10,457 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

    Evaluating central bank asset purchases in a term structure model with a forward-looking supply factor

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    La literatura teórica de modelos de curva de tipos enfatiza la importancia de la absorción de riesgo de duración esperada durante la vida residual de los bonos para entender el efecto de las compras de activos de los bancos centrales sobre las curvas de tipos. Motivados por esto, construimos una medida de oferta esperada, a horizontes de largo plazo, de bonos soberanos del área del euro neta de tenencias del Eurosistema, y la empleamos para estimar el impacto de los programas de compra de activos del BCE en un modelo afín de curva de tipos sin arbitraje. Encontramos que un shock de compra de activos equivalente al 10 % del PIB del área del euro reduce el tipo medio a diez años de los cuatro grandes países del área del euro en 59 puntos básicos (pb) y la prima de plazo asociada en 50 pb. Aplicando el modelo a la curva de tipos libre de riesgo (OIS), el mismo shock reduce el tipo a diez años y la prima de plazo en 35 pb y 26 pb, respectivamente.The theoretical literature on term structure models emphasises the importance of the expected absorption of duration risk during the residual life of term bonds in order to understand the yield curve effect of central banks’ government bond purchases. Motivated by this, we develop a forward-looking, long-horizon measure of euro area government bond supply net of Eurosystem holdings, and use it to estimate the impact of the ECB’s asset purchase programmes in the context of a no-arbitrage affine term structure model. We find that an asset purchase shock equivalent to 10% of euro area GDP lowers the 10-year average yield of the euro area big four by 59 basis points (bp) and the associated term premium by 50 bp. Applying the model to the risk-free (OIS) yield curve, the same shock lowers the 10-year rate and term premium by 35 and 26 bp, respectively

    Annual report of the officers of the town of Jackson, New Hampshire for the fiscal year ending December 31, 2022.

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    This is an annual report containing vital statistics for a town/city in the state of New Hampshire

    Minimum income support systems as elements of crisis resilience in Europe: Final Report

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    Mindestsicherungssysteme dienen in den meisten entwickelten Wohlfahrtsstaaten als Sicherheitsnetz letzter Instanz. Dementsprechend spielen sie gerade in wirtschaftlichen Krisenzeiten eine besondere Rolle. Inwieweit Mindestsicherungssysteme in Zeiten der Krise beansprucht werden, hängt auch von der Ausprägung vorgelagerter Sozialschutzsysteme ab. Diese Studie untersucht die Bedeutung von Systemen der Mindestsicherung sowie vorgelagerter Systeme wie Arbeitslosenversicherung, Kurzarbeit und arbeitsrechtlichem Bestandsschutz für die Krisenfestigkeit in Europa. Im Kontext der Finanzkrise von 2008/2009 und der Corona-Krise wird die Fähigkeit sozialpolitischer Maßnahmen untersucht, Armut und Einkommens­verluste einzudämmen und gesellschaftliche Ausgrenzung zu vermeiden. Die Studie setzt dabei auf quantitative und qualitative Methoden, etwa multivariate Analysen, Mikrosimulationsmethoden sowie eingehende Fallstudien der Länder Dänemark, Frankreich, Irland, Polen und Spanien, die für unterschiedliche Typen von Wohlfahrtsstaaten stehen.The aim of this study is to analyse the role of social policies in different European welfare states regarding minimum income protection and active inclusion. The core focus lies on crisis resilience, i.e. the capacity of social policy arrangements to contain poverty and inequality and avoid exclusion before, during and after periods of economic shocks. To achieve this goal, the study expands its analytical focus to include other tiers of social protection, in particular upstream systems such as unemployment insurance, job retention and employment protection, as they play an additional and potentially prominent role in providing income and job protection in situations of crisis. A mixed-method approach is used that combines quantitative and qualitative research, such as descriptive and multivariate quantitative analyses, microsimulation methods and in-depth case studies. The study finds consistent differences in terms of crisis resilience across countries and welfare state types. In general, Nordic and Continental European welfare states with strong upstream systems and minimum income support (MIS) show better outcomes in core socio-economic outcomes such as poverty and exclusion risks. However, labour market integration shows some dualisms in Continental Europe. The study shows that MIS holds particular importance if there are gaps in upstream systems or cases of severe and lasting crises

    Fiscal sustainability, fiscal reactions, pitfalls and determinants

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    We examine the sustainability of public finances and its determinants for 19 Eurozone countries from 1995 to 2020. We conclude for the existence of panel cointegration between government revenues and expenditures; primary government balance and one-period lagged public debt-to- GDP ratio; and public debt-to-GDP ratio and one-period lagged primary government balance. The estimated fiscal reaction functions suggest the existence of a Ricardian fiscal regime. Finally, modelling via time-varying coefficients, we find that fiscal sustainability increases with growth, fiscal balances and fiscal rules indices, and decreases with trade openness, current account balances, government effectiveness index, after 2010, and with sovereign ratings assigned by the main rating agencies.info:eu-repo/semantics/publishedVersio

    The Adirondack Chronology

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    The Adirondack Chronology is intended to be a useful resource for researchers and others interested in the Adirondacks and Adirondack history.https://digitalworks.union.edu/arlpublications/1000/thumbnail.jp

    Economic Survey of Latin America and the Caribbean 2022: Trends and challenges of investing for a sustainable and inclusive recovery

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    The 2022 edition of the Economic Survey of Latin America and the Caribbean consists of three parts. Part I outlines the region’s economic performance in 2021 and analyses trends in the early months of 2022, as well as the outlook for growth for the year. It examines the external and domestic factors that have influenced the region’s economic performance in 2021, trends for 2022, and how these factors will affect economic growth in the coming years. Part II of this edition presents some of the main challenges the region faces in investing for sustainable and inclusive economic growth. It analyses the trends in total investment over the last 70 years and highlights the profound change brought about by the 1980s debt crisis, with a slowdown in investment from the 1990s onwards. Part III of this publication may be accessed on the website of the Economic Commission for Latin America and the Caribbean (www.eclac.org). It contains the notes relating to the economic performance of the countries of Latin America and the Caribbean in 2021 and the first half of 2022, together with their respective statistical annexes. The cut-off date for updating the statistical information in this publication was 15 July 2022.Presentation .-- Executive summary .-- Part I. Regional macroeconomic report and outlook for 2022 .-- Chapter I. Regional overview .-- Part II. Trends and challenges of investing for a sustainable and inclusive recovery. Chapter II. Greater investment needed to drive sustainable and inclusive development in the Latin American and Caribbean economies. Chapter III. Public investment to boost growth. Chapter IV. Energy transition and investment challenges in the copper, iron and lithium industries in countries of the region .-- Statistical annex

    "Disconnecting Something From Anything": Fetishized Objects, Alienated Subjects, and Literary Modernism

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    This dissertation explores modernist attitudes toward the commodity and the process of commodification under late capitalism. Some modernists, notably those commonly referred to as the "men of 1914," lament a reversal of the presumed proper relationship between subject and object, in which people become passive as a result of the mechanical routines of the workplace, and objects gain perverse independence from their human creators. My dissertation suggests that there is a feminist alternative to this familiar, hegemonic modernist critique in the work of Gertrude Stein, Djuna Barnes, and Virginia Woolf. For Stein, Barnes, and Woolf, the problem with commodification is not passive subjects and animated objects, but, to the contrary, domineering subjects and a fungible object world. Stein, Barnes, and Woolf seek not to reclaim humanitys world-creating powers, but to re-enchant the world of things and discover modes of ethical passivity that enable a more receptive, hospitable relationship to alterity. In articulating this alternative critique, I distinguish my position from two strains of modernist scholarship, one that acknowledges only one critique of commodification—that of the "men of 1914"—and a wave of scholarship that considers itself as, in the words of Kathryn Simpson, "exploding the myth [...] of modernist writers' and artists' absolute disinterest, detachment and contempt for popular and consumer culture" (1). While I align myself with the latter contingent, I differentiate my position through a consideration of the ways in which certain modernists reformulate a critique of the commodity in less absolutist and naïve terms. I argue that Stein, Barnes, and Woolf advance immanent critiques that do not presume to stand outside the commodity industry but draw power from certain tensions within commodification. Specifically, their critique is animated by a paradox: by exaggerating the alienation and fetishism characteristic of commodification, they hope to combat the commodity's reifying logic
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