13,492 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

    IDO1 and inflammatory neovascularization: bringing new blood to tumor-promoting inflammation

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    In parallel with the genetic and epigenetic changes that accumulate in tumor cells, chronic tumor-promoting inflammation establishes a local microenvironment that fosters the development of malignancy. While knowledge of the specific factors that distinguish tumor-promoting from non-tumor-promoting inflammation remains inchoate, nevertheless, as highlighted in this series on the ‘Hallmarks of Cancer’, it is clear that tumor-promoting inflammation is essential to neoplasia and metastatic progression making identification of specific factors critical. Studies of immunometabolism and inflamometabolism have revealed a role for the tryptophan catabolizing enzyme IDO1 as a core element in tumor-promoting inflammation. At one level, IDO1 expression promotes immune tolerance to tumor antigens, thereby helping tumors evade adaptive immune control. Additionally, recent findings indicate that IDO1 also promotes tumor neovascularization by subverting local innate immunity. This newly recognized function for IDO1 is mediated by a unique myeloid cell population termed IDVCs (IDO1-dependent vascularizing cells). Initially identified in metastatic lesions, IDVCs may exert broader effects on pathologic neovascularization in various disease settings. Mechanistically, induction of IDO1 expression in IDVCs by the inflammatory cytokine IFNγ blocks the antagonistic effect of IFNγ on neovascularization by stimulating the expression of IL6, a powerful pro-angiogenic cytokine. By contributing to vascular access, this newly ascribed function for IDO1 aligns with its involvement in other cancer hallmark functionalities, (tumor-promoting inflammation, immune escape, altered cellular metabolism, metastasis), which may stem from an underlying role in normal physiological functions such as wound healing and pregnancy. Understanding the nuances of how IDO1 involvement in these cancer hallmark functionalities varies between different tumor settings will be crucial to the future development of successful IDO1-directed therapies

    Identifizierung prädiktiver und prognostischer Biomarker in unterschiedlichen Tumorkompartimenten des ösophagealen Adenokarzinoms

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    Das ösophageale Adenokarzinom zeigt eine global steigende Inzidenz und hat mit einer 5-Jahres-Überlebensrate von weniger als 25% eine schlechte Prognose. Personalisierte Therapieansätze sind selten und prognostische/prädiktive Biomarker des Tumormikromilieus sind unzureichend charakterisiert. Die kumulative Promotion nähert sich dieser Problematik in drei unterschiedlichen Schwerpunkten. 1. Zur Identifizierung Kompartiment-spezifischer Biomarker wurde eine Methode entwickelt, welche als kostengünstige Alternative zum sc-Seq Expressionsprofile individueller Zelltypen generiert. Dabei erfolgt die Extraktion der RNA nicht aus Einzelzellen, sondern aus flowzytometrisch-getrennten Zellkompartimenten. Die Separation der Proben in Epithelzellen, Immunzellen und Fibroblasten wurde durch verschiedene Verfahren validiert und eine suffiziente Ausbeute an RNA auch für kleine Gewebemengen gezeigt. 2. Biomarker des Immunzellkompartiments als therapeutische Angriffspunkte wurden in einem Patientenkollektiv von bis zu 551 Patienten auf ihre Bedeutung beim EAC überprüft. Es zeigte sich eine Expression der Immuncheckpoints LAG3, VISTA und IDO auf TILs durch IHC und RNA-Sonden basierte Verfahren in einem relevanten Anteil (LAG3: 11,4%, VISTA: 29%, IDO: 52,6%). Es konnte eine prognostisch günstige Bedeutung der VISTA, LAG3 und IDO Expression gezeigt werden. Durch den Vergleich von Genexpressionsprofilen aus therapienaiven und vorbehandelten Tumoren konnte zudem ein immunsuppressiver Effekt von neoadjuvanten Therapiekonzepten auf das Tumormikromilieu des EACs gezeigt werden. Dabei kam es zur verminderten Expression von Checkpoints und Anzahl TILs nach (Radio-) Chemotherapie. 3. Im Tumorzellkompartiment wurde die Rolle von Amplifikationen in ErbB-Rezeptor abhängigen Signalwegen durch FISH-Technik und Immunhistochemie evaluiert. Es fanden sich KRAS Amplifikationen in 17,1%, PIK3CA Amplifikationen in 5% sowie eine HER2/neu-Überexpression in 14,9% der untersuchten Tumore

    The use of Jigsaw II technique in Malay grammar learning

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    The Jigsaw II technique has been found to be effective in teaching and learning grammar based on cooperative learning. Therefore, this study was conducted to examine the effect of the use of the Jigsaw II technique on Form Four students’ attitudes and achievement in Malay grammar learning. Sixty-two students from two boarding schools in Kubang Pasu district, Kedah, Malaysia, were selected to participate in the study. They were divided into a treatment group and a control group. Thirty-one students of the treatment group used the Jigsaw II technique, while thirty-one students of the control group used the Gallery Walk technique. Both groups were given pre-test and post-test. Pre-attitude and post-attitude questionnaires were given to the treatment group only. Data was collected and analysed quantitatively using paired sample t-test, independent sample t-test, and simple linear regression test. The results showed a significant difference in achievement and attitudes for the treatment group in learning Malay grammar after using the Jigsaw II technique. The analysis also showed that the student’s attitude also influenced their achievement in learning Malay grammar based on the Jigsaw II technique. In conclusion, language teachers should choose and diversify cooperative learning techniques, such as the Jigsaw II technique, as this technique can also influence students’ achievement and attitudes in grammar learning

    Bridging technology and educational psychology: an exploration of individual differences in technology-assisted language learning within an Algerian EFL setting

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    The implementation of technology in language learning and teaching has a great influence onthe teaching and learning process as a whole and its impact on the learners’ psychological state seems of paramount significance, since it could be either an aid or a barrier to students’ academic performance. This thesis therefore explores individual learner differences in technology-assisted language learning (TALL) and when using educational technologies in higher education within an Algerian English as a Foreign Language (EFL) setting. Although I initially intended to investigate the relationship between TALL and certain affective variables mainly motivation, anxiety, self-confidence, and learning styles inside the classroom, the collection and analysis of data shifted my focus to a holistic view of individual learner differences in TALL environments and when using educational technologies within and beyond the classroom. In an attempt to bridge technology and educational psychology, this ethnographic case study considers the nature of the impact of technology integration in language teaching and learning on the psychology of individual language learners inside and outside the classroom. The study considers the reality constructed by participants and reveals multiple and distinctive views about the relationship between the use of educational technologies in higher education and individual learner differences. It took place in a university in the north-west of Algeria and involved 27 main and secondary student and teacher participants. It consisted of focus-group discussions, follow-up discussions, teachers’ interviews, learners’ diaries, observation, and field notes. It was initially conducted within the classroom but gradually expanded to other settings outside the classroom depending on the availability of participants, their actions, and activities. The study indicates that the impact of technology integration in EFL learning on individual learner differences is both complex and dynamic. It is complex in the sense that it is shown in multiple aspects and reflected on the students and their differences. In addition to various positive and different negative influences of different technology uses and the different psychological reactions among students to the same technology scenario, the study reveals the unrecognised different manifestations of similar psychological traits in the same ELT technology scenario. It is also dynamic since it is characterised by constant change according to contextual approaches to and practical realities of technology integration in language teaching and learning in the setting, including discrepancies between students’ attitudes and teacher’ actions, mismatches between technological experiences inside and outside the classroom, local concerns and generalised beliefs about TALL in the context, and the rapid and unplanned shift to online educational delivery during the Covid-19 pandemic situation. The study may therefore be of interest, not only to Algerian teachers and students, but also to academics and institutions in other contexts through considering the complex and dynamic impact of TALL and technology integration at higher education on individual differences, and to academics in similar low-resource contexts by undertaking a context approach to technology integration

    Metaphors of London fog, smoke and mist in Victorian and Edwardian Art and Literature

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    Julian Wolfreys has argued that after 1850 writers employed stock images of the city without allowing them to transform their texts. This thesis argues, on the contrary, that metaphorical uses of London fog were complex and subtle during the Victorian and Edwardian periods, at least until 1914. Fog represented, in particular, formlessness and the dissolution of boundaries. Examining the idea of fog in literature, verse, newspaper accounts and journal articles, as well as in the visual arts, as part of a common discourse about London and the state of its inhabitants, this thesis charts how the metaphorical appropriation of this idea changed over time. Four of Dickens's novels are used to track his use of fog as part of a discourse of the natural and unnatural in individual and society, identifying it with London in progressively more negative terms. Visual representations of fog by Constable, Turner, Whistler, Monet, Markino, O'Connor, Roberts and Wyllie and Coburn showed an increasing readiness to engage with this discourse. Social tensions in the city in the 1880s were articulated in art as well as in fiction. Authors like Hay and Barr showed the destruction of London by its fog because of its inhabitants' supposed degeneracy. As the social threat receded, apocalyptic scenarios gave way to a more optimistic view in the work of Owen and others. Henry James used fog as a metaphorical representation of the boundaries of gendered behaviour in public, and the problems faced by women who crossed them. The dissertation also examines fog and individual transgression, in novels and short stories by Lowndes, Stevenson, Conan Doyle and Joseph Conrad. After 1914, fog was no more than a crude signifier of Victorian London in literature, film and, later, television, deployed as a cliche instead of the subtle metaphorical idea discussed in this thesis

    'Exarcheia doesn't exist': Authenticity, Resistance and Archival Politics in Athens

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    My thesis investigates the ways people, materialities and urban spaces interact to form affective ecologies and produce historicity. It focuses on the neighbourhood of Exarcheia, Athens’ contested political topography par excellence, known for its production of radical politics of discontent and resistance to state oppression and eoliberal capitalism. Embracing Exarcheia’s controversial status within Greek vernacular, media and state discourses, this thesis aims to unpick the neighbourhoods’ socio-spatial assemblage imbued with affect and formed through the numerous (mis)understandings and (mis)interpretations rooted in its turbulent political history. Drawing on theory on urban spaces, affect, hauntology and archival politics, I argue for Exarcheia as an unwavering archival space composed of affective chronotopes – (in)tangible loci that defy space and temporality. I posit that the interwoven narratives and materialities emerging in my fieldwork are persistently – and perhaps obsessively – reiterating themselves and remaining imprinted on the neighbourhood’s landscape as an incessant reminder of violent histories that the state often seeks to erase and forget. Through this analysis, I contribute to understandings of place as a primary ethnographic ‘object’ and the ways in which place forms complex interactions and relationships with social actors, shapes their subjectivities, retains and bestows their memories and senses of historicity

    GENDERED EMBODIMENT, STABILITY AND CHANGE: WOMEN’S WEIGHTLIFTING AS A TOOL FOR RECOVERY FROM EATING DISORDERS

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    This thesis explores the everyday embodied experiences of women who use amateur weightlifting as a vehicle for recovery from eating disorders. Within online spaces and on social media, women frequently share their experiences of using weightlifting to overcome issues relating to disordered eating, body image, and mental health. In particular, women with a history of eating disorders credit weightlifting to be integral to their recovery journey. However, there is a dearth of research on women’s experiences with exercise during eating disorder recovery and no research that identifies weightlifting as beneficial to this process. To the contrary, discursive links are drawn between the practices of self-surveillance exercised by both eating disorder sufferers and weightlifters alike. In this regard, engagement with weightlifting during eating disorder recovery may signal the transferal of pathology from one set of behaviours to another. That is, from disordered eating to rigid and self-regulatory exercise routines. This thesis examines how women subjectively navigate and make sense of this pathologisation. The data for this research comes from longitudinal semi-structured interviews and photo elicitation with 19 women, living in the United Kingdom, who engaged in weightlifting during their eating disorder recovery. In addition, to build up a holistic picture and to explore how this phenomenon also ‘takes place’ online, I conducted a netnography of the overlapping subcultures of female weightlifting and eating disorder recovery on Instagram. Women’s standpoint theory and interpretative phenomenological analysis are combined to form the underpinning theoretical and analytical tools used to engage with these three rich data sets. Moreover, throughout I draw on an eclectic range of disciplinary perspectives, in order to bring together multiple fields of research and develop novel theoretical frameworks. In the findings, I argue that women’s experiences using weightlifting as a tool for recovery from eating disorders manifests in an embodied sense of multiplicity. In this sense, understandings of the body that are often viewed as ontologically distinct (muscularity/thinness/fatness) hang-together at once in the lived experience of a single individual. I argue that women, particularly those who have previously struggled with an eating disorder, are too readily positioned as vulnerable to media and representation. To theoretically combat these ideas regarding women’s assumed passivity, I develop the concept of ‘digital pruning’ to account for women’s agency in relation to new media. I contend that weightlifting offers women in recovery from eating disorders a new framework for approaching eating and exercise. Specifically, weightlifting’s norms and values legitimate occupying a larger body, which gives women in recovery permission to eat and gain-weight in a way that is both culturally sanctioned and health-promoting. Finally, I explore identity transformation as a specific tenet of recovery from eating disorders. I argue that, on social media, recovery identities are characterised by personal empowerment, resilience, and independence. While offline, quieter and less culturally glorified aspects of recovery (such as relationships of care) are central to women’s accounts of developing a new sense of self as they transition away from an eating disorder identity. In summary, this thesis is an examination of the ways in which women strategically navigate pathology in relation to their bodies, social media, food/exercise practices, and identity. I argue that women develop a set of ‘DIY’ recovery practices that allow them to consciously channel and draw on their negative experiences with eating disorders, to develop new ways of living that serve their overall wellbeing. Weightlifting is integral to this process, as it provides women transitioning out of this difficult phase in their lives with new ways of relating to their bodies and of being in the world. I situate this phenomenon within a neoliberal socio-political climate in which individuals are required to take personal responsibility for their mental health and wellbeing, despite living within conditions which are not conducive to recovery
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