Macroprudential Policies and Current Account Balance

Macroprudential policies have become essential tools for the policy makers in order to maintain financial stability. Effectiveness of these policies has been studied by a growing literature with an emphasis on the impact of the policies on target variables such as credit growth and asset price appreciations. In this paper, we investigate the impact of macroprudential policies on the current account balance considering the link between external imbalances and financial stability. Building on a standard empirical current account model, we show that usage of an additional macroprudential instrument is associated with an improvement in the current account balance. Moreover, our results indicate that positive impact of macroprudential policy measures on the current account balance is stronger in the deficit countries compared to the surplus countries

Permeability, clay mineralogy, and microfabric of fine-grained sediments from the Nankai Trough and Shikoku Basin, offshore southwest Japan

Title from PDF of title page (University of Missouri--Columbia, viewed on September 12, 2012).The entire thesis text is included in the research.pdf file; the official abstract appears in the short.pdf file; a non-technical public abstract appears in the public.pdf file.Thesis advisor: Dr. Michael B. UnderwoodIncludes bibliographical references.M.S. University of Missouri--Columbia 2012."May 2012"The Nankai Trough, a convergent plate boundary between the subducting Philippine Sea plate and overriding Eurasian plate, is located off the coast of southwest Japan. This study covers the central portion of the Kumano transect, eastern province of the Nankai Trough, which consists of six morphotectonic zones, such as, from southeast to northwest, subduction inputs in the Shikoku Basin, trench zone, frontal thrust zone, imbricated thrust zone, megasplay fault zone, and Kumano forearc basin. The objectives of this study are: (1) to show how permeability varies as a function of burial depth, lithostratigraphy, and structural position within the Nankai Trough subduction zone; and (2) to document the permeability anisotropy and consider how it changes with microfabric and mineralogy. Constant-flow permeability tests were executed to measure permeability for vertical (along-core) and horizontal (cross-core) sections of twenty-one core samples collected during Integrated Ocean Drilling Program (IODP) Expeditions 316 and 333. Comparison of the horizontal (kh) to the vertical (kv) permeability defines the anisotropy (kh/kv). Environmental scanning electron microscopy (ESEM) was used to image the fabric of samples in horizontal and vertical sections. The images were analyzed to compute the standard deviations and the indexes (i) of microfabric orientation. Therelative clay mineral percentages in bulk sediment were calculated using previously analyzed X-ray diffraction data

Financial Integration within EU Countries: The Role of Institutions, Confidence and Trust

We investigate the degree of financial integration within and between European countries. We construct two measures of de-facto integration across European regions to capture "diversification" and "development" finance in the language of Obstfeld and Taylor (2004). We find evidence that capital market integration within the EU is less than what is implied by theoretical benchmarks and also less than what is found for U.S. states. We ask - why is this the case? Using country-level data for economic institutions, we find that these are not able to explain differences between countries. Using regional data from the World Values Surveys, we investigate the effect of "social capital" on financial integration among European regions. We find regions, where the level of confidence and trust is high, are more financially integrated with each other.

Pressure groups influential in school administration

Açık örgütler olan okullar tarihsel süreç içerisinde her zaman baskı gruplarının etkilemek istedikleri yerlerin başında gelmiştir. Gelecek nesillerin yetiştirildiği okullarda ülkenin geleceği de şekillendirilmektedir. Birtakım baskı grupları kendi menfaatleri ve ideolojileri için bu kurumlara müdahalelerde bulunmaya çalışmaktadır ve kimi zaman da bulunmaktadırlar. Bu baskı grupları arasında dernekler, vakıflar, diplomatlar, yerel yöneticiler, cemaatler, aileler, öğretmenler, ticari kuruluşlar, siyasetçiler vb. pek çok oluşum sayılabilir. Yapılan literatür araştırması sonucunda ailelerin, öğrencilerin devamsızlıklarının düşürülmesi, notlarının yükseltilmesi, okulunun değiştirilmesi gibi talepler yer alırken, ticari kurumların, kantin işletmesi, servis ihalesi, kırtasiye ihtiyaçları için yönlendirmeleri şeklinde talepler yer almaktadır. Vakıf, dernek ve cemaat gibi baskı gruplarının ise ideolojileri doğrultusunda taleplerde bulundukları görülmektedir. Sonuç olarak okul yönetimlerini etkilemeye çalışan baskı grupları söz konusudur ve bunun önlenmesi gerektiği ifade edilebilir. Bunu sağlamanın yollarının da yasal düzenlemeler, şeffaflık ve okul yönetiminin tarafsız kurumlarca denetlenmesinden geçtiği düşünülebilir.Schools, which are open organizations, have always been at the forefront of the places that pressure groups want to influence in the historical process. The future of the country is also shaped in schools where future generations are raised. A number of pressure groups try to intervene in these institutions for their own interests and ideologies, and sometimes they do. These pressure groups include associations, foundations, diplomats, local administrators, congregations, families, teachers, commercial establishments, politicians, etc. many formations. As a result of the literature research, there are requests from families such as lowering the absenteeism of students, increasing their grades, changing their school, while there are requests from commercial institutions such as canteen management, service tender, and referrals for their needs. It is seen that pressure groups such as foundations, associations and congregations make demands in line with their ideologies. As a result, there are pressure groups trying to influence school administrations and it can be stated that this should be prevented. It can be thought that the ways to achieve this are through legal regulations, transparency and auditing of school administration by impartial institutions

Inattentive Consumers and Exchange Rate Volatility

We present and study the properties of a sticky information exchange rate model where consumers and producers update their information sets infrequently. We find that introducing inattentive consumers has important implications. Through a mechanism resembling the limited participation models, we can address the exchange rate volatility for reasonable values of risk aversion. We observe more persistence in output, consumption and employment which brings us closer to the data. Impulse responses to monetary shocks are hump shaped consistent with the empirical evidence. Forecast errors of inattentive consumers provide a channel to reduce the correlation of relative consumption and real exchange rate. However, we find that decline in the correlation is quantitatively small

Inattentive Consumers and Exchange Rate Volatility

We present and study the properties of a sticky information exchange rate model where consumers and producers update their information sets infrequently. We find that introducing inattentive consumers has important implications. Through a mechanism resembling the limited participation models, we can address the exchange rate volatility for reasonable values of risk aversion. We observe more persistence in output, consumption and employment which brings us closer to the data. Impulse responses to monetary shocks are hump shaped consistent with the empirical evidence. Forecast errors of inattentive consumers provide a channel to reduce the correlation of relative consumption and real exchange rate. However, we find that decline in the correlation is quantitatively small

Inattentive Consumers and Exchange Rate Volatility

We present and study the properties of a sticky information exchange rate model where consumers and producers update their information sets infrequently. We find that introducing inattentive consumers has important implications. Through a mechanism resembling the limited participation models, we can address the exchange rate volatility for reasonable values of risk aversion. We observe more persistence in output, consumption and employment which brings us closer to the data. Impulse responses to monetary shocks are hump shaped consistent with the empirical evidence. Forecast errors of inattentive consumers provide a channel to reduce the correlation of relative consumption and real exchange rate. However, we find that decline in the correlation is quantitatively small

Intuitive and Reliable Estimates of Output Gap and Real Exchange Rate Cycles for Turkey

Decomposing time series data into trend and cyclical components is among the top priorities for policy maker institutions. Comparing with the unrestricted Beveridge-Nelson decomposition and Hodrick-Prescott filter, we implement a restricted Beveridge-Nelson filter developed by Kamber et. al. (2018) which limits the volatility of trend component. Utilizing the quarterly real GDP series and monthly real exchange rate data for Turkey, we find that Beveridge-Nelson filter provides more persistent and larger cyclical values than Beveridge-Nelson decomposition. Taking the output gap estimates of Central Bank of Turkey as a benchmark, our results indicate that Beveridge-Nelson filter method yields more sensible results. We also develop a measure to make an assessment on the end-point bias. Our results show that restricted Beveridge-Nelson filter performs better than Hodrick-Prescott filter regarding the magnitude of end point bias