Monetary Policy and Financial Sector Reform For Employment Creation and Poverty Reduction in Ghana

This report summarizes the findings of a UNDP-sponsored study on the structure of the financial sector, central bank policy, and employment outcomes in Ghana. The financial sector is the primary conduit through which monetary policy affects real economic outcomes, and monetary policy determines the resources available to financial institutions. Therefore, monetary policy must be coordinated with financial sector reforms in order to improve employment opportunities, reduce poverty and support human development. The report develops a critique of financial programming and inflation targeting, presents a series of empirical estimates on the impact of monetary policy variables in Ghana, and describes the elements of an alternative monetary policy. In addition, the report documents the institutional and structural constraints currently operating in the financial system which prevent the sector from facilitating investment, growth, and improved employment opportunities. Econometric estimates of the determinants of investment explicitly link financial variables to real economic activity. The report summarizes a series of financial sector reforms that would improve the financial sector's capacity to move Ghana onto an employment-intensive growth path.

Proposals for Effectively Regulating the U.S. Financial System to Avoid Yet Another Meltdown

It is now clear that we are in the midst of the worst financial crisis since the Great Depression. This crisis is the latest phase of the evolution of financial markets under the radical financial deregulation process that began in the late 1970s. This evolution has taken the form of cycles in which deregulation accompanied by rapid financial innovation stimulates powerful financial booms that end in crises. Governments respond to crises with bailouts that allow new expansions to begin. As a result, financial markets have become ever larger and financial crises have become more threatening to society, which forces governments to enact ever larger bailouts. This process culminated in the current global financial crisis, which is so deep rooted that even unprecedented interventions by affected governments have thus far failed to contain it. In this paper we first analyze a series of structural flaws in the current financial system that helped bring on the current crisis, and then propose a nine point regulation policy, informed by our analysis, designed to end this destructive dynamic. We believe that if enacted and vigorously enforced, the policy could sharply reduce financial instability and minimize the problems caused by future financial cycles.

Proposals for Effectively Regulating the U.S. Financial System to Avoid Yet Another Meltdown

It is now clear that we are in the midst of the worst financial crisis since the Great Depression. This crisis is the latest phase of the evolution of financial markets under the radical financial deregulation process that began in the late 1970s. This evolution has taken the form of cycles in which deregulation accompanied by rapid financial innovation stimulates powerful financial booms that end in crises. Governments respond to crises with bailouts that allow new expansions to begin. As a result, financial markets have become ever large and financial crises have become more threatening to society, which forces governments to enact ever larger bailouts. This process culminated in the current global financial crisis, which is so deep rooted that even unprecedented interventions by affected governments have thus far failed to contain it. In this paper we first analyze a series of structural flaws in the current financial system that helped bring on the current crisis, and then propose a nine point regulation policy, informed by our analysis, designed to end this destructive dynamic. We believe that if enacted and vigorously enforced, the policy could sharply reduce financial instability and minimize the problems caused by future financial cycles. JEL Categories:

Monetary Policy and Financial Sector Reform for Employment Creation and Poverty Reduction in Ghana

.Monetary Policy Financial Sector; Reform; Ghana

Pro-Growth Alternatives for Monetary and Financial Policies in Sub-Saharan Africa

Pro-Growth Alternatives for Monetary and Financial Policies in Sub-Saharan Africa

Liquid Crystal Polarimetry for Metastability Exchange Optical Pumping of 3He

We detail the design and operation of a compact, discharge light polarimeter for metastability exchange optical pumping of 3He gas near 1 torr under a low magnetic field. The nuclear polarization of 3He can be discerned from its electron polarization, measured via the circular polarization of 668 nm discharge light from an RF excitation. This apparatus measures the circular polarization of this very dim discharge light using a nematic liquid crystal wave retarder (LCR) and a high-gain, transimpedance amplified Si photodiode. We outline corrections required in such a measurement, and discuss contributions to its systematic error