Walter Bagehot’s Lombard Street: An Interpretation

2019 ◽  
Vol 51 (4) ◽  
pp. 572-580
Author(s):  
Laurence Alan Krause
Keyword(s):  
Central Bank ◽  
Gold Standard ◽  
Foreign Capital ◽  
Theoretical Framework ◽  
Credit System ◽  
Policy Regime ◽  
Policy Rules ◽  
Speculative Attack ◽  
The Right ◽  
Jel Classifications

Walter Bagehot’s contribution to macroeconomics in Lombard Street is misunderstood and underappreciated. To remedy this, I reinterpret his work, including his famous policy “rules,” by piecing together his larger theoretical framework. That framework incorporates: (1) a “Lombard Street” economy, consisting of a permissive lending system, capitalists in need of credit, and a financial center which attracts large inflows of foreign capital; (2) a rigid policy regime built on a gold standard; and (3) a central bank with a dual objective of keeping the nation’s currency convertible into gold and backstopping a crisis-prone economy. Bagehot argues that an economy with this structure is vulnerable to two distinct crises. The first is a speculative attack on the gold standard by foreigners, as they seek to convert their money into gold. And the second is a run on the credit system by nervous participants. Guided by the “right principles,” Bagehot insists that an active central bank can both preserve the gold standard and prevent recurrent financial panics. JEL Classifications: B31, E58, N23

Real Bills, The Gold Standard, and Central Bank Policy

1976 ◽  
Vol 50 (4) ◽  
pp. 503-513 ◽  
Author(s):  
Robert Craig West
Keyword(s):  
Central Bank ◽  
Discount Rate ◽  
Real World ◽  
Federal Reserve ◽  
Economic Activity ◽  
Gold Standard ◽  
Government Regulation ◽  
International Exchange ◽  
The Real ◽  
The Past

Students of the origins and accomplishments of government regulation of economic activity have open suspected that the laws on which regulation is based were addressed to problems and conditions of the past that no longer prevailed, or — what is worse — assumptions about the “real world” that are highly unrealistic. This is Professor West's main conclusion about the Federal Reserve Act of 1913, especially as regards its discount rate and international exchange policies.

Central bank digital currency: the future of institutional changes in the banking sector

2021 ◽  
Vol 2021 (2) ◽  
pp. 26-48
Author(s):  
Volodymyr MISHCHENKO ◽  
◽  
Svitlana NAUMENKOVA ◽  
Svitlana MISHCHENKO ◽  
◽  
...  
Keyword(s):  
Central Bank ◽  
Financial Stability ◽  
Banking Sector ◽  
Central Banks ◽  
Credit System ◽  
Bank Supervision ◽  
Bank Of China ◽  
Digital Currency ◽  
Financial Monitoring ◽  
The Impact

The purpose of the article is to reveal the essence and features of the introduction of digital currency of central banks and their impact on the conditions of monetary policy, financial stability, as well as institutional transformations in the development of national banking systems. The study is based on an analysis of projects of issuance and use of digital currencies of the ECB and central banks of leading countries, as well as the results of pilot projects of the National Bank of China on the use of the digital yuan and NBU on the e-hryvnia circulation. It is proved that digital currency of the central bank should be considered as a new dematerialized form of national currency in addition to cash and non-cash forms. Particular attention is paid to the study of the impact of the use of digital currency by central banks on the main parameters of economic policy. The main directions of potential influence of digital currency use on transformation of mechanisms of realization of monetary, budgetary and tax, macroprudential policy, maintenance of financial stability, activization of action of channels of the monetary transmission mechanism, and also on reforming of system of the state financial monitoring and bank supervision are substantiated. It is determined that one of the consequences of the use of digital currency will be the ability to ensure full control over all monetary transactions, which will help reduce the shadow economy and corruption. Structural and logical schemes of centralized and decentralized models of issuance and circulation of digital currency of central bank have been developed, directions of changes in the structure and functions of commercial and central banks, as well as in the structure of the financial and credit system in general have been substantiated.

scholarly journals Simulation, Control and Desire. Urban Commons and Semi-Public Space Resilience in the Age of Augmented Transductive Territorial Production

2019 ◽  
pp. 179-198 ◽  
Author(s):  
Manfredo Manfredini
Keyword(s):  
Public Space ◽  
Empirical Studies ◽  
Public Spaces ◽  
Theoretical Framework ◽  
External Control ◽  
The Public ◽  
Spatial Production ◽  
The Public Sphere ◽  
The Right ◽  
Urban Commons

Considering place-based participation a crucial factor for the development of sustainable and resilient cities in the post-digital turn age, this paper addresses the socio-spatial implications of the recent transformation of relationality networks. To understand the drivers of spatial claims emerged in conditions of digitally augmented spectacle and simulation, it focuses on changes occurring in key nodes of central urban public and semi-public spaces of rapidly developing cities. Firstly, it proposes a theoretical framework for the analysis of problems related to socio-spatial fragmentation, polarisation and segregation of urban commons subject to external control. Secondly, it discusses opportunities and criticalities emerging from a representational paradox depending on the ambivalence in the play of desire found in digitally augmented semi-public spaces. The discussion is structured to shed light on specific socio-spatial relational practices that counteract the dissipation of the “common worlds” caused by sustained processes of urban gentrification and homogenisation. The theoretical framework is developed from a comparative critical urbanism approach inspired by the right to the city and the right to difference, and elaborates on the discourse on sustainable development that informs the United Nations’ New Urban Agenda. The analysis focuses on how digitally augmented geographies reintroduce practices of participation and commoning that reassemble fragmented relational infrastructures and recombine translocal social, cultural and material elements. Empirical studies on the production of advanced simulative and transductive spatialities in places of enhanced consumption found in Auckland, New Zealand, ground the discussion. These provide evidence of the extent to which the agency of the augmented territorialisation forces reconstitutes inclusive and participatory systems of relationality. The concluding notes, speculating on the emancipatory potential found in these social laboratories, are a call for a radical redefinition of the approach to the problem of the urban commons. Such a change would improve the capacity of urbanism disciplines to adequately engage with the digital turn and efficaciously contribute to a maximally different spatial production that enhances and strengthens democracy and pluralism in the public sphere.

scholarly journals Hasil diagnostik Mycobacterium tuberculosis dengan pewarnaan Ziehl-Neelsen pada penderita batuk ≥2 minggu di Puskesmas Ranotana, Puskesmas Wenang, dan Puskesmas Sario Manado

2016 ◽  
Vol 4 (1) ◽  
Author(s):  
Ireine S. Waworuntu ◽  
John . Porotu'o ◽  
Olivia A. Waworuntu
Keyword(s):  
Public Health ◽  
Mycobacterium Tuberculosis ◽  
Gold Standard ◽  
Sampling Method ◽  
Public Health Service ◽  
Descriptive Study ◽  
Cross Sectional ◽  
Primary Health ◽  
Cross Sectional Design ◽  
The Right

Abstract: Tuberculosis is an infectious disease caused by Mycobacterium tuberculosis (M. tuberculosis). In Indonesia, there are about 430.000 new cases, of which 61.000 cases ended in death. This disease has many clinical varieties, therefore, a gold standard for the right and exact diagnosis is needed. The examination of sputum by using Ziehl-Neelsen staining must be more improved for public health service. This study aimed to determine the profile of Mycobacterium tuberculosis (acid-fast bacteria) among patients with coughing ≥2 weeks at Ranotana, Wenang and Sario Primary Health Cares (PHCs) by using Ziehl-Neelsen staining. This was a descriptive study with a cross sectional design. Samples were obtained by using total sampling method during the period of September 2015 - December 2015. The results showed that there were 38 cases of coughing ≥2 weeks as follows: 15 cases at Wenang PHC, 13 cases at Ranotana PHC, and 10 cases at Sario PHC. The examination of acid-fast bacteria from the 38 cases of three PHCs showed that 1 case (2.7%) had acid-fast bacteria (++). Conclusion: In this study, there was only one case (2,7%) with positive Mycobacterium tuberculosis. Keywords: cough more than two weeks, tuberculosis, BTA Abstrak: Tuberkulosis adalah suatu penyakit infeksi yang disebabkan oleh Mycobacterium tuberculosis (M. tuberculosis). Indonesia memiliki sekitar 430.000 kasus baru dimana 61.000 kasus berakhir dengan kematian. Penyakit ini memiliki gejala klinis yang bervariasi sehingga perlu ditetapkan standar baku untuk menegakkan diagnosis lebih cepat dan akurat. Pemeriksaan sputum dengan pewarnaan Ziehl-Neelsen harus lebih ditingkatkan pada pelayanan kesehatan masyarakat. Penelitian ini bertujuan untuk mendapatkan gambaran Mycobacterium tuberculosis (basil tahan asam, BTA) dengan pewarnaan Ziehl-Neelsen pada pasien batuk ≥2 minggu di Puskesmas Wenang, Puskesmas Ranotana, dan Puskesmas Sario Kota Manado. Jenis penelitian ini deskriptif dengan desain potong lintang. Pengambilan sampel menggunakan cara total sampling pada kurun waktu September 2015 - Desember 2015. Hasil penelitian mendapatkan 38 kasus batuk ≥2 minggu yaitu 15 kasus di Puskesmas Wenang, 13 kasus di Puskesmas Ranotana dan 10 kasus di Puskesmas Sario. Pada pemeriksaan (BTA) di Puskesmas Wenang, Puskesmas Ranotana dan Puskesmas Sario didapatkan BTA (++) 2,7% sedangkan BTA (-) 97,3%.Simpulan: Pada penelitian ini didapatkan 1 kasus (2,7%) Mycobacterium tuberculosis positif

scholarly journals Evaluations of Implanted Polypropylene Mesh After Surgical Removal Due to Eventration or Mesh Rejection

2017 ◽  
Vol 54 (1) ◽  
pp. 49-52 ◽  
Author(s):  
Bogdan Stelian Mastalier Manolescu ◽  
Valentin Popescu ◽  
Marius Septimiu Petrutescu ◽  
Andrada Serafim ◽  
Izabela Cristina Stancu
Keyword(s):  
Gold Standard ◽  
Polypropylene Mesh ◽  
Microscopic Level ◽  
Surrounding Tissue ◽  
Surgical Removal ◽  
Postoperative Evaluation ◽  
Mesh Implantation ◽  
Individual Variations ◽  
The Right ◽  
Mesh Rejection

The Gold standard in parietal wall hernias is represented by mesh implantation. Both wall repair and hernia-associated complications are related to the anatomic location and biomechanics of the structures involved specificity. This work reports the results of the intraoperative and postoperative evaluation of synthetic polypropylene mesh integration. The mesh and the surrounding tissue, previously removed and preserved, have been analyzed macroscopically and at microscopic level. The tissue invaded the pores of the mesh and coated the monofilaments. The right balance between the mesh type and tissular response is hard to evaluate preoperatively, due to individual variations, but we can upgrade the criteria used to personalize the treatment for the best possible outcome.

scholarly journals CENTRAL BANK DIGITAL CURRENCY: ECONOMIC AND LEGAL CHARACTERISTICS

2019 ◽  
pp. 94-100
Author(s):  
T.S. Hudima ◽  
V.A. Ustymenko
Keyword(s):  
Monetary Policy ◽  
Central Bank ◽  
Financial Stability ◽  
Banking System ◽  
Legal Framework ◽  
Central Banks ◽  
Digital Currency ◽  
Business Entities ◽  
The Right ◽  
Article 5

The article is devoted to identifying the peculiarities of the central bank digital currency (CBDC), explaining their impact on the monetary policy of the state, and identifying the prospects for the transformation of domestic banking legislation in connection with the implementation of the CBDC. It is noted that the scope of competence of the Central Bank and the legal basis for the issuance of the CBDC will depend on the economic and legal features of the digital currency, the degree of its impact on the monetary policy, the financial stability of the country’s economy and so on. In the process of forming the appropriate legal field and defining the conceptual apparatus in the sphere of emission and circulation of the CBDC, the peculiarities of the use of the latter in economic transactions and the specific functions not inherent in ordinary means of payment should be taken. СBDC initiatives will help: 1) progressively narrow the banking system at the level of the Central Banks (such as the Chicago Plan) by allowing individuals and businesses to deposit directly into the accounts of the Central Banks; 2) increasing confidence of economic entities and individuals in the financial system; 3) strengthening the financial stability of the economy (both domestically and globally). Granting business entities or individuals the right to store digital money directly with the Central Bank can give rise to two main directions of influence on monetary policy: first, to strengthen its transmission mechanism; secondly, lead to banks being disrupted. This may lead to some legal issues regarding (1) the NBU’s area of competence; (2) the constitutional foundations of the legal economic order (Article 5 of the ECU). In particular, it cannot be ruled out that centralization of the production, servicing, and management of the СBDC turnover may violate the principles of competition in business activities, prevent abuse of monopoly position in the market, etc. Keywords: monetary policy, central bank digital currency, financial stability, competence, legal framework, economic operations, issue.

scholarly journals Still tied by golden fetters: the global response to the US recession of 1937–1938

2012 ◽  
Vol 19 (1) ◽  
pp. 21-48 ◽  
Author(s):  
Scott Urban ◽  
Tobias Straumann
Keyword(s):  
Exchange Rate ◽  
Gold Standard ◽  
Exchange Rate Regime ◽  
Central Banking ◽  
Eastern European ◽  
Standard View ◽  
Global Response ◽  
Policy Regime ◽  
The Us ◽  
Eastern European Countries

The US recession of 1937–8 is one of the deepest on record. Yet it did not produce a global depression – quite unlike 1930. According to the standard view, this reflected an unfettering of central banking after the collapse of the international gold standard circa 1931. We challenge this view. While Germany and a couple of Central and Eastern European countries were sheltered by binding exchange controls, most countries were still constrained by their golden fetters, as our new exchange rate regime classification suggests. The underlying policy regime was surprisingly similar to that of the 1929–30 downturn. What mattered was a quick reversal in US policy in 1938 and, for many countries, a more plentiful stock of international reserves.

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