Monetary Research Articles

PLANIFICACIÓN DE SISTEMAS DE ÁREAS VERDES Y PARQUES PÚBLICOS


 
 
 El análisis de algunos sistemas de áreas verdes y parques públicos de Curitiba (Brasil), Ciudad de México (México), Madrid (España), Nueva York (Estados Unidos de América) y Santiago (Chile) evidencia problemas comunes como el déficit de superficie verde, la inseguridad y los riesgos de exclusión social. A lo anterior se añade la ausencia de valor monetario de los servicios que prestan dichos sistemas naturales como recreación y conservación. En conjunto, son factores importantes en la asignación de territorios destinados a este uso con respecto a otros. Por lo tanto, se propone desarrollar una tipología de áreas verdes adecuada a las necesidades de cada ciudad o región metropolitana. Con ella se facilitará la realización de inventarios que estimen indicadores sociales, económicos y ambientales; además de incorporar nuevas tecnologías como los Sistemas de Información Geográfica y medios informativos de Internet que apoyen la gestión. En la planificación de parques en particular, es muy importante la participación ciudadana como estrategia básica para resolver las situaciones difíciles que se presentan en las grandes urbes; deben asegurarle procesos incluyentes, en especial para cubrir demandas de esparcimiento de grupos sociales vulnerables. Se sugiere calcular los valores monetarios relacionados con la recreación y la conservación a través de métodos de economía ambiental. Se concluye que es necesario abordar la planificación verde con fundamento en estudios económicos, sociales y ecológicos que fomenten el involucramiento de la sociedad en esa tarea.
 
 

Facilitating Clinical Trial Recruitment by Recommending Cost-Efficient Medical Exams.

Clinical trials are key and essential processes for researchers to develop new treatments as well as evaluate their effectiveness and safety, whilst more than half of all clinical trials experience delays, which leads to a considerable amount of cost. In this paper, we present a cost-effective framework to reduce the time and monetary cost in the stage of recruiting and screening eligible clinical trial participants. By leveraging patients' observed conditions and the cost of medical examinations, the proposed framework uses collaborative filtering techniques to predict the utilized cost for the to-do medical examinations and then rank patients and medical examinations. The preliminary experiment results indicate that the framework is promising to reduce the cost spent on medical examinations by three quarters or even more and accelerate the recruitment process in the screening stage.

Monetary Transmission Mechanism: Empirical Evidence from Eurozone

This paper examines the effectiveness and extent of monetary transmission mechanism from Federal Funds Rate (FFR) to London Interbank Offered Rate (LIBOR). The paper employs a co-integration technique, Granger causality test, and vector Error Correction (VEC) model to examine the direction of causality and the extent and size of the pass-through effect from FFR to LIBOR. The study considers two sub-periods: the first period spans 1994:02-2008:12, and the second period covers 2009:01-2019:01, recognized as a period of implementing unconventional monetary policy to find out if there is any difference between the size of the pass-through effect during the conventional and unconventional monetary policy. Finally, the study uses a structural VAR model to measure the impact of a shock to FFR on the Eurozone economic growth. The estimated results indicate a significant co-integration relationship between FFR and LIBOR for both sub-periods and the causality runs from FFR to LIBOR in both periods. However, the pass through effect is statistically stronger in the second sub-period during unconventional monetary policy. In addition, the results suggest that a shock to FFR has a significant impact on the level of economic growth in Eurozone. This result has important policy implications for monetary authorities in the Eurozone as they can offset the effects of a shock to FFR by using the appropriate monetary policy.

Aprovechar el dinero digital del Banco Central para estimular la actividad económica doméstica

<p align="center"> </p><p>Este documento presenta una propuesta para aprovechar las ventajas de un sistema monetario electrónico (digital) en el que las cuentas y las transacciones internas, mismas que en su mayor parte deben realizarse en el Banco Central o en una entidad similar controlada por el Estado. El Banco Central es el mediador de la moneda digital, sino de todos los pagos, para la mayoría, al menos una gran parte de los flujos de transacciones en un país. Por lo tanto, se propone conseguir que una gran parte de las pequeñas (incluidas de una sola persona), medianas y grandes empresas transiten al dinero del Banco Central digital (BC) para su actividad diaria.</p><div><br /><div><p> </p></div></div>

Comportements pro-environnementaux et exposition à la nature : une étude expérimentale

L’objectif de cet article est d’analyser si les comportements pro-environnementaux peuvent être renforcés par le simple fait de mettre les individus dans un cadre qui rappelle la nature. Pour ce faire, nous avons réalisé une expérience en laboratoire où nous avons créé des cadres de décision dits de nature vs urbain (à travers le visionnage de vidéos), et nous avons observé deux types de comportements : une donation monétaire à une organisation non gouvernementale (ONG) environnementale (éco-don) et un effort pour recycler sous la forme d’un geste vert (éco-geste). Nous montrons que les participants mis dans un contexte de nature sont plus incités à donner, donnent en moyenne plus et recyclent en plus grand nombre comparativement aux participants ayant été mis dans un contexte urbain. Les résultats mettent également en avant qu’il n’existe pas de lien entre le comportement de don et la décision de recyclage. Notre travail donne de nouvelles pistes pour concevoir des politiques de préservation de l’environnement.

Collective Risk Social Dilemma: Role of information availability in achieving cooperation against climate change

Behaviour change via monetary investments is a way to fighting climate change. Prior research has investigated the role of climate-change investments using a Collective-Risk-Social-Dilemma (CRSD) game, where players have to collectively reach a target by contributing to a climate fund; failing which they lose their investments with a probability. However, little is known on how variability in the availability of information about players’ investments influences investment decisions in CRSD. In an experiment involving CRSD, 480 participants were randomly assigned to different conditions that differed in the availability of investment information among players. Half of the players possessed a higher starting endowment (rich) compared to other players (poor). Results revealed that investments against climate change were higher when investment information was available to all players compared to when this information was available only to a few players or to no one. Similarly, investments were higher among rich players compared to poor players when information was available among all players compared to when it was available only to a few players or to no one. Again, the average investment was significantly greater compared to the Nash investment when investment information was available to all players compared to when this information was available only to a few players or to no one. We highlight some implications of our laboratory experiment for human decision-making against climate change.

L’internationalisation des marchés en productions animales

Les productions animales représentent 16 % du commerce agroalimentaire international. Le déséquilibre croissant entre l’offre et la demande de produits animaux dans les pays asiatiques où la consommation progresse, surtout en Chine, stimule les échanges au bénéfice des grands pays exportateurs que sont l’Union européenne (UE), les États-Unis, la Nouvelle-Zélande, le Brésil et l’Australie. Si cette évolution offre des opportunités commerciales pour les pays structurellement excédentaires, les achats ne sont pas toujours réguliers d’une année à l’autre et la concurrence par les prix est très forte, même si certains pays ont des exigences qualitatives. L’UE, qui est excédentaire en produits laitiers et en viande porcine, mais déficitaire (en valeur) en viande bovine et en viande de volailles, est le premier exportateur mondial de productions animales (avec 22 % du total, hors commerce intra-UE en 2016). En utilisant les données statistiques des douanes (BACI et COMEXT) de 2000 à 2016, cet article traite de l’évolution du commerce en productions animales. Il présente l’évolution du commerce international pour différents types de biens (produits laitiers, viande bovine, viande porcine, viande de volailles) et met en évidence les trajectoires commerciales des principaux pays déficitaires (Chine, Japon et Russie) et excédentaires (Inde, Australie, Nouvelle-Zélande, Brésil, États-Unis et UE).

The Time Series Properties of the Real Exchange Rates Between the Member States of the European Monetary Union

Abstract The article “The Time Series Properties of the Real Exchange Rates Between the Member States of the European Monetary Union” analyses the time series behavior of the components of the real exchange rates between the founding member states of the EMU before and after the start of the EMU. Various panel and univariate country-specific tests show that the levels of these components are typically random walks. The resulting real exchange rates are also random walks and their components are not cointegrated. It is argued that these results question the operability of the EMU under the current policy regime in the long-run. One possibility to deal with this problem could be the suspension of the principle of a “single monetary policy”. Die Zeitreiheneigenschaften der realen Wechselkurse der Mitgliedsländer der Europäischen Währungsunion Zusammenfassung Der Artikel „Die Zeitreiheneigenschaften der realen Wechselkurse der Mitgliedsländer der Europäischen Währungsunion“ untersucht das Zeitreihenverhalten der Komponenten der realen Wechselkurse zwischen den Gründerstaaten der EWU vor und nach dem Beginn der EWU. Verschiedene Panel- und univariate länderspezifische Test zeigen, dass die Niveaus dieser Komponenten typischerweise Zufallspfaden folgen. Die resultierenden realen Wechselkurse folgen ebenfalls Zufallspfaden und ihre Komponenten sind nicht kointegriert. Diese Ergebnisse, so schließt der Artikel, stellen die langfristige Funktionsfähigkeit der EWU unter dem gegenwärtigen geldpolitischen Regime in Frage. Eine Möglichkeit, dieses Problem zu adressieren, könnte in der Preisgabe des Prinzips der einheitlichen Geldpolitik bestehen. JEL Classification: E50, E31, C12

The prevalence of foot related problems in working donkeys and its implication on the livelihood of donkey owners in Hawassa City, Southern Ethiopia

A cross sectional study was conducted from April 2014 to April 2015 to assess foot related problems in working donkeys and their effects on the owners’ livelihood in Hawassa City. The hoof problems in donkeys included hoof abnormality, apparent lameness or standing lameness. 369 owners owned 1 to 5 donkeys, 161 (43.35%) and 1(0.3%). 14(3.8%), 6(1.6%), 211(57.2%) and 138(37.4%) were illiterate, educated in religion, had elementary education and completed high school. The owners had 3 to 5 years’ experience. 139(37.7%) donkeys had foot related problems. Hoof over-growth was the highest cause of foot problem (12.46% prevalence) followed by hoof abscess (9.2%). The owners’ educational status and work experience were statistically and significantly associated with foot problem in donkeys (P=0.002) and (P=0.000). The number of days the donkeys work weekly and amount of weight they carry were also statistically and significantly associated with foot problems (P=0.044) and (P=0.008). The level of dependency of household on cart pulling donkey was not statistically and significantly associated with the foot problem. The age and body condition score of the donkeys were also significantly associated with the prevalence of lameness (P=0.013) and (P=0.011). The average annual financial earnings from a donkey with and without foot problem were 10,271.00 Ethiopia Birr (ETB) (513.55$) and 12,536.00 ETB (626.8$). The monetary loss from foot problems per a donkey yearly was 2469 ETB (123.45 US$) assuming the life expectancy of donkeys was calculated as a loss. Each donkey owner loses 45,614 ETB (2280.7US$) per donkey averagely due to culling of the donkey. The foot problems did not only affect donkeys, but also the living standard of the people depending on them. A systematic approach should be made to enhance donkeys’ health and the livelihood of people engaged in it. Key words: Cart pulling donkeys, financial loss, foot problems, Hawassa city, livelihood.

Deepening the EMU

L’article explique pourquoi l’approfondissement de l’Union économique et monétaire est nécessaire et présente les initiatives récentes proposées par la Commission européenne dans ce domaine. Dans un premier temps, il examine les sources de vulnérabilité financière qui subsistent dans la zone euro, l’insuffisance des outils de stabilisation collective, les divergences économiques et sociales persistantes, le manque de résilience économique et enfin la complexité de la gouvernance et le déficit démocratique. L’article souligne ensuite ce qui reste à mettre en œuvre. Il présente les propositions de la Commission européenne dans le cadre de l’Union financière (Union bancaire, Union des marchés des capitaux et éléments à prendre en compte à plus long terme), de la stabilisation budgétaire, de la convergence et d’un paysage institutionnel plus efficace. À cette fin, l’article présente les principaux éléments de la communication de l’Union bancaire d’octobre 2017, du train de mesures sur l’approfondissement de l’UEM de décembre 2017 et des initiatives proposées en mai 2018 dans le contexte du prochain cadre financier pluriannuel.

Article Origin in international relations Peace or war, monetary Reviews

The roots of international relations: peace or war: A critical review A great debate has taken place about international relations between scholars concerning peace and War .The concept of root is matched with that of exception. And the importance of the research lies in the ensuing results in the report about the legitimacy of war and the space it holds, so if the origin of international relation is war .the obstacles against it are going to decrease .and if the origin lies in peace then the dimension of its legitimacy will narrow. key words: international relation –peace-war. Résumé : L’Origine des relations internationales : guerre ou paix : révisions critiques L’origine des relations internationales entre guerre et paix, a soulevé un large débat au sein des philosophes occidentaux. Ainsi, l’intérêt de la recherche sur cette question trouve toute sa pertinence dans les retombées portant sur la légitimité de la guerre et du champ y afférent. En effet, si cette dernière est à l’origine des relations internationales, les inconvénients s’amoindrissent. Néanmoins, son champ de l’légitimité devient restreint dans le cas de la paix.

Efectos de la política monetaria de la zona del euro en los sectores institucionales: el caso de Portugal

Estudiamos los efectos de la política monetaria de la zona del euro en los sectores institucionales en Portugal durante el período 2000:4 2015:4. Nuestros resultados muestran que la política monetaria única afectó a unas variables que son sustitutos de la financiación de cada sector institucional de la economía: las administraciones públicas, otras instituciones financieras monetarias, las sociedades no financieras, los hogares y el sector externo. El período de aplicación del programa de ajuste económico y financiero influyó en todos los sectores institucionales y la integración financiera en la zona del euro tuvo repercusiones en la financiación de la economía: reducción del ratio de deuda pública a largo plazo, reducción de la financiación externa a las otras instituciones financieras monetarias portuguesas, y la reducción de nuevos préstamos a los hogares.

Impact of the monetary policy decisions of the FED on Colombian economic indicators during the period 2007-2015

This paper analyzes the impact of the Federal Reserve’s monetary policy in the United States during the period 2007-2015 on three Colombian economic indicators: the representative market rate (TRM), the COLCAP Index, and fixed income securities (TES) with a coupon rate of 11 % per annum. It also looks at EDF announcements one year before the crisis, during the implementation of the program between 2008 and 2014, and one year after the end of the program, when it is decided that monetary policy will be tightened in December 2015. The article starts with an overview of the outstanding causes of the crisis, reviews the main research carried out on the subject—highlighting the impact on financial assets in different economies—, and it finally explains the event methodology applied with an EGARCH model in the analysis results. The study concludes that announcements on the EDF’s monetary policy in the established period of analysis significantly impacted the COLCAP and TRM indicators in windows of 3, 5, and 7 days, in 87 % of the cases. The 11 % TES coupon variable did not allow to be analyzed as explained in the final conclusions

CURRENCY SUBSTITUTION AND THE DEMAND FOR MONEY IN FIVE EUROPEAN UNION COUNTRIES

The high degree of economic integration has led to an increased degree of currency substitution in the EU countries, which could bring instability in national money demand functions while an EU-wide money demand function could be more stable. Currency substitution usually takes the form of cross border deposits (CBD), which are not included in the traditional monetary aggregates. Thus, extended monetary aggregates that include the relevant CBDs are defined in this study. In order to investigate the implications of currency substitution for the stability of the demand functions, the traditional and extended monetary aggregates for five EU countries are defined in addition to EU-wide monetary aggregates. The estimated EU-wide demand for extended money appears to be stable suggesting that there is scope for monetary policy at the European level. However, the stability of the area-wide aggregate has been impaired when the relevant CBDs are not included.

Implementable, Optimal Macroprudential and Monetary Policies: Implications for House Prices and Household Debt

This paper addresses implementable, optimal macroprudential and monetary policies in a standard DSGE model augmented with nominal price and wage rigidities and housing sector. The paper also discusses the effect of introducing of time-varying LTV regulation in cooling down large swings of household debt. In particular, it examines macroprudential policy reacting to credit growth or housing price growth to dampen the excessive volatility of household debt. The paper shows that the time-varying macroprudential policy rules reacting to the debt to income ratio or to the credit growth are more effective in moderating the household debt swings to exogenous shocks than the time-varying macroprudential policy rule responding to the housing price growth. In particular, the time-varying macroprudential policy reacting to debt to borrower's labor income is most effective in moderating the debt fluctuations to housing demand shocks. The macroprudential policy reacting to the housing price growth is almost indifferent to the time-invariant macroprudential policy when the economy is hit by the house demand shock. The time-varying macroprudential policy is against the winds in the sense that the LTV ratio goes down when the economy expands with an increase in housing price and demand. The paper shows that there is a substantial welfare increase associated with the time-varying macroprudential policy compared to the time-invariant macroprudential policies.

Relationship Between Quantitative Easing And Monetary Stability In USA:, An Econometric Study

Relationship Between Quantitative Easing And Monetary Stability In USA:, An Econometric Study

“Strengthen Stability: Further Development of the ESM in a Deepened Monetary Union”

“Strengthen Stability: Further Development of the ESM in a Deepened Monetary Union”

A PROSPEK PENGELOLAAN KEUANGAN BANK SYARIAH DI INDONESIA

At present, Islamic banking in Indonesia is growing up fastly and very fantastic with the unique financial management system. The global monetary crisis have brought it’s cleverness in the Islamic banking development besouse the world societies, the experts, and the prudence makers desire to apply shariah concept seriously. The Islamic financial institutions (including Islamic banking) appear as one of Shariah concept applications with no refusal. Even it’s excepted because of the real influence, so that Islamic banking is prospecting in the future. Its offers the real investment and benefit (revenue) by profit – lost sharing system. The interest-free concept in Islamic banking operation makes it different from conventional banking that based on interest-fee. Besides, the application of Good Corporate Governance in Islamic banking is expected to be able to increase the precious for stakeholders. The GCG aplication is excpected to increase publics trust to Islamic banking financial management system, maintain the growth of Islamic financial industries and the stability of whole financial system, and bring the Islamic finance institutions into of playing field level that equal with other international finance institutions.

Redistribution and Optimal Monetary Policy

This paper departs from the representative-agent assumption and investigates how optimal monetary policy should be conducted in a two-agent New Keynesian (TANK) model. Relative to a price stability motive that typically appears as policy prescriptions in representative-agent New Keynesian (RANK) models, heterogeneity adds a motive to spread aggregate fluctuations equally across all households. We show that the latter motive hinges on how fiscal transfers are implemented with the business cycle.

The Impact of Incentive Programs on Job Performance: A Study of Office Employees in Selected Manufacturing Companies in Colombo District, Sri Lanka

Area of the Study This study attempts to identify the impact of incentive programs on job performance of office employees in selected manufacturing companies in Colombo District, Sri Lanka. Problem of the Study There is a gap concerning incentive programs and job performance in Sri Lankan context regarding the office employees in manufacturing sector. Therefore this study is filling the empirical gap of the respective study area. Problem of this study is how incentive programs impact on job performance amongoffice employees in selected manufacturing companies in Colombo District, Sri Lanka? Method of the study The data was collected from 112 office employees in two manufacturing companies in Colombo District using universal sampling method. Primary data collection was through a questionnaire consisting of 39 statements with five point Likert scale. The data collected were subject to analyze using univariate, bivariate methods of SPSS. Findings of the Study This study found that incentives have the significant impact on job performance of the office employees in the selected manufacturing companies in Colombo District. In accordance with the regression analysis, 11.6%of the total variation of job performance explained by the incentive programs. Further, it was proved that there is a positive impact of dimensions of incentive programs on job performance. Conclusion of the Study It is concluded that both monetary incentive and non-monetary incentive have positive effect on office employees’ performance in selected manufacturing companies in Colombo District, Sri-Lanka.Hence, it is concluded that incentive programs are essential for the enhance job performance. Keywords: Incentives, Job Performance, Manufacturing Companies, Office Employees