Summary

2022 ◽  
pp. 218-225
Keyword(s):  
Monetary Policy ◽  
National Currency ◽  
The Real ◽  
Monetary System ◽  
Preferable Alternative ◽  
Policy Arrangements ◽  
Real Value

As the controversy over the “Great Reset” being advocated by supporters of globalization continues, those who consider the prospect of a centralized monetary system controlled by unelected and largely unknown people to be profoundly undesirable will be greatly strengthened in their resistance if they can agree on a preferable alternative. What is needed most of all is a means of reducing the vulnerability of smaller countries to destabilization by large financial corporations and government organisations. This book advocates close consideration of the politically and economically simple initiative to implement the Grondona system, which enables individual countries to improve the working of existing monetary policy arrangements incrementally, notably by stabilizing the real value of their national currency in terms of a range of industrial commodities. Eminent economists have argued in favour of this policy for more than a century, but without offering a satisfactory means of implementing it.

African central banks face growing political pressures

2020 ◽  
Keyword(s):  
Monetary Policy ◽  
Central Bank ◽  
Central Banks ◽  
Financial Assistance ◽  
Economic Pressure ◽  
Content Type ◽  
The Real ◽  
Political Interference ◽  
Real Value ◽  
Over Time

Significance The move confirms long-held suspicions that the BoZ is subject to considerable political interference, which has increased as COVID-19 exacerbates the economic pressure on the ruling Patriotic Front (PF) government. Similar concerns have been raised to differing degrees about Nigeria and Zimbabwe. Impacts Rising inflation will be compounded by looser monetary policy, eroding the real value of wages over time, increasing food staple costs. Weakening central bank oversight could lead to greater diversion of COVID-19 relief funds. In the absence of international financial assistance, Lungu will find it extremely difficult to revive his flagging popularity.

scholarly journals Monetary Policy and the Financing of Firms

2011 ◽  
Vol 3 (4) ◽  
pp. 112-142 ◽  
Author(s):  
Fiorella De Fiore ◽  
Pedro Teles ◽  
Oreste Tristani
Keyword(s):  
Monetary Policy ◽  
Simple Model ◽  
Interest Rates ◽  
Taylor Rule ◽  
Aggregate Shocks ◽  
Optimal Response ◽  
The Real ◽  
Inflation Volatility ◽  
Financial Conditions ◽  
Real Value

How should monetary policy respond to changes in financial conditions? We consider a simple model where firms are subject to shocks which may force them to default on their debt. Firms' assets and liabilities are nominal and predetermined. Monetary policy can therefore affect the real value of funds used to finance production. In this model, allowing for inflation volatility in response to aggregate shocks can be optimal; the optimal response to adverse financial shocks is to lower interest rates and to engineer some inflation; and the Taylor rule may implement allocations that have opposite cyclical properties to the optimal ones. (JEL G32, E31, E43, E44, E52)

scholarly journals Testing the Fiscal Theory of Price Level in Case of Pakistan

2008 ◽  
Vol 47 (4II) ◽  
pp. 763-778
Author(s):  
Attiya Y. Javid ◽  
Umaima Arif ◽  
Abdul Sattar
Keyword(s):  
Monetary Policy ◽  
Fiscal Policy ◽  
Public Debt ◽  
Price Level ◽  
Equilibrium Path ◽  
Budget Deficits ◽  
Monetary Policies ◽  
The Real ◽  
Real Value ◽  
Fiscal Solvency

There are two competing views of the interaction between monetary and fiscal policy and their effects on price stability for policy-maker’s point of view. In the classical view, in Ricardian regimes it is the demand for liquidity and its evolution over time that determines prices. In such a regime fiscal policy is passive, which implies that government bonds are not net wealth [Barro (1974)], and monetary policy works through the interest rate or another instrument to determine prices. In the opposite view which is more recent, a non-Ricardian regime will prevail whenever fiscal policy becomes active1 and does not accommodate or adjust primary surpluses to guarantee fiscal solvency. As a result, the Ricardian equivalence do not hold, and the increase in nominal public debt to finance persistent budget deficits is perceived by private agents as an increase in nominal wealth. In fiscal dominant regime the government’s fiscal policy becomes sustainable through debt deflation that is an increase in prices that wash away the real value of public debt and in turn the real value of financial wealth until demand equals supply and a new equilibrium is reached. In this regime prices are determined by fiscal policy, and inflation becomes a fiscal phenomenon. If, on the other hand, primary surpluses follow an arbitrary process, then the equilibrium path of prices is determined by the requirement known as fiscal solvency; that is, the price level has to jump to satisfy a present value budget constraint called non-Ricardian regime. The basic distinction between the two regimes is that in non-Ricardian regime fiscal policy plays the role where as in Ricardian regime monetary policy provides stability in prices. In FTPL, the results of fiscal and monetary policies depend on which policy has dominant characteristics. The consequences of policies differ depending on the active and passive characteristics of the policy and depending on the characteristics of the following policy. If the policy mix is such that monetary policy is active and fiscal policy is passive, fiscal policy accommodates monetary policies; these policies are called dominant monetary policy by Sargent and Wallace (1981) and Ricardian regime by Woodford (1994, 1995).

scholarly journals Money Makes the World Go Round

1996 ◽  
Vol 26 (103) ◽  
pp. 197-225 ◽  
Author(s):  
Michael Heine ◽  
Hansjörg Herr
Keyword(s):  
Monetary Policy ◽  
Financial Markets ◽  
Economic System ◽  
New Developments ◽  
The Real ◽  
Bretton Woods ◽  
Monetary System ◽  
The World ◽  
Economic Sphere ◽  
The Stability

The mticle critizises the marxist thesis, that the monetary system has been broken frcc from the real economic sphere. But the authors agree that there are quantitative and qualitative new developments in the financial markets, particularly since the Bretton-Woods-system has col!apsed. These developments are described and analysed. lt is discussed, if these changcs threaten the stability of the economic system. The mticle concludes with some proposals for a new monetary policy.

Radiation synovectomy of the knee joint

2006 ◽  
Vol 45 (01) ◽  
pp. 57-61
Author(s):  
M. Puille ◽  
D. Steiner ◽  
R. Bauer ◽  
R. Klett
Keyword(s):  
Knee Joint ◽  
Lymph Nodes ◽  
Geometric Mean ◽  
Radiation Synovectomy ◽  
Real Activity ◽  
Anterior View ◽  
Inguinal Lymph Nodes ◽  
The Real ◽  
Therapeutic Modalities ◽  
Real Value

Summary Aim: Multiple procedures for the quantification of activity leakage in radiation synovectomy of the knee joint have been described in the literature. We compared these procedures considering the real conditions of dispersion and absorption using a corpse phantom. Methods: We simulated different distributions of the activity in the knee joint and a different extra-articular spread into the inguinal lymph nodes. The activity was measured with a gammacamera. Activity leakage was calculated by measuring the retention in the knee joint only using an anterior view, using the geometric mean of anterior and posterior views, or using the sum of anterior and posterior views. The same procedures were used to quantify the activity leakage by measuring the activity spread into the inguinal lymph nodes. In addition, the influence of scattered rays was evaluated. Results: For several procedures we found an excellent association with the real activity leakage, shown by an r² between 0.97 and 0.98. When the real value of the leakage is needed, e. g. in dosimetric studies, simultaneously measuring of knee activity and activity in the inguinal lymph nodes in anterior and posterior views and calculation of the geometric mean with exclusion of the scatter rays was found to be the procedure of choice. Conclusion: When measuring of activity leakage is used for dosimetric calculations, the above-described procedure should be used. When the real value of the leakage is not necessary, e. g. for comparing different therapeutic modalities, several of the procedures can be considered as being equivalent.

Global Financial Crisis and Its Impact on Russia

2009 ◽  
pp. 9-27 ◽  
Author(s):  
A. Kudrin
Keyword(s):  
Monetary Policy ◽  
Fiscal Policy ◽  
Financial Crisis ◽  
Central Bank ◽  
Global Financial Crisis ◽  
Developed Countries ◽  
Real Economy ◽  
Energy Prices ◽  
Russian Government ◽  
The Real

The article examines the causes of origin and manifestation of the current global financial crisis and the policies adopted in developed countries in 2007—2008 to deal with it. It considers the effects of the financial crisis on Russia’s economy and monetary policy of the Central Bank in the current conditions as well as the main guidelines for the fiscal policy under different energy prices. The measures for fighting the crisis that the Russian government and the Central Bank use to support the real economy are described.

Reducing the Risks of the Financial Sector to Ensure Sustainable Growth of the Russian Еconomy

2019 ◽  
Vol 12 (3) ◽  
pp. 86-92
Author(s):  
T. I. Minina ◽  
V. V. Skalkin
Keyword(s):  
Economic Growth ◽  
Monetary Policy ◽  
Financial Sector ◽  
Developed Countries ◽  
Sustainable Growth ◽  
Necessary Condition ◽  
Real Sector ◽  
Financial Instruments ◽  
The Real ◽  
The Impact

Russia’s entry into the top five economies of the world depends, among other things, on the development of the financial sector, being a necessary condition for the economic growth of a developed macroeconomic and macro-financial system. The financial sector represents a system of relationships for the effective collection and distribution of economic resources, their deployment according to public demand, reducing the risk of overproduction and overheating of the economy.Therefore, the subject of the research is the financial sector of the Russian economy.The purpose of the research was to formulate an approach to alleviating the risks of increasing financial costs in the real sector of the economy by reducing the impact of endogenous risks expressed as financial asset “bubbles” using the experience of developed countries in the monetary policy.The paper analyzes a macroeconomic model applied to the financial sector. It is established that the economic growth is determined by the growth and, more important, the qualitative development of the financial sector, which leads to two phenomena: overproduction in the real sector and an increase in asset prices in the financial sector, with a debt load in both the real and financial sectors. This results in decreasing the interest rate of the mega-regulator to near-zero values. In this case, since the mechanisms of the conventional monetary policy do not work, the unconventional monetary policy is used when the mega-regulator buys out derivative financial instruments from systemically important institutions. As a conclusion, given deflationally low rates, it is proposed that the megaregulator should issue its own derivative financial instruments and place them in the financial market.

The 'Real' Value of Conflicted Analyst Coverage

2012 ◽  
Author(s):  
Stacey E. Jacobsen ◽  
Irina Stefanescu ◽  
Xiaoyun Yu
Keyword(s):  
Analyst Coverage ◽  
The Real ◽  
Real Value

THE ROLE OF ACCOUNTING IN PUBLIC EXPENDITURE AND MONETARY POLICY IN THE FIRST CENTURY AD ROMAN EMPIRE

1995 ◽  
Vol 22 (2) ◽  
pp. 117-129 ◽  
Author(s):  
David Oldroyd
Keyword(s):  
Monetary Policy ◽  
Roman Empire ◽  
Financial Planning ◽  
Public Expenditure ◽  
First Century ◽  
Financial Control ◽  
The Public ◽  
Monetary System ◽  
Epigraphic Evidence

Previous authors have argued that Roman coinage was used as an instrument of financial control rather than simply as a means for the state to make payments, without assessing the accounting implications. The article reviews the literary and epigraphic evidence of the public expenditure accounts surrounding the Roman monetary system in the first century AD. This area has been neglected by accounting historians. Although the scope of the accounts supports the proposition that they were used for financial control, the impetus for keeping those accounts originally came from the emperor's public expenditure commitments. This suggests that financial control may have been encouraged by the financial planning that arose out of the exigencies of funding public expenditure. In this way these two aspects of monetary policy can be reconciled.

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