Against a backdrop of multiculturalism and Afrocentricity in the intellectual traditions of African-American studies, this book sets new standards and directions for the future. It is the first book to systematically address the many themes that have changed the political and social landscape for African-Americans. Among these changes are new transnational processes of globalization, the devastating impact of neoliberal public policies upon urban minority communities, increasing imprisonment and attendant loss of voting rights especially among black males, the surging of Hispanic population, and widening class differences as deindustrialization, crack cocaine, and gentrification entered urban communities. Marable and a cast of influential contributors suggest that a new beginning is needed for African-American scholarship. They explain why Black Studies needs to break its conceptual and thematic limitations, exploring "blackness" in new ways and in different geographic sites. They outline the major intersectionalities that should shape a new Black Studies-the complex relationships between race, gender, sexuality, class and youth. They argue that African-American Studies scholarship must help shape and redirect public policies that affect black communities, working with government, foundations and other private institutions on such issues as housing, health care, and criminal justice.
We document the transmission of monetary policy and risk-premium shocks in Hungary, by applying recent advances in the Bayesian estimation of large VAR models. The method allows extracting information from over 100 series, opening the "black box" of the transmission mechanism to provide the most comprehensive description to date of the impact of these two shocks on the economy under the inflation-targeting regime. We find novel evidence that most of the channels of transmission are operational in Hungary, in spite of large liability euroization and high foreign ownership of banks and corporations. Due to financial stability concerns, monetary policy responds procyclically to risk-premium shocks. We also find that the use of such a large panel of data improves inflation forecasting performance over smaller models and renders this model suitable for policy purposes.
There is evidence that fiscal rules, in particular well-designed rules, are associated with lower sovereign spreads. However, the impact of noncompliance with fiscal rules on spreads has not been examined in the literature. This paper estimates the effect of the Excessive Deficit Procedure (EDP) on sovereign spreads of European Union member states. Based on a sample including the 28 European Union countries over the period 1999 to 2016, sovereign spreads of countries placed under an EDP are found to be on average higher compared to countries that are not under an EDP. The interpretation of this result is not straight-forward as different channels may be at play, in particular those related with the credibility and the design of the EU fiscal framework. The specification accounts for typical macroeconomic, fiscal, and financial determinants of sovereign spreads, the System Generalized Method of Moments estimator is used to control for endogeneity, and results are robust to a range of checks on variables and estimators.
This paper builds a novel database on the effects of macroprudential policy drawing from 58 empirical studies, comprising over 6,000 results on a wide range of instruments and outcome variables. It encompasses information on statistical significance, standardized magnitudes, and other characteristics of the estimates. Using meta-analysis techniques, the paper estimates average effects to find i) statistically significant effects on credit, but with considerable heterogeneity across instruments; ii) weaker and more imprecise effects on house prices; iii) quantitatively stronger effects in emerging markets and among studies using micro-level data; and iii) statistically significant evidence of leakages and spillovers. Other findings include relatively stronger impacts for tightening than loosening actions and negative effects on economic activity in the near term.
Digitalization is reshaping economic activity, shrinking the role of cash, and spurring new digital forms of money. Central banks have been pondering wheter and how to adapt. One possibility is central bank digital currency (CBDC)-- a widely accessible digital form of fiat money that could be legal tender. This discussion note proposes a conceptual framework to assess the case for CBDC adoption from the perspective of users and central banks. It discusses possible CBDC designs, and explores potential benefits and costs, with a focus on the impact on monetary policy, financial stability, and integrity. This note also surveys research and pilot studies on CBDC by central banks around the world.
This note analyzes the impact of preannounced government spending shocks in the United States on the real effective exchange rate and the trade balance. Using a vector autoregression framework that allows anticipated fiscal shocks to be identified using survey information, we find that preannounced spending shocks lead to a sizable real effective dollar appreciation and a worsening of both the aggregate trade balance and bilateral trade balances in a panel of partner countries. The results are robust to controlling for country-specific variables like the macroeconomic and policy conditions in the recipient countries, are generalized across regions and might have decreased during the zero-interest-lower-bound regime.
Central banks around the world are increasingly exploring central bank digital currencies (CBDCs). This paper investigates the possible impacts of cross-border CBDCs on capital flows and financial stability in a simple open economy extension of a classical model of bank runs, augmented with the presence of a credible foreign central bank, which issues an account-based interest bearing CBDC available to nonresidents. The paper finds that the presence of a foreign CBDC which acts as an international safe asset may increase the risk of financial disintermediation in the domestic banking sector, which can be accompanied by higher and more volatile capital flows.
We analyze returns and volatility spillovers among a representative set of crypto and financial assets. The magnitude of spillovers increases during periods of heightened turbulence due to negative economic-financial news, crypto market events, or exogenous shocks. There is evidence of increasing spillovers over time, with a peak during the COVID-19 pandemic, implying growing interdependence. Crypto assets predominantly transmit spillovers to financial markets, though reversals occur during periods of financial stress. The increased correlation during risk-off episodes suggests that crypto assets could serve as important conduits for financial market shocks, generating financial stability risks.
Against a backdrop of multiculturalism and Afrocentricity in the intellectual traditions of African-American studies, this book sets new standards and directions for the future. It is the first book to systematically address the many themes that have changed the political and social landscape for African-Americans. Among these changes are new transnational processes of globalization, the devastating impact of neoliberal public policies upon urban minority communities, increasing imprisonment and attendant loss of voting rights especially among black males, the surging of Hispanic population, and widening class differences as deindustrialization, crack cocaine, and gentrification entered urban communities. Marable and a cast of influential contributors suggest that a new beginning is needed for African-American scholarship. They explain why Black Studies needs to break its conceptual and thematic limitations, exploring "blackness" in new ways and in different geographic sites. They outline the major intersectionalities that should shape a new Black Studies-the complex relationships between race, gender, sexuality, class and youth. They argue that African-American Studies scholarship must help shape and redirect public policies that affect black communities, working with government, foundations and other private institutions on such issues as housing, health care, and criminal justice.
There is evidence that fiscal rules, in particular well-designed rules, are associated with lower sovereign spreads. However, the impact of noncompliance with fiscal rules on spreads has not been examined in the literature. This paper estimates the effect of the Excessive Deficit Procedure (EDP) on sovereign spreads of European Union member states. Based on a sample including the 28 European Union countries over the period 1999 to 2016, sovereign spreads of countries placed under an EDP are found to be on average higher compared to countries that are not under an EDP. The interpretation of this result is not straight-forward as different channels may be at play, in particular those related with the credibility and the design of the EU fiscal framework. The specification accounts for typical macroeconomic, fiscal, and financial determinants of sovereign spreads, the System Generalized Method of Moments estimator is used to control for endogeneity, and results are robust to a range of checks on variables and estimators.
We document the transmission of monetary policy and risk-premium shocks in Hungary, by applying recent advances in the Bayesian estimation of large VAR models. The method allows extracting information from over 100 series, opening the "black box" of the transmission mechanism to provide the most comprehensive description to date of the impact of these two shocks on the economy under the inflation-targeting regime. We find novel evidence that most of the channels of transmission are operational in Hungary, in spite of large liability euroization and high foreign ownership of banks and corporations. Due to financial stability concerns, monetary policy responds procyclically to risk-premium shocks. We also find that the use of such a large panel of data improves inflation forecasting performance over smaller models and renders this model suitable for policy purposes.
This book offers the first comprehensive account of the development of the Romanian morphological system. Romanian is one of the most morphologically complex Romance languages, but has remained relatively understudied compared with better-known languages such as French and Spanish. Following an introduction that provides an outline of the history of Romanian, its writing system and major typological characteristics, and the major patterns of allomorphy, chapters in this volume explore a range of fascinatingly complex aspects of Romanian grammar whose structure and history have to date been largely inaccessible to the English-speaking world. Among the most distinctive morphological characteristics of Romanian discussed by the authors are its inflexional case system; the highly unpredictable formation of the plural; the existence of a non-finite verb form that appears to be the continuation of the Latin supine; the near-absence of distinctive subjunctive morphology; and the complex patterns of allomorphy brought about by successive sound change. The frequently controversial origins of many of these developments have important implications for broader historical Romance linguistics and indeed for morphological theory more generally.
Securitization and Democratization reveals the mutual dependency between democratization and securitization, two processes that while evolving reinforce each other. The study of the democratic consolidation is complemented by the more complex and dynamic securitization elements that offer an in-depth view of the internal threats to be faced. Ms. Stefan’s analysis creates an articulated and coherent concept underlying the close dependence between democracy and security. As a study case, Romania provides a wide scale of situations in several security sectors and contributes to building a model that is operational in any post-communist society.
By the end of the 1970s Romania tourism was blooming and the hotel industry appeared to be strong and healithy... That bright period is still vivid in the minds of several generations of Romanians including the present politicians, whi believed that foreign tourist did not forgot their time spent in Romania, experiencing its bveautifl landscapes and Romanians traditional hospitality. In this respect, the book’s aim is to analyse the evolution of the Romanian tourism and hotel industry after 1990s until now. Does Romanian tourism reach the level of development from the golden age of 1970s? How well developed is the Romanian hotel industry? Has Romania managed to buid a country brand and differentiate with certain forms of tourism from other coutries competing in this area? By adressing and debating this issues the book Romania as a tourist destination and the Romanian hotel industry is must reading for practioners in the tourism business, like business managers, owners, consultants, corporate financiers, private investors and should also be of particular interest to academic community especially students in the business and tourism subject related areas.
Wildlife species across the globe face a dire predicament as their traditional migratory routes are cut off by human encroachment and they are forced into smaller and smaller patches of habitat. As key species populations dwindle, ecosystems lose resilience and face collapse, and along with them, the ecosystem services we depend on. Healthy ecosystems need healthy wildlife populations. One possible answer? Wildlife corridors that connect fragmented landscapes. This second edition of Corridor Ecology: Linking Landscapes for Biodiversity Conservation and Climate Adaptation captures advances in the field over the past ten years. It features a new chapter on marine corridors and the effects of climate change on habitat, as well as a discussion of corridors in the air for migrating flying species. Practitioners, land managers, and scholars of ecology will find it an indispensable resource.
In Towards a Theory of Denominals, Adina Camelia Bleotu proposes a novel spanning analysis of denominals, arguing for its explanatory superiority to incorporation/conflation or nanosyntax in accounting for the formation and behaviour of such verbs in English and Romanian.
Digitalization is reshaping economic activity, shrinking the role of cash, and spurring new digital forms of money. Central banks have been pondering wheter and how to adapt. One possibility is central bank digital currency (CBDC)-- a widely accessible digital form of fiat money that could be legal tender. This discussion note proposes a conceptual framework to assess the case for CBDC adoption from the perspective of users and central banks. It discusses possible CBDC designs, and explores potential benefits and costs, with a focus on the impact on monetary policy, financial stability, and integrity. This note also surveys research and pilot studies on CBDC by central banks around the world.
This note analyzes the impact of preannounced government spending shocks in the United States on the real effective exchange rate and the trade balance. Using a vector autoregression framework that allows anticipated fiscal shocks to be identified using survey information, we find that preannounced spending shocks lead to a sizable real effective dollar appreciation and a worsening of both the aggregate trade balance and bilateral trade balances in a panel of partner countries. The results are robust to controlling for country-specific variables like the macroeconomic and policy conditions in the recipient countries, are generalized across regions and might have decreased during the zero-interest-lower-bound regime.
This paper builds a novel database on the effects of macroprudential policy drawing from 58 empirical studies, comprising over 6,000 results on a wide range of instruments and outcome variables. It encompasses information on statistical significance, standardized magnitudes, and other characteristics of the estimates. Using meta-analysis techniques, the paper estimates average effects to find i) statistically significant effects on credit, but with considerable heterogeneity across instruments; ii) weaker and more imprecise effects on house prices; iii) quantitatively stronger effects in emerging markets and among studies using micro-level data; and iii) statistically significant evidence of leakages and spillovers. Other findings include relatively stronger impacts for tightening than loosening actions and negative effects on economic activity in the near term.
Central banks around the world are increasingly exploring central bank digital currencies (CBDCs). This paper investigates the possible impacts of cross-border CBDCs on capital flows and financial stability in a simple open economy extension of a classical model of bank runs, augmented with the presence of a credible foreign central bank, which issues an account-based interest bearing CBDC available to nonresidents. The paper finds that the presence of a foreign CBDC which acts as an international safe asset may increase the risk of financial disintermediation in the domestic banking sector, which can be accompanied by higher and more volatile capital flows.
Thank you for visiting our website. Would you like to provide feedback on how we could improve your experience?
This site does not use any third party cookies with one exception — it uses cookies from Google to deliver its services and to analyze traffic.Learn More.