18,875 research outputs found
Essays on monetary policy and financial stability
Doutoramento em EconomiaBy focusing on the relationship between financial stability and monetary policy for the cases of Chile, Colombia, Japan, Portugal and the UK, this thesis aims to add to the existing literature on the fundamental issue of the relationship between financial stability and monetary policy, a traditional topic that gained importance in the aftermath of the GFC as Central Banks lowered policy rates in an effort to rescue their economies. As the zero-lower bound loomed and the reach of traditional monetary policy narrowed, policy makers realised that alternative frameworks were needed and hence, macroprudential policy measures aimed at targeting the financial system as a whole were introduced.
The second chapter looks at the relationship between monetary policy and financial stability, which has gained importance in recent years as Central Bank policy rates neared the zero-lower bound. We use an SVAR model to study the impact of monetary policy shocks on three proxies for financial stability as well as a proxy for economic growth. Monetary policy is represented by policy rates for the EMEs and shadow rates for the AEs in our chapter. Our main results show that monetary policy may be used to correct asset mispricing, to control fluctuations in the real business cycle and also to tame credit cycles in the majority of cases. Our results also show that for the majority of cases, in line with theory, local currencies appreciate following a positive monetary policy shock. Monetary policy intervention may indeed be successful in contributing to or achieving financial stability. However, the results show that monetary policy may not have the ability to maintain or re-establish financial stability in all cases. Alternative policy choices such as macroprudential policy tool frameworks which are aimed at targeting the financial system as a whole may be implemented as a means of fortifying the economy.
The third chapter looks at the institutional setting of the countries in question, the independence of the Central Bank, the political environment and the impact of these factors on financial Abstract stability. I substantiate the literature review discussion with a brief empirical analysis of the effect of Central Bank Independence on credit growth using an existing database created by Romelli (2018). The empirical results show that there is a positive relationship between credit growth and the level of Central Bank Independence (CBI) due to the positive and statistically significant coefficient on the interaction term between growth in domestic credit to the private sector and the level of CBI. When considering domestic credit by deposit money banks and other financial institutions, the interaction term is positive and statistically significant for the case of the UK for the third regression equation. A number of robustness checks show that the coefficient is positive and statistically significant for a number of cases when implementing a variety of estimation methods. Fluctuations in credit growth are larger for higher levels of CBI and hence, in periods of financial instability or ultimately financial crises, CBI would be reined back in an effort to re-establish financial stability. Based on the empirical results, and in an effort to slow down surging credit supply and to maintain financial stability, policy makers and governmental authorities should attempt to decrease the level of CBI when the economy shows signs of overheating and credit supply continues to increase.
The fourth chapter looks at the interaction between macroprudential policy and financial stability. The unexpected interconnectedness of the global economy and the economic blight that occurred as a result of this, recapitulated the need to implement an alternative policy framework aimed at targeting the financial system as a whole and hence, targeting the maintenance of financial stability. In this chapter, an index of domestic macroprudential policy tools is constructed and the effectiveness of these tools in controlling credit growth, managing GDP growth and stabilising inflation growth is studied using a dynamic panel data model for the period between 2000 and 2017. The empirical analysis includes two panels namely an EU panel of 27 countries and a Latin American panel of 7 countries, the chapter also looks at a case study of Japan, Portugal and the UK. Our main results find that a tighter macroprudential policy tool stance leads to a decrease in both credit growth and GDP growth while, a tighter macroprudential policy tool stance results in higher inflation in the majority of cases. Further, we find that capital openness plays a more important role in the case of Latin America, this may be due to the region’s dependence on foreign capital flows and exchange rate movements. Lastly, we find that, in times of higher perceived market volatility, GDP growth tends to be higher and inflation growth tends to be lower in the EU. In the other cases, higher levels of perceived market volatility result in higher inflation, higher credit growth and lower GDP Abstract growth. This is in line with expectations as an increase in perceived market volatility is met with an increased flow of assets into safer markets such as the EU.
This thesis establishes a relationship between financial stability and monetary policy by studying the response of Chile, Colombia, Japan, Portugal and the UK in the aftermath of the GFC as Central Banks lowered policy rates in an effort to rescue their economies. In short, the results of the work conducted in this thesis may be summarised as follows. Our results show that monetary policy contributes to the achievement of financial stability. Still, monetary policy alone is not sufficient and should be reinforced by less traditional policy choices such as macroprudential policy tools. Secondly, we find that the level of CBI should be reined in in times of surging credit supply in an effort to maintain financial stability. Finally, we conclude that macroprudential policy tools play an important role in the achievement of financial stability. These tools should complement traditional monetary policy frameworks and should be adapted for each region.info:eu-repo/semantics/publishedVersio
Deliberative Democracy, Perspective from Indo-Pacific Blogosphere: A Survey
Deliberation and communication within the national space have had numerous
implications on how citizens online and offline perceive government. It has
also impacted the relationship between opposition and incumbent governments in
the Indo-Pacific region. Authoritarian regimes have historically had control
over the dissemination of information, thereby controlling power and limiting
challenges from citizens who are not comfortable with the status quo. Social
media and blogs have allowed citizens of these countries to find a way to
communicate, and the exchange of information continues to rise. The quest by
both authoritarian and democratic regimes to control or influence the
discussion in the public sphere has given rise to concepts like cybertroopers,
congressional bloggers, and commentator bloggers, among others. Cybertroopers
have become the de facto online soldiers of authoritarian regimes who must
embrace democracy. While commentator and congressional bloggers have acted with
different strategies, commentator bloggers educate online citizens with
knowledgeable information to influence the citizens. Congressional bloggers are
political officeholders who use blogging to communicate their positions on
ongoing national issues. Therefore, this work has explored various concepts
synonymous with the Indo-Pacific public sphere and how it shapes elections and
democracy
Multilevel governance and control of the Covid-19 pandemic in the Democratic Republic of Congo: Learning from the four first waves
The COVID-19 pandemic continues to impose a heavy burden on people around the
world. The Democratic Republic of the Congo (DRC) has also been affected. The objective of this
study was to explore national policy responses to the COVID-19 pandemic in the DRC and drivers
of the response, and to generate lessons for strengthening health systems’ resilience and public
health capacity to respond to health security threats. This was a case study with data collected
through a literature review and in-depth interviews with key informants. Data analysis was carried
out manually using thematic content analysis translated into a logical and descriptive summary
of the results. The management of the response to the COVID-19 pandemic reflected multilevel
governance. It implied a centralized command and a decentralized implementation. The centralized
command at the national level mostly involved state actors organized into ad hoc structures. The
decentralized implementation involved state actors at the provincial and peripheral level including
two other ad hoc structures. Non-state actors were involved at both levels
Economia colaborativa
A importância de se proceder à análise dos principais desafios jurídicos que a economia colaborativa coloca – pelas implicações que as mudanças de paradigma dos modelos de negócios e dos sujeitos envolvidos suscitam − é indiscutível, correspondendo à necessidade de se fomentar a segurança jurídica destas práticas, potenciadoras de crescimento económico e bem-estar social.
O Centro de Investigação em Justiça e Governação (JusGov) constituiu uma equipa multidisciplinar que, além de juristas, integra investigadores de outras áreas, como a economia e a gestão, dos vários grupos do JusGov – embora com especial participação dos investigadores que integram o grupo E-TEC (Estado, Empresa e Tecnologia) – e de outras prestigiadas instituições nacionais e internacionais, para desenvolver um projeto neste domínio, com o objetivo de identificar os problemas jurídicos que a economia colaborativa suscita e avaliar se já existem soluções para aqueles, refletindo igualmente sobre a conveniência de serem introduzidas alterações ou se será mesmo necessário criar nova regulamentação.
O resultado desta investigação é apresentado nesta obra, com o que se pretende fomentar a continuação do debate sobre este tema.Esta obra é financiada por fundos nacionais através da FCT — Fundação para a Ciência e a Tecnologia, I.P., no âmbito do Financiamento UID/05749/202
Grasping nothing: a study of minimal ontologies and the sense of music
If music were to have a proper sense – one in which it is truly given – one might reasonably place this in sound and aurality. I contend, however, that no such sense exists; rather, the sense of music takes place, and it does so with the impossible. To this end, this thesis – which is a work of philosophy and music – advances an ontology of the impossible (i.e., it thinks the being of what, properly speaking, can have no being) and considers its implications for music, articulating how ontological aporias – of the event, of thinking the absolute, and of sovereignty’s dismemberment – imply senses of music that are anterior to sound. John Cage’s Silent Prayer, a nonwork he never composed, compels a rerethinking of silence on the basis of its contradictory status of existence; Florian Hecker et al.’s Speculative Solution offers a basis for thinking absolute music anew to the precise extent that it is a discourse of meaninglessness; and Manfred Werder’s [yearn] pieces exhibit exemplarily that music’s sense depends on the possibility of its counterfeiting. Inso-much as these accounts produce musical senses that take the place of sound, they are also understood to be performances of these pieces. Here, then, thought is music’s organon and its instrument
Corporate Social Responsibility: the institutionalization of ESG
Understanding the impact of Corporate Social Responsibility (CSR) on firm performance as it relates to industries reliant on technological innovation is a complex and perpetually evolving challenge. To thoroughly investigate this topic, this dissertation will adopt an economics-based structure to address three primary hypotheses. This structure allows for each hypothesis to essentially be a standalone empirical paper, unified by an overall analysis of the nature of impact that ESG has on firm performance. The first hypothesis explores the evolution of CSR to the modern quantified iteration of ESG has led to the institutionalization and standardization of the CSR concept. The second hypothesis fills gaps in existing literature testing the relationship between firm performance and ESG by finding that the relationship is significantly positive in long-term, strategic metrics (ROA and ROIC) and that there is no correlation in short-term metrics (ROE and ROS). Finally, the third hypothesis states that if a firm has a long-term strategic ESG plan, as proxied by the publication of CSR reports, then it is more resilience to damage from controversies. This is supported by the finding that pro-ESG firms consistently fared better than their counterparts in both financial and ESG performance, even in the event of a controversy. However, firms with consistent reporting are also held to a higher standard than their nonreporting peers, suggesting a higher risk and higher reward dynamic. These findings support the theory of good management, in that long-term strategic planning is both immediately economically beneficial and serves as a means of risk management and social impact mitigation. Overall, this contributes to the literature by fillings gaps in the nature of impact that ESG has on firm performance, particularly from a management perspective
Towards the Formation of Genuine European Parties? Examining and Comparing the Cases of DiEM25 and Volt Europa
The 2019 European Parliament (EP) election saw the participation of two transnational parties: DiEM25 and Volt Europa. Both seek to democratise the European Union (EU) by engaging with European institutions and mobilising their supporters across member states, putting the EU's democratic deficit at the centre of their endeavour. They consider the European space as their primary field of appeal and mobilization, adopting a transnational conception of 'the people' as the source of democratic legitimacy. This paper explores the potential of genuine pan-European parties in increasing public contestation and inclusiveness at the European level and in democratising EU politics by treating DiEM25 and Volt as prototypical cases. Through a comparative analysis, we highlight the novelties of the two parties in relation to existing 'Europarties' and assess how these respond to deficiencies related to the democratic deficit. We conclude by reflecting upon what DiEM25 and Volt reveal about the potentials and challenges of 'transnationalising' EU politics
People make Places
For centuries Glasgow, as a bucolic fishing village and ecclesiastical centre on the banks of the River Clyde, held little of strategic significance. When success and later threats came to the city, it was as a consequence of explosive growth during the industrial era that left a significant civic presence accompanied by social and environmental challenges. Wartime damage to the fabric of the city and the subsequent implementation of modernist planning left Glasgow with a series of existential threats to the lives and the health of its people that have taken time to understand and come to terms with.
In a few remarkable decades of late 20th century regeneration, Glasgow began to be put back together. The trauma of the second half of the 20th century is fading but not yet a distant memory. Existential threats from the climate emergency can provoke the reaction “what, again?” However, the resilience built over the last 50 years has instilled a belief that a constructive, pro-active and creative approach to face this challenge along with the recognition that such action can be transformational for safeguarding and improving people’s lives and the quality of their places. A process described as a just transition that has become central to Glasgow’s approach.
Of Scotland’s four big cities, three are surrounded by landscape and sea only Glasgow is surrounded by itself. Even with a small territory, Glasgow is still the largest of Scotland’s big cities and by some margin. When the wider metropolitan area is considered, Glasgow is – like Birmingham, Manchester and Liverpool – no mean city.
People make Places begins with a review of the concept and complexities of place, discusses why these matter and reviews the growing body of evidence that place quality can deliver economic, social and environmental value. The following chapters focus on the history and evolution of modern Glasgow in four eras of 19th and early 20th century industrialisation, de- industrialisation and modernism in mid 20th century, late 20th century regeneration and a 21st century recovery towards transition and renaissance, and document the process, synthesis and the results of a major engagement programme and to explore systematic approaches to place and consensus building around the principal issues.
The second half of the work reflects on a stocktaking of place in contemporary Glasgow, looking at the city through the lenses of an international, metropolitan and everyday city, concluding with a review of the places of Glasgow and what may be learned from them revealing some valuable insights presented in a series of Place Stories included.
The concluding chapter sets out the findings of the investigation and analysis reviewing place goals, challenges and opportunities for Glasgow over the decades to 2030 and 2040 and ends with some recommendations about what Glasgow might do better to combine place thinking and climate awareness and setting out practical steps to mobilise Glasgow’s ‘place ecosystem’
Inovação, empreendedorismo e desenvolvimento económico em África: Uma abordagem pós-positivista e "topo da pirâmide" para Moçambique
Esta tese desenvolve uma investigação abrangente sobre o empreendedorismo africano, revisitando o seu quadro concetual tradicional e posicionando-o enquanto elemento fundamental das estratégias de desenvolvimento para a África Subsariana (ASS). Explorados os diferentes impactos do empreendedorismo de oportunidade e do empreendedorismo de necessidade na região, efetuou-se uma pesquisa sobre a situação dos vários países da ASS que participaram no Global Entrepreneurship Monitor na última década, com vista a compor o status quo hipotético do empreendedorismo regional, ao qual juntámos um estudo empírico original e com elementos metodológicos inovadores sobre a atividade empreendedora em Moçambique. O alcance das estratégias empreendedoras implementadas na ASS é avaliado através de um estudo dos polos africanos de inovação tecnológica e do empreendedorismo digital que neles tem vindo recentemente a emergir, a que juntámos um levantamento original do tech hub de Maluana. Por fim, a partir destes casos e de uma leitura política das opções económicas do estado moçambicano com impacto sobre o ecossistema empreendedor, desenvolve-se uma proposta de teoria da mudança, numa lógica pós-positivista, para suportar medidas de política pública desejáveis para a eclosão de um empreendedorismo de “topo da pirâmide” em Moçambique.This thesis develops a comprehensive investigation of African entrepreneurship, revisiting its traditional conceptual framework and positioning it as a fundamental element in development strategies for Sub-Saharan Africa (SSA). Exploring the different impacts of opportunity entrepreneurship and necessity entrepreneurship in the region, an analysis was carried out on the situation of the various SSA countries that participated in the Global Entrepreneurship Monitor in the last decade, with a view to composing the hypothetical status quo of the entrepreneurship in the region, to which we added an original empirical study with innovative methodological elements on entrepreneurial activity in Mozambique. The reach of entrepreneurial strategies implemented in the SSA is assessed through a study of the African tech hubs, or innovation hubs, and the digital entrepreneurship that has recently emerged there, to which we have added an original survey of the Maluana tech hub. Finally, based on these cases and on a political reading of the economic options of the Mozambican government with an impact on the entrepreneurial ecosystem, a proposal for a theory-of-change is developed, within a post-positivist approach, to support desired public policy measures for the emergence of a “top of the pyramid” entrepreneurship in Mozambique
Subsidiary Entrepreneurial Alertness: Antecedents and Outcomes
This thesis brings together concepts from both international business and entrepreneurship to develop a framework of the facilitators of subsidiary innovation and performance. This study proposes that Subsidiary Entrepreneurial Alertness (SEA) facilitates the recognition of opportunities (the origin of subsidiary initiatives). First introduced by Kirzner (1979) in the context of the individual, entrepreneurial alertness (EA) is the ability to notice an opportunity without actively searching. Similarly, to entrepreneurial alertness at the individual level, this study argues that SEA enables the subsidiary to best select opportunities based on resources available. The research further develops our conceptualisation of SEA by drawing on work by Tang et al. (2012) identifying three distinct activities of EA: scanning and search (identifying opportunities unseen by others due to their awareness gaps), association and connection of information, and evaluation and judgement to interpret or anticipate future viability of opportunities. This study then hypothesises that SEA leads to opportunity recognition at the subsidiary level and further hypothesises innovation and performance as outcomes of opportunity recognition. This research brings these arguments together to develop and test a comprehensive theoretical model.
The theoretical model is tested through a mail survey of the CEOs/MDs of foreign subsidiaries within the Republic of Ireland (an innovative hub for foreign subsidiaries). This method was selected as the best method to reach the targeted respondent, and due to the depth of knowledge the target respondent holds, the survey can answer the desired question more substantially. The results were examined using partial least squares structural equation modelling (PLS-SEM). The study’s findings confirm two critical aspects of subsidiary context, subsidiary brokerage and subsidiary credibility are positively related to SEA. The study establishes a positive link between SEA and both the generation of innovation and the subsidiary’s performance. This thesis makes three significant contributions to the subsidiary literature as it 1) introduces and develops the concept of SEA, 2) identifies the antecedents of SEA, and 3) demonstrates the impact of SEA on subsidiary opportunity recognition. Implications for subsidiaries, headquarters and policy makers are discussed along with the limitations of the study
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