"This volume examines the persistence of poverty - both rural and urban - in developing countries, and the response of local governments to the problem, exploring the roles of governments, NGOs, and CSOs in national and sub-national agenda-setting, policy-making, and poverty-reduction strategies. It brings together a rich variety of in-depth country and international studies, based on a combination of original data-collection and extensive research experience in developing countries. Taking a bottom-up and multi-dimensional perspective of poverty and well-being as the starting point, the authors develop a convincing set of arguments for putting the priorities of poor people first on any development agenda, thus carving out an undisputable role for local governance in interplay with higher-up governance actors and institutions."--Publisher's website.
The world economy is currently in the throes of a global economic crisis reminiscent of the great depressions of the 1930s and the 1870s. As back then, the crisis has exposed the major structural imbalances in financial and credit markets in addition to global trade forcing many governments, developed and developing, to impose debilitating austerity measures that are exacerbating the structural weaknesses that caused the crisis in the first place.This volume offers historical insights into the origins of the contemporary crisis as well as detailed analyses of the financial and trade dimensions
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Experience has shown that bank failure has adverse effects on the economy. It is therefore necessary to identify factors that explain bank failure, in order to prevent it. One of the macroeconomic factors of bank failure is the growth of interest rates. However, when a central bank applies a tightening monetary policy, the interest rates increases. In low-income countries, the sale of treasury bills by the central bank is an alternative source of profit for banks. If the banks become efficient to maximize their profits, in these countries, because of a tightening monetary policy, does that mean that this policy reduces bank failure despite the increasing of interest rates? Regarding the case of Haiti, this thesis shows that although a tightening monetary policy increases the index of bank failure of those that are efficient to maximize their profits as well as those that are inefficient banks, the impact is greater on those that are inefficient. The implication of the results of this thesis for developing countries is that the central banks, when planning their monetary policy should take into account the adverse effect of a tightening monetary policy on profit efficiency and on the level of failure of the banks. One of the main contributions of this thesis to the literature is that it shows that beyond the bank balance sheet, monetary policy also affects the efficiency and the level of bank failure. ; L'expérience a montré que la défaillance bancaire a des conséquences néfastes sur l'économie. D'où la nécessité d'identifier les facteurs qui l'expliquent, afin de pouvoir la prévenir. L'un des facteurs macroéconomiques de la défaillance bancaire que l'on retrouve dans la littérature, c'est la croissance des taux d'intérêt. Or, lorsque la banque centrale applique une politique monétaire restrictive, une augmentation des taux d'intérêt en découle. Dans les pays à faible revenu, la vente de bons du trésor par la banque centrale constitue une source alternative de profit pour les banques. Si cette politique rend les banques efficientes à maximiser leur profit dans ces pays, alors, réduit-elle la défaillance bancaire malgré la hausse des taux d'intérêt ? Considérant le cas d'Haïti, cette thèse montre que bien qu'une politique monétaire restrictive augmente l'indice de défaillance des banques efficientes à maximiser leur profit aussi bien que celui des banques inefficientes, son impact est plus important sur celles qui sont inefficientes. L'implication des résultats de cette thèse, pour les pays en développement, c'est que la banque centrale, en planifiant sa politique monétaire, doit tenir compte de l'effet non désiré d'une politique monétaire restrictive sur l'efficience en profit et sur le niveau de défaillance des banques. L'une des principales contributions de cette thèse à la littérature, c'est qu'elle montre qu'au-delà du bilan bancaire, la politique monétaire affecte aussi l'efficience et le niveau de défaillance des banques.
Experience has shown that bank failure has adverse effects on the economy. It is therefore necessary to identify factors that explain bank failure, in order to prevent it. One of the macroeconomic factors of bank failure is the growth of interest rates. However, when a central bank applies a tightening monetary policy, the interest rates increases. In low-income countries, the sale of treasury bills by the central bank is an alternative source of profit for banks. If the banks become efficient to maximize their profits, in these countries, because of a tightening monetary policy, does that mean that this policy reduces bank failure despite the increasing of interest rates? Regarding the case of Haiti, this thesis shows that although a tightening monetary policy increases the index of bank failure of those that are efficient to maximize their profits as well as those that are inefficient banks, the impact is greater on those that are inefficient. The implication of the results of this thesis for developing countries is that the central banks, when planning their monetary policy should take into account the adverse effect of a tightening monetary policy on profit efficiency and on the level of failure of the banks. One of the main contributions of this thesis to the literature is that it shows that beyond the bank balance sheet, monetary policy also affects the efficiency and the level of bank failure. ; L'expérience a montré que la défaillance bancaire a des conséquences néfastes sur l'économie. D'où la nécessité d'identifier les facteurs qui l'expliquent, afin de pouvoir la prévenir. L'un des facteurs macroéconomiques de la défaillance bancaire que l'on retrouve dans la littérature, c'est la croissance des taux d'intérêt. Or, lorsque la banque centrale applique une politique monétaire restrictive, une augmentation des taux d'intérêt en découle. Dans les pays à faible revenu, la vente de bons du trésor par la banque centrale constitue une source alternative de profit pour les banques. Si cette politique rend les banques efficientes à maximiser leur profit dans ces pays, alors, réduit-elle la défaillance bancaire malgré la hausse des taux d'intérêt ? Considérant le cas d'Haïti, cette thèse montre que bien qu'une politique monétaire restrictive augmente l'indice de défaillance des banques efficientes à maximiser leur profit aussi bien que celui des banques inefficientes, son impact est plus important sur celles qui sont inefficientes. L'implication des résultats de cette thèse, pour les pays en développement, c'est que la banque centrale, en planifiant sa politique monétaire, doit tenir compte de l'effet non désiré d'une politique monétaire restrictive sur l'efficience en profit et sur le niveau de défaillance des banques. L'une des principales contributions de cette thèse à la littérature, c'est qu'elle montre qu'au-delà du bilan bancaire, la politique monétaire affecte aussi l'efficience et le niveau de défaillance des banques.
In this study, the impact of commodity prices and capital inflows on the stock markets, which is from the fundamental variables influencing the economic and structural problems of emerging markets, has been investigated. The relations between variables were analyzed using Johansen Cointegration Test, Vector Error Correction Model, Wald test and Variance Decomposition technique respectively. A long term relation among to the related emerging markets stock indices and Gold Volatility Index (GVZ), Oil Volatility Index (OVX) and Fed fund rates were detected. It is determined that GVZ and OVX individually or together affect stock market indices and FED fund rates didn't seem to have significant impact on these stock indices. It can be specified that stock market indexes are more affected than GVZ. In general, some part of the variables are defined such as importance to the emerging market economies to develop policies to respond to fluctuations in the commodity prices and the changes in global liquidity. ; Bu çalışmada, gelişmekte olan piyasaların ekonomik ve yapısal sorunlarını etkileyen temel değişkenlerden emtia fiyatlarının ve sermaye girişlerinin borsa üzerindeki etkisi incelenmiştir. Değişkenler arasındaki ilişkiler sırasıyla, Johansen Koentegrasyon Testi, Hata Düzeltme Modeli, Wald testi ve Varyans ayrıştırması teknikleri ile analiz edilmiştir. Buna göre, Altın Oynaklık Endeksi (GVZ), Petrol Oynaklık Endeksi (OVX) ve Fed faiz oranları ile ilgili borsa endeksleri arasında uzun dönem ilişki tespit edilmiştir. Ayrıca, borsa endeksleri üzerinde GVZ ve OVX'in tek tek veya birlikte etkili olduğu; ancak FED faiz oranlarının anlamlı bir etkisinin olmadığı; GVZ'nin, daha etkili olduğu belirlenmiştir. Genel itibariyle, gelişen piyasa ekonomilerinin, emtia fiyatlarındaki dalgalanmalar ve küresel likiditedeki değişimlere cevap verecek politikaların/stratejilerin uygulanmasında dikkate almaları gereken değişkenlerden bir kısmı belirlenmiştir.