11,159 research outputs found

    Essays on monetary policy and financial stability

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    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

    Message Journal, Issue 5: COVID-19 SPECIAL ISSUE Capturing visual insights, thoughts and reflections on 2020/21 and beyond...

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    If there is a theme running through the Message Covid-19 special issue, it is one of caring. Of our own and others’ resilience and wellbeing, of friendship and community, of students, practitioners and their futures, of social justice, equality and of doing the right thing. The veins of designing with care run through the edition, wide and deep. It captures, not designers as heroes, but those with humble views, exposing the need to understand a diversity of perspectives when trying to comprehend the complexity that Covid-19 continues to generate. As graphic designers, illustrators and visual communicators, contributors have created, documented, written, visualised, reflected, shared, connected and co-created, designed for good causes and re-defined what it is to be a student, an academic and a designer during the pandemic. This poignant period in time has driven us, through isolation, towards new rules of living, and new ways of working; to see and map the world in a different light. A light that is uncertain, disjointed, and constantly being redefined. This Message issue captures responses from the graphic communication design community in their raw state, to allow contributors to communicate their experiences through both their written and visual voice. Thus, the reader can discern as much from the words as the design and visualisations. Through this issue a substantial number of contributions have focused on personal reflection, isolation, fear, anxiety and wellbeing, as well as reaching out to community, making connections and collaborating. This was not surprising in a world in which connection with others has often been remote, and where ‘normal’ social structures of support and care have been broken down. We also gain insight into those who are using graphic communication design to inspire and capture new ways of teaching and learning, developing themselves as designers, educators, and activists, responding to social justice and to do good; gaining greater insight into society, government actions and conspiracy. Introduction: Victoria Squire - Coping with Covid: Community, connection and collaboration: James Alexander & Carole Evans, Meg Davies, Matthew Frame, Chae Ho Lee, Alma Hoffmann, Holly K. Kaufman-Hill, Joshua Korenblat, Warren Lehrer, Christine Lhowe, Sara Nesteruk, Cat Normoyle & Jessica Teague, Kyuha Shim. - Coping with Covid: Isolation, wellbeing and hope: Sadia Abdisalam, Tom Ayling, Jessica Barness, Megan Culliford, Stephanie Cunningham, Sofija Gvozdeva, Hedzlynn Kamaruzzaman, Merle Karp, Erica V. P. Lewis, Kelly Salchow Macarthur, Steven McCarthy, Shelly Mayers, Elizabeth Shefrin, Angelica Sibrian, David Smart, Ane Thon Knutsen, Isobel Thomas, Darryl Westley. - Coping with Covid: Pedagogy, teaching and learning: Bernard J Canniffe, Subir Dey, Aaron Ganci, Elizabeth Herrmann, John Kilburn, Paul Nini, Emily Osborne, Gianni Sinni & Irene Sgarro, Dave Wood, Helena Gregory, Colin Raeburn & Jackie Malcolm. - Coping with Covid: Social justice, activism and doing good: Class Action Collective, Xinyi Li, Matt Soar, Junie Tang, Lisa Winstanley. - Coping with Covid: Society, control and conspiracy: Diana BĂźrhală, Maria Borțoi, Patti Capaldi, TĂąnia A. Cardoso, Peter Gibbons, Bianca Milea, Rebecca Tegtmeyer, Danne Wo

    Interview with Wolfgang Knauss

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    An oral history in four sessions (September 2019–January 2020) with Wolfgang Knauss, von Kármán Professor of Aeronautics and Applied Mechanics, Emeritus. Born in Germany in 1933, he speaks about his early life and experiences under the Nazi regime, his teenage years in Siegen and Heidelberg during the Allied occupation, and his move to Pasadena, California, in 1954 under the sponsorship of a local minister and his family. He enrolled in Caltech as an undergraduate in 1957, commencing a more than half-century affiliation with the Institute and GALCIT (today the Graduate Aerospace Laboratories of Caltech). He recalls the roots of his interest in aeronautics, his PhD solid mechanics studies with his advisor, M. Williams, and the GALCIT environment in the late 1950s and 1960s at the dawn of the Space Age, including the impact of Sputnik and classes with NASA astronauts. He discusses his experimental and theoretical work on materials deformation, dynamic fracture, and crack propagation, including his solid-propellant fuels research for NASA and the US Army, wide-ranging programs with the US Navy, and his pioneering micromechanics investigations and work on the time-dependent fracture of polymers in the 1990s. He offers his perspective on GALCIT’s academic culture, its solid mechanics and fluid mechanics programs, and its evolving administrative directions over the course of five decades, as well as its impact and reputation both within and beyond Caltech. He describes his work with Caltech’s undergraduate admissions committee and his scientific collaborations with numerous graduate students and postdocs and shares his recollections of GALCIT and other Caltech colleagues, including C. Babcock, D. Coles, R.P. Feynman, Y.C. Fung, G. Neugebauer, G. Housner, D. Hudson, H. Liepmann, A. Klein, G. Ravichandran, A. Rosakis, A. Roshko, and E. Sechler. Six appendices contributed by Dr. Knauss, offering further insight into his life and career, also form part of this oral history and are cross-referenced in the main text

    DIN Spec 91345 RAMI 4.0 compliant data pipelining: An approach to support data understanding and data acquisition in smart manufacturing environments

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    Today, data scientists in the manufacturing domain are confronted with a set of challenges associated to data acquisition as well as data processing including the extraction of valuable in-formation to support both, the work of the manufacturing equipment as well as the manufacturing processes behind it. One essential aspect related to data acquisition is the pipelining, including various commu-nication standards, protocols and technologies to save and transfer heterogenous data. These circumstances make it hard to understand, find, access and extract data from the sources depend-ing on use cases and applications. In order to support this data pipelining process, this thesis proposes the use of the semantic model. The selected semantic model should be able to describe smart manufacturing assets them-selves as well as to access their data along their life-cycle. As a matter of fact, there are many research contributions in smart manufacturing, which already came out with reference architectures or standards for semantic-based meta data descrip-tion or asset classification. This research builds upon these outcomes and introduces a novel se-mantic model-based data pipelining approach using as a basis the Reference Architecture Model for Industry 4.0 (RAMI 4.0).Hoje em dia, os cientistas de dados no domĂ­nio da manufatura sĂŁo confrontados com vĂĄrias normas, protocolos e tecnologias de comunicação para gravar, processar e transferir vĂĄrios tipos de dados. Estas circunstĂąncias tornam difĂ­cil compreender, encontrar, aceder e extrair dados necessĂĄrios para aplicaçÔes dependentes de casos de utilização, desde os equipamentos aos respectivos processos de manufatura. Um aspecto essencial poderia ser um processo de canalisação de dados incluindo vĂĄrios normas de comunicação, protocolos e tecnologias para gravar e transferir dados. Uma solução para suporte deste processo, proposto por esta tese, Ă© a aplicação de um modelo semĂąntico que descreva os prĂłprios recursos de manufactura inteligente e o acesso aos seus dados ao longo do seu ciclo de vida. Muitas das contribuiçÔes de investigação em manufatura inteligente jĂĄ produziram arquitecturas de referĂȘncia como a RAMI 4.0 ou normas para a descrição semĂąntica de meta dados ou classificação de recursos. Esta investigação baseia-se nestas fontes externas e introduz um novo modelo semĂąntico baseado no Modelo de Arquitectura de ReferĂȘncia para IndĂșstria 4.0 (RAMI 4.0), em conformidade com a abordagem de canalisação de dados no domĂ­nio da produção inteligente como caso exemplar de utilização para permitir uma fĂĄcil exploração, compreensĂŁo, descoberta, selecção e extracção de dados

    Supernatural crossing in Republican Chinese fiction, 1920s–1940s

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    This dissertation studies supernatural narratives in Chinese fiction from the mid-1920s to the 1940s. The literary works present phenomena or elements that are or appear to be supernatural, many of which remain marginal or overlooked in Sinophone and Anglophone academia. These sources are situated in the May Fourth/New Culture ideological context, where supernatural narratives had to make way for the progressive intellectuals’ literary realism and their allegorical application of supernatural motifs. In the face of realism, supernatural narratives paled, dismissed as impractical fantasies that distract one from facing and tackling real life. Nevertheless, I argue that the supernatural narratives do not probe into another mystical dimension that might co-exist alongside the empirical world. Rather, they imagine various cases of the characters’ crossing to voice their discontent with contemporary society or to reflect on the notion of reality. “Crossing” relates to characters’ acts or processes of trespassing the boundary that separates the supernatural from the conventional natural world, thus entailing encounters and interaction between the natural and the supernatural. The dissertation examines how crossing, as a narrative device, disturbs accustomed and mundane situations, releases hidden tensions, and discloses repressed truths in Republican fiction. There are five types of crossing in the supernatural narratives. Type 1 is the crossing into “haunted” houses. This includes (intangible) human agency crossing into domestic spaces and revealing secrets and truths concealed by the scary, feigned ‘haunting’, thus exposing the hidden evil and the other house occupiers’ silenced, suffocated state. Type 2 is men crossing into female ghosts’ apparitional residences. The female ghosts allude to heart-breaking, traumatic experiences in socio-historical reality, evoking sympathetic concern for suffering individuals who are caught in social upheavals. Type 3 is the crossing from reality into the characters’ delusional/hallucinatory realities. While they physically remain in the empirical world, the characters’ abnormal perceptions lead them to exclusive, delirious, and quasi-supernatural experiences of reality. Their crossings blur the concrete boundaries between the real and the unreal on the mental level: their abnormal perceptions construct a significant, meaningful reality for them, which may be as real as the commonly regarded objective reality. Type 4 is the crossing into the netherworld modelled on the real world in the authors’ observation and bears a spectrum of satirised objects of the Republican society. The last type is immortal visitors crossing into the human world. This type satirises humanity’s vices and destructive potential. The primary sources demonstrate their writers’ witty passion to play with super--natural notions and imagery (such as ghosts, demons, and immortals) and stitch them into vivid, engaging scenes using techniques such as the gothic, the grotesque, and the satirical, in order to evoke sentiments such as terror, horror, disgust, dis--orientation, or awe, all in service of their insights into realist issues. The works also creatively tailor traditional Chinese modes and motifs, which exemplifies the revival of Republican interest in traditional cultural heritage. The supernatural narratives may amaze or disturb the reader at first, but what is more shocking, unpleasantly nudging, or thought-provoking is the problematic society and people’s lives that the supernatural (misunderstandings) eventually reveals. They present a more compre--hensive treatment of reality than Republican literature with its revolutionary consciousness surrounding class struggle. The critical perspectives of the supernatural narratives include domestic space, unacknowledged history and marginal individuals, abnormal mentality, and pervasive weaknesses in humanity. The crossing and supernatural narratives function as a means of better understanding the lived reality. This study gathers diverse primary sources written by Republican writers from various educational and political backgrounds and interprets them from a rare perspective, thus filling a research gap. It promotes a fuller view of supernatural narratives in twentieth-century Chinese literature. In terms of reflecting the social and personal reality of the Republican era, the supernatural narratives supplement the realist fiction of the time

    The developing maternal-infant relationship: a qualitative longitudinal study

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    Aim The study aimed to explore maternal perceptions and the use of knowledge relating to their infant’s mental health over time using qualitative longitudinal research. Background There has been a growing interest in infant mental health over recent years. Much of this interest is directed through the lens of infant determinism, through knowledge regarding neurological development resulting in biological determinism. Research and policy in this field are directed toward individual parenting behaviours, usually focused on the mother. Despite this, there is little attention given to maternal perspectives of infant mental health, indicating that a more innovative approach to methodology is required. Methods This study took a qualitative longitudinal approach, and interviews were undertaken with seven mothers from the third trimester of pregnancy and then throughout the first year of the infant’s life. Interviews were conducted at 34 weeks of pregnancy, and then when the infant was 6 and 12 weeks, 6, 9, and 12 months, alongside the collection of researcher field notes—a total of 41 interviews. Data were analysed by creating case profiles, memos, and summaries, and then cross-comparison of the emerging narratives. A psycho-socially informed approach was taken to the analysis of data. Findings Three interrelated themes emerged from the data: evolving maternal identity, growing a person, and creating a safe space. The theme of evolving maternal identity dominated the other themes of growing a person and creating a safe space in a way that met perceived socio-cultural requirements for mothering and childcare practices. Participants’ personal stories give voice to their perceptions of the developing maternal-infant relationship in the context of their socio-cultural setting, relationships with others, and experiences over time. Conclusions This study adds new knowledge by giving mothers a voice to express how the maternal-infant relationship develops over time. The findings demonstrate how the developing maternal-infant relationship grows in response to their mutual needs as the mother works to create and sustain identities for herself and the infant that will fit within their socio-cultural context and individual situations. Additionally, the findings illustrate the importance of temporal considerations, social networks, and intergenerational relationships to this evolving process. Recommendations for practice, policy, and education are made that reflect the unique relationship between mother and infant and the need to conceptualise this using an ecological approach
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