Draft in John Jay's hand of Federalist Number 64, originally published on March 5, 1788 in the Independent Journal. It bore the number 63 in the newspaper version, but was renumbered 64 in the first collected edition, published 22 March 1788. Comparison with the published version shows little change in the substance of the argument for the constitutional provisions for senatorial approval of treaties. Changes in organization and wording are substantial. Jay's draft speaks of "the Convention" making certain provisions while the published essay substitutes "the Constitution." Jay's justification of the election of Senators by state legislatures is omitted in the final, published paper. In answering objections to making treaties the supreme law of the land, Jay, in his draft, cites examples of British constitutional law; in his published version, the citations refer to colonial and state practice. Jay's concluding paragraph asking for a fair trial for a constitutional plan with theoretical merits is omitted in the published essay.
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
1 sheet ([1] p.) ; Reproduction of original in Huntington Library. ; Broadside. ; At head of title: By the King, a proclamation. ; At end of text: Given at our court at Whitehall the eighteenth day of November.
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.
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.
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.
