Academic literature on the topic 'Published monetary impacts'

The article is divided into four parts. Parts I gives a general overview of the origin of the principle and its subsequent developments in light of the case-law of the European Court of Justice. It also reflects on the different meanings of proportionality as a flexible and multi-faceted principle. Part II investigates the principle of proportionality according to an ex ante perspective, i.e. as a principle capable of governing and orienting legislative and administrative action. Under this perspective, the article analyses the way proportionality impacts banking regulation, banking supervision and monetary policy. Part III deals with the ex post perspective, i.e. the way proportionality is assessed and scrutinized by EU courts. Part IV concludes. Parts I and II were published in the previous issue. Proportionality, EU General Principles, ECB, Banking supervision, Monetary policy, Judicial review

Purpose – This paper aims to review the economic literature on central bank communication to address the questions of how economists account for the effects of speech acts and whether and to what extent discourse analysis is applied in their studies. Moreover, whether there may be room for more linguistic approaches to analyse central bank communication is investigated. Design/methodology/approach – A range of recently published (2004-2013) works in the area of central bank communication are critically scrutinized to highlight the current thinking in this area. The sources are organised into different sections, namely, communication in monetary policy theory; impacts of speech acts; optimizing central bank communication; and linguistic analysis of central bank communication. Findings – The current literature is developing a coherent argument that central bank communication is an important part of monetary policy and that speech acts by the central bank do have impacts at the macroeconomic level. Linguistic analysis does have the potential to contribute to this literature, as little attention has been paid to the content of the speech acts. Originality/value – This paper fulfils the need for an up-to-date review of the developing literature on central bank communication. This paper also provides support for linguistic analysis in this area.

Farming is the broadest monetary segment and assumes as a critical part in general financial advancement of a country. Technological headway in this field of agribusiness will find a way to build the cultivating exercises. Smart farming has a potential to deliver a productive and sustainable agricultural production, based on a precise and resource efficient approach. Smart farming is an improvement that underscores the utilization of data and correspondence innovation in the digital physical farm administration cycle. New advancements for example the internet of things and cloud computing are relied upon to use this improvement and present more robots and computerized reasoning in cultivation. This is done by the big data gigantic volumes of information with a wide assortment that can be caught, broken down and utilized for basic leadership. This survey expects to pick up understanding into the nest in class of Big data applications in smart farming and distinguish the financial difficulties to be tended to. Akshatha S Kumar | Deepthi S Kumar | Manjunath C R | Soumya K N "Impacts of Big Data on Smart Farming" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-2 | Issue-4 , June 2018, URL: https://www.ijtsrd.com/papers/ijtsrd13021.pdf

The chequered history of the Nigeria monetary policy has created a visible asymmetry in the two known monetary regimes before and after SAP in the country. Years after the Structural Adjustment Programme SAP , the Nigeria economy grew to become the strongest economy in Africa and suddenly plunging into recession, a situation that have adversely affected the growth and development of the economy by ways of rising unemployment rate, soaring poverty and swollen external debt, thus suggesting that the failure of the monetary policy in curbing price instability has caused growth instability as Nigeria's record of growth and development has become very poor. This study therefore examines the effect of monetary policy on economic growth in Nigeria using secondary data covering the period of 1980 2017 that were sourced from the Central Bank of Nigeria statistical bulletin. The model's estimates were estimated via multiple econometric model of the ordinary least square to ascertain the effect of money supply, credit in the economy, interest rate on credit, infrastructure, inflationary rate, external debts, price index on growth in Nigeria. The results show that money supply, interest rate on credit, infrastructure and external debt were statistically significant in explaining its impacts on economic growth while other variables used in the study were all found to be statistically insignificant in explaining the growth rate of the Nigerian economy. The study recommends among others that for effective operation of the monetary policy measures in the Nigerian economy, the Central Bank of Nigeria should be granted full autonomy on its monetary policy functions. Partial autonomy should be replaced with full autonomy for the central banks in the developing economies at large which is invariably subjected to government interference and its politics. Onwuteaka, Ifeoma Cecilia | Okoye, P. V. C | Molokwu, Ifeoma Mirian "Effect of Monetary Policy on Economic Growth in Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-3 | Issue-3 , April 2019, URL: https://www.ijtsrd.com/papers/ijtsrd22984.pdf

Environmental valuation refers to a variety of techniques to assign monetary values to environmental impacts, especially non-market impacts. It has experienced a steady growth in the number of publications on the subject in the last 30 years. We performed a search for papers containing the term “environmental valuation” in the title, abstract, or keywords. The search was conducted with an online literature search engine of the Web of Science (WoS) electronic databases. A search of this database revealed that the term “environmental valuation” appeared for the first time in 1987. Since then a large number of studies have been published, including significant breakthroughs in theory and applications. In the present work 661 publications were selected for a review of the literature on environmental valuation over the period 1987–2019. This paper analyzes the evolution of the leading methodologies and authors, highlights the preference for the choice experiment method over the contingent valuation method, and shows that relatively few papers have had a strong impact on the researchers in this area.

This paper aims to show the utility of the Social Accounting Matrix and Environmental Accounts (SAMEA). The article begins with the elaboration of the SAMEA for Spain in 2000, applied to water resources and to greenhouses gas emissions. The estimation has been made with official data of INE, integrating the environmental physical information, proceeding from the Accounts of the Water Resource and the Emissions to the Atmosphere, with the monetary information published by the National Accounting. This matrix is used as the central core of a multisectorial model of the economic and environmental performance, from which the "domestic SAMEA multipliers" are calculated. These multipliers show the impacts of different production activities on the economy and environment.

The principle of proportionality is a general principle of EU law which applies to the European Central Bank (ECB) in the fields both of monetary policy and banking supervision. In recent years, the issue of the proportionality of the ECB’s action has been at the centre of extensive debate in European legal doctrine and jurisprudence. This article aims to contribute to this debate by providing a comprehensive analysis of the meaning and implications of the principle of proportionality in the field of banking supervision and monetary policy. The article is divided into four parts. Parts I gives a general overview of the origin of the principle and its subsequent developments in light of the case-law of the European Court of Justice. It also reflects on the different meanings of proportionality as a flexible and multi-faceted principle. Part II investigates the principle of proportionality according to an ex ante perspective, i.e. as a principle capable of governing and orienting legislative and administrative action. Under this perspective, the article analyses the way proportionality impacts banking regulation, banking supervision and monetary policy. Part III deals with the ex post perspective, i.e. the way proportionality is assessed and scrutinized by EU courts. Part IV concludes. Part III and IV will be published in the next issue. National courts, Court of Justice of the European Union, Preliminary reference procedure, national procedural autonomy, Appeals, Appellate courts

Invasive species can have severe impacts on ecosystems, economies, and human health. Though the economic impacts of invasions provide important foundations for management and policy, up-to-date syntheses of these impacts are lacking. To produce the most comprehensive estimate of invasive species costs within North America (including the Greater Antilles) to date, we synthesized economic impact data from the recently published InvaCost database. Here, we report that invasions have cost the North American economy at least US$ 1.26 trillion between 1960 and 2017. Economic costs have climbed over recent decades, averaging US$ 2 billion per year in the early 1960s to over US$ 26 billion per year in the 2010s. Of the countries within North America, the United States (US) had the highest recorded costs, even after controlling for research effort within each country ($5.81 billion per cost source in the US). Of the taxa and habitats that could be classified in our database, invasive vertebrates were associated with the greatest costs, with terrestrial habitats incurring the highest monetary impacts. In particular, invasive species cumulatively (from 1960–2017) cost the agriculture and forestry sectors US$ 527.07 billion and US$ 34.93 billion, respectively. Reporting issues (e.g., data quality or taxonomic granularity) prevented us from synthesizing data from all available studies. Furthermore, very few of the known invasive species in North America had reported economic costs. Therefore, while the costs to the North American economy are massive, our US$ 1.26 trillion estimate is likely very conservative. Accordingly, expanded and more rigorous economic cost reports are necessary to provide more comprehensive invasion impact estimates, and then support data-based management decisions and actions towards species invasions.

Purpose: The purpose of this paper is to analyze perceived integrity of public service users and public enterprise employees in association with public enterprise performance, and the role of the CEO compensation on the association between perceived integrity and public enterprise performance.
 Design/methodology/approach: This study uses publicly available performance evaluations and CEO compensation disclosures by the Ministry of Strategy and Finance (MOSF) in South Korea and integrity assessments by the Anti-Corruption & Civil Rights Commission of Korea from 2014 to 2017.
 Findings: We find a positive association between integrity and public enterprise performance, a result driven by the positive association between integrity perceived by service users and public enterprise performance. Furthermore, higher monetary compensation paid to CEOs has a negative influence on the relationship between integrity perceived by public service users and public enterprise performance, whereas higher compensation paid to CEOs has a positive influence on the relationship between integrity perceived by employees and public enterprise performance.
 Research limitation/implications: Integrity perception might be subject to bias depending on the type of stakeholders (public service users or public enterprise employees). Thus, information users of public enterprise performance reports need to be aware of perception gaps in relation to multi-faceted aspects of public enterprise performance. We provide insights into the relationship between perception of integrity and public enterprise performance of the government bodies who enact and administer laws and public policies.
 Originality/value: This paper captures how the perceptions of integrity, as assessed by diverse stakeholders with differing perspectives and levels of honesty and transparency, influence public enterprise performance assessments. Furthermore, it extends the findings of prior studies on the impact of monetary compensation in the public sector (see Abner et al. 2017; Boyd et al. 2018; Chen and Hsieh 2015, among others) to confirm how CEO monetary compensation impacts the relationship between integrity and public enterprise performance. In the public sector, the extrinsic motivation of higher CEO monetary compensation relative to other public enterprises generally crowds out prosocial motivation, which, in turn, impairs the relationship between external integrity and public enterprise performance. At the same time, higher CEO monetary compensation has an incremental impact on internal integrity in association with financial management performance. Thus, we suggest that public enterprises should pay close attention to the design of their current incentive systems for CEOs, place greater weight on prosocial motivation to manage external integrity, and emphasize skill-based monetary compensation to manage internal integrity. Lastly, using manually collected data sets of public enterprises provided by two independent government organizations in Korea, we increase the objectivity and generalizability of the findings of the few studies published on public service organizations in a single-country setting.

Invasive species can have severe impacts on ecosystems, economies, and human health. Though the economic impacts of invasions provide important foundations for management and policy, up-to-date syntheses of these impacts are lacking. To produce the most comprehensive estimate of invasive species costs within North America (including the Greater Antilles) to date, we synthesized economic impact data from the recently published InvaCost database. Here, we report that invasions have cost the North American economy at least US$ 1.26 trillion between 1960 and 2017. Economic costs have climbed over recent decades, averaging US$ 2 billion per year in the early 1960s to over US$ 26 billion per year in the 2010s. Of the countries within North America, the United States (US) had the highest recorded costs, even after controlling for research effort within each country ($5.81 billion per cost source in the US). Of the taxa and habitats that could be classified in our database, invasive vertebrates were associated with the greatest costs, with terrestrial habitats incurring the highest monetary impacts. In particular, invasive species cumulatively (from 1960–2017) cost the agriculture and forestry sectors US$ 527.07 billion and US$ 34.93 billion, respectively. Reporting issues (e.g., data quality or taxonomic granularity) prevented us from synthesizing data from all available studies. Furthermore, very few of the known invasive species in North America had reported economic costs. Therefore, while the costs to the North American economy are massive, our US$ 1.26 trillion estimate is likely very conservative. Accordingly, expanded and more rigorous economic cost reports are necessary to provide more comprehensive invasion impact estimates, and then support data-based management decisions and actions towards species invasions.

A comercialização de produtos florestais não madeireiros (PFNMs) popularizou-se como atividade promotora do desenvolvimento socioeconômico de comunidades florestais com baixo impacto ambiental. Há evidências, contudo, de que a exploração possa produzir efeitos ecológicos e socioeconômicos negativos, sugerindo que é necessário monitorar tais iniciativas. A comercialização frequentemente ocorre em áreas remotas e em contextos de pobreza, como é o caso de muitas daquelas da Amazônia brasileira. Desta forma, é necessário que o monitoramento restrinja-se a avaliar os efeitos evidenciados como mais comuns em estudos anteriores. Este estudo revisa e sintetiza as evidências científicas dos efeitos da exploração de PFNMs sobre parâmetros ecológicos e socioeconômicos e, a partir daí, indica aqueles mais relevantes ao monitoramento. O estudo também levanta até que ponto o monitoramento é implementado no contexto da Amazônia brasileira e avalia quais os parâmetros importantes e viáveis de monitoramento neste caso específico. Para isso, foram realizadas revisões sistemáticas da literatura e a consulta a profissionais da área através do método Delphi. Os resultados indicam que efeitos ecológicos negativos são frequentes, principalmente quando se coletam folhas ou cascas. Alterações em órgãos ou processos fisiológicos e a taxa de sobrevivência dos espécimes explorados são parâmetros que devem ser monitorados, em particular quando se coletam frutos e partes vegetativas. Para todos os tipos de PFNMs, o tamanho e a estrutura populacional são parâmetros prioritários ao monitoramento. A riqueza de espécies da comunidade explorada merece atenção, principalmente quando se coletam frutos. Para os aspectos socioeconômicos, efeitos positivos foram mais frequentes que negativos. A contribuição da renda monetária obtida com o comércio na renda total, a regularidade de ingresso desta renda e o papel dos PFNMs como recursos de salvaguarda são parâmetros do capital financeiro prioritários ao monitoramento. Para o capital social, o empoderamento feminino, a coesão de grupo e o acesso aos benefícios gerados pela comercialização devem ser monitorados. Na Amazônia brasileira são poucas as iniciativas de implementação do monitoramento da comercialização de PFNMs. Embora este seja considerado importante, existem dificuldades que derivam principalmente da falta de apoio institucional, políticas de incentivo e de recursos financeiros. Os profissionais participantes do Delphi consideram que os parâmetros ecológicos mais importantes a monitorar neste contexto são o tamanho e a estrutura populacional do recurso explorado, o aumento da taxa de mortalidade, a quantidade total de recurso extraída e a técnica de coleta utilizada. Para os parâmetros econômicos, aspectos do mercado, como o preço pago ao coletor, a demanda e a qualidade do produto, bem como a renda monetária obtida pelos indivíduos são os parâmetros considerados mais importantes. Por fim, para os aspectos sociais, os efeitos na cultura, na qualidade de vida e na organização interna da comunidade foram priorizados. Os profissionais indicam que é viável estabelecer o monitoramento dos parâmetros levantados.<br>Amazon, non-timber forest products, ecological effects, socioeconomic effects, monitoring.

A compelling compilation of short entries, longer topical essays, and primary source documents that chronicles the historical development of the United States from an economic perspective. Based on a work originally published in 2003,The American Economy: A Historical Encyclopediahas been thoroughly updated with information on the accounting scandals of the early 2000s and the recession of 2008, including the government stimulus and bailout programs and the recession's impact on key markets. With more than 600 short entries, 31 longer essays, and 32 primary source documents, the encyclopedia spans American history from colonial times to the present. Researchers will discover detailed information on people, events, and government actions that have shaped our economy, with entries on such seminal issues as slavery, migration patterns, the welfare state, the rise of the city, and the development of financial institutions. Throughout, special attention is paid to the interdependence of economics with political, social, and cultural forces. Covering everything from the national debt to monetary policy, law, unemployment, inflation, and government/business relations, this work is the ideal go-to resource for quick answers, in-depth analysis, or direction for further research.

The Federal Reserve System--the central bank of the United States, better known as The Fed--has never been more controversial. Criticism has reached such levels that Congressman Ron Paul, contender for the Republican presidential nomination in 2012, published End the Fed, with blurbs from musician Arlo Guthrie and actor Vince Vaughn. And yet, amid a slow economy and partisan gridlock, the Fed has never been more important. Stephen H. Axilrod explains this influential agency-its powers, operations, how it sets policy-in The Federal Reserve, a timely addition to Oxford's acclaimed series What Everyone Needs to Know. Of the two major governmental tools for shaping the economy, Congress controls fiscal policy-taxation and spending-and the Fed makes monetary policy-influencing how much money circulates in the economy, and how quickly. Traditionally the Fed has relied on three instruments: open-market operations (buying and selling U.S. bonds), lending to banks, and setting reserve requirements on bank deposits. It also helps to regulate the financial system. Drawing on years of experience inside the Federal Reserve System, Axilrod shows how these tools actually work, and answers a series of increasingly detailed questions in the series format. He asks, for instance, if the system of regional Fed banks needs modification for today's technological landscape; if there is corruption in the Fed's governance; what happens to profits from its operations; the impact of political pressure; the extent of Congressional oversight; and just how independent it truly is. Whether discussing the Fed's balance sheet through the financial crisis of 2008 and beyond, the federal funds rate, or the international context, Axilrod displays a mastery of his subject Coming in time for the Fed's 100th anniversary in 2013, this book deftly explains an institution that every American needs to understand.

AbstractCerebral palsy is a pathological condition whose prevention and treatment have been immensely studied by experts in perinatal medicine and pediatric neurology. Despite this, it is still one of the main concerns nowadays in many countries, not only for scientific reasons but for legal ones also. For instance, in Japan, an increase in lawsuits relating to cerebral palsy was observed more than a decade ago, after healthcare resources in perinatal medicine had increasingly shrunk and had become fragile under the growing burden for physicians and midwives to provide advanced treatment, emergent care, high-risk treatment, and so on. Young physicians did not specialize in obstetrics because of the increased burden, which gave rise to a vicious cycle of shrinking resources in perinatal medicine. To address this issue, the Japan Obstetric Compensation System for Cerebral Palsy (JOCS-CP) was urgently introduced in 2009 to investigate, develop preventive measures, and award monetary compensation on a no-fault basis, with the Japan Council for Quality Health Care (JQ) as its operating organization (Fig. 33.1). It has so far produced annual reports on the prevention of cerebral palsy for nine consecutive years including numerical data and specific themes relating to the occurrence and prevention of cerebral palsy. The success of the system is a good reference for responding to adverse events which may happen in and have a vast impact on perinatal care. Therefore, this chapter focuses on cerebral palsy with primary reference to materials published by the JOCS-CP in the field of perinatal medicine. The aim of this chapter is to learn about the issues mentioned above and to discuss the significance and impact of introducing a nationwide system like the JOCS-CP. It describes knowledge and idea to questions of “Why cerebral palsy is highlighted among adverse event in obstetrics?”, “How the no-fault compensation/investigation/prevention system could be introduced?”, “What has been achieved by the system?”, and “How cerebral palsy is prevented?”.

AbstractOpen Science is a movement aimed at promoting public access to all scientific research products, without barriers or restrictions. Open Data refers to the practice of sharing research data in a way that assures that the research is accessible, reusable, and reproducible for everyone. Leveraging these two principles, scientists can validate results, and findings, conduct new research, and promote scientific progress. Open data also enables interdisciplinary collaborations and the exploration of research questions beyond the original scope of the data. The most appropriate means used for implementing Open science and open data are digital, collaborative technologies. One notable example of a platform facilitating information dissemination is Zenodo, a free virtual repository based on the CERN developed Invenio software suite. Zenodo serves as an open access and open data platform, offering researchers, scientists, and individuals a centralized, durable, reliable, scalable, free, and accessible space to share, publish, and preserve their research outputs. Zenodo provides various features and benefits that foster knowledge advancement and collaboration within the research community. By promoting open access, Zenodo enables the global dissemination of research findings, eliminating obstacles such as geographic and financial constraints. It is challenging to accurately capture the impact of scientific dissemination, both social and economic. This is particularly the case for a free, “catch-all” repository, which permits any user to supply and access non-reviewed information. This report provides a quantitative estimate of the monetary value that a virtual repository represents based on a multi-component model in which the different parts of the system are quantified using appropriate distinct methods. This study uses the virtual repository Zenodo as a reference case for the ex-ante societal impact analysis for the Future Circular Collider (FCC) at CERN, assuming that in the lifetime of such a new research infrastructure, at least one comparable development will be required due to the collaborative nature of scientific physics research with particle accelerators and colliders. Our results indicate a discounted socio-economic impact potential of about 2.8 billion CHF for an observation period of 29 years, from 2028 to 2057.

The aim of the study is to attempt to systematize the concept of economic value that takes into account elements of sustainable development. At the same time, it is the voice in the ongoing discussion on the purpose and methods of valuation of the company's value. The measure of strength of each enterprise is its value expressed in monetary units. Due to differences in the results of the valuation of enterprises made by groups of experts representing such disciplines as finance, taxes, or marketing, there was a need to identify sources and to analyze more precisely the resulting discrepancies. The values of the enterprise should include both measurable and hard to measure values, which largely differentiate economic units from each other. The need for a wider perspective on the data published by enterprises appeared along with new business models, changes in consumer trends, environmental regulations, or the impact of social media.

This chapter examines John Locke's monetary thought, which had an enormous impact during the Coinage Crisis of 1695. By 1695, due to the shortage of silver, English coins in circulation lacked more than half of their original silver content. What was a nuisance at first had come to pose a serious threat to the trust and legitimacy of English money. All agreed that the whole monetary system soon threatened to come to a grinding halt, cutting off the military and bringing down the new government with it. At the height of the crisis, in December of 1695, Locke published a pamphlet calling for a full recoinage at the old value, hoping to sway public opinion and the concurrent deliberations in Parliament. Locke thought that language and money shared a pervasive instability and corruptibility. But money—unlike language—could be stabilized by tying it to the empirical concept of a substance in the form of silver or gold. This would remove money from discretionary political meddling, thereby effectively depoliticizing it.

Abstract The Maastricht Treaty on European Union provides for the introduction of a single currency by 1 January 1999 at the latest. Although a large series of papers and conferences has been concerned with the timing and sequencing of the introduction of the new currency and with an estimate of the costs that would be incurred, few published studies have attempted to evaluate the medium-term impact of a single currency on European capital markets. The purpose of the introductory chapter is to identify the various ways through which a single currency could alter fundamentally and permanently the European capital markets. The focus will be entirely on the medium- and long-term impact. One question is being addressed: Once a single currency is in place, what is likely to change in European capital markets? To address this issue, references to a wide economic literature will be made, ranging from the theory of market microstructure to international monetary economics. The chapters which follow discuss in great depth the various channels identified in this introductory chapter.

The aim of the study is to attempt to systematize the concept of economic value that takes into account elements of sustainable development. At the same time, it is the voice in the ongoing discussion on the purpose and methods of valuation of the company's value. The measure of strength of each enterprise is its value expressed in monetary units. Due to differences in the results of the valuation of enterprises made by groups of experts representing such disciplines as finance, taxes, or marketing, there was a need to identify sources and to analyze more precisely the resulting discrepancies. The values of the enterprise should include both measurable and hard to measure values, which largely differentiate economic units from each other. The need for a wider perspective on the data published by enterprises appeared along with new business models, changes in consumer trends, environmental regulations, or the impact of social media.

Abstract The Banco de México and the Fondo de Cultura Económica co-published a translation of FA Mann’s magnum opus, The Legal Aspect of Money, as El Aspecto Legal del Dinero in 1986. Using archival materials, this chapter examines what motivated this translation of a (largely, though not exclusively) common law text into Spanish in a Latin American country at this time, who was behind it, and how FA Mann was involved in the process. Beyond this, it contextualizes the translation against economic conditions prevailing in Latin America in the 1980s and briefly explores the impact the text has had in law and economics literature in the Latin American region, and in the Spanish-speaking world more broadly. Because of the role of Latin America in the history of the law of exchange controls and the law and management of sovereign debt, this background helps to understand the field of monetary law and Mann’s legacy in it.

Software companies must often make decisions about applying new software development methodologies, technologies or tools. Various evaluation methods have been proposed to support this decision making; from those that focus on values (especially monetary values) to the more exploratory ones, and also various types of empirical studies. One common challenge of any evaluation is to choose evaluation criteria. While there have been a growing number of published empirical studies evaluating different methodologies, few of them include rationale for selecting their evaluation criteria or metrics. Therefore they also have problems with explaining their results. This paper proposes an approach for identifying relevant evaluation criteria that is based on the concepts of (core) practices and promises of a methodology. A practice of a methodology is a new concept or technique or an improvement to established ones that is an essential part of the methodology and differentiates it from other methodologies. A promise is the expected positive impact of a practice. Evaluation criteria or metrics are selected in order to evaluate the promises of practices. The approach facilitates identifying relevant criteria for evaluation and describing the results, and thus improves the validity of empirical studies. It will also help developing a common research agenda when evaluating new methodologies and answering questions such as whether a methodology helps improving a quality attribute and how, what the differences are between two methodologies, and which studies are relevant when collecting evidence about a methodology. The proposed approach is applied on software reuse and model-driven engineering as examples based on the results of two literature surveys performed in these areas.

The pipeline risk assessment has been part of the integrity management in the industry in today’s environment of increasing regulatory and public oversight. One of the widely used risk assessment method is the score index method. This method has been used for more than two decades and is widely accepted in the pipeline industry. The input data is relatively easy to acquire. The method provides details of mitigation options and relative risk values. However, this method does not provide the simple decision making process. In risk management, it is always the question to choose the most cost effective mitigation option to use limited resources. On the basis of score index risk assessment method, a method to correlate the probability of failure score with actual failure probability, and leak impact factor score with actual failure consequence in monetary units has been developed. This method applies the monetarily calibrated consequence factor to the probability of failure to obtain a normalized and calibrated risk in monetary unit. By comparing the cost of an estimated mitigation program, the decision can be made. Recent regulations in Canada require that risk assessment must have a method to determine the significant risk threshold. Even though some industrial standards have some recommended methods or benchmark data for failure probability, there is no published method to determine the threshold of high risk. Some pipeline companies have the in-house personnel to develop an advanced method to meet regulation requirement. However, many pipeline companies need to have a practical and economical method to determine the significant risk threshold to meet regulation requirement, and to effectively allocate resources. This paper develops a method to determine the significant risk threshold that can be used as a decision-making criterion in pipeline risk management. This process is practical for industrial application, especially for upstream companies where operators have limited resources for advanced risk assessment. A case study is presented using this method based on upstream pipelines.

The main objective of this research is to analyze the impact of fiscal policy on economic growth, for the Republic of Kosovo, Albania and North Macedonia and the period 2000-2023. The data used in this research are secondary data and are generated from official data published by the World Bank and the International Monetary Fund. The results of this study were analyzed through the Stata program, and data testing was carried out through standard multiple regression analysis, Hausman Taylor test, GEE model, GMM model, fixed effect and random effect. Based on the results, we may conclude that the increase in income, gross debt, and government expenditures positively affect the GDP of Kosovo, Albania and North Macedonia, whereas inflation negatively affects economic growth. There is a positive relationship between income, gross debt, government spending and GDP. This research aims to analyze the impact of fiscal policy on the economic growth of the Republic of Kosovo, Albania and North Macedonia for the period 2000-2023. As such, this research can be used as a basis for future work in this area.

Global imbalances combine all forms of relations between different elements of the world economy, which have a certain negative impact, ie they bring some negative consequences for the global economy as a whole or for certain regions and countries. Based on the recognition of their existence and their interconnection through different transmission channels, the Generalized Model of Global Imbalances Synergy was elaborated by authors Kovalev and Paseko, which in our opinion could be adjusted to the current situation. The application of this model makes the onset of new financial crises predictable. The purpose of this research was to test this hypothesis. Research on the applicability of the mentioned model started from the works of Model’s authors and continued by examining of international financial institutions reports, statistical reports published on the Internet, as well as analyses of experts in this field from different countries. The International Monetary Fund specialists’ works confirm, to a certain extent, the viability of nominated model. The research carried out allows highlighting of some global imbalances in the context of the COVID-19 crisis. It is about global monetary imbalances, imbalance between income and consumption in certain categories of countries, the imbalance between the size of world economy and global debt, the imbalance between the excess liquidity and investment mechanisms functioning. The pandemic crisis in turn contributed to creation of new global imbalances of anti-crisis economic and financial measures. It must be mentioned the discrepancy between developed and developing countries through the prism of economic-financial intervention as anti-crisis measures. However, undertaking these activities require the attracting of additional funds, which in itself generates new problems. The results of conducted research allow drawing certain conclusions regarding current trends in the functioning of global financial mechanisms and their impact on financial market in the Republic of Moldova.

The research aims to identify the fluctuations of the Iraqi dinar exchange rate and the Iraqi stock market index during the research period, as well as knowing the size and type of the linear relationship between the two variables, through a systematic framing that can guide investors, which contributes to strengthening the movement of funds and investments and which is reflected positively in the activity The economic and financial market, based on published data for the period from 2014 to 2020. The research came out with a number of conclusions, the most important of which is the existence of a correlation and impact relationship between the Iraqi dinar exchange rate and the financial market index in Iraq, in addition to the fact that the value of the Iraqi dinar in the parallel market during the research period varied significantly, which is evidence of the lack of control of the Central Bank on monetary policy, which affected the Variation in the movement of the Iraqi stock market index, and thus the loss of investors to generate profits and the decrease in their profitability opportunities. The research also presented a set of proposals, perhaps the most important of which is the establishment of a base of scientific foundations for investment in the financial markets, based on what we justify of the exchange rate variable that leads investors to Take the right investment decisions at the right time.

The research aims to identify the fluctuations of the Iraqi dinar exchange rate and the Iraqi stock market index during the research period, as well as knowing the size and type of the linear relationship between the two variables, through a systematic framing that can guide investors, which contributes to strengthening the movement of funds and investments and which is reflected positively in the activity The economic and financial market, based on published data for the period from 2014 to 2020. The research came out with a number of conclusions, the most important of which is the existence of a correlation and impact relationship between the Iraqi dinar exchange rate and the financial market index in Iraq, in addition to the fact that the value of the Iraqi dinar in the parallel market during the research period varied significantly, which is evidence of the lack of control of the Central Bank on monetary policy, which affected the Variation in the movement of the Iraqi stock market index, and thus the loss of investors to generate profits and the decrease in their profitability opportunities. The research also presented a set of proposals, perhaps the most important of which is the establishment of a base of scientific foundations for investment in the financial markets, based on what we justify of the exchange rate variable that leads investors to Take the right investment decisions at the right time.

Faced with environmental degradation and strong land pressure, farmers in south-central Niger have intensified their agricultural production systems. Since the 1980s, farmers in the regions of Zinder, Maradi and Tahoua have increased the number of trees and shrubs on their fields, creating new agroforestry parklands over about 5 million hectares. This regreening is not based on tree planting, however, but on farmers protecting and managing natural regeneration of woody species on their crop lands. This has been well documented over the years, but until now, there has not been a thorough review of all of the published peer-referenced as well as grey literature. This report presents the first comprehensive state of knowledge of farmer managed natural regeneration (FMNR) in Niger. Studies show the scale and dynamics of FMNR as well as its multiple impacts. It has increased crop yields (+31 kg/ha to +350 kg/ha), and that supports family food security even in drought years. FMNR has increased the income of all social categories, even the most vulnerable women, men and youth, through the sale of fuelwood and service wood. The pruning of trees in fields has also reduced the distances travelled by women to collect fuelwood. FMNR increased the availability of fodder from trees to farmers and agropastoralists, with households practising FMNR harvesting 30-45 kg of fodder per day. Economists have not calculated all the multiple impacts in monetary terms, but studies on the costs and benefits all indicate that it is economically rational for farmers to invest their labour in FMNR. The costs are modest (no equipment and little labour), and the benefits are substantial, also helping smallholder farmers adapt to climate change, while sequestering millions of tonnes carbon. As a consequence of FMNR, tree cover has been sustained without external incentives (e.g. food or cash-for-work), an outcome that distinguishes this farmer-driven practice from large-scale tree planting projects where farmers’ stewardship ended when the external incentives ended. Agroforestry landscapes are thus being created at scale due to decisions made by hundreds of thousands of individual farmers. It is hoped that information in this report that shows the clear benefits of FMNR in Niger will encourage policy makers in Africa’s drylands to invest in the promotion of FMNR. This foundational practice must form the backbone of landscape wide initiatives if the ambitious targets of the Great Green Wall, AFR100 and similar ambitious restoration initiatives are to be achieved. FMNR is a low cost sustainable land use management practice with a considerable potential for scaling, which can and must be adopted and scaled immediately.

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