Monetary Policy And Economic Stabilisation In Nigeria; 1986 – 2019; (Distributional Koyck Lag Model Approach)

This study examined the relevance of Monetary Policy in stabilizing the Nigerian Economy for the period (1986-2019); using the Koyck Model, regression. The results obtained reveal that the rate of growth in the money stock has significant impact on output, contrary to its impact on inflation. Changes in money supply did not exert significant influence on the lending interest rate; however operating lag period of money stock on interest rate was instantaneous. The lending interest rates were exogenously determined by lending institutions. Lending interest rates influenced investment significantly, though with a very long operating lag period. The immediate past value of Money supply significantly influenced the succeeding inflation rate and investment. Likewise, inflation caused growth in the gross domestic output. The joint influences of money stock and national output impacted significantly on the general price level. Consequently, monetary policy measures through adjustments in money stock were better in stabilizing growth than Inflation. Measures that make cash directly available to economic units stimulated investment.Based on the results of this study,we recommend that; the growth of Money Supply cannot be used to influence the general price level and the lending Interest Rate especially in the short run. Changes in the stock of Money Supply can be used to stimulate Economic Growth. Inflation can better be managed with proportionate growths in Money Supply and the Gross Domestic Product. Investment can be tracked by manipulating the lending interest rate. Preview

The Effect of Monetary Policy on the General Price Level in the Republic of Congo

The objective of this present work was to analyze the impact of monetary policy on the price level in the Republic of Congo over the period from 1998 to 2019. The linear regression model is the one that was used to carry out our study and the results obtained show that the monetary policy of the Bank of Central African States in the Republic of the Congo has achieved its objective of stabilizing prices, with the money supply positively influencing the price level, i.e. 33.3% of the increase in the general price level is explained by the good monetary policy of the Bank of Central African States in the Republic of Congo during the period 1998 to 2019.

Botulinum toxin and hyaluronic acid — the most common facial aesthetic medicine treatments — the economic aspect in terms of price in 2019 in Poland

Introduction. The observed intensive quantitative growth of aesthetic medicine clinics on the market may lead to a lowering of the general price level, although nowadays the high quality of services is a factor that determines the choice of a surgery more often than a low price.Aim. Estimate of average prices of selected facial aesthetic medicine’s procedures in Poland in 2019.Material and Methods. 7 types of facial aesthetic medicine treatments with the use of botulinum toxin or fillers that were used in 112 clinics located in Poland in 2019 were taken for the analysis.Results. The highest prices for wrinkle reduction with botulinum toxin were in the Mazowieckie Voivodeship and the lowest in the Podlasie Voivodeship. Treatments with the use of fillers cost the least in Kuyavian-Pomeranian, and the most in Mazowieckie. The most expensive treatment among the examined was the correction of the shape of the lips - 910 PLN and the cheapest was the reduction of wrinkles around the eyes - 460 PLN.Discussion. Higher prices than average can be expected in provincial cities. This is often dictated by the level of service innovation and / or patient wealth. Sometimes offering lower prices than the average can be an effective way to attract customers.Results. Treatments with the use of fillers are more expensive than those with the use of botulinum toxin by almost half. Most surgeries offer services in the field of facial aesthetic medicine using botulinum toxin and / or fillers at comparable prices.

Examining the differential impact of monetary policy in India: a policy simulation approach

Purpose Though an accumulating body of study has analysed monetary policy transmission in India, there are few studies examining the differential impact of monetary policy action. Against this backdrop, this study aims to analyse the differential impact of monetary policy on aggregate demand, aggregate supply and their components along with the general price level in India. Design/methodology/approach The study develops a structural macroeconometric model, which is primarily aggregate and eclectic in nature. The generalized method of movements is used for estimation of behavioural equations, while a Gauss–Seidel algorithm is used for model simulation purposes. Findings The paper presents the results of two policy simulations from the estimated model that highlight the differential impact of monetary policy. The first one, hike in the policy rate by 5% and second is a reduction in bank credit to the commercial sector by 10%. The results from the first policy simulation experiment reveal that interest hike has a significant negative impact on aggregate demand, aggregate supply and general price level. However, the maximum impact is borne by investment demand and imports followed by private consumption. While as among the components of aggregate supply maximum impact is born by infrastructure output followed by the manufacturing and services sector with the agriculture sector found to be insensitive in nature. The results from the second policy simulation experiment revealed that pure monetary shocks have a significant negative impact on aggregate demand, aggregate supply and general price level. However, the maximum impact is born by private consumption and imports followed by investment demand. While as among components of aggregate supply maximum impact is borne by infrastructure followed by the manufacturing and services sector with the agriculture sector found to be insensitive in nature. From both policy simulation experiments, the study highlighted the relative importance of the income absorption approach as opposed to the expenditure switching effect. Practical implications The results obtained in this study provides a strong framework for design the monetary policy framework. The results are in a view of the differential impact of monetary policy action among the components of both aggregate demand and aggregate supply. This reflection of differential impact has immense significance for the macroeconomic stabilization as the central bank will have to weigh the varying repercussion of its actions on different sectors. For instance, the decline in output after monetary tightening might be conceived as mild from an overall perspective, but it can be appreciable for some sectors. This differential influence will have an implication for policy design to care for distributional aspects, which otherwise could be neglected/disregarded. Similarly, the output decline may be as a result of either consumption postponement or a temporary slowdown in investment. However, the one emanating due to investment decline will have lasting growth implications compared to a decline in consumer demand. In addition, the relative strength of expenditure changing or expenditure switching policies of trade balance stabilization may have varying consequences in the aftermath of monetary policy shock. Accordingly information on the relative sensitiveness/insensitiveness of different sectors/ components of aggregate demand towards monetary policy actions furnish valuable insights to monetary authorities in framing appropriate policy. Originality/value The work carried out in the present paper is motivated by the fact that although a number of studies have examined the monetary transmission mechanism in India, a very few studies examining the differential impact of monetary policy action. However, to the best of the knowledge, there is no such studies, which have examined the differential impact of monetary policy in the structural macro-econometric framework. The paper will enrich the existing literature by providing a detailed account of the differential impact of monetary policy among the components of both aggregate demand and aggregate supply in response to an interest rate hike, as well as a decrease in the money supply.

Sources of Banking Sector Development: Case of Pakistan

Banking sector development is one of the key elements benchmarking economic growth. Several empirical studies for several instances have indicated a positive relationship between banking sector development and economic growth. This study intends to examine the sources of banking sector development of Pakistan, using capital formation, interest rate, trade deficit, general price level and remittances as the proposed indicators. There is a lack of studies which investigated the impact of investment and trade deficit on banking sector development. The empirical data for the study is taken from world development indicators for 38 years. For the reliable estimates, ARDL cointegration technique has been used to estimate the long run determinants of banking sector development. Domestic credit to private sector has been used as a proxy for the banking sector development because of its market orientation. The results show that increase in the investment, imports and general price level leads to increase in the provision of domestic credit which leads to banking sector development.

The Impact of the Common Agricultural Policy of the European Union on the General Price Level of Countries that Joined in the Period from 2004 to 2007

Application of The Common Agricultural Policy (CAP) of the European Union implies the existence of a single market (without customs duties on mutual trade), the community’s priority in meeting the needs for agricultural products (protection against imports) and the existence of financial solidarity (joint financing). Joining the European Union for new member states implies the termination of the implementation of the existing national agricultural policy and the the beginning of the implementation of the CAP. Although membership in the European Union implies many advantages, the period after joining this community can be quite economically unstable for some countries. One of the most significant problems is an increase in agricultural product prices and a rise in the general price level (inflation). The above can be confirmed by a simple empirical analysis of the economic indicators of the countries that joined the EU together in the period from 2004 until 2007.

Penerapan Analisis Portofolio Saham dalam Rangka Optimalisasi Return dan Minimlisasi Risiko pada Perusahaan Blue Chips

A financial accounting established by a company is the financial accounting that is going on the basis of previous events with the stable prices assumption. The truth of the excess of costs such as historical cost on the real transaction can be tested and proved by objective evidences, so that the financial accounting formed on the basis of historical cost is believable to be audited well. In fact, the change of price always happens and moreover it is inclined to rise. In other word, there will be inflation. Related with the fact, the historical cost concept applied in the financial accounting is judged to give less information to make a decision. The objectives of the study are to describe the inflation of accounting treatment by using General Price Level Accounting (GPLA) and Current Cost Accounting (CCA) methods as an additional report rather than the conventional financial accounting as the main report, and to know the additional financial accounting. The methods used are General Price Level Accounting (GPLA) and Current Cost Accounting (CCA) methods. In conclusion, the inflation accounting as an additional information is very useful for the financial accounting users to make economics decision. Furthermore, it also benefits in order to maintain the capital as the first period so that the continuity of company’s activity runs well