Monetary Research Articles

La valutazione monetaria dei servizi ecosistemici marini: un’indagine sulle trezze nell’Alto Adriatico e i Millennials

The aim of this paper is to explore the monetary value of marine ecosystem services provided by coralligenous habitats in the Adriatic sea. The paper describes the development of a contingent valuation survey and examines the perspective of Millennials. Even if this group of citizens presents environmental attitudes, external factors and individual characteristics may prevent effective environmental friendly behaviour. Prior academic research regarding monetary evaluation of coralligenous habitats has not focused on Millennials behaviour. We carried out the survey to a sample of 897 Italian students. The findings will be of interest to academic researchers, to institutional decision makers, and to people in general who are concerned with marine ecosystem services. This study encourages future empirical researches trying to refine and apply the finding to support decision makers in identifying management alternatives.

An Empirical Investigation Of The Exchange Rate Pass-Through To Domestic Prices In Nigeria

The sensitivity of prices to fluctuations in the nominal exchange rate of the Nigerias currency has become a prominent subject for business and policy makers. The persistent depreciation in exchange rate and high domestic prices currently above the policy target is the basis of this study. The study adopted secondary data of monthly frequency covering January-2000 to June-2017, to test the exchange rate pass-through to domestic prices in Nigeria while controlling for effects of other variables such as monetary aggregates and fuel prices. Impulse response functions and variance decomposition under the purview of Vector Auto-regressive (VAR) modelling approach are employed for the analyses. It finds that the exchange rate pass-through to domestic prices is complete six months after exchange rate shock. However money supply and fuel price effect are stronger than the exchange rate effect although the fuel price impact decay over time. Given the stronger impact of money supply on prices, the study concludes that inflation is a monetary phenomenon thereby giving credence to the current policy anchor on money supply as a policy tool to control inflation. It therefore recommends that policy makers should continue to pursue and maintain exchange rate stance that eases the depreciation pressure

The Transparency of the European Central Bank in the Single Supervisory Mechanism

Abstract Not least due to the relatively short period of existence of the Single Supervisory Mechanism (SSM), the transparency of the European Central Bank (ECB) in the SSM has not attracted significant attention from legal scholarship. This contribution seeks to close this gap to some extent by mapping out the ECB’s transparency regime within the SSM and illustrating, where relevant, the notable differences not only with the transparency regime applicable in the area of monetary policy, but also the general transparency regime of the EU. Die Transparenz der Europaischen Zentralbank im Einheitlichen Bankenaufsichtsmechanismus Zusammenfassung Rechtswissenschaftliche Abhandlungen haben den Transparenzbestimmungen des einheitlichen Aufsichtsmechanismus (Single Supervisory Mechanism – SSM) noch keine allzu grose Aufmerksamkeit geschenkt. Dieser kurze Beitrag zielt darauf ab diese Lucke ein Stuck weit zu schliesen. Dazu werden die im Rahmen des SSM auf die EZB anzuwendenen Transparenzbestimmungen einer ersten ...

A Monetary Union for the GCC

A Monetary Union for the GCC

Monetary Treatment upon the Inventor in the Corporation

Monetary Treatment upon the Inventor in the Corporation

(Implementable Optimal Monetary Policy in a Small Open Economy)

Korean Abstract: 본고에서는 먼저 통화당국의 금리변경에 따른 무역수지 변동을 분석하는 데 적합한 개방경제하의 새 케인지안 모형을 설정하였다. 동 모형에 입각하여 정책당국이 시장의 균형조건을 충족시키면서 민간 경제주체의 일생 기대효용을 극대화하는 최적 통화정책을 수행하는 램지균형의 특징을 살펴보았다. 아울러 실제로 시행가능한 여러 유형의 통화 정책 중에서 통화당국이 사회후생을 극대화하는 금리준칙의 형태에 대해 논의하였다. 주요 분석결과를 보면, 첫째 재화시장의 불완전경쟁에 따른 비효율성이 조세와 같은 재정정책에 의해 해결되지 않을 경우 통화당국이 국내 기술충격 또는 금리인하 충격 발생 등에 대응하여 국내재 물가지수의 안정만을 도모하는 국내재 물가지수 인플레이션 목표제가 최적이 아닌 것으로 나타났다. 이는 인플레이션이 생산 갭 및 교역조건 또는 실질환율 갭에 의하여 영향을 받는 상황에서, 국내재 물가지수 인플레이션 목표제는 교역조건 또는 실질환율의 변동이 생산과 인플레이션의 변동을 통해 사회후생에 미치는 효과를 직접 고려할 수 없기 때문이다. 둘째, 재화시장 내에 비효율성이 존재하고 교역조건의 변동에 따라 무역수지가 변동하는 경우 통화당국은 생산 갭과 인플레이션 갭뿐만 아니라 환율 갭을 고려하여 금리를 조절하는 것이 사회후생측면에서 다소 우월한 것으로 분석되었다. English Abstract: This paper sets up a small open economy with nominal price rigidities to analyze an implementable optimal monetary policy. It shows that the domestic price index inflation targeting rule is not optimal in the small open economy with non-unitary intertemporal and intratemporal elasticities of substitution among goods. This reflects the fact that the terms of trade gap or the real exchange rate gap also affects the welfare of the representative household with a CRRA preference function. The paper also shows that the interest rate rule responding to the exchange rate gap as well as output gap and inflation gap is better than the interest rate rule disregarding the exchange rate gap in terms of the welfare cost.

On Peer Effects of Corporate Philanthropy: A Study Based on Board Networks

Peer behavior is a key factor affecting corporate philanthropy. Based on social embeddedness theory, this paper studies the peer effect of corporate philanthropy from a perspective of board network embedded. It arrives at the following conclusions: firstly, when enterprises embed themselves in the board networks, philanthropy behavior among connected enterprises has significant peer effect; secondly, corporate philanthropy affected by the peer effect provides convenience for self-interest of the management, namely the management in state-owned enterprises enjoys higher non-monetary benefits and the one in non-state-owned enterprises enjoys higher monetary benefits; thirdly, corporate philanthropy affected by the peer effect does not lead to the increase in government subsidies but results in the significant improvement of enterprise performance. Therefore, enterprises should treat board networks rationally, selectively learn from and imitate charitable donations of connected enterprises, to avoid that the loss outweighs the gain.

Regulation, Financial Development, Financial Soundness and Banks Performance in Nigeria

This study empirically examines the impact of regulation, financial Development and financial soundness on bank performance in Nigeria for the period 1985-2015. The study uses two regulatory indicators (cash reserve ratio and monetary policy rate) as measures of regulation; the ratio of broad money supply to Gross Domestic Product (M2/GDP) for financial development; bank non-performing loans to total gross loans for financial soundness while bank performance was proxy by earnings of bank after tax. It adopted a multivariate OLS analysis for the estimation process, co-integration analysis for long-run equilibrium relationship and the associated error correction model to determine the short-run impact of the variables. The findings of the study are that cash reserve ratio, monetary policy rate, financial developments and financial soundness largely impact on bank performance both in the short run and long-run. It is recommends that regulation and supervision of banks should be strengthened in other to improve the performance of banks in Nigeria. Also, we recommend that the ongoing reforms in the banking system should be intensified so as to ensure safe, sound and stable banking system that is a sine qua non for long run financial performance of banks in Nigeria.

Monetary Policy Transmission Mechanism in Namibia: A Bayesian VAR Approach

This study analyzed the interest rate channel, credit channel, exchange rate channel and asset price channel for monetary policy transmission mechanism in Namibia. The idea behind this study is to have a comprehensive study that covers a variety of channels for monetary policy transmission mechanism. The study utilized a Bayesian vector autoregression (BVAR) technique on quarterly time-series data covering the period 2000:Q1 to 2016:Q4. In particular, the validity of the data used is checked and verified by using two sets of prior distributions suggested by Sims and Zha as well as prior distribution of Koop and Korobilis. The variables used in this study are real output (Yt), real effective exchange rate (Et), inflation rate (P t), repo rate (Rt), housing price index (Ht) and credit extended to private sector (Lt). The findings revealed that interest rate and credit channels remain important in the transmission mechanism to this day. Notably the exchange rate and asset price channels are also slowly gaining prominence in monetary policy transmission mechanism. Therefore, the study provides useful information to the monetary authorities regarding the process of transmission mechanisms. This is quite important especially that the Central Bank (Bank of Namibia) is very serious about financial stability within the financial system, given the fragility of the financial systems in the world due to financial crisis.

Le danger du trilemme pour le système monétaire international

On connaît le célèbre triangle d’incompatibilité (le trilemme) : parmi la fixité des taux de change, l’absence de contrôle des capitaux, la possibilité d’avoir une politique monétaire indépendante, il n’est possible de réaliser que deux de ces trois objectifs. Les banques centrales ont donc elles-mêmes rendu insupportable le choix dans le triangle d’incompatibilité en raison de l’instabilité induite des taux de change. Mais le retour aux taux de change fixes est aussi impossible, car ils seraient aussi déstabilisés par les flux de capitaux spéculatifs de grande taille. Quelle alternative pourrait être envisagée ? Classification JEL : E58, F02, F32, F62.

Different fiscal and monetary policies: Nigeria

Different fiscal and monetary policies: Nigeria

Assessing the Human Resource Team’s Performance

The study aims to assess the present performance of the HR Team. The performance of the individual employees has been assessed through trend lines, with the help of various bar graphs. These charts were meant to provide the trend of individual employees, and configure areas of attention and improvement. The data used to examine the performance of the employees includes both primary and secondary data. For Primary data, a questionnaire was administered personally to all the Human Resource staff. For Secondary data various articles, books and websites were consulted the names of which are duly mentioned in the literature review and reference section. The sample size is 10. This includes 5 Executives, 2 Senior Executives and 3 Assistant Managers. For designing the Questionnaire Likert Scale was used. The questions are based on certain parameters such as innovation, vision, trust etc, which are essential elements of a High Performance team. To conclude, there should be more team bonding. There should be more transparency. More non- monetary rewards and recognitions should be introduced for motivational purposes. More training and developmental programs should be encouraged. There should be reduction in transactional work. Job rotation should be practiced more frequently. All this will lead to a high performance team. The management should work towards creating an environment where creativity is encouraged, increased people participation in the decision making process, development of trust among employees and provide more cross functional exposure.

La « guerre des monnaies » : un jeu déstabilisant ?

La crise financière puis économique qui a débuté en 2008 a révélé puis accentué les désordres monétaires au niveau mondial. La désorganisation du système monétaire international et l’absence de coordination des politiques monétaires rendent plausible l’utilisation de l’arme de la dépréciation de leur taux de change par certains pays pour accélérer leur sortie de crise. Les pays vers lesquels les capitaux refluent sont alors amenés à réagir pour éviter une appréciation trop forte de leur monnaie. L’impact des politiques monétaires non conventionnelles reste encore, faute de recul, difficile à évaluer, tant sur les pays développés que sur les pays émergents. Nous entendons apporter notre contribution à cette réflexion en testant si les mesures d’assouplissement quantitatif prises par les États-Unis, le Royaume-Uni et le Japon ont eu un impact sur les risques de désajustements de change et, en particulier, s’ils ont accru leur ampleur. Pour cela nous procédons à des estimations de taux de change d’équilibre à partir de données de panel annuelles sur la période 1980-2015, pour 21 monnaies, puis évaluons l’impact des principales mesures de politique monétaire non conventionnelles sur les mésalignements de change. Nos résultats corroborent l’hypothèse selon laquelle les mesures de politique monétaire non conventionnelles ont un impact sur les déséquilibres du taux de change. Ces mesures accroissent le mésalignement et retardent l’ajustement même si ce dernier, d’après nos estimations, serait, toutes choses égales par ailleurs, relativement rapide.

Combining EDM and EVM: a proposed simplification for project time and cost management

Earned value management (EVM), a technique mainly used to manage project cost, was developed during the second half of the twentieth century by an agency of the USA government. It was enriched, at the beginning of the current century, with an extension named earned schedule (ES) (Lipke, 2003), which added to EVM the capability to manage the project schedule.In 2014, earned duration management (EDM), a novel, and monetary value free technique for project schedule management, was proposed by Khamooshi and Golafshani (2014). Earned duration (ED), the project schedule indicator from EDM uses only activity dates and durations from EVM, and aims at replacing ES. By not using cost as a proxy for time, ED overcomes one of the most criticized aspect of ES.This paper intends to (i) compare ED with ES to learn some fundamental lessons, (ii) propose the combination of ED and planned value (PV) from EVM to produce an EDM-based project-level earned value (EV〗^d), and (iii) assess the adequacy of 〖EV〗^d as an alternative to earned value (EV) from EVM in project time and cost management. The comparison between the project real cost and both EVM and EDM-based independent estimates at completion, on a set of real projects, was the vehicle for assessing the adequacy of 〖EV〗^d as a viable alternative to EV.Workload avoidance by replacing activities earned value calculations with the simpler and more consistent determination of the activities earned durations, and the enhanced visibility of potential schedule problems caused by lower cost/duration ratio activities, are benefits that 〖EV〗_d offers to project managers.

Benefits of coastal managed realignment for society: Evidence from ecosystem service assessments in two UK regions

Abstract Coastal managed realignment has the potential to deliver both nature conservation and other benefits to people, but these are rarely quantified. We used an ecosystem services assessment toolkit, TESSA, at two locations in the UK; Hesketh Outmarsh West (northwest England), where realignment has already been carried out, and the Inner Firth of Forth (central Scotland), where realignment is proposed for multiple sites. At the Inner Forth we focus on one site, Inch of Ferryton, in Clackmannanshire but also assess ecosystem services across several sites. Using dedicated data collection where possible, and site-appropriate existing data, we estimate the value of these sites to people in the realigned state compared with the most realistic alternative: continued agricultural production behind hard flood defences (agricultural state). Services assessed were climate change mitigation, agricultural production, nature-based recreation, and flood risk protection. At both sites agricultural production was estimated to be greater in the agricultural state, while other services were estimated to be greater in the realigned state. We are cautious about assigning overall monetary values based on biophysical attributes, particularly considering that climate change mitigation is highly sensitive to carbon prices, and that by necessity we were unable to quantify all services. Nevertheless, using a price for carbon that incorporates the societal cost of emissions, we estimate that the net annual provision of services is £262,935 (£1460.75/ha) at Hesketh Outmarsh West and £93,216 (£574.70/ha) at Inch of Ferryton. At both sites, sequestered carbon in accreting sediments outweighs greenhouse gas emissions from intertidal habitats, and the net value of this in turn outweighs the income foregone from crops and grazing. At Hesketh Outmarsh West the value of ecosystem services is increased by the reduction to flood risk arising from the coastal managed realignment action. Nature-based recreation is estimated to increase at both sites under realignment, with the visitor profile expected to be strongly local. Decisions about coastal management, including realignment, should incorporate information about the ecosystem services provided under different scenarios. This applies beyond coastal ecosystems, and the site-scale is often the most appropriate scale to carry out such assessments, as this is the scale at which decisions are often taken.

A short-time economic evaluation of various modalities of glutamine dipeptide-enriched parenteral nutrition support in patients undergoing elective surgery for gastrointestinal tumors using decision-tree model

Objective To assess the short-time economics of various glutamine dipeptide-enriched parenteral nutrition (PN) for patients undergoing elective surgery for gastrointestinal tumors, with an attempt to provide evidence for decision makers on clinical nutrition support. Methods A prospective cohort study was designed. From payer/disburser's perspective, a cost-effectiveness decision-tree model was developed to assess the clinical outcomes and short-time economic effects of glutamine dipeptide-enriched PN that used in different time points (early postoperative or perioperative). Cost-effectiveness analysis, cost-utility analysis, and incremental cost-effectiveness analysis were adopted in the decision-tree model. One-way sensitivity analysis was performed to determine the robustness of the results. Results Totally 107 patients were included. There was no significant difference between the perioperative alanine(Ala) glutamine(Gln) nutrition support (group A) and early postoperative Ala-Gln nutrition support (group B) in the ratio of 5% weight declines on the 8th day after surgery and infection-related postoperative complications (72.1% vs. 78.1%, χ2=0.509, P=0.498 and 2.32% vs. 4.69%, χ2=0.060, P=0.806). The levels of prealbumin (PA) and albumin(Alb) and the level of total lymphocyte count(TLC) also the time of recovering gastrointestinal function, length of stay nutritional discharge index(LOSNDI), and direct costs were significantly different [PA: (208.19±56.92)mg/L vs. (187.97±62.05)mg/L, t=2.283, P=0.039; Alb: (33.82±3.91)×109vs. (31.96±4.57)×109,t=2.184, P=0.036; TLC: (1.19±0.55)×109vs. (0.89±0.66)×109,t=2.461, P=0.015; the time of recovering gastrointestinal function(3.06±0.28)d vs. (3.39 ± 0.34)d, t=-3.675, P=0.000; LOSNDI: (16.84±2.92)d vs. (18.52 ±3.47)d, t=-2.613, P=0.011; direct costs: ￥(17 029.05±317.28) vs. ￥(15 610.64±292.56), t=23.764, P=0.000]. When LOSNDI and quality-adjusted life years (QALYs) were estimated as indicators of effectiveness, the incremental cost-effectiveness ratios and incremental cost-utility ratios of group A were ￥844.3 and ￥70 920.5, respectively. Net monetary benefit of group B was more than that of group A. One-way sensitivity analysis showed that parameters had no significant effect on the model. Conclusion When using local per capita gross domestic product as threshold, early postoperative Ala-Gln PN was more economical than perioperative Ala-Gln PN strategy evaluation. Key words: Parenteral nutrition; Decision trees; Glutamine dipeptide; Gastro-intestinal tumors; Health economic evaluation

Assessment of Distributive Effects of Emigrant Remittances in Developing Countries

Despite the rising volume of remittances flowing to developing countries, their distributional effect on the recipient countries has been largely unexplored. We examine this topic using data from World Bank. Despites the positive effects of emigrants remittances in terms of developing microfinance Institutions and welfare improvement of the recipient households, its negative effects ranges from appreciation of the national currency, hampering competitiveness, monetary management and rekindle inflationary pressures, extension of trade deficits and brain drain to mention just a few. Remittances represent a short-term fix for long-term problems. If properly channeled Remittances could be used to finance development and reduce poverty. Government of the recipients countries should promote Diaspora bonds in order to reap full benefits of emigrants remittances.

The rise of mobile technology in the financial sector in Zimbabwe

The emergence of technology has revolted the way that the financial industry operates and the increasing use of mobile gadgets has changed the banking system from the traditional brick and mortar building to a virtual system. The sudden rise in use and innovation of smart mobile phones, mobile personal computers, tablets and various other mobile electronic gadgets has resulted in the rise of mobile financial products. Rapid quickening innovative headways are making completely new business suggestions, for example, crowd financing, shared loaning, advanced monetary forms, versatile managing an account, online speculation and new instalment frameworks. Zimbabwe's mobile technology use is currently on the rise too as mobile service providers like Econet are enabling the connection between consumers and financial related products. Despite the fact that innovation without a doubt brings benefits, prominent specialized disappointments in the money related part lately are disturbing and several negative factors are to some extent affecting production. Drawbacks like cybercrime, resistance to change, and compatibility of mobile gadgets are affecting the information technology environment. This paper highlights the rise of mobile technology in the financial sector in Zimbabwe.

L’économie politique de la monnaie : Le régime monétaire de la Reconstruction aux États-Unis

Durant la période de la Reconstruction, le gouvernement fédéral des États-Unis instaure progressivement le régime d’étalon espèces-or et la convertibilité de la monnaie-papier émise durant la guerre de Sécession. De manière décisive, la politique d’une monnaie forte s’accompagne d’une politique de protection des industries nationales. Toutefois, la littérature sur le sujet n’a consacré que peu de pages à l’articulation entre la politique monétaire et la politique tarifaire. Pour combler ce vide, le présent article examine les conditions économiques, le jeu des coalitions politiques et la combinaison monétaire et tarifaire de la Reconstruction. Il construit alors une matrice reposant sur une double dichotomie, l’une au niveau monétaire (monnaie forte versus monnaie faible), l’autre au niveau tarifaire (protectionnisme versus libre échange). Il en déduit une analyse en termes de policy mix monétaire et tarifaire (monnaie forte et protectionnisme, monnaie faible et libre échange), ce qui permet d’apprécier les conditions et la cohérence du régime monétaire et de la politique d’industrialisation mise en œuvre par le gouvernement républicain.

I rapporti internazionali dello Stato Città del Vaticano alla luce degli interventi normativi in materia finanziaria

SOMMARIO: 1. Stato Citta del Vaticano e Unione europea. La Convenzione monetaria - 2. Lo sviluppo della SCV del Vaticano. Il dilatamento della giurisdizione vaticana e i rapporti di giurisdizione con l’Italia - 3. La normativa vaticana e il processo di valutazione MONEYVAL. Approccio collaborativo delle autorita vaticane e rapporti internazionali - 4. Gli sviluppi piu recenti. International Relations of Vatican City State and measures in financial law ABSTRACT: After having outlined the peculiarities of Vatican City State's nature, this paper examines the development of its financial law, starting with the Monetary Convention with European Union. The Holy See from 2009 makes a serious effort to adjust its law to the current needs of an increasingly globalised market. This results in a profound change in the Vatican international relations, which were previously mainly addressing Italy, in order to satisfy the territorial and material needs of a small State. Today Vatican City State has agreed to be subject to periodic controls on its financial system by international bodies. It has developed a system of international relations and it integrates into the global financial market transparency system.