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The historical evidence suggests a high correlation between changes in the stock of money per
unit of output and changes in prices in the same direction. The goal of this paper is to analyze
the correlation between the monetary aggregates and the price stability before, during and after
the financial and debt crisis in the European Monetary Union....
Contexts in source publication
Context 1
... important feature of the seasonality in monetary aggregates is its slowly moving character. As said before, the HICP was developed for the purpose of measuring convergence on a comparable basis, as you should see at Figure 1. Since the start of the single monetary policy in the Euro area, the HICP has been a key indicator for the monetary policy strategy of the Eurosystem. ...
Context 2
... for seasonally not adjusted data and HICP for seasonally adjusted data are correlated little bit stronger than with HICP for not seasonally adjusted data. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 For this time period, statistically significant correlation between M3 (measured as the volume in millions of EUR) and HICP as monthly rate of change is identifiable for both, seasonally adjusted and seasonally not adjusted data. HICP_EU_adj_INX HICP_EU_notadj_INX Similar to the foregoing cases, seasonally adjusted HICP does have the highest correlation as well, even though only by decimal numbers, as it can be seen at Figure 9 together with Figure 10 for comparison. The correlation trend has decreasing character in time. ...
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... highest level of correlation (+0.9465) between M3 and HICP is after one month delay. Correlation between M3_EU_adj_volume and HICP for seasonally adjusted (HICP_EU_adj_INX) and seasonally not adjusted data (HICP_EU_notadj_INX) is strongly decreasing with time and the most important relationship is after the first month when the correlation is equal to +0.9106 (see Figure 11 and Figure 12). Correlation between M3_EU_adj_AGR and HICP with seasonally adjusted and seasonally not adjusted data is decreasing relatively slowly. ...
Context 4
... highest level of correlation (+0.9465) between M3 and HICP is after one month delay. Correlation between M3_EU_adj_volume and HICP for seasonally adjusted (HICP_EU_adj_INX) and seasonally not adjusted data (HICP_EU_notadj_INX) is strongly decreasing with time and the most important relationship is after the first month when the correlation is equal to +0.9106 (see Figure 11 and Figure 12). Correlation between M3_EU_adj_AGR and HICP with seasonally adjusted and seasonally not adjusted data is decreasing relatively slowly. ...
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... basically copy HICP_EU_adj_INX, although with the lower correlation. As we can see from the Figure 13, seasonally adjusted data of annual change of monetary aggregate M3 (M3_EU_adj_AGR) correlate with HICP at the highest level after two months; +0.9429 for seasonally adjusted data and +0.9249 for seasonally not adjusted data. ...
Context 6
... the other side (Figure 14), correlation of M3_EU_notadj_AGR with HICP is at the highest level after 7 months; +0.9066 for HICP seasonally adjusted and +0.8981 for HICP not seasonally adjusted. This final period of only six months is too short for doing the full correlation analysis. ...
Context 7
... the available data, we can see the following pairs of data highly correlated: firstly, M3_EU_adj_volume and HICP_EU_adj_INX (Figure 15), secondly, M3_EU_notadj_volume and HICP_EU_adj_INX ( Figure 16) and finally, M3_EU_notadj_volume and HICP_EU_notadj_ANR (Figure 17). ...
Context 8
... the available data, we can see the following pairs of data highly correlated: firstly, M3_EU_adj_volume and HICP_EU_adj_INX (Figure 15), secondly, M3_EU_notadj_volume and HICP_EU_adj_INX ( Figure 16) and finally, M3_EU_notadj_volume and HICP_EU_notadj_ANR (Figure 17). ...
Context 9
... the available data, we can see the following pairs of data highly correlated: firstly, M3_EU_adj_volume and HICP_EU_adj_INX (Figure 15), secondly, M3_EU_notadj_volume and HICP_EU_adj_INX ( Figure 16) and finally, M3_EU_notadj_volume and HICP_EU_notadj_ANR (Figure 17). ...
Context 10
... the first case ( Figure 15) the correlation between M3 and HICP was after first month of time delay at the level +0.7911 and was decreasing gradually. In the second case ( Figure 16) it was at the level +0.9097 after the fourth month of time delay and in the third case ( Figure 17) the correlation was +0.8452 after the first month of time delay. ...
Context 11
... the first case ( Figure 15) the correlation between M3 and HICP was after first month of time delay at the level +0.7911 and was decreasing gradually. In the second case ( Figure 16) it was at the level +0.9097 after the fourth month of time delay and in the third case ( Figure 17) the correlation was +0.8452 after the first month of time delay. ...
Context 12
... the first case ( Figure 15) the correlation between M3 and HICP was after first month of time delay at the level +0.7911 and was decreasing gradually. In the second case ( Figure 16) it was at the level +0.9097 after the fourth month of time delay and in the third case ( Figure 17) the correlation was +0.8452 after the first month of time delay. ...
Context 13
... the sovereign debt crisis period, it took even more than one month for the decisions about money supply were transferred into the price level change (Figure 13 and Figure 14), where the correlation between M3 and HICP was the highest after two or up to seven months. In post-financial crisis period, it seems that the trend of crisis has not gone yet, because the correlation among the variables reaches only +0.9100 (this can be caused by the following of the too short time period). ...
Context 14
... the sovereign debt crisis period, it took even more than one month for the decisions about money supply were transferred into the price level change (Figure 13 and Figure 14), where the correlation between M3 and HICP was the highest after two or up to seven months. In post-financial crisis period, it seems that the trend of crisis has not gone yet, because the correlation among the variables reaches only +0.9100 (this can be caused by the following of the too short time period). ...
Citations
... The price of wheat flour registers a slight increase, and the price of other food products like soybean oil, poultry meat, pork, and mutton registers a decline in response to the expansion in the money supply. Slahor et al. (2015) did a correlation analysis for money supply, i.e., M3, and the price level in the case of Europe. They compared the situation before the financial crisis and after the financial crisis. ...
This study attempts to investigate the dynamic linkages between the monetary factor and food inflation from an Indian macroeconomic perspective, based on time series data from 1991 to 2022. The outcome of the present investigation reveals that a narrow and broad money supply have a significant impact on food inflation. Furthermore, the result of causality analysis in current
research reveals that a narrow money supply does not cause food prices to rise in the short run. However, the broad money does. Finally, the relevant outcome reveals that both narrow and broad
money supplies jointly cause food inflation in India. In terms of policy implications, current research emphasises the role of monetary factors in controlling food inflation in the context of India
... Negative values indicate an inverse relation between variables, whereas positive values indicate a direct relation between them. The level 0 means no correlation ( Slahor et al. 2015 where í µí± ̅ and í µí± ̅ are mean values of the sets. As may be noted from the table 4 below, all independent variables have a significant statistical relation between them. ...
Considering the importance of understanding, analyzing and studying consumer behavior and
behavior model, it was deemed necessary to conduct a research on this issue. As part of this
research, consumer behavior models in the banking system of Kosovo were studied and
analyzed. The first part of the study is characterized by a review of various literature,
publications and scientific journals related to understanding the role and importance of
consumer behavior in enterprises. Whereas the second part of the study includes a survey
questionnaire, with a 500 individual client sample base, randomly selected from commercial
banks in Kosovo. This survey was done with the purpose to collect data to determine behavior
models of existing consumers in the banking sector and analyze various internal and external
factors which influence such behaviors. Finally, data obtained from questionnaire surveys were
used to draw conclusions on issues central to this research and issue recommendations which
may be useful to commercial banks currently operating in Kosovo, as well as other financial
institutions interested in this field.
... Shallow financial market and weak institutional framework will make transmission to take more time then in advanced nations (Pinter et al. 2013). A recent study by Slahor et al. (2015) found that in more advanced nations, such as EU, the changes in monetary aggregates can impact price relatively fast, which is with a delay of only one month. ...
The paper presents a model for looking into the nature of change in foreign reserve from
movements in domestic credit. This model is relevant to foreign reserve targeting, small and open
economies. The model denotes that measures undertaken by central banks to constraint
domestic credit growth with the view of controlling capital outflows will also be detrimental to
foreign reserves level. The empirical studies with application of Fourier Transformation technique
have been used to build a model, which shows that growth in domestic credit is more biased
towards positive swings in foreign reserves, rather than being unfavorable. The small and open
economies, particularly, the Pacific Island nations, have the right set up for application of this
model to safeguard foreign reserves level.
... Recientes trabajos confirman este planteamiento teórico. [Slahor, Majercakova and Mittelman, 2015]. ...
“Teoría de la Gubernamentalidad Corporativa” es recomendable para todo
tipo de público interesado en conocer la realidad de la economía y sus crisis,
es imprescindible para todas las personas que trabajan en el sector público
y en la política, y es fundamental para los empresarios de la economía real,
directivos y los profesionales del área económica.
La primera parte corresponde al respaldo teórico para aquellos que quieran
profundizar en el tema, la segunda parte describe los aspectos generales de
esta teoría y en la tercera parte se hace una descripción histórica y económica
de la conformación monetaria, que ha permitido la concentración de la
riqueza, la apropiación de las rentas y de sus rendimientos.
Esta teoría tiene como hilo conductor la metodología de Michel Foucault
histórica y filosófica (arqueológica y genealógica), con la argumentación y
respaldo teórico económico, junto a las manifestaciones de las relaciones
de poder, como el discurso, la disciplina, la ética y la gubernamentalidad.
Este libro describe la conformación del “homo economicus”, de la empresa
y de los primeros bancos centrales, hasta el sistema de dinero-deuda actual,
como herramientas de dominación.
... One could also further simplify this side of equality (psQs), representing ps for P, as the weighted average of all prices and Qs by T, which represents the magnitude of the volume of trade, therefore, MV=PT. Fisher also makes economies extend these formulations incorporating foreign trade which specifies that there will not necessarily be equal because of their differences in the balance of payments from one country to another, but by adding inflows and outflows transfers of cash flows, this theory will also be applicable (Fisher, 1911), (Slahor et al., 2015). ...
This paper describes the current monetary system, identifying different components and the relationship between them. It is part of the Foucaultian approach of power relations and forms
part of a body of work on the monetary conformation of corporate governmentality. It also forms part of the theoretical framework: the general monetary theory and, in particular, the quantity
theory of money and the theory of business cycles. It describes four major components such as international organizations with effects on the money supply, states from dominant or dominated
economies, the economy of large financial and non-financial companies and the real economy,
made up of families and small and medium size companies. Within these four main components, there are different levels of action and influence in the money supply. The relationships, that are addressed, are the relationships which occur within each one of the components and the relationships between the different components. In these relationships between components of the monetary system, the creation of excess money supply is explained which produced the economic crisis as a result of the structure of the monetary system and its historical conformation. This document also describes the conformation of rent appropriation and yields, together with the process of the concentration of wealth, where the monetary system acts as an essential tool for achieving these purposes by large companies.
This research paper aims to investigate the competition in the banking sector in Kosovo. For the research purpose, secondary data from the Central Bank and commercial banks of Kosovo are used. Besides, the comparison methodology is used to analyze the banking sector for the years 2013-2017. The participation of commercial banks in the banking sector in Kosovo was compared and described, and the competitiveness of the banking sector was measured, using the HHI index and Concentration Ratio (CR 4). Based on the research results, we can conclude that the competitiveness in 2017 was at a moderate level, in 2016 at a low level. Whereas, in the previous years, there was no real competition in this sector. This is an Open Access article distributed under the terms of the Creative Commons BY 4.0 license (Creative Commons-Attribution 4.0 International-CC BY 4.0) which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited Fejza-Ademi, V., Avdullahi, A., Tmava, Q., Durguti, E. (2022) Analysis of the banking sector competition in Kosovo
Since September 2012, IRFS Interpretation Committee has held several meetings, where the issues of negative interest rates and their impact on IFRS accounting system were discussed. The results of these meetings are following: negative interest rate on financial assets is expense, but other than interest expense and negative interest rate on financial liabilities is revenue, but also other than interest yield. Companies such as KPMG or Deloitte expressed their disagreement with this solution in 2013 and 2015. Current analysis of negative interest and its influence on accounting is the topic of this article.