The use of statutory reserve requirement as a monetary policy tool has arguably diminished in recent years. Moreover, the money multiplier, a fundamental macroeconomic theory, which deals with the relationship between the monetary base, required reserves and the money supply, has been a target for some heavy critique.  The money multiplier theory encompasses a required reserve ratio, excess reserve ratio and currency ratio to explain the changes in the money multiplier. The multiplier, which in itself is the ratio of the broad money and the monetary base, is described as a decreasing function of the ratios. In this paper, we calculate the respective ratios and employ a linear regression model based on the multiplier theory to examine the relationships between the ratios. The effects are estimated individually in USA, Eurozone, Japan and in a panel data analysis combining all three currency areas.   We find that the reserve requirement ratios do not significantly explain the changes in the money multiplier in the USA or in the Eurozone. However, the reserve requirement ratios are found to have a significant effect in Japan and in the pooled data analysis. Further, in all of the cases, except in the Eurozone, the empirical model of the multiplier is found to explain significantly the variation in the multiplier, albeit with poor explanatory power in the pooled model.  The varying explanatory power of the model and the altering significance of the reserve requirements suggests that the multiplier theory does not hold exactly.  This implies that the effectiveness of the reserve requirements as a tool of monetary policy should not be taken as granted in contemporary economies.

La siguiente investigación pretende analizar la relevancia del dinero electrónico y cómo este afecta a los niveles de inclusión financiera en el Perú y en Colombia para un periodo de tiempo del 2013 al 2017. En el caso peruano, se comprobó una relación positiva de ambas variables, esto fue comprobado por medio de una regresión de Mínimos Cuadrados Ordinarios. Para el caso colombiano, se pudo observar una relación también positiva, pero mucho más fuerte entre estas variables. En este caso, se utilizó el modelo de Mínimos Cuadrados Generalizados con la Matriz Newey-West. / The following research aims to analyze the relevance of electronic money and how it affects financial inclusion in Peru and Colombia, between the period from 2013 to 2017. In the case of Peru, a positive relationship of both variables was verified, by means of a regression of Ordinary Minimum Squares. In the case of Colombia, a positive relationship was also observed, but much stronger among these variables. In this case, the Generalized Minimum Square model with the Newey-West Matrix was used. / Trabajo de investigación

This dissertation examines the pricing of the same credit risk in two currencies, and hence the valuation of credit-contingent foreign exchange products. Such pricing hinges upon the dependence of the credit risk and the foreign exchange rate. We recall the reduced-form model proposed by Ehlers (2007), which allows credit-currency dependence through correlation between the Brownian motions driving the default intensity and the exchange rate, and through a jump in the exchange rate at the default time. Four basic specifications of this model are considered. Two of these specifications have not previously appeared in the literature and one of these, based on a lognormal process for the default intensity, proves to be especially useful and tractable. The problem of hedging defaultable claims in one currency with similar claims in another is briefly considered, and it is shown that hedging against the default event and against credit spread movements are not in general equivalent.

In view of the rapid decrease in the number of students opting to train as teachers and the increasing numbers of teachers leaving the profession; the teaching profession in South Africa is indeed what Duke (1984) termed “imperilled”. While quantitative research identifies remuneration to be the foremost factor attributed to the dissatisfaction of teachers in South Africa as elsewhere; the main purpose of this study was to explore teachers’ perceptions of remuneration. Nine qualified women teachers aged between 25 and 35 years of age, who had been teaching for at least two years and less than ten, volunteered to take part in this study. The sample was drawn from government schools in a suburban part of Johannesburg. This research was based on the information gathered from a short biographical questionnaire followed by in-depth, semi-structured interviews. A process of language sensitive thematic content analysis was employed in order to analyse the data from the interviews. The research indicates that in the decision to enter the teaching profession, notions of the perception that teaching is a vocation predominate. An emphasis on the related intrinsic rewards to be gained from teaching was found to receive greater focus than monetary concerns on entering the profession. The participants expressed that women are more likely to enter the teaching profession while even though men may share the passion to teach, they are seriously deterred by the poor levels of remuneration. The participants explained that as the contexts of their lives changed, so too did their perceptions of remuneration, often resulting in an increasing emphasis on the importance of better remuneration to meet their and their families’ financial needs. Related to this, it was found that as South African teachers were exposed to an almost overwhelming number of challenges, the participants began to experience fewer intrinsic rewards which seemed to impact negatively on their perceptions of remuneration. Thus of the nine participants, only two indicated their long-term commitment to the teaching profession whereas the remaining seven all had plans to leave the profession in search of better remuneration.

O sistema internacional testemunha a consolidação de um regime internacional de combate à lavagem de dinheiro. Fundado em premissas hodiernas do Direito Internacional, esse regime responde a uma ordem internacional multifacetada, que se verifica no progressivo protagonismo de atores subnacionais e de organismos não governamentais. A consequente relativização da função dos Estados, como vetores históricos das relações internacionais, enseja um processo de jurificação, por meio de instrumentos de soft law estabelecidos, em sua maioria, pelo GAFI. Analisa-se a formação histórica da lavagem de dinheiro e o respectivo processo de construção de antagonistas legais, tais como os tratados celebrados no âmbito das Nações Unidas e o soft law - paradigma consubstanciado na criação do GAFI. Examinam-se as recomendações do GAFI, na estruturação do regime internacional de combate à lavagem de dinheiro e na construção de projeções regionais do organismo, concentradas na expansão de seu espectro de atuação e de seu alcance. Estudam-se o processo de avaliação dos membros e não membros e o processo sancionador baseado na criação das listas de países não cooperantes, com o objetivo de evidenciar os seus papéis enquanto vetores de compliance. Ao final, trata-se o tema sob a perspectiva da compliance na ordem jurídica nacional, analisando a internalização das recomendações, no ordenamento brasileiro, desde a criminalização da lavagem de dinheiro até a estruturação administrativa dos órgãos de regulação (COAF, Banco Central, Superintendencia de Seguros Privados, entre outros) e da Unidade de Inteligência Financeira, de forma a evidenciar as alterações estruturais realizadas na legislação interna visando adequá-la às exigências internacionais. / The international system has been witnessing the consolidation of an transnational moneylaundering enforcement regime, built upon contemporary International Law premises. Such system tackles a multifaceted world order which one can attest by spotting the progressive protagonism of both subnational actors and non-governmental organizations and the resulting relativization of States functions historically the main vector of the international relations. The aforementioned phenomenon gives room to a jurification process lead by FATF soft law. Accordingly, this works analyzes the historical development of money laundering and the formation of its respective legal antagonists, such as the United Nation System treaties and soft law a paradigm consubstantiated by the launch of FATF. It examines FATF recommendations, the structuring of an international money-laundering enforcement regime and the organisms regional projections, generally focused on the expansion of its operating spectrum and outreach. It studies the members and non-members assessment procedure and their sanctioning process based on the enrollment of noncooperative countries, in order to highlight their role as compliance vectors. Lastly, it glances compliance through the Brazilian legal system, the internalization of FATF recommendations since money launderings criminalization so far as to the administrative arrangement of regulatory bodies (COAF, Central Bank, Private Insurances Superintendence, and so forth) and of the Financial Intelligence Unit, in order to highlight the structural changes made to the domestic legislation so that it adapts itself to international requirements.

A hipótese da neutralidade da moeda tem como marco teórico a Teoria Quantitativa da Moeda (TQM), que é fundamentada a partir da equação de trocas de Fisher, supondo que a velocidade-renda da moeda é constante, sendo o produto real determinado exogenamente por variáveis não-monetárias, tais como a tecnologia, o estoque de capital e a oferta de trabalho. Mas, o produto real é realmente exógeno no Brasil? Ou, em outras palavras, é válida a hipótese de neutralidade da moeda? Esse tema tem sido objeto de muitos estudos empíricos. Ademais, o efeito Tobin e as teorias de crescimento endógeno sugerem que pode haver um efeito real da moeda no longo prazo. Este trabalho investigou as possíveis relações de longo prazo entre a oferta nominal de moeda, o nível de preços e o Produto Interno Bruto (PIB) real para o Brasil de 1946 a 2008, utilizando dados de baixa frequência (anuais). Para a parte empírica foi utilizado o teste de cointegração de Johansen e integração das variáveis, com destaque para o estudo de estacionaridade da velocidade de circulação da moeda, que se mostrou ser constante apenas na presença de quebras estruturais. Principalmente, foram utilizados testes de exogeneidade, com o objetivo de permitir ao pesquisador trabalhar com um conjunto de informações o mais amplo possível, vale dizer, que englobasse as informações que proviessem da teoria econômica e do processo gerador de dados. Quanto aos testes de raiz unitária, encontrou-se que as variáveis em estudo (y, m e p) são I(1), ou seja, são estacionárias apenas em primeira diferença. Os resultados encontrados vão no sentido de validar a exogeneidade do produto real, apesar de os resultados provenientes do teste de causalidade Granger não ter sido conclusivo. Dessa forma, este trabalho cria evidências a favor da hipótese da neutralidade da moeda. / The hypothesis of neutrality of money is the theoretical framework of the Quantity Theory of Money (QTM), which is based from the Fishers equation of exchange, assuming that the income-velocity of money is constant, the real output is exogenously determined by nonmonetary variables, such as technology, capital stock and labor supply. But the real output is truly exogenous in Brazil? Or, in other words, it is valid the hypothesis of neutrality of money? This theme has been the subject of many studies. In addition, the Tobin effect and the endogenous growth theories suggest that there may be a real effect of money in the long run. This study investigated the possible long-run relationships between the nominal money supply, the price level and real Gross Domestic Product (GDP) for Brazil from 1946 to 2008, using low frequency (annual) data . For the empirical test was used the Johansen cointegration and integration of the variables, especially the study of the stationarity of the velocity of money circulation, which provided to be constant only in the presence of structural breaks. Mainly, we used exogeneity tests in order to allow the researcher to work with a set of information as broad as possible, ie, encompassing the information come from the economic theory and data generator process. For the unit root tests, it was found that the study variables (y, m e p) are I (1), ie, are stationary only in first difference. The results are in line to validate the exogeneity of real output, although the results from the Granger causality test was not conclusive. Thus, this work creates evidence for the hypothesis of neutrality of money.

by Ho King-hang. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1994. / Includes bibliographical references (leaves 51-53). / ABSTRACT --- p.ii / TABLE OF CONTENT --- p.iii / LIST OF TABLES --- p.v / LIST OF FIGURES --- p.vi / PREFACE --- p.vii / CHAPTER / Chapter I --- INTRODUCTION --- p.1 / Chapter II --- LITERATURE REVIEW --- p.4 / Macroeconomic Variables as State Variables --- p.4 / Stock Returns and Real Activity --- p.5 / Efficient Capital Markets and Real Activity --- p.5 / Innovations in Real Variables --- p.7 / Impact of Real Activity across Different States of Economy --- p.9 / Stock Returns and Money --- p.10 / The Quantity Theory of Money --- p.10 / Wealth Effect and Substitution Effect --- p.12 / "Money Supply Process: Linkage between Stock Returns, Real Activity, and Money" --- p.14 / Stock Returns and Discount Rates --- p.15 / Chapter III --- DATA AND METHODOLOGY --- p.17 / The Data --- p.17 / Statistical Properties of the Data --- p.18 / Research Methodology --- p.20 / Vector Autoregression (VAR) Analysis --- p.20 / Multiple Regression Analysis --- p.24 / Chapter IV --- EMPIRICAL RESULTS --- p.27 / Crosscorrelations --- p.27 / Stock Returns and Real Activity --- p.27 / "Stock Returns, Real Activity, and Money" --- p.28 / "Real Activity, Money, and Discount Rates" --- p.30 / Unit Root Tests --- p.31 / Specification of the VAR Model --- p.35 / Stock Returns and Real Activity --- p.35 / "Stock Returns, Real Activity, and Money" --- p.35 / "Real Activity, Money, and Discount Rates" --- p.39 / Multiple Regression Analysis --- p.43 / Chapter V --- CONCLUDING REMARKS --- p.48 / BIBLIOGRAPHY --- p.51

Suen Ming-hon. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2001. / Includes bibliographical references (leaves 46-49). / Abstracts in English and Chinese. / Abstract --- p.i / Acknowledgement --- p.iii / Table of Contents --- p.iv / Introduction --- p.1 / Chapter Chapter 1 --- The Benchmark Model --- p.9 / Chapter 1.1 --- The Model --- p.9 / Chapter 1.2 --- Comparative Statics --- p.12 / Chapter 1.3 --- Local Stability --- p.13 / Chapter Chapter 2 --- Long-Run Relationships Between Money and Growth --- p.14 / Chapter 2.1 --- The Money-in-the-Utility-Function (MIUF) Model --- p.15 / Chapter 2.2 --- The Cash-in-Advance (CIA) Model --- p.19 / Chapter 2.2.1 --- The Clower-Lucas Model --- p.20 / Chapter 2.2.2 --- The Stockman Model --- p.22 / Chapter 2.3 --- The Pecuniary Transactions Costs (PTC) Model --- p.26 / Chapter Chapter 3 --- Transitional Dynamics --- p.31 / Chapter 3.1 --- The Money-in-the-Utility-Function (MIUF) Model --- p.31 / Chapter 3.2 --- The Cash-in-Advance (CIA) Model --- p.32 / Chapter 3.2.1 --- The Clower-Lucas Model --- p.32 / Chapter 3.2.2 --- The Stockman Model --- p.33 / Chapter 3.3 --- The Pecuniary Transactions Costs (PTC) Model --- p.34 / Chapter Chapter 4 --- Conclusion --- p.37 / Mathematical Appendix / Chapter A.1 --- The Benchmark Model --- p.39 / Chapter A.2 --- The Money-in-the-Utility-Function (MIUF) Model --- p.39 / Chapter A.3 --- The Cash-in-Advance (CIA) Model --- p.40 / Chapter A.3.1 --- The Clower-Lucas Model --- p.40 / Chapter A.3.2 --- The Stockman Model --- p.41 / Chapter A.4 --- The Pecuniary Transactions Costs (PTC) Model --- p.43 / Table 1 Summary of Findings --- p.45 / Reference --- p.45

Dans cette thèse, portant sur l’effet de l’attitude à l’égard de l’argent sur la perception de la valeurpar le consommateur, l’enjeu premier a été d’élaborer le concept de l’argent. Pour cela une largerevue de littérature a été réalisée permettant de comprendre ses différentes dimensions etsignifications. Par ailleurs, il a fallu également élaborer le concept de la valeur en relation avec celuide l’argent, selon une approche intégrative, en dépassement des clivages théoriques classiquesautour de ce concept. Ce cadre théorique intégrateur a permis l’élaboration d’un modèle conceptuelde recherche, explicitant l’effet prédictif de l’attitude à l’égard de l’argent sur la perception de lavaleur par le consommateur. Un tel modèle a été mis en oeuvre autour du concept de l’enseigne dedistribution, comme un espace privilégié de dépense monétaire et de recherche de la valeur par leconsommateur. La réalisation de l’étude au sein du contexte culturel marocain a nécessité de mettreau jour une nouvelle échelle de mesure de l’attitude à l’égard de l’argent. Les résultats obtenus ontpermis de valider l’ensemble des hypothèses du modèle de la recherche. Ce qui permet d’accepter leprincipe de l’hypothèse générale de l’effet déterminant de l’attitude à l’égard de l’argent sur laperception de la valeur par le consommateur. De tels résultats ont permis à cette thèse, au-delà deslimites qu’elle présente, de dégager des contributions évidentes à la recherche, au niveau théorique,méthodologique et managérial. Ils permettent également de définir des voies de recherche nouvelles. / In this thesis, on the effect of attitude towards money on the perceived value by the consumer, theprimary issue was to develop the concept of money. For this, a wide literature review wasconducted to understand its different dimensions and meanings. Moreover, it was also necessary todevelop the concept of value in connection with the money, according to an integrative approach,beyond traditional theoretical divisions around this concept. This integrator theoretical frameworkhas enabled the development of a conceptual model of research, explaining the predictive effect ofattitude towards money on the perceived value by the consumer. Such a model has beenimplemented around the concept of the retail chain as a special area of monetary expense andresearch of value to the consumer. The completion of the study in the Moroccan cultural contextneeds to uncover a new scale for measuring attitude toward money. The results have validated allthe assumptions of the research. This allows us to accept the principle of the general assumption ofthe determining effect of attitude towards money on the perceived value by the consumer. Theseresults have allowed this thesis beyond its present limits, to identify obvious contributions toresearch, at theoretical, methodological and managerial level. They also allow defining new ways ofresearch.

Cheung Ho Sang. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2004. / Includes bibliographical references (leaves 185-187). / Abstracts in English and Chinese. / Curriculum Vitae --- p.ii / Acknowledgments --- p.iii / Abstract --- p.v / Table of Contents --- p.viii / Chapter Chapter 1. --- Introduction --- p.1 / Chapter Chapter 2. --- The behavior of income velocity of money --- p.3 / Chapter 2.1 --- Introduction --- p.3 / Chapter 2.2 --- Literature Review --- p.4 / Chapter 2.3 --- Data Description --- p.9 / Chapter 2.4 --- Methodology --- p.9 / Chapter 2.5 --- Empirical Result --- p.16 / Chapter 2.6 --- Conclusion --- p.26 / Chapter Chapter 3. --- The behavior of equity premium --- p.106 / Chapter 3.1 --- Introduction --- p.106 / Chapter 3.1 --- Literature Review --- p.106 / Chapter 3.2 --- Data Description --- p.112 / Chapter 3.3 --- Methodology --- p.112 / Chapter 3.4 --- Empirical Result --- p.120 / Chapter 3.5 --- Conclusion --- p.130 / Data Appendices --- p.182 / Bibliography --- p.185