Search results for "Money"
showing 10 items of 144 documents
Public debt, money and consumer prices: a vector error correction model for Germany
2015
In the paper, the authors analyse the interaction between public debt and inflation including the mutual impulse response. The European sovereign debt crisis brought once again a focus onto the consequences of government debt in combination with an expansionary monetary policy for the development of consumer prices. Public deficits can lead to higher inflation rates if the money supply is expansionary. The high level of national debt, not only in the Euro-crisis countries, and the strong increase in the total assets of the European Central Bank, as a result of the unconventional monetary policy, have caused fears of inflating government debt. The transmission from public debt to inflation t…
Protection of trafficked people in Italy: policies, limits and challenges
2015
Purpose– The purpose of the article is to analyse the Italian anti-trafficking system by examining its effectiveness in the protection of trafficked people.Design/methodology/approach– The article examines the protection of trafficked people in Italy, focusing in particular on the implementation of Article 18 of the “Consolidated Act of Measures Governing Immigration and Norms on the Condition of Foreign Citizens” (Legislative Decree n. 286/1998), which provides victims with protection and a residence permit independent of their cooperation with the competent authorities in criminal proceedings against offenders.Findings– The article demonstrates that, though the Italian legal framework on …
Estonian e-Residency: a model for Europe
2020
This paper aims to examine one of the main implications of freedom of establishment: since it is possible to transfer a company abroad effortlessly, in fact, governments are adopting various strategies to make themselves more attractive. These are based on two main directives: first, a convenient tax system, as in Malta, on the other side technology, as proposed in Estonia. These countries’ strategy is radically different: Malta offers an extremely profitable tax system, while Estonia, on the other side, is the only nation in Europe where the optimal use of technology and its potential allows the consolidation and implementation of a totally digital system, whose advantages outweigh those o…
Money and equity returns in the Euro area
2010
Abstract This study examines the impacts of liquidity on equity returns in the euro area during the period 1987–2001. The main contribution of the study is that the money demand is carefully considered while estimating the liquidity. We provide evidence that in part the impact of money on equity returns depended on the measure used for liquidity (real money supply, real money gap and monetary overhang). However, a unanimous inference was made that over time an increase in liquidity has a negative impact on equity returns. This is interpreted as being due to the positive impact of money on inflation. Accordingly, an increase in liquidity generated expectations of inflation, which led to a de…
Política monetaria en tiempos de pandemia: evaluación y propuesta del Helicóptero Monetario
2020
La pandemia del Covid-19 ha provocado una de las crisis más importantes desde la Gran Depresión. Ante esto, es necesaria una mayor coordinación entre la política monetaria y las políticas fiscales. En este artículo, se ha analizado el Helicóptero Monetario como posible respuesta a la crisis y como complemento a las medidas adoptadas. Tras presentar evidencia histórica de los efectos del Helicóptero Monetario, examinar los distintos ejemplos propuestos en la literatura, y evaluar sus fortalezas y debilidades, se ha articulado una propuesta para la eurozona a través del Banco Central Europeo (BCE) en coordinación con el grupo del Banco Europeo de Inversiones (BEI)
Money Doctoring After World War II: Arthur I. Bloomfield and the Federal Reserve Missions to South Korea
2009
In this paper we analyse the scientific contributions of the New York Fed economist Arthur I. Bloomfield. A Canadian born economist, in 1941 Bloomfield took his PhD in economics at the University of Chicago, under the supervision of Jacob Viner and then joined the staff of the Federal Reserve Bank of New York as a Research Economist and stayed there until 1958. In this position, Bloomfield combined scholarly research on recent economic history and international financial and banking problems with active service as a member of various committees and commissions, both in the United States and abroad. While on leave from the Fed, he accepted appointments as a consultant and advisor to various …
Money in the "Body Politick" : The Analysis of Trade and Circulation in the Writings of Seventeenth-Century Political Arithmeticians.
2005
International audience; This article discusses the analysis of trade and circulation in the writings of seventeenth-century political arithmeticians. Political arithmetic was in its way an anatomy of the social body. William Petty titled his 1672 book The Political Anatomy of Ireland. In his preface he explicitly claimed to be following Francis Bacon, highlighting the experimental method and the idea that analytical methods can be transposed from one discipline to another. He thus drew a parallel between the natural body and the body politic. It was a widely held idea that money guaranteed the nation's health; conversely its poor state of health could lead to the wasting away of the body po…
The information content of Eonia swap rates before and during the financial crisis
2013
Abstract Before August 2007, implied forward rates in the overnight interest swap rates closely reflected market expectations about the future path of the Eonia, and therefore, about the future course of the ECB’s monetary policy stance. Nevertheless, this link was weakened considerably during the most acute episode of the financial crisis. Using the expectations hypothesis of the term structure as a benchmark model for the determination of the overnight interest swap rates, we find that after May 2010 the monetary transmission mechanism was partially restored when the ECB implemented various ‘unconventional measures’ in response to the financial crisis. On the contrary, liquidity and credi…
Can Euribor be fixed?
2020
The manipulation of Euro Interbank Offered Rate (Euribor) is a problem with great impact on international financial markets. This paper focuses on two aspects of the Euribor benchmark rate for the period 2004–2018: the specific features that make the Index more vulnerable to manipulation and the potential for Index manipulation over the studied period. To address the first aspect, we examine the range and the standard deviation of daily quotes, as well as the panel banks’ quote submissions to the Euribor administrator, the maximum and minimum quotes and the daily variation of submissions. As a result, we found a group of five banks with similar and extreme submission patterns, which might b…
Keep the faith in banking : New evidence for the effects of negative interest rates based on the case of Finnish cooperative banks
2021
This paper analyses the profitability of Finnish cooperative banks during the period of negative nominal interest rates. Contrary to expectations, the continuous decline in money market interest rates between 2009 and 2014, and the following negative rate era, did not have adverse effects on the profitability of banks at the beginning of negative interest rate period. Based on especially using a risk-adjusted measure for bank profitability, these results contrast with previous findings. In our findings, the increasing wholesale funding (WSF) ratio seems to be an important factor. However, after 2017 the banks have not been able to improve especially their risk-adjusted profitability so stro…