Dissertations / Theses on the topic 'Money multiplier'

Mestrado em Economia Monetária e Financeira
Este estudo apresenta uma nova abordagem empírica sobre o processo de multiplicador monetário, usando dados monetários mensais de Angola desde janeiro de 2012 até junho de 2018. O uso de um modelo ARDL permite testar a relação de longo prazo tanto do multiplicador monetário como da relação entre as reservas e os depósitos e considerar os ajustes de curto prazo a choques monetários. A análise foca principalmente o nível de concentração do sistema bancário, o grau de liquidez do passivo dos bancos e a taxa de juros como determinantes dos índices de longo prazo. Outros factores específicos do país, como o spread da taxa de câmbio e o rácio de incumprimentos, foram incluídos na análise, para considerar os desafios macroeconómicos de Angola. Concluiu-se que, de acordo com a teoria monetária, tanto a taxa de juros quanto o nível de concentração do sistema bancário afetam os índices de longo prazo. No entanto, a não significância estatística da liquidez das responsabilidades dos bancos permite uma recomendação política para a política monetária de Angola.
This study provides a new empirical approach about the money multiplier process, using monthly monetary data from Angola since January 2012 until June 2018. The use of an ARDL model allows to test the long run relationship of both the money multiplier and the reserve to deposit ratio and consider the short-term adjustments from monetary shocks. The analysis focuses mainly on the level of concentration of the banking system, the degree of liquidity of banks' liabilities and the interest rate as determinants of the long-term ratios. Other country specific factors such as the foreign exchange rate spread and the non-performing loans ratio have been included to the analysis, to consider Angola's macroeconomic challenges. It was concluded that according to monetary theory, both the interest rate and the level of concentration of the banking system affect the long-term ratios. However, the non-statistical significance of banks' liabilities liquidity opens a policy recommendation for Angola's monetary policy.
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The use of statutory reserve requirement as a monetary policy tool has arguably diminished in recent years. Moreover, the money multiplier, a fundamental macroeconomic theory, which deals with the relationship between the monetary base, required reserves and the money supply, has been a target for some heavy critique.  The money multiplier theory encompasses a required reserve ratio, excess reserve ratio and currency ratio to explain the changes in the money multiplier. The multiplier, which in itself is the ratio of the broad money and the monetary base, is described as a decreasing function of the ratios. In this paper, we calculate the respective ratios and employ a linear regression model based on the multiplier theory to examine the relationships between the ratios. The effects are estimated individually in USA, Eurozone, Japan and in a panel data analysis combining all three currency areas.   We find that the reserve requirement ratios do not significantly explain the changes in the money multiplier in the USA or in the Eurozone. However, the reserve requirement ratios are found to have a significant effect in Japan and in the pooled data analysis. Further, in all of the cases, except in the Eurozone, the empirical model of the multiplier is found to explain significantly the variation in the multiplier, albeit with poor explanatory power in the pooled model.  The varying explanatory power of the model and the altering significance of the reserve requirements suggests that the multiplier theory does not hold exactly.  This implies that the effectiveness of the reserve requirements as a tool of monetary policy should not be taken as granted in contemporary economies.

This paper uses U.S. macroeconomic data drawn from 2001 to 2010 in order to test for the operation of a credit channel of monetary transmission. Using a combination of a VAR and ADL time series frameworks, evidence is found for the impairment of the credit channel during the crisis period relative to the period which preceded it. Evidence is also found against the presence of a "credit crunch" during the crisis, and supporting evidence is found for the existence of a "credit trap." This analysis indicates a significant role for credit market imperfections in the transmission of monetary policy, and holds policy implications for the potential impact of future monetary expansions conducted in the setting of a financial crisis.

Behavioral economics is the integration of concepts from micro-economics into behavior analysis. Most of the research in behavioral economics has been done with non-human subjects and with drugs as reinforcers. This study represents an extension of previous research to assess money as a reinforcer with humans as subjects. The participants in this study solved math problems to earn money at various unit prices. Results indicate that demand of money adhered to the law of demand in that consumption decreased as unit prices increased. An underlying assumption is that consumption should be equivalent at different compositions of unit price. Replications of either the same or different compositions of unit price indicated that there were some discrepancies in consumption in this study.

Solo percussionist and composer Glenn Kotche has achieved international fame with his experimental percussion-based music, collaborating with and composing for renowned contemporary music ensembles such as the Kronos Quartet, Band on a Can All-Stars, So Percussion, and Eighth Blackbird. One of his most celebrated compositions in recent years is Monkey Chant, which combines acoustic and electronic elements in a solo multiple percussion setting. Written and premiered in 2006, Kotche was inspired to compose Monkey Chant after listening to original field recordings in Bali from the Nonesuch Explorer Series. Found in these recordings is the popular Balinese music and dance drama known as Kecak. Monkey Chant showcases, through percussion, the intricate vocal patterns and recounting of the Ramayana Epic featured in Balinese Kecak. This monograph serves as an informational performance guide for Monkey Chant that simplifies and resolves performance questions and issues. It provides a contextual setting for the work with a brief biography of Glenn Kotche, including his musical influences and inspiration for the composition. Balinese Kecak is examined as well as the Hindu Ramayana tale as it relates to Kotche’s composition, revealing the function for its compositional form. This document also clarifies and details preparatory procedures for collecting and building the unique instruments required, also detailing schematics for electronic audio equipment and setup. Lastly, there is an analysis of compositional style and form, offering optional solutions to performance obstacles.

With the increasing demands of engaging in sustainability, the financial industry’s dominating market logic is currently being challenged. Banks are therefore experiencing demands to manage and legitimize sustainability, identified as containing both a market- and social logic, into a profit driven context. The aim of this study was thus to explore, at a micro level, how multiple logics of sustainability can be managed and legitimized in an organization where the dominant logic is being challenged. This was done by conducting a case study where the primary data was collected through semi-structured interviews with employees from Group Sustainable Finance (GSF) who are responsible for driving the sustainability agenda at Nordea. The results demonstrate that sustainability has been managed through a compromising strategy where elements of both the market- and social logic has been altered to appropriately suit the context characterized by profit maximization. During the process, an interesting finding evolved concerning how the micro perspective exposed the existence of conflicts within a single logic, defined as intra-logic conflicts. The results also contributed to identify stakeholder triggers as well as how normative-, instrumental-, and value rhetorical strategies are applied to legitimize Nordea’s sustainability practices.

Women’s subordination in marital relations is a problematic issue causing socio-economic imbalance between spouses. These issues are found within the system of Uganda’s patriarchal society. Mobile money (m-money) is a service that entered the Ugandan market in 2009 that allows transferring and withdrawing money and paying bills with your cellphone without being connected to a formal bank. Earlier research shows positive impact of m-money use for women’s entrepreneurship in a male-privileged society. These realities render interest towards investigating how m-money effects women and if it has any impact on their self esteem in their marital relation. The study aims to understand the effect of women’s use of m-money in a marital relation. The field study was carried out in Mbarara using interviews and observations to approach the issue. Ugandan women have a lower position within the marital relation as well as in society in general since it is the man who heads of the family. The study reveals an existing lack of trust between spouses, resulting in the exclusion of one another from their individual finances. This lack of trust becomes an impediment of mutual support within the marriage. Furthermore the study shows that women from a higher strata use m-money as a security line of income and gives leeway to meet both traditional expectations such as care taking of children and modern expectations to be employed within the formal sector. The lower strata of women who use m-money tend to protect the money from their husbands who have different priorities than their wives. Through m-money women are given a tool allowing them to circumvent economic confrontations between the spouses and the societal hierarchal structures. The economic security creates a reality where women are less vulnerable because of their independence. The gained independence can however be deemed as a less bad alternative to dependence as it gives them a stronger foundation to manage the combination of the above-mentioned traditional and modern expectations within society.

Thesis (Ph. D.)--Ohio State University, 2005.
Title from first page of PDF file. Document formatted into pages; contains xii, 178 p.; also includes graphics (some col.). Includes bibliographical references (p. 115-128). Available online via OhioLINK's ETD Center

Thesis (M. S.)--Literature, Communication, and Culture, Georgia Institute of Technology, 2010.
Committee Chair: Pearce, Celia; Committee Member: Burnett, Rebecca; Committee Member: Do, Ellen Yi-Luen; Committee Member: Knoespel, Kenneth. Part of the SMARTech Electronic Thesis and Dissertation Collection.

Since the ending of the Cold War, the defence sector, particularly the areas of military logistics and defence acquisition, has been undergoing a comprehensive transformation. There are several factors that explain this transformation: changes in defence and security policies for nations and organisations; reductions in defence expenditure; participation in Peace Support Operations; Lessons Learned from these operations, especially in the area of logistics; revolutionary development in the area of Information and Communication Technology; emergence of novel Commercial Best Practises in the areas of business and business logistics; and changes in the legislation regarding the conduct of public procurement in Europe. In military logistics, the relatively easily described static supply and support chains of the Cold War Era, designed for military units that stood in preparedness, Just-in-Case, of full-scale military conflicts in Europe, are now being substituted for flexible, dynamic operational supply and support chains, designed for military units that are deployed on Peace Support Operations around the globe. Hence, new types of missions have to be provided for. As a consequence, new military concepts have to be considered; new technology is being implemented; and new Commercial Best Practises are being evaluated, adapted and adopted; in order to enhance performance and ensure Value-for-Money. In defence acquisition, the single Business Model of the Cold War Era, i.e. procurement of equipment, is being replaced by a spectrum of emerging Business Models, ranging from the traditional procurement of equipment, via acquisition of equipment and support, to acquisition of availability and capability, i.e. acquisition of performance. Consequently, new Commercial Best Practises are being evaluated, adapted and adopted; Commercial and Military-Off-The-Shelf products and services are being utilised; and Public Private Participation, Cooperation, and Partnerships are being investigated and initiated; in order to enhance performance and ensure Value-for-Money, while simultaneously mitigating operational risk in the supply and support chains. This licentiate thesis reports on a research project that was commissioned by FMV, the Swedish Defence Materiel Administration, and conducted in order to "study, analyse, and evaluate Business Models regarding how they can handle the new supply concept that a new logistical interface brings about, with a particular emphasis on the risk taking that is part of the business concept". This research purpose was used to formulate three Research Questions: • Research Question 1: How can a generic Business Model for a non-profit, governmental, Defence Procurement Agency be described? • Research Question 2: Which strengths and weaknesses do different Business Models have in the context of defence acquisition? • Research Question 3: Which risks are associated with different Business Models in the context of defence acquisition? Using constructs from: Business Model theory, Public Private Participation theory, defence acquisition theory and practise, and military logistics theory and practise; a generic Public Private Business Model for defence acquisition was developed. The generic model consists of numerous variables, which enables an array of possible configurations. The model was used in a multiple case study to describe and analyse four defence acquisition projects in the UK. The multiple case study demonstrated that the generic Public Private Business Model is useful in order to describe defence acquisition projects. The model has also demonstrated that it is useful in order to analyse acquisition projects, including performance and risk. The Public Private Business Model has demonstrated its usefulness by discovering internal and external misalignments. The internal misalignments are Business Model configurations where the different building blocks are working against each other. The research has revealed examples where the mitigation of operational risk in the supply and support chains creates new risks in other building blocks. An external misalignment occurs when a Business Model configuration works against the deal for which it was designed, or the strategy that it is intended to realise. The research has revealed examples where there is a risk that the Business Model configuration is detrimental to the overarching strategy, e.g. transferring risk to the private sector or incentivising industry to enhance performance. Hence, the Public Private Business Model ought to be useful to identify and eradicate negative patterns and to identify and reinforce positive patterns. The research has revealed three potential generic problems for Performance Based Contracts: a "definition problem" (i.e. what to measure); a "measurement problem" (i.e. when, where and how to measure); and a "comparison problem" (i.e. with what to compare). The research results demonstrate that it must be made explicit which dimensions of performance; e.g. speed, quality, cost, flexibility and dependability; that should be measured, and why others should be omitted. The research suggests that performance must be explicitly specified for any Performance Based Contract in order to avoid any unnecessary problems with interpretations. Furthermore, the research indicates that performance metrics must be explicitly described. In addition, the results emphasise the importance of having an established baseline, against which to compare the measurements of Key Performance Indicators.

碩士
國立臺灣大學
商學研究所
100
During the period of the global financial crisis, the trend of the money supply, money base and multiplier between European ,American areas and Asia areas were quite different. The money multipliers dropped dramatically in European and American areas, but in contrast, they went down moderately in Asia. That is so interesting that I analyze it by comparing eight areas and five variables, and adopting the method “contribution rate”. Contribution rate would make us see more presicely how much the reserve rate and the currency ratio affect the change of the multiplier. In this thesis, I apply the line charts to express the change of the money supply, money multiplier, reserve ratio and currency ratio. The100% stacked column charts are employed to present the contribution rate. The result shows that the main reason why the multiplier descended a lot in European and American areas is because their reserve ratio ascends quite a lot. However in Asia, the multiplier fell gently since their reserve ratio rose mildly and the currency ratio went up a little.

碩士
逢甲大學
財務金融學所
90
Abstract The central bank carries out the money policy using some tools to the affect money base as well as the money multiplier in order to achieve the goals of the price stabilities and the fast economic growth. However, according to the theory of money multiplier, the money supply is equal to the money base multiplied by the money multiplier. Although the central bank can control the money base directly, there are many factors to affect the money multiplier, including required reserve ratio, excess reserve ratio, currency ratio and demand deposit ratio. The central bank can only control the required reserve ratio, while it can control none of the others. If the money multiplier is predicted, the central bank can control the money supply and it is the appropriate intermediate target of money policy. Although The ARIMA model has been widely used to predict the money multiplier in Taiwan, the research uses the VAR and VECM models to predict the money multiplier, and compare the results with those obtained using the ARIMA model and the Granger and Engle error correction model. The findings are as follows： 1 Cointegration exists among such variables as the money multiplier, the interest rate, the price level, and income. 2 The VAR and VECM models can predict better than the ARIMA model and Granger and Engle error correction model.

碩士
東吳大學
經濟學系
85
The papers inquire into the multiplier in different exchange rates for governmentpolicy and money policy likes as Mundell,R. A.(1963) ,Fleming,J.M.(1962),Salop andPurvis.My paper will inquire into the problem in the imperfect competition smallopen economy.We use the closed economy model in Mankiw(1988),and put the imperfectgoods market , money market ,and foreign market in the model to test the conventionalbelief is valid or not.

This dissertation examines the pricing of the same credit risk in two currencies, and hence the valuation of credit-contingent foreign exchange products. Such pricing hinges upon the dependence of the credit risk and the foreign exchange rate. We recall the reduced-form model proposed by Ehlers (2007), which allows credit-currency dependence through correlation between the Brownian motions driving the default intensity and the exchange rate, and through a jump in the exchange rate at the default time. Four basic specifications of this model are considered. Two of these specifications have not previously appeared in the literature and one of these, based on a lognormal process for the default intensity, proves to be especially useful and tractable. The problem of hedging defaultable claims in one currency with similar claims in another is briefly considered, and it is shown that hedging against the default event and against credit spread movements are not in general equivalent.

碩士
國立臺北教育大學
特殊教育學系碩士班
101
The purpose of this study is to discuss the effect of virtual manipulative instruction on the money usage for the elementary school children with multiple disabilities. A multiple probing experimental design across behavior of signal subject research was adopted in this study. The participator is an elementary child with multiple disabilities. Virtual manipulative instruction software is used to make teaching documents by the author. The independent variable is the virtual manipulative instruction, and the dependent variable is the money usage learning effect of the participator. The data analysis includes for baseline, intervention, maintenance, and generalization. All the collected data is analyzed with visual analysis for estimating the effect of virtual manipulative instruction on the money usage for the subject. The conclusions of this study are summarized as follows: 1. Virtual manipulative instruction for the elementary school children with multiple disabilities in learning one, five, ten, fifty and one hundred dollars usage is instant, maintainable and generalized effects. 2. Virtual manipulative instruction for the elementary school children with multiple disabilities in learning one hundred dollars combining usage is instant, maintainable and generalized effects. 3. Virtual manipulative instruction for the elementary school children with multiple disabilities in learning one hundred dollars usage for convenience store shopping actions is instant, maintainable and generalized effects. 4. The credibility of all judges is between 80% and 100%. The average credibility is 95.28%. Hence, the judges’ credibility is good in this study. 5. The parents and teachers of the participators are all satisfied with the results and with positive attitude. The research is with good social effects. In the end of this study, the teaching and future research is proposed according to the researching results. Keywords: Student with multiple disabilities, Virtual manipulatives, Effects of money usage