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
The domestic and international transmission mechanism of fiscal policy shocks are analysed in the United States and in Germany. Using a Bayesian VAR approach, we find that in both of these countries a fiscal expansion is associated with increases in output as well as in private consumption and investment. The terms of trade, which affect the international transmission of fiscal policy shocks, depreciate in response to a fiscal expansion, thus transferring some of the increased domestic purchasing power abroad. A US government spending shock is expansionary for all non-US G7 members. A German government spending shock is expansionary for most, but not all European economies, both within and outside the euro area. The dynamics of the BVAR can be rationalised using a dynamic stochastic general equilibrium model where heterogeneous households and firms face borrowing constraints.
[8], 116, [2] p. ; Dedication signed: Christopher Leuer. ; The first leaf is blank except for signature-mark "A". ; With a final errata leaf. ; Heading to dedication in seven lines. Variant: heading in eight lines. ; Reproduction of the original the Union Theological Seminary (New York, N.Y.). Library.
This PhD thesis seeks to contribute towards closing a research gap in the knowledge about the African Union Mission in Somalia (AMISOM) as an African Union (AU) and United Nations (UN) authorised peace enforcement operation. In so doing, the study covers the period 2007-2017 and attempts to fulfil three broad objectives. Firstly, it examines the implementation of AMISOM mandate amidst foreign interventions and their underlying implications for the strategic AU-UN partnership. Secondly, the thesis attempts to examine any significant changes towards the implementation of the mandate by assessing the evolution of AMISOM's decade-long presence in Somalia. The analysis focuses on whether AMISOM has morphed into an exercise in self-interest or still pursuing the shared strategic objectives for which it was established. Thirdly, the study confronts the theoretical idea imposed by Western ideologies to export liberal democracy through peacekeeping operations, especially as it relates to regional peace operations. In a sense, it contrasts between liberalism and realism vis-à-vis peacekeeping operations in order to account for the case of AMISOM given the involvement of frontline states whose realist strategy in Somalia has presented a major dilemma. Given the latitude, the study adopts an interdisciplinary and mixed methodology approach in its analysis of foreign interventions and the pursuit of illicit commercial interests in a conflict economy milieu marked by attempts to counter al-Shabaab in Somalia. As a qualitative research, the study relies on primary and secondary data sources including relevant articles and journals, although aspects of quantitative method have also been used where appropriate. ; Esta tese de doutoramento visa contribuir para o preenchimento de uma lacuna de pesquisa no conhecimento sobre a Missão da União Africana na Somália (AMISOM), como uma operação de imposição da paz autorizada pela União Africana (UA) e endossada pelas Nações Unidas (ONU). O âmbito do estudo abrange o período 2007- 2017 e ambiciona cumprir três objetivos principais. Em primeiro lugar, examina a implementação do mandato da AMISOM no meio de intervenções estrangeiras e as suas implicações subjacentes para a parceria estratégica UA-ONU. Em segundo lugar, a tese tenta examinar quaisquer mudanças significativas em relação à implementação do mandato, avaliando a evolução da AMISOM após uma década de presença na Somália. A análise concentra-se em determinar se a AMISOM se transformou num exercício em interesse próprio ou se ainda persegue os objetivos estratégicos comuns para os quais foi estabelecida. Em terceiro lugar, o estudo confronta a ideia teórica imposta pelas ideologias ocidentais para exportar a democracia liberal por meio de operações de manutenção da paz, especialmente no que se refere as operações de paz regionais. Em certo sentido, contrasta entre liberalismo e realismo face às operações de manutenção da paz com vista a contextualizar o caso da AMISOM, dado o envolvimento dos Estados da linha da frente, cuja estratégia realista na Somália apresentou um grande dilema. Dada a latitude, o estudo adopta uma abordagem metodológica interdisciplinar e mista, na análise de intervenções estrangeiras e a prossecução de interesses comerciais ilícitos, num ambiente de economia de guerra marcado por tentativas de conter o "al-Shabaab" na Somália. Tratando-se de uma pesquisa qualitativa, o estudo baseia-se principalmente em fontes primárias e secundárias, incluindo artigos e periódicos relevantes, embora alguns aspectos do método quantitativo tenham sido também aplicados.
What factors might explain the cross-country variations in COVID-19 public performances and what lessons can be drawn to be better-prepared for future pandemics? This study focuses on the effects of policy stringency on COVID-19 public health outcomes to gain insights into national-level state responses to COVID-19 and the conditions for their effectiveness. Using data from 136 countries comprising 91.4% of the global population, we find that more stringent policies lead to lower infection and death rates. More importantly, the negative effects of restrictive policies on infection and death rates are moderated by political trust and democracy levels, possibly through the mechanism of popular compliance with government policies. Under conditions of higher political trust and lower democracy levels, the policy effects on infection and death rates are greater. However, while the results suggest the importance of policy stringency and political trust, we should not draw the conclusion that authoritarian political systems are more conducive to policy effectiveness. When comparing the moderating effects of political trust and democracy, political trust is more important as a facilitating factor. Therefore, in addition to making scientifically-supported policies, fostering political trust should be an important goal for governments to be better prepared for future pandemics.
This research looked at the growing space that Global Citizenship Education (GCE) is gaining in educational policy worldwide, and at the role Non-Governmental Organizations (NGOs) played in GCE agenda setting and policy implementation. Based on a comparative policy analysis carried out in 10 European countries, the political agency of NGOs was explored, underlining opportunities, tensions, and challenges, especially in their contribution to national strategies to integrate GCE into national educational systems.
Strategic spatial planning (SSP) has been a key planning practice supporting spatial transformation globally. However, designing and implementing strategic spatial plans is a complex task. The process involves prioritizing planning intentions, establishing funding mechanisms and structuring governance settings, which take shape within power configurations. It is within this complexity that a participatory and integrative planning approach assume increasingly importance when addressing, strategically, societal challenges such as spatial injustice. Furthermore, a consolidated planning practice – that is the experiences in dealing with SSP are thought to influence how strategic plans are prepared and executed. Bearing in mind the influential role of preceding experiences in SSP processes as well as of participation, project promotion and policy integration, this paper synthesises the results of a literature review reflecting three decades of SSP (1990-2020) in England. England has a well-defined history of engagements with SSP. The purpose is to discuss lessons learned from looking back thirty years and debate suggestions for how to design future SSP that account for public and private interests and align cross-sectoral policies. To overcome democratic accountability constraints and steering resource management effectively, this review pleas for more cooperative central–local relationships in shaping future SSP processes in England and beyond.
Strategic spatial planning (SSP) has been a key planning practice supporting spatial transformation globally. However, designing and implementing strategic spatial plans is a complex task. The process involves prioritizing planning intentions, establishing funding mechanisms and structuring governance settings, which take shape within power configurations. It is within this complexity that a participatory and integrative planning approach assume increasingly importance when addressing, strategically, societal challenges such as spatial injustice. Furthermore, a consolidated planning practice – that is the experiences in dealing with SSP are thought to influence how strategic plans are prepared and executed. Bearing in mind the influential role of preceding experiences in SSP processes as well as of participation, project promotion and policy integration, this paper synthesises the results of a literature review reflecting three decades of SSP (1990-2020) in England. England has a well-defined history of engagements with SSP. The purpose is to discuss lessons learned from looking back thirty years and debate suggestions for how to design future SSP that account for public and private interests and align cross-sectoral policies. To overcome democratic accountability constraints and steering resource management effectively, this review pleas for more cooperative central–local relationships in shaping future SSP processes in England and beyond.
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.
Treatise on the secular power of French law, citing authority of jurists over ecclesiastical, and denouncing the ultramontane policy of Rome. By Milletot, Counselor of the Parlement de Dijon. The work was placed on the Index. ; Electronic reproduction ; 95 p. ; 17 cm.
Social media provides ethno-racial immigrant groups—especially those who cannot vote due to factors such as lack of citizenship and limited English proficiency—the ability to mobilize and connect around collective issues. Online spaces and discussion forums have encouraged many Asian Americans to participate in public policy debates and take action on social justice issues. This form of digital group activism serves as an adaptive political empowerment strategy for the fastest-growing and largest foreign-born population in America. Asian American Connective Action in the Age of Social Media illuminates how associating online can facilitate and amplify traditional forms of political action. James Lai provides diverse case studies on contentious topics ranging from affirmative action debates to textbook controversies to emphasize the complexities, limitations, and challenges of connective action that is relevant to all racial groups. Using a detailed multi-methods approach that includes national survey data and Twitter hashtag analysis, he shows how traditional immigrants, older participants, and younger generations create online consensus and mobilize offline to foment political change. In doing so, Lai provides a nuanced glimpse into the multiple ways connective action takes shape within the Asian American community. ; https://scholarcommons.scu.edu/faculty_books/1523/thumbnail.jpg
The middle of the road party in the dispute between the Huguenots and the Catholic League were called the "politiques". This pamphlet is a reply by the "Politiques" to the conventions adopted by the Leaguist divines at Chartres, September 1591. It warns the French people that the Guisist movement, the Catholic League movement, is tied up with the foreign policy of Spain. France must be on her guard. ; Electronic reproduction; 30 p. ; 16 cm. (4to)
[8], 14 p. ; Dedication signed: Thomas Midleton. ; Signatures: A⁴(-A1) B-C⁴. ; Identified as STC 17894 on reel 658. ; Reproduction of original in the British Library.
