Money creation and economic activity

Summary In the Netherlands not much attention is paid to money supply figures as an indicator of actual monetary conditions. This can be partly explained by the publication lag and the continuous revisions of seasonally adjusted data. However, the information that can be derived from money supply figures is limited because of temporary disturbances originating from the foreign exchange market. In this paper a correction method for these temporary disturbances is proposed. Money supply figures show a much closer link to real economic activity when corrected in this way.A different version of this essay with less emphasis on Holland but more information about other West-European countries has been published as chapter II Watching the money supply in: Eduard J. Bomhoff,Monetary Uncertainty, Amsterdam and New York, 1983. We gratefully acknowledge the able research assistance of Isolde B. Woittiez and Geert Rouwenhorst; Kempen and Co. kindly provided the two figures.     

野狼也温柔从创意到品牌大理想

故事发生在积雪覆顶的雪山上,一个迷路的旅行者在寒冷的暴风雪中苦苦寻找一个落脚点,沿途一直有野狼紧随其后、伺机而动。饥寒交迫中,他终于忍不住而晕倒在地。狼群奔向晕倒的旅行者,静静地依偎在他身上、为他取暖。“不是非要相识,才能相拥入怀。”     

Eco-innovation for environmental sustainability: concepts, progress and policies

There is increasing scientific evidence that natural systems are now at a level of stress globally that could have profound negative effects on human societies worldwide. In order to avoid these effects, one, or a number of technological transitions will need to take place through transforming processes of eco-innovation, which have complex political, institutional and cultural, in addition to technological and economic, dimensions. Measurement systems need to be devised that can assess to what extent eco-innovation is taking place. Environmental and eco-innovation have already led in a number of European countries to the establishment of substantial eco-industries, but, because of the general absence of environmental considerations in markets, these industries are very largely the result of environmental public policies, the nature and effectiveness of which have now been assessed through a number of reviews and case studies. The paper concludes that such policies will need to become much more stringent if eco-innovation is to drive an adequately far-reaching technological transition to resolve pressing environmental challenges. Crucial in the political economy of this change will be that eco-industries, supported by public opinion, are able to counter the resistance of established industries which will lose out from the transition, in a reformed global context where international treaties and co-operation prevent the relocation of environmentally destructive industries and encourage their transformation.     

Lessons from My School

This article presents analyses of the National Assessment Program – Literacy and Numeracy (NAPLAN) data and data on other indicators that are made available through the My School website. There are large differences across states and types of schools (independent, Catholic and government) in the Year 3 NAPLAN outcomes, though the differences across states tend to diminish as outcomes for later years of study are examined. Some schools are shown to consistently have academic outcomes better than their characteristics would otherwise indicate; conversely, other schools are shown to consistently have academic outcomes below the levels their characteristics would otherwise indicate. Few of these differences are statistically significant.     

POST-CHANDLERIAN FIRMS: TECHNOLOGICAL CHANGE AND FIRM BOUNDARIES

While the Chandlerian firm has come to dominate large sectors of advanced economies, recent studies have shown that the properties of knowledge used by firms, the dynamic nature of transaction costs, and the impact of information and communication technologies on organisations might reduce firm scale and scope. We present a contingent model of firm boundaries that explains why, as a result of technological change, firms might simultaneously outsource some activities that they had formerly preferred to produce in-house while increasing their vertical integration in other areas. We support our conclusions with evidence from different industries.     

Risk analysis of new maize technology in Zaire: a portfolio approach

Risk associated with the adoption of new maize technology and the impact of mandatory cotton production on traditional farmers in the Kasai Oriental Region of Zaire are evaluated within a portfolio context using a quadratic programming model. Seasonal net returns for farm plans including four levels of maize technology in combination with staple food crops are evaluated, with and without mandatory cotton production. The results indicate that cropping systems that include new maize technology are risk-efficient relative to local maize varieties while mandatory cotton production is not risk-efficient at the prevalent price and yield levels in the farming system.     

Situating the Asian Infrastructure Investment Bank in the context of global economic governance

The creation of the Asian Infrastructure Investment Bank (AIIB)was welcomed by the World Bank but opposed by the Obamaadministration. The paper explains China’s positive relationshipwith the Bank and the Organization for Economic Cooperation andDevelopment (OECD) in terms of the mission of the Bank, sharedby the OECD, to develop and deepen the global economy. The AIIBand the related Belt and Road initiative promise to do this throughinvestment in infrastructure and connectivity in and around thepoorly integrated Eurasian landmass. But while the current Chineseleadership has supported an inclusive global economy based uponfree trade and supported by multilateral institutions, China’s controlof resources outside the multilateral framework and adherence topractices that challenge liberal principles prompt suspicions thatthese commitments are either disingenuous or anyway subjectto reversal. In itself, therefore, the AIIB provides no conclusiveevidence either way on China’s future course.     

The Diffusion of Local Differentiated Waste Disposal Taxes in the Netherlands

The diffusion of a novel taxing scheme (among Dutch municipalities over the period 1998–2005) is studied in which the waste disposal tax is increasing in the amount of waste a household produces. Inspection of the rise and spread of this tax shows that it is contagious: the probability of introduction is increasing in the number of neighboring municipalities that have already introduced this taxing scheme. A possible rationale is that the tax encourages the dumping of waste in neighboring municipalities. These municipalities may then introduce a similar tax to prevent dumping (spillover effect). Using panel data and a recently developed spatial probit approach (Elhorst et al. in J Appl Econom 32:422–439, 2017), it is possible to distinguish this spillover effect from time-specific effects. The results indicate the presence of strong spillovers.