and Implications for Congress

Science.gov (United States)

2013-10-23

scheduled throughout the year. Effectiveness of the G-20 Some analysts say that while the G-20 was instrumental in coordinating the response to the...Trade Organization (WTO) Doha Round of multilateral trade negotiations. They also maintain that the G-20 as a group is too heterogeneous to achieve real...as the International Monetary Fund (IMF), the Organization for Economic Co-operation and Development ( OECD ), the World Bank, and the World Trade

CSME Government Performance Management Framework (GPMF).

OpenAIRE

Peter W Jones

2005-01-01

There has been much discourse again over the last six to eight weeks on the issue of Government performance and the concept of performance budgeting has resurfaced. Some have recommended, the Accrual Budgeting approach, which is outlined in a previous 2004 International Monetary Fund (IMF) Article IV consultation document on Jamaica, others, have referred the matter to the area of zero based budgeting, however, this type of budgeting, although, theoretically ideal, practically, Jamaica and ot...

Department of Defense HIV/AIDS Prevention Program (DHAPP), 2012

Science.gov (United States)

2013-06-04

of the GDP. Vietnam’s managed currency , the dong, has been devalued by 20% since 2008, but its value remained stable in 2012. Foreign direct...WEST REGION Benin 90 Burkina Faso 92 Côte d’Ivoire 94 Gambia, The 97 Ghana 99 Guinea 102 Liberia 104 Mali 107 Niger 109 Nigeria 111 Senegal...Infectious Diseases Institute (on the campus of Makerere University, Kampala, Uganda) IMF - International Monetary Fund IMilHAC – International

Griechenland eine Analyse

Directory of Open Access Journals (Sweden)

Frank Ehrhold

2013-01-01

Full Text Available During the last several years Greece has been under consistent and severe economic pressure; high national debt, trade deficit, and an undefined future has led to a persistent climate of uncertainty and presents a threat to economic recovery. As a result of the near-bankruptcy of Greece in 2010, the Greek government now receives financial relief from members of the European Monetary Union (EMU and International Monetary Fund (IMF, both of the afore-mentioned parties monitoring, with the European Central Bank (ECB and European Commission, the economic transformation process and guiding the Greek economy towards international competitiveness. Yet available data proves that Greece’s economy is still shrinking-- while unemployment rates still rise, debt to GDP ratio worsens, and private investment sinks. Furthermore, there is still controversy whether Greece will remain within the monetary union or not. Is Greece’s economy better of outside the European Monetary Union?

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

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...

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

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

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....

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.

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, B_z 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 B_y, suggesting IMF control over arc initiation. When B_y is positive there is arc motion from dawn to dusk, while B_y 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 B_z was northward but increased to 500 m/s after B_z turned southward on January 20.

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

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

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.

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

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.

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

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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.

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.

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.

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

Why monetary board: Monetary board and endogenic price flexibility

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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.

HUMAN RESOURCE COMPENSATION IN TIME OF CRISIS

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Claudiu George BOCEAN

2012-01-01

Full Text Available Economic and financial crisis persists and is aggravated by poor rates of economic growth recorded in 2011 and 2012. Considerable decrease in production due to reduced exports and domestic demand compression generating new unemployment and lower earnings. This paper presents the impact of the crisis on average and minimum wages in the European Union and Euro zone. Using the International Monetary Fund (IMF predictions on GDP, the paper tries to predict the future trends of wages in the European Union.

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

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

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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

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

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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

Exchange rate regimes and monetary arrangements

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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

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...

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.

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 ...

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

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.

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

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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.

Monetary Policy Analysis in Serbia

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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.

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

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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.

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.

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...

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...

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

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.

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 ...

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).

Sovereign Wealth Funds: Issue of transparency

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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.

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

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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

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

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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.

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

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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.

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

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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

From Quality to Information Quality in Official Statistics

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Kenett Ron S.

2016-12-01

Full Text Available The term quality of statistical data, developed and used in official statistics and international organizations such as the International Monetary Fund (IMF and the Organisation for Economic Co-operation and Development (OECD, refers to the usefulness of summary statistics generated by producers of official statistics. Similarly, in the context of survey quality, official agencies such as Eurostat, National Center for Science and Engineering Statistics (NCSES, and Statistics Canada have created dimensions for evaluating the quality of a survey and its ability to report ‘accurate survey data’.

Comprehensive Test Ban Treaty: options before nuclear Pakistan

International Nuclear Information System (INIS)

Pattanaik, Smruti S.

1998-01-01

The post-nuclear period has rendered Pakistan's strategic calculations more vulnerable. The decision to go nuclear after seventeen days of debate have started proving costly to Pakistan. This is revealed by the economic crisis resulting out of the foreign currency shortage, leading the country to default on the payment of debts. The pressure imposed by the International Monetary Fund (IMF) and World Bank and their patrons to sign the Comprehensive Test Ban Treaty (CTBT) have exposed Pakistan's economic vulnerability. Under this growing pressure, many have started questioning the decision to go nuclear

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

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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.

The Changing Effectiveness of Monetary Policy

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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.

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.

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

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.

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.

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.

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

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 ...

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.

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

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...

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...

RISKS AND CONSTRAINTS FOR THE MONETARY STABILITY

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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.

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...

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...

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...

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...

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.

EURO ZONE AND ITS MONETARY POLICY

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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.

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.

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+).

The Sicomines Agreement

DEFF Research Database (Denmark)

Jansson, Johanna

of the global political economy have shifted, and that China’s position as a foreign policy actor is now consolidated. Continuity, since the 2009 amendment of the agreement, which came about partly as a result of China’s ambitions to take up an active role in the International Monetary Fund (IMF......), was to the benefit of the policy preferences of the IMF and the World Bank. This case thus indicates that since China’s own aspirations are changeable, its emergence as an alternative development partner may not bring about any substantive change of direction for the DRC’s international relations. Furthermore......The Sicomines multibillion minerals-for-infrastructure deal was struck in 2007 between the Democratic Republic of Congo (DRC) and China. The paper investigates the drivers behind the original conception of the agreement, outlines the structure of the contract, analyses the dynamics at play during...

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

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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

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....

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

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

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

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

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.

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

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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

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

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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.

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

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

The Greek Pompeii in Health.

Science.gov (United States)

Fanourgiakis, John; Kanoupakis, Emmanuel

2015-06-25

After the official request by Greece's prime minister for help, the country was put under the supervision of the Troika, that is, European Commission (EC), European Central Bank (ECB) and International Monetary Fund (IMF), and signed with them, in May  2010 the first and in February 2012 the second economic adjustment program, in exchange for financial packages, aiming at helping the country get out of its debt crisis, recover its lost growth and transform the national economy into a more sustainable model, including measures such as reductions in all public expenditures with efficient gains  at the same time (1, 2). [...].

THE NON-UNIVERSALITY OF THE LOW-MASS END OF THE IMF IS ROBUST AGAINST THE CHOICE OF SSP MODEL

International Nuclear Information System (INIS)

Spiniello, C.; Trager, S. C.; Koopmans, L. V. E.

2015-01-01

We perform a direct comparison of two state-of-the art single stellar population (SSP) models that have been used to demonstrate the non-universality of the low-mass end of the initial mass function (IMF) slope. The two public versions of the SSP models are restricted to either solar abundance patterns or solar metallicity, too restrictive if one aims to disentangle elemental enhancements, metallicity changes, and IMF variations in massive early-type galaxies (ETGs) with star formation histories different from those in the solar neighborhood. We define response functions (to metallicity and α-abundance) to extend the parameter space for each set of models. We compare these extended models with a sample of Sloan Digital Sky Survey (SDSS) ETG spectra with varying velocity dispersions. We measure equivalent widths of optical IMF-sensitive stellar features to examine the effect of the underlying model assumptions and ingredients, such as stellar libraries or isochrones, on the inference of the IMF slope down to ∼0.1 M ⊙ . We demonstrate that the steepening of the low-mass end of the IMF based on a non-degenerate set of spectroscopic optical indicators is robust against the choice of the stellar population model. Although the models agree in a relative sense (i.e., both imply more bottom-heavy IMFs for more massive systems), we find non-negligible differences in the absolute values of the IMF slope inferred at each velocity dispersion by using the two different models. In particular, we find large inconsistencies in the quantitative predictions of the IMF slope variations and abundance patterns when sodium lines are used. We investigate the possible reasons for these inconsistencies

THE NON-UNIVERSALITY OF THE LOW-MASS END OF THE IMF IS ROBUST AGAINST THE CHOICE OF SSP MODEL

Energy Technology Data Exchange (ETDEWEB)

Spiniello, C. [Max-Planck Institute for Astrophysics, Karl-Schwarzschild-Strasse 1, D-8l740 Garching (Germany); Trager, S. C.; Koopmans, L. V. E. [Kapteyn Astronomical Institute, University of Groningen, P.O. Box 800, 9700 AV Groningen (Netherlands)

2015-04-20

We perform a direct comparison of two state-of-the art single stellar population (SSP) models that have been used to demonstrate the non-universality of the low-mass end of the initial mass function (IMF) slope. The two public versions of the SSP models are restricted to either solar abundance patterns or solar metallicity, too restrictive if one aims to disentangle elemental enhancements, metallicity changes, and IMF variations in massive early-type galaxies (ETGs) with star formation histories different from those in the solar neighborhood. We define response functions (to metallicity and α-abundance) to extend the parameter space for each set of models. We compare these extended models with a sample of Sloan Digital Sky Survey (SDSS) ETG spectra with varying velocity dispersions. We measure equivalent widths of optical IMF-sensitive stellar features to examine the effect of the underlying model assumptions and ingredients, such as stellar libraries or isochrones, on the inference of the IMF slope down to ∼0.1 M{sub ⊙}. We demonstrate that the steepening of the low-mass end of the IMF based on a non-degenerate set of spectroscopic optical indicators is robust against the choice of the stellar population model. Although the models agree in a relative sense (i.e., both imply more bottom-heavy IMFs for more massive systems), we find non-negligible differences in the absolute values of the IMF slope inferred at each velocity dispersion by using the two different models. In particular, we find large inconsistencies in the quantitative predictions of the IMF slope variations and abundance patterns when sodium lines are used. We investigate the possible reasons for these inconsistencies.

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

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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.

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...

Monetary Policy Rules in Some Transition Economies

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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.

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.

CONSIDERATIONS REGARDING MONETARY POLICY IN ROMANIA

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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.

Monetary policy and insolvency of economic sector

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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.

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...

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

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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

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...

Riserve monetarie e inflazione mondiale.

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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

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

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 ...

Japanese Mutual Funds before and after the Crisis Outburst: A Style- and Performance-Analysis

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Stephanos Papadamou

2017-03-01

Full Text Available This paper investigates how mutual funds performed in Japan before and after the 2008 outburst of the global financial crisis, that is during the extension of an extraordinary unconventional monetary policy by the Bank of Japan. Style and performance analyses are employed in order to investigate whether active or passive management has been affected by unconventional times and to what extent. Evidence indicates that in four out of eight funds, asset selection presents a significant contribution to returns. The Selection Sharpe Ratios for sectoral and style analyses exhibit positive values added per unit of risk due to active management for the majority of our funds in the pre-Lehman default period. Nevertheless, none of them presents statistical significance according to the t-statistic. Moreover, over the post-Lehman default, only two out of eight funds achieved lower volatility levels and higher returns due to active management. A style drift to big capitalization stocks with low values of book to market ratio is to be held responsible for the outperformance. Overall, our findings imply that active management in a monetary easing environment does not add significant value to the mutual fund performance.

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.

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

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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

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.

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...

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

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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.

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 ...

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...

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...

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.

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

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

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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

MONETARY POLICY AND PARALLEL FINANCIAL MARKETS

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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.

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....

International Monetary Power and China’s Response

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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.

Portugal; Request for a Three-Year Arrangement Under the Extended Fund Facility

OpenAIRE

International Monetary Fund

2011-01-01

Portugal's economy faced severe crisis during the global economic and financial crisis. In this context, Portugal's authorities have put forward an economically well-balanced program that will focus on structural reforms to boost growth and employment, ensure balanced fiscal sustainability, safeguard financial stability, and prevent a credit crunch. The Executive Board of the International Monetary Fund welcomed this step, and approved a three-year arrangement under the Extended Fund Facility...

Current Economic Situation in Bosnia and Herzegovina

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Goran Mirascic

2011-11-01

Full Text Available This article provides an overview of the current economic situation in Bosnia and Herzegovina. Beginning in the second half of 2008, macroeconomic conditions in B&H began precipitating a decline in economic activity. While the global financial crisis was among the factors contributing to this decline, it was far from the only factor. Problematic macroeconomic conditions were also a result of B&H’s own structural and political problems, caused largely by the shortcomings of a political entity comprising two autonomous entities. Due to such problems, the governments of B&H turned to the International Monetary Fund for assistance. This article analyzes the effects of the first two “stand by” arrangements made between the IMF and B&H and discusses implications for further, ongoing stand by arrangements made between the IMF and B&H. This paper also examines the lack of unified economic space between The Federation of Bosnia and Herzegovina and The Republic of Srpska, which has resulted not only in ineffective monetary policy but also in different fiscal and taxation systems between the two entities. While various existing analyses claim that B&H has little hope of resolving its economic woes due to its current political and economic structure, this article offers solutions and measures that, if successfully implemented, would lead to more efficient recovery and self-sustainable economic growth.

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...

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...

On the effects of monetary policy shocks in developing countries

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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.

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

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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.

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 ≈IMFB_z+, 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

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...

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.

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

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.

International Organisations and Transnational Education Policy

DEFF Research Database (Denmark)

Moutsios, Stavros

2009-01-01

This paper focuses on the World Bank/IMF (International Monetary Fund), the OECD (Organisation for Economic Cooperation and Development) and the WTO (World Trade Organisation) as institutions of transnational policy making. They are all at present making education policies which are decisively...... shaping current directions and developments in national education systems. The paper reviews the enhanced role of these institutions in producing education policies and investigates the ideological basis as well as the processes through which these policies are made. It is argued that decisions are taken...... the transnationalisation of education policy making but also the full submission of education to the pursuits of global economy....

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...

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

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...

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...

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 ...

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...

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.

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.

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

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

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...

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

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.

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.

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.

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.

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.

MONETARY EXPECTATIONS OF THE ROMANIAN EXECUTIVES REGARDING THE ADHERATION

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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.

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.

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.

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...

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

Institute of Scientific and Technical Information of China (English)

Wang Guogang

2013-01-01

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

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

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.

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...

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.

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.

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.

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.

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...

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...

THE ACCURACY AND BIAS EVALUATION OF THE USA UNEMPLOYMENT RATE FORECASTS. METHODS TO IMPROVE THE FORECASTS ACCURACY

Directory of Open Access Journals (Sweden)

MIHAELA BRATU (SIMIONESCU

2012-12-01

Full Text Available In this study some alternative forecasts for the unemployment rate of USA made by four institutions (International Monetary Fund (IMF, Organization for Economic Co-operation and Development (OECD, Congressional Budget Office (CBO and Blue Chips (BC are evaluated regarding the accuracy and the biasness. The most accurate predictions on the forecasting horizon 201-2011 were provided by IMF, followed by OECD, CBO and BC.. These results were gotten using U1 Theil’s statistic and a new method that has not been used before in literature in this context. The multi-criteria ranking was applied to make a hierarchy of the institutions regarding the accuracy and five important accuracy measures were taken into account at the same time: mean errors, mean squared error, root mean squared error, U1 and U2 statistics of Theil. The IMF, OECD and CBO predictions are unbiased. The combined forecasts of institutions’ predictions are a suitable strategy to improve the forecasts accuracy of IMF and OECD forecasts when all combination schemes are used, but INV one is the best. The filtered and smoothed original predictions based on Hodrick-Prescott filter, respectively Holt-Winters technique are a good strategy of improving only the BC expectations. The proposed strategies to improve the accuracy do not solve the problem of biasness. The assessment and improvement of forecasts accuracy have an important contribution in growing the quality of decisional process.

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...

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...

Macroeconomic Considerations and Motives of Sovereign Wealth Funds Activity

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Dariusz Urban

2011-06-01

Full Text Available Sovereign wealth funds are entities regarded as an institutional innovation in the international financial market. Due to the nature of the ownership rights, the investment activity of such entities is still highly controversial. Objections against sovereign wealth funds included the alleged extraeconomic goals of their activity. This article attempts to show that the establishment development and operation of sovereign wealth funds are determined by economic factors. The study presents a description of the international monetary system and the motives for building foreign exchange reserves by countries. It has been evidenced on the basis of the most recent data that some countries have reserves considerably exceeding the level regarded as optimal for the economy. The article presents benefits for the economy from the use of sovereign wealth funds to manage excessive foreign exchange reserves.

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...

EFFECTS OF MONETARY POLICY IN ROMANIA - A VAR APPROACH

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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.

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...

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...

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...

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.

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...

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...

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

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.

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)

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...

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

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.

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.

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.

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

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

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.

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.

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 ...

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.

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...

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...

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 ...

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.

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.

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)

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.

Conquering Credibility for Monetary Policy Under Sticky Confidence

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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.

The Influence Of Monetary And Non-Monetary Poverty Of Economically Active People’s Households On Job Satisfaction

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Vyacheslav Nikolaevich Bobkov

2014-12-01

Full Text Available The main aim of this paper is to reveal the relationship between poverty of economically active people’s households (monetary and non-monetary and job satisfaction of workers from these households. Thus, the object of the study is economically active population in Russia and the subject — peculiarities of its poorest part’s attitude towards career. The study of the empirical side of the object in Russia is conducted on RLMS data, using pooled samples of its 21st wave (November-December 2012. The entire set of working individuals is divided into strata on the basis of per capita income or deprivation experienced by their households. Then we conduct a statistical study of job satisfaction of employees from these strata, with a special emphasis on the poorest stratum. During our study we compute the correlation coefficients, carry out a frequency analysis and t-tests for independent samples, construct contingency tables and calculate mean values. On the basis of these calculations, some conclusions about the degree of influence of monetary and non-monetary poverty on job satisfaction in Russia are made. The paper concludes with a number of recommendations aimed at reducing household poverty while improving job satisfaction of the economically active people living in poor households of Russia

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...

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 ...

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

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.

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.

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)

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

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

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

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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-