Effect Of CBI Research Articles

Measuring Response of Stock Market to Central Bank Independence Shock

This paper examines the responses of stock traded and economic activity in relation to central bank independence shocks. The analysis is based on a panel Vector Autoregressive estimation covering 25 developing countries for a quarterly period between 1990 Q1 and 2021 Q4. Panel VAR estimation is known to be potentially biased in a dynamic panel data model if the coefficient on the endogenous variables differs across countries. To test the pooling assumption of the model, this paper applies the Chow and Roy-Zellner tests. The results establish that the models contain the heterogeneity among samples; thus, mean-group estimation for panel VAR is performed as a solution for heterogeneity problem. The results show that there is a delayed effect of CBI to increase stock traded. This demonstrates that CBI takes around six quarters to strengthen the financial market. By dividing the sample into two groups, we find that CBI has a different effect on stock traded for countries that have high and low stock traded.

FDI Driven Growth in Emerging Economies: Impact of Levels of Central Bank Independence

This paper investigates the impact of levels of central bank independence (cbi) on the relationship between foreign direct investment (fdi) and economic growth. Economic theory confirms that a higher level of central bank independence is associated with a relatively lower and stable rate of inflation. To the extent that inflation moderation contributes to macroeconomic stability, and the latter provides a favorable environment for fdi to impact growth significantly, we considered it important to examine the possible effect of cbi on the fdi-economic growth relationship. Our attempt in this direction fills an important gap in the literature by adding a new dimension to the fdi-growth nexus. We proceed by subjecting data on fdi flows and gross domestic product (gdp) to Granger causality tests within a panel cointegration framework. Our panel consists of 22 emerging countries subdivided into groups of high and low cbi countries. The empirical investigation in our framework proceeds in three different steps. We begin by testing for non-stationarity in the two variables of fdi flows and gdp in our panel of 22 countries. Prompted by the existence of unit roots in the time series of the referred variables, we use the panel cointegration technique to test for a long-run cointegrated relationship between the two variables of interest in the second step of our estimation. With evidence of cointegration in the long-run fdi-growth relationship for the full and the subdivided panels, we finally use an error correction model to uncover Granger causality in the long run relationship along with its short-run dynamics. The results of our tests indicate a strong cointegration between fdi and economic growth for both the subdivided country groups referred above; causal links between the two variables, however, vary substantially between the two groups. While the high cbi countries show a significant long run bidirectional causality between fdi and economic growth, the low cbi countries demonstrate only a unidirectional link running from economic growth to fdi; there is no evidence of a link running from fdi to economic growth for the low cbi countries. Additionally, we find that for both the country groups, fdi induced growth is a long run phenomenon only. These results seem to suggest that with associated price stability, high cbi countries serve not only as an attraction for fdi flows but, through productivity spillovers, triggers economic growth that induces additional fdi flows.

The Side Effects of Central Bank Independence

AbstractCentral bank independence (CBI) solves the time inconsistency problem faced by policymakers with respect to monetary policy. However, it does not solve their underlying incentives to manipulate the economy for political gains. Unable to use monetary policy, and often limited in their ability to use fiscal spending, governments can resort to financial deregulation to generate short‐term political benefits. We show qualitatively and quantitatively that governments systematically weaken financial regulations in the aftermath of CBI, and that the effect of CBI is separate from an ideological shift toward liberalization. Our findings suggest that the growing financialization of the economy experienced by many countries over the last few decades is partly a by‐product of central bank independence.

Do Independent Central Banks Exhibit Varied Behaviour in Election and Non-Election Years?: The Case of Fiscal Policy in Africa

ABSTRACTThe study primarily investigates if the behavior and effectiveness of CBI on fiscal policy varies between non-election and election years. It also examines whether the effectiveness of CBI in improving fiscal performance is enhanced by higher institutional quality. Using recent CBI data f on 48 African countries, 90 other developing countries and 40 developed countries over the period 1970–2012, we apply a two-stage system GMM with Windmeijer small sample robust correction estimator and find that due to the strong incentives of political authorities to influence economic outcomes in election years, CBI has stronger effects on fiscal performance in election years compared to non-election years in developed countries only. However, given higher levels of institutional quality, CBI has stronger effects on fiscal performance in election years compared to non-election years in Africa and other developing countries also.

Central bank independence and inflation in Africa: The role of financial systems and institutional quality

The study examines the effects of financial systems and the quality of political institutions on the effectiveness of central bank independence in achieving lower inflation. Drawing from the fiscal theory of price level (FTPL) and political economy of macroeconomic policy (PEMP) literature; we estimate a panel regression model, using Two Stage Least Squares instrumental variables procedure, on a sample of 48 African countries over the period 1970–2012. The study finds that central bank independence-inflation nexus is dependent on the model, sample and estimation technique used. After accounting for various control variables and introducing inflation targeting as an additional explanatory variable, the study shows that, unlike in developed countries, CBI is not sufficient in achieving lower inflation in Africa and the developing world. However, common to developed, developing and African countries, is that, higher central bank independence is more effective in lowering inflation in the presence of high levels of banking sector development and institutional quality. The findings of the study also show that while stock market development enhances the effectiveness of CBI in developed and developing countries, it has no significant effect on CBI effectiveness in Africa.

Long-term Effects of Recurrent Neonatal Seizures on Neurobehavioral Function and Related Gene Expression and Its Intervention by Inhibitor of Cathepsin B

Cathepsins are families of proteases that have been reported to play the key roles in neuroexcitotoxicity. The present study was sought to determine the effect of CBI, a cathepsin B inhibitor, in the prevention of neurobehavioral deficits after inhalant flurothyl-induced recurrent neonatal seizures in rats. We examined the expression pattern of autophagy-related genes at acute phase after the last seizures using western blot method, and evaluated behavioral deficits during postnatal day 28 (P28) to P35. The results showed improved neurological scores and learning ability in CBI-treated rats compared with the nontreated control. Flurothyl-induced increases in the ratio of LC3-II/LC3-I, Beclin-1 and Cathepsin-B were blocked by pre-treatment with CBI at 1.5, 3, 6 and 24 h after the last seizures in hippocampus and cerebral cortex by western blot analysis. Meanwhile, CBI also reversed flurothyl-induced down-regulation of Bcl-2 protein levels. Furthermore, in the long-term time point of 35 days (P35), PRG-1 mRNA and protein level in hippocampus and cerebral cortex of recurrent seizure group were up-regulated when compared to the control rats; meanwhile, the up-regulated expression of PRG-1 were robustly inhibited by CBI. These date demonstrated, for the first time, that lysosomal enzymes participate in neonatal seizure-induced brain damage and that modulation of cathepsin B may offer a new strategy for the development of therapeutic interventions for treatment of developmental seizure-induced brain damage.

Evaluating the effects of CBI on an English for medical students program

This study investigated the effectiveness of CBI on the development of oral communicative competence and the causes of this development on a Medical English program in an English as a foreign language context. The participants were 16 Colombian university students between the ages of 17 and 22 from various semesters in their academic medical program. The instruments included classroom observations, learning journals, and interviews. The data was analyzed and categorized in light of the research questions. The analysis showed that students developed their oral and discourse skills in English in a relevant, challenging, and meaningful manner because the approach implemented was based on the integration of language and content. Through these materials that served as models for the students, they were able to activate their prior knowledge, lessen anxiety, raise their self-confidence and become motivated towards language learning.

A double-blind randomized controlled trial of patient-controlled epidural analgesia with or without a background infusion following initial spinal analgesia for labor pain

Background Patient-controlled epidural analgesia (PCEA) combined with spinal analgesia is an option for pain relief in labor. However, the effect of a CBI on the analgesic requirements of laboring women is still debated. This double-blind study investigated the effect of CBI with PCEA following spinal analgesia on the local anesthetic requirements of parturients during labor. Methods Sixty-six nulliparous women were randomly assigned to a standard PCEA protocol (5-mL demand bolus, 10-min lockout) with or without a CBI of 6 mL/h. The epidural solution consisted of 0.1% ropivacaine with fentanyl 2 μg/mL. Labor analgesia was initiated in both groups with intrathecal bupivacaine 2.5 mg plus fentanyl 25 μg. The number of demands per hour and the hourly dose of ropivacaine were calculated for both groups. Results The median [range] number of analgesic boluses per hour in the PCEA group that were demanded: 2.4 [0.8–12.2] and delivered: 1.6 [0.8–2.6], were significantly greater than those in the PCEA+CBI group: 0.7 [0.4–4.2] and 0.6 [0.2–1.3] ( P 0.05). However, the hourly ropivacaine dose in the PCEA group (7.9 [3.9–13.2] mg/h) was not significantly different from that in the PCEA+CBI group (8.4 [6.0–12.5] mg/h). Conclusion In laboring nulliparous patients provided initial labor analgesia with spinal anesthesia, the use of a continuous background infusion decreases PCEA demand dosing, but not the total hourly amount of ropivacaine and fentanyl used.

An Empirical Investigation of CBI in Support of Mastery Learning

In spite of a large body of research, deep knowledge regarding the effect of computer-based instruction systems (CBI) is lacking. The objective of this research was to investigate the effectiveness of CBI in support of mastery learning. The analysis is based on 333 students who used a CBI system, called management information systems tutor (MIST), for a nine-week period. Results of the analysis show that the MIST helped students improve their performance. In addition, a significant relationship was observed to exist between a student's performance and time on task. However, some students neither reached mastery performance nor did any significant change in their time spent on task occur. This is contrary to the belief held by some researchers in the field of CBI. These results are analyzed with respect to findings from motivational and self-learning research.

Riboflavin Analogues: A Novel Class of Antihypertensive Drugs

1. Riboflavin analogues were tested in three hypertensive rat models: the DOCA-salt hypertensive rat, spontaneously hypertensive rats (SHR) and Dahl S rats. 2. When 1.6 mg of 7,8-dimethyl-10-formyl-methylisoalloxazine (FMI) or 7,8-dimethyl-10-(2′-hydroxyethyl)isoalloxazine (HEI) was administered with 3.0 mg of DOCA twice weekly for 9 weeks, the systolic blood pressure (SBP) of the unanaesthetized rats rose to only 136 ± 5 mmHg compared with 165 ± 5 mmHg during DOCA treatment alone. The analogues blunted the retention of iliopsoas muscle Na+ and water due to DOCA. 3. In subsequent studies, the more potent riboflavin analogue 7,8-dimethyl-10-(3-chlorobenzyl)isoalloxazine (CBI) was employed. Administration of 0.5 mg of CBI/100 g body wt. twice weekly for 7 weeks lowered the SBP of the unanaesthetized SHR from 188 ± 7 mmHg to 148 ± 2 mmHg. The rats tolerated the medication well. CBI was more effective than hydrochlorothiazide, which at 2.2 mg/100 g body wt. daily only lowered the SBP to 167 ± 5 mmHg. The combined administration of CBI and hydrochlorothiazide produced an additive effect in that the SBP was reduced to 126 ± 4 mmHg. 4. CBI treatment resulted in a 36% and 11% decrease in the iliopsoas muscle Na+ concentration and water content respectively, suggesting that the untreated SHR is retaining Na+. The hydrochlorothiazide-treated SHR exhibited elevated levels of serum aldosterone. There was a profound suppressive effect of CBI on the secondary hyperaldosteronism generated by hydrochlorothiazide which was also reflected in the iliopsoas muscle K+ concentration. 5. In contrast to the SHR, the administration to the Dahl S rats of CBI for 8 weeks at 0.5 mg/100 g body wt. twice weekly reduced neither their SBP nor their iliopsoas muscle Na+ and water contents. 6. These results are consistent with our hypothesis that the antihypertensive actions of the riboflavin analogues are closely associated with their ability to modify the effects of mineralocorticoids on Na+ balance. These data suggest that riboflavin analogues also decrease aldosterone production and may function as dual-mechanism diuretic agents with K+ sparing properties and thus act as a novel class of antihypertensive drugs.

Documentation in computer-based instruction

The problems of documenting computer based instruction are surveyed. The need for two levels of documentation is outlined; one level which is concise and designed primarily to catalogue available courseware and a second level which is detailed and intended for the instructors, proctors, programmers, and operators who will work with the courseware. Three general approaches to producing documentation are considered: manual procedures, self-documenting systems, and post-hoc analysis of programs. The importance of documentation to the development of CBI is discussed.Considerable emphasis is now being placed on software documentation in the EDP community. As computers begin to become fundamental components of our educational system, we can expect to see a similar ware. Many of the concerns which apply to the documentation of computer software in general also apply to CBI programs. However, there are a number of important differences. One difference involves the documentation of user (student) activity in terms of learning outcomes or examination results. Non-instructional software is seldom concerned with keeping records about the user to the extent expected of instructional programs. Sophisticated CBI programs can involve a considerable amount of graphic displays, formatted text, special character sets, and varied response modes, as well as involving the synchronization of computer-controlled audio, slide, or video devices. Finally, instructional strategies and logics for the individualization of instruction require description which extends beyond that of the usual algorithms or methods embodied in non-instructional programs. For these reasons alone, the documentation of CBI materials poses a number of unique problems for the documentation of computer software.There are many reasons why documentation is absolutely critical to the field of CBI. The development of CBI courseware is an expensive and time consuming endeavor typically involving 50--100 hours of design and programming time for every hour of instruction delivered. Clearly, this development effort can be justified if courseware can be shared by many students at different institutions. Documentation of courseware is essential to ensure that such transfer of courseware is possible and successful. Documentation is also necessary to prevent the duplication of similar or identical courseware.Not only is documentation necessary to permit the successful transfer of courseware, it is also essential to the maintenance of a CBI project. Given the realities of changing instructors, programmers, and even computer systems, a CBI project depends upon adequate documentation for ongoing continuity and stability. Furthermore, documentation of student activity is necessary for the evaluation of the instructional effectiveness of the courseware. Thus, if CBI is to fulfill its potential as a sophisticated instructionaldesign methodology, the documentation must indicate exactly how wellthe courseware works and exactly where improvement is needed. Thedocumentation of instructional effectiveness is closely related to, but distinct from, the issue of student performance records.Insofar as documentation is important to the transfer and dissemination of CBI courseware, to the ongoing operation of CBI projects, and to the improvement of the instructional effectiveness ofCBI courseware, it seems necessary to conclude that the eventual success or failure of CBI as an educational methodology may dependin no small way on the success of the documentation of CBI programs. This article discusses the major components of the documentation problem: <u>what</u> is to be documented and <u>how</u> this documentation is to be produced.