Suchergebnisse

The relevance of assessing the impact of investment activity on the main macroeconomic indicators is due to the fact that in order to improve the quality of life of the population and achieve sustainable development within the framework of the spatial development strategy, the most active attention is paid to directing resources to create favorable conditions for its economic and social development on the territory of a particular subject of the Federation. The achievement of these goals is largely related to the effectiveness of investment activity, the sustainability of regional development and its main macroeconomic indicators depend on its effectiveness. The purpose of the study is to substantiate the impact of investments on the main economic indicators of the region's development, on its spatial development. Objectives: to build basic economic and mathematical models describing these relationships in the economy of the Kursk region; to calculate how much a change in investment changes GRP, how investments are related to changes in spatial development and monetary policy; to determine the multiplier of investments and the time lag of their impact on the spatial development of the region. Methodology. The general scientific methods of analysis and special methods of economic and statistical research were used in the study. Results: the main interrelations within the framework of Keynesian models of economic theory were obtained; to assess the effectiveness of spatial development, the main macroeconomic indicators characterizing the economic and social development of the Kursk region were considered. Conclusions: the activity of investment activity increases the efficiency of the regional economy, investments give a systemic effect on the development of all branches of the regional economy, and not only those enterprises in which investment projects are implemented. At the same time, the effect has a time lag, which is 2 years for the economy of the Kursk region.

Purpose
The purpose of this study is to probe into the influence mechanism of financial opening onto industrial restructuring from the prism of financial development and examine the role of the credit market, capital market and currency market in transmitting the impact of financial opening onto industrial restructuring in both developed countries and developing countries.


Design/methodology/approach
In the theoretical model, the indicator of financial opening was introduced in Cobb–Douglas production function formula. Using constant elasticity of substitution utility function, based on Engel's law, the optimal industrial structure in the economy was concluded. For the empirical analysis, data was collected from 36 developed countries and 34 developing countries during the period 2000 to 2019. Multiple mediator models with bootstrap techniques were used to identify the linkage between financial opening, financial development and industrial restructuring.


Findings
First, there is a U-shaped relationship between financial opening and industrial restructuring. Second, financial development plays a mediating role in transmitting the effects of financial opening onto industrial restructuring mainly through the credit market at the global level. Third, developed countries are in a trend of "reindustrialization," while developing countries show a trend of "premature deindustrialization." Moreover, for developed countries, the capital market leads to reindustrialization, while the credit market and currency market contribute to deindustrialization. For developing countries, the capital market and credit market lead to deindustrialization, while the currency market contributes to industrialization.


Originality/value
Unlike most previous researches, this paper focuses on examining three-variable relationship between financial opening, financial development and domestic industrial restructuring. Against the backdrop of the pandemic, monetary policy shifts of developed economies have led to an increase in cross-border capital flows, which will lead to the increasing risks for international financial markets and the reallocation of the global value chain. It is of great significance to clarify the linkage between these three variables in the face of a volatile international financial environment.

Die Verschuldung in der Eurozone hat neue Rekordhöhen erreicht. Die Mitgliedsländer haben versucht, die wirtschaftlichen Folgen der Corona-Pandemie durch eine massive Erhöhung der Staatsausgaben abzufedern. Es gibt verschiedene Forderungen, die Maastricht-Regeln zur Begrenzung der Staatsverschuldung abzuschaffen oder aufzuweichen. Die Autoren sehen die Gefahr einer neuen Staatsschuldenkrise in diesem Jahrzehnt, wenn es nicht gelingt, die Staatsverschuldung auf ein akzeptables Niveau zu senken. Die Autoren präsentieren eine neue flexible Fiskalregel. Damit sollen die hohen Schuldenquoten sinken. Bei strikter Befolgung soll die Regel die hohen Schuldenquoten innerhalb eines überschaubaren Zeitraums reduzieren, selbst wenn das nominale Wachstum schwach ist. Das wird durch Simulationen mit verschiedenen Szenarien sowie durch die hypothetische Anwendung der neuen Fiskalregel auf die Volkswirtschaften der Eurozone von 2022 bis 2026 bestätigt. Schließlich greifen die Autoren den Vorschlag von ESM-Ökonomen auf, die zulässige Schuldenquote in der Eurozone von 60 auf 100 % des BIP zu erhöhen. ; Debt levels in the eurozone have reached new record highs. The member countries have tried to cushion the economic consequences of the corona pandemic with a massive increase in government spending. End of 2021 public debt in relation to GDP will approach 100% on average. There are various calls to abolish or soften the Maastricht rules of limiting sovereign debt. We see the risk of a new sovereign debt crisis in this decade if it is not possible to bring public debt down to an acceptable level. Our new fiscal rule would be suitable and appropriate for this purpose, because obviously the Maastricht criteria have failed. In contrast to the rigid 3% Maastricht-criterion, our rule is flexible and it addresses the main problem: excessively high public debt ratios. And it lowers the existing incentives for highly indebted governments to exert expansionary pressure on monetary policy. If obeyed strictly, our rule reinforces the snowball effect and reduces the excessively high debt ratios within a manageable period, even if nominal growth is weak. This is confirmed by simulations with different scenarios as well as with the hypothetical application of the new fiscal rule to eurozone economies from 2022 to 2026. Finally, we take up the recent proposal by ESM economists to increase the permissible debt ratio from 60 to 100% of GDP in the eurozone.

Debt levels in the eurozone have reached new record highs. The member countries have tried to cushion the economic consequences of the corona pandemic with a massive increase in government spending. There are various calls to abolish or soften the Maastricht rules of limiting sovereign debt. The authors see the risk of a new sovereign debt crisis in this decade if it is not possible to bring public debt down to an acceptable level. The authors propose a new fiscal rule that would be suitable and appropriate for this purpose. In contrast to the rigid 3% Maastricht-criterion, the rule is flexible and it addresses the main problem: excessively high public debt ratios. The authors argue that it lowers the existing incentives for highly indebted governments to exert expansionary pressure on monetary policy. If obeyed strictly, the rule reinforces the snowball effect and reduces the excessively high debt ratios within a manageable period, even if nominal growth is weak. This is confirmed by simulations with different scenarios as well as with the hypothetical application of the new fiscal rule to eurozone economies from 2022 to 2026. Finally, the authors take up the proposal by ESM economists to increase the permissible debt ratio from 60 to 100% of GDP in the eurozone. ; Die Verschuldung in der Eurozone hat neue Rekordhöhen erreicht. Die Mitgliedsländer haben versucht, die wirtschaftlichen Folgen der Corona-Pandemie durch eine massive Erhöhung der Staatsausgaben abzufedern. Es gibt verschiedene Forderungen, die Maastricht-Regeln zur Begrenzung der Staatsverschuldung abzuschaffen oder aufzuweichen. Die Autoren sehen die Gefahr einer neuen Staatsschuldenkrise in diesem Jahrzehnt, wenn es nicht gelingt, die Staatsverschuldung auf ein akzeptables Niveau zu senken. Die Autoren präsentieren eine neue flexible Fiskalregel. Damit sollen die hohen Schuldenquoten sinken. Bei strikter Befolgung soll die Regel die hohen Schuldenquoten innerhalb eines überschaubaren Zeitraums reduzieren, selbst wenn das nominale Wachstum schwach ist. Das wird durch Simulationen mit verschiedenen Szenarien sowie durch die hypothetische Anwendung der neuen Fiskalregel auf die Volkswirtschaften der Eurozone von 2022 bis 2026 bestätigt. Schließlich greifen die Autoren den Vorschlag von ESM-Ökonomen auf, die zulässige Schuldenquote in der Eurozone von 60 auf 100 % des BIP zu erhöhen.

The financial sector is constantly evolving , and maintaining a stable financial system has become a challenge for regulators. Therefore, the recent financial crises and the subsequent downturn in economic activity have elicited an unprecedented response from major central banks and regulators around the world. These crises have relaunched the debate on how to regulate financial institutions to address the systemic risk. At the heart of this debate is the recognition of the need to shift to regulation considering the financial system as a whole by implementing new macroprudential regulation and integrating it with other policies, in particular monetary policy. To meet these objectives, a new regulatory framework has been developed. The European Central Bank (ECB) now monitors evolutions in the banking sectors to identify any vulnerabilities and check the resilience of the financial system. A single resolution mechanism (SRM) has also been set up at the European Union level. These new approaches aim to strengthen financial stability, thus avoiding the emergence of new crises and limiting the impact of the current one. The general objective of this thesis is (i) to verify whether policies inspired by the unconventional policies of the central bank can address macroprudential objectives; (ii) to examine the optimal information to be disclosed by the regulator on banks health in order to limit the cost of its intervention during banks resolution operations by proposing bail-ins and bailo- outs; and (iii) to study the impact of the financial network structure on the decisions of banks involved in bail-ins as well as on the decision of the regulator regarding information disclosure when it intervenes in resolution mechanisms. ; Le secteur financier est en constante évolution et maintenir ce système financier stable est devenu un défi pour tous les régulateurs. Ainsi les récentes crises financières et le ralentissement subséquent de l'activité économique ont suscité une intervention sans précédente de la part des ...

efficace, car cela permet aux autorités monétaires d'assimiler la manière avec laquelle les décisions monétaires influencent l'économie, afin de déterminer d'une manière adéquate les instruments à mobiliser pour pouvoir orienter l'économie dans la direction souhaitée. Cette compréhension est étroitement liée à l'analyse de la transmission du taux d'intérêt, puisqu'il est le canal traditionnel parmi les différents canaux de transmission monétaire. Il constitue un outil important dans la prise de décisions monétaires pour aboutir à une conduite efficace de la politique monétaire. L'objectif de cet article est d'analyser, pour le cas marocain, la transmission des taux d'intérêts directeurs sur les taux d'intérêts débiteurs, afin d'identifier et quantifier l'impact des décisions monétaires qui visent le financement de l'économie à travers le système bancaire. L'estimation du pass-through des taux d'intérêts directeurs sur les taux d'intérêts des prêts bancaires a été basée sur une modélisation ARDL et a porté sur des données en fréquence trimestrielle couvrant la période 2007-2021. Ces données concernent le Taux Moyen Pondéré du Marché Interbancaire (TMP) et le Taux Débiteur Moyen (TDM). Les résultats obtenus ont montré que le pass-through au Maroc est incomplet à court terme. C'est-à-dire que la transmission des décisions de la politique monétaire à travers le canal du taux d'intérêt reste limitée. Tandis qu'à long terme, il est significatif et complet, ce qui signifie que les décisions des autorités monétaires au Maroc, via le canal du taux d'intérêt, nécessitent plus de temps pour que les banques ajustent leurs taux d'intérêts et pour que les entreprises et les ménages puissent sentir l'effet de ces décisions. Mots clés : Politique monétaire, pass-through, les taux d'intérêts directeurs, les taux d'intérêts débiteurs, modèle autorégressif à retards échelonnés (ARDL). Classification JEL : C32, E44, E52, G20 ; Understanding transmissions is one of the pillars of developing a modern and effective monetary policy, as ...

This thesis investigates the link between the structure of collective bargaining and the macroeconomic performance. Chapters 1 and 2 study collective bargaining systems by considering their interactions with their institutional environment. Chapter 1 analyzes the role of collective bargaining systems on the link between wage growth and the unemployment rate, i.e. the wage Phillips curve, which may have implications for the feasibility of monetary policy objectives. Chapter 2 examines theoretically how the collective bargaining system influences the outcomes of reforms modifying the employment protection legislation. Chapters 3 and 4 study the macroeconomic effect of reforms to collective bargaining systems. Chapter 3 provides evidence on the link between the decentralization of collective bargaining and economic growth. Finally, chapter 4 questions the timing of reforms aimed at changing the institution of collective bargaining, analyzing their effects on employment according to the position on the economic cycle when they are implemented. ; Cette thèse étudie le lien entre la structure des négociations collectives et la performance macroéconomique. Les chapitres 1 et 2 étudient les systèmes de négociation collective en considérant leurs interactions avec leur environnement institutionnel. Le chapitre 1 analyse le rôle des systèmes de négociation collective sur le lien entre la croissance des salaires et le taux de chômage, c'est-à-dire la courbe de Phillips des salaires, qui peut avoir des implications sur la faisabilité des objectifs de politique monétaire. Le chapitre 2 étudie théoriquement comment le système de négociation collective influence les résultats des réformes de la législation sur la protection de l'emploi. Les chapitres 3 et 4 étudient l'effet macroéconomique des réformes des systèmes de négociation collective. Le chapitre 3 renseigne sur le lien entre la décentralisation des négociations collectives et la croissance économique. Enfin, le chapitre 4 questionne le timing des réformes qui visent à ...

This thesis investigates the link between the structure of collective bargaining and the macroeconomic performance. Chapters 1 and 2 study collective bargaining systems by considering their interactions with their institutional environment. Chapter 1 analyzes the role of collective bargaining systems on the link between wage growth and the unemployment rate, i.e. the wage Phillips curve, which may have implications for the feasibility of monetary policy objectives. Chapter 2 examines theoretically how the collective bargaining system influences the outcomes of reforms modifying the employment protection legislation. Chapters 3 and 4 study the macroeconomic effect of reforms to collective bargaining systems. Chapter 3 provides evidence on the link between the decentralization of collective bargaining and economic growth. Finally, chapter 4 questions the timing of reforms aimed at changing the institution of collective bargaining, analyzing their effects on employment according to the position on the economic cycle when they are implemented. ; Cette thèse étudie le lien entre la structure des négociations collectives et la performance macroéconomique. Les chapitres 1 et 2 étudient les systèmes de négociation collective en considérant leurs interactions avec leur environnement institutionnel. Le chapitre 1 analyse le rôle des systèmes de négociation collective sur le lien entre la croissance des salaires et le taux de chômage, c'est-à-dire la courbe de Phillips des salaires, qui peut avoir des implications sur la faisabilité des objectifs de politique monétaire. Le chapitre 2 étudie théoriquement comment le système de négociation collective influence les résultats des réformes de la législation sur la protection de l'emploi. Les chapitres 3 et 4 étudient l'effet macroéconomique des réformes des systèmes de négociation collective. Le chapitre 3 renseigne sur le lien entre la décentralisation des négociations collectives et la croissance économique. Enfin, le chapitre 4 questionne le timing des réformes qui visent à modifier l'institution des négociations collectives, en analysant leurs effets sur l'emploi selon la position sur le cycle économique lors de leur mise en œuvre.

Sub-Saharan Africa has been characterized as having a high prevalence of malaria and HIV. The present COVID-19 outbreak compounds and complicates Nigeria's health and socio-economic problems that require stringent public health measures, improved health facilities and achievable economic policies to tackle. The impact of COVID-19 on national economies depends on the level of preparedness and responsiveness to shocks. This perspective dissected the structure of the Nigerian economy and the effect of the pandemic on Nigeria's economy, having given mild health implications. The study adopted an exploratory research design and thus, relied on the past socio-economic situation in Nigeria to explain how Nigeria was affected by the pandemic. This perspective concludes that the socio-economic foundation in Nigeria is weak. These weak socio-economic settings have made the economy vulnerable to external and internal shocks. This study recommends that the Nigerian government provide adequate and internationally standard training facilities for her health workers and ensure that they are paid well and as when due. To build a resilient economy that can survive external and internal shocks, there is a need to diversify the economy's economic base fully. Alongside achieving economic diversification, there is the need to improve the existing agricultural-industrial link. The Central Bank should adopt effective monetary policy measures to facilitate credit to private sectors to promote investment in key sectors in the economy. There is a need to increase stimulus package for all industries and households to sustain and improve employment and consumption levels. There is a need to improve efficiency in government spending. The government should sincerely invest in infrastructures to reduce the cost burden on the private sector. Furthermore, there is a crucial need to increase government investment in the health and education sector to prepare the nation for any other health emergency and build its human capital.

The financial sector is constantly evolving , and maintaining a stable financial system has become a challenge for regulators. Therefore, the recent financial crises and the subsequent downturn in economic activity have elicited an unprecedented response from major central banks and regulators around the world. These crises have relaunched the debate on how to regulate financial institutions to address the systemic risk. At the heart of this debate is the recognition of the need to shift to regulation considering the financial system as a whole by implementing new macroprudential regulation and integrating it with other policies, in particular monetary policy. To meet these objectives, a new regulatory framework has been developed. The European Central Bank (ECB) now monitors evolutions in the banking sectors to identify any vulnerabilities and check the resilience of the financial system. A single resolution mechanism (SRM) has also been set up at the European Union level. These new approaches aim to strengthen financial stability, thus avoiding the emergence of new crises and limiting the impact of the current one. The general objective of this thesis is (i) to verify whether policies inspired by the unconventional policies of the central bank can address macroprudential objectives; (ii) to examine the optimal information to be disclosed by the regulator on banks health in order to limit the cost of its intervention during banks resolution operations by proposing bail-ins and bailo- outs; and (iii) to study the impact of the financial network structure on the decisions of banks involved in bail-ins as well as on the decision of the regulator regarding information disclosure when it intervenes in resolution mechanisms. ; Le secteur financier est en constante évolution et maintenir ce système financier stable est devenu un défi pour tous les régulateurs. Ainsi les récentes crises financières et le ralentissement subséquent de l'activité économique ont suscité une intervention sans précédente de la part des ...

This thesis investigates the link between the structure of collective bargaining and the macroeconomic performance. Chapters 1 and 2 study collective bargaining systems by considering their interactions with their institutional environment. Chapter 1 analyzes the role of collective bargaining systems on the link between wage growth and the unemployment rate, i.e. the wage Phillips curve, which may have implications for the feasibility of monetary policy objectives. Chapter 2 examines theoretically how the collective bargaining system influences the outcomes of reforms modifying the employment protection legislation. Chapters 3 and 4 study the macroeconomic effect of reforms to collective bargaining systems. Chapter 3 provides evidence on the link between the decentralization of collective bargaining and economic growth. Finally, chapter 4 questions the timing of reforms aimed at changing the institution of collective bargaining, analyzing their effects on employment according to the position on the economic cycle when they are implemented. ; Cette thèse étudie le lien entre la structure des négociations collectives et la performance macroéconomique. Les chapitres 1 et 2 étudient les systèmes de négociation collective en considérant leurs interactions avec leur environnement institutionnel. Le chapitre 1 analyse le rôle des systèmes de négociation collective sur le lien entre la croissance des salaires et le taux de chômage, c'est-à-dire la courbe de Phillips des salaires, qui peut avoir des implications sur la faisabilité des objectifs de politique monétaire. Le chapitre 2 étudie théoriquement comment le système de négociation collective influence les résultats des réformes de la législation sur la protection de l'emploi. Les chapitres 3 et 4 étudient l'effet macroéconomique des réformes des systèmes de négociation collective. Le chapitre 3 renseigne sur le lien entre la décentralisation des négociations collectives et la croissance économique. Enfin, le chapitre 4 questionne le timing des réformes qui visent à ...

International audience ; The present REPE issue 2-2020 is the second part of our inaugural "double pack". We were lucky to receive more papers for the inaugural issue than we could accommodate in one issue. So please enjoy another set of challenging original research papers gauging the field of evolutionary political economy. In Financialisation and the periodisation of capitalism: appearances and processes, Jan Toporowski argues that the analysis of financial processes is essential for understanding changes in the financial system. Only these processes give rise to appearances such as the statistical data that are the basis of most studies of financialization. Those processes are fundamentally determined by the structure of the financial system. Following Minsky, Toporowski focuses on corporate finance which, through its effect on business investment, influences the dynamics of the capitalist system. As financial structures change, this gives rise to particular phases of capitalist development. The paper thus builds on Minsky's historical institutional analysis, but offers a more systematic analysis. It offers a periodization of capitalism through mercantile capitalism, classic, bank-based capitalism, finance capital, state finance capitalism, to pension fund capitalism and capital market inflation. It shows how each period ends with financial difficulties that are overcome with financial innovation leading to a new financial structure with corresponding changes in financial processes. Specifically, the paper argues that the phase of capital market inflation, inaugurated by funded pension schemes in the last decades of the twentieth century, has come to an end in the illiquidity of capital markets that lies behind the 2008 financial crisis. The paper suggests that the measures of "unconventional monetary policy", or "Quantitative Easing", mark a new period of state finance capital with a return to the state support of a structurally illiquid capital market that already had prevailed in Europe and North America ...

Civil Liability for the Harm Caused by the Bank of Lithuania Nowadays, the legislation provides huge power and discretion for the public authority thus the amount of discretion the Bank of Lithuania has is considerable. Taking into account, the question raises if the right amount and broadness of the legislation is adopted based on the fragility of the financial system in the society. In the first section, it is analysed the civil liability of the public authorities (the public civil liability). The analysis consists of the review of applicable legislation as well as the examination of relevant legal cases. The purpose of this is to evaluate the development and the trend of public civil liability in the Republic of Lithuania and other countries. In the second section, private and public interests are reviewing through legal cases and legal precedents. It is discussed, what impact for the financial market participants brings financial stability while being the public interest due to the regulation of the Constitutional Court of the Republic of Lithuania. It is analysed how financial stability deals with the principle of full compensation. The third section provides the analysis of functions of the Bank of Lithuania, especially describing the monetary policy and the supervisory of national banks. Additionally, the limits of the discretion of the Bank of Lithuania is reviewed. According to the legislation in the Republic of Lithuania, to prove the civil liability of the Bank of Lithuania it is necessary to comply with all the conditions provided in laws, however, the fault is the condition of most concern. The fault divides into intentional actions either negligence. In the fourth section, the civil liability of the European Central Bank is being analysed as well as the possibility of the solidary civil liability of the Bank of Lithuania and the European Central Bank.

Civil Liability for the Harm Caused by the Bank of Lithuania Nowadays, the legislation provides huge power and discretion for the public authority thus the amount of discretion the Bank of Lithuania has is considerable. Taking into account, the question raises if the right amount and broadness of the legislation is adopted based on the fragility of the financial system in the society. In the first section, it is analysed the civil liability of the public authorities (the public civil liability). The analysis consists of the review of applicable legislation as well as the examination of relevant legal cases. The purpose of this is to evaluate the development and the trend of public civil liability in the Republic of Lithuania and other countries. In the second section, private and public interests are reviewing through legal cases and legal precedents. It is discussed, what impact for the financial market participants brings financial stability while being the public interest due to the regulation of the Constitutional Court of the Republic of Lithuania. It is analysed how financial stability deals with the principle of full compensation. The third section provides the analysis of functions of the Bank of Lithuania, especially describing the monetary policy and the supervisory of national banks. Additionally, the limits of the discretion of the Bank of Lithuania is reviewed. According to the legislation in the Republic of Lithuania, to prove the civil liability of the Bank of Lithuania it is necessary to comply with all the conditions provided in laws, however, the fault is the condition of most concern. The fault divides into intentional actions either negligence. In the fourth section, the civil liability of the European Central Bank is being analysed as well as the possibility of the solidary civil liability of the Bank of Lithuania and the European Central Bank.

The dissertation is structured into four chapters (Chapters 2 to 5) corresponding to four independently empirical papers. Together, these provide a panoramic view of Vietnam's economy from various standpoints. The first and last of these empirical works investigate the cyclicality of the Vietnamese economy, using dynamic stochastic general equilibrium (DSGE) models with neoclassical economic theory at their cores. The second study, Chapter 3, aims to explain how global demand and oil price shocks impact on Vietnam's macroeconomic conditions and monetary policy responses. Chapter 4 acts as a complement to the DSGE analysis of public expenditures conducted in chapter 5. This chapter also validates Aschauer's (1989a, b) hypothesis on the crowding-in effect of public investment and public capital on Vietnam economy. Chapter 1: Introduction Chapter 2: Growth and Real Business Cycles in Vietnam and the Asean-5. Does the trend shock matter This chapter explores the influence of government expenditures on the business cycle dynamics of a transition country such as Vietnam. I develop a stochastic-growth DSGE/RBC model based on Leeper et al (2010a; 2010b), with notable features such as government consumption in utility, internal habit persistence in consumption, private capital utilisation, and consideration of two fiscal shocks in addition to shocks to household preferences and technological progress. The estimated DSGE model adequately captures the dynamics of Vietnam's economy and is helpful to uncover a diversity of findings. First, public investment has been an important driver of Vietnam's high output growth in the early-to-mid 1990s, although its contribution decreased during the 2000s. Second, government expenditures explain up to 30% and 20% of Vietnamese output variations in the long and short run, respectively. Third, impulse–response functions reveal a 3% GDP cumulative five-year gain from a public investment shock of 1% GDP. Fourth, simulation analysis uncovers a significant and positive impact of productive ...