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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

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.

The authors regret a mistake in the acknowledgement section. ; The acknowledgement of the original article should be corrected to: "This project has received funding from the European Union's Horizon 2020 research and innovation programme under the Marie Sklodowska-Curie grant agreement No 796287. GQ acknowledges support from the Agencia Estatal de Investigación (AEI) and the Fondo Europeo de Desarrollo Regional (FEDER) (CTQ2016- 79561-P)" ; Peer reviewed

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.

How do changes in climatic conditions and disaster patterns affect the persistence of civil unrest across countries over time? Existing studies postulate that changing climate conditions will exacerbate various social conflicts through their impacts on degraded environmental and economic conditions, which is further conditional on political institutions. Nevertheless, there are two major pitfalls in the existing studies. First, vulnerability as a major underlying mechanism has been used as an umbrella term or been presumed. Using vulnerability as an umbrella term has a detrimental effect on climate-conflict theory-building because it prevents scholars from deriving testable empirical implications for relevant concepts. Second, previous research has pinpointed the importance of political institutions in moderating impacts of climate on conflict, but the literature says little about what aspects of political institutions might aggravate or alleviate vulnerability to climate in ways that are simmering or amplifying civil strife. Using the structural causal approach and machine learning methods, this dissertation improves the identification of the mediation effect of vulnerability and the moderation effect of political institutions on the climate-conflict relationship. The important mechanisms and implications revealed by this study are twofold. First, this dissertation finds that the impacts of extreme climatic events are more important in shaping local vulnerability than that of annual weather variations, and that adaptive capacity is more important than economic sensitivity in mitigating local vulnerability. Annual weather variations (i.e., the slow-moving mechanics) have a significant impact on cumulative conflict hazards, whereas extreme climatic events (i.e., the fast-moving drivers) fuel onset of a new conflict. In the presence of socio-psychological vulnerabilities, an increase in annual weather variations can boil new conflicts. Second, the state capacity is more important than democracy in exacerbating a country's vulnerability to climate, and the degree of executive bribery especially plays a crucial role in moderating the impacts of vulnerability to climate on civil conflict. However, of different aspects of democracy, freedom of academic and cultural expression has the most important moderating effect on conflict. What is striking is the role of socio-psychological vulnerability in transmitting the impacts of extreme climate and weather variations on civil conflict. Mainstream conflict theory has shown that institutional and economic conditions are the most important factors determining conflicts even though socio-psychological factors are meaningful contexts. However, this present study shows that socio-psychological vulnerability is more important than institutional and economic conditions in shaping civil conflict.

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.

1 sheet ([1] p.). ; Publisher and date suggested by STC (2nd ed.). ; Reproduction of original in the Society of Antiquaries.

Funding Information: This work was supported as part of the Strategic Research Programme of the Scottish Government Rural and Environment Science and Analytical Services (RESAS) division, Theme 3: Food and Health (Work packages 3.2 and 3.3). ; Peer reviewed ; Publisher PDF

ABSTRACT Context: natural experiments or quasi-experiments have become quite popular in management research. The differences-in-differences (DiD) estimator is possibly the workhorse of these techniques. Objective: the goal of this paper is to provide a tutorial that serves as practical guide for researchers considering using natural experiments to make causal inferences. Methods: we discuss the DiD advantages, concerns, and tests of validity. We also provide an application of the technique, in which we discuss the effect of government guarantees on banks' degree of risk, using the 2008 financial crisis as a natural experiment. The database used, as well as the Stata and the R scripts containing the analyses, are available as online appendices. Conclusion: DiD may be used to tackle endogeneity concerns when treatment assignment is random.

ABSTRACT Objective: To assess the current level of oral health knowledge and identify information sources among adolescents in Bhubaneswar, India. Material and Methods: A cross-sectional examination was conducted among 1330 adolescents aged 13 to 15 years enrolled in 24 randomly selected government and private schools in Bhubaneswar. A specially designed self-administered questionnaire was used to collect the responses. Chi-square test with a level of significance set at 5% was used for statistical analysis. Results: Parents (55%) followed by media (18%) were the major sources of oral health information among the study population, which was statistically not significant in relation to gender and school type. Many subjects (95.3%) perceived sweets could cause tooth decay; however, this was statistically significant only among school type (p<0.05). Around (45%) knew about fluoride and only 36% properly identified fluoride's action as preventing cavities. This was statistically significant among both gender and school type (p<0.05). Seventy-five percent of students effectively distinguished gum disease symptoms, which was significant only with gender (p<0.05). Around 55% identified that oral habits have an influence on oral health, which showed significance among gender (p<0.05). Conclusion: Children oral health knowledge was not satisfactory, highlighting the need to utilize parents, schoolteachers and media to provide oral health education. It's essential for designing and implementing a person-centered care model in dentistry.

We present a mathematical model to study the steady-state performance of a membrane-less reversible redox flow battery formed by two immiscible electrolytes that spontaneously form a liquid-liquid system separated by a well defined interface. The model assumes a two-dimensional battery with two coflowing electrolytes and flat electrodes at the channel walls. In this configuration, the analysis of the far downstream solution indicates that the interface remains stable in all the parameter range covered by this study. To simplify the description of the problem, we use the dilute solution theory to decouple the calculation of the velocity and species concentration fields. Once the velocity field is known, we obtain the distribution of the mobile ionic species along with the current and the electric potential field of the flowing electrolyte solution. The numerical integration of the problem provides the variation of the battery current density Iapp with the State of Charge (SoC) for different applied cell voltages Vcell. A detailed analysis of the concentration density plots indicates that the normal operation of the battery is interrupted when reactant depletion is achieved near the negative electrode both during charge and discharge. The effect of the electrolyte flow on the performance of the system is studied by varying the Reynolds, Re and Péclet, Pe, numbers. As expected, the flow velocity only affects the polarization curve in the concentration polarization region, when is well below the equilibrium potential, resulting in limiting current densities that grow with Re. ; This work has been partially funded by the Spanish Agencia Estatal de Investigación under projects (PID2019-106740RB- I00 and PID2019-108592RB-C41/AEI/10.13039/50110 0 011033), by Grant IND2019/AMB-17273 of the Comunidad de Madrid and by project MFreeB which have received funding from the European Research Council (ERC) under the European Union's Horizon 2020 research and innovation program (Grant Agreement No. 726217). D. Ruiz-Martín acknowledges the support of an FPI predoctoral fellowship (BES-2016-078629) under project ENE2015-68703-C2-1-R (MINECO/FEDER, UE) and the insigh- ful conversations with professor Mark Blyth during her research visit at the University of East Anglia (UK).