15,129 research outputs found

    Essays on monetary policy and financial stability

    Get PDF
    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

    RISK-TAKING IN EFL SPEAKING CLASS: A CASE STUDY OF THE FOURTH SEMESTER STUDENTS AT ENGLISH EDUCATION DEPARTMENT OF UIN SUSKA RIAU

    Get PDF
    ABSTRAK Rizki Wulandari (2023): Pengambilan Risiko dalam Kelas Speaking EFL: Studi Kasus pada Mahasiswa Semester Empat di Jurusan Pendidikan Bahasa Inggris UIN Suska Riau. Tujuan dari penelitian ini adalah untuk mendeskripsikan pengambilan risiko dalam kelas speaking EFL pada mahasiswa di Jurusan Pendidikan Bahasa Inggris UIN Suska Riau dan untuk mengeksplorasi faktor-faktor yang mempengaruhi pengambilan risiko dalam kelas speaking EFL pada mahasiswa di Jurusan Pendidikan Bahasa Inggris UIN Suska Riau. Partisipan penelitian ini adalah 166 mahasiswa yang terdiri dari 131 mahasiswa perempuan dan 35 mahasiswa laki-laki semester empat Jurusan Pendidikan Bahasa Inggris. Peneliti membagikan kuesioner/angket kepada siswa dalam satu kelas dan mewawancarai 3 siswa untuk menanyakan informasi secara detail tentang pengambilan risiko siswa. Peneliti menggunakan desain studi kasus kualitatif untuk menyelidiki pengambilan risiko siswa dalam kelas speaking EFL pada mahasiswa semester 4 di Jurusan Pendidikan Bahasa Inggris UIN Suska Riau. Peneliti menyelidiki semester keempat Jurusan Pendidikan Bahasa Inggris UIN Suska Riau menggunakan kuesioner yang terdiri dari 23 pernyataan. Kuesioner diadopsi dari Luft (2007) yang terdiri dari beberapa item. Setiap item diikuti oleh skala respons Likert lima poin (ibid). Untuk menganalisis data yang diperoleh dari kuesioner, peneliti menggunakan statistik deskriptif untuk mendeskripsikan hasilnya. Setelah mendapatkan hasil analisis angket, peneliti akan mewawancarai siswa berdasarkan hasil angket. Setelah melakukan wawancara, peneliti akan menganalisis hasil wawancara tersebut dengan menggunakan Microsoft Excel. Hasil penelitian ini menunjukkan bahwa siswa (100%) memiliki persepsi rendah/negatif terhadap pengambilan risiko di kelas speaking EFL. Kesimpulannya, mahasiswa Jurusan Pendidikan Bahasa Inggris pada semester empat memiliki persepsi yang rendah/negatif terhadap pengambilan risiko dalam kelas Speaking EFL dan juga ditemukan beberapa faktor yang mempengaruhi pengambilan risiko dalam kelas speaking EFL yaitu factor pendukung dan penghambat

    People make Places

    Get PDF
    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’

    Annual SHOT Report 2018

    Get PDF
    SHOT is affiliated to the Royal College of PathologistsAll NHS organisations must move away from a blame culture towards a just and learning culture. All clinical and laboratory staff should be encouraged to become familiar with human factors and ergonomics concepts. All transfusion decisions must be made after carefully assessing the risks and benefits of transfusion therapy. Collaboration and co-ordination among staff is vital

    A Phenomenological Study of How Active Engagement in Black Greek Letter Sororities Influences Christian Members\u27 Spiritual Growth

    Get PDF
    This phenomenological study explored how being part of a Black Greek Letter. Organization (BGLO) sorority impacts the spiritual growth of its Christian members. One of the issues explored was the influence relationships within these sororities have on members striving to be like Christ. There is a dichotomy of perspectives regarding Black Greek Letter Organizations (BGLOs). They have a significant role in the Black community as organizations that foster leadership, philanthropy, and sisterhood and promote education. They are admired on and off college campuses and in the broader community in graduate chapters. The objective of phenomenology is to describe phenomena of spiritual growth among Christian sorority members from the life experiences of those who live them; that premise guided the interviews conducted for this study. The results found that active engagement in a BGLO sorority positively impacts its members\u27 spiritual growth. From the emotional stories of sisterhood, service, and devotion to prayer, their experiences evidenced strengthened walks of faith. This study contrasts the Anti-BGLO narrative as a testament to these organizations\u27 legacy and practices deeply grounded in the church

    Examples of works to practice staccato technique in clarinet instrument

    Get PDF
    Klarnetin staccato tekniğini güçlendirme aşamaları eser çalışmalarıyla uygulanmıştır. Staccato geçişlerini hızlandıracak ritim ve nüans çalışmalarına yer verilmiştir. Çalışmanın en önemli amacı sadece staccato çalışması değil parmak-dilin eş zamanlı uyumunun hassasiyeti üzerinde de durulmasıdır. Staccato çalışmalarını daha verimli hale getirmek için eser çalışmasının içinde etüt çalışmasına da yer verilmiştir. Çalışmaların üzerinde titizlikle durulması staccato çalışmasının ilham verici etkisi ile müzikal kimliğe yeni bir boyut kazandırmıştır. Sekiz özgün eser çalışmasının her aşaması anlatılmıştır. Her aşamanın bir sonraki performans ve tekniği güçlendirmesi esas alınmıştır. Bu çalışmada staccato tekniğinin hangi alanlarda kullanıldığı, nasıl sonuçlar elde edildiği bilgisine yer verilmiştir. Notaların parmak ve dil uyumu ile nasıl şekilleneceği ve nasıl bir çalışma disiplini içinde gerçekleşeceği planlanmıştır. Kamış-nota-diyafram-parmak-dil-nüans ve disiplin kavramlarının staccato tekniğinde ayrılmaz bir bütün olduğu saptanmıştır. Araştırmada literatür taraması yapılarak staccato ile ilgili çalışmalar taranmıştır. Tarama sonucunda klarnet tekniğin de kullanılan staccato eser çalışmasının az olduğu tespit edilmiştir. Metot taramasında da etüt çalışmasının daha çok olduğu saptanmıştır. Böylelikle klarnetin staccato tekniğini hızlandırma ve güçlendirme çalışmaları sunulmuştur. Staccato etüt çalışmaları yapılırken, araya eser çalışmasının girmesi beyni rahatlattığı ve istekliliği daha arttırdığı gözlemlenmiştir. Staccato çalışmasını yaparken doğru bir kamış seçimi üzerinde de durulmuştur. Staccato tekniğini doğru çalışmak için doğru bir kamışın dil hızını arttırdığı saptanmıştır. Doğru bir kamış seçimi kamıştan rahat ses çıkmasına bağlıdır. Kamış, dil atma gücünü vermiyorsa daha doğru bir kamış seçiminin yapılması gerekliliği vurgulanmıştır. Staccato çalışmalarında baştan sona bir eseri yorumlamak zor olabilir. Bu açıdan çalışma, verilen müzikal nüanslara uymanın, dil atış performansını rahatlattığını ortaya koymuştur. Gelecek nesillere edinilen bilgi ve birikimlerin aktarılması ve geliştirici olması teşvik edilmiştir. Çıkacak eserlerin nasıl çözüleceği, staccato tekniğinin nasıl üstesinden gelinebileceği anlatılmıştır. Staccato tekniğinin daha kısa sürede çözüme kavuşturulması amaç edinilmiştir. Parmakların yerlerini öğrettiğimiz kadar belleğimize de çalışmaların kaydedilmesi önemlidir. Gösterilen azmin ve sabrın sonucu olarak ortaya çıkan yapıt başarıyı daha da yukarı seviyelere çıkaracaktır

    The place where curses are manufactured : four poets of the Vietnam War

    Get PDF
    The Vietnam War was unique among American wars. To pinpoint its uniqueness, it was necessary to look for a non-American voice that would enable me to articulate its distinctiveness and explore the American character as observed by an Asian. Takeshi Kaiko proved to be most helpful. From his novel, Into a Black Sun, I was able to establish a working pair of 'bookends' from which to approach the poetry of Walter McDonald, Bruce Weigl, Basil T. Paquet and Steve Mason. Chapter One is devoted to those seemingly mismatched 'bookends,' Walt Whitman and General William C. Westmoreland, and their respective anthropocentric and technocentric visions of progress and the peculiarly American concept of the "open road" as they manifest themselves in Vietnam. In Chapter, Two, I analyze the war poems of Walter McDonald. As a pilot, writing primarily about flying, his poetry manifests General Westmoreland's technocentric vision of the 'road' as determined by and manifest through technology. Chapter Three focuses on the poems of Bruce Weigl. The poems analyzed portray the literal and metaphorical descent from the technocentric, 'numbed' distance of aerial warfare to the world of ground warfare, and the initiation of a 'fucking new guy,' who discovers the contours of the self's interior through a set of experiences that lead from from aerial insertion into the jungle to the degradation of burning human feces. Chapter Four, devoted to the thirteen poems of Basil T. Paquet, focuses on the continuation of the descent begun in Chapter Two. In his capacity as a medic, Paquet's entire body of poems details his quotidian tasks which entail tending the maimed, the mortally wounded and the dead. The final chapter deals with Steve Mason's JohnnY's Song, and his depiction of the plight of Vietnam veterans back in "The World" who are still trapped inside the interior landscape of their individual "ghettoes" of the soul created by their war-time experiences

    Lift EVERY Voice and Sing: An Intersectional Qualitative Study Examining the Experiences of Lesbian, Gay, Bisexual, and Queer Faculty and Administrators at Historically Black Colleges and Universities

    Get PDF
    While there is minimal literature that address the experiences of lesbian, gay, bisexual, and trans* identified students at Historically Black Colleges and Universities (HBCUs), the experiences of Black, queer faculty and administrators at HBCUs has not been studied. This intersectional qualitative research study focused on the experiences of lesbian, gay, bisexual, and queer identified faculty and administrators who work at HBCUs. By investigating the intersections of religion, race, gender, and sexuality within a predominantly Black institution, this study aims to enhance diversity, equity, and inclusion efforts at HBCUs by sharing the experiences of the LGBQ faculty and administrators that previously or currently work at an HBCU as a full-time employee. The research questions that guided this study were 1) How have LGBQ faculty and staff negotiated/navigated their careers at HBCUs? and 2) How do LGBQ faculty and staff at HBCUs influence cultural (relating to LGBQ inclusion) change at the organizational level? The main theoretical framework used was intersectionality and it shaped the chosen methodology and methods. The Politics of Respectability was the second theoretical framework used to describe the intra-racial tensions within the Black/African American community. The study included 60-120 minute interviews with 12 participants. Using intersectionality as a guide, the data were coded and utilized for thematic analysis. Then, an ethnodramatic performance engages readers. The goals of this study were to encourage policy changes, promote inclusivity for LGBQ employees at HBCUs, and provide an expansion to the body of literature in the field pertaining to the experiences of LGBQ faculty and administrators in higher education
    corecore