Inflation in 2021 and 2022 grew much faster than the Federal Reserve expected. The Fed downplayed inflation in 2021 and then increased the federal funds rate by 500 basis points between March 2022 and May 2023. This paper investigates how this unprecedented tightening impacted the stock market. To do so it estimates a fully specified multi-factor model that measures the exposure of 53 assets to Bauer and Swanson (2022) monetary policy surprises over the 1988 to 2019 period. It then uses the monetary policy betas to gauge investors’ beliefs about monetary policy between 2020 and 2023. The results indicate that changing perceptions about monetary policy multiplied uncertainty and stock market volatility.

This paper uses a Vector Autoregression (VAR) model and linear regression to analyze the effects of aggressive monetary policies (such as RRR cuts and interest rate reductions) and fiscal measures (like government bond issuance) on household wealth in China, with a focus on housing assets. A comparative analysis with Japan is conducted to explore the transmission mechanisms and the policies’ impacts on housing prices, wealth distribution, and economic growth. The findings highlight the significant role of monetary and fiscal interventions in shaping the housing market dynamics across different economic contexts.

A longstanding debate is raised about how far does the credit sector promote local investment and whether banking sector is efficacious in the meaning it helps respond to investors financing requirements and whether it serves the conduct of monetary policy in its conventional formulation. There are much concerns also about the alternatives of monetary policy conduct when the interest rate channel transmission mechanism does no longer work in terms of effectiveness of monetary policy and how to step aside credit supply insufficiencies and disruptions in order to respond to excess credit demand. This article provides an assessment of the relevance of unconventional monetary policy to deal with the issue of the vicious role played by the credit sector in its failure to fulfill banking sector efficacy due to an excessive search for yield motivation and extreme awareness from systemic risk. We run an ARDL and Bound test to the data collected on the Tunisian banking sector and show that Banking sector efficacy is affected in the short run by Fisherian sensitivity another expression of the impact of inflation on real activity and banking sector specificities and in the long run it is affected by the impact of inflation on real activity and business cycle effects expressed in terms of sensitivities of Credit supply and demand to output gap. Banking specificities do no longer matter in the long run and banking sector efficacy is not at all affected by Monetary policy in the short run because of nominal rigidities and in the long run because of monopolistic competition and backward oriented expectations that diverts the pass through effect of monetary policy as the pricing of loans is exclusively tributary on the search for yield motivation and the agency costs and result in a non competitive price of risk premiums that do not translate the transmission of monetary policy. We conclude that the behavior of the banking sector is vicious because it conveys importance exclusively to the search for yield motivation and profitability of the banking sector and to the mitigation of systemic risk and does not play any role in the promotion of local investment which is a pillar of economic performance and growth. We propose the Credit easing as an unconventional monetary policy that can step aside the hindrance of an inelastic credit supply through modifying asset prices and thereby improving attractiveness of assets to the banking sector and forcing financing through credit allocation but warn from the difficulties that might result from unconventional monetary policy in terms of inability to withdraw from the perturbation and gauge discretionary policy accurately.

It shows the monetary investigation in west countries the big flow in economy by the gross value change effects, also the value of debt policy with debt management strategies to control the budgetary risk of long-term economy from sustainability. The intellectual policies of inflation, GDP, trade, and services and merchandise trade has effected on the West African country’s monetary policies. The implication of trade by a lag of exchange rate indicators has a positive and significant effect. The estimated results reflect the dynamic implication of trade with liquidity and proper monitoring policies. The GDP, gross value (GVA), debt policies, equity of public administration, trade in service and merchandise trade is positive and significant, all are significant. We suggest the optimum control of liquidity with trade service policy recommendations in different countries. The research method was based on 5 countries from the 16 countries of western African and elaborated by their individual indicators with the least square method. The gross value of debts and public administration controlled the development aim of an entire state with strategic and planned environment for state and reduce the level of inflation in small and enterprise section and the results analyzed the policy makers implement planned in implication of trade with domestic currency and long run endogeneity. The results analyzed the monetary policies affecting the level of growth of an individual country.

Inflation is a crucial macroeconomic indicator which measures changes in the general level of prices of goods and services. In recent years, a series of successive events affected the inflation rates. To fight this increase in inflation, governments start to take different actions through their monetary and fiscal policies. In this research 10 independent parameters were used to see their effect on inflation rates. Some are traditional like GDP, Population, and exchange rate while others are some new technology related parameters like E-money payments transactions and number of Institutions offering payment services/instruments. The dependent parameter is the consumer price index (CPI). All parameters were taken in 8 years period (2013-2020). Supervised machine learning is used to run a robust regression model. The results show that technology advancement in payments is not a catalyst for price inflation if it is used properly and under regulations and control monetary policies. The results direct regulators to have a good understanding of the situation and take the right action in their policies of adopting fintech businesses.

In the era of persistent globalization, climate governance has emerged as a prominent concern within both the theoretical community and government departments of diverse nations. Of particular interest in academic research is the adverse effect of climate shocks on the global economy. This paper employs average temperature as a surrogate indicator for climate shocks and examines the influence of temperature fluctuations on inflation levels using a balanced panel dataset from 1995 to 2021. The findings indicate a positive association between temperature change and inflation within the country, which remains consistent even after subjecting the analysis to multiple robustness tests. Furthermore, accounting for heterogeneity reveals variations in the magnitude of response of inflation levels to temperature fluctuations. Regarding the analysis of underlying mechanisms, the study underscores the significance of energy demand as a pivotal pathway influencing inflationary pressures at the national level. Lastly, by incorporating GDP per capita as a threshold, the research reveals a nonlinear relationship between temperature change and inflation levels.

We use the theory of coherent measures to look at the problem of surplus sharing in an insurance business. The surplus share of an insured is calculated by the surplus premium in the contract. The theory of coherent risk measures and the resulting capital allocation gives a way to divide the surplus between the insured and the capital providers, i.e. the shareholders.

Thanks to the Chinese government's strong monetary stimulus initiative, the Chinese stock market has seen a recent surge. A similar scenario in history reminds us that such a surge carries significant potential risks and undermines economic sustainability. This study examines the economic stimulus by the Chinese government during 2008 and 2015 utilizing monetary and real estate policy to stimulate stock market expansion, and identifies a pattern of path dependency in the government's approach to economic challenges. In the context of the fiscal pressures of 2024, the government has again employed an extraordinary level of intervention to catalyze a significant uptick in the stock market. While this has led to a temporary increase in stock market indices, it poses substantial risks. The potential for a stock market bubble, detached from fundamental values, could precipitate a subsequent market collapse. Additionally, the government's market stimulus may be aimed at providing financial support to underperforming state-owned enterprises, which in the long-run will damage China's economic sustainability. There is also a concern that the measures to stimulate the stock market could interlink the bond market and banking sector with the equity, potentially inciting broader systemic risks. Furthermore, the housing market crisis and investors' skepticism towards the extent of China's marketization reforms will also intensify. Overall, we believe that the current round of stock market stimulus is not sustainable and leaves the door open for future risks.

This study examines the exchange rate rebound effects of the Central Bank intervention in the selected ECOWAS economies. An empirical understanding of these effects is very important to trade adjustment as well as the macroeconomic stability in these countries. Using the panel data modelling framework, the study finds that the impact of the Central Bank intervention on exchange rate is insignificant and it does not lead to the exchange rate rebound. In addition, money supply as well as monetary policy rate implemented by the monetary authorities significantly influences the level of exchange rate in a positive direction.

Credit rationing, especially prevalent for smaller firms, impedes economic growth. A Central Bank aligned “not for profit” managed business to business “Stable-Coin” (“Synthetic Central Bank Digital Currency”) providing trade debt liquidity can lower small firm credit rationing. It raises growth by reducing monetary transmission imperfections consequent upon asymmetric information, commercial bank underwriting restrictions, market power dynamics and regulatory distortion. A simple framework is developed to contextualise small firm credit rationing and associated monetary transmission imperfections with broader credit flows into both the real and monetary sectors. Evidence is presented regarding US monetary transmission efficacy to firms, paving the way to proposing a trade debt business to business focused stable-coin to help close credit rationing gaps. Designed to minimise “moral hazard”, the proposed stable-coin provides an additional monetary transmission channel that supplies interest free trade debt funding to firms to support economic activity and raise growth. In addition to helping close the small firm financing gap, the stable-coin provides policy makers with an additional contra-cyclical monetary transmission instrument to minimise real economic disruption consequent upon financial system crises and liquidity events.

Digitalization has fundamentally changed the global economy and will continue to do so. This study investigates how the US Federal Reserve and US Treasury may work together to use decentralized finance (DeFi) systems to promote economic growth in local communities. The study looks into the potential for transformation and the difficulties in incorporating DeFi into conventional financial institutions. Research shows that the use of cash as a means of payment is widely expected to decline in the future. As a result, the public’s ability to make transactions using central bank money may decline rapidly. This study's goals are to solve economic issues, promote innovation, and increase financial efficiency. The use of in-depth interviews, theme analysis, case studies, stakeholder perspectives, comparative analysis, and document analysis is suggested as part of a qualitative research methodology. The goal of these approaches is to offer a sophisticated comprehension of the dynamics of collaboration and the consequences of DeFi integration in the context of the Federal Reserve-Treasury relationship. Important data sources that are necessary to answer the research question are indicated, such as US Treasury statistics, Federal Reserve publications, DeFi platforms, and International Monetary Fund economic indicators. Informed decision-making and policy formation may pave the way for a more inclusive and efficient financial ecosystem, which will eventually drive regional economic growth in the United States and promote monetary sovereignty for the aforementioned monetary entities. This can be achieved by investigating creative collaboration tactics between the Federal Reserve and the US Treasury.

Money demand is the amount of real money balance with people and they can decide at any time what part of their assets to keep in cash. In this study, money was assumed to be a durable good that leads to the flow of some kind of service. Therefore, money became a function of utility. Using AIDS elasticity demand function, income, price and cross elasticities were evaluated. The statistics of this study are related to the years 2003-2022. The results showed that, based on the assumption of three goods, the demand includes bills and negotiable instruments, demand deposits, and time deposits. Based on the limitation of symmetry, collectability and homogeneity, the tensions can be calculated. The results showed that the price elasticity of demand for banknotes and muskox with term deposits is not significant. On the other hand, the cross tension between sight deposits and term deposits is negative and significant.

We analyze whether the central banks of a selected sample of emerging economies respond to exchange rate movements. We use economies that are inflation targters and exporters of a limited number of commodities. The latter renders them vulnerable to terms of trade shocks. The sample comprises Brazil, the Czech Republic, India, Indonesia, Russia and South Africa. We also investigate the role played by the terms of trade in explaining their business cycles. We estimate, for each economy separately and using Bayesian techniques, a regime switching open new Keynesian model. This model allows the parameters of the policy rule and the structural shocks to switch between periods of low and high regimes. We perform posterior simulation and find that, when compared to a constant parameters model, the regime switching fits the data better. The results indicate that, in some periods, the different economies respond strongly to exchange rate, while in others, some respond weakly. A terms of trade improvement leads to a currency appreciation. However, this is reversed for those economies that respond strongly to exchange rate movements. This leads to a rise in output and inflation even for economies that do not respond strongly but play a major role in international trade. This is the case of Russia. The terms of trade are found to play a major rule in explaining business cycles in emerging economies. Thus, although these economies follow an inflation targeting framework, they may set their respective policy rate in a manner to take into account exchange rate developments. This insulates themselves against adverse terms of trade shocks.

This paper analyses the COVID-19 crisis and its management, under the Austrian Economics. The attention is focused in the States’ coercive intervention, to evaluate the positive or negative effects of pandemic, according to the Principles of Political Economy and the theory of capital and economic cycles. The paper examines the specific case of massive intervention by governments and, especially, central banks in monetary and financial markets to deal with the pandemic by seeking to lessen its effects. Also, it is offered a critical analysis on simultaneous government policies involving taxes and an increase in public spending which are presented as the panacea and universal remedy for the evils that afflict the society, instead of promoting the transit to Wellbeing Economics. To conclude the review, there is a proposal of paradigm review, in the way to offer a sustainable model.

Given the Income enabling nature of education as stipulated by human capital theory, it can be postulated that “ceteris paribus”, households with formally educated heads experience less food insecurity and monetary poverty than those with uneducated heads. We test this claim in the case of Burkina Faso, using the 2014 National Survey on Households Living Conditions, along with semi-parametric modeling techniques. In its design the study uses households “willingness and ability” to spend annually on food consumption a per-capita amount above the food poverty line of 102,040 CFA Franc to characterize “household food security”, and households “unwillingness or inability” to spend above the overall poverty line of 153,530 CFA Franc to characterize “monetary poverty”. In addition, the study relies not only on single equation multivariate probit and logit specifications, but also on both fully parametric and semi-parametric bivariate probit representations of food insecurity and monetary poverty. The results show that relaxing the linearity and independence assumptions through joint semi-parametric bivariate modeling captures better the true effects of heads of households’ educational attainment on households' food insecurity and monetary poverty. In fact, compared to households headed by someone with no education, those headed by someone with a primary, secondary or higher education are respectively 19.8% , 49.7% and 118.9% less likely to experience food insecurity, and respectively 40.1%, 77.0% and 172.3% less likely to experience monetary poverty in Burkina Faso. In addition, the experience of food insecurity and monetary poverty are highly correlated at 92.7%, suggesting that educational policies that alleviate poverty in Burkina Faso should also impact positively food security in the country.

One of the main challenges of the globalization became the increased destabilization and frequent economic crises. In general, managing an economic crisis is a particularly difficult task for any economy (developed or developing, and regardless the size). In the context of globalization, the process faces additional challenges. On the one hand, the world economy witnessed a shift from traditional purely economic instruments to more financial mechanisms of economic development. Indeed, the liberalization of the economy since the 1990s complicated the traditional trends of the world market development, resulting in significant fluctuation of the growth rates between different countries and regions. To respond to this evolution, governments and international organizations changed well-established strategies. For example, financial sector found itself given expanded role in economic development, with, different financial mechanisms used as key variables to evaluate an economic growth. On the other hand, the increased role of financial sector in a globilised world, increased financial relations among individual states and thus, interdependences. This “financial globalization” causes important fluctuations in the system and, as a result, causes instability in socio-economic development. Thus, an economic crisis of any important economy soon becomes a global issue (financial crisis of 2008, economic crisis of 2020).The recent global economic crisis due to the Covid-19 world pandemic, appeared to be unique for several reasons. First, it highlighted the transnational and origin-specific nature of the crisis. Second, it appeared to be the first case when non-economic factors caused a major economic crisis. As a result, this crisis turned out to be particularly difficult to predict and to manage. In this case, the main strategy of the global post-crisis rehabilitation became the restoration of the economy's predictability and ensuring its ability to obey the classical principles. According to the Organic Law on "Economic Freedom" of the European Union (2011), any factor which increases the equilibrium amount of output is reflected in the economic rehabilitation plan. Such exogenous factors are primarily fiscal mechanisms, i.e. - Reduction of taxes and increase of state expenditures. This crisis caused important structural problems with their effects on public expenditures (especially health expenditures, to the public expenditures, economic growth, price stability and budget balance) in both, developed and developing countries. Nearly every state declared an increase in public debt, inflation, and unemployment rates, while an important decrease was shown in growth rates and capital outflows. As the crisis due to the world pandemic was radically different from previous economic crises, it was difficult to manage it efficiently at the initial stage. It was complicated to forecast the scenarios of the unknown crisis with non-standard nature which was more linked to epidemiologic factors than objective economic law. The dynamics of crisis resolution depended on correct forecasting and effective implementation of global, but especially country-based reforms. More importantly, this crisis showed the important role of individual states to manage the global crisis. The traditional function of a government to ensure country’s socio-economic growth and security, increases in an extraordinary environment, such as sharp economic fluctuations and crises. In such contexts, the centralized management functions are sharply activated. The global pandemic processes have updated the economic essence of the state. The large scale of the latest economic crisis due to the world pandemic has determined the need for mutually coordinated development of anti-crisis plans of different countries. In today's dynamic landscape, modern global systems are redefining the standards and priorities of national economic policies. The economic status of countries is changing significantly as a result of their participation in these systems. As a result of these changes, today's global economy is marked by the proliferation of regionalism and the emergence of spatial economic frameworks. Thus, classical economic concepts are evolving, giving rise to a new model known as economic nationalism. This paradigm shift is generating new risks, which are increasing in severity and scope. The overriding objective of economic policy is now to ensure and predict stable development. Reflections are underway to meet the challenges of economic equilibrium and its social and institutional sustainability.In addition to the decentralization of the unified governance system, the global economy is characterized by the activation of centralized governance elements within individual countries. This requires the development of new norms for global cooperation and the careful balancing of national integration and development factors. The question of government's influence on the economy and the delegation of its powers becomes relevant once again. Effective coordination of public administration is based on the principle of decentralized government, which is a key element of a democratic model of society and facilitates the transfer of management tools to the public. The key objectives of this research are focused on the optimal distribution of state functions and the study of hierarchical principles of territorial organization within the country, fiscal mechanisms for the distribution of powers, as well as the particularities of the structuring of the spatial economy and its budgetary provisioning mechanisms.The example of the last two economic crisis showed that contemporary anti-crisis strategies should reflect several considerations. First, it becomes impossible to develop a single unified model of crisis management. Even in the context of important economic and financial globalization, the current decentralization and new spatial economic processes make it necessary to find a balance between the local priorities and global interests. Second, the role of non-economic crisis-causing factors increases compared to economic determinants. That is why international and country-based reforms should aim at not only economic rehabilitation, but also on the social, cultural and environmental restorations. Third, it becomes difficult to correctly predict the consequences of the crisis and thus, the effects of the anti-crisis strategy. Consequently, the success of the post-crisis rehabilitation of the countries' economies depends significantly not only on the effective realization of their own plan, but also, in general, on the specificities of the global economy and on the ability of the world markets to overcome the negative consequences of a crisis. In this context, the development of complex post-crisis platforms and state post-crisis strategies is the priority. The most effective component in the anti-crisis strategy is the monetary instruments of economic management. As for the determinant of successful functioning of economy, the priority should be given to the regulation of exchange rate, interest rate and inflationary processes. A state anti-crisis programs should reflect the crisis prevention strategy, which, on its turn, should differentiate the economic functions of the state and crisis management mechanisms according to the specific trends of given processes. It should aim at gaining stable development of the economy. Additionally, an anti-crisis plan should reflect the role of the society in the development process and its mental changes under crisis conditions. The state should be responsible for establishing and monitoring anti-crisis management mechanisms, financial recovery of the country and formation of correct relations. It is especially important to ensure economic security, to stabilize the development process and standard of living, to support the private sector and small entrepreneurship, to increase economic freedom, to ensure effective distribution of labor and capital, and others. All strategies of the anti-crisis platform should be focused on social results, as it should contribute to a fair distribution of income and to poverty reduction.

The influence of both the absolute values of the dollar/ruble exchange rate (rate) and its changes per day on the balance of the Bank of Russia operations for ruble liquidity provision and absorption (saldo) was investigated. Daily data were used from January 2015 to April 2018. It was found that the change in the rate 6 days ago is the cause (according to Granger) of the saldo value. For the saldo dynamics, an oscillatory model with an external force - a change in the rate - is proposed. Using the Kalman filter, the model parameters were estimated and saldo forecasted. Found period of self-oscillation is 4.218 days and attenuation of the amplitude for a day in 2.179 times. The rate growth of 1 RUB, after 6 days, causes saldo increase of approximately 20 billion rubles. In fact, the changes in rate cause the variability of the saldo not more than for found coefficient of determination (26.7%), but the "change in the rate-liquidity saldo" system during the crisis-free period has a high "Q-factor," and changes in the rate, repeated with a period close to self-one, can cause large-amplitude fluctuations in saldo.

This paper uses event study analysis to estimate the impact of the Fed’s Quantitative Easing (QE) announcements on the mortgage market during zero lower bound period. A total of 35 QE announcements are identified and their effects are evaluated. The best-fitting IGARCH model with skewed t distribution is used to measure the QE announcement effects on daily changes of the 30-year mortgage rate, the 30-year Treasury rate and the spread between them. Announcements suggesting the start of a new round of QE reduced the mortgage rate tremendously, while the effects of further news diminished. Announcements of an increase in mortgage-backed security purchases decreased the mortgage rate more than the Treasury rate and reduced the credit risk of holding mortgage securities over Treasury securities. The long run effects of QE announcements on the mortgage rate were less than short run effects but persistent. We also find that the previous literature overestimate QE effects on interest rates in general.

The present reality of the Nigerian economy is the fact that inflation has remained unabated in spite of all exchange rate measures that have been adopted by the monetary authority. This calls for investigation into the extent to which exchange rate impact on inflation in Nigeria. The research paper examined the impact of exchange rate depreciation on inflation in Nigeria for the period 1981–2017, using Auto Regressive Distributed Lag (ARDL) Bounds Test Cointegration Procedure. The research shows that inflation rate in Nigeria is highly susceptible to lagged inflation rate, exchange rate, lagged exchange rate, lagged broad money, and lagged gross domestic product at 5% level of significance. A long run relationship was also found to exist between inflation rate, gross domestic product and general government expenditure, indicating that the model has a self-adjusting mechanism for correcting any deviation of the variables from equilibrium. Therefore, this study concludes that exchange rate is an important tool to manage inflation in the country; thus, this paper recommends that policies that have direct influence on inflation as well as exchange rate policies that would checkmate inflation movement in the country, should be used by the Central Bank of Nigeria. Also, monetary growth and import management policies should be put in place to encourage domestic production of export commodities, which are currently short-supplied. In addition, policy makers should not rely on this instrument totally to control inflation, but should use it as a complement to other macro-economic policies.

This article evaluates the macroeconomic implications of commercial bank seigniorage, which emerges from the commercial banks’ power to create money in a fractional reserves regime. After evaluating the impact on aggregate output of commercial bank money relative to alternative exchange arrangements, the article identifies the determinants of commercial bank seigniorage and analyzes how equilibrium prices are determined in an economy where commercial banks extract seigniorage. The article also identifies the conditions under which commercial banks extract seigniorage, clarifies the relationship between seigniorage from commercial bank money creation and profits from pure financial intermediation, and shows how commercial bank seigniorage changes with different types of interbank payments settlement.

In this paper we present an application of the dynamic tracking games framework to a monetary union. We use a small stylized nonlinear three-country macroeconomic model of a monetary union to analyse the interactions between fiscal (governments) and monetary (common central bank) policy makers, assuming different objective functions of these decision makers. Using the OPTGAME algorithm we calculate solutions for several games: a noncooperative solution where each government and the central bank play against each other (a feedback Nash Equilibrium solution), a fully cooperative solution with all players following a joint course of action (a Pareto optimal solution), and three solutions where various coalitions (subsets of the players) play against coalitions of the other players in a noncooperative way. It turns out that the fully cooperative solution yields the best results, the noncooperative solution fares worst, and the coalition games lie in between, with a broad coalition of the fiscally more responsible countries and the central bank against the less thrifty country coming closest to the Pareto optimum.

Renewable jet fuel (RJF) production has been recognized as a promising approach for reducing the aviation sector's carbon footprint. Over the last decade, commercial production of RJF has piqued the interest of airlines and governments around the world. However, RJF production can be challenging due to its dispersed supply resources. Furthermore, the production of RJF is more costly compared to producing conventional jet fuel. In this study, using a mixed integer linear program (MILP), we design an RJF supply chain network in which we obtain an optimized configuration of the supply chain and determine operational decisions required to meet RJF demand at airports. To accelerate commercialization of RJF production, we considered four different monetary incentive programs, which could cover the supply chain’s costs. This study is validated by employing the model to design an RJF supply chain in the Midwestern US. Results from this study are promising as they show the supply chain can achieve commercialization with partial financial coverage from the incentive programs. Based on the findings of this study, policymakers can devise policies to commercialize RJF production and accelerate its adoption by industry.

The paper draws attention and opens the debate on major societal issues that concern not only Muslims but human societies, at large, because of their profound implications, afflictions, and their present and future transitive dimensions. The paper discusses two major issues that have attracted a great deal of attention in the recent past: wealth and income disparities, and global indebtedness. Four remedies have stressed upon and/or proposed to eradicate and/or lessen some of the burdens of these problems have been thoroughly examined. These are: - Stripping commercial banks of their power to create money out of thin air (i.e., Ex Nihilo). Thus, reviving financial reform in line with the spirit of the call for the “Establishment of a National Bank [in England]” in the 1820s by the renowned British economist David Ricardo (1772-1823). The Bank of England was a private commercial entity at that time. - Prohibiting of ‘harmful’ speculation activities in financial and economic transactions and/or imposing hefty taxes on transactions relating to such activities. The implementation of such a policy requires and clear-cut distinction between the ‘harmful’ and ‘non-harmful’ speculative activities in financial and non-financial markets. - Levying adequate and fair taxes on the wealthiest upper class at the global scene. Calls for such a policy is on rise in the past few years. For instance, “Speakers at the European Development Days summit in Brussels, [in 2017], said that a just tax system should be “at the heart” of the development debate, and that more transparency is needed to ensure that companies pay their fair share. Tax avoidance schemes used by multinational companies, such as moving profits to tax havens, result in global losses of around $650 billion a year in tax receipts — with developing countries losing $200 billion, according to a study from the International Monetary Fund”, (Edwards, 2017; Crivello et al., 2015, p. 21) - Establishing a neutral legislative and tax regimes for different modes of financing. Thus, providing ‘a level playing field’ for equity and debt modes of financing due to the current biasness of the tax regimes to debt-based financing instruments as it has been documented in various studies carried out by the IMF, the European Commission, and other international prominent bodies.

Economics has long sought to bridge the principles of microeconomics into the realm of macroeconomics. This paper presents a formal attempt to do so by using a maximum entropy based approach derived from statistical mechanics coupled with subjective game theory and elements from political philosophy. This approach is then applied to income distributions and to the Cobb-Douglas production function, to create a framework for future applications, and to illustrate where past work had made implicit assumptions regarding the system. The paper then explores the consequences of the approach, illustrating self-contradictions in the political philosophy of distributive justice, formally deriving an equation of state for the transactions on the Bitcoin network, and deriving from this the ideal gas law and polytropic process for an economy proving that expansionary monetary policy is not stimulative.

This study examines the causal relationships between interest rates in the Korean financial market using a vector error correction model (VECM) and a Bayesian network. The Bayesian network, a novel approach in this context, identifies two distinct transmission channels: one led by call rates (reflecting monetary policy) and another by 10-year Treasury bond yields (reflecting fiscal policy). While the call rate channel aligns with traditional views, affecting bank lending rates, corporate bond spreads, and commercial paper rates, the 10-year Treasury yield channel highlights a separate fiscal policy transmission mechanism, influencing commercial paper rates indirectly through 30-year Treasury yields and directly impacting merchant bank lending rates. This finding suggests that fiscal intervention could potentially interfere with monetary policy, emphasizing the need for coordinated macroeconomic policy measures. The study also emphasizes the role of 10-year Treasury bonds as a benchmark in the Korean bond market, reflecting medium- to long-term economic outlooks and serving as the underlying asset for various derivatives.

The implementation of grey and green infrastructure is an effective mean to address urban flooding and nonpoint source pollution, but due to the complexity of the process and the diver-sity of benefits, there is a lack of measurement for their comprehensive benefits. Adopting a typ-ical university in Beijing as an example, this paper simulated the multidimensional benefits of the water quantity, water quality, and ecology of grey and green facility renovation by coupling the storm water management model (SWMM) and InfoWorks Integrated Catchment Manage-ment (ICM). Monetization methods and economical means were employed to characterize the comprehensive benefits. The results showed that grey and green infrastructure retrofitting re-duces the number of severe overflow nodes in the study area by 54.35%, the total overflow vol-ume by 22.17%, and the nonpoint source pollution level by approximately 80% under the heavy rain scenario and 60% under the rainstorm scenario. The annual benefits of grey and green infra-structure renovation reached ¥765,600/year, of this amount, ¥83,100/year is from hydrological regulation, ¥454,100/year is from nonpoint source pollution reduction, and ¥228,300/year is from ecological improvement. The benefits of green facilities were higher than those of grey facilities, and the combined benefits were negatively correlated with the rainfall level, with a total bene-fit–cost ratio of 1.19. The results provide methodological and data support for grey and green in-frastructure retrofitting within the context of sponge cities.

Background: When we talk about zoonoses, it is undeniable that we have a human and animal population that has been isolated in studies over time. Besides human and animal health, zoonoses also impact the economy and society. Therefore, the integration of the analysis in this area is essential to optimize resources in public health decisions. We have new challenges in public health that we need to overcome in a more comprehensive method such as One Health. For better measures in public health, the dual burden of zoonoses seems a logical way to determine the integral impact of such diseases in society and thus take better measures to prevent and reduce the impact of these diseases. Methods: We follow the guidelines for “Preferred Reporting Items for Systematic reviews and Meta-Analyses (PRISMA). We search human and animal zoonoses on Embase, Ovid Medline, Scopus, Web of Science, and Google Scholar, from an unrestricted period until November 2021. For the search, we consider the Disability Adjusted Life Years (DALYs) for the human zoonotic burden and the animal zoonotic burden in monetary terms. A librarian collaborates to optimize the search string for the databases, and two reviewers screen eligible articles (first by title, then by abstracts, and finally, by full-text assessment.) For the analysis, we aim to convert the burden of zoonoses of all selected studies into the zoonotic Disability Adjusted Life Years (zDALYs) – including the human and animal components. Discussion: The study results will provide information on published studies that have accounted for the dual burden of zoonoses (both human and animal health aspects.) In addition, the synthesis of the available literature will address the knowledge gap in this area in order to know to what extent it is possible to convert the burden of human zoonoses to the animal burden of zoonoses and integrate them into a more comprehensive approach (dual burden of zoonoses.)

South Africa’s internationally celebrated water legislation placed the responsibility for investing in water services at the door of the government. In recent years South Africa has struggled to invest adequately to keep up with growing demand for these services. The result is a suite of social, economic and environmental risks that are destabilising to the fiscus and the financial sector. This paper explored both operating and capital costs, and applied the ‘Beyond the Gap’ analysis to show that an additional 55% investment (R91 billion annually) is necessary to ensure South Africa meets its water policy goals. The analysis explores the factors that influence the investment amount and shows that a combination of policy choices and exogenous factors such as climate change could render the investment gap anywhere between 30% and 90% of the estimated current allocation to the water sector. The most significant savings are attributed to reducing the extent of “non-revenue water”, an energy transition away from coal, sharing of some water taps between (up to) five houses, reduced water allocations to agriculture, investments in invasive alien plant (IAP) clearing in water catchments above dams, and water demand management, capacity building and more efficient integration of different bulk water schemes. The study revealed important dependencies between capital and operating costs; where operating costs are ignored, the decay of water infrastructure is accelerated. Showing the contingency of investment needs on policy choices, places responsibility for attaining water policy goals and SDG 6 in the hands of a diverse set of actors. Quantifying the investment need also raises the critical question of how to raise the required investment. Recognising the need to balance risks to financiers with the widespread risks to households, companies and government when investment in water services is inadequate, South Africa is exploring a Monetary Architecture approach of inter-balance sheet relationships in an attempt to mobilise investment from new sources.