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Raunig, Burkhard y Johann Scharler. "Money Market Uncertainty and Retail Interest Rate Fluctuations: A Cross-Country Comparison". German Economic Review 10, n.º 2 (1 de mayo de 2009): 176–92. http://dx.doi.org/10.1111/j.1468-0475.2008.00454.x.
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Abstract This paper analyzes empirically the relationship between money market uncertainty and unexpected deviations in retail interest rates in a sample of ten OECD countries.We find that, with the exception of the United States, money market uncertainty has only a modest impact on the conditional volatility of retail interest rates. Even for the United States, we find that the effects of money market uncertainty are spread out over time. Our results also indicate that money market uncertainty tends to be passed on to retail rates to a lesser extent in countries where banking relationships play a substantial role.
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Bernussi, Mariana, Priscila Villela y Lívia Jardinovsky Debatin. "‘Follow the Money’". Conjuntura Austral 14, n.º 66 (31 de mayo de 2023): 29–42. http://dx.doi.org/10.22456/2178-8839.129946.
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Given the wide reach of transnational crimes and the illegal flow of money, policing at an international level has become a new frontier for authorities who aim to control these threats. The United States has taken the center stage in this effort ever since the proclamation of the war on drugs and the continuing war on terror by promoting the ‘follow the money’ principle as a fundamental strategy to be adopted worldwide. In this paper, we will focus on US efforts to expand the anti-money laundering agenda and policies to Latin America, mobilizing the policy diffusion approach. By incorporating this thinking tool, we also aim to highlight the United States hegemonic position when establishing agendas and priorities internationally. Therefore, we will trace US official documents describing strategies, practices and policies aimed at promoting anti-money laundering policies in Latin American institutions through coercion, competition, learning and emulation mechanisms. By promoting training events and formulating evaluation mechanisms, the US has stimulated Latin American countries to elaborate their own law enforcement efforts inspired by these same paradigms.
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Krušković, Borivoje D. y Tina Maričić. "Monetary Targeting". Journal of Central Banking Theory and Practice 4, n.º 3 (1 de septiembre de 2015): 137–46. http://dx.doi.org/10.1515/jcbtp-2015-0015.
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Abstract In this paper we test the existence of long-term relationship between money supply and inflation, money supply and GDP and money supply and unemployment. Three independent panel cointegration regressions are evaluated where money supply is the explanatory variable, while inflation, GDP and unemployment rates occur as dependent variables. The sample consists of 17 countries (Australia, Canada, Chile, Denmark, Israel, Japan, South Korea, Mexico, New Zealand, Poland, Switzerland, United Kingdom and United States). The data are annual and refer to the period from 1990 to 2013. The results of the empirical analysis in this paper show that there is no significant long-term relationship between inflation and money supply, while there is statistically significant long-term relationship between GDP and money supply, as well as between unemployment rates and the money supply.
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SYLLA, RICHARD. "The transition to a monetary union in the United States, 1787–1795". Financial History Review 13, n.º 1 (31 de marzo de 2006): 73–95. http://dx.doi.org/10.1017/s0968565006000060.
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A convertible US-dollar monetary union was the least controversial component of the US financial revolution of the early 1790s. Although the fiat paper currencies of the colonies before 1776 sometimes worked reasonably well, the founders had good reasons for the constitutional ban on their continuance by US states. The ban, a surrender of states' sovereignty over money, at the time proved to be relatively uncontroversial for two reasons. One is that the financial revolution lightened the fiscal burdens of states by assuming their debts and making them part of the national debt. The other is that states quickly learned that chartering banks could accomplish virtually all of the legitimate purposes of state fiat money issues, and possessed additional economic and political advantages.
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Fonkoua, Jean Emmanuel. "The Money Neutrality Proposition: Is Boosting Money Supply A Solution To US Economic Problems?" Journal of Applied Business Research (JABR) 29, n.º 2 (11 de febrero de 2013): 361. http://dx.doi.org/10.19030/jabr.v29i2.7644.
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This paper unfastens the new classical structural model and broadens the reduced form output equation to investigate the money neutrality proposition in the United States. The hypothesis that any predictable monetary policy has no influence on output is extended by the inclusion of foreign exchange rationing to the supply side of the economy as cointegrated with money supply. The final prediction error determines the proper lag length that is used by the dynamic analysis to examine the causality relationship between imports, foreign price, foreign income, and output. The vector autoregressive is used to determine the exogeneity property of foreign exchange and output; it also helps extract the anticipated and unanticipated components of foreign exchange and money series. Empirical evidence provides considerable support for short run cyclical movements in the output of highly industrialized countries in affecting the real output in the United States. Indeed, any policy response in raising output should take into account the well-being of other developed countries. Predicted or not, an increase in the level of growth of other advanced countries does not leads to offsetting expectation and results in raising the economic growth. Empirical test presents no evidence that boosting the money supply leads to an increase in the level of growth. The result also refutes the view that the United States can quickly recover through a monetary policy aimed at depreciating the dollar and stands against the idea that devaluation tends to expand domestic output in industrialized countries. Incompatible with the economic logic is the lack of support of the apparent reality of output determination in industrialized countries open economy models.
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SERLETIS, APOSTOLOS y ASGHAR SHAHMORADI. "SEMI-NONPARAMETRIC ESTIMATES OF THE DEMAND FOR MONEY IN THE UNITED STATES". Macroeconomic Dynamics 9, n.º 4 (septiembre de 2005): 542–59. http://dx.doi.org/10.1017/s1365100505040307.
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This paper focuses on the demand for money in the United States in the context of two globally flexible functional forms—the Fourier and the asymptotically ideal model (AIM)—estimated subject to full regularity, using methods suggested over 20 years ago. We provide a comparison in terms of violations of the regularity conditions for consumer maximization and in terms of output in the form of a full set of elasticities. We also provide a policy perspective, using (for the first time) parameter estimates that are consistent with global regularity, in that a very strong case can be made for abandoning the simple-sum approach to monetary aggregation, on the basis of the low elasticities of substitution among the components of the popular M2 aggregate of money.
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Zhukov, P. E. "Money Supply, Inflation and Budget Deficit in Russia Compared to the United States". Review of Business and Economics Studies 11, n.º 4 (12 de febrero de 2024): 72–83. http://dx.doi.org/10.26794/2308-944x-2023-11-4-72-83.
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The author examines the causes and sources of the depreciation of money in Russia compared with that in the United States. The subject is causal connections between the budget deficit, money supply, and the depreciation of money. The relevance of the research for Russia is determined by concerns about macroeconomic stability and high inflation. In the case of the United States, an increase in the money supply and an inflation spike occurred because of the debt financing of the federal budget deficit. The scientific novelty of the paper lies in considering the two main options for monetary policy to support the liquidity of public debt: hard and soft, and the analytical methods and results of the research. One of the important scientific results is that the burden of public debt should be measured not as the ratio of public debt to gross domestic product (GDP) but as the share of public debt in a bond market. The second scientific result is very important for the practice: during 2011–2022, in the eight biennial periods, the GDP deflator was approximately equal to the growth of the money supply M2 minus GDP growth. Thus, the depreciation of money was directly caused by monetary policy. In the other three biennial periods, a substantial difference was observed, probably because of external shocks. As the method of the study, the author estimated the effect of interest rates caused by crowding out corporate debt by public debt. It was substantiated that to obtain the effects of soft monetary policy and thus the increase of M2 to GDP deflator, it is essential to use biennial periods. Based on the results of the analysis, it was revealed that, particularly in 2021–2022, the growth of the GDP deflator amounted to 139.8% and was due to the growth of the money supply M2 by 140.5%. At the same time, the effect on GDP growth was insignificant, at 3.4%. The key conclusion is that for the implementation of macroeconomic stability policies, it is necessary to manage the expansion of the M2 money supply, the exchange rate, and to use the GDP deflator as an important indicator in addition to the inflation index — consumer price index. A good way to achieve this is to adopt a special law for controlling inflation, similar to the USA Inflation Reduction Act.
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Mulaahmetović, Inda. "Quantitative Easing and Macroeconomic Performance in the United States". Journal of Central Banking Theory and Practice 11, n.º 3 (1 de septiembre de 2022): 79–98. http://dx.doi.org/10.2478/jcbtp-2022-0024.
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Abstract This scientific paper examines the relationship between macroeconomic variables whose performance is measured under the implementation of Quantitative Easing in the US, by estimating vector autoregression (VAR) and Impulse Response Function with monthly data from US Federal Reserve, observed during the period January 1994-January 2022. Variables include: Consumer Price Index (CPIAUCSL); Industrial Production (INDPRO); Unemployment Rate (UNRATE); Interest Rates, Government Securities, Government Bonds (INTGSBUSM193N); Volatility Index (VIXCLS), Real Broad Effective Exchange Rate (RBUSBIS), Federal Surplus or Deficit (MTSDS133FMS), Money Supply M1 (WM1NS), M2 (WMNS), M3 (MABMM301USM189S). An evidence on macroeconomic variables of Consumer Price Index and Industrial Production when evaluating the effectiveness of QE is provided.
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Garivaltis, Alex. "The Laws of Motion of the Broker Call Rate in the United States". International Journal of Financial Studies 7, n.º 4 (1 de octubre de 2019): 56. http://dx.doi.org/10.3390/ijfs7040056.
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In this paper, which is the third installment of the author’s trilogy on margin loan pricing, we analyze 1367 monthly observations of the U.S. broker call money rate, e.g., the interest rate at which stockbrokers can borrow to fund their margin loans to retail clients. We describe the basic features and mean-reverting behavior of this series and juxtapose the empirically-derived laws of motion with the author’s prior theories of margin loan pricing (Garivaltis 2019a, 2019b). This allows us to derive stochastic differential equations that govern the evolution of the margin loan interest rate and the leverage ratios of sophisticated brokerage clients (namely, continuous-time Kelly gamblers). Finally, we apply Merton’s (1974) arbitrage theory of corporate liability pricing to study theoretical constraints on the risk premia that could be generated in the market for call money. Apparently, if there is no arbitrage in the U.S. financial markets, the implication is that the total volume of call loans must constitute north of 70 % of the value of all leveraged portfolios.
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Gilbert, Emily. "‘Ornamenting the Facade of Hell’: Iconographies of 19th-Century Canadian Paper Money". Environment and Planning D: Society and Space 16, n.º 1 (febrero de 1998): 57–80. http://dx.doi.org/10.1068/d160057.
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In this paper I explore the iconographies on 19th-century Canadian paper money. Drawing upon the recent debates regarding the intersection of culture, society, and economy, it is argued that the form of paper money conveys not only economic but social and cultural values. The paper is divided into three parts. The first section situates Canadian paper currency in terms of the consolidation of paper monies more generally in the 18th and 19th centuries, but with particular reference to Britain and the United States. I then turn to a more specific analysis of the design and production of paper money, illustrating how monetary images were transferred among artistic media. A third section focuses on some of the spatial aspects of paper money by exploring national and imperial monetary narratives which are in turn related to specific monetary practices. In a brief conclusion the importance of an historical analysis to our contemporary understanding of paper and other kinds of monies is outlined and points to our complicity in economic, social, and cultural networks.
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Sofian, Ahmad, Bambang Pratama y Hanifah Azizah. "Mechanism For Asset Forfeiture In The Money Loundering Criminal Law And Asset Forfeiture Bill (Law Comparison With The United States)". Journal of Law and Sustainable Development 11, n.º 12 (5 de diciembre de 2023): e1712. http://dx.doi.org/10.55908/sdgs.v11i12.1712.
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Objective: This paper attempts to compare the law between Indonesia and The United States of America regarding the mechanism of asset forfeiture in the context of criminal law. In Indonesia, several criminal law provisions already regulate the possibility of confiscating and forfeiting the proceeds of criminal acts. However, under these provisions, asset forfeiture can only be carried out after the perpetrator of the criminal act is legally and convincingly proven to have committed a criminal act. The Asset Forfeiture Draft Law the text of which is just about to be submitted to parliament can bridge the norm of illicit enrichment or improperly obtained wealth, which is actually set out in the UN Convention Against Corruption, but not yet in Indonesian law. Theoretical framework: To present Indonesian and U.S. experience in regulating the possibility of confiscating and forfeiting the proceeds and instruments of criminal acts. It takes a complete and comprehensive normative juridical approach to asset forfeiture law, presents theoretical elaboration from international scientific publications, reports, and empirical studies. This paper presents a comparison between Indonesian and United States law regarding the forfeiture of assets resulting from money laundering. The United States has been the initiator of the Non-Conviction Based Asset Forfeiture mechanism. As a result of applying the concept of Non-Conviction Based Asset Forfeiture, the United States has benefited by being able to recover state losses suffered due to corruption without having to go through criminal proceedings. Thus, it has been able to minimize state losses occurring due to corruption. Methodology: There have been many studies examining asset forfeiture in various countries, but no study has been found thus far which adequately describes the norms and implementation of laws Indonesian and United States laws, respectively. It is important for Indonesia to understand the United States’ experience, both normatively as well as empirically. Therefore, the normative juridical approach with comparative study approach serves as a tool to investigate various legal aspects of the two countries. Articles with relevant themes that occur in various countries, including Indonesia and the United States, are included in this study. Results and conclusion: An asset forfeiture mechanism is required in national law which adopts the model of forfeiture of assets resulting from criminal acts through civil law. The implementation of the model of criminal asset forfeiture by the means of civil law is needed for the prompt recovery of state losses without first having to prove the criminal act committed by the perpetrator. Originality/ value: This paper is a comparative study of Indonesian and U.S. law respectively which highlights money laundering and asset forfeiture. This study also demonstrates that the asset forfeiture mechanism applied in the United States of America using Non-Conviction Based Asset Forfeiture is a revolutionary concept in forfeiting the proceeds of crime.
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Sylla, Richard, John B. Legler y John J. Wallis. "Banks and State Public Finance in the New Republic: The United States, 1790–1860". Journal of Economic History 47, n.º 2 (junio de 1987): 391–403. http://dx.doi.org/10.1017/s0022050700048142.
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The U.S. Constitution, by taking away the power of the states to issue paper money, removed a major source of flexibility in state public finance. In their search for new sources of revenue and fiscal flexibility, the states discovered that the banks they chartered could fill the gap. Investment earnings and tax revenues derived from banks soon became major elements of state public finance. We discuss the nature of these early business-government relationships and provide the first systematic assessment of their relative importance in state finance.
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Hummel, Daniel y Blake Goud. "An esham-ijara structure in the United States?" Journal of Islamic Accounting and Business Research 8, n.º 4 (4 de septiembre de 2017): 455–67. http://dx.doi.org/10.1108/jiabr-10-2015-0050.
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Purpose The purpose of this paper is to explore Islamic borrowing at the local level in redevelopment authorities in the USA through an ijara and esham framework. Design/methodology/approach A hypothetical example is approached with a real redevelopment authority in the City of Pompano Beach, Florida. Actual data from past borrowing in a tax increment financing district are compared to an Islamic financing approach to test for competitiveness to a conventional approach. Findings It was found that when incorporating a crowdsourced option along with an ijara and esham approach, the returns on investment are higher than for a conventional approach. The risk is higher, but the returns are also higher which possibly increases the incentive to invest in these options. Research limitations This scenario is only hypothetical and based on many assumptions. A real-world application of the approach would have to be attempted to confidently determine its viability. Practical implications The potential competitiveness of this financing approach as well as its higher sustainability makes this a favorable approach for local redevelopment authorities to implement for needed money for infrastructure projects in blighted areas of the city. It is also of interest to Muslim countries that are devolving authority to their local governments. Originality/value This paper considers an alternative approach to tax increment financing which relies on a revenue sharing arrangement called an esham–ijara and esham–sukuk risk-sharing structure in Islamic financing terminology. There is currently very little discussion of esham in Islamic finance and no discussion of the application of Islamic finance to local economic development enterprises.
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Sevidzem Simo Yufenyuy, Sulaimon Adeniji, Emmanuel Elom, Somto Kizor-Akaraiwe, Abdul-Waliyyu Bello, Emmanuel Kanu, Oluwadamilola Ogunleye et al. "Machine learning for credit risk analysis across the United States". World Journal of Advanced Research and Reviews 22, n.º 2 (30 de mayo de 2024): 942–55. http://dx.doi.org/10.30574/wjarr.2024.22.2.1455.
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Money-Lending financial institutions face risk, which necessitates adopting a robust framework to manage it effectively. While traditional methods have been applied across the financial industry, the advent of artificial intelligence offers organizations the opportunity to utilize advanced methods to manage credit risk. This paper focuses on the application of machine learning techniques for credit risk analysis. Secondary data on information related to borrowers was extracted from Kaggle database simulating Credit Bureau data. Two ensemble models in random forest and gradient boosting were adopted for this study. The findings showed that percentage of income for loan repayment, borrower’s income, and interest rates on loans are the most important features for determining defaulters. Furthermore, the evaluation results revealed that both the random forest and the gradient boosting algorithms performed well, with F1 scores of 92.9% and 93% respectively. It was recommended that financial institutions should priorities the verification and comprehensiveness of their data, as precise data is essential for developing resilient models.
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JONSSON, MAGNUS y PAUL KLEIN. "ACCOUNTING FOR THE RELATIONSHIP BETWEEN MONEY AND INTEREST RATES". Macroeconomic Dynamics 10, n.º 4 (13 de junio de 2006): 545–71. http://dx.doi.org/10.1017/s1365100506050279.
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In time-series from the United States, the relationship between the money to income ratio and the nominal interest rate is a negative and stable one. In Swedish data, there is no such stable relationship. In this paper, we argue that this difference can be explained by the differences in the shock processes that have hit the two countries. Using a dynamic general equilibrium model driven by shock processes estimated to fit the two countries, we find that we can account for the main properties of the data remarkably well.
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Alekhin, B. I. "Real money and economic growth in Russia and the United States in the 21st century". Mezhdunarodnaja jekonomika (The World Economics), n.º 7 (27 de julio de 2023): 445–60. http://dx.doi.org/10.33920/vne-04-2307-02.
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The aim of this paper is to test empirically the point of view that economic growth is a function of only one variable — money supply. According to Russian economist S.N. Blinov, to achieve 5 % annual growth rate of GDP within three months it is sufficient to increase real money supply by 26 % annually. For empirical verifi cation Granger causality test and other instruments of econometrics of time series were used on data ranging from the 1st quarter of 2000 to the 4th of 2022 (92 quarterly observations). The null hypothesis that causality runs from real M2 to real GDP, but not in the opposite direction was rejected in favor of by-directional causality. Lagged GDP systematically contributes much more to economic grows than real M2 and contributes much more in Russia than in the United States. In addition, the author comes to the conclusion that in the USA the influence of real money on the economy is much stronger and faster than in Russia, and the role of the central bank is much more signifi cant. Since 1977, when the US Congress gave the Fed a «double mandate», i.e. assigned it responsibility for economic growth, the Fed’s monetary policy is designed to ensure maximum employment, stable prices and moderate long-term interest rates in the US economy. Employment and inflation targets as a rule, they are complimentary. Working in a completely different economy, the Bank of Russia successfully disavows this responsibility.
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Turek, Maciej. "Money for Nothing? Financing the 2016 and 2020 U.S. Presidential Nomination Campaigns". Political Preferences, n.º 27 (1 de diciembre de 2020): 39–62. http://dx.doi.org/10.31261/polpre.2020.27.39-62.
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The aim of the paper is to analyze the relationship between campaign money and winning the 2016 and 2020 presidential nominations in the United States. While in the last two decades of the twentieth century candidates who raised most money almost always became major party nominees, the record is mixed for presidential cycles 2004-2012. By comparing various dimensions of campaign finance, including activities of candidates' campaign committees and outside groups, the Author demonstrates that while successful fundraising, resulting in dozens of millions of dollars at the disposal of candidates, seems necessary to run a competitive campaign, raising the most money is no longer pre-requisite for becoming major party presidential nominee.
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Targowski, Andrew S. "The Review on the European and the United States Healthcare Systems". Public Health – Open Journal 5, n.º 3 (19 de diciembre de 2020): 58–67. http://dx.doi.org/10.17140/phoj-5-149.
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The paper investigates the main ideas and solutions of healthcare systems in leading countries such as Switzerland, the Netherlands, Denmark, Sweden, Austria, France based on the international ranking indexes such as the United Nations Human Development Index, Genuine Progress Indicator (GPI), Blumberg’s Global Health Index, World Health Organization (WHO), The Healthcare Access & Quality Index (HAQ), the European Health Consumer Index (EHCI). In conclusion, the health of society depends to a great extent on lifestyle and climate, where such countries as Spain and Italy have fewer sick people, and it results in a lower burden on healthcare. Unites States of America healthcare must compensate for lifestyle defects with intensive treatment and expensive medicines. This costs money and, what is worse, it doesn’t bring any noticeable progress. As evidenced by the dramas caused by the 2020 pandemic.
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Sasongko, Budi, Eny Lestari Widarni y Suryaning Bawono. "MONETARY OUTLOOK". JBFEM 4, n.º 1 (19 de mayo de 2021): 9–18. http://dx.doi.org/10.32770/jbfem.vol49-18.
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This paper aims to study the transformation of money in the United States using qualitative content analysis and predict the stability of the internal exchange rate of money by comparing the internal exchange rate of commodity money proxied by gold against crude oil internally. The exchange rate of fiat money proxied by the USD against crude oil and the internal exchange rate of synthetic money proxied by bitcoin against crude oil use the autoregressive threshold (TAR) method in the exchange period. In the great depression, fiat standards, subprime mortgage crisis, Europe experienced a debt crisis until 2017 (1960 - 2017). We compare the internal stability of money for each period in the aggregate using TAR to describe the overall fluctuation of internal exchange rate stability. So it can be seen that the behavior of data movements based on the crisis period experienced is the basis for predicting the stability of the internal exchange rate in the future.
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Ariesiyani, Amarillys Enika Noora y Lalu Garin Alham. "Money Laundering in APEC Countries". AML/CFT Journal: The Journal of Anti Money Laundering and Countering the Financing of Terrorism 1, n.º 2 (25 de junio de 2023): 146–66. http://dx.doi.org/10.59593/amlcft.2023.v1i2.56.
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This paper has three main contributions. First it attempts to measure which APEC countries are attractive destinations for money laundering to Indonesia. Second it measures and ranks the degree of money laundering attractiveness in-between APEC country members themselves. Third, it tests the variables contributing to a country’s money laundering attractiveness. The attractiveness is measured using the Gravity model derived from Newtonian gravitational equations by utilizing variables ranging from countries’ wealth, government attitude on money laundering, corruption perception index, SWIFT membership, conflict, financial secrecy, and physical & cultural distances. Pearson correlation analysis is also employed to test the statistical interaction & correlation between corresponding variables. Our simulations show that several countries consistently sit on the top 3 (three) most attractive money laundering destinations: Singapore, Hongkong, and the United States. It is also found that financial secrecy and GNI per capita significantly correlate with the degree of money laundering attractiveness. This analysis unveils that an attractive financial regime (beneficial ownership and bank secrecy) and a strong economy attract money launderers to conceal their ill-gotten money in a country.
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Morrison, James A. "THIS MEANS (BANK) WAR! CORRUPTION AND CREDIBLE COMMITMENTS IN THE COLLAPSE OF THE SECOND BANK OF THE UNITED STATES". Journal of the History of Economic Thought 37, n.º 2 (junio de 2015): 221–45. http://dx.doi.org/10.1017/s1053837215000061.
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The demise of the US central bank in the 1830s “Bank War” remains one of the most significant shifts in the history of American political and economic development. Traditional accounts frame the bank as the casualty of the inevitable clash of hard-money and soft-money interests and ideologies. This paper re-examines this shift through the lens of modern international relations theory. It argues that this “war,” like so many interstate wars, could have been—and very nearly was—averted. In the months prior to the outbreak of hostilities, the bank’s president (Nicholas Biddle) and the US president (Andrew Jackson) agreed to a set of reforms that both sides preferred to fighting. Jackson, however, came to believe that no amount of reform could curb the bank’s hegemonic ascent. Facing the logic of preventive war, Jackson issued a decisive veto that initiated a “total war.” His triumph in the 1832 election sealed the bank’s fate. This paper thus offers a novel interpretation of this key historical episode; and it demonstrates the value of using international relations theory to understand intrastate political dynamics.
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Serletis, Apostolos y Sajjadur Rahman. "THE CASE FOR DIVISIA MONEY TARGETING". Macroeconomic Dynamics 17, n.º 8 (7 de septiembre de 2012): 1638–58. http://dx.doi.org/10.1017/s1365100512000247.
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In this paper we investigate the relationship between money growth uncertainty and the level of economic activity in the United States. We pay explicit attention to the Divisia monetary aggregates. In doing so, we use the new vintage of the data [called MSI (monetary services indices) by the St. Louis Fed], together with the simple sum monetary aggregates, over the period from 1967:1 to 2011:3. In the context of a bivariate VARMA, GARCH-in-mean, asymmetric BEKK model, we show that increased Divisia money growth volatility (irrespective of the level of aggregation and the method of calculation) is associated with a lower average growth rate of real economic activity. However, there are no effects of simple-sum money growth volatility on real economic activity, except with the Sum M1 and perhaps Sum M2M aggregates. We conclude that monetary policies that focus on the Divisia monetary aggregates and target their growth rates will contribute to higher overall economic growth.
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Reid, Littlejohn. "A study of macroeconomic variables that effected employment in the United States from 1948 to 2021". Central European Review of Economics & Finance 44, n.º 3 (31 de diciembre de 2023): 125–52. http://dx.doi.org/10.24136/ceref.2023.017.
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The paper provides an analysis of important U.S. macroeconomic variables that effect aggregate employment. The paper seeks to answer the question “What are the deter¬minants of changes in aggregate employment in the United States of America (U.S.)?” This is an important research topic because significant increases in unemployment can have a profound effect on an entire society, not just on its unemployed workers. When employment declines, public health declines, crime increases, suicides increase, and public revenues decrease. This paper uses quarterly data from 1948-2021 to estimate the effect of important macroeconomic variables on aggregate employment. The macroeconomic variables include personal consumption expenditures, U.S. federal government expenditures, nominal GNP, international trade (imports plus exports), M3 money stock, the mini-mum wage level, non-residential fixed investment, non-manufacturing employment, and U.S. federal tax receipts.
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Bayraktar, Mehmet Emre, Qingbin Cui, Makarand Hastak y Issam Minkarah. "An evaluation of warranty contracting in the United States of America". Canadian Journal of Civil Engineering 33, n.º 1 (1 de enero de 2006): 1–9. http://dx.doi.org/10.1139/l05-073.
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It is believed that warranty contracting would benefit state highway agencies by improving quality, saving money and time, and encouraging contractors' innovations. However, the challenges associated with warranties could be substantial, including higher costs, early failures, a reduction or even elimination of small contractors from the bidding process, and an increase in contract disputes and litigation. The actual impact of warranty provisions on state Department of Transportation (DOT) projects in the United States of America is still unclear because of limited industry experience. This paper provides a detailed discussion of warranty provisions and the benefits and problems associated with the subject matter. The advantages and disadvantages of warranty provisions are evaluated from the conflicting perspectives of state Departments of Transportation (DOTs), contractors, and surety companies. The future prospects of warranty provisions are established based on the findings of a recent study of warranty provisions and existing literature. Also, several options are proposed that have a strong potential to improve the application of warranties on DOT projects.Key words: warranties, highway construction, innovation, highway maintenance, contract administration, construction costs, construction inspection.
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Sutantyo, Priscillia Tiffany. "Penyimpanan Mata Uang Asing Palsu dan Penggunaan Uang Hasil Transfer Dana yang Bukan Miliknya". Al-Jinayah Jurnal Hukum Pidana Islam 6, n.º 2 (14 de diciembre de 2020): 477–97. http://dx.doi.org/10.15642/aj.2020.6.2.477-497.
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Abstract: The paper aims to analyze whether the conducts of S, who has the counterfeit foreign currency with the intention of circulating the money and the use of the transferred funds that do not belong to him are under the Criminal Code and the Funds Transfer Law. The results of the study showed that S infringed the Article 245 of the Criminal Code which proved that S kept counterfeit foreign currency with the intent of distributing the money through his actions of keeping 10 (ten) pieces of 100 (one hundred) United States dollars which he obtained from A, a friend of S at Bima's Terminal. S also had violated Article 85 of the Funds Transfer Law through his act of utilizing the transferred money that did not belong to him. S knew that the money transferred to his account was not from the platinum metal buyer, based on a telephone's statement between the platinum metal buyer and S, who then took the money from his account and used the money. Therefore, S should be liable for his criminal actions.
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DeCorla-Souza, Patrick. "Development of a Transparent Framework for Pre-Procurement Evaluation of Public–Private Partnership Project Delivery Options". Transportation Research Record: Journal of the Transportation Research Board 2672, n.º 4 (29 de julio de 2018): 1–12. http://dx.doi.org/10.1177/0361198118784405.
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This paper reviews value for money (VfM) analyses conducted in the United States to gain an understanding of methods used in addressing key issues in VfM analyses. The paper shows that VfM analysis approaches are inconsistent. In many cases it is difficult to decipher the source of differences between delivery options. Discount rates are sometimes used in a way that reduces credibility of the results. The paper presents some ideas for how these key issues can be approached so that VfM analysis results are more credible, consistent, and transparent.
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WONG, WING-KEUNG, HABIBULLAH KHAN y JUN DU. "DO MONEY AND INTEREST RATES MATTER FOR STOCK PRICES? AN ECONOMETRIC STUDY OF SINGAPORE AND USA". Singapore Economic Review 51, n.º 01 (abril de 2006): 31–51. http://dx.doi.org/10.1142/s0217590806002214.
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This paper examines the long-term as well as short-term equilibrium relationships between the major stock indices and selected macroeconomic variables (such as money supply and interest rate) of Singapore and the United States by employing the advanced time series analysis techniques that include cointegration, Johansen multivariate cointegrated system, fractional cointegration and Granger causality. The cointegration results based on data covering the period January 1982 to December 2002 suggest that Singapore's stock prices generally display a long-run equilibrium relationship with interest rate and money supply (M1) but a similar relationship does not hold for the United States. To capture the short-run dynamics of the relationship, we replicate the same experiments with different subsets of data representing shorter time periods. It is evident that stock markets in Singapore moved in tandem with interest rate and money supply before the Asian Crisis of 1997, but this pattern was not observed after the crisis. In the United States, stock prices were strongly cointegrated with macroeconomic variables before the 1987 equity crisis but the relationships gradually weakened and totally disappeared with the emergence of Asian Crisis that also indirectly affected the United States. The results of fractional cointegration and the Johansen multivariate system are consistent with the earlier cointegration results that both Singapore and US stock markets did possess equilibrium relationships with M1 and interest rate at the early days. However, the stability of the systems was disturbed by a series of well-known financial turbulence in the past two decades and eventually weakened for Singapore and completely disappeared for the US. This may imply that monetary authority may take action to respond to the asset price turbulence in order to maintain the stability of monetary economy and thus break the existing equilibrium between stock markets and macroeconomic variables like interest rate and M1. Another possible explanation is that the market became more efficient after 1997 Asian crisis. Finally, the results of Granger causality tests uncover some systematic causal relationships, implying that stock market performance might be a good gauge for Central Bank's monetary policy adjustment.
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Kumar Stephen. K, Vimal y V. Mathivanan. "An Advancement in Paper Receipts the Electronic Receipt Administration Framework". Indonesian Journal of Electrical Engineering and Computer Science 8, n.º 3 (1 de diciembre de 2017): 631. http://dx.doi.org/10.11591/ijeecs.v8.i3.pp631-632.
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<p>The issue our group locations is best conveyed in the accompanying inquiry: Given the quantity of dealers, shoppers, and money related organizations in the U.S., how might we assemble a recordkeeping framework that enhances the ease of use, availability, and supportability of customer exchange records. A current review demonstrates that 80% of the U.S. populace gets one to three receipts a day, 11% of which promptly escape With America's retailers creating roughly 228.7 million pounds of receipt paper every year, this means 22.87 million pounds of paper that in a flash move toward becoming refuse . Promote, the present framework does not make receipts promptly open to traders and shoppers when they require them. In this venture, our group means to enhance the administration of shopper exchange records while diminishing the quantity of receipts imprinted in the United States. An answer for this issue will likewise furnish buyers with a more advantageous approach to screen their ways of managing money.</p><p>The framework is made out of four sections: an electronic UI, a deride money enroll, a receipt administration database, and a XML convention that conveys between the money enlist and the receipt database. On the off chance that executed on a national scale, this electronic receipt administration framework would permit clients (dealers, shoppers, and monetary organizations) access to all receipt information in one area and in one steady configuration, in this way wiping out the requirement for paper receipts.</p>
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Baig, Ahmed S. y Drew B. Winters. "Month-End Regularities in the Overnight Bank Funding Markets". Journal of Risk and Financial Management 14, n.º 5 (3 de mayo de 2021): 204. http://dx.doi.org/10.3390/jrfm14050204.
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The money market rates in the United States exhibit various calendar patterns that are grounded in institutional and regulatory factors. In this paper, we document a new regularity in the overnight fed funds market. Specifically, we identify patterns of decreased volatility along with consistent and significant month-end rate drops in the fed fund rates. Our findings suggest that short-term liquidity requirements of the Basel III reforms are, in part, responsible for the regularity in fed funds.
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Conlon, D. y N. Hiemstra. "Examining the everyday micro-economies of migrant detention in the United States". Geographica Helvetica 69, n.º 5 (22 de diciembre de 2014): 335–44. http://dx.doi.org/10.5194/gh-69-335-2014.
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Abstract. Securitization of immigration, the rise of interior immigration policing, and forces of carceral privatization have occasioned a remarkable expansion of immigrant detention throughout the United States. Previous studies have drawn attention to the importance of the daily rates paid by the federal government to individual facilities in driving the emphasis on detention. This paper, in contrast, argues that tracing the political and economic geography of money inside detention facilities is also critical for understanding detention expansion and its consequences. We define the processes, mechanisms, and practices of generating profit above and beyond the "per-bed" daily rate as "internal micro-economies" of migrant detention. Drawing on an ongoing examination of migrant detention facilities in the greater New York City metropolitan area, we identify four micro-economies evident in detention facilities: the commissary systems, phone and other forms of communication, detainee labor, and detainee excursions outside detention. These economies show how detained migrants' needs and daily routines are tailored in ways that produce migrants as both captive consumers and laborers. Recognition of multiple micro-economies also highlights the fact that the numbers of individuals and entities invested in the incarceration of immigrants proliferate in tandem with the objectification of detainees. The paper further suggests that attending to relationships embedded in the inner workings of detention exposes economic links across carceral boundaries, rendering visible the porosity between government, private companies, and publics.
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Duri, Jorum. "Dirty money as legal fees in Namibia and Zimbabwe: are lawyers laundering proceeds of crime?" Journal of Money Laundering Control 23, n.º 2 (23 de marzo de 2020): 315–26. http://dx.doi.org/10.1108/jmlc-08-2019-0067.
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Purpose The purpose of this paper is to explore the contentious issue whether lawyers become launderers when they accept dirty money as legal fees. Lawyers represent criminal defendants who may wish to pay for their legal fees with proceeds of their criminal activities. The paper analyses the legal position of Namibia and Zimbabwe on such tainted fees and proceeds to compare with the different position taken by the United States. Design/methodology/approach The paper adopts a desk research methodology with reliance on various sources such as statutory laws, case laws, books, journal articles and the internet. Its scope is limited to issue and content analysis relating to the use of dirty money as legal fees. Findings The paper shows that lawyers become launderers when they accept dirty money as legal fees with knowledge or suspicion of its origins. It concludes that the prohibition of dirty money as legal fees is important in the fight against economic crime in Namibia and Zimbabwe. Even though it is decriminalised in the USA, the continuous prosecution of lawyers for tainted fees shows that state authorities are aware of the dangers of tainted legal fees. Originality/value This paper adds to the few available literature on dirty money and legal fees. It provides sound reasons why prohibition of tainted attorneys’ fees adds muscle to the fight against economic crime. No prior literature is available on tainted legal fees in Namibia and Zimbabwe specifically.
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Basci, Sidika y Tahar Gherbi. "Demand deficiency, money velocity and heterogeneity". Central European Review of Economics and Management 4, n.º 2 (21 de junio de 2020): 137–53. http://dx.doi.org/10.29015/cerem.865.
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Aim: Money velocity data for the United States show that there is a decline in all of the broad money aggregates in recent decades. This points to a sustained demand deficiency element. Can consumer heterogeneity be the cause of this declining trend? The aim of this paper is to find an answer for this question.
Design / Research Methods: To achieve our aim we use Agent Based Modelling (ABM). In our model, the agents are heterogeneous consumers with different spending propensities.
Conclusions / findings: We show that heterogeneous consumers with different spending propensities alone puts a downward pressure on money velocity. This pressure is coupled with a sustained worsening in the wealth distribution. We observe that as money accumulates in the hands of agents with the lowest propensity to spend, money velocity keeps declining. This also puts a downward pressure on nominal aggregate demand and hence a deflationary bias on the general price level.
Originality / value of the article: This paper shows that heterogeneity of economic agents should not be ignored and that ABM is a very powerful tool to analyse heterogeneity.
Implications of the research: The implication for policy makers is that the demand deficiency associated with the fall in money velocity will persist until the worsening of wealth dispersion comes to a halt.
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Othman, Abdelrahman J. y Rebwar Z. Mohammed. "Identity Crisis in Martin Amis's Money and London Fields". Koya University Journal of Humanities and Social Sciences 4, n.º 1 (30 de junio de 2021): 60–69. http://dx.doi.org/10.14500/kujhss.v4n1y2021.pp60-69.
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Martin Amis’s novels are known for their representation of the dilemma of human beings in facing the problems of their age. Problems that may lead them to the status of crisis and expose them to sever psychological pain. This paper deals with issues related to identity and the traumatic conditions of the characters in two of Martin Amis's outstanding novels which are Money and London Fields. Using a descriptive analytic approach, I will be highlighting how these characters pass through a status of crisis while living in an era of material idolization and greed that results in death of love and human noble emotions which consequently lead them to the verge of apocalypses. Although the setting of these novels are United Kingdom (UK) and the United States of America (USA), the author wants to present the case as an international problem that may affect human life in different places of the world. Through a harsh language and a realistic manifestation, Amis is disclosing the true face of modernity which apparently is very attractive but deep inside is full of atrocities and disaster. I will also indicate how some of the main characters overcome the challenges they face and are able to find out their lost identities after paying high prices both emotionally and psychologically.
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Rubin, Marilyn Marks y Wendy M. Nicholson. "The People’s Voice, The People’s Choice: An Overview of Participatory Budgeting in the United States". Chinese Public Administration Review 11, n.º 1 (29 de junio de 2020): 25. http://dx.doi.org/10.22140/cpar.v11i1.248.
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Participatory budgeting was launched in the U.S. in 2009 in Chicago, Illinois, by a member of the city’s Board of Aldermen (the city council) who used $1 million of his discretionary funds to bring his constituents directly into the local budget decision-making process. By 2018, there were 23 more U.S. jurisdictions with a PB process in place: 12 with PB in selected areas (districts); six with a citywide initiative; five with an initiative to allocate specific pots of money, e.g., CDBG funds (see Table 1); and six with an initiative to bring young voters or high school students into budget decisions. In this descriptive paper, we provide a synopsis of PB initiatives in the U.S. based on publically available information and personal interviews with individuals involved in the PB process. Our paper adds to the literature by providing a review of PB initiatives across the U.S. that will be particularly useful for readers who are looking for a quick purview of the topic or who have limited knowledge of PB.
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Hoque, Monzurul. "Financial Meltdown – Crisis and Challenges". Journal of Finance Issues 7, n.º 1 (31 de diciembre de 2009): 143–52. http://dx.doi.org/10.58886/jfi.v7i1.2576.
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This paper looks at the current financial crisis in the light of the preceding major bubbles in the United States. We observe that history of bubbles is history of asset bubbles with attendant easy money. We posit that solution to these bubble crashes do not have to lead to deflation or inflation. If we go back to the basic of credit creation through real savings, the solution will not likely to set the stage for another bubble. An example of back to basic credit creation is provided.
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Lin, Jiaxin. "The Asset Allocation Analysis for Banking and Technology and Retail Industries". BCP Business & Management 38 (2 de marzo de 2023): 1550–55. http://dx.doi.org/10.54691/bcpbm.v38i.3931.
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With the outbreak of COVID-19 in 2020, the economies of almost all countries in the world have faced inevitable and significant losses. The GDP growth rate of major economies in the world has not improved or even declined. During the pandemic, many people lost their jobs, which meant they lost a regular source of income to support them; At this time, the money made by the way of making money online -- buying stocks, or various financial products -- is very important, and portfolio analysis is the first step to successful investment. In this paper, four of the most successful companies in the United States are selected for analysis. They are AAPL, AMZN, AXP, and JPM, which respectively involve the financial industry, banking, technology, and retail industry in the United States. This article uses three methods for portfolio optimization, which are called mean-variance analysis, CAPM Model and Fama French Three Factor Model, this paper calculates the weight proportion of four companies under Three different models. The results show that in mean-variance model has the highest projected revenue among the three models, while CAPM has the lowest projected revenue. Meanwhile, among the mean-variance models, AAPL has the highest proportion of investment, but among the CAPM and FF3F models, JPM, which has the worst performance in the mean-variance models, has the highest proportion. This research will benefit the related investors in financial markets.
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Kawai, Masahiro y Li-Gang Liu. "Trilemma Challenges for the People's Republic of China". Asian Development Review 32, n.º 1 (marzo de 2015): 49–89. http://dx.doi.org/10.1162/adev_a_00047.
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This paper first reviews recent developments in exchange rate regimes, capital account liberalization, interest rate liberalization, and monetary policymaking in the People's Republic of China (PRC). It then observes that the PRC's monetary policy autonomy may have been reduced with falling capital control effectiveness and a rigid exchange regime that is still tightly managed against the United States (US) dollar. This hypothesis is investigated empirically using both the Taylor rule and a McCallum-like rule to test whether the PRC's money market interest rate and/or quantity of money supply are being increasingly influenced by the US interest rate or reserve accumulation. The paper concludes that there is considerable evidence suggesting diminishing monetary policy autonomy in the PRC. To regain policy autonomy, the monetary authority needs to substantially increase exchange rate flexibility of the renminbi as long as it continues to pursue capital account opening.
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CHOI, NAMKEE G. y RITA JING-ANN CHOU. "Time and money volunteering among older adults: the relationship between past and current volunteering and correlates of change and stability". Ageing and Society 30, n.º 4 (21 de enero de 2010): 559–81. http://dx.doi.org/10.1017/s0144686x0999064x.
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ABSTRACTUsing data from the first and second waves of the Survey of Midlife Development in the United States – MIDUS1 1995–1996 and MIDUS2 2004–2006, this paper examines the relationship between the extent of time and money volunteering among people aged 55 or more years at baseline and those of the same age nine years later. Following an analysis of the changes and stability in volunteering status, the paper examines the relationships between change or stability in volunteering and various socio-demographic attributes of the respondents and measures of their human capital, cultural capital and social capital. A majority of older volunteers of time and/or money were repeat volunteers, and the extent of volunteering at the start of the studied period was one of the most significant predictors of the extent of volunteering nine years later. The level of education was a consistent predictor of the extent of both time and money volunteering and of new engagement and stability in volunteering. Social network size, or social connectedness, represented by the number of various meetings attended, was a significant predictor not only of the hours of time volunteering, but also of new engagement and stability in both time and money volunteering. A high degree of religious identification also appeared to be a motivation for money volunteering and to affect the value of donations. The paper concludes by discussing the implications of the findings for the recruitment and retention of volunteers.
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Masters, Marick F. y Robert S. Atkin. "Local Union Officers' Donations to a Political Action Committee". Articles 51, n.º 1 (12 de abril de 2005): 40–61. http://dx.doi.org/10.7202/051074ar.
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During the 1980s, unions in the United States significantly increased their political activity, partly as a strategic response to declining membership. An important aspect of this effort is contributing money to congressional and presidential candidates through political action committees (PACs). U.S. federal election campaign laws allow unions to raise PAC money from members on a strictly uoluntary basis. Elected local union officers may play an important part in union PAC fundraising, as they are a sizable cadre of potential donors and their donations may send powerful signais to rank-and-file to donate as well. This paper examines the PAC donations among a sample of elected local union officers of the United Steelworkers of America (USW). The descriptive results show significant variation in officers' PAC donations. Regression analyses show that union commitment is a significant predictor of PAC support as is location in a non-right-to-work state. The results have implications for promoting union PAC fundraising efforts, and hence the potential of U.S. unions to rely on political action as a strategy for resurgence.
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Xue, Lejing. "The Influence Factors of Supermarket Profit: A Case Study of The United States". BCP Business & Management 36 (13 de enero de 2023): 330–39. http://dx.doi.org/10.54691/bcpbm.v36i.3450.
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A Supermarket's profit is the money it earns when its total revenue exceeds its whole expenses. Any profit made by a corporation goes to its owners, who can choose to distribute it to shareholders as income or reinvest it in the business to fund future growth. The goal of this study is to analyze how the profitability of a particular superstore in the United States is affected by several economic factors. The multiple linear regression method, which is a statistical tool for prediction, will be utilized extensively throughout the paper. This project will go through data wrangling techniques, where this paper checked for inconsistency, missing values, and duplicate records, and filtered noisy data by identifying outliers and removing them, sampling the data due to its size to a more convenient size for ease of analysis, to proceeding to visualization, in order to determine what the results of the analysis are. Our primary method of multiple linear regression yielded an R-squared value of 0.563 for our model. This value represented the coefficient that indicated how well the values fit compared to the originally used values. Each one of the analyses that was carried out will be based on a confidence interval of 95%. In conclusion of the study, this paper found out that the more the sales and higher the quality the more chances of getting profit on the sales made with discount accounting to a negative variation to the profit sales. This model can be used to demonstrate future trends in profit margins and be applicable apply to other supermarkets to avoid losses.
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Michie, Ranald C. "The London and New York Stock Exchanges, 1850–1914". Journal of Economic History 46, n.º 1 (marzo de 1986): 171–87. http://dx.doi.org/10.1017/s0022050700045563.
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This paper compares two financial institutions that provided the same functions at the same time, but in different countries and with different memberships. Though the London and New York stock exchanges appear to be alike between 1850 and 1914, they were not, as each responded in its own way to the forces acting upon it. The result was a radically different organization of the securities market in Britain and the United States. This had important implications for the money and capital markets and consequences for business and the economy.
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Titiunik, Rocío. "Drawing Your Senator from a Jar:Term Length and Legislative Behavior". Political Science Research and Methods 4, n.º 2 (7 de julio de 2015): 293–316. http://dx.doi.org/10.1017/psrm.2015.20.
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This paper studies the effects of term duration on legislative behavior using field experiments that occur in the Arkansas, Illinois, and Texas Senates in the United States. After mandatory changes in senate district boundaries, state senators are randomly assigned to serve either two-year or four-year terms, providing a rare opportunity to study legislative behavior experimentally. Despite important differences across states, when considered together, the results show that senators serving two years abstain more often, introduce fewer bills, and do not seem to be more responsive to their constituents than senators serving four years. In addition, senators serving shorter terms raise and spend significantly more money, although in those states where funds can be raised continuously during the legislative term, the differences arise only when the election is imminent.
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Robertson, Andrew S. "Preserving an Incentive for Global Health R&D". American Journal of Law & Medicine 42, n.º 2-3 (mayo de 2016): 524–42. http://dx.doi.org/10.1177/0098858816658278.
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In December 2014, the United States government expanded the Priority Review Voucher (“PRV” or “voucher”) program to include Ebola and other related Filoviruses. By doing so, lawmakers provided a potentially powerful incentive for drug companies to invest time and money in the development of novel medicines for terrifying diseases. This expansion is one of several additions made to the PRV programs since 2012. Many companies rely on voucher resale to recoup research and development (“R&D”) costs; however, it is unclear whether the PRV program could be overextended, thereby diluting the value of the incentives. In this paper, I use historical approval data from the Food and Drug Administration (“FDA”) and United States drug revenue data to better understand the secondary market value of a PRV. The data suggests that that purchase prices of a PRV could continue to climb; despite this, the market size for these vouchers is limited. The implications of these findings are discussed further.
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Lakomski-Laguerre, Odile. "Joseph Schumpeter’s Credit View of Money: a Contribution to a “Monetary Analysis” of Capitalism". Journal of Institutional Studies 12, n.º 4 (25 de diciembre de 2020): 054–76. http://dx.doi.org/10.17835/2076-6297.2020.12.4.054-076.
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This paper highlights Joseph Schumpeter’s monetary thought, which appears to be neglected, compared to his theory of innovation and entrepreneurship. In particular, the author addresses his completely unknown writing “Das Wesen des Geldes” focused on the topic of money. This book uncovers the “essence” and the logic of money and credit that stem from Schumpeter’s experience as the finance minister and the president of a private bank. Relying on this experience, Schumpeter rediscovers and deepens the credit theory of money, which interprets the money as an institution and a social accounting system, with the banking system seen as the central agency of capitalism. “Das Wesen des Geldes” is particularly interesting, since it is the outcome of Schumpeter’s elaborations within the framework of the German Historical (Ethical) School headed by Gustav Schmoller. This was followed by his moving to the United States, and his views reversed to support the neoclassical framework in line with Marshall – Taussig canon. The fact that “Das Wesen des Geldes” was not published posthumously until 40 years after it was written, shows the coercive power of the rules within the communities of academic economists.
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Reich, Rob. "Philanthropy and Caring for the Needs of Strangers". Social Research: An International Quarterly 91, n.º 1 (marzo de 2024): 103–25. http://dx.doi.org/10.1353/sor.2024.a923113.
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ABSTRACT: People have been giving away their money, property, and time to others for millennia. What's novel about the contemporary practice of philanthropy is the availability of tax incentives to give money away. Such incentives are built into tax systems in nearly all developed and many developing democracies. In this sense, philanthropy is not an invention of the state but ought to be viewed today as an artifact of the state. This paper specifies and assesses three possible justifications for the existence of tax incentives for charitable giving, identifies a distinctive role for philanthropy in democracies, and argues for a fundamental redesign of the current legal framework governing philanthropy. Empirically, giving to assist the needy and care for strangers is an uncommon form of giving in the United States. Normatively, it is but one potential justification for philanthropy.
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Erickson, Laura. "Reducing Recidivism through Correctional Education: The Roles of Neoclassical and Behavioral Economics". Policy Perspectives 25 (11 de mayo de 2018): 22–31. http://dx.doi.org/10.4079/pp.v25i0.18353.
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The correctional system in the United States is expensive and often punitive rather than rehabilitative. One potential way to reduce both recidivism rates and criminal justice spending is through correctional education. This paper explores the value of correctional education through both neoclassical and behavioral economic perspectives and considers potential tradeoffs and implementation challenges to expanding correctional education. Policymakers and the public at large may hesitate to provide such a service, but it is important to consider cost-effective ways to reduce recidivism. Ultimately, evidence suggests that correctional education is an effective way to reduce recidivism rates and potentially save money.
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Ryczkowski, Maciej. "MONEY, CREDIT, HOUSE PRICES AND QUANTITATIVE EASING – THE WAVELET PERSPECTIVE FROM 1970 TO 2016". Journal of Business Economics and Management 20, n.º 3 (2 de mayo de 2019): 546–72. http://dx.doi.org/10.3846/jbem.2019.9859.
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This paper investigates the relationship between money/credit growth and house price inflation for a sample of twelve developed countries. The novel application of the continuous wavelet transform showed significant but time-varying linkages between these two variables. During quantitative easing in the United States and the United Kingdom, growth of respectively broad money and bank credit was leading house price inflation for the 2-8 years cycle. In contrast to this, the Bank of Japan and the European Central Bank either did not assign a separate role to house prices in their reaction functions or the two central banks were not capable to significantly increase house prices by extending money/credit during the business cycle. The significant co-movements of financial variables and house prices around booming episodes warn us that a new asset price boom might appear within the length of a business cycle as a consequence of overly expansionary monetary policy. In the euro area, the significant, long run, and close to a one-for-one link between growth of M3 and house price inflation is an argument for the monetary pillar of the European Central Bank. The present study contributes significantly to the literature by introducing a novel application of a continuous wavelet transform to study the housing prices in relation to money, credit and quantitative easing. The article uses a long-term dataset covering a period of almost half a century to analyse their varying relationship in the short-run to the long-run and from the historical perspective.
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Calza, Alessandro y Andrea Zaghini. "NONLINEARITIES IN THE DYNAMICS OF THE EURO AREA DEMAND FOR M1". Macroeconomic Dynamics 13, n.º 1 (febrero de 2009): 1–19. http://dx.doi.org/10.1017/s1365100508070405.
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This paper finds evidence of nonlinearities in the dynamics of the euro area demand for the narrow aggregate M1. A long-run money demand relationship is first estimated over a sample period covering the past three decades. Although the parameters of the relationship are jointly stable, there are indications of nonlinearity in the residuals of the error-correction model. This nonlinearity is explicitly modeled using a fairly general Markov switching error-correction model with satisfactory results. The empirical findings of the paper are consistent with theoretical predictions of nonlinearities in the dynamics of adjustment to equilibrium stemming from “buffer stock” and “target-threshold” models and with analogous empirical evidence for European countries and the United States.
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SERLETIS, APOSTOLOS y ASGHAR SHAHMORADI. "FLEXIBLE FUNCTIONAL FORMS, CURVATURE CONDITIONS, AND THE DEMAND FOR ASSETS". Macroeconomic Dynamics 11, n.º 4 (7 de mayo de 2007): 455–86. http://dx.doi.org/10.1017/s1365100507060154.
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This paper focuses on the demand for money in the United States in the context of five popular locally flexible functional forms—the generalized Leontief, the basic translog, the almost ideal demand system, the Minflex Laurent, and the normalized quadratic reciprocal indirect utility function. We pay explicit attention to the theoretical regularity conditions of positivity, monotonicity, and curvature and argue that much of the older empirical literature ignores economic regularity. We treat the curvature property as a maintained hypothesis and provide a comparison in terms of violations of the regularity conditions and in terms of output in the form of a full set of elasticities. We also provide a policy perspective, in that a strong case can be made for abandoning the simple sum approach to monetary aggregation, on the basis of the low elasticities of substitution among the components of the popular M2 aggregate of money.
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Zytnick, Michael y Alaina Gimbert. "Considering Sanctions Compliance in Light of UCC 4A". Michigan Business & Entrepreneurial Law Review, n.º 10.2 (2021): 197. http://dx.doi.org/10.36639/mbelr.10.2.considering.
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As part of a bank’s financial crime compliance program, it is increasingly common to screen and halt the processing of a payment order for compliance investigation where reference is made to a potential, but unconfirmed, target of United States economic sanctions. This essay discusses challenges under Article 4A of the Uniform Commercial Code concerning the timing of such an investigation and the creation of potential liability where a bank wrongly accepts by execution a previously halted payment order received from a sender following five funds transfer business days after the relevant execution date or payment date of that order. In Part II, this paper presents a brief overview of the use of funds transfers in the United States and reviews the application of Article 4A of the Uniform Commercial Code, including rejection, acceptance, cancellation, and amendment of a payment order. In Part III, the paper overviews United States economic sanctions, the implementation by banks of technology designed to identify and halt the processing of a payment order referencing a potential sanctions target, and the timeframe that may be required to investigate a halted payment order. In Part IV, the paper reviews application of Article 4A’s automatic cancellation and “money back guarantee” provisions where a payment order under its purview is wrongly effected and loss allocation between funds transfer parties for such events. Part V describes possible contractual and legislative changes to address the balance of Article 4A’s automatic cancellation of an unaccepted payment order after five funds transfer business days, sanctions compliance efforts undertaken by banks, and the policy goal of completing funds transfers efficiently.