Monetary Research Articles

Mone tary Policy Implications of C entral Bank Digital C urrency with special reference to India

All over the world, the pilot projects to introduce central bank digital currency have been running with the initiative of Bank for International Settlement. India is one of them to issue CBDC very soon after passing the law. The merits of CBDC, the digital payment situation in India as well as banking literacy are the prime issues of this paper in discussing the several analytical frameworks of central bank digital currency monetary policy avenues as developed by several economists who are involved in the research of CBDC issuances, designs and applications some of which positive impacts are still unexplored.

Paul A. Volcker & Christine Harper, Keeping At It: The Quest for Sound Money and Good Government

Abstract. The Federal Reserve chair Paul Volker led the US through its tumultuous 1970s and 1980s. His biography, Keeping at It , chronicles his thinking and actions throughout his time in public service. Keywords. Monetary policy, Government, Good Government. JEL. B21, D00, D20, D40.

Value chain analysis of farm grown Melia volkensii (Gurke) timber in the South Eastern Dry lands of Kenya

This paper analyzes the value chain of Melia volkensii timber grown on farms in the South Eastern dry lands of Kenya. The “filiere” approach was used to analyze the institutional and the economic dimensions of the chain, while technical dimensions were analyzed using on-farm timber sawing systems. Six main actors; tree farmers, timber merchants, sawyers, timber yard operators, furniture makers, and end consumers were mapped. Transporters, though temporary, played intermediary roles of facilitating the linkages. A variety of combinations determined costs and gains along the chain. Some actors circumvented some links to increase revenue. Quality of trees and sawn timber were key determinants of monetary value transacted along the chain. Inadequate farmers’ skills in tree silviculture, valuation and cumbersome procedures in obtaining Government permits were also mentioned as major challenges, while timber sawyers lacked efficient sawing technology, consequently lowering income along the entire value chain. To improve the value chain, there is need to address the identified challenges through enhancing information and technology transfer to the players among other interventions. Key words: Farm grown timber value chains, Melia volkensii, “filiere” approach, chainsaw.

A (Nova) Economia do Projetamento: o conceito e suas novas determinações na China de hoje

O objetivo deste artigo é o de lançar luz sobre as razões pelas quais o conceito elaborado por Ignacio Rangel de “Economia do Projetamento” guarda grandes possibilidades às pesquisas no campo do desenvolvimento econômico chinês. Para tanto buscamos reelaborar o conceito o enriquecendo com novas determinações e critérios de validação que o tornam à altura do alcance do fenômeno em curso na China. Questões como as possibilidades de superação da “incerteza keynesiana”, a planificação da “destruição criativa”, a soberania monetária e o “pacto tácito de adesão" serão abordadas e tomadas como categorias internas que sustentam, enquanto face empírica, o conceito de Nova Economia do Projetamento. Concluimos afirmando que a Nova Economia do Projetamento se constitui como estágio superior de desenvolvimento do modo de produção dominante à (nova) formação econômico-social que emergiu na China como resultado das reformas econômicas iniciadas em 1978.

Não há nada tão ruim que não possa piorar: uma análise bayesiana da pobreza

Este artigo visa compreender as relações existentes entre diferentes formas de pobreza e, assim, verificar se um determinado tipo de carência inibe a capacidade de o indivíduo superar de outras formas de privações. A abordagem utilizada para entender os mecanismos que regem as relações entre distintos níveis de pobreza remete-se a rede bayesiana. Os dados utilizados referem-se às informações sobre renda, saúde, educação e habitação para 5.565 municípios brasileiros entre 1970 e 2010, sendo a fonte de tais informações devida ao Instituto Brasileiro de Geografia e Estatística. Os resultados destacam a existência de relações entre as facetas da pobreza analisadas. Foram observadas influências diretas de todas as privações sobre as condições de saúde, indicando que precariedades em saúde normalmente surgem em ambientes onde outros tipos de carências afloram. O indicador de educação reflete informações sobre a privação monetária, sendo tal relação de caráter positivo. Por fim, carências monetárias são responsáveis por limitar, também, o acesso a uma moradia digna e a uma condição de vida mais salutar.

Beneficio tributario de donaciones realizadas a universidades e institutos profesionales en Chile

La presente investigación evaluará la mayor o menor liquidez de recursos monetarios que la aplicación de la disposición contenida en el artículo 69 de la Ley 18.681 les genera a los contribuyentes del Impuesto a la Renta de Primera Categoría que realizan donaciones a universidades e institutos profesionales. Esta disposición legal, que es calificada como un “beneficio tributario”, otorga un crédito del 50% del monto donado y considera el otro 50% como gasto aceptado siempre que cumpla con los requisitos del número 7 del artículo 31 de la Ley sobre Impuestos a la Renta. El objetivo principal es determinar el efecto de dicho beneficio en el flujo y reflexionar sobre la efectividad de los recursos generados en la Operación Renta del Año Tributario 2018.
 Se realizó una investigación cualitativa que examinó los articulados pertinentes de la ley ya señalada a través de un proceso de microsimulación tributaria que analizó información pública de contribuyentes que realizaron donaciones y permitió ilustrar la carga tributaria que obtuvieron. Posteriormente, se realizó un análisis numérico que arrojó el resultado de aplicar la mecánica de esta disposición tributaria a las operaciones estudiadas, para luego analizar las cifras generales que el Servicio de Impuestos Internos informó de las declaraciones de la Operación Renta del Año Tributario 2018. 
 Se obtuvo como resultado que MM$ 12.750 fue el flujo neto social, entendido como el total de recursos que se aplicaron a instituciones de educación superior como donaciones (apreciación cualitativa). También se determinó que la disposición en estudio no es un beneficio sino un “premio” que el legislador otorga a los contribuyentes que realizan donaciones por motivaciones altruistas.

Desarrollo de un sistema basado en la nube para el monitoreo de un nido de aves, su ambiente y comportamiento, siguiendo el paradigma del Internet de las Cosas

Este trabajo presenta el diseño y desarrollo de un prototipo basado en la nube para monitorearaves en en su entorno natural, siguiendo los principios y tendencias del paradigma de Internetde las Cosas. El comportamiento y las poblaciones de aves representan una útil métrica paramedir la salud de un ecosistema, volviéndose así en una importante herramienta para estudiarlas repercusiones del cambio climático en el medio ambiente. El sistema se construye utilizandoNodeJs para el backend y se despliega utilizando una plataforma de computación en la nubecomo servicio a fin de mejorar la accesibilidad y la escalabilidad, mientras se reducen loscostos de implementación y operación. Para este proyecto, se asume el reto de cero inversiónen la implementación del prototipo. El objetivo principal de la investigación es establecer unsistema web de monitoreo de nidos de aves en tiempo real, para recopilar y analizar datos sobreel comportamiento animal y ambiental, diseñado para definir un estándar de comunicación parala integración de dispositivos personalizados utilizados para recopilar los datos, permitiendouna mejor integración de diferentes artilugios construidos para obtener datos de vida salvajecon la mínima interferencia y dotar de suficiente dinamismo a los protocolos de comunicaciónpara manejar nuevos tipos de datos obtenidos de una amplia variedad de sensores. Laestandarización y centralización tiene como objetivo resolver el problema actual de recopilaciónremota de datos de dispositivos de monitoreo y la capacidad de compartir datos entreinvestigadores de vida salvaje, ofreciendo disponibilidad mundial a través de un portal webpara que los usuarios accedan a los las lecturas recolectadas en distintos entornos.

“Pode gritar, ninguém vai acreditar em você”: A saúde mental de mulheres vítimas de violência sexual

O estudo tem como objetivo descrever as consequências à saúde mental da mulher vítima de violência sexual, tracejando os cuidados recebidos nos serviços da Rede de Atenção à Saúde. Trata-se de uma revisão integrativa de literatura, com abordagem qualitativa, realizada por meio da buscativa de artigos indexados na Biblioteca Virtual em Saúde (BVS), com o auxílio das seguintes bases de dados: Scientific Electronic Library Online (SCIELO), National Center for Biotechnology Information (PUBMED), Literatura Latino-Americana e do Caribe em Ciências da Saúde (LILACS), Base de Dados de Enfermagem (BDENF), e Periódicos Eletrônicos em Psicologia (PEPSIC). Os critérios de inclusão compreendem pesquisas de revisão da literatura disponíveis nos bancos de dados descritos, compreendidos entre os anos de 2005 a 2020. Como critérios de exclusão, não foram considerados artigos mediante a recompensação monetária, incompletos e não convergentes com este estudo. Para o levantamento dos dados foram analisados 13 artigos e 03 estudos referentes à entidades de saúde. Os resultados constatam a necessidade do acompanhamento especializado à saúde mental das mulheres vítimas de violência sexual, visto a drástica mudança comportamental após o ato de violência. Consequentemente, resultando em depressão, ansiedade, uso de medicamentos ansiolíticos, traumas, medo, isolamento social, uso de álcool e drogas, preocupação, insônia, ataques de pânico, suicídio, entre outros fatores. O estudo identificou a importância da percepção dos profissionais de saúde, para a identificação dos casos imediatos, visando promover práticas assistenciais de acolhimento, e uma percepção qualificada para atender essa demanda, viabilizando o acolhimento inicial, acompanhamento integral, assistencial e humanizado.

Les politiques monétaires à l'épreuve de la libéralisation financière

Cet article se propose de retracer brièvement l’histoire des politiques monétaires depuis l’après-guerre pour mettre en perspective et faire ressortir l’incidence du processus de libéralisation financière sur ces politiques. On observe en effet qu’à partir des années 1980 la plupart des pays avancés ont adopté un même modèle de « central banking » concentrant l’action des autorités monétaires sur l’objectif de stabilité des prix et réduisant leur domaine et leurs instruments d’intervention. On montre que la négligence de l’objectif de stabilité financière a remis en cause, après la crise de 2007, le modèle en question et peut-être aussi le processus de libéralisation. Classification JEL : E50, E52, E58, G01.

‘화폐영화’의 작동 원리 : 〈올드보이〉의 감독은 누구냐?

금융이란 현재로서는 측정 불가능한 미래의 부에 대한 약속으로서 판매자와 구매자 사이의 시공을 초월한 가치 교환이며, 자본주의는 자본의 수익률 제고를 위해 존재하는 경제 시스템이다. 그러므로 금융자본주의는 실질적인 가치 생산없이 미래라고 불리는 시간, 현재 존재하지 않는 미래 가격에 대한 기대와 예측의 차이에 대해 돈을 거는 머니 게임에 의해 작동되는 제로섬의 투기적 정치경제시스템이다. 금융자본주의의 지배적 권력은 그래서 규율과 금지로 작동되는 ‘억압적 권력’이 아니라 자유와 무한 가능성의 감정으로 지배하는 ‘유혹하는 권력’에 기반하고 있다.BR 영화는 이러한 맥락에서 거대 자본과 테크놀로지를 동원하여 강한 이데올로기적 효과를 발생시키는 매체로서 금융자본주의를 구성하는 주요한 상품으로 자리잡게 되었다. 여기서 ‘관객이 원하는 것을 준다’는 자유주의적 문화 이념으로 작동하는 대중영화(popular cinema)를 넘어 자본을 내면화하여 ‘금융 형식=영화 형식’으로 존재하는 화폐영화(monetary cinema)가 출현한다. 그래서 화폐영화의 서사와 이미지의 표상 시스템은 금융자본주의의 작동원리와 운동법칙을 직, 간접적으로 모방한다. 즉 화폐영화는 인간의 집합적 무의식의 영역을 들여다보면서 대중의 행동 패턴을 숫자로 정보화하는 금융자본의 작동원리와 똑같이 숫자의 상관관계로 영화의 시청각적 기호의 집합을 설계하고 연출하는 영화이다. 산업자본주의 시대의 대중영화가 표상-재현의 전통 속에서 스토리의 인과성과 친숙성의 관습을 사용하여 사물의 의미를 표상한다면, 금융자본주의 시대의 화폐영화는 표상-효과의 목적으로 스토리의 상관성과 엽기성에 의존하여 사물의 임팩트를 극대화한다.BR 박찬욱 감독은 2002년 말 일본 만화 원작 올드보이를 차기작으로 선택한다. 그때 금융자본주의에 의해 촉발되어 1999년의 쉬리와 함께 시작되었던 한국영화 붐의 첫 번째 거품도 파괴되고 있었다. 박찬욱 감독은 원작과 달리 영화적 소재를 근친상간으로 바꾸고 금융상품 중에서도 가장 투기적인 성격이 강한 옵션거래의 작동원리로 영화적 표상 시스템을 만든다. 올드보이는 ‘금융 형식=영화형식’을 내면화한 영화다. 올드보이의 감독은 박찬욱이 아니라 금융 자본이다.

Barriers to Evaluate Low Carbon Supply Chain Management Practices in Manufacturing Industries

Abstract Maintainability has been turning into a basic examination plan among the analysts/experts to accomplish biological cultural just as monetary advantages. As the occasion, Sustainable Supply Chain Management (SSCM) rehearses are at extremely beginning stage in creating nations like India because of presence of numerous obstacles. In present examination, an exertion has been made to distinguish furthermore, assess jumps in actualizing SSCM in Indian car area. Writing survey approach and specialists' information sources have been utilized to recognize jumps in actualizing SSCM. Interpretive Structural Modeling (ISM) philosophy has been used to comprehend the logical connections among these recognized obstacles, their association and progression levels to execute SSCM rehearses in Indian car part. MICMAC examination has additionally been utilized to order recognized obstacles as per their significance. 'Political Instability' has been accounted for as most driver obstacle in executing SSCM. 'Ignorance among society about social practices' has been found as most ward obstacle of the current examination. We accept that, this paper will clearly help business experts/specialists/researchers in widening research in this rising zone and growing new hypotheses/recommendation. This paper may give significant future exploration headings towards expanding viability of supportability in the flexibly chains. Keywords: Sustainable Supply Chain Management (SSCM), Low carbon supply chain management (LCSCM), Interpretive Structural Modeling (ISM). Cite this Article Vivek Gupta, Arvind Jayant. Barriers to Evaluate Low Carbon Supply Chain Management Practices in Manufacturing Industries. Journal of Thermal Engineering and Applications . 2020; 7(2): 24–29p.

Effect of Time Management and Monetary Rewards on Cognitive Task Accomplishment among Students of Nnamdi Azikiwe Secondary School, Awka, Anambra State, Nigeria

Good secondary education is critical to higher education and career paths. Many University secondary/high schools have distinguished themselves with good management leading to excellent performance of their students. However, it is worrisome why the performance of some students in such high impacting schools cannot average. In view of this problem, this study explored differences in cognitive task accomplishment as probable part of the causes; and evaluated time management and monetary rewards as factors. The design for the study was non-randomized control group, pre-test, post-test quasi experimental design utilizing analysis of co-variance (ANCOVA) as statistical tool. Purposive and simple random sampling was used to select 90 students from the population of 145 JS2 students of Nnamdi Azikiwe Secondary School, Awka. Three hypotheses guided the study while the Fifteen Puzzle Cognitive Task developed by Chapman (1874) to test for spatial ability in children was adopted as the instrument for engaging the participants in cognitive task ability using two experimental and two control groups. Result indicated that groups with better time management was better in cognitive task accomplishment but monetary reward was not a strong force for better performance in cognitive task accomplishment among secondary school students. The result implies that many of the participants have difficulty solving an academic within the allowed time. It is recommended while emphasizing other aspects of scholarship for improving better performance of students, students need to be trained on time management as to improve the minimum time they take to solve an academic problem both in in-course assessments and during examinations.

Multivariate Time Series Analysis to Impact Assessment of Nominal Economic Indicators on Federal Government Revenue and Economic Growth in Nigeria

Nigeria has all it takes to become Sub-Saharan Africa’s largest economy and a key contributor in the global economy as a result of her agricultural and natural resource endowment. Unfortunately, these resources are not sufficiently and efficiently utilized, resulting to some negative economic implications such as underdeveloped economy in world ranking, high unemployment status, poor standard of living, abject poverty, devaluating currency, lack of technological innovations and unstable economy among others. This paper investigates the impact of the Oil and Non-Oil producing sectors to Federal Government Revenue and Economic Growth in Nigeria, using the concept of multivariate time series vector autoregressive (VAR) model. The basic concepts and techniques of multivariate time series modelling and analysis such as Granger Causality tests; Lag Length Selection based on Information Criteria; Augmented Dickey-Fuller and Phillips-Perron Unit Root tests; Kwiatkowski-Phillips-Schmidt-Shin (kpss) Trend & Level Stationarity tests; Sectoral Contributions to Federal Government Revenue, Economic Growth and Growth Rates using Line & Bar Graphs are discussed in detail. The study applied a model for predicting annual Federal Government Revenue and Economic Growth at any time using their respective historical monetary values together with the historical monetary values of the other economic indicators. The empirical findings in this paper revealed that the Federal Government Revenue and Economic Growth are predictable using their historical values together with the historical values of the other indicators. Furtherance to the statistically significant contribution of both the Oil and Non-Oil producing sectors, it is imperative to diversify the Nigerian economy in order to boost Federal Government Revenue, improve the standard of living, alleviate poverty, create employment opportunities and accelerate a long-run sustainable Economic Growth and stability.

La Banca europea per gli investimenti e la «comunitarizzazione» del dualismo italiano. Un esperimento difficile (1958-1973)

This paper aims to contribute to the historiographical debate surrounding the forms of Italian economic development between the late 1950s and the early 1970s, from the perspective of the European Investment Bank (EIB). Using unpublished documentation from the Bank’s archives in Luxembourg, this study retraces the ways in which national authorities attempted to relocate the problem of the «Mezzogiorno» from the US financial context to the Common Market. This process was not without some basic contradictions, such as the constraint placed by reasons of European monetary stability and the fear of «inflationary contagions» as well as the relationship between productivity and employment. EIB’s credit policy had to take these elements into account.

Natural Interest Rate, Potential GDP Growth Rate and Long-Term Monetary Policy Stance

The natural rate of interest is the real interest rate that would prevail when the macro economy is in its natural, long-term equilibrium at which the actual GDP growth rate equals its potential rate. The natural rate of interest should therefore comove with the long-term trend of the potential GDP growth. In addition, since monetary policy authority has a significant impact on real interest rates, the difference between real and natural interest rates can be the basis for determining the long-term policy stance for the real sector of the economy. This study estimates potential growth rates and natural interest rates in Korea and the United States based on the Holston et al. (2017) model with important adjustments. We use the real market interest rate faced by economic agents, which may be different from the traditional real rate computed using the policy rate. Also, GDP per capita is considered, which is theoretically more suitable when population growth is taken into account. The estimation results using these new measures and the associated adjustment in the model reveal that the estimated natural rate of interest captures the theoretical characteristics of the natural interest rate better than the estimate using standard real interest rate. In addition, since the 2000s, Korea's real rate was much lower than the estimated natural interest rate, suggesting that the long-term monetary policy stance in Korea might have been strongly accommodating.

Whether the righto claim monetary compensation based on the revoking ofraudulent act is aplicable to the priority claim when the rehabiltation procedures for a beneficiary commence

Whether the righto claim monetary compensation based on the revoking ofraudulent act is aplicable to the priority claim when the rehabiltation procedures for a beneficiary commence

Sustainable Society 2020: The case of ethnic preferences

Sustainable Society 2020: The case of ethnic preferences

Research on the Macro-prudential Policy of Capital Flows: Based on a DSGE Model Considering Domestic and International Financial Institutions

In recent years, the importance of international capital flows has been increasing, which has significantly accelerated the integration process of the international financial system. After 2008, the central banks of major western developed economies implemented loose monetary policy, which led to a large amount of capital flowing into new market countries. However, international capital flowed out of new market countries after Federal Reserve Chairman Ben Bernanke said in 2013 that the Federal Reserve would gradually withdraw from quantitative easing.The great fluctuation of international capital has aroused the debate about monetary policy and macro-prudential policy. Rey (2015) believes that under any exchange rate system, only the control of international capital flows can maintain the independence of monetary policy. In view of the above findings, since 2016, the People’s Bank of China has established a macro-prudential regulatory mechanism for international capital flows to resist external financial shocks.By introducing domestic and international financial institutions, this paper brings the macro-prudential policy of foreign financial shocks and capital flows into the DSGE framework of small countries’ open economy. Domestic financial institutions can raise funds by absorbing the deposits of their own residents and foreign residents; international financial institutions buy and sell the creditor’s rights issued by various countries, so as to implement capital flows.It is found that under the impact of foreign interest rate increase, on the one hand, it will tighten the balance sheet of domestic financial institutions, and reduce the scale of corporate credit through bank incentives and constraints; on the other hand, it will cause the devaluation of domestic currency and international capital outflows, and affect the stability of the financial system. The macro-prudential management mechanism of capital flows can enhance the ability to resist external financial shocks. For China, the proportion of foreign debt is relatively low, and the policy effect is relatively mediocre for the counter cyclical tax adjustment mechanism of external borrowing of domestic financial structure; however, the counter cyclical adjustment mechanism for the capital flow of international financial institutions can significantly improve social welfare.This paper gives the following policy recommendations: Firstly, we should increase the significance of external financial risk prevention. In recent years, the rapid growth of international capital flows has brought new challenges to new economies. Secondly, we should strengthen the supervision of cross-border capital flows to resist external financial risks. In the process of further opening up of China’s financial market, the People’s Bank of China should improve the macro-prudential supervision of foreign exchange market, real estate market and credit market to prevent systemic financial risks. Finally, we should properly solve the financing problems of enterprises. For China, capital outflows will aggravate the already severe credit market pressure. Therefore, on the one hand, resist the external financial risk contagion through the macro-prudential supervision mechanism of capital flows; on the other hand, maintain the liquidity at a reasonable level through the flexible operation of monetary policy, in order to support economic growth.

Monetary Policy Responses to Exogenous Perturbations: The Case of a Small Open Economy (2007-2018)

While autonomous central banks in large open economies are usually predisposed to use monetary rules to target inflation, output, and long-term interest rates, central banks in small open economies face peculiar challenges in their attempts to attain and maintain liquidity, stable prices and full employment. This paper investigates the effects of monetary policy in the case of Sierra Leone, assuming that information for rule-based monetary policy is insufficient and imprecise. We use the Bayesian model to evaluate primitive (priors), posterior enhancements and responses of key variables to exogenous perturbations based on information from 2007 to 2018. We find that the effects of disturbances that are associated with crude oil prices have a more persistent effect on national output than the dominant monetary instrument (T-Bills). The response of monetary policy to exogenous perturbations is generally weak and less persistent. Granger-causality tests reveal that internal conditions make it less likely for the central bank to robustly react to external shocks. JEL codes : E42, E 47, E50, E52

France: The political economy of discontent. The “Gilets Jaunes” movement

The author comments on the months of protest by the “yellow jackets” movement, to provide a diagnosis of the reasons of economic malaise in France. It is claimed that France only really started loosing ground relative to Germany since adhering to the Economic and Monetary Union (EMU). A reform of the EMU would be needed for the country to recover lost ground, but the current political conditions at the European level do make such a reform likely. The author concludes by predicting a continuation of the status quo, matched by growth of the radical right in France and other EMU countries. JEL codes : O11, O23, N14