The deployment of ‘new’ environmental policy instruments (NEPIs), namely
eco-taxes and other market-based instruments (MBIs), voluntary agreements
(VAs) and informational devices such as eco-labels, has grown spectacularly in
recent years. In 1987, the Organisation for Economic Cooperation and
Development (OECD) [OECD, 1994:177] reported that most national
environmental policies still relied upon a regulatory or ‘command and control’
mode of action, but since then the number of MBIs has grown ‘substantially’
This document presents the operational
framework chosen by the Eurosystem* for the
single monetary policy in the euro area. The
document, which forms part of the Eurosystem’s
legal framework for monetary policy instruments
and procedures, is intended to serve as the
“General Documentation” on the monetary
policy instruments and procedures of the
Eurosystem, and is aimed, in particular, at
providing counterparties with the information
they need in relation to the Eurosystem’s
monetary policy framework....
Group Policy Overview The System policies provide another instrument to help system administrators control user access to the network and manage desktop settings, including data sharing and configuring system settings
A fundamental element of sustainable development is environmental sustainability.
Hence, this series was created in 2007 to cover current and emerging issues
in order to promote debate and broaden the understanding of environmental
challenges as integral to achieving equitable and sustained economic growth. The
series will draw on analysis and practical experience from across the World Bank
and from client countries.
China has a dual-track interest-rate system: bank deposit and lending rates are regulated while
money and bond rates are market-determined. The central bank also imposes an indicative target,
which may not be binding at all times, for total credit in the banking system. We develop and cali-
brate a theoretical model to illustrate the conduct of monetary policy within the framework of dual-
track interest rates and a juxtaposition of price- and quantity-based policy instruments.
Chapter 12 - Government debt, monetary policy, the payments system and interest rates. After completing this chapter, students will be able to: Outline reasons why governments borrow; describe features of the main debt instruments and market participants; show how government securities are priced; discuss monetary policy, interest rates and the payments system.
The research described in this report was sponsored by the Centers for Medicare and Medicaid Services (formerly the Health Care Financing Administration). The research was conducted through a subcontract from RAND to Harvard University and represents a collaborative effort involving faculty from the department of Health Care Policy at Harvard Medical School, Sargent College of Health and Rehabilitation Sciences at Boston University and RAND Health.
We find that for operational forms of policy rules, ie rules that do not depend on contemporaneous values of endogenous aggregate variables, many interest-rate rules do not exhibit robust stability. We consider a variety of interest-rate rules, including instrument rules, optimal reaction functions under discretion or commitment, and rules that approximate optimal policy under commitment.
Chapter 13 - An introduction to interest rate determination and forecasting. After completing this unit, you should be able to: Explain the reasons for a change in the RBA’s interest rate policy, describe how changes in interest rates affect the rest of the economy, outline the possible shapes of a yield curve, explain the theories that describe how a yield curve obtains its shape.
This chapter define fiscal policy and describe fiscal goals and instruments at the macroeconomic, sectoral and microeconomic levels; discuss the evolution of views on the macroeconomic role of fiscal policy, focusing on the distinction between the Keynesian and structural approaches and the choice between discretionary and rulesbased fiscal regimes; distinguish between the various definitions of budget balance and explain the economic significance of each;...
The teaching and the practicing of corporate finance are more challenging and exciting
than ever before. The last decade has seen fundamental changes in financial markets and
financial instruments. In the early years of the 21st century, we still see announcements in
the financial press about such matters as takeovers, junk bonds, financial restructuring, initial
public offerings, bankruptcy, and derivatives. In addition, there is the new recognition
of “real” options (Chapters 21 and 22), private equity and venture capital (Chapter 19), and
the disappearing dividend (Chapter 18).
Risk is the fundamental element that influences financial behavior. In its absence, the financial
system necessary for efficient allocations of resources would be vastly simplified. In that world, only
a few institutions and financial instruments would be needed, and the practice of finance would
require relatively elementary analytical tools. But, of course, in the real world, risk is ubiquitous.
Much of the structure of the financial system we see serves the function of the efficient distribution
Levine explains what the financial system does and how it affects, and is affected by, economic growth. Theory suggests that financial instruments, markets, and institutions arise to mitigate the effects of information and transaction costs. A growing literature shows that differences in how well financial systems reduce information and transaction costs influence savings rates, investment decisions, technological innovation, and long-run growth rates. A less developed theoretical literature shows how changes in economic activity can influence financial systems.
This study was launched as a response to the challenges, presented in the Forest Action Plan and
implementation of the key action for valuation and compensation for non-market forest goods and
services. The study aims to acquire summarised information on the state-of the-art in classification,
characterisation and valuation of non-market forest goods and services.
To evaluate the main characteristics and performances of alternative financing mechanisms a Multi
Criteria Analysis (MCA) was conducted. The MCA is a decision making tool used to reach consensus
about the characteristics and performances of different policy instruments, or alternatives. In the
MCA each stakeholder participating in the evaluation process enters their judgment (or score), and
contributes to a jointly reached conclusion about a policy instrument or alternative.
In the FORVALUE study, the MCA was conducted for 11 cases of innovative (or alternative) financing
Forty years ago, Congress asked the National Academies Committee on
Science, Engineering, and Public Policy (COSEPUP)—the only joint policy
committee of the National Academy of Sciences, National Academy of
Engineering, and Institute of Medicine—to look at the relationship between basic
research and national goals. That request, from the House Committee on Science
and Astronautics in 1964, resulted in the report Basic Research and National Goals.
Capital market development in Brazil is a key policy issue going forward to foster savings,
investment and absorptive capacity in a context of prospects for sizable capital flows in the
medium term. During the last decade, Brazil has achieved substantial progress in capital
market development. The menu of available financial instruments has been expanded, market
infrastructure has been reformed and strengthened, and a diversified investor base has been
Investor base: about 70 percent of private bonds were purchased by banks in 2011. Their
participation has increased further recently partly because they have faced constraints in
expanding consumer loans given increased risk and higher cost in the sector, and therefore
have sought alternative higher-yield investment instruments.
Liquidity in the secondary
market is very limited as many banks tend to hold private bonds until maturity. Retail
investors’ participation remains low (see Figure 11). ...