Monetary policy strategies, financial institutions and financial markets in the Middle East and North Africa: an overview

Three polar types of monetary architecture are identified together with the institutional and market infrastructure required for each type and the kinds of monetary policy feasible in each case: a ‘basic’ architecture where there is little or no financial system as such but an elementary central bank which is able to fix the exchange rate, as a substitute for a proper monetary policy; a ‘modern’ monetary architecture with developed banks, financial markets and central bank where policy choices include types of inflation targeting; and an ‘intermediate’ monetary architecture where less market-based monetary policies involving less discretion are feasible. A range of data is used to locate the various MENA countries with respect to these polar types. Five countries (Iran, Libya, Sudan, Syria and Yemen) are identified as those with the least developed monetary architecture, while Bahrain and Jordan are identified as the group at the other end of the spectrum, reaching beyond the intermediate polar type in some dimensions but not others. The countries in between vary on different dimensions but all lie between basic and intermediate architectures. The key general findings are that the MENA countries are both less differentiated and less ‘developed’ than might have been expected. The paper ends by calling for research on the costs and benefits of different types of monetary architecture.

Narrating urban entrepreneurship: a matter of imagineering?

The battle between cities with regard to their creative possibilities has evolved into a process of multiplying ever-new images and variegated stories of urban attractiveness and success. Engineering “cool” images and “hot” stories about one’s city is now a central endeavor in the narratives of urban policy-making that center more and more on the idea of the entrepreneurial city. The making of an entrepreneurial image is enacted through various narrative genres that lie somewhere between place making and place marketing, between branding and boosting, between restoration and revanchism, between iconic architecture and mega-spectacle. This “imagineering” is not only part of the way cities try to (re)present themselves as entrepreneurial to various audiences through a real “image inflation” (Zukin, 2008, p. xii) but is 1 Forthcoming in: B. Lange,.A. Kalandides, B. Stoeber, I. Wellmann (Hrsg.) (2009): Governance der Kreativwirtschaft. Diagnosen und Handlungsoptionen. Transcript-Verlag, Bielefeld. 2 also inscribed in the various ways urban creativity and entrepreneurship can be studied, researched and imagined. In this chapter we aim to differentiate the political narratives of the entrepreneurial city as we emphasize the need to understand the politics of narration and make a plea for critical reflexivity in our forms of researching and theorizing. We will thus try to investigate how the politics of narration is intertwined with the narration of political concepts and will argue that the narrating of urban entrepreneurship can raise very different images and discourses of city life beyond those that are currently engineered. We will distinguish between a grand narrative, a counter-narrative, and an assemblage of more ambivalent little narratives, which we call prosaic narration. While the distinction between these three types might be seen as a bit too simple and “straight”, we believe that by juxtaposing these different forms of narration and alternating between them, we can help problematize the engineering of the city as entrepreneurial and imagine alternative views both of city life and of what is understood as its creativity.

Classification of immature stage habitats of Culicidae (Diptera) collected in Córdoba, Argentina

In order to classify mosquito immature stage habitats, samples were taken in 42 localities of Córdoba Province, Argentina, representing the phytogeographic regions of Chaco, Espinal and Pampa. Immature stage habitats were described and classified according to the following criteria: natural or artificial; size; location related to light and neighboring houses; vegetation; water: permanence, movement, turbidity and pH. Four groups of species were associated based on the habitat similarity by means of cluster analysis: Aedes albifasciatus, Culex saltanensis, Cx. mollis, Cx. brethesi, Psorophora ciliata, Anopheles albitarsis, and Uranotaenia lowii (Group A); Cx. acharistus, Cx. quinquefasciatus, Cx. bidens, Cx. dolosus, Cx. maxi and Cx. apicinus (Group B); Cx. coronator, Cx. chidesteri, Mansonia titillans and Ps. ferox (Group C); Ae. fluviatilis and Ae. milleri (Group D). The principal component analysis (ordination method) pointed out that the different types of habitats, their nature (natural or artificial), plant species, water movement and depth are the main characters explaining the observed variation among the mosquito species. The distribution of mosquito species by phytogeographic region did not affect the species groups, since species belonging to different groups were collected in the same region.

How does monetary policy change? evidence on inflation targeting countries

We examine the evolution of monetary policy rules in a group of inflation targeting countries (Australia, Canada, New Zealand, Sweden and the United Kingdom) applying moment- based estimator at time-varying parameter model with endogenous regressors. Using this novel flexible framework, our main findings are threefold. First, monetary policy rules change gradually pointing to the importance of applying time-varying estimation framework. Second, the interest rate smoothing parameter is much lower that what previous time-invariant estimates of policy rules typically report. External factors matter for all countries, albeit the importance of exchange rate diminishes after the adoption of inflation targeting. Third, the response of interest rates on inflation is particularly strong during the periods, when central bankers want to break the record of high inflation such as in the U.K. or in Australia at the beginning of 1980s. Contrary to common wisdom, the response becomes less aggressive after the adoption of inflation targeting suggesting the positive effect of this regime on anchoring inflation expectations. This result is supported by our finding that inflation persistence as well as policy neutral rate typically decreased after the adoption of inflation targeting.

Is monetary policy in new members states asymmetric?

Estimated Taylor rules became popular as a description of monetary policy conduct. There are numerous reasons why real monetary policy can be asymmetric and estimated Taylor rule nonlinear. This paper tests whether monetary policy can be described as asymmetric in three new European Union (EU) members (the Czech Republic, Hungary and Poland), which apply an inflation targeting regime. Two different empirical frameworks are

Economic growth and inequality: the role of fiscal policies

This paper analyses the impact of different instruments of fiscal policy on economic growth as well as on income inequality, using an unbalanced panel of 43 upper-middle and high income countries for the period 1972-2006. We consider and estimate two individual equations explaining growth and inequality in order to assess the incidence of different fiscal policies. Firstly, our approach considers imposing orthogonal assumptions between growth and inequality in both equations, and secondly, it allows growth to be included in the inequality equation, and inequality to be included in the growth equation. The empirical results suggest that an increase in the size of government measured through current expenditures and direct taxes diminishes economic growth while reducing inequality, being public investment the only fiscal policy that may break this trade-off between efficiency and equity, since increases in this item reduces inequality without harming output. Therefore, the results reflect that the trade-off between efficiency and equity that governments often confront when designing their fiscal policies may be avoided.

Fiscal policy, foresight and the trade balance in the U.S.

This paper investigates the effects of fiscal policy on the trade balance using a structural factor model. A fiscal policy shock worsens the trade balance and produces an appreciation of the domestic currency but the effects are quantitatively small. The findings match the theoretical predictions of the standard Mundell-Fleming model, although fiscal policy should not be considered one of the main causes of the large US external deficit. My conclusions differ from those reached using VAR models since the fiscal shock, possibly due to fiscal foresight, is nonfundamental for the variables typically used in open economy VARs.

CFPP 01-01 Management And Decontamination Of Surgical Instruments(PDF 1.25MB)

Part A:The formulation of local policy and choices

Evaluation of the 2009-2011 Bamford Action Plan

The Bamford Review of Mental Health and Learning Disability, an independent and comprehensive review of legislation, policy and service provision, concluded in August 2007.

Gender, family and employment in comparative perspective: the realities and representations of rqual rpportunities in Britain and France

In this paper, we will explore how contrasting national discourses relating to women, and gender equality have been incorporated into and reflected in national policies. In the first section, we will outline the recent history of EU equal opportunities policy, in which positive action has been replaced by a policy of 'mainstreaming'. Second, we will describe the evolution of policies towards women and equal opportunities in Britain and France. It will be argued that whereas some degree of positive action for women has been accepted in Britain, this policy is somewhat alien to French thinking about equality - although pro-natalist French policies have resulted in favourable conditions for employed mothers in France. In the third section, we will present some attitudinal evidence, drawn from national surveys, which would appear to reflect the national policy differences we have identified in respect of the 'equality agenda'. In the fourth section, we will draw upon biographical interviews carried out with men and women in British and French banks in order to illustrate the impact of these cross-national differences within organizations and on individual lives. We demonstrate that positive action gender equality policies have made an important impact in British banks, while overt gender exclusionary practices still persist in the French banks studied. In the conclusion, we reflect on the European policy implications of our findings.

Asylum Seekers And Refugees Policy Guidance On Access To Health And Social Services (PDF 136 KB)

This policy guidance is intended for staff working within the Health and Personal Social Services sector in Northern Ireland, and aims to provide advice and information on the provision of health and social care services to asylum seekers and refugees. The purpose of the policy is to ensure that asylum seekers and refugees are given equitable access to health and social care services under the terms of the current legislation, with the overall aim of providing a culturally competent health and social care services. åÊ

Protecting Our Future - Report of the Working Group on Elder Abuse

The Working Group on Elder Abuse is pleased to present this Report. It provides a foundation for the development of policy and procedures to respond to actual or alleged cases of elder abuse.  Aim of policy and proceduresThe aim of the policy and procedures presented here is to create a context in which older people and those concerned about the abuse of older people can disclose their concerns and receive an appropriate response. The basis of the policy (and the procedures flowing from it) is the recognition of the right of older people to live independent lives with dignity. Download document here

A National Breastfeeding Policy for Ireland

The terms of reference given to the Committee by the Minister for Health in 1992 â?" to develop a national policy to promote breastfeeding â?" were broad, allowing the Committee itself on an examination of the issue, to decide what were the most important aspects on which to focus. At its first meeting the Committee agreed on the objectives of the policy. These objectives were to be pursued having due regard to the right of the mother to make an informed choice about how she wished to feed her infant and with care that no woman should be made to feel inadequate if she chosenot to breastfeed Download document here

Health and Social Care Implications of Population Ageing In Ireland 1991-2011

This report has two main objectives. The first is to set out national and health board area population projections for Ireland in the period 1991-2011, with special reference to the elderly population. The second is to consider the implications of the predicted trends in the elderly population for health and social care services over the same period, taking account of official policy objectives and service norms for the health services. Download the Report here