What can we learn from the implementation of monetary and macroprudential policies: a systematic literature review

The emergence of macroprudential policies, implemented by central banks as a means of promoting financial stability, has raised many questions regarding the interaction between monetary and macroprudential policies. Given the limited number of studies available, this paper sheds light on this issue by providing a critical and systematic review of the literature. To this end, we divide the theoretical and empirical studies into two broad channels of borrowers - consisting of the cost of funds and the collateral constraint - and financial intermediaries - consisting of risk-taking and payment systems. In spite of the existing ambiguity surrounding coordination issues between monetary and macroprudential policies, it is argued that monetary policy alone is not sufficient to maintain macroeconomic and financial stability. Hence, macroprudential policies are needed to supplement monetary. Additionally, we find that the role of the exchange rate is critical in the implementation of monetary and macroprudential policies in emerging markets, whilst volatile capital flows pose another challenge. In so far as how the arrangement of monetary and macroprudential policies varies across countries, key theoretical and policy implications have been identified

Caracterização da matriz orgânica de resíduos de origens diversificadas Characterization of the organic matrix of residues from different origins

Vários fatores controlam a velocidade de decomposição e a liberação de nutrientes por resíduos orgânicos. Dentre esses fatores, destacam-se o grau de humificação e a natureza química dos resíduos. Com este trabalho, objetivou-se caracterizar a matriz orgânica de amostras de lodo de esgoto, estercos de galinha, suíno, codorna e bovino, além de composto, substrato orgânico e material húmico comerciais. Analisaram-se o pH, condutividade elétrica (CE), capacidade de troca de cátions (CTC), capacidade de retenção de água (CRA), teores de N total e N-mineral, matéria orgânica, carbono orgânico total (COT) e as frações de COT: C-fração ácido húmico (C-FAH), C-fração ácido fúlvico (C-FAF), C solúvel em água (CSA), C lábil e teor e diversidade de ácidos orgânicos de baixa massa molar (AOBMM). Quanto maior o teor de C-fração ácido húmico, mais elevada é a capacidade de adsorver cátions dos resíduos orgânicos. Considerando-se o índice de humificação (IH), a razão de humificação (RH) e a CTC, e seus respectivos valores críticos (19 %, 28 % e 67 cmol c kg-1) para separar materiais decompostos daqueles suscetíveis à decomposição, os estercos de suíno, bovino, galinha e codorna, a amostra de composto e o lodo de esgoto 1 podem ser classificados como resíduos ainda não completamente humificados. O C lábil não foi adequado para predizer a biodisponibilidade dos resíduos avaliados. Os estercos de galinha e de codorna foram os materiais mais ricos em ácidos orgânicos de baixa massa molar.<br>The humification degree and the chemical nature of organic residues are essential factors controlling their degradation and nutrient release. To characterize the organic matrix, samples of sewage sludge, poultry, pig, cattle and quail manure, besides commercial compost, organic substrate and humic material were analyzed for: pH, electric conductivity, cation exchange capacity (CEC), water retention capacity, concentration of total N and mineral N, organic matter, total organic carbon (TOC) and the TOC fractions: humic acid C-fraction; fulvic acid C-fraction, water soluble C, labile-C and concentration and diversity of low mass molecular organic acids. The higher the humic acid C-fraction content, the greater was the CEC of the organic residues. Based on the humification index (HI), humification ratio (HR), the CEC and their respective critical values (19 %, 28 % and 67 cmol c kg-1), to separate decomposed material from material in decomposition, the pig, cattle, poultry and quail manures and the organic compost and sludge sewage 1 were classified as not completely decomposed residues. Labile-C was not appropriate to predict the bioavailability of the studied residues. The concentration of low molecular weight organic acids was higher in poultry and quail manure