Every Avenue Available Lessons from Monetary History for Tackling Climate Change
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Recession of 1797?
SAE./No.48/February 2016 Studies in Applied Economics WHAT CAUSED THE RECESSION OF 1797? Nicholas A. Curott and Tyler A. Watts Johns Hopkins Institute for Applied Economics, Global Health, and Study of Business Enterprise What Caused the Recession of 1797? By Nicholas A. Curott and Tyler A. Watts Copyright 2015 by Nicholas A. Curott and Tyler A. Watts About the Series The Studies in Applied Economics series is under the general direction of Prof. Steve H. Hanke, co-director of the Institute for Applied Economics, Global Health, and Study of Business Enterprise ([email protected]). About the Authors Nicholas A. Curott ([email protected]) is Assistant Professor of Economics at Ball State University in Muncie, Indiana. Tyler A. Watts is Professor of Economics at East Texas Baptist University in Marshall, Texas. Abstract This paper presents a monetary explanation for the U.S. recession of 1797. Credit expansion initiated by the Bank of the United States in the early 1790s unleashed a bout of inflation and low real interest rates, which spurred a speculative investment bubble in real estate and capital intensive manufacturing and infrastructure projects. A correction occurred as domestic inflation created a disparity in international prices that led to a reduction in net exports. Specie flowed out of the country, prices began to fall, and real interest rates spiked. In the ensuing credit crunch, businesses reliant upon rolling over short term debt were rendered unsustainable. The general economic downturn, which ensued throughout 1797 and 1798, involved declines in the price level and nominal GDP, the bursting of the real estate bubble, and a cluster of personal bankruptcies and business failures. -
Broadband Coverage 97% Fixed and Mobile Broadband
Connectivity Broadband market developments in the EU Digital Economy and Society Index Report 2019 Connectivity The Digital Economy and Society Index (DESI) is a composite index that summarises relevant indicators on Europe’s digital performance and tracks the progress of EU Member States in digital competitiveness. The five dimensions of the DESI 1 Connectivity Fixed broadband, mobile broadband, fast and ultrafast Finland, Sweden, the Netherlands and Denmark, have the most broadband and prices advanced digital economies in the EU followed by the UK, 2 Human capital Internet user skills and advanced skills Luxembourg, Ireland and Estonia. 3 Use of internet Citizens' use of internet services and online transactions Bulgaria, Romania, Greece and Poland have the lowest scores on the index. 4 Integration of Business digitisation and e-commerce digital technology 5 Digital public e-Government and e-health services Digital Economy and Society Index (DESI) 2019 80 1 Connectivity 2 Human capital 3 Use of internet services 4 Integration of digital technology 5 Digital public services 70 60 50 40 30 20 10 0 FI SE NL DK UK LU IE EE BE MT ES DE AT EU LT FR SI LV CZ PT HR SK CY HU IT PL EL RO BG Source: DESI 2019, European Commission DESI Report 2019 – Connectivity 2 In Connectivity, Denmark had the highest score, followed by Luxembourg, the Netherlands, Sweden and Finland. Greece, Croatia and Lithuania had the weakest performance in this dimension of the DESI. Connectivity indicators in DESI 2019 EU The connectivity dimension looks at both the demand and the supply side of 1a1 Fixed broadband coverage 97% fixed and mobile broadband. -
Finding a Financial Foundation: the First Bank of the United States and the Financial Crisis of 1792
Finding a Financial Foundation: The First Bank of the United States and the Financial Crisis of 1792 Student Who Has Been Moved to the TCU Witness Protection Program ECON X0XX3 XX XXth, 20XX Abstract: As the United States attempted to settle its debts and find stable ground, many political figures came forward with plans of how to overhaul the present system. Alexander Hamilton, long a fan of federalism, wanted the United States to emulate England and create a national bank that would handle the country’s debt. Since the American Revolution destroyed the American economy and a uniform currency failed to exist, the ability to reap financial benefits was limited. Thus, Hamilton generated a detailed plan of a national bank that would function as part of the federal government and would regulate a singular currency, control interest rates, loan money and extend credit and assess the nation’s debt. Though he was met with much contempt, especially from Thomas Jefferson and other states’ rights proponents, Hamilton was able to implement his plan and create the First Bank of the United States, While in its infancy, the First Bank of the United States was rocked by the financial crisis of1 1792, as speculation had risen price levels so high leading the bubble to burst. As the markets struggled, Hamilton employed various tactics, including debt extensions, reduced interest rates and massive lending to dig the country out of potential financial peril. Hamilton’s diligence in regard to both the First Bank of the United States and the response to the financial crisis of 1792 created a foundation for the fiscal infrastructure of the United States that eventually allowed for the Federal Reserve and many of the policies and practices that still exist today. -
Virtue, Vice, and the Globalization of World Economies
Scholars Crossing Faculty Publications and Presentations School of Business September 2012 Virtue, Vice, and the Globalization of World Economies Stephen Preacher Liberty University, [email protected] Follow this and additional works at: https://digitalcommons.liberty.edu/busi_fac_pubs Part of the Business Law, Public Responsibility, and Ethics Commons, Business Organizations Law Commons, Finance and Financial Management Commons, and the International Business Commons Recommended Citation Preacher, Stephen, "Virtue, Vice, and the Globalization of World Economies" (2012). Faculty Publications and Presentations. 12. https://digitalcommons.liberty.edu/busi_fac_pubs/12 This Article is brought to you for free and open access by the School of Business at Scholars Crossing. It has been accepted for inclusion in Faculty Publications and Presentations by an authorized administrator of Scholars Crossing. For more information, please contact [email protected]. SYNESIS A JOURNAL OF SCIENCE, TECHNOLOGY, ETHICS, AND POLICY Virtue, Vice, and the Globalization of Market Economies Stephen P. Preacher, DBA1 1. Liberty University, 1971 University Boulevard, Lynchburg, VA, 24502, USA, Email: [email protected] Abstract This study postulates that the recent world fi nancial crisis, symptomatically manifested in the fi nancial markets, is more fundamentally the result of a systemic disregard for moral constraints. This has occurred at macroeconomic levels within the industrialized nations and has pervaded the global economy. Moral relativ- ism has become the dominant ethical system in society and government, and has undermined the virtuous ideals and self-restraint that foster the benefi ts of capitalism. Coupled with advances in technology and glo- balization, the effect of vices such as avarice, irresponsibility, excessive risk tolerance and criminal activities have been exacerbated. -
Monetary Policy and the Dollar Peter L. Rousseaua 1. Introduction Twenty
Monetary Policy and the Dollar Peter L. Rousseaua 1. Introduction Twenty-first century Americans take for granted that a dollar is worth a dollar, meaning that a given Federal Reserve note at a point in time carries a fixed purchasing power regardless of who tenders it or where it is tendered. And though one may rightfully say that prices of goods with identical physical characteristics can and do differ across localities and that a dollar may therefore not purchase the same quantities of goods everywhere, an apple in New York is a distinct economic good from an apple in Cleveland. This again just means that a dollar is worth a dollar with no questions asked of its holder. When the United States adopted the dollar as a common currency shortly after the ratification of the Federal Constitution in 1788, it represented the birth of the monetary system that for the most part continues to the present day―a system that eventually led to the dollar’s universal acceptance and rise to its position as the world’s leading currency. With it came a central bank, a mint, the start of modern banking operations and securities markets, and a newly- found confidence among investors in the ability of the young nation to service its financial obligations. The new system and its specie standard represented a marked improvement over the fiat paper money systems that had operated in the British North American colonies prior to their independence in 1776, and an enormous improvement over the rapidly-deteriorating monetary conditions that existed during the during the Revolutionary War (1776-1781) and under the Articles of Confederation (1781-1788). -
The Knowns and Unknowns of West Nile Virus in Europe: What Did We Learn from the 2018 Outbreak?
Expert Review of Anti-infective Therapy ISSN: 1478-7210 (Print) 1744-8336 (Online) Journal homepage: https://www.tandfonline.com/loi/ierz20 The knowns and unknowns of West Nile virus in Europe: what did we learn from the 2018 outbreak? Jeremy V Camp & Norbert Nowotny To cite this article: Jeremy V Camp & Norbert Nowotny (2020): The knowns and unknowns of West Nile virus in Europe: what did we learn from the 2018 outbreak?, Expert Review of Anti- infective Therapy, DOI: 10.1080/14787210.2020.1713751 To link to this article: https://doi.org/10.1080/14787210.2020.1713751 Accepted author version posted online: 08 Jan 2020. Published online: 14 Jan 2020. Submit your article to this journal Article views: 11 View related articles View Crossmark data Full Terms & Conditions of access and use can be found at https://www.tandfonline.com/action/journalInformation?journalCode=ierz20 EXPERT REVIEW OF ANTI-INFECTIVE THERAPY https://doi.org/10.1080/14787210.2020.1713751 REVIEW The knowns and unknowns of West Nile virus in Europe: what did we learn from the 2018 outbreak? Jeremy V Camp a and Norbert Nowotny a,b aViral Zoonoses, Emerging and Vector-Borne Infections Group, Institute of Virology, University of Veterinary Medicine Vienna, Vienna, Austria; bDepartment of Basic Medical Sciences, College of Medicine, Mohammed Bin Rashid University of Medicine and Health Sciences, Dubai, United Arab Emirates ABSTRACT ARTICLE HISTORY Introduction: West Nile virus (WNV) is a mosquito-borne human and animal pathogen with nearly Received 28 October 2019 worldwide distribution. In Europe, the virus is endemic with seasonal regional outbreaks that have Accepted 7 January 2020 increased in frequency over the last 10 years. -
Hamilton's First Bank of the United States
Hamilton's First Bank of the United States Jes´usFern´andez-Villaverde1 June 9, 2021 1University of Pennsylvania The Bank of England 1 2 The Bank of England • Modern central banking starts when the Bank of England opens on July 30, 1694 (some predecessors in Italy, Dutch Republic, and Sweden). • Its creation is closely related with the institutional changes brought by the Glorious Revolution of 1688. • Its initial business is to fund the government with £1.2 million during the War of the Grand Alliance (1688-1697). • It does so by printing paper notes rather than in specie. • Thus, the Bank of England is an engine of credit from the start. 3 4 The Bank of England and public debt • Later, the Bank of England lent to the government either directly or through the purchase of government debt (discounting). • The Bank helped establishing credible commitment on the part of the government by originating most of the loans. • It thus provided oversight of the government, especially with respect to payment of interest on the debt. • Eventually, the Bank started managing the government debt directly as well as a range of government securities. • By 1770s, the Bank handled 3/4 of the government debt for a fee and held about £11.7 million. 5 The Bank of England and private businesses • In addition to lending to the government, the Bank of England made commercial loans, took deposits, and issued notes aiding and deepening financial intermediation in Great Britain. • Its short-term commercial lending grew in importance over time. • In London, payments dominated by Bank of England notes. -
The Effects of Crytocurrencies on the Banking Industry and Monetary Policy Gannon Leblanc
Eastern Michigan University DigitalCommons@EMU Senior Honors Theses Honors College 2016 The effects of crytocurrencies on the banking industry and monetary policy Gannon LeBlanc Follow this and additional works at: http://commons.emich.edu/honors Part of the Economics Commons Recommended Citation LeBlanc, Gannon, "The effects of crytocurrencies on the banking industry and monetary policy" (2016). Senior Honors Theses. 499. http://commons.emich.edu/honors/499 This Open Access Senior Honors Thesis is brought to you for free and open access by the Honors College at DigitalCommons@EMU. It has been accepted for inclusion in Senior Honors Theses by an authorized administrator of DigitalCommons@EMU. For more information, please contact lib- [email protected]. The effects of crytocurrencies on the banking industry and monetary policy Degree Type Open Access Senior Honors Thesis Department Economics First Advisor James W. Saunoris Subject Categories Economics This open access senior honors thesis is available at DigitalCommons@EMU: http://commons.emich.edu/honors/499 Running head: THE EFFECTS OF CRYTOCURRENCIES ON THE BANKING INDUSTRY AND MONETARY POLICY THE EFFECTS OF CRYPTOCURRENCIES ON THE BANKING INDUSTRY AND MONETARY POLICY By Gannon LeBlanc A Senior Thesis Submitted to the EasternMichigan University Honors College In Partial Fulfillment of the Requirements forGraduation With Honors in Economics Approved at Ypsilanti, Michigan on this date 07/12/2016 THE EFFECTS OF CRYPTOCURRENCIES ON THE BANKING INDUSTRY AND MONETARY POLICY Table of Contents Section I: An Introduction and History of the Modem Banking Industry and Monetary Policy..................................................................... ......................Page 4 -Original Purpose of a Bank................................................ .................Page 4 - The Federal Reserve........................................................................ Page 8 - The Gold Standard...................................................... -
Yearbook 2019/2020 Key Trends
YEARBOOK 2019/2020 KEY TRENDS TELEVISION, CINEMA, VIDEO AND ON-DEMAND AUDIOVISUAL SERVICES - THE PAN-EUROPEAN PICTURE → Director of publication Susanne Nikoltchev, Executive Director → Editorial supervision Gilles Fontaine, Head of Department for Market Information → Authors Francisco Javier Cabrera Blázquez, Maja Cappello, Laura Ene, Gilles Fontaine, Christian Grece, Marta Jiménez Pumares, Martin Kanzler, Ismail Rabie, Agnes Schneeberger, Patrizia Simone, Julio Talavera, Sophie Valais → Coordination Valérie Haessig → Special thanks to the following for their contribution to the Yearbook Ampere Analysis, Bureau van Dijk (BvD), European Broadcasting Union - Media Intelligence Service (EBU-M.I.S.), EURODATA-TV, LyngSat, WARC, and the members of the EFARN and the EPRA networks. → Proofreading Anthony Mills → Layout Big Family → Press and public relations Alison Hindhaugh, [email protected] → Publisher European Audiovisual Observatory 76 Allée de la Robertsau, 67000 Strasbourg, France www.obs.coe.int If you wish to reproduce tables or graphs contained in this publication please contact the European Audiovisual Observatory for prior approval. Please note that the European Audiovisual Observatory can only authorise reproduction of tables or graphs sourced as “European Audiovisual Observatory”. All other entries may only be reproduced with the consent of the original source. Opinions expressed in this publication are personal and do not necessarily represent the view of the Observatory, its members or of the Council of Europe. © European Audiovisual Observatory (Council of Europe), Strasbourg 2020 YEARBOOK 2019/2020 KEY TRENDS TELEVISION, CINEMA, VIDEO AND ON-DEMAND AUDIOVISUAL SERVICES - THE PAN-EUROPEAN PICTURE 4 YEARBOOK 2019/2020 – KEY TRENDS TABLE OF CONTENT INTRODUCTION 0 Six keywords for 2019 and, possibly, 2020 . -
Week 45, 4-10 November 2018 CDTR
COMMUNICABLE DISEASE THREATS REPORT CDTR Week 45, 4-10 November 2018 All users This weekly bulletin provides updates on threats monitored by ECDC. NEWS 33 000 people die every year due to infections with antibiotic-resistant bacteria The burden of infections due to bacteria resistant to antibiotics is comparable to that of influenza, tuberculosis and HIV/AIDS combined, according to a study published this week in The Lancet Infectious Diseases. The estimates are based on 2015 data from the European Antimicrobial Resistance Surveillance Network (EARS-Net) indicating that about 33000 people die each year as a direct consequence of an infection due to bacteria resistant to antibiotics. The study reveals that 75% of the burden of disease is due to healthcare-associated infections and that reducing this through adequate infection prevention and control measures, as well as antibiotic stewardship, could be an achievable goal in healthcare settings. Infections with bacteria resistant to last-line antibiotics such as carbapenems and colistin cause 39% of the burden. This is an increase from 2007 and is worrying because these antibiotics are the last treatment options available. When these are no longer effective, it is extremely difficult or, in many cases, impossible to treat infections. The study was developed by experts at ECDC and the Burden of AMR Collaborative Group. The results are used by the Organisation for Economic Co-operation and Development (OECD) to estimate the economic burden of antibiotic resistance. I. Executive summary EU Threats New! Local transmission of malaria ±Greece ± Opening date: 5 November 2018 Latest update: 9 November 2018 Since August 2018, Greek public health authorities have reported several locally acquired non-falciparum malaria cases, in the regions of Evros and Central Macedonia. -
OECD Competition Trends 2020
OECD Competition Trends 2020 OECD Competition Trends 2020 PUBE 2 | Please cite this publication as: OECD (2020), OECD Competition Trends 2020 http://www.oecd.org/competition/oecd-competition-trends.htm This work is published under the responsibility of the Secretary-General of the OECD. The opinions expressed and arguments employed herein do not necessarily reflect the official views of OECD member countries. This document, as well as any data and any map included herein, are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. © OECD 2020 OECD COMPETITION TRENDS © OECD 2020 | 3 Preface Strong competition undoubtedly contributes to a country’s productivity and economic growth. The primary objective of a competition policy is to enhance consumer welfare by promoting competition and controlling practices that could restrict it. More competitive markets stimulate innovation and generally lead to lower prices for consumers, increased product variety and quality, more entry and enhanced investment. Overall, greater competition is expected to deliver higher levels of welfare and economic growth. Over the past 50 years, we have witnessed a remarkable dissemination of competition law enforcement around the world. In 1970, only 12 jurisdictions had a competition law, with only seven of them having a functioning competition authority. Today, more than 125 jurisdictions have a competition law regime, and the large majority has an active competition enforcement authority. The proliferation of competition laws and competition enforcers around the globe has led to a vast amount of activity in terms of investigations, decisions, advocacy initiatives and events. -
Reimagining European Philanthropy
Reimagining European philanthropy European philanthropic foundations have an opportunity to step up and address the needs arising from or exacerbated by the coronavirus. June 2020 Cover image: © Ray Massey/Getty Images Copyright © 2020 McKinsey & Company. All rights reserved. This publication is not intended to be used as the basis for trading in the shares of any company or for undertaking any other complex or significant financial transaction without consulting appropriate professional advisers. No part of this publication may be copied or redistributed in any form without the prior written consent of McKinsey & Company. Contents 2 Introduction Strategic challenges and opportunities arise in all 3 program areas European foundations need to reimagine where and 19 how they work 25 Conclusion 26 Acknowledgments 27 Endnotes Introduction by Michael We are facing an irreversible humanitarian and economic crisis that Conway, Karen Hadem, and Nina will permanently change our world. As societies around the world Probst remain near a standstill, the COVID-19 pandemic has magnified the preexisting vulnerabilities and inequalities of our social systems. Although governments have put a sweeping range of policies and programs in place to combat the pandemic’s impact on public health and the economy, the scale of the challenge requires more. Web 2020 ExhibitMcK PSSP 1 European Foundations European foundations have an opportunity to step Exhibit 1 of 12 up and address the rising needs. European philanthropic commitments European philanthropic commitments With economic forecasts predicting the biggest-ever peacetime for COVID-19 response totaltotal almostalmost recession and stock markets and other asset prices being down, the €1.1 billion.