Iskanje po katalogu digitalne knjižnice

Opis: After the global financial crisis of 2007, macroprudential policy instruments have gained in recognition as a crucial tool for enhancing financial stability. Monetary policy, fiscal policy, and microprudential policy operate with a different toolkit and focus on achieving goals other than the stability of the financial system as a whole. In ligh of this, a fourth policy – namely macroprudential policy – is required to mitigate and prevent shocks that could destabilize the financial system as a whole and compromise financial stability. The aim of this paper is to contrast macroprudential policy with other economic policies and explain why other economic policies are unable to attain financial stability, which in turn justifies the need for a separate macroprudential policy, the ultimate goal whereof is precisely financial stability of the financial system as a whole. Our research results based on the descriptive research method indicate that, in order to prevent future financial crises, it is indispensable to combine both the microprudential and the macroprudential approach to financial stability. This is because the causes of the crises are often such that they cannot be prevented or mitigated by relying only on microprudential or only on macroprudential policy instruments.
Ključne besede: macroprudential policy, monetary policy, microprudential policy, financial stability
Objavljeno v DKUM: 30.09.2024; Ogledov: 0; Prenosov: 5
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Opis: In the field of renewable energies, the logistical intricacies of production, as well as the use and storage of photovoltaic energy, have become critical issues. In addition to sheer quantity, the stability of this type of energy is a crucial factor in ensuring the reliability and consistency of power generation. This paper defines Solar Irradiance Stability Factors (SISFs) as indicators complementing electricity production. When planning solar energy production in each geographical area, both the quantity and stability of solar irradiance are necessary for exploitation and determining the quality of solar irradiance. While the average production of solar energy per unit area in each time interval is a widely used parameter in daily practice, the observation of the amplitude of solar irradiance and its influence on energy production in the observed time interval is currently still rare. The SISFs defined in this article are new metrics that mainly depend on the meteorological variability in an area, and the observed time intervals should be in the range of seconds, minutes, or even hours. Larger time intervals are not helpful for the stability of solar irradiance in energy production and logistics from the source to the destination. They provide a complementary and more accurate measure of how suitable a particular geographical area is for producing solar energy.
Ključne besede: solar irradiance, stability metrics, photovoltaic energy, meteorological variability, geographical area
Objavljeno v DKUM: 23.09.2024; Ogledov: 0; Prenosov: 2
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Opis: The introduction of COVID-19 vaccination passes (VPs) by many countries coincided with the Delta variant fast becoming dominant across Europe. A thorough assessment of their impact on epidemic dynamics is still lacking. Here, we propose the VAP-SIRS model that considers possibly lower restrictions for the VP holders than for the rest of the population, imperfect vaccination effectiveness against infection, rates of (re-)vaccination and waning immunity, fraction of never-vaccinated, and the increased transmissibility of the Delta variant. Some predicted epidemic scenarios for realistic parameter values yield new COVID-19 infection waves within two years, and high daily case numbers in the endemic state, even without introducing VPs and granting more freedom to their holders. Still, suitable adaptive policies can avoid unfavorable outcomes. While VP holders could initially be allowed more freedom, the lack of full vaccine effectiveness and increased transmissibility will require accelerated (re-)vaccination, wide-spread immunity surveillance, and/or minimal long-term common restrictions.
Ključne besede: SIRS model, vaccination pass, stability analysis
Objavljeno v DKUM: 15.07.2024; Ogledov: 105; Prenosov: 11
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Opis: In this paper, we investigate the impact of macroprudential policy measures (bundled together into a macroprudential policy index, MPI) on the nonfinancial corporate sector credit and household credit growth using a one-step system GMM empirical research method. The goal of our paper is to test whether contractionary macroprudential policy stymies credit growth rate and whether expansionary macroprudential policy spurs credit growth rate in selected Euro Area economies (Austria, Belgium, Finland, Germany, Ireland, Italy, Netherlands, Slovenia, and Spain) over the period 2008Q4–2018Q4. We test two hypotheses: H1: The tightening of macroprudential policy measures reduces the non-financial corporate sector credit growth rate, and H2: The tightening of macroprudential policy measures reduces the growth rate of household credit. Based on our empirical results, we can confirm the first hypothesis. In contrast, the second hypothesis can be neither confirmed nor rejected since the explanatory variable of interest (MPI) is statistically insignificant in the second model.
Ključne besede: macroprudential policy, systemic risk, financial stability, dynamic panel data, one-step system GMM
Objavljeno v DKUM: 05.09.2023; Ogledov: 299; Prenosov: 10
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Opis: One of the famous economic models in game theory is the duopoly Stackelberg model, in which a leader and a follower firm manufacture a single product in the market. Their goal is to obtain the maximum profit while competing with each other. The desired dynamics for a firm in a market is the convergence to its Nash equilibrium, but the dynamics of real-world markets are not always steady and can result in unpredictable market changes that exhibit chaotic behaviors. On the other hand, to approach reality more, the two firms in the market can be considered heterogeneous. The leader firm is bounded rationale, and the follower firm is adaptable. Modifying the cost function that affects the firms' profit by adding the marginal cost term is another step toward reality. We propose a Stackelberg model with heterogeneous players and marginal costs, which exhibits chaotic behavior. This model's equilibrium points, including the Nash equilibrium, are calculated by the backward induction method, and their stability analyses are obtained. The influence of changing each model parameter on the consequent dynamics is investigated through one-dimensional and two-dimensional bifurcation diagrams, Lyapunov exponents spectra, and Kaplan-Yorke dimension. Eventually, using a combination of state feedback and parameter adjustment methods, the chaotic solutions of the model are successfully tamed, and the model converges to its Nash equilibrium.
Ključne besede: nonlinear dynamics, game theory, stability analysis, public goods
Objavljeno v DKUM: 02.08.2023; Ogledov: 459; Prenosov: 44
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