scholarly journals Asset Bubbles and Global Imbalances

2019 ◽  
Vol 11 (3) ◽  
pp. 209-251 ◽  
Author(s):  
Daisuke Ikeda ◽  
Toan Phan
Keyword(s):  
Capital Flows ◽  
Open Economies ◽  
Global Imbalances ◽  
Economic Activities ◽  
Asset Bubbles ◽  
The North ◽  
Rational Bubble

We analyze the relationships between bubbles, capital flows, and economic activities in a rational bubble model with two large open economies. We establish a reinforcing relationship between global imbalances and bubbles. Capital flows from South to North facilitate the emergence and the size of bubbles in the North. Bubbles in the north in turn facilitate South-to-North capital flows. The model can simultaneously explain several stylized features of recent bubble episodes. (JEL E32, E44, F44, G01, G14, O16)

Maritime and River Traders, Landing Places, and Emporia Ports in the Merovingian Period in and Around the Low Countries

2020 ◽  
pp. 763-796
Author(s):  
Dries Tys
Keyword(s):  
North Sea ◽  
Institutional Economics ◽  
New Institutional Economics ◽  
Central Position ◽  
Economic Activities ◽  
Early Medieval ◽  
Low Countries ◽  
Long Distance ◽  
The North ◽  
The North Sea

The origin, rise, and dynamics of coastal trade and landing places in the North Sea area between the sixth and eighth centuries must be understood in relation to how coastal regions and seascapes acted as arenas of contact, dialogue, and transition. Although the free coastal societies of the early medieval period were involved in regional to interregional or long-distance trade networks, their economic agency must be understood from a bottom-up perspective. That is, their reproduction strategies must be studied in their own right, independent from any teleological construction about the development of trade, markets, or towns for that matter. This means that the early medieval coastal networks of exchange were much more complex and diverse than advocated by the simple emporium network model, which connected the major archaeological sites along the North Sea coast. Instead, coastal and riverine dwellers often possessed some form of free status and large degrees of autonomy, in part due to the specific environmental conditions of the landscapes in which they dwelled. The wide estuarine region of the Low Countries, between coastal Flanders in the south and Friesland in the north, a region with vast hinterlands and a central position in northwestern Europe, makes these developments particularly clear. This chapter thus pushes back against longstanding assumptions in scholarly research, which include overemphasis of the influence of large landowners over peasant economies, and on the prioritization of easily retrievable luxuries over less visible indicators of bulk trade (such as wood, wool, and more), gift exchange, and market trade. The approach used here demonstrates that well-known emporia or larger ports of trade were embedded in the economic activities and networks of their respective hinterlands. Early medieval coastal societies and their dynamics are thus better understood from the perspective of integrated governance and economy (“new institutional economics”) in a regional setting.

Financial openness, bank capital flows, and the effectiveness of macroprudential policies

2021 ◽  
pp. 1-32
Author(s):  
Hao Jin ◽  
Chen Xiong
Keyword(s):  
Open Economy ◽  
Capital Flows ◽  
Open Economies ◽  
Small Open Economy ◽  
Empirical Support ◽  
Bank Capital ◽  
Macroprudential Policy ◽  
Funding Sources ◽  
Macroprudential Policies ◽  
Dynamic Stochastic

Abstract This paper quantitatively examines the macroeconomic and welfare effects of macroprudential policies in open economies. We develop a small open economy dynamic stochastic general equilibrium (DSGE) model, where banks choose their funding sources (domestic vs. foreign deposits) and are subject to financial constraints. Our model predicts that banks reduce leverage in response to a macroprudential policy tightening, but increasingly rely on foreign funding. This endogenous shifts of funding composition significantly undermine the stabilizing effect and welfare gains of macroprudential policies. Our results also suggest macroprudential policies are less effective in financially more open economies, and optimal policy should take capital flows into consideration. Finally, we find empirical support for the model predictions in a group of developing and emerging economies.

scholarly journals A Preliminary Study on The Prevention and Control of Seawater Intrusion in Northern Pingtan Island with Freshwater Recharge Curtain

2020 ◽  
Vol 199 ◽  
pp. 00012
Author(s):  
Mengyao Diao ◽  
Panlin Li ◽  
Weifang Ruan ◽  
Wanglin Li
Keyword(s):  
Seawater Intrusion ◽  
Effective Means ◽  
Northern Coast ◽  
Economic Activities ◽  
Intrusion Prevention ◽  
The North ◽  
Pingtan Island ◽  
Preliminary Study ◽  
Over Exploitation ◽  
And Control

Seawater intrusion caused by groundwater over-exploitation is a kind of geological disaster caused by human economic activities and natural environment changes. Using freshwater recharge curtain technology is an effective means to prevent seawater intrusion. Based on the analysis of the characteristics of seawater intrusion in Pingtan island, Fujian Province, and in view of the possible seawater intrusion problems in the construction of Luyangpu underground reservoir in Pingtan Island, this paper expounds the basic principle of seawater intrusion prevention with freshwater recharge curtain , the technical measures of installing a row of recharge wells in the northern coastal zone of Luyangpu plain in Pingtan Island and using freshwater recharge curtain are put forward to prevent seawater intrusion. Through groundwater numerical simulation, the dynamic distribution of groundwater level in the north of Pingtan Island in the next 20 years is analyzed and predicted. The results show that the seawater intrusion can be effectively prevented by installing freshwater curtain recharge wells in the northern coast of Luyangpu.

scholarly journals Implementation of a Coastal Management Model at Kinvara Bay in the North Atlantic Ocean

2020 ◽  
Vol 8 (2) ◽  
pp. 71
Author(s):  
Catalin Anton ◽  
Carmen Gasparotti ◽  
Iulia Anton ◽  
Eugen Rusu
Keyword(s):  
North Atlantic ◽  
North Atlantic Ocean ◽  
Management Model ◽  
Target Area ◽  
Physical Processes ◽  
Economic Activities ◽  
The North ◽  
The Social ◽  
The North Atlantic ◽  
Multiple Scenarios

Applying a management model to coastal areas is always a challenge because of the multiple scenarios from which they can be addressed. The coastal zone represents a dynamic area, which can be analyzed using physical processes. However, it can also be analyzed from the perspective of land–sea interaction or the socio-economic activities that take place in the area. Last but not least, the coastal area holds great significance for biodiversity, as well as for the communities that live there, their traditions and customs, and their cultural heritage, especially in the context of climate change and sea-level rise. In this context, the present paper aims to analyze the social and economic aspects of environmental protection issues and how these factors, identified by a series of indicators, can coexist together. The target area is Kinvara Bay, which is located south of the Atlantic’s Galway Bay, in the western part of Ireland.

THE SOCIAL DYNAMICS AND ECONOMIC INTERACTIONS OF THE HOUSEHOLDS AT GRAMALOTE, A SMALL-SCALE RESIDENTIAL SETTLEMENT DURING THE SECOND MILLENNIUM BC ON THE NORTH COAST OF PERU

2018 ◽  
Vol 29 (3) ◽  
pp. 532-551 ◽  
Author(s):  
Gabriel Prieto
Keyword(s):  
Social Dynamics ◽  
Extended Family ◽  
Initial Period ◽  
North Coast ◽  
Small Scale ◽  
Economic Activities ◽  
Economic Productivity ◽  
The North ◽  
The Social ◽  
Economic Interactions

Excavations at the small-scale domestic settlement of Gramalote between 2010 and 2014 allowed the exploration of the social dynamics and economic interactions in the second millennium BC on the Peruvian North Coast. Detailed excavations and materials recovered during the intervention contribute a unique opportunity to explore domestic aspects of early settlements in the Andes. This study presents new data on the public sectors of Gramalote's settlement, house-to-house differences, and evidence that the extended family was a unit of economic productivity and collective action. This analysis assesses the degree of overlap, and lack thereof, in the economic activities of each house during the Initial Period (1500–1200 cal BC). A new model for social and economic interactions is proposed, with the aim of exploring alternative models from the bottom-up perspective for the emergence and consolidation of social complexity in the Central Andean Region.

Demographic Impact on Environment - A Case Study Focussing on CO2 Emission in China

1998 ◽  
Vol 10 (2) ◽  
pp. 81-87
Author(s):  
Kenji Hayashi ◽  
Jianqun Gao
Keyword(s):  
Population Size ◽  
Urban Areas ◽  
Fossil Fuels ◽  
Energy Transition ◽  
Population Increase ◽  
High Fertility ◽  
Economic Activities ◽  
The North ◽  
Per Capita ◽  
The Impact

Carbon dioxide (CO2) emission derived from economic activities results primarily from the fossil fuels consumed. The variety of fossil fuels used, the degree of efficient consumption of energy, economic growth and national population size determine the total amount of CO2 emission in a country. Considering its population size as well as its potential for economic development, China is expected to play a key role in the global warming issue in concert with other industrialized Asian countries, including Japan. In the present study, the impact of population increase on total CO2 emission in China during the period 1982-1990 was analyzed. During the study period, population increase and CO2 emission per capita were 21 per cent and 70 per cent, respectively. In terms of population increase by region, some provinces in the inland areas and megacities, like Shanghai and Beijing, contributed the highest figures. To cope with high fertility in the inland areas as well as massive population inflow into the urban areas simultaneously, increasing the number of medium-sized cities to be located in the inland areas could be a solution. For CO2 emission per capita, the figures for the North-Eastcrn provinces and South-Eastern provinces along the coast are remarkable. The estimate of total emission of CO2 by 2010 is 1.6 million tons, a 74 per cent increase from 1992. Energy transition is the key to the stabilization of CO2 emission in China.

scholarly journals A provincial view of global imbalances: regional capital flows in China

2017 ◽  
Vol 153 (3) ◽  
pp. 573-599 ◽  
Author(s):  
Samuel Cudré ◽  
Mathias Hoffmann
Keyword(s):  
Capital Flows ◽  
Global Imbalances ◽  
Regional Capital
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