21st Century economy is full competitive market structure,severe capitalism exists in markets.Both capitalism and full competition requires monetary policy to increase demand in business markets.Because markets and fi...21st Century economy is full competitive market structure,severe capitalism exists in markets.Both capitalism and full competition requires monetary policy to increase demand in business markets.Because markets and firms face isomorphism threats that make competition severe.European Monetary System has gold-euro relations.ECB runs like second IMF in global and European economy.There may be need of third IMF in global economy.It may establish in China as Asia Central Bank.All three IMFs enable monetary authorities to apply effective monetary policy in global economy.Because capitalism requires money and monetary for demand in 21st Century.In addition,without third IMFs,ECB currently apply propositions of neoclassical monetarism in Europe.That policy would support demand and firms in European economy as it is very much important in global economy.展开更多
This paper investigates the stability of the international monetary system using the new open economic analysis framework. Our research has discovered that conditions for the stability of the international monetary sy...This paper investigates the stability of the international monetary system using the new open economic analysis framework. Our research has discovered that conditions for the stability of the international monetary system are such that the economic volume of reserve currency countries must be large enough and that the solvency capacity growth rate of reserve currency countries should be no lower than the real output growth rate of non- reserve currency countries and the real return of the reserve currency,＂ the existence of the valuation effect cannot secure the stability of a reserve currency,＂ and inclusion of the euro and the Japanese yen into international reserve currencies cannot stabilize the international monetary system, while Renminbi internationalization plays an irreplaceable role to the stability of the international monetary system.展开更多
Neo-merchantalism is the use of national currency in international trade among countries to increase global trade. This is called as open currency in the study. Neo-merchantalism also includes open trade to facilitate...Neo-merchantalism is the use of national currency in international trade among countries to increase global trade. This is called as open currency in the study. Neo-merchantalism also includes open trade to facilitate trade among countries. Thirdly, neo-merchantalism covers International Monetary Fund （IMF）. Because IMF regulates and controls money flow among countries in international trade, neo-merchantalism could be presented as follows： neo-merchantalism = open trade ＋ open currency ＋ IMF. Open trade and open currency exist in merchantalism theory. But today, there is also IMF control. Therefore, neo-merchantalism = merchantalism ＋ IMF. Globalism started in 1990 in global markets. It increased the amount of global trade from 13 trillion dollars to 60 trillion dollars. Therefore, each country has 6%-7% economic growth in global markets in the 2000s. It is expected that neo-merchantalism theory doubles global trade up to 100 trillion dollars. Because each country uses its money to do intemational trade, IMF＇s restrictions are important in currency flow, as countries may overprint their money to do more trade that increases inflation rate in global economies. For example, emission of United States （US） dollars increased 50% after 2008 crises in American economy. Therefore, the Federal Reserve aims to stop quantitative enlargement policy in order to impede inflation in American economy. In neo-merchantalism, IMF can restrict money print and currency flow according to country＇s gross domestic product （GDP）, because quantity theory in economy requires that a country can issue its national currency according to its national GDP.展开更多
We often hear statements like“the market raises expectations for central bank interest rate cuts,resulting in higher commodity prices”.Given the current situation,the People’s Bank of China might adopt a more accom...We often hear statements like“the market raises expectations for central bank interest rate cuts,resulting in higher commodity prices”.Given the current situation,the People’s Bank of China might adopt a more accommodative monetary policy to mitigate the impact of the China-U.S.trade friction.Will this further easing of the monetary environment lead to an increase in natural gas prices?展开更多
There exist dual features of internationalization and regionalization in the current international monetary system, and the U.S. dollar is still in a dominant position in the system. A lack of relevant institutional c...There exist dual features of internationalization and regionalization in the current international monetary system, and the U.S. dollar is still in a dominant position in the system. A lack of relevant institutional constraints has led to institutional deficiencies and systematic risks in the international monetary system, and resulted in the frequent financial crises in the world in recent years. As an emerging economy closely related to the current international monetary system, China has responsibilities and obligations to participate actively in international monetary system reform and push forward international monetary system reform through institutional supply.展开更多
The study empirically assesses how macroprudential policy interacts with systemic risk,industrial production,and monetary intervention on a global level from January 2006 to December 2018.We adopt the aggregate proxie...The study empirically assesses how macroprudential policy interacts with systemic risk,industrial production,and monetary intervention on a global level from January 2006 to December 2018.We adopt the aggregate proxies of these variables,capturing their global effects,and use a novel econometric technique,namely,smooth local projections.The study finds that global macroprudential policy leads the monetary policy,exhibiting a countercyclical pattern concerning industrial production.The latter has an inverse bidirectional linkage with systemic risk.Thus,an ex-ante tight macroprudential policy can indirectly mitigate global systemic risk through its pro-growth effect on industrial production,although no convincing evidence exists for the direct impact of a macroprudential intervention on systemic risk.The study results endure several extensions and a robustness check,which builds on alternative measures of global systemic stress and real economic activity,thereby legitimizing the increased importance attached to the macroprudential policy since the 2007–2009 global financial crisis.展开更多
The COVID-19 pandemic caused an outbreak on the global productive chains,transforming companies and society in general.Governments adopted anticyclical policies such as basic interest rates reduction as response.Brazi...The COVID-19 pandemic caused an outbreak on the global productive chains,transforming companies and society in general.Governments adopted anticyclical policies such as basic interest rates reduction as response.Brazil basic interest rate is denominated Selic.The application of these policies requires the protagonist of bank’s financial intermediation.This study aims to verify two events-under the perspective of the efficient markets’theory.The first is the communication of the first death by COVID-19-and the subsequent,Selic rate reduction to 2%p.a.-and its effects on bank’s shares prices.The hypotheses presented are:H1-The announcement of the first death by COVID-19 negatively impacts the banks’shares returns and H2-The announcement of the Selic interest rate-during the COVID-19-positively impacts the return of the banks’shares.We adopt event study methodology in a final sample of nine and 15 banks to Events 1 and 2 respectively.The results confirm H1 as well as the semi-strong informational efficiency market.H2 is not confirmed.Results confirm the non-effectiveness of the anticyclical policy of basic interest rate reduction.This contributes to the discussion about the impacts of COVID-19 and the efficacy of anticyclical policies.展开更多
The enduring impact of the COVID-19 crisis on the financial sector is undeniable,persisting far beyond the eventual waning of the pandemic.This research examines central bank interventions during the pandemic,using a ...The enduring impact of the COVID-19 crisis on the financial sector is undeniable,persisting far beyond the eventual waning of the pandemic.This research examines central bank interventions during the pandemic,using a quantitative event study approach over a five-day window to analyse the impact of 188 monetary policy announcements on banking stocks in China,the U.S.,and Europe.Our results demonstrate how monetary policy announcements targeting different economic mechanisms have produced a diverse market reaction throughout the COVID-19 pandemic.Namely,cuts in interest rates and the maintenance of a low interest rate environment by the Federal Reserve resulted in negative abnormal returns in the U.S.A.,while short-term announcements surrounding intra-day credit and liquidity provisions boosted banking sector stock prices.In Europe,a muted reaction by the banking sector was observed,with negative abnormal returns observed in response to the ECB’s 2% inflation objectives.Finally,banking stocks in China responded strongly and positively to foreign currency and exchange-related announcements by the People’s Bank of China.The results and insights from this analysis can thus inform preparations made by policymakers,governments,and financial market stakeholders in the event of future waves of COVID-19,or further extreme societal disruptions.展开更多
Economic cycles are not economic evils but rather healing agents for returning to equilibrium,just as inflation and deflation are not economic misfortunes but the sign of bad governance and a bitter medicine for retur...Economic cycles are not economic evils but rather healing agents for returning to equilibrium,just as inflation and deflation are not economic misfortunes but the sign of bad governance and a bitter medicine for returning to calm monetary.Unfortunately,signs of poor governance are mistaken for unfortunate events,but are instead tools offered to restore economic systems.Politics seeks consensus and does not accept the bitter cure of recession.Monetary policy is therefore called into question even if monetary anomalies also depend on errors in the management of the economy;the result is the gradual increase in interest rates.Is the idea that we can achieve the goal of complete neutrality with nature acceptable in a global economic framework pervaded by inflation and denunciation?Can we similarly argue that economic problems can coexist once the goal of neutrality has been achieved?The answer is negative.We must correct these anomalies and dysfunctions of the economy,which cannot coexist in the new context of complete and indefinite equilibrium of tomorrow.And not even the idea that conflicts can be resolved with war seems to find a place in the renewed scenario of neutrality.In this regard we can remember that,when we have reached the economic optimum of complete neutrality,or at least we are close to it,the most socially and economically advanced territories and continents will benefit from an acceleration of productivity and development.Scarcity itself will give way to the new,long-awaited reality.A condition that approaches the state of abundance and which will produce surpluses to be allocated to countries and territories that are struggling towards the condition of neutrality.The acceleration of lagging continents and the recovery of altered economic systems are therefore preconditions that can allow us to access the state of global neutrality.As we get closer to the great objective,it is to be believed that the pretense of regulating conflicts through war will also disappear.With the new reality of abundance,the economic reason for war disappears,while the aspiration of peoples-inscribed in their DNA-for solidarity and peaceful aggregation towards substantial unity becomes clear.展开更多
This study investigated the impact of China’s monetary policy on both the money market and stock markets,assuming that non-policy variables would not respond contemporaneously to changes in policy variables.Monetary ...This study investigated the impact of China’s monetary policy on both the money market and stock markets,assuming that non-policy variables would not respond contemporaneously to changes in policy variables.Monetary policy adjustments are swiftly observed in money markets and gradually extend to the stock market.The study examined the effects of monetary policy shocks using three primary instruments:interest rate policy,reserve requirement ratio,and open market operations.Monthly data from 2007 to 2013 were analyzed using vector error correction(VEC)models.The findings suggest a likely presence of long-lasting and stable relationships among monetary policy,the money market,and stock markets.This research holds practical implications for Chinese policymakers,particularly in managing the challenges associated with fluctuation risks linked to high foreign exchange reserves,aiming to achieve autonomy in monetary policy and formulate effective monetary strategies to stimulate economic growth.展开更多
Small and medium-sized enterprises(SMEs)constitute the primary drivers of production within the nation’s existing enterprise landscape.They represent the most dynamic segment of the national economy and play a pivota...Small and medium-sized enterprises(SMEs)constitute the primary drivers of production within the nation’s existing enterprise landscape.They represent the most dynamic segment of the national economy and play a pivotal role in supporting economic growth,fostering employment,and enhancing people’s livelihoods.However,despite their significant and extensive organizational structures,only a fraction of these companies have established internal control systems,and even fewer possess robust ones.Building upon this premise and considering the prevailing circumstances of SMEs,this paper undertakes an empirical analysis of monetary fund management within this sector.It delves into the operational intricacies,exploring how monetary funds should be effectively implemented to ensure their safety and integrity.Furthermore,it proposes viable strategies to enhance the circulation efficiency of monetary funds,thereby maximizing benefits for enterprises.Addressing these challenges is crucial for SME managers striving to achieve sustainable profit growth and navigate the complexities of financial management.展开更多
The world economy in 2024 proved surprisingly resilient despite multiple shocks. This resilience can largely be attributed to the effects of tight monetary policies and the strong performance of labor markets in major...The world economy in 2024 proved surprisingly resilient despite multiple shocks. This resilience can largely be attributed to the effects of tight monetary policies and the strong performance of labor markets in major economies. Although a recession was narrowly avoided, the intensifying strategic rivalries among major powers, rising geopolitical risks, the resurgence of trade protectionism and sluggish global growth have all cast a shadow over the economic outlook.展开更多
This study examines the mechanisms through which China’s virtual economy impacts the relationship between money supply and inflation.The study constructs a VAR model and conducts Granger causality tests using data co...This study examines the mechanisms through which China’s virtual economy impacts the relationship between money supply and inflation.The study constructs a VAR model and conducts Granger causality tests using data collected from 2010 to 2025.The analysis comparatively investigates the differential effects of money supply changes on key virtual economy sectors,that specifically equity markets and real estate markets.This study reveals a bidirectional causal relationship between China’s stock market and M1 money supply,exerting a significant influence on monetary structure.The real estate market demonstrates a pronounced diverting effect on M2,which indirectly impacts the CPI.Virtual economy attenuates the positive correlation between money supply and inflation established by the Fisher Effect,forming a complex mechanism characterized by asymmetric responses under specific conditions.展开更多
An experiment was conducted during Kharif seasons of 2009 and 2010 on sandy loam soil of West Bengal, India to evaluate the productivity and economic viability of maize ＋ legume intercropping systems in additive as w...An experiment was conducted during Kharif seasons of 2009 and 2010 on sandy loam soil of West Bengal, India to evaluate the productivity and economic viability of maize ＋ legume intercropping systems in additive as well as in replacement series with different row proportions. Maize （Zea rnays L.） cv. ＂Vijay＂ （composite）, green gram （Vigna radiata L.） cv. ＂Samrat＂, black gram （Vigna mungo L.） cv. ＂Sarada＂, soybean （Glycine max L. Merril） cv. ＂PK 327＂ and peanut （Arachis hypogaea L.） cv. ＂JL 24＂, were tested in monoculture as well as in intercropping situations with 1：1 （additive series） and 1：2 ratios （replacement series）. The result indicated that intercropped legumes improved the yield components of maize and offered some bonus yield. The highest maize grain yield （2,916.28 kg/ha） and maize equivalent yield （4,831.45 kg/ha） were recorded with maize ＋ green gram （1：1） and maize ＋ peanut （1：I）, respectively. The values of all the competition functions were always greater than unity and maize ＋ black gram （1：2） recorded the highest values of land equivalent ratio （1.433）, area time equivalent ratio （1.374） and land equivalent coefficient （0.421）. Maximum monetary advantage （Rs. 10,579.13） was found with maize ＋ green gam （l：1）. Maize ＋ peanut （1：2） combination recorded the highest relative net return （2.01）, net return （Rs. 28,523.08）, benefit-cost ratio （2.76） ad per day return （Rs. 259.30）.展开更多
Using system clustering method to group China's provinces into 3 new groups according to their housing prices, then establishing a state-space model and applying the Kalman filter calculation, we made a comparativ...Using system clustering method to group China's provinces into 3 new groups according to their housing prices, then establishing a state-space model and applying the Kalman filter calculation, we made a comparative analysis of the influences of different types of monetary policy instruments towards different regional housing prices. The empirical results show that both the quantitative instruments represented by M2 and the pricing instruments represented by real interest rate have increasing influences on different regional housing prices,but the former influence is much stronger than the latter. The influential differences of quantitative instruments to regional housing prices are much greater. It means the higher the regional housing price is, the greater the influence is. Therefore, the central bank shall optimize the combination of monetary policy instruments according to the above characteristics of different types of monetary policy instruments in order to acquire the regulatory target of real estate market.展开更多
This study investigates the international spillover effects of US unconventional monetary policy(UMP)-frequently called large-scale asset purchases or quantitative easing(QE)—on advanced and emerging market economies...This study investigates the international spillover effects of US unconventional monetary policy(UMP)-frequently called large-scale asset purchases or quantitative easing(QE)—on advanced and emerging market economies,using structural vector autoregressive models with high-frequency daily data.Blinder(Federal Reserve Bank of St.Louis Rev 92(6):465–479,2010)argued that the QE measures primarily aim to reduce US interest rate spreads,such as term and risk premiums.Considering this argument and recent empirical evidence,we use two spreads as indicators of US UMP:the mortgage and term spreads.Based on data from 20 emerging and 20 advanced countries,our empirical findings reveal that US unconventional monetary policies significantly affect financial conditions in emerging and advanced countries by altering the risktaking behavior of investors.This result suggests that the risk-taking channel plays an important role in transmitting the effects of these policies to the rest of the world.The extent of these effects depends on the type of QE measures.QE measures such as purchases of private sector securities that lower the US mortgage spread exert stronger and more significant spillover effects on international financial markets than those that reduce the US term spread.Furthermore,the estimated financial spillovers vary substantially across countries and between and within the emerging and advanced countries that we examine in this study.展开更多
Empirical research has shown that there were international spillover effects from the U.S. monetary policy to output level, net exports and price levels of each country, and the impact on prices in each country was of...Empirical research has shown that there were international spillover effects from the U.S. monetary policy to output level, net exports and price levels of each country, and the impact on prices in each country was of synchronous effect. The structural impulse response analysis showed that U.S. monetary policy could improve U.S. income and payment without damaging U.S. economic growth, but the shocks negatively affected the economic growth in the rest of the world. Hence, it's important to pay close attention to the moral risks of U.S. monetary policy to evade the global shocks caused by the "benefit-itself-at-the-expense-of-others" polices of the American government. Besides these findings, U.S. monetary policy shocks strongly affect China's trade surplus fluctuations. Based on this, we propose that the approaches of balancing China's current account could be explored efficiently from the perspective of monetary policy.展开更多
Modeling tools simulate the functioning of ecosystems and their interactions with human activities,helping decision makers understand how interventions impact ecosystems and evaluate management strategies.This leads t...Modeling tools simulate the functioning of ecosystems and their interactions with human activities,helping decision makers understand how interventions impact ecosystems and evaluate management strategies.This leads to informed decisions that balance human development and environmental protection.Among these models,Soil and Water Assessment Tool(SWAT)stands out for its ability to simulate multiple biophysical processes that can be linked to the provision of ecosystem services(ES).Although SWAT has been successfully applied for the evaluation of ES,the development of complementary approaches that translate the results of SWAT into monetary terms is still in its early stages.To narrow this gap,this review article aims to provide a comprehensive assessment of the literature on the relationship between SWAT model results and economic analysis.Specifically,the review summarizes the research conducted on the use of SWAT model results to estimate economic values,including the different methodologies used and the types of economic values estimated.The review will also discuss the limitations and challenges of these approaches,provide a critical evaluation of the strengths and weaknesses of the research in this area,and provide recommendations to strengthen SWAT application for the economic evaluation of management strategies.展开更多
文摘21st Century economy is full competitive market structure,severe capitalism exists in markets.Both capitalism and full competition requires monetary policy to increase demand in business markets.Because markets and firms face isomorphism threats that make competition severe.European Monetary System has gold-euro relations.ECB runs like second IMF in global and European economy.There may be need of third IMF in global economy.It may establish in China as Asia Central Bank.All three IMFs enable monetary authorities to apply effective monetary policy in global economy.Because capitalism requires money and monetary for demand in 21st Century.In addition,without third IMFs,ECB currently apply propositions of neoclassical monetarism in Europe.That policy would support demand and firms in European economy as it is very much important in global economy.
基金the research program Renminbi Internationalization and Adjustment of Internal and External Imbalances of China’s Economy(NKZXB1222)supported by the Special Fund of Fundamental Scientific Research of Central Universities
文摘This paper investigates the stability of the international monetary system using the new open economic analysis framework. Our research has discovered that conditions for the stability of the international monetary system are such that the economic volume of reserve currency countries must be large enough and that the solvency capacity growth rate of reserve currency countries should be no lower than the real output growth rate of non- reserve currency countries and the real return of the reserve currency,＂ the existence of the valuation effect cannot secure the stability of a reserve currency,＂ and inclusion of the euro and the Japanese yen into international reserve currencies cannot stabilize the international monetary system, while Renminbi internationalization plays an irreplaceable role to the stability of the international monetary system.
文摘Neo-merchantalism is the use of national currency in international trade among countries to increase global trade. This is called as open currency in the study. Neo-merchantalism also includes open trade to facilitate trade among countries. Thirdly, neo-merchantalism covers International Monetary Fund （IMF）. Because IMF regulates and controls money flow among countries in international trade, neo-merchantalism could be presented as follows： neo-merchantalism = open trade ＋ open currency ＋ IMF. Open trade and open currency exist in merchantalism theory. But today, there is also IMF control. Therefore, neo-merchantalism = merchantalism ＋ IMF. Globalism started in 1990 in global markets. It increased the amount of global trade from 13 trillion dollars to 60 trillion dollars. Therefore, each country has 6%-7% economic growth in global markets in the 2000s. It is expected that neo-merchantalism theory doubles global trade up to 100 trillion dollars. Because each country uses its money to do intemational trade, IMF＇s restrictions are important in currency flow, as countries may overprint their money to do more trade that increases inflation rate in global economies. For example, emission of United States （US） dollars increased 50% after 2008 crises in American economy. Therefore, the Federal Reserve aims to stop quantitative enlargement policy in order to impede inflation in American economy. In neo-merchantalism, IMF can restrict money print and currency flow according to country＇s gross domestic product （GDP）, because quantity theory in economy requires that a country can issue its national currency according to its national GDP.
文摘We often hear statements like“the market raises expectations for central bank interest rate cuts,resulting in higher commodity prices”.Given the current situation,the People’s Bank of China might adopt a more accommodative monetary policy to mitigate the impact of the China-U.S.trade friction.Will this further easing of the monetary environment lead to an increase in natural gas prices?
文摘There exist dual features of internationalization and regionalization in the current international monetary system, and the U.S. dollar is still in a dominant position in the system. A lack of relevant institutional constraints has led to institutional deficiencies and systematic risks in the international monetary system, and resulted in the frequent financial crises in the world in recent years. As an emerging economy closely related to the current international monetary system, China has responsibilities and obligations to participate actively in international monetary system reform and push forward international monetary system reform through institutional supply.
文摘The study empirically assesses how macroprudential policy interacts with systemic risk,industrial production,and monetary intervention on a global level from January 2006 to December 2018.We adopt the aggregate proxies of these variables,capturing their global effects,and use a novel econometric technique,namely,smooth local projections.The study finds that global macroprudential policy leads the monetary policy,exhibiting a countercyclical pattern concerning industrial production.The latter has an inverse bidirectional linkage with systemic risk.Thus,an ex-ante tight macroprudential policy can indirectly mitigate global systemic risk through its pro-growth effect on industrial production,although no convincing evidence exists for the direct impact of a macroprudential intervention on systemic risk.The study results endure several extensions and a robustness check,which builds on alternative measures of global systemic stress and real economic activity,thereby legitimizing the increased importance attached to the macroprudential policy since the 2007–2009 global financial crisis.
文摘The COVID-19 pandemic caused an outbreak on the global productive chains,transforming companies and society in general.Governments adopted anticyclical policies such as basic interest rates reduction as response.Brazil basic interest rate is denominated Selic.The application of these policies requires the protagonist of bank’s financial intermediation.This study aims to verify two events-under the perspective of the efficient markets’theory.The first is the communication of the first death by COVID-19-and the subsequent,Selic rate reduction to 2%p.a.-and its effects on bank’s shares prices.The hypotheses presented are:H1-The announcement of the first death by COVID-19 negatively impacts the banks’shares returns and H2-The announcement of the Selic interest rate-during the COVID-19-positively impacts the return of the banks’shares.We adopt event study methodology in a final sample of nine and 15 banks to Events 1 and 2 respectively.The results confirm H1 as well as the semi-strong informational efficiency market.H2 is not confirmed.Results confirm the non-effectiveness of the anticyclical policy of basic interest rate reduction.This contributes to the discussion about the impacts of COVID-19 and the efficacy of anticyclical policies.
文摘The enduring impact of the COVID-19 crisis on the financial sector is undeniable,persisting far beyond the eventual waning of the pandemic.This research examines central bank interventions during the pandemic,using a quantitative event study approach over a five-day window to analyse the impact of 188 monetary policy announcements on banking stocks in China,the U.S.,and Europe.Our results demonstrate how monetary policy announcements targeting different economic mechanisms have produced a diverse market reaction throughout the COVID-19 pandemic.Namely,cuts in interest rates and the maintenance of a low interest rate environment by the Federal Reserve resulted in negative abnormal returns in the U.S.A.,while short-term announcements surrounding intra-day credit and liquidity provisions boosted banking sector stock prices.In Europe,a muted reaction by the banking sector was observed,with negative abnormal returns observed in response to the ECB’s 2% inflation objectives.Finally,banking stocks in China responded strongly and positively to foreign currency and exchange-related announcements by the People’s Bank of China.The results and insights from this analysis can thus inform preparations made by policymakers,governments,and financial market stakeholders in the event of future waves of COVID-19,or further extreme societal disruptions.
文摘Economic cycles are not economic evils but rather healing agents for returning to equilibrium,just as inflation and deflation are not economic misfortunes but the sign of bad governance and a bitter medicine for returning to calm monetary.Unfortunately,signs of poor governance are mistaken for unfortunate events,but are instead tools offered to restore economic systems.Politics seeks consensus and does not accept the bitter cure of recession.Monetary policy is therefore called into question even if monetary anomalies also depend on errors in the management of the economy;the result is the gradual increase in interest rates.Is the idea that we can achieve the goal of complete neutrality with nature acceptable in a global economic framework pervaded by inflation and denunciation?Can we similarly argue that economic problems can coexist once the goal of neutrality has been achieved?The answer is negative.We must correct these anomalies and dysfunctions of the economy,which cannot coexist in the new context of complete and indefinite equilibrium of tomorrow.And not even the idea that conflicts can be resolved with war seems to find a place in the renewed scenario of neutrality.In this regard we can remember that,when we have reached the economic optimum of complete neutrality,or at least we are close to it,the most socially and economically advanced territories and continents will benefit from an acceleration of productivity and development.Scarcity itself will give way to the new,long-awaited reality.A condition that approaches the state of abundance and which will produce surpluses to be allocated to countries and territories that are struggling towards the condition of neutrality.The acceleration of lagging continents and the recovery of altered economic systems are therefore preconditions that can allow us to access the state of global neutrality.As we get closer to the great objective,it is to be believed that the pretense of regulating conflicts through war will also disappear.With the new reality of abundance,the economic reason for war disappears,while the aspiration of peoples-inscribed in their DNA-for solidarity and peaceful aggregation towards substantial unity becomes clear.
文摘This study investigated the impact of China’s monetary policy on both the money market and stock markets,assuming that non-policy variables would not respond contemporaneously to changes in policy variables.Monetary policy adjustments are swiftly observed in money markets and gradually extend to the stock market.The study examined the effects of monetary policy shocks using three primary instruments:interest rate policy,reserve requirement ratio,and open market operations.Monthly data from 2007 to 2013 were analyzed using vector error correction(VEC)models.The findings suggest a likely presence of long-lasting and stable relationships among monetary policy,the money market,and stock markets.This research holds practical implications for Chinese policymakers,particularly in managing the challenges associated with fluctuation risks linked to high foreign exchange reserves,aiming to achieve autonomy in monetary policy and formulate effective monetary strategies to stimulate economic growth.
文摘Small and medium-sized enterprises(SMEs)constitute the primary drivers of production within the nation’s existing enterprise landscape.They represent the most dynamic segment of the national economy and play a pivotal role in supporting economic growth,fostering employment,and enhancing people’s livelihoods.However,despite their significant and extensive organizational structures,only a fraction of these companies have established internal control systems,and even fewer possess robust ones.Building upon this premise and considering the prevailing circumstances of SMEs,this paper undertakes an empirical analysis of monetary fund management within this sector.It delves into the operational intricacies,exploring how monetary funds should be effectively implemented to ensure their safety and integrity.Furthermore,it proposes viable strategies to enhance the circulation efficiency of monetary funds,thereby maximizing benefits for enterprises.Addressing these challenges is crucial for SME managers striving to achieve sustainable profit growth and navigate the complexities of financial management.
文摘The world economy in 2024 proved surprisingly resilient despite multiple shocks. This resilience can largely be attributed to the effects of tight monetary policies and the strong performance of labor markets in major economies. Although a recession was narrowly avoided, the intensifying strategic rivalries among major powers, rising geopolitical risks, the resurgence of trade protectionism and sluggish global growth have all cast a shadow over the economic outlook.
文摘This study examines the mechanisms through which China’s virtual economy impacts the relationship between money supply and inflation.The study constructs a VAR model and conducts Granger causality tests using data collected from 2010 to 2025.The analysis comparatively investigates the differential effects of money supply changes on key virtual economy sectors,that specifically equity markets and real estate markets.This study reveals a bidirectional causal relationship between China’s stock market and M1 money supply,exerting a significant influence on monetary structure.The real estate market demonstrates a pronounced diverting effect on M2,which indirectly impacts the CPI.Virtual economy attenuates the positive correlation between money supply and inflation established by the Fisher Effect,forming a complex mechanism characterized by asymmetric responses under specific conditions.
文摘An experiment was conducted during Kharif seasons of 2009 and 2010 on sandy loam soil of West Bengal, India to evaluate the productivity and economic viability of maize ＋ legume intercropping systems in additive as well as in replacement series with different row proportions. Maize （Zea rnays L.） cv. ＂Vijay＂ （composite）, green gram （Vigna radiata L.） cv. ＂Samrat＂, black gram （Vigna mungo L.） cv. ＂Sarada＂, soybean （Glycine max L. Merril） cv. ＂PK 327＂ and peanut （Arachis hypogaea L.） cv. ＂JL 24＂, were tested in monoculture as well as in intercropping situations with 1：1 （additive series） and 1：2 ratios （replacement series）. The result indicated that intercropped legumes improved the yield components of maize and offered some bonus yield. The highest maize grain yield （2,916.28 kg/ha） and maize equivalent yield （4,831.45 kg/ha） were recorded with maize ＋ green gram （1：1） and maize ＋ peanut （1：I）, respectively. The values of all the competition functions were always greater than unity and maize ＋ black gram （1：2） recorded the highest values of land equivalent ratio （1.433）, area time equivalent ratio （1.374） and land equivalent coefficient （0.421）. Maximum monetary advantage （Rs. 10,579.13） was found with maize ＋ green gam （l：1）. Maize ＋ peanut （1：2） combination recorded the highest relative net return （2.01）, net return （Rs. 28,523.08）, benefit-cost ratio （2.76） ad per day return （Rs. 259.30）.
基金the Humanity and Social Science on Youth Foundation of Ministry of Education of China(No.14YJC790152)the Foundation of Shanghai Municipal Education Commission(No.2016-SHNGE-03-ZD)the China Postdoctoral Science Foundation(No.2013M531157)
文摘Using system clustering method to group China's provinces into 3 new groups according to their housing prices, then establishing a state-space model and applying the Kalman filter calculation, we made a comparative analysis of the influences of different types of monetary policy instruments towards different regional housing prices. The empirical results show that both the quantitative instruments represented by M2 and the pricing instruments represented by real interest rate have increasing influences on different regional housing prices,but the former influence is much stronger than the latter. The influential differences of quantitative instruments to regional housing prices are much greater. It means the higher the regional housing price is, the greater the influence is. Therefore, the central bank shall optimize the combination of monetary policy instruments according to the above characteristics of different types of monetary policy instruments in order to acquire the regulatory target of real estate market.
基金Funding was provided by Anadolu University Scientific Research Project Commission(Grant number:1605E282).
文摘This study investigates the international spillover effects of US unconventional monetary policy(UMP)-frequently called large-scale asset purchases or quantitative easing(QE)—on advanced and emerging market economies,using structural vector autoregressive models with high-frequency daily data.Blinder(Federal Reserve Bank of St.Louis Rev 92(6):465–479,2010)argued that the QE measures primarily aim to reduce US interest rate spreads,such as term and risk premiums.Considering this argument and recent empirical evidence,we use two spreads as indicators of US UMP:the mortgage and term spreads.Based on data from 20 emerging and 20 advanced countries,our empirical findings reveal that US unconventional monetary policies significantly affect financial conditions in emerging and advanced countries by altering the risktaking behavior of investors.This result suggests that the risk-taking channel plays an important role in transmitting the effects of these policies to the rest of the world.The extent of these effects depends on the type of QE measures.QE measures such as purchases of private sector securities that lower the US mortgage spread exert stronger and more significant spillover effects on international financial markets than those that reduce the US term spread.Furthermore,the estimated financial spillovers vary substantially across countries and between and within the emerging and advanced countries that we examine in this study.
文摘Empirical research has shown that there were international spillover effects from the U.S. monetary policy to output level, net exports and price levels of each country, and the impact on prices in each country was of synchronous effect. The structural impulse response analysis showed that U.S. monetary policy could improve U.S. income and payment without damaging U.S. economic growth, but the shocks negatively affected the economic growth in the rest of the world. Hence, it's important to pay close attention to the moral risks of U.S. monetary policy to evade the global shocks caused by the "benefit-itself-at-the-expense-of-others" polices of the American government. Besides these findings, U.S. monetary policy shocks strongly affect China's trade surplus fluctuations. Based on this, we propose that the approaches of balancing China's current account could be explored efficiently from the perspective of monetary policy.
基金MERLIN project(Mainstreaming Ecological Restoration of freshwater-related ecosystems in a Landscape context:INnovation,upscaling and transformation),funded by the European Union's Horizon 2020 research and innovation programme under grant agreement ID 101036337.
文摘Modeling tools simulate the functioning of ecosystems and their interactions with human activities,helping decision makers understand how interventions impact ecosystems and evaluate management strategies.This leads to informed decisions that balance human development and environmental protection.Among these models,Soil and Water Assessment Tool(SWAT)stands out for its ability to simulate multiple biophysical processes that can be linked to the provision of ecosystem services(ES).Although SWAT has been successfully applied for the evaluation of ES,the development of complementary approaches that translate the results of SWAT into monetary terms is still in its early stages.To narrow this gap,this review article aims to provide a comprehensive assessment of the literature on the relationship between SWAT model results and economic analysis.Specifically,the review summarizes the research conducted on the use of SWAT model results to estimate economic values,including the different methodologies used and the types of economic values estimated.The review will also discuss the limitations and challenges of these approaches,provide a critical evaluation of the strengths and weaknesses of the research in this area,and provide recommendations to strengthen SWAT application for the economic evaluation of management strategies.
