Search results for "Monetary"

Le Currency board : les contraintes de financement et d'ajustement de la convertibilité intégrale

2000

The paper scrutinizes the consequences of the adoption of a currency board arrangement (CBA) by some emerging economies during the 1990s. Considering the justifications o f this choice and the different setting-up contexts, it focuses on the implications of a CBA on the financial system and the real economy. A high degree of liquidity of the banking system is required in the absence of a lender-of-last-resort, and the automatic money supply process strictly disciplines the fiscal policy. Monetary stability is restored; but in most o f these economies where capital markets are underdeveloped, CBA's rules make the domestic credit supply dependent on the ability o f the economy to maintain ove…

Monetary policy and inequality from an inclusive and social banking perspective

2021

This doctoral thesis empirically evaluates the effects of monetary policy on income and wealth inequality in two of the main monetary areas of the world: the Eurozone and the United States. Moreover, in the case of the Eurozone, the interaction between the dynamics of income inequality and banking activity is evaluated, distinguishing between banking structures. Specifically, I empirically assess whether cooperative banks have a differential impact on the evolution of inequality with respect to other banking structures such as commercial banks or savings banks. Different macroeconometric (SVAR, Proxy SVAR) and microeconometric (simulations and estimations with panel data) methodologies have…

Limits to Arbitrage and Interest Rates: a Debate Between Keynes, Hawtrey and Hicks

2018

International audience; This paper deals with a debate between Hawtrey, Hicks and Keynes concerning the capacity of the central bank to influence the short-term and the long-term rates of interest. Both Hawtrey and Keynes considered the central bank’s ability to influence short-term rates of interest. However, they do not put the same emphasis on the study of the long-term rates of interest. According to Keynes, long-term rates are influenced by future expected short-term rates (1930, 1936), whereas for Hawtrey (1932, 1937, 1938), long-term rates are more dependent on the business cycle. Short-term rates do not have much effect on long-term rates according to Hawtrey. In 1939, Hicks enters …

Analiza argumentów za i przeciwko uczestnictwu w unii monetarnej w świetle teorii optymalnych obszarów walutowych

2015

Asymmetric effects of monetary policy shocks across US states

2019

This paper provides new empirical evidence of the asymmetric effects of monetary policy shocks across regions. Using a measure of unanticipated changes in the Fed's policy rates over the period 1969Q3–2008Q4 and a local projection method extended to account for spatial effects, we find that monetary policy tightening leads to a long-lasting decrease in states' real personal income, with asymmetric effects across states that are amplified by spatial spillovers. The paper then investigates the role played by several transmission channels finding larger contractionary effects of monetary policy tightening in states with higher manufacturing share, smaller firms, smaller banks and higher house …

The Effects of the Value-Added Tax on Revenue and Inequality

2019

This paper examines the impact of the introduction of the value-added tax on inequality and government revenues using newly released macro data. We present both conventional country fixed effect regressions and instrumental variable analyses, where VAT adoption is instrumented using the previous values of neighbouring countries’ VAT systems as an instrument. The results reveal – in contrast to earlier work – that the revenue consequences of the VAT have not been positive. The results indicate that income-based inequality has increased due to the VAT adoption, whereas consumption inequality has remained unaffected. Peer reviewed

Remarks on negative interest rates

2016

Negative nominal interest rates have been observed in several segments of financial markets. Being only partly a result of supply and demand and mainly enforced by the central banks, negative interest rates are getting more and more popular. While it is relatively easy to identify the reasons for this quite strange phenomenon, the con-sequences, especially the long-term consequences, are not too clear for both scientists and ordinary observers. This paper is an attempt to formulate some remarks on causes, evidence, and possible effects of negative interest rates. A warning is issued, with respect to monetary policy and financial stability.

EUROsceptycyzm - propozycja konceptualizacji

2015

Autorzy niniejszego tekstu stawiają sobie za cel doprecyzowanie kategorii EUROsceptycyzmu. Artykuł rozpoczyna przegląd literatury w zakresie szerszej koncepcji eurosceptycyzmu, aby następnie pozycjonować w tym kontekście poglądy sceptyczne wobec unii walutowej w Europie. Punkt ciężkości opracowania kładzie się na przedmiotowym zakresie pojęcia EUROsceptycyzmu. Autorzy wskazują wymieniane w literaturze czynniki warunkujące zjawisko EUROsceptycyzmu, grupując je w trzy zestawy determinant. Do nich, jako ważną zmienną warunkującą narastanie EUROsceptycyzmu, dodają kryzys gospodarczy (2007–2014). Rozważania kończy podsumowanie wskazujące na obecny poziom EUROsceptycyzmu w Unii Europejskiej i pra…

The Concept of Value for CSR: A Debate Drawn from Italian Classical Accounting

2018

This paper underlines the importance of the concept of value for corporate social responsibility (CSR) and then explores it beyond economics, looking for its social and philosophical roots. Con- sidering the most recent literature on the matter, the dilemma between a non monetary, multi variable conception and a monetary, one variable conception is set. To obtain the origins of the meaning for this basic concept in CSR, Italian literature regarding ‘value in accounting’ is ex- plored. The main result from this first survey is the existence of a ‘chain’ from the highest con- ception of value (philosophical, ethical), to the most practical conception (accounting techniques of measurement). By…

L'économie matérielle de la France (1830-2015). L'histoire d'un parasite ?

2018

This article explores the long-term dynamics of material use in France over a period of 185 years. It is based on material flow accounts that are perfectly consistent with the standards of Material Flows Analysis at the national economic scale. This work - which covers domestic extraction, imports and exports - is the first long-term study of material flows for France, with annual and national data for most of the period. Our database allows us to study the evolution of French metabolism during the industrialization of the country, together with the increasing dependence on abiotic materials. We highlight a singular metabolic trajectory: that of a state that benefits from successive world-s…