Auswahl der wissenschaftlichen Literatur zum Thema „The potential of crafts and the art market“

There is a growing recognition of the important role that artist residency programs can play in supporting artistic activities in their various forms. This paper examines an experimental residency program that has been in operation for less than two years in Seoul Art Space Sindang. The principal goal of the “S-store” project is to help artists develop products for the art market in cooperation with a major department store. We use Bourdieu’s field theory to analyze the strategies that underlie the operation of this more thoughtful approach to commodifying craft artworks; an approach that involves a mixture of both autonomous and heteronomous principles. Our findings reveal noticeable differences in the perceptions and experiences of the involved artists based on their positions in the field of craft. In particular, well established artists were more interested in the commodification of art and were consequently more actively involved in the project than less well established artists who were more concerned with maintaining the aesthetics inherent to small scale crafts production. Nonetheless, despite these differences, both groups equally recognized the importance of maintaining a pure art status beyond the boundaries of the art market. This study shows the potential and complexity of artist residency programs in helping artists adapt to the market logic of the art industry.

Abstract. Medan is a historical and multi-ethnic city which is one of the tourist destinations in Indonesia. Medan has many cultures that produce a lot of arts and crafts from each culture. However, the facilities and infrastructure for culture are still lacking. Only Cultural Park and PRSU are cultural spaces facilitated by the government. From the private sector, several galleries sell creative cultural industries that are managed privately. Therefore, this study aims as a boost where it is necessary to build a centre for a complete arts and crafts shop as a medium for art artisans to explore their talents and to help the economy of the surrounding community. Data collection in this study relies on secondary data obtained from libraries, related offices related to urban planning such as the Medan City Planning Agency and online sources. Then proceed with observing the location of potential sites as art markets. These observations emphasize apart from the location of the site as well as on the environment and infrastructure around the site. The results of the study show that: the right location for designing an art market in Medan is on Palang Merah street. This location is considered suitable because of its strategic location, close to the city centre and close to culinary spots. With this art market, it can become a workshop or marketing place for the creative industry in Medan.

Kutalimbaru is one of the sub-districts in Deli Serdang Regency, Sumatra Province North, has 14 villages. This research is a qualitative descriptive research with a literature study research method through literature studies. Market potential is a valuation of potential revenue for a particular product or service at a given time. The market size can include a target market or a market segment, and you can measure it in terms of the total value or units of a particular product. There are several business sector opportunities that ultimately generate benefits for the community in Kutalimbaru sub-district in improving welfare, namely: Culinary, Traditional Crafts and Arts, Transportation Services, and Construction Services. Kutalimbaru, which has many villages, has the opportunity to maintain market potential. Keywords: District, Kutalimbaru, Market, Potential

Pottery is a type of traditional craft that has taken root in the history of art and culture of the Indonesian society. This fact is supported by various forms of ancient earthenware crafts which discovered since prehistoric times and the emergence of pottery craft centers in various parts of Indonesia, including in Rendeng Village, Malo District, Bojonegoro Regency. The changing of market needs and tastes today are a common problem faced by the traditional craft industry, including pottery crafts. Local wealth inside the traditional handicraft design which increasingly disappearing is one of the common concerns. The development of this contemporary pottery design aims to revive the skills of pottery craftsmen and the local culture of the Bojonegoro society in a modern design style. The research and development produced three sets of earthenware teapots, namely a turtle-shaped teapot set, a white combination of turtle-shaped teapot and teapot set inspired by Bojonegoro local coffee. Design research uses action research methods which consist of three design cycles. The application of this research method is useful to improve the capabilities and creativity of pottery craftmen in designing craft designs. Each design development cycle has four stages, namely planning, observation, action and reflection. The results of the study show that the color of the local clay Bojonegoro can characterize contemporary designs with a blend of colors and materials. The local way of drinking coffee as an inspiration for ‘kothok’ coffee teapots set has the potential to commercialize products and new experiences in drinking coffee.Key words: teapot, pottery, contemporary, Bojonegoro

The article examined the definitions of the term "folk art industries" according to the legislation of Ukraine. Folk art works in Ukraine are an integral part of Ukrainian culture, they have taken into themselves the features inherent in separate ethnographic regions of the country and are a specific component of historical and cultural recreational resources, one of the most interesting in the people's creativity. The focus of attention is directed on authentic products of Volyn, which forms a brand of Ukrainian industries. The samples of intangible cultural heritage occupy a separate niche in the system of historical and cultural tourist resources – folk art industries, which allow to study traditions and hue of Volhynians, to make an idea about the peculiarities of life of the region. The UN data show that the global market of creative industries has doubled in the last ten years. The modern structure of folk art works of Volyn has been defined, the main kinds and centers of folk art, which are found in the territory of Volyn region, are outlined by a brief characteristic of each of them. The entrepreneurial potential of the art folk industries centers as a sector of creative industries has been discovered. The peculiarities of the spatial location of the centers of artistic folk industries on the territory of the region are analyzed in terms of administrative districts and territorial communities. Study of peculiarities and regularities of accommodation of centers of artistic folk crafts will allow to expand the range of available tourist routes, to create a proper tourist infrastructure near these centers. The analysis of the supply ratio of this type of tourist-recreational resources as a basis for development of cognitive tourism was carried out. The proposed measures will allow to increase the role of these objects in the system of recognizable tourist routes, which in turn will allow to increase the number of tourists in Volyn, and thus to improve the financial condition and create a positive image of the region. On the basis of the conducted research, it is worth creating training centers where anyone who wants to could learn the art of creating artistic folk crafts. It is necessary to consider the possibility of creating a network of specialized trade establishments that would specialize in the sale of souvenir products, the formation of orders for certain individual types of crafts or individual products, exclusive items, would contribute to the popularization of folk and applied arts, contain a base of masters of folk arts and crafts, conduct master classes, aimed at studying certain techniques of creating these products. A very important component is the information and advertising policy in this field, which would be aimed at popularizing the cognitive aspect of the functioning of centers of artistic folk crafts. At the same time, in order to form a positive image of the region, it is necessary to inform the population and potential tourists with the help of cartographic material (in particular, interactive), printed products (booklets, flyers), mass media about these objects and locations. The development of folk arts and crafts centers within the Volyn region is one of the most promising areas of the redevelopment of the territory, can create preconditions for the improvement of the environment design, increase the level of attractiveness of the territories for living, promote the accumulation of human potential. Key words: folk arts, authentic products, cognitive tourism, creative industries, Volyn region

The importance of peasant industry in the vital activity of a complex peasant economy, the basis of which was arable farming, is shown on the example of Seltinsky volost of Malmyzhsky Uyezd of Vyatka governorate. The integral branches were animal husbandry and extra-agrarian occupations, among which the main burden was borne by extractive and processing works. The role of natural-geographical, socio-economic conditions, legal norms, trade relations, the creative potential of the people in the process of forming and functioning of a sustainable, balanced, integrated peasant economy is considered. A favourable location of the volost along the Siberian tract with access to the Kama and Vyatka trade river routes contributed to the development of a periodic market sphere (bazaar, torzhok, fair), to peasant economy involvement in the system of a single national market. The zemstvo population censuses made it possible to show a relatively high level of peasants’ provision with land plots, as well as draft, horned cattle and small livestock. Different levels of ethnic groups’ economic situation are noted. There was economic differentiation in the village; the vast majority was occupied by the well-to-do and middle class of the peasantry. To serve the numerous village needs, 90 types of crafts were functioning, which were represented by a wide range of manufactured products. The semi-natural character of peasant economy determined the diversity of its economic forms: domestic industry, handicrafts, small-scale production, capitalist cooperation. Another important role of crafts in the social medium life should be noted – it is an opportunity to realize an ethnic group’s creative potential, improving production technology, honing artistic skills. Household items, traditional clothing indicate a high level and variety of folk art. People’s memory has preserved the names of the best volost masters, who contributed to further development of national folk art. The study of life activity of the peasant population in a single volost at an interdisciplinary level in a fairly new research direction “the history of everyday life”, involvement of a wide comprehensive database, including published zemstvo statistics, fundamental zemstvo studies, archival documents, materials of ethnographic expeditions enable to deeper investigate the structure of a peasant economy, interaction, interdependence of its individual branches, the important role of crafts in a village economy, as well as legality and necessity of production small forms functioning in any historical epoch.

This article examines the activity of the Art Industry and Handicrafts Department at the All-Russian Congress of Artists (1911–1912, St Petersburg). The congress delegates, including S. S. Goloushev, M. N. Dietrich, P. S. J. Marcerou, L. G. Orshansky, P. P. Pashkov, N. F. Root, P. S. Filosofov, A. P. Eisner and others, possessed considerable expertise in the organisation of art and industrial educational institutions and handicraft industries. They were highly knowledgeable about the nuances of decorative and applied art and had a keen understanding of folk art and the developments that occurred within the Western European art industry. The Proceedings of the All-Russian Congress of Artists in Petrograd, December 1911–January 1912 (in 3 vols, 1915) contains a wealth of information pertaining to specific crafts (ceramic, lace, carpentry, etc.), the lives and work of artisans, the characteristics of the market and the training system for master craftspeople. In addition to the reports, discussions were published that enabled the identification of the relevance of the issues raised and the inconsistency of the approaches proposed to address them. Despite differing opinions on individual issues, common positions were developed. The participants of the event considered it crucial to maintain the national identity of artisanal products while widely promoting folk art through exhibitions, museum displays and printed publications. They also emphasised the importance of communicating to local officials the necessity of providing comprehensive support to crafts. Furthermore, they highlighted the necessity of imparting artistic literacy to artisans and involving experienced artists and educators who possessed a comprehensive understanding of the nuances associated with handicrafts in their collaboration with artisans. Simultaneously, the speakers perceived no potential for artistic design and attempted to differentiate mass industrial products from handicrafts. During the Soviet era, several congress participants would persist in their endeavours and would vigorously promote the advancement of handicrafts in the context of evolving socio-economic circumstances.

This systematic literature review investigates marine tourism within the scope of business management areas, shedding light on diverse industry dimensions, from environmental impacts to economic valuations. Utilizing the Scopus database and spanning a decade (2012-2022), this research meticulously sifts through an initial bulk of identified articles, ultimately honing in on 37 pertinent papers through a criterion that ensured relevance via aspects like authorship, title, publication year, journal, and citation count. With a structured mapping approach, the research categorizes marine tourism in business management into basic, emerging, motor, and niche themes, revealing critical insights and articulating states of the art in several key facets of marine tourism. Among these are Limited Focus on Sustainable Practices, Under-Explored Technology Utilization, Insufficient Market Segmentation Studies, and Minimal Research on Crisis Management. The study further crafts a future research agenda, considering pivotal domains such as sustainability, technology, market dynamics, crisis management, and community engagement. Serving as a potential cornerstone for forthcoming studies, this research not only maps out future investigations in marine tourism within business management but also highlights themes ripe for deeper, more detailed exploration, thereby enriching the academic vista in marine tourism within the realm of business management.

Indonesia especially Bali has a huge potential in the field of tourism. It can be seen from a wide range of beautiful natural scenery, culture, history of the nation, festivals and ceremonies are unique, different kinds of art and crafts, and a number of very attractive place for tourists throughout the year . The study aims is to determine the marketing strategy of the company's tour packages PT. Vast Alliance Tour who can be success to attract tourists to use the services at PT. Vast Alliance Tour. The analysis using SWOT to determine what the is right strategy which can be used to market package of PT. Vast Alliance Tour. This study led to the conclusion that that the marketing strategies undertaken by PT. Vast Alliance Tour in promoting its products through website, brochures, and sales calls. Products offered by PT. Vast Alliance Tour package in the form of packages like rafting, water sports, cruise, spa, and and much more. Strategy undertaken in this study using the SWOT analysis is to combine the strengths and opportunities that can cover the weaknesses and threats that exist in the relevant product market.

The term of creative economy is developed from the concept of creativity-based capital which hasthe potential to increase economic growth in a region. Creativity is considered having capability indriving business opportunities for small businesses through the development of souvenirs, folkfestivals, and so on. Creative economy and the tourism sector are two things that influence andsynergize with each other if managed properly. This study uses a qualitative method which aims toidentify tourism in M-Bloc Space Jakarta through the creative economy. The type of data used isqualitative data with data collections carried out through observation, in-depth interviews, anddocumentaries. The data analysis used is descriptive qualitative analysis. The results of this studyindicate that the creative economy at M-Bloc Space Jakarta consists of eight creative economy subsectors,namely advertising, art market, crafts, design, fashion, music, publishing and printing, andculinary. Creative Economy at M-Bloc Space Jakarta as a tourism activity consists of (3S) Something todo, Something to see, Something to buy.Keyword: ekonomi kreatif, kegiatan wisata, creative hub, m-bloc space Jakarta.

Après une ample introduction sur Haïti et la CARICOM, cette thèse regroupe trois essais d'économie internationale pour éclairer les problématiques et le potentiel du pays et de la région.Le premier essai est une discussion critique de la théorie classique de David Ricardo sur l'avantage comparatif, examinant le rôle des différences de revenu sur le commerce international. En s'affranchissant de l'hypothèse restrictive généralement adoptée de « préférences homothétiques » selon laquelle les ménages consacrent une fraction constante de leur revenu à l'achat de chaque bien ou service qu'ils consomment, le rôle de la demande (et donc la distribution des revenus) pour expliquer le flux des échanges est réaffirmé. Un modèle simple démontre qu'un pays pauvre peut être exclu des échanges malgré ses avantages comparatifs, même en l'absence de barrières commerciales telles que les droits de douane ou les coûts de transport.Les pays encore dominés par l'agriculture de subsistance tendent à avoir un faible taux d'ouverture, car l'essentiel de leur production est consommé localement et les biens de consommation produits à l'étranger leur restent inaccessibles. En revanche, les pays spécialisés dans les services touristiques ont tendance à avoir un taux d'ouverture élevé, car ils exportent l'ensemble de ces services qui servent à financer l'importation d'une grande partie de leur alimentation et des biens de consommation, qui ne sont pas produits sur place. En somme, indépendamment de leur taille, le niveau d'ouverture économique des pays à bas revenus dépend largement de leur spécialisation.Une autre implication cruciale du modèle est que seuls les pays les plus riches peuvent vraiment profiter des avantages du commerce international. Le commerce apparait comme un moteur de divergence plutôt que de convergence, car il tend, dans certains cas du moins, à accentuer les inégalités entre les nations. Certains pays profitent de la croissance mondiale alors que d'autres, bien qu'étant proches géographiquement, semblent s'en éloigner irrémédiablement.Le deuxième essai souligne les vulnérabilités découlant de la spécialisation touristique de nombreux pays des Caraïbes. Bien que cette spécialisation leur ait permis de bénéficier de la croissance des pays riches, elle les expose également à tous les chocs susceptibles d'affecter ce secteur. La pandémie de Covid-19 a tragiquement révélé cette fragilité, comme en témoigne la chute du PIB clairement reliée à l'importance du tourisme dans chacun de ces pays. Les économies caribéennes ont été directement impactées par les restrictions de voyage imposées par les pays d'origine des touristes, sans avoir leur mot à dire. Ainsi, en plus de la fragilité intrinsèquement liée à la spécialisation, ces pays se sont retrouvés en grande partie privés de leur souveraineté en matière de politique économique, ce qui est particulièrement problématique quand il y a divergence d'intérêt.Le troisième essai explore une avenue potentielle pour le développement d'Haïti. Malgré les intentions affichées de la CARICOM, les échanges commerciaux au sein de la communauté restent très limités et les bénéfices attendus des accords de Chaguaramas tardent à se concrétiser. Les pays des Caraïbes présentent peu de complémentarités et pourraient n'être que des destinations touristiques concurrentes sans liens entre elles, s'ils ne bénéficiaient pas de l'effet d'appartenance à la communauté Caraïbéenne qui les rend visibles au niveau international.Nous soutenons que l'artisanat haïtien pourrait enrichir l'industrie touristique de la région. Haïti possède un avantage comparatif évident dans ce domaine en raison de sa main-d'œuvre abondante par rapport aux autres pays de la région. Il pourrait donc tirer parti des retombées de l'industrie touristique prospère de ses voisins, alors que ces derniers ont tout intérêt à favoriser un tourisme plus culturel, à la fois plus rentable et plus durable que le tourisme de masse
After an extensive introduction on Haiti and CARICOM, this thesis comprises three essays in international economics aimed at shedding light on the issues and potential of the country and the region.The first essay is a critical discussion of David Ricardo's classical theory of comparative advantage, examining the role of income disparities in international trade. By breaking free from the commonly adopted restrictive assumption of "homothetic preferences," which pos-its that households allocate a constant fraction of their income to the purchase of each good or service they consume, the significance of demand (and thus of income distribution) in explaining trade flows is reaffirmed. A simple model demonstrates that a low-income coun-try can be excluded from trade despite its comparative advantages, even in the absence of trade barriers such as tariffs or transportation costs.Countries still dominated by subsistence agriculture tend to have a low level of openness because most of their production is consumed locally, and foreign-produced consumer goods remain inaccessible to them. In contrast, countries specializing in tourism services tend to have a high level of openness because they export these services to finance the importation of much of their food and consumer goods, which are not locally produced. In summary, re-gardless of their size, the level of economic openness of low-income countries depends largely on their specialization.Another crucial implication of the model is that only the wealthiest countries can truly bene-fit from the advantages of international trade. Trade appears as a driver of divergence rather than convergence because, in some cases, it tends to exacerbate inequalities between nations. Some countries benefit from global growth while others, despite their geographical proximi-ty, seem to drift away irreversibly.The second essay underscores the vulnerabilities arising from the tourism specialization of many Caribbean countries. Although this specialization has allowed them to benefit from the growth of wealthy countries, it also exposes them to all shocks that may affect this sector. The Covid-19 pandemic tragically revealed this fragility, as evidenced by the clear decline in GDP directly related to the importance of tourism in each of these countries. Caribbean economies were directly affected by travel restrictions imposed by tourists' countries of origin, without having a say. Thus, in addition to the fragility inherently linked to specializa-tion, these countries found themselves largely deprived of their sovereignty in economic pol-icy matters, which is particularly problematic when there is a divergence of interest.The third essay explores a potential avenue for Haiti's development. Despite CARICOM's stated intentions, intra-community trade remains very limited, and the expected benefits of the Chaguaramas agreements have yet to materialize. Caribbean countries have few com-plementarities and could be nothing more than competing tourist destinations without con-nections if they did not benefit from the visibility provided by belonging to the Caribbean community at the international level. We argue that Haitian craftsmanship could enrich the region's tourism industry. Haiti has a clear comparative advantage in this field due to its abundant workforce compared to other countries in the region. It could thus benefit from the successful tourism industry of its neighbors, as these countries have every interest in promot-ing a more cultural, profitable, and sustainable form of tourism than mass tourism

This research project investigates factors contributing to what I consider to be an erosion within the contemporary culture of the imagination- crucial to the very concept of what it is to be human. It has been said that the 'civilising' of art within contemporary culture may have flogged the human imagination into retreat. If so what might be the best way for art to help us visualise more creative ways of living and being? This is the key question I have pursued in this research project, the main outcomes of which are a body of creative art works (presented for examination in the form of a site-specific installation, together with documentary archive of photographs and other interventions) and an exegesis which explores the critical context for these. In proposing site-specific installation art as a vital alternative to the over-commodification evident within much contemporary art, I also see repetition and play as being strategies with particular potential for encouraging active artist-participant dialogue on the subject of the poetico-ethical imagination- along lines suggested by thinkers such as Robert Kearney and Ken Wilbur. The artefacts and installations presented for examination are mostly devoid of textual explanation and commentary, with the aim of emphasising direct sensory experience. However, throughout the written component (exegesis) I have taken the creative liberty of including textual fragments and other visual elements as a means of suggesting that a form of disassociation, meandering or breakdown has occurred. The reader will also notice an absence of capitalisation in the titles of chapters (and certain works). In this I have sought to explore possibilities for undermining academic form through imaginative play.

Many of the most often-discussed issues of authenticity have centred around art forgery and plagiarism. A forgery is defined as a work of art whose history of production is misrepresented by someone (not necessarily the artist) to an audience (possibly to a potential buyer of the work), normally for financial gain. A forging artist paints or sculpts a work in the style of a famous artist in order to market the result as having been created by the famous artist. Exact copies of existing works are seldom forged, as they will be difficult to sell to knowledgeable buyers. The concept of forgery necessarily involves deceptive intentions on the part of the forger or the seller of the work: this distinguishes forgeries from innocent copies or merely erroneous attributions.

Abstract In the 1940s, Neil Borden developed the term “marketing mix” to refer to the entire work of a business executive. The notion suggests that the function of business is marketing, and in 1960 Jerome McCarthy defined the functions of the marketing mix as the four Ps: Product, price, place, and promotion. In the arts, the Ps dont work. This text proposes a new paradigm—the four Es—that better explain what is, and what should be, happening in nonprofit arts marketing. Though art presented might be defined as a product, product misses the fact that the art occurs within audiences leading to an arts experience. Typical pricing strategies tend to be largely ineffective in the arts, which are typically inelastic. Ease of access is a concept that better addresses how arts organizations can reduce possible obstacles their potential audience may face. Place refers to the systems that move a product from a creator to a consumer, which are handled by channel managers. The arts, however, can rarely be moved through distribution channels. Instead, the piece that arts executives must consider in balancing their marketing mix is the environment in which the art is being provided. Even the concept of promotion is typically a stretch for arts organizations with limited resources and constantly evolving experiences. However, when the function of the arts promoter is considered to be education about the arts experience for the marketplace, the approach leads to enhanced value and engagement for the community.

AbstractForest monitoring is undergoing rapid changes due to the growing data volumes, developing data processing technologies and increasing monitoring requirements. The DataBio forestry pilots set out to demonstrate how big data approaches can support the forestry sector to get full benefit of the evolving technologies and to meet the increasing monitoring requirements. In this introductory chapter, we describe underlying technical and market forces driving the forestry sector toward big data approaches, and give short overviews on the forestry pilots to be presented in the following chapters.

We consider the practical difficulties faced by Moorcroft in his first year at the new factory, built to a tight budget and at high speed. The move to full production was inevitably slow, and the consequential financial pressures were compounded by continuing disputes with Watkin about the market value of stock which Moorcroft bought from Macintyre’s. Drawing on contemporary documents and ledgers, we examine the design of the new works and its informed compliance with the ‘Regulations for the Manufacture and Decoration of Pottery’, enacted in 1913. Its distinctiveness, though, lay not just its compliance, but in its working environment, quite different from both industrial manufactories and smaller-scale art potteries. Closer to a studio, it was defined and energised by Moorcroft himself, who played an active role in all aspects of design and production, management and marketing, supported in this by his wife, Florence Lovibond, one of the first Women Factory Inspectors. This unique atmosphere was immediately noticed by reviewers, and written about in terms which implicitly linked it to the Arts and Crafts movement. We contrast it with Fry’s Omega Workshops, another variant on the Morris legacy, established at the same time. Moorcroft’s enterprise is seen to be both more personal and less exclusive, with a mission to create an ‘everyday art’ for more than a select few.

AbstractIn the discussions of Fab Cities, “local production” and “urban production” are recurring topics. While one goal is bringing production back to the cities, there are already companies that have been producing there – sometimes for decades. These are typically micro, small and medium-sized enterprises (SME) specialized in certain crafts or trades. In order to create products, such as furniture or even entire houses, they often have to collaborate so that multiple producers contribute their craft and expertise to an end product. Businesses typically have partners from other trades whom they regularly work with, but there is rarely a true network dynamic. Collaborating in a network could, however, provide significant advantages to producers and customers, especially when supported further by utilizing state-of-the-art information technologies to optimize network processes. However, due to a lack of resources SMEs in particular have been having a hard time adopting technologies introduced by Industry 4.0 and designed to enable more effective collaboration. Additionally, existing concepts for production networks of SMEs have not been as successful as anticipated. Therefore, this chapter aims to explore the challenges and potential of production networks of local SMEs as well as ways to support them.

Abstract‘The Anthropocene’ has emerged as a unique moment in earth history where humanity recognises its devastating capacity to destabilise the planetary processes upon which it depends. Modern agriculture plays a central role in this problematic. Food production innovations are needed that exceed traditional paradigms of the Green Revolution whilst at the same time are able to acknowledge the complexity arising from the sustainability and food security issues that mark our times. Aquaponics is one technological innovation that promises to contribute much towards these imperatives. But this emergent field is in an early stage that is characterised by limited resources, market uncertainty, institutional resistance and high risks of failure—a developmental environment where hype prevails over demonstrated outcomes. Given this situation, the aquaponics research community potentially holds an important place in the development path of this technology. But the field needs to craft a coherent and viable vision for this technology that can move beyond misplaced techno-optimist accounts. Turning to sustainability science and STS research, we discuss the urgent need to develop what we call a ‘critical sustainability knowledge’ for aquaponics, giving pointers for possible ways forward, which include (1) expanding aquaponic research into an interdisciplinary research domain, (2) opening research up to participatory approaches in real-world contexts and (3) pursuing a solution-oriented approach for sustainability and food security outcomes.

AbstractXylitol has been recognized by the US Department of Energy (DOE) as one of the top 12 value-added chemicals obtained from biomass, with a world market of 200,000 tonnes per year. The global xylitol market is expected to reach a value of US$ 1 Billion by 2026 growing at a compound annual growth rate (CAGR) of 5.8% during 2021–2026. Historically, the commercial xylitol production process has been dependent on the chemical hydrogenation of xylose. Several xylitol production plants, mainly in China that use the chemical process have had to reduce their production capacity to address regulations governing sustainability and environmental standards. In this chapter, key challenges and possible solutions for fermentative xylitol production at commercial scale are discussed in terms of: (1) Feedstock supply for commercial production plants; (2) Industrial biomass pretreatment; and (3) Lessons learned from industrial operations. These are drawn together to identify technology gaps and scaling-up challenges in light of the capital expenditure required to build a state-of-the art xylitol industrial biotechnology (IB) production facility and the potential to reduce climate change impact and contribute towards achieving net-zero targets.

AbstractState-of-the-art remote inspection techniques (RIT), namely unmanned aerial vehicles (UAVs), remotely operated vehicles (ROVs), and magnetic crawlers are the resultants of a cascade of technological innovation. RIT usage has gathered momentum since classification societies turned to manuals alternatives during COVID-19 pandemic. Capable of gathering complex data through real-time visual imagery, it is claimed that RIT has the potential to deliver inspection services more safely and efficiently, thus enabling the transformative digitalization of the “ship survey” landscape. The paradigm shift has begun. In this scope, the multi-robot (ship-hull) survey platforms explored by classification societies and service suppliers have the potential to alter the manner in which massive structures are currently being inspected and maintained. This change will eventually improve shipping competitiveness, thus, paving the way for better and safer regulations and standards. Notwithstanding, the current framework derived from international common minimum standards, while noteworthy and creditable, continues to facilitate a number of thorny issues that could arise post-deployment of available techniques. This chapter highlights crucial elements that could altogether serve as a pathway forward against incidental issues acting as market growth barriers resulting in an unwanted impasse in this paradigm shift. This chapter derives from research conducted under the European Union (EU) Horizon 2020 funded project titled Autonomous Robotic Inspection and Maintenance on Ship Hulls (BUG-WRIGHT2) under grant agreement No. 871260.

AbstractAVENUE’s technological interest lies in those state-of-the-art technologies and solutions that either are already commercial or close to the market and are expected to reach commercialisation within the following years. For the successful implementation of the project activities, a wide range of technological as well as non-technological elements will be employed, adapted, integrated, and, where required, partially developed. The present chapter focuses on those connected automated vehicle (CAV) technologies from the perspective of cybersecurity, delving into questions on in-vehicle, back-end, and infrastructure, including the communications between vehicle to vehicle (V2V), vehicle to infrastructure (V2I), vehicle to cloud (V2C), vehicle to everything (V2X), software safety, as well as security and privacy by design principles for the development of connected devices. Furthermore, non-technological issues cover stakeholder and user acceptance, regulatory and legislative requirements, a new standardisation progress, ethical considerations, and vehicle and technology certifications and licensing. The purpose of this chapter is to present the project context and relating it to the potential cyber assaults and data privacy threats. It further delineates the conducted assessment and the provided recommendations which were built based on the key standards and regulations wrapping together CAVs, cybersecurity, and personal data protection pursuits.

На территории Ленинградской области существует большое количество очагов народного искусства. Оятский керамический промысел один из самых древних. Пройдя разные этапы своей истории, сегодня он находится на стадии возрождения. Однако в пространстве современного арт-рынка испытывает ряд трудностей. Решением этих проблем может стать комплексный подход с использованием ресурсов господдержки, научнопросветительской менеджмента.деятельности и инструментов современного арт There is a large number of folk art centers on the Leningrad region territory. The Oyat ceramic is one of the most ancient. Having passed through different stages of its history, today it is on the stage of revival. However, there are some difficulties related to the modern art market. The solution to these problems can be an integrated approach using state support resources, scientific and educational activities and tools of modern art management.

This study defined morphological importance of cultural heritage assets and formation of Egba-Ake town. Cultural heritages include man’s physical imaginative products which can be touched and seen include buildings, crafts, tools, ivory, cowries, paintings, textiles, pestles, mortars, food, wooden objects, tombs & grave goods, temples, dresses, pottery & potsherd pavements, monuments, books and artifacts. Morphology are factors that influence city/community formation which are determined by synthetic and natural determinants. Cultural heritage assets are whatever is valued by people today that was also cherished by former generations. This research explored the importance of cultural heritage assets in relation to urban fabrics formation of Egba-Ake. Qualitative method was adopted in this study, in-depth interviews and personal observation was used for data collection while Nvivo words tree and satellite imagery was used to analyze collected data. Ake’s palace and Itoku market is located at the center around which the Egba-Ake evolved. Ake’s Palace (political and cultural hub of the town) and Itoku market (the economic heritage of the town) was used to preserve various aspects of Egba-Ake cultural heritage. Ela festival (new yam festival) is annually celebrated cultural activity in Egba-Ake. This finding is relevant to policy makers as it allows the support of potential common structures for heritage administration in Egba-Ake. Effect of heritage in EgbaAke morphology is the new palace of Alake (the cultural ruler) of Egba-Ake were renovated and new once built a few years ago with modern architectural designs, furniture and fittings. This has made the Alake’s Palace to meet ‘international standards’. Social amenities and infrastructures like electricity supply, water systems, hospitals, good roads, administrative offices, schools; communication networks, etc. are now a major feature in Egba-Ake town. Further studies will enhance the implementation issues which may arise from the creation of a framework for cultural heritage management, with emphasis on risk management and risk reduction of cultural heritage.

By the analysis of Paloma de la Cruz's work, this study seeks to approach contemporary ceramics from a gender perspective, exploring its potential as a container of visual metaphors with which to establish a current artistic discourse on the body. Although it is true that, historically, the female body has occupied a predominant role in the field of artistic representation rather than in the creative sphere, in recent decades certain changes have led artists to explore new artistic and craft genres, among which we will highlight, for the purposes of this study, the ceramic discipline. Thanks to this millenary discipline, the artist brings together the worlds of art and craft in her production, opening the way to new aesthetic and symbolic connotations around the raw material, with which she will establish a discourse related to the body, identity and eroticism. Therefore, we seek to explore how Paloma de la Cruz's work establishes a discourse on identity, rejecting taboos and giving a new contemporary life to a traditional technique, by introducing a series of metaphors typical of visual poetry, with which to establish a discourse based on the taboos established around the body and female identity.

Abstract Large standoff magnetometry (LSM) as a non-intrusive NDE technology has been used many years in commercial trials for above-ground detection of underground pipeline anomalies associated with stress concentration zones (SCZs). As a passive geo-magnetization flux leakage measurement method, it has been mainly targeting common anomalies such as corrosion, gouges/dents and cracks that are often very localized in small scale. Insufficient consistency and reliability are still the major concern due to technical challenges in getting high resolutions and signal strength at large standoff distance. In comparison, geohazard related external forces induce much large-scale elevated stresses/strains with stronger stress-magnetization signals. Lack of economically viable solutions for pipeline screening and monitoring under geohazard conditions provides a good opportunity to establish LSM’s market position. This work is part of Pacific Gas and Electric Company’s effort in better fundamental understanding of the state-of-the-art LSM technology and its potential to enhance the current industrial practices of pipeline assessment under geohazard conditions. Specifically, 3D mapping of pipelines including depth of cover (DOC) measurement, locating girth welds and peak stresses/strains with risk rating, verification of strain relief operation and continuous monitoring afterwards. Inline inspection (ILI) and geotechnical analysis data together with field excavation and strain-gauge data are utilized as references to cross-check the LSM results. The outcomes indicate geohazard application is very likely a viable application for LSM technology in near future.

A worker may experience muscle aches or numbness in legs and fatigue after an eight-hour workday occupying a permanent posture for a long time. Taking into account minimum requirements for postural hygiene and ergonomics, we managed to avoid these discomforts without suffering health problems in the medium and long term. This study is part of a population of fifteen craftsmen who make masapan handicrafts in Calderón town in Ecuador. The process arises from a transformation of bread dough to a handmade dough more than 80 years ago, consisting of an ancestral art that needs quality from obtaining the dough to the artistic details of figures, where the craftsman makes his creations without realizing that is jetting a bad posture in the workplace. The research analyzes the operation of the manufacture of the glue that is carried out standing up, mixing the ingredients to obtain the dough and cooked until it gets a homogeneous consistency. It is a repetitive activity in each of the production cycles. The OWAS and RULA methods were applied to assess the risks produced by physical loads derived from the activities carried out and the global characterization of the postures, which were observed and classified in various possible combinations. The process is at level 3, that is, it requires the redesign of the task and increasing the active pauses. As a result, it was obtained that the risk category is level 2, the analyzed posture has the potential to cause damage to the musculoskeletal system.

Market demands for high-speed marine vehicles (HSMVs) are high in both commercial and naval branches. It is the naval architects’ task to design the hull and propulsion system to diminish drag, improve the propulsive efficiency, higher safety and better maneuverability. Surface Piercing Propellers (SPPs) may provide those possessions for the vehicles. Unlike immersed propellers, behavior of the SPPs is susceptible to immersed depth, Weber number and shaft inclination angle. This paper uses a specially practical and numerical method to predict the hydrodynamic characteristics of the SPPs. Critical advance ratio is obtained by practical formula, using Weber number and pitch ratio in the transition mode. Numerical method employs the potential based boundary element method (BEM) on the engaged surfaces. Two models of three and six bladed of the SPPs (SPP-1 and SPP-2) are selected and some results are shown.

Abstract Recent years and especially the coronavirus pandemic have been very challenging for the oil industry, resulting in a significant reduction in investment, forcing companies to review budgets and search for more efficient and economical technologies to achieve the target level of hydrocarbon production and revenue generation. In PDO, one of the most challenging fields is "AS", where extreme downhole conditions require a very well-engineered approach to become economical. This field has already seen some of the most advanced technology trials in PDO that are also covered in multiple SPE papers. Based on the new approaches and techniques that were successfully implemented on recently drilled wells, it was decided to review the older, previously fractured wells in the area and assess them for a refracturing opportunity. The main challenge in this project was that these older wells were previously hydraulically fractured in multiple target intervals, therefore both zonal isolation and successful placement of the new fracs were becoming the major concerns. As the planned coverage by the new fractures was to ensure no bypassed pay, the only applicable technology on the market was a pinpoint fracturing process, whereby the targeted placement is achieved through limited entry perforations and focused energy of the injected fluid. The subject pinpoint technology anticipates that the limited entry sandblasting perforation is created and then proppant laden fluid is pumped through a sandblasting nozzle which is part of either a coiled tubing (CT) or a jointed pipe (JP) Bottom Hole Assembly (BHA), and the backside (or the annulus of the injection path) is used to maintain the positive backpressure from the top. This technology allows for choosing a desirable order of target interval selection inside the well, unlike conventional plug and perf or a simplified multistage completion, where the treatments must be placed only in order from bottom to top. Another advantage of this approach is a faster frac cycle through the elimination of wellbore cleanout requirement. Being a unique and first-ever application in the Middle East, using CT for placing frac treatments through a jetting nozzle demonstrates the full scale potential of this approach not only in conventional wells but also in complex, sour and High Pressure (HP) environments that are often found in the Sultanate of Oman and in the Middle East. This paper will cover the advantages and disadvantages, complexity and requirements, opportunities and lessons learnt in relation to this approach.

<div class="section abstract"><div class="htmlview paragraph">Most OEMs are shifting their strategy and way of thinking regarding ECUs. This, in combination with the electrification of vehicles and the shift towards software-based companies (car as a device), implies one of the biggest paradigm changes in automotive history.</div><div class="htmlview paragraph">On the other hand, despite the current struggles, remarkable advances have been made in electronic technology during the past few years. These developments have opened a door to very promising enabling technology, with exterior lighting as a main target market. These circumstances seem to have created a perfect storm leading to new strategies for electronic control and driving for (front and rear) exterior lighting.</div><div class="htmlview paragraph">We, at our company, have investigated the enabling technology, challenges, and benefits of this emerging exterior lighting approach, that we call ‘ECU-Less’. If proven correct, this approach could allow future applications to get rid of any computational power located in the lamps, in favor of a more centralized, and OEM-controlled, ECUs and software.</div><div class="htmlview paragraph">It is, from our point of view, of great interest to the complete automotive community to be aware and discover the potential of such an approach as, if we all manage to implement it correctly, it would benefit every stakeholder in the industry.</div></div>

Composite materials have been used to repair high pressure transmission pipelines. Over this time period a wide variety of composite systems have been developed and evaluated. With the increased demands being placed on pipeline systems around the world, it is expected that the market potential for composite repair systems will continue to expand. Additionally, as composite technology is further developed the opportunities for new applications will expand. An assessment of this composite repair technology is needed. This report has been developed to provide industry with a state of the art assessment of composite pipeline repair technology as it currently stands.

Carbon steel and low alloy steel are the common, cost effective materials of choice for design of production risers in deep water. They are, however, often challenged by high stress and fatigue loadings. When production fluids are corrosive and or sour, steel risers may not be feasible without the protection from corrosive effects. To mitigate degradation, the only proven solution to date is the use of corrosion resistant alloys (CRA), either in homogeneous or clad/lined steel pipe product. However, corrosion resistant alloys are very expensive and market supply is limited due to the number of developments worldwide requiring CRA solutions and the limited number mills capable of supplying the product. This study looks at the feasibility and current state of development of alternatives to clad steel in steel catenary risers (SCR). The study focuses on polymer liners and coatings as a way to prolong the life of the risers in corrosive hydrocarbon service. The study includes an industry survey of candidate liners and a risk assessment based on the threats and failure modes. FMECA is conducted on the more promising candidates. The gaps in the knowledge base are identified and a map of further qualification requirements is made. SCRs are currently fabricated with girth welds. However, there is significant amount of testing that indicates that mechanical connectors are a feasible alternative. The potential use of mechanical connectors in conjunction with a coating or liner solution to mitigate corrosion risks is also addressed.

Organizational cultures that emphasize fairness, connection and human-centeredness inspire more effective collaboration, are more economically efficient, and can manage conflict and crisis effectively.[i] Such cultures are also marked by less burnout and more engagement, retention, and satisfaction.[ii] These cultural values directly relate to promoting equity, diversity, and inclusion (EDI) in the workplace. Despite these well-known values, leaders do not always know how to talk about them or make them tangible and practical. REAL is a research informed framework crafted carefully to do exactly that: help leaders make culture change real to the people on their teams. REAL is a research informed framework crafted carefully to do exactly that: help leaders make culture change real to the people on their teams. REAL provides the necessary foundation to generate effective EDI solutions that capture real effects and challenges people face. The current paper describes the REAL framework, the research underpinning its core tenets, and insights for leaders committed to building more equitable, diverse, and inclusive organizational cultures. The elements of the framework are: Reveal relevant opportunities by exploring your organization as a complex system, identifying strategic actions for change, and being clear that goals may be hard to achieve. Elevate equity as foundational to diversity and inclusion efforts because it provides fair opportunities for all to reach full potential. Activate diversity strategically by embracing stakeholders’ vast reservoir of perspectives and experiences, ultimately enhancing innovation and decision-making. Lead inclusively by nurturing connection, vulnerability, courage and investment in initiatives to build respect a sense of significance for every stakeholder. [i] Alemany, L., & Vermeulen, F. (2023, July 1). Disability as a Source of Competitive Advantage. Harvard Business Review. https://hbr.org/2023/07/disability-as-a-source-of-competitive-advantage [ii] Stein, D., Hobson, N., Jachimowicz, J. M., & Whillans, A. (2021, October 13). How Companies Can Improve Employee Engagement Right Now. Harvard Business Review. https://hbr.org/2021/10/how-companies-can-improve-employee-engagement-right-now Citation Moses-Dunne, A., Dawkins, M. A., Ehrlich, V. F., Clerkin, C., & Crittle, C. (2023). The research foundations for REAL: A framework for leadership action in equity, diversity, & inclusion. Center for Creative Leadership. https://doi.org/10.35613/ccl.2023.2056

Natural Resource Condition Assessments (NRCAs) evaluate current conditions of natural resources and resource indicators in national park units (parks). NRCAs are meant to complement—not replace—traditional issue- and threat-based resource assessments. NRCAs employ a multi-disciplinary, hierarchical framework within which reference conditions for natural resource indicators are developed for comparison against current conditions. NRCAs do not set management targets for study indicators, and reference conditions are not necessarily ideal or target conditions. The goal of a NRCA is to deliver science-based information that will assist park managers in their efforts to describe and quantify a park’s desired resource conditions and management targets, and inform management practices related to natural resource stewardship. The resources and indicators emphasized in a given NRCA depend on the park’s resource setting, status of resource stewardship planning and science in identifying high-priority indicators, and availability of data and expertise to assess current conditions for a variety of potential study resources and indicators. Puʻuhonua o Hōnaunau National Historical Park (hereafter Puʻuhonua o Hōnaunau NHP) encompasses 1.7 km2 (0.7 mi2) at the base of the Mauna Loa Volcano on the Kona coast of the island of Hawaiʻi. The Kona coast of Hawaiʻi Island is characterized by calm winds that increase in the late morning to evening hours, especially in the summer when there is also a high frequency of late afternoon or early evening showers. The climate is mild, with mean high temperature of 26.2° C (79.2° F) and a mean low temperature of 16.6° C (61.9° F) and receiving on average 66 cm (26 in) of rainfall per year. The Kona coast is the only region in Hawaiʻi where more precipitation falls in the summer than in the winter. There is limited surface water runoff or stream development at Puʻuhonua o Hōnaunau NHP due to the relatively recent lava flows (less than 1,500 years old) overlaying much of the park. Kiʻilae Stream is the only watercourse within the park. Kiʻilae Stream is ephemeral, with occasional flows and a poorly characterized channel within the park. A stream gauge was located uphill from the park, but no measurements have been taken since 1982. Floods in Kiʻilae Stream do occur, resulting in transport of fluvial sediment to the ocean, but there are no data documenting this phenomenon. There are a small number of naturally occurring anchialine pools occupying cracks and small depressions in the lava flows, including the Royal Fishponds; an anchialine pool modified for the purpose of holding fish. Although the park’s legal boundaries end at the high tide mark, the sense of place, story, and visitor experience would be completely different without the marine waters adjacent to the park. Six resource elements were chosen for evaluation: air and night sky, water-related processes, terrestrial vegetation, vertebrates, anchialine pools, and marine resources. Resource conditions were determined through reviewing existing literature, meta-analysis, and where appropriate, analysis of unpublished short- and long-term datasets. However, in a number of cases, data were unavailable or insufficient to either establish a quantitative reference condition or conduct a formal statistical comparison of the status of a resource within the park to a quantitative reference condition. In those cases, data gaps are noted, and comparisons were made based on qualitative descriptions. Overall, the condition of natural resources within Puʻuhonua o Hōnaunau NHP reflects the surrounding landscape. The coastal lands immediately surrounding Puʻuhonua o Hōnaunau NHP are zoned for conservation, while adjacent lands away from the coast are agricultural. The condition of most natural resources at Puʻuhonua o Hōnaunau NHP reflect the overall condition of ecological communities on the west Hawai‘i coast. Although little of the park’s vegetation...

Banco de la República is celebrating its 100th anniversary in 2023. This is a very significant anniversary and one that provides an opportunity to highlight the contribution the Bank has made to the country’s development. Its track record as guarantor of monetary stability has established it as the one independent state institution that generates the greatest confidence among Colombians due to its transparency, management capabilities, and effective compliance with the central banking and cultural responsibilities entrusted to it by the Constitution and the Law. On a date as important as this, the Board of Directors of Banco de la República (BDBR) pays tribute to the generations of governors and officers whose commitment and dedication have contributed to the growth of this institution.1 Banco de la República’s mandate was confirmed in the National Constitutional Assembly of 1991 where the citizens had the opportunity to elect the seventy people who would have the task of drafting a new constitution. The leaders of the three political movements with the most votes were elected as chairs to the Assembly, and this tripartite presidency reflected the plurality and the need for consensus among the different political groups to move the reform forward. Among the issues considered, the National Constitutional Assembly gave special importance to monetary stability. That is why they decided to include central banking and to provide Banco de la República with the necessary autonomy to use the instruments for which they are responsible without interference from other authorities. The constituent members understood that ensuring price stability is a state duty and that the entity responsible for this task must be enshrined in the Constitution and have the technical capability and institutional autonomy necessary to adopt the decisions they deem appropriate to achieve this fundamental objective in coordination with the general economic policy. In particular, Article 373 established that “the State, through Banco de la República, shall ensure the maintenance of the purchasing power of the currency,” a provision that coincided with the central banking system adopted by countries that have been successful in controlling inflation. In 1999, in Ruling 481, the Constitutional Court stated that “the duty to maintain the purchasing power of the currency applies to not only the monetary, credit, and exchange authority, i.e., the Board of Banco de la República, but also those who have responsibilities in the formulation and implementation of the general economic policy of the country” and that “the basic constitutional purpose of Banco de la República is the protection of a sound currency. However, this authority must take the other economic objectives of state intervention such as full employment into consideration in their decisions since these functions must be coordinated with the general economic policy.” The reforms to Banco de la República agreed upon in the Constitutional Assembly of 1991 and in Act 31/1992 can be summarized in the following aspects: i) the Bank was assigned a specific mandate: to maintain the purchasing power of the currency in coordination with the general economic policy; ii) the BDBR was designatedas the monetary, foreign exchange, and credit authority; iii) the Bank and its Board of Directors were granted a significant degree of independence from the government; iv) the Bank was prohibited from granting credit to the private sector except in the case of the financial sector; v) established that in order to grant credit to the government, the unanimous vote of its Board of Directors was required except in the case of open market transactions; vi) determined that the legislature may, in no case, order credit quotas in favor of the State or individuals; vii) Congress was appointed, on behalf of society, as the main addressee of the Bank’s reporting exercise; and viii) the responsibility for inspection, surveillance, and control over Banco de la República was delegated to the President of the Republic. The members of the National Constitutional Assembly clearly understood that the benefits of low and stable inflation extend to the whole of society and contribute mto the smooth functioning of the economic system. Among the most important of these is that low inflation promotes the efficient use of productive resources by allowing relative prices to better guide the allocation of resources since this promotes economic growth and increases the welfare of the population. Likewise, low inflation reduces uncertainty about the expected return on investment and future asset prices. This increases the confidence of economic agents, facilitates long-term financing, and stimulates investment. Since the low-income population is unable to protect itself from inflation by diversifying its assets, and a high proportion of its income is concentrated in the purchase of food and other basic goods that are generally the most affected by inflationary shocks, low inflation avoids arbitrary redistribution of income and wealth.2 Moreover, low inflation facilitates wage negotiations, creates a good labor climate, and reduces the volatility of employment levels. Finally, low inflation helps to make the tax system more transparent and equitable by avoiding the distortions that inflation introduces into the value of assets and income that make up the tax base. From the monetary authority’s point of view, one of the most relevant benefits of low inflation is the credibility that economic agents acquire in inflation targeting, which turns it into an effective nominal anchor on price levels. Upon receiving its mandate, and using its autonomy, Banco de la República began to announce specific annual inflation targets as of 1992. Although the proposed inflation targets were not met precisely during this first stage, a downward trend in inflation was achieved that took it from 32.4% in 1990 to 16.7% in 1998. At that time, the exchange rate was kept within a band. This limited the effectiveness of monetary policy, which simultaneously sought to meet an inflation target and an exchange rate target. The Asian crisis spread to emerging economies and significantly affected the Colombian economy. The exchange rate came under strong pressure to depreciate as access to foreign financing was cut off under conditions of a high foreign imbalance. This, together with the lack of exchange rate flexibility, prevented a countercyclical monetary policy and led to a 4.2% contraction in GDP that year. In this context of economic slowdown, annual inflation fell to 9.2% at the end of 1999, thus falling below the 15% target set for that year. This episode fully revealed how costly it could be, in terms of economic activity, to have inflation and exchange rate targets simultaneously. Towards the end of 1999, Banco de la República announced the adoption of a new monetary policy regime called the Inflation Targeting Plan. This regime, known internationally as ‘Inflation Targeting,’ has been gaining increasing acceptance in developed countries, having been adopted in 1991 by New Zealand, Canada, and England, among others, and has achieved significant advances in the management of inflation without incurring costs in terms of economic activity. In Latin America, Brazil and Chile also adopted it in 1999. In the case of Colombia, the last remaining requirement to be fulfilled in order to adopt said policy was exchange rate flexibility. This was realized around September 1999, when the BDBR decided to abandon the exchange-rate bands to allow the exchange rate to be freely determined in the market.Consistent with the constitutional mandate, the fundamental objective of this new policy approach was “the achievement of an inflation target that contributes to maintaining output growth around its potential.”3 This potential capacity was understood as the GDP growth that the economy can obtain if it fully utilizes its productive resources. To meet this objective, monetary policy must of necessity play a countercyclical role in the economy. This is because when economic activity is below its potential and there are idle resources, the monetary authority can reduce the interest rate in the absence of inflationary pressure to stimulate the economy and, when output exceeds its potential capacity, raise it. This policy principle, which is immersed in the models for guiding the monetary policy stance, makes the following two objectives fully compatible in the medium term: meeting the inflation target and achieving a level of economic activity that is consistent with its productive capacity. To achieve this purpose, the inflation targeting system uses the money market interest rate (at which the central bank supplies primary liquidity to commercial banks) as the primary policy instrument. This replaced the quantity of money as an intermediate monetary policy target that Banco de la República, like several other central banks, had used for a long time. In the case of Colombia, the objective of the new monetary policy approach implied, in practical terms, that the recovery of the economy after the 1999 contraction should be achieved while complying with the decreasing inflation targets established by the BDBR. The accomplishment of this purpose was remarkable. In the first half of the first decade of the 2000s, economic activity recovered significantly and reached a growth rate of 6.8% in 2006. Meanwhile, inflation gradually declined in line with inflation targets. That was how the inflation rate went from 9.2% in 1999 to 4.5% in 2006, thus meeting the inflation target established for that year while GDP reached its potential level. After this balance was achieved in 2006, inflation rebounded to 5.7% in 2007, above the 4.0% target for that year due to the fact that the 7.5% GDP growth exceeded the potential capacity of the economy.4 After proving the effectiveness of the inflation targeting system in its first years of operation, this policy regime continued to consolidate as the BDBR and the technical staff gained experience in its management and state-of-the-art economic models were incorporated to diagnose the present and future state of the economy and to assess the persistence of inflation deviations and expectations with respect to the inflation target. Beginning in 2010, the BDBR established the long-term 3.0% annual inflation target, which remains in effect today. Lower inflation has contributed to making the macroeconomic environment more stable, and this has favored sustained economic growth, financial stability, capital market development, and the functioning of payment systems. As a result, reductions in the inflationary risk premia and lower TES and credit interest rates were achieved. At the same time, the duration of public domestic debt increased significantly going from 2.27 years in December 2002 to 5.86 years in December 2022, and financial deepening, measured as the level of the portfolio as a percentage of GDP, went from around 20% in the mid-1990s to values above 45% in recent years in a healthy context for credit institutions.Having been granted autonomy by the Constitution to fulfill the mandate of preserving the purchasing power of the currency, the tangible achievements made by Banco de la República in managing inflation together with the significant benefits derived from the process of bringing inflation to its long-term target, make the BDBR’s current challenge to return inflation to the 3.0% target even more demanding and pressing. As is well known, starting in 2021, and especially in 2022, inflation in Colombia once again became a serious economic problem with high welfare costs. The inflationary phenomenon has not been exclusive to Colombia and many other developed and emerging countries have seen their inflation rates move away from the targets proposed by their central banks.5 The reasons for this phenomenon have been analyzed in recent Reports to Congress, and this new edition delves deeper into the subject with updated information. The solid institutional and technical base that supports the inflation targeting approach under which the monetary policy strategy operates gives the BDBR the necessary elements to face this difficult challenge with confidence. In this regard, the BDBR reiterated its commitment to the 3.0% inflation target in its November 25 communiqué and expects it to be reached by the end of 2024.6 Monetary policy will continue to focus on meeting this objective while ensuring the sustainability of economic activity, as mandated by the Constitution. Analyst surveys done in March showed a significant increase (from 32.3% in January to 48.5% in March) in the percentage of responses placing inflation expectations two years or more ahead in a range between 3.0% and 4.0%. This is a clear indication of the recovery of credibility in the medium-term inflation target and is consistent with the BDBR’s announcement made in November 2022. The moderation of the upward trend in inflation seen in January, and especially in February, will help to reinforce this revision of inflation expectations and will help to meet the proposed targets. After reaching 5.6% at the end of 2021, inflation maintained an upward trend throughout 2022 due to inflationary pressures from both external sources, associated with the aftermath of the pandemic and the consequences of the war in Ukraine, and domestic sources, resulting from: strengthening of local demand; price indexation processes stimulated by the increase in inflation expectations; the impact on food production caused by the mid-2021 strike; and the pass-through of depreciation to prices. The 10% increase in the minimum wage in 2021 and the 16% increase in 2022, both of which exceeded the actual inflation and the increase in productivity, accentuated the indexation processes by establishing a high nominal adjustment benchmark. Thus, total inflation went to 13.1% by the end of 2022. The annual change in food prices, which went from 17.2% to 27.8% between those two years, was the most influential factor in the surge in the Consumer Price Index (CPI). Another segment that contributed significantly to price increases was regulated products, which saw the annual change go from 7.1% in December 2021 to 11.8% by the end of 2022. The measure of core inflation excluding food and regulated items, in turn, went from 2.5% to 9.5% between the end of 2021 and the end of 2022. The substantial increase in core inflation shows that inflationary pressure has spread to most of the items in the household basket, which is characteristic of inflationary processes with generalized price indexation as is the case in Colombia. Monetary policy began to react early to this inflationary pressure. Thus, starting with its September 2021 session, the BDBR began a progressive change in the monetary policy stance moving away from the historical low of a 1.75% policy rate that had intended to stimulate the recovery of the economy. This adjustment process continued without interruption throughout 2022 and into the beginning of 2023 when the monetary policy rate reached 12.75% last January, thus accumulating an increase of 11 percentage points (pp). The public and the markets have been surprised that inflation continued to rise despite significant interest rate increases. However, as the BDBR has explained in its various communiqués, monetary policy works with a lag. Just as in 2022 economic activity recovered to a level above the pre-pandemic level, driven, along with other factors, by the monetary stimulus granted during the pandemic period and subsequent months, so too the effects of the current restrictive monetary policy will gradually take effect. This will allow us to expect the inflation rate to converge to 3.0% by the end of 2024 as is the BDBR’s purpose.Inflation results for January and February of this year showed declining marginal increases (13 bp and 3 bp respectively) compared to the change seen in December (59 bp). This suggests that a turning point in the inflation trend is approaching. In other Latin American countries such as Chile, Brazil, Perú, and Mexico, inflation has peaked and has begun to decline slowly, albeit with some ups and downs. It is to be expected that a similar process will take place in Colombia in the coming months. The expected decline in inflation in 2023 will be due, along with other factors, to lower cost pressure from abroad as a result of the gradual normalization of supply chains, the overcoming of supply shocks caused by the weather, and road blockades in previous years. This will be reflected in lower adjustments in food prices, as has already been seen in the first two months of the year and, of course, the lagged effect of monetary policy. The process of inflation convergence to the target will be gradual and will extend beyond 2023. This process will be facilitated if devaluation pressure is reversed. To this end, it is essential to continue consolidating fiscal sustainability and avoid messages on different public policy fronts that generate uncertainty and distrust. 1 This Report to Congress includes Box 1, which summarizes the trajectory of Banco de la República over the past 100 years. In addition, under the Bank’s auspices, several books that delve into various aspects of the history of this institution have been published in recent years. See, for example: Historia del Banco de la República 1923-2015; Tres banqueros centrales; Junta Directiva del Banco de la República: grandes episodios en 30 años de historia; Banco de la República: 90 años de la banca central en Colombia. 2 This is why lower inflation has been reflected in a reduction of income inequality as measured by the Gini coefficient that went from 58.7 in 1998 to 51.3 in the year prior to the pandemic. 3 See Gómez Javier, Uribe José Darío, Vargas Hernando (2002). “The Implementation of Inflation Targeting in Colombia”. Borradores de Economía, No. 202, March, available at: https://repositorio.banrep.gov.co/handle/20.500.12134/5220 4 See López-Enciso Enrique A.; Vargas-Herrera Hernando and Rodríguez-Niño Norberto (2016). “The inflation targeting strategy in Colombia. An historical view.” Borradores de Economía, No. 952. https://repositorio.banrep.gov.co/handle/20.500.12134/6263 5 According to the IMF, the percentage change in consumer prices between 2021 and 2022 went from 3.1% to 7.3% for advanced economies, and from 5.9% to 9.9% for emerging market and developing economies. 6 https://www.banrep.gov.co/es/noticias/junta-directiva-banco-republica-reitera-meta-inflacion-3