Is money the creation of the state or the market? (On the “modern monetary theory” as described in the textbook by W. Mitchell, L. R. Wray and M. Watts “Macroeconomics”)

2020 ◽  
pp. 121-134
Author(s):  
S. A. Andryushin
Keyword(s):  
Public Debt ◽  
Scientific Community ◽  
Full Employment ◽  
Term Effect ◽  
Scientific Concept ◽  
Monetary Theory ◽  
Left Wing ◽  
Medium Term ◽  
Short Term ◽  
Stimulation Of

In 2019, a textbook “Macroeconomics” was published in London, on the pages of which the authors presented a new monetary doctrine — Modern Monetary Theory, MMT, — an unorthodox concept based on the postulates of Post-Keynesianism, New Institutionalism, and the theory of Marxism. The attitude to this scientific concept in the scientific community is ambiguous. A smaller part of scientists actively support this doctrine, which is directly related to state monetary and fiscal stimulation of full employment, public debt servicing and economic growth. Others, the majority of economists, on the contrary, strongly criticize MMT, arguing that the new theory hides simple left-wing populism, designed for a temporary and short-term effect. This article considers the origins and the main provisions of MMT, its discussions with the mainstream, criticism of the basic tenets of MMT, and also assesses possible prospects for the development of MMT in the medium term.

New measures will provide temporary relief for Greece

2021 ◽  
Keyword(s):  
Public Debt ◽  
Labour Force ◽  
Structural Reforms ◽  
Medium Term ◽  
Short Term ◽  
Content Type ◽  
Temporary Relief ◽  
Growth Prospects ◽  
Better Than ◽  
Public Opposition

Significance The new forecast is based on strong results in the second quarter, better-than-expected tourism revenues over the summer months and the approval of the Greek Recovery and Resilience Plan by the European Commission in July. Mitsotakis also announced several new measures, including tax cuts to stimulate spending. Impacts High unemployment (14.2% of the labour force) and structural labour market weaknesses will constrain growth. Structural reforms lost momentum during the pandemic, dampening medium-term economic growth prospects. Public opposition to vaccination might necessitate new movement restrictions by year-end, inhibiting growth. Availability of a EUR30bn liquidity buffer will support sovereign ratings and investor interest in the short term. Short- and medium-term public debt refinancing risks remain low as 75% of debt stock is held by the official sector.

CLASSIFICATION OF INVESTMENTS BY TERMS: SHORT-TERM AND LONG-TERM

2021 ◽  
Vol 14 (4) ◽  
pp. 229-235
Author(s):  
YURY SHPINEV ◽  
Keyword(s):  
Law Enforcement ◽  
Scientific Community ◽  
International Standards ◽  
Medium Term ◽  
Short Term ◽  
One Year ◽  
Almost All ◽  
Single Approach

Currently, there are many options for classifying investments in the scientific community, but almost all authors carry out the classification by terms. At the same time, scientists do not have a single approach to classification by time attribute. In addition, the proposed classification options (short-term, long-term, medium-term), as well as the terms of certain investments themselves, are usually not justified anywhere and are presented as a given. According to the author, such an arbitrary and unjustified classification does not meet the requirements of scientific classification. In addition, different approaches and options for classifying investments by terms in investment textbooks do not contribute to a unified collection, analysis, accounting and reporting in the field of investment, as well as the unification of financial documents in accordance with international standards, but on the contrary, will contribute to the ambiguity of law enforcement practice. Based on the options for classifying investments by terms proposed by the scientific community, an analysis of regulatory acts, as well as international standards in the field of finance and accounting, the author comes to the conclusion that it is advisable to use a single classification by investment period for short-term (up to one year) and long-term (over one year), and fixing such a classification in a regulatory document.

scholarly journals Belgium

2020 ◽  
Vol 20 (92) ◽  
Author(s):  
Keyword(s):  
Public Debt ◽  
Historical Data ◽  
Single Event ◽  
Fiscal Consolidation ◽  
Medium Term ◽  
Short Term ◽  
Current Crisis ◽  
The Past ◽  
Trade Offs

This Selected Issues paper analyzes Belgium’s fiscal stance using a structural stochastic model. This note uses a theoretical model that explicitly accounts for the trade-offs between the short-term cost of fiscal tightening and the long-term gains associated with higher fiscal buffers. This paper shows that once the current crisis is over, rebuilding fiscal buffers is essential to helping Belgium confront the next shock from a stronger fiscal position. Overall, this illustrates a major motivation for a credible medium-term fiscal consolidation strategy. When a government reduces debt, it increases its capacity to react to shocks later. This entails a short-term cost that is, in the case of Belgium, worth the effort as this capacity to smooth future shocks increases future welfare. In addition, a large capacity to react with fiscal policy reduces the risk of long-lasting effects of a large crisis. Historical data show that in the past, the Belgium government’s reaction to the cycle was limited to a single event. By contrast, if Belgium could firmly anchor public debt on a downward path, future governments would be able to offset downturns while keeping debt sustainability concerns under control.

Greece's Syriza is gambling on achieving debt deal

2015 ◽  
Keyword(s):  
Public Debt ◽  
Policy Making ◽  
Right Wing ◽  
Left Wing ◽  
Medium Term ◽  
Content Type ◽  
Programme Committee ◽  
Short Run ◽  
Leftist Party ◽  
Austerity Policy

Subject Opposition Syriza's economic policy programme. Significance Two weeks before the elections on January 25, in a televised interview on January 12, Syriza leader Alexis Tsipras said that, upon coming to power, the leftist party would seek the restructuring of the majority of Greece's public debt, currently held primarily by EU lenders. In another interview, Yannis Dragasakis, the Syriza second-in-command and head of the party's electoral programme committee, announced that, if Syriza won, it would submit to Greece's creditors a new medium-term economic programme in lieu of the current loan agreement. Impacts A likely Syriza victory would not destabilise the euro-area economy, because since 2012, financial firewalls have been built around Greece. However, it might in the short run negatively affect EU economic indicators, in a year in which growth is already projected to be meagre. EU policymakers could relax austerity policy, in order to forestall election wins for Syriza-like parties or right-wing populists elsewhere. A left-wing government would test policy-making within EU institutions as other governments range from right or centre-right to centre-left.

Analysis of Geomagnetic Signals Based on Wavelet Transform and Fractal Algorithm

2019 ◽  
Vol 34 (09) ◽  
pp. 2058011
Author(s):  
Yong Lu ◽  
Yongming Huang ◽  
Jing Liu ◽  
Wei Xue ◽  
Guobao Zhang
Keyword(s):  
Wavelet Transform ◽  
Fractal Analysis ◽  
Epicentral Distance ◽  
Term Effect ◽  
Medium Term ◽  
Short Term ◽  
Exact Relationship ◽  
Short Term Effects

In this paper, in order to figure out the variations before an earthquake and extract abnormal signals related to it, the geomagnetic three component Z, H, F minute values of 15 geomagnetic stations within 600[Formula: see text]km of the epicentral distance before the MS 6.6 Minxian–Zhangxian earthquake in Gansu were analyzed. The following are the results. (1) After the fractal analysis was used directly, only three geomagnetic stations in 15 geomagnetic stations showed synchronous anomalous signals; (2) After the method of this paper was used, 9 of the 15 geomagnetic stations (including the three stations in the first point) extracted two synchronous anomalous signals, and six of the nine geomagnetic stations presented additional synchronous anomalous signals. (3) Of the three abnormal signals extracted, one had a medium-term effect and two had short-term effects. (4) The anomalous duration of the Z component of nine geomagnetic stations was longer than that of H and F. And as the epicentral distance increased, duration decreased. While the proposed method could not clearly indicate the exact relationship between the anomalous signals and the earthquake, it was proved that the signals extracted are effective and well-correlative to the earthquake.

Acetaminophen: Macula densa hypersecretory activity by induced hepatotoxicity

1987 ◽  
Vol 45 ◽  
pp. 934-935
Author(s):  
S.S. Poolsawat ◽  
C.A. Huerta ◽  
S.TY. Lae ◽  
G.A. Miranda
Keyword(s):  
Cell Proliferation ◽  
Liver Function ◽  
Chronic Inflammation ◽  
Foam Cell ◽  
Term Effect ◽  
Short Term ◽  
Drug Induced ◽  
Experimental Induction ◽  
Tissue Alterations ◽  
Toxic Responses

Introduction. Experimental induction of altered histology by chemical toxins is of particular importance if its outcome resembles histopathological phenomena. Hepatotoxic drugs and chemicals are agents that can be converted by the liver into various metabolites which consequently evoke toxic responses. Very often, these drugs are intentionally administered to resolve an illness unrelated to liver function. Because of hepatic detoxification, the resulting metabolites are suggested to be integrated into the macromolecular processes of liver function and cause an array of cellular and tissue alterations, such as increased cytoplasmic lysis, centrilobular and localized necroses, chronic inflammation and “foam cell” proliferation of the hepatic sinusoids (1-4).Most experimentally drug-induced toxicity studies have concentrated primarily on the hepatic response, frequently overlooking other physiological phenomena which are directly related to liver function. Categorically, many studies have been short-term effect investigations which seldom have followed up the complications to other tissues and organs when the liver has failed to function normally.

A Newspaper’s Effect on the Strength of Automatic Associations in Memory

2012 ◽  
Vol 24 (1) ◽  
pp. 1-8 ◽  
Author(s):  
Florian Arendt
Keyword(s):  
Treatment Group ◽  
Term Effect ◽  
Control Group ◽  
Implicit Measure ◽  
Short Term ◽  
Short Term Treatment ◽  
Short Term Effect ◽  
Automatic Associations ◽  
Foreign Nationality ◽  
The Impact

A test was done to see if reading a newspaper which consistently overrepresents foreigners as criminals strengthens the automatic association between foreign country and criminal in memory (i.e., implicit cultivation). Further, an investigation was done to find out if reading articles from the same newspaper produces a short-term effect on the same measure and if (1) emotionalization of the newspaper texts, (2) emotional reactions of the reader (indicated by arousal), and (3) attributed text credibility moderate the short-term treatment effect. Eighty-five participants were assigned to one of three experimental conditions. Participants in the control group received short factual crime texts, where the nationality of the offender was not mentioned. Participants in the factual treatment group received the same texts, but the foreign nationality was mentioned. Participants in the emotionalized treatment group received emotionalized articles (i.e., texts which are high in vividness and frequency) covering the same crimes, with the foreign nationality mentioned. Supporting empirical evidence for implicit cultivation and a short-term effect was found. However, only emotionalized articles produced a short-term effect on the strength of the automatic association, indicating that newspaper texts must have a minimum of stimulus intensity to overcome an effect threshold. There were no moderating effects of arousal or credibility pertaining to the impact on the implicit measure. However, credibility moderated the short-term effect on a first-order judgment (i.e., estimated frequency of foreigners of all criminals). This indicates that a newspaper’s effect on the strength of automatic associations is relatively independent from processes of propositional reasoning.

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