No / This book discusses how the global financial crisis induced the 'Great Recession' and triggered problems within the eurozone regarding sovereign debt. It explores the background of the eurozone crisis, as well as outlines a number of potential solutions. The authors argue that the failure of the eurozone to meet any convergence criteria, together with unjustified emphasis placed upon unproven rules and institutions derived from contemporary neoliberal macroeconomic thinking, was an accident waiting to happen. Additionally, a series of potential remedies is proposed, ranging from a critical evaluation of solutions that the EU has already instigated (moral persuasion and financial relief measures), together with a series of alternative propositions (fiscal federalism and a 'European Clearing Union'). Moreover, the analysis is extended to the collapse of the eurozone and to options for national economic self-governance. This study, with its comprehensive analysis of the eurozone crisis, is essential reading for students, researchers and scholars of monetary economics, European economics, political science and international relations.

The inexorable rise of mobile money innovation has led to huge changes in consumption and saving decisions for many households across developing economies. With this background, we use the Ghana Socio-economic Panel Survey (GSPS) data to explore the relationship between mobile money usage and household consumption and savings decisions. Firstly, we develop a framework in which mobile money shifts the budget constraint of households through the transaction cost and remittances in a dynamic setting. Secondly, we show through our empirical results that mobile money promotes household consumption, concluding that the payment convenience of mobile money improves household income by reducing transaction costs and enhancing remittance receipt, thereby promoting consumption growth. A heterogeneity analysis showed that households with larger assets, higher income, relatives overseas, residing in high-income regions, and low financial literacy experienced larger facilitating effects of mobile money on consumption than their counterparts. Meanwhile, households with fewer assets, lower income, no relatives abroad, lower financial literacy, and lower-income regions experience a greater facilitating effect of mobile money savings. Regarding consumption structure, mobile money innovation mainly promoted non-recurring household expenditures rather than recurring ones. Further analysis of consumption categories shows that medical care expenses, communication, food, and fuel expenditures are among the most affected household expenditures by mobile money use. In chapter 2; Given that monetary policy works on the interface of financial systems, fintech innovations can lead to an instability of the money demand function which affects the price level or aggregate spending and consequently, inflation. Therefore, mobile money innovation impacts not only household finance and consumption but also has monetary effects, especially on inflation and real growth. We investigated the impact of mobile money innovation on monetary policy; namely the stability of the money demand function, and output gap using panel data from 44 developing countries and the Generalized Method of Moment Technique. First, we show that there is a weak negative association between the trend of mobile money and the income velocity of money. Further analysis found a positive and statistically significant impact of the innovation on the output gap and a negatively significant effect on the money demand function. We conclude that there are countervailing effects where mobile money lowers transaction costs, improves productivity and economic efficiency, and increases output, resulting in a lesser inflationary effect. In Chapter 3; we show although numerous studies have examined the crowding-out effect of housing on portfolio choice via the house price risk channel and the liquidity constraint channel, separate analyses distinguishing risky asset choices and drawing a distinction between committed and non-committed mortgage payment under homeownership types has received less attention. We investigate the heterogeneous impact of homeownership type on risky asset choice using the 2021-2022 Survey of Economics and Household Decision-making. First, we show that homeowners with mortgage debt are less likely to participate in the cryptocurrency market compared to the stock market indicating that the higher risk associated with “speculative assets” likely induced homeowners with mortgage debt to adopt a more cautious approach to selecting their risky portfolio. The debt component separating homeowners becomes even more compelling when the risk level between assets varies significantly larger, and the agents’ incomes are lower than a certain threshold. However, changes in housing market conditions significantly change the temperance exhibited by homeowners towards risky asset selection. We further decomposed the effects across age groups, risk profiles, and income groups. In addition, we examined the crowding-out effect of house prices and liquidity constraints associated with homeownership as compared to renting. The empirical evidence shows that homeowners are less likely to participate in both the stock market and the cryptocurrency market as compared to renters due to house price risk and liquidity constraints associated with homeownership.

The problem under investigation in this study is the determination of the usefulness of the concept of saving set forth by John M. Keynes in his The General Theory of Employment, Interest and Money, both as a method of prediction and prevention of business cycles and as a conceptual framework which is for use in explaining past economic activity, particularly economic growth. The study has a twofold purpose. The first is to evaluate the workability of the Keynesian definitions when applied to existing sources of economic data; to see if a meaningful savings aggregate is a statistical possibility. The second is to attempt to explain in terms of related parts of the rest of Keynes' theoretical system the conclusions reached under the first purpose above.

Thesis (MBA (Business Management))-- University of Stellenbosch, 2009. / ENGLISH ABSTRACT: Money laundering is becoming a significant risk to the banking industry. It brings with it negative results such as damage to the banking industry reputation, escalation of prices as money launderers end up having a lot of cash in their hands resulting in high inflation and innocent consumers suffering when they end up having to pay the high prices. This research report will provide the background on money laundering and how the banking industry in Botswana can improve on the controls they have in place to deal with it. As money laundering is a worldwide problem, the study will explore the controls put in place by countries internationally and regionally to discourage money launderers from benefiting from their laundered assets. The study will also do a detailed assessment and analysis of the money laundering controls used by the banks in Botswana and come up with conclusions and recommendations that can help the banks in the fight against money laundering. / AFRIKAANSE OPSOMMING: Geldwassery word ‘n aansienlike risiko vir die bankwese. Dit het negatiewe gevolge soos skade aan die reputasie van die bankwese en prysstygings omdat geldwassers uiteindelik baie kontant in die hand het, wat lei tot hoë inflasie. Onskuldige verbruikers ly daaronder omdat hulle dan die hoë pryse moet betaal. Hierdie navorsingsverslag gee die agtergrond van geldwassery en hoe die bankwese in Botswana verbeteringe kan aanbring aan die beheermaatreëls wat hulle in plek het om geldwassery te hanteer. Aangesien geldwassery ‘n wêreldwye probleem is, ondersoek die studie die beheermaatreëls wat lande internasionaal en in streke gebruik om die geldwassers te ontmoedig om voordeel te trek uit die bates wat hulle op daardie wyse verkry het. Die studie doen ook ‘n gedetailleerde beoordeling en ontleding van die maatreëls vir die beheer van geldwassery wat deur die banke in Botswana gebruik word en kom tot gevolgtrekkings en gee aanbevelings wat die banke kan help in die stryd teen geldwassery

O presente estudo apresenta os condicionantes institucionais para o nível de eficiência da gestão municipal da educação no Brasil. A evolução dos princípios da administração pública no Brasil, estabelecidos pela Constituição de 1988 e ampliados pela Emenda Constitucional n° 19/1998, por serem instituições formais, patrocinadas pelo governo, ainda não surtiram efeito a ponto de alterarem o modus operandi do governo em nível municipal, ou de disseminar a implantação de novas tecnologias de gestão em larga escala (ex. NPM). No mínimo dois fatores inibem tal disseminação institucional, a ausência de incentivos aos agentes públicos a adotarem como direcionadores de desempenho tais princípios, e efeitos institucionais informais que atuam como path dependence (ancoragem) à plena adoção. Portanto, mesmo a eficiência sendo princípio da administração pública, as equipes de administração municipal apresentarão um descolamento em relação à adoção do princípio. Da mesma forma, o fato do município não declarar o uso de uma métrica VFM (Value for Money) não significa que não exista uma eficiência atingida por escolhas econômicas mesmo que feitas sem um framework de gestão. Desta forma, existe um nível de VFM implícito da administração municipal, que por hipótese seria função da presença de instituições informais favoráveis à adoção das instituições formais. Foram criadas proxies para VFM para educação básica, assim como um índice de VFM para os 5565 municípios brasileiros controlados por disponibilidade e acesso a recursos e porte. A presença de instituições informais foi captada por variáveis socioeconômicas e históricas. Os resultados sugerem que além de fatores como PIB per capita e investimentos públicos em educação, as tradições locais, denominadas Instituições no presente trabalho, afetam a política pública considerada. Efeitos institucionais podem afetar tanto positivamente o nível de VFM quanto negativamente, dependendo do tipo da instituição instalada na localidade. / The following research presents institutional drivers for education services efficiency level in Brazilians local government management. The federal Constitution and a additional law establishes and expands principles for the public administration. Since those principles are formal institutions, implemented by government, they did not have yet an effect in local public management or promoted new ways of management such as the New Public Management. At least two things might block this institutional improvement: The lack of incentives for public managers to use these principles as drivers for higher efficiency, and institutional effects that act as path dependent. Even though local government does not declare the use of a VFM (Value for Money) index, It does not mean that there is no level of efficiency in decisions taken without a management framework. Therefore, there is a implied VFM in local public management, that is affected by the presence of informal institutions, favorable to formal institutions that enhance efficiency. Proxies for VFM were identified for public management in public education services, such as a VFM index for Brazilians local government, considering the access and availability of resources and size. Informal institutions are proxy by historical and socioeconomics variables. Results suggests that not only GDP per capita and public investments in education affects public policies, institutional effects are able to affect positively the level of VFM negatively, according to the institution that is considered.

by Janet Yin Yao Lai, David Tak Kong Leung. / Bibliography: leaf 78 / Thesis (M.B.A.)--Chinese University of Hong Kong, 1985

by Kam-Hon Chu. / Thesis (M.Ph.)--Chinese University of Hong Kong, 1987. / Bibliography: leaves 152-158.

by Chan Cheuk Tung. / Thesis (M.Phil.)--Chinese University of Hong Kong, 1998. / Includes bibliographical references (leaves 86-90). / Abstract also in Chinese. / ABSTRACT (IN ENGLISH) --- p.ii / ABSTRACT (IN CHINESE) --- p.iv / TABLE OF CONTENTS --- p.vi / LIST OF TABLES --- p.ix / LIST OF FIGURES --- p.x / CHAPTER / Chapter I. --- INTRODUCTION --- p.1 / Overview: Neglected Role of Investors' Emotion --- p.1 / Inadequacies in Existing Theory and Research --- p.3 / Significance of Present Study --- p.5 / Chapter II. --- LITERATURE REVIEW --- p.6 / Demographic Studies of Investors --- p.6 / Decision Research on Choice Behavior --- p.7 / Personality Trait / Cognitive Style Approach --- p.7 / Situationist Approach --- p.8 / Interactionist Approach --- p.9 / Summary --- p.10 / Findings in choice behavior research --- p.10 / "Notion of ""Bounded Rationality""" --- p.10 / Frameworks for task and context effects --- p.12 / Decision-making as a Conflict Resolution Process --- p.13 / Generalized Cost/Benefit Analysis - the Emotional Dimension --- p.14 / Summary --- p.16 / Chapter III. --- HYPOTHESES --- p.18 / Information Acquisition --- p.18 / Negative Information --- p.20 / Positive and Irrelevant Information --- p.23 / Evaluation and Judgment --- p.25 / Strategies Formulation --- p.28 / Trading Performance --- p.30 / Chapter VI. --- METHODS --- p.32 / Overview --- p.32 / Material and Apparatus Selection --- p.33 / Selection of Music --- p.33 / Selection of Currency Pair --- p.35 / System for Trading Simulation --- p.36 / Selection of News Items --- p.37 / Pretest of Treatments --- p.39 / Subjects --- p.40 / Procedure --- p.41 / Manipulation Check - Pretest --- p.42 / Likert scale Measure --- p.43 / Affect Grid Measure --- p.44 / Convergent Validity of Measures --- p.45 / Summary --- p.46 / Estimation of Power and Optimal Sample Size for the Main Experiment --- p.46 / Main Experiment --- p.46 / Subjects --- p.47 / Procedure --- p.47 / Measures of Studied Variables --- p.48 / Control Variables --- p.49 / Chapter V. --- RESULTS & DISCUSSIONS --- p.51 / Manipulation Checks --- p.51 / Reliability of Mood Measures --- p.51 / Effect of Manipulations --- p.52 / Effects of Control variables --- p.54 / Trading Performance --- p.55 / Information Acquisition --- p.59 / Negative Information --- p.59 / Positive and Irrelevant Information --- p.62 / Time Allocation --- p.64 / Summary --- p.66 / Evaluation and Judgment --- p.66 / Decision Time --- p.66 / Decision Complexity --- p.68 / Decision Accuracy --- p.70 / Summary --- p.71 / Strategy Formulation --- p.72 / Use of Cut-loss Order --- p.72 / Use of Limit-profit Order --- p.73 / Investment Size --- p.73 / Summary --- p.75 / Discussion --- p.75 / Chapter VI. --- CONCLUSION --- p.78 / Discussion --- p.78 / Limitations and Suggestions for Future Studies --- p.80 / Suggestions to Investors --- p.76 / Individual Investors --- p.82 / Institutional Investors --- p.84 / BIBLIOGRAPHY --- p.86 / APPENDICES --- p.91 / Appendix 1 News Selection Phase One: Judges' Rating --- p.91 / Appendix 2 Screen Layouts of the Internet Trading System --- p.92 / Appendix 3 Coding Scheme -Complexity of Reasoning --- p.93 / Appendix 4 Questionnaire --- p.94

Gong Yibing. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2006. / Includes bibliographical references (leaves 109-121). / Abstracts in English and Chinese. / Introduction --- p.1 / Chapter Chapter I. --- Basic Monetary Terms --- p.9 / Basic Functions of Money --- p.10 / China´ةs Bimetallism --- p.16 / The Terminology --- p.19 / Chapter Chapter II. --- The Influx of Foreign Silver Coins into China --- p.22 / Chapter Chapter III. --- The Circulation of Foreign Silver Coins --- p.39 / The Spread of Foreign Silver Coins in China --- p.39 / Case Study I: Fujian --- p.46 / Case Study II: Guangdong --- p.65 / Case Study III: Jiangsu and Zhejiang --- p.82 / Conclusion --- p.101 / Bibliography --- p.108

在全球化和改革開放的進程中，中國在各方面巳經取得了長足的進步，另一方面，外來衝擊也更容易侵入。在本文中我們主要關注世界上最大的兩個經濟體，中國和美國，通過貨幣政策所產生的聯繫。我們建立了若干個VAR 模型來分析美國貨幣政策的改變對於中國的影響以及意義。 / 我們發現，匯率波動是最主要的傳導渠道。基於這一點，文中的分析被劃分為兩個子時間段，以2005 年7 月的匯率改革為分隔點。在兩個時間段中，擴張性的美國貨幣政策衝擊都會引起流入中國的國際資本顯著增加，並以非FDI 的“熱錢"流入為主。在匯率改革之前，這一資本流入主要引起不可貿易品的需求增加，從而其相對價格提高，引起實際匯率升值，而對於經常賬戶和貿易收支的影響較小。相比之下，在匯率改革之後，這一資本流入引起的實際匯率升值主要通過名義匯率的調整來實現。雖然國內通貨膨脹壓力降低， 實際匯率波幅也沒有顯著上升，但是由於名義匯率變化對於出口的傳遞程度較高，貿易收支在短期內會明顯惡化。 / 為了增強分析的有效性和魯棒性，我們修改了VAR 的結構來觀察這一傳導機制隨著時間的演進。結果證明了最主要的轉折點出現在匯改附近，同時變量之間逐年的動態闕係也證明了以上的結論。 / 這些結果表明，在名義匯率和經常賬戶的穩定性，以及國內通貨膨脹的穩定性之間，存在著一個權衡關係。雖然對於浮動匯率制是否會帶來更高的實際匯率波動性本文並未發現很強的證據，但是我們觀察到它導致了經常賬戶更加劇烈的波動。在某些情況下，名義匯率升值甚至可以引起短暫的通貨緊縮現象，這在固定匯率制下是不會出現的。因此，邁向浮動匯率制的副作用不可被完全忽略，其中隱含的風險也在一定程度上說明了“浮動恐懼"這一普遍現象的合理性。 / On the transition path to a more globalized and open economy, China has witnessed a great progress in many aspects; meanwhile, external shocks are more likely to invade. In this work we focus on the connection between two largest economies, China and the US, through the channel of monetary policy innovations. Several structural VAR models are developed to analyze what a change in monetary policy stance of US implies for the Chinese economy and why this is important. / The principal transmission channel is through adjustment in exchange rates. We divide our analysis into two sub-periods based on the exchange rate reform in July 2005. Across both periods following an expansionary US monetary policy shock there is a burst of capital inflows concentrated within the first year that are dominated by non-FDI inflows, i.e., “hot money“. Before the exchange rate reform, these capital inflows lead to a rise in the demand for non-tradable goods, driving up their relative price, thereby achieving a real exchange rate appreciation. The effect on trade balance is relatively small. / Comparatively, after the exchange rate reform, real exchange rate appreciates due to the surge of capital inflows more through changes in nominal exchange rate. The inflationary pressure is alleviated significantly, and the short-run volatility of real exchange rate slightly increases. However, the pass-through of nominal exchange rate changes into exports is much higher, resulting in a short-run deterioration in trade balance severely. / To verify the validity and enhance the robustness of our analysis, we revise the identifying VARs to investigate the evolution of transmission over time. We show that the most significant turning point of the transmission channel coincides with the exchange rate reform, and comparison among dynamics of variables on a year-by-year basis confirms the previous conclusions. / It seems that there is a trade-off between the stability of nominal exchange rate and the current account, on the one hand, and the stabilization of inflation, on the other hand. Although we find only weak evidence that a more free-floating nominal exchange rate will lead to higher volatility in the real exchange rate, it may introduce higher short-run volatility in the current account. In some cases the appreciation in nominal exchange rate even generates a transitory deflationary effect that is absent under the pegged system. Therefore, the side effects of stepping toward a flexible exchange rate regime must be considered; the potential risk it involves justifies the “fear of floating“ to some extent. / Detailed summary in vernacular field only. / Detailed summary in vernacular field only. / Detailed summary in vernacular field only. / Detailed summary in vernacular field only. / Yang, Minmin. / Thesis (Ph.D.)--Chinese University of Hong Kong, 2012. / Includes bibliographical references (leaves 101-110). / Electronic reproduction. Hong Kong : Chinese University of Hong Kong, [2012] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Abstract also in Chinese. / Abstract --- p.i / Acknowledgement --- p.v / Chapter 1 --- Introduction --- p.1 / Chapter 1.1 --- Motivation --- p.1 / Chapter 1.2 --- Contributions and Major Findings --- p.5 / Chapter 1.3 --- Organization of the Thesis --- p.7 / Chapter 2 --- Literature Review --- p.9 / Chapter 2.1 --- Open Economy Theories --- p.9 / Chapter 2.2 --- Empirical Research on International Transmission --- p.13 / Chapter 2.3 --- China as an Open Economy --- p.15 / Chapter 3 --- Theory --- p.18 / Chapter 3.1 --- Traditional Theory --- p.18 / Chapter 3.1.1 --- Transmission under Fixed Exchange Rate Regime --- p.19 / Chapter 3.1.2 --- Transmission under Flexible Exchange Rate Regime --- p.25 / Chapter 3.2 --- Specific Issues in China --- p.27 / Chapter 3.2.1 --- Capital Control --- p.28 / Chapter 3.2.2 --- Sterilization --- p.29 / Chapter 3.2.3 --- Pass-through of Nominal Exchange Rate to Trade --- p.30 / Chapter 3.3 --- Summary --- p.36 / Chapter 4 --- Data and Methodology --- p.38 / Chapter 4.1 --- Vector Autoregression --- p.38 / Chapter 4.2 --- VARs models for the transmission of US monetary policy shocks to China --- p.41 / Chapter 4.2.1 --- Benchmark VAR to IdentifyMonetary Policy Shocks in the US --- p.41 / Chapter 4.2.2 --- Extend the Benchmark VAR to Include Chinese Variables --- p.45 / Chapter 4.3 --- Data --- p.50 / Chapter 5 --- Empirical Results --- p.57 / Chapter 5.1 --- Overview --- p.57 / Chapter 5.2 --- Transmission before the Exchange Rate reform --- p.59 / Chapter 5.2.1 --- Capital Inflows --- p.59 / Chapter 5.2.2 --- Exchange Rates and Prices --- p.62 / Chapter 5.2.3 --- Trade and the Current Account --- p.64 / Chapter 5.3 --- Transmission after the Exchange Rate Reform --- p.66 / Chapter 5.3.1 --- Capital Inflows --- p.67 / Chapter 5.3.2 --- Exchange Rates and Prices --- p.67 / Chapter 5.3.3 --- Trade and the Current Account --- p.69 / Chapter 5.4 --- Specific Issues in China --- p.70 / Chapter 5.4.1 --- Capital Control --- p.71 / Chapter 5.4.2 --- Sterilization --- p.71 / Chapter 5.4.3 --- Pass-through of Nominal Exchange Rate to Trade --- p.72 / Chapter 5.5 --- Summary --- p.77 / Chapter 6 --- Robustness: Structural Break in the Transmission --- p.79 / Chapter 6.1 --- Methodology --- p.80 / Chapter 6.2 --- Empirical Results --- p.87 / Chapter 6.3 --- Summary --- p.91 / Chapter 7 --- Conclusion and Future Work --- p.92 / Bibliography --- p.101