An interview of William A. Barnett
William (Bill) Barnett is an eminent econometrician and macroeconomist. He has made fundamental contributions to the applied neoclassical economic theory of consumer and producer behavior and pioneered a scientific approach to economics, based on state-of-the-art micro- and macro-econometrics. DOWNLOAD THE …
Rakesh Bissoondeeal, Jane Binner
We investigate (i) the performance of the weighted monetary aggregate, Divisia, relative to its official Simple Sum counterpart in a money demand framework, and (ii) the impact of share prices and their volatility on these aggregates. We find that the …
Daniel L. Thornton
This paper argues contemporary monetary policy is based on a model and ideas that have extremely weak to nonexistent theoretical foundations and are void of strong empirical support. The paper argues that this is also true of the monetary policies …
Session Conference Papers I: Divisia Monetary Aggregates and Contemporary Monetary Challenges
Apostolos Serletis, Libo Xu
This paper extends the ongoing literature on the macroeconomic effects of money supply volatility. We use monthly data for the United States and a bivariate, Markov switching, structural vector error correction (VEC) model that is modiffed to accommodate GARCH-in-Mean errors …
What can we learn from Divisia and simple-sum monetary indexes? Structural stability in frequency domain from time-frequency analysis
Yinan Tang, Ping Chen
What can we know from different monetary indexes, such as simple-sum and DIvisia index? What information in monetary policy analysis. In 1985- 1988, we discovered empirical and theoretical evidence of economic chaos from monetary indexes M2, DDM2, DDM3, DML, and …
Merijn T. Knibbe
Divisia indices are a clever proposal to enhance the informational content of the monetary aggregates by constructing a (neoclassical) theory consistent weighted aggregate of the amounts of different kinds of money (cash, different kinds of deposits, …). Ideally, the weights …
James L. Swofford
Barnett (1980) described how to identify and construct monetary aggregate consistent with economic theory. Swofford (2000) extended Barnett’s work to the subject of common currency areas. When the euro bloc was formed, among the European Union members not to join …
Session Conference Papers II: Divisia Monetary Aggregates: Prospects and Future Research Potential
William A. Barnett, Liting Su
A monetary-production model of financial firms is employed to investigate supply-side monetary aggregation, augmented to include credit card transaction services. Financial firms are conceived to produce monetary and credit card transaction services as outputs through financial intermediation. While credit cards …
John Nana Francois, Ryan S. Mattson
A growing literature on Divisia monetary aggregation focuses on emerging economies. Sizeable proportions of the populations of these economies face financial accessibility and wealth constraints. We propose a modified user-cost of money in an economic environment where a fraction of …
William A. Barnett, Jinan Liu
This paper derives the user cost of monetary assets and credit card services with interest rate risk under the assumption of intertemporal non-separability. Barnett and Su (2016) derived theory permitting inclusion of credit card transaction services into Divisia monetary aggregates. …
Cong Wang, Xue Wang
In William A. Barnett and Bruno S. Sergie (eds.), Banking and Finance Issues in Emerging Markets, Emerald Press. Forthcoming
Session Conference Papers III: Finance and Growth: Changes and Transformation
Banking regulation and post crisis approach to bankruptcies: An analysis through shadow banking, moral hazard and too big to fail
The work starts analyzing the pre and post 2007-2009 crisis banking regulation to later on deepen including mathematical finance and economic policy concepts and models into the application of the regulation among the US, Eurozone and Asia Pacific markets. The …
In this paper critical developments that shaped the global economy from 1987 until 2017 were analyzed. The globalization process was addressed from the perspectives of convergence or divergence paths and outcomes. The lessons learned were presented. The need for historical …
Filip Fidanoski, Darko Lazarov, Kiril Simeonovski, Bruno S. Sergi
Long-term macroeconomic stability is the most important objective of benevolent decision-makers. Moreover, the link between economic growth and macroeconomic stability becomes very intriguing for the scholars during and after the moments of the Great Recession. Our research of the volatility-growth …
The main aim of the paper is to investigate whether financial sector is binding constraint to economic growth in Republic of Macedonia by applying adjusted growth diagnostic approach. The results of the analysis shows that the high cost of finance …
Ela Golemi, Bruno S. Sergi
This paper discusses a framework for macroprudential policy in Albania, which is a foundation stone for ensuring financial stability role of a central bank. It focuses the way the macroprudential policy framework should be designed in a small and open …
Suggested Reading I: Open Access Papers
In search for ways to welfare state: The impact of old and new social risks on the fiscal sustainability in the Visegrád Group countries
Magdalena Zioło, Stanisław Flejterski, Robert Kubicki
Zioło, M. Flejterski, S. and Kubicki, R. (2014). In search for ways to welfare state: The impact of old and new social risks on the fiscal sustainability in the Visegrád Group countries. Estudios en Ciencias Sociales y Administrativas de la Universidad de Celaya, 4(1), 135-149.
Effects of foreign capital entry on the Macedonian banking industry: Two-edged sword
Filip Fidanoski, Bruno S. Sergi, Kiril Simeonovski, Vladimir Naumovski, Igor Sazdovski
Fidanoski, F., Sergi, B. S., Simeonovski, K., Naumovski, V. and Sazdovski, I. (2018). Effects of foreign capital entry on the Macedonian banking industry: Two-edged sword. In B. S. Sergi, F. Fidanoski, M. Zioło and V. Naumovski (Eds.). Regaining global stability after the financial crisis (Forthcoming). IGI Global.
New Keynesian macroeconomics: Empirically tested in the case of Republic of Macedonia
Dushko Josheski, Darko Lazarov
Where did the money go? Endogenous money creation for international fraudulent purposes: the case of the 2015 Moldovan banking scandal
Pilkington, M. (2015). Where did the money go? Endogenous money creation for international fraudulent purposes: The case of the 2015 Moldovan banking scandal. International Journal of Pluralism and Economics Education, 6(3), 251-271.
Suggested Reading II: Other Related Papers
Crisis as unexpected transition . . .to a greed-based economic system
Andreff, W. (2013). Crisis as unexpected transition… to a greed-based economic system.In Contradictions: Finance, Greed, and Labor Unequally Paid (pp. 1-48). Emerald Group Publishing Limited.
The fiscal theory of price level: A theory of monetary-fiscal policy coordination
Filipovski, V. (2016). The fiscal theory of price level: A theory of monetary and fiscal policy coordination. Annual of the Faculty of Economics – Skopje, 51(1), 527-537.
The effectiveness of the Croatian monetary policy: Empirical investigation
Milivoje Davidović, Sofija Adžić
Adžić, S. and Davidović, M. (2015). Monetary policy effectiveness in Croatia: Evidence from a restricted VAR model (VECM). Economics/Ekonomija, 22(2), 445-469.
Bank strategy and governance
Choudhry, M. (2012). The principles of banking. New York: Wiley.
Bank liquidity risk management
Choudhry, M. (2012). The principles of banking. New York: Wiley.
The role of the government in enhancing sustainable entrepreneurships
Magdalena Ziolo, Maroua Ben Ghoul
Zioło, M. and Ben Ghoul, M. (2018) The role of the government in enhancing sustainable entrepreneurship: Does a bigger government always mean less entrepreneurship?. International Journal of Business and Globalisation, Forthcoming