13,513 research outputs found

    Contagion: China Evergrande Group’s Collapse and its impact on Belt and Road Stock Indices

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    The Evergrande Group is a giant: a company that has liabilities proportional to 2% of China’s overall GDP. While there is evidence that Evergrande’s collapse harmed China and its surrounding economies, this thesis analyzes Evergrande’s default within the context of China’s central foreign policy: the Belt and Road Initiative. Through four selected event dates, a difference in means and medians test and standard panel regression is conducted to analyze differences in impacts for Belt and Road and non-Belt and Road participating countries’ stock indices. This paper’s hypothesis implies that Belt and Road countries would see comparatively more negative impacts on their stock indices. Empirical analysis reveals that events before and after Evergrande’s September 2021 warning were statistically different for both Belt and Road and non-Belt and Road groups, with Fitch Ratings’ declaration of Evergrande’s default being the most detrimental. On the other hand, warnings the year prior to Evergrande’s widespread media coverage in September 2020 opposed the hypothesis, seeing non-Belt and Road countries being more negatively affected. Further findings suggest, however, that Belt and Road countries relative to non-Belt and Road countries showcase comparatively worse stock return performance across the majority of the events, fortifying the hypothesis that Belt and Road countries were more negatively impacted by Evergrande’s default relative to non-Belt and Road countries

    Apertura financiera, fragilidad financiera y políticas para la estabilidad económica: un análisis comparativo entre regiones del mundo en desarrollo

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    En este libro se presenta un an√°lisis comparativo de las respuestas de pol√≠tica de los pa√≠ses en desarrollo de √Āfrica, Asia y Am√©rica Latina y el Caribe a los retos que una mayor apertura financiera externa y la flexibilidad de los precios y el tipo de cambio plantean a la estabilidad econ√≥mica. La mayor apertura externa ha reducido considerablemente el margen normativo de las econom√≠as en desarrollo y, al mismo tiempo, ha aumentado el potencial de fragilidad e inestabilidad financieras. Estos retos, que han pasado a un primer plano desde la crisis financiera mundial de 2008-2009, tambi√©n se manifiestan en el profundo impacto de la pandemia de COVID-19 y definir√°n la recuperaci√≥n posterior a la pandemia. En el libro se examina la manera en que los diferentes pa√≠ses han utilizado los controles de capital y las herramientas macroprudenciales y se destacan las principales lecciones aprendidas.Presentaci√≥n .-- Introducci√≥n .-- Cap√≠tulo I. Regulaci√≥n de los flujos de capital: experiencias seleccionadas de pa√≠ses en desarrollo de Asia y el Pac√≠fico, √Āfrica y Am√©rica Latina, y an√°lisis del tipo de controles del capital necesarios para hacer frente a los efectos perturbadores del COVID-19 / Esteban P√©rez Caldentey, Zebulun Kreiter, Mart√≠n Abeles .-- Cap√≠tulo II. Desaf√≠os planteados por la trayectoria de desarrollo mundial de 2022 a 2030 / Terry McKinley .-- Cap√≠tulo III. Evaluaci√≥n cr√≠tica de la regulaci√≥n macroprudencial y de algunas experiencias regionales comparadas con √©nfasis en Am√©rica Latina y el Caribe / Esteban P√©rez Caldentey, Lorenzo Nalin, Leonardo Rojas .-- Cap√≠tulo IV. Regulaci√≥n macroprudencial en √Āfrica en el contexto de la pandemia de COVID-19 / C. P. Chandrasekhar .-- Cap√≠tulo V. Pol√≠ticas macroprudenciales en Asia: an√°lisis de algunas experiencias / Jayati Ghosh .-- Cap√≠tulo VI. Pol√≠ticas macroprudenciales en Am√©rica Latina / Pablo Gabriel Bortz .-- Cap√≠tulo VII. Un marco para interpretar las pol√≠ticas macroprudenciales en la era de la financierizaci√≥n / Mat√≠as Vernengo .-- Cap√≠tulo VIII. Un modelo stock-flujo de referencia para analizar las directrices y pol√≠ticas de regulaci√≥n macroprudencial en Am√©rica Latina y el Caribe / Esteban P√©rez Caldentey, Lorenzo Nalin , Leonardo Rojas Rodr√≠guez .-- Cap√≠tulo IX. La desindustrializaci√≥n prematura impulsada por las finanzas y el papel de la pol√≠tica macroprudencial exterior en el desarrollo transformador pos-COVID: Am√©rica Latina desde una perspectiva comparada / Alberto Botta, Giuliano Yajima, Gabriel Porcile .-- Cap√≠tulo X. Conclusiones / Esteban P√©rez Caldentey, Juan Carlos Moreno Brid, Lorenzo Nalin

    Financial and Economic Review 22.

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    Resilience and food security in a food systems context

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    This open access book compiles a series of chapters written by internationally recognized experts known for their in-depth but critical views on questions of resilience and food security. The book assesses rigorously and critically the contribution of the concept of resilience in advancing our understanding and ability to design and implement development interventions in relation to food security and humanitarian crises. For this, the book departs from the narrow beaten tracks of agriculture and trade, which have influenced the mainstream debate on food security for nearly 60 years, and adopts instead a wider, more holistic perspective, framed around food systems. The foundation for this new approach is the recognition that in the current post-globalization era, the food and nutritional security of the world’s population no longer depends just on the performance of agriculture and policies on trade, but rather on the capacity of the entire (food) system to produce, process, transport and distribute safe, affordable and nutritious food for all, in ways that remain environmentally sustainable. In that context, adopting a food system perspective provides a more appropriate frame as it incites to broaden the conventional thinking and to acknowledge the systemic nature of the different processes and actors involved. This book is written for a large audience, from academics to policymakers, students to practitioners

    From Keynes’ Clearing Union to the Euro-zone and the Renminbi

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    Abstract. The 1944 Bretton Woods agreement provided an international imprimatur for the dollar standard. H. D. White, the lead US negotiator, saw to it that the ability of other countries to obtain commitments from the US (via the International Monetary Fund) for loans or approval for currency devaluations would be limited. J.M. Keynes, representing Britain, in contrast proposed an International Clearing Union that would issue its own currency (‚Äúbancor‚ÄĚ), intended to reduce systemic dependence on the dollar or on gold. The ICU would be a bank for the world‚Äôs central banks, which would allow debtor nations to borrow freely.¬† In contrast to White‚Äôs plan, ICU creditors would be expected to reduce their balances by expanding domestic credit or other means. Insights from Keynes‚Äô plan help to understand later developments. An ICU premise was that international reserves should be pooled, and centralized.¬† The Bretton Woods gold-dollar standard was jeopardized during the 1960s ‚Äď the Triffin dilemma -- when European creditor countries demanded gold reserves from the US. A monetary truce, proposed by Mundell, would have included 1) agreement by Europe and the US on an inflation level, and for US monetary policy to target that level; and 2) Europeans adjust their gold-to-dollar ratios to maintain the US gold stock. Monetary cooperation could thereby have created de facto international reserves. Instead, the Bretton Woods exchange rate apparatus collapsed by 1973, leaving major currencies to float. Against expectation, international demand for reserves soared. Relentless demand for US securities has contributed to deindustrialization and financial fragility, ongoing consequences of the dollar standard.¬† And exchange rate depreciation has done little to correct account imbalances. Clearing Union concepts help to understand the euro experiment ‚Äď when it nearly failed, and how it recovered. An international currency can succeed only if 1) surplus and creditor countries are both required to adjust; and 2) member countries agree on inflation objectives. Demands on China to revalue have been misguided.¬† From the perspective of 2022, correction of account imbalances will not happen without the approval of the world‚Äôs now largest creditor ‚Äď China ‚Äď which is likely to resist any constrain on its actions.¬† This is and will be a drag on the world economy.Keywords. Bretton Woods;¬† International Clearing Union;¬† Bancor;¬† John Maynard Keynes;¬† Harry Dexter White;¬† Robert Triffin;¬† Robert Mundell;¬† Triffin Dilemma;¬† Monetary truce; 1966; Euro-zone; Renminbi revaluation; Partial equilibrium models; Multi-lateral clearing;¬† Flexible exchange rates.JEL. F02; F31; F33; F36; F38; F41; F45

    Decolonising Higher Education in the Era of Globalisation and Internationalisation

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    Conceived within a context of transdisciplinarity and pluriversalism, and in rigorous response to the Eurocentric, globalising and nationalising structures of power that undergird and inhabit contemporary praxis in higher education ‚Äď especially in African higher education ‚Äď this collection of essays brings to the on-going discourse on decolonisation fresh, rich, probing and multilayered perspectives that should accelerate the process of decolonisation, not only in higher education in Africa, but also in the global imaginary. A remarkable, courageous and potentially revolutionary achievement, this book deserves a special place on curricula throughout the world of higher education

    Science and Innovations for Food Systems Transformation

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    This Open Access book compiles the findings of the Scientific Group of the United Nations Food Systems Summit 2021 and its research partners. The Scientific Group was an independent group of 28 food systems scientists from all over the world with a mandate from the Deputy Secretary-General of the United Nations. The chapters provide science- and research-based, state-of-the-art, solution-oriented knowledge and evidence to inform the transformation of contemporary food systems in order to achieve more sustainable, equitable and resilient systems

    Financial openness, financial fragility and policies for economic stability: a comparative analysis across regions of the developing world

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    This book presents a comparative analysis of the policy responses of developing countries in Africa, Asia and Latin America and the Caribbean to the challenges that greater external financial openness and price and exchange-rate flexibility pose to economic stability. Greater external openness has significantly narrowed developing economies‚Äô policy space, while at the same time increasing the potential for financial fragility and instability. These challenges, which have come to the fore since the global financial crisis of 2008‚Äď2009, are also manifest in the profound impact of the COVID-19 pandemic and will shape the post-pandemic recovery. The book examines how different countries have used capital controls and macroprudential tools and highlights key lessons learned.Presentation .-- Introduction .-- Chapter I. Capital flow regulation: selected experiences in developing countries from Latin America, Africa and Asia-Pacific and analysis of the type of capital controls needed to confront the disruptive effects of the COVID-19 / Esteban P√©rez Caldentey, Zebulun Kreiter, Mart√≠n Abeles .-- Chapter II. Challenges posed by the Global Development trajectory from 2022 to 2030 / Terry McKinley .-- Chapter III. A critical assessment of macroprudential regulation and comparative regional experiences focusing on Latin America and the Caribbean / Esteban P√©rez Caldentey, Lorenzo Nalin, Leonardo Rojas .-- Chapter V. Macroprudential policies in Asia: A consideration of some Asian experiences / Jayati Ghosh .-- Chapter VI. Macroprudential policies in Latin America / Pablo Gabriel Bortz .-- Chapter VII. A Framework to Interpret Macroprudential Policies in an Era of Financialization / Mat√≠as Vernengo .-- Chapter VIII. A baseline stock-flow model for the analysis of macroprudential regulation guidelines and policies for Latin America and the Caribbean / Esteban Perez Caldentey, Lorenzo Nalin, Leonardo Rojas .-- Chapter IX. Finance-led premature de-industrialization and the role of external macroprudential policy for post-COVID-19 transformative development: Latin America in a comparative perspective / Alberto Botta, Giuliano Yajima, Gabriel Porcile .-- Chapter X. Conclusions / Esteban P√©rez Caldentey, Juan Carlos Moreno-Brid, Lorenzo Nal√≠n

    Money and monetary policy in a less developed economy. The case of Ceylon (Sri-Lanka), 1950-1970.

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    The main object of this work is to discover quantitative information about Monetary Policy in an independent less-developed economy, the economy of Ceylon. The examined period is 1950-1970, using annual data. Chapter I serves as an introductory outline to the whole work. Chapter 2 undertakes a brief overview of the main issues outstanding in Monetary Policy and to show how our study is relevant to some of these issues. Chapter 3 looks at the basic characteristics of the economy by examining the general economic background and the institutional features of the monetary, banking and financial structure. The implications of the high dependence on foreign trade for various features of the economy and for the working of the monetary system are outlined. Chapter 4, with the background and the issues raised in chapter 3, examines the economic stabilization policies followed by the Monetary Authorities. The main problems encountered by the Authorities were: (i) To mitigate the effects of fluctuations in the export sector which caused disequilibrium in the balance of payments with further effects throughout the economy. (ii) To meet the consequences of the liquidity created because of the Government financing of its deficits through borrowings from the Central Bank. (iii) Strong necessity for economic development. The imposition of controls and restrictions on imports after I960, created a new situation with important implications for the kind of the monetary measures adopted to check liquidity. The relationship of changes in the price level and changes in the money supply and the changes in the public's portfolios to keep currency and demand deposits are examined too. On the other hand, the difficulties that face fiscal policy in LDCs are brought out together with remarks that a strong conflict can exist between the price stability and economic development, the strong connection of the balance of payments situation and fiscal actions, and the high interdependence of monetary and fiscal policy which cannot, therefore, be examined separately. Chapter 5 investigates the properties of the demand function for money and is preceded by a review of the development of some basic issues in the subject. In our empirical investigation, the tests performed refer to some simple models, but particular attention is given to the dynamic formulations of the partial adjustment-income expectations models and to the stability of the function. Chapter 6 takes up the supply of money. The analysis, based on the money supply-multiplier-Base formula (fiTWiB), proceeds from simple expressions of the multiplier, such as those of Cagan and Friedman, to more elaborate ones, by considering the evolution and the variability of the multiplier and the various ratios such as the currency ratio, the time deposit ratio, and the reserves ratio. In this context, the discussions of the "monetarist" view and "new" view of the money supply mechanism are entered. In addition, specification of behavioural equations for the various ratios is undertaken, with the object of specifying a money supply function together with the various interest elasticities. Attention is also drawn to the monetary base from the sources point of view and to the problems encountered in controlling the monetary base. Chapter 7 develops a relatively simple model consisting of 14 structural equations and 7 identities, representing the Private sector, Commercial banks, real sector, and the Government sector, with the purpose of discovering quantitative information of these sectors and any particular characteristics in their behaviour, to find any links between the real sector and the financial variables, and finally, to evaluate the effectiveness of the various policy variables. Chapter 8 states the main conclusions and suggests directions that future work could take

    Art and Creativity for HIV/AIDS Awareness, Prevention, and Empowerment of Young People in Uganda

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    Art, youth engagement and informality in the context of HIV prevention have been generally ignored by most researchers and stakeholders within the HIV programming and policy arenas, thus silencing the plight of urban youth infected with and affected by HIV/AIDS. In response, this thesis draws on the case of peri-urban settings of Kampala, Uganda to bring geographies of applied sculpture, HIV/AIDS prevention, and youth empowerment into dialogue, informed by the notions of art having the capacity to move beyond the spaces of galleries into an expanded field, and thus, beyond the visual and into the social spheres. In liaison with local NGOs (The Uganda AIDS Support Organisation - TASO, National Guidance and Empowerment Network for People Living with HIV/AIDS - NGEN+ and Lungujja Community based Health care Organisation ‚Äď LUCOHECO, it adopts a mixed methodological approach, including applied art and participatory techniques - observation, video, storytelling, and interviews, to understand the lived experiences of young people (15-24 years) in marginalized spaces in Kampala. The thesis first examines the general context of using ethnography and applied social sculpture to explore every day experiences by facilitating the engagement of young people in open communication about the epidemic. This is intended to enable them to act in confronting stigma, taboos, and their precarious existence, while raising their awareness about HIV/AIDS. The thesis then explores the everyday precarious existence of young people in informal settings in Kampala. It proceeds to examine how workshops with these young people allowed collective engagement which, in turn, influenced the creation of artworks envisioned to act as communication tools for raising awareness of HIV/AIDS with the potential for livelihood benefits. Finally, the thesis examines young people‚Äôs active involvement in participatory workshops for HIV/AIDS prevention, providing ethnographic evidence regarding the artmaking process, the conversations that ensued as they worked, and the creation of applied objects/forms that enabled them to build their confidence to freely express about the precarities affecting their lives, countering taboos, and encouraging them to change their behaviours and practices while potentially acting as change agents in their own communities. It highlights the significance of stimulating open conversations about HIV/AIDS - as a starting point towards confronting stigma and other aspects of precarity, while advocating for the incorporation of the approach into practice by public health experts, policymakers, and development practitioners. The thesis shows the strengths of applied sculpture as an approach that has potential for making sense of ordinary everyday experiences, finding meaning and crafting clarity of young people‚Äôs lived experiences in the context of HIV/AIDS. It concludes that applied sculpture is potentially an important tool in tackling HIV/AIDS and its attendant problems by engendering and facilitating open conversations and social economic development through an engagement with the voices and agency of young people in Uganda and beyond
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