Lowndes and Locke on the value of money

This paper was presented at the 11th Annual Conference of the European Society for the History of Economic Thought (ESHET).

Explosive Hyperinflation, Inflation Tax Laffer Curve and Modelling the use of Money

This paper analyzes the existence of an inflation tax Laffer curve (ITLC) in the context of two standard optimizing monetary models: a cash-in-advance model and a money in the utility function model. Agents’ preferences are characterized in the two models by a constant relative risk aversion utility function. Explosive hyperinflation rules out the presence of an ITLC. In the context of a cash-in-advance economy, this paper shows that explosive hyperinflation is feasible and thus an ITLC is ruled out whenever the relative risk aversion parameter is greater than one. In the context of an optimizing model with money in the utility function, this paper firstly shows that an ITLC is ruled out. Moreover, it is shown that explosive hyperinflations are more likely when the transactions role of money is more important. However, hyperinflationary paths are not feasible in this context unless certain restrictions are imposed.

Some aspects of the ecology and reproduction of the small pelagic cyprinid, Rastrineobola argentea in Lake Victoria

This study concentrated on the reproductive biology of the small pelagic cyprinid Rastrineobola argentea. The results indicate that this fish is an inshore spawning species, which agrees with other recent studies. It was also found that in areas where fishing intensity was likely to be relatively high, the size at first maturity of R. argentea was reduced, which is likely to be an effect of the fish altering its reproductive strategy according to life history theory. The CPUE results showed a general trend of decreasing with distance from shore, however areas less than one kilometer from the shore were not sampled. Evidence was also found suggesting that the cestode parasite, Ligula intestinalis had an adverse effect on the maturation and fecundity of R. argentea. Some management options concerning the findings in this study are also briefly discussed. (PDF has 82 pages)

The reproduction of Oreochromis niloticus (Linnaeus) in Opa reservoir, Ile-Ife, Nigeria

Oreochromis niloticus is one of the commercial fish species in Opa reservoir. It bred throughout the period of study in the reservoir. The fish species is a maternal mouth brooder with the female specimens carrying eggs and alevins in their mouths. The sex ratio of O. niloticus was 1:1 and the maximum fecundity recorded was 1810 eggs. The fecundity increased as the fish length increased. The relatively high fecundity of the fish species in the reservoir is an indication of the suitability of the small reservoir in contributing to fish production

Cointegration analysis of money demand in the Euro Area

The analysis of the evolution of the M3 money aggregate is an important element in the definition and implementation of monetary policy for the ECB. A well-defined and stable long run demand function is an essential requisite for M3 to be a valid monetary tool. Therefore, this paper analyzes based in cointegration techniques the existence of a long run money demand, estimating it and testing its stability for the Euro Area and for ten of its member countries. Specifically, bearing in mind the high degree of monetary instability that the current economic crisis has created in the Euro Area, we also test whether this has had a noticeable impact in the cointegration among real money demand and its determinants. The analysis gives evidence of the existence of a long run relationship when the aggregated Euro Area and six of the ten countries are considered. However, these relationships are highly instable since the outbreak of the financial crisis, leading in some cases to even rejecting cointegration. All this suggests that the ECB’s strategy of focusing in the M3 monetary aggregates could not be a convenient approach under the current circumstances

Competitive issue of money & abolition of central banks

The aim of this work is to analyze the main characteristics of the current financial system and to investigate the arising of critical voices with respect this system. In particular, we analyze some historical facts that have been important in the creation of this financial order. We analyze the new digital currency, known as Bitcoin, as the basic ingredient in the formation of a new alternative and decentralized international financial system. In 10 years Bitcoin has expanded its influence to many economic activities. We also analyzed briefly the classic liberal theory that criticizes the intervention of governments in the markets. Finally, we consider relevant the arising of a group of countries (BRICS) that may challenge the current system where the position of USA is privileged.

Growth and reproduction of Moina rectirostris (Leydig) and Ceriodaphnia quadrangula (O. F. Muller) with feeding on detritus. [Translation from: Sbornik po prudovomu rybovodstvu, 79-89. Moscow, VNIRO, 1969.]

The significance of detritus in the nutrition of aquatic animals, especially of the small representatives of the zooplankton, has been studied very slightly. Research so far has established that in M. rectirostris with feeding on protococcal and single-celled green algae and bacteria the beginning of formation of eggs takes place in 2 - 4 days. The young appear in 4 - 6 days. In this study M. rectirostris and C. quadrangula are fed on detritus of natural origin in laboratory conditions. In order to determine the assimilability and productive: effect of detritus, the author set up experiments, permitting to characterize the rate of growth, speed of maturing and fertility of M. rectirostris and C. quadrangula with feeding of them on detritus of different composition and age.

Influence of money upon the social organization

The extraordinary importance that has been attached to money throughout the ages may be appreciated when such modern writers as Alexander Delmar suggest that the history of money is the history of civilization. While this view is not accepted by most writers of the subject, all are nevertheless agreed that money plays a role of enormous importance in the affairs of men. Even in the classics are found quotations which stress this importance of the pecuniary unit upon ethical as well as economic standards.

Biomass and reproduction of Pacific sardine (Sardinops sagax) off the Pacific northwestern United States, 2003–2005

The Pacific sardine (Sardinops sagax) is distributed along the west coast of North America from Baja California to British Columbia. This article presents estimates of biomass, spawning biomass, and related biological parameters based on four trawl-ichthyoplankton surveys conducted during July 2003 –March 2005 off Oregon and Washington. The trawl-based biomass estimates, serving as relative abundance, were 198,600 t (coefficient of variation [CV] = 0.51) in July 2003, 20,100 t (0.8) in March 2004, 77,900 t (0.34) in July 2004, and 30,100 t (0.72) in March 2005 over an area close to 200,000 km2. The biomass estimates, high in July and low in March, are a strong indication of migration in and out of this area. Sardine spawn in July off the Pacific Northwest (PNW) coast and none of the sampled fish had spawned in March. The estimated spawning biomass for July 2003 and July 2004 was 39,184 t (0.57) and 84,120 t (0.93), respectively. The average active female sardine in the PNW spawned every 20–40 days compared to every 6–8 days off California. The spawning habitat was located in the southeastern area off the PNW coast, a shift from the northwest area off the PNW coast in the 1990s. Egg production in off the PNW for 2003–04 was lower than that off California and that in the 1990s. Because the biomass of Pacific sardine off the PNW appears to be supported heavily by migratory fish from California, the sustainability of the local PNW population relies on the stability of the population off California, and on local oceanographic conditions for local residence.

Age, growth, and reproduction of dolphinfish (Coryphaena hippurus) caught off the coast of North Carolina

Age, growth, and reproductive data were obtained from dolphinfish (Coryphaena hippurus, size range: 89 to 1451 mm fork length [FL]) collected between May 2002 and May 2004 off North Carolina. Annual increments from scales (n=541) and daily increments from sagittal otoliths (n=107) were examined; estimated von Bertalanffy parameters were L∞ (asymptotic length)=1299 mm FL and k (growth coefficient)=1.08/yr. Daily growth increments reduced much of the residual error in length-at-age estimates for age-0 dolphinfish; the estimated average growth rate was 3.78 mm/day during the first six months. Size at 50% maturity was slightly smaller for female (460 mm FL) than male (475 mm FL) dolphinfish. Based on monthly length-adjusted gonad weights, peak spawning occurs from April through July off North Carolina; back-calculated hatching dates from age-0 dolphinfish and prior reproductive studies on the east coast of Florida indicate that dolphinfish spawning occurs year round off the U.S. east coast and highest levels range from January through June. No major changes in length-at-age or size-at-maturity have occurred since the early 1960s, even after substantial increases in fishery landings.

Exploitation and reproduction of the spotted eagle ray (Aetobatus narinari) in the Los Frailes Archipelago, Venezuela

We studied a small artisanal fishery for the spotted eagle ray (Aetobatus narinari) off Margarita Island in northeastern Venezuela. We analyzed data from 413 fishing trips directed at A. narinari over a 29-month sampling period (August 2005–December 2007). These trips yielded 55.9 metric tons and 1352 individuals from which a subsample of 846 females and 321 males was used for biological data. Maximum fishing effort and landings occurred between February and May, and catch per unit of effort was highest between December and February and between July and October with an overall average of 3 individuals and 133 kg per trip. The overall sex ratio was significantly different from 1:1 with a predominance of females. Females ranged in size with disc widths (DW) from 64 to 226 cm. Males ranged in size between 97 and 190 cm DW. There was no statistically significant difference between male and female length-weight relationships. Mean fecundity was estimated at 3.09 embryos per female, and the largest embryo measured 44.5 cm DW. Females in different maturity stages were found in all months, except November 2007, the month when all females were immature. Postgravid females occurred mainly during the periods of January–May and July–October. Mean length (L50) at maturity was estimated at 129.2 cm DW for males and 134.9 cm DW for females. This study provides much needed information on the biology and life history of A. narinari for the management of an intensive, directed, small-scale fishery for this little known species in northeastern Venezuela.