Essays on Macroprudential Policies, Non-bank Financing, and Welfare

This thesis contributes to the emerging literature of macroprudential policy by investigating the macroeconomic and welfare impacts of various regulations in banking sector. First, I examine the long-run impact of government subsidies on the bank’s information costs by evaluating the combination of different types of subsidies and taxes. By extending the basic model of De Fiore & Uhlig (2015), I find that subsidy on bank’s information acquisition cost improves aggregate welfare if the government funds the subsidy with labour-income tax or lump-sum tax. In contrast, subsidy on monitoring cost generates welfare losses for both the household and the entrepreneur. Therefore, government supports in lowering the costs of bank access are preferable to government supports for default resolution costs. Second, I evaluate the effectiveness of the macroprudential policy in a framework that accounts for the possible substitution from bank-based financial intermediation to non-bank intermediation in response to the policy. Employing the model of De Fiore & Uhlig (2015), I find that a countercyclical macroprudential regulation improves welfare in the case of banking shocks and uncertainty shocks but not in the case of technology shocks. A modified rule, which reacts not only to bank credit growth but to total credit growth, provides welfare gains in the case of technology shocks. Consequently, macroprudential authorities should consider not only the condition of the banking sector but also the non-banking financial markets. Finally, I study the impact of the reserve requirement and Liquidity Coverage Ratio (LCR) by extending the framework of Gerali et al. (2010). I find that the effect of the two liquidity requirements on lending and output are relatively similar. However, changing the LCR has consequences on demand for government bonds, and thus different impacts on taxes, household deposits and bank’s profit. I also find that countercyclical liquidity regulations can improve welfare and reduce the volatility of bank loans

Phase Diagram for Roegenian Economics

We recall the similarities between the concepts and techniques of Thermodynamics and Roegenian Economics. The Phase Diagram for a Roegenian economic system highlights a triple point and a critical point, with related explanations. These ideas can be used to improve our knowledge and understanding of the nature of development and evolution of Roegenian economic systems.Comment: 10 page

GAMBARAN PENGETAHUAN IBU HAMIL TENTANG PERAWATAN PAYUDARA DI PMB SUPIYAH TAHUN 2023

Latar Belakang: Perawatan payudara adalah salah satu upaya yang penting yang harus diperhatikan dalam keberhasilan pemberian ASI ekslusif. Hal ini karena payudara satu-satunya penghasil ASI yang merupakan makanan bayi baru lahir sehingga dilakukan sedini mungkin. Dengan pemberian edukasi dan pelatihan pada ibu hamil dapat memberikan pengetahuan dan keterampilan terkait perawatan payudara dan ASI eskslusif. Pengetahuan memberikan pengaruh terhadap pemberian ASI ekslusif. Tujuan: Untuk mengetahui bagaimana gambaran tingkat pengetahuan ibu hamil tentang perawatan payudara di PMB Supiyah tahun 2023. Metode Penelitian: Jenis penelitian ini adalah penelitian deskriptif dengan desain cross sectional serta menggunakan teknik pengambilan sampel total sampling. Penelitian dilakukan di PMB Supiyah, pada tanggal 29 Mei – 9 Juni 2023 menggunakan kuesioner yang mana diikuti oleh 46 responden. Hasil: Karakteristik ibu hamil mayoritas berusia 20-35 tahun (91%), dengan pendidiksn responden terbanyak yaitu pada pendidikan SMA (65,2%). Sedangkan mayoritas pekerjaan responden pada penelitian ini adalah seorang ibu rumah tangga atau tidak bekerja (76,1%). Untuk gravida atau jumlah kehamilan mayoritas responden adalah primigravida (50%), dan tingkat pengetahuan kurang (41,3%). Kesimpulan: Tingkat pengetahuan ibu hamil tentang perawatan payudara di PMB Supiyah dalam kategori kurang. Kata Kunci : Pengetahuan, Ibu Hamil, Perawatan Payudar

RELATIVE EFFECTIVENESS OF INDONESIAN POLICY CHOICES DURING FINANCIAL CRISIS

The objective of this paper is to review the impact of crisis and policy measures taken during the crisis, to evaluate the effectiveness of those measures and to analyze the exit strategy in Indonesia. The econometric model was used to evaluate the impact of monetary and fiscal policy to economic output using quarterly data from 1990 - 2010. The result shows that monetary and fiscal policies have significant impact to economic output. In the short run the changes in real GDP is significantly affected by changes in real monetary supply in the previous three quarter and real fiscal expenditures. The lesson learned from this research among other are that cooperation and coordination among the policy makers and the timely responses are very important in tackling the crisis; an effective conventional monetary policy in normal times may become less effective in a crisis thus unconventional monetary policy indeed necessary as timely policy response and the improvement for more timely disbursement of government expenditure is important to increase the effectiveness of this policy to stimulate economic output. Moreover, several Indonesian exit strategy and policies to face future challenges are very important to reach the ultimate objective of sustainable economic growth while maintaining macroeconomic stability.   JEL Classification : E52, E62, E63 Keywords: monetary policy, fiscal policy, financial sector policy, global financial crisis

Bilevel Disjunctive Optimization on Affine Manifolds

Bilevel optimization is a special kind of optimization where one problem is embedded within another. The outer optimization task is commonly referred to as the upper-level optimization task, and the inner optimization task is commonly referred to as the lower-level optimization task. These problems involve two kinds of variables: upper-level variables and lower-level variables. Bilevel optimization was first realized in the field of game theory by a German economist von Stackelberg who published a book (1934) that described this hierarchical problem. Now the bilevel optimization problems are commonly found in a number of real-world problems: transportation, economics, decision science, business, engineering, and so on. In this chapter, we provide a general formulation for bilevel disjunctive optimization problem on affine manifolds. These problems contain two levels of optimization tasks where one optimization task is nested within the other. The outer optimization problem is commonly referred to as the leaders (upper level) optimization problem and the inner optimization problem is known as the followers (or lower level) optimization problem. The two levels have their own objectives and constraints. Topics affine convex functions, optimizations with auto-parallel restrictions, affine convexity of posynomial functions, bilevel disjunctive problem and algorithm, models of bilevel disjunctive programming problems, and properties of minimum functions

The least-curvature principle of Gauss and Hertz and geometric dynamics

9789606766763International audienceThis paper shows how we can study real life problems in economics, biology and engineering with tools from differential geometry. Section 1 emphasizes the S-shaped time evolutions and underlines that the torse forming vector field reflects economical phenomena. Section 2 analyzes the geometric dynamics on infinite dimensional Riemannian manifolds produced by first order ODEs and the Euclidean metric. Section 3 introduces and studies a least-curvature principle. Section 4 defines and studies the geometric dynamics on infinite dimensional Riemannian manifolds produced by second order ODEs and by the Euclidean metric. Section 5 analyzes the least-curvature principle of Gauss and Hertz in a general setting. Section 6 explores the controllability of the neoclassical growth geometric dynamics and underlines that the theory can be extended to infinite dimensional manifolds. Section 7 contains conclusions