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Doutoramento em Economia ; By focusing on the relationship between financial stability and monetary policy for the cases of Chile, Colombia, Japan, Portugal and the UK, this thesis aims to add to the existing literature on the fundamental issue of the relationship between financial stability and monetary policy, a traditional topic that gained importance in the aftermath of the GFC as Central Banks lowered policy rates in an effort to rescue their economies. As the zero-lower bound loomed and the reach of traditional monetary policy narrowed, policy makers realised that alternative frameworks were needed and hence, macroprudential policy measures aimed at targeting the financial system as a whole were introduced. The second chapter looks at the relationship between monetary policy and financial stability, which has gained importance in recent years as Central Bank policy rates neared the zero-lower bound. We use an SVAR model to study the impact of monetary policy shocks on three proxies for financial stability as well as a proxy for economic growth. Monetary policy is represented by policy rates for the EMEs and shadow rates for the AEs in our chapter. Our main results show that monetary policy may be used to correct asset mispricing, to control fluctuations in the real business cycle and also to tame credit cycles in the majority of cases. Our results also show that for the majority of cases, in line with theory, local currencies appreciate following a positive monetary policy shock. Monetary policy intervention may indeed be successful in contributing to or achieving financial stability. However, the results show that monetary policy may not have the ability to maintain or re-establish financial stability in all cases. Alternative policy choices such as macroprudential policy tool frameworks which are aimed at targeting the financial system as a whole may be implemented as a means of fortifying the economy. The third chapter looks at the institutional setting of the countries in question, the independence of the Central Bank, the political environment and the impact of these factors on financial Abstract stability. I substantiate the literature review discussion with a brief empirical analysis of the effect of Central Bank Independence on credit growth using an existing database created by Romelli (2018). The empirical results show that there is a positive relationship between credit growth and the level of Central Bank Independence (CBI) due to the positive and statistically significant coefficient on the interaction term between growth in domestic credit to the private sector and the level of CBI. When considering domestic credit by deposit money banks and other financial institutions, the interaction term is positive and statistically significant for the case of the UK for the third regression equation. A number of robustness checks show that the coefficient is positive and statistically significant for a number of cases when implementing a variety of estimation methods. Fluctuations in credit growth are larger for higher levels of CBI and hence, in periods of financial instability or ultimately financial crises, CBI would be reined back in an effort to re-establish financial stability. Based on the empirical results, and in an effort to slow down surging credit supply and to maintain financial stability, policy makers and governmental authorities should attempt to decrease the level of CBI when the economy shows signs of overheating and credit supply continues to increase. The fourth chapter looks at the interaction between macroprudential policy and financial stability. The unexpected interconnectedness of the global economy and the economic blight that occurred as a result of this, recapitulated the need to implement an alternative policy framework aimed at targeting the financial system as a whole and hence, targeting the maintenance of financial stability. In this chapter, an index of domestic macroprudential policy tools is constructed and the effectiveness of these tools in controlling credit growth, managing GDP growth and stabilising inflation growth is studied using a dynamic panel data model for the period between 2000 and 2017. The empirical analysis includes two panels namely an EU panel of 27 countries and a Latin American panel of 7 countries, the chapter also looks at a case study of Japan, Portugal and the UK. Our main results find that a tighter macroprudential policy tool stance leads to a decrease in both credit growth and GDP growth while, a tighter macroprudential policy tool stance results in higher inflation in the majority of cases. Further, we find that capital openness plays a more important role in the case of Latin America, this may be due to the region's dependence on foreign capital flows and exchange rate movements. Lastly, we find that, in times of higher perceived market volatility, GDP growth tends to be higher and inflation growth tends to be lower in the EU. In the other cases, higher levels of perceived market volatility result in higher inflation, higher credit growth and lower GDP Abstract growth. This is in line with expectations as an increase in perceived market volatility is met with an increased flow of assets into safer markets such as the EU. This thesis establishes a relationship between financial stability and monetary policy by studying the response of Chile, Colombia, Japan, Portugal and the UK in the aftermath of the GFC as Central Banks lowered policy rates in an effort to rescue their economies. In short, the results of the work conducted in this thesis may be summarised as follows. Our results show that monetary policy contributes to the achievement of financial stability. Still, monetary policy alone is not sufficient and should be reinforced by less traditional policy choices such as macroprudential policy tools. Secondly, we find that the level of CBI should be reined in in times of surging credit supply in an effort to maintain financial stability. Finally, we conclude that macroprudential policy tools play an important role in the achievement of financial stability. These tools should complement traditional monetary policy frameworks and should be adapted for each region. ; info:eu-repo/semantics/publishedVersion

Rice (Oryza sativa L.) is the major staple food in the Nepalese context. Chitwan district of Nepal was purposively selected to analyze the rice production from the socio-economic and environmental perspective. A total of 100 rice growing farmers, 50 organic and 50 inorganic were selected as the sample for the purpose of the study using the simple random method of sampling. Primary data were collected through a pre-tested semi-structure interview schedule and key informant interviews; secondary data were collected reviewing related publications. Descriptive statistics, multiple regression and chi-square test were used for data analysis. The multiple regression revealed that the four explanatory variables included in the model: age of the household head, primary occupation of the household head, number of family members involved in agriculture and subsidy in inputs for rice farming were found to have positive and statistically significant effect on rice yield (P<0.01). Moreover, chi-square test revealed that the farming practices that contributes to climate change mitigation such as: minimum tillage practice (P<0.05), crop diversification (P<0.01), green manuring (P<0.01), agro forestry practice (P<0.05), incorporating crop residues (P<0.1), weed management practice (P<0.01) and pest management practice (P<0.01)were found to be well adopted by the organic rice farmers, in contrast, the farming practices of inorganic rice farmers were statistically and significantly different in this respect. Government should make such policy that could grave the attention of the Nepalese people towards organic agriculture; moreover, encouraging them to make it their primary occupation.

APPROVED ; The work which follows examines the process by which private actors in the digital market are redefining fundamental rights through their contractual terms and practical operation. The argument is allied to works which consider ?digital constitutionalism,? the idea that private actors in the digital market are increasingly displaying constitutional features through their contractual terms and documents. Unlike a majority of work in the area of digital constitutionalism the work does not argue that private actors setting rights based standards represents a positive development. Rather, the work argues that private actors, through their re-definition of public, normative standards are generating a body of rules and practices which have displaced democratically decided rights standards with negative consequences for individual autonomy and the Rule of Law. The work argues that this process has been enabled by three features of EU law and policy. The first is an approach of functional equivalence to laws governing the digital market. In accordance with this approach the digital market has been treated as equivalent to traditional markets and its participants are viewed as requiring no additional or supplementary protections or regulations. Of particular significance in functionally equivalent attitudes to the digital market is the Union?s deference to freedom of contract as part of an ordoliberal attitude to market regulation. While this attitude is now beginning to erode (to some extent) in the context of data protection it remains the dominant regulatory approach of the European Union in the digital market. The second feature, not unrelated to the first, is the Union?s preference for economic rather than socially orientated standards and protections in it policies as well as its secondary laws. As part of this preference, when fundamental rights cross the Rubicon from vertically enforced constitutional protections to horizontally enforceable legislative ones their content is transmuted in a manner which favours their economic over socially oriented aspects. The third feature, is what is referred to within the work as the Union?s brittle constitutionalism ? that is the Union?s hesitant and incomplete articulation of and commitment to rights enforcement. This feature is the result in part of the Union?s ambiguous and at times hostile attitude to the development of fundamental rights policy. The work examines the impact of these trends and the rise of private policy they have generated on the rights to privacy and property under the Charter of Fundamental Rights.

ABSTRACT Objectives: this theoretical essay aims to present classic and contemporary fundamentals of the optimal tax theory (OTT) and to problematize its presence and possibilities in the scenario of tax policy in Brazil. Context: such objectives are located in the contemporary context that discusses tax reforms aimed at efficient and socially responsible public management. Methods: after surveying the state of knowledge of optimal taxation in Brazil, and from the perspective of economics and political law, we sought to identify secondary data on tax distribution in Organization for Economic Co-operation and Development (OECD) countries in relational analysis with data from Brazil. Results: the text draws attention to the fact that OTT is able to bring social issues to the discussion of public tax management policies in a structured way, with the perspective of inclusion and social responsibility, based on the importance of different treatment of economic agents, physical and legal, based on their needs and possibilities. Conclusion: it is concluded that, like in other countries, OTT is present in the Brazilian debate expressing as possible and necessary to advance in a tax policy that responds to the needs of public collection articulated and reconciled to social well-being through responsible management, modern and transparent.

This paper aims to investigate the concept, context and socio-economic consequences of fiscal competition in the integrated economic space of EMU in completion, to pinpoint the positive and negative factors at work via a case study of the Benelux countries – both founder members of the EU and pioneers of EMU – and to examine the impact on European and international regulations in the field. In particular, it will endeavour to provide a comprehensive interpretation of fiscal policy in the Benelux countries via a comparative approach and from a historical perspective. It will look at the development of respective domestic fiscal policies, driven by national interests and by membership of a Community that is subject to requirements in terms of harmonisation and taxation, but also by constant contact (and frequent clashes) with the multilateral international environment.

Over the last 50 years there has been a paradigmatic shift in the climate of ideas and governing orthodoxy from Keynesian-corporatism to neoliberalism. Such paradigms provide the philosophical goals that are pursued by policy and practice and determine what are considered to be the legitimate means of attaining those goals. We use evolving policy and practice relating to the protection and management of street trees as a vehicle for examining the relations between the competing paradigms of corporatism and neoliberalism, and the ways that they are expressed 'on the ground'. In doing so we highlight the tensions between the amenity value and the economic value of street trees and between techniques for their estimation. The legitimacy of measures of the former, such as Helliwell and CAVAT, that embody corporatist concepts are subject to continuing challenges based on their (lack of) scientific rigour or economic principle. The strengths of measures of the latter, such as i-Tree, are emphasised on the same grounds. Such is the success of these efforts that the equation of the value of a street tree with an estimation of the price that people will pay for the ecosystem services it delivers is not seen as controversial.

The Middle East and North Africa (MENA) region is the top destination for Russian food exports, grains in particular. Focusing on Turkey, Egypt, Iran, and Saudi Arabia, this chapter shows that Russia's food trade with MENA countries is strongly affected by bilateral political relations. Russia banned most food imports from Turkey over a political conflict in 2016. In the same year, improved intergovernmental cooperation with Saudi Arabia resulted in a diversification of Russia's food exports to the Gulf country, and in 2019, Iran's accession to the Eurasian Economic Union (EAEU) led to increasing food trade with Russia. Food imports in MENA countries are usually managed by powerful state trading enterprises (STEs), which recurrently disapprove food products originating from Russia based on non-adherence to food quality standards. Our analysis shows that Russia is successfully working to open additional destination markets, while simultaneously impeding imports of food products that it aims to produce domestically.

Gresik regency has 27 tourist destinations supported by small and medium industries both in the sector of food and beverage, handicraft, Muslim fashion and its equipment, which has been established since several years ago. It seems that the development of this industry is stagnant although it is actually potential to be developed and can be a trigger for the welfare of the small industrial community of Gresik regency in East Java. The problems that occur in small and medium industry community of Giri regency of Gresik regency based on the survey result is that business actors still do not have financial literacy, marked by not understanding about financial planning, not yet separating recording and financial storage in their family or business. Besides, there is still limited socialization of financial inclusion so that in general they are still unbanked. Based on factor analysis on financial literacy and financial inclusion, there are some attributes that significantly affect financial literacy of small and medium industries, namely financial planning, experience in finance, socialization of financial literacy from related parties, socio-economic status, economic attitude, financial behavior, financial attitude, financial crisis, government policy, financial education, demography, investment, saving, consumption, financial wellbeing, financial concerns, self control, old age, and gender. While the attributes of financial inclusion include credit management, knowledge of credit guidelines, consumer over in-debtedness, saving and deposit functions. The strategies that should be done in the short term based on the attributes found in this study are: 1) to conduct financial literacy and financial inclusion education with attention to the significant attributes, 2) perform mentoring from financial planning to the preparation of financial statements, 3) giving motivation to separate between family finance and business finance 4) the government is expected to grow ...

The transition to a circular economy (CE) remains an anticipated future with alternative pathways for its fulfillment. Most research on CE is normative about technological approaches and interpretations for production and sustainable development. However, critical reviews of CE help understand that CE's emergence is constrained to current dominant goals. As a set of imagined futures, the visions of CE are produced and shared in discursive practices. We hypothesize that the existence of alternative discourses about CE originates from alignment with or divergence from current dominant goals. Green growth holds the dominant position as a goal in the European discourse about CE. In this study, we present an empirical case of an emerging CE in the region of Trøndelag in Norway. This case uses qualitative data collected through interviews with informants in the public and private sectors (profit and non-profit organizations). The analysis of these interviews involved the use of a discourse coalition framework as a method. We identified three discourse coalitions: 1) Waste as resources: a vision of better product design and waste sorting technologies making recycling more efficient. 2) Sharing economy: a vision of industrial symbiosis, and new business models for local commercial offerings in sharing, reuse, repair of products. 3) Reduction of individual consumption: a vision of individual changes in lifestyle, coupled with local services and skill acquisition/transfer for reuse and repair. The first two operate in alignment with the political goal of green growth. The third one diverges by questioning it and setting focus on individual consumption reduction. We found discursive competition in CE when the focus is on the goal underlying its enactment. From this finding, we raise the question of which kinds of technological implementation and political challenges would come from shifting CE's policy goal to reducing individual consumption. To illustrate an alternative CE that emerges from consumption reduction, we discuss its implications based on the insights from our empirical case. The main contribution of the article is to provide evidence and an example of an emerging aspect that can be integrated more prominently in CE and that requires a stance that is not based on economic growth. ; publishedVersion ; © 2020 The Author(s). Published by Elsevier B.V. on behalf of Institution of Chemical Engineers. This is an open access article under the CC BY license (http://creativecommons.org/licenses/by/4.0/)

The needs of the Milk Producers' Organization are achieved by strengthening the scattered and poorly organized Indian milk producers, who lack access to resources and services. In fact, the Milk Producers' Organization has emerged as an interface between the business environment and individual milk producers through forward and backward linkages, while facilitating the strength of collective action, bargaining power and economies of scale. It has thus responded appropriately to the economic and socio-cultural needs of producer members and surrounding entities. The National Accounts Statistics (2020) of India estimates that the contribution of livestock in total agriculture and allied sectors Gross Value Added (at Constant Prices) has reached to 28.63 per cent (2018-19) which again shows the importance of the Milk Producers' Organization in a populous country such as India. The Organization extends its assistance in the form of financial support, technical inputs, milk productivity, quality produce, managing value chains, access to market actors and handling environmental and business regulation. This review paper outlines the key viewpoints and aims to explore how the Milk Producers' Organization has built capabilities and optimized capacities in the existing scope and challenges of the Indian dairy sector. The livestock sector supports the livelihood of approximately 20.5 million people in India. India's milk production is at 4.8% CAGR as opposed to 1.8% CAGR of global milk production. However, the Organization faces conflicting areas of interest, such as social concern and business demands and this ambivalence necessitates enabling policy and professionalism to steer organizational growth and sustainability. In view of the globalized business environment, the Milk Producers' Organization has taken on the responsibility to compete both on the domestic and global markets. In view of emerging international trade practices, further study is required to establish mechanisms to deal with Sanitary and Phytosanitary measures. A co-operative business model can be further explored with additional utilization of bovine manure and unproductive bovines to re-establish a more cost efficient model to deal with global price levels of milk and dairy products. ; Potreba za osnivanjem Organizacije proizvođača mlijeka temeljena je na nužnosti za ojačanjem raštrkanih i neorganiziranih, siromašnih indijskih proizvođača mlijeka koji nemaju pristup resursima i uslugama. Organizacija proizvođača mlijeka nastala je na sučeljavanju poslovnog okruženja i pojedinačnih proizvođača mlijeka kroz veze unaprijed i unatrag (forward i backward linkages), istovremeno omogućujući osnaživanje kolektivnog djelovanja, pregovaračke moći i ekonomskih razmjera. Time je prikladno odgovoreno na ekonomske i socijalno-kulturalne potrebe članova proizvođača i subjekata koji ih okružuju. Prema procjeni Statistike nacionalnih računa (2020.) Indije, doprinos stočarstva ukupnoj bruto dodanoj vrijednosti (pri stalnim cijenama) poljoprivrede i srodnog sektora dosegnuo je 28,63 % (2018.- 2019.) što ukazuje na važnost Organizacije proizvođača mlijeka u mnogoljudnoj zemlji poput Indije. Organizacija proizvođača mlijeka pruža svoju pomoć s aranžmanima financijskog kredita, tehničkim ulaznim informacijama, produktivnošću mlijeka, kvalitetnim proizvodima, upravljanjem vrijednosnim lancima, pristupom dionicima na tržištu i bavljenjem ekološkim i poslovnim regulativama. U ovom preglednom članku opisana su ključna gledišta i pokušalo se istražiti kako je Organizacija proizvođača mlijeka izgradila sposobnost i optimizirala kapacitet u postojećem opsegu i izazovima indijskog mljekarskog sektora. Stočarski sektor pomaže izdržavati oko 20,5 milijuna stanovnika Indije. Složena godišnja stopa rasta (CAGR) proizvodnje mlijeka u Indiji iznosi 4,8 % u odnosu na 1,8 % CAGR globalne proizvodnje mlijeka. Međutim, Organizacija proizvođača mlijeka suočava se sa sukobljenim područjima interesa: poput socijalnih pitanja, kao i poslovnih zahtjeva i ta ambivalentnost iziskuje poticajne politike i profesionalizam za upravljanje rastom i održivošću Organizacije. S obzirom na globalizirano poslovno okruženje, Organizacija proizvođača mlijeka preuzela je odgovornost natjecanja na domaćem i globalnom tržištu. S obzirom na nove prakse međunarodnog trgovanja, potrebna je dodatna studija za uspostavljanje mehanizma koji će se baviti sanitarnim i fitosanitarnim (SPS) mjerama. Suradnički se poslovni model može dalje istražiti dodatnom uporabom gnojiva goveda i neproduktivnih goveda za ponovnu uspostavu ekonomičnijeg modela kako bi se moglo nositi s globalnim razinama cijene mlijeka i mliječnih proizvoda.