Monetary Indicators Research Articles

A Decomposition Analysis of the Korean Manufacturing Sector: Monetary vs. Physical Outputs

This study analyzes the changes in energy consumption of the Korean manufacturing sector using the index decomposition analysis (IDA) method. To capture the production effect based on actual physical activities, we applied the activity revaluation (AR) approach in the analysis. We also developed energy consumption data in terms of primary energy supply to consider conversion loss in the energy sector to avoid any distortions in the intensity effect. The analysis covers every manufacturing subsector in Korea over the period between 2006 and 2018. Combining two distinctive approaches from the previous literature, the AR approach and primary energy-based analysis gives us helpful findings for a climate policy. First, the overall activity effect estimated from the physical output indicator is lower than that from the monetary output indicator. The monetary indicator shows that the share of energy-intensive industries decreases, whereas the physical indicator shows the opposite. Second, in terms of energy efficiency, the intensity effect is estimated as an increasing factor of energy use, whereas inversed results are shown when we use the monetary indicator. Lastly, unlike the previous studies, the AR approach results indicate that Korean manufacturing sectors have been shifting toward an energy-intensive, so it is hard to anticipate positive intensity effects, which means decreasing energy consumption factor, for a while. These results support why analyzing the driving forces of energy consumption through the AR approach and primary energy base is highly recommended.

INFLUENCE OF ECONOMIC SPACE IMBALANCES ON THE FUNCTIONING OF THE ENTERPRISE FINANCIAL MECHANISM

The purpose of this article is to analyse the nature of imbalances in the economic space, as the problem of impact on the functioning of the financial mechanism of the enterprise is especially relevant for Ukraine, because the results of the domestic financial sector are unbalanced. At the same time, a significant impact is reflected in the functioning of the financial mechanism of the enterprise, expanding its functional load. The instability of economic conditions in Ukraine significantly affects the financial and economic activities of economic entities, which causes non-fulfilment of their planned tasks for the development of their own business. To ensure the successful operation, enterprises must assess the imbalances of the economic space, which are precursors to the development of crisis processes that can have a devastating effect. Methodology. In the course of the research it has been found that the financial mechanism of the enterprise is subject to influence both at the level of the enterprise itself and at the level of economic space. It is determined that the main source of information on the imbalance of the economic space is the balance of payments. Balance of payments is the ratio between the amount of cash received by the country from abroad and the amount of payments abroad during a certain period (year, quarter, month). The main component of the balance of payments is the current account, and the most important item is the balance of goods (trade balance). Its condition determines the state of the balance of payments as a whole, and its dynamics demonstrates the effectiveness of macroeconomic policy. The positive balance of trade indicates an increase in demand for goods and services of the country. The negative balance indicates the low competitiveness of the country’s goods abroad. In the case when the value of exports exceeds the value of imports, a trade surplus is formed. If the value of imports exceeds the value of exports, then there is a trade deficit. The financial account of the balance of payments reflects the sale and repayment of financial claims of one country to another. All financial transactions are classified into three groups: direct investment, portfolio investment, and other investments. The dynamics of the financial account during the study period is negative. This indicator was affected by the crisis in the economy, as well as imperfect legislative support for foreign investors in Ukraine. Results. Theoretical information and structure of the balance of payments are presented, balance of payments articles are analysed, the dynamics of the balance of payments of Ukraine is outlined. The main feature of 2015-2019 is the strengthening of globalization. The intensification of relations between the countries leads to a stronger integration of the whole economy, which in turn creates additional risks associated with the transmission of possible crises in the chain. Value/originality. It is established that the functioning of the financial mechanism of the enterprise is considered under the influence of many factors of the system, in particular economic space. The generation of these imbalances leads to an increase in the vulnerability of the financial mechanism, violating the stability, which is manifested in the inability to resist changes in the situation. By assessing the imbalances of the economic space on the basis of macroeconomic and monetary indicators obtained during the monitoring, economic entities will be able to counteract shocks in the event of a change in the situation.

Intercropping of African marigold (Tagetes erecta Linnaeus (Asteraceae)) Varieties at Different Plant Density with Tomato (Solanum iycopersicum Linnaeus (Solanaceae)) on Yield Related Traits and Yield of tomato at Wondo Genet, Southern Ethiopia

Tomato is among the most important vegetable crops in Ethiopia. Planting marigolds between tomatoes protects the tomato plants from harmful root-knot nematodes in the soil and increase the marketable fruit yield of tomato by trapping different insects and pest attack and the like. Field experiment was conducted to assess effect of plant densities of intercropped African Marigold Varieties on yield related traits and yield of tomato and to evaluate the productivity and economic value of tomato and African marigold intercropping system, in southern parts of Ethiopia, at Wondo Genet Agricultural Research Center in 2017/18 cropping season. Three varieties of African marigold (AVT 001, AVT 540 and AVT 7063) at three population densities (PD) (25%, 50%, and 75%) were intercropped with tomato variety ‘Melkashola’. The three varieties of African marigold (AFM) and tomato were included as a sole for comparison. Randomized complete block design in factorial with three replications was used. Plant height, days to 50% flowering, days to physiological maturity and days to first harvest of tomato were not significantly affected by varieties of African marigold, population densities, interaction and cropping system. Harvest duration of tomato was delayed (27.56 days) and hastened (25.78 days) by variety AVT 540 and AVT 001, respectively as compared to VAT 7063. The highest (7.56) number of primary branches was due to 50% PD African marigold (AFM). The 50% PD delayed harvest duration (29.56 days) as compared to other PD. The highest number of harvest (3.91), numbers of fruit per plant (45.89) and number of fruit per cluster (15.56) were also obtained due to 50% PD. The highest fruit weight (13.80 ton ha -1 ) and marketable fruit yield (13.11 ton ha -1 ) were also obtained from 50% PD, but the highest unmarketable fruit yield (3.24 ton ha -1 ) was obtained from 25%. Cropping system was showed non-significant effect except marketable and unmarketable fruit yield of tomato, the highest marketable (10.19 ton ha -1 ) and unmarketable (4.37 ton ha -1 ) fruit yield were obtained from intercropped and sole cropping of tomato respectively .The highest (0.84) partial land equivalent ratio (LER) of tomato and total LER (1.43) were due to 50% PD. The highest value of monetary advantage index (37,225 ETB ha -1 ) was due to 50% PD. Therefore, any of the three African marigold varieties at 50% PD could be recommended for intercropping with tomato. Key w ords : Cropping system, Marketable fruit yield, Population density and Unmarketable fruit yield. DOI: 10.7176/JBAH/11-6-01 Publication date: March 31 st 2021

Comparison of weighted and unweighted methods of wealth indices for assessing SOCIO-ECONOMIC status

Due to some of the limitations of monetary measures, various non-monetary approaches for assessing household wealth have been developed as alternative tools for classifying household socio-economic status. Among them, wealth indices based on household durable assets are being used. The literature revealed that two basic methods of constructing wealth indices are employed: an unweighted method, where assets are weighted equally; and a weighted method, where specific weights are assigned to assets. In the case of using the weighted method, weighting can be assigned using various techniques. The overall objective of the study is to compare the wealth indices constructed by using weighted and unweighted methods for assessing the socio-economic status of households in rural Bangladesh. Firstly, the study attempts to construct wealth indices based on durable assets using the unweighted method and two techniques of the weighted method: weighted index using the inverse of proportion, and weighted index using principal component analysis (PCA). Following this, the study compares some distributional characteristics of these indices as well as monetary indicators. At the same time, the study evaluates and examines some attractive properties of these indices such as the extent of clumping and truncation, consistency with traditional monetary measures. Comparative analysis revealed that the unweighted asset index, as well as weighted asset index using PCA, can be treated as an efficient alternative to the monetary measures to evaluate the living standard of the households in the present study. However, due to some advantage's asset index using PCA can be considered to be somewhat better than the unweighted index. But, as the unweighted asset index is not very different from the weighted asset index using PCA, it can also be used as an alternative to the monetary measures without the need to use weighting.

Nexus Between Monetary Instruments and Bank Credit Distribution: Evidence from ASEAN Countries

The aim of this study was to examine the relationship between monetary indicators and bank credit distribution, including inflation, interest rate, and exchange rate in seven ASEAN countries namely Brunei, Indonesia, Philippine, Malaysia, Singapore, Thailand, and Vietnam. This study applied a quantitative approach by engaging multiple regression analysis with panel data using cross-section data from 2012 to 2018. The data in this research was secondary data which gathered from the World Bank website. The findings of this study showed that inflation and interest rate had a negative influence on bank credit distribution, while the exchange rate had a positive effect on bank credit distribution. The study’s result also showed that variable inflation, interest rate, and the exchange rate had a simultaneous effect on bank credit distribution in seven ASEAN countries. These results suggest that for the policy makers in each ASEAN country should be able to consider a lending regulation.

HOTEL PROPERTY VALUATION IN A PANDEMIC ECONOMY: A STRATEGIC STUDY OF IMO CONCORDE HOTEL OWERRI IN 2020

Of all classes of real estate, the hotel property is so unique in character and structure that assigning a value becomes the most intriguing aspect of the profession of Estate Surveying and Valuation. The uniqueness of the property rests partly on its distinctive outlay as against the business potential. Incidentally, most valuations of this property rely on the propensity of the property to produce acceptable returns to pay off the cost of investment and the management. Being that as it may, the quantum of externalities that play varying roles in shaping the final value of a hotel property is such that any professional must be careful not to circumvent even the minutest of considerations. It is all too known that the value of real estate rises and falls with the character of the neighbourhood and region where it is located. Hotels values are not different and in addition rise and fall with the whim of fashion and the fortunes of the region of location. This study examined not just the different methods and approaches to the valuation of a hotel property but also explored the benefits of other micro economic parameters that play significant roles in establishing the basis of any monetary index that could be referred to as value by conducting a comprehensive review of the hotel itself in comparison with its competitive market to confirm whether the hotel is under- or over performing against its competitors the intention being to have a grasp of the income-generating ability of the property upon which the application of a capitalization rate will convert the estimated cash flows into an estimated value. Though a 5 star hotel was used as case study, the outcome is applicable to all hotels carrying on business in Nigeria and other parts of the world. The study recommends among others that Estate Surveyors and Valuers involved in the valuation of hotels need to be skilled in reading financial statements and translating them into stabilized net-operating income because as much as hotel properties are physically different, in different locations, and with different management; volatility of the hospitality market and the external factors are bound to affect value. The study revealed that in so much as the travel patterns of lodgers were affected by the Covid 19 pandemic bringing with it a crash in the income-generating potential, the value of hotels was not so affected especially with relation to furniture, fittings and equipment.

How to Conceptualize the Resource Curse and Dutch Disease Theories in the Case of Azerbaijan? Initial and Negative Findings

Azerbaijan's economy is extractive industry-led and not well-diversified. A comprehensive understanding of the role of the oil industry in the Azerbaijani economy is still a desideratum. Azerbaijan's national economy was a popular case study for the theories such as the natural resource curse (NRS) and Dutch disease (DD); however, a conclusive statement is yet to be found. Many new questions arise as the impact of the crisis periods, institutions, and monetary indicators are being explored. This working paper is nothing more than experimentation results for the Azerbaijan economy within the NRS and DD theories. Surely, not everything can be achieved from the first trial and sound accomplishments need to be built on the shoulders of the negative results and failed hypotheses tests following the already existing analytical frameworks. Despite data issues and lack of proper theoretical conceptualizations of the Azerbaijan economy, this working paper reports the results of the Ordinary Least Squares (OLS) and Robust Least Squares (RLS) to orient the follow-up studies in the near future. Despite academia argues that nowadays linear relationships are hard to obtain, this working paper's main assumption is still a linear association among the variables of interest. Despite the results from this working paper are mixed, particular negative associations between the institutional quality measured via the several political, institutional, and governance indicators, and oil-related variables are present in the case of Azerbaijan between 1996–2019. To explain, although the negative impacts of the real effective exchange rate (REER), REER growth rates, the nominal effective exchange rate (NEER), and NEER growth rates were less than expected, oil prices and changes in oil prices played a great role (negative) in the output, employment, and returns on capital in the Azerbaijani economy. Moreover, particular negative associations between the oil-related variables, and institutional, political, and governance indicators are present, whereas the quantity and quality of the education in the Azerbaijan economy do not fully reflect any serious negative impacts. These experimental models possess a high amount of stability; however, they should be treated as initial starting points. The mentioned facts must be considered by the policymakers when the non-oil development of the Azerbaijani economy is being discussed.

Indigenous Peoples, Exclusion and Precarious Work: Design of Strategies to Address Poverty in Indigenous and Peasant Populations in Ecuador through the SWOT-AHP Methodology.

This research analysed the options that, following decent employment and the social economy, can allow the human development of poor, excluded and vulnerable indigenous populations in Ecuador. A set of strategies were developed which can be implemented by public authorities and by community organisations. They were designed from two types of expert consultations: the Delphi method and the analysis of Strengths, Weaknesses, Opportunities and Threats (SWOT) combined with Analytic Hierarchy Process method (AHP) for hierarchizing the criteria collected and obtaining strategies. The proposed strategies are as follows: adopting appropriate legal frameworks, respecting peoples’ rights, better distribution of public resources, implementing monitoring systems, developing solidarity markets and recognizing the participation of the poor as a subject of rights. This investigation revealed differences between the state, which identifies the poor with monetary indicators, and the indigenous peoples, who see it as the lack of community links, by conceiving the poor as a beneficiary of official assistance, despite the fact that a strong community and peasant organisation could be used. The value of an economy based on reciprocity and confidence was also recognized, identifying niches of production and consumption to create partnerships and ensure the participation of indigenous peoples in decision-making areas.

TRUST AND EFFICIENCY OF THE PUBLIC SECTOR: THEORETICAL ASPECTS OF INTERRELATION

The issue of trust in government and its efficiency has been a controversial and much-disputed subject within economics, sociology, and public sector management. This study presents a systematic literature review of trust research undertaken with regard to government, its performance (efficiency), and the quality of public services. Theoretical and methodological principles of the interrelations between trust and efficiency of the public sector of the economy are analyzed and deepened, based on the fundamental provisions of the theories of micro- and macro-efficiency. The article considers the concept of trust in the public sector of the economy as one of the main intangible resources that can be used by the state in order to achieve socially and economically beneficial as well as public valuable outcomes. The duplex relationship between trust and efficiency of the public sector is proved, according to which trust is both a condition and a result of the government institutions functioning and services providing. Generalization of key characteristics of the main indicators of state efficiency within the concepts of micro- and macro-efficiency allowed identifying several groups of indicators based on subjective and objective assessment of economic efficiency of the state. Objective indicators that determine the economic development of the country, which is the basis of the quality of citizens’ life, and forms the level of their satisfaction and trust in the state and its institutions, include monetary indicators of macroeconomic efficiency of the state and indicators that characterize public finance and income inequality in the country. Subjective assessment of the economic efficiency of the state, the work of its institutions and the quality of public services includes sociological surveys and quantitative indicators based on self-assessment by economic agents based on their own beliefs, knowledge, life values and worldview, cultural, ethnic, religious, ideological norms, as well as previously accumulated personal life experience of intercommunion with state institutions.

ЕФЕКТИВНІСТЬ ФУНКЦІОНУВАННЯ ПРОЦЕНТНОГО КАНАЛУ МОНЕТАРНОЇ ТРАНСМІСІЇ В УКРАЇНІ

Ensuring a high level of monetary regulation of the economy and improving the efficiency of the central bank's monetary policy largely depend on how effective is the mechanisms of transmission of monetary impulses from the decisions of monetary authorities to market participants through the use of monetary transmission. Given that in the current environment, interest rate policy is the main component of the monetary policy of the vast majority of central banks, interest rate channel is important in the process of monetary transmission. This is also due to the fact that in the monetary transmission system, the interest channel is most closely linked to the mechanisms of functioning of monetary, credit and currency channels. Solving this problem requires the identification the role of the interest channel in the mechanism of monetary transmission, the peculiarities of its function in current conditions, revealing clear causal links and the basic principles of the systematic regularity of monetary development. In addition, it is necessary to identify clear criteria and methods for assessing the effectiveness of the channel, as well as systems and indicators, which allow the use of several parameters in the flow of interest to the channel on the basis of monetary and macroeconomic indicators. The conducted research is based on the statistics of the National Bank of Ukraine for 2005-2020, the system of economic-statistical and economic-mathematical methods, as well as on the calculation of indicators, and is characterize the reliability of models. Quantitative assessment of the efficiency and operating conditions of the interest rate channel of the monetary transmission mechanism should be based on the basic principles of monetary theory and a reliable statistical base. This suggests ways to improve the efficiency of the interest rate channel through the central bank's interest rate policy, adequate money market conditions, and prudent government borrowing policies in the domestic market to ensure efficient transmission of monetary impulses from the central bank to the real sector of the economy. The results of the study can be used to substantiate the forecast parameters of monetary indicators of the monetary policy of the National Bank of Ukraine (NBU) and the conditions of effective functioning of the interest rate channel of monetary transmission in Ukraine in the medium term.

Re‐estimating the energy intensity of growth with implications for sustainable development. The myth of the decoupling effect

AbstractThe link between energy and economic growth is re‐evaluated by estimating the energy requirements for creating one unit of “GDP per capita.” GDP per capita is widely used as the proxy monetary index for evaluating the economic utility enjoyed by individuals, at least at the macroeconomic level. Hence, the energy/[GDP per capita] ratio measures overall energy intensity across the economic system, comparing actual inputs (energy flows) with the final outcome (utility for human beings). Contrary to the prevailing energy intensity framework which evaluates the energy flows for creating one unit of GDP, we take into account population size which is an indispensable factor in determining the outcome of the economy. We re‐estimate EI for representative developed and developing countries by applying the energy/[GDP per capita] index. Our estimates suggest a coupling link for the global economy overall, as decoupling in the advanced economies in recent years has been outweighed by the coupling trend prevailing in the developing world. The findings question prevailing opinion based on the trajectories of energy/GDP and suggest a decoupling between energy and growth over the last 100 years for the majority of national economies and the global economy. Our estimates cast doubts on the prospects of sustainable development unless novel, innovative, and efficient energy policies are designed.

Formulation of a decision support tool incorporating both genetic and non-genetic effects to rank young growing cattle on expected market value

While breeding indexes exist globally to identify candidate parents of the next generation, fewer tools exist that provide guidance on the expected monetary value of young animals. The objective of the present study was therefore to develop the framework for a cattle decision-support tool which incorporates both the genetic and non-genetic information of an animal and, in doing so, better predict the potential market value of an animal, whatever the age. Two novel monetary indexes were constructed and their predictive ability of carcass value was compared to that of the Irish national Terminal breeding index, typical of other terminal indexes used globally. A constructed Harvest index was composed of three carcass-related traits [i.e., 1) carcass weight, 2) carcass conformation and 3) carcass fat, each weighted by their respective economic value] and aimed at purchasers of animals close to harvest; the second index, termed the Calf index, also included docility and feed intake (weighted by their respective economic value), thus targeting purchasers of younger calves for growing (and eventually harvesting). Genetic and non-genetic fixed and random effect model solutions from the Irish national genetic evaluations underpinned all indexes. The two novel indexes were formulated using three alternative estimates of an animal's total merit for comparative purposes: 1) an index based solely on the animal's breed solutions, 2) an index which also included within-breed animal differences, and 3) an index which, as well as considering additive and non-additive genetic effects, also included non-genetic effects (referred to as production values [PVs]). As more information (i.e., within breed effects and subsequently non-genetic effects) was included in the total merit estimate, the correlations strengthened between the two proposed indexes and the animal's calculated carcass market value; the correlation coefficients almost doubled in strength when total merit was based on PV-based estimates as compared to the breed solutions alone. Including phenotypic live-weight data, collected during the animal's life, strengthened the predictive ability of the indexes further. Based on the results presented, the proposed indexes may fill the void in decision support when purchasing or selling cattle. In addition, given the dynamic nature of indexes, they have the potential to be updated in real-time as information becomes available.

Особенности измерения индикаторов бедности: международный и российский опыт

The paper provides a comparative analysis of methodological approaches to poverty measuring in the Russian Federation and in the global perspective in the current situation on the following key aspects: methods of poverty measuring in official statistics, problems in defining and measuring subjective poverty in different countries. Through the empirical qualitative research we analyzed a wide base of official data and reports of the United Nations Economic Commission for Europe (UNECE), the Eurasian Economic Commission (EEC), the Interstate Statistical Committee of the Commonwealth of Independent States (CIS STAT), the Federal State Statistics Service, and subsequently analytically interpreted them. According to the results of the study, it was concluded that different countries use various methods of measuring the level of poverty and criteria for its assessment. This situation does not relate to the analytical needs of the society, government authorities and scientists. The Guide of UNECE was developed in order to ensure international comparability and accessibility of poverty indicators. The Guide substantiates the indicators and identifies the needs for appropriate baseline data for measuring poverty, and offers methodological recommendations for national statistical services. The multidimensional measurement of poverty is currently relevant. This approach allows to take into account not only monetary indicators, but also other aspects of people’s life, such as health, living conditions, education, involvement in economic and social relations, etc. The study of the methodological features of poverty measuring in Russia revealed the need for a more detailed development of poverty indicators. At present, the Federal State Statistics Service is adopting new measures in order to include the Indices of Material Deprivation and Poverty and Social Exclusion Risk into the national list of indexes of Sustainable Development Goals. In addition, currently the transition to new methodological and practical approaches to Population Income Survey is being carried out.

Intercropping of maize with legumes: A cleaner strategy for improving the quantity and quality of forage

Intercropping is an eco-friendly agricultural practice for achieving higher quantity and quality of forage crops. The present study was aimed to evaluate the forage quality, quantity and ecological indices (monetary and competition) of maize in intercropping with different legumes at two different growing years (2017–2018) in the north west of Iran. The treatments were monoculture of two maize hybrids (KSC301 and KSC704), grasspea ( Lathyrus sativus L.), berseem clover ( Trifolium alexandrinum L.), bitter vetch ( Vicia ervilia L.), hairy vetch ( Vicia villosa L.) and additive intercropping of two maize hybrids with the above mentioned legumes. The highest and lowest total forage yield and crude protein yield (CPY) was achieved in intercropping of KSC301 with hairy vetch and maize monocultures. Also, the highest value of total digestible nutrients (TDN), dry matter digestibility (DMD), dry matter intake (DMI) and net energy for lactation (NE l ) was observed in intercropping of KSC301 with grasspea. In addition, acid detergent fiber (ADF) and neutral detergent fiber (NDF) contents in maize monocultures increased by 19% and 29% compared with intercropping patterns. Averagely, the highest RVT was calculated in the intercropping of KSC301 with grasspea and KSC301 with hairy vetch. The maximum LER was achieved in intercropping of KSC301+ hairy vetch and KSC704+ hairy vetch. Generally, based on the forage quantity, quality and monetary indices, intercropping of KSC301 with grasspea and KSC301 with hairy vetch was superior to maize monocultures and can be suggested, as an eco-friendly and cleaner production method, to farmers instead of monoculture systems. • Photosynthetically active radiation in all intercropping patterns was higher compared with maize monocultures. • Intercropping of KSC301 with hairy vetch gave the highest total forage yield and crude protein yield. • Intercropping of KSC301 with grasspea had the highest values of total digestible nutrients, dry matter digestibility, dry matter intake, net energy for lactation. • Intercropping improves land equivalent ratio (LER) and monetary indices.

Measuring Regional Differences in Living Standards in Russia

The article reflects some of the results of the author’s research on improving the accuracy of statistical assessments of inter-regional differences in the standard of living of the Russian population. Regional differences that have taken place over the past 15 years in the Russian Federation are measured using important indicators of living standards such as average per capita monetary income and final consumption per capita. The author states that the inter-regional differences in the period under review, although present, were quite small and relatively stable over time. Treatment of the results from international comparisons conducted under the auspices of the OECD and according to the author’s calculations related to a set of Russian regions confirms the presence of the Balassa-Samuelson effect. The adjustment of indicators under review to the territorial price index is carried out, as a result of which the level of differentiation of regions becomes noticeably lower, in full accordance with this effect. At the same time, the order of regions in the series ranked by cost of living indicators changes slightly, which leads to the conclusion that the reduction of differentiation by taking into account inter-regional differences in the price level is mainly due to the compression of the range of changes in the monetary indicators of living standards. To check the adequacy of the obtained conclusions, a comparative inter-regional analysis was carried out using some indicators that reflect the standard of living, such as per capita consumption of meat and meat products, housing security, and average life expectancy at birth. To obtain a comparative benchmark for the same set of differentiation measures, differences in living standards are measured for the aggregate of countries in the world as a whole and the aggregate of EU countries in particular. According to the author, the comprehensive use of methods and techniques for inter-regional statistical analysis of the well-being of the population confirms a positive trend in the implementation of one of the directions of current Russian socio-economic policy.

Theoretical Aspects of the Relationship between Monetary Indicators and Stock Market Indices

The purpose of the current research is to conduct a system theoretical and methodological analysis of the relationship between monetary indicators and stock market indices identifying effective monetary policy channels that influence the stock market development, as well as to describe the key approaches to estimation of the respective relationship. The research relies on the following methods: system analysis and synthesis, generalization, systematization, and data grouping, as well as scientific abstraction and concretization. Study results. The conducted analysis made it possible to substantiate the relationship between monetary and stock market development indicators. In addition, we identified the key factors influencing the significance and direction of the central banks’ actions on the stock market indices’ dynamics. We also summarized and systematized the key empirical approaches used by Ukrainian and foreign scientists to analyze the respective relationship. The results of this research paper can be used for further empirical analysis of the relationship between monetary indicators and stock market indices for different types of economies by using economic and mathematical modelling to investigate the effective monetary policy instruments that stimulate stock markets development. Conclusions. Significant relationship between monetary policy and stock market indices was confirmed, mainly for countries with a developed stock markets infrastructure and efficient actions of monetary policy makers. Based on our analysis, the key factors influencing the efficiency of monetary policy include the monetary policy type, the business cycle stage, the level of market capitalization, the structure and amount of firm financing, the industry and firm-specific characteristics, the market conditions and trends. We also identified that in similar research the vector autoregressive models (VAR) have been used, including the vector error-correction models. A further empirical study of the relationship between monetary policy and stock markets, considering theoretical findings summarized in our research, will help to better understand the monetary policy transmission mechanism as well as respective reactions of stock market indicators. JEL classification: E52, E59 Manuscript received 29.03.2020

External Dependence of the African Franc CFA zone. Empirical Investigations on Money Supply Process

The objective of this paper is to study the operating mechanisms of the issuing institutions in CFA area and the different sources of money creation. Our approach consists in studying, respectively the automatic or discretionary nature of monetary policies, through the establishment of non-neutralization/non-sterilization monetary indices (index); and in a second step we test, using co-integration models, the evolution of monetary base in relation of Net External Asset (NFA) and in relation to the evolution of Net Domestic Assets. Our results mainly indicate the existence of a preponderance of the external sector or NFA over the evolution of the monetary base or money supply, compared to the domestic sector. In addition, we observe an automatic adjustment in both WAEMU and CEMAC over the long term. But the return to equilibrium is slower in WAEMU due to a mix of automation and discretion. On the other hand, in CEMAC, the return to equilibrium is almost automatic with a strong dependence on the external sector.

Response of Watermelon Pulp (Citrullus colocynthoides) to Intercropped Maize (Zea mays L.) With Plants Distributions Under Different Nitrogen Fertilization Levels

Two field experiments were carried out at the Experimental Farm of Gemmeiza Agriculture Research Station, Agricultural Research Center (ARC), Egypt after 2018 and 2019 summer growing seasons to determine the effect of intercropping pattern of yellow maize hybrid (single cross 168: “SC 168”) with watermelon pulp at three plant distributions (20 cm between hills and one plant/hill, 40 cm between hills and two plants/hill and 60 cm between hills and three plants/hill) and different levels of nitrogen fertilizer (25, 50, 75 and 100% of the recommended dose “120 kg N fad-1”) as well as their interactions on maize and watermelon pulp growth, yield and its attributes as well as competitive relationships and yield advantages. The experiments were carried out in split-plot design with four replicates. The main-plots were assigned to plant distributions of maize, the sub-plots were allocated to levels of nitrogen fertilizer for maize. The obtained results showed that planting maize plants on one side of terraces of 140 cm width with 20 cm between hills and leaving one plant/hill and planting watermelon pulp on the other side of the terraces produced the highest values of plant height, ear height, number of kernels row-1, 100-kernel weight and grain yield fad-1, at the same time the lowest values of ear leaf area, ear length, ear diameter and number of rows ear-1 of maize as well as the lowest values of growth, yield and its attributes of watermelon pulp during the both seasons. Mineral fertilizing maize plants with 75% of the recommended dose (90 kg N/fad) and watermelon pulp with the recommended dose produced the highest values of all studied growth characters, yield and its attributes of maize and watermelon pulp in both seasons. The highest values of land equivalent ratio (LER), relative crowding coefficient (RCC), area time equivalent ratio (ATER), land equivalent coefficient (LEC), aggressivity index (AI), monetary advantage index (MAI), actual yield (L.E.) of watermelon, Total income (L.E.) and economic return (L.E.) were obtained from planting maize plants on one side of terraces of 140 cm width with 60 cm between hills and leaving three plants/hill and planting watermelon pulp on the other side of the terraces besides fertilizing maize plants with 75% of the recommended dose (90 kg N/fad) and watermelon pulp with the recommended dose in both seasons. It can be recommended that planting maize on 60 cm between hills and leaving three plants/hill and planting watermelon pulp on the other side of the terraces besides fertilizing maize plants with 90 kg N/fad and watermelon pulp with the recommended dose to obtain the maximum values growth, yield and its attributes of watermelon pulp and competitive relationships and yield advantages of both crops under the climates conditions of Middle Delta, Egypt.

Money supply in Russia for the period from 2015 to 2019: The exogenous and endogenous approaches

Subject. This article explores the process of money supply generation in the Russian economy. Objectives. The article aims to define the direction of causal relationships between monetary indicators and credit in Russia from the perspective of exogenous and endogenous approaches. Methods. For the study, I used VAR models, group cross-correlation, and the Granger causality test. Results. Based on the analysis of the formation of money supply in Russia for the period from 2015 to 2019, the article presents certain formalization of causal relationships between monetary indicators and credit. The results of the study show that the formation of money supply in Russia was rather exogenous. Conclusions and Relevance. The results of the study are aimed at the development of the science of money and formalization of cause-and-effect relationships in the change of money supply based on real statistics. They can be used in the future in terms of clarifying the size of money supply changing.

Financial factors for restraining the underground economy: case of Ukraine

The underground economy in Ukraine is one of the major obstacles on the way to accelerative economic growth and European integration processes. The high level of undergrounding leads to the weakening of the regulatory impact of fiscal and monetary policy instruments on the development of the national economy. Against this background, the financial and economic processes undergrounding is a major challenge and a top priority problem for Ukraine today. The article aims to determine the financial levers to restrict economy’s undergrounding and justify measures to reduce the risk of undergrounding by certain monetary and budgetary parameters regulation. The research methodological basis is the methods of scientific abstraction, induction, deduction, generalization, logical method. For analytical calculations there are used coefficient analysis, mathematical methods, including correlation analysis, comparison and grouping methods, synthesis, tabular and graphical methods. The Ukraine underground economy is selected as the study object example with this methods’ system using. Therefore the study, based on the calculation of the Fechner correlation coefficient, has revealed the presence, closeness and direction of the relationship between monetary indicators (values of changes in monetary aggregates M0, M2 and M3, CPI, changes in the official hryvnia rate to the US dollar), budgetary parameters (changes in intergovernmental transfers, changes in external public debt, taking into account inflation) and the underground economy level. Thus, according to the results of the analysis, the main directions of the relevant regulatory bodies influence on the national economy unshadowing have been determined.