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Financial market developments and the minerals industry
No full textThis paper analyses the reaction of the minerals industry to financial market developments in South Africa. This is achieved by augmenting a Taylor 1993 rule type central bank monetary policy reaction function with the Johannesburg Stock Exchange (JSE), or financial market, index. The empirical results provide evidence of a statistically significant effect of an increase in financial market index on output of the minerals industry, which increases and peaks after 3 months, where this effect is statistically significant up to 5 months.
The results further show that following an increase in output of the minerals industry, the financial market index increase slightly and peaks after 2 months as well as after 8 months with a statistically significant effect up to 2 months and between 8 and 10 months.
Financial markets are, thus, important for the minerals industry hence policymakers should reduce impediments to financial market development given that a well functioning and regulated financial market has an important role in supporting aggregate economic activity as well as the minerals industry
How the Liberation Day Announcement is Shaping the Global Trade Order : Recent Developments in Financial Stability, Macroprudential Arrangements, and Shadow Banking
No full textOn the 20th December 2023, the Financial Stability Board published revised policy recommendations to address structural vulnerabilities from liquidity mismatch in open ended funds (OEFs). Main points which were highlighted in relation to new recommendations include the following:
- Revised FSB recommendations and IOSCO Guidance on Anti Dilution Liquidity Management Tools (LMTs), which are aimed at achieving significant strengthening of liquidity management by open ended funds (OEFs), compared to current practices.
Despite Basel III’s efforts to address capital and liquidity requirements, will the risks linked to regulatory arbitrage increase as a result of Basel III’s more stringent capital and liquidity rules?
Apart from Basel III reforms which are geared toward greater facilitation of financial stability on a macroprudential basis, further efforts and initiatives aimed at mitigating systemic risks, hence fostering financial stability, have been promulgated through the establishment of the De Larosiere Group, the ESRB, and a working group comprising of “international standard setters and authorities responsible for the translation of G20 commitments into standards.”
This paper aims to investigate the impact of Basel III on shadow banking and its facilitation of regulatory arbitrage as well as consider the response of various jurisdictions and standard setting bodies to aims and initiatives aimed at improving their macroprudential frameworks
Market uncertainty developments and the minerals industry
No full textThis paper analyses the reaction of the minerals industry to market uncertainty developments in South Africa. This is achieved by augmenting a Taylor1993 rule type central bank monetary policy reaction function with the Chicago Board Options Exchange's (CBOE's) Volatility Index (VIX), or market uncertainty, index. The empirical results provide evidence of a statistically significant effect of an increase in market uncertainty on output of the minerals industry, which decreases and bottoms out after 3 months, where this effect is statistically significant up to 6 months. The results further show that following an increase in output of the minerals industry, the market uncertainty index decrease slightly and bottoms out after 2 months, with a statistically significant effect up to 2 months, which indicates a weak feedback effect between market uncertainty and output of the minerals industry. Market uncertainty is, thus, important economic activity, hence policymakers should continue to monitor the developments in market uncertainty to support economic activity as well as the minerals industry
Exploring the Economic Nature of Spiritual Values: Results from a Qualitative Meta-analysis
No full textThe study performs a qualitative meta-analysis of literature on economic valuation of spiritual values, to possibly assess and attach them a common meaning and content. We apply the qualitative meta-analysis procedure, developed by Atkins et al. (2008), and validated by econometric analysis, to (1) literature on spiritual ecosystem services (SES) valuations studies and to (2) literature on measurement of spiritual capital impacts on economies and markets, with a focus on religious markets. Markets and economies, in fact, are complex social structures, where the spiritual values originated in environmental and ecosystem contexts might change connotation and significance. Results show that when spiritual values are expressed as nature direct consumption or instinctual feedback from nature, they seem to have a use value at personal level and a negative impact at social level (economies and institutions). When spiritual values are expressed as responsibility and connection through nature they have a non-use value at personal level and a positive impact at social level (economies and institutions). In this perspective, qualitative meta-analysis results may offer a preliminary support for a better understanding, design and implementation of quantitative and monetary valuation methods for SES and other spiritual values
Integrating IoT, AI, and Data Analytics in Food Machinery Production: A Digital Innovation Model for SMEs
No full textThis case study features Tecnomulipast, an SME from Southern Italy that specializes in machinery production for the food processing industry. The study is in fact centered on the company's digital transformation process, facilitated by investments in advanced production systems and innovation-driven managerial practices both facilitated by regional co-financing initiatives, including from Regione Puglia. At the center of it all is the integration between a new Industry 4.0-compliant laser welding system in the company's ERP system. Through Internet of Things (IoT) technologies, the system is inherently equipped to collect and transmit batch-level as well as real-time data, instantiating a cyber-physical system for advanced manufacturing. Easy to connect by standard interface (i.e. OPC-UA), the system is tied to an analytics data framework capable of working on structured data (e.g., KPIs, sensors' metrics) as well as on unstructured data (e.g., images), allowing for real-time monitoring, early anomaly signaling, and optimization of processes. Designed for scalability, the related technology architecture is future-proof to include artificial intelligence (AI) integration for augmenting decision-making with predictive and prescriptive analytics. Beyond the technological enhancement, however, the transformation was facilitated by an excellence managerial model that focuses on flexibility, data-driven governance, as well as on constant learning. Tecnomulipast's case offers an replicable template for SMEs—especially in low digital maturity areas—showing that targeted investment, innovation-driven management, and system-level integration might finally eliminate the gap between tech potential and operational performance in Industry 4.0 transitions
Extreme weather events, home damage, and the eroding locus of control
No full textThe catastrophic consequences of natural disasters on social and economic systems are extensively documented, yet their influence on individuals' sense of control over their life outcomes remains unexplored. This study pioneers an investigation into the causal effects of natural disaster-related home damage on the locus of control. Utilizing Australian longitudinal data, we implement an individual fixed effects instrumental variables approach leveraging time-varying, exogenous exposure to local cyclones to address confounding factors. Our findings provide robust evidence that natural disaster-induced home damage statistically significantly and substantially diminishes individuals’ perception of control, particularly for those at the lower end of the locus of control distribution. This effect is disproportionately pronounced among older individuals, renters, and those from lower-income households. This newfound understanding offers opportunities for developing targeted interventions and support mechanisms to enhance resilience and assist these vulnerable populations following natural disasters
Trabajo, Empleo, Protección Laboral y Social en América Latina y el Caribe, 1994-2024
No full textLabour institutions and the labour market are fundamental to progress and sustainable development. Workers are the primary resource in productive processes, and labour income is the main source of household income. What happens in the world of work reflects the intersection of economic and productive policies with those of a social and institutional nature. This article reviews the labour performance of Latin America over the past three decades. During this period, the region has experienced numerous advances, but considerable challenges persist that slow down and inhibit the path to better outcomes, which would allow for greater productivity, improved working conditions and wages, and a more equitable distribution of the fruits of progress. To face the new challenges associated with demographic, technological, and environmental transitions, it is necessary to develop comprehensive policies that promote growth, the quantity and quality of jobs, along with the strengthening of labour institutions
Public Spending and Private Investment: Testing the Crowding-Out Hypothesis in Nigeria (1981–2020)
No full textThis study verified the crowding-out hypothesis in the Nigerian economy for the period 1981 to 2020. This was done in a bid to refute or otherwise the age-old claim in economic literature that government budget deficits trigger both aggregate demand and interest rates, thereby crowding out private investment. The analysis was done with the aid of the ARDL technique, given the fact that there was an admixture of stationary and nonstationary series in the model, as found out in the ADF unit root test. This study confirms the presence of the crowding-out effect in both the short run and the long run. Irrespective of the model considered, whether in the short run or long run, GDP has been a strong fundamental driver of private investment in Nigeria. Both the short-run and long-run estimates are statistically significant at the 1% level, suggesting that investment typically exceeds savings when income grows in Nigeria. In other words, private investment in Nigeria is income-driven. This result is in line with Duesenberry’s financial theory of investment. Although a positive relationship between government capital expenditure and private investment in Nigeria was confirmed in both the short run and the long run, capital expenditure is not yet a significant determinant of private investment growth. This suggests that Nigeria has not yet achieved a breakthrough in infrastructure development, particularly in critical sectors such as transportation and communication, which are essential for attracting private investment. Furthermore, the findings reiterate that most private investments in Nigeria are income-induced rather than autonomous. Consequently, the government is strongly advised to provide more incentives to indigenous manufacturers and businesses, invest heavily in infrastructure to secure Nigeria's economic future, and create a more conducive macroeconomic environment for businesses. In addition, government spending should be directed towards stimulating the productive sectors of the economy, rather than supporting consumptive activities
Wage Phillips Curve of a Large Emerging Economy: Role of Structural Heterogeneity
No full textThe paper finds the role of dynamic structural heterogeneity in establishing the empirical existence and convexity of the wage Phillips curve for large emerging economies. Using Indian state-level data, we find a negative and convex relationship between earnings growth and unemployment after controlling for structural labour market factors that vary over time and across states. The fixed effects regression model suggests that a higher speed of formalization makes the wage-Phillips curve flatter, controlling for changes in the composition of labour supply and skilling
Tourism-Dependent Small States: Innovation, Adaptation and the Search for Balance
No full textTourism-dependent small states offer valuable insights into sustainability, resilience, cultural identity and crisis management. With limited resources, fragile ecosystems and undiversified economies, these states face challenges that amplify global tourism debates. This essay synthesises small state theory, tourism development theories, the sustainability framework, the cultural preservation and identity framework and crisis management strategies to highlight how small states provide scalable solutions for global tourism challenges, offering lessons in adaptive governance, sustainable tourism development and cultural resilience. Case studies from Bhutan, Barbados, Dominica, Fiji, Seychelles, Palau and Samoa illustrate innovative policies in high-value tourism, environmental conservation, cultural protection and disaster resilience. Their experiences challenge conventional tourism growth models, emphasising sustainability over mass expansion