17,697 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

    Joint Activity Detection, Channel Estimation, and Data Decoding for Grant-free Massive Random Access

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    In the massive machine-type communication (mMTC) scenario, a large number of devices with sporadic traffic need to access the network on limited radio resources. While grant-free random access has emerged as a promising mechanism for massive access, its potential has not been fully unleashed. In particular, the common sparsity pattern in the received pilot and data signal has been ignored in most existing studies, and auxiliary information of channel decoding has not been utilized for user activity detection. This paper endeavors to develop advanced receivers in a holistic manner for joint activity detection, channel estimation, and data decoding. In particular, a turbo receiver based on the bilinear generalized approximate message passing (BiG-AMP) algorithm is developed. In this receiver, all the received symbols will be utilized to jointly estimate the channel state, user activity, and soft data symbols, which effectively exploits the common sparsity pattern. Meanwhile, the extrinsic information from the channel decoder will assist the joint channel estimation and data detection. To reduce the complexity, a low-cost side information-aided receiver is also proposed, where the channel decoder provides side information to update the estimates on whether a user is active or not. Simulation results show that the turbo receiver is able to reduce the activity detection, channel estimation, and data decoding errors effectively, while the side information-aided receiver notably outperforms the conventional method with a relatively low complexity

    Offline and Online Models for Learning Pairwise Relations in Data

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    Pairwise relations between data points are essential for numerous machine learning algorithms. Many representation learning methods consider pairwise relations to identify the latent features and patterns in the data. This thesis, investigates learning of pairwise relations from two different perspectives: offline learning and online learning.The first part of the thesis focuses on offline learning by starting with an investigation of the performance modeling of a synchronization method in concurrent programming using a Markov chain whose state transition matrix models pairwise relations between involved cores in a computer process.Then the thesis focuses on a particular pairwise distance measure, the minimax distance, and explores memory-efficient approaches to computing this distance by proposing a hierarchical representation of the data with a linear memory requirement with respect to the number of data points, from which the exact pairwise minimax distances can be derived in a memory-efficient manner. Then, a memory-efficient sampling method is proposed that follows the aforementioned hierarchical representation of the data and samples the data points in a way that the minimax distances between all data points are maximally preserved. Finally, the thesis proposes a practical non-parametric clustering of vehicle motion trajectories to annotate traffic scenarios based on transitive relations between trajectories in an embedded space.The second part of the thesis takes an online learning perspective, and starts by presenting an online learning method for identifying bottlenecks in a road network by extracting the minimax path, where bottlenecks are considered as road segments with the highest cost, e.g., in the sense of travel time. Inspired by real-world road networks, the thesis assumes a stochastic traffic environment in which the road-specific probability distribution of travel time is unknown. Therefore, it needs to learn the parameters of the probability distribution through observations by modeling the bottleneck identification task as a combinatorial semi-bandit problem. The proposed approach takes into account the prior knowledge and follows a Bayesian approach to update the parameters. Moreover, it develops a combinatorial variant of Thompson Sampling and derives an upper bound for the corresponding Bayesian regret. Furthermore, the thesis proposes an approximate algorithm to address the respective computational intractability issue.Finally, the thesis considers contextual information of road network segments by extending the proposed model to a contextual combinatorial semi-bandit framework and investigates and develops various algorithms for this contextual combinatorial setting

    Corporate Social Responsibility: the institutionalization of ESG

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    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

    Exploring the Training Factors that Influence the Role of Teaching Assistants to Teach to Students With SEND in a Mainstream Classroom in England

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    With the implementation of inclusive education having become increasingly valued over the years, the training of Teaching Assistants (TAs) is now more important than ever, given that they work alongside pupils with special educational needs and disabilities (hereinafter SEND) in mainstream education classrooms. The current study explored the training factors that influence the role of TAs when it comes to teaching SEND students in mainstream classrooms in England during their one-year training period. This work aimed to increase understanding of how the training of TAs is seen to influence the development of their personal knowledge and professional skills. The study has significance for our comprehension of the connection between the TAs’ training and the quality of education in the classroom. In addition, this work investigated whether there existed a correlation between the teaching experience of TAs and their background information, such as their gender, age, grade level taught, years of teaching experience, and qualification level. A critical realist theoretical approach was adopted for this two-phased study, which involved the mixing of adaptive and grounded theories respectively. The multi-method project featured 13 case studies, each of which involved a trainee TA, his/her college tutor, and the classroom teacher who was supervising the trainee TA. The analysis was based on using semi-structured interviews, various questionnaires, and non-participant observation methods for each of these case studies during the TA’s one-year training period. The primary analysis of the research was completed by comparing the various kinds of data collected from the participants in the first and second data collection stages of each case. Further analysis involved cross-case analysis using a grounded theory approach, which made it possible to draw conclusions and put forth several core propositions. Compared with previous research, the findings of the current study reveal many implications for the training and deployment conditions of TAs, while they also challenge the prevailing approaches in many aspects, in addition to offering more diversified, enriched, and comprehensive explanations of the critical pedagogical issues

    Training of Trainers (ToT) on Enhancing National Climate Services (ENACTS) Maprooms for Users in Kenya

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    A five-day training of trainers (ToT) workshop was implemented from October 31 to November 4, 2022, in Nairobi, Kenya by the International Research Institute for Climate and Society (IRI) in collaboration with the Kenya Meteorological Department (KMD) and the International Livestock Research Institute (ILRI). The workshop, which was organized as part of the World Bank’s Accelerating the Impact of CGIAR Climate Research for Africa (AICCRA) project, brought together 21 participants from national and county KMD offices, the Ministry of Agriculture, Livestock, and Fisheries (MOAL&F), and the Kenya Agriculture and Livestock Research Organization (KALRO) to be trained on KMD’s existing suite of free online ENACTS Maprooms. The major objective of the workshop was to ensure that each of these institutions that play an important role in promoting the use of climate information and services and broader resilience of the agricultural sector are aware of and have the capacity to train users within Kenya on the best-available climate information products for decision-making. The ENACTS maproom products, which are freely available through KMD’s website, provide location-specific (4 km grid) historical, monitoring, and forecast information that is important for activities related to planning, monitoring, and response for the agricultural sector and wider food system

    Identifying and responding to people with mild learning disabilities in the probation service

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    It has long been recognised that, like many other individuals, people with learningdisabilities find their way into the criminal justice system. This fact is not disputed. Whathas been disputed, however, is the extent to which those with learning disabilities arerepresented within the various agencies of the criminal justice system and the ways inwhich the criminal justice system (and society) should address this. Recently, social andlegislative confusion over the best way to deal with offenders with learning disabilities andmental health problems has meant that the waters have become even more muddied.Despite current government uncertainty concerning the best way to support offenders withlearning disabilities, the probation service is likely to continue to play a key role in thesupervision of such offenders. The three studies contained herein aim to clarify the extentto which those with learning disabilities are represented in the probation service, toexamine the effectiveness of probation for them and to explore some of the ways in whichprobation could be adapted to fit their needs.Study 1 and study 2 showed that around 10% of offenders on probation in Kent appearedto have an IQ below 75, putting them in the bottom 5% of the general population. Study 3was designed to assess some of the support needs of those with learning disabilities in theprobation service, finding that many of the materials used by the probation service arelikely to be too complex for those with learning disabilities to use effectively. To addressthis, a model for service provision is tentatively suggested. This is based on the findings ofthe three studies and a pragmatic assessment of what the probation service is likely to becapable of achieving in the near future

    Strategies for Early Learners

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    Welcome to learning about how to effectively plan curriculum for young children. This textbook will address: • Developing curriculum through the planning cycle • Theories that inform what we know about how children learn and the best ways for teachers to support learning • The three components of developmentally appropriate practice • Importance and value of play and intentional teaching • Different models of curriculum • Process of lesson planning (documenting planned experiences for children) • Physical, temporal, and social environments that set the stage for children’s learning • Appropriate guidance techniques to support children’s behaviors as the self-regulation abilities mature. • Planning for preschool-aged children in specific domains including o Physical development o Language and literacy o Math o Science o Creative (the visual and performing arts) o Diversity (social science and history) o Health and safety • Making children’s learning visible through documentation and assessmenthttps://scholar.utc.edu/open-textbooks/1001/thumbnail.jp

    Preferentialism and the conditionality of trade agreements. An application of the gravity model

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    Modern economic growth is driven by international trade, and the preferential trade agreement constitutes the primary fit-for-purpose mechanism of choice for establishing, facilitating, and governing its flows. However, too little attention has been afforded to the differences in content and conditionality associated with different trade agreements. This has led to an under-considered mischaracterisation of the design-flow relationship. Similarly, while the relationship between trade facilitation and trade is clear, the way trade facilitation affects other areas of economic activity, with respect to preferential trade agreements, has received considerably less attention. Particularly, in light of an increasingly globalised and interdependent trading system, the interplay between trade facilitation and foreign direct investment is of particular importance. Accordingly, this thesis explores the bilateral trade and investment effects of specific conditionality sets, as established within Preferential Trade Agreements (PTAs). Chapter one utilises recent content condition-indexes for depth, flexibility, and constraints on flexibility, established by Dür et al. (2014) and Baccini et al. (2015), within a gravity framework to estimate the average treatment effect of trade agreement characteristics across bilateral trade relationships in the Association of Southeast Asian Nations (ASEAN) from 1948-2015. This chapter finds that the composition of a given ASEAN trade agreement’s characteristic set has significantly determined the concomitant bilateral trade flows. Conditions determining the classification of a trade agreements depth are positively associated with an increase to bilateral trade; hereby representing the furthered removal of trade barriers and frictions as facilitated by deeper trade agreements. Flexibility conditions, and constraint on flexibility conditions, are also identified as significant determiners for a given trade agreement’s treatment effect of subsequent bilateral trade flows. Given the political nature of their inclusion (i.e., the appropriate address to short term domestic discontent) this influence is negative as regards trade flows. These results highlight the longer implementation and time frame requirements for trade impediments to be removed in a market with higher domestic uncertainty. Chapter two explores the incorporation of non-trade issue (NTI) conditions in PTAs. Such conditions are increasing both at the intensive and extensive margins. There is a concern from developing nations that this growth of NTI inclusions serves as a way for high-income (HI) nations to dictate the trade agenda, such that developing nations are subject to ‘principled protectionism’. There is evidence that NTI provisions are partly driven by protectionist motives but the effect on trade flows remains largely undiscussed. Utilising the Gravity Model for trade, I test Lechner’s (2016) comprehensive NTI dataset for 202 bilateral country pairs across a 32-year timeframe and find that, on average, NTIs are associated with an increase to bilateral trade. Primarily this boost can be associated with the market access that a PTA utilising NTIs facilitates. In addition, these results are aligned theoretically with the discussions on market harmonisation, shared values, and the erosion of artificial production advantages. Instead of inhibiting trade through burdensome cost, NTIs are acting to support a more stable production and trading environment, motivated by enhanced market access. Employing a novel classification to capture the power supremacy associated with shaping NTIs, this chapter highlights that the positive impact of NTIs is largely driven by the relationship between HI nations and middle-to-low-income (MTLI) counterparts. Chapter Three employs the gravity model, theoretically augmented for foreign direct investment (FDI), to estimate the effects of trade facilitation conditions utilising indexes established by Neufeld (2014) and the bilateral FDI data curated by UNCTAD (2014). The resultant dataset covers 104 countries, covering a period of 12 years (2001–2012), containing 23,640 observations. The results highlight the bilateral-FDI enhancing effects of trade facilitation conditions in the ASEAN context, aligning itself with the theoretical branch of FDI-PTA literature that has outlined how the ratification of a trade agreement results in increased and positive economic prospect between partners (Medvedev, 2012) resulting from the interrelation between trade and investment as set within an improving regulatory environment. The results align with the expectation that an enhanced trade facilitation landscape (one in which such formalities, procedures, information, and expectations around trade facilitation are conditioned for) is expected to incentivise and attract FDI

    Gamification in E-Learning: game factors to strengthen specific English pronunciation features in undergraduate students at UPTC Sogamoso

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    Appendix A Characterization survey (104), Appendix B. EFL Students’ questionnaire (109), Appendix C. Characterization survey: data treatment question (113), Appendix D. Informed consent letter, English version (114), Appendix E. Carta de consentimiento informado, versión en español (117), Appendix F. Time Schedule (120), Appendix G. Sample Challenges at Moodle (126), Appendix H. Participants’ questionnaire results (128).La gamificación es un término que suele denotar el uso de componentes del juego en situaciones no relacionadas con el juego en sí para crear experiencias de aprendizaje agradables, divertidas y motivadoras para los estudiantes (Werbach y Hunter, 2012). Por lo tanto, el análisis de los factores básicos de los juegos se convierte en algo esencial a la hora de definir y utilizar la gamificación como estrategia de mediación del inglés como lengua extranjera para fortalecer rasgos específicos de pronunciación en los estudiantes de pregrado de la UPTC Sogamoso. El procedimiento de estudio se basa en la investigación acción mediante la implementación de la estrategia de gamificación para la mediación en la pronunciación del inglés, orientada a treinta estudiantes de diferentes programas de ingeniería, administración y tecnología con niveles heterogéneos de dominio del inglés. Las actividades se centran principalmente en la producción de sonidos, el ritmo, el acento y la entonación, los rasgos de pronunciación segmental y suprasegmental. Los resultados arrojaron una evidente mejora en las características segméntales y suprasegmentales de la percepción en la pronunciación de los participantes así como la contribución del objetivo de los juegos a la instrucción fonética y fonológica, la sensación en el juego a la motivación para mejorar la pronunciación, el reto establecido en los juegos a la actitud positiva de los participantes, y la sociabilidad a la exposición practica de la pronunciación inglesa.Gamification is a relatively new term that often denotes the use of game components in situations unrelated to the game itself to create enjoyable, fun, and motivating learning experiences for students (Werbach and Hunter, 2012). Therefore, analyzing the games' basic factors becomes essential when defining and using gamification as a strategy for English as Foreign Language mediation to strengthen specific pronunciation features in UPTC Sogamoso undergraduate students. The study procedure is based on action research by implementing the gamification strategy for mediation in English pronunciation, oriented to thirty students from different engineering, management, and technology programs at heterogeneous levels of English proficiency. The activities mainly focus on sound production, rhythm, stress, and intonation, segmental and suprasegmental pronunciation features. The results showed an evident improvement in the segmental and suprasegmental features of the participants' pronunciation perception as well as the contribution of game goals to phonetics and phonological instruction, the game sensation to the motivation for pronunciation improvement, the game challenge to the participants' positive attitude, and the sociality to the English pronunciation exposure practice
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