The external impacts of Central Bank independence Os impactos externos da independência dos Bancos Centrais

The term "central bank independence" (or abbreviated, CBI) can be broadly defined as the degree of freedom of the central bank to pursue monetary policy without interference from political considerations. The idea of central bank independence has been widely accepted over the last several decades by many countries around the world, both developed and developing. Since being first written about academically in the late 1980s, many countries have come to adopt this policy and many governments have come to recognize this as standard procedure. As such, many countries around the world granted autonomy to their central banks during the 1980s and 1990s. The majority of past studies have examined primarily the impact of central bank independence on inflation. however, the additional theoretical benefits are much more far reaching, the result of a more stable and prosperous macroeconomic environment. Additionally, there is only now sufficient data to empirically determine whether many of these claims are true. This study examines central bank independence in developing countries of Latin America and Asia as well as selected developed countries to determine what actual impact an autonomous central bank has had. It also examines such phenomena as financial crises (including the current global crisis of 2008-2009), inflation targeting, legal systems, country development and fiscal policy to determine the effects of these items on not only inflation, but the broad spectrum of macroeconomic outcomes. Although there is some empirical evidence to support the benefits of central bank independence, it is limited in scope to certain areas.<br>O termo "independência do banco central" (ou IBC) pode ser amplamente definido como o grau de liberdade que o banco central possui para seguir sua política monetária sem a interferência de considerações políticas. A ideia da independência do banco central foi aceita nas últimas décadas por muitos países ao redor do mundo, tanto desenvolvidos como em desenvolvimento. Desde a primeira literatura acadêmica a respeito no final dos anos 80, muitos países começaram a adotar essa política e muitos governos a reconheceram como padrão. Assim, muitos países ao redor do mundo concederam autonomia a seus bancos centrais nos anos 80 e 90. A maior parte dos estudos existentes investigou principalmente o impacto da independência do banco central na inflação. Porém, os benefícios teóricos adicionais vão muito além, resultado de um ambiente macroeconômico mais estável e próspero. Ademais, somente agora há dados suficientes para a determinação empírica da veracidade de muitas dessas alegações. Este estudo investiga a independência dos bancos centrais em países em desenvolvimento na América Latina e na Ásia, além de determinados países desenvolvidos, para determinar o real impacto de um banco central autônomo. Também examina fenômenos como crises financeiras (inclusive a crise global em curso no período 2008-2009), estabelecimento de metas de inflação, sistemas legais, desenvolvimento dos países e política fiscal para determinar os efeitos destes itens não somente na inflação, mas no espectro amplo de resultados macroeconômicos. Apesar de haver evidências empíricas para apoiar os benefícios da independência do banco central, seu escopo é limitado a determinadas áreas

Wastewater reuse: modeling chloroform formation

The chloroform is a substance that presents a significant risk to or via the aquatic environment. Thus, the emissions, discharges and losses of this substance need to be controlled during wastewater disinfection for reclamation and reuse purposes. Due to its carcinogenetic potential, multiple studies have been carried out on drinking and surface/natural waters but less consideration has been directed to the wastewater disinfection. The focus of this work studied the formation of chloroform during chlorination in prepared waters or artificial matrices that intended to simulate wastewaters stored in landscape ponds for green areas irrigation. The relation between reaction time, chlorine dose, and chloroform formation and the variation of the dissolved organic carbon (DOC) content during the reaction was assessed. A two-variant model was proposed to simulate breakpoint chlorination practices (when chlorine dose is equal or lower than chlorine demand) and super chlorination techniques (when chlorine dose tends to surpass chlorine demand). The model was validated by the application of actual data from working conditions of six wastewater treatment plants located in Algarve, Portugal, including other data obtained in previous research studies that were not used in the model development, and by comparing the predicted values with real measured ones

Sources and mass flows of xenobiotics in urban water cycles: an overview on current knowledge and data gaps.

In this study, the current most relevant compounds in waste water are discussed in relation to data available on their sources and mass flows in waste water treatment. In most western European situations, the highest contributions to the mass flow of xenobiotics stem from household and services applications (e.g. personal care compounds, pharmaceuticals, steroid hormones, fluorinated detergents etc.) as well as building and constructing environments (e.g. flame retardants, plasticizers, UV-Blockers and biocides), while the contribution from industrial point sources such as incineration industries e.g. coal, tar, steel and gas production (such as PAHs, PCBs, dioxins, etc.) as well as chemical industries are decreasing in relevance in terms of input and are of more local relevance nowadays. This paper considers current data and management strategies: such as mitigation and strategies for controlling xenobiotics at the source. However it also identifies major knowledge gaps relating to the behaviour and fate of organic pollutants in stormwater management, in bank- and soil infiltration as well as underground and soil passage of polluted waters. It also gives the major sources for a multitude of current day pollutants as well as emerging ones in a qualitative way. Keywords: xenobiotics, sources fluxes, mitigation, urban waters, source contro