Excess Reserves and Macroeconomic Instability

The nexus between international financial integration and economic growth continues to be one of the most debated issues among macroeconomists, and these debates often raise several issues from the theoretical and policy perspectives. Financial integration can catalyse financial development, improve governance and impose discipline on macro-policies. However, in the absence of a basic pre-existing level of supporting conditions, financial integration can aggravate instability (Khadraoui, 2010). In addition, economic theory suggests that increased financial openness intensifies macroeconomic instability. This article investigates the financial integrational effects on macroeconomic instability in terms of output, consumption and investment volatility by employing the vector error correction model (VECM) with empirically reasonably parameters for an emerging economy, India, for the period 1989–2014. From the results, it is evident that financial openness has had a significant effect on output, consumption and investment volatility. Financial development has had a statistically significant negative effect on output, consumption and investment volatility. Similarly, trade openness and terms of trade significantly influence output, consumption and investment volatility. JEL Classification: F36, F41, F43, E32

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THE DEMAND FOR EXCESS RESERVES, LIABILITY MANAGEMENT, AND THE MONEY SUPPLY PROCESS

Economic Inquiry ◽

10.1111/j.1465-7295.1980.tb01222.x ◽

1980 ◽

Vol 18 (4) ◽

pp. 555-566 ◽

Cited By ~ 2

Author(s):

Herbert M. Kaufman ◽

Raymond E. Lombfia

Keyword(s):

Money Supply ◽

Excess Reserves ◽

Liability Management

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Application of fiber-optic measuring technology and phase-chronometric method for control and monitoring of technical condition of aircraft structures

Izmeritel`naya Tekhnika ◽

10.32446/0368-1025it.2021-2-49-56 ◽

2021 ◽

pp. 49-56

Author(s):

Stanislav S. Khabarov ◽

Alexander S. Komshin

Keyword(s):

Fatigue Life ◽

Fiber Optic ◽

Technical Condition ◽

Point Of View ◽

Flight Performance ◽

Diagnostic Systems ◽

Safe Operation ◽

Excess Reserves ◽

The Creation ◽

Original Approach

Problems of ensuring the safe operation of an aircraft from the point of view of the fatigue life of its structure are considered. The relevance of the creation and implementation of diagnostic systems for monitoring the technical condition of structures of complex technical objects is shown on the example of a helicopter. An original approach to the creation and implementation of complex systems for diagnostics and monitoring of the technical condition of complex technical objects is presented, combining fiber-optic measuring technology and phase-chronometric method. It is shown that the use of monitoring and diagnostic systems ensures the transition to operation based on the actual technical condition. The proposed approach makes it possible to increase the time between overhaul intervals and reduce excess reserves in terms of the reliability factors of structures, which increases the flight performance of aircraft.

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