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Monetary policy and disintermediation in South Africa : 1970–2010 / Michael OldfieldOldfield, Michael John January 2011 (has links)
This study examines the development of monetary theory and various policy frameworks as implemented at the time of writing. The aim of the study was to determine the effect of monetary policy on disintermediation and re–intermediation throughout the periods of the various monetary policy frameworks in South Africa, specifically between 1970 and 2010.
In order to achieve the research objective given above, a review was firstly conducted of the literature on monetary theory and policy. This literature review gave attention to the various methods of evaluating the extent of disintermediation, elaborating on the various factors that influence the disintermediation process. The literature suggests that the occurrence of disintermediation can be determined by comparing income velocity data to real interest rate data. The second step in achieving the research objective was to examine the South African income velocity data in comparison to the South African real interest rate data over the period 1970 to 2010.
The study found that disintermediation arises from the application of semi–direct or direct monetary controls, which in turn creates abnormal interest rate gaps. Despite the different monetary frameworks adopted in South Africa from 1970 to 2010, a uniform response can be noted. It is observed that whenever real interest rates trough, income velocity in turn peaks, indicating disintermediation. The opposite is true for a high real interest rate environment; income velocity declines, indicating re–intermediation, as returns are sought for in the banking sector.
It is also observed that monetary policy implementation proves difficult owing to its forward–looking nature. Complications arise out of the elasticity of transmission mechanisms, the lag effect thereof and models that are backward looking based on historical data. In short, the study found that care should be taken by monetary authorities not to over–act in either direction, whether monetary tightening or easing. / Thesis (M.Com. (Economics))--North-West University, Potchefstroom Campus, 2011.
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Monetary policy and disintermediation in South Africa : 1970–2010 / Michael OldfieldOldfield, Michael John January 2011 (has links)
This study examines the development of monetary theory and various policy frameworks as implemented at the time of writing. The aim of the study was to determine the effect of monetary policy on disintermediation and re–intermediation throughout the periods of the various monetary policy frameworks in South Africa, specifically between 1970 and 2010.
In order to achieve the research objective given above, a review was firstly conducted of the literature on monetary theory and policy. This literature review gave attention to the various methods of evaluating the extent of disintermediation, elaborating on the various factors that influence the disintermediation process. The literature suggests that the occurrence of disintermediation can be determined by comparing income velocity data to real interest rate data. The second step in achieving the research objective was to examine the South African income velocity data in comparison to the South African real interest rate data over the period 1970 to 2010.
The study found that disintermediation arises from the application of semi–direct or direct monetary controls, which in turn creates abnormal interest rate gaps. Despite the different monetary frameworks adopted in South Africa from 1970 to 2010, a uniform response can be noted. It is observed that whenever real interest rates trough, income velocity in turn peaks, indicating disintermediation. The opposite is true for a high real interest rate environment; income velocity declines, indicating re–intermediation, as returns are sought for in the banking sector.
It is also observed that monetary policy implementation proves difficult owing to its forward–looking nature. Complications arise out of the elasticity of transmission mechanisms, the lag effect thereof and models that are backward looking based on historical data. In short, the study found that care should be taken by monetary authorities not to over–act in either direction, whether monetary tightening or easing. / Thesis (M.Com. (Economics))--North-West University, Potchefstroom Campus, 2011.
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Nástroje přímé monetizace pro autory textových obsahů v České republice / Means of direct content monetization for creators of written content in Czech RepublicRomaňák, Adam January 2020 (has links)
This study examines how independent writers in Czechia operate at the intersection of creative processes and management of their writing ventures. With a leading set of research questions, this paper delves into the array of contemporary methods and tools used for monetization, considers their influence on content creation, explores the relation to underlying motivations of writers and investigates the current intermediary landscape in the field. As a first academic probe into the topic in the country, the research introduces key concepts and then takes the inductive approach of a qualitative study conducting 7 in-depth interviews with local independent creators and employing grounded theory for the data analysis. The themes emerging from the research of this population sample suggest that local independent writers exhibit a high degree of resourcefulness in their monetization strategies as they combat inherent uncertainties of their vocation. They are also mainly driven by intrinsic motivations in their creation, and while they enjoy a great deal of creative freedom thanks to their independent status attained by often becoming self-publishers, the findings show that the traditional intermediaries such as publishing houses remain highly relevant in the field.
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