Monetary Research Articles

Productivity of Gears in Seasonal Floodplain Fishing: Case Study on Sholiamary and Gheramary Beels in Mymensingh, Bangladesh

Bangladesh is the largest floodplain land of the world, which counted 80% land areas and 73% of households of the country. In the floodplain beel area, there are three types of fishermen – part-time, full-time, and subsistence – who mostly depends on the fishing in the monsoon time. However, due to environment degradation and over exploitation of resources the fish production in these beel s has dropped down significantly. Therefore to ensure the efficient ways of harvesting and to ensure the socioeconomic welfare of the fishermen, understanding the nature and efficiency of available gears is very important. To measure the productivity of locally used gears this study collected primary data from the beel Sholiamary and beel Gheramary area from Mymensingh Sadar in Bangladesh through a questionnaire survey based on simple stratified random sampling method. The data were analyzed though descriptive statistics, percentile analysis, one-way analysis of variance (ANOVA) F-test, Post Hoc (Scheffe) test, and Pearson’s correlation test. The statistical tests were measured at 1%, 5%, and 10% significance level. This study concluded that the physical productivity in terms of daily catches and economic productivity in terms of income from fishing differed significantly among the available gears—five fishing nets, one fishing trap and two wounding gears. The highest number of used gears was wounding, and lowest was seine-net. The highest fishing effort and fishing duration were recorded for bair, and lowest fishing effort was for seine-net and lowest fishing duration was for push-net. However based on catch per unit of effort the seine-net was found the most productive gear and the bair was the least productive gear. In terms of monetary return (TK), gill-net and long-line provided the highest value and bair the lowest. Key words: Social , economic, productivity, floodplain, beel, gear, fisherman

Beurteilung Der Wirksamkeit Und MMgliche Risiken Der Aktuellen Geldpolitik Des Eurosystems (Assessment of Effectiveness and Potential Risks of the Eurosystems Recent Monetary Policy)

German Abstract:Die aktuelle Geldpolitik des Eurosystems hat im Gefolge der internationalen Finanzund Wirtschaftskrise seit 2008 sowie als Reaktion auf die europaische Schuldenkrise seit 2010 einen extrem expansiven Kurs eingeschlagen. Dazu hat das oberste Entscheidungsgremium des Eurosystems, der EZB-Rat, auch verschiedene sogenannte unkonventionelle Masnahmen eingefuhrt, um die Wirksamkeit der Geldpolitik zu erhohen. Eine zentrale Absicht der europaischen Geldpolitik ist es dabei, die verhaltene, zum Teil sogar rucklaufige Kreditvergabe im Euro-Wahrungsraum anzuregen.English Abstract: In the present article effectiveness and potential risks of recently implemented non-conventional monetary policy measures by the Eurosystem are discussed. The goal of research is to show that an additional use of non-conventional monetary policy measures is meaningless to stimulate lending behaviour of the banking system in the Euro-area. At the background of the state of conventional monetary policy today, which in short is characterized by unlimited and free of charge allotment possibilities of central bank money to monetary financial institutions, there exist no monetary policy restrictions which prevent lending behaviour of the banking system. So alternative intentions of the European Central Bank are discussed in this article, why non-conventional monetary policy measures had been implemented. In this context it is shown, that the use of single non-conventional monetary policy measures as well as the whole arrangements of the recently very expansive monetary policy involve considerable potential risks, which can inflict severe problems to monetary policy in the future.

Tackling the Multidimensional Characteristics of Archaeological Heritage with Preference Based Approaches

The main aim of this paper involves contributing to the discussion around the value of archaeological heritage through the lens of an economist. The path taken to achieve this main goal included three objectives. Firstly, there is the contribution towards clarifying the concept of archaeological heritage benefits by highlighting the complexity that stems directly from its holistic characteristic. Secondly, this also contributes to assessments of archaeological heritage economic and social benefits and values by demonstrating how they may be captured by means of a single variable measured in monetary units. Furthermore, and thirdly, this then helps explain how such a monetary variable may prove of use both to cultural heritage management for sustainable preservation and conservation improvement, and to the appraisal of the total private and public benefits arising out of preservation and conservation archaeologic heritage projects.

Smart Street Light System

Smart street light system is not only the one of the easiest but also one of the most efficient technique, in terms of power as well as monetary savings. Relays are used for automatic switching of the system. This releases the manual work to almost 90%. As soon as sunlight goes out of the visible region of our eyes this system automatically switches on the light based on if there is any object nearby. LDR (Light Dependent resistor) is a type of sensor which actually does this work and senses the light as our eyes does. As soon as sunlight comes, visible to our eyes it automatically switches OFF lights. Ultrasonic sensor are used for object detection. As soon as an object comes into the range of ultrasonic sensor the lights will be turned ON automatically. And so it can be also used for regulating traffic signals and also can be used for alarming if any accident has occurred. If the object stays in the range of ultrasonic sensor for more than particular time then it sends the flag signal to server regarding it and based on the flag the server instruct to regulate traffic signals or alarming the officials about the misshaping in highways . This type of the system is very much useful for reducing power consumption and using it for other purposes.

Measuring persistence in nominal exchange rate: Implications for Angola’s entrepreneurship and business development

The purpose of this paper is to measure the degree of persistence in the Kwanza to US Dollar exchange rate. First, our results indicate that nominal exchange rates both in levels and in first differences are I(0), thus implying that the relative purchasing power parity hypothesis for Angola is not rejected. Secondly, we find a significant degree of persistence in both the formal and informal nominal exchange rates. Thirdly, the degree of persistence in the official market is significantly lower than in the formal market, while In first differences, persistence in the official exchange rate is substantially higher than in the informal exchange rate. Lastly, we could not find strong evidence that persistence has changed in levels throughout the sample period. By contrast, there is significant evidence that persistence in first differences has consistently increased after September 2003. These results have important policy implications as the National Bank of Angola is preparing to change its monetary and exchange-rate policy focus to a more inflation-targeting regime and to a more a flexible (or low-managed) exchange-rate regime. Keywords - Nominal exchange rate, persistence, entrepreneurship, business development, Angola

Modeling and Forecasting Population Growth of Bangladesh

Information about the population growth of a country is an important issue that helps keeping the gross domestic product at a standard level without accelerating inflation rate. This is the condition demanded by the International Monetary Fund (IMF) and World Bank (WB) for allocating funds for the development of the underdeveloped countries like Bangladesh. The population growth is the main target of Bangladesh government to keep the level of growth at a manageable level. This paper proposes an autoregressive time trend (ARt) model for forecasting population growth of Bangladesh. Using data from 1965 to 2003 and using the proposed ARt model this paper finds a downward population growth for Bangladesh for the extended period up to 2043.

Setting the habit of capitalization: the pedagogy of earning power at the Harvard Business School, 1920-1940

The quandaries of business valuation have marked the pedagogy of business administration since early attempts at institutionalizing the managerial discipline. It is however now commonly admitted, at least in legitimate financial and entrepreneurial circles, that the value of a business (that is, the monetary assessment of a functioning enterprise established in a competitive environment) resides primarily in its earning power or, in other words, that what a business is worth equals its capacity to generate a stream of revenues for the investor or investors that provide it with funding. How did this idea take shape and how did it permeate the business mind? An examination of early pedagogical materials at the Harvard Business School (an influential reference for the socialization of the businessperson) and, in particular, of the vagaries of the idea of capitalization and its exercising in the classroom provides a fine occasion to advance understanding of the meaning of such ideals of business and business value, and of their institutionalization. This empirical study can, in turn, be employed in order to discuss and refine critically our interpretation of what a convention of economic valuation is and how it operates.

Kalecki’s Investment Theory and Monetary and Financial Factors

Kalecki’s Investment Theory and Monetary and Financial Factors

The Rate of Surplus Value in South Korea: 1980-2011 - Improving the Weakness of Calculation Method Using 'Monetary Expression of Labor Time'

The Rate of Surplus Value in South Korea: 1980-2011 - Improving the Weakness of Calculation Method Using 'Monetary Expression of Labor Time'

A crise financeira e a política econômica: poderia ter sido diferente?

Este artigo tem por objetivo analisar se a capacidade de resposta de politica economica foi fator relevante para minimizar a severidade da crise financeira de 2008, no primeiro ano do episodio. A hipotese e que paises com mais espaco para politicas expansionistas registraram uma crise menos severa, tudo mais constante. Os resultados das regressoes cross-country corroboram com a hipotese em relacao a politica monetaria. No que diz respeito a politica fiscal, possivelmente, mesmo paises com bons resultados fiscais podem ter limitacoes a estimulos keynesianos em funcao da tolerância ao seu nivel de endividamento. Entretanto, a interacao entre o resultado do governo central e a divida bruta esta em linha com a hipotese da pesquisa, uma vez que uma melhor gestao tanto do fluxo fiscal, quanto do estoque da divida no ano anterior ao evento mostrou-se relevante. A adicao da variavel de investment grade as especificacoes ressaltou uma crise mais severa nas economias desenvolvidas.

Another Page Turns for Journal of Neonatal Surgery.

To start, and pursue a journal dedicated to a superspecialty with meager monetary and human resources has not been an easy feat. On expected lines, we mainly received case reports in its infancy. Slowly, we attained acceptance globally and the authors from all the continents started contributing. We fulfilled our promise to archive every manuscript on PubMed Central that we have published since the inception of JNS in 2015. It has been a learning opportunity for us as well. We take this opportunity to express our gratitude to the authors who trusted the journal and its editorial team. Though we struggle to get original research papers and random controlled trials, we have strived to maintain the standards of the contents and honored the publication dates. Aged four, we are presently full of energy, curious and eager to show what we can do. The stage of waffling between feelings of security and insecurity is gone. We are excited by our accomplishments. We are looking ahead to get indexed with Medline and official Impact Factor.

Monetary Policy and Reserve Requirement in a DSGE Model with Financial Frictions

Este artigo modifica o modelo DSGE de Gertler & Karadi (2011), que inclui fricção sobre o balanço dos intermediários financeiros, para introduzir a exigência de recolhimentos compulsórios pela Autoridade Monetária e um choque de confiança dos depositantes no sistema financeiro. Os impactos dessas mudanças sobre os canais de transmissão da política monetária são analisados. Os resultados indicam que a presença de compulsório amplifica a transmissão da política monetária pelo canal do crédito, aumentando a alavancagem dos bancos quando há uma queda nos juros e diminuindo caso contrário. A diminuição do crédito quando os juros aumentam pode ser contrabalanceada por uma política macroprudencial de ajuste do nível de compulsório baseada em uma regra que depende de desvios do crédito no estado estacionário. O compulsório não deve, porém, substituir a taxa de juros como o instrumento de política monetária mais adequada para estabilizar a inflação.

Měnové poměry v Československu za 2. světové války a bezprostředně po jejím skončení

Článek připomíná 70. výročí ukončení 2. světové války. Je rozdělen do tří částí. První z nich popisuje hospodářskou situaci Československé republiky před propuknutím 2. světové války. Druhá část pojednává o destrukci československého měnového systému v důsledku rozdělení země v roce 1938 a nacistické okupace během války. Třetí část analyzuje monetární reformu z roku 1945 a její dopady. Připomíná také 70. výročí vstupu Československa do Mezinárodního měnového fondu a Mezinárodní banky pro obnovu a rozvoj.

Fixed and mobile telephones in West African Economic Monetary Union countries: complementary or substitute services?

The observation of the joint evolution of fixed and mobile phones penetration in West African Economic Monetary Union countries suggests that the demand of the two services does not develop at the same rate with increasing difference in favor of the mobile phone. This article is dedicated to relationship between fixed and mobile phone services. It tests empirically the existence of relations of complementarity and substituality between these two types of services in the West African Economic Monetary Union countries over the period 1997 to 2010. It is clear that in these countries, mobile phone is a fixed phone substitute, although the extent of this relationship of substitution is relatively low. Nevertheless, the role that the fixed phone is required to play in these countries for ICT services development must push the authorities to consider measures to improve the fixed phone penetration rate. Key words: Telephone, substituable, panel data, WAEMU.

A Unified Theory of Monetary Dynamics

In the end, the only and eternal vocation of money is circulation. This circulation causes the contrary effect to income expansion, studied by the income velocity of circulation of money, by the income multiplier and by the bank money multiplier. These three issues are thought to belong to the same operation. Therefore, a unified money theory can be established. A dynamic economy finances investments with the savings existing in the system but, the economy is simultaneously growing in real and nominal terms. Such growth in circulating capital is only possible through the creation of money in the economic system. In general terms, the system tends to finance growth with the spontaneous creation of money. JEL Classification E00

2012-1960 (Empirical Modeling of the Monetary Policy in Sudan)

Arabic Abstract: تهدف الورقة إلى صياغة نموذج آني للسياسة النقدية في السودان، قامت الورقة بتقدير نموذج معادلات آنية لصياغة سياسة نقدية شاملة وفاعلة. ,توصلت الورقة إلى نتائج أهمها، أن الدخل القومي الحقيقي، سعر الصرف، معدل التضخم، وسرعة دوران النقود، من أهم العوامل المؤثرة على دالة الطلب على النقود في السودان، بالإضافة إلى وجود تأثير متبادل بينهما، كذلك توصلت الدراسة إلى عدم فعالية السياسة النقدية لتحقيق الأهداف الكلية لوجود فاصل زمني لاستجابتها لعواملها.أهم التوصيات هي وجوب وضع محددات الطلب على النقود في الاعتبار عند صياغة السياسة النقدية، مع وضع اعتبار لتكيفها بين الأجلين القصير والطويل، مع وجوب وضع العلاقات المتداخلة بين محددات دالة الطلب على النقود في الاعتبار وذلك بالأخذ بالآنية. وأخيرا، العمل على تنسيق السياستين النقدية والمالية عند تحقيق الأهداف الكلية.تختلف هذه الورقة عن الدراسات السابقة في استخدامها لتقنيات التكامل المشترك في تقدير دالة الطلب على النقود، بالإضافة إلى وضع عوامل التأثير المتبادل بين متغيرات السياسة النقدية، وذلك بانتهاج أسلوب المعادلات الآنية في صياغة السياسة النقدية.English Abstract: The chaotic monetary, trade and financial policies conducted in Sudan motivates the research in this paper. The basic objective is to formulate am adjusted Sudanese monetary policy. The paper estimated coefficients for full and partial adjustment model to formulate it.The main determinants of demand for money function are the national income, exchange rate, inflation rate, and velocity of circulation. In addition, mutual effects among these determinants. The monetary policy is not effective due to the lag between the timing and response.The main recommendations put into consideration the determinants and adjustment in both the short-run and the long-run, mutual effect, coordination of monetary, fiscal policy, and simultaneity among these determinants in formulating of monetary policy to achieve aggregate goals.

Sovereigns and Banks–Specific Regulatory Proposal

In einer Wahrungsunion mit gemeinsamer Geldpolitik und Bankenaufsicht, aber fehlender Fiskalunion, ist die wechselseitige Abhangigkeit zwischen Banken und Staaten von besonderer Brisanz. Denn die Mitgliedstaaten verschulden sich in einer Wahrung, uber die sie keine geldpolitische Hoheit ausuben. Viele Banken in der Eurozone haben hohe Forderungsbestande gegenuber den Mitgliedstaaten aufgebaut, was nicht zuletzt im Interesse der Regierungen lag. Die Autoren machen einen konkreten Vorschlag, wie dieses Geflecht aufzubrechen ist. Dabei geht es nicht um die endgultige Festlegung der Parameter, sondern um zentrale Stellschrauben fur eine praxistaugliche, anreizkompatible Losung.

Crédibilité de la banque centrale et soutenabilité de la politique budgétaire

Depuis le début de la crise de 2008, la question de la crédibilité des banques centrales est à nouveau d’actualité. En effet, malgré leur indépendance et la réussite de leur politique monétaire axée sur la stabilité des prix, les banques centrales n’ont pas été en mesure d’assurer la stabilité financière. Pour rétablir celle-ci et sauver les systèmes bancaires, les banques centrales et les États, dont les déficits se sont fortement accrus, ont dû mener des actions conjointes inédites. Cet article a pour objet de montrer le caractère inapproprié de la littérature monétariste consacrée à la crédibilité de la banque centrale antérieure à la crise et la dépendance inévitable entre les politiques monétaire et budgétaire mettant en cause l’indépendance des banques centrales qu’elles souhaitent préserver en cherchant à « déconnecter » la crise bancaire de celle de la dette souveraine, notamment en Europe. L’observation des résultats permet de constater que les choix opérés par les banques centrales, consistant pour l’essentiel à fournir de la liquidité n’ont fait que renforcer leur crédibilité et non la diminuer. Classification JEL : E58, E63.

Le dollar à l’épreuve de la crise financière

Le creusement du déficit courant américain dans les années 2000, puis le fait que la crise financière est née aux États-Unis laissaient présager une poursuite de la dépréciation de la devise américaine. Sept ans après la faillite de Lehman Brothers, le dollar est au contraire au plus haut en termes effectifs depuis plus de dix ans. Si le mouvement d’appréciation récent est à rapprocher du décalage des cycles économiques, la bonne tenue du dollar depuis le début de la crise financière tient aussi au statut de valeur refuge de la devise américaine. Le dollar est en effet resté prédominant dans le système monétaire international, comme l’illustre la part de la devise américaine dans les détentions de réserves, les paiements internationaux ou les émissions de dette, dans les pays avancés comme dans les pays émergents. Classification JEL : E58, F31, F33, G01.

Assessing nonlinear dynamics of Central Bank reaction function: the case of MENA countries

Empirical evidence suggests that the Taylor rule describing the interest rate setting behavior of four keyMENA central banks (Tunisia, Egypt, Jordon and Morocco) is non-linear. This is achieved using an empirical framework that allows for regime change over time or more specifically the time variance in the model parameters. Using quarterly data from 2000:Q2 to 2014:Q3 to analyze the movement of nominal short-term interest rate of MENA central banks, we find strong evidence that the real decision-making process followed by these central banks varies from one central bank to another and that it exhibits nonlinearity. In particular, considerations about economic growth (for Morocco), inflation (for Jordon), stability of REER rate (in Egypt) and concerns about hitting the zero lower bound of the nominal interest rate (in the cases of Tunisia) seem to be the major drivers of such nonlinear pattern of monetary policy.