Market Intervention Research Articles

The Impact of Central Bank Policy on Aspects of Bank Sharia Financial Behavior in the Money Market

Central bank policy has an important role in influencing the behavior of banks in the money market. This is important because banking movements can affect market stability and the economy as a whole. Therefore, analysis of the impact of central bank policy on bank behavior is very important to expand understanding of how monetary policy can influence the actions of banks participating in money markets. The research results show that central bank policies such as changes in interest rates, mandatory reserve policies, and market intervention have a significant impact on bank behavior. Interest rates set by the central bank can affect bank lending and investment interest, while mandatory reserve policies can affect banks' liquidity and their risk management strategies in the money market. This study also emphasizes the importance of transparency and communication from central banks in implementing policies. Clarity in policy can indirectly help in managing market expectations and help banks respond to changes in monetary policy. This research can be the basis for further research exploring how central bank policies can improve risk and liquidity management, as well as the stability of money markets and the economy. In conclusion, central bank policy has a significant impact on bank behavior in the money market, and policy communication and transparency are important factors in bank risk and liquidity management in order to maintain money market stability in the future.

Social Protection Programs and the Future of the Poor and Vulnerable in Nigeria: Notes and Reflections from Lessons of History

Existing studies argue that Social Protection Programs are designed to reduce poverty and vulnerability by promoting efficient labor markets. Therefore, the government must respect and promote the principles of non-discrimination, gender equality, responsiveness to social needs, social inclusion (including in the informal sector/economy), and respect for people's rights and dignity. This research uses qualitative field methods in the area and its surroundings. This research also uses historical documents from national archives and documentary data from newspaper reports, diaries, letters, and oral reports. The most common types of social protection include labor market interventions, social insurance, and social assistance. While this is the standard worldwide, especially in the ideal Social Contract between society and government, this has yet to be the case in most countries in the Developing World, especially Nigeria, in the last decade. So the impact is increasing poverty, neglect of older people, unemployment, disappointment, and tension, which leads to violent conflict. Therefore, this research attempts to build relationships between Nigeria's government and the Poor and Vulnerable Communities. The Nigerian government must show great commitment to the issue of social protection programs that are in line with global practices.

Housing and mental health inequalities during COVID-19: the role of income and housing support measures

The COVID-19 pandemic negatively impacted people’s mental health and wellbeing. Using a national dataset of >11,000 Australians collected before and during the first two years of the pandemic, this study examines housing and mental health effects of COVID-19, and the extent to which access to government income support (social security measures, crisis payments and wage subsidy), early superannuation withdrawal, mortgage and rent relief, and tenant eviction moratoriums offered protection. Results show that the mental health gap between private rental and more secure housing tenures and between good- and poor-quality housing widened during the pandemic. Government income support provided a social safety net and was important in buffering housing instability especially when strong eviction moratoriums were lacking. Mortgage relief measures were associated significantly lower risks of housing affordability stress. Strong eviction moratoriums were effective in reducing risks of residential instability and forced moves. The pandemic exposed health vulnerabilities generated from people’s housing circumstances, reinforcing the need for public policies to address these social inequities to improve health and wellbeing. Findings emphasise the importance of tenure security, housing quality and enforcement of rental market interventions during disasters and identify the benefits of policies providing income support and strong eviction protection.

Four types of video-on-demand markets: Comparing the development of European VoD

The European video-on-demand (VoD) market has grown rapidly over the past decade, but differences across European nations persist. While the US-based globally operating players Netflix, Amazon and Disney+ dominate the subscription video-on-demand (SVoD) market, VoD services emerging from the legacy media industries and funded by means other than subscription shaped the early development of the European VoD market. This article maps and compares the development of the VoD market within the European Union with a focus on the idiosyncrasies in uptake and offer of VoD in different countries. Building on previous studies of national media systems, the article develops four comparative dimensions for the case of the European VoD market and operationalizes them using quantitative data from the European Audiovisual Observatory (EAO) and Eurostat from the period 2016–22. The comparative data analysis results in a grouping of countries, according to similar levels of market penetration and diversity of catalogue and content offers, while accounting for differences in size, concentration in the SVoD market and levels of market intervention within these clusters. These four types of VoD market development offer a contextualization to nation or service-specific case studies of players in the European market and a basis for hypotheses to explain these differences.

Revitalizing agricultural price mechanisms: A review and call for enhancement

Abstract Indian agriculture has long faced criticism for its lack of a strong price policy, which leaves farmers at the mercy of changes in the market. Although it has been implemented for a few commodities, the minimum support price (MSP) system has not been all-encompassing nor has the implementation of market intervention measures yielded much respite. This study makes the case that a thoughtful combination of the private investments and market intervention schemes (MIS) along with existing regimes of MSP could provide greater results. A strategy like this might offer farmers greater all-encompassing assistance while guaranteeing reasonable prices and stable markets. This study has reviewed two key existing frameworks by examining their strengths and flaws. Based on this analysis, it is possible to move forward by incorporating the best aspects of MIS and MSP. In addition to addressing the long-standing issues Indian farmers confront, this strategy could result in a more egalitarian and sustainable agriculture industry.

A study of the dynamic relationship between the RMB exchange rate, foreign exchange reserves and monetary policy

In today's globalized economic environment, the relationship between China's RMB exchange rate, foreign exchange reserves and monetary policy has become more and more complex, and is crucial to the stability and sustainable development of the economy. The interactions among these three have a direct impact on China's macroeconomic situation, so it has become a very urgent task to study this relationship in depth. This study combines theoretical and empirical research to deeply analyze the dynamic relationship among these three, aiming to provide practical guidance for the formulation of China's monetary policy.This paper selects the time series data of RMB exchange rate, foreign exchange reserves and money supply from 2003 to 2023 to study the relationship between RMB exchange rate, foreign exchange reserves and monetary policy. This paper will deeply explore the impact of the government's market intervention on the RMB exchange rate under different exchange rate regimes, especially under the fixed exchange rate regime and the floating exchange rate regime. This paper will delve into the transmission mechanism of monetary policy, especially the flexibility and adaptability of monetary policy under the volatility of global financial markets and changes in economic cycles. In terms of empirical research, this paper will use the VAR model and the GARCH model for time series analysis to verify the applicability of the theoretical mechanism in practical situations and provide lessons for the formulation of future monetary policy.

CONSUMER BEHAVIOUR AND DECISION MAKING IN HEALTHCARE PURCHASES

In the complicated healthcare environment of today, obtaining health insurance is essential to guaranteeing both financial stability and access to high-quality medical care. However, there are still many unknowns when it comes to consumer behaviors while choosing health insurance, which affects market dynamics and decision-making procedures. By combining knowledge from the fields of economics, psychology, marketing, and public policy with a thorough investigation of consumer behaviors in the healthcare insurance market, this study seeks to close these gaps. The research attempts to elucidate the elements influencing decision-making, the complexities of choosing insurance, and the implications for market dynamics, consumer welfare, and policy development through theoretical investigation, empirical analysis, and practical implications. Important conclusions highlight the need for focused marketing and governmental interventions by revealing the intricate interactions between social, marketing, and personal aspects in decision-making. The study emphasizes how crucial decision support tools and consumer education are to enhancing consumer comprehension and decision-making. Furthermore, it highlights how important it is to have regulatory frameworks that support competition, consumer welfare, and market efficiency that are based on a deeper understanding of consumer behaviour. Through the utilisation of these insights, interested parties can endeavor to establish a healthcare insurance market that is reasonably priced, easily accessible, and adaptable to the various requirements of people and communities, guaranteeing access to top-notch medical care while upholding financial stability. Key Words: health insurance, consumer behaviours, decision-making, market structure, policy formulation, safety of consumers, regulatory frameworks, affordability, access, quality care.

МОДЕЛІ «ДЕРЖАВИ ЗАГАЛЬНОГО ДОБРОБУТУ» ТА ЇХНІ ХАРАКТЕРИСТИКИ

The article examines the peculiarities of the welfare state model, which has been constantly changing, transforming, having different options for implementation, going through a crisis and post-crisis development. It is determined that only the state, in the policy of the welfare state, acts as a guarantor of social rights and opportunities for its citizens. The author reveals the types of welfare models and their main characteristics that determine the peculiarities of social policy implemented by countries. It is established that the model of the “welfare state” has experienced an economic, ideological and philosophical crisis, which has led to the need to update and modernize the conceptual foundations of its implementation. The author proves that changes in the country’s social policy allow for a clear distinction between programmatic retrenchment and systematic retrenchment, i.e., reduction of social programs or reduction of social expenditure financing in the welfare state model. The author reveals the typology of models of management of the state social policy, in particular: pluralistic, corporate, Marxist and elite models. It is proved that the main social task of the state’s economic policy is “not to distribute benefits, but to ensure the conditions of freedom and independence of individuals who are able to create these benefits and take care of themselves and their families on their own”. The modern version of the socio-economic model of the “welfare state” is to create conditions that will ensure the synergy of market self-regulation and state intervention, and can be implemented in the areas of economic freedom and personal development. In addition, the areas of development of the welfare state are: risks and innovations, social solidarity, social justice, lifelong support, distribution of difficulties between generations, which is part of the concept of sustainable development. It is established that the transformation of the welfare state model leads to a change in the mechanisms and instruments for its implementation, in particular: universalization of social expenditures; policy coherence between social, economic and environmental aspects of development; search for inclusive forms of its implementation and partnership between the State, civil society and business; identification of new directions in global and regional social policy. It is established that the choice of implementing the “welfare state” model depends on the historical, socio-cultural and economic conditions prevailing in a country and is determined by the type of its socio-political system, ideological and spiritual principles, and the peculiarities of the stage of development. Key words: welfare, state, models of the welfare state, social justice, social security.

COMPRENSIÓN DEL MERCADO ENERGÉTICO ESPAÑOL 2022 CON UN ANÁLISIS DE LOS DATOS OFICIALES

The energy situation that occurred in the Spanish electricity and natural gas markets in 2022 implies the concept of a global crisis. This entails a significant increase in the prices of electricity and natural gas. Historically, the relationship between these two concepts has always been substantial, as demonstrated in the conducted study. This article aims to analyze whether this relationship between both markets has continued to be strong in the past year, 2022, and to assess the factors that may have distorted the results. To achieve this, publicly available data recorded by various operators in the electricity and natural gas markets have been meticulously analyzed and reviewed from a statistical-mathematical perspective. The study investigates the implications of the rising prices of electricity and natural gas, as well as the measures taken by the Spanish Government in June 2022. Furthermore, it is essential to consider that in 2022, several anomalous factors occurred, such as the Russia-Ukraine war and the Spanish market intervention resulting from the price increases, suggesting a different market behavior. The primary conclusion drawn from the analysis of the published data is that the high prices in 2022 can be attributed not solely to the high prices of natural gas, as indicated in the media. This will be elaborated upon throughout this study. Key Words: Gas Cap Adjustment Mechanism, Massive Consumption of natural gas and exports of electricity in 2022. Correlation between OMIE and MIBGAS.

Spur of the moment: the unintended consequences of excessive food purchases and food waste during Ramadan

PurposeFood waste, a global conundrum with adverse socioeconomic and environmental implications, occurs when more money is spent on food during occasions akin to Ramadan. This study examines the moderating role of antecedents (festive experience, nostalgic food memory, perceived scarcity, and religiosity) to understand the impacts of excessive food buying on Ramadan food waste.Design/methodology/approachA cross-sectional survey was performed with a self-administered questionnaire using Google Forms to gather data on social media. Notably, 349 valid responses were analysed via Partial Least Squares Structural Equation Modelling (PLS-SEM) with SmartPLS 4 for model development and hypothesis testing.FindingsFestive experience, nostalgic memory, and perceived food scarcity could explain excessive buying behaviour. In this vein, excessive food buying contributed to Ramadan food waste. Meanwhile, religiosity was found to moderate excessive food-buying behaviour.Practical implicationsThe empirical findings offered useful insights for practitioners and policymakers to implement optimal marketing strategies and interventions that improve responsible consumption and minimise food waste.Originality/valueThis study provided a sound understanding of consumer buying behaviour during Ramadan regarding food waste and overconsumption. The current work delineated the role of descriptive, injunctive norms and cognitive dissonance in shaping buying behaviour during Ramadan.

Effects of loving-kindness meditation on prosocial behavior: empirical and meta-analytic evidence

PurposeBrief loving-kindness meditation (LKM) is introduced here as a valid social marketing intervention. LKM positively influences prosocial cognitions and affects. However, it remains unclear whether brief meditation interventions can influence prosocial behavior. This study aims to provide evidence of the effects of short LKM on prosocial behavior.Design/methodology/approachThis study reports the results of three experiments examining the effects of brief LKM on donations to unknown others. The results are then integrated with the results of seven other studies testing the effects of brief LKM on prosocial behavior using a meta-analysis (n = 683).FindingsLKM increased love more than the control group (focused breathing) in the three experiments; however, its effects on donations were mixed. The meta-analysis shows that LKM has a small-to-medium significant effect compared to active control groups (d = 0.303); moreover, age and type of prosocial measure used moderate the effects.Originality/valueResults suggest that LKM can nurture prosocial emotions such as love and lead young individuals to donate. However, these emotions may not be sufficient to lead adult meditators to share their resources with unknown others. This study presents the first meta-analysis of brief LKM and provides insights into the use of meditation in social marketing programs.

Impacts of demand and supply-side interventions on South Korea’s housing markets: a dynamic housing-CGE analysis

This paper examines the impacts of housing market policies in Korea by developing a dynamic computable general equilibrium model integrating regional housing markets and multiregional mobility. We compare simulation outcomes of demand- and/or supply-side approaches in housing market interventions and address how these various policy instruments affect housing prices, demand, and household welfare. Policy simulation results suggest that supply-based interventions would be more effective than housing tax policies for cooling down overheated housing markets without decreasing consumer welfare. Tax-based demand-side approaches result in a 1.8–2.2% housing price drop and a 1.1–1.2% welfare decline annually between 2021 and 2024. In the supply-side policy, investing in housing construction leads to 3.4–4.1% lower housing prices and 1.5–1.8% enhanced welfare.

Mud Crab Fishery in Hoat Sorbay, Kei Kecil Island, Eastern Indonesia: Traditional management and adjustment to intervening regulations

Local communities who live along the coast and have used marine resources for their livelihoods for generations certainly have a resource management and utilization system that was formed as a result of their interactions with and understanding of their aquatic environment. This research focuses on mud crab fishing among the Evu people occupying the shores of Hoat Sorbay Bay on Kei Kecil Island, and how they deal with market, state, and NGO intervention in their traditional harvesting system. Field data were obtained through observation of crab fishing activities in mangrove areas, interviews with mud crab fishers, and examination of documents regarding crab regulation. The result shows that even though mud crab fishing activities are still carried out following traditional practices and strategies based on knowledge passed down from their elders, the fishers also adjust to external requirements of changing market demands and conservation issues by incorporating them into their fishery system.

Questioning the coherence of the freedom to conduct a business: Insights from the Court of Justice of the European Union

This article examines the jurisprudential development of Article 16 of the Charter of Fundamental Rights of the European Union in the Court of Justice of the European Union (Court), which safeguards the freedom to conduct a business. The paper argues that the Court has adopted an incoherent approach in interpreting this freedom, leading to legal uncertainty. Through an analysis of the Court's case law, the paper explores the Court's varying interpretations across three policy areas: the Common Agricultural Policy, the information society and labour/social law. The paper posits that the Court's interpretations lack coherence, with some rulings characterizing the freedom to conduct a business as a ‘weak’ freedom, allowing for significant market interventions, while in other decisions the Court adopts a more ‘forceful’ stance, in which it prioritizes businesses freedom over individual social and civil rights. The paper concludes by suggesting that the Court's incoherent application of Article 16 of the Charter has implications for the predictability and reliability of the freedom to conduct business within the EU's constitutional order. It highlights the need for a comprehensive normative framework to guide the Court's balancing act of Article 16 with other fundamental rights recognized in the Charter.

EXCHANGE RATE REGIMES AND ECONOMIC POLICIES: AN INDIAN PERSPECTIVE

This research paper provides a comprehensive analysis of exchange rate regimes (ExRRs) and their implications for economic policies particularly for the Indian economy. The study investigates the relationship between different ExRRs, including fixed, floating, and managed float systems, and their impact on macroeconomic policies which are drivers of economic growth. We have recognised four different regimes for the Indian rupee on the basis of level of flexibility of the exchange rate. In India, before liberalisation, fixed exchange rate system was followed but after economic liberalisation of early 1990s, the Reserve Bank of India (RBI) started intervening in the currency market to regulate the exchange rate. The exchange rate was made comparatively more flexible since the global financial crisis of 2008. After 2013,the exchange rate was efficiently and regularly managed by adopting the currency market intervention methhod. The RBI has acted in an asymmetric manner to reply to the EMP. When there was pressure to appreciate, the RBI acted by buying the foreign exchange reserves whereas rupee depreciation was adopted in case of vice-versa. The present study discusses the broader implications of ExRRs and economic policies for global economic governance, financial market stability, trade and investment flows, policy innovation, and public perception. It provides valuable insights for policymakers, central banks (CBs), financial institutions, and researchers, informing policy formulation processes in the dynamic global economic landscape.

The Iberian exception: Estimating the impact of a cap on gas prices for electricity generation on consumer prices and market dynamics

As the volatility of short-term energy market prices increases due to exogenous shocks and the changing nature of the energy mix, market interventions are gaining importance in the policy debate. Accurate and robust quantification of their impact is becoming therefore essential. This paper conducts a causality analysis to evaluate the Spanish “gas cap” for electricity generation during the 2022 energy crisis. We use Bayesian structural time series models to isolate its impact on affected consumers, primarily those under the regulated tariff, from June to December 2022. Our results show that the mechanism successfully lowered prices compared to a counterfactual scenario without the intervention. However, the policy also led to an increase in electricity generation from gas-fired combined cycle plants. In addition, exports to France increased by over 80% after implementation, as Spanish wholesale prices became cheaper than French prices. Our analysis (1) provides an accurate quantification to date of one of the most consequential energy market interventions in recent years; (2) demonstrates the fruitful use of a novel evaluation method for energy policy; (3) highlights the trade-off between the short-term goal of consumer price relief and the long-term goals of fossil fuel reduction and decarbonisation.

The Interactions between Labour Market Policies and Income Inequalities in Groups of European Union Countries

Social cohesion and a sustainable labour market remain the aims of sustainable development policy. However, income inequalities and labour market policies are more often separately analysed. To fill the identified research gap, our article presents the results of an analysis of interactions between active and passive labour market policies and income inequalities in the European Union. The 27 countries were divided into two clusters based on their active and passive labour market policy (LMP) expenditures in 2019. These clusters sustain the basis for analysing the interactions between LMP and income inequalities in its different measures. The results reveal that labour market interventions interact with income inequalities, decreasing disposable income inequalities (equalising the disposable income after transfers and taxes) and therefore contributing to social cohesion. This paper concerns social cohesion as the manifestation of intragenerational justice.

Imagine it happening to my classmates: using video testimonials as a social marketing intervention in adolescent smoking cessation programs

Imagine it happening to my classmates: using video testimonials as a social marketing intervention in adolescent smoking cessation programs

The National Team: Stock market interventions and corporate catering behavior

We examine corporate catering behavior following the Chinese government's stock market interventions in 2015, which result in significant stock overvaluation. The government's direct share purchases cause higher levels of horizontal agency conflicts between the controlling and minority shareholders, and the affected firms are more likely to cater to the controlling shareholders and top executives' aversion to receiving overvalued stocks. We focus on the changes in stock dividends and equity-based executive compensation and find evidence consistent with the catering hypothesis while employing difference-in-difference approach. Our study demonstrates the intricate interactions between state interventions and corporate decisions.

Empirical Analysis of African Aubergine (Solanum gilo) – Marketing and Income Disparity among Traders in Owerri, Imo State, Nigeria

African Aubergine is an indigenous tropical crop cultivated in Nigeria. Agricultural marketing creates incentives that accelerate the promotion of further production and consumption of harvested produce. Therefore, this study analysed African Aubergine marketing and income disparity among traders in Owerri, Imo State, Nigeria. Primary data collected via multistage sampling from ninety-five (95) respondents was analysed using descriptive statistics, marketing margin and efficiency analysis, Ordinary Least Square regression and Gini Coefficient index. The results show that the mean age, years spent in school, household size, trading experience and quantity of bags sold were 37 years, 8 years, 7 people, 9 years and 8 bags per month, respectively. The estimated marketing margin and efficiency index were ₦1,250 and 0.36, respectively. The estimated coefficients of Ordinary Least Square regression (R2) were 0.773. Thus, the variables (marketing experience, cost price, quantity sold and marketing cost) in the regression model accounted for 77% of the variation in the marketing margin of African Aubergine traders in the study area. The estimated Gini Coefficient was 0.59, indicating a moderate level of income disparity (inequality) in the sales income of the respondents. Several marketing constraints were observed in the study area. Therefore, this study recommends improved credit access and market information dissemination, commodity cost subsidisation, storage technology adoption, market infrastructure development and interventions, commodity price control and policy modification that regulates market activities.