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Journal articles on the topic 'Monetary convention'
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1
de Melo Modenesi, André, Rui Lyrio Modenesi, José Luis Oreiro, and Norberto Montani Martins. "Convention, interest rates and monetary policy: a post-Keynesian–French-conventions-school approach." European Journal of Economics and Economic Policies: Intervention 10, no. 1 (2013): 76–92. http://dx.doi.org/10.4337/ejeep.2013.01.07.
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Balachandren, G. "Towards a ‘Hindoo Marriage’. Anglo-Indian Monetary Relations in Interwar India, 1917–35." Modern Asian Studies 28, no. 3 (July 1994): 615–47. http://dx.doi.org/10.1017/s0026749x00011884.
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A puzzling feature of interwar Anglo-Indian economic relations is the contrast between Whitehall's relatively hands-off attitude to Indian tariff policies, and its insistent hands-on approach to monetary policy issues in the colony. Both sets of issues were, at various times, equally contentious. But while Britain's strategic objectives in India paved the way for the Fiscal Autonomy Convention, the road towards a similar monetary ‘convention’ was never taken. Rather, thanks to Britain's external financial problems, the interwar decades saw initially a tightening, and later a refinement, of London's control over Indian monetary policies. This paper hopes to set out the processes at work more clearly than has been attempted before, and to account for them. The interpretation offered here is consistent with the ‘gentlemanly capitalism’ explanation of British imperialism during the interwar years, and of the postwar de-colonization process.
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FLANDREAU, MARC. "The economics and politics of monetary unions: a reassessment of the Latin Monetary Union, 1865–71." Financial History Review 7, no. 1 (April 2000): 25–44. http://dx.doi.org/10.1017/s0968565000000020.
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In 1865, France, Belgium, Italy and Switzerland signed a monetary convention (later known as the Latin Union), which provided for the intercirculation of specie between member states. Conventional analyses of the treaty (such as that by Willis) have portrayed this arrangement as a by-product of French power politics. This article seeks to reinterpret the economic nature of the Latin Union, focusing on the interrelations between trade, finance and money. I argue that the Latin Union did not foster trade integration and that, as a matter of fact, such was not its objective, according to archival evidence. Instead, I suggest that the Latin Union was the result of the growth of France as a major supplier of capital. The need to provide French investors with exchange-rate guarantees led borrowing countries to tie their respective monetary systems to that of France. This, in turn, created opportunities for international monetary action and the French franc became the ‘natural’ focal point of projects of monetary unification. This evolution, however, had structural limits which help to explain the downfall of the projects for expansion of the Latin Union.
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Jacobsson, Måns. "THE NOTION OF “POLLUTION DAMAGE,” WITH PARTICULAR REGARD TO DAMAGE TO THE MARINE ENVIRONMENT." International Oil Spill Conference Proceedings 1987, no. 1 (April 1, 1987): 555–57. http://dx.doi.org/10.7901/2169-3358-1987-1-555.
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ABSTRACT Oil spill incidents may cause damage of several different types: damage to property, consequential loss, pure economic loss, and damage to the environment. The last type presents the greatest problems in connection with liability and compensation, because it is not easily assessed in monetary terms. This paper focuses on the problems relating to non-economic damage to the marine environment and economic loss as a consequence of damage to the environment. Some leading court cases are used to illustrate some of the problems. The definition of “pollution damage” in the international conventions, i.e., the 1969 Civil Liability Convention and the 1971 Fund Convention, is discussed. The position taken by the International Oil Pollution Compensation Fund in respect to claims for non-economic damage to the environment as well as claims for pure economic loss is described. The impact the new definition of this notion in the 1984 protocol to the Civil Liability Convention would have on the law of contracting states is examined.
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GRUBB, FARLEY. "The US Constitution and monetary powers: an analysis of the 1787 constitutional convention and the constitutional transformation of the US monetary system." Financial History Review 13, no. 1 (March 31, 2006): 43–71. http://dx.doi.org/10.1017/s0968565006000059.
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The monetary powers embedded in the US Constitution were revolutionary and led to a watershed transformation in the nation's monetary structure. They included determining what monies could be legal tender, who could emit fiat paper money, and who could incorporate banks. How the debate at the 1787 constitutional convention over these powers evolved and led the founding fathers to the specific powers adopted is presented and deconstructed. Why they took this path rather than replicate the successful colonial system and why they codified such powers into supreme law rather than leaving them to legislative debate and enactment are addressed.
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Kapteyn, P. J. G. "EMU and Central Bank: Chances Missed." European Constitutional Law Review 1, no. 1 (October 12, 2004): 123–30. http://dx.doi.org/10.1017/s1574019605001239.
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Both the EU- and the EC-Treaties refer in prominent places to the establishment of economic and monetary union (Articles 2 EU and EC). This union is mentioned as one of the principal means of achieving the Union's and the Community's economic and social objectives. Such a prominent place is not allotted it in the Constitution. In its effort to separate the basic provisions from the other provisions in the treaties, the Convention decided to retain only the European Union's objectives in the actual constitutional part. The concrete activities pertaining to the economic and monetary union, as well as its ‘guiding principles’ of stable prices, sound public finances and monetary conditions and a sustainable balance of payments were relegated to Part III that deals with the Union's policies.
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Хлестова, Ирина, and Irina KHlyestova. "International Legal Regulation of Nuclear Liability." Journal of Russian Law 3, no. 1 (December 24, 2014): 0. http://dx.doi.org/10.12737/7256.
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The article is devoted to the comparative analyses of provisions of Vienna convention on civil liability for nuclear damage of 1963 and Protocol of 1997 to the convention on civil liability for nuclear damage. In particular: the provisions on nuclear damage, channeling of liability on operator of nuclear facility, principles of liability, limits liability, limitation of actions, jurisdictional division are considered. On this bases it was concluded that international legal regulation is on the way of raise of limits liability of operator of nuclear facility, applying special drawing rights of International Monetary Fund as calculation units. Legal regulation introduced by the Protocol of 1997 to the Vienna convention on civil liability for nuclear damage more responds to the victims interests taking into account the long-terms effects of a nuclear incident. The problems of the Russian Federation adherence to the Protocol of 1997 is considered
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Witzleb, Normann. "Monetary remedies for breach of confidence in privacy cases." Legal Studies 27, no. 3 (September 2007): 430–64. http://dx.doi.org/10.1111/j.1748-121x.2007.00058.x.
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In Campbell v MGN Ltd, the House of Lords endorsed an expansive interpretation of the breach of confidence action to protect privacy interests. The scope and content of this transformed cause of action have already been subject to considerable judicial consideration and academic discussion. This paper focuses on the remedial consequences of privacy breaches. It undertakes an analysis of the principles which govern awards for pecuniary and non-pecuniary loss, the availability of gain-based relief, in particular an account of profits, and exemplary damages.Even in its traditional scope, the monetary remedies for breach of confidence raise complex issues, mainly resulting from the fact that this doctrine draws on multiple jurisdictional sources such as equity, contract and property law. The difficulties of determining the appropriate remedial principles are now compounded by the fact that English law also aims to integrate its obligation to protect the right to privacy under Art 8 of the European Convention for the Protection of Human Rights and Fundamental Freedoms 1950 into the conceptual framework of the breach of confidence action.The analysis provided in this paper supports the contention that not only the scope of the cause of action but also important remedial issues are likely to remain in doubt until the wrong of ‘misuse of private information’ is freed from the constraints of the traditional action for breach of confidence. A separate tort would be able to deal more coherently and comprehensively with all wrongs commonly regarded as privacy breaches.
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Jabłoński, Krzysztof, and Włodzimierz Stempski. "An attempt to assess the monetary value of carbon absorbed in the Polish forest sector." Folia Forestalia Polonica 60, no. 1 (March 1, 2018): 3–10. http://dx.doi.org/10.2478/ffp-2018-0001.
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Abstract Forests and forest management play a vital role in capture and storage of carbon dioxide, which contributes to mitigation of climate change. Forests are not only a natural carbon sink. Proper forest management can enhance biomass production, providing wood to be converted into e.g. construction timber, paper and furniture as well as wood fuels and, as a result, considerably enlarge this carbon sink. Poland, being a party of the Climate Convention and Kyoto Protocol and a member of the EU is obliged to provide yearly reports on carbon emissions and sequestration, including the Land Use, Land Use Change and Forestry (LULUCF) sector, of which forestry is the leading constituent. Forests, with the sequestration rate at a level of 3.93 t CO2·ha−1 form practically the only important carbon sink in the LULUCF category. Unfortunately the LULUCF sector has not been yet included in the current climate policy framework. The purpose of the study was an attempt to estimate the hypothetical value of carbon stored in forestry, resulting from the reported quantities of the emitted and sequestered carbon. The calculations were based on figures included in the National Inventory Report for Poland, reported yearly to the Secretariat of the Climate Convention. Among the forestry carbon sources/sinks, reported annually, the sequestration resulting from forest management significantly exceeds the net sequestration from afforestation/deforestation activities. Average data from recent years show that forest management is a net CO2 sink, with 12 Mt CO2·y−1 (above the forest management reference level, FMRL), and when combined with the carbon pool change resulting from afforestation/deforestation activities, it can be regarded as a net carbon sink sequestering nearly 15 Mt CO2·y−1. That value, when multiplied by the price of carbon emission allowance (e.g. EUA), could be a source of over 80 mill Euros per year, if used as a commodity on the emissions market. Due to high price volatility of CO2 emission allowances, the calculated profits are hypothetical, and the EU Emissions Trading System does not include forestry. These potential gains can become realistic after the LULUCF sector has been included in the emissions trading system.
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Mumcu, Ceyda, and Kimberly Mahoney. "Use of Decision Tree Model in Sport Management." Case Studies in Sport Management 7, no. 1 (January 1, 2018): 1–3. http://dx.doi.org/10.1123/cssm.2017-0036.
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When individuals need to make a decision, they often face alternatives and some uncertainty. Identifying alternatives and anticipating outcomes in a systematic way provides value in better decision-making. Decision trees help to clarify the choices, risks, monetary gains, and other information involved in the decision. As a result, managers can make an informed decision when choosing the alternative that provides the best net gain and whether the net gain is worthwhile to pursue. As such, this case presents a scenario in which the sport marketing manager of the local sports commission is working with the convention center to bring a sporting event to the city in order to enhance the city’s image and generate positive economic impact. The manager is faced with evaluating three alternatives (Event A, Event B, or neither) and making a recommendation to the sports commission and convention center executives regarding which event to pursue, if any. This case provides an opportunity for students to practice using this strategic management tool to assist in systematic decision-making while investigating the event bidding process.
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Śliwiński, Emil. "Strict liability Regime in Poland." Studia Iuridica 82 (March 2, 2020): 294–308. http://dx.doi.org/10.5604/01.3001.0013.9792.
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The article focuses on administrative violations, which are considered to be based on strict (or objective) liability model. Due to the lack of in-depth scholarly analysis of administrative liability, its principles had to be developed in the case-law of the Constitutional Tribunal, which influences the decisions of administrative courts. The recently introduced provisions of the Code of Administrative Procedure concerning administrative monetary penalties are also analysed. The conformity of this model with the guarantees provided by the European Convention on Human Rights is examined, as well. The analysis leads to the conclusion that three exculpatory circumstances are recognized in this regime: force majeure, necessity and ensuring the standard of diligence established by the Constitutional Tribunal.
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Delisle, Aurélie, Milena Kiatkoski Kim, Natalie Stoeckl, Felecia Watkin Lui, and Helene Marsh. "The socio-cultural benefits and costs of the traditional hunting of dugongsDugong dugonand green turtlesChelonia mydasin Torres Strait, Australia." Oryx 52, no. 2 (December 12, 2017): 250–61. http://dx.doi.org/10.1017/s0030605317001466.
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AbstractSignatory states of the Convention on Biological Diversity must ‘protect and encourage the customary use of biological resources in accordance with traditional cultural practices that are compatible with conservation or sustainable use requirements’. Thus the management of traditional hunting of wildlife must balance the sustainability of target species with the benefits of hunting to traditional communities. Conservation policies usually define the values associated with wild meats in terms of income and nutrition, neglecting a wide range of social and cultural values that are important to traditional hunting communities. We elicited the community-defined benefits and costs associated with the traditional hunting of dugongsDugong dugonand green turtlesChelonia mydasfrom communities on two islands in Torres Strait, Australia. We then used cognitive mapping and multidimensional scaling to identify separable groups of benefits (cultural services, provisioning services, and individual benefits) and demonstrate that traditional owners consider the cultural services associated with traditional hunting to be significantly more important than the provisioning services. Understanding these cultural values can inform management actions in accordance with the Convention on Biological Diversity. If communities are unable to hunt, important cultural benefits are foregone. Based on our results, we question the appropriateness of conservation actions focused on prohibiting hunting and providing monetary compensation for the loss of provisioning services only.
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Arditi, Lorenzo. "The Role of Practice in International Organizations." International Organizations Law Review 17, no. 3 (December 9, 2020): 531–85. http://dx.doi.org/10.1163/15723747-2019013.
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This article explores the ‘practice’ of the International Monetary Fund (‘imf’) by focusing on the organization’s approach to recognition of governments. After analysing this approach in some detail, it surveys the organization’s practice from three perspectives. First, it identifies the different functions of practice within the imf’s legal system, including the imf’s treaty. Second, the article reviews how the practice of the imf relates to key conceptions of practice under international law: (i) as part of international custom; (ii) under articles 31(3)(b) and 32 of the 1969 Vienna Convention on the Law of Treaties; and (iii) as a ‘rule of the organization’. Finally, the article compares ‘practice’ under the imf treaty and a national legal system by considering how the United States’ Supreme Court has interpreted the power to recognise governments under the USConstitution.
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Treves, Tullio. "The Proceedings Concerning Prompt Release of Vessels and Crews before the International Tribunal for the Law of the Sea." International Journal of Marine and Coastal Law 11, no. 2 (1996): 179–200. http://dx.doi.org/10.1163/157180896x00069.
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AbstractThe proceedings for the prompt release of vessels set out in Article 292 of the Law of the Sea Convention are independent from domestic as well as from other international proceedings. The dispute consists in a disagreement between the parties when a ship flying the flag of a State Party has been detained by another party in violation of the provisions of the Convention for prompt release of vessels upon posting of bond or other financial security. These provisions are Articles 73(2), 220(6) and 220(7), and 226(b) and (c). It is argued that the prompt release proceedings can be resorted to also when the vessel has been detained in contravention to a provision of the Convention prohibiting detention. This might make the proceedings relevant for detention in violation of the 1995 Convention on Straddling Fish Stocks. The proceedings start with an application for release, which may be submitted by the flag state or on its behalf, and have to meet two requirements: reaching a decision expeditiously and ensuring that both parties have a fair chance to present their case. The case will in principle be heard by the full Tribunal even though it may be expedient to formulate rules that permit a Chamber to hear it, without jeopardizing the applicable principles. A hearing is the fulcrum of the proceedings. The decision of the Tribunal-which seems to meet the requirements of a "judgment"-brings the proceedings to a close. The decision shall be final. The detaining state is bound to release the vessel promptly as soon as a bond or other financial security has been posted by the flag state. The decision is also binding as to the reasonableness of the bond or security. In determining whether a bond or security is reasonable two parameters seem essential: the value of the vessel and the amount of the damage or of the monetary penalties claimed. Other elements may, however, be relevant. They may be different according to which rule of the Convention concerning prompt release has been violated. An administrative phase comes after the decision on prompt release. It concerns the utilization of the bond or security.
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Samson, Clément. "L’encadrement juridique de la conditionnalité des accords de confirmation du Fonds monétaire international." Études internationales 19, no. 4 (April 12, 2005): 651–71. http://dx.doi.org/10.7202/702417ar.
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The International Monetary fund agrees on stand-by agreements with a large number of countries of the world, allowing these countries to obtain substantial lines of credit. These agreements are made up of a group of conditions, where the generic term "conditionality" originates. This notion has been all the more legally formulated since the Fund's decision taken on March 2"d, 1979. The author of this article looks into each one of the 12 paragraphs and underlying principles that constitute the decision. Afterwards, the author examines paragraph 3 in detail, which enacts that these stand-by agreements are not international agreements, and analyses the reasons motivating such a decision on behalf of the Fund. The author also deals with the underlying issue of the legal type of international convention that a stand-by agreement may constitute: the "gentleman's agreement" or the unilateral mandatory declaration or the unenforceable agreement. Finally, the text ends with the review of the principal sanctions linked to the infringement of the stand-by agreement standards.
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CAVALLI, ALESSANDRO. "Social sciences and European society in the making." European Review 13, no. 3 (July 2005): 327–35. http://dx.doi.org/10.1017/s1062798705000487.
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The study of the European integration process offers a serious challenge for the social sciences. It is easy to understand why the disciplines of law, economics, and political science have made the most relevant contributions to the study of the Europeanization of our societies. From the treaty creating the European Coal and Steel Community in May 1951 to the establishment a few years later of Euratom, from the treaty of Rome to the European Economic Community (EEC), from the European Single Act to the Maastricht treaty and the Monetary Union, from the treaties of Amsterdam and Nice to the recent Convention that resulted in the proposal for a European Constitution, all of these historical events during the second half of the twentieth century mark a process of transferring sovereignty rights from nation-states to European institutions. The Council, the Commission, the Parliament, and the European Court of Justice are substantial innovations from the point of view of public law. They are not ‘state institutions’, nor are they intergovernmental agencies. In many domains, the influence of European regulations on national legislation is impressive. The amount of literature in all languages on the legal aspects of European integration is astonishing.
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Yudi Setiawan, Rifky, and Karsinah Karsinah. "Mekanisme Transmisi Kebijakan Moneter dalam Mempengaruhi Inflasi dan Pertumbuhan Ekonomi di Indonesia." Economics Development Analysis Journal 5, no. 4 (March 14, 2018): 460–73. http://dx.doi.org/10.15294/edaj.v5i4.22183.
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Sejak dikeluarkannya UU Bank Indonesia yang baru tahun 1999, Bank Indonesia telah diberi amanah sebagai otoritas moneter ganda yang dapat menjalankan kebijakan moneter konvensional maupun syariah. Sejak saat itu perbankan dan keuangan syariah berkembang pesat.Penelitian ini bertujuan untuk melihat alur transmisi kebijakan moneter dari sisi konvensional dan syariah dalam mempengaruhi inflasi dan pertumbuhan ekonomi, yang kemudian membandingkan keduanya. Hasil penelitian menunjukkan jalur konvensional memiliki alur sesuai dengan teori transmisi kebijakan moneter yang ada hingga mempengaruhi inflasi dan pertumbuhan ekonomi, sedangkan jalur syariah belum mempunyai alur yang sesuai dengan teori kebijakan moneter yang ada. Berdasarkan hasil VECM variabel syariah dapat menurunkan laju inflasi dan meningkatkan pertumbuhan ekonomi, sedangkan variabel konvensional dapat menurunkan laju inflasi akan tetapi menahan laju pertumbuhan ekonomi. Kemudian berdasarkan hasil FEVD jalur konvensional lebih berpengaruh dalam mengendalikan pertumbuhan ekonomi dan inflasi dengan masing-masing kontribusi sebesar 50,5% dan 19,97%, sedangkan jalur syariah masing-masing sebesar 29,07%. dan 19,47%.
Since New Banking Act in 1998, Indonesia has implemented a dual banking system, where conventional and Islamic banks can operate side by side throughout Indonesia. With the implementation of Bank of Indonesia’s Act in 1999, Bank of Indonesia has a dual mandate to conduct both conventional and Islamic monetary policies. Since then, the Islamic banking and finance has been growing rapidly. The aim of this study is to see how transmission channel of monetary policy from side of conventional and Sharia channel to Influence Inflation and Economic Growth compare them both. The results showed the conventional channel is worked according to the theory of transmission mechanism of monetary policy that affect the final target inflation and economic growth, whereas Sharia channel does not worked according to the monetary policy. Based on the results of VECM on Sharia channel variable can reduce the inflation and increase the economic growth at the same time, while the variable of conventional channel can reduce the inflation but also reduce the economic growth at the same time. Then based on the results of FEVD conventional channel is more effective in controlling the economic growth and the inflation with contribution of 50.5% and 19.97%. while the Islamic bank financing channel with contribution of 29.07% and 19.47%.
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Moravcsik, Andrew. "The Origins of Human Rights Regimes: Democratic Delegation in Postwar Europe." International Organization 54, no. 2 (2000): 217–52. http://dx.doi.org/10.1162/002081800551163.
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Most formal international human rights regimes establish international committees and courts that hold governments accountable to their own citizens for purely internal activities. Why would governments establish arrangements so invasive of domestic sovereignty? Two views dominate the literature. “Realist” theories assert that the most powerful democracies coerce or entice weaker countries to accept norms; “ideational” theories maintain that transnational processes of diffusion and persuasion socialize less-democratic governments to accept norms. Drawing on theories of rational delegation, I propose and test a third “republican liberal” view: Governments delegate self-interestedly to combat future threats to domestic democratic governance. Thus it is not mature and powerful democracies, but new and less-established democracies that will most strongly favor mandatory and enforceable human rights obligations. I test this proposition in the case of the European Convention on Human Rights—the most successful system of formal international human rights guarantees in the world today. The historical record of its founding—national positions, negotiating tactics, and confidential deliberations—confirms the republican liberal explanation. My claim that governments will sacrifice sovereignty to international regimes in order to dampen domestic political uncertainty and “lock in” more credible policies is then generalized theoretically and applied to other human rights regimes, coordination of conservative reaction, and international trade and monetary policy.
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Wu, Mingchang, Farhad A. K Cassim, Suryaneta Binti Masrul, and Richard Yanato. "THE VULNERABILITY AND RATIONALISATION OF PROSTITUTES WITHIN MERITOCRATIC CAPITALISM~SOUTHEAST ASIAN MIGRANT WORKERS IN TAIWAN." Journal of Southeast Asian Studies 26, no. 1 (June 30, 2021): 72–96. http://dx.doi.org/10.22452/jati.vol26no1.4.
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This study sought an insightful understanding of the effects of social meritocratic capital—an inevitable phenomenon/mechanism whereby individuals receive social recognition, respect, and other benefits due to their monetary achievement—on Southeast Asian migrant workers’ behaviours and their ingrained perceptions through investigating their life stories and inner voices reflecting the factors inducing them to participate in the prostitution world. Interpretative Phenomenological Analysis (IPA) was employed to scrutinise the qualitative data collected from a series of in-depth interviews with four Southeast Asian migrant women in Taiwan. This study led to the following conclusions: (1) These migrant workers moved overseas due to their pure and simple intention of pursuing better lives for themselves and their family; (2) The internal factors (family reputation and wellbeing) and external ones (unexpected events and a meritocratic society) simultaneously pulled and pushed them, eventually turning them out of their normal careers; (3) They were stuck in the very depths of an extravagant but vicious world by the shock, even attraction, of “big money” characterising a meritocratic capitalist order; and (4) Innocence and ‘purity’ get lost easily, even unconsciously, in the social context of meritocratic capitalism and wishful rationalisation of questionable behaviours, flouting convention and morality, with self-sacrifice and compensation, and self-rationalisation.
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Verhaegen, Soetkin, Jan Aart Scholte, and Jonas Tallberg. "Explaining elite perceptions of legitimacy in global governance." European Journal of International Relations 27, no. 2 (March 9, 2021): 622–50. http://dx.doi.org/10.1177/1354066121994320.
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Elites are central in creating, operating, defending and contesting international organisations (IOs), but little research is available about their attitudes toward these bodies. To address this gap, this article offers the first systematic and comparative analysis of elite perceptions of IO legitimacy. Building on a unique multi-country and multi-sector survey of 860 elites undertaken in 2017–19, we map and explain elite legitimacy beliefs toward three key IOs in different issue-areas: the International Monetary Fund (IMF), the United Nations Framework Convention on Climate Change (UNFCCC) and the United Nations Security Council (UNSC). Integrating public opinion research and international relations theory, the article advances an explanation of elites’ legitimacy beliefs that emphasises their satisfaction with the institutional qualities of IOs. We contrast this argument with three common alternative explanations, which respectively highlight utilitarian calculation, global orientation and domestic cues. The analyses show that elites’ satisfaction with institutional qualities of IOs is most consistently related to legitimacy beliefs: when elites are more satisfied with democracy, effectiveness and fairness in IOs, they also regard these IOs as more legitimate. These findings suggest that the prevailing debate between utilitarian calculation, global orientation and domestic cues approaches neglects the importance of institutional satisfaction as an explanation of attitudes toward IOs.
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Gunawan, Kristian, Yopi. "PEMBERANTASAN TINDAK PIDANA KORUPSI PASCA RATIFIKASI THE UNITED NATIONS CONVENTION AGAINST CORRUPTION (UNCAC) DAN PEMBAHARUAN HUKUM PIDANA INDONESIA." Res Nullius Law Journal 2, no. 1 (March 16, 2020): 8–34. http://dx.doi.org/10.34010/rnlj.v2i1.2758.
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Dalam kenyataannya saat ini, meningkatnya kasus tindak pidana korupsi dari tahun ke tahun telah menimbulkan kerugian negara yang sangat besar yang pada gilirannya dapat berdampak pada timbulnya krisis di berbagai bidang. Di samping itu, mengingat bahwa tindak pidana korupsi di Indonesia terjadi secara sistematik dan meluas serta lingkupnya yang memasuki seluruh aspek kehidupan masyarakat, tindak pidana korupsi tidak hanya merugikan keuangan negara, tetapi juga telah melanggar hak-hak sosial dan ekonomi masyarakat secara luas dan dalam jangka panjang akan membawa bencana bagi kehidupan bermasyarakat, berbangsa dan bernegara pada umumnya. Karena itu semua maka tindak pidana korupsi tidak lagi dapat digolongkan sebagai kejahatan biasa melainkan kejahatan kerah putih yang berdampak luar biasa. Mengingat hal tersebut, muncul kesadaran bahwa pemberantasan tindak pidana korupsi perlu dilakukan dengan cara-cara luar biasa. Upaya pemberantasan tindak pidana korupsi yang selama lebih dari 60 tahun telah dilakukan, baik pada era Orde Lama dan Orde baru, maupun pada Era Reformasi, serta Era Baru pemerintahan saat ini yakni dengan melakukan berbagai upaya ternyata belum menunjukkan hasil seperti yang diharapkan. Hal ini terbukti dengan hasil survei lembaga rating kaliber dunia berkaitan dengan pemberantasan tindak pidana korupsi telah menempatkan Indonesia ke dalam peringkat teratas di Asia atau sekurang-kurangnya ke dalam kelompok sepuluh besar negara terkorup di dunia.
Menanggapi hal ini, sudah tentu hukum harus kembali mengambil peranannya sebagai alat untuk menciptakan masyarakat yang aman, adil, makmur dan sejahtera yakni dengan melakukan penindakan dan pencegahan dilakukannya tindak pidana korupsi. Apabila melihat kebelakang, pada tanggal 18 April 2006 lalu Indonesia telah meratifikasi The United Nations Convention Against Corruption melalui Undang-Undang Republik Indonesia No. 7 Tahun 2006. Namun sangat disayangkan, peratifikasian The United Nations Convention Against Corruption melalui Undang-Undang Nomor 7 Tahun 2006 tersebut tidak dapat dilaksanakan dengan baik. Hal ini dikarenakan masih banyak prinsip-prinsip yang terdapat dalam The United Nations Convention Against Corruption belum diadopsi oleh peraturan perundang-undangan nasional khususnya peraturan perundang-undangan yang menyangkut pemberantasan tindak pidana korupsi yakni Undang-Undang Republik Indonesia No. 31 Tahun 1999 sebagaimana telah diubah oleh Undang-Undang Republik Indonesia No. 20 Tahun 2001 Tentang Pemberantasan Tindak Pidana Korupsi.
Kata Kunci: Pemberantasan Tindak Pidana Korupsi, Konvensi PBB menentang Tindak Pidana Korupsi, 2003, Pembaharuan Hukum Pidana.
Abstract
The continual increase of corruption criminal acts from years to years has caused huge losses to the nation which in turns its impact will induce multiple-aspect crisis. Considering that the Indonesian corruption criminal acts occur systematically and extensively in all aspects of people’s lives, corruption acts do not only harm the nation’s monetary, but also violate people’s social and economical rights widely, and in long terms will bring catastrophe to the lives of the people and the nation. Thus, the corruption criminal acts can no longer be categorized as a common crime but a systematic and organized crime. Corruption criminal acts are also performed as a white collar crimes and extra ordinary crimes. This tendency raises awareness that the eradication of corruption criminal acts needs to be extraordinarily treated. The effort to eradicate corruption criminal acts has been performed for more than 60 years during the Old Order, New Order, Reformation Era, and the New Era of the current government. However, the result has not shown the desired outcome. It is proven by the survey from the world-caliber institution that pertains to the eradication of corruption criminal acts. The result places Indonesia in the first place of the most corrupted nation in Asia and in the big ten in the world.
Responding to this issue, laws are supposed to perform its role as an instrument to create a secure, just, prosperous, and flourish society through actions and prevention against the corruption criminal acts. On 18 April 2006, Indonesia has ratified The United Nations Convention against Corruption through the Constitution of the Republic of Indonesia Number 7/2006 about the validation of The United Nations Convention Against Corruption. Unfortunately, the ratification of The United Nations Convention Against Corruption through the Constitution No. 7/2006 is not well-enforced as there are still many principles in The United Nations Convention Against Corruption which have not been adopted by the national constitution, in particular the constitution on the eradication of corruption criminal acts in the Constitution of the Republic of Indonesia No. 20/2001 about the Eradication of Corruption Criminal Acts.
Keywords: Eradication On Corruption Criminal Acts, The United Nations Convention Against Corruption, 2003, Penal Reform.
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Clark, J. R., and William L. Davis. "A Human Capital Perspective On Criminal Careers." Journal of Applied Business Research (JABR) 11, no. 3 (September 13, 2011): 58. http://dx.doi.org/10.19030/jabr.v11i3.5860.
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he existing economics literature has traditionally viewed crime as a choice-making process, where the potential criminal chooses among alternatives based upon the costs and benefits of each. Models by Becker, Rogers, Tullock, and Hellman, have generally portrayed the criminal choice equation as static and not allowed for the dynamic changes that may occur to the criminals aptitude, and income over long time horizons. This paper develops a dynamic choice model of criminal behavior over a criminal career including the acquisition process for both legal and criminal human capital. Psychic and monetary benefit and cost factors are discussed as well as the standard arguments concerning the probabilities of apprehension and convention. The model suggests that to alter the criminals choice pattern and, therefore, his education toward legal income-producing activities, the first instance of incarceration is the most crucial and that t(1) A learning multiplier exists for the criminal in both legal and illegal learning. (2) Greater segregation of prison populations by ordinal magnitude of offence could better separate criminal students from criminal mentors and further reduce criminal education. (3) Higher order legal skills training in the penal system may shift the education decision to legal educational pursuits. (4) Redefining the legal and constitutional rights afforded felons could increase the probability of repeat apprehension and reduce the incentive to repeat offenses.
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Aliyeva-Baranovska, Vira, and Olha Sirenko. "Comparative characteristics of trade secret in the legislation of foreign countries and in international law." Naukovyy Visnyk Dnipropetrovs'kogo Derzhavnogo Universytetu Vnutrishnikh Sprav 4, no. 4 (December 29, 2020): 135–49. http://dx.doi.org/10.31733/2078-3566-2020-4-135-149.
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The purpose of the article is to investigate the place of trade secrets in regulations, international treaties, foreign legislation, and key means of protecting trade secrets in accordance with these regulations. A comparative analysis of current norms and provisions of the system of legislation of foreign countries in terms of protection of trade secrets. An analysis is performed of international treaties and the legal framework of foreign countries, namely, the Paris Convention for the Protection of Industrial Property, the Stockholm Convention establishing the World Intellectual Property Organization of 1967 in terms of protection of trade secrets in order to improve national legislation in this area. It has been emphasized that the definition of trade secrets is similar in the Civil Code of Ukraine and in the TRIPS Agreement, which enshrines three criteria of trade secrets: secrecy, commercial value and taking adequate measures to ensure secrecy. It is noted that legal protection provides for and requires the owner of the commercial secrecy to take appropriate measures to ensure the protection of relevant information from unfair commercial use. Sometimes the misappropriation of a trade secret is the result of industrial espionage, when a person provides classified information to a competitor for monetary or other remuneration. The main provisions of the North American Free Trade Agreement (NAFTA) on trade secrets are analyzed in comparison with the EU legal system, according to which patent law provides additional incentives for the application of the commercial secrecy regime to protect confidential information. Four approaches to understanding this legal regime in the doctrine of Anglo-Saxon legal systems are analyzed: the theory of contractual obligation, the theory of fiduciary (trust) relations, the theory of misappropriation and the theory of unfair competition. It is concluded that the applied criteria for classifying information as a trade secret are similar, in relation to actions that are not appropriation of a trade secret, in particular, in relation to the ‘legalization’ of reverse development, which is relevant for the information technology industry. Ukraine has the prospect of including in its legislation an important legal act – the Law of Ukraine on Trade Secrets, which will have a positive impact on the business climate, promote investment attractiveness, and meet the needs of businesses and the state.
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Parashar, Abhishek. "Patent - a brief scenario in India." International Journal of Bioassays 5, no. 07 (June 29, 2016): 4711. http://dx.doi.org/10.21746/ijbio.2016.07.0011.
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Intellectual Property Right (IPR) is a lawful right given by government to inventors for their intellectual work. IP rights are necessary to prevent copying and misuse of original work. IP includes Patents, Copyrights, Trademarks, Plant varieties, Trade secrets, Industrial designs and Geographical indicators. In India in the year 2013-14 maximum numbers of applications filed and granted were for Trademarks. More than 42000 applications were applied for patent while only 10% (4200) got the approval. IIT tops the list in patent filing while CSIR is leading organization in getting maximum number of patent grants. Indian government has taken various initiatives to make the patenting process easier. Patent can be filed in all four metro cities. For international patenting, patent cooperation treaty (PCT) and convention application filing is done to protect the invention at international level and India is one of the member countries of these group. IP rights provide monetary benefit to inventors, further it creates environment of competition which is good for the growth of the economy. As India is a growing economy and competing with many countries out of which some are involved in reverse engineering and copying many of the original work, hence the role of IPR becomes even more crucial. It is also believed that IPR creates monopoly and could increase the price of essential commodities thus affecting poor people. All in all IPR is needs for today’s world. A balance is required for its use to misuse which will only be made by making careful law and its effective implementation.
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Kumar Stephen. K, Vimal, and V. Mathivanan. "An Advancement in Paper Receipts the Electronic Receipt Administration Framework." Indonesian Journal of Electrical Engineering and Computer Science 8, no. 3 (December 1, 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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Quint, Dominic, and Pau Rabanal. "Should Unconventional Monetary Policies Become Conventional?" IMF Working Papers 17, no. 85 (2017): 1. http://dx.doi.org/10.5089/9781475591330.001.
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Sheedy, Kevin D. "Conventional and unconventional monetary policy rules." Journal of Macroeconomics 54 (December 2017): 127–47. http://dx.doi.org/10.1016/j.jmacro.2017.07.007.
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Noviasari, Anisa. "EFEKTIFITAS MEKANISME TRANSMISI KEBIJAKAN MONETER GANDA DI INDONESIA." Media Ekonomi 20, no. 3 (November 3, 2017): 23. http://dx.doi.org/10.25105/me.v20i3.786.
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<p>Indonesia is a country that has dual banking system, conventional banking and Islamic banking. Bank Indonesia as the monetary authority, should conduct monetary policy in conventional and Islamic monetary policy to effectively influence the overall macroeconomic situation. This thesis aims to investigate transmission mechanism of dual monetary system from conventional and Islamic policy rates to inflation using VAR methods. The data used in this research is the Consumer Price Index, total loans conventional bank, total financing Islamic bank, conventional bank lending rates, Rate of Profit Sharing Islamic Banking interbank offered rate data conventional bank, interbank offered profit sharing data, Bank Indonesia Certificate rate convensional bank, Bank Indonesia Certificate profit sharing Islamic bank in Indonesia period 2005:01-2012:11. Results of analysis of this study suggest that the monetary policy to ‘reducing inflation’ with Islamic patterns more effectively than with conventional pattern. In a dual monetary system, an alternative approach to monetary policy can be conducted using a quantitative approach that is not contrary to conventional and Shariah.<br />Keyword: Monetary Transmission Mechanism, The Interest Rate Pass Throught, Conventional Banking, Islamic Banking.</p>
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Koshchegulova, I. "The Essence of Stability of a Monetary Unit in the Light of the Theory of Conventions." Voprosy Ekonomiki, no. 9 (September 20, 2005): 56–66. http://dx.doi.org/10.32609/0042-8736-2005-9-56-66.
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Theoretical approach to the definition of the stability of a monetary unit from the point of view of institutional theory is offered. In terms of the theory of conventions the stability of a monetary unit is the result of joint actions of individuals in the framework of various conventions. The role of informal norms of monetary behavior of individuals forming the level of public trust is analyzed. Civil, market and public opinion conventions are among the factors promoting the stability of state and private monetary units.
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Fackler, James S., W. Douglas McMillin, and J. Lew Silver. "Are monetary services indexes superior to conventional monetary aggregates as intermediate targets?" Applied Economics 22, no. 12 (December 1, 1990): 1751–59. http://dx.doi.org/10.1080/00036849000000080.
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Ono, Shigeki. "Spillovers of US Conventional and Unconventional Monetary Policies to Russian Financial Markets." International Journal of Economics and Finance 10, no. 2 (January 3, 2018): 14. http://dx.doi.org/10.5539/ijef.v10n2p14.
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This paper investigates the spillovers of US conventional and unconventional monetary policies to Russian financial markets using VAR-X models. Impulse responses to an exogenous Federal Funds rate shock are assessed for all the endogenous variables. The empirical results show that both conventional and unconventional tightening monetary policy shocks decrease stock prices whereas an easing monetary policy shock does not increase stock prices. Moreover, the results suggest that an unconventional tightening monetary policy shock increases Russian interest rates and decreases oil prices, implying reduced liquidity in international financial markets.
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Ono, Shigeki. "Impacts of conventional and unconventional US monetary policies on global financial markets." International Economics and Economic Policy 17, no. 1 (November 26, 2019): 1–24. http://dx.doi.org/10.1007/s10368-019-00456-z.
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AbstractThis paper investigates the impacts of conventional and unconventional US monetary policies on global financial markets, using the global vector autoregressive (GVAR) model from 2004 through 2017. The impulse response results suggest unconventional easing had little effect on stock prices as in conventional easing while the responses of interest rates indicate liquidity was provided throughout the world. An unconventional US monetary tightening policy shock could effectively affect the stock prices of the world as is the case with a conventional US monetary tightening shock. Furthermore, the transmission of a US monetary policy shock to stock prices via exchange rates tends to attenuate the decrease in stock prices both in the conventional and unconventional tightening (the exit from a zero rate) phases. On the other hand, the transmission tends to push down stock prices in the conventional, unconventional monetary easing and the unconventional tightening (the shadow rate is negative) phases.
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Sanrego, Yulizar D., and Aam Slamet Rusydiana. "Transmission Mechanism in Dual Monetary System : Comparison between Shariah and Conventional Monetary System." Journal of Islamic Economics , Banking and Finance 9, no. 2 (April 2013): 27–44. http://dx.doi.org/10.12816/0001600.
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Jović-Prlainović, Olga. "Judgments of the European court of human rights v. The Republic of Serbia on the application of genetic testing in paternity litigation." Strani pravni zivot, no. 1 (2021): 47–61. http://dx.doi.org/10.5937/spz65-30886.
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The case law of the European Court of Human Rights is of great importance for the formulation of human rights standards as it applies the European Convention on Human Rights by interpreting the prescribed rights and freedoms taking into account social reality and legal regulation in Council of Europe member states. When joining this political organization the Republic of Serbia carried out the procedures of adjusting the legislation to the convention requirements, so that, in normative sense, Serbian family law systematically follows modern standards of human rights protection. The decisions of the Court in cases in which the issues of establishing paternity was applied by DNA analysis are conditioned by the circumstances of each individual case. In this paper reasearch is devoted to the two judgments of the European Court of Human Rights versus Republic of Serbia on determining the origin of the child from the father judgments that have a family law in the narrow sense in which Court took the position that domestic legislation did not take into account the relevant elements of the case, the possibility to establish a balance of relevant interests when determing the identity of the biological father regarding DNA analysis. By definition genetic testing implies the analysis of one genome and its products, its function or DNA or chromosomal analysis aimed at identifying or contradicting certain facts. This method involves comparing the DNA profile of a child with DNA profile of the potential father by comparing locus - specific gene location or DNA region on chromosome - which differ in their structure and length, so that non-blood person have different structure of the molecule in each analyzed locus, while biological relatives have the same structure. This means that their DNA profiles have visible traces of genetic heritage. Although every person has a vital interest in finding out information that complete his/her own knowledge of his/her background it is important to know that third party protection can prevent him/her from being forced into medical testing of any kind, including DNA analysis. Member States have different solutions to deal with in cases where a potential father refuses to undergo tests necessary to establish facts of a biological origin. In some jurisdictions non-compliance with medical testing is sanctioned by monetary or imprisonment penalty, while in others it is for the failure to act on a warrant the court activates the presumption of paternity. When paternity cannot be determined by DNA analysis, Member States must provide the determination of paternity by alternative means of evidence taking into account the existence of a fair balance between the right to know the origin and the right of potential father not to undergo this type of medical expertise.
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Ben Lakhdar, Christian, Antoine Deplancke, Fabrice Le Lec, Sophie Massin, Anthony Piermatteo, and Nicolas Vaillant. "Protocol for creating new warnings on cigarette packs and evaluating their efficacy in a randomised experimental setting." BMJ Open 10, no. 6 (June 2020): e036166. http://dx.doi.org/10.1136/bmjopen-2019-036166.
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IntroductionTobacco smoking is one of the leading causes of preventable death. This is not inevitable as tobacco control tools have become more powerful and more effective. Among these, warnings on cigarette packs have proven to be somewhat effective. Our objective is to increase the efficacy of antismoking warnings by using innovative psychological approaches and to create an experimental setting for the evaluation of these new warnings based on behavioural indicators.Methods and analysisFirst, we created new warnings based on three categories of motivational leverage and on harm reduction. New warnings with innovative texts and pictures were designed for each category and inserted on plain packs. We will then use standard indicators to compare their effect to that of control packs: plain pack without warning, plain pack with conventional warning and branded pack with conventional warning. Second, the novelty of our approach will consist in designing an experimental protocol that uses monetary incentives to evaluate the effect of warnings. Subjects will be able to ‘sacrifice’ part of their participation defrayal to purchase a good whose subjective value is related to one’s attitude towards smoking. These monetarily incentivised measures are designed to assess smokers’ immediate/mid-term intention to quit and non-smokers’ aversion to smoking. In both cases, the monetary amounts individuals accept to sacrifice may be a more reliable measure than declarative responses, which may be distorted by several hypothetical biases. In the end, we should be able to robustly measure the impact of our new warnings between intervention and control groups by using both traditional indicators and our new monetarily incentivised measure.Ethics and disseminationThe ethics committee of the Groupement des Hôpitaux de l’Institut Catholique de Lille approved the research protocol on 5 July 2019 (CIER 2019-22). Results will be presented at scientific meetings and published.
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Kimball, Miles S. "Negative Interest Rate Policy as Conventional Monetary Policy." National Institute Economic Review 234 (November 2015): R5—R14. http://dx.doi.org/10.1177/002795011523400102.
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As long as all interest rates move in tandem – including the rate of return on paper currency – economic theory suggests no important difference between interest rate changes in the positive region and interest rate changes in the negative region. Indeed, in standard models, only the real interest rate and spreads between real interest rates matter. Thus, in most respects, negative interest rate policy is conventional. It is only (a) what needs to be done with paper currency, (b) difficulties in understanding negative rates or (c) institutional features interacting with negative rates that make negative interest rate policy unconventional.
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Claessens, Stijn, Livio Stracca, and Francis E. Warnock. "International dimensions of conventional and unconventional monetary policy." Journal of International Money and Finance 67 (October 2016): 1–7. http://dx.doi.org/10.1016/j.jimonfin.2015.06.006.
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Nelson, Stephen C., and Peter J. Katzenstein. "Uncertainty, Risk, and the Financial Crisis of 2008." International Organization 68, no. 2 (2014): 361–92. http://dx.doi.org/10.1017/s0020818313000416.
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AbstractThe distinction between uncertainty and risk, originally drawn by Frank Knight and John Maynard Keynes in the 1920s, remains fundamentally important today. In the presence of uncertainty, market actors and economic policy-makers substitute other methods of decision making for rational calculation—specifically, actors' decisions are rooted in social conventions. Drawing from innovations in financial markets and deliberations among top American monetary authorities in the years before the 2008 crisis, we show how economic actors and policy-makers live in worlds of riskanduncertainty. In that world social conventions deserve much greater attention than conventional IPE analyses accords them. Such conventions must be part of our toolkit as we seek to understand the preferences and strategies of economic and political actors.
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Azizi, Bazari. "DUAL MONETARY INSTRUMENTS’ IMPACT ON THE PERFORMANCE AND STABILITY OF JAKARTA ISLAMIC INDEX." Journal of Islamic Monetary Economics and Finance 3, no. 2 (March 28, 2018): 315–48. http://dx.doi.org/10.21098/jimf.v3i2.894.
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The monetary instruments and capital market are closely related as these tools are operating in the money market. The influence of the monetary policy to the stocks and indexes’ performance has been the research interest in the previous literature. The monetary policies along with its’ instruments are transmitted not only in banking lending channel to affect the economic growth but also in the balance sheet channel. However, the conventional tools and policies are not adhering the sharia tenets. Hence, the sharia-compliance monetary system is emanated in Muslim majority countries, including Indonesia. Additionally, this establishment of policy is coupled with the emergence of the Islamic capital market in Indonesia. Thus, the analysis of the impact of either Islamic or conventional monetary system on the Islamic capital market in Indonesia that represented by the Jakarta Islamic Index (JII) is essential to look at its’ furthers effect on financial market growth.This study examines the impact of the Islamic and conventional monetary variables on the performance of the Jakarta Islamic Index in Indonesia. It also investigates the stability of the JII under the occurrence of the shock derived from the monetary instruments. Monthly closing value of the JII, conventional or interest rate, Islamic policy rate, and monetary base are assessed to address the research objectives in this paper. This study employs the VAR-VECM and Granger analysis to analyse the phenomenon. The monetary policy transmission mechanism through the financial market channel is the main channel that will be investigated in this paper. The study comprises of introduction, literature review, methodology, and lastly the discussion and conclusion.
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DRAKE, LEIGH, and ADRIAN R. FLEISSIG. "A NOTE ON THE POLICY IMPLICATIONS OF USING DIVISIA CONSUMPTION AND MONETARY AGGREGATES." Macroeconomic Dynamics 12, no. 1 (November 16, 2007): 132–49. http://dx.doi.org/10.1017/s1365100507060361.
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Using U.K. data that are consistent with utility maximizing behavior by consumers, we construct aggregates for both consumption goods (nondurables and services) and monetary assets that are consistent with economic aggregation theory. Using these aggregates and the stock of durable goods, we estimate the elasticities of substitution between various consumption goods and monetary assets. These estimates are compared to the corresponding results from conventional monetary and consumption aggregates. The results give important information for monetary policy and the monetary transmission mechanism. In particular, these substitution estimates provide insight into the recent changes in expenditure on durable goods. We also show that the use of conventional U.K. consumption and monetary aggregates often give incorrect estimates of substitution and can provide misleading policy insights.
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Ismal, Rifki. "Model of Islamic Monetary Operation for Liquidity Management in Islamic Banking: Case of Indonesia 2000-2009." Gadjah Mada International Journal of Business 11, no. 2 (January 12, 2009): 149. http://dx.doi.org/10.22146/gamaijb.5528.
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The paper attempts to construct the model of islamic monetary operation for liquidity management in islamic banking. Particularly, the model investigates variables that determine the role of the central bank in managing liquidity. Firstly, it explores the related conventional models and chooses one to find general variables involved in monetary operations for managing liquidity. Secondly, it formulates the islamic model after considering the islamic monetary operation principles, characteristics of both islamic monetary instruments and Indonesian islamic banking industry. Specifically, it models Bank Indonesia’s islamic monetary instrument called Bank Indonesia Sharia Certificate (SBIS). Thirdly, the model points out that the volume of SBIS is influenced by reserves requirement, currency in circulation, and prior auctions of SBIS. It means that the application of islamic OMO is not significantly different from monetary instrument in conventional OMO. Therefore, the paper suggests the issuance of islamic investment monetary instruments to implement the ideal islamic monetary instrument and OMO.
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Majid, M. Shabri Abd. "Assessing Volatilities of Monetary Policy and their Effects on the Islamic and Conventional Stock Markets in Indonesia." Signifikan: Jurnal Ilmu Ekonomi 7, no. 2 (March 25, 2018): 161–72. http://dx.doi.org/10.15408/sjie.v7i2.7352.
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The main objective of this study is to empirically assess the volatilities of the monetary policy instruments and their effects on the Indonesian Islamic and conventional stock market. The changes in exchange rate, interest rates, and money supply and their effects on the stock markets are investigated using the using the Generalized Autoregressive Conditional Heteroskedasticity frameworks. As a big-open economy, the capital market of Indonesia is vulnerable to the global monetary shocks changes, thus the US federal funds rate is also incorporated into the GARCH model. The study documented that, with the exception of the US interest rate, the volatilities of all monetary policy variables of interest rate, exchange rate, and money supply were documented affecting the volatilities of both Islamic and conventional stock markets. These findings imply that the volatilities of Islamic and conventional stock markets have similar determinants, thus to stabilize the markets, the investigated monetary policy variables should be controlled for by the policy-makers. Any monetary policy design imposed by the policy-makers would have a similar effect on both conventional and Islamic stocks in Indonesia.DOI: 10.15408/sjie.v7i2.7352
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ASHRAF, ALI, M. KABIR HASSAN, and WILLIAM J. HIPPLER. "MONETARY SHOCKS, POLICY TOOLS AND FINANCIAL FIRM STOCK RETURNS: EVIDENCE FROM THE 2008 US QUANTITATIVE EASING." Singapore Economic Review 62, no. 01 (March 2017): 27–56. http://dx.doi.org/10.1142/s0217590817400021.
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We extend the work of Bernanke and Kuttner [(2005). What explains the stock market’s reaction to federal reserve policy? Journal of Finance, 60, 1221–1257] by examining the impact of monetary shocks and policy tools on aggregate stock returns as well as the stock returns of financial institutions during the recent period of quantitative easing (QE) in the US. Specially, we test for the effectiveness of a major non-conventional monetary policy tool, the use of special asset purchase programs by the Federal Reserve, in impacting the financial markets. Estimates from vector auto-regression (VAR) analyses show that the impact of both unexpected and expected monetary shocks on aggregate stock returns is magnified several times during periods of QE. In addition, traditional monetary policy tools, like the Federal Funds rate, have no impact on aggregate stock returns, neither leading up to, nor during QE, while our non-conventional policy measure does appear to have some impact. In an extension of our results, we find that unexpected monetary shocks have an increased marginal impact on the stock returns of financial firms during QE. In addition, the stock returns of financial institutions have significant reactions to both changes in non-conventional monetary policy tools and announcements surrounding non-conventional policy actions.
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Pažický, Martin. "The consequences of unconventional monetary policy in euro area in times of monetary easing." Oeconomia Copernicana 9, no. 4 (December 31, 2018): 581–615. http://dx.doi.org/10.24136/oc.2018.029.
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Research background: In this research paper, an attempt is made to evaluate the impacts of ECB’s unconventional monetary policy which has been applied after Global Financial Crisis. Because of the new economic and monetary conditions, the effectiveness of conventional monetary tools has been questioned.
Purpose of the article: Designed models examine the consequences of unconventional monetary policy for macroeconomic variables, monetary variables and interest rates in the euro area. Particular attention is paid to the response of the price level, represented by HICP, to various monetary policy innovations. Except a shock in credit multiplier and asset purchase programme (APP), also the effectiveness of a conventional monetary tool, such as main refinancing operation (MRO) interest rate, is inspected.
Methods: Use has been made of impulse responses from structural VAR models to analyze a large sample that covers the time horizon of 1999 to 2016. Several econometric tests are performed to provide a profound analysis. The conclusions from baseline models are verified in multiple robustness check models, which are specified under alternative conditions.
Findings & Value added: It has been found that, in the aftermath of the Global Financial Crisis, conventional monetary instruments are effective in the short-run. In the long-run, unconventional monetary policy has a greater potential to stabilize the economy than the traditional interest rate transmission channel. The conclusions from the baseline models are verified in multiple robustness check models, which are specified under alternative conditions.
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IBRAHIM, ZAINI. "SISTEM MONETER DALAM PERSPEKTIF EKONOMI ISLAM." ALQALAM 29, no. 1 (April 30, 2012): 141. http://dx.doi.org/10.32678/alqalam.v29i1.592.
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In many economic literatures, economy is divided into two sectors, real sector which covers seroice market and goods market, and monetary sector which consists of money market and equity market.
In a part of economic system, monetary that runs in a country will affect the economic rate. Monetary economy can be applied in a polity, called monetary policy. In a conventional discussion, a monetary policy is run in order to reach the increase of national income, to stabilize market price, and to control the inflation rate. To get the goal of that macro-economy, the interest rate is used, in which it becomes the weakness of conventional monetary system. The use of interest rate, furthermore, has caused the economic crisis, indeed global financial crisis.
In term of new economic system needs, Islamic monetary system riflers a solution to overcome financial crisis. The riffered system is asset based transaction, free of interest, avoidance of transactions containing speculation (maisir) and uncertainty (gharar). Moreover, it also uses stable curencies, i.e. dinar and dirham.
Keyword: Monetary system, interest rate, fiat monry, dinar, dirham.
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Laine, Olli-Matti Juhani. "The effect of the ECB’s conventional monetary policy on the real economy: FAVAR-approach." Empirical Economics 59, no. 6 (July 11, 2019): 2899–924. http://dx.doi.org/10.1007/s00181-019-01739-9.
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AbstractThis study applies factor-augmented vector autoregressive models to investigate the effect of the European Central Bank’s (ECB) conventional monetary policy on the real economy. More specifically, the study examines how unanticipated changes in the ECB’s policy rate have affected unemployment rate and industrial production. The effect of monetary policy on unemployment rate and industrial production is estimated to be strong and statistically significant using the data from January 1999 to July 2017 or from the pre-crisis period. However, after the beginning of the crisis the responses weaken drastically and become sometimes statistically insignificant, indicating that the effect of the ECB’s conventional monetary policy became weaker after the financial crisis. This finding is extremely interesting because one could presume either weaker or stronger effect based on economic theory. Additionally, the previous studies that have analysed the possible changes in the monetary policy effectiveness in the euro area have not found any changes (e.g. Bagzibagli in Empir Econ 47(3):781–823, 2014; Von Borstel et al. in Int J Money Finance 68:386–402, 2016).
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Araújo, Aloísio, Susan Schommer, and Michael Woodford. "Conventional and Unconventional Monetary Policy with Endogenous Collateral Constraints." American Economic Journal: Macroeconomics 7, no. 1 (January 1, 2015): 1–43. http://dx.doi.org/10.1257/mac.20140002.
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We consider the effects of central bank purchases of a risky asset as an additional dimension of policy alongside “conventional” interest rate policy in a general-equilibrium model of asset pricing with endogenous collateral constraints. The effects of asset purchases depend on the way that they affect collateral constraints. We show that under some circumstances, central bank purchases relax financial constraints, increase aggregate demand, and may even achieve a Pareto improvement; but in other cases, they tighten financial constraints, reduce aggregate demand, and lower welfare. The latter case is almost certainly the one that arises if central bank purchases are sufficiently large. (JEL D51, E43, E44, E52, E58)
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Buchholz, Manuel, Kirsten Schmidt, and Lena Tonzer. "Do conventional monetary policy instruments matter in unconventional times?" Journal of Banking & Finance 118 (September 2020): 105858. http://dx.doi.org/10.1016/j.jbankfin.2020.105858.
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Mohd Yusoff, Zetty Zahureen, and Nur Iylia Azhar. "Relationship between Conventional and Islamic Interbank Rates of a Dual Banking System in Malaysia, Middle East, and Western Countries." Journal of International Business, Economics and Entrepreneurship 4, no. 2 (December 31, 2019): 38. http://dx.doi.org/10.24191/jibe.v4i2.14313.
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The purpose of this research is to investigate the relationship between conventional monetary policy rate (CIMMR) and Islamic monetary policy rate (IIMMR) in Malaysia and selected Middle East countries and Western countries. This study runs a panel Cointegration test, a panel VECM and Wald test to examine the relationship and causal effect between the CIMMR and IIMMR for the sample of six countries starting from 2009 until 2018 based on monthly and yearly basis dataset. This study finds that CIMMR and IIMMR, in monthly and yearly basis, are both cointegrated and have a long-run relationship amongst them. Our findings confirm that there is a long run causality effect between conventional and Islamic monetary policies based on monthly interbank rates. Our findings further confirm that there is a short run causality effect between conventional and Islamic monetary policies based on yearly interbank rates. We confident that the implication of Islamic interbank rates in the implementation of monetary policy within a dual system is very high as proven by taking into consideration a different regions as samples for this panel study. To the best of the authors’ knowledge, this would greatly contribute to the body of knowledge in the field of monetary policy.
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Ezer, Mehmet. "DO MONETARY AGGREGATES BELONG IN A MONETARY MODEL? EVIDENCE FROM THE UK." Buletin Ekonomi Moneter dan Perbankan 22, no. 4 (January 20, 2020): 509–30. http://dx.doi.org/10.21098/bemp.v22i4.1184.
Full textAbstract:
Conventional monetary models focus on interest rates and omit monetary aggregatesfrom policy discussions. This paper examines whether augmenting the measure ofmonetary policy with monetary aggregates helps determine more robust links betweenpolicy and economic fluctuations. After constructing the Divisia money index for theUK, I employ structural vector autoregression to identify two different UK monetarypolicy regimes. Inclusion of this (correct) measure of money and disentangling themoney supply from demand resolve the price and liquidity puzzles. The results pointto the informational content embedded in monetary aggregates, suggesting theyshould be taken into account in evaluations of monetary policy.