This study investigates the dynamic relationships between the money supply (M2) and key commodity prices (Cocoa, Gold, and Crude) in the context of Ghana. Utilizing Vector Error Correction Model (VECM) analysis, we an...This study investigates the dynamic relationships between the money supply (M2) and key commodity prices (Cocoa, Gold, and Crude) in the context of Ghana. Utilizing Vector Error Correction Model (VECM) analysis, we analyze the short-term and long-term Granger causality relationships among these variables, aiming to shed light on the potential linkages between monetary policy and commodity markets. The analysis covers the period from December 1999 to April 2023, using lag structures of 1 and 8 to capture both short-term and more enduring effects. Our findings reveal significant Granger causality relationships between the money supply and various commodities, with nuanced patterns emerging across different lags. In the short-run, our results suggest bidirectional causal relationships between COCOA and M2, CRUDE and M2, and GOLD and M2. Additionally, M2 Granger causes changes in COCOA, CRUDE, and GOLD. However, the causal relationship between COCOA and GOLD appears to be unidirectional, with COCOA not significantly Granger causing changes in GOLD. The short-term findings highlight the intricate interplay between monetary policy and commodity markets. In the long-run (lag 8), our analysis unveils robust Granger causality relationships between the variables. Past values of COCOA, CRUDE, and GOLD Granger cause changes in M2, indicating a notable influence of commodity markets on the money supply. Similarly, M2 Granger causes changes in CRUDE and GOLD. Notably, the findings underscore a more comprehensive and intertwined relationship between monetary policy and commodity prices in the long-run. Based on these results, we derive several policy implications. Policymakers should carefully consider the potential impact of monetary policy decisions, such as quantitative easing, on commodity markets and price dynamics. Measures to stabilize commodity prices, promote export diversification, manage inflation expectations, and enhance economic resilience are recommended. Additionally, effective data monitoring, international collaboration, and proactive risk management strategies are essential components for navigating the complex interactions between monetary policy and commodity markets. This study contributes to a deeper understanding of the intricate connections between monetary policy and commodity prices in Ghana, offering insights for policymakers, researchers, and stakeholders seeking to promote sustainable economic growth and stability. Further research can delve into the mechanisms underlying these relationships and explore their broader implications for trade balances, economic performance, and policy formulation.展开更多
The essay discusses the interrelations between Time and Money and the right ways for managing them.Additionally it discusses other aspects of life and time,such as:definition of time,smart use of time,use of time as d...The essay discusses the interrelations between Time and Money and the right ways for managing them.Additionally it discusses other aspects of life and time,such as:definition of time,smart use of time,use of time as distincting between men and animals,time,age and responsibility,time and the“meaning of life”,quality and quantity of lifetime,social aspects of time and science,technology and time.The author clearly expresses his opinion,that Time is a neutral abstract entity,exists in free democratic regimes and in less-liberatated autocracies.It is the explicit responsibility of every man and woman,anywhere,and everywhere,to prepare and train themselves for a smart use of the time awarded to them.On the other hand,Time is available for everyone and everything.The busy diligent hard-working person always seeks more challenging missions,while the less-energetic idle person,is always busy and tire of doing nothing.The author also claims that Time is an opportunity.It is available and inviting every active person,a thinker,a doer,and an entrepreneur to use and have it to achieve their goals.The author advises:Do not complain I have no time-dare to make the first step and“the other will come,tumbling after”.Active individuals have time for every challenging initiative;passive ones have no time for anything.展开更多
Banks and other financial institutions handle sensitive records regarding people, trusts, and corporations. Money, as a sensitive and useful commodity, makes financial organizations valuable and prone to criminal elem...Banks and other financial institutions handle sensitive records regarding people, trusts, and corporations. Money, as a sensitive and useful commodity, makes financial organizations valuable and prone to criminal elements. Common criminal activities that target the banking sector include money laundering, identity and personal records theft, and terrorism financing. These are global issues that have garnered the attention of international bodies and governments. One method proposed to deal with illicit finance and money laundering is artificial intelligence (AI). AI implements various algorithms and techniques to monitor customers, markets, and financial transactions that help identify various banking habits. Understanding clients’ transactions and the nature of bank transfers enables AI to prevent and combat money laundering. This research offers an understanding of how artificial intelligence is used in the financial system to combat fraudulent activities such as money laundering. It is organized into five chapters covering various aspects of artificial intelligence and money laundering.展开更多
One of the vital components of the macroeconomic model that helps policymaking is the demand for money function.Having reliable predictions on the money demand function helps in determining the optimum growth of money...One of the vital components of the macroeconomic model that helps policymaking is the demand for money function.Having reliable predictions on the money demand function helps in determining the optimum growth of money supply which is vital in controlling the inflation rate in the economy and also preventing monetary disturbances from affecting real output.In order to formulate and estimate the money demand function in Ethiopia,this study used quarterly data from 2000Q3 to 2021Q2 and employed the Ordinary Least Square method and Engle-Granger two-stage procedure for empirical analysis.The empirical result from the models indicates that,in the long run,all variables(real GDP,CPI inflation,real effective exchange rate,real interest rate and lagged real money balance)are significantly affecting the demand for money in Ethiopia.Whereas,the estimated coefficients of the short-run variable show that the real effective exchange rate,CPI inflation,and lagged real money balance are the main determinants of demand for money while the real GDP and real interest rate are insignificant.Another important finding is that absolute value of the coefficient of the error correction term implies that about 54.2%of the disequilibrium in real money demand is counter-balanced by short-run adjustment in each quarter.The study suggests that in conducting monetary policy,policymakers should consider not only the behavior of income and price but also the movement of exchange rates.The study also calls for appropriate formulation and estimation of the all-encompassing demand for money function that is capable of bringing stability to the growth of money coupled with sustainable economic growth.展开更多
The Quantity Theory of Money and the Theory of Credit Creation have been the major streams in the study of the quantity of money.Nowadays,monetary theory is dominated by the Quantity Theory of Money because the Moneta...The Quantity Theory of Money and the Theory of Credit Creation have been the major streams in the study of the quantity of money.Nowadays,monetary theory is dominated by the Quantity Theory of Money because the Monetarist School and the Rational Expectation School are both the advocates of the Quantity Theory of Money,which has resulted in a sharp decrease of scholars studying the Theory of Credit Creation.Nevertheless,the two theories will ultimately converge.Given that reason,we propose a new theory-Dynamic Quantity Theory of Money in this paper,by which the unification of the Quantity Theory of Money and the Theory of Credit Creation can be achieved.Based on the Dynamic Quantity Theory of Money,we further put forward the Theory of Money Operation Cycle,the Theory of Monetary Compensation and Theory of Investment Compensation targeting economic crises,expound why Quantitative Easing monetary policy fails and why Quantitative Easing does not cause inflation in the short term under the premise of these theories,and demonstrate the necessity of fiscal investment for rescuing economic crisis from the perspective of theories of money.展开更多
Current financial discourse suggests the imminence of a cashless society,a concept that arose from the global popularization of digital financial services and the development of technologies with the potential for app...Current financial discourse suggests the imminence of a cashless society,a concept that arose from the global popularization of digital financial services and the development of technologies with the potential for application in financial markets.However,claims about the impending obsolescence of paper money are neither disruptive nor a novelty.Instead,this paper argues that the conversion of money from paper to bits has been a gradual,adaptive process,and that money is already digital.Moreover,in this paper we propose that the statuses of electronic money(e-money)and banknotes have switched in the view of monetary authorities.展开更多
美国的中小企业占据了美国企业总数的99.7%,雇用了美国50%的劳动力(政府组织除外),支付薪酬占美国劳动力总薪酬的45%,在过去十年内每年创造了60-80%的新增就业机会。在评价中小企业对美国经济的贡献时,民主党出身的前总统克林顿说:"...美国的中小企业占据了美国企业总数的99.7%,雇用了美国50%的劳动力(政府组织除外),支付薪酬占美国劳动力总薪酬的45%,在过去十年内每年创造了60-80%的新增就业机会。在评价中小企业对美国经济的贡献时,民主党出身的前总统克林顿说:"小企业是美国经济的火车头"(Small business is the engine that runs the American economy),甚至称20世纪90年代为"小企业的年代"。在对小企业的评价上,共和党出身的现任总统布什说:"小企业是美国经济的心脏"(the heart of the American economy)。像微软、苹果、Google这样的国际化大企业,都是从个人化的小企业成长起来的。那么,美国的中小企业处于怎样一个适宜发展的环境中?中国的企业又能从美国成功企业身上学习到哪些经验?为此。展开更多
This study examined the effects of mobile money-a recent innovation in Uganda’s financial-sector landscape-on aggregate economic activity and other macroeconomic variables.We first estimated the long-run mobile-money...This study examined the effects of mobile money-a recent innovation in Uganda’s financial-sector landscape-on aggregate economic activity and other macroeconomic variables.We first estimated the long-run mobile-money demand function using vector error correction(VEC)techniques,distinguishing between balances and transfers/transactions.We then estimated the short-run effects of mobile money on selected macroeconomic variables using structural vector autoregressive(SVAR)methods.The results showed that mobile money had moderate positive effects on monetary aggregates,consumer price index,private-sector credit,and aggregate economic activity.Mobile money balances responded to changes in monetary policy instruments,signaling possible ameliorating effects for the conduct of monetary policy.Finally,the results showed that transactional motives related to mobile money had stronger macroeconomic effects than savings motives.展开更多
Pride and prejudice is a very popular novel written by Jane Austen and it is read widely all over the world. It was written in 1813. That specific history time decided that people at that time took money much more ser...Pride and prejudice is a very popular novel written by Jane Austen and it is read widely all over the world. It was written in 1813. That specific history time decided that people at that time took money much more seriously, even on their marriage. In this paper, the marriage cases of most characters in the book were taken as typical to analyze how money influenced their matrimonial value orientation.展开更多
一、原文 Two years ago,I gave my yearly talk before the Applied Philosophy Institute in Sunnyvale, California. The topic was"Money & God."The audience turnout was excellent.Almost everyone had some deep ...一、原文 Two years ago,I gave my yearly talk before the Applied Philosophy Institute in Sunnyvale, California. The topic was"Money & God."The audience turnout was excellent.Almost everyone had some deep feelings about money and God——taken separately or united in various holy and unholy alliances.展开更多
Longman Dictionary of Contemporary English谈到形容词enough的用法时说:“Enough can come before or after a plural or a mass noun。”井举了enough money/people和money/people enough作为例子。有的语法家可能就是因为这个不够...Longman Dictionary of Contemporary English谈到形容词enough的用法时说:“Enough can come before or after a plural or a mass noun。”井举了enough money/people和money/people enough作为例子。有的语法家可能就是因为这个不够详尽的解释,就认为形容词enough作定语时既可放在被修饰名词之前,也可放在被修饰名词之后,意义没有什么区别。可笔者认为作前置定语的enough和作后置定语的enough有时虽可互换,但所表达的意义不尽相同;有时且不可互换。本文打算从以下三个方面谈一下个人的看法,供大家参考。展开更多
With the development of economy, more and more attention is paid to the relationship between money supply and inflation in the economic field. This paper chooses consumer price index (CPI) as an important index to mea...With the development of economy, more and more attention is paid to the relationship between money supply and inflation in the economic field. This paper chooses consumer price index (CPI) as an important index to measure the level of inflation, by choosing between January 2008 and March 2019 money in circulation M0, narrow measure M1, broad measure M2, consumer price index CPI monthly data as sample, building a vector autoregressive (VAR) model and using econometric methods of impulse response function and variance decomposition, and finally characterizes money in circulation M0, narrow measure M1, broad measure M2 and the relationship between consumer price index CPI and different sizes of the impact of inflation in the money supply relationship.展开更多
According to the 2017 Global Financial Inclusion(Global Findex)database,the average penetration rate of mobile money accounts in East Africa is higher than that of the WAEMU.This study attempts to understand the facto...According to the 2017 Global Financial Inclusion(Global Findex)database,the average penetration rate of mobile money accounts in East Africa is higher than that of the WAEMU.This study attempts to understand the factors driving the adoption and the use of mobile financial services in the WAEMU compared to East Africa.To achieve this,micro-level data from the 2017 Global Findex database are used to perform probit and multinomial logit estimations.The findings reveal that the same determinants influence the adoption and use of mobile money accounts across the populations of both groups of countries,specifically those related to the least vulnerable social categories(i.e.,males,older,more educated,richer and part of the workforce).Therefore,in comparison to East Africa,the delay in the penetration of mobile money accounts observed in the WAEMU may be attributed to insufficient policies for increasing the awareness of the benefits of mobile financial services.The study recommends that governments in WAEMU countries promote the use of mobile money accounts among the working-age population(adults aged between 25 and 64)through the improvement of individual income level,and the introduction of incentives into the education system to encourage their population to attain higher levels of education.展开更多
Background:Mobile money services have been associated with unprecedented access to financial services,notably to under-banked and unbanked populations.Thus,mobile money opens a channel through which to examine the sup...Background:Mobile money services have been associated with unprecedented access to financial services,notably to under-banked and unbanked populations.Thus,mobile money opens a channel through which to examine the supply of private sector credit in Uganda.This study investigates how mobile money services influence private sector credit growth.Methods:We applied the vector error correction(VEC)model and Granger causality analysis to Ugandan data from March 2009 to February 2016,the period when mobile money services were introduced.Results:The VEC model reveals that mobile money has a significant positive longrun association with private sector credit growth.Granger causality analysis reveals long-run unidirectional causality from mobile money to private sector credit.Conclusions:Mobile money is critical for financial intermediation because it attracts resources from both the banked and the unbanked populations into the formal financial system,facilitating private sector credit growth.展开更多
The Beijing Sesame Oil Factory, the biggest of its kind in China, has imported a complete advanced sesame oil production line from Japan and controls its entire production process with modern management. Its product, ...The Beijing Sesame Oil Factory, the biggest of its kind in China, has imported a complete advanced sesame oil production line from Japan and controls its entire production process with modern management. Its product, the "Ancient Money" sesame oil, is of superior展开更多
In the paper, the data of the narrow money supply of China from January 2005 to March 2016 as sample, model is established by using Eviews6.0. Upon inspection, the model has good fitting effect (MAPE = 1.09) and high ...In the paper, the data of the narrow money supply of China from January 2005 to March 2016 as sample, model is established by using Eviews6.0. Upon inspection, the model has good fitting effect (MAPE = 1.09) and high prediction accuracy. According to the results of the model, the paper forecasts the development trend of the narrow money supply of China and puts forward some suggestions to provide reference for monetary policy of China.展开更多
In the 17th century society reflected in Moliere’s comedies money appears to be a fundamental power:Above all,it is defined as a way of life.From a certain point of view,in Moliere’s last works money appears tracing...In the 17th century society reflected in Moliere’s comedies money appears to be a fundamental power:Above all,it is defined as a way of life.From a certain point of view,in Moliere’s last works money appears tracing the channels of capital circulation or emphasizing the capital immobility marked by the avarice of the main characters.Money and particularly the inheritance or even the dowry represent an important value for the times and highlight a power in these works,which is by no means to be despised.On the one hand,we will be interested in the money mobility and immobility in Moliere’s last three comedies while sketching the socio-professional framework of his times,that of the bourgeoisie,and on the other,we will explore the psychological attitudes of the characters towards money and the means used to realize their own ambitions.展开更多
The escalation in dollar rates and the price instability in the Nigerian economy went through some significant structural and institutional changes such as the liberalization of the external trade, the elimination of ...The escalation in dollar rates and the price instability in the Nigerian economy went through some significant structural and institutional changes such as the liberalization of the external trade, the elimination of price and interest rate controls, and the adoption of a managed float exchange rate system as well as the changes in monetary policy including innovations in the banking sector. Hence, the study examines the impact of financial development on money demand in Nigeria by means of <span style="font-family:Verdana;">ARDL</span><span style="font-family:Verdana;"> approach. It examined the quarterly returns of M2, </span><span style="font-family:Verdana;">exchange</span><span style="font-family:Verdana;"> rate (EXR), inflation rate (IFR), currency in credits to </span><span style="font-family:Verdana;">private</span><span style="font-family:Verdana;"> sector (CPS) </span><span style="font-family:Verdana;">and</span><span style="font-family:Verdana;"> circulation (CIC). The data span from 1991 to 2018. The study utilizes regression model techniques where the regression model’s residual is tested for Cointegration using Engle-Granger residual approach, the significan</span><span style="font-family:Verdana;">ces</span><span style="font-family:;" "=""><span style="font-family:Verdana;"> of the variable’s co-movement are checked by pairwise Granger Causality tests and ARDL and VECM are estimated in </span><span><span style="font-family:Verdana;">order to account for the short run and </span><span style="font-family:Verdana;">long run</span><span style="font-family:Verdana;"> relationship among the va</span></span><span style="font-family:Verdana;">riables. From the empirical results, Engle-Granger residuals and pairwise</span><span style="font-family:Verdana;"> Granger Causality tests confirm cointegration among variables. The ARDL and VECM confirm the </span><span style="font-family:Verdana;">long run</span><span style="font-family:Verdana;"> relation between money demand (M2) and financial development variables</span></span><span style="font-family:Verdana;">:</span><span style="font-family:;" "=""><span style="font-family:Verdana;"> CPS and CIC. ARDL models (</span><span style="font-family:Verdana;">short run</span><span style="font-family:Verdana;"> rela</span><span><span style="font-family:Verdana;">tionship) are estimated for </span><span style="font-family:Verdana;">exchange</span><span style="font-family:Verdana;"> rate and inflation rate. Long</span></span></span><span style="font-family:;" "=""> </span><span style="font-family:Verdana;">run</span><span style="font-family:;" "=""><span style="font-family:Verdana;"> (VECM) analysis has confirmed </span><span style="font-family:Verdana;">significance</span><span style="font-family:Verdana;"> of financial development variables (CPS and CIC) with </span><span style="font-family:Verdana;">positive</span> <span style="font-family:Verdana;">sign</span><span style="font-family:Verdana;">;implies that </span><span style="font-family:Verdana;">money</span><span style="font-family:Verdana;"> demand function is stable in </span><span style="font-family:Verdana;">long</span></span><span style="font-family:;" "=""> </span><span style="font-family:;" "=""><span style="font-family:Verdana;">run. The VECM </span><span style="font-family:Verdana;">granger</span><span style="font-family:Verdana;"> causality results reveal that bidirectional causality exist</span></span><span style="font-family:Verdana;">s</span><span style="font-family:Verdana;"> between currency in circulation and money demand in both short and long run. Unidirectional causal relationship exists between credits to private sector and money demand in both short and long run. Hence, government should pay more attention on financial development and ensure a coordination of</span><span style="font-family:;" "=""> </span><span style="font-family:Verdana;">both fiscal and monetary policy.</span>展开更多
Mondern banking still remains unknown to the citizens of Yap,a small island inMicronesia.Although the bank of Hawaii opened a branch there in 1970,the islandstill has its stone-money bank,without tellers(出纳)or vaul...Mondern banking still remains unknown to the citizens of Yap,a small island inMicronesia.Although the bank of Hawaii opened a branch there in 1970,the islandstill has its stone-money bank,without tellers(出纳)or vaults(金库).Themoney,huge stone wheels with holes in the center,is put against trees and walls alonga dusty road outside the capital of Colonia.展开更多
文摘This study investigates the dynamic relationships between the money supply (M2) and key commodity prices (Cocoa, Gold, and Crude) in the context of Ghana. Utilizing Vector Error Correction Model (VECM) analysis, we analyze the short-term and long-term Granger causality relationships among these variables, aiming to shed light on the potential linkages between monetary policy and commodity markets. The analysis covers the period from December 1999 to April 2023, using lag structures of 1 and 8 to capture both short-term and more enduring effects. Our findings reveal significant Granger causality relationships between the money supply and various commodities, with nuanced patterns emerging across different lags. In the short-run, our results suggest bidirectional causal relationships between COCOA and M2, CRUDE and M2, and GOLD and M2. Additionally, M2 Granger causes changes in COCOA, CRUDE, and GOLD. However, the causal relationship between COCOA and GOLD appears to be unidirectional, with COCOA not significantly Granger causing changes in GOLD. The short-term findings highlight the intricate interplay between monetary policy and commodity markets. In the long-run (lag 8), our analysis unveils robust Granger causality relationships between the variables. Past values of COCOA, CRUDE, and GOLD Granger cause changes in M2, indicating a notable influence of commodity markets on the money supply. Similarly, M2 Granger causes changes in CRUDE and GOLD. Notably, the findings underscore a more comprehensive and intertwined relationship between monetary policy and commodity prices in the long-run. Based on these results, we derive several policy implications. Policymakers should carefully consider the potential impact of monetary policy decisions, such as quantitative easing, on commodity markets and price dynamics. Measures to stabilize commodity prices, promote export diversification, manage inflation expectations, and enhance economic resilience are recommended. Additionally, effective data monitoring, international collaboration, and proactive risk management strategies are essential components for navigating the complex interactions between monetary policy and commodity markets. This study contributes to a deeper understanding of the intricate connections between monetary policy and commodity prices in Ghana, offering insights for policymakers, researchers, and stakeholders seeking to promote sustainable economic growth and stability. Further research can delve into the mechanisms underlying these relationships and explore their broader implications for trade balances, economic performance, and policy formulation.
文摘The essay discusses the interrelations between Time and Money and the right ways for managing them.Additionally it discusses other aspects of life and time,such as:definition of time,smart use of time,use of time as distincting between men and animals,time,age and responsibility,time and the“meaning of life”,quality and quantity of lifetime,social aspects of time and science,technology and time.The author clearly expresses his opinion,that Time is a neutral abstract entity,exists in free democratic regimes and in less-liberatated autocracies.It is the explicit responsibility of every man and woman,anywhere,and everywhere,to prepare and train themselves for a smart use of the time awarded to them.On the other hand,Time is available for everyone and everything.The busy diligent hard-working person always seeks more challenging missions,while the less-energetic idle person,is always busy and tire of doing nothing.The author also claims that Time is an opportunity.It is available and inviting every active person,a thinker,a doer,and an entrepreneur to use and have it to achieve their goals.The author advises:Do not complain I have no time-dare to make the first step and“the other will come,tumbling after”.Active individuals have time for every challenging initiative;passive ones have no time for anything.
文摘Banks and other financial institutions handle sensitive records regarding people, trusts, and corporations. Money, as a sensitive and useful commodity, makes financial organizations valuable and prone to criminal elements. Common criminal activities that target the banking sector include money laundering, identity and personal records theft, and terrorism financing. These are global issues that have garnered the attention of international bodies and governments. One method proposed to deal with illicit finance and money laundering is artificial intelligence (AI). AI implements various algorithms and techniques to monitor customers, markets, and financial transactions that help identify various banking habits. Understanding clients’ transactions and the nature of bank transfers enables AI to prevent and combat money laundering. This research offers an understanding of how artificial intelligence is used in the financial system to combat fraudulent activities such as money laundering. It is organized into five chapters covering various aspects of artificial intelligence and money laundering.
文摘One of the vital components of the macroeconomic model that helps policymaking is the demand for money function.Having reliable predictions on the money demand function helps in determining the optimum growth of money supply which is vital in controlling the inflation rate in the economy and also preventing monetary disturbances from affecting real output.In order to formulate and estimate the money demand function in Ethiopia,this study used quarterly data from 2000Q3 to 2021Q2 and employed the Ordinary Least Square method and Engle-Granger two-stage procedure for empirical analysis.The empirical result from the models indicates that,in the long run,all variables(real GDP,CPI inflation,real effective exchange rate,real interest rate and lagged real money balance)are significantly affecting the demand for money in Ethiopia.Whereas,the estimated coefficients of the short-run variable show that the real effective exchange rate,CPI inflation,and lagged real money balance are the main determinants of demand for money while the real GDP and real interest rate are insignificant.Another important finding is that absolute value of the coefficient of the error correction term implies that about 54.2%of the disequilibrium in real money demand is counter-balanced by short-run adjustment in each quarter.The study suggests that in conducting monetary policy,policymakers should consider not only the behavior of income and price but also the movement of exchange rates.The study also calls for appropriate formulation and estimation of the all-encompassing demand for money function that is capable of bringing stability to the growth of money coupled with sustainable economic growth.
文摘The Quantity Theory of Money and the Theory of Credit Creation have been the major streams in the study of the quantity of money.Nowadays,monetary theory is dominated by the Quantity Theory of Money because the Monetarist School and the Rational Expectation School are both the advocates of the Quantity Theory of Money,which has resulted in a sharp decrease of scholars studying the Theory of Credit Creation.Nevertheless,the two theories will ultimately converge.Given that reason,we propose a new theory-Dynamic Quantity Theory of Money in this paper,by which the unification of the Quantity Theory of Money and the Theory of Credit Creation can be achieved.Based on the Dynamic Quantity Theory of Money,we further put forward the Theory of Money Operation Cycle,the Theory of Monetary Compensation and Theory of Investment Compensation targeting economic crises,expound why Quantitative Easing monetary policy fails and why Quantitative Easing does not cause inflation in the short term under the premise of these theories,and demonstrate the necessity of fiscal investment for rescuing economic crisis from the perspective of theories of money.
基金This research received no specific grant from any funding agency in the public,commercial,or not-for-profit sectors.
文摘Current financial discourse suggests the imminence of a cashless society,a concept that arose from the global popularization of digital financial services and the development of technologies with the potential for application in financial markets.However,claims about the impending obsolescence of paper money are neither disruptive nor a novelty.Instead,this paper argues that the conversion of money from paper to bits has been a gradual,adaptive process,and that money is already digital.Moreover,in this paper we propose that the statuses of electronic money(e-money)and banknotes have switched in the view of monetary authorities.
文摘美国的中小企业占据了美国企业总数的99.7%,雇用了美国50%的劳动力(政府组织除外),支付薪酬占美国劳动力总薪酬的45%,在过去十年内每年创造了60-80%的新增就业机会。在评价中小企业对美国经济的贡献时,民主党出身的前总统克林顿说:"小企业是美国经济的火车头"(Small business is the engine that runs the American economy),甚至称20世纪90年代为"小企业的年代"。在对小企业的评价上,共和党出身的现任总统布什说:"小企业是美国经济的心脏"(the heart of the American economy)。像微软、苹果、Google这样的国际化大企业,都是从个人化的小企业成长起来的。那么,美国的中小企业处于怎样一个适宜发展的环境中?中国的企业又能从美国成功企业身上学习到哪些经验?为此。
文摘This study examined the effects of mobile money-a recent innovation in Uganda’s financial-sector landscape-on aggregate economic activity and other macroeconomic variables.We first estimated the long-run mobile-money demand function using vector error correction(VEC)techniques,distinguishing between balances and transfers/transactions.We then estimated the short-run effects of mobile money on selected macroeconomic variables using structural vector autoregressive(SVAR)methods.The results showed that mobile money had moderate positive effects on monetary aggregates,consumer price index,private-sector credit,and aggregate economic activity.Mobile money balances responded to changes in monetary policy instruments,signaling possible ameliorating effects for the conduct of monetary policy.Finally,the results showed that transactional motives related to mobile money had stronger macroeconomic effects than savings motives.
文摘Pride and prejudice is a very popular novel written by Jane Austen and it is read widely all over the world. It was written in 1813. That specific history time decided that people at that time took money much more seriously, even on their marriage. In this paper, the marriage cases of most characters in the book were taken as typical to analyze how money influenced their matrimonial value orientation.
文摘一、原文 Two years ago,I gave my yearly talk before the Applied Philosophy Institute in Sunnyvale, California. The topic was"Money & God."The audience turnout was excellent.Almost everyone had some deep feelings about money and God——taken separately or united in various holy and unholy alliances.
文摘Longman Dictionary of Contemporary English谈到形容词enough的用法时说:“Enough can come before or after a plural or a mass noun。”井举了enough money/people和money/people enough作为例子。有的语法家可能就是因为这个不够详尽的解释,就认为形容词enough作定语时既可放在被修饰名词之前,也可放在被修饰名词之后,意义没有什么区别。可笔者认为作前置定语的enough和作后置定语的enough有时虽可互换,但所表达的意义不尽相同;有时且不可互换。本文打算从以下三个方面谈一下个人的看法,供大家参考。
文摘With the development of economy, more and more attention is paid to the relationship between money supply and inflation in the economic field. This paper chooses consumer price index (CPI) as an important index to measure the level of inflation, by choosing between January 2008 and March 2019 money in circulation M0, narrow measure M1, broad measure M2, consumer price index CPI monthly data as sample, building a vector autoregressive (VAR) model and using econometric methods of impulse response function and variance decomposition, and finally characterizes money in circulation M0, narrow measure M1, broad measure M2 and the relationship between consumer price index CPI and different sizes of the impact of inflation in the money supply relationship.
文摘According to the 2017 Global Financial Inclusion(Global Findex)database,the average penetration rate of mobile money accounts in East Africa is higher than that of the WAEMU.This study attempts to understand the factors driving the adoption and the use of mobile financial services in the WAEMU compared to East Africa.To achieve this,micro-level data from the 2017 Global Findex database are used to perform probit and multinomial logit estimations.The findings reveal that the same determinants influence the adoption and use of mobile money accounts across the populations of both groups of countries,specifically those related to the least vulnerable social categories(i.e.,males,older,more educated,richer and part of the workforce).Therefore,in comparison to East Africa,the delay in the penetration of mobile money accounts observed in the WAEMU may be attributed to insufficient policies for increasing the awareness of the benefits of mobile financial services.The study recommends that governments in WAEMU countries promote the use of mobile money accounts among the working-age population(adults aged between 25 and 64)through the improvement of individual income level,and the introduction of incentives into the education system to encourage their population to attain higher levels of education.
文摘Background:Mobile money services have been associated with unprecedented access to financial services,notably to under-banked and unbanked populations.Thus,mobile money opens a channel through which to examine the supply of private sector credit in Uganda.This study investigates how mobile money services influence private sector credit growth.Methods:We applied the vector error correction(VEC)model and Granger causality analysis to Ugandan data from March 2009 to February 2016,the period when mobile money services were introduced.Results:The VEC model reveals that mobile money has a significant positive longrun association with private sector credit growth.Granger causality analysis reveals long-run unidirectional causality from mobile money to private sector credit.Conclusions:Mobile money is critical for financial intermediation because it attracts resources from both the banked and the unbanked populations into the formal financial system,facilitating private sector credit growth.
文摘The Beijing Sesame Oil Factory, the biggest of its kind in China, has imported a complete advanced sesame oil production line from Japan and controls its entire production process with modern management. Its product, the "Ancient Money" sesame oil, is of superior
文摘In the paper, the data of the narrow money supply of China from January 2005 to March 2016 as sample, model is established by using Eviews6.0. Upon inspection, the model has good fitting effect (MAPE = 1.09) and high prediction accuracy. According to the results of the model, the paper forecasts the development trend of the narrow money supply of China and puts forward some suggestions to provide reference for monetary policy of China.
文摘In the 17th century society reflected in Moliere’s comedies money appears to be a fundamental power:Above all,it is defined as a way of life.From a certain point of view,in Moliere’s last works money appears tracing the channels of capital circulation or emphasizing the capital immobility marked by the avarice of the main characters.Money and particularly the inheritance or even the dowry represent an important value for the times and highlight a power in these works,which is by no means to be despised.On the one hand,we will be interested in the money mobility and immobility in Moliere’s last three comedies while sketching the socio-professional framework of his times,that of the bourgeoisie,and on the other,we will explore the psychological attitudes of the characters towards money and the means used to realize their own ambitions.
文摘The escalation in dollar rates and the price instability in the Nigerian economy went through some significant structural and institutional changes such as the liberalization of the external trade, the elimination of price and interest rate controls, and the adoption of a managed float exchange rate system as well as the changes in monetary policy including innovations in the banking sector. Hence, the study examines the impact of financial development on money demand in Nigeria by means of <span style="font-family:Verdana;">ARDL</span><span style="font-family:Verdana;"> approach. It examined the quarterly returns of M2, </span><span style="font-family:Verdana;">exchange</span><span style="font-family:Verdana;"> rate (EXR), inflation rate (IFR), currency in credits to </span><span style="font-family:Verdana;">private</span><span style="font-family:Verdana;"> sector (CPS) </span><span style="font-family:Verdana;">and</span><span style="font-family:Verdana;"> circulation (CIC). The data span from 1991 to 2018. The study utilizes regression model techniques where the regression model’s residual is tested for Cointegration using Engle-Granger residual approach, the significan</span><span style="font-family:Verdana;">ces</span><span style="font-family:;" "=""><span style="font-family:Verdana;"> of the variable’s co-movement are checked by pairwise Granger Causality tests and ARDL and VECM are estimated in </span><span><span style="font-family:Verdana;">order to account for the short run and </span><span style="font-family:Verdana;">long run</span><span style="font-family:Verdana;"> relationship among the va</span></span><span style="font-family:Verdana;">riables. From the empirical results, Engle-Granger residuals and pairwise</span><span style="font-family:Verdana;"> Granger Causality tests confirm cointegration among variables. The ARDL and VECM confirm the </span><span style="font-family:Verdana;">long run</span><span style="font-family:Verdana;"> relation between money demand (M2) and financial development variables</span></span><span style="font-family:Verdana;">:</span><span style="font-family:;" "=""><span style="font-family:Verdana;"> CPS and CIC. ARDL models (</span><span style="font-family:Verdana;">short run</span><span style="font-family:Verdana;"> rela</span><span><span style="font-family:Verdana;">tionship) are estimated for </span><span style="font-family:Verdana;">exchange</span><span style="font-family:Verdana;"> rate and inflation rate. Long</span></span></span><span style="font-family:;" "=""> </span><span style="font-family:Verdana;">run</span><span style="font-family:;" "=""><span style="font-family:Verdana;"> (VECM) analysis has confirmed </span><span style="font-family:Verdana;">significance</span><span style="font-family:Verdana;"> of financial development variables (CPS and CIC) with </span><span style="font-family:Verdana;">positive</span> <span style="font-family:Verdana;">sign</span><span style="font-family:Verdana;">;implies that </span><span style="font-family:Verdana;">money</span><span style="font-family:Verdana;"> demand function is stable in </span><span style="font-family:Verdana;">long</span></span><span style="font-family:;" "=""> </span><span style="font-family:;" "=""><span style="font-family:Verdana;">run. The VECM </span><span style="font-family:Verdana;">granger</span><span style="font-family:Verdana;"> causality results reveal that bidirectional causality exist</span></span><span style="font-family:Verdana;">s</span><span style="font-family:Verdana;"> between currency in circulation and money demand in both short and long run. Unidirectional causal relationship exists between credits to private sector and money demand in both short and long run. Hence, government should pay more attention on financial development and ensure a coordination of</span><span style="font-family:;" "=""> </span><span style="font-family:Verdana;">both fiscal and monetary policy.</span>
文摘Mondern banking still remains unknown to the citizens of Yap,a small island inMicronesia.Although the bank of Hawaii opened a branch there in 1970,the islandstill has its stone-money bank,without tellers(出纳)or vaults(金库).Themoney,huge stone wheels with holes in the center,is put against trees and walls alonga dusty road outside the capital of Colonia.
